N-CSR

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, 2017 through February 28, 2018

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Annual Report

J.P. Morgan Municipal Bond Funds

February 28, 2018

JPMorgan Municipal Income Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Ultra-Short Municipal Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Municipal Income Fund	3
JPMorgan Short-Intermediate Municipal Bond Fund	5
JPMorgan Tax Free Bond Fund	7
JPMorgan Ultra-Short Municipal Fund	9
Schedules of Portfolio Investments	11
Financial Statements	88
Financial Highlights	100
Notes to Financial Statements	108
Report of Independent Registered Public Accounting Firm	121
Trustees	122
Officers	124
Schedule of Shareholder Expenses	125
Tax Letter	127
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’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

March 29, 2018 (Unaudited)

Dear Shareholder,

The global economic expansion continued through its ninth consecutive year, supported by central bank policies, corporate earnings growth, consumer confidence and stable energy prices. Global equity and bond prices generally rose throughout the twelve months ended February 28, 2018, but fought to rebound from a sharp sell-off in early February.

  “Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017.” — George C.W. Gatch

During the reporting period, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates three times in response to a tightening labor market and early but muted signs of price inflation. Meanwhile, U.S. gross domestic product (GDP) surged to a better-than-expected 2.9% in the final quarter of 2017, and early indicators pointed to a continued seasonal pattern of weaker but positive GDP growth for the first quarter of 2018.

Labor markets in the U.S. continued to tighten, with the unemployment rate falling to 4.1% in October and remaining at that level through February. Labor force participation rates also rose somewhat but wage growth remained subdued.

Meanwhile, surging U.S. consumer confidence, record low volatility in financial markets and the December enactment of tax cut legislation appeared to provide additional fuel to the rally in equities that lasted from March through January. The Standard & Poor’s 500 Index (the “S&P 500”) reached record closing highs throughout the reporting period until February’s sell-off, which snapped a 15-month run of gains. Amid the sell-off, prices for government and corporate bonds plummeted.

Analysts largely attributed the sell-off to investor concerns that signs of rising inflation would prompt the Fed to accelerate the rollout of future interest rates increases. Historically high equity market valuations added fuel to the sell-off. While equity prices had somewhat rebounded by the end of February, bond prices remained under pressure.

In response to continued economic growth, the European Central Bank in January reduced its monthly asset purchases by

half, though it left its benchmark interest rate unchanged at 0%. In November, the Bank of England raised interest rates for the first time in a decade and preparations for Britain’s exit from the European Union continued to move forward. Political uncertainty in Europe appeared to recede somewhat. In May, centrist politician Emmanuel Macron decisively defeated a challenge from far-right candidate Marine Le Pen to become France’s president. In October, a separatist movement in Spain’s Catalonia region was largely thwarted by the central government in Madrid. And at the end of the reporting period, German Chancellor Angela Merkel ended a political stalemate by successfully forming a governing coalition.

Emerging market nations continued to benefit from robust growth in China, rising commodity prices and strong global demand for goods. Emerging markets debt, which generated strong returns for investors during most of the reporting period, began to weaken late in 2017 amid a decline in the value of the U.S. dollar, which effectively raises export prices.

Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017. While leading central banks have edged toward policy normalization, they largely continue to be accommodative to financial markets. Corporate earnings have increased and business investment began to rise in the latter part of the reporting period. Consumer sentiment is buoyant and the global economy continued to expand in a synchronized fashion. Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Returns for U.S. municipal bonds were modestly positive. Interest rates rose during the second half of the reporting period and bond yields, which move in the opposite direction of prices, rose most among bonds with shorter maturities. In early February 2018, a sharp sell-off pushed down prices for both fixed income and equity securities. Generally, investors blamed the sell-off on a surge in U.S. Treasury bond yields, uncertainty about U.S. Federal Reserve policy and historically high equity valuations.

By the end of the reporting period, U.S. stock prices had rebounded somewhat, while yields on corporate bonds and U.S. Treasury bonds remained at elevated levels. Overall, bond prices were weighed down by expectations of accelerating inflation rising and interest rates as the U.S. economic expansion neared its ninth year.

For the twelve months ended February 28, 2018, the Bloomberg Barclays Municipal Bond Index returned 2.50%.

2 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	1.42%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	1.76%
Net Assets as of 2/28/2018 (In Thousands)	$217,295
Duration as of 2/28/2018	5.0 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 28, 2018, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight position in the intermediate and longer portions of the yield curve detracted from performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s overweight positions in the housing sector and in bonds rated AAA also detracted from relative performance.

The Fund’s overweight position in revenue bonds was a leading contributor to performance relative to the Benchmark. The Fund had no allocation to pre-refunded bonds, which contributed to relative performance. The Fund’s overweight allocation to education bonds and its underweight allocation to bonds rated AA also helped relative performance.

HOW WAS THE FUND POSITIONED?

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

the twelve month period, the Fund’s overall duration was roughly in line with that of the Benchmark. Duration measures the price sensitivity for a portfolio of bonds. Bonds with a longer duration will experience a larger increase in price than short duration bonds when interest rates fall.

CREDIT QUALITY ALLOCATIONS***
AAA	24.3	%
AA	44.8
A	23.8
BBB	6.0
BB	0.1
NR	1.0

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

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

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

*** Percentages indicated are based on total investments as of February 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 3

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge*			(2.65	)%		0.92	%		2.93	%
Without Sales Charge			1.16			1.71			3.33
CLASS C SHARES	November 4, 1997
With CDSC**			(0.49	)		1.11			2.73
Without CDSC			0.51			1.11			2.73
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 9, 1993		1.42			1.96			3.58
CLASS R6 SHARES	November 6, 2017		1.46			1.96			3.59

* 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 (2/29/08 TO 2/28/18)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares had different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Municipal Income Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index

includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

4 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	0.26%
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index	0.59%
Net Assets as of 2/28/2018 (In Thousands)	$1,719,586
Duration as of 2/28/2018	3.8 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 28, 2018, the Fund underperformed the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates in the U.S. generally rose, particularly for bonds with shorter maturities, and investors generally continued to favor lower quality fixed income securities.

Relative to the Benchmark, the Fund’s underweight position in lower quality sectors, including industrial development revenue/pollution control revenue bonds and bonds issued by New Jersey, detracted from performance. The Fund’s overweight position in electricity sector bonds and its underweight position in bonds rated BBB also detracted from relative performance.

The Fund’s overall duration was longer than that of the Benchmark and contributed to relative performance. Duration measures the price sensitivity of a portfolio of bonds to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price as interest rates fall. The Fund’s overweight positions in the short and long ends of the yield curve also helped relative performance. The yield curve

shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s overweight position in revenue bonds and its underweight position in pre-refunded bonds also helped relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	23.4	%
AA	51.4
A	20.0
BBB	3.4
NR	1.8

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

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

*** Percentages indicated are based on total investments as of February 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 5

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 4, 1998
With Sales Charge*				(1.99	)%		(0.02	)%		1.16	%
Without Sales Charge				0.26			0.43			1.39
CLASS C SHARES		November 1, 2001
With CDSC**				(1.19	)		(0.06	)		0.88
Without CDSC				(0.19	)		(0.06	)		0.88
CLASS I SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		June 19, 2009		0.70			0.92			1.85

* 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 (2/29/08 TO 2/28/18)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Short-Intermediate Municipal Bond Fund, the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index and the Lipper Short-Intermediate Municipal Debt Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Short-Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund,

such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of investment grade tax-exempt municipal bonds with maturities of 1–5.999 years. The Lipper Short-Intermediate Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Class A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.

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

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

6 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Bloomberg Barclays U.S. Municipal Index (formerly Bloomberg Barclays Municipal Bond Index)
REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	2.36%
Bloomberg Barclays Municipal Bond Index	2.50%
Net Assets as of 2/28/2018 (In Thousands)	$316,025
Duration as of 2/28/2018	6.2 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 28, 2018, the Fund underperformed the Bloomberg Barclays Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates generally rose and investors continued to favor lower rated bonds.

Relative to the Benchmark, the Fund’s overweight position in pre-refunded bonds was a leading detractor from performance. The Fund’s overweight position in the electricity sector and its underweight position in the housing sector also detracted from relative performance.

The Fund’s overweight position in bonds with maturities of eight years or longer was a leading contributor to performance relative to the Benchmark. The Fund’s longer duration positions in the transportation and hospital sectors also made a positive contribution to relative performance. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest

rates fall or rise, respectively, versus bonds with shorter duration.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	16.3	%
AA	60.5
A	13.3
BBB	6.2
NR	3.7

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 7

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge*			(1.44	)%		1.79	%		3.62	%
Without Sales Charge			2.36			2.57			4.01
CLASS C SHARES	July 1, 2008
With CDSC**			0.70			1.88			3.32
Without CDSC			1.70			1.88			3.32
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 1, 1995		2.60			2.76			4.20

* 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 (2/29/08 TO 2/28/18)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Free Bond Fund, the Bloomberg Barclays U.S. Municipal Index and the Lipper General & Insured Municipal Debt Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper General & Insured Municipal Debt Funds Index includes expenses associated with a

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

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

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

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

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

8 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	0.63%
Bloomberg Barclays 1 Year Municipal Bond Index	0.68%
Net Assets as of 2/28/2018 (In Thousands)	$2,065,069
Duration as of 2/28/2018	0.6 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 28, 2018, the Fund underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”). Interest rates generally fell during the first half of the reporting period before rising somewhat during the latter portion of the period. Investor appetite for lower rated bonds remained strong throughout the period.

Relative to the Benchmark, the Fund’s underweight position in bonds rated single-A and BBB detracted from performance. The Fund’s underweight positions in the transportation and water & sewer sectors also detracted from relative performance.

The Fund’s allocation to floating rate bonds, which are not held in the Benchmark, was a leading contributor to relative performance. The Fund’s underweight position in pre-refunded bonds also contributed to relative performance.

Relative to the Benchmark, the Fund’s shorter duration profile was a leading detractor from performance. Generally, a portfolio of bonds with shorter duration will experience a smaller increase in price as interest rates fall versus bonds with longer duration. The Fund’s underweight position in bond rated

single-A and BBB detracted from performance as lower quality bonds outperformed higher rated bonds.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	18.6	%
AA	40.8
A	11.8
BBB	3.2
BB	0.2
NR	25.4

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

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

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

*** Percentages indicated are based on total investments as of February 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 9

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2016
With Sales Charge*				(1.78	)%		(0.73	)%
Without Sales Charge				0.47			0.57
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		May 31, 2016		0.63			0.73

* Sales Charge for Class A Shares is 2.25%.

LIFE OF FUND PERFORMANCE (5/31/16 TO 2/28/18)

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

The Fund commenced operations on May 31, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ultra-Short Municipal Fund, the Bloomberg Barclays 1 Year Municipal Bond Index and the Lipper Short Municipal Debt Funds Index from May 31, 2016 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1 Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Short Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount

outstanding of at least $5 million, and have maturities of 1 to 2 years. The Lipper Short Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

Subsequent to the inception of the Fund on May 31, 2016 until August 31, 2016, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

10 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 96.8% (t)
		Alabama — 1.1%
		Utility — 1.1%
	2,000	The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.00%, 09/01/2031		2,338
		Alaska — 0.4%
		Housing — 0.4%
	945	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 3.50%, 06/01/2046		981
		Arizona — 2.5%
		Water & Sewer — 2.5%
	2,645	City of Scottsdale, Water & Sewer System, Rev., 5.25%, 07/01/2022		3,011
	2,150	City of Tucson, Water System, Rev., 5.00%, 07/01/2024		2,501
		Total Arizona		5,512
		California — 1.0%
		General Obligation — 0.4%
	1,000	Salinas Union High School District, GO, BAN, Zero Coupon, 08/01/2020		953
		Hospital — 0.2%
	410	California Municipal Finance Authority, Eisenhower Medical Center, Series B, Rev., 5.00%, 07/01/2026		473
		Other Revenue — 0.4%
	715	State of California, Department of Veterans Affairs, Series B, Rev., 3.50%, 12/01/2045		745
		Total California		2,171
		Colorado — 1.0%
		Education — 0.5%
		Colorado Educational & Cultural Facilities Authority, University Corp. for Atmospheric Research Project,
	450	Rev., 4.00%, 09/01/2020		472
	470	Rev., 5.00%, 09/01/2022		524
				996
		Hospital — 0.5%
	1,000	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		1,033
		Housing — 0.0% (g)
	55	Denver City & County, Single Family Home Mortgage, Metropolitan Mayors Caucus Program, Rev., GNMA COLL, 6.15%, 11/01/2034		55
		Total Colorado		2,084

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Connecticut — 3.1%
		Education — 1.5%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	1,560	Series A, Rev., 5.25%, 11/15/2023		1,688
	1,500	Series A, Rev., 5.25%, 11/15/2024		1,623
				3,311
		Housing — 1.6%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	1,300	Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,380
	550	Subseries A-1, Rev., 4.00%, 11/15/2045		575
	490	Subseries A-1, Rev., 4.00%, 11/15/2047		519
	925	Subseries E-1, Rev., 3.50%, 11/15/2046		964
				3,438
		Total Connecticut		6,749
		Delaware — 0.2%
		Housing — 0.2%
		Delaware State Housing Authority, Senior Single Family Mortgage,
	300	Series A-1, Rev., AMT, 4.90%, 07/01/2029		312
	160	Series D-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.63%, 01/01/2023		160
		Total Delaware		472
		District of Columbia — 2.1%
		Transportation — 0.5%
	1,000	Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds, Series B, Rev., 5.00%, 07/01/2025		1,171
		Water & Sewer — 1.6%
	3,000	District of Columbia Water & Sewer Authority Public Utility, Subordinate Lien, Green Bonds, Series A, Rev., 5.00%, 10/01/2045		3,374
		Total District of Columbia		4,545
		Florida — 9.0%
		Certificate of Participation/Lease — 2.8%
	2,250	South Florida Water Management District, COP, 5.00%, 10/01/2032		2,573
	3,000	The School Board of Miami-Dade County, Series D, COP, 5.00%, 02/01/2027		3,458
				6,031
		Hospital — 0.5%
	1,100	Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group, Rev., 5.00%, 12/01/2021		1,199

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 11

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.6%
	280	Broward County Housing Finance Authority, Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 04/01/2027		280
		Florida Housing Finance Corp., Homeowner Mortgage, Special Program,
	290	Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2028		294
	355	Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 01/01/2029		366
	330	Series B, Rev., GNMA COLL, 4.50%, 01/01/2029		337
				1,277
		Industrial Development Revenue/Pollution Control Revenue — 0.6%
	835	Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project, Series A, Rev., AMT, AGM, 5.00%, 04/01/2024		920
	500	County of Escambia, Pollution Control, Gulf Power Company Project, Rev., 2.10%, 04/11/2019 (z)		501
				1,421
		Other Revenue — 1.0%
	2,000	Miami Beach Redevelopment Agency, Historic Convention Village, Series A, Rev., 5.00%, 02/01/2027		2,263
		Transportation — 0.8%
	1,500	Tampa-Hillsborough County Expressway Authority, Series A, Rev., 5.00%, 07/01/2027		1,665
		Utility — 2.7%
	5,000	City of Port St. Lucie, Utility Systems, Rev., NATL-RE, 5.25%, 09/01/2024		5,824
		Total Florida		19,680
		Georgia — 1.4%
		Hospital — 0.4%
	860	Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, Rev., RAN, 5.00%, 02/15/2026		990
		Housing — 1.0%
		Georgia Housing & Finance Authority, Single Family Mortgage,
	750	Series A, Rev., 4.00%, 12/01/2047		795
	1,250	Series B, Rev., 4.00%, 12/01/2047		1,334
				2,129
		Total Georgia		3,119

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Guam — 0.3%
		Water & Sewer — 0.3%
		Guam Government Waterworks Authority, Water & Wastewater System,
	375	Rev., 5.00%, 07/01/2023		415
	300	Rev., 5.00%, 07/01/2024		333
		Total Guam		748
		Illinois — 0.9%
		Hospital — 0.2%
	365	Illinois Finance Authority, Healthcare Enterprises, Inc., Series C, Rev., 5.00%, 03/01/2033		406
		Housing — 0.7%
		City of Aurora, Single Family Mortgage,
	156	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/01/2039		157
	140	Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/01/2039		141
	15	City of Peoria, City of Moline & City of Freeport, Collateralized Single Family Mortgage, Series A, Rev., GNMA COLL, 7.60%, 04/01/2027		15
	1,170	Illinois Housing Development Authority, Homeowner Mortgage, Series C, Rev., 3.50%, 08/01/2046		1,213
				1,526
		Total Illinois		1,932
		Indiana — 2.7%
		Hospital — 0.9%
	1,670	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., 5.00%, 11/15/2034		1,891
		Housing — 0.2%
	430	Indiana Housing & Community Development Authority, Home First Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2028		439
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
	1,880	County of St. Joseph, Economic Development, St. Mary’s College Project, Series A, Rev., 5.00%, 04/01/2026		2,163
		Water & Sewer — 0.6%
	1,250	Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project, Series A, Rev., 5.00%, 10/01/2030		1,383
		Total Indiana		5,876

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Iowa — 1.8%
		Education — 0.5%
	1,000	Iowa Student Loan Liquidity Corp., Student Loan, Series A, Rev., AMT, 5.00%, 12/01/2025		1,112
		Housing — 1.3%
		Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program,
	1,990	Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 01/01/2047		2,077
	40	Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2028		41
	590	Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2046		623
				2,741
		Total Iowa		3,853
		Kentucky — 0.5%
		Education — 0.3%
	515	Kentucky Higher Education Student Loan Corp., Series A, Rev., AMT, 5.00%, 06/01/2020		543
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	500	County of Carroll, Pollution Control, Kentucky Utilities Company Project, Series A, Rev., 1.05%, 09/01/2019 (z)		493
		Total Kentucky		1,036
		Louisiana — 0.8%
		Housing — 0.2%
	113	East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/01/2039		115
	260	Louisiana Housing Finance Agency, Single Family Mortgage, Home Ownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.50%, 06/01/2040		264
	45	Louisiana Housing Finance Agency, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.60%, 12/01/2028		45
				424
		Other Revenue — 0.6%
	670	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 391 Project, Rev., 5.00%, 10/01/2028		786

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		Louisiana Public Facilities Authority, Archdiocese of New Orleans Project,
	165	Rev., 5.00%, 07/01/2021		177
	250	Rev., 5.00%, 07/01/2022		272
				1,235
		Total Louisiana		1,659
		Maine — 0.7%
		Housing — 0.7%
		Maine State Housing Authority,
	925	Series A, Rev., 4.00%, 11/15/2045		973
	245	Series A-1, Rev., AMT, 4.50%, 11/15/2028		253
	205	Series B, Rev., 4.00%, 11/15/2043		212
		Total Maine		1,438
		Maryland — 0.7%
		Housing — 0.7%
	1,460	Montgomery County Housing Opportunities Commission, Single Family Mortgage, Series A, Rev., 4.00%, 07/01/2048		1,551
		Massachusetts — 8.1%
		Education — 1.0%
	1,000	Massachusetts Educational Financing Authority, Education Loan, Rev., AMT, 5.00%, 07/01/2021		1,083
	820	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series L, Rev., 5.25%, 07/01/2033		1,042
				2,125
		Housing — 0.4%
		Massachusetts Housing Finance Agency, Single Family Housing,
	305	Series 169, Rev., 4.00%, 12/01/2044		315
	430	Series 183, Rev., 3.50%, 12/01/2046		448
				763
		Water & Sewer — 6.7%
	5,000	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.25%, 08/01/2024		5,919
		Massachusetts Water Resources Authority,
	5,000	Series B, Rev., AGM, 5.25%, 08/01/2028		6,219
	2,000	Series B, Rev., AGM, 5.25%, 08/01/2029		2,510
				14,648
		Total Massachusetts		17,536

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 13

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Michigan — 1.6%
		Education — 0.3%
	575	Eastern Michigan University, Series A, Rev., 5.00%, 03/01/2030		676
		Housing — 0.5%
	1,180	Michigan State Housing Development Authority, Single-Family Mortgage, Series B, Rev., 3.50%, 06/01/2047		1,221
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	570	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev., 1.45%, 09/01/2021 (z)		556
	1,075	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.00%, 12/01/2020		1,113
				1,669
		Total Michigan		3,566
		Minnesota — 3.1%
		General Obligation — 0.0% (g)
	35	State of Minnesota, Series A, GO, 5.00%, 10/01/2021 (p)		39
		Housing — 3.1%
		Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program,
	335	Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2035		346
	284	Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/01/2040		285
	14	Series B, Rev., GNMA/FNMA/FHLMC, 5.15%, 12/01/2038		14
	405	Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project, Rev., 6.10%, 09/01/2019		406
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	120	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/01/2040		121
	410	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 03/01/2041		416
		Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program,
	295	Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 07/01/2028		298
	205	Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2034		210

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
		Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation,
	1,015	Rev., 5.25%, 08/01/2024		1,128
	1,070	Rev., 5.25%, 08/01/2025		1,189
	825	Rev., 5.25%, 08/01/2026		917
		Minnesota Housing Finance Agency, Residential Housing Finance,
	970	Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 07/01/2047		1,023
	270	Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2040		277
				6,630
		Total Minnesota		6,669
		Mississippi — 0.2%
		Housing — 0.2%
	390	Mississippi Home Corp., Home Ownership Mortgage, Series A, Rev., GNMA COLL, 4.50%, 12/01/2031		397
		Missouri — 0.9%
		Housing — 0.9%
	1,755	Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 05/01/2041		1,826
	185	Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program, Series E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/01/2027		189
		Total Missouri		2,015
		Nevada — 0.6%
		Hospital — 0.6%
		City of Carson, Carson Tahoe Regional Healthcare Project,
	555	Rev., 5.00%, 09/01/2026		632
	620	Rev., 5.00%, 09/01/2029		701
		Total Nevada		1,333
		New Hampshire — 2.4%
		Education — 2.4%
		City of Manchester, School Facilities,
	3,545	Rev., NATL-RE, 5.50%, 06/01/2024		4,193
	900	Rev., NATL-RE, 5.50%, 06/01/2027		1,101
		Total New Hampshire		5,294

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Jersey — 3.2%
		Education — 1.0%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.00%, 07/01/2018		253
	1,750	New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 1A, Rev., AMT, 5.00%, 12/01/2024		1,956
				2,209
		General Obligation — 0.7%
	1,215	Egg Harbor Township Board of Education, GO, AGM, 5.75%, 07/15/2024		1,453
		Hospital — 1.5%
		New Jersey Health Care Facilities Financing Authority, University Hospital Issue,
	1,000	Series A, Rev., AGM, 5.00%, 07/01/2022		1,111
	820	Series A, Rev., AGM, 5.00%, 07/01/2023		924
	1,095	Series A, Rev., AGM, 5.00%, 07/01/2026		1,254
				3,289
		Total New Jersey		6,951
		New York — 8.4%
		Housing — 1.7%
		New York Mortgage Agency, Homeowner Mortgage,
	1,625	Series 195, Rev., 4.00%, 10/01/2046		1,727
	1,545	Series 197, Rev., 3.50%, 10/01/2044		1,609
	235	New York State Mortgage Agency, 39th Series, Rev., 5.00%, 04/01/2028		237
				3,573
		Other Revenue — 0.8%
	1,500	New York State Dormitory Authority, State Sales Tax, Series B, Rev., 5.00%, 03/15/2030		1,737
		Prerefunded — 0.0% (g)
	5	New York State Dormitory Authority, Series A, Rev., 5.25%, 02/15/2019 (p)		5
		Special Tax — 0.0% (g)
	75	New York State Dormitory Authority, State Personal Income Tax, Series A, Rev., 5.25%, 02/15/2024		78
		Transportation — 2.6%
	3,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Series A, Rev., 5.00%, 11/15/2029		3,386
	2,000	Port Authority of New York & New Jersey, Consolidated, 194th Series, Rev., 5.00%, 10/15/2030		2,317
				5,703

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 3.3%
	1,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.00%, 06/15/2031		1,152
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution,
	2,500	Series A, Rev., 5.25%, 06/15/2027		2,619
	3,000	Series B, Rev., 5.00%, 06/15/2028		3,295
				7,066
		Total New York		18,162
		North Carolina — 2.1%
		Other Revenue — 0.5%
	1,000	County of Randolph, Limited Obligation, Series B, Rev., 5.00%, 10/01/2026		1,178
		Water & Sewer — 1.6%
	3,330	City of Charlotte, Water & Sewer System, Rev., 5.25%, 07/01/2022		3,494
		Total North Carolina		4,672
		North Dakota — 3.2%
		Housing — 2.3%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	235	Series B, Rev., 5.00%, 07/01/2028		237
	545	Series D, Rev., 3.50%, 07/01/2046		565
	1,755	Series D, Rev., 4.00%, 07/01/2046		1,860
	1,445	Series D, Rev., FHA, 4.00%, 01/01/2048		1,540
	385	Series D, Rev., 4.50%, 01/01/2029		392
	390	Series F, Rev., AMT, 4.50%, 01/01/2035		398
				4,992
		Utility — 0.9%
	2,000	McLean County, Solid Waste Facilities, Great River Energy Project, Series A, Rev., 4.88%, 07/01/2026		2,080
		Total North Dakota		7,072
		Ohio — 2.3%
		General Obligation — 0.8%
	1,500	Lakota Local School District, Series A, GO, NATL-RE, 5.25%, 12/01/2025		1,798
		Housing — 0.6%
	1,345	Ohio Housing Finance Agency Residential Mortgage, Mortgage-Backed Securities Program, Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 03/01/2047		1,413

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 15

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	20	Ohio Housing Finance Agency, Single Family Mortgage, Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/01/2028		20
				1,433
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	1,615	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series B, Rev., 5.00%, 12/01/2029		1,888
		Total Ohio		5,119
		Oklahoma — 0.4%
		Housing — 0.4%
	465	Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/01/2038		477
	280	Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program, Series A, Rev., GNMA COLL, 4.38%, 09/01/2027		288
				765
		Other Revenue — 0.0% (g)
	28	IDK Partners III Trust, Mortgage Pass-Through Certificates, Class A, Rev., 5.10%, 08/01/2023 (bb)		28
		Total Oklahoma		793
		Oregon — 0.4%
		Housing — 0.4%
	785	Oregon State Housing & Community Services Department, Single Family Mortgage Program, Series B, Rev., AMT, 5.00%, 07/01/2030		819
		Pennsylvania — 4.6%
		Housing — 1.1%
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	1,750	Series 121, Rev., 3.50%, 10/01/2046		1,814
	530	Series 122, Rev., 4.00%, 10/01/2046		559
				2,373
		Industrial Development Revenue/Pollution Control Revenue — 2.2%
		Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project,
	2,020	Rev., 5.00%, 12/01/2023		2,252

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — continued
	1,550	Rev., AGM, 5.00%, 12/01/2026		1,778
	680	Rev., AGM, 5.00%, 12/01/2027		780
				4,810
		Other Revenue — 1.0%
	2,000	Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative, Rev., 5.00%, 04/15/2019		2,070
		Transportation — 0.3%
	600	Allegheny County Airport Authority, Pittsburgh International Airport, Series A-1, Rev., AMT, 5.00%, 01/01/2026		651
		Total Pennsylvania		9,904
		Rhode Island — 2.2%
		Housing — 0.9%
	2,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Series 1-A, Rev., 1.70%, 10/01/2019 (z)		1,987
		Transportation — 1.3%
	2,600	Rhode Island Economic Development Corp., Series B, Rev., 5.00%, 07/01/2022		2,879
		Total Rhode Island		4,866
		South Carolina — 1.3%
		Housing — 0.7%
		South Carolina State Housing Finance & Development Authority,
	215	Series 1, Rev., GNMA COLL, 5.00%, 01/01/2028		219
	390	Series A, Rev., 4.00%, 01/01/2047		414
	895	Series B, Rev., FHA, 4.00%, 07/01/2047		950
				1,583
		Other Revenue — 0.6%
	1,000	Town of Hilton Head Island, Beach Preservation Fee Pledge, Rev., 5.00%, 08/01/2026		1,163
		Total South Carolina		2,746
		South Dakota — 1.0%
		Housing — 1.0%
	2,040	South Dakota Housing Development Authority, Homeownership Mortgage, Series D, Rev., 4.00%, 11/01/2045		2,172
		Tennessee — 1.1%
		Housing — 1.1%
	225	Tennessee Housing Development Agency, Housing Finance Program, Series A-1, Rev., 5.00%, 01/01/2027		227

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
		Tennessee Housing Development Agency, Residential Finance Program,
	1,865	Rev., 3.50%, 01/01/2048		1,948
	265	Series 2B, Rev., 4.00%, 07/01/2043		274
		Total Tennessee		2,449
		Texas — 5.2%
		General Obligation — 1.3%
	2,000	Socorro Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024		2,325
	450	State of Texas, Water Financial Assistance, Series D, GO, 5.00%, 05/15/2033		515
				2,840
		Hospital — 0.4%
		Irving Hospital Authority, Baylor Scott and White Medical Center,
	250	Rev., 5.00%, 10/15/2026		282
	500	Rev., 5.00%, 10/15/2027		561
				843
		Housing — 0.7%
	1,040	Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments, Series 8, Rev., 5.95%, 11/01/2023 (z)		1,041
	460	Texas Department of Housing & Community Affairs, Residential Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2029		474
				1,515
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	900	Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project, Rev., 4.70%, 05/01/2018		904
		Other Revenue — 0.5%
	1,000	Central Texas Regional Mobility Authority, Rev., 5.00%, 01/01/2046		1,094
		Transportation — 1.5%
	2,800	Dallas Area Rapid Transit, Senior Lien, Series A, Rev., 5.00%, 12/01/2032		3,221
		Water & Sewer — 0.4%
	665	City of Austin, Water & Wastewater System, Rev., 5.00%, 11/15/2027		791
		Total Texas		11,208

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utah — 4.0%
		Housing — 2.5%
	1,650	Utah Housing Corp., Single Family Mortgage, Series D, Rev., FHA, 4.00%, 01/01/2045		1,748
	3,245	Utah State Board of Regents, Student Fee & Housing System, Rev., NATL-RE, 5.25%, 04/01/2023		3,712
				5,460
		Other Revenue — 0.6%
	970	Utah Transit Authority, Sales Tax, Series C, Rev., AGM, 5.25%, 06/15/2029		1,189
		Utility — 0.9%
	1,700	Utah Associated Municipal Power System, Horse Butte Wind Project, Series B, Rev., 5.00%, 09/01/2033		1,956
		Total Utah		8,605
		Vermont — 3.3%
		Education — 2.3%
		Vermont Student Assistance Corp., Education Loan,
	1,000	Series A, Rev., AMT, 5.00%, 06/15/2023		1,097
	1,400	Series A, Rev., AMT, 5.00%, 06/15/2024		1,551
	2,150	Series A, Rev., AMT, 5.00%, 06/15/2025		2,388
				5,036
		Housing — 1.0%
		Vermont Housing Finance Agency, Multiple Purpose,
	1,735	Series B, Rev., AMT, 3.75%, 11/01/2045		1,799
	250	Series B, Rev., AMT, 4.13%, 11/01/2042		254
				2,053
		Total Vermont		7,089
		Washington — 3.1%
		Hospital — 1.5%
	1,850	Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2035		2,096
	1,125	Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2026		1,274
				3,370
		Housing — 1.6%
		Washington Housing Finance Commission, Single-Family Program,
	435	Series 2A-R, Rev., AMT, 3.50%, 12/01/2046		449

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 17

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	2,850	Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 06/01/2047		2,970
				3,419
		Total Washington		6,789
		West Virginia — 1.4%
		Other Revenue — 1.4%
	2,690	West Virginia Economic Development Authority, Lease, Correctional Juvenile & Public Safety Facilities, Series A, Rev., 5.00%, 06/01/2029		2,982
		Wisconsin — 2.5%
		Education — 2.5%
		Wisconsin Health & Educational Facilities Authority, Agnesian Healthcare, Inc.,
	250	Rev., 5.00%, 07/01/2024		283
	250	Rev., 5.00%, 07/01/2025		285
		Wisconsin Health & Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.,
	520	Rev., 5.00%, 09/01/2022		568
	550	Rev., 5.00%, 09/01/2023		606
	580	Rev., 5.00%, 09/01/2024		643
	235	Rev., 5.00%, 09/01/2025		262
	385	Rev., 5.00%, 09/01/2026		430
	785	Rev., 5.00%, 09/01/2027		880

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
		Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc.,
	400	Series C, Rev., 5.00%, 02/15/2027		458
	575	Series C, Rev., 5.00%, 02/15/2028		655
	375	Series C, Rev., 5.00%, 02/15/2029		425
		Total Wisconsin		5,495
		Total Municipal Bonds (Cost $208,385)		210,447
SHARES
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	4,335	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $4,335)		4,335
		Total Investments — 98.8% (Cost $212,720)		214,782
		Other Assets in Excess of Liabilities — 1.2%		2,513
		NET ASSETS — 100.0%	$	217,295

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligation — 0.1%
	238	FNMA REMIC, Series 2002-36, Class FS, 2.12%, 06/25/2032 (z) (Cost $238)		241
	Municipal Bonds — 98.5% (t)
		Alabama — 0.5%
		Other Revenue — 0.0% (g)
	500	Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project, Rev., 5.00%, 03/01/2023		565
		Utility — 0.5%
	7,675	The Black Belt Energy Gas District Gas Supply, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2021 (z)		8,108
		Total Alabama		8,673
		Alaska — 0.5%
		General Obligation — 0.5%
	7,220	Borough of North Slope, Series A, GO, 5.00%, 06/30/2021		7,736
		Utility — 0.0% (g)
	500	City of Anchorage, Electric Utilities, Senior Lien, Series A, Rev., 5.00%, 12/01/2023		573
		Total Alaska		8,309
		Arizona — 1.6%
		Certificate of Participation/Lease — 0.0% (g)
	500	Arizona School Facilities Board, Series A-1, COP, 5.00%, 09/01/2019		526
		General Obligation — 0.2%
	2,550	City of Scottsdale, GO, 5.00%, 07/01/2022		2,876
		Hospital — 0.2%
	3,540	Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals, Series A, Rev., 5.00%, 12/01/2025		4,047
		Industrial Development Revenue/Pollution Control Revenue — 1.1%
		Maricopa County Industrial Development Authority, Banner Health,
	7,370	Series B, Rev., 5.00%, 10/18/2022 (z)		8,292
	9,000	Series C, Rev., 5.00%, 10/18/2024 (z)		10,398
				18,690
		Other Revenue — 0.0% (g)
		Town of Marana, Excise Tax,
	75	Series B, Rev., 4.00%, 07/01/2020		79
	100	Series B, Rev., 5.00%, 07/01/2021		109
				188

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.1%
	1,000	Maricopa County, Regional Public Transportation Authority, Excise Tax Revenue, Public Transportation Fund, Rev., 5.25%, 07/01/2018		1,013
		Water & Sewer — 0.0% (g)
	1,000	Pima County, Sewer System, Rev., 5.00%, 07/01/2018		1,012
		Total Arizona		28,352
		Arkansas — 0.3%
		Education — 0.3%
		University of Arkansas, Uams Campus,
	535	Rev., 5.00%, 03/01/2020		570
	500	Rev., 5.00%, 03/01/2025		585
	1,000	Rev., 5.00%, 03/01/2026		1,164
	1,600	University of Central Arkansas, Student Housing System, Series A, Rev., 5.00%, 11/01/2021		1,779
				4,098
		Other Revenue — 0.0% (g)
	580	City of Little Rock, Hotel & Restaurant, Rev., 5.00%, 07/01/2020		621
		Total Arkansas		4,719
		California — 27.2%
		Certificate of Participation/Lease — 0.1%
		City of Chula Vista, Police Facility Project,
	360	COP, 5.00%, 10/01/2021		401
	465	COP, 5.00%, 10/01/2022		527
	1,000	COP, 5.00%, 10/01/2023		1,153
	140	Goleta Water District, Series A, COP, AGM, 5.00%, 12/01/2020		152
				2,233
		Education — 0.9%
	1,675	California Educational Facilities Authority, Claremont McKenna College, Series A, Rev., 4.00%, 01/01/2024		1,862
	11,505	Regents of the University of California, Series AK, Rev., 5.00%, 05/15/2023 (z)		13,255
				15,117
		General Obligation — 8.6%
	1,050	Allan Hancock Joint Community College District, GO, 5.00%, 08/01/2022		1,193
	5,310	City & County of San Francisco, Series A, GO, 5.00%, 06/15/2025		5,968
	5,000	County of Los Angeles, Community College District, Series C, GO, 5.00%, 06/01/2026		6,012

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 19

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		County of Sacramento, San Juan Unified School District, Election of 2002,
	860	GO, 5.00%, 08/01/2019		903
	775	GO, 5.00%, 08/01/2020		837
	1,000	County of Santa Clara, Moreland School District, GO, 5.00%, 08/01/2021		1,106
	350	County of Santa Clara, San Jose Unified School District, GO, 5.00%, 08/01/2023		405
		Grossmont Healthcare District,
	1,225	Series D, GO, 5.00%, 07/15/2026		1,440
	1,285	Series D, GO, 5.00%, 07/15/2027		1,506
	1,000	Grossmont Healthcare District, Election of 2006, Series C, GO, 5.00%, 07/15/2026		1,176
	1,000	Los Angeles Community College District, Election of 2008, Series J, GO, 5.00%, 08/01/2028		1,209
	11,535	Los Angeles Unified School District, Series C, GO, 5.00%, 07/01/2021		12,780
	300	Moulton-Niguel Water District Consolidated, GO, 5.00%, 09/01/2018		306
		Novato Unified School District,
	535	GO, 4.00%, 02/01/2022		580
	685	GO, 5.00%, 02/01/2023		783
	870	GO, 5.00%, 02/01/2024		1,011
	1,500	GO, 5.00%, 08/01/2025		1,747
	1,800	GO, 5.00%, 08/01/2026		2,087
	1,200	Oak Grove School District, GO, 5.00%, 08/01/2023		1,383
	1,770	Placentia-Yorba Linda Unified School District, GO, 5.00%, 08/01/2025		2,106
	2,000	Salinas Union High School District, GO, BAN, Zero Coupon, 08/01/2020		1,906
	6,310	San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series R-3, GO, 5.00%, 07/01/2019		6,619
	550	San Diego Unified School District, Election of 2012, Series F, GO, 5.00%, 07/01/2029		645
		San Francisco Bay Area Rapid Transit District, Election of 2004,
	2,735	Series D, GO, 3.00%, 08/01/2022		2,879
	1,500	Series D, GO, 5.00%, 08/01/2027		1,772
	1,685	Series D, GO, 5.00%, 08/01/2028		1,985
		San Francisco Unified School District,
	30	Series A, GO, 4.00%, 08/01/2022		33
	50	Series B, GO, 5.00%, 08/01/2026		60
	5,190	San Francisco Unified School District, Proposition A, Election of 2011, Series B, GO, 5.00%, 06/15/2024		5,840

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
		San Mateo County Community College District,
	700	GO, 5.00%, 09/01/2025		822
	1,095	GO, 5.00%, 09/01/2026		1,281
		Southwestern Community College District,
	270	Series A, GO, 4.00%, 08/01/2031		290
	250	Series A, GO, 4.00%, 08/01/2032		266
	300	Series A, GO, 4.00%, 08/01/2033		317
		State of California, Various Purpose,
	4,000	GO, 4.00%, 08/01/2028		4,403
	4,180	GO, 4.00%, 08/01/2029		4,562
	10,000	GO, 4.00%, 08/01/2030		10,803
	3,560	GO, 5.00%, 11/01/2023		4,117
	13,210	GO, 5.00%, 03/01/2026		15,454
	4,900	GO, 5.00%, 09/01/2026		5,850
	2,000	GO, 5.00%, 09/01/2027		2,208
	2,500	GO, 5.00%, 09/01/2028		2,759
	10,000	GO, 5.00%, 08/01/2029		11,732
	2,810	Series B, GO, 5.00%, 09/01/2023		3,241
	1,000	Vacaville Unified School District, Election of 2014, Series B, GO, 4.00%, 08/01/2019		1,037
	10,495	Whittier Union School District, GO, 5.00%, 08/01/2023		12,169
				147,588
		Hospital — 3.2%
	1,850	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Rev., 5.00%, 11/15/2025		2,196
		California Health Facilities Financing Authority, Kaiser Permanente,
	5,000	Series C, Rev., 5.00%, 11/01/2022 (z)		5,681
	17,420	Series D, Rev., 5.00%, 11/01/2022 (z)		19,798
	2,500	Subseries A-1, Rev., 5.00%, 11/01/2027		3,047
		California Health Facilities Financing Authority, Providence Health & Services,
	750	Series A, Rev., 5.00%, 10/01/2021		833
	1,500	Series A, Rev., 5.00%, 10/01/2022		1,696
		California Health Facilities Financing Authority, St. Joseph Health System,
	5,000	Series C, Rev., 5.00%, 10/15/2019 (z)		5,278
	12,870	Series D, Rev., 5.00%, 10/15/2020 (z)		13,961
		California Municipal Finance Authority, NorthBay Healthcare Group,
	500	Series A, Rev., 5.00%, 11/01/2023		551
	800	Series A, Rev., 5.00%, 11/01/2024		888
	745	Series A, Rev., 5.00%, 11/01/2025		832
				54,761

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.4%
	1,725	Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System, Series 2016-A, Rev., 5.00%, 10/01/2032		1,863
	4,750	California Statewide Communities Development Authority, LA Puente Park Apartments, Series F, Rev., 1.20%, 10/01/2018 (z)		4,740
				6,603
		Other Revenue — 4.1%
		Alameda County Transport Authority, Sales Tax,
	5,000	Rev., 4.00%, 03/01/2019		5,136
	5,000	Rev., 4.00%, 03/01/2022		5,424
	1,240	Rev., 5.00%, 03/01/2020		1,326
		California Infrastructure & Economic Development Bank, The J. Paul Getty Trust,
	10,800	Series A-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.28%, 12.00% Cap), 1.37%, 03/08/2018 (aa)		10,792
	8,000	Series A-3, Rev., (ICE LIBOR USD 3 Month + 0.37%, 8.00% Cap), 1.61%, 04/02/2018 (aa)		8,056
	7,000	Series A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%, 8.00% Cap), 1.61%, 04/02/2018 (aa)		7,099
		California Municipal Finance Authority, Biola University,
	205	Rev., 4.00%, 10/01/2019		213
	370	Rev., 5.00%, 10/01/2021		409
	4,500	California State Public Works Board, Department of General Services, Series F, Rev., 5.00%, 05/01/2021		4,951
		Contra Costa County Transportation Authority, Sales Tax,
	3,420	Series A, Rev., 4.00%, 03/01/2023		3,769
	3,830	Series A, Rev., 4.00%, 03/01/2025		4,302
	2,420	Series A, Rev., 5.00%, 03/01/2023		2,782
	2,000	Series A, Rev., 5.00%, 03/01/2024		2,342
	1,000	Series B, Rev., 4.00%, 03/01/2018		1,000
	1,600	Series B, Rev., 5.00%, 03/01/2018		1,600
	1,750	Series B, Rev., 5.00%, 03/01/2019		1,815
	1,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.00%, 06/01/2021		1,099
		Riverside Community Properties Development, Inc., Riverside County Law Building Project,
	640	Rev., 5.00%, 10/15/2018 (p)		654
	780	Rev., 5.00%, 10/15/2019 (p)		822

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — Continued
		San Diego County Regional Transportation Commission, Sales Tax,
	250	Series A, Rev., 5.00%, 04/01/2021		275
	100	Series A, Rev., 5.00%, 04/01/2022		113
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	525	Series A, Rev., 5.00%, 07/01/2024		617
	905	Series A, Rev., 5.00%, 07/01/2025		1,078
	1,700	San Francisco State Building Authority & Oakland State Building Authority, Elihu M. Harris State Office Building, Series A, Rev., 5.00%, 12/01/2022		1,926
	1,225	Santa Clara County Financing Authority, Capital Projects, Series A, Rev., 5.00%, 02/01/2019		1,266
	1,000	Sonoma County Transportation Authority, Sales Tax, Rev., 5.00%, 12/01/2024		1,180
				70,046
		Prerefunded — 0.3%
	1,275	Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System, Series 2016-A, Rev., 5.00%, 10/01/2021 (p)		1,421
	1,160	California State Public Works Board, California State University, Series E, Rev., 5.00%, 04/01/2019 (p)		1,205
	2,820	California State Public Works Board, California State University, Davidson Library at Santa Barbara, Series C, Rev., 5.00%, 03/01/2023 (p)		3,234
				5,860
		Transportation — 3.9%
		Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area,
	7,550	Series C, Rev., 1.88%, 04/01/2019 (z)		7,576
	9,000	Series G, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.60%, 12.00% Cap), 1.69%, 03/08/2018 (aa)		9,156
	20,000	Series S-7, Rev., 4.00%, 04/01/2029		22,211
		City of Los Angeles Department of Airports,
	1,590	Series A, Rev., AMT, 5.00%, 05/15/2021		1,742
	315	Series B, Rev., 4.00%, 05/15/2023		345
	365	Series B, Rev., 4.00%, 05/15/2024		403
	1,015	Series C, Rev., 4.00%, 05/15/2018		1,021
	1,000	Series C, Rev., 5.00%, 05/15/2019		1,044
	750	Series C, Rev., 5.00%, 05/15/2022		845
	700	Series C, Rev., 5.00%, 05/15/2024		815

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 21

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	3,380	Series D, Rev., AMT, 5.00%, 05/15/2022		3,776
	2,700	Series D, Rev., AMT, 5.00%, 05/15/2027		3,087
	1,950	Series D, Rev., AMT, 5.00%, 05/15/2028		2,222
	2,550	Series D, Rev., AMT, 5.00%, 05/15/2029		2,896
	9,665	Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 07/01/2019		10,135
				67,274
		Utility — 1.5%
	3,500	California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Series E, Rev., 1.75%, 06/01/2022 (z)		3,389
	10,000	City of Los Angeles Department of Water & Power, Power System, Series B, Rev., 5.00%, 12/01/2018		10,256
	100	City of Los Angeles, Department of Water & Power, Water System, Series A, Rev., 5.00%, 07/01/2025		118
		Sacramento Municipal Utility District, Electric,
	2,740	Series E, Rev., 5.00%, 08/15/2022		3,116
	105	Series E, Rev., 5.00%, 08/15/2027		128
	7,000	Southern California Public Power Authority, Magnolia Power Project, Series 1, Rev., 2.00%, 07/01/2020 (z)		7,068
	1,000	Southern California, Public Power Authority Canyon Power Project, Series A, Rev., 5.00%, 07/01/2026		1,104
	400	Walnut Energy Center Authority, Series A, Rev., 5.00%, 01/01/2023		457
				25,636
		Water & Sewer — 4.2%
	250	Burlingame Financing Authority Water & Wastewater, Rev., 4.00%, 04/01/2020		263
	10,000	California State Department of Water Resources, Central Valley Project Water System, Series AU, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.22%, 8.00% Cap), 1.31%, 03/08/2018 (aa)		10,095
	15,000	California State Department of Water Resources, Power Supply, Series L, Rev., 5.00%, 05/01/2019		15,646
		City of Los Angeles Wastewater System Subordinate,
	1,500	Series A, Rev., 5.00%, 06/01/2018		1,514
	1,250	Series A, Rev., 5.00%, 06/01/2019		1,307
	2,750	Series A, Rev., 5.00%, 06/01/2022		3,110

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	400	County of San Mateo, Silicon Valley Clean Water, Rev., 4.00%, 02/01/2019		410
		East Bay Municipal Utility District, Wastewater System,
	3,000	Series A, Rev., 5.00%, 06/01/2020		3,234
	2,330	Series B, Rev., 5.00%, 06/01/2019		2,438
		Eastern Municipal Water District, Water & Wastewater,
	2,530	Series C, Rev., 5.00%, 07/01/2021		2,806
	1,700	Series C, Rev., 5.00%, 07/01/2022		1,930
		Metropolitan Water District of Southern California,
	4,000	Series A, Rev., 5.00%, 07/01/2018		4,050
	8,000	Series A, Rev., 5.00%, 07/01/2019		8,390
	5,000	Series C, Rev., 5.00%, 07/01/2018		5,063
	6,105	Series C-1, Rev., 3.00%, 10/01/2019 (z)		6,238
	5,000	Orange County Sanitation District, Wastewater, Series A, Rev., 5.00%, 02/01/2030		5,979
				72,473
		Total California		467,591
		Colorado — 1.7%
		Certificate of Participation/Lease — 0.4%
		City of Aurora,
	125	COP, 3.00%, 12/01/2020		129
	375	COP, 4.00%, 12/01/2022		406
	375	COP, 5.00%, 12/01/2030		434
		City of Longmont,
	100	Series A, COP, 5.00%, 12/01/2021		111
	100	Series A, COP, 5.00%, 12/01/2022		113
	100	Series A, COP, 5.00%, 12/01/2024		114
		County of Boulder, Flood Reconstruction Projects,
	720	COP, 5.00%, 12/01/2022		781
	500	COP, 5.00%, 12/01/2023		542
	500	COP, 5.00%, 12/01/2025		543
		County of Eagle,
	500	COP, 3.00%, 12/01/2018		506
	200	COP, 5.00%, 12/01/2022		225
		State of Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement,
	250	COP, 3.00%, 06/15/2020		258
	1,000	COP, 3.00%, 06/15/2021		1,039
	450	COP, 5.00%, 06/15/2023		514
	615	COP, 5.00%, 06/15/2025		719
				6,434

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — 0.3%
	650	Board of Governors of the University of Colorado, Enterprise System, Series B, Rev., 5.00%, 03/01/2029		756
	1,080	University of Colorado, Enterprise System, Series A-2, Rev., 5.00%, 06/01/2022		1,216
	3,150	University of Colorado, University Enterprise, Series A, Rev., 5.00%, 06/01/2022		3,548
				5,520
		General Obligation — 0.1%
		Counties of Gunnison, Watershed School District No. 1,
	300	GO, 4.00%, 12/01/2022		327
	500	GO, 5.00%, 12/01/2026		579
				906
		Hospital — 0.2%
	675	Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project, Rev., 5.00%, 09/01/2027		786
	2,620	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		2,706
				3,492
		Housing — 0.3%
	5,000	Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project, Rev., 1.50%, 11/01/2019 (z)		4,982
		Other Revenue — 0.1%
		Denver Convention Center Hotel Authority,
	375	Rev., 4.00%, 12/01/2019		385
	500	Rev., 4.00%, 12/01/2020		520
				905
		Prerefunded — 0.2%
	3,700	Regional Transportation District,
		Series A, COP, 5.00%, 06/01/2020 (p)		3,969
		Transportation — 0.1%
	2,500	E-470 Public Highway Authority, Senior LIBOR Index, Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%, 10.00% Cap), 1.99%, 03/08/2018 (aa)		2,517
		Total Colorado		28,725
		Connecticut — 3.5%
		Education — 2.0%
		Connecticut State Health and Educational Facility Authority, Sacred Heart University,
	400	Series I-1, Rev., 5.00%, 07/01/2030		459
	400	Series I-1, Rev., 5.00%, 07/01/2031		457

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	15,000	State of Connecticut, Health & Educational Facilities Authority, Hartford Healthcare Issue, Series G, Rev., (ICE LIBOR USD 1 Month + 0.95%, 12.00% Cap), 2.02%, 04/02/2018 (aa)		15,151
	18,775	State of Connecticut, Health & Educational Facility Authority, Series B, Rev., (ICE LIBOR USD 1 Month + 0.55%, 12.00% Cap), 1.61%, 04/02/2018 (aa)		18,804
				34,871
		General Obligation — 1.5%
	23,000	Hartford County, Connecticut Metropolitan District, Series B, GO, BAN, 3.00%, 08/01/2018		23,102
	1,500	State of Connecticut, SIFMA Index, Series B, GO, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.49%, 10.00% Cap), 1.58%, 03/08/2018 (aa)		1,502
				24,604
		Total Connecticut		59,475
		Delaware — 0.0% (g)
		General Obligation — 0.0% (g)
	120	State of Delaware, GO, 5.00%, 07/01/2019		126
		District of Columbia — 0.6%
		Hospital — 0.2%
		District of Columbia Children’s Hospital,
	1,100	Rev., 5.00%, 07/15/2020		1,182
	500	Rev., 5.00%, 07/15/2021		550
	850	Rev., 5.00%, 07/15/2022		954
				2,686
		Transportation — 0.4%
	1,475	Metropolitan Washington Airports Authority, Airport System, Series C, Rev., 5.00%, 10/01/2021		1,633
	5,060	Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds, Series B, Rev., 5.00%, 07/01/2029		5,984
				7,617
		Total District of Columbia		10,303
		Florida — 1.4%
		Certificate of Participation/Lease — 0.2%
	750	School Board of Duval County, Series B, COP, 5.00%, 07/01/2021		824
		Seminole County School Board,
	295	Series A, COP, 4.00%, 07/01/2018		297

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 23

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Certificate of Participation/Lease — continued
	200	Series A, COP, 5.00%, 07/01/2019		209
	210	Series A, COP, 5.00%, 07/01/2020		225
	1,500	St. Johns County School Board, Master Lease Program, COP, 5.00%, 07/01/2019		1,568
				3,123
		Education — 0.4%
	1,660	Board of Governors of the University of Florida, Student Activity, Rev., 5.00%, 07/01/2020		1,785
	3,980	Florida State Board of Education, Lottery, Series A, Rev., 4.00%, 07/01/2027		4,256
				6,041
		General Obligation — 0.1%
	1,000	Reedy Creek Improvement District, Series B, GO, 4.00%, 06/01/2019		1,031
		Transportation — 0.1%
		Miami-Dade County Expressway Authority, Toll System,
	1,550	Series A, Rev., 5.00%, 07/01/2020		1,664
	625	Series A, Rev., 5.00%, 07/01/2022		700
				2,364
		Utility — 0.6%
	8,500	JEA Electric System, Series 2017B, Rev., 5.00%, 10/01/2025		9,929
		Water & Sewer — 0.0% (g)
	675	City of Miami Beach, Water and Sewer, Rev., 5.00%, 09/01/2025		788
		Total Florida		23,276
		Georgia — 2.9%
		General Obligation — 1.2%
	1,000	City of Atlanta, Series A, GO, 4.00%, 12/01/2019		1,043
		Douglas County, Sales Tax,
	500	GO, 5.00%, 04/01/2018		502
	1,120	GO, 5.00%, 04/01/2019		1,162
		State of Georgia,
	6,750	Series E, GO, 5.00%, 12/01/2025		8,030
	1,250	Series I, GO, 5.00%, 07/01/2019		1,308
	8,165	Series I, GO, 5.00%, 07/01/2021		9,016
				21,061
		Housing — 0.1%
		Gwinnett County Development Authority, Gwinnett College Student Housing Project,
	725	Series A, Rev., 5.00%, 07/01/2025		839

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	700	Series A, Rev., 5.00%, 07/01/2026		816
				1,655
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	4,000	Monroe County Development Authority, Pollution Control, Gulf Power Company Plant, Scherer Project, Rev., 2.00%, 06/21/2018 (z)		4,002
		Other Revenue — 0.8%
		Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien,
	1,000	Series A-1, Rev., 5.00%, 07/01/2027		1,140
	1,000	Series A-1, Rev., 5.00%, 07/01/2028		1,136
		Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project,
	1,000	Series 2017, Rev., 4.00%, 07/01/2032		1,046
	325	Series 2017, Rev., 5.00%, 07/01/2023		368
	420	Series 2017, Rev., 5.00%, 07/01/2024		482
	250	Series 2017, Rev., 5.00%, 07/01/2025		290
	275	Series 2017, Rev., 5.00%, 07/01/2026		321
	300	Series 2017, Rev., 5.00%, 07/01/2027		352
	375	Series 2017, Rev., 5.00%, 07/01/2028		438
	575	Series 2017, Rev., 5.00%, 07/01/2029		669
	1,200	Series 2017, Rev., 5.00%, 07/01/2030		1,391
	5,000	Fulton County Development Authority, Technology Athletic Association Project, Series A, Rev., 5.00%, 10/01/2022		5,560
				13,193
		Utility — 0.4%
		City of Dalton, Board of Water Light & Sinking Fund Commissioners,
	500	Rev., 5.00%, 03/01/2025		581
	500	Rev., 5.00%, 03/01/2026		585
	2,080	Rev., 5.00%, 03/01/2030		2,417
	2,000	Rev., 5.00%, 03/01/2031		2,312
	1,095	Rev., 5.00%, 03/01/2032		1,262
				7,157
		Water & Sewer — 0.2%
	3,000	City of Atlanta, Water & Wastewater, Revenue Refunding, Series A-1, Rev., (ICE LIBOR USD 1 Month + 1.50%, 10.00% Cap), 2.57%, 03/08/2018 (aa)		3,029
		Total Georgia		50,097

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Guam — 0.0% (g)
		Other Revenue — 0.0% (g)
	750	Government of Guam, Limited Obligation Section 30, (Guam), Series A, Rev., 5.00%, 12/01/2018		766
		Hawaii — 1.2%
		General Obligation — 1.2%
	2,200	City & County of Honolulu, Rail Transit Project, GO, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.30%, 8.00% Cap), 1.39%, 03/08/2018 (aa)		2,209
		State of Hawaii,
	10,160	Series DY, GO, 5.00%, 02/01/2020		10,805
	7,640	Series EF, GO, 5.00%, 11/01/2021		8,483
		Total Hawaii		21,497
		Illinois — 4.0%
		Education — 0.3%
	5,000	Illinois Educational Facilities Authority, University of Chicago, Series B-2, Rev., 1.55%, 02/13/2020 (z)		4,958
		Illinois Finance Authority, DePaul University,
	200	Rev., 5.00%, 10/01/2023		226
	300	Rev., 5.00%, 10/01/2025		346
	250	Rev., 5.00%, 10/01/2028		288
				5,818
		General Obligation — 1.8%
	5,000	City of Chicago, Series C, GO, 5.00%, 01/01/2022		5,348
	5	Cook County Township High School District No. 225, Series A, GO, 5.00%, 12/01/2023		6
	335	County of DuPage, Courthouse Project, GO, 5.00%, 01/01/2024		382
	3,065	County of Winnebago, Public Safety, Series A, GO, 4.00%, 12/30/2019		3,182
	2,800	DuPage County Forest Preserve District, GO, 5.00%, 01/01/2021		3,023
	355	Kane & DeKalb Counties Community Unit School District No. 301, GO, 5.00%, 01/01/2027		413
	2,000	Lake & McHenry Counties Community Unit School District No. 118, GO, 5.00%, 01/01/2024		2,257
		Lincoln Land Community College District No. 526,
	440	GO, 4.00%, 12/15/2022		469
	305	GO, 5.00%, 12/15/2021		338
	300	McHenry County, Woodstock Community Unit School District No. 200, GO, 5.00%, 01/15/2021		325

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	15,000	State of Illinois, Series D, GO, 5.00%, 11/01/2020		15,579
				31,322
		Hospital — 1.0%
	6,000	Illinois Finance Authority, Advocate Health Care, Series A-1, Rev., 5.00%, 01/15/2020 (z)		6,353
	1,500	Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital, Rev., 5.00%, 08/15/2027		1,761
	3,750	Illinois Finance Authority, Ascension Health Alliance Senior Credit Group, Series E-2, Rev., 1.75%, 04/01/2021 (z)		3,707
	2,500	Illinois Finance Authority, Edward-Elmhurst Healthcare, Series A, Rev., 5.00%, 01/01/2030		2,843
		Illinois Finance Authority, Silver Cross Hospital & Medical Centers,
	150	Series C, Rev., 5.00%, 08/15/2021		161
	500	Series C, Rev., 5.00%, 08/15/2022		544
	2,000	Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group, Series A, Rev., 5.00%, 02/15/2027		2,331
				17,700
		Other Revenue — 0.6%
		Arlington Heights Park District,
	1,070	Series B, Rev., 4.00%, 12/01/2027		1,156
	1,135	Series B, Rev., 4.00%, 12/01/2028		1,221
	1,550	Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital, Rev., 5.00%, 08/15/2026		1,809
	2,515	Illinois Finance Authority, Clean Water Initiative, Rev., 5.00%, 01/01/2019		2,587
	2,745	State of Illinois, Junior Obligation, Rev., 5.00%, 06/15/2018		2,771
				9,544
		Transportation — 0.3%
		City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding,
	1,460	Series A, Rev., AMT, 5.00%, 01/01/2020		1,541
	2,580	Series A, Rev., AMT, 5.00%, 01/01/2021		2,780
	500	Series B, Rev., 5.00%, 01/01/2020		529
				4,850
		Total Illinois		69,234

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 25

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Indiana — 0.7%
		Education — 0.2%
	265	County of Elkhart, GCS School Building Corp. One, First Mortgage Refunding & Improvement, Rev., 5.00%, 07/15/2018		269
	1,170	Indiana Finance Authority, Educational Facilities, Indianapolis Museum of Art, Inc. Project, Series B, Rev., 5.00%, 02/01/2019		1,203
		New Albany Floyd County School Building Corp.,
	700	Rev., 5.00%, 07/15/2021		771
	835	Rev., 5.00%, 07/15/2022		938
				3,181
		Other Revenue — 0.4%
	1,000	Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project, Rev., 5.00%, 08/01/2023		1,132
	5,500	Indiana State Finance Authority State Revolving Fund Program Refunding, Series B, Rev., 5.00%, 02/01/2019		5,680
	750	Indiana State Office Building Commission, Indiana State Museum Facility, Series C, Rev., NATL-RE, 5.25%, 07/01/2019 (p)		786
				7,598
		Utility — 0.1%
	1,250	Indiana Municipal Power Agency, Power Supply System, Series A, Rev., 5.00%, 01/01/2019		1,286
		Water & Sewer — 0.0% (g)
	620	Evansville Local Public Improvement Bond Bank, Sewage Works Project, Series A, Rev., 5.00%, 07/01/2019		648
		Total Indiana		12,713
		Kansas — 0.7%
		General Obligation — 0.5%
	200	Butler County, Unified School District No. 375, GO, 4.00%, 09/01/2024		212
	625	Johnson County Unified School District No. 233, Series B, GO, 4.00%, 09/01/2025		686
		Seward County Unified School District No. 480,
	1,140	Series B, GO, 5.00%, 09/01/2023		1,294
	1,400	Series B, GO, 5.00%, 09/01/2024		1,609
	1,750	Series B, GO, 5.00%, 09/01/2025		2,029
	2,500	Series B, GO, 5.00%, 09/01/2027		2,868
				8,698
		Hospital — 0.0% (g)
	275	University of Kansas Hospital Authority, Health System, Series A, Rev., 5.00%, 03/01/2024		314

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.2%
	2,200	City of Wichita, Water & Sewer Utility, Series A, Rev., 5.00%, 10/01/2022		2,481
		Total Kansas		11,493
		Kentucky — 0.5%
		Education — 0.5%
	6,980	University of Kentucky, Series D, Rev., 5.00%, 10/01/2021		7,745
		Prerefunded — 0.0% (g)
	250	Carter County Kentucky School District Finance Corp., Rev., 4.50%, 02/01/2021 (p)		269
		Transportation — 0.0% (g)
	345	Louisville Regional Airport Authority, Airport System, Series B, Rev., 4.00%, 07/01/2018		348
		Total Kentucky		8,362
		Louisiana — 0.7%
		Hospital — 0.1%
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project,
	300	Rev., 3.00%, 05/15/2018		301
	400	Rev., 5.00%, 05/15/2023		452
	500	Rev., 5.00%, 05/15/2024		570
	600	Rev., 5.00%, 05/15/2025		688
				2,011
		Other Revenue — 0.3%
	2,350	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 391 Project, Rev., 5.00%, 10/01/2021		2,587
		Louisiana Public Facilities Authority, Tulane University Project,
	230	Rev., 5.00%, 12/15/2022		259
	315	Rev., 5.00%, 12/15/2023		359
	300	Rev., 5.00%, 12/15/2024		346
	250	Rev., 5.00%, 12/15/2025		290
	300	Rev., 5.00%, 12/15/2026		350
	600	Rev., 5.00%, 12/15/2027		705
	200	Rev., 5.00%, 12/15/2029		232
	150	Rev., 5.00%, 12/15/2030		173
	165	Rev., 5.00%, 12/15/2032		189
				5,490

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.3%
	4,580	East Baton Rouge Sewerage Commission, Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%, 12.00% Cap), 1.60%, 04/02/2018 (aa)		4,589
		Total Louisiana		12,090
		Maryland — 2.3%
		General Obligation — 1.5%
	2,000	County of Montgomery, Public Improvement, Series A, GO, 5.00%, 08/01/2019		2,100
	12,795	State of Maryland, State & Local Facilities Loan of 2013, Second Series, Series A, GO, 5.00%, 08/01/2020		13,808
	7,550	State of Maryland, State & Local Facilities Loan of 2017, First Series, Series A, GO, 5.00%, 03/15/2026		8,969
				24,877
		Other Revenue — 0.6%
		Maryland Stadium Authority, Construction & Revitalization Program,
	2,100	Series 2018A, Rev., 5.00%, 05/01/2027		2,487
	1,725	Series 2018A, Rev., 5.00%, 05/01/2028		2,056
	5,245	Series 2018A, Rev., 5.00%, 05/01/2032		6,117
				10,660
		Prerefunded — 0.2%
	3,000	State of Maryland, State & Local Facilities Loan of 2015, Series A, GO, 5.00%, 03/01/2023 (p)		3,416
		Total Maryland		38,953
		Massachusetts — 2.7%
		General Obligation — 0.9%
		City of Boston,
	6,820	Series A, GO, 5.00%, 03/01/2022		7,645
	7,360	Series A, GO, 5.00%, 03/01/2023		8,403
				16,048
		Hospital — 0.6%
	10,000	Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2017S, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.50%, 10.00% Cap), 1.59%, 03/08/2018 (aa)		10,068
	450	Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group, Series I, Rev., 5.00%, 07/01/2018		455
	500	Massachusetts State Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2026		536
				11,059

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.2%
	3,250	Massachusetts Development Finance Agency, Caregroup, Series H-1, Rev., 5.00%, 07/01/2019		3,394
		Prerefunded — 0.4%
	7,515	Massachusetts Health & Educational Facilities Authority, Institute of Technology, Series O, Rev., 6.00%, 07/01/2018 (p)		7,630
		Transportation — 0.1%
	1,135	Massachusetts Bay Transportation Authority, General Transportation System, Series A-2, Rev., VRDO, 1.10%, 03/08/2018 (z)		1,135
		Water & Sewer — 0.5%
	6,775	Massachusetts Clean Water Trust, State Revolving Fund, Rev., 5.00%, 08/01/2025		8,019
		Total Massachusetts		47,285
		Michigan — 1.4%
		General Obligation — 0.3%
	1,000	Kalamazoo Public Schools, GO, 5.00%, 05/01/2022		1,115
		Troy School District, School Building & Site,
	875	GO, Q-SBLF, 4.00%, 05/01/2018		879
	650	GO, Q-SBLF, 5.00%, 05/01/2019		678
	500	GO, Q-SBLF, 5.00%, 05/01/2020		538
	550	GO, Q-SBLF, 5.00%, 05/01/2021		607
	500	GO, Q-SBLF, 5.00%, 05/01/2022		564
				4,381
		Hospital — 0.7%
		Michigan Finance Authority, Trinity Health Credit Group,
	1,250	Series 2017A, Rev., 5.00%, 12/01/2023		1,428
	1,500	Series 2017A, Rev., 5.00%, 12/01/2024		1,732
	2,500	Series 2017A, Rev., 5.00%, 12/01/2025		2,910
	2,250	Series 2017A, Rev., 5.00%, 12/01/2026		2,638
	2,250	Michigan State Hospital Finance Authority, Ascension Health Credit Group, Series B-4, Rev., 5.00%, 11/15/2027		2,574
				11,282
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	2,600	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev., 1.45%, 09/01/2021 (z)		2,535
		Other Revenue — 0.3%
	2,250	Michigan Finance Authority, Clean Water Revolving Fund, Rev., 5.00%, 10/01/2021		2,495

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 27

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
		Michigan Finance Authority, Local Government Loan Program,
	1,290	Series B, Rev., 4.00%, 11/01/2018		1,311
	675	Series B, Rev., 4.00%, 11/01/2019		700
	455	Series B, Rev., 4.00%, 11/01/2020		480
				4,986
		Water & Sewer — 0.0% (g)
	350	City of Grand Rapids, Sanitary Sewer System Improvement, Rev., 5.00%, 01/01/2022		390
		Total Michigan		23,574
		Minnesota — 0.3%
		Education — 0.1%
	350	Minnesota Higher Education Facilities Authority, Series L, Rev., 4.00%, 04/01/2020		366
		Minnesota Higher Education Facilities Authority, Macalester College,
	175	Rev., 4.00%, 03/01/2025		193
	230	Rev., 5.00%, 03/01/2024		265
	150	Rev., 5.00%, 03/01/2026		176
	150	Rev., 5.00%, 03/01/2027		178
	150	Rev., 5.00%, 03/01/2029		176
				1,354
		Transportation — 0.1%
		Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport,
	220	Series A, Rev., 5.00%, 01/01/2020		233
	1,000	Series A, Rev., 5.00%, 01/01/2022		1,111
				1,344
		Utility — 0.1%
		Western Minnesota Municipal Power Agency, Power Supply,
	1,500	Series A, Rev., 5.00%, 01/01/2023		1,697
	1,000	Series A, Rev., 5.00%, 01/01/2024		1,149
				2,846
		Total Minnesota		5,544
		Mississippi — 0.2%
		Education — 0.1%
	1,745	Mississippi State University Educational Building Corp., New Facilities & Refinancing Project, Series A, Rev., 4.00%, 08/01/2018		1,763
		Other Revenue — 0.1%
		Mississippi Development Bank, Rankin County Bond Project,
	750	Rev., 5.00%, 03/01/2023		840

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,080	Rev., 5.00%, 03/01/2024		1,225
				2,065
		Total Mississippi		3,828
		Missouri — 1.0%
		Certificate of Participation/Lease — 0.1%
	1,000	City of Chesterfield, COP, 5.00%, 12/01/2021		1,106
		Education — 0.2%
		Health & Educational Facilities Authority,
	450	Rev., 4.00%, 10/01/2018		457
	625	Rev., 4.00%, 10/01/2019		650
	300	Rev., 4.00%, 10/01/2020		318
	300	Rev., 4.00%, 10/01/2021		323
		Missouri State Health & Educational Facilities Authority, Health Facilities, BJC Health System,
	855	Rev., 5.00%, 01/01/2019		879
	225	Rev., 5.00%, 01/01/2021		243
				2,870
		General Obligation — 0.1%
	1,300	City of Kansas, Improvement & Refunding, Series A, GO, 5.00%, 02/01/2023		1,446
	350	County of Clay, North Kansas City School District 74, Refunding & Improvement, Missouri Direct Deposit Program, GO, 5.00%, 03/01/2022		391
				1,837
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	550	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 07/01/2023		598
		Other Revenue — 0.2%
	350	City of Springfield, Series A, Rev., 4.00%, 09/01/2018		355
	2,010	County of St. Louis, Regional Convention & Sports Complex Authority, Convention & Sports Facility, Series B, Rev., 5.00%, 08/15/2019		2,102
				2,457
		Transportation — 0.4%
	2,000	City of St. Louis, Lambert International Airport, Series A, Rev., AGM, 5.00%, 07/01/2021		2,193

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	1,250	Kansas City, Missouri Airport Refunding, General Improvement, Series B, Rev., 5.00%, 09/01/2018		1,272
		Missouri Airport Refunding, Lambert St. Louis International Airport,
	1,575	Rev., 5.00%, 07/01/2021		1,724
	1,000	Rev., 5.00%, 07/01/2022		1,114
	1,080	Rev., 5.00%, 07/01/2023		1,219
				7,522
		Total Missouri		16,390
		Montana — 0.2%
		General Obligation — 0.2%
		State of Montana, Long-Range Building Program,
	690	GO, 5.00%, 08/01/2021		764
	1,000	GO, 5.00%, 08/01/2022		1,131
	650	Yellowstone County, School District No. 2 Billings, School Building, GO, 5.00%, 06/15/2020		698
		Total Montana		2,593
		Nevada — 1.3%
		General Obligation — 1.2%
		Washoe County School District, Limited Tax, School Improvement,
	6,700	Series C, GO, 4.00%, 10/01/2032		6,974
	6,975	Series C, GO, 4.00%, 10/01/2033		7,191
	7,260	Series C, GO, 4.00%, 10/01/2034		7,456
				21,621
		Other Revenue — 0.1%
	1,250	County of Clark, Series A, Rev., 4.00%, 07/01/2018		1,261
		Total Nevada		22,882
		New Hampshire — 0.5%
		General Obligation — 0.2%
	2,880	State of New Hampshire, Series A, GO, 5.00%, 03/01/2026		3,372
		Other Revenue — 0.3%
		New Hampshire Municipal Bond Bank,
	900	Series A, Rev., 4.00%, 08/15/2018		911
	520	Series A, Rev., 5.00%, 02/15/2019		538
	2,985	Series A, Rev., 5.00%, 08/15/2019		3,136
				4,585
		Total New Hampshire		7,957

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Jersey — 2.1%
		Education — 0.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	1,040	Series A, Rev., 5.25%, 12/15/2020		1,079
	1,500	Series DDD, Rev., 5.00%, 06/15/2025		1,644
	1,840	Series DDD, Rev., 5.00%, 06/15/2026		2,019
	750	New Jersey Educational Facilities Authority, Rev., 5.00%, 06/01/2018		754
				5,496
		General Obligation — 0.7%
	90	County of Passaic, GO, 5.00%, 02/01/2021		98
	10,075	State of New Jersey, Series Q, GO, 5.00%, 08/15/2020		10,819
	425	Township of South Brunswick, GO, 5.00%, 09/01/2022		477
				11,394
		Other Revenue — 0.1%
	2,225	New Jersey Environmental Infrastructure Trust, Series A, Rev., 5.00%, 09/01/2018		2,266
		Prerefunded — 0.1%
	1,680	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 6.00%, 12/15/2018 (p)		1,740
		Transportation — 0.9%
	5,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series BB-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 1.00%, 12.00% Cap), 2.09%, 03/08/2018 (aa)		5,520
	10,000	New Jersey Turnpike Authority, Series C-6, Rev., VRDO, 1.85%, 04/02/2018 (z)		10,000
				15,520
		Total New Jersey		36,416
		New Mexico — 0.2%
		Housing — 0.1%
	2,500	County of Bernalillo, Arroyo Vista Apartments Project, Rev., 1.40%, 03/01/2019 (z)		2,494
		Other Revenue — 0.1%
	800	New Mexico Finance Authority, Senior Lien Public Project, Series B, Rev., 5.00%, 06/01/2021		881
		Total New Mexico		3,375

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 29

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — 8.8%
		Education — 0.3%
		New York State Dormitory Authority, Columbia University,
	585	Series B, Rev., 5.00%, 10/01/2021		652
	2,500	Series B, Rev., 5.00%, 10/01/2023		2,894
	1,100	New York State Dormitory Authority, The New School, Series A, Rev., 5.00%, 07/01/2024		1,263
				4,809
		General Obligation — 1.6%
	2,410	Bedford Central School District, GO, 5.00%, 11/15/2022		2,738
	3,860	City of New York, Fiscal Year 2012, Subseries G-1, GO, 5.00%, 04/01/2020		4,127
	3,695	City of New York, Fiscal Year 2013, Series B, GO, 4.00%, 08/01/2019		3,826
	6,250	City of New York, Fiscal Year 2014, Series K, GO, 5.00%, 08/01/2019		6,559
	2,030	Counties of Rockland & Orange, Ramapo Central School District, GO, 4.00%, 10/15/2019		2,113
		County of Orange, Public Improvement,
	1,510	Series B, GO, 5.00%, 03/01/2021		1,655
	1,000	Series B, GO, 5.00%, 03/01/2022		1,122
	2,025	Hampton Bays Union Free School District, GO, 5.00%, 09/15/2022		2,285
		Town of East Hampton,
	1,000	GO, 5.00%, 05/15/2021		1,103
	1,000	GO, 5.00%, 05/15/2023		1,148
	1,550	White Plains City School District, GO, 5.00%, 05/15/2024		1,816
				28,492
		Hospital — 0.2%
		Build Resource Corp., The New York Methodist Hospital Project,
	1,000	Rev., 5.00%, 07/01/2018		1,012
	550	Rev., 5.00%, 07/01/2021		605
	800	Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project, Series B, Rev., 5.00%, 07/01/2023		894
	1,015	New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 2017-1, Rev., 5.00%, 07/01/2028		1,199
				3,710

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	3,000	New York State Energy Research & Development Authority, Pollution Control, Electric & Gas Corp., Project, Series C, Rev., 2.00%, 05/01/2020 (z)		2,999
		Other Revenue — 3.5%
		Battery Park City Authority,
	3,450	Series A, Rev., 3.00%, 11/01/2018		3,489
	2,500	Series A, Rev., 4.00%, 11/01/2019		2,605
	500	Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center, Series A, Rev., 5.00%, 07/15/2020		535
	500	City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project, Rev., 5.00%, 08/01/2020		536
	2,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003, Series B, Rev., 5.00%, 02/01/2020		2,929
	3,700	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Series A, Subseries A-1, Rev., 5.00%, 11/01/2020		4,019
	5,000	New York Convention Center Development Corp. Hotel Unit Fee Secured, Rev., 5.00%, 11/15/2026		5,829
	1,500	New York Local Government Assistance Corp., Subordinated Lien, Series A-5/6, Rev., 5.50%, 04/01/2019		1,567
		New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center,
	1,000	Series 2017-1, Rev., 5.00%, 07/01/2026		1,177
	4,705	Series 2017-1, Rev., 5.00%, 07/01/2027		5,663
	2,000	New York State Dormitory Authority, State Sales Tax, Series A, Rev., 5.00%, 03/15/2021		2,194
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	15,405	Series A, Rev., 5.00%, 10/15/2020		16,748
	4,800	Series A, Rev., 5.00%, 10/15/2022		5,466
	4,500	Series A, Rev., 5.00%, 10/15/2025		5,274
		Schenectady County Capital Resource Corp., Union College Project,
	960	Rev., 5.00%, 01/01/2024		1,099
	400	Rev., 5.00%, 01/01/2025		462
				59,592
		Prerefunded — 0.3%
	4,305	Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center, Rev., 6.38%, 01/15/2020 (p)		4,685

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Special Tax — 0.1%
	1,110	New York State Dormitory Authority, Personal Income Tax, Series G, Rev., 5.00%, 08/15/2021		1,228
		Transportation — 1.8%
		Buffalo & Fort Erie Public Bridge Authority, Toll Bridge System,
	465	Rev., 5.00%, 01/01/2020		493
	815	Rev., 5.00%, 01/01/2021		887
		Metropolitan Transportation Authority,
	2,770	Series D, Rev., 5.00%, 11/15/2018		2,840
	1,435	Subseries A-1, Rev., 5.00%, 11/15/2020		1,558
	2,000	Subseries C-1, Rev., 5.00%, 11/15/2019		2,116
	3,000	Subseries C-1, Rev., 5.00%, 11/15/2024		3,489
	4,000	Metropolitan Transportation Authority, Green Bonds, Series B-2, Rev., 4.00%, 11/15/2032		4,253
	15,000	Triborough Bridge & Tunnel Authority, Subseries B-C, Rev., (ICE LIBOR USD 1 Month + 0.40%, 9.00% Cap), 1.46%, 04/02/2018 (aa)		15,082
				30,718
		Utility — 0.5%
		Long Island Power Authority, Electric System,
	500	Series 2017, Rev., 5.00%, 09/01/2025		584
	1,000	Series 2017, Rev., 5.00%, 09/01/2026		1,176
	500	Series 2017, Rev., 5.00%, 09/01/2027		592
	750	Series 2017, Rev., 5.00%, 09/01/2028		884
	750	Series 2017, Rev., 5.00%, 09/01/2030		875
	5,000	Series C, Rev., (ICE LIBOR USD 1 Month + 0.65%, 10.00% Cap), 1.75%, 04/02/2018 (aa)		5,024
				9,135
		Water & Sewer — 0.3%
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series EE, Rev., 5.00%, 06/15/2019		5,227
		Total New York		150,595
		North Carolina — 1.0%
		Education — 0.4%
	5,750	University of North Carolina, Chapel Hill, Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%, 12.00% Cap), 1.46%, 04/02/2018 (aa)		5,755

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	445	Winston-Salem State University Foundation LLC, Rev., AGM, 5.00%, 10/01/2023		513
				6,268
		General Obligation — 0.6%
	9,670	State of North Carolina, Series D, GO, 4.00%, 06/01/2020		10,180
		Other Revenue — 0.0% (g)
	550	Jacksonville Public Facilities Corp., Series 2017, Rev., 5.00%, 04/01/2027		654
		Total North Carolina		17,102
		Ohio — 2.1%
		Education — 0.2%
	535	Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series A, Rev., 4.00%, 12/01/2019		557
		Ohio State Higher Educational Facility Commission, Oberlin College,
	600	Rev., 4.00%, 10/01/2018		609
	675	Rev., 4.00%, 10/01/2019		701
	1,000	Rev., 5.00%, 10/01/2020		1,084
				2,951
		General Obligation — 0.3%
	200	City of Dublin, Various Purpose, GO, 4.00%, 12/01/2028		220
		Cuyahoga Ohio Community College District, Facilities Construction & Improvement Bonds,
	1,250	Series 2018, GO, 4.00%, 12/01/2032		1,321
	1,300	Series 2018, GO, 4.00%, 12/01/2033		1,363
	2,795	State of Ohio, Infrastructure Improvement, Series A, GO, VRDO, 1.20%, 03/08/2018 (z)		2,795
				5,699
		Hospital — 1.0%
	375	Akron, Bath & Copley Joint Township Hospital District, Summa Health Obligated Group, Rev., 5.00%, 11/15/2021		404
	10,800	County of Allen, Mercy Health, Series B, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.75%, 12.00% Cap), 1.84%, 03/08/2018 (aa)		10,843
		County of Lake, Hospital Facilities, Lake Hospital System, Inc.,
	1,445	Rev., 5.00%, 08/15/2023		1,622
	1,655	Rev., 5.00%, 08/15/2024		1,876

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 31

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
	2,500	State of Ohio, University Hospitals Health System, Inc., Series B, Rev., VRDO, 1.34%, 03/01/2018 (z)		2,500
				17,245
		Other Revenue — 0.1%
	1,165	County of Cuyahoga, Rev., 5.00%, 12/01/2022		1,322
	1,000	State of Ohio, Capital Facilities Lease-Appropriation, Series A, Rev., 5.00%, 10/01/2018		1,021
				2,343
		Water & Sewer — 0.5%
		Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati,
	500	Series A, Rev., 5.00%, 12/01/2018		513
	640	Series A, Rev., 5.00%, 12/01/2019		678
	1,375	Series A, Rev., 5.00%, 12/01/2021		1,530
	5,000	Ohio Water Development Authority, Fresh Water, Series B, Rev., 5.00%, 12/01/2027		5,947
				8,668
		Total Ohio		36,906
		Oklahoma — 0.6%
		Education — 0.4%
	555	Blaine County Educational Facilities Authority, Educational Facilities, Watonga Public Schools Project, Rev., 5.00%, 12/01/2018		568
	1,220	Comanche County Educational Facilities Authority, Elgin Public Schools Project, Series A, Rev., 5.00%, 12/01/2027		1,412
		Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project,
	500	Series 2018, Rev., 5.00%, 10/01/2022		557
	355	Series 2018, Rev., 5.00%, 10/01/2023		401
	1,000	Series 2018, Rev., 5.00%, 10/01/2025		1,149
		Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project,
	250	Rev., 4.00%, 09/01/2018		253
	325	Rev., 5.00%, 09/01/2019		341
	2,000	Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project, Rev., 5.00%, 09/01/2021		2,205
				6,886

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.0% (g)
	500	Cleveland County Justice Authority, Sales Tax, Detention Facility Project, Rev., 4.00%, 03/01/2020		511
		Utility — 0.2%
	1,525	Oklahoma Municipal Power Authority, SIFMA Index, Series A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.80%, 14.00% Cap), 1.89%, 03/08/2018 (aa)		1,527
	1,185	The Edmond Public Works Authority, Sales Tax and Utility System, Rev., 4.00%, 07/01/2028		1,301
				2,828
		Total Oklahoma		10,225
		Oregon — 0.9%
		Education — 0.0% (g)
		Oregon State Facilities Authority, Reed College Project,
	350	Series A, Rev., 4.00%, 07/01/2032		375
	125	Series A, Rev., 5.00%, 07/01/2028		150
				525
		General Obligation — 0.3%
	4,205	Clackamas County School District No. 12, Series B, GO, 5.00%, 06/15/2030		4,972
		Prerefunded — 0.4%
	6,210	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.25%, 04/01/2019 (p)		6,464
		Transportation — 0.2%
		Port of Portland, International Airport,
	1,000	Series 23, Rev., 5.00%, 07/01/2023		1,143
	1,595	Series 23, Rev., 5.00%, 07/01/2024		1,850
				2,993
		Water & Sewer — 0.0% (g)
	40	City of Portland, Sewer System, First Lien, Series A, Rev., 5.00%, 10/01/2023		46
		Total Oregon		15,000
		Pennsylvania — 5.2%
		Education — 1.1%
	5,055	Pennsylvania State Higher Educational Facilities Authority, Trustees of the University, Series B, Rev., 5.00%, 10/01/2022		5,726
		State Public School Building Authority, Community College of Philadelphia Project,
	2,760	Rev., 5.00%, 06/15/2021		3,013
	2,625	Rev., 5.00%, 06/15/2024		2,994

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	2,860	State Public School Building Authority, Montgomery County Community College, Rev., 5.00%, 05/01/2019		2,975
		University of Pennsylvania, Higher Educational Facilities Authority, Health System,
	1,000	Series A, Rev., 5.00%, 08/15/2027		1,185
	1,000	Series A, Rev., 5.00%, 08/15/2028		1,179
	1,600	Series A, Rev., 5.00%, 08/15/2029		1,876
				18,948
		General Obligation — 1.0%
	2,000	City of Philadelphia, Series A, GO, 5.00%, 08/01/2019		2,093
	15,000	Commonwealth of Pennsylvania, Series 2011, GO, 4.00%, 11/15/2028		15,656
	350	Schuylkill Valley School District, GO, 5.00%, 04/01/2022		390
				18,139
		Hospital — 0.5%
		Berks County Industrial Development Authority, Tower Health Project,
	2,500	Rev., 4.00%, 11/01/2031		2,573
	1,000	Rev., 5.00%, 11/01/2023		1,128
	1,000	Rev., 5.00%, 11/01/2024		1,138
	500	Rev., 5.00%, 11/01/2029		571
	750	Rev., 5.00%, 11/01/2030		853
	1,400	Southcentral General Authority, Hanover Hospital, Inc., Rev., 5.00%, 12/01/2026		1,547
	380	Southcentral General Authority, Wellspan Health Obligation Group, Series A, Rev., 5.00%, 06/01/2024		437
				8,247
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
		Lehigh County Industrial Development Authority, Pollution Control,
	4,000	Rev., 1.80%, 08/15/2022 (z)		3,913
	2,500	Rev., 1.80%, 09/01/2022 (z)		2,444
				6,357
		Other Revenue — 0.3%
		Commonwealth Financing Authority, Tobacco Master Settlement Payment,
	555	Series 2018, Rev., 5.00%, 06/01/2022		610
	1,785	Series 2018, Rev., 5.00%, 06/01/2023		1,984
	1,500	Series 2018, Rev., 5.00%, 06/01/2029		1,697

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,000	Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project, Rev., 2.00%, 04/30/2020 (z)		999
				5,290
		Transportation — 0.4%
		Pennsylvania Turnpike Commission,
	5,000	Series A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.68%, 12.00% Cap), 1.77%, 03/08/2018 (aa)		5,009
	2,500	Subseries A-2, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.80%, 10.00% Cap), 1.89%, 03/08/2018 (aa)		2,507
				7,516
		Water & Sewer — 1.5%
		Allegheny County Sanitary Authority, Sewer,
	3,500	Rev., 5.00%, 12/01/2021		3,873
	3,000	Rev., 5.00%, 12/01/2022		3,375
	4,000	Rev., 5.00%, 12/01/2023		4,564
		City of Philadelphia, Water & Wastewater,
	8,530	Series A, Rev., 5.00%, 01/01/2020		9,043
	1,510	Series A, Rev., 5.00%, 07/01/2022		1,692
	2,595	Series A, Rev., 5.00%, 07/01/2024		2,994
				25,541
		Total Pennsylvania		90,038
		Rhode Island — 0.2%
		General Obligation — 0.2%
	1,475	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan, Series A, GO, 5.00%, 10/15/2019 (p)		1,557
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.00%, 11/01/2019		1,054
		Total Rhode Island		2,611
		South Carolina — 1.2%
		General Obligation — 1.1%
	14,605	County of Charleston, Series C, GO, TRAN, 4.00%, 11/01/2028		16,354
		State of South Carolina,
	1,310	Series B, GO, 5.00%, 04/01/2018		1,314
	1,110	Series D, GO, 5.00%, 04/01/2018		1,113
				18,781
		Other Revenue — 0.1%
		County of Charleston,
	645	Rev., 5.00%, 12/01/2018		662

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	1,000	Rev., 5.00%, 12/01/2019		1,056
				1,718
		Total South Carolina		20,499
		South Dakota — 0.2%
		Education — 0.1%
		South Dakota Health & Educational Facilities Authority,
	625	Series B, Rev., 4.00%, 11/01/2020		659
	500	Series B, Rev., 4.00%, 11/01/2021		534
	375	Series B, Rev., 5.00%, 11/01/2022		420
				1,613
		Other Revenue — 0.1%
		South Dakota State Building Authority,
	500	Series B, Rev., 5.00%, 06/01/2019		521
	485	Series B, Rev., 5.00%, 06/01/2021		532
				1,053
		Total South Dakota		2,666
		Tennessee — 0.8%
		Other Revenue — 0.0% (g)
	5	Metropolitan Government of Nashville & Davidson, County Sports Authority, Public Improvement, Rev., 5.00%, 07/01/2020		6
		Utility — 0.8%
	800	City of Chattanooga, Electric System, Series A, Rev., 5.00%, 09/01/2022		906
		Tennessee Energy Acquisition Corp., Gas Project,
	1,460	Series A, Rev., 4.00%, 05/01/2022		1,552
	1,400	Series A, Rev., 4.00%, 05/01/2023		1,491
	10,000	Series A, Rev., 4.00%, 05/01/2023 (z)		10,654
				14,603
		Total Tennessee		14,609
		Texas — 9.9%
		Education — 1.9%
	1,000	Arlington Higher Education Finance Corp., Uplift Education, Series A, Rev., PSF-GTD, 4.00%, 12/01/2029		1,073
	790	Austin Community College District, Combined Fee, Series A, Rev., 5.00%, 02/01/2021		861
	7,500	County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital, Series 3, Rev., (ICE LIBOR USD 1 Month + 0.85%, 12.00% Cap), 1.94%, 03/08/2018 (aa)		7,584

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
		Southwest Higher Education Authority, Inc., Southern Methodist University Project,
	425	Series 2017, Rev., 5.00%, 10/01/2021		470
	400	Series 2017, Rev., 5.00%, 10/01/2022		450
	400	Series 2017, Rev., 5.00%, 10/01/2023		456
	400	Series 2017, Rev., 5.00%, 10/01/2024		462
	600	Series 2017, Rev., 5.00%, 10/01/2025		700
	525	Series 2017, Rev., 5.00%, 10/01/2026		618
	790	Stephen F. Austin State University, Board of Regents, Revenue Financing System, Rev., 4.00%, 10/15/2018		802
		Texas State University, Financing System,
	5,100	Series A, Rev., 5.00%, 03/15/2030		5,962
	4,365	Series A, Rev., 5.00%, 03/15/2032		5,059
	6,735	University of Texas, Financing System, Series I, Rev., 5.00%, 08/15/2023		7,715
				32,212
		General Obligation — 3.9%
	1,630	Austin Independent School District, Series B, GO, 5.00%, 08/01/2022		1,837
	475	City of Abilene, Taylor & Jones Counties, GO, 5.00%, 02/15/2021		518
	610	City of Colony, GO, 5.00%, 08/15/2020		657
	1,045	City of Denton, GO, 5.00%, 02/15/2023		1,184
		City of El Paso, Refunding & Improvement,
	530	GO, 5.00%, 08/15/2021		584
	4,035	GO, 5.00%, 08/15/2025		4,711
		City of Fort Worth, Certificates of Obligation,
	500	Series A, GO, 4.00%, 03/01/2018		500
	785	Series A, GO, 4.00%, 03/01/2019		805
		City of Fort Worth, Refunding & Improvement, General Purpose,
	1,000	GO, 4.00%, 03/01/2018		1,000
	1,060	GO, 4.00%, 03/01/2019		1,087
		City of Houston, Public Improvement,
	3,000	Series A, GO, 5.00%, 03/01/2021		3,272
	8,000	Series A, GO, 5.00%, 03/01/2024		9,176
	1,195	Series A, GO, 5.00%, 03/01/2025		1,385
	4,000	Series A, GO, 5.00%, 03/01/2026		4,671
		City of Odessa,
	1,150	Series 2017, GO, 4.00%, 03/01/2025		1,252
	1,430	Series 2017, GO, 4.00%, 03/01/2029		1,542
	1,535	Series 2017, GO, 4.00%, 03/01/2032		1,609
	1,400	Series 2017, GO, 5.00%, 03/01/2026		1,623

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		City of Victoria,
	1,975	Series 2017, GO, 4.00%, 08/15/2029		2,140
	1,000	Series 2017, GO, 5.00%, 08/15/2024		1,153
	1,400	Series 2017, GO, 5.00%, 08/15/2026		1,644
	1,260	Galveston County, Limited Tax Flood Control, Series 2017, GO, 4.00%, 02/01/2029		1,376
		Galveston County, Unlimited Tax Road,
	980	Series 2017, GO, 4.00%, 02/01/2024		1,074
	800	Series 2017, GO, 4.00%, 02/01/2025		881
	1,435	Series 2017, GO, 4.00%, 02/01/2028		1,579
	595	Judson Independent School District, Series A, GO, 5.00%, 02/01/2019		615
	800	Odessa Junior College District, Limited Tax, Series 2017, GO, 5.00%, 08/15/2025		929
	250	Southside Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/15/2022		282
	17,500	State of Texas, Transportation Commission Mobility, Series B, GO, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.38%, 9.00% Cap), 1.47%, 03/08/2018 (aa)		17,503
				66,589
		Hospital — 0.2%
		Irving Hospital Authority, Baylor Scott and White Medical Center,
	1,750	Rev., VRDO, 2.19%, 03/08/2018 (z)		1,750
	250	Rev., 5.00%, 10/15/2022		276
	250	Rev., 5.00%, 10/15/2028		279
	500	Rev., 5.00%, 10/15/2029		556
	1,000	Rev., 5.00%, 10/15/2031		1,100
				3,961
		Other Revenue — 0.4%
		Austin Convention Enterprises, Inc., Convention Center Hotel First Tier,
	500	Series A, Rev., 5.00%, 01/01/2021		537
	750	Series A, Rev., 5.00%, 01/01/2022		821
	800	Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier, Series B, Rev., 5.00%, 01/01/2021		850
	4,700	Lower Colorado River Authority, Series B, Rev., 5.00%, 05/15/2023		5,253
				7,461
		Prerefunded — 0.4%
	5,605	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.25%, 12/01/2018 (p)		5,847

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	60	Lower Colorado River Authority, Series B, Rev., 5.00%, 05/15/2022 (p)		67
				5,914
		Transportation — 1.5%
		City of Austin, Airport System,
	1,095	Series B, Rev., AMT, 5.00%, 11/15/2026		1,269
	585	Series B, Rev., AMT, 5.00%, 11/15/2027		674
	630	Series B, Rev., AMT, 5.00%, 11/15/2028		722
		Harris County Toll Road Authority, Senior Lien,
	8,000	Series A, Rev., 5.00%, 08/15/2031		9,445
	4,770	Series A, Rev., 5.00%, 08/15/2032		5,611
		North Texas Tollway Authority System, First Tier,
	2,500	Series A, Rev., 4.00%, 01/01/2033		2,598
	6,000	Series C, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.67%, 9.00% Cap), 1.76%, 03/08/2018 (aa)		5,919
				26,238
		Utility — 1.1%
	560	City of Cedar Park, Utility System, Rev., 5.00%, 08/15/2022		631
	5,000	City of Houston, Utility System Revenue Refunding, Series C, Rev., 5.00%, 05/15/2020		5,357
	2,000	City of San Antonio, Electric & Gas Systems, Rev., 5.00%, 02/01/2026		2,360
	6,480	City of San Antonio, Electric & Gas Systems, Junior Lien, Series B, Rev., 2.00%, 12/01/2021 (z)		6,413
		City of Victoria, Utility System,
	160	Rev., 2.00%, 12/01/2018		161
	150	Rev., 2.50%, 12/01/2019		152
		West Travis County Public Utility Agency,
	545	Series 2017, Rev., 5.00%, 08/15/2022		609
	325	Series 2017, Rev., 5.00%, 08/15/2023		369
	350	Series 2017, Rev., 5.00%, 08/15/2027		413
	1,415	Series 2017, Rev., 5.00%, 08/15/2029		1,653
	1,000	Series 2017, Rev., 5.00%, 08/15/2031		1,159
				19,277
		Water & Sewer — 0.5%
	3,520	City of Dallas, Waterworks & Sewer System, Series A, Rev., 5.00%, 10/01/2019		3,712
		City of Galveston, Waterworks & Sewer System,
	180	Rev., 4.00%, 05/01/2018		181
	205	Rev., 5.00%, 05/01/2019		213

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	245	Rev., 5.00%, 05/01/2020		262
	265	Rev., 5.00%, 05/01/2021		289
	380	Rev., 5.00%, 05/01/2024		435
	1,000	City of San Antonio, Water System, Junior Lien, Series E, Rev., 5.00%, 05/15/2019		1,042
	1,035	North Harris County, Regional Water Authority, Senior Lien, Rev., 5.00%, 12/15/2019		1,094
	1,500	Trinity River Authority Central Regional Wastewater System, Rev., 5.00%, 08/01/2018		1,522
				8,750
		Total Texas		170,402
		Utah — 2.6%
		General Obligation — 0.3%
	4,925	State of Utah, GO, 5.00%, 07/01/2021		5,442
		Other Revenue — 0.9%
	10,380	Utah Infrastructure Agency, Telecommunication Revenue, Series A, Rev., 5.00%, 10/15/2025		11,418
		West Valley City Municipal Building Authority,
	500	Rev., AGM, 4.00%, 02/01/2024		544
	250	Rev., AGM, 5.00%, 02/01/2025		289
	720	Rev., AGM, 5.00%, 02/01/2027		846
	1,070	Rev., AGM, 5.00%, 02/01/2029		1,246
	500	Rev., AGM, 5.00%, 02/01/2030		580
				14,923
		Transportation — 1.4%
		Salt Lake City Corp. Airport Revenue,
	1,000	Series A, Rev., AMT, 5.00%, 07/01/2022		1,114
	5,250	Series A, Rev., AMT, 5.00%, 07/01/2029		6,062
	5,000	Series A, Rev., AMT, 5.00%, 07/01/2031		5,724
	5,105	Series A, Rev., AMT, 5.00%, 07/01/2032		5,820
	4,260	Series A, Rev., AMT, 5.00%, 07/01/2033		4,842
				23,562
		Total Utah		43,927
		Vermont — 0.1%
		Education — 0.1%
		University of Vermont & State Agricultural College,
	750	Rev., 5.00%, 10/01/2021		833
	855	Rev., 5.00%, 10/01/2022		969
				1,802

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.0% (g)
	400	Vermont Municipal Bond Bank, Series 3, Rev., 5.00%, 12/01/2021		446
		Total Vermont		2,248
		Virginia — 1.8%
		Education — 0.2%
	2,900	Virginia Public School Authority, Special Obligation, Rev., 5.00%, 07/15/2019		3,039
		General Obligation — 1.1%
		County of Fairfax, Public Improvement,
	10,215	Series A, GO, 5.00%, 10/01/2025		11,709
	6,000	Series A, GO, 5.00%, 10/01/2026		7,196
				18,905
		Other Revenue — 0.1%
	1,300	Virginia Resources Authority, Infrastructure & State Moral Obligation, Series B, Rev., 5.00%, 11/01/2018		1,331
		Water & Sewer — 0.4%
	1,340	City of Norfolk, Water Revenue, Rev., 5.00%, 11/01/2018		1,372
	5,615	Fairfax County Water Authority, Series B, Rev., 5.25%, 04/01/2024		6,636
				8,008
		Total Virginia		31,283
		Washington — 1.5%
		Certificate of Participation/Lease — 0.3%
		State of Washington, State & Local Agency Real & Personal Property,
	2,555	Series D, COP, 5.00%, 07/01/2018		2,586
	3,125	Series D, COP, 5.00%, 07/01/2019		3,268
				5,854
		Education — 0.0% (g)
	125	University of Washington, Rev., 1.75%, 04/01/2019		125
		General Obligation — 0.1%
		King County Public Hospital District No. 2, Evergreenhealth,
	1,370	GO, 5.00%, 12/01/2018		1,404
	870	GO, 5.00%, 12/01/2019		917
				2,321
		Hospital — 0.1%
	1,000	Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2030		1,160

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.3%
	5,000	Central Puget Sound Regional Transit Authority, Sales Tax, Series S-2A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.70%, 12.00% Cap), 1.79%, 03/08/2018 (aa)		5,024
		Transportation — 0.2%
		Central Puget Sound Regional Transit Authority, Sales Tax & Motor Vehicle Excise Tax,
	685	Series S-1, Rev., 5.00%, 11/01/2023		790
	720	Series S-1, Rev., 5.00%, 11/01/2024		842
	2,000	Series S-1, Rev., 5.00%, 11/01/2034		2,320
				3,952
		Utility — 0.5%
	7,500	City of Seattle, Municipal Light & Power, Series B-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.68%, 12.00% Cap), 1.77%, 03/08/2018 (aa)		7,526
	500	County of Snohomish, Public Utility District No. 1, Electric System, Rev., 5.00%, 12/01/2025		588
				8,114
		Total Washington		26,550
		West Virginia — 0.1%
		Hospital — 0.1%
	1,565	Monongalia County Building Commission, Health System, Rev., 5.00%, 07/01/2022		1,729
		Wisconsin — 1.3%
		Education — 0.5%
	5,815	Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senior Credit Group, Series B-2, Rev., 4.00%, 05/30/2019 (z)		5,993
		Wisconsin Health & Educational Facilities Authority, Aspirus, Inc., Obligated Group,
	420	Rev., 5.00%, 08/15/2023		476
	200	Rev., 5.00%, 08/15/2024		229
	325	Rev., 5.00%, 08/15/2025		375
	200	Rev., 5.00%, 08/15/2026		233
	150	Rev., 5.00%, 08/15/2027		175

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	1,250	Wisconsin Health & Educational Facilities Authority, Thedacare, Inc., Rev., 5.00%, 12/15/2020		1,351
				8,832
		General Obligation — 0.7%
	300	City of Racine, GO, 4.00%, 12/01/2025		330
	10,000	State of Wisconsin, Series 3, GO, 5.00%, 11/01/2023		11,286
				11,616
		Transportation — 0.1%
		County of Milwaukee, Airport,
	1,400	Series A, Rev., AMT, 5.00%, 12/01/2018		1,435
	1,000	Series A, Rev., AMT, 5.00%, 12/01/2028		1,142
				2,577
		Total Wisconsin		23,025
		Total Municipal Bonds (Cost $1,696,041)		1,694,013
SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	11,128	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, Institutional Class Shares, 1.25% (b) (l) (Cost $11,128)		11,128
		Total Investments — 99.2% (Cost $1,707,407)		1,705,382
		Other Assets in Excess of Liabilities — 0.8%		14,204
		NET ASSETS — 100.0%	$	1,719,586

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 37

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 95.9% (t)
		Alabama — 0.8%
		Other Revenue — 0.4%
	1,000	Montgomery County Public Building Authority, Warrants, Facilities Project, Rev., 5.00%, 03/01/2029		1,126
		Transportation — 0.4%
	1,350	Alabama Federal Aid Highway Finance Authority, Series A, Rev., 4.00%, 06/01/2037		1,419
		Total Alabama		2,545
		Alaska — 3.0%
		Prerefunded — 1.7%
	2,500	Alaska Municipal Bond Bank Authority, Rev., 5.75%, 09/01/2018 (p)		2,554
	1,745	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Rev., AGC, 6.00%, 09/01/2019 (p)		1,860
	1,005	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Unrefunded Balance, Rev., AGC, 6.00%, 09/01/2019 (p)		1,071
				5,485
		Utility — 1.3%
	3,915	Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series, Rev., AGM, 6.00%, 07/01/2019		4,131
		Total Alaska		9,616
		Arizona — 0.7%
		Education — 0.7%
		Arizona State University,
	1,000	Series B, Rev., 5.00%, 07/01/2042		1,145
	1,000	Series B, Rev., 5.00%, 07/01/2043		1,141
		Total Arizona		2,286
		Arkansas — 0.1%
		Education — 0.1%
	185	Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus, Series A, Rev., 5.00%, 11/01/2037		212
	100	University of Arkansas, Student Fee, UALR Campus, Rev., 5.00%, 10/01/2029		117
				329
		General Obligation — 0.0% (g)
	60	State of Arkansas, Four-Lane Highway Construction & Improvement, Series 2013, GO, 5.00%, 06/15/2021		66
		Total Arkansas		395

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — 17.6%
		Certificate of Participation/Lease — 0.6%
	25	City & County of San Francisco, Multiple Capital Improvement Projects, Series A, COP, 3.00%, 04/01/2018		25
	1,500	Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project, COP, AGM, 5.00%, 06/01/2033		1,670
				1,695
		Education — 0.2%
	500	California Educational Facilities Authority, Claremont McKenna College, Series A, Rev., 4.00%, 01/01/2039		519
		General Obligation — 6.7%
	60	Alta Loma School District, Series A, GO, 5.00%, 08/01/2032		71
	30	County of Santa Clara, Campbell Union High School District, GO, 3.00%, 08/01/2031		30
	1,180	Los Angeles Community College District, GO, 5.00%, 08/01/2038		1,363
		Los Angeles Unified School District,
	1,000	Series B, GO, 5.00%, 07/01/2030		1,176
	5,000	Series D, GO, 5.00%, 01/01/2034		5,227
	1,000	Mount San Antonio Community College District, GO, BAN, Zero Coupon, 04/01/2022		925
	7,150	Mount San Antonio Community College District, Election of 2008, Series A, GO, Zero Coupon, 08/01/2043		5,721
	50	Pomona Unified School District, Series A, GO, NATL-RE, 6.10%, 02/01/2020		54
	2,450	Santa Maria Joint Union High School District, Santa Barbara & San Luis Obispo, GO, Zero Coupon, 08/01/2037		992
	5,000	State of California, Various Purpose, GO, 6.50%, 04/01/2033		5,275
		Weaver Union School District, Election of 2012,
	100	Series A, GO, 5.00%, 08/01/2028		113
	100	Series A, GO, 5.00%, 08/01/2030		113
	100	Series A, GO, 5.00%, 08/01/2032		113
				21,173
		Hospital — 1.2%
	1,500	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Rev., 5.00%, 11/15/2028		1,770
	250	California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 11/15/2041		281

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
		California Public Finance Authority, Henry Mayo Newhall Hospital,
	500	Rev., 5.00%, 10/15/2037		545
	1,000	Rev., 5.00%, 10/15/2047		1,091
				3,687
		Other Revenue — 0.8%
	20	San Diego Convention Center Expansion Financing Authority, Series A, Rev., 4.00%, 04/15/2018		20
	2,250	San Diego Regional Building Authority, County Operations Center, Series A, Rev., 5.00%, 10/15/2034		2,604
				2,624
		Prerefunded — 3.1%
	40	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.50%, 10/01/2018 (p)		41
	1,960	California Health Facilities Financing Authority, Unrefunded Balance, Providence Health & Services, Series C, Rev., 6.50%, 10/01/2018 (p)		2,019
	7,500	San Diego Public Facilities Financing Authority, Senior Sewer, Series A, Rev., 5.25%, 05/15/2019 (p)		7,849
				9,909
		Transportation — 1.1%
	390	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Rev., 4.00%, 04/01/2032		420
	1,250	City of Los Angeles, Department of Airports, Series A, Rev., AMT, 5.00%, 05/15/2038		1,370
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.00%, 07/01/2027		1,181
	415	Los Angeles Harbor Department, Rev., 7.60%, 10/01/2018 (p)		430
				3,401
		Utility — 3.5%
		City of Los Angeles, Department of Water & Power, Power System,
	1,700	Series A, Rev., 5.00%, 07/01/2035		1,965
	375	Series B, Rev., 5.00%, 07/01/2036		432
	610	Series D, Rev., 5.00%, 07/01/2033		699
	2,500	Subseries A-1, Rev., 5.25%, 07/01/2038		2,532
	2,450	East Bay Municipal Utility District, Wastewater System, Series A, Rev., 5.00%, 06/01/2036		2,820

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — continued
	2,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/2021		2,220
	430	Northern California Transmission Agency, Transmission Project, Series A, Rev., 5.00%, 05/01/2031		501
				11,169
		Water & Sewer — 0.4%
	515	East Bay Municipal Utility District Water System, Green Bonds, Series B, Rev., 5.00%, 06/01/2033		597
	650	Orange County Water District, Series A, Rev., 5.00%, 08/15/2034		763
				1,360
		Total California		55,537
		Colorado — 4.3%
		Certificate of Participation/Lease — 1.3%
	2,855	Adams County, Colorado Refunding & Improvement, COP, 4.00%, 12/01/2040		2,913
	1,000	Colorado Department of Transportation Headquarters Facilities, COP, 5.00%, 06/15/2041		1,120
				4,033
		Education — 0.1%
	150	Board of Governors of the University of Colorado, Enterprise System, Series E-1, Rev., 5.00%, 03/01/2035		169
		General Obligation — 0.4%
	1,000	Adams and Arapahoe Joint School District 28J Aurora, Series A, GO, 5.00%, 12/01/2030		1,173
	55	Adams and Weld Counties School District No 27J Brighton, GO, 5.00%, 12/01/2038		64
				1,237
		Hospital — 0.7%
	1,095	Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.00%, 01/15/2045		1,110
	1,000	Denver Health & Hospital Authority, Series A, Rev., 5.25%, 12/01/2045		1,068
				2,178
		Prerefunded — 1.8%
		Colorado Water Resources & Power Development Authority, Water & Wastewater Utility Enterprise Project,
	1,000	Series A, Rev., AGC, 5.13%, 12/01/2018 (p)		1,028
	1,000	Series A, Rev., AGC, 5.25%, 12/01/2018 (p)		1,028

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 39

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	2,000	State of Colorado, Building Excellent Schools Today, Series G, COP, 5.00%, 03/15/2021 (p)		2,189
	1,500	University of Colorado, University Enterprise, Series A, Rev., 5.38%, 06/01/2019 (p)		1,573
				5,818
		Total Colorado		13,435
		Connecticut — 0.0% (g)
		Education — 0.0% (g)
	15	University of Connecticut, Series A, Rev., 5.00%, 02/15/2028		17
		Delaware — 0.8%
		Education — 0.4%
		The Delaware Economic Development Authority, Newark Charter School, Inc. Project,
	500	Series A, Rev., 5.00%, 09/01/2036		540
	500	Series A, Rev., 5.00%, 09/01/2046		533
				1,073
		Hospital — 0.4%
	1,300	Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A, Rev., 4.00%, 07/01/2043		1,321
		Total Delaware		2,394
		District of Columbia — 3.0%
		General Obligation — 2.6%
		District of Columbia,
	1,500	Series A, GO, 5.00%, 06/01/2037		1,724
	3,965	Series B, GO, NATL-RE, 6.00%, 06/01/2019		4,186
	2,000	Series D, GO, 5.00%, 06/01/2038		2,300
				8,210
		Prerefunded — 0.4%
	1,000	District of Columbia, Series A, Rev., 6.00%, 07/01/2023 (p)		1,191
		Total District of Columbia		9,401
		Florida — 2.4%
		Certificate of Participation/Lease — 0.0% (g)
	10	Broward County School Board, Series A, COP, AGM, 4.00%, 07/01/2018		10
		General Obligation — 0.9%
	2,415	Hillsborough County, Parks & Recreation Program, GO, NATL-RE, 5.25%, 07/01/2025		2,823

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.1%
	215	Orange County Health Facilities Authority, Series B, Rev., 4.00%, 10/01/2045		214
		Transportation — 1.0%
	3,205	Hillsborough County Aviation Authority, Tampa International Airport, Series B, Rev., NATL-RE, 6.00%, 10/01/2018		3,294
		Utility — 0.4%
	1,320	Tohopekaliga Water Authority, Utility System Revenue, Series A, Rev., 4.00%, 10/01/2041		1,367
		Total Florida		7,708
		Georgia — 2.4%
		Hospital — 2.4%
	3,845	Dalton Development Authority, Hamilton Health Care System, Rev., NATL-RE, 5.50%, 08/15/2026		4,281
	1,000	Dalton Whitfield County Joint Development Authority, Hamilton Health Care System, Series 2017, Rev., 4.00%, 08/15/2041		1,007
	2,150	Fulton County Georgia Development Authority, Hospital Revenue Health System, Rev., 5.00%, 04/01/2042		2,379
		Total Georgia		7,667
		Hawaii — 1.5%
		General Obligation — 1.5%
	1,970	City & County of Honolulu, Series A, GO, 5.00%, 10/01/2037		2,238
	2,000	State of Hawaii, Series FK, GO, 5.00%, 05/01/2027		2,391
		Total Hawaii		4,629
		Illinois — 3.0%
		Education — 0.6%
	1,750	Chicago Public Building Commission, Board of Education, Series A, Rev., NATL-RE, 7.00%, 01/01/2020 (p)		1,866
		General Obligation — 1.1%
	295	Cook County Forest Preserve District, Limited Tax Project, Series B, GO, 5.00%, 12/15/2037		316
	3,000	State of Illinois, GO, 5.50%, 07/01/2038		3,137
				3,453
		Hospital — 0.2%
		Illinois Finance Authority, Healthcare Enterprises, Inc.,
	305	Series C, Rev., 5.00%, 03/01/2033		339
	205	Series C, Rev., 5.00%, 03/01/2034		227
				566

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.4%
	1,260	City of Chicago, O’Hare International Airport, Third Lien, Series A, Rev., 5.75%, 01/01/2021 (p)		1,396
		Transportation — 0.7%
	240	City of Chicago, O’Hare International Airport, Third Lien, Series A, Rev., 5.75%, 01/01/2039		264
	1,780	Regional Transportation Authority, Series D, Rev., NATL-RE, 7.75%, 06/01/2019		1,861
				2,125
		Total Illinois		9,406
		Indiana — 1.7%
		Other Revenue — 0.3%
	800	Indiana Finance Authority, Educational Facilities, Valparaiso University, Rev., 5.00%, 10/01/2026		929
		Prerefunded — 1.4%
	4,000	Indiana Finance Authority, State Revolving Fund Program, Series A, Rev., 5.00%, 02/01/2022 (p)		4,464
		Total Indiana		5,393
		Louisiana — 0.7%
		Hospital — 0.4%
	1,055	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2047		1,140
		Other Revenue — 0.3%
	1,000	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 5.25%, 05/15/2035		1,078
		Total Louisiana		2,218
		Maine — 1.9%
		Prerefunded — 1.9%
	5,675	Maine Turnpike Authority, Rev., 6.00%, 07/01/2019 (p)		6,015
		Maryland — 0.8%
		General Obligation — 0.8%
	1,215	Baltimore County, Consolidated Public Improvement, GO, 5.00%, 08/01/2026		1,430
	995	City of Baltimore, Series B, GO, 5.00%, 10/15/2030		1,177
		Total Maryland		2,607
		Massachusetts — 3.5%
		General Obligation — 3.3%
		Commonwealth of Massachusetts,
	1,500	Series A, GO, 5.00%, 03/01/2032		1,700
	4,135	Series B, GO, 5.00%, 07/01/2028		4,993

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	3,690	Commonwealth of Massachusetts, Consolidated Loan of 2016, Series J, GO, 4.00%, 12/01/2039		3,823
	25	Town of Chelmsford, Municipal Purpose Loan, GO, 4.00%, 05/15/2018		25
				10,541
		Transportation — 0.2%
	500	Massachusetts Bay Transportation Authority, Series A-1, Rev., 5.00%, 07/01/2035		580
		Water & Sewer — 0.0% (g)
	25	Massachusetts Clean Water Trust, Pool Program, Rev., 5.25%, 08/01/2028		31
		Total Massachusetts		11,152
		Michigan — 1.4%
		Hospital — 0.9%
	2,500	Michigan Finance Authority, Trinity Health Credit Group, Rev., 5.00%, 12/01/2047		2,720
		Transportation — 0.5%
	1,500	Michigan State Trunk Line, Rev., 5.00%, 11/15/2036		1,648
		Total Michigan		4,368
		Minnesota — 1.4%
		Education — 0.5%
		Minnesota Higher Education Facilities Authority, Carleton College,
	1,000	Rev., 4.00%, 03/01/2032		1,062
	500	Rev., 4.00%, 03/01/2033		527
				1,589
		General Obligation — 0.8%
		Aurora Independent School District No. 2711, School Building, Capital Appreciation,
	200	Series B, GO, Zero Coupon, 02/01/2026		155
	425	Series B, GO, Zero Coupon, 02/01/2027		321
	400	Series B, GO, Zero Coupon, 02/01/2028		284
	1,560	Series B, GO, Zero Coupon, 02/01/2029		1,064
	990	Series B, GO, Zero Coupon, 02/01/2030		659
				2,483
		Utility — 0.1%
	250	City of Rochester, Electric Utility, Series A, Rev., 5.00%, 12/01/2028		295
		Total Minnesota		4,367

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 41

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Mississippi — 0.4%
		Water & Sewer — 0.4%
	1,000	Mississippi Development Bank, Water & Sewer System Project, Special Obligation, Rev., AGM, 6.88%, 12/01/2040		1,213
		Montana — 0.1%
		Prerefunded — 0.1%
	400	City of Helena, COP, 5.00%, 01/01/2019 (p)		412
		Nebraska — 0.8%
		Utility — 0.8%
	2,000	Omaha Public Power District, Electric System, Series A, Rev., 5.00%, 02/01/2042		2,303
	185	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A, Rev., 5.00%, 01/01/2034		208
		Total Nebraska		2,511
		New Jersey — 2.3%
		Transportation — 2.3%
	10,355	New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems, Series A, Rev., Zero Coupon, 12/15/2036		4,222
	2,670	New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1, Rev., 5.00%, 06/15/2027		2,956
		Total New Jersey		7,178
		New York — 12.1%
		General Obligation — 1.1%
	3,500	City of New York, Fiscal Year 2006, Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.10%, 03/01/2018 (z)		3,500
		Other Revenue — 3.3%
	195	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Subseries E-1, Rev., 5.00%, 02/01/2035		213
	1,220	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series B, Subseries B-1, Rev., 5.00%, 08/01/2036		1,390
	1,160	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018, Series B-1, Rev., 5.00%, 08/01/2045		1,316
		New York Convention Center Development Corp., Subordinated Lien Hotel Unit fee,
	4,970	Series B, Rev., Zero Coupon, 11/15/2055		987
	6,500	Series B, Rev., Zero Coupon, 11/15/2056		1,291
	4,400	New York State Dormitory Authority, Sales Tax, Series A, Rev., 5.00%, 03/15/2026		5,141
				10,338

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.4%
	1,150	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.75%, 06/15/2018 (p)		1,165
		Transportation — 4.2%
		Metropolitan Transportation Authority,
	250	Series D, Rev., 5.00%, 11/15/2029		291
	400	Series D, Rev., 5.00%, 11/15/2030		465
	400	Series D, Rev., 5.00%, 11/15/2031		463
	7,790	Port Authority of New York & New Jersey, Consolidated, 93rd Series, Rev., 6.13%, 06/01/2094		9,344
	2,500	Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, Series C-2, Rev., 5.00%, 11/15/2042		2,866
				13,429
		Utility — 1.5%
	4,250	Utility Debt Securitization Authority, Series TE, Rev., 5.00%, 12/15/2041		4,824
		Water & Sewer — 1.6%
	3,030	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.75%, 06/15/2040		3,067
	1,750	New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution, Series A, Rev., 5.00%, 06/15/2037		2,017
				5,084
		Total New York		38,340
		North Dakota — 0.0% (g)
		General Obligation — 0.0% (g)
	30	West Fargo Public School District No. 6, Series A, GO, 3.00%, 05/01/2025		31
		Ohio — 2.2%
		Education — 0.6%
		Miami University, A State University of Ohio,
	375	Rev., 5.00%, 09/01/2029		438
	500	Rev., 5.00%, 09/01/2030		583
	650	Rev., 5.00%, 09/01/2031		755
				1,776
		General Obligation — 0.7%
		Greenville City School District, School Improvement,
	1,000	GO, 5.25%, 01/01/2038		1,108
	1,000	GO, 5.25%, 01/01/2041		1,108
				2,216

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.4%
	1,000	County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities, Series A, Rev., 5.50%, 07/01/2039		1,122
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	140	Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., 5.00%, 12/01/2029		166
		Prerefunded — 0.5%
		County of Richland, Correctional Facilities Improvement,
	500	GO, AGC, 5.88%, 12/01/2018 (p)		516
	400	GO, AGC, 6.00%, 12/01/2018 (p)		414
	650	GO, AGC, 6.13%, 12/01/2018 (p)		673
				1,603
		Total Ohio		6,883
		Oklahoma — 1.9%
		Other Revenue — 0.5%
	1,455	The Edmond Public Works Authority, Sales Tax And Utility System, Rev., 4.00%, 07/01/2041		1,517
		Prerefunded — 0.6%
	2,000	Oklahoma City Water Utilities Trust, Water & Sewer System, Series A, Rev., 5.00%, 07/01/2019 (p)		2,093
		Transportation — 0.8%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	1,665	Series A, Rev., 5.00%, 01/01/2037		1,877
	600	Series C, Rev., 4.00%, 01/01/2042		618
				2,495
		Total Oklahoma		6,105
		Pennsylvania — 4.2%
		General Obligation — 0.8%
	730	City of Pittsburgh, GO, 4.00%, 09/01/2031		780
	1,245	Nazareth Area School District, Series E, GO, 5.00%, 11/15/2037		1,415
	250	Upper Merion Area School District, GO, 5.00%, 01/15/2036		285
				2,480
		Hospital — 0.2%
		Lancaster County Hospital Authority, Health Center, Masonic Villages Project,
	510	Rev., 5.00%, 11/01/2036		575
	250	Rev., 5.00%, 11/01/2037		281
				856

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 3.2%
	10,000	Commonwealth Financing Authority, Tobacco Master Settlement Payment, Series 2018, Rev., AGM, 4.00%, 06/01/2039		10,026
		Total Pennsylvania		13,362
		South Carolina — 6.3%
		General Obligation — 0.0% (g)
	10	York County, Capital Improvement, GO, 5.00%, 04/01/2018		10
		Prerefunded — 3.2%
	9,515	Laurens County School District No. 056, GO, AGC, SCSDE, 6.13%, 03/01/2019 (p)		9,956
		Utility — 2.9%
	3,900	Piedmont Municipal Power Agency, Electric, Rev., FGIC, 6.75%, 01/01/2020 (p)		4,260
	4,615	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, 6.75%, 01/01/2020		5,030
				9,290
		Water & Sewer — 0.2%
	220	City of Anderson, South Carolina Water & Sewer System, Rev., 5.00%, 07/01/2029		256
	415	City of Spartanburg, Waterworks and Improvement System, Series B, Rev., 5.00%, 06/01/2039		473
				729
		Total South Carolina		19,985
		South Dakota — 0.1%
		Other Revenue — 0.1%
	300	South Dakota State Building Authority, Series A, Rev., 5.00%, 06/01/2022		336
		Tennessee — 0.1%
		General Obligation — 0.1%
	250	County of Rutherford, Series B, GO, 5.00%, 04/01/2028		289
		Texas — 7.5%
		Education — 2.1%
		Clifton Higher Education Finance Corp., Idea Public Schools,
	1,250	Rev., 6.00%, 08/15/2033		1,443
	500	Series B, Rev., 4.00%, 08/15/2023		532
	345	Series B, Rev., 5.00%, 08/15/2024		388
	460	Series B, Rev., 5.00%, 08/15/2025		520

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 43

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
		Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital,
	1,000	Rev., 5.13%, 09/01/2033		1,087
	2,300	Rev., 5.50%, 09/01/2043		2,569
	210	University of Texas System, Series A, Rev., 5.00%, 07/01/2031		243
				6,782
		General Obligation — 0.2%
	535	City of Carrollton, GO, 5.00%, 08/15/2026		561
		Hospital — 0.3%
	940	Harris County Health Facilities Development Corp., Texas Children’s Hospital Project, Rev., 5.50%, 10/01/2019 (p)		970
		Prerefunded — 2.6%
	2,200	City of Forney, Independent School District, Series A, GO, PSF-GTD, 5.75%, 08/15/2018 (p)		2,243
	3,500	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.25%, 12/01/2018 (p)		3,651
	2,000	North Texas Tollway Authority, Special Projects System, Series A, Rev., 6.00%, 09/01/2021 (p)		2,278
				8,172
		Transportation — 0.7%
	1,965	Dallas-Fort Worth International Airport, Joint Improvement, Series A, Rev., 5.00%, 11/01/2042		2,095
		Utility — 0.6%
	1,535	City of Houston, Utility System, Series B, Rev., 5.00%, 11/15/2036		1,752
	35	City of San Antonio, Electric & Gas Systems, Rev., 5.00%, 02/01/2032		41
				1,793
		Water & Sewer — 1.0%
	2,500	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.75%, 12/01/2032 (p)		3,359
		Total Texas		23,732
		Utah — 0.4%
		Water & Sewer — 0.4%
	1,000	Utah Water Finance Agency, Loan Financing Program, Series A, Rev., 5.00%, 03/01/2027		1,188

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Virginia — 1.0%
		General Obligation — 0.4%
		City of Richmond, Public Improvement,
	100	Series D, GO, 5.00%, 03/01/2032		123
	915	Series D, GO, 5.00%, 03/01/2033		1,128
				1,251
		Transportation — 0.6%
		Capital Region Airport Commission (Richmond International Airport),
	350	Series A, Rev., 4.00%, 07/01/2035		367
	320	Series A, Rev., 4.00%, 07/01/2036		334
	1,000	Virginia Commonwealth Transportation Board, Capital Projects, Series A, Rev., 4.00%, 05/15/2036		1,047
				1,748
		Total Virginia		2,999
		Washington — 5.5%
		Education — 1.4%
	4,050	Western Washington University, Housing & Dining System, Junior Lien, Series A, Rev., AMBAC, 5.50%, 10/01/2022		4,481
		General Obligation — 2.5%
		State of Washington, Various Purpose,
	5,745	Series A, GO, 5.00%, 08/01/2041		6,521
	1,000	Series C, GO, 5.00%, 02/01/2034		1,146
				7,667
		Prerefunded — 1.6%
	5,000	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.00%, 08/15/2018 (p)		5,081
		Utility — 0.0% (g)
	25	Energy Northwest, Electric Revenue, Columbia Generating Station, Series A, Rev., 5.00%, 07/01/2018		25
		Total Washington		17,254
		Total Municipal Bonds (Cost $290,401)		302,974

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	9,885	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $9,885)		9,885
		Total Investments — 99.0% (Cost $300,286)		312,859
		Other Assets in Excess of Liabilities — 1.0%		3,166
		NET ASSETS — 100.0%	$	316,025

Percentages indicated are based on net assets.

Futures contracts outstanding as of February 28, 2018:

DESCRIPTION

NUMBER OF CONTRACTS

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT ($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts

U.S. Treasury 10 Year Note

(55

)

06/2018

USD

(6,604

)

(12

)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 45

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 94.6% (t)
		Alabama — 0.2%
		Education — 0.0% (g)
		Alabama Public School & College Authority,
	55	Series A, Rev., 5.00%, 05/01/2018		55
	25	Series B, Rev., 5.00%, 03/01/2018		25
	20	Series B, Rev., 5.00%, 05/01/2018		20
	25	Series C, Rev., 5.00%, 09/01/2018		26
	45	Madison County Board of Education, Tax Anticipation Warrants, Rev., 5.00%, 09/01/2018		46
	70	University of Montevallo, Rev., 2.00%, 05/01/2018		70
				242
		General Obligation — 0.0% (g)
	25	City of Orange Beach, GO, AGC, 5.00%, 10/01/2018		26
	20	County of Baldwin, GO, 4.00%, 06/01/2018		20
	40	County of Mobile, Series A, GO, 4.00%, 06/01/2018		40
				86
		Housing — 0.2%
	2,890	Alabama Housing Finance Authority Multi-Family Housing, Summit Ridge Apartments Project, Series D, Rev., FHA, 1.35%, 07/01/2019 (z)		2,873
		Prerefunded — 0.0% (g)
		Madison County Board of Education, Tax Anticipation Warrants,
	25	Rev., AGC, 4.80%, 09/01/2018 (p)		25
	45	Rev., AGC, 5.13%, 09/01/2018 (p)		46
	20	Smiths Water & Sewer Authority, Series 2009, Rev., AGC, 5.00%, 06/01/2018 (p)		20
				91
		Utility — 0.0% (g)
	400	The Black Belt Energy Gas District Gas Supply, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2021 (z)		423
		Total Alabama		3,715
		Alaska — 0.0% (g)
		General Obligation — 0.0% (g)
	35	Borough of North Slope, Series A, GO, 5.50%, 06/30/2018		35
	40	Municipality of Anchorage, General Purpose, Series B, GO, 5.00%, 08/01/2018		41
				76

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — 0.0% (g)
	50	Alaska Housing Finance Corp., State Capital Project Bonds II, Series A, Rev., 3.00%, 06/01/2018		50
		Total Alaska		126
		Arizona — 0.4%
		Certificate of Participation/Lease — 0.2%
		Arizona State University,
	750	Series 2018A, COP, 5.00%, 06/01/2018		757
	1,450	Series 2018A, COP, 5.00%, 06/01/2019		1,513
	1,000	Series 2018A, COP, 5.00%, 06/01/2020		1,074
	30	County of Maricopa, COP, 5.00%, 07/01/2018		30
				3,374
		Education — 0.0% (g)
		University of Arizona,
	45	Series A, Rev., 5.00%, 06/01/2018		45
	1,000	Series B, Rev., 5.00%, 07/01/2018		1,012
				1,057
		General Obligation — 0.1%
	25	City of Casa Grande, Series A, GO, 2.00%, 08/01/2018		25
	60	City of Flagstaff, Series B, GO, 4.00%, 07/01/2018		61
	25	City of Goodyear, GO, AGM, 6.00%, 07/01/2018		25
		City of Mesa,
	20	GO, AGM, 4.55%, 07/01/2028		20
	40	GO, NATL-RE, 5.00%, 07/01/2018 (p)		41
	15	City of Phoenix, Series C, GO, 4.00%, 07/01/2018		15
	150	Estrella Mountain Ranch Community Facilities District, GO, AGM, 4.00%, 07/15/2018		151
	20	Madison Elementary School District No. 38, Series A, GO, 3.00%, 07/01/2018		20
	65	Maricopa County Community College District, Series C, GO, 5.00%, 07/01/2018		66
		Maricopa County Union High School District No. 201, School Improvement,
	375	GO, 3.00%, 07/01/2018		377
	275	GO, 3.00%, 07/01/2019		280
	30	Pima County Unified School District No. 1, GO, 4.00%, 07/01/2018		30
	115	Summit Fire & Medical District, GO, 2.00%, 07/01/2018		115
				1,226

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	1,100	Coconino County Pollution Control Corp., Nevada Power Company Projects, Series B, Rev., 1.60%, 05/21/2020 (z)		1,090
		Other Revenue — 0.0% (g)
	30	City of Casa Grande, Rev., 5.00%, 04/01/2018		30
	20	City of Flagstaff, Rev., 5.00%, 07/01/2018		20
	40	City of Phoenix, Civic Improvement Corp., Series A, Rev., 4.00%, 07/01/2018		40
	20	Gilbert Public Facilities Municipal Property Corp., Revenue Refunding Bonds, Rev., 4.00%, 07/01/2019		21
	450	Santa Cruz County Jail District, Rev., AGM, 2.00%, 07/01/2018		451
	45	Scottsdale Municipal Property Corp., Excise Tax, Rev., 5.00%, 07/01/2018		46
	20	Scottsdale Preserve Authority, Excise Tax, Rev., 4.00%, 07/01/2018		20
				628
		Prerefunded — 0.0% (g)
	35	Arizona Department of Transportation State Highway Fund, Series B, Rev., 5.00%, 07/01/2018 (p)		35
	20	Scottsdale Municipal Property Corp., Excise Tax, Water & Sewer Development Project, Series A, Rev., 5.00%, 07/01/2018 (p)		20
	40	State of Arizona, Series A, COP, AGM, 5.00%, 03/01/2018 (p)		40
				95
		Transportation — 0.0% (g)
		Arizona Department of Transportation State Highway Fund,
	30	Series A, Rev., 5.00%, 07/01/2018		30
	400	Series A, Rev., 5.00%, 07/01/2020		431
	20	Arizona Transportation Board, Series A, Rev., GRAN, 4.00%, 07/01/2018		20
		Arizona Transportation Board, Maricopa County Regional Area Road Fund,
	30	Rev., 5.00%, 07/01/2018		31
	20	Series 2009, Rev., 5.00%, 07/01/2018		20
	20	Maricopa County, Regional Public Transportation Authority, Excise Tax Revenue, Public Transportation Fund, Series A, Rev., 5.00%, 07/01/2018		20
				552

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.0% (g)
		Salt River Project Agricultural Improvement & Power District, Electric System,
	20	Series A, Rev., 5.00%, 12/01/2018		21
	25	Series B, Rev., 4.00%, 12/01/2018		25
				46
		Water & Sewer — 0.0% (g)
		Arizona Water Infrastructure Finance Authority, Water Quality,
	540	Rev., 4.00%, 10/01/2020 (p)		571
	10	Series A, Rev., 5.00%, 10/01/2018		10
		City of Phoenix, Civic Improvement Corp.,
	25	Rev., 5.00%, 07/01/2018		25
	20	Rev., 5.00%, 07/01/2018		20
		City of Tucson, Water System,
	25	Rev., 4.00%, 07/01/2018		25
	35	Series A, Rev., 5.00%, 07/01/2018		36
	35	County of Pima, Sewer System, Series B, Rev., 5.00%, 07/01/2018		35
	45	Scottsdale Municipal Property Corp., Excise Tax, Water & Sewer Development Project, Series A, Rev., 5.00%, 07/01/2018		46
				768
		Total Arizona		8,836
		Arkansas — 0.2%
		Education — 0.0% (g)
	120	Arkansas Technical University, Athletic Enterprises, Series A, Rev., 3.00%, 06/01/2019		122
		Arkansas Technical University, Student Fee,
	200	Series A, Rev., 3.00%, 06/01/2018		201
	200	Series A, Rev., 3.00%, 06/01/2019		203
				526
		General Obligation — 0.0% (g)
	200	City of Fayetteville, Library Improvement, GO, 3.00%, 01/01/2020		204
	20	City of Little Rock, GO, 4.00%, 03/01/2019		21
				225
		Housing — 0.0% (g)
		Arkansas Technical University, Housing System,
	210	Series A, Rev., 3.00%, 06/01/2018		211
	225	Series A, Rev., 3.00%, 06/01/2019		229
				440

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 47

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.1%
	500	Arkansas Development Finance Authority, 900 West Capitol Building Project, Rev., 3.00%, 04/01/2021		513
		City of Little Rock,
	300	Rev., 2.00%, 10/01/2018		301
	500	Rev., 3.00%, 10/01/2019		510
				1,324
		Water & Sewer — 0.1%
	100	City of Little Rock, Water Reclamation System, Rev., 1.15%, 10/01/2018		99
		Northwest Arkansas Conservation Authority, Wastewater,
	125	Rev., 3.00%, 03/01/2018		125
	220	Rev., 3.00%, 03/01/2019		224
	280	Rev., 3.00%, 03/01/2020		294
				742
		Total Arkansas		3,257
		California — 2.1%
		Education — 0.3%
	6,000	University of California, Series AL-2, Rev., VRDO, 1.05%, 03/08/2018 (z)		6,000
	20	University of California, Limited Project, Series E, Rev., 4.00%, 05/15/2018		20
				6,020
		General Obligation — 0.2%
	20	Beverly Hills Unified School District, GO, 5.50%, 05/01/2018		20
	25	City & County of San Francisco, Public Health & Safety, Series A, GO, 5.00%, 06/15/2018		25
	20	Grossmont-Cuyamaca Community College District, Election of 2012, Series 2012A, GO, 4.00%, 08/01/2018		20
	1,710	Hayward Unified School District, Election of 2014, GO, AGM, 3.00%, 08/01/2018		1,721
	45	Los Angeles Community College District, Series C, GO, 5.00%, 08/01/2018		46
	250	Mount San Antonio Community College District, GO, BAN, Zero Coupon, 04/01/2022		231
	25	Pittsburg Unified School District, GO, AGM, 4.00%, 08/01/2018		25
	20	San Diego Community College District, GO, 4.00%, 08/01/2018		20
	20	San Francisco Unified School District, Proposition A, Election of 2011, Series A, GO, 5.00%, 06/15/2018		20
	500	San Leandro Unified School District, GO, 3.00%, 08/01/2018		504

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	750	San Leandro Unified School District, Election of 2016, Series A, GO, 3.00%, 08/01/2018		755
	40	San Ramon Valley Unified School District, GO, 4.00%, 08/01/2018		41
		State of California, Economic Recovery,
	25	Series A, GO, 5.00%, 07/01/2018 (p)		26
	20	Series A, GO, 5.00%, 07/01/2018 (p)		20
	25	State of California, Various Purpose, GO, 5.00%, 04/01/2018		25
				3,499
		Hospital — 0.0% (g)
	100	California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2020		107
		Pioneers Memorial Healthcare District,
	255	Rev., 3.00%, 10/01/2019		254
	265	Rev., 3.00%, 10/01/2020		263
				624
		Housing — 0.1%
	2,480	California Municipal Finance Authority, Providence House Oakland, Rev., 1.10%, 05/01/2018 (z)		2,479
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	10,000	California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc. Project, Series 2010B, Rev., 1.45%, 05/01/2018 (e) (z)		9,990
		Other Revenue — 0.1%
	1,000	California Infrastructure & Economic Development Bank, The J. Paul Getty Trust, Series A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%, 8.00% Cap), 1.61%, 04/02/2018 (aa)		1,014
	75	California Statewide Communities Development Authority, Front Porch Communities & Services, Rev., 5.00%, 04/01/2020		80
	20	Los Angeles Convention & Exhibit Center Authority, Series A, Rev., 4.50%, 08/15/2018 (p)		20
	35	Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park & Open Space, Rev., AGM, 5.25%, 10/01/2018		36
	25	Riverside County Redevelopment Successor Agency, Jurupa Valley Redevelopment Project, Series B, Rev., AGM, 4.00%, 10/01/2018		26
				1,176

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	20	Cajon Valley Union School District, Election of 2008, Series 2008A, GO, 4.00%, 08/01/2018 (p)		20
	80	Imperial Irrigation District Electric System, Series A, Rev., 5.25%, 11/01/2018 (p)		82
	40	Kern County Water Agency Improvement District No. 4, Series A, COP, AGC, 5.00%, 05/01/2018 (p)		40
	40	State of California, Department of Water Resources, Central Valley Project, Rev., 5.00%, 06/01/2018 (p)		40
		State of California, Department of Water Resources, Power Supply,
	20	Series F-3, Rev., 5.00%, 05/01/2018 (p)		20
	30	Series H, Rev., AGM, 4.25%, 05/01/2018 (p)		31
	20	Series H, Rev., 5.00%, 05/01/2018 (p)		20
	20	Series H, Rev., AGM, 5.00%, 05/01/2018 (p)		20
				273
		Transportation — 0.0% (g)
	25	Bay Area Toll Authority, Rev., 4.00%, 04/01/2018		25
	650	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series C, Rev., 1.88%, 04/01/2019 (z)		652
	30	City of Los Angeles, Department of International Airports, Series A, Rev., 5.00%, 05/15/2018		30
	40	Riverside County Transportation Commission, Limited Tax, Series A, Rev., 5.00%, 06/01/2018		41
	20	San Diego County Regional Transportation Commission, Sales Tax, Series B, Rev., 4.00%, 04/01/2018		20
				768
		Utility — 0.3%
	6,900	California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Series G, Rev., 1.05%, 12/01/2018		6,865
	20	Los Angeles Department of Water & Power, Power System, Series A, Rev., 5.00%, 07/01/2018		20
				6,885
		Water & Sewer — 0.6%
	12,000	California State Department of Water Resources, Central Valley Project Water System, Series AU, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.22%, 8.00% Cap), 1.31%, 03/08/2018 (aa)		12,114

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	20	Chino Hills Financing Authority, Rev., 4.00%, 06/01/2018		20
		State of California, Department of Water Resources, Power Supply,
	20	Series G-11, Rev., 4.70%, 05/01/2018		20
	25	Series G-11, Rev., 4.88%, 05/01/2018		25
	60	Series K, Rev., 5.00%, 05/01/2018		61
	20	Series N, Rev., 5.00%, 05/01/2018		20
				12,260
		Total California		43,974
		Colorado — 1.2%
		General Obligation — 0.1%
	120	Adams 12 Five Star Schools, GO, 5.00%, 12/15/2018		123
		City of Aurora, Sterling Hills West Metropolitan District,
	100	GO, 5.00%, 12/01/2018		102
	110	GO, 5.00%, 12/01/2019		115
	100	GO, 5.00%, 12/01/2020		106
	255	Denver City & County School District No. 1, Series B, GO, 4.00%, 12/01/2019 (p)		265
	20	Douglas County School District No. Re-1, Douglas & Elbert Counties, Series B, GO, 5.00%, 12/15/2018		21
	20	Mesa County Valley, School District No. 51, Grand Junction, GO, 4.00%, 12/01/2018		20
	25	Pueblo County School District No. 70, GO, NATL-RE, 5.00%, 12/01/2018		26
				778
		Hospital — 0.1%
		Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project,
	395	Series 2017B, Rev., 5.00%, 05/15/2021		426
	345	Series A, Rev., 5.00%, 05/15/2018		347
		Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project,
	100	Rev., 3.00%, 09/01/2018		101
	310	Rev., 3.00%, 09/01/2019		315
	50	Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc., Series A, Rev., 3.88%, 01/01/2019		51
		Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project,
	500	Rev., 5.00%, 06/01/2018		504
	200	Rev., 5.00%, 06/01/2019		207
	400	Rev., 5.00%, 06/01/2020		422

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 49

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
	380	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		393
				2,766
		Housing — 0.3%
	5,000	Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project, Rev., 1.50%, 11/01/2019 (z)		4,982
		Other Revenue — 0.3%
	425	Pueblo Urban Renewal Authority, Sales Tax Increment, Regional Tourism Act Project, Rev., 2.25%, 06/01/2018		424
	6,000	State of Colorado, General Fund, Series A, Rev., TRAN, 4.00%, 06/27/2018		6,051
				6,475
		Prerefunded — 0.0% (g)
	20	Rio Blanco County School District No. Re-1, GO, 5.00%, 12/01/2018 (p)		21
		Transportation — 0.0% (g)
	35	Denver City & County, Department of Aviation Airport System, Series A, Rev., 5.00%, 11/15/2018		36
	500	E-470 Public Highway Authority, Senior LIBOR Index, Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%, 10.00% Cap), 1.99%, 03/08/2018 (aa)		503
	25	Regional Transportation District, Sales Tax, Series A, Rev., 5.25%, 11/01/2018		26
				565
		Utility — 0.4%
	8,020	City of Colorado Springs, Utilities System Improvement & Refunding, Series B, Rev., VRDO, 1.08%, 03/08/2018 (z)		8,020
	200	Colorado Water Resources & Power Development Authority, Clean Water, Series A, Rev., 5.00%, 03/01/2020		213
				8,233
		Water & Sewer — 0.0% (g)
	100	City of Boulder, Water & Sewer Revenue, Series 2012, Rev., 5.00%, 12/01/2018		103
	25	Metro Wastewater Reclamation District, Sewer Revenue, Series A, Rev., 5.00%, 04/01/2018		25
				128
		Total Colorado		23,948

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Connecticut — 3.5%
		Education — 0.0% (g)
	470	State of Connecticut, Health & Educational Facility Authority, Ascension Health Credit Group, Series B, Rev., 1.65%, 03/01/2019 (z)		469
		General Obligation — 2.7%
	8,000	City of Danbury, GO, BAN, 2.00%, 07/19/2018		8,021
	115	City of Hartford, Series B, GO, 4.00%, 04/01/2020 (p)		120
		City of New Haven,
	5,300	GO, TAN, 2.50%, 05/15/2018		5,309
	100	Series A, GO, 3.00%, 08/01/2018		100
	750	Series A, GO, 5.25%, 08/01/2019		784
		City of Waterbury,
	430	Series A, GO, 3.00%, 11/15/2018		434
	485	Series A, GO, 3.00%, 11/15/2019		494
	265	Series B, GO, 3.00%, 09/01/2018		267
	325	Series B, GO, 3.00%, 09/01/2019		330
	215	City of West Haven, Series A, GO, 3.00%, 11/01/2018		215
	12,000	Hartford County, Connecticut Metropolitan District, Series B, GO, BAN, 3.00%, 08/01/2018		12,053
		State of Connecticut,
	160	Series B, GO, AMBAC, 5.25%, 06/01/2018		161
	5,235	Series C, GO, VRDO, 1.22%, 03/08/2018 (z)		5,235
	475	Series C, GO, 5.00%, 12/01/2020		498
	150	Series E, GO, 5.00%, 09/01/2019		157
	11,575	Series F, GO, 5.00%, 11/15/2019		12,155
	200	Series G, GO, 5.00%, 11/01/2021		218
	7,000	Tender Option Bond Trust Receipts/Certificates, Series 2017-YX1047, GO, VRDO, LIQ: Barclays Bank plc, 1.15%, 03/08/2018 (e) (z)		7,000
	20	Town of Groton Court, Lot A, GO, 4.00%, 10/01/2018		20
	2,250	Town of Hamden, GO, BAN, 3.00%, 08/23/2018		2,268
	15	Town of New Canaan, Series A, GO, 5.00%, 04/01/2018		15
				55,854
		Housing — 0.6%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	4,905	Series C-1, Rev., VRDO, 1.07%, 03/08/2018 (z)		4,905
	5,080	Series F-5, Rev., AMT, GNMA/FNMA/FHLMC, 1.30%, 11/15/2018 (z)		5,071

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	910	Norwalk Housing Authority, Multifamily Housing, Cedar Court Apartments Project, Rev., 1.25%, 06/01/2018 (z)		909
				10,885
		Other Revenue — 0.2%
	25	State of Connecticut, Revolving Fund, Series A, Rev., 4.00%, 06/01/2018		25
	4,550	Tender Option Bond Trust Receipts/Certificates, Series 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.15%, 03/08/2018 (e) (z)		4,550
				4,575
		Prerefunded — 0.0% (g)
	150	Connecticut State Health & Educational Facility Authority, Rev., BHAC-CR NATL-RE, 5.00%, 07/01/2018 (p)		152
	100	Connecticut State Health & Educational Facility Authority, The Loomis Chafee School, Series G, Rev., 4.50%, 07/01/2018 (p)		101
	100	South Central Connecticut Regional Water Authority, Water System, Rev., NATL-RE, 5.00%, 08/01/2018 (p)		102
	25	State of Connecticut, Health & Educational Facility Authority, Quinnipiac University, Rev., NATL-RE, 5.00%, 07/01/2018 (p)		25
	30	Town of Old Saybrook, GO, 3.00%, 11/01/2018 (p)		30
				410
		Total Connecticut		72,193
		Delaware — 0.0% (g)
		Housing — 0.0% (g)
	30	Delaware State Housing Authority, Senior Single Family Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 3.90%, 07/01/2018		30
		Prerefunded — 0.0% (g)
	45	Delaware Transportation Authority, Series A, Rev., 4.00%, 07/01/2018 (p)		46
		Transportation — 0.0% (g)
		Delaware Transportation Authority,
	15	Rev., 5.00%, 07/01/2018		15
	40	Series A, Rev., 5.00%, 07/01/2018		41
				56
		Utility — 0.0% (g)
	25	Sustainable Energy Utility, Inc., Energy Efficiency, Rev., 4.00%, 09/15/2018		25
		Total Delaware		157

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		District of Columbia — 0.5%
		General Obligation — 0.0% (g)
	20	District of Columbia, Series F, GO, BHAC, 5.00%, 06/01/2018		20
		Other Revenue — 0.5%
	915	District of Columbia, American Society, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.22%, 03/08/2018 (z)		915
	20	District of Columbia, Income Tax Revenue, Series C, Rev., 5.00%, 12/01/2018		21
	20	District of Columbia, Income Tax Secured, Series A, Rev., 5.00%, 12/01/2018		20
	9,675	District of Columbia, Medlantic/Helix Issue, Tranche II, Series A, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/08/2018 (z)		9,675
				10,631
		Prerefunded — 0.0% (g)
	25	District of Columbia, Children’s Hospital, Rev., AGM, 5.25%, 07/15/2018 (p)		26
		Transportation — 0.0% (g)
	20	Metropolitan Washington Airports Authority, Series B, Rev., 4.00%, 10/01/2018		20
		Total District of Columbia		10,697
		Florida — 3.0%
		Certificate of Participation/Lease — 0.0% (g)
	30	Lee County School Board, Series B, COP, 5.00%, 08/01/2018		31
	25	Palm Beach County School District, Series B, COP, 5.00%, 08/01/2018		25
	450	Walton County District School Board, COP, 4.00%, 07/01/2018		454
				510
		Education — 0.0% (g)
	20	Board of Governors of the University of Florida, Housing Facility Revenue, Series A, Rev., 5.00%, 05/01/2018		20
		Florida State Board of Education, Lottery,
	20	Series B, Rev., 5.00%, 07/01/2018		20
	20	Series C, Rev., 5.00%, 07/01/2018		20
	50	Volusia County School Board, Sales Tax, Rev., 5.00%, 10/01/2018		51
				111
		General Obligation — 0.1%
		City of Lauderhill,
	175	GO, 3.00%, 01/01/2019		177
	460	GO, 3.00%, 01/01/2020		470
	425	GO, 3.00%, 01/01/2021		437

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 51

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		County of Miami-Dade, Building Better Communities Program,
	55	GO, 5.00%, 07/01/2018		56
	25	Series A, GO, 4.00%, 07/01/2018		25
	20	County of Miami-Dade, Double Barreled Aviation, Series 2010, GO, 5.00%, 07/01/2018		20
	25	County of Sarasota, Environmentally Sensitive, GO, 4.00%, 10/01/2018 (p)		26
		Florida State Board of Education, Public Education Capital Outlay,
	10	Series B, GO, 5.00%, 06/01/2018		10
	20	Series D, GO, 5.00%, 06/01/2018		20
	315	Florida State Department of Transportation, Right-of-Way Acquisition & Bridge Construction, Series B, GO, 5.00%, 07/01/2018		319
				1,560
		Hospital — 1.0%
	15,000	Highlands County Health Facilities Authority, Adventist Health System, Series A, Rev., VRDO, 1.08%, 03/08/2018 (z)		15,000
	6,240	Orange County Health Facilities Authority, The Nemours Foundation Project, Series C-2, Rev., VRDO, LOC: TD Bank NA, 1.07%, 03/08/2018 (z)		6,240
				21,240
		Housing — 0.1%
	2,000	Pinellas County Housing Finance Authority, Multi-Family Housing, Boca Ciega Townhomes, Rev., 0.95%, 09/01/2018		1,996
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
		Florida Department of Environmental Protection,
	20	Series A, Rev., 5.00%, 07/01/2018		20
	35	Series A, Rev., 5.00%, 07/01/2018		36
	20	Series B, Rev., 5.00%, 07/01/2018		20
	14,065	Florida Department of Environmental Protection, Everglades Restoration, Series B, Rev., VRDO, AGC, 1.13%, 03/08/2018 (z)		14,065
				14,141
		Other Revenue — 0.1%
	745	City of Cape Coral, Water & Sewer, Rev., AGM, 1.40%, 09/01/2018		743

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		City of Orlando,
	30	Series B, Rev., 5.00%, 10/01/2018		31
	20	Series B, Rev., 5.00%, 10/01/2018		20
	40	County of Hillsborough, Rev., 5.00%, 08/01/2018		41
	40	County of Pasco, Series A, Rev., 5.00%, 12/01/2018		41
	25	Osceola County, Sales Tax, Rev., AGC, 4.00%, 10/01/2018 (p)		25
				901
		Prerefunded — 0.9%
		Broward County School Board,
	10	Series A, COP, AGM, 4.50%, 07/01/2018 (p)		10
	20	Series A, COP, AGM, 4.75%, 07/01/2018 (p)		20
		County of Miami-Dade, Miami International Airport,
	20	Series B, Rev., AGM, 5.00%, 10/01/2018 (p)		20
	25	Series B, Rev., AGC, 5.00%, 10/01/2018 (p)		26
		County of Miami-Dade, Transit System,
	20	Rev., AGM, 5.00%, 07/01/2018 (p)		20
	16,965	Series 2008, Rev., AGM, 5.00%, 07/01/2018 (p)		17,165
	20	County of Miami-Dade, Transit System Sales Surtax, Rev., AGM, 5.00%, 07/01/2018 (p)		20
	20	County of Sarasota, Series A, Rev., 4.13%, 10/01/2018 (p)		20
		Florida State Municipal Power Agency,
	20	Rev., AGM-CR, 5.00%, 10/01/2018 (p)		20
	85	Rev., 5.25%, 10/01/2018 (p)		87
	200	Series A, Rev., 5.00%, 10/01/2018 (p)		204
	40	Halifax Hospital Medical Center, Daytona Beach, Series B-2, Rev., AGM, 5.38%, 06/01/2018 (p)		41
	105	JEA Electric System, Series 3-A, Rev., 2.50%, 10/01/2018 (p)		106
				17,759
		Transportation — 0.0% (g)
	100	County of Miami-Dade, Aviation, Series B, Rev., 5.00%, 10/01/2018		102
	25	Orlando-Orange County Expressway Authority, Series B, Rev., AGM, 5.00%, 07/01/2018		25
	75	State of Florida, Department of Transportation, Turnpike Authority, Series A, Rev., 5.00%, 07/01/2018		76
				203

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.1%
	35	County of Charlotte, Utility System, Rev., AGM, 5.00%, 10/01/2018		36
	110	JEA Electric System, Series 3-A, Rev., 4.00%, 10/01/2018		112
	2,475	Orlando Utilities Commission, Series B, Rev., VRDO, 1.12%, 03/08/2018 (z)		2,475
	120	Reedy Creek Improvement District Utility Revenue, Series 2, Rev., 5.00%, 10/01/2019		126
				2,749
		Water & Sewer — 0.0% (g)
	25	City of Fort Lauderdale, Water & Sewer, Rev., 5.00%, 03/01/2018		25
	20	Florida Water Pollution Control Financing Corp., Water Pollution Control, Series A, Rev., 5.00%, 07/15/2018		20
				45
		Total Florida		61,215
		Georgia — 1.2%
		General Obligation — 0.6%
	5,650	Clarke County Board of Education, GO, 5.00%, 09/01/2022		6,387
	60	County of Meriwether, GO, 2.00%, 03/01/2018		60
		Dougherty County School District, Sales Tax,
	1,775	Series 2018, GO, 4.00%, 12/01/2019		1,850
	1,250	Series 2018, GO, 4.00%, 12/01/2020		1,326
		Hall County School District,
	1,500	Series 2018, GO, 5.00%, 11/01/2019		1,586
	1,250	Series 2018, GO, 5.00%, 11/01/2020		1,359
	250	Jackson County School District, GO, 5.00%, 03/01/2019		259
	20	McDuffie County School District, Sales Tax, GO, 4.00%, 05/01/2018		20
	150	Morgan County Georgia School District, GO, 5.00%, 05/01/2018		151
				12,998
		Hospital — 0.0% (g)
	25	Fulton County Development Authority, Catholic Health East Issue, Rev., 3.75%, 11/15/2018 (p)		25
	100	Richmond County Hospital Authority, University Health Services, Inc. Project, Rev., 5.00%, 01/01/2022		111
				136

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.1%
		Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project,
	200	Series 2017, Rev., 5.00%, 07/01/2019		209
	275	Series 2017, Rev., 5.00%, 07/01/2020		295
	370	Series 2017, Rev., 5.00%, 07/01/2021		406
	300	Series 2017, Rev., 5.00%, 07/01/2022		335
				1,245
		Prerefunded — 0.0% (g)
	25	Athens-Clarke County Unified Government Development Authority, UGAREF Central Precinct, LLC Project, Rev., 5.00%, 06/15/2018 (p)		25
	25	County of McDuffie, GO, AGC, 5.25%, 04/01/2018 (p)		25
				50
		Utility — 0.4%
	8,405	Municipal Electric Authority of Georgia, Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.10%, 03/08/2018 (z)		8,405
		Water & Sewer — 0.1%
	25	Douglasville-Douglas County Water & Sewer Authority, Rev., 5.00%, 06/01/2018		25
		East Point Building Authority, Water & Sewer Project,
	1,000	Rev., AGM, 4.00%, 02/01/2019		1,023
	550	Rev., AGM, 5.00%, 02/01/2020		584
				1,632
		Total Georgia		24,466
		Hawaii — 0.3%
		General Obligation — 0.3%
	5,000	City & County of Honolulu, Rail Transit Project, GO, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.30%, 8.00% Cap), 1.39%, 03/08/2018 (aa)		5,022
	235	County of Maui, Series 2012, GO, 5.00%, 06/01/2019		245
	15	State of Hawaii, Series DT, GO, 4.00%, 11/01/2018		15
				5,282
		Transportation — 0.0% (g)
	20	State of Hawaii, Highway, Rev., 5.50%, 07/01/2018		20
		Water & Sewer — 0.0% (g)
	45	City & County of Honolulu, Wastewater System, Series A, Rev., 5.00%, 07/01/2018		46
		Total Hawaii		5,348

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 53

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Idaho — 0.6%
		General Obligation — 0.0% (g)
	30	Ada & Boise Counties Independent School District, Idaho Independent School District, Series B, GO, 4.00%, 08/01/2018		30
		Hospital — 0.6%
	12,500	Idaho Health Facilities Authority, CHE Trinity Health Credit Group, Series 2013ID, Rev., VRDO, 1.10%, 05/01/2018 (z)		12,499
		Prerefunded — 0.0% (g)
	30	Idaho Bond Bank Authority, Series C, Rev., 5.63%, 09/15/2018 (p)		30
	50	Idaho Housing & Finance Association, Federal Highway, Series G, Rev., GRAN, AGC, 5.25%, 07/15/2018 (p)		51
				81
		Total Idaho		12,610
		Illinois — 6.5%
		Certificate of Participation/Lease — 0.1%
		University of Illinois,
	1,000	Series A, COP, 5.00%, 10/01/2019		1,043
	1,215	Series C, COP, 5.00%, 03/15/2018		1,217
				2,260
		Education — 1.7%
	5,500	Illinois Educational Facilities Authority, University of Chicago, Series B-1, Rev., 1.80%, 02/13/2020 (z)		5,511
		Illinois Finance Authority, Chicago International Charter School Project, Refunding & Improvement,
	300	Rev., 3.00%, 06/01/2018		300
	125	Rev., 3.00%, 12/01/2018		126
	185	Rev., 3.00%, 12/01/2019		186
	15,957	Illinois Finance Authority, The University of Chicago, Rev., VRDO, 1.09%, 03/08/2018 (z)		15,957
	300	Peoria Public Building Commission, School District No. 150 Project, Rev., 5.00%, 12/01/2019		315
	315	University of Illinois, Auxiliary Facilities System, Series A, Rev., 5.00%, 04/01/2019		325
	11,165	University of Illinois, Health Services System, Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.12%, 03/08/2018 (z)		11,165
		Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates,
	355	Series A, Rev., AGM, 4.00%, 12/01/2018		360
	370	Series A, Rev., AGM, 4.00%, 12/01/2019		381

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	385	Series A, Rev., AGM, 4.00%, 12/01/2020		401
	400	Series A, Rev., AGM, 4.00%, 12/01/2021		421
				35,448
		General Obligation — 1.9%
		Adams County School District No. 172,
	270	GO, AGM, 4.00%, 02/01/2019		275
	300	GO, AGM, 4.00%, 02/01/2020		309
	300	GO, AGM, 4.00%, 02/01/2021		313
	330	Buffalo Grove Park District, Lake & Cook Counties, GO, 2.00%, 12/30/2020		330
	175	Chicago Park District, Series C, GO, 5.00%, 01/01/2022		190
		Chicago Park District, Limited Tax,
	50	Series B, GO, 4.00%, 01/01/2020		52
	225	Series B, GO, 5.00%, 01/01/2020		236
	100	Series B, GO, 5.00%, 01/01/2021		107
	100	Chicago Park District, Unlimited Tax, Series C, GO, 3.00%, 01/01/2020		101
		City of Calumet,
	150	Series 2018, GO, 4.00%, 03/01/2019		153
	150	Series 2018, GO, 4.00%, 03/01/2020		154
		City of Rock Island,
	100	Series A, GO, AGM, 2.00%, 12/01/2018		100
	130	Series A, GO, AGM, 2.00%, 12/01/2019		130
	130	Series A, GO, AGM, 3.00%, 12/01/2021		132
	120	Series B, GO, AGM, 2.00%, 12/01/2018		120
	150	Series B, GO, AGM, 2.00%, 12/01/2019		150
	200	Series B, GO, AGM, 3.00%, 12/01/2020		203
	200	Series B, GO, AGM, 3.00%, 12/01/2021		203
	380	Clinton & St. Clair Counties Community Unit School District No. 3, School Building, GO, 5.00%, 12/01/2019		396
	20	Cook County High School District No. 204, Lyons Township, GO, 4.00%, 12/15/2018		20
		Cook County Township High School District No. 208 Riverside-Brookfield,
	920	Series C, GO, 3.00%, 12/15/2018		930
	690	Series C, GO, 3.00%, 12/15/2019		705
	150	Cook County, Proviso Township High School District No. 209, Series B, GO, AGM, 4.00%, 12/01/2018		153
		County of Cook,
	1,200	Series 2018, GO, 3.00%, 11/15/2018		1,211
	800	Series 2018, GO, 5.00%, 11/15/2019		841
	900	Series 2018, GO, 5.00%, 11/15/2020		969
	700	Series 2018, GO, 5.00%, 11/15/2021		769

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	150	Series A, GO, 5.00%, 11/15/2018		153
	355	Series A, GO, 5.00%, 11/15/2021		390
	100	Series C, GO, 4.25%, 11/15/2018		102
	180	Series C, GO, 5.00%, 11/15/2022		200
	185	County of Winnebago, Series C, GO, 2.00%, 12/30/2018		186
	50	County of Winnebago, General Funds Alternate Revenue Source, Series A, GO, AGC, 4.00%, 12/30/2018		51
	200	County of Winnebago, Illinois Tax Alternate Revenue Source, Series D, GO, 2.50%, 12/30/2018		201
	25	Du Page Cook & Will Counties Community College District No. 502, Series A, GO, 5.00%, 06/01/2018		25
	830	DuPage County Community High School District No. 94, GO, 4.00%, 01/01/2019		846
	60	Ford etc. Counties Community Unit School District No. 10 Paxton-Buckley-Loda, School Building, Series A, GO, AGM, 4.00%, 12/01/2018		61
	60	Fox Valley Park District, Series B, GO, 4.00%, 12/15/2018		61
	1,595	Grundy & Will Counties Community Unit School District No. 1 Coal City, GO, 4.00%, 02/01/2020		1,650
		Jackson County Community Unit School District No. 186,
	200	GO, AGM, 4.00%, 12/01/2019		206
	265	GO, AGM, 4.00%, 12/01/2020		276
		Kendall Kane & Will Counties Community Unit School District No. 308,
	360	Series B, GO, 3.00%, 10/01/2018		363
	120	Series B, GO, 4.00%, 10/01/2019		124
	225	Series B, GO, 4.00%, 10/01/2020		235
	255	Series B, GO, 4.00%, 10/01/2021		270
	1,375	Series B, GO, 5.00%, 10/01/2022		1,523
	35	Lake County Forest Preserve District, Series B, GO, 5.00%, 12/15/2018		36
	125	Lincoln Land Community College District No. 526, GO, 5.00%, 12/15/2021		138
	1,240	Madison County Community Unit School District No. 7, GO, 4.00%, 12/01/2018		1,260
	85	Monroe & St. Clair Counties, Waterloo Unit Community School District No. 5, GO, 4.00%, 04/15/2018		85
	1,600	Schaumburg Park District, Series B, GO, 5.00%, 12/01/2018		1,639

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
		State of Illinois,
	25	GO, 4.00%, 04/01/2018		25
	355	GO, 5.00%, 11/01/2018		360
	250	Series A, GO, 5.00%, 04/01/2018		250
	10,000	Series D, GO, 5.00%, 11/01/2020		10,386
		Tazewell & Woodford Counties, Community Unit School District No. 701,
	100	Series A, GO, 4.00%, 12/01/2018		102
	260	Series A, GO, 4.00%, 12/01/2019		268
	25	Township of Campton, GO, 5.00%, 12/15/2018		26
		Village of Antioch,
	220	GO, 2.00%, 12/01/2018		221
	285	GO, 2.00%, 12/01/2019		285
	290	GO, 3.00%, 12/01/2020		296
		Village of Flossmoor,
	545	GO, 3.00%, 12/01/2018		551
	425	GO, 3.00%, 12/01/2019		434
	585	GO, 3.00%, 12/01/2020		602
	605	GO, 3.00%, 12/01/2021		624
		Village of Hoffman Estates,
	110	Series A, GO, 2.00%, 12/01/2019		110
	110	Series A, GO, 3.00%, 12/01/2020		112
	20	Village of Northbrook, Series B, GO, 3.00%, 12/01/2018		20
		Village of Oswego,
	100	GO, 2.00%, 12/15/2018		100
	100	GO, 2.00%, 12/15/2019		100
		Village of Palatine,
	1,135	Series A, GO, 4.00%, 12/01/2018		1,155
	1,250	Series A, GO, 4.00%, 12/01/2019		1,295
	60	Village of Plainfield, Will & Kendall Counties, GO, 4.00%, 12/15/2018		61
		Village of Sugar Grove, Kane County, Waterworks & Sewerage,
	50	GO, 2.00%, 05/01/2018		50
	130	GO, 2.00%, 05/01/2019		131
	390	GO, 3.00%, 05/01/2020		399
	100	Village of Villa Park, Illinois Sales Tax Alternate Revenue Source, Series B, GO, 2.00%, 12/15/2018		100
		Village of Woodridge,
	175	Series 2017, GO, 2.00%, 02/01/2019		176
	270	Series 2017, GO, 3.00%, 02/01/2020		275
	250	Series 2017, GO, 3.00%, 02/01/2021		256

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 55

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	320	Whiteside & Lee Counties, Sterling Community Unit School District No. 5, GO, AGM, 4.00%, 12/01/2020		335
		Whiteside County Community Unit School District No. 6 Morrison,
	205	Series A, GO, AGM, 4.00%, 12/01/2020		214
	745	Series A, GO, AGM, 4.00%, 12/01/2021		782
	20	Will County, Alternate Revenue Source, GO, 4.00%, 11/15/2018		20
				39,454
		Hospital — 0.2%
	3,300	Illinois Finance Authority, Advocate Health Care Network, Rev., 1.05%, 07/30/2018 (z)		3,293
	250	Illinois Finance Authority, Ascension Health Alliance Senior Credit Group, Series E-2, Rev., 1.75%, 04/01/2021 (z)		247
	1,200	Illinois Finance Authority, OSF Healthcare System, Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.09%, 03/08/2018 (z)		1,200
				4,740
		Other Revenue — 2.0%
		City of Rochelle,
	100	Series A, Rev., AGM, 3.00%, 06/30/2019		101
	275	Series A, Rev., AGM, 3.00%, 06/30/2020		279
	7,500	Illinois Finance Authority, Carle Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 1.10%, 03/08/2018 (z)		7,500
	9,200	Illinois Finance Authority, North Park University Project, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/08/2018 (z)		9,200
	25	Illinois Sports Facilities Authority, Tax Supported, Rev., 5.00%, 06/15/2018		25
	25	Metropolitan Pier & Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation, Rev., NATL-RE, FGIC, Zero Coupon, 06/15/2018 (p)		25
	250	Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B, Rev., 3.00%, 12/15/2018		252
	650	Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2018		655
	3,880	State of Illinois, Rev., 4.50%, 06/15/2019		4,014
	11,825	State of Illinois, Junior Obligation, Rev., 5.00%, 06/15/2018		11,938
	7,575	Tender Option Bond Trust Receipts/Certificates, Series 2016-YX1035, Rev., VRDO, LIQ: Barclays Bank plc, 1.24%, 03/08/2018 (e) (z)		7,575
				41,564

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.2%
	25	Chicago Transit Authority, Series A, Rev., AGC, 5.25%, 06/01/2018 (p)		25
	2,750	City of Chicago, Rev., AGM, 5.25%, 11/01/2018 (p)		2,819
		Illinois Finance Authority,
	195	Rev., 6.13%, 05/15/2019 (p)		205
	30	Series B, Rev., NATL-RE, 5.25%, 11/01/2018 (p)		31
	50	Illinois Finance Authority, Children’s Memorial Hospital, Series B, Rev., 5.50%, 08/15/2018 (p)		51
	110	Illinois Finance Authority, Northwest Community Hospital, Series A, Rev., 5.38%, 07/01/2018 (p)		112
		Illinois Finance Authority, Resurrection Health,
	340	Rev., 6.13%, 05/15/2019 (p)		359
	50	Series A, Rev., AGM, 4.25%, 05/15/2018 (p)		50
		Illinois Finance Authority, The University of Chicago,
	25	Series B, Rev., 5.25%, 07/01/2018 (p)		25
	140	Series B, Rev., 5.50%, 07/01/2018 (p)		142
	810	Williamson County Community Unit School District No. 5 Carterville, Capital Appreciation, Series B, GO, AGC, Zero Coupon, 01/01/2019 (p)		478
				4,297
		Special Tax — 0.1%
		Village of Hampshire, Special Service Area No. 14, Lakewood Crossing,
	480	Rev., 1.50%, 03/01/2018		480
	180	Rev., 1.70%, 03/01/2019		179
	200	Rev., 1.90%, 03/01/2020		198
				857
		Transportation — 0.2%
	600	Chicago O’Hare International Airport, Series A, Rev., AMT, 5.00%, 01/01/2019		616
	200	Chicago O’Hare International Airport, General Airport, Senior Lien, Series G, Rev., AMT, 5.00%, 01/01/2021		216
	270	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Rev., 5.00%, 06/01/2021		291
		Chicago Transit Authority, Federal Transit Administration Section 5337 State of Good Repair Formula Funds,
	200	Rev., 2.00%, 06/01/2018		200
	2,270	Rev., 4.00%, 06/01/2019		2,328

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	50	Regional Transportation Authority, Series A, Rev., AGM, 5.00%, 06/01/2018		50
				3,701
		Water & Sewer — 0.1%
	1,000	City of Chicago, Second Lien Wastewater Transmission, Series B, Rev., 5.00%, 01/01/2019		1,024
		City of Chicago, Second Lien Water, Project,
	50	Rev., AGM, 4.25%, 11/01/2018		51
	1,160	Rev., 5.00%, 11/01/2018		1,186
	25	Illinois Finance Authority, Clean Water Initiative, Rev., 5.00%, 07/01/2018		25
	25	Northwest Suburban Municipal Joint Action Water Agency, Water Supply System, Rev., 4.25%, 05/01/2018		25
				2,311
		Total Illinois		134,632
		Indiana — 3.5%
		Education — 0.8%
	20	Edinburgh Community School Building Corp., Ad Valorem Property Tax, Rev., 1.50%, 07/15/2018		20
	3,000	Hamilton Southeastern Consolidated School Building Corp., Rev., BAN, 1.25%, 06/15/2018		2,998
		Ivy Tech Community College of Indiana, Student Fee,
	50	Series P, Rev., 4.50%, 07/01/2018		51
	35	Series T, Rev., 5.00%, 07/01/2018		35
	600	Lebanon Middle School Building Corp., Ad Valorem Property Tax First Mortgage Bonds, Series B, Rev., 3.00%, 07/10/2018		603
		Mount Vernon of Hancock County Multi-School Building Corp.,
	510	Rev., 4.00%, 01/15/2019		521
	210	Rev., 4.00%, 07/15/2019		217
		Purdue University, Student Facilities System,
	25	Series A, Rev., 5.00%, 07/01/2018		25
	6,575	Series C, Rev., VRDO, 1.04%, 03/08/2018 (z)		6,575
		Southmont School Building Corp., Ad Valorem Property Tax,
	200	Rev., 4.00%, 07/15/2018		202
	125	Rev., 4.00%, 01/15/2019		128
	300	Rev., 4.00%, 07/15/2019		309
	550	Rev., 4.00%, 01/15/2020		573
	190	Rev., 4.00%, 07/15/2020		199

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
		Wawasee High School Building Corp., Ad Valorem Property Tax First Mortgage Bonds,
	155	Rev., 4.00%, 07/15/2018		156
	50	Rev., 4.00%, 07/15/2019		52
		Westfield High School Building Corp., Property Tax, First Mortgage,
	720	Rev., 4.00%, 07/15/2018		727
	1,030	Rev., 4.00%, 01/15/2019		1,051
	1,240	Rev., 4.00%, 07/15/2019		1,279
				15,721
		Hospital — 1.3%
	9,865	Indiana Finance Authority, Trinity Health Credit Group, Series D-1, Rev., VRDO, 1.09%, 03/08/2018 (z)		9,865
	13,365	Indiana Finance Authority, University Health Obligated Group, Series B, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/08/2018 (z)		13,365
	4,510	Indiana Health Facility Financing Authority, Ascension Health Subordinate Credit Group, Rev., 1.37%, 10/01/2027 (z)		4,477
				27,707
		Housing — 0.0% (g)
	50	Greater Clark Building Corp., First Mortgage Bond, Rev., 3.00%, 07/15/2018		50
		Other Revenue — 1.4%
		Hammond Redevelopment District,
	150	Rev., 4.00%, 07/15/2018		151
	615	Rev., 4.00%, 07/15/2019		630
	20,000	Indiana Finance Authority, Duke Energy Indiana, Inc. Project, Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.13%, 03/08/2018 (z)		20,000
		Indiana Finance Authority, Educational Facilities, Valparaiso University,
	200	Rev., 4.00%, 10/01/2018		202
	255	Rev., 4.00%, 10/01/2019		263
	7,135	Indiana State Finance Authority, Lease Appropriation, Stadium Project, Series A, Rev., VRDO, 1.08%, 03/08/2018 (z)		7,135
	100	Miami County Holding Corp., Option Income Tax Lease Rental, Rev., 3.00%, 01/15/2019		101
				28,482
		Prerefunded — 0.0% (g)
	185	Indiana Health & Educational Facilities Financing Authority, Sisters of St. Francis Health Services, Inc. Obligated Group, Rev., AGM, 5.25%, 05/01/2018 (p)		186

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 57

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	95	Indiana Health Facility Financing Authority, Ascension Health Subordinate Credit Group, Rev., 1.37%, 05/01/2020 (p) (z)		95
				281
		Total Indiana		72,241
		Iowa — 0.4%
		Certificate of Participation/Lease — 0.0% (g)
		Kirkwood Community College,
	100	Series A, COP, 3.00%, 06/01/2018		100
	175	Series A, COP, 3.00%, 06/01/2019		178
				278
		Education — 0.1%
	25	Council Bluffs Community School District, Rev., 4.00%, 07/01/2018 (p)		25
	25	Des Moines Independent Community School District, School Infrastructure Sales, Rev., 5.00%, 06/01/2018		25
	2,250	Iowa Higher Education Loan Authority, Private Education Working Capital Loan Program, Series A, Rev., RAN, 2.75%, 05/10/2018		2,254
	35	University of Iowa Science & Technology, Academic Building, Series A, Rev., 4.00%, 07/01/2018		36
				2,340
		General Obligation — 0.1%
	105	City of Ames, Corporate Purpose, Series A, GO, 5.00%, 06/01/2018		106
		City of Ankeny,
	20	Series A, GO, 3.00%, 06/01/2018		20
	25	Series A, GO, 4.00%, 06/01/2018		25
	50	Series D, GO, 4.00%, 06/01/2018		51
	25	Series G, GO, 5.00%, 06/01/2018		25
	25	City of Cedar Rapids, Series A, GO, 3.00%, 06/01/2018		25
		City of Des Moines,
	20	Series A, GO, 5.00%, 06/01/2018		20
	50	Series B, GO, 4.00%, 06/01/2018		51
	500	Kirkwood Community College, GO, 3.00%, 06/01/2018		502
	25	Linn-Mar Community School District, GO, 5.00%, 05/01/2018		25
	20	Waukee Community School District, Series C, GO, 5.00%, 06/01/2018		20
	75	West Des Moines Community School District, School Capital Loan, GO, 5.00%, 05/01/2018		75
				945

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.0% (g)
	480	City of Ames, Mary Greeley Medical Center, Rev., 5.00%, 06/15/2018		485
		Other Revenue — 0.2%
	2,740	Iowa Finance Authority, State Revolving Fund, Green Bonds, Series 2015, Rev., 5.00%, 08/01/2018		2,781
	400	State of Iowa, Ijobs Program, Series A, Rev., 5.00%, 06/01/2021		440
				3,221
		Prerefunded — 0.0% (g)
	45	Iowa Finance Authority, State Revolving Fund, Rev., 5.25%, 08/01/2018 (p)		46
		Utility — 0.0% (g)
	20	City of Des Moines, Stormwater Utility, Series G, Rev., 3.00%, 06/01/2018		20
		Water & Sewer — 0.0% (g)
	40	Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Revenue, Series B, Rev., 3.00%, 06/01/2018		40
	110	Muscatine Power & Water, Rev., 2.00%, 12/01/2018		110
				150
		Total Iowa		7,485
		Kansas — 0.0% (g)
		General Obligation — 0.0% (g)
	25	City of Olathe, Series 218, GO, 5.00%, 10/01/2018		26
	65	County of Neosho, Sales Tax, GO, 3.00%, 10/01/2018		66
		Douglas County Unified School District No. 497,
	20	Series A, GO, 2.00%, 09/01/2018		20
	20	Series A, GO, 5.00%, 09/01/2018		20
	100	Ford County Unified School District No. 443, Series B, GO, 5.00%, 09/01/2018		102
	25	Johnson County Unified School District No. 233, Series B, GO, 4.00%, 09/01/2018		25
				259
		Hospital — 0.0% (g)
	20	Kansas Development Finance Authority, Department of Health & Environment, Revolving Funds, Series SRF-1, Rev., 5.00%, 03/01/2018		20
		Prerefunded — 0.0% (g)
	25	City of Manhattan, Series A, GO, 4.10%, 11/01/2018 (p)		26

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	20	Kansas Unified School District No. 265 Sedgwick County, GO, AGC, 4.50%, 10/01/2018 (p)		20
	60	Kansas Unified School District No. 266 Sedgwick County, GO, AGM, 5.25%, 09/01/2018 (p)		61
				107
		Total Kansas		386
		Kentucky — 0.9%
		Education — 0.1%
	50	Boone County School District Finance Corp., School Building, Rev., 2.00%, 03/01/2018		50
	1,250	City of Berea Education Facilities, Berea College Project, Series A, Rev., VRDO, 1.00%, 03/01/2018 (z)		1,250
	50	Eastern Kentucky University, Series A, Rev., 2.50%, 10/01/2018		51
	25	University of Kentucky, Series A, Rev., 5.00%, 05/01/2018		25
	20	University of Kentucky, General Receipts, Series B, Rev., 5.00%, 04/01/2018		20
				1,396
		Hospital — 0.0% (g)
	50	Kentucky Bond Development Corp., Hospital Facilities, St. Elizabeth Medical Centre, Inc., Rev., 5.00%, 05/01/2018		50
	375	Kentucky Economic Development Finance Authority, Owensboro Health, Inc., Series A, Rev., 5.00%, 06/01/2019		387
				437
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	300	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Series A, Rev., 1.50%, 04/01/2019 (z)		299
		Other Revenue — 0.1%
	175	Kentucky Economic Development Finance Authority, Owensboro Health, Inc., Series A, Rev., 5.00%, 06/01/2018		176
	350	Kentucky State Property & Buildings Commission, Project No. 100, Series A, Rev., 5.00%, 08/01/2018		355
	75	Kentucky State Property & Buildings Commission, Project No. 82, Rev., AGM, 5.25%, 10/01/2018		76
	200	Kentucky State Property & Buildings Commission, Project No. 90, Rev., 5.00%, 11/01/2018		204
				811

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.2%
	4,500	Kentucky State Property & Buildings Commission, Project No. 90, Rev., 5.00%, 11/01/2018 (p)		4,603
	50	Louisville/Jefferson County Metro Government, Mortgage Revenue Refunding & Improvement, Series B, Rev., 4.50%, 03/01/2018 (p)		50
	25	University of Louisville, General Receipts, Series A, Rev., 4.50%, 09/01/2018 (p)		26
				4,679
		Utility — 0.4%
		Kentucky Public Energy Authority, Gas Supply,
	665	Series A, Rev., 4.00%, 04/01/2019		682
	780	Series A, Rev., 4.00%, 04/01/2020		813
	775	Series A, Rev., 4.00%, 04/01/2021		819
	1,210	Series A, Rev., 4.00%, 04/01/2022		1,292
	4,200	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Rev., 1.25%, 06/03/2019 (z)		4,168
				7,774
		Water & Sewer — 0.1%
	2,440	Louisville/Jefferson County Metro Government, Water System, Rev., 5.00%, 11/15/2019		2,580
		Total Kentucky		17,976
		Louisiana — 0.6%
		Education — 0.0% (g)
	175	Louisiana Public Facilities Authority, Capital Appreciation, Loyola University Project, Rev., Zero Coupon, 10/01/2018		173
		General Obligation — 0.1%
	520	Calcasieu Parish School District No. 34, GO, 3.00%, 01/15/2022		539
	150	Iberia Parishwide School District, GO, 2.00%, 03/01/2021		150
		Natchitoches Parish Consolidated School District No. 7,
	90	GO, 2.00%, 03/01/2018		90
	100	GO, 2.00%, 03/01/2019		100
	335	St. Martin Parish School Board, GO, 3.00%, 03/01/2021		345
		State of Louisiana, St. Tammany Parishwide School District No. 12,
	100	GO, 2.00%, 03/01/2019		100
	200	GO, 2.00%, 03/01/2020		201
				1,525

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 59

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.0% (g)
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project,
	225	Rev., 4.00%, 05/15/2019		231
	325	Rev., 5.00%, 05/15/2020		348
				579
		Housing — 0.0% (g)
	160	Louisiana Public Facilities Authority, University Alexandria Student Housing Project, Series A, Rev., 2.00%, 10/01/2018		160
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	150	St. Charles Parish, Pollution Control, Shell Oil Co. Project, Series B, Rev., VRDO, 1.17%, 03/01/2018 (z)		150
		Other Revenue — 0.5%
	125	City of Shreveport, Independence Stadium Project, Rev., 3.00%, 03/01/2018		125
	100	Lafayette Consolidated Government, Public Improvement Sales Tax, Series A, Rev., 3.00%, 03/01/2019		101
		Louisiana Local Government Environmental Facilities & Community Development Authority, Delta Campus Facilities Project,
	1,000	Rev., 5.00%, 10/01/2018		1,020
	1,715	Rev., 5.00%, 10/01/2019		1,804
	200	Louisiana Local Government Environmental Facilities & Community Development Authority, Lake Charles Public Improvement Projects, Rev., 4.00%, 05/01/2020		209
	1,500	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 391 Project, Rev., 5.00%, 10/01/2021		1,651
	4,290	Louisiana Office Facilities Corp., Lease Revenue, Capitol Complex Program, Series A, Rev., 5.00%, 05/01/2020		4,570
	275	Louisiana Public Facilities Authority, Archdiocese of New Orleans Project, Rev., 5.00%, 07/01/2018		277
				9,757
		Special Tax — 0.0% (g)
	250	St. Charles Parish, Limited Tax, Series A, Rev., AGM, 3.00%, 03/01/2019		254
		Transportation — 0.0% (g)
	135	New Orleans Aviation Board, General Airport, North Terminal Project, Series A, Rev., 5.00%, 01/01/2020		143

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.0% (g)
	25	State of Louisiana, Gasoline & Fuels Tax, Series A-1, Rev., 5.00%, 05/01/2018		25
		Water & Sewer — 0.0% (g)
	200	City of Shreveport, Water & Sewer, Series A, Rev., AGM, 4.00%, 12/01/2018		204
	150	City of Shreveport, Water & Sewer, Junior Lien, Series B, Rev., AGM, 4.00%, 12/01/2018		152
				356
		Total Louisiana		13,122
		Maine — 0.0% (g)
		Education — 0.0% (g)
	540	Maine Health & Higher Educational Facilities Authority, University of New England, Rev., 4.00%, 07/01/2019		556
		Other Revenue — 0.0% (g)
	25	Maine Municipal Bond Bank, Series F, Rev., 5.00%, 11/01/2018		26
		Total Maine		582
		Maryland — 1.1%
		General Obligation — 0.7%
	20	City of Frederick, Series B, GO, 3.00%, 03/01/2018		20
	30	County of Anne Arundel, GO, 4.00%, 04/01/2018		30
	25	State of Maryland, State & Local Facilities Loan of 2003, Series A, GO, 5.25%, 03/01/2018		25
	20	State of Maryland, State & Local Facilities Loan of 2010, Series B, GO, 5.00%, 03/01/2018		20
	25	State of Maryland, State & Local Facilities Loan of 2012, First Series, Series C, GO, 4.00%, 08/15/2018		25
	3,300	State of Maryland, State & Local Facilities Loan of 2013, Second Series, Series A, GO, 5.00%, 08/01/2018		3,350
	11,300	Washington Suburban Sanitary Commission, Series A, GO, VRDO, BAN, 1.09%, 03/08/2018 (z)		11,300
	50	Washington Suburban Sanitary Commission, Public Improvement, GO, 5.00%, 06/01/2018		51
				14,821
		Other Revenue — 0.4%
	20	City of Baltimore, Water Projects, Series A, Rev., 3.00%, 07/01/2018		20
		City of Rockville, Ingleside at King Farm Project,
	400	Rev., 5.00%, 11/01/2018		408
	150	Rev., 5.00%, 11/01/2019		156

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	165	Series A-2, Rev., 4.00%, 11/01/2018		167
	100	Series A-2, Rev., 4.00%, 11/01/2019		103
	250	County of Prince George’s, Collington Episcopal Life Care Community, Inc., Rev., 5.00%, 04/01/2018		250
		Maryland Stadium Authority, Construction & Revitalization Program,
	1,760	Series 2018A, Rev., 5.00%, 05/01/2018		1,770
	1,800	Series 2018A, Rev., 5.00%, 05/01/2019		1,873
	800	Series 2018A, Rev., 5.00%, 05/01/2020		857
	1,215	Series 2018A, Rev., 5.00%, 05/01/2021		1,333
				6,937
		Prerefunded — 0.0% (g)
	5	County of Prince George’s, Consolidated Public Improvement Bond, GO, 4.00%, 07/15/2018 (p)		5
	50	Maryland Health & Higher Educational Facilities Authority, University Maryland Medical System, Rev., AMBAC, 5.50%, 07/01/2018 (p)		51
	20	State of Maryland, Department of Transportation, Rev., 4.00%, 09/01/2018 (p)		20
				76
		Transportation — 0.0% (g)
		Maryland Transportation Authority,
	35	Rev., 5.25%, 03/01/2018		35
	45	Series A, Rev., 5.00%, 07/01/2018		46
				81
		Total Maryland		21,915
		Massachusetts — 4.6%
		Education — 0.0% (g)
		Massachusetts Health & Educational Facilities Authority, Tufts University,
	20	Rev., 5.00%, 08/15/2018		20
	30	Series J, Rev., 5.50%, 08/15/2018		31
		University of Massachusetts Building Authority,
	75	Series 1, Rev., 5.00%, 05/01/2018		76
	20	Series 2, Rev., 4.00%, 11/01/2018		20
				147
		General Obligation — 2.1%
	7,500	Blue Hills Regional Technical High School District, GO, BAN, 2.00%, 07/25/2018		7,519
	2,072	City of New Bedford, GO, BAN, 2.00%, 05/03/2018		2,074

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	35	City of Newton, Municipal Purpose Loan, Series B, GO, 4.00%, 03/01/2018		35
		Commonwealth of Massachusetts,
	20	Series 8, GO, 4.00%, 07/01/2018		20
	30,000	Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 1.74%, 05/01/2018 (aa)		29,876
	30	Series A, GO, 5.00%, 04/01/2018		30
	20	Series B, GO, 4.00%, 07/01/2018		20
	25	Series B, GO, 5.00%, 08/01/2018		25
	2,730	Series D, GO, 5.50%, 10/01/2018		2,796
	325	Series D, GO, AMBAC, 5.50%, 10/01/2019		345
	55	Town of Avon, Municipal Purpose Loan, GO, 4.00%, 12/01/2018		56
	20	Town of Braintree, Municipal Purpose Loan, GO, 5.00%, 05/15/2018		20
	40	Town of Burlington, Municipal Purpose Loan, GO, 5.00%, 07/15/2018		41
	25	Town of Framingham, Municipal Purpose Loan, GO, 5.00%, 06/15/2018		25
	20	Town of Georgetown, School Bonds, GO, 4.00%, 05/01/2018		20
	25	Town of Grafton, Unlimited Tax, GO, 4.00%, 04/01/2018		25
	35	Town of Marblehead, Unlimited Tax, GO, 5.00%, 08/01/2018		36
	20	Town of Marshfield, Series A, GO, 5.00%, 06/15/2018		20
	40	Town of Milford, School Project Loan, GO, 5.00%, 05/01/2018		40
				43,023
		Hospital — 0.5%
	335	Massachusetts Development Finance Agency, Lawrence General Hospital, Rev., 5.00%, 07/01/2019		346
	10,000	Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2017S-5, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.42%), 1.51%, 03/08/2018 (aa)		10,085
				10,431
		Housing — 0.3%
	5,700	Massachusetts Housing Finance Agency, Construction Loan, Series A, Rev., 1.85%, 06/01/2020		5,700

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 61

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	25	Massachusetts Clean Water Trust, Pool Program, Series A, Rev., 5.25%, 08/01/2018		25
		Other Revenue — 0.0% (g)
	620	Massachusetts Development Finance Agency, Newbridge on the Charles, Inc., Series 20, Rev., 3.00%, 10/01/2019 (e)		624
		Prerefunded — 0.5%
	45	City of Boston, Series A, GO, 5.00%, 04/01/2018 (p)		45
	20	City of Quincy, GO, AGM, 4.38%, 03/15/2018 (p)		20
	25	Commonwealth of Massachusetts, Consolidated Loan of 2008, Series A, GO, 5.00%, 08/01/2018 (p)		25
		Massachusetts Bay Transportation Authority,
	50	Series A, Rev., 4.75%, 07/01/2018 (p)		50
	50	Series A, Rev., 5.00%, 07/01/2018 (p)		51
	410	Series C, Rev., 5.00%, 07/01/2018 (p)		415
	4,720	Massachusetts Clean Water Trust, State Revolving Fund, Rev., 5.00%, 08/01/2020 (p)		5,091
	15	Massachusetts Development Finance Agency, Harvard, Series A, Rev., 5.50%, 11/15/2018 (p)		16
	20	Massachusetts Development Finance Agency, Phillips Academy, Rev., 5.00%, 09/01/2018 (p)		20
		Massachusetts Health & Educational Facilities Authority, Caregroup,
	75	Series B-2, Rev., NATL-RE, 5.38%, 08/01/2018 (p)		76
	25	Series E-1, Rev., 5.00%, 07/01/2018 (p)		25
	35	Series E-1, Rev., 5.13%, 07/01/2018 (p)		36
	4,945	Series E-2, Rev., 5.38%, 07/01/2018 (p)		5,010
		Massachusetts Water Resources Authority,
	20	Series A, Rev., AMBAC, 5.00%, 08/01/2018 (p)		20
	55	Series B, Rev., AMBAC, 5.00%, 08/01/2018 (p)		56
	30	Springfield Water & Sewer Commission, Series A, Rev., AGC, 5.00%, 10/15/2018 (p)		31
	25	Town of Wellfleet, Municipal Purpose Loan, GO, 5.00%, 05/01/2018 (p)		25
		University of Massachusetts Building Authority Project,
	20	Series 2, Rev., AGM, 4.60%, 05/01/2018 (p)		20
	20	Series 2, Rev., AGM, 4.80%, 05/01/2018 (p)		20

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	120	Series 2, Rev., 5.00%, 05/01/2018 (p)		121
				11,173
		Transportation — 0.7%
	14,245	Massachusetts Bay Transportation Authority, General Transportation System, Series A-2, Rev., VRDO, 1.10%, 03/08/2018 (z)		14,245
		Massachusetts Port Authority,
	25	Series A, Rev., 4.00%, 07/01/2018		25
	25	Series C, Rev., 5.00%, 07/01/2018		26
				14,296
		Water & Sewer — 0.5%
		Massachusetts Clean Water Trust, State Revolving Fund,
	25	Series 15A, Rev., 5.00%, 08/01/2018		26
	200	Series 15A, Rev., 5.00%, 08/01/2020		216
	25	Subseries 16B, Rev., 5.00%, 08/01/2018		25
		Massachusetts Water Resources Authority,
	9,735	Series A-3, Rev., VRDO, 1.11%, 03/08/2018 (z)		9,735
	20	Series C, Rev., 4.00%, 08/01/2018		20
				10,022
		Total Massachusetts		95,441
		Michigan — 1.8%
		Education — 0.0% (g)
	25	Michigan State University, Series A, Rev., 5.00%, 08/15/2018		25
	20	Southfield Library Building Authority, Limited Tax, Rev., 5.00%, 05/01/2018		20
				45
		General Obligation — 0.3%
	50	Ann Arbor Public School District, GO, Q-SBLF, 4.00%, 05/01/2018		50
	20	Birmingham City Public School District, GO, 5.00%, 05/01/2018		20
	30	Brighton Area School District, GO, Q-SBLF, 4.00%, 05/01/2018		30
	115	Cedar Springs Public School District, GO, Q-SBLF, 4.00%, 05/01/2018		116
	140	Charlotte Public School District, GO, Q-SBLF, 4.00%, 05/01/2018		141
	40	Charter Township of Northville, GO, 4.00%, 04/01/2018		40
	40	Chippewa Valley Schools, Series A, GO, Q-SBLF, 5.00%, 05/01/2018		40

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		City of Romulus, Capital Improvement,
	165	Series B, GO, 3.00%, 11/01/2018		166
	140	Series B, GO, 3.00%, 11/01/2019		143
	2,750	Fraser Public School District, GO, Q-SBLF, 5.00%, 05/01/2018		2,766
	200	Mancelona Public Schools, GO, Q-SBLF, 2.00%, 05/01/2018		200
	200	Meridian Public School District, GO, Q-SBLF, 1.50%, 05/01/2018		200
	25	Northville Public Schools, GO, Q-SBLF, 5.00%, 05/01/2018		25
	200	Okemos Public Schools, School Improvement & Bus, GO, Q-SBLF, 1.50%, 05/01/2018		200
	30	Plymouth-Canton Community School District, School Building & Site, GO, AGM, Q-SBLF, 5.25%, 05/01/2018		30
	2,425	Spring Lake Public Schools, School Building & Site, GO, Q-SBLF, 5.00%, 11/01/2018		2,481
	25	State of Michigan, Environmental Program, Series A, GO, 5.00%, 05/01/2018		25
	75	Walled Lake Consolidated School District, GO, Q-SBLF, 3.50%, 05/01/2018		75
				6,748
		Hospital — 0.7%
	25	Grand Traverse County Hospital Finance Authority, Munson Healthcare, Series A, Rev., 4.00%, 07/01/2018		25
		Michigan Finance Authority, Trinity Health Credit Group,
	10,000	Series 2013MI-1, Rev., VRDO, 1.14%, 06/01/2018 (z)		10,000
	120	Series A, Rev., 5.00%, 12/01/2018		123
		Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group,
	330	Rev., 5.00%, 11/15/2018		338
	30	Series F-3, Rev., 1.40%, 06/29/2018 (z)		30
	2,710	Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group, Subseries A-1, Rev., 1.37%, 05/01/2020 (z)		2,667
				13,183
		Housing — 0.7%
	14,300	Michigan State Housing Development Authority, Single-Family Mortgage, Series D, Rev., VRDO, 1.20%, 03/08/2018 (z)		14,300
		Other Revenue — 0.0% (g)
	50	Michigan Finance Authority, Unemployment Obligation Assessment, Series A, Rev., 5.00%, 07/01/2018		51

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.0% (g)
	35	City of Battle Creek, GO, 5.00%, 06/01/2018 (p)		36
	55	Dearborn School District, Limited Tax, Community College, GO, 4.25%, 05/01/2018 (p)		55
	20	Ferris State University, Rev., AGC, 4.75%, 10/01/2018 (p)		21
	30	Grand Valley State University, Series A, Rev., AGM, 4.13%, 06/01/2018 (p)		30
	40	Jackson College, Community College Building & Site, GO, AGM, 4.13%, 05/01/2018 (p)		40
	40	Rockford Public Schools, School Building & Site, GO, AGM, Q-SBLF, 5.00%, 05/01/2018 (p)		40
	50	Saginaw City School District, School Building & Site, GO, AGM, Q-SBLF, 4.63%, 05/01/2018 (p)		50
	25	Saginaw Township Community School District, School Building & Site, GO, AGM, Q-SBLF, 4.00%, 05/01/2018 (p)		25
	20	State of Michigan, School Loan, Series A, GO, 5.00%, 11/01/2018 (p)		21
	30	Van Dyke Public Schools, School Building & Site, GO, AGM, Q-SBLF, 5.00%, 05/01/2018 (p)		30
	25	Western Michigan University, Rev., AGM, 5.00%, 05/15/2018 (p)		25
				373
		Transportation — 0.1%
	50	State of Michigan, Comprehensive Transportation, Rev., 5.25%, 05/15/2018		50
		Wayne County Airport Authority, Junior Lien,
	400	Series B, Rev., 5.00%, 12/01/2018		410
	550	Series B, Rev., 5.00%, 12/01/2019		579
	550	Series B, Rev., 5.00%, 12/01/2020		591
				1,630
		Water & Sewer — 0.0% (g)
	25	North Kent Sewer Authority, Rev., 3.00%, 11/01/2018		25
		Total Michigan		36,355
		Minnesota — 1.2%
		Certificate of Participation/Lease — 0.0% (g)
	930	St. Paul Independent School District No. 625, Series B, COP, 5.00%, 02/01/2021		1,013
		Education — 0.3%
	50	City of Deephaven, Minnesota Charter School Lease, Eagle Ridge Academy Project, Series A, Rev., 3.00%, 07/01/2019		50

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 63

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	735	Minnesota Higher Education Facilities Authority, College of St. Benedict, Series 2017, Rev., 3.00%, 03/01/2018		735
		Minnesota Higher Education Facilities Authority, Trustees of the Hamline University,
	300	Rev., 4.00%, 10/01/2018		303
	750	Rev., 4.00%, 10/01/2019		772
	780	Rev., 4.00%, 10/01/2020		812
	25	Minnesota State Colleges & Universities, Rev., 2.00%, 10/01/2018		25
	2,715	University of Minnesota, Series A, Rev., 5.00%, 04/01/2022		3,042
				5,739
		General Obligation — 0.2%
		State of Minnesota, Trunk Highway,
	1,570	Series B, GO, 4.00%, 08/01/2018		1,588
	1,765	Series B, GO, 5.00%, 08/01/2021		1,952
				3,540
		Hospital — 0.6%
		City of Maple Grove, Maple Grove Hospital Corporation,
	650	Rev., 3.00%, 05/01/2018		652
	930	Rev., 3.00%, 05/01/2019		943
		City of Rochester, Health Care Facilities, Mayo Clinic,
	10,000	Series A, Rev., VRDO, 1.05%, 03/08/2018 (z)		10,000
	335	Series A, Rev., 4.00%, 11/15/2018 (z)		341
	850	St. Paul Minnesota, Housing & Redevelopment Authority Health Care, Series A, Rev., 2.00%, 11/15/2018		855
				12,791
		Housing — 0.1%
		City of St. Paul Park, Senior Housing & Health Care, Presbyterian Homes Bloomington Project,
	445	Rev., 3.00%, 09/01/2018		449
	795	Rev., 3.00%, 09/01/2019		814
	515	St. Paul Minnesota, Housing & Redevelopment Authority, Parking Enterprise, Series A, Rev., 3.00%, 08/01/2020		530
				1,793
		Other Revenue — 0.0% (g)
		State of Minnesota, General Fund Appropriation,
	40	Series B, Rev., 5.00%, 03/01/2018		40
	400	Series B, Rev., 5.00%, 03/01/2020		427

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	25	State of Minnesota, Public Safety Radio Communications System Project, Rev., AGC, 4.00%, 06/01/2018 (p)		25
	25	State of Minnesota, Retirement System Building, Rev., 2.00%, 06/01/2018		25
				517
		Utility — 0.0% (g)
	20	City of Chaska, Electric Generating Facilities, Series A, Rev., 4.00%, 10/01/2018		20
		Total Minnesota		25,413
		Mississippi — 1.1%
		General Obligation — 0.2%
	405	County of Hinds, Series A, GO, 2.00%, 08/01/2018		406
	4,000	State of Mississippi, Series F, GO, 5.00%, 11/01/2020		4,338
				4,744
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	6,200	Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project, Series E, Rev., VRDO, 1.09%, 03/08/2018 (z)		6,200
		Other Revenue — 0.6%
	11,150	Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project, Series A, Rev., VRDO, 1.16%, 03/08/2018 (z)		11,150
	100	Mississippi Development Bank, Rankin County Bond Project, Rev., 3.00%, 03/01/2022		103
				11,253
		Total Mississippi		22,197
		Missouri — 1.5%
		Certificate of Participation/Lease — 0.0% (g)
		City of Arnold,
	120	COP, 3.00%, 12/15/2018		121
	120	COP, 3.00%, 12/15/2019		123
		City of Waynesville,
	200	Series C, COP, 2.00%, 04/15/2018		200
	125	Series C, COP, 2.00%, 04/15/2019		125
	250	Series C, COP, 2.00%, 04/15/2020		250
				819

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 0.0% (g)
	25	Columbia School District, Refunding & Improvement, GO, 2.00%, 03/01/2018		25
	20	Jackson County Reorganized School District No. 7, Series B, GO, 4.00%, 03/01/2018		20
	30	Springfield School District No. R-12, School, Missouri Direct Deposit, Series B, GO, 4.00%, 03/01/2018		30
				75
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	250	Branson IDA, Branson Shoppes Redevelopment Project, Series A, Rev., 3.00%, 11/01/2018		251
		Cape Girardeau County IDA, South Eastern Health,
	2,650	Rev., 2.00%, 03/01/2018		2,650
	300	Rev., 5.00%, 03/01/2019		307
	320	Rev., 5.00%, 03/01/2020		334
	300	Hannibal IDA, Healthcare Facilities, Rev., 5.00%, 10/01/2020		319
	100	Kirkwood IDA, Aberdeen Heights, Series A, Rev., 5.00%, 05/15/2018		101
	20	Missouri State Environmental Improvement & Energy Resources Authority, State Revolving Funds Program, Series A, Rev., 5.00%, 07/01/2018		20
		Riverside IDA, Riverside Horizons Infrastructure Project,
	1,000	Rev., 2.00%, 05/01/2018		1,000
	2,055	Rev., 3.00%, 05/01/2019		2,083
				7,065
		Other Revenue — 1.0%
	14,500	Missouri Development Finance Board, Cultural Facilities, The Nelson Gallery Foundation, Series A, Rev., VRDO, 1.10%, 03/01/2018 (z)		14,500
	25	Missouri State Board of Public Buildings, Series A, Rev., 4.00%, 10/01/2018		26
	5,975	Missouri State Regional Convention & Sports Complex Authority, Convention & Sports Facility Project, Series 2013A, Rev., 5.00%, 08/15/2018		6,070
				20,596
		Prerefunded — 0.0% (g)
	20	City of Kansas, Downtown Arena Project, Series C, Rev., 5.00%, 04/01/2018 (p)		20
	100	Missouri State Health & Educational Facilities Authority, Health Facilities, Series A, Rev., AGM, 5.50%, 11/15/2018 (p)		103

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	15	Missouri State Health & Educational Facilities Authority, Health Facilities, Coxhealth, Series A, Rev., 5.50%, 11/15/2018 (p)		15
				138
		Transportation — 0.1%
	1,305	City of St. Louis, Lambert International Airport, Series B, Rev., AGM, 5.00%, 07/01/2021		1,421
	35	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.00%, 05/01/2018		35
				1,456
		Total Missouri		30,149
		Montana — 0.1%
		Other Revenue — 0.1%
	2,600	Montana Board of Investments, Municipal Finance Consolidation Act, Intercap Revolving Program, Series 2000, Rev., 1.20%, 03/01/2019 (z)		2,600
		Nebraska — 0.1%
		General Obligation — 0.1%
	50	Douglas County School District No. 17, Millard Public Schools, GO, 4.00%, 06/15/2018		50
		Papio-Missouri River Natural Resource District,
	330	GO, 3.00%, 12/15/2018		334
	720	GO, 4.00%, 12/15/2019		750
	405	GO, 4.00%, 12/15/2020		429
				1,563
		Hospital — 0.0% (g)
		Madison County Hospital Authority No. 1, Faith Regional Health Services Project,
	100	Series A, Rev., 3.00%, 07/01/2018		100
	725	Series A, Rev., 4.00%, 07/01/2019		743
				843
		Other Revenue — 0.0% (g)
	250	Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement, Rev., AGM, 3.00%, 12/15/2020		257
		Prerefunded — 0.0% (g)
	20	Douglas County Hospital Authority No. 3, Rev., BHAC-CR, 5.50%, 11/01/2018 (p)		21
		Utility — 0.0% (g)
	20	City of Lincoln, Electric System, Rev., 5.00%, 09/01/2018		20
		Total Nebraska		2,704

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 65

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Nevada — 0.3%
		General Obligation — 0.0% (g)
	30	Clark County Water Reclamation District, GO, 5.50%, 07/01/2018		30
		Las Vegas Valley Water District,
	35	Series A, GO, 4.00%, 06/01/2018		35
	45	Series B, GO, 4.00%, 06/01/2018		46
	105	State of Nevada, Capital Improvement, Series C, GO, 5.00%, 06/01/2018		106
				217
		Hospital — 0.1%
		City of Carson, Carson Tahoe Regional Healthcare Project,
	460	Rev., 5.00%, 09/01/2018		467
	325	Rev., 5.00%, 09/01/2019		340
	250	Rev., 5.00%, 09/01/2020		267
	610	Rev., 5.00%, 09/01/2027		697
				1,771
		Other Revenue — 0.0% (g)
	350	City of Henderson Nevada Local Improvement District No. T-14, Rev., 2.50%, 03/01/2019		352
	200	City of Henderson Nevada Local Improvement District No. T-17, Rev., 2.00%, 09/01/2019		200
				552
		Prerefunded — 0.0% (g)
	20	City of Reno, Rev., AGM, 5.25%, 06/01/2018 (p)		20
	70	City of Reno, Washoe Medical Center, Series A, Rev., AGM, 5.25%, 06/01/2018 (p)		71
	310	Clark County School District, Series A, GO, 5.00%, 06/15/2018 (p)		313
	20	Nevada System of Higher Education, Series A, Rev., BHAC-CR, 5.00%, 07/01/2018 (p)		21
	20	State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax, Rev., AGM, 5.00%, 06/01/2018 (p)		20
				445
		Transportation — 0.0% (g)
	25	County of Clark Department of Aviation, Airport System, Series B, Rev., 5.00%, 07/01/2018		25
		Utility — 0.2%
	3,000	County of Clark, Nevada Power Company Projects, Rev., 1.60%, 05/21/2020 (z)		2,970
	580	County of Washoe, Gas & Water Facilities, Sierra Pacific Power Company Project, Series B, Rev., 3.00%, 06/01/2022 (z)		593
				3,563

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.0% (g)
	30	Truckee Meadows Water Authority, Series A, Rev., 4.00%, 07/01/2018		30
		Total Nevada		6,603
		New Hampshire — 0.1%
		Education — 0.1%
	1,385	New Hampshire Health & Education Facilities Authority Act, University System, Series A, Rev., 5.00%, 07/01/2019		1,449
		General Obligation — 0.0% (g)
	35	State of New Hampshire, Capital Improvement, Series C, GO, 4.38%, 05/01/2018		35
		Prerefunded — 0.0% (g)
	55	State of New Hampshire, Capital Improvement, Series C, GO, 4.75%, 11/01/2018 (p)		56
		Transportation — 0.0% (g)
	25	New Hampshire State Turnpike System, Rev., 5.00%, 10/01/2018		26
		Total New Hampshire		1,566
		New Jersey — 10.8%
		Education — 0.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	500	Series DDD, Rev., 5.00%, 06/15/2019		517
	500	Series DDD, Rev., 5.00%, 06/15/2020		528
	5,000	New Jersey EDA, School Facilities Construction, Series XX, Rev., 5.00%, 06/15/2021		5,351
	20	New Jersey Educational Facilities Authority, Princeton University, Series A, Rev., 5.00%, 07/01/2018		20
				6,416
		General Obligation — 8.4%
	2,845	Borough of Alpha, GO, BAN, 2.50%, 12/10/2018		2,861
	9,254	Borough of Avalon, GO, BAN, 2.50%, 02/19/2019		9,335
	12,556	Borough of Beachwood, GO, BAN, 3.00%, 03/06/2019		12,728
	5,092	Borough of Bogota, GO, BAN, 2.25%, 05/11/2018		5,101
		Borough of East Rutherford,
	5,274	GO, BAN, 2.25%, 10/19/2018		5,288
	260	GO, AGM, 4.00%, 12/01/2018		264
	145	GO, AGM, 5.00%, 12/01/2019		152
	290	GO, AGM, 5.00%, 12/01/2020		312

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	5,284	Borough of Englewood Cliffs, GO, BAN, 2.50%, 02/22/2019		5,330
	2,967	Borough of Highlands, GO, BAN, 2.25%, 10/05/2018		2,973
	25	Borough of Metuchen, GO, 4.00%, 09/01/2018		25
	5,251	Borough of Oakland, GO, BAN, 2.50%, 12/14/2018		5,281
	3,280	Borough of Ramsey, Water-Sewer Utility, GO, BAN, 2.25%, 06/08/2018		3,288
	6,173	Borough of Rockaway, GO, BAN, 2.25%, 09/14/2018		6,187
	5,530	Borough of Woodcliff Lake, GO, BAN, 2.50%, 02/22/2019		5,578
	3,034	Borough of Wood-Ridge, GO, BAN, 2.25%, 11/08/2018		3,050
		City of Atlantic,
	250	Series B, GO, AGM, 4.00%, 03/01/2019		255
	200	Series B, GO, AGM, 5.00%, 03/01/2020		211
	650	City of Atlantic, Tax Appeal, Series A, GO, 5.00%, 03/01/2020		686
	1,046	City of Bordentown, Series A, GO, BAN, 2.25%, 05/17/2018		1,048
	2,588	City of Burlington, Series A, GO, BAN, 2.25%, 06/06/2018		2,593
	3,467	City of Pleasantville, Series A, GO, BAN, 2.25%, 08/16/2018		3,473
	1,000	City of Union, County of Hudson, Series 2017, GO, 4.00%, 11/01/2019		1,030
	25	County of Burlington, Series A-1, GO, 4.00%, 09/01/2018		25
	15	County of Essex, Series A, GO, 4.00%, 10/01/2018		15
	35	County of Monmouth, GO, 4.00%, 03/01/2018		35
	30	County of Ocean, GO, 4.00%, 08/01/2018		30
	20	County of Somerset, GO, 4.00%, 12/01/2018		20
		County of Union,
	30	GO, 4.00%, 03/01/2018		30
	30	GO, 5.00%, 03/01/2018		30
	30	Middletown Township Board of Education, School Building, GO, 3.00%, 08/01/2018		30
		Mullica Township School District,
	106	GO, 2.00%, 09/15/2018		106
	105	GO, 2.00%, 09/15/2019		105
	25	Parsippany-Troy Hills Township School District, GO, 4.00%, 08/15/2018		25
	6,300	Penns Grove-Carneys Point Regional School District, GO, GAN, 2.25%, 07/13/2018		6,309

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	20	Pennsauken Township School District, GO, 4.00%, 04/01/2018		20
	4,000	South Plainfield School District, Temporary Notes, GO, 2.00%, 03/08/2018		4,000
	11,582	Township of Belleville, GO, BAN, 2.50%, 05/25/2018		11,608
	2,977	Township of Cherry Hill, GO, BAN, 3.00%, 10/16/2018		3,005
	26,330	Township of Edison, Sewer Utility, GO, BAN, 3.00%, 02/08/2019		26,688
		Township of Hillside,
	4,542	GO, BAN, 2.25%, 07/25/2018		4,548
	2,229	GO, BAN, 2.50%, 08/03/2018		2,234
	3,823	Township of Lebanon, GO, BAN, 2.50%, 07/26/2018		3,834
		Township of Lyndhurst,
	6,403	GO, BAN, 2.00%, 03/15/2018		6,404
	8,574	GO, BAN, 2.50%, 03/14/2019 (w)		8,648
	4,000	Township of Maple Shade, GO, BAN, 2.25%, 06/28/2018		4,005
	20	Township of Mount Laure, Series 2014, GO, 4.00%, 09/01/2018		20
	20	Township of Raritan, General Improvement, GO, 5.00%, 08/15/2018		20
	20	Township of South Brunswick, Series 2014, GO, 4.00%, 09/01/2018		20
		Township of West Orange,
	6,592	GO, BAN, 2.25%, 07/27/2018		6,605
	6,122	GO, BAN, 2.25%, 09/07/2018		6,136
	2,050	Township of Woodbridge, GO, BAN, 2.00%, 08/17/2018		2,055
				173,659
		Hospital — 0.0% (g)
	375	New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center, Series 2010, Rev., 4.50%, 07/01/2020		395
		Housing — 0.2%
	3,500	New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Camden Townhouses Project, Series F, Rev., 1.35%, 02/01/2019 (z)		3,484
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
		Passaic County Utilities Authority, Solid Waste Disposal,
	170	Series 2018, Rev., 4.13%, 03/01/2019		174
	180	Series 2018, Rev., 4.25%, 03/01/2020		188

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 67

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — continued
	255	Series 2018, Rev., 4.38%, 03/01/2021		272
				634
		Other Revenue — 1.5%
	6,500	Atlantic County Improvement Authority, Aviation Park Project, Rev., 2.00%, 10/03/2018		6,523
	25	Bergen County Improvement Authority, Guaranteed Governmental Loan, Rev., 4.00%, 08/15/2018		25
	30	Burlington County Bridge Commission Lease, Governmental Leasing Program, Series A, Rev., 5.00%, 10/15/2018		31
	500	Gloucester County Improvement Authority, Series A, Rev., 5.00%, 11/01/2019		527
	20	Gloucester County Improvement Authority, Capital Program, Rev., 5.00%, 04/01/2018		20
	1,000	Hudson County Improvement Authority, Local Unit Loan Program, Series A-1, Rev., 2.25%, 04/05/2018		1,001
	200	New Jersey Economic Development Authority, School Facilities Construction, Series PP, Rev., 5.00%, 06/15/2020		211
	20,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series 2018-E117, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 1.17%, 03/01/2018 (e) (z)		20,000
	2,500	Tender Option Bond Trust Receipts/Certificates, Series 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.21%, 03/08/2018 (e) (z)		2,500
	340	The Cumberland County Improvement Authority, Vineland Public Safety Building Project, Series 2017, Rev., 5.00%, 12/15/2021		373
				31,211
		Prerefunded — 0.1%
	25	County of Burlington, General Improvement, Series A, GO, 4.00%, 09/01/2018 (p)		25
		New Jersey Economic Development Authority, School Facilities Construction,
	25	Series Y, Rev., 4.50%, 09/01/2018 (p)		25
	85	Series Z, Rev., AGC, 5.50%, 12/15/2018 (p)		88
	130	New Jersey Educational Facilities Authority, College of New Jersey, Series D, Rev., AGM, 5.00%, 07/01/2018 (p)		132
		New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation,
	30	Rev., 5.00%, 10/01/2018 (p)		30
	35	Rev., 5.25%, 10/01/2018 (p)		36

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	805	New Jersey Health Care Facilities Financing Authority, Meridian Health System, Rev., AGC, 5.00%, 07/01/2018 (p)		815
		State of New Jersey, Equipment Lease Purchase,
	40	Series A, COP, 5.00%, 06/15/2018 (p)		41
	25	Series A, COP, 5.25%, 06/15/2019 (p)		26
				1,218
		Transportation — 0.3%
	700	New Jersey Transportation Trust Fund Authority, Transportation Program, Series BB-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 1.00%, 12.00% Cap), 2.09%, 03/08/2018 (aa)		703
	225	New Jersey Transportation Trust Fund Authority, Transportation System, Series B-4, Rev., 5.25%, 12/15/2019		236
	4,000	New Jersey Turnpike Authority, Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%, 8.00% Cap), 1.44%, 04/02/2018 (aa)		4,013
				4,952
		Total New Jersey		221,969
		New Mexico — 0.3%
		Education — 0.0% (g)
	30	University of New Mexico (The), Refunding & Improvement, Subordinated Lien, Series A, Rev., 2.00%, 06/01/2018		30
		General Obligation — 0.2%
	50	Albuquerque Municipal School District No. 12, Series D, GO, 4.00%, 08/01/2018		51
	880	Jal Public School District No. 19, Credit Enhancement Program, GO, AGM, 5.00%, 08/01/2019		922
		Santa Fe Public School District,
	25	GO, 3.00%, 08/01/2018		25
	2,500	Series 2015, GO, 5.00%, 08/01/2018		2,539
	500	Silver City Consolidated School District No. 1, School Building, GO, 2.00%, 08/01/2018		500
				4,037
		Other Revenue — 0.0% (g)
	25	City of Rio Rancho, Series 2013, Rev., 4.00%, 06/01/2018		25
	60	State of New Mexico, Severance Tax Permanent Fund, Series A, Rev., 5.00%, 07/01/2018		61
				86

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	25	Albuquerque Bernalillo County Water Utility Authority, Joint Water & Sewer System Improvement, Series A, Rev., 5.00%, 07/01/2018 (p)		25
	25	County of Los Alamos, Rev., 6.00%, 06/01/2018 (p)		25
				50
		Water & Sewer — 0.1%
	2,750	Albuquerque Bernalillo County Water Utility Authority, Joint Water & Sewer System Improvement, Rev., 5.00%, 07/01/2018		2,783
		Total New Mexico		6,986
		New York — 20.5%
		Education — 1.5%
	5,000	Board of Cooperative Educational Services First Supervisory District, Rev., RAN, 2.25%, 03/08/2018		5,001
		Board of Cooperative Educational Services for the Sole Supervisory District,
	13,500	Rev., RAN, 2.00%, 06/29/2018		13,529
	3,500	Rev., RAN, 2.25%, 03/16/2018		3,500
	5,000	Rev., RAN, 2.25%, 06/22/2018		5,013
	4,440	New York State Dormitory Authority, University of Rochester, Series 2006A-1, Rev., VRDO, LOC: Barclays Bank plc, 1.10%, 03/08/2018 (z)		4,440
				31,483
		General Obligation — 8.2%
	6,500	Amsterdam City School District, Series A, GO, BAN, 2.25%, 06/29/2018		6,514
	35	Baldwinsville Central School District, GO, 4.00%, 05/15/2018		35
	3,500	Binghamton City School District, GO, RAN, 2.50%, 01/25/2019		3,524
		City of New York,
	15,000	Series E, Subseries E-3, GO, VRDO, LOC: Bank of America NA, 1.10%, 03/08/2018 (z)		15,000
	20	Subseries J-1, GO, 4.00%, 08/01/2018		20
	25	City of New York, Fiscal Year 2013, Series J, GO, 5.00%, 08/01/2018		25
	3,635	City of Olean, GO, BAN, 2.25%, 06/14/2018		3,645
	2,008	City of Troy, Series B, GO, BAN, 2.25%, 08/03/2018		2,011
	20	Clarkstown Central School District, GO, 5.00%, 04/15/2018		20
	7,665	County of Erie, GO, RAN, 2.00%, 06/30/2018		7,682

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	22,495	County of Nassau, Series B, GO, TAN, 3.00%, 09/18/2018		22,693
	30	County of Orange, Series A, GO, AGM, 4.00%, 03/01/2018		30
	14,225	County of Schoharie, GO, BAN, 2.50%, 02/08/2019		14,351
	1,130	County of Suffolk, Series A, GO, 5.00%, 04/01/2018		1,133
	20	County of Suffolk, Town of Brookhaven, Series 2015, GO, 5.00%, 05/01/2018		20
	20	East Hampton Union Free School District, GO, 4.00%, 06/01/2018		20
	16,035	Gouverneur Central School District, GO, BAN, 2.25%, 06/28/2018		16,087
	1,875	Harpursville Central School District, GO, RAN, 2.25%, 06/29/2018		1,879
	3,500	Harrisville Central School District, GO, BAN, 2.25%, 06/29/2018		3,509
	20	Lancaster Central School District, GO, 4.00%, 05/15/2018		20
	40	Mahopac Central School District, Series A, GO, 5.00%, 04/01/2018		40
	6,713	Marcellus Central School District, GO, BAN, 3.00%, 02/22/2019		6,803
	6,405	Mattituck, Cutchogue Union Free School District, GO, TAN, 2.25%, 06/27/2018		6,416
	45	Middle Country Central School District, GO, 5.00%, 05/15/2018		45
	7,000	Niagara Falls City School District, GO, RAN, 2.00%, 03/30/2018		7,003
	6,100	Portville Central School District, GO, BAN, 2.25%, 06/29/2018		6,116
	1,480	Queensbury Union Free School District, GO, BAN, 2.25%, 04/27/2018		1,482
	20	Rocky Point Union Free School District, GO, 5.00%, 06/01/2018		20
	7,000	Sewanhaka Central High School District of Elmont, GO, TAN, 2.25%, 06/22/2018		7,011
	20	State of New York, Tax-Exempt, Series A, GO, 4.00%, 03/01/2018		20
	3,292	Town of Corning, Series A, GO, BAN, 2.25%, 08/15/2018		3,300
	500	Town of Islip, Public Improvement, Series A, GO, 4.00%, 11/15/2020		509
	1,067	Town of LaGrange, Series B, GO, BAN, 2.50%, 06/14/2018		1,070
		Town of Oyster Bay,
	500	Series A, GO, BAN, 3.50%, 06/01/2018		502
	100	Series C, GO, BAN, 4.00%, 06/01/2018		101

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 69

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,530	Town of Phelps, GO, BAN, 2.25%, 07/06/2018		1,532
	1,079	Town of Union, GO, BAN, 2.25%, 05/04/2018		1,081
	3,104	Village of Tully, GO, BAN, 2.25%, 04/12/2018		3,107
	4,450	Weedsport Central School District, GO, BAN, 2.50%, 07/13/2018		4,467
	6,460	West Canada Valley Central School District, GO, BAN, 2.00%, 06/14/2018		6,470
	8,000	West Seneca Fire District No. 2, Series B, GO, BAN, 2.25%, 07/11/2018		8,013
	5,000	West Webster Fire District, GO, BAN, 1.75%, 07/13/2018		4,997
				168,323
		Hospital — 0.1%
		Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project,
	515	Series A, Rev., 2.00%, 11/01/2018		515
	550	Series A, Rev., 2.00%, 11/01/2019		547
	575	Series A, Rev., 3.00%, 11/01/2020		582
				1,644
		Housing — 0.1%
	2,360	Amherst Development Corp., Student Housing Facility, Greiner & Hadley Refunding Projects, Series A, Rev., 3.00%, 10/01/2018		2,382
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
	20,145	Syracuse City Industrial Development Agency, Syracuse University Project, Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.11%, 03/08/2018 (z)		20,145
		Other Revenue — 3.1%
	340	Albany Capital Resource Corp., Albany Law School of Union University Refunding Project, Rev., 3.00%, 07/01/2018		341
		Erie County Fiscal Stability Authority, Sales Tax,
	20	Series A, Rev., 4.00%, 04/01/2018		20
	20	Series A, Rev., 5.00%, 04/01/2018		20
	50	Series A, Rev., 5.00%, 05/15/2018		51
	50	Series C, Rev., 4.13%, 03/15/2018		50
	10,975	Nassau County Interim Finance Authority, Sales Tax Secured, Series C, Rev., VRDO, 1.09%, 03/08/2018 (z)		10,975
	20,000	New York City Transitional Finance Authority, Future Tax Secured, Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.07%, 03/08/2018 (z)		20,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	1,000	Series 2003A-1, Rev., 5.00%, 11/01/2018		1,024
	1,250	Subseries A-4, Rev., VRDO, 1.10%, 03/01/2018 (z)		1,250
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010,
	25	Series D, Rev., 5.00%, 11/01/2018		26
	14,675	Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.08%, 03/08/2018 (z)		14,675
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013,
	2,000	Series A, Subseries A-4, Rev., VRDO, 1.10%, 03/01/2018 (z)		2,000
	150	Subseries F-1, Rev., 5.00%, 02/01/2019		155
	4,000	New York City Transitional Finance Authority, New York City Recovery, Series 3, Subseries 3-G, Rev., VRDO, 1.09%, 03/08/2018 (z)		4,000
	8,000	New York City Trust for Cultural Resources, American Museum of Natural History, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.04%), 1.13%, 03/08/2018 (aa)		7,995
	65	New York Local Government Assistance Corp., Senior Lien, Series C, Rev., 5.00%, 04/01/2018		65
	20	New York Local Government Assistance Corp., Subordinated Lien, Series B, Rev., 5.00%, 04/01/2018		20
	150	New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group, Series A, Rev., 4.00%, 05/01/2020		157
	35	New York State Dormitory Authority, State Sales Tax, Series A, Rev., 5.00%, 03/15/2018		35
	25	New York State Dormitory Authority, Third General Resolution, State University Educational Facilities, Rev., 5.00%, 05/15/2018		25
	25	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.25%, 12/15/2018		26
	1,240	Schenectady Metroplex Development Authority, Series A, Rev., BAN, 3.00%, 12/28/2018		1,255
	150	TSASC, Inc., Tobacco Settlement, Series B, Rev., 5.00%, 06/01/2019		155
	130	Wautoma Area School District, GO, AGM, 3.00%, 03/01/2018		130
				64,450

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.7%
		New York State Dormitory Authority, State Personal Income Tax, Education,
	20	Series A, Rev., 5.00%, 03/15/2018 (p)		20
	25	Series C, Rev., 5.00%, 03/15/2018 (p)		25
	30	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund, Series A, Rev., 5.00%, 04/01/2018 (p)		30
	25	New York State Urban Development Corp., State Personal Income Tax, Rev., NATL-RE, 4.25%, 03/15/2018 (p)		25
	50	Onondaga County Water Authority, Series A, Rev., 5.00%, 09/15/2018 (p)		51
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	35	Series A, Rev., 4.88%, 05/15/2018 (p)		35
	20	Series A, Rev., 5.00%, 05/15/2018 (p)		20
	1,120	Series A, Rev., 5.00%, 01/01/2022 (p)		1,252
	13,000	Series A, Rev., 5.25%, 05/15/2018 (p)		13,104
				14,562
		Special Tax — 0.0% (g)
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	200	Series A, Rev., 5.00%, 02/15/2021		219
	20	Series C, Rev., 5.00%, 06/15/2018		20
	25	Series E, Rev., 4.00%, 03/15/2018		25
	20	New York State Thruway Authority, Transportation, Series A, Rev., 5.00%, 03/15/2018		20
				284
		Transportation — 3.7%
		Metropolitan Transportation Authority,
	20	Series A, Rev., 5.75%, 07/01/2018		20
	13,750	Series A-3, Rev., BAN, 4.00%, 08/15/2019		14,222
	15,000	Series C-2D, Rev., BAN, 4.00%, 05/15/2019		15,435
	8,710	Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.06%, 03/08/2018 (z)		8,710
	2,955	Subseries E-3, Rev., VRDO, LOC: Citibank NA, 1.05%, 03/08/2018 (z)		2,955
	25,520	New York State Thruway Authority, Series A, Rev., 5.00%, 05/01/2019		26,544
		New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund,
	440	Series A, Rev., 5.00%, 04/01/2018		442
	20	Series A-1, Rev., 3.00%, 04/01/2018		20

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — continued
	25	New York State Thruway Authority, Local Highway & Bridge Service Contract, Rev., 5.00%, 04/01/2018		25
	25	New York State Thruway Authority, Transportation, Series A, Rev., 5.00%, 03/15/2018		25
	20	Port Authority of New York & New Jersey, Consolidated, Series 180, Rev., 4.00%, 06/01/2018		20
	100	Port Authority of New York & New Jersey, Consolidated, 173rd Series, Rev., 5.00%, 12/01/2018		103
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	2,210	Series A, Rev., 4.00%, 11/15/2018		2,251
	4,010	Series A, Rev., 5.00%, 11/15/2018		4,113
	20	Series B, Rev., 5.00%, 11/15/2018		21
	1,500	Series B-4D, Rev., (ICE LIBOR USD 1 Month + 0.58%, 9.00% Cap), 1.64%, 04/02/2018 (aa)		1,507
				76,413
		Utility — 0.0% (g)
	25	Long Island Power Authority, Electric System, Series A, Rev., AGM, Zero Coupon, 12/01/2018		25
		Water & Sewer — 2.1%
	25,000	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2008, Subseries B-4, Rev., VRDO, 1.09%, 03/08/2018 (z)		25,000
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011,
	1,250	Series DD-1, Rev., VRDO, 1.10%, 03/01/2018 (z)		1,250
	8,205	Series DD-3B, Rev., VRDO, 1.11%, 03/01/2018 (z)		8,205
	2,500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014, Series AA, Subseries AA1-AA6, Rev., VRDO, 1.10%, 03/01/2018 (z)		2,500
	5,680	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series BB-3, Rev., VRDO, 1.08%, 03/08/2018 (z)		5,680

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 71

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	20	New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects, Series A, Rev., 5.00%, 06/15/2018		20
				42,655
		Total New York		422,366
		North Carolina — 2.7%
		Certificate of Participation/Lease — 0.6%
	13,120	City of Raleigh, Downtown Improvement Projects, Series A, COP, VRDO, 1.09%, 03/08/2018 (z)		13,120
		Education — 0.2%
	3,250	University of North Carolina, Chapel Hill, Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%, 12.00% Cap), 1.46%, 04/02/2018 (aa)		3,253
		Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina,
	110	Rev., AGM, 3.00%, 10/01/2018		111
	90	Rev., AGM, 4.00%, 10/01/2019		94
	120	Rev., AGM, 4.00%, 10/01/2020		128
				3,586
		General Obligation — 0.2%
	25	City of Raleigh, Series B, GO, 5.00%, 04/01/2018		25
	25	County of Forsyth, GO, 5.00%, 05/01/2018		25
	2,535	County of Lincoln, Series A, GO, 4.00%, 06/01/2019		2,614
	500	State of North Carolina, Series A, GO, 5.00%, 06/01/2019		522
				3,186
		Hospital — 0.2%
	2,935	North Carolina Medical Care Commission, Firsthealth Carolinas, Series A, Rev., VRDO, 1.14%, 03/08/2018 (z)		2,935
		North Carolina Medical Care Commission, United Methodist Retirement Homes, Inc., Retirement Facilities,
	180	Rev., 5.00%, 10/01/2018		183
	275	Rev., 5.00%, 10/01/2019		288
	380	Northern Hospital District of Surry County, Health Care Facilities, Rev., 4.00%, 10/01/2018		383
				3,789

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.1%
	30	City of Fayetteville Public Works Commission, Series A, Rev., 5.00%, 03/01/2018		30
	25	City of Winston-Salem, Series C, Rev., 4.00%, 06/01/2018		25
	25	County of Bladen, Rev., 4.00%, 06/01/2018		25
	210	County of Chatham, Series 2014, Rev., 5.00%, 11/01/2019		222
	1,000	State of North Carolina, Vehicle, Rev., 4.00%, 03/01/2018		1,000
				1,302
		Prerefunded — 0.0% (g)
	45	Cape Fear Public Utility Authority, Water & Sewer System, Rev., 5.00%, 08/01/2018 (p)		46
		Transportation — 0.0% (g)
	420	North Carolina Turnpike Authority, Monroe Connector System, Series 2011, Rev., 5.00%, 07/01/2020		452
		Water & Sewer — 1.4%
		City of Charlotte, Water & Sewer System,
	3,650	Series 2015, Rev., 5.00%, 07/01/2018		3,695
	14,990	Series B, Rev., VRDO, 1.09%, 03/08/2018 (z)		14,990
	6,005	City of Greensboro, Combined Enterprise System, Series A, Rev., VRDO, 1.12%, 03/08/2018 (z)		6,005
	5,000	Orange Water & Sewer Authority, Series B, Rev., VRDO, 1.12%, 03/08/2018 (z)		5,000
				29,690
		Total North Carolina		55,171
		North Dakota — 0.0% (g)
		Hospital — 0.0% (g)
	270	City of Grand Forks, Health Care System, Altru Health System Obligated Group, Series A, Rev., 5.00%, 12/01/2018		277
		Ohio — 4.2%
		Certificate of Participation/Lease — 0.0% (g)
		Goshen Local School District, School Facilities Project,
	280	COP, 1.50%, 12/15/2020		277
	170	COP, 4.00%, 12/15/2018		173
	240	COP, 4.00%, 12/15/2019		249
				699

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — 0.3%
	225	Lorain County Community College District, Rev., 2.00%, 12/01/2018		226
	50	Miami University, A State University of Ohio, Rev., 4.00%, 09/01/2018		51
	5,300	Ohio State University (The), General Receipts, Rev., VRDO, 1.05%, 03/08/2018 (z)		5,300
		University of Cincinnati, General Receipts,
	25	Series A, Rev., 5.00%, 06/01/2018		25
	25	Series C, Rev., 4.00%, 06/01/2018		25
	100	Wright State University, General Receipts, Series A, Rev., 4.00%, 05/01/2018		100
				5,727
		General Obligation — 1.9%
	215	Antwerp Local School District, School Facilities Construction & Improvement, GO, 3.00%, 12/01/2018		217
	1,075	City of Ashland, Various Purpose Notes, GO, BAN, 2.00%, 05/17/2018		1,076
		City of Cincinnati, Unlimited Tax Refunding & Improvement,
	2,000	Series 2014A, GO, 5.00%, 12/01/2018		2,054
	5,925	Series 2014A, GO, 5.00%, 12/01/2019		6,275
	645	City of Cleveland Heights, GO, BAN, 2.30%, 07/24/2018		647
	3,500	City of Cuyahoga Falls, Various Purpose, GO, BAN, 1.75%, 08/08/2018		3,505
	685	City of Elyria, GO, BAN, 2.00%, 05/25/2018		686
		City of Elyria, Improvement & Refunding, Various Purpose,
	685	GO, 3.00%, 12/01/2018		693
	1,340	GO, 5.00%, 12/01/2019		1,418
	425	City of Fairborn, Various Purpose, Series B, GO, BAN, 1.75%, 09/07/2018		425
	1,360	City of Forest Park, Various Purpose, GO, BAN, 1.75%, 08/22/2018		1,362
	1,000	City of Highland Heights, Various Purpose, GO, BAN, 1.75%, 06/14/2018		1,001
	8,000	City of Huber Heights, Capital Facilities Notes, GO, BAN, 2.00%, 05/30/2018		8,012
		City of Middletown, Various Purpose,
	250	GO, 4.00%, 12/01/2018		254
	500	GO, 4.00%, 12/01/2019		519
	500	City of Seven Hills, Capital Improvement, GO, BAN, 2.25%, 06/28/2018		499
	650	City of Seven Hills, Street Improvement, GO, BAN, 2.25%, 08/02/2018		649
	25	City of Springboro, GO, 5.00%, 12/01/2018		26

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	1,115	City of Springfield, Sewer & Water, GO, BAN, 2.00%, 03/30/2018		1,115
		City of Toledo,
	180	GO, AGM, 2.00%, 12/01/2019		181
	100	GO, AGM, 4.00%, 12/01/2020		105
	225	County of Crawford, Various Purpose, GO, AGM, 2.00%, 12/01/2018		226
	1,000	County of Lake, Water Utilities Improvement, GO, 1.50%, 06/14/2018		1,000
	5,000	County of Lucas, Various Purpose Improvement, GO, BAN, 2.00%, 07/11/2018		5,011
	645	Madison Local School District, Energy Conservation Improvement, GO, BAN, 2.00%, 10/04/2018		647
	95	Painesville City Local School District, School Improvement, GO, Zero Coupon, 12/01/2018		94
	100	Riverside Local School District, School Construction & Improvement, Series C, GO, 5.00%, 10/01/2018		102
		State of Ohio, Higher Education,
	25	Series A, GO, 5.00%, 08/01/2018		25
	45	Series B, GO, 5.00%, 08/01/2018		46
	65	Series C, GO, 4.00%, 08/01/2018		66
	230	Wauseon Exempted Village School District, Classroom Facilities & School Improvement, GO, 2.00%, 12/01/2018		231
				38,167
		Hospital — 1.1%
	125	Akron, Bath & Copley Joint Township Hospital District, Summa Health Obligated Group, Rev., 5.00%, 11/15/2021		135
		City of Centerville, Graceworks Lutheran Services,
	275	Rev., 5.00%, 11/01/2020		289
	285	Rev., 5.00%, 11/01/2021		303
	2,000	County of Allen, Hospital Facilities, Mercy Health, Series B, Rev., 5.00%, 05/05/2022 (z)		2,218
	11,645	County of Franklin, Hospital Facilities, U.S. Health Corp., Series A, Rev., VRDO, LOC: Northern Trust Co., 1.09%, 03/08/2018 (z)		11,645
	25	State of Ohio, Capital Facilities Lease Appropriation, Mental Health Improvement Fund Project, Series A, Rev., 4.00%, 06/01/2018		25
	8,250	State of Ohio, University Hospitals Health System, Inc., Series A, Rev., VRDO, 1.34%, 03/01/2018 (z)		8,250
				22,865

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 73

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.0% (g)
	20	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series 2011A, Rev., 5.00%, 04/01/2018		20
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	13,935	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series B, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.22%), 1.31%, 03/08/2018 (aa)		13,967
		Prerefunded — 0.0% (g)
	20	City of Cincinnati, Economic Development, Baldwin 300 Project, Series B, Rev., 5.00%, 11/01/2018 (p)		21
	20	City of Cleveland, Bridges & Roadways, Series B, Rev., AGC, 5.00%, 04/01/2018 (p)		20
	25	City of North Canton, Series A, GO, AGC, 5.00%, 06/01/2018 (p)		25
	25	Dublin City School District, School Facilities Construction & Improvement, GO, 5.00%, 12/01/2018 (p)		26
	25	Miamisburg City School District, Facilities Construction & Improvement, GO, 5.00%, 12/01/2018 (p)		26
	20	Monroeville Local School District, School Improvement, GO, 4.00%, 12/01/2018 (p)		20
	50	Northmor Local School District, School Facilities Construction & Improvement, GO, 5.00%, 11/01/2018 (p)		51
	25	St. Marys City School District, School Facilities Construction & Improvement, GO, AGM, 4.50%, 06/01/2018 (p)		25
	20	State of Ohio, Infrastructure Improvement, GO, 5.38%, 03/01/2018 (p)		20
	35	State of Ohio, Infrastructure Project, Series 1, Rev., 5.75%, 06/15/2018 (p)		35
				269
		Transportation — 0.2%
	4,170	City of Cleveland, Airport System, Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/08/2018 (z)		4,170
	735	Ohio Turnpike & Infrastructure Commission, Junior Lien, Infrastructure Projects, Series A-1, Rev., 5.00%, 02/15/2019		759
				4,929
		Water & Sewer — 0.0% (g)
	20	City of Cincinnati, Water System, Series A, Rev., 5.00%, 12/01/2018		20

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	30	County of Butler, Rev., 4.00%, 12/01/2018		31
				51
		Total Ohio		86,694
		Oklahoma — 0.2%
		Education — 0.1%
		Canadian County Educational Facilities Authority, Mustang Public Schools Project,
	335	Rev., 3.00%, 09/01/2018		338
	1,000	Rev., 3.00%, 09/01/2019		1,019
		Cleveland County Educational Facilities Authority, Educational Facilities Lease, Noble Public Schools Project,
	125	Rev., 4.00%, 09/01/2018		126
	120	Rev., 4.00%, 09/01/2019		124
	300	Cleveland County Educational Facilities Authority, Moore Public Schools Project, Rev., 5.00%, 06/01/2019		313
	125	Okarche Economic Development Authority, Okarche Public Schools Project, Rev., 4.00%, 09/01/2019		128
	50	Oklahoma Agricultural & Mechanical Colleges, State University, Rev., 3.50%, 07/01/2018 (p)		50
	160	Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project, Series 2018, Rev., 5.00%, 10/01/2018		163
	200	Oklahoma County Finance Authority, Educational Facilities, Lease Western Harrah Public Schools Project, Rev., 2.00%, 09/01/2018		200
	500	Sequoyah County Educational Facilities Authority, Sallisaw Public Schools Project, Rev., 2.00%, 09/01/2018		501
				2,962
		General Obligation — 0.0% (g)
	50	State of Oklahoma, Building Commission, Series A, GO, 5.00%, 07/15/2018		51
		Housing — 0.1%
	1,500	Oklahoma Housing Finance Agency, Green Rural Development Portfolio, Series 2018, Rev., VRDO, 1.90%, 03/01/2020 (z)		1,500
		Prerefunded — 0.0% (g)
	30	Grand River Dam Authority, Series A, Rev., BHAC, 5.00%, 06/01/2018 (p)		30

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.0% (g)
	75	Stillwater Utilities Authority, Utility System & Sales Tax, Series A, Rev., 4.00%, 10/01/2018		76
		Total Oklahoma		4,619
		Oregon — 0.7%
		General Obligation — 0.4%
	25	Clackamas & Washington Counties School District No. 3, Series A, GO, NATL-RE, Zero Coupon, 06/15/2018		25
		Clackamas County School District No. 12,
	135	GO, AGM, 5.00%, 06/15/2018		137
	250	Series A, GO, Zero Coupon, 06/15/2019		245
	1,875	County of Washington, Series 2016, GO, 5.00%, 06/01/2021		2,065
	25	Lane County, Bethel School District No. 52, GO, 4.00%, 06/15/2018		25
	60	Lane County, Mapleton School District No. 32, GO, 2.00%, 06/15/2018		60
	25	State of Oregon, Series L, GO, 5.00%, 11/01/2018		25
	6,085	State of Oregon, Veterans Welfare, Series 9, GO, VRDO, 1.08%, 03/08/2018 (z)		6,085
				8,667
		Hospital — 0.3%
	100	Klamath Falls Intercommunity Hospital Authority, Sky Lakes Medical Center Project, Rev., 3.00%, 09/01/2018		101
	5,350	Salem Hospital Facility Authority, Hospital Project, Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/08/2018 (z)		5,350
				5,451
		Prerefunded — 0.0% (g)
	40	Chemeketa Community College District, GO, 5.50%, 06/15/2018 (p)		41
	195	City of Portland, Sewer System, Series B, Rev., AGM, 5.00%, 06/15/2018 (p)		197
	20	Port of Portland, Airport Revenue, Series 19, Rev., 5.00%, 07/01/2018 (p)		20
	20	State of Oregon, Higher Education, Series A, GO, 5.00%, 08/01/2018 (p)		20
				278
		Transportation — 0.0% (g)
	35	Tri-County Metropolitan Transportation District of Oregon, Capital Grant Receipts, Series A, Rev., 5.00%, 10/01/2018		36
		Total Oregon		14,432

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pennsylvania — 2.5%
		Education — 0.9%
	255	Chester County Health & Education Facilities Authority, Immaculata University Project, Rev., 3.00%, 11/01/2018		255
		Pennsylvania Higher Educational Facilities Authority,
	8,950	Series A, Rev., 5.00%, 09/01/2019 (p)		9,423
	5,975	Series AN, Rev., 5.00%, 06/15/2020		6,408
	215	Series AT-1, Rev., 5.00%, 06/15/2018		217
		Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System,
	25	Rev., 5.00%, 08/15/2018		25
	200	Rev., 5.00%, 08/15/2019		210
	290	Pennsylvania Higher Educational Facilities Authority, Widener University, Rev., 2.00%, 07/15/2019		289
	375	Snyder County Higher Education Authority, Susquehanna University Project, Rev., 4.00%, 01/01/2019		382
	25	State Public School Building Authority, Northampton Community College Project, Rev., 4.00%, 06/15/2018		25
				17,234
		General Obligation — 0.8%
	25	Carlisle Area School District, Series 2014, GO, 4.00%, 03/01/2018		25
	350	City of Easton, Series A, GO, AGM, 2.00%, 11/15/2018		351
	35	Cocalico School District, Series 2014, GO, 4.00%, 03/01/2018		35
	8,995	Commonwealth of Pennsylvania, Series 2015, GO, 5.00%, 08/15/2022		10,017
	270	County of Beaver, GO, 3.00%, 04/15/2018		271
	30	County of Centre, GO, 5.00%, 06/01/2018		30
	4,000	County of Luzerne, Series 2018, GO, TRAN, 3.00%, 06/29/2018		4,019
	30	County of Montgomery, Series A, GO, 5.00%, 03/15/2018		30
	20	Cumberland Valley School District, Refunding & Improvement, Series A, GO, 4.00%, 11/15/2018		20
	30	Fox Chapel Area School District, GO, 3.00%, 08/01/2018		30
	20	Great Valley School District, GO, 4.00%, 11/01/2018		20
	35	Manheim Central School District, GO, AGM, 4.00%, 03/01/2018		35

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 75

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,075	Municipality of Monroeville, GO, 3.00%, 06/01/2020		1,102
	105	Parkland School District, Series A, GO, 3.00%, 03/01/2018		105
	50	Pine-Richland School District, Series A, GO, 2.00%, 07/15/2018		50
	30	Pleasant Valley School District, GO, 5.00%, 05/01/2018		30
	20	Schuylkill Valley School District, GO, 4.00%, 04/01/2018		20
	20	Souderton Area School District, Series A, GO, 4.00%, 11/15/2018		20
	50	Township of Exeter, GO, AMBAC, 5.30%, 07/15/2018		51
	20	Township of Hopewell, GO, 4.00%, 05/01/2018		20
	210	Township of Upper Darby, GO, AGM, 2.00%, 05/01/2019		211
		West Chester Area School District,
	20	GO, 5.00%, 04/15/2018		20
	35	Series AA, GO, 5.00%, 05/15/2018		35
				16,547
		Hospital — 0.1%
	1,085	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.00%, 05/15/2018		1,093
	1,000	Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System, Hospital Revenue, Rev., 5.00%, 07/01/2019		1,034
				2,127
		Housing — 0.0% (g)
	250	Philadelphia Housing Authority, PHA Headquarters Project, Rev., 4.00%, 05/01/2019		257
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
		Lackawanna County Industrial Development Authority, University of Scranton,
	25	Rev., 3.00%, 11/01/2018		25
	50	Rev., 3.00%, 11/01/2019		51
	100	Rev., 4.00%, 11/01/2020		105
	1,000	Rev., 5.00%, 11/01/2021		1,095
				1,276

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.5%
		Commonwealth Financing Authority, Tobacco Master Settlement Payment,
	555	Series 2018, Rev., 5.00%, 06/01/2020		590
	535	Series 2018, Rev., 5.00%, 06/01/2021		579
	250	Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project, Rev., 2.00%, 04/30/2020 (z)		250
	7,855	Emmaus General Authority, Rev., VRDO, AGM, 1.17%, 03/08/2018 (z)		7,855
	1,070	Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series A, Rev., 5.00%, 07/01/2018		1,083
	195	Philadelphia Municipal Authority, City Agreement, Juvenile Justice Services Center, Rev., 4.00%, 04/01/2019		199
				10,556
		Prerefunded — 0.0% (g)
	30	Allegheny County Higher Education Building Authority, Duquesne University, Rev., 5.00%, 03/01/2018 (p)		30
	60	Central Bucks School District, GO, 5.00%, 05/15/2018 (p)		60
	40	Commonwealth of Pennsylvania, GO, 5.00%, 05/15/2018 (p)		40
	15	County of Allegheny, West Mifflin Area School District, GO, AGM, 5.38%, 10/01/2018 (p)		15
	25	County of Lehigh, Rev., AGM, 5.00%, 07/01/2018 (p)		26
	50	Doylestown Hospital Authority, Series A, Rev., AGC, 5.00%, 07/01/2018 (p)		51
	55	Manheim Central School District, GO, AGM, 5.00%, 03/01/2018 (p)		55
	20	Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series B, Rev., 6.00%, 08/15/2018 (p)		20
		Pennsylvania Turnpike Commission,
	95	Series A1, Rev., AGC, 5.00%, 06/01/2018 (p)		97
	25	Series B-1, Rev., 5.00%, 06/01/2018 (p)		25
	25	Series B-1, Rev., 5.25%, 06/01/2018 (p)		25
	30	Series B-1, Rev., 5.63%, 06/01/2018 (p)		30
	20	Series C, Rev., AGC, 6.00%, 06/01/2018 (p)		20
	20	Red Lion Area School District, GO, AGM, 5.00%, 05/01/2018 (p)		20
	35	The School Board of Philadelphia County, Series F, GO, BHAC, 5.13%, 09/01/2018 (p)		36

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	25	West Shore School District, GO, AGC, 4.50%, 05/15/2019 (p)		26
				576
		Transportation — 0.0% (g)
		Pennsylvania Turnpike Commission,
	70	Series B, Subseries B-2, Rev., 5.00%, 06/01/2018		71
	75	Series B, Subseries B-2, Rev., 5.00%, 06/01/2019		78
	50	Series B, Subseries B-2, Rev., 5.00%, 06/01/2020		53
	110	Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2020		119
				321
		Utility — 0.1%
	2,100	City of Philadelphia, Gas Works, 1998 General Ordinance, Fifteen, Rev., 3.00%, 08/01/2019		2,138
		Total Pennsylvania		51,032
		Rhode Island — 0.3%
		Hospital — 0.3%
	5,205	Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue, Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/08/2018 (z)		5,205
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	35	Rhode Island Infrastructure Bank, Water Pollution Control Revolving Fund, Series A, Rev., 5.00%, 10/01/2018		36
		Other Revenue — 0.0% (g)
		Providence Public Building Authority, Capital Improvement,
	125	Series A, Rev., 3.00%, 09/15/2018		125
	250	Series A, Rev., 4.00%, 09/15/2019		257
	200	Series A, Rev., 5.00%, 09/15/2020		213
	205	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 4.00%, 06/01/2018		206
				801
		Transportation — 0.0% (g)
		Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project,
	500	Series 2018, Rev., 5.00%, 07/01/2019		521
	585	Series 2018, Rev., 5.00%, 07/01/2020		625
				1,146
		Total Rhode Island		7,188

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		South Carolina — 1.3%
		Education — 0.1%
	300	County of Spartanburg, School District No. 7, Rev., 3.00%, 12/01/2018		303
	500	Educational Facilities Authority, Wofford College, Series B, Rev., 2.38%, 04/01/2022 (z)		497
				800
		General Obligation — 0.0% (g)
		Aiken County Consolidated School District,
	20	GO, SCSDE, 4.00%, 04/01/2018		20
	25	GO, SCSDE, 5.00%, 04/01/2018		25
	20	County of Florence, GO, 4.00%, 06/01/2018		20
	20	Florence School District No. 1, GO, SCSDE, 4.00%, 03/01/2018		20
		Fort Mill School District No. 4,
	20	Series A, GO, SCSDE, 4.00%, 03/01/2018		20
	20	Series D, GO, SCSDE, 5.00%, 03/01/2018		20
		Horry County School District,
	25	Series 2012, GO, SCSDE, 4.00%, 03/01/2018		25
	20	Series A, GO, SCSDE, 5.00%, 03/01/2018		20
	25	State of South Carolina, Highway, Series A, GO, 5.00%, 06/01/2018		26
	45	State of South Carolina, Winthorp University, Series B, GO, 5.00%, 04/01/2018		45
				241
		Hospital — 1.2%
	24,810	Greenville Health System, Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/08/2018 (z)		24,810
	750	Lexington County Health Services District, Inc., Hospital, LexMed Obligated Group, Series 2017, Rev., 5.00%, 11/01/2018		767
				25,577
		Prerefunded — 0.0% (g)
	500	University of South Carolina, Higher Education, Series A, Rev., AGM, 5.00%, 06/01/2018 (p)		504
		Utility — 0.0% (g)
	250	Piedmont Municipal Power Agency, Electric, Series A, Rev., 5.00%, 01/01/2019		257
		Total South Carolina		27,379
		South Dakota — 0.0% (g)
		Housing — 0.0% (g)
	375	South Dakota Board of Regents, Housing & Auxiliary Facility System, Series 2017, Rev., 5.00%, 04/01/2022		417

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 77

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.0% (g)
		South Dakota State Building Authority,
	150	Series A, Rev., 3.00%, 06/01/2019		153
	200	Series A, Rev., 3.00%, 06/01/2020		205
				358
		Prerefunded — 0.0% (g)
	45	South Dakota State Building Authority, Rev., AGM, 5.00%, 06/01/2018 (p)		45
		Total South Dakota		820
		Tennessee — 1.9%
		Education — 0.5%
	6,250	Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board, Rev., 1.30%, 07/01/2019 (z)		6,233
	4,000	Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board, Twelfth & Wedgewood Apartments Project, Series 2017, Rev., 1.80%, 12/01/2019 (z)		4,001
				10,234
		General Obligation — 0.2%
	25	City of Oak Ridge, GO, 4.00%, 06/01/2018		25
	3,500	County of Monroe, GO, BAN, 1.20%, 06/15/2019		3,489
	30	County of Montgomery, Public Improvement, GO, 5.00%, 04/01/2018		30
		County of Shelby,
	50	Series A, GO, 4.00%, 03/01/2018		50
	45	Series A, GO, 4.75%, 03/01/2018		45
	105	County of Sumner, School & Public Improvement, Series 2013, GO, 5.00%, 12/01/2019		112
				3,751
		Hospital — 1.0%
	20,000	Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur Healthcare, Series B, Rev., VRDO, AGM, 1.10%, 03/01/2018 (z)		20,000
		Prerefunded — 0.0% (g)
	25	City of Chattanooga, Electric Power Board, Series A, Rev., 5.00%, 03/01/2018 (p)		25
	25	City of Memphis, General Improvement, GO, AGC, 4.50%, 04/01/2018 (p)		25
				50

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.2%
	120	City of Knoxville, Gas System, Series W, Rev., 5.00%, 03/01/2019		124
	300	Metropolitan Government of Nashville & Davidson County, Electric Revenue, Series A, Rev., 4.00%, 05/15/2018		302
		Tennessee Energy Acquisition Corp., Gas Project,
	625	Series A, Rev., 4.00%, 05/01/2019		641
	780	Series A, Rev., 4.00%, 05/01/2020		812
	730	Series A, Rev., 4.00%, 05/01/2021		770
	1,715	Series A, Rev., 4.00%, 05/01/2023 (z)		1,827
				4,476
		Water & Sewer — 0.0% (g)
		Jackson Energy Authority, Wastewater System,
	425	Rev., 5.00%, 12/01/2018		436
	350	Rev., 5.00%, 12/01/2019		370
				806
		Total Tennessee		39,317
		Texas — 7.4%
		Education — 1.6%
		Arlington Higher Education Finance Corp., Uplift Education,
	700	Series A, Rev., PSF-GTD, 2.00%, 12/01/2018		702
	435	Series A, Rev., PSF-GTD, 3.00%, 12/01/2019		445
	30	Austin Community College District Public Facility Corp., Lease, Round Rock Campus, Rev., 5.00%, 08/01/2018		30
		County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital,
	3,155	Rev., 5.00%, 11/15/2018		3,232
	25	Series D, Rev., 5.00%, 11/15/2018 (p)		25
		Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System,
	18,795	Rev., VRDO, 1.13%, 03/08/2018 (z)		18,795
	8,800	Series D, Rev., VRDO, 1.13%, 03/08/2018 (z)		8,800
	175	Harris County Cultural Education Facilities Finance Corp., TECO Project, Series 2017, Rev., 5.00%, 11/15/2019		185
	200	Newark Higher Education Finance Corp., Orenda Education, Rev., PSF-GTD, 4.00%, 08/15/2019		206
	25	Regents of the University of North Texas, Series 2010, Rev., 5.00%, 04/15/2018		25

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	300	Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Rev., 5.00%, 11/15/2018		307
		Texas A&M University, Financing System,
	55	Series A, Rev., 5.00%, 05/15/2018		56
	30	Series D, Rev., 5.00%, 05/15/2018		30
	20	Texas State University, Financing System, Rev., 5.00%, 03/15/2018		20
	25	Texas Woman’s University, Series 2012, Rev., 5.00%, 07/01/2018		25
	25	University of Texas System, Board of Regents, Financing System, Series D, Rev., 5.00%, 08/15/2018		25
				32,908
		General Obligation — 3.3%
	20	City of Austin, GO, 4.00%, 09/01/2018		20
		City of Corpus Christi,
	20	GO, 4.00%, 03/01/2018		20
	25	Series C, GO, 4.00%, 03/01/2018		25
	25	City of Forney, GO, AGC, 4.00%, 08/15/2018		25
	70	City of Fort Stockton, Certificates of Obligation, GO, 2.00%, 03/15/2018		70
		City of Granbury,
	160	Series 2018, GO, 2.00%, 08/15/2019		161
	185	Series 2018, GO, 2.00%, 08/15/2020		186
	1,540	City of Houston, Public Improvement, Series A, GO, 5.00%, 03/01/2018		1,541
	50	City of Mercedes, GO, AGC, 3.00%, 08/15/2018		50
	25	City of Midland, Certificates of Obligation, Series 2012, GO, 4.00%, 03/01/2018		25
	55	City of Missouri City, Series B, GO, 5.00%, 06/15/2018		56
		City of Odessa,
	600	Series 2017, GO, 4.00%, 03/01/2018		600
	360	Series 2017, GO, 4.00%, 03/01/2019		369
	300	Series 2017, GO, 4.00%, 03/01/2020		313
	65	City of Pearland, GO, 4.50%, 03/01/2018		65
	50	City of Pflugerville, GO, 3.00%, 08/01/2018		50
	35	City of Weatherford, Tax & Utility System, GO, XLCA, 4.13%, 03/01/2018		35
	2,200	Clear Creek Independent School District, School Building, Series B, GO, PSF-GTD, 1.45%, 08/14/2020 (z)		2,163
	25	Clear Lake City Water Authority, Waterworks & Sewer System, GO, 4.00%, 03/01/2018		25

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	1,250	Corpus Christi Independent School District, School Building, Series A, GO, PSF-GTD, 2.00%, 08/15/2019 (z)		1,259
	30	County of Bexar, Series A, GO, 5.00%, 06/15/2018		30
		County of Harris,
	25	Series A, GO, 5.00%, 10/01/2018		26
	30	Series B, GO, 4.00%, 10/01/2018		30
		County of Montgomery,
	50	GO, AGC, 5.00%, 03/01/2018 (p)		50
	30	Series A, GO, 4.00%, 03/01/2018		30
		County of Travis,
	25	GO, 5.00%, 03/01/2018		25
	30	Series A, GO, 5.00%, 03/01/2018		30
	100	Cuero Independent School District, School Building, Series 2014, GO, PSF-GTD, 5.00%, 08/15/2021		111
	175	El Paso County Hospital District, GO, 5.00%, 08/15/2019		182
	190	Fort Bend County Municipal Utility District No. 151, GO, 3.00%, 09/01/2021		194
	2,545	Fort Bend County, Levee Improvement District No. 15, GO, 0.75%, 09/01/2018		2,537
		Fort Bend Independent School District,
	25	GO, PSF-GTD, 5.00%, 08/15/2018		26
	6,750	Series B, GO, PSF-GTD, 1.35%, 08/01/2019 (z)		6,735
	20	Frisco Independent School District, GO, PSF-GTD, 5.00%, 08/15/2018		20
	3,100	Goose Creek Consolidated Independent School District, Series B, GO, PSF-GTD, 1.18%, 08/15/2019 (z)		3,085
	60	Grapevine-Colleyville Independent School District, Series B, GO, 5.00%, 08/15/2018		61
	100	Harris County Municipal Utility District No. 412, GO, 2.00%, 09/01/2018		100
	6,000	Houston Independent School District, Schoolhouse, Series A-2, GO, PSF-GTD, 3.00%, 06/01/2019 (z)		6,111
	200	Joshua Independent School District, School Building, GO, PSF-GTD, 4.00%, 08/15/2018		202
	40	Klein Independent School District, Series B, GO, 4.00%, 08/01/2018		40
	500	Klein Independent School District, Schoolhouse, Series A, GO, PSF-GTD, 5.00%, 08/01/2018		507
	220	Leander Independent School District, Capital Appreciation, Series B, GO, Zero Coupon, 08/15/2019		215

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	480	Midlothian Independent School District, School Building, Series B, GO, PSF-GTD, 2.50%, 08/01/2052 (z)		482
	4,000	Northside Independent School District, GO, PSF-GTD, 1.45%, 06/01/2020 (z)		3,978
	600	Pasadena Independent School District, School Building, Series 2018, GO, PSF-GTD, 5.00%, 02/15/2019		620
	250	Sienna Plantation Levee Improvement District of Fort Bend County, GO, 2.00%, 09/01/2019		251
	250	Southside Independent School District, School Building, GO, PSF-GTD, 2.00%, 08/15/2019		252
	40	State of Texas, Public Finance Authority, Series A, GO, 5.00%, 10/01/2018		41
	11,900	State of Texas, Transportation Commission, Multi Mode Mobility Fund, Series B-R, GO, VRDO, LIQ: Texas Comptroller of Public Accounts, 1.13%, 03/08/2018 (z)		11,900
	30	State of Texas, Unrefunded Balance, Transportation Commission, Mobility Fund, GO, 5.00%, 04/01/2018		30
	22,255	State of Texas, Veterans Bonds, GO, VRDO, 1.15%, 03/08/2018 (z)		22,255
		State of Texas, Water Financial Assistance,
	40	Series B, GO, 5.00%, 08/01/2018		41
	25	Series C, GO, 5.00%, 08/01/2018		25
	230	Weslaco Independent School District, Maintenance Tax Notes, GO, AGM, 3.00%, 02/15/2019		233
				67,513
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	30	Guadalupe-Blanco River Authority Industrial Development Corp., Western Canyon Regional Water Supply Project, Series 2013A, Rev., 4.00%, 04/15/2018		30
	11,490	Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Series 2012, Rev., VRDO, 1.14%, 03/01/2018 (z)		11,490
	4,000	Matagorda County Navigation District No. 1, Pollution Control, Rev., AMT, 1.75%, 09/01/2020 (z)		3,963
				15,483
		Other Revenue — 0.1%
	1,100	Austin Convention Enterprises, Inc., Convention Center Hotel First Tier, Series A, Rev., 5.00%, 01/01/2019		1,128

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	100	Lower Colorado River Authority, Transmission Contract, Rev., 5.00%, 05/15/2018		101
	960	Mission Redevelopment Authority, Tax Increment Contract Revenue, Rev., AGM, 4.00%, 09/01/2018		971
				2,200
		Prerefunded — 0.2%
	20	City of Corpus Christi, GO, AGC, 5.00%, 03/01/2018 (p)		20
	55	City of Corpus Christi, Utility System, Rev., AGC, 5.25%, 07/15/2018 (p)		56
	25	City of Dallas, Waterworks & Sewer System, Rev., 5.00%, 10/01/2018 (p)		26
	35	City of El Paso, Water & Sewer, Series C, Rev., 5.00%, 03/01/2018 (p)		35
	700	City of Forney, Independent School District, Series A, GO, PSF-GTD, 6.00%, 08/15/2018 (p)		715
	25	City of Garland, Water & Sewer System, Rev., AGM, 5.00%, 03/01/2018 (p)		25
	500	Corpus Christi Independent School District, School Building, GO, 5.00%, 08/15/2019 (p)		525
	45	Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2018 (p)		46
	195	Ennis Texas, Independent School District Capital Appreciation, GO, PSF-GTD, Zero Coupon, 08/15/2018 (p)		82
	25	Everman Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/15/2018 (p)		25
	25	Harris County, Toll Road, Senior Lien, Rev., 5.00%, 08/15/2018 (p)		25
	20	Hidalgo County Drain District No. 1, Improvement, GO, AGC, 4.75%, 09/01/2018 (p)		20
	445	Jarrell Independent School District, School Building, Series B, GO, 4.35%, 08/15/2018 (p)		451
	20	Midlothian Independent School District, School Building, Series B, GO, PSF-GTD, 2.50%, 08/01/2018 (p) (z)		20
		North Texas Tollway Authority System, First Tier,
	1,220	Series A, Rev., 6.00%, 01/01/2019 (p)		1,265
	50	Series A, Rev., 6.25%, 01/01/2019 (p)		52
	70	Series K-1, Rev., AGC, 5.75%, 01/01/2019 (p)		73

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	80	Spring Hill Independent School District, GO, PSF-GTD, 5.00%, 08/15/2018 (p)		81
	30	State of Texas, Unrefunded Balance, Transportation Commission, Mobility Fund, GO, 5.00%, 04/01/2018 (p)		30
	25	Williamson County, Municipal Utility District No. 11, GO, 4.20%, 08/01/2018 (p)		25
				3,597
		Transportation — 0.6%
	7,000	Brazoria County Toll Road Authority, Limited Contract Tax & Subordinate Lien Toll Road, Series B, Rev., BAN, 1.45%, 03/01/2020		6,911
	155	Camino Real Regional Mobility Authority, Subordinate Lien Vehicle, Rev., AGM, 5.00%, 06/01/2019		161
	25	County of Harris, Series B, Rev., 5.00%, 08/15/2018		25
		Dallas Area Rapid Transit, Senior Lien,
	50	Rev., 5.00%, 12/01/2018		52
	50	Series A, Rev., 5.00%, 12/01/2018		51
	525	Dallas-Fort Worth International Airport, Series E, Rev., 5.00%, 11/01/2019		554
		Harris County Toll Road Authority, Senior Lien,
	1,850	Series A, Rev., 5.00%, 08/15/2019		1,943
	1,500	Series A, Rev., 5.00%, 08/15/2020		1,620
	1,500	Series A, Rev., 5.00%, 08/15/2021		1,660
	30	Harris County, Metropolitan Transit Authority, Rev., 4.00%, 11/01/2018 (p)		31
	125	Love Field Airport Modernization Corp., Rev., AMT, 5.00%, 11/01/2021		137
		Port Beaumont Navigation District,
	100	Rev., 2.00%, 09/01/2019		102
	155	Rev., 4.00%, 09/01/2020		162
		Texas Transportation Commission, State Highway Fund,
	20	Rev., 4.00%, 10/01/2018		20
	20	Series A, Rev., 5.00%, 10/01/2018		21
				13,450
		Utility — 0.2%
	75	City of Cedar Park, Utility System, Rev., 5.13%, 08/15/2018		76
	25	City of Georgetown, Utility System, Rev., 5.00%, 08/15/2018		25
	25	City of Houston, Combined Utility System, First Lien, Series C, Rev., 5.00%, 11/15/2018		26
	4,425	City of Houston, Utility System, Series B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.10%, 03/08/2018 (z)		4,425

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — continued
	100	City of Lubbock, Electric Light & Power System, Rev., 5.00%, 04/15/2018		101
	50	Red River Authority, Utility System, Rev., NATL-RE, 2.00%, 04/01/2018		50
				4,703
		Water & Sewer — 0.7%
	20	Canyon Regional Water Authority, Wells Ranch I Project, Series 2016, Rev., 3.00%, 08/01/2018		20
	11,275	City of Austin, Water & Wastewater System, Rev., VRDO, LOC: Citibank NA, 1.11%, 03/08/2018 (z)		11,275
		City of El Paso, Water & Sewer,
	45	Rev., 4.00%, 03/01/2018		45
	25	Rev., 5.00%, 03/01/2018		25
		City of San Antonio, Water System,
	50	Rev., 4.00%, 05/15/2018		51
	25	Rev., 5.00%, 05/15/2018		25
	25	Series B, Rev., 5.00%, 05/15/2018		25
	20	North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Rev., 4.00%, 06/01/2018		20
	20	North Texas Municipal Water District, Water System, Rev., 4.00%, 09/01/2018		20
	70	Trinity River Authority Central Regional Wastewater System, Rev., 5.00%, 08/01/2018		71
		Trinity River Authority Central Regional Wastewater System Revenue,
	1,255	Rev., 5.00%, 08/01/2019		1,316
	675	Rev., 5.00%, 08/01/2020		728
				13,621
		Total Texas		153,475
		Utah — 1.0%
		General Obligation — 0.1%
		Salt Lake City Corp.,
	20	Series A, GO, 4.00%, 06/15/2018		20
	30	Series B, GO, 4.00%, 06/15/2018		30
	20	State of Utah, Series A, GO, 5.00%, 07/01/2018		20
	3,130	Tooele County School District, Series 2017, GO, 5.00%, 06/01/2018		3,159
				3,229

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 81

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.7%
		County of Utah Hospital, IHC Health Services, Inc.,
	4,000	Series B, Rev., VRDO, 1.07%, 03/08/2018 (z)		4,000
	2,500	Series C, Rev., VRDO, 1.08%, 03/08/2018 (z)		2,500
	7,895	Series D, Rev., VRDO, 1.08%, 03/08/2018 (z)		7,895
				14,395
		Other Revenue — 0.1%
		City of Murray, Sales Tax,
	200	Series 2018, Rev., 2.00%, 11/15/2018		201
	100	Series 2018, Rev., 3.00%, 11/15/2019		102
	235	Series 2018, Rev., 3.00%, 11/15/2020		242
	150	Series 2018, Rev., 4.00%, 11/15/2021		161
		Utah Infrastructure Agency, Telecommunication Revenue,
	540	Series A, Rev., 2.00%, 10/15/2018		540
	1,000	Series A, Rev., 2.00%, 10/15/2019		996
				2,242
		Utility — 0.1%
		City of Lehi, Electric Utility,
	75	Series 2018, Rev., 4.00%, 06/01/2019		77
	85	Series 2018, Rev., 5.00%, 06/01/2020		91
	75	Series 2018, Rev., 5.00%, 06/01/2021		82
	1,020	Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2021		1,032
				1,282
		Water & Sewer — 0.0% (g)
	20	Snyderville Basin Water Reclamation District, Sewer, Rev., 5.00%, 09/15/2018		20
	20	Weber Basin Water Conservancy District, Series A, Rev., 5.00%, 10/01/2018		21
				41
		Total Utah		21,189
		Vermont — 0.0% (g)
		Prerefunded — 0.0% (g)
	275	Vermont Educational & Health Buildings Financing Agency, Fletcher Allen Health, Hospital, Series B, Rev., AGM, 5.00%, 06/01/2018 (p)		277
		Virginia — 1.2%
		Education — 0.0% (g)
	110	Virginia College Building Authority, Series B, Rev., 5.00%, 09/01/2018		112

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	20	Virginia Public School Authority, Technology & Security, Series I, Rev., 5.00%, 04/15/2018		20
				132
		General Obligation — 0.1%
	200	City of Charlottesville, Public Improvement, Series B, GO, 4.00%, 07/15/2020		211
		City of Norfolk,
	15	Series G, GO, 4.00%, 10/01/2018		15
	10	Series G, GO, 4.00%, 10/01/2018 (p)		10
	35	City of Town of Blacksburg, GO, 3.00%, 03/01/2018		35
		City of Virginia Beach,
	25	Series A, GO, 4.00%, 08/01/2018		25
	30	Series A-1, GO, 5.00%, 03/15/2018		30
	1,480	Commonwealth of Virginia, Series A, GO, 5.00%, 06/01/2021		1,631
	25	County of Fairfax, Public Improvement, Series A, GO, 5.00%, 04/01/2018		25
	40	County of Stafford, Public Improvement, GO, 5.00%, 07/01/2018		41
				2,023
		Housing — 0.5%
	10,000	Newport News Redevelopment & Housing Authority, Berkley Preservation Project, Rev., FHA/GNMA, 1.20%, 04/01/2019		9,922
		Other Revenue — 0.2%
	25	Albemarle County Economic Development Authority, Albemarle County Project, Rev., 5.00%, 06/01/2018		25
		Virginia Public Building Authority, Public Facilities,
	20	Series 2017B-1, Rev., 5.00%, 08/01/2018		20
	20	Series A, Rev., 5.00%, 08/01/2018		20
	4,000	Series D, Rev., 5.00%, 08/01/2018		4,061
	20	Virginia Resources Authority, Infrastructure, Unrefunded Balance, Rev., 4.00%, 11/01/2018		21
				4,147
		Prerefunded — 0.4%
	45	City of Newport News, Series AB, GO, 5.00%, 03/01/2018 (p)		45
	20	Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2018 (p)		20
	20	County of Prince William, GO, 4.13%, 08/01/2018 (p)		20

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	8,235	Fairfax County EDA, Community Services Facilities Projects, Series A, Rev., 4.50%, 03/01/2021 (p)		8,894
	30	Hampton Roads Sanitation District, Wastewater Revenue, Rev., 5.00%, 04/01/2018 (p)		30
	20	Virginia College Building Authority, Educational Facilities, 21st Century College & Equipment, Series A, Rev., 5.00%, 02/01/2019 (p)		21
				9,030
		Water & Sewer — 0.0% (g)
	20	Hampton Roads Sanitation District, Wastewater Revenue, Series A, Rev., 5.00%, 08/01/2018		20
		Total Virginia		25,274
		Washington — 1.1%
		Certificate of Participation/Lease — 0.0% (g)
	100	State of Washington, State & Local Agency Real & Personal Property, Series D, COP, 5.00%, 07/01/2018		101
		Education — 0.1%
	1,100	University of Washington, Series A, Rev., 5.00%, 12/01/2018		1,130
		General Obligation — 0.3%
	20	City of Yakima, Series A, GO, 4.00%, 06/01/2018		20
	35	King County School District No. 414, Lake Washington, GO, 5.00%, 06/01/2018		35
	170	Snohomish County School District No. 25, Marysville, GO, 5.00%, 12/01/2020		185
		State of Washington, Motor Vehicle Fuel Tax,
	50	Series B, GO, 5.00%, 07/01/2018		51
	4,000	Series R-2011C, GO, 5.00%, 07/01/2018		4,048
		State of Washington, Various Purpose,
	400	Series R-2011B, GO, 5.00%, 07/01/2019		418
	1,500	Series R-2013C, GO, 5.00%, 07/01/2018		1,518
	55	Series R-A, GO, 5.00%, 07/01/2018		56
	20	Series R-B, GO, 5.00%, 07/01/2018		20
	625	State of Washington, Various Purpose, Green Bond, Series A-2, GO, 4.00%, 08/01/2018		632
				6,983
		Hospital — 0.5%
	145	Washington Biomedical Research Properties 3.2, Series A, Rev., 5.00%, 01/01/2019		149
	5,000	Washington Health Care Facilities Authority, Catholic Health Initiatives, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 1.00%, 12.00% Cap), 2.09%, 03/08/2018 (aa)		4,973

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — continued
	1,210	Washington Health Care Facilities Authority, Overlake Hospital Medical Center, Series 2017B, Rev., 5.00%, 07/01/2022		1,339
	3,150	Washington Health Care Facilities Authority, Providence Health & Service, Series C, Rev., VRDO, 1.17%, 03/08/2018 (z)		3,150
	20	Washington Health Care Facilities Authority, Seattle Children’s Hospital, Rev., 5.00%, 10/01/2018		21
				9,632
		Housing — 0.2%
	4,000	Washington State Housing Finance Commission, Royal Hills Apartments, Series A, Rev., 1.40%, 11/01/2019		3,982
		Other Revenue — 0.0% (g)
	165	Washington Economic Development Finance Authority, Seadrunar Project, Series E, Rev., VRDO, LOC: U.S. Bank NA, 1.47%, 03/08/2018 (z)		165
		Prerefunded — 0.0% (g)
		City of Seattle, Municipal Light & Power,
	20	Rev., AGM, 5.00%, 06/01/2018 (p)		20
	25	Rev., 5.00%, 06/01/2018 (p)		25
		King County Public Hospital District No. 1,
	35	Series A, GO, AGC, 5.00%, 06/01/2018 (p)		36
	25	Series A, GO, AGC, 5.25%, 06/01/2018 (p)		25
	35	Port of Tacoma, Limited Tax, Series A, GO, AGM, 5.00%, 06/01/2018 (p)		35
	15	Snohomish County School District No. 201, Snohomish, GO, 5.25%, 12/01/2018 (p)		15
	85	State of Washington, Motor Vehicle Fuel Tax, Series B, GO, 5.00%, 07/01/2018 (p)		86
		State of Washington, Various Purpose,
	20	Series 2009A, GO, 5.00%, 07/01/2018 (p)		20
	40	Series A, GO, 5.00%, 07/01/2018 (p)		41
				303
		Utility — 0.0% (g)
	100	City of Seattle, Municipal Light & Power, Series B-2, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.68%, 12.00% Cap), 1.77%, 03/08/2018 (aa)		100
		Energy Northwest, Electric Revenue,
	60	Rev., 5.00%, 07/01/2018		61
	110	Series A, Rev., 5.00%, 07/01/2018		111
	35	Series A, Rev., 5.25%, 07/01/2018		35
	55	Series S, Rev., 5.00%, 07/01/2018		56

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 83

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
	20	Lewis County Public Utility District No. 1, Cowlitz Falls Hydroelectric Project, Rev., 5.00%, 10/01/2018		21
				384
		Water & Sewer — 0.0% (g)
	90	City of Marysville, Water & Sewer, Rev., 4.00%, 04/01/2018		90
		Total Washington		22,770
		Wisconsin — 1.5%
		Education — 0.9%
	8,500	Madison Metropolitan School District, GO, TRAN, 2.00%, 09/06/2018		8,528
		Wisconsin Health & Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.,
	175	Rev., 4.00%, 09/01/2018		177
	145	Rev., 5.00%, 09/01/2019		151
	155	Rev., 5.00%, 09/01/2020		164
	160	Rev., 5.00%, 09/01/2021		173
	8,000	Wisconsin School Districts, Cash Flow Administration Program, Series A, GO, 1.38%, 10/08/2018		7,995
				17,188
		General Obligation — 0.1%
	225	City of Fond Du Lac, Series B, GO, 2.00%, 04/01/2019		226
	30	City of Madison, Series A, GO, 5.00%, 10/01/2018		31
	25	City of New Berlin, Promissory Notes, GO, 3.50%, 12/01/2018		25
	170	City of Shawano, GO, AGM, 2.00%, 04/01/2018		170
		County of Manitowoc,
	105	GO, 2.00%, 11/01/2018		105
	215	GO, 2.00%, 11/01/2019		216
	40	Northcentral Technical College District, Promissory Notes, GO, 2.00%, 03/01/2018		40
		State of Wisconsin,
	35	Series 1, GO, AMBAC, 5.00%, 05/01/2018		35
	70	Series 1, GO, 5.00%, 05/01/2018		71
	190	Series A, GO, 5.00%, 05/01/2018		191
	20	Series B, GO, 5.00%, 05/01/2018		20
	45	Series C, GO, 5.00%, 05/01/2018		45
	50	Series D, GO, 5.00%, 05/01/2018		50

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
		Village of Pulaski,
	520	GO, AGM, 2.00%, 04/01/2018		520
	160	GO, AGM, 2.00%, 04/01/2019		160
	160	GO, AGM, 3.00%, 04/01/2020		164
				2,069
		Other Revenue — 0.4%
	1,750	PMA Levy & Aid Anticipation Notes Program, Series B, Rev., 2.00%, 07/20/2018		1,754
	20	State of Wisconsin, Annual Appropriation, Series A, Rev., 5.00%, 05/01/2018 (p)		20
	35	State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio, Series 3, Rev., 5.00%, 06/01/2018 (p)		35
	6,965	Village of Howard, Rev., 2.00%, 12/01/2021		6,959
				8,768
		Prerefunded — 0.0% (g)
	20	City of Racine, GO, 5.00%, 12/01/2018 (p)		21
		Wisconsin Department of Transportation,
	25	Series A, Rev., BHAC-CR, 5.00%, 07/01/2018 (p)		25
	90	Series A, Rev., 5.00%, 07/01/2018 (p)		91
				137
		Transportation — 0.1%
		Wisconsin Department of Transportation,
	25	Series 1, Rev., 4.00%, 07/01/2018		25
	20	Series 1, Rev., 5.00%, 07/01/2018		20
	2,135	Series 1, Rev., 5.00%, 07/01/2020		2,299
				2,344
		Utility — 0.0% (g)
	80	Wisconsin Public Power, Inc., Power Supply System, Series A, Rev., AGM, 5.00%, 07/01/2018		81
		Water & Sewer — 0.0% (g)
		State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio,
	80	Series 1, Rev., 5.00%, 06/01/2018 (p)		81
	25	Series 4, Rev., 5.00%, 06/01/2018 (p)		25
				106
		Total Wisconsin		30,693
		Wyoming — 0.0% (g)
		General Obligation — 0.0% (g)
	25	Laramie County Community College District, GO, 4.00%, 06/01/2018		25

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.0% (g)
	175	Wyoming Municipal Power Agency, Inc., Power Supply System, Series A, Rev., 4.00%, 01/01/2019		178
		Total Wyoming		203
		Total Municipal Bonds (Cost $1,957,044)		1,954,040
SHARES
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	92,021	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $92,021)		92,021
		Total Investments — 99.1% (Cost $2,049,065)		2,046,061
		Other Assets in Excess of Liabilities — 0.9%		19,008
		NET ASSETS — 100.0%	$	2,065,069

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 85

JPMorgan Municipal Bond Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
BAN	—  Bond Anticipation Note
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
CHESLA	—  Connecticut Higher Education Supplemental Loan Authority
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
GAN	—  Grant Anticipation Notes
GICS	—  Global Industry Classification Standard
GNMA	—  Government National Mortgage Association
GO	—  General Obligation
GRAN	—  Grant Revenue Anticipation Notes
GTD	—  Guaranteed
ICE	—  Intercontinental Exchange
IDA	—  Industrial Development Authority
LIBOR	—  London Interbank Offered Rate
LIQ	—  Liquidity Agreement
LOC	—  Letter of Credit
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PSF	—  Permanent School Fund
Q-SBLF	—  Qualified School Bond Loan Fund
RAN	—  Revenue Anticipation Note
RE	—  Reinsured
REMIC	—  Real Estate Mortgage Investment Conduit

Rev.	—  Revenue
SCSDE	—  South Carolina School District Enhancement
TAN	—  Tax Anticipation Note
TRAN	—  Tax & Revenue Anticipation Note
USD	—  United States Dollar
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2018.
XLCA	—  Insured by XL Capital Assurance
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of February 28, 2018.
(p)	—  Security is prerefunded or escrowed to maturity.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018

(Amounts in thousands, except per share amounts)

	Municipal Income Fund			Short- Intermediate Municipal Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	210,447		$	1,694,254
Investments in affiliates, at value		4,335			11,128
Cash		—	(a)		—	(a)
Receivables:
Investment securities sold		197			5,696
Investment securities sold — delayed delivery securities		155			—
Fund shares sold		160			849
Interest from non-affiliates		2,209			16,006
Dividends from affiliates		4			21
Due from adviser		9			—
Other assets		9			—
Total Assets		217,525			1,727,954
LIABILITIES:
Payables:
Investment securities purchased		—			2,821
Fund shares redeemed		133			5,098
Accrued liabilities:
Investment advisory fees		—			191
Administration fees		—			14
Distribution fees		21			10
Service fees		12			81
Custodian and accounting fees		12			23
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)
Audit fees		33			31
Printing and mailing cost		13			99
Other		6			—	(a)
Total Liabilities		230			8,368
Net Assets	$	217,295		$	1,719,586

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Municipal Income Fund			Short- Intermediate Municipal Bond Fund
NET ASSETS:
Paid-in-Capital	$	214,384		$	1,733,229
Accumulated undistributed (distributions in excess of) net investment income		(26	)		12
Accumulated net realized gains (losses)		875			(11,630	)
Net unrealized appreciation (depreciation)		2,062			(2,025	)
Total Net Assets	$	217,295		$	1,719,586
Net Assets:
Class A	$	66,258		$	32,373
Class C		15,138			6,406
Class I*		71,161			1,680,807
Class R6		64,738			—
Total	$	217,295		$	1,719,586
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		6,962			3,116
Class C		1,606			611
Class I*		7,530			160,959
Class R6		6,852			—
Net Asset Value (a):
Class A — Redemption price per share	$	9.52		$	10.39
Class C — Offering price per share (b)		9.42			10.48
Class I* — Offering and redemption price per share		9.45			10.44
Class R6 — Offering and redemption price per share		9.45			—
Class A maximum sales charge		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.89		$	10.63
Cost of investments in non-affiliates	$	208,385		$	1,696,279
Cost of investments in affiliates		4,335			11,128

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

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

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands, except per share amounts)

	Tax Free Bond Fund			Ultra-Short Municipal Fund
ASSETS:
Investments in non-affiliates, at value	$	302,974		$	1,954,040
Investments in affiliates, at value		9,885			92,021
Cash		—			7
Deposits at broker for futures contracts		115			—
Receivables:
Investment securities sold		29			27,240
Fund shares sold		480			33,329
Interest and dividends from non-affiliates		3,511			11,243
Dividends from affiliates		8			149
Variation margin on futures contracts		10			—
Due from adviser		—			27
Total Assets		317,012			2,118,056
LIABILITIES:
Payables:
Due to custodian		17			—
Investment securities purchased		—			41,734
Investment securities purchased — delayed delivery securities		—			8,649
Fund shares redeemed		804			2,169
Accrued liabilities:
Investment advisory fees		11			—
Distribution fees		40			—	(a)
Service fees		47			189
Custodian and accounting fees		14			33
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1
Audit fees		37			43
Printing and mailing cost		15			2
Other		2			167
Total Liabilities		987			52,987
Net Assets	$	316,025		$	2,065,069

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Tax Free Bond Fund			Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	305,287		$	2,068,015
Accumulated undistributed (distributions in excess of) net investment income		(11	)		115
Accumulated net realized gains (losses)		(1,812	)		(57	)
Net unrealized appreciation (depreciation)		12,561			(3,004	)
Total Net Assets	$	316,025		$	2,065,069
Net Assets:
Class A	$	130,462		$	772
Class C		25,172			—
Class I (formerly Select Class)		160,391			2,064,297
Total	$	316,025		$	2,065,069
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,037			77
Class C		2,147			—
Class I (formerly Select Class)		13,627			206,364
Net Asset Value (a):
Class A — Redemption price per share	$	11.82		$	10.01
Class C — Offering price per share (b)		11.72			—
Class I (formerly Select Class) — Offering and redemption price per share		11.77			10.00
Class A maximum sales charge		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.28		$	10.24
Cost of investments in non-affiliates	$	290,401		$	1,957,044
Cost of investments in affiliates		9,885			92,021

(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 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 91

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2018

(Amounts in thousands)

	Municipal Income Fund			Short- Intermediate Municipal Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	7,649		$	40,457
Interest income from affiliates		—	(a)		1
Dividend income from non-affiliates		112			—	(a)
Dividend income from affiliates		68			723
Total investment income		7,829			41,181
EXPENSES:
Investment advisory fees		778			5,822
Administration fees		211			1,897
Distribution fees:
Class A		179			77
Class C		122			81
Service fees:
Class A		179			77
Class C		41			27
Class I*		384			5,430
Select Class (b)		—			33
Custodian and accounting fees		77			210
Professional fees		90			90
Trustees’ and Chief Compliance Officer’s fees		26			32
Printing and mailing costs		40			149
Registration and filing fees		55			67
Transfer agency fees (See Note 2.F.)		9			20
Sub-transfer agency fees (See Note 2.F.)		3			17
Other		10			40
Total expenses		2,204			14,069
Less fees waived		(754	)		(8,188	)
Less expense reimbursements		(8	)		—
Net expenses		1,442			5,881
Net investment income (loss)		6,387			35,300
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		2,097			(2,785	)
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(4,584	)		(12,921	)
Net realized/unrealized gains (losses)		(2,487	)		(15,706	)
Change in net assets resulting from operations	$	3,900		$	19,594

(a) Amount rounds to less than 500.

(b) Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Tax Free Bond Fund			Ultra-Short Municipal Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	12,591		$	12,342
Interest income from affiliates		1			—	(a)
Dividend income from affiliates		82			659
Total investment income		12,674			13,001
EXPENSES:
Investment advisory fees		967			1,712
Administration fees		263			928
Distribution fees:
Class A		350			4
Class C		218			—
Service fees:
Class A		350			4
Class C		73			—
Class I (formerly Select Class)		383			2,850
Custodian and accounting fees		81			162
Professional fees		96			81
Trustees’ and Chief Compliance Officer’s fees		26			29
Printing and mailing costs		31			28
Registration and filing fees		41			541
Transfer agency fees (See Note 2.F.)		19			9
Sub-transfer agency fees (See Note 2.F.)		5			—	(a)
Offering costs		—			21
Other		10			21
Total expenses		2,913			6,390
Less fees waived		(943	)		(3,456	)
Less expense reimbursements		—			(191	)
Net expenses		1,970			2,743
Net investment income (loss)		10,704			10,258
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(252	)		(57	)
Futures contracts		157			—
Net realized gain (loss)		(95	)		(57	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,105	)		(3,044	)
Futures contracts		4			—
Change in net unrealized appreciation/depreciation		(3,101	)		(3,044	)
Net realized/unrealized gains (losses)		(3,196	)		(3,101	)
Change in net assets resulting from operations	$	7,508		$	7,157

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Municipal Income Fund						Short-Intermediate Municipal Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,387		$	7,668		$	35,300		$	32,008
Net realized gain (loss)		2,097			4,031			(2,785	)		1,510
Change in net unrealized appreciation/depreciation		(4,584	)		(12,606	)		(12,921	)		(41,497	)
Change in net assets resulting from operations		3,900			(907	)		19,594			(7,979	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,664	)		(1,923	)		(348	)		(351	)
From net realized gains		(471	)		(925	)		—			(190	)
Class C
From net investment income		(293	)		(339	)		(56	)		(69	)
From net realized gains		(111	)		(217	)		—			(81	)
Class I*
From net investment income		(3,943	)		(5,493	)		(34,696	)		(30,151	)
From net realized gains		(566	)		(2,361	)		—			(10,500	)
Class R6 (a)
From net investment income		(494	)		—			—			—
From net realized gains		(593	)		—			—			—
Select Class (b)
From net investment income		—			—			(171	)		(1,914	)
From net realized gains		—			—			—			(790	)
Total distributions to shareholders		(8,135	)		(11,258	)		(35,271	)		(44,046	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(49,281	)		(51,958	)		(340,775	)		(532,349	)
NET ASSETS:
Change in net assets		(53,516	)		(64,123	)		(356,452	)		(584,374	)
Beginning of period		270,811			334,934			2,076,038			2,660,412
End of period	$	217,295		$	270,811		$	1,719,586		$	2,076,038
Accumulated undistributed (distributions in excess of) net investment income	$	(26	)	$	(19	)	$	12		$	(17	)

(a) Commencement of offering of class of shares effective November 6, 2017 for Municipal Income Fund.

(b) Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Tax Free Bond Fund						Ultra-Short Municipal Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Period Ended February 28, 2017 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,704		$	10,671		$	10,258		$	82
Net realized gain (loss)		(95	)		3,032			(57	)		—	(b)
Change in net unrealized appreciation/depreciation		(3,101	)		(15,356	)		(3,044	)		40
Change in net assets resulting from operations		7,508			(1,653	)		7,157			122
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(4,552	)		(5,043	)		(8	)		(1	)
From net realized gains		—			(3,145	)		—			—
Class C
From net investment income		(779	)		(838	)		—			—
From net realized gains		—			(678	)		—			—
Class I (formerly Select Class)
From net investment income		(5,375	)		(4,773	)		(10,137	)		(79	)
From net realized gains		—			(2,991	)		—			—
Total distributions to shareholders		(10,706	)		(17,468	)		(10,145	)		(80	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,172	)		36,503			2,035,882			22,133
NET ASSETS:
Change in net assets		(6,370	)		17,382			2,032,894			22,175
Beginning of period		322,395			305,013			32,175			10,000
End of period	$	316,025		$	322,395		$	2,065,069		$	32,175
Accumulated undistributed (distributions in excess of) net investment income	$	(11	)	$	(9	)	$	115		$	2

(a) Commencement of operations was May 31, 2016.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Municipal Income Fund						Short-Intermediate Municipal Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	22,238		$	23,344		$	10,656		$	11,600
Distributions reinvested		2,094			2,795			344			530
Cost of shares redeemed		(33,567	)		(19,384	)		(8,869	)		(19,048	)
Change in net assets resulting from Class A capital transactions	$	(9,235	)	$	6,755		$	2,131		$	(6,918	)
Class C
Proceeds from shares issued	$	5,107		$	6,745		$	861		$	2,753
Distributions reinvested		362			497			49			134
Cost of shares redeemed		(7,178	)		(5,290	)		(8,514	)		(6,226	)
Change in net assets resulting from Class C capital transactions	$	(1,709	)	$	1,952		$	(7,604	)	$	(3,339	)
Class I*
Proceeds from shares issued	$	42,887		$	48,297		$	1,080,724		$	647,799
Distributions reinvested		1,807			1,190			16,842			10,099
Cost of shares redeemed		(149,658	)		(110,152	)		(1,429,300	)		(1,176,872	)
Conversion from Select Class Shares		—			—			140,758			—
Change in net assets resulting from Class I capital transactions	$	(104,964	)	$	(60,665	)	$	(190,976	)	$	(518,974	)
Class R6 (a)
Proceeds from shares issued	$	90,639		$	—		$	—		$	—
Distributions reinvested		1,086			—			—			—
Cost of shares redeemed		(25,098	)		—			—			—
Change in net assets resulting from Class R6 capital transactions	$	66,627		$	—		$	—		$	—
Select Class (b)
Proceeds from shares issued	$	—		$	—		$	1,645		$	39,141
Distributions reinvested		—			—			28			415
Cost of shares redeemed		—			—			(5,241	)		(42,674	)
Conversion to Class I Shares		—			—			(140,758	)		—
Change in net assets resulting from Select Class capital transactions	$	—		$	—		$	(144,326	)	$	(3,118	)
Total change in net assets resulting from capital transactions	$	(49,281	)	$	(51,958	)	$	(340,775	)	$	(532,349	)

(a) Commencement of offering of class of shares effective November 6, 2017 for Municipal Income Fund.

(b) Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Municipal Income Fund						Short-Intermediate Municipal Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class A
Issued		2,271			2,330			1,013			1,086
Reinvested		215			284			33			50
Redeemed		(3,430	)		(1,950	)		(844	)		(1,802	)
Change in Class A Shares		(944	)		664			202			(666	)
Class C
Issued		526			678			81			256
Reinvested		38			51			4			13
Redeemed		(742	)		(539	)		(801	)		(583	)
Change in Class C Shares		(178	)		190			(716	)		(314	)
Class I*
Issued		4,427			4,864			102,244			60,721
Reinvested		188			121			1,599			952
Redeemed		(15,458	)		(11,124	)		(135,480	)		(110,395	)
Conversion from Select Class Shares		—			—			13,367			—
Change in Class I Shares		(10,843	)		(6,139	)		(18,270	)		(48,722	)
Class R6 (a)
Issued		9,369			—			—			—
Reinvested		113			—			—			—
Redeemed		(2,630	)		—			—			—
Change in Class R6 Shares		6,852			—			—			—
Select Class (b)
Issued		—			—			152			3,664
Reinvested		—			—			3			39
Redeemed		—			—			(500	)		(4,018	)
Conversion to Class I Shares		—			—			(13,393	)		—
Change in Select Class Shares		—			—			(13,738	)		(315	)

(a) Commencement of offering of class of shares effective November 6, 2017 for Municipal Income Fund.

(b) Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Free Bond Fund						Ultra-Short Municipal Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Period Ended February 28, 2017 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	31,215		$	45,224		$	2,427		$	599
Distributions reinvested		4,375			7,911			8			—	(b)
Cost of shares redeemed		(52,729	)		(47,813	)		(2,179	)		(100	)
Change in net assets resulting from Class A capital transactions	$	(17,139	)	$	5,322		$	256		$	499
Class C
Proceeds from shares issued	$	3,952		$	16,584		$	—		$	—
Distributions reinvested		770			1,490			—			—
Cost of shares redeemed		(11,395	)		(10,720	)		—			—
Change in net assets resulting from Class C capital transactions	$	(6,673	)	$	7,354		$	—		$	—
Class I (formerly Select Class)
Proceeds from shares issued	$	59,833		$	72,909		$	3,119,503		$	21,948
Distributions reinvested		3,871			4,095			5,769			46
Cost of shares redeemed		(43,064	)		(53,177	)		(1,089,646	)		(360	)
Change in net assets resulting from Class I capital transactions	$	20,640		$	23,827		$	2,035,626		$	21,634
Total change in net assets resulting from capital transactions	$	(3,172	)	$	36,503		$	2,035,882		$	22,133

(a) Commencement of operations was May 31, 2016.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Tax Free Bond Fund						Ultra-Short Municipal Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Period Ended February 28, 2017 (a)
SHARE TRANSACTIONS:
Class A
Issued		2,587			3,575			242			60
Reinvested		365			647			1			—	(b)
Redeemed		(4,402	)		(3,839	)		(218	)		(10	)
Change in Class A Shares		(1,450	)		383			25			50
Class C
Issued		331			1,317			—			—
Reinvested		65			124			—			—
Redeemed		(957	)		(873	)		—			—
Change in Class C Shares		(561	)		568			—			—
Class I (formerly Select Class)
Issued		5,004			5,838			311,420			2,193
Reinvested		324			337			577			5
Redeemed		(3,597	)		(4,344	)		(108,793	)		(36	)
Change in Class I Shares		1,731			1,831			203,204			2,162

(a) Commencement of operations was May 31, 2016.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Municipal Income Fund
Class A
Year Ended February 28, 2018	$	9.70	$	0.23	(f)	$	(0.11	)	$	0.12		$	(0.23	)	$	(0.07	)	$	(0.30	)
Year Ended February 28, 2017		10.10		0.24			(0.28	)		(0.04	)		(0.24	)		(0.12	)		(0.36	)
Year Ended February 29, 2016		10.11		0.25			0.08			0.33			(0.26	)		(0.08	)		(0.34	)
Year Ended February 28, 2015		9.98		0.27			0.18			0.45			(0.27	)		(0.05	)		(0.32	)
Year Ended February 28, 2014		10.41		0.28			(0.28	)		—	(g)		(0.29	)		(0.14	)		(0.43	)
Class C
Year Ended February 28, 2018		9.61		0.17	(f)		(0.12	)		0.05			(0.17	)		(0.07	)		(0.24	)
Year Ended February 28, 2017		10.00		0.18			(0.26	)		(0.08	)		(0.19	)		(0.12	)		(0.31	)
Year Ended February 29, 2016		10.02		0.19			0.07			0.26			(0.20	)		(0.08	)		(0.28	)
Year Ended February 28, 2015		9.90		0.21			0.17			0.38			(0.21	)		(0.05	)		(0.26	)
Year Ended February 28, 2014		10.33		0.22			(0.28	)		(0.06	)		(0.23	)		(0.14	)		(0.37	)
Class I (formerly Select Class)
Year Ended February 28, 2018		9.63		0.25	(f)		(0.11	)		0.14			(0.25	)		(0.07	)		(0.32	)
Year Ended February 28, 2017		10.03		0.26			(0.27	)		(0.01	)		(0.27	)		(0.12	)		(0.39	)
Year Ended February 29, 2016		10.04		0.28			0.07			0.35			(0.28	)		(0.08	)		(0.36	)
Year Ended February 28, 2015		9.92		0.29			0.17			0.46			(0.29	)		(0.05	)		(0.34	)
Year Ended February 28, 2014		10.35		0.30			(0.27	)		0.03			(0.32	)		(0.14	)		(0.46	)
Class R6
November 6, 2017 (h) through February 28, 2018		9.74		0.08	(f)		(0.21	)		(0.13	)		(0.09	)		(0.07	)		(0.16	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among classes due to the timing of the Class R6 Shares commencement of operations on November 6, 2017.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including imputed interest) (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including imputed interest)			Portfolio turnover rate (c)
$	9.52		1.16	%	$	66,258		0.69	%		2.33	%(f)		1.01	%		21	%
	9.70		(0.40	)		76,684		0.77			2.39			1.00			15
	10.10		3.26			73,120		0.82			2.52			0.97			22
	10.11		4.47			68,003		0.86			2.65			0.97			9
	9.98		0.13			64,327		0.87			2.78			0.94			3
	9.42		0.51			15,138		1.24			1.78	(f)		1.51			21
	9.61		(0.87	)		17,137		1.34			1.83			1.50			15
	10.00		2.61			15,950		1.39			1.95			1.48			22
	10.02		3.81			14,462		1.44			2.07			1.47			9
	9.90		(0.45	)		15,425		1.44			2.20			1.44			3
	9.45		1.42			71,161		0.44			2.57	(f)		0.74			21
	9.63		(0.16	)		176,990		0.53			2.64			0.72			15
	10.03		3.56			245,864		0.57			2.77			0.70			22
	10.04		4.66			255,153		0.61			2.91			0.71			9
	9.92		0.38			279,537		0.62			3.02			0.69			3
	9.45		(1.42	)		64,738		0.34			2.67	(f)		0.57			21

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Short-Intermediate Municipal Bond Fund
Class A
Year Ended February 28, 2018	$	10.48	$	0.12	$	(0.09	)	$	0.03		$	(0.12	)	$	—		$	(0.12	)
Year Ended February 28, 2017		10.71		0.10		(0.17	)		(0.07	)		(0.10	)		(0.06	)		(0.16	)
Year Ended February 29, 2016		10.62		0.08		0.09			0.17			(0.08	)		—			(0.08	)
Year Ended February 28, 2015		10.61		0.06		0.01			0.07			(0.06	)		—			(0.06	)
Year Ended February 28, 2014		10.63		0.07		(0.03	)		0.04			(0.06	)		—			(0.06	)
Class C
Year Ended February 28, 2018		10.56		0.06		(0.08	)		(0.02	)		(0.06	)		—			(0.06	)
Year Ended February 28, 2017		10.80		0.04		(0.17	)		(0.13	)		(0.05	)		(0.06	)		(0.11	)
Year Ended February 29, 2016		10.70		0.02		0.10			0.12			(0.02	)		—			(0.02	)
Year Ended February 28, 2015		10.69		0.01		—	(d)		0.01			—	(d)		—			—	(d)
Year Ended February 28, 2014		10.71		0.01		(0.02	)		(0.01	)		(0.01	)		—			(0.01	)
Class I (formerly Institutional Class)
Year Ended February 28, 2018		10.53		0.16		(0.09	)		0.07			(0.16	)		—			(0.16	)
Year Ended February 28, 2017		10.76		0.15		(0.17	)		(0.02	)		(0.15	)		(0.06	)		(0.21	)
Year Ended February 29, 2016		10.67		0.13		0.09			0.22			(0.13	)		—			(0.13	)
Year Ended February 28, 2015		10.66		0.11		0.01			0.12			(0.11	)		—			(0.11	)
Year Ended February 28, 2014		10.68		0.12		(0.03	)		0.09			(0.11	)		—			(0.11	)

(a) 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 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

		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
$	10.39		0.26	%	$	32,373		0.69	%		1.10	%		0.86	%		73	%
	10.48		(0.69	)		30,535		0.73			0.91			0.88			31
	10.71		1.58			38,345		0.75			0.71			0.87			39
	10.62		0.64			40,468		0.74			0.55			0.87			53
	10.61		0.38			41,685		0.74			0.63			0.87			39
	10.48		(0.19	)		6,406		1.19			0.56			1.37			73
	10.56		(1.27	)		14,013		1.23			0.41			1.40			31
	10.80		1.14			17,709		1.25			0.21			1.40			39
	10.70		0.13			18,082		1.24			0.05			1.38			53
	10.69		(0.10	)		21,918		1.24			0.13			1.37			39
	10.44		0.70			1,680,807		0.24			1.53			0.60			73
	10.53		(0.20	)		1,887,149		0.25			1.40			0.48			31
	10.76		2.09			2,453,419		0.25			1.21			0.47			39
	10.67		1.13			2,857,462		0.24			1.05			0.47			53
	10.66		0.88			2,175,023		0.23			1.10			0.49			39

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (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 28, 2018	$	11.93	$	0.39	$	(0.11	)	$	0.28		$	(0.39	)	$	—		$	(0.39	)
Year Ended February 28, 2017		12.57		0.40		(0.40	)		—	(d)		(0.39	)		(0.25	)		(0.64	)
Year Ended February 29, 2016		12.70		0.45		(0.01	)		0.44			(0.47	)		(0.10	)		(0.57	)
Year Ended February 28, 2015		12.41		0.44		0.39			0.83			(0.44	)		(0.10	)		(0.54	)
Year Ended February 28, 2014		12.88		0.46		(0.44	)		0.02			(0.48	)		(0.01	)		(0.49	)
Class C
Year Ended February 28, 2018		11.84		0.32		(0.12	)		0.20			(0.32	)		—			(0.32	)
Year Ended February 28, 2017		12.48		0.31		(0.39	)		(0.08	)		(0.31	)		(0.25	)		(0.56	)
Year Ended February 29, 2016		12.60		0.37		(0.01	)		0.36			(0.38	)		(0.10	)		(0.48	)
Year Ended February 28, 2015		12.33		0.35		0.38			0.73			(0.36	)		(0.10	)		(0.46	)
Year Ended February 28, 2014		12.80		0.37		(0.44	)		(0.07	)		(0.39	)		(0.01	)		(0.40	)
Class I (formerly Select Class)
Year Ended February 28, 2018		11.88		0.42		(0.11	)		0.31			(0.42	)		—			(0.42	)
Year Ended February 28, 2017		12.53		0.42		(0.40	)		0.02			(0.42	)		(0.25	)		(0.67	)
Year Ended February 29, 2016		12.65		0.47		—	(d)		0.47			(0.49	)		(0.10	)		(0.59	)
Year Ended February 28, 2015		12.37		0.46		0.38			0.84			(0.46	)		(0.10	)		(0.56	)
Year Ended February 28, 2014		12.84		0.48		(0.44	)		0.04			(0.50	)		(0.01	)		(0.51	)

(a) 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 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

		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
$	11.82		2.36	%	$	130,462		0.66	%		3.27	%		0.98	%		39	%
	11.93		(0.03	)		148,987		0.66			3.16			1.00			73
	12.57		3.53			152,207		0.67			3.62			0.97			94
	12.70		6.83			166,359		0.74			3.49			0.98			90
	12.41		0.31			129,124		0.74			3.72			0.99			62
	11.72		1.70			25,172		1.24			2.69			1.48			39
	11.84		(0.66	)		32,052		1.31			2.50			1.50			73
	12.48		2.92			26,715		1.36			2.93			1.47			94
	12.60		5.99			27,579		1.43			2.81			1.48			90
	12.33		(0.40	)		25,057		1.43			3.00			1.48			62
	11.77		2.60			160,391		0.44			3.49			0.72			39
	11.88		0.09			141,356		0.47			3.34			0.74			73
	12.53		3.82			126,091		0.50			3.79			0.71			94
	12.65		6.95			149,102		0.57			3.67			0.72			90
	12.37		0.49			129,602		0.57			3.89			0.74			62

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
Ultra-Short Municipal Fund
Class A
Year Ended February 28, 2018	$	10.02	$	0.07	$	(0.02	)	$	0.05	$	(0.06	)
May 31, 2016 (g) through February 28, 2017		10.00		0.06		(0.01	)		0.05		(0.03	)
Class I (formerly Select Class)
Year Ended February 28, 2018		10.02		0.09		(0.03	)		0.06		(0.08	)
May 31, 2016 (g) through February 28, 2017		10.00		0.06		—	(h)		0.06		(0.04	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended February 28, 2018 and for the period ended February 28, 2017.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	10.01		0.47	%	$	772		0.44	%		0.67	%		0.85	%		71	%
	10.02		0.52			519		0.44			0.81			2.56			80
	10.00		0.63			2,064,297		0.24			0.90			0.56			71
	10.02		0.65			31,656		0.27			0.74			2.00			80

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018

1. Organization

JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (the “Trusts”) were formed on November 12, 2004 and November 12, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 12, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

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

	Classes Offered	Trust	Diversified/Non-Diversified
Municipal Income Fund	Class A, Class C, Class I* and Class R6**	JPM II	Diversified
Short-Intermediate Municipal Bond Fund	Class A, Class C and Class I***	JPM II	Diversified
Tax Free Bond Fund	Class A, Class C and Class I*	JPM II	Diversified
Ultra-Short Municipal Fund****	Class A and Class I*	JPM IV	Diversified

* Effective April 3, 2017, Select Class was renamed Class I.

** Class R6 Shares commenced operations on November 6, 2017 for the Municipal Income Fund.

*** On April 3, 2017, Select Class Shares of the Short-Intermediate Municipal Bond Fund were converted into Institutional Class Shares of the Fund and the Institutional Class Shares were then renamed Class I Shares. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

**** The Ultra-Short Municipal Fund commenced investment operations on May 31, 2016. Prior to May 31, 2016, the Fund had no significant operations other than matters relating to the organization and registration of JPM IV and the issuance of 2,000 shares of Class A Shares and 998,000 shares of Class I Shares to J.P. Morgan Investment Management Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”).

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

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

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”) (except for Class C Shares of Short-Intermediate Municipal Bond Fund purchased before September 3, 2013). Effective September 3, 2013, purchases of Class C Shares of the Short-Intermediate Municipal Bond Fund were subject to a CDSC on the original cost of shares. No sales charges are assessed with respect to Class I Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan, acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan 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

108 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

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

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

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

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

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

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

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

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

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

Municipal Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama
Utility	$	—	$	2,338	$	—	$	2,338
Alaska
Housing		—		981		—		981
Arizona
Water & Sewer		—		5,512		—		5,512
California
General Obligation		—		953		—		953
Hospital		—		473		—		473
Other Revenue		—		745		—		745
Total California		—		2,171		—		2,171
Colorado
Education		—		996		—		996
Hospital		—		1,033		—		1,033
Housing		—		55		—		55
Total Colorado		—		2,084		—		2,084

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Connecticut
Education	$	—	$	3,311	$	—	$	3,311
Housing		—		3,438		—		3,438
Total Connecticut		—		6,749		—		6,749
Delaware
Housing		—		472		—		472
District of Columbia
Transportation		—		1,171		—		1,171
Water & Sewer		—		3,374		—		3,374
Total District of Columbia		—		4,545		—		4,545
Florida
Certificate of Participation/Lease		—		6,031		—		6,031
Hospital		—		1,199		—		1,199
Housing		—		1,277		—		1,277
Industrial Development Revenue/Pollution Control Revenue		—		1,421		—		1,421
Other Revenue		—		2,263		—		2,263
Transportation		—		1,665		—		1,665
Utility		—		5,824		—		5,824
Total Florida		—		19,680		—		19,680
Georgia
Hospital		—		990		—		990
Housing		—		2,129		—		2,129
Total Georgia		—		3,119		—		3,119
Guam
Water & Sewer		—		748		—		748
Illinois
Hospital		—		406		—		406
Housing		—		1,526		—		1,526
Total Illinois		—		1,932		—		1,932
Indiana
Hospital		—		1,891		—		1,891
Housing		—		439		—		439
Industrial Development Revenue/Pollution Control Revenue		—		2,163		—		2,163
Water & Sewer		—		1,383		—		1,383
Total Indiana		—		5,876		—		5,876
Iowa
Education		—		1,112		—		1,112
Housing		—		2,741		—		2,741
Total Iowa		—		3,853		—		3,853
Kentucky
Education		—		543		—		543
Industrial Development Revenue/Pollution Control Revenue		—		493		—		493
Total Kentucky		—		1,036		—		1,036
Louisiana
Housing		—		424		—		424
Other Revenue		—		1,235		—		1,235
Total Louisiana		—		1,659		—		1,659

110 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Maine
Housing	$	—	$	1,438	$	—	$	1,438
Maryland
Housing		—		1,551		—		1,551
Massachusetts
Education		—		2,125		—		2,125
Housing		—		763		—		763
Water & Sewer		—		14,648		—		14,648
Total Massachusetts		—		17,536		—		17,536
Michigan
Education		—		676		—		676
Housing		—		1,221		—		1,221
Industrial Development Revenue/Pollution Control Revenue		—		1,669		—		1,669
Total Michigan		—		3,566		—		3,566
Minnesota
General Obligation		—		39		—		39
Housing		—		6,630		—		6,630
Total Minnesota		—		6,669		—		6,669
Mississippi
Housing		—		397		—		397
Missouri
Housing		—		2,015		—		2,015
Nevada
Hospital		—		1,333		—		1,333
New Hampshire
Education		—		5,294		—		5,294
New Jersey
Education		—		2,209		—		2,209
General Obligation		—		1,453		—		1,453
Hospital		—		3,289		—		3,289
Total New Jersey		—		6,951		—		6,951
New York
Housing		—		3,573		—		3,573
Other Revenue		—		1,737		—		1,737
Prerefunded		—		5		—		5
Special Tax		—		78		—		78
Transportation		—		5,703		—		5,703
Water & Sewer		—		7,066		—		7,066
Total New York		—		18,162		—		18,162
North Carolina
Other Revenue		—		1,178		—		1,178
Water & Sewer		—		3,494		—		3,494
Total North Carolina		—		4,672		—		4,672
North Dakota
Housing		—		4,992		—		4,992
Utility		—		2,080		—		2,080
Total North Dakota		—		7,072		—		7,072

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Ohio
General Obligation	$	—	$	1,798	$	—	$	1,798
Housing		—		1,433		—		1,433
Industrial Development Revenue/Pollution Control Revenue		—		1,888		—		1,888
Total Ohio		—		5,119		—		5,119
Oklahoma
Housing		—		765		—		765
Other Revenue		—		—		28		28
Total Oklahoma		—		765		28		793
Oregon
Housing		—		819		—		819
Pennsylvania
Housing		—		2,373		—		2,373
Industrial Development Revenue/Pollution Control Revenue		—		4,810		—		4,810
Other Revenue		—		2,070		—		2,070
Transportation		—		651		—		651
Total Pennsylvania		—		9,904		—		9,904
Rhode Island
Housing		—		1,987		—		1,987
Transportation		—		2,879		—		2,879
Total Rhode Island		—		4,866		—		4,866
South Carolina
Housing		—		1,583		—		1,583
Other Revenue		—		1,163		—		1,163
Total South Carolina		—		2,746		—		2,746
South Dakota
Housing		—		2,172		—		2,172
Tennessee
Housing		—		2,449		—		2,449
Texas
General Obligation		—		2,840		—		2,840
Hospital		—		843		—		843
Housing		—		1,515		—		1,515
Industrial Development Revenue/Pollution Control Revenue		—		904		—		904
Other Revenue		—		1,094		—		1,094
Transportation		—		3,221		—		3,221
Water & Sewer		—		791		—		791
Total Texas		—		11,208		—		11,208
Utah
Housing		—		5,460		—		5,460
Other Revenue		—		1,189		—		1,189
Utility		—		1,956		—		1,956
Total Utah		—		8,605		—		8,605
Vermont
Education		—		5,036		—		5,036
Housing		—		2,053		—		2,053
Total Vermont		—		7,089		—		7,089

112 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Washington
Hospital	$	—	$	3,370	$	—	$	3,370
Housing		—		3,419		—		3,419
Total Washington		—		6,789		—		6,789
West Virginia
Other Revenue		—		2,982		—		2,982
Wisconsin
Education		—		5,495		—		5,495
Total Municipal Bonds		—		210,419		28		210,447
Short-Term Investment
Investment Company		4,335		—		—		4,335
Total Investments in Securities	$	4,335	$	210,419	$	28	$	214,782

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)	$	11,128	$	1,694,254	$	—	$	1,705,382

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)	$	9,885		$	302,974	$	—	$	312,859
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(12	)	$	—	$	—	$	(12	)

Ultra-Short Municipal Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	92,021	$	1,954,040	$	—	$	2,046,061

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

There were no transfers among any levels during the year ended February 28, 2018.

B. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Municipal Income Fund and Ultra-Short Municipal Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until settlement date.

The Funds had when-issued securities, forward commitments or delayed delivery securities outstanding as of February 28, 2018, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2018 are detailed on the SOIs.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The Funds did not have TBA purchase commitments outstanding as of February 28, 2018.

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

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended February 28, 2018 (amounts in thousands):

	Tax Free Bond Fund
Futures Contracts:
Average Notional Balance Short	$	7,343
Ending Notional Balance Short		6,604

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. Offering and Organizational Costs — Total offering costs of approximately $84,000 incurred in connection with the offering of shares of the Ultra-Short Municipal Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs incurred in connection with the organization of the Portfolio, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees. For the year ended February 28, 2018, total offering costs amortized were approximately $21,000.

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

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee,

114 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

which has been renamed as the Service Fee. The amount of transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended February 28, 2018 are as follows (amounts in thousands):

	Class A			Class C		Class I*		Class R6			Total
Municipal Income Fund
Transfer agency fees	$	4		$	1	$	4	$	—	(a)	$	9
Sub-transfer agency fees		1			1		1		—			3
Short-Intermediate Municipal Bond Fund
Transfer agency fees		1			1		18		n/a			20
Sub-transfer agency fees		—	(a)		1		16		n/a			17
Tax Free Bond Fund
Transfer agency fees		13			2		4		n/a			19
Sub-transfer agency fees		3			1		1		n/a			5
Ultra-Short Municipal Fund
Transfer agency fees		1			n/a		8		n/a			9
Sub-transfer agency fees		—	(a)		n/a		—		n/a			—	(a)

(a) Amount rounds to less than 500.

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

There were no reclassifications for the year ended February 28, 2018.

3. Fees and Other Transactions with Affiliates

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

Municipal Income Fund	0.30	%
Short-Intermediate Municipal Bond Fund	0.25
Tax Free Bond Fund	0.30
Ultra-Short Municipal Fund	0.15

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended February 28, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Select Class Shares of Short-Intermediate Municipal Bond Fund, Class I Shares and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C
0.25%		0.75	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Municipal Income Fund	$	7	$	—
Short-Intermediate Municipal Bond Fund		2		—
Tax Free Bond Fund		11		1

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I*			Select Class
Municipal Income Fund		0.25	%		0.25	%		0.25	%		n/a
Short-Intermediate Municipal Bond Fund**		0.25			0.25			0.25			0.25	%
Tax Free Bond Fund		0.25			0.25			0.25			n/a
Ultra-Short Municipal Fund		0.25			n/a			0.25			n/a

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

** Prior to April 3, 2017, the service fee for Class I Shares for Short-Intermediate Municipal Bond Fund was 0.10%.

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

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

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

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

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

	Class A			Class C			Class I*			Class R6			Select Class
Municipal Income Fund		0.70	%		1.25	%		0.45	%		0.35	%**		n/a
Short-Intermediate Municipal Bond Fund		0.70			1.20			0.25			n/a			0.25	%
Tax Free Bond Fund		0.67			1.25			0.45			n/a			n/a
Ultra-Short Municipal Fund		0.45			n/a			0.25			n/a			n/a

* Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of the Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

** The contractual expense limitation percentage for Class R6 Shares of Municipal Income Fund in the table above is in place until at least November 2, 2018.

116 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

Except as noted above, the expense limitation agreements were in effect for the year ended February 28, 2018 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

For the year ended February 28, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursement
Municipal Income Fund	$	376	$	201	$	161	$	738	$	8
Short-Intermediate Municipal Bond Fund		2,271		1,513		4,223		8,007		—
Tax Free Bond Fund		469		261		191		921		—
Ultra-Short Municipal Fund		1,712		928		702		3,342		191

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended February 28, 2018 were as follows (amounts in thousands):

Municipal Income Fund	$	16
Short-Intermediate Municipal Bond Fund		181
Tax Free Bond Fund		22
Ultra-Short Municipal Fund		114

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

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

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

During the year ended February 28, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended February 28, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended February 28, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Municipal Income Fund	$	53,063	$	101,181
Short-Intermediate Municipal Bond Fund		1,618,171		1,852,795
Tax Free Bond Fund		125,889		120,987
Ultra-Short Municipal Fund		2,296,851		664,386

During the year ended February 28, 2018, there were no purchases or sales of U.S. Government securities.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	212,720	$	4,249	$	2,187	$	2,062
Short-Intermediate Municipal Bond Fund		1,707,482		9,003		11,103		(2,100	)
Tax Free Bond Fund		300,273		14,935		2,349		12,586
Ultra-Short Municipal Fund		2,049,065		423		3,427		(3,004	)

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

The tax character of distributions paid during the year ended February 28, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Municipal Income Fund	$	63	$	6,331	$	1,741	$	8,135
Short-Intermediate Municipal Bond Fund		572		34,699		—		35,271
Tax Free Bond Fund		71		10,635		—		10,706
Ultra-Short Municipal Fund		506		9,639		—		10,145

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 28, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Municipal Income Fund	$	27	$	7,728	$	3,503	$	11,258
Short-Intermediate Municipal Bond Fund		4,917		32,366		6,763		44,046
Tax Free Bond Fund		3,209		10,622		3,637		17,468
Ultra-Short Municipal Fund		5		75		—		80

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	16	$	906		$	2,062
Short-Intermediate Municipal Bond Fund		81		(8,760	)		(2,100	)
Tax Free Bond Fund		39		(1,626	)		12,573
Ultra-Short Municipal Fund		127		(1	)		(3,004	)

For the Funds, the cumulative timing differences primarily consist of trustee deferred compensation, capital loss carryovers and post-October capital loss deferrals.

As of February 28, 2018, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Short-Intermediate Municipal Bond Fund	$	8,193	$	567
Tax Free Bond Fund		1,626		—
Ultra-Short Municipal Fund		1		—

118 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2018, the following Funds deferred to March 1, 2018 the net capital losses of (amounts in thousands):

	Net Capital Loss
	Short-Term		Long-Term
Municipal Income Fund	$	32	$	—
Short-Intermediate Municipal Bond Fund		2,788		7
Tax Free Bond Fund		92		107
Ultra-Short Municipal Fund		57		—

6. Borrowings

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

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.

The Funds did not utilize the Credit Facility during the year ended February 28, 2018.

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

JPM II and JPM IV, each on behalf of certain funds, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2018.

7. Risks, Concentrations and Indemnifications

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

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

As of February 28, 2018, the Funds had affiliated omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Municipal Income Fund		4		70.6	%
Short-Intermediate Municipal Bond Fund		3		91.5
Tax Free Bond Fund		3		62.3
Ultra-Short Municipal Fund		1		96.4

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

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

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

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

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

8. Investment Company Reporting Modernization

In October 2016, the SEC adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of February 28, 2018. The adoption had no effect on the Funds’ net assets or results of operations.

9. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

120 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Municipal Income Fund, JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 28, 2018, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2018, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Municipal Income Fund, JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund	Statements of operations for the year ended February 28, 2018 and the statements of changes in net assets for each of the two years in the period ended February 28, 2018,
JPMorgan Ultra-Short Municipal Fund	Statement of operations for the year ended February 28, 2018 and the statement of changes in net assets for the year ended February 28, 2018 and for the period May 31, 2016 (commencement of operations) through February 28, 2017

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of February 28, 2018 and held by the custodian and confirmation of securities owned as of February 28, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 26, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 121

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 Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	138	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).	138	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	138	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).	138	None
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	138	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	138	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).	138	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).	138	None

122 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	138	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	138	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	138	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-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).	138	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 eleven registered investment companies (138 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

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

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

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 123

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management (2009 to September 2013)).
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. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
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.
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.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011-2017)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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 4 New York Plaza, New York, NY 10004.

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

124 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory, fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2017, and continued to hold your shares at the end of the reporting period, February 28, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Municipal Income Fund
Class A
Actual*	$	1,000.00	$	980.60	$	3.39		0.69	%
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class C
Actual*		1,000.00		977.70		6.08		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class I
Actual*		1,000.00		981.70		2.16		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class R6
Actual**		1,000.00		985.80		1.05		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
Short-Intermediate Municipal Bond Fund
Class A
Actual*		1,000.00		985.50		3.40		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69
Class C
Actual*		1,000.00		982.80		5.85		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class I (formerly Institutional Class)
Actual*		1,000.00		987.70		1.18		0.24
Hypothetical*		1,000.00		1,023.60		1.20		0.24

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 125

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Tax Free Bond Fund
Class A
Actual*	$	1,000.00	$	990.30	$	3.26		0.66	%
Hypothetical*		1,000.00		1,021.52		3.31		0.66
Class C
Actual*		1,000.00		987.40		6.11		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class I (formerly Select Class)
Actual*		1,000.00		991.40		2.17		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Ultra-Short Municipal Fund
Class A
Actual*		1,000.00		1,001.20		2.18		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class I (formerly Select Class)
Actual*		1,000.00		1,001.70		1.19		0.24
Hypothetical*		1,000.00		1,023.60		1.20		0.24

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to the Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 114/365 (to reflect the actual period). Commencement of operations was November 6, 2017.

126 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2018

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 28, 2018. 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, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 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 28, 2018 (amounts in thousands):

	Long-Term Capital Gain Distribution
Municipal Income Fund	$	1,741

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 28, 2018 (amounts in thousands):

	Exempt Distributions Paid
Municipal Income Fund	$	6,331
Short-Intermediate Municipal Bond Fund		34,699
Tax Free Bond Fund		10,635
Ultra-Short Municipal Fund		9,639

FEBRUARY 28, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 127

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. February 2018. AN-MUNIBOND-218

Annual Report

J.P. Morgan Money Market Funds

February 28, 2018

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	62
Financial Highlights	88
Notes to Financial Statements	108
Report of Independent Registered Public Accounting Firm	120
Trustees	121
Officers	123
Schedule of Shareholder Expenses	124
Tax Letter	128
Privacy Policy — Located at the back of this Annual Report

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

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

The following disclosure applies to the JPMorgan Prime Money Market Fund.

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

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

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

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

March 29, 2018 (Unaudited)

Dear Shareholder,

The global economic expansion continued through its ninth consecutive year, supported by central bank policies, corporate earnings growth, consumer confidence and stable energy prices. Global equity and bond prices generally rose throughout the twelve months ended February 28, 2018, but fought to rebound from a sharp sell-off in early February.

  “Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017.” — George C.W. Gatch

During the reporting period, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates three times in response to a tightening labor market and early but muted signs of price inflation. Meanwhile, U.S. gross domestic product (GDP) surged to a better-than-expected 2.9% in the final quarter of 2017, and early indicators pointed to a continued seasonal pattern of weaker but positive GDP growth for the first quarter of 2018.

Labor markets in the U.S. continued to tighten, with the unemployment rate falling to 4.1% in October and remaining at that level through February. Labor force participation rates also rose somewhat but wage growth remained subdued.

Meanwhile, surging U.S. consumer confidence, record low volatility in financial markets and the December enactment of tax cut legislation appeared to provide additional fuel to the rally in equities that lasted from March through January. The Standard & Poor’s 500 Index (the “S&P 500”) reached record closing highs throughout the reporting period until February’s sell-off, which snapped a 15-month run of gains. Amid the sell-off, prices for government and corporate bonds plummeted.

Analysts largely attributed the sell-off to investor concerns that signs of rising inflation would prompt the Fed to accelerate the rollout of future interest rates increases. Historically high equity market valuations added fuel to the sell-off. While equity prices had somewhat rebounded by the end of February, bond prices remained under pressure.

In response to continued economic growth, the European Central Bank in January reduced its monthly asset purchases by

half, though it left its benchmark interest rate unchanged at 0%. In November, the Bank of England raised interest rates for the first time in a decade and preparations for Britain’s exit from the European Union continued to move forward. Political uncertainty in Europe appeared to recede somewhat. In May, centrist politician Emmanuel Macron decisively defeated a challenge from far-right candidate Marine Le Pen to become France’s president. In October, a separatist movement in Spain’s Catalonia region was largely thwarted by the central government in Madrid. And at the end of the reporting period, German Chancellor Angela Merkel ended a political stalemate by successfully forming a governing coalition.

Emerging market nations continued to benefit from robust growth in China, rising commodity prices and strong global demand for goods. Emerging markets debt, which generated strong returns for investors during most of the reporting period, began to weaken late in 2017 amid a decline in the value of the U.S. dollar, which effectively raises export prices.

Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017. While leading central banks have edged toward policy normalization, they largely continue to be accommodative to financial markets. Corporate earnings have increased and business investment began to rise in the latter part of the reporting period. Consumer sentiment is buoyant and the global economy continued to expand in a synchronized fashion. Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 1

JPMorgan Prime Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve
Net Assets as of February 28, 2018	$38.6 Billion
Weighted Average Maturity^	18 days
Weighted Average Life^^	72 days

MATURITY SCHEDULE*^
1 day	25.9	%
2–7 days	21.5
8–30 days	39.6
31–60 days	5.2
61–90 days	5.1
91–180 days	2.7

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Class C Shares	0.73	%
Agency Shares	1.45
Capital Shares	1.53
IM Shares	1.56
Institutional Class Shares	1.50
Morgan Shares	1.20
Premier Shares	1.26
Reserve Shares	1.01

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.

^ 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 28, 2018.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (1.37)%, 1.41%, 1.51%, 1.56%, 1.46%, 1.20%, 1.25% and 0.05% for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

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

2 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Seeks current income with liquidity and stability of principal
Primary Investments	High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, E*Trade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2018	$1.8 Billion
Weighted Average Maturity^^	16 days
Weighted Average Life^^^	68 days

MATURITY SCHEDULE*^^
1 day	25.6	%
2–7 days	26.6
8–30 days	36.7
31–60 days	5.9
61–90 days	1.7
91–180 days	3.5

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Class C Shares	0.70	%
Agency Shares	1.41
Capital Shares	1.49
Institutional Class Shares	1.46
Investor Shares	1.16
Morgan Shares	1.08
Premier Shares	1.22
Reserve Shares	0.97

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

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

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

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

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

* Percentages indicated are based upon total investments as of February 28, 2018.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.49%, 1.34%, 1.44%, 1.39%, 1.14%, 0.98%, 1.19% and 0.94% for Class C Shares, Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 3

JPMorgan U.S. Government Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Seeks high current income with liquidity and stability of principal
Primary Investments	High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, Direct^, Eagle Class, Eagle Private Wealth Class^^, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of February 28, 2018	$152.3 Billion
Weighted Average Maturity^^^	23 days
Weighted Average Life^^^^	94 days

MATURITY SCHEDULE*^^^
1 day	49.3	%
2–7 days	7.7
8–30 days	26.3
31–60 days	4.0
61–90 days	5.7
91–180 days	4.3
181+ days	2.7

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Agency Shares	1.18	%
Capital Shares	1.26
Eagle Class Shares	0.74
Eagle Private Wealth Class Shares	1.14
E*Trade Shares	0.44
IM Shares	1.27
Institutional Class Shares	1.23
Investor Shares	0.93
Morgan Shares	0.85
Premier Shares	0.99
Reserve Shares	0.74
Service Shares	0.39

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

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

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

^^ Commenced operations on August 18, 2017.

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

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

* Percentages indicated are based upon total investments as of February 28, 2018.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Eagle Class Shares, Eagle Private Wealth Class Shares, E*Trade Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.12%, 1.22%, 0.72%, 1.14%, 0.37%, 1.27%, 1.17%, 0.92%, 0.81%, 0.97%, 0.71% and 0.37% for Agency Shares, Capital Shares, Eagle Class Shares, Eagle Private Wealth Class Shares, E*Trade Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

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

4 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Seeks current income with liquidity and stability of principal
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital^, Direct^^, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2018	$22.4 Billion
Weighted Average Maturity^^^	11 days
Weighted Average Life^^^^	97 days

MATURITY SCHEDULE*^^^
1 day	73.4	%
2–7 days	4.1
8–30 days	12.3
31–60 days	4.2
61–90 days	3.4
91–180 days	2.1
181+ days	0.5

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Class C Shares	0.49	%
Agency Shares	1.21
Capital Shares	1.29
IM Shares	1.32
Institutional Class Shares	1.26
Investor Shares	0.96
Morgan Shares	0.88
Premier Shares	1.02
Reserve Shares	0.76

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.

^ Commenced operations on September 22, 2017.

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

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

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

* Percentages indicated are based upon total investments as of February 28, 2018.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.31%, 1.17%, 1.29%, 1.32%, 1.22%, 0.96%, 0.87%, 1.02% and 0.76% for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 5

JPMorgan Federal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Aims to provide current income while still preserving capital and maintaining liquidity
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan and Premier Shares
Net Assets as of February 28, 2018	$3.1 Billion
Weighted Average Maturity^	27 days
Weighted Average Life^^	84 days

MATURITY SCHEDULE*^
1 day	5.2	%
2–7 days	16.8
8–30 days	48.0
31–60 days	12.1
61–90 days	17.9

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Agency Shares	1.17	%
Institutional Class Shares	1.23
Morgan Shares	0.84
Premier Shares	0.98

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 28, 2018.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.11%, 1.18%, 0.77% and 0.97% for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares, respectively.

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

6 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2018	$35.0 Billion
Weighted Average Maturity^	45 days
Weighted Average Life^^	97 days

MATURITY SCHEDULE*^
1 day	19.5	%
8–30 days	31.4
31–60 days	11.7
61–90 days	19.4
91–180 days	18.0

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Agency Shares	1.24	%
Capital Shares	1.32
Institutional Class Shares	1.29
Morgan Shares	0.91
Premier Shares	1.05
Reserve Shares	0.80

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 28, 2018.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.20%, 1.30%, 1.24%, 0.89%, 1.05% and 0.80% for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 7

JPMorgan Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2018	$16.9 Billion
Weighted Average Maturity^	10 days
Weighted Average Life^^	10 days

MATURITY SCHEDULE**^
1 day	16.2	%
2–7 days	73.8
8–30 days	4.0
31–60 days	2.4
61-90 days	2.8
91–180 days	0.8

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Agency Shares	0.86	%
Institutional Class Shares	0.91
Morgan Shares	0.53
Premier Shares	0.67
Reserve Shares	0.42

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 28, 2018.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.81%, 0.86%, 0.51%, 0.66% and 0.41% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

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

8 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

JPMorgan Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

Objective	Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Eagle Class, E*Trade^, Institutional Class, Morgan, Premier and Service Shares
Net Assets as of February 28, 2018	$2.7 Billion
Weighted Average Maturity^^	6 days
Weighted Average Life^^^	6 days

MATURITY SCHEDULE**^^
1 day	13.1	%
2–7 days	86.9

7-DAY SEC YIELD AS OF FEBRUARY 28, 2018 (1)
Agency Shares	0.90	%
Eagle Class Shares	0.46
Institutional Class Shares	0.95
Morgan Shares	0.57
Premier Shares	0.71
Service Shares	0.11

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

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

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

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

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

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

** Percentages indicated are based upon total investments as of February 28, 2018.

⁽¹⁾  The yields for Agency Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.70%, 0.30%, 0.75%, 0.37%, 0.55% and (0.05)% for Agency Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively.

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 9

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Municipal Bonds — 0.2%
		California — 0.1%
		City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments,
	15,190	Series H-3, Rev., VRDO, LOC: Bank of China, 1.55%, 03/07/2018 (z)		15,190
	24,190	Series H-4, Rev., VRDO, LOC: Bank of China, 1.58%, 03/07/2018 (z)		24,190
				39,380
		New York — 0.1%
	29,230	New York State Housing Finance Agency, 222 East 44th Street Housing, Series B, Rev., VRDO, LOC: Bank of China, 1.52%, 03/01/2018 (z)		29,230
	15,000	New York State Housing Finance Agency, 572 11th Avenue Housing, Rev., VRDO, LOC: Bank of China, 1.65%, 03/01/2018 (z)		15,000
				44,230
		Total Municipal Bonds (Cost $83,610)		83,610
	Repurchase Agreements — 11.8%
	400,000	Barclays Capital, Inc., 1.93%, dated 02/28/2018, due 04/04/2018, repurchase price $400,751, collateralized by Collateralized Mortgage Obligations, 0.00% - 64.08%, due 10/25/2021 - 09/17/2057, and FNMA Connecticut Avenue Securities, 4.22% - 7.97%, due 05/28/2024 - 11/26/2029, with a value of $432,000.		400,000
	205,000	BNP Paribas SA, 1.56%, dated 02/28/2018, due 03/02/2018, repurchase price $205,018, collateralized by Asset-Backed Securities, 0.00% - 8.04%, due 07/15/2024 - 10/25/2036, Collateralized Mortgage Obligations, 5.33% - 5.44%, due 04/25/2057 -05/25/2057, Corporate Bonds, 0.00% - 10.50%, due 04/01/2021 -05/02/2043, FNMA Connecticut Avenue Securities, 2.37% - 6.52%, due 11/25/2024 - 07/25/2030, and Sovereign Government Securities, 3.60%, due 01/30/2025, with a value of $221,467.		205,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	160,000	BNP Paribas SA, 1.56%, dated 02/28/2018, due 03/07/2018, repurchase price $160,049, collateralized by Asset-Backed Securities, 2.12% - 8.14%, due 10/20/2027 - 12/25/2035, Corporate Bonds, 3.88% -9.25%, due 10/10/2022 - 01/15/2028, Corporate Notes, 3.85% - 8.50%, due 07/28/2025 - 11/15/2027, FNMA Connecticut Avenue Securities, 2.82% - 6.67%, due 10/25/2029 - 11/26/2029, and Sovereign Government Securities, 5.00%, due 03/23/2022, with a value of $172,937.		160,000
	227,200	Citigroup Global Markets Holdings, Inc., 2.27%, dated 02/28/2018, due 04/19/2018, repurchase price $227,916, collateralized by Asset-Backed Securities, 1.17% - 7.02%, due 10/15/2029 - 12/26/2050, with a value of $249,920.		227,200
	237,200	Citigroup Global Markets Holdings, Inc., 2.27%, dated 02/28/2018, due 04/19/2018, repurchase price $237,948, collateralized by Corporate Bonds, 0.00% -14.00%, due 12/31/2018 - 12/31/2099, Corporate Notes, 0.00% - 8.95%, due 03/29/2018 - 12/31/2099, Municipal Debt Securities, 0.00%, due 09/01/2022, Sovereign Government Securities, 0.00% - 12.75%, due 06/16/2018 - 06/28/2117, and U.S. Treasury Securities, 2.25%, due 11/15/2024, with a value of $253,123.		237,200
	100,000	Credit Suisse Securities USA LLC, 1.62%, dated 02/28/2018, due 03/07/2018, repurchase price $100,032, collateralized by Asset-Backed Securities, 0.00% - 9.79%, due 01/15/2021 - 02/25/2037, with a value of $106,780.		100,000
	300,000	Credit Suisse Securities USA LLC, 1.98%, dated 02/28/2018, due 04/04/2018, repurchase price $300,578, collateralized by Asset-Backed Securities, 0.00% - 8.85%, due 07/01/2020 - 09/20/2049, Certificate of Deposit, 1.85%, due 08/21/2018, Collateralized Mortgage Obligations, 1.70% - 6.25%, due 02/25/2023 - 04/12/2049, and Commercial Paper, 0.00% - 8.88%, due 03/01/2018 - 12/31/2049, with a value of $318,709.		300,000
	85,000	Credit Suisse Securities USA LLC, 2.07%, dated 02/28/2018, due 04/04/2018, repurchase price $85,171, collateralized by Asset-Backed Securities, 9.79% - 11.84%, due 01/15/2021 - 01/28/2070, with a value of $90,895.		85,000

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	255,000	HSBC Securities USA, Inc., 1.67%, dated 02/28/2018, due 03/01/2018, repurchase price $255,012, collateralized by Corporate Bonds, 2.00% - 12.50%, due 02/15/2021 - 11/01/2043, with a value of $270,340.		255,000
	340,500	Merrill Lynch PFS, Inc., 1.90%, dated 02/28/2018, due 04/04/2018, repurchase price $341,129, collateralized by Asset-Backed Securities, 0.00% - 3.03%, due 03/10/2020 - 05/08/2042, Collateralized Mortgage Obligations, 0.00% - 6.50%, due 05/15/2030 - 06/25/2057, Commercial Paper, 0.00%, due 03/09/2018 - 12/07/2018, Corporate Bonds, 0.00% - 12.00%, due 04/15/2018 - 06/20/2047, and Sovereign Government Securities, 0.00%, due 12/15/2035, with a value of $366,957.		340,500
	925,000	Societe Generale SA, 1.62%, dated 02/28/2018, due 03/01/2018, repurchase price $925,042, collateralized by Corporate Bonds, 1.97% - 11.50%, due 03/09/2018 - 12/29/2099, Corporate Notes, 0.00% - 8.00%, due 11/23/2018 - 07/15/2041, and Sovereign Government Securities, 2.63% - 11.88%, due 04/03/2018 - 02/17/2045, with a value of $992,779.		925,000
	865,000	Societe Generale SA, 1.66%, dated 02/28/2018, due 03/07/2018, repurchase price $865,279, collateralized by Corporate Bonds, 4.88% - 12.50%, due 02/01/2020 - 12/01/2032, and Sovereign Government Securities, 4.63% - 10.13%, due 06/16/2018 - 02/17/2045, with a value of $934,502.		865,000
	250,000	UBS Securities LLC, 1.55%, dated 02/28/2018, due 03/01/2018, repurchase price $250,011, collateralized by Corporate Bonds, 1.40% - 7.50%, due 11/28/2018 - 01/15/2048, and Corporate Notes, 1.95% - 5.00%, due 01/08/2019 - 10/15/2047, with a value of $262,725.		250,000
	100,000	Wells Fargo Securities LLC, 1.52%, dated 02/28/2018, due 03/01/2018, repurchase price $100,004, collateralized by Commercial Paper, 0.00%, due 03/01/2018 - 03/02/2018, with a value of $105,004.		100,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	92,000	Wells Fargo Securities LLC, 1.57%, dated 02/28/2018, due 03/02/2018, repurchase price $92,008, collateralized by Commercial Paper, 0.00%, due 03/02/2018, with a value of $96,629.		92,000
		Total Repurchase Agreements (Cost $4,541,900)		4,541,900
	Short-Term Investments — 86.5%
		Certificates of Deposit — 33.3%
	50,000	Agricultural Bank of China Ltd., 1.88%, 04/17/2018		49,994
		Banco Del Estado De Chile,
	50,000	1.75%, 04/20/2018		50,001
	74,000	1.79%, 05/07/2018		73,993
	60,000	Bank of China Ltd., 1.88%, 03/09/2018 (n)		59,975
		Bank of Montreal,
	50,000	1.60%, 03/16/2018		49,999
	25,000	(ICE LIBOR USD 3 Month + 0.10%), 1.70%, 03/19/2018 (aa)		25,021
		Bank of Nova Scotia (The),
	84,000	(ICE LIBOR USD 3 Month + 0.10%), 1.69%, 03/19/2018 (aa)		84,072
	55,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/07/2018 (aa)		55,007
	130,000	Bank of Tokyo-Mitsubishi Ltd., 1.46%, 03/16/2018		129,993
		BNP Paribas SA,
	130,000	1.46%, 03/16/2018		129,996
	65,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/28/2018 (aa)		65,021
	100,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/06/2018 (aa)		100,004
	214,000	(ICE LIBOR USD 1 Month + 0.20%), 1.77%, 03/18/2018 (aa)		214,027
	200,238	(ICE LIBOR USD 1 Month + 0.20%), 1.80%, 03/27/2018 (aa)		200,266
		Chiba Bank Ltd.,
	37,960	1.72%, 03/20/2018		37,963
	20,000	1.72%, 03/21/2018		20,001
	50,000	1.72%, 03/27/2018		50,003
	64,000	1.75%, 04/10/2018		64,001
		China Construction Bank Corp.,
	77,000	1.88%, 03/02/2018		77,001
	50,000	1.88%, 03/16/2018		50,004
	50,000	1.88%, 03/22/2018		50,005
	25,000	1.90%, 04/06/2018		25,002
	150,000	1.90%, 04/17/2018		150,004
	125,000	1.95%, 04/23/2018		125,007
	50,000	1.95%, 04/24/2018		50,002

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Certificates of Deposit — continued
		Commonwealth Bank of Australia,
	160,000	(ICE LIBOR USD 1 Month + 0.25%), 1.84%, 03/20/2018 (aa)		160,011
	60,000	(ICE LIBOR USD 1 Month + 0.30%), 1.88%, 03/06/2018 (aa)		60,000
		Cooperatieve Rabobank UA,
	59,000	(ICE LIBOR USD 1 Month + 0.14%), 1.73%, 03/19/2018 (aa)		59,002
	200,000	(ICE LIBOR USD 1 Month + 0.18%), 1.76%, 03/22/2018 (aa)		199,998
	100,000	(ICE LIBOR USD 1 Month + 0.18%), 1.76%, 03/12/2018 (aa)		99,940
	200,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 08/09/2018 (aa)		200,000
	94,000	(ICE LIBOR USD 1 Month + 0.16%), 1.78%, 03/25/2018 (aa)		93,996
		Credit Industriel et Commercial,
	61,000	(ICE LIBOR USD 1 Month + 0.14%), 1.73%, 03/18/2018 (aa)		61,008
	90,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/09/2018 (aa)		90,007
	65,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/02/2018 (aa)		65,000
	400,000	(ICE LIBOR USD 1 Month + 0.19%), 1.78%, 03/16/2018 (aa)		400,044
	90,000	(ICE LIBOR USD 1 Month + 0.18%), 1.83%, 03/30/2018 (aa)		90,003
	72,000	(ICE LIBOR USD 1 Month + 0.19%), 1.84%, 03/28/2018 (aa)		71,983
		Credit Suisse AG,
	150,000	(ICE LIBOR USD 1 Month + 0.19%), 1.78%, 03/13/2018 (aa)		150,054
	100,000	(ICE LIBOR USD 1 Month + 0.21%), 1.84%, 03/18/2018 (aa)		100,014
		Dexia Credit Local SA,
	150,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/08/2018 (aa)		150,000
	205,000	(ICE LIBOR USD 1 Month + 0.19%), 1.84%, 03/31/2018 (aa)		205,005
		Industrial & Commercial Bank of China Ltd.,
	130,000	1.90%, 04/16/2018		129,993
	22,000	2.22%, 04/30/2018 (n)		21,930
		KBC Bank NV,
	160,000	1.45%, 03/02/2018		160,000
	20,000	1.71%, 03/06/2018 (n)		19,994
		Mitsubishi UFJ Trust & Banking Corp.,
	50,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/01/2018 (aa)		50,002

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Certificates of Deposit — continued
	175,000	(ICE LIBOR USD 1 Month + 0.20%), 1.79%, 03/05/2018 (aa)		175,064
	50,000	1.80%, 04/23/2018 (n)		49,863
	25,000	(ICE LIBOR USD 1 Month + 0.22%), 1.80%, 03/30/2018 (aa)		25,007
	60,000	(ICE LIBOR USD 1 Month + 0.23%), 1.82%, 03/17/2018 (aa)		60,004
	69,000	(ICE LIBOR USD 1 Month + 0.22%), 1.85%, 03/27/2018 (aa)		69,017
	75,000	(ICE LIBOR USD 1 Month + 0.27%), 1.90%, 03/15/2018 (aa)		75,013
	70,000	1.95%, 05/21/2018		69,986
		Mizuho Bank Ltd.,
	120,000	(ICE LIBOR USD 3 Month + 0.11%), 1.72%, 03/19/2018 (aa)		120,016
	100,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/06/2018 (aa)		100,025
	225,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/12/2018 (aa)		225,078
	100,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/12/2018 (aa)		100,042
	130,000	(ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/16/2018 (aa)		129,997
	125,000	(ICE LIBOR USD 1 Month + 0.27%), 1.86%, 03/15/2018 (aa)		124,985
	60,000	1.97%, 05/25/2018		59,986
		National Australia Bank Ltd.,
	140,000	(ICE LIBOR USD 1 Month + 0.18%), 1.77%, 03/20/2018 (aa)		140,005
	235,000	(ICE LIBOR USD 1 Month + 0.35%), 1.93%, 03/07/2018 (aa)		235,001
		Natixis SA,
	125,000	(ICE LIBOR USD 1 Month + 0.20%), 1.77%, 03/18/2018 (aa)		125,052
	65,000	(ICE LIBOR USD 1 Month + 0.16%), 1.81%, 03/19/2018 (aa)		65,014
		Norinchukin Bank,
	100,000	(ICE LIBOR USD 1 Month + 0.16%), 1.74%, 03/06/2018 (aa)		100,029
	30,000	(ICE LIBOR USD 1 Month + 0.16%), 1.75%, 03/20/2018 (aa)		30,005
	200,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/09/2018 (aa)		200,005
	25,000	(ICE LIBOR USD 1 Month + 0.18%), 1.81%, 03/31/2018 (aa)		25,009
		Oversea-Chinese Banking Corp. Ltd.,
	25,000	(ICE LIBOR USD 1 Month + 0.13%), 1.72%, 03/19/2018 (aa)		25,003
	47,000	(ICE LIBOR USD 1 Month + 0.15%), 1.80%, 03/28/2018 (aa)		47,012

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Certificates of Deposit — continued
		Royal Bank of Canada,
	75,000	(ICE LIBOR USD 1 Month + 0.20%), 1.82%, 03/24/2018 (aa)		75,011
	117,000	(ICE LIBOR USD 1 Month + 0.32%), 1.91%, 03/16/2018 (aa)		117,023
	40,000	Shizuoka Bank, 1.72%, 04/03/2018		40,003
	45,000	Skandinaviska Enskilda Banken AB, 1.91%, 07/25/2018		44,969
		Standard Chartered Bank,
	200,000	(ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/14/2018 (aa)		200,062
	300,000	(ICE LIBOR USD 1 Month + 0.21%), 1.84%, 03/18/2018 (aa)		299,983
	225,000	1.98%, 05/29/2018		224,982
		Sumitomo Mitsui Banking Corp.,
	30,000	(ICE LIBOR USD 1 Month + 0.19%), 1.79%, 03/22/2018 (aa)		30,006
	96,000	(ICE LIBOR USD 1 Month + 0.22%), 1.80%, 03/06/2018 (aa)		96,000
	312,200	(ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/16/2018 (aa)		312,293
	120,000	(ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/16/2018 (aa)		120,032
	96,500	(ICE LIBOR USD 1 Month + 0.22%), 1.82%, 03/22/2018 (aa)		96,521
	60,000	(ICE LIBOR USD 1 Month + 0.20%), 1.82%, 03/01/2018 (aa)		60,000
	155,000	(ICE LIBOR USD 1 Month + 0.20%), 1.82%, 03/20/2018 (aa)		155,061
	200,000	(ICE LIBOR USD 1 Month + 0.23%), 1.83%, 03/22/2018 (aa)		199,965
	65,000	(ICE LIBOR USD 1 Month + 0.30%), 1.90%, 03/21/2018 (aa)		65,004
		Sumitomo Mitsui Trust Bank Ltd.,
	50,000	1.64%, 03/12/2018 (n)		49,972
	140,000	(ICE LIBOR USD 1 Month + 0.18%), 1.76%, 03/07/2018 (aa)		140,009
	30,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/20/2018 (aa)		30,009
	55,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/05/2018 (aa)		55,019
	200,000	(ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/17/2018 (aa)		200,001
	250,000	(ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/18/2018 (aa)		250,000
	52,000	(ICE LIBOR USD 1 Month + 0.24%), 1.89%, 03/29/2018 (aa)		51,996
	75,000	(ICE LIBOR USD 1 Month + 0.25%), 1.90%, 03/30/2018 (aa)		74,994
	50,000	1.95%, 05/14/2018		49,996

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Certificates of Deposit — continued
		Svenska Handelsbanken AB,
	150,000	(ICE LIBOR USD 1 Month + 0.14%), 1.72%, 03/05/2018 (aa)		150,011
	20,000	(ICE LIBOR USD 1 Month + 0.14%), 1.72%, 03/12/2018 (aa)		20,000
	120,000	(ICE LIBOR USD 1 Month + 0.14%), 1.72%, 03/13/2018 (aa)		119,976
	100,000	(ICE LIBOR USD 1 Month + 0.16%), 1.75%, 03/17/2018 (aa)		100,030
	200,000	(ICE LIBOR USD 1 Month + 0.15%), 1.78%, 03/27/2018 (aa)		200,061
	325,000	(ICE LIBOR USD 1 Month + 0.27%), 1.86%, 03/16/2018 (aa)		324,976
	100,000	Swedbank AB, (ICE LIBOR USD 1 Month + 0.16%), 1.78%, 03/25/2018 (aa)		99,997
		Toronto-Dominion Bank (The),
	145,200	1.43%, 03/20/2018		145,190
	150,000	1.57%, 04/30/2018 (n)		149,524
	100,000	(ICE LIBOR USD 1 Month + 0.26%), 1.85%, 03/18/2018 (aa)		100,014
	25,000	(ICE LIBOR USD 3 Month + 0.18%), 1.87%, 03/29/2018 (aa)		25,003
	60,000	(ICE LIBOR USD 1 Month + 0.32%), 1.91%, 03/20/2018 (aa)		60,015
	60,000	(ICE LIBOR USD 1 Month + 0.34%), 1.93%, 03/16/2018 (aa)		60,006
		Wells Fargo Bank NA,
	25,000	1.56%, 03/05/2018		25,000
	200,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/12/2018 (aa)		199,985
	250,000	(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 03/22/2018 (aa)		249,957
	75,000	(ICE LIBOR USD 1 Month + 0.20%), 1.85%, 03/30/2018 (aa)		75,003
	130,000	(ICE LIBOR USD 1 Month + 0.21%), 1.86%, 03/30/2018 (aa)		129,969
	100,000	(ICE LIBOR USD 1 Month + 0.23%), 1.86%, 03/27/2018 (aa)		99,989
	195,000	(ICE LIBOR USD 1 Month + 0.27%), 1.92%, 03/30/2018 (aa)		194,997
	100,000	Series Cd, (ICE LIBOR USD 1 Month + 0.25%), 1.84%, 03/19/2018 (aa)		100,039
		Westpac Banking Corp.,
	75,000	(ICE LIBOR USD 1 Month + 0.18%), 1.77%, 03/18/2018 (aa)		74,988
	100,000	(ICE LIBOR USD 1 Month + 0.23%), 1.82%, 03/19/2018 (aa)		99,967
				12,844,172

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — 29.0%
		Alpine Securitization LLC,
	150,000	(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 03/21/2018 (e) (aa)		149,997
	50,000	2.01%, 05/31/2018 (e) (n)		49,725
	40,000	Antalis SA, 1.59%, 03/06/2018 (e) (n)		39,990
	25,000	Atlantic Asset Securitization LLC, (ICE LIBOR USD 1 Month + 0.16%), 1.74%, 03/05/2018 (e) (aa)		25,000
		Australia & New Zealand Banking Group Ltd.,
	42,200	(ICE LIBOR USD 1 Month + 0.13%), 1.71%, 03/05/2018 (e) (aa)		42,213
	75,000	(ICE LIBOR USD 1 Month + 0.15%), 1.80%, 03/29/2018 (e) (aa)		74,986
	100,000	(ICE LIBOR USD 1 Month + 0.16%), 1.81%, 03/12/2018 (e) (aa)		99,984
	200,000	Bank of China Ltd., 1.90%, 04/06/2018 (e) (n)		199,625
	80,000	Bank of Nova Scotia (The), 2.09%, 05/29/2018 (e) (n)		79,604
	455,000	Barclays Bank plc, 1.42%, 03/01/2018 (e) (n)		454,982
		Bedford Row Funding Corp.,
	52,700	1.42%, 03/01/2018 (e) (n)		52,700
	102,000	(ICE LIBOR USD 3 Month + 0.19%), 1.78%, 03/15/2018 (e) (aa)		102,013
	20,000	(ICE LIBOR USD 1 Month + 0.22%), 1.80%, 03/12/2018 (e) (aa)		19,999
	25,000	(ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/21/2018 (e) (aa)		25,001
	20,000	(ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/22/2018 (e) (aa)		20,001
	50,000	(ICE LIBOR USD 1 Month + 0.22%), 1.82%, 03/28/2018 (e) (aa)		50,000
	85,000	(ICE LIBOR USD 1 Month + 0.24%), 1.82%, 03/13/2018 (e) (aa)		85,004
	20,000	(ICE LIBOR USD 1 Month + 0.24%), 1.82%, 03/18/2018 (e) (aa)		20,001
	100,000	(ICE LIBOR USD 1 Month + 0.24%), 1.83%, 03/29/2018 (e) (aa)		99,978
	100,000	(ICE LIBOR USD 1 Month + 0.26%), 1.84%, 03/18/2018 (e) (aa)		99,982
	25,000	(ICE LIBOR USD 1 Month + 0.22%), 1.85%, 03/02/2018 (e) (aa)		24,998
	25,000	(ICE LIBOR USD 3 Month + 0.15%), 1.87%, 04/13/2018 (e) (aa)		25,010
	20,000	(ICE LIBOR USD 1 Month + 0.29%), 1.88%, 03/15/2018 (e) (aa)		19,999
	69,000	(ICE LIBOR USD 1 Month + 0.27%), 1.89%, 03/30/2018 (e) (aa)		68,987

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Paper — continued
	100,000	BNP Paribas SA, 1.47%, 04/02/2018 (n)		99,852
	200,000	BPCE SA, 1.88%, 05/01/2018 (e) (n)		199,403
		Canadian Imperial Bank of Commerce,
	20,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/05/2018 (e) (aa)		19,999
	50,000	(ICE LIBOR USD 1 Month + 0.19%), 1.81%, 03/27/2018 (e) (aa)		49,995
	177,000	1.88%, 05/10/2018 (e) (n)		176,425
	68,000	Cancara Asset Securitisation LLC, 1.60%, 03/08/2018 (e) (n)		67,977
	21,015	Cedar Springs Capital Co. LLC, 1.45%, 03/01/2018 (e) (n)		21,015
	59,000	Charta LLC, 1.94%, 07/23/2018 (e) (n)		58,484
	150,000	China Construction Bank Corp., 1.90%, 04/06/2018 (e) (n)		149,721
	100,000	China Petrochemical Corp, 1.75%, 03/06/2018 (e) (n)		99,975
		Commonwealth Bank of Australia,
	50,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/05/2018 (e) (aa)		50,015
	87,370	(ICE LIBOR USD 1 Month + 0.18%), 1.77%, 03/23/2018 (e) (aa)		87,361
	87,000	(ICE LIBOR USD 1 Month + 0.20%), 1.77%, 03/06/2018 (e) (aa)		86,980
	83,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/16/2018 (e) (aa)		82,985
	165,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/17/2018 (e) (aa)		164,969
	30,000	(ICE LIBOR USD 1 Month + 0.20%), 1.79%, 03/20/2018 (e) (aa)		29,994
	50,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/14/2018 (e) (aa)		49,991
	125,000	(ICE LIBOR USD 1 Month + 0.21%), 1.83%, 03/01/2018 (e) (aa)		124,959
	45,000	(ICE LIBOR USD 1 Month + 0.19%), 1.84%, 03/08/2018 (e) (aa)		44,994
	125,000	(ICE LIBOR USD 1 Month + 0.26%), 1.86%, 03/29/2018 (e) (aa)		125,002
		Concord Minutemen Capital Co. LLC,
	30,000	Series A, 1.45%, 03/01/2018 (e) (n)		29,999
	50,000	Series A, 1.96%, 05/16/2018 (e) (n)		49,791
	75,000	Series A, 2.06%, 05/31/2018 (e) (n)		74,608
	36,000	Credit Agricole Corporate and Investment Bank, 1.78%, 03/26/2018 (e) (n)		35,958
		Crown Point Capital Co. LLC,
	75,000	Series A, 1.50%, 03/07/2018 (e) (n)		74,978
	100,000	Series A, 1.52%, 03/22/2018 (e) (n)		99,901
	50,000	Series A, 1.99%, 05/31/2018 (e) (n)		49,728

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — continued
	105,000	Danske Corp., 2.10%, 06/01/2018 (e) (n)		104,441
		DBS Bank Ltd.,
	100,000	1.73%, 04/18/2018 (e) (n)		99,760
	90,000	2.03%, 06/07/2018 (e) (n)		89,488
		DNB Bank ASA,
	65,000	(ICE LIBOR USD 1 Month + 0.13%), 1.71%, 03/21/2018 (e) (aa)		65,018
	100,000	(ICE LIBOR USD 1 Month + 0.15%), 1.74%, 03/20/2018 (e) (aa)		100,007
		First Abu Dhabi Bank PJSC,
	195,200	1.73%, 03/13/2018 (e) (n)		195,090
	155,000	1.73%, 03/19/2018 (e) (n)		154,870
		General Electric Co.,
	100,000	1.45%, 03/06/2018 (n)		99,976
	496,780	1.45%, 03/07/2018 (n)		496,641
		HSBC Bank plc,
	75,000	(ICE LIBOR USD 1 Month + 0.16%), 1.74%, 03/07/2018 (e) (aa)		74,999
	30,000	(ICE LIBOR USD 1 Month + 0.16%), 1.75%, 03/16/2018 (e) (aa)		29,997
	32,000	(ICE LIBOR USD 1 Month + 0.21%), 1.79%, 03/08/2018 (e) (aa)		31,995
	150,000	(ICE LIBOR USD 1 Month + 0.21%), 1.83%, 03/26/2018 (e) (aa)		149,975
		ING US Funding LLC,
	200,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/09/2018 (aa)		200,026
	200,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/15/2018 (aa)		199,998
	125,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/13/2018 (aa)		125,014
	94,750	1.79%, 05/07/2018 (n)		94,422
	50,000	(ICE LIBOR USD 1 Month + 0.19%), 1.84%, 04/03/2018 (aa)		49,990
		Kells Funding LLC,
	40,000	1.60%, 03/22/2018 (e) (n)		39,961
	240,000	(ICE LIBOR USD 1 Month + 0.10%), 1.69%, 03/16/2018 (e) (aa)		240,024
	30,000	Lexington Parker Capital Co. LLC, 1.50%, 03/08/2018 (e) (n)		29,990
		Liberty Street Funding LLC,
	50,000	(ICE LIBOR USD 1 Month + 0.13%), 1.72%, 03/15/2018 (e) (aa)		50,013
	70,000	1.80%, 03/27/2018 (e) (n)		69,913
		LMA-Americas LLC,
	30,000	1.68%, 05/11/2018 (e) (n)		29,881
	28,000	1.96%, 05/15/2018 (e) (n)		27,880

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Paper — continued
		Macquarie Bank Ltd.,
	65,000	2.03%, 05/15/2018 (e) (n)		64,730
	75,000	2.03%, 05/16/2018 (e) (n)		74,683
		Manhattan Asset Funding Co. LLC,
	25,000	(ICE LIBOR USD 1 Month + 0.21%), 1.79%, 03/05/2018 (e) (aa)		25,010
	130,000	(ICE LIBOR USD 1 Month + 0.21%), 1.79%, 03/06/2018 (e) (aa)		130,043
		MetLife Short Term Funding LLC,
	77,080	1.86%, 05/17/2018 (e) (n)		76,760
	59,500	1.88%, 05/15/2018 (e) (n)		59,261
	13,000	Mitsubishi UFJ Trust & Banking Corp., 1.98%, 05/18/2018 (e) (n)		12,943
		National Australia Bank Ltd.,
	25,000	(ICE LIBOR USD 1 Month + 0.16%), 1.73%, 03/01/2018 (e) (aa)		24,998
	125,000	(ICE LIBOR USD 1 Month + 0.19%), 1.78%, 03/20/2018 (e) (aa)		124,965
	149,000	Natixis SA, 1.65%, 03/08/2018 (n)		148,953
		Nederlandse Waterschapsbank NV,
	150,000	1.69%, 04/03/2018 (e) (n)		149,761
	200,000	1.78%, 05/02/2018 (e) (n)		199,363
		Nieuw Amsterdam Receivables Corp.,
	60,000	1.96%, 07/19/2018 (e) (n)		59,488
	110,000	2.03%, 05/31/2018 (e) (n)		109,420
	100,000	Nordea Bank AB, 1.92%, 07/24/2018 (e) (n)		99,168
	155,000	NRW Bank, 1.70%, 04/03/2018 (e) (n)		154,759
		Old Line Funding LLC,
	40,000	(ICE LIBOR USD 1 Month + 0.23%), 1.83%, 03/27/2018 (e) (aa)		39,999
	50,000	2.03%, 06/07/2018 (e) (n)		49,712
	77,000	Oversea-Chinese Banking Corp. Ltd., 1.45%, 03/21/2018 (e) (n)		76,926
		Ridgefield Funding Co. LLC,
	97,484	Series A1, 1.45%, 03/01/2018 (e) (n)		97,480
	21,000	Series A1, (ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/16/2018 (e) (aa)		21,009
	50,000	Series A1, 1.96%, 05/15/2018 (e) (n)		49,786
	100,000	Standard Chartered Bank, 1.43%, 03/12/2018 (e) (n)		99,950
	145,000	Starbird Funding Corp., 1.60%, 03/16/2018 (e) (n)		144,900
	65,000	Suncorp-Metway Ltd., 1.75%, 04/18/2018 (e) (n)		64,836
	22,000	Swedbank AB, 1.93%, 07/27/2018 (n)		21,811
		Thunder Bay Funding LLC,
	50,000	(ICE LIBOR USD 1 Month + 0.13%), 1.75%, 03/12/2018 (e) (aa)		50,011

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — continued
	100,000	(ICE LIBOR USD 1 Month + 0.19%), 1.75%, 03/25/2018 (e) (aa)		99,987
	62,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/16/2018 (e) (aa)		62,008
	46,500	(ICE LIBOR USD 1 Month + 0.22%), 1.87%, 03/05/2018 (e) (aa)		46,502
		Toronto-Dominion Bank (The),
	50,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/12/2018 (e) (aa)		49,992
	125,000	(ICE LIBOR USD 1 Month + 0.20%), 1.80%, 03/22/2018 (e) (aa)		124,999
	240,000	(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 03/23/2018 (e) (aa)		239,937
	150,000	(ICE LIBOR USD 1 Month + 0.27%), 1.85%, 03/08/2018 (aa)		149,981
	200,000	(ICE LIBOR USD 1 Month + 0.27%), 1.86%, 03/14/2018 (e) (aa)		199,967
	42,000	Toyota Credit Canada, Inc., 1.45%, 03/12/2018 (n)		41,979
		Toyota Finance Australia Ltd.,
	30,000	(ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/19/2018 (aa)		29,996
	15,000	(ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/19/2018 (aa)		14,998
	12,000	Toyota Motor Finance Netherlands BV, (ICE LIBOR USD 1 Month + 0.20%), 1.85%, 03/24/2018 (aa)		12,005
	90,000	UBS AG, (ICE LIBOR USD 1 Month + 0.24%), 1.86%, 03/28/2018 (e) (aa)		90,013
	22,500	United Overseas Bank Ltd., 2.03%, 06/11/2018 (e) (n)		22,371
		Versailles Commercial Paper LLC,
	50,000	1.75%, 04/10/2018 (e) (n)		49,898
	92,000	1.80%, 03/19/2018 (e) (n)		91,923
		Victory Receivables Corp.,
	60,000	1.62%, 03/06/2018 (e) (n)		59,985
	50,000	1.81%, 03/27/2018 (e) (n)		49,938
	100,000	2.00%, 05/14/2018 (e) (n)		99,592
		Westpac Banking Corp.,
	108,600	(ICE LIBOR USD 1 Month + 0.18%), 1.77%, 03/21/2018 (e) (aa)		108,601
	90,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/12/2018 (e) (aa)		90,003
	60,000	(ICE LIBOR USD 1 Month + 0.17%), 1.79%, 03/02/2018 (e) (aa)		60,021
	35,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/20/2018 (e) (aa)		35,014
	100,000	(ICE LIBOR USD 1 Month + 0.23%), 1.82%, 03/19/2018 (e) (aa)		99,969
	50,000	(ICE LIBOR USD 1 Month + 0.19%), 1.82%, 03/12/2018 (e) (aa)		49,992
				11,194,603

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Time Deposits — 24.2%
	500,000	Australia & New Zealand Banking Group Ltd., 1.46%, 03/07/2018		500,000
		BNP Paribas SA,
	150,000	1.40%, 03/01/2018		150,000
	200,000	1.46%, 03/02/2018		200,000
	400,000	Chiba Bank Ltd., 1.44%, 03/01/2018		400,000
	700,000	China Construction Bank Corp., 1.45%, 03/01/2018		700,000
	800,000	Citibank NA, 1.43%, 03/01/2018		800,000
		Cooperatieve Rabobank UA,
	500,000	1.44%, 03/01/2018		500,000
	350,000	1.45%, 03/05/2018		350,000
	334,383	Credit Agricole Corporate & Investment Bank SA, 1.40%, 03/01/2018		334,383
	4,892	Credit Industriel et Commercial, 1.36%, 03/01/2018		4,892
	150,000	Erste Group Bank AG, 1.44%, 03/05/2018		150,000
		Industrial & Commercial Bank of China Ltd.,
	957,000	1.45%, 03/01/2018		957,000
		ING Bank NV,
	400,000	1.45%, 03/01/2018		400,000
	700,000	1.46%, 03/07/2018		700,000
		KBC Bank NV,
	225,000	1.45%, 03/05/2018		225,000
	470,000	1.45%, 03/07/2018		470,000
		Mizuho Bank Ltd.,
	300,000	1.43%, 03/01/2018		300,000
	300,000	1.45%, 03/06/2018		300,000
	400,000	Natixis SA, 1.37%, 03/01/2018		400,000
	600,000	Royal Bank of Canada, 1.40%, 03/01/2018		600,000
	212,367	Skandinaviska Enskilda Banken AB, 1.35%, 03/01/2018		212,367
	200,000	Standard Chartered Bank, 1.44%, 03/07/2018		200,000
	500,000	Swedbank AB, 1.43%, 03/05/2018		500,000
				9,353,642
		Total Short-Term Investments (Cost $33,392,254)		33,392,417
		Total Investments — 98.5% (Cost $38,017,764)		38,017,927
		Other Assets in Excess of Liabilities — 1.5%		580,594
		NET ASSETS — 100.0%	$	38,598,521

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Municipal Bonds — 2.2%
		Alaska — 1.4%
	25,000	Alaska Housing Finance Corp., State Capital Project Bonds II, Series B, Rev., VRDO, 1.60%, 03/07/2018 (z)		25,000
		California — 0.2%
		City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments,
	2,000	Series H-3, Rev., VRDO, LOC: Bank of China, 1.55%, 03/07/2018 (z)		2,000
	2,000	Series H-4, Rev., VRDO, LOC: Bank of China, 1.58%, 03/07/2018 (z)		2,000
				4,000
		New York — 0.6%
	10,000	New York State Housing Finance Agency, 572 11th Avenue Housing, Rev., VRDO, LOC: Bank of China, 1.65%, 03/01/2018 (z)		10,000
		Total Municipal Bonds (Cost $39,000)		39,000
	Repurchase Agreements — 6.7%
	30,000	Barclays Capital, Inc., 1.93%, dated 02/28/2018, due 04/04/2018, repurchase price $30,056, collateralized by Collateralized Mortgage Obligations, 3.30% - 6.00%, due 07/25/2037 - 10/11/2047, and FNMA Connecticut Avenue Securities, 4.22% - 6.32%, due 05/28/2024 - 04/25/2028, with a value of $32,400.		30,000
	15,000	Credit Suisse Securities USA LLC, 2.07%, dated 02/28/2018, due 04/04/2018, repurchase price $15,030, collateralized by Asset-Backed Securities, 11.84%, due 01/28/2070, with a value of $16,050.		15,000
	20,000	HSBC Securities USA, Inc., 1.67%, dated 02/28/2018, due 03/01/2018, repurchase price $20,001, collateralized by Corporate Bonds, 6.25% - 7.38%, due 07/15/2022 - 04/01/2026, with a value of $21,384.		20,000
	43,000	Societe Generale SA, 1.52%, dated 02/28/2018, due 03/01/2018, repurchase price $43,002, collateralized by Corporate Bonds, 1.97% - 9.75%, due 01/15/2019 - 12/29/2099, Corporate Notes, 0.00% -5.75%, due 11/23/2018 - 11/21/2044, and Sovereign Government Securities, 2.00% - 3.38%, due 09/08/2020 -04/03/2028, with a value of $45,152.		43,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,000	Societe Generale SA, 1.66%, dated 02/28/2018, due 03/07/2018, repurchase price $5,002, collateralized by Corporate Bonds, 2.90% - 10.75%, due 04/23/2020 - 01/01/2099, and Corporate Notes, 2.92% - 5.60%, due 01/20/2022 - 07/15/2041, with a value of $5,300.		5,000
	8,000	Wells Fargo Securities LLC, 1.57%, dated 02/28/2018, due 03/02/2018, repurchase price $8,001, collateralized by Sovereign Government Securities, 1.38% - 1.50%, due 08/31/2021 - 10/21/2021, with a value of $8,403.		8,000
		Total Repurchase Agreements (Cost $121,000)		121,000
	Short-Term Investments — 91.4%
		Certificates of Deposit — 28.8%
		Banco Del Estado De Chile,
	10,000	1.69%, 03/02/2018		10,000
	5,000	1.79%, 05/07/2018		5,000
		Bank of Nova Scotia (The),
	3,000	(ICE LIBOR USD 3 Month + 0.10%), 1.69%, 03/19/2018 (aa)		3,000
	5,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/07/2018 (aa)		5,000
	10,000	Bank of Tokyo-Mitsubishi Ltd., 1.46%, 03/16/2018		10,000
		BNP Paribas SA,
	10,000	1.46%, 03/16/2018		10,000
	10,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/06/2018 (aa)		10,000
	5,000	(ICE LIBOR USD 1 Month + 0.20%), 1.80%, 03/27/2018 (aa)		5,000
	15,000	(ICE LIBOR USD 1 Month + 0.27%), 1.94%, 03/01/2018 (n) (aa)		15,000
	10,000	Chiba Bank Ltd., 1.72%, 03/21/2018		10,000
		China Construction Bank Corp.,
	10,000	1.88%, 03/02/2018		10,000
	5,000	1.90%, 04/17/2018		5,000
	5,000	Commonwealth Bank of Australia, (ICE LIBOR USD 1 Month + 0.25%), 1.84%, 03/20/2018 (aa)		5,000
		Cooperatieve Rabobank UA,
	10,000	(ICE LIBOR USD 1 Month + 0.14%), 1.72%, 03/06/2018 (aa)		10,000
	2,000	(ICE LIBOR USD 1 Month + 0.14%), 1.73%, 03/19/2018 (aa)		2,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 17

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Certificates of Deposit— continued
		Credit Industriel et Commercial,
	7,000	(ICE LIBOR USD 1 Month + 0.13%), 1.71%, 03/02/2018 (aa)		7,000
	2,000	(ICE LIBOR USD 1 Month + 0.14%), 1.73%, 03/18/2018 (aa)		2,000
	5,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/09/2018 (aa)		5,000
	20,000	(ICE LIBOR USD 1 Month + 0.19%), 1.78%, 03/16/2018 (aa)		20,000
		Credit Suisse AG,
	3,000	(ICE LIBOR USD 1 Month + 0.19%), 1.78%, 03/13/2018 (aa)		3,000
	4,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/01/2018 (aa)		4,000
		Dexia Credit Local SA,
	10,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/08/2018 (aa)		10,000
	6,000	(ICE LIBOR USD 1 Month + 0.19%), 1.84%, 03/31/2018 (aa)		6,000
	10,000	KBC Bank NV, 1.71%, 03/06/2018 (n)		9,998
		Mitsubishi UFJ Trust & Banking Corp.,
	3,000	(ICE LIBOR USD 1 Month + 0.20%), 1.79%, 03/05/2018 (aa)		3,000
	5,000	(ICE LIBOR USD 1 Month + 0.22%), 1.79%, 03/01/2018 (aa)		5,000
	5,000	(ICE LIBOR USD 1 Month + 0.22%), 1.80%, 03/05/2018 (aa)		5,000
	20,000	(ICE LIBOR USD 1 Month + 0.23%), 1.82%, 03/17/2018 (aa)		20,000
	6,000	(ICE LIBOR USD 1 Month + 0.22%), 1.85%, 03/27/2018 (aa)		6,000
	10,000	(ICE LIBOR USD 1 Month + 0.34%), 1.99%, 03/28/2018 (aa)		10,000
		Mizuho Bank Ltd.,
	10,000	(ICE LIBOR USD 3 Month + 0.11%), 1.72%, 03/19/2018 (aa)		10,000
	10,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/06/2018 (aa)		10,000
	10,000	(ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/16/2018 (aa)		10,000
		Natixis SA,
	10,000	(ICE LIBOR USD 1 Month + 0.20%), 1.77%, 03/18/2018 (aa)		10,000
	10,000	(ICE LIBOR USD 1 Month + 0.16%), 1.81%, 03/19/2018 (aa)		10,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Certificates of Deposit — continued
		Norinchukin Bank,
	10,000	(ICE LIBOR USD 1 Month + 0.16%), 1.74%, 03/06/2018 (aa)		10,000
	5,000	(ICE LIBOR USD 1 Month + 0.16%), 1.75%, 03/20/2018 (aa)		5,000
		Royal Bank of Canada,
	2,000	(ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/20/2018 (aa)		2,000
	5,000	(ICE LIBOR USD 1 Month + 0.32%), 1.91%, 03/16/2018 (aa)		5,000
		Shizuoka Bank,
	35,000	1.71%, 03/07/2018		35,000
	10,000	1.72%, 04/03/2018		10,000
	3,000	Standard Chartered Bank, (ICE LIBOR USD 1 Month + 0.21%), 1.84%, 03/18/2018 (aa)		3,000
		Sumitomo Mitsui Banking Corp.,
	5,000	(ICE LIBOR USD 1 Month + 0.19%), 1.79%, 03/22/2018 (aa)		5,000
	4,000	(ICE LIBOR USD 1 Month + 0.22%), 1.80%, 03/06/2018 (aa)		4,000
	10,000	(ICE LIBOR USD 1 Month + 0.22%), 1.84%, 03/26/2018 (aa)		10,000
	20,000	(ICE LIBOR USD 1 Month + 0.22%), 1.87%, 03/30/2018 (aa)		20,000
		Sumitomo Mitsui Trust Bank Ltd.,
	9,000	1.64%, 03/12/2018 (n)		8,995
	10,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/20/2018 (aa)		10,000
	8,000	(ICE LIBOR USD 1 Month + 0.24%), 1.89%, 03/29/2018 (aa)		8,000
		Svenska Handelsbanken AB,
	5,000	(ICE LIBOR USD 1 Month + 0.14%), 1.72%, 03/12/2018 (aa)		5,000
	5,000	(ICE LIBOR USD 1 Month + 0.16%), 1.75%, 03/17/2018 (aa)		5,000
	5,000	(ICE LIBOR USD 1 Month + 0.15%), 1.78%, 03/27/2018 (aa)		5,000
		Toronto-Dominion Bank (The),
	9,000	1.41%, 03/20/2018		8,998
	7,000	(ICE LIBOR USD 1 Month + 0.26%), 1.85%, 03/18/2018 (aa)		7,000
	5,000	(ICE LIBOR USD 1 Month + 0.32%), 1.91%, 03/20/2018 (aa)		5,000

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments— continued
		Certificates of Deposit — continued
		Wells Fargo Bank NA,
	3,000	1.56%, 03/05/2018		3,000
	15,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/12/2018 (aa)		15,000
	15,000	(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 03/22/2018 (aa)		15,000
	15,000	(ICE LIBOR USD 1 Month + 0.21%), 1.86%, 03/30/2018 (aa)		15,000
	10,000	(ICE LIBOR USD 1 Month + 0.23%), 1.86%, 03/27/2018 (aa)		10,000
	5,000	(ICE LIBOR USD 1 Month + 0.25%), 1.84%, 03/19/2018 (aa)		5,000
				515,991
		Commercial Paper — 34.4%
	5,000	Alpine Securitization LLC, 2.01%, 05/31/2018 (e) (n)		4,975
	6,000	Atlantic Asset Securitization LLC, (ICE LIBOR USD 1 Month + 0.16%), 1.74%, 03/05/2018 (e) (aa)		6,000
		Bank of China Ltd.,
	5,000	1.88%, 03/26/2018 (n)		4,994
	13,000	1.90%, 04/06/2018 (e) (n)		12,975
	15,000	Bank of Montreal, 2.11%, 06/04/2018 (e) (n)		14,917
		Bank of Nova Scotia (The),
	10,000	1.80%, 04/02/2018 (e) (n)		9,984
	5,000	2.09%, 05/29/2018 (e) (n)		4,975
	10,000	2.12%, 05/30/2018 (e) (n)		9,947
	45,000	Barclays Bank plc, 1.42%, 03/01/2018 (e) (n)		45,000
		Barton Capital LLC,
	2,000	1.57%, 03/01/2018 (e) (n)		2,000
	15,000	1.77%, 04/05/2018 (e) (n)		14,974
	20,000	1.81%, 03/26/2018 (e) (n)		19,975
		Bedford Row Funding Corp.,
	5,000	(ICE LIBOR USD 3 Month + 0.19%), 1.78%, 03/15/2018 (e) (aa)		5,000
	3,000	(ICE LIBOR USD 1 Month + 0.22%), 1.80%, 03/12/2018 (e) (aa)		3,000
	15,000	(ICE LIBOR USD 1 Month + 0.24%), 1.82%, 03/13/2018 (e) (aa)		15,000
	20,000	(ICE LIBOR USD 1 Month + 0.24%), 1.82%, 03/18/2018 (e) (aa)		20,000
	10,000	(ICE LIBOR USD 1 Month + 0.26%), 1.85%, 03/17/2018 (e) (aa)		10,000
	3,000	(ICE LIBOR USD 3 Month + 0.15%), 1.87%, 04/13/2018 (e) (aa)		3,000
	5,000	(ICE LIBOR USD 1 Month + 0.23%), 1.88%, 03/05/2018 (e) (aa)		5,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Paper — continued
	5,000	(ICE LIBOR USD 1 Month + 0.27%), 1.89%, 03/30/2018 (e) (aa)		5,000
	5,000	Caisse D’amortissement De La Dette Sociale, 1.72%, 04/03/2018 (e) (n)		4,992
		Canadian Imperial Bank of Commerce,
	10,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/05/2018 (e) (aa)		10,000
		Commonwealth Bank of Australia,
	15,000	(ICE LIBOR USD 1 Month + 0.18%), 1.77%, 03/23/2018 (e) (aa)		14,999
	10,000	(ICE LIBOR USD 1 Month + 0.20%), 1.77%, 03/06/2018 (e) (aa)		10,000
	20,000	(ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/17/2018 (e) (aa)		20,000
	15,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/14/2018 (e) (aa)		15,000
	5,000	Credit Suisse AG, (ICE LIBOR USD 1 Month + 0.20%), 1.78%, 03/01/2018 (aa)		5,000
	5,000	Crown Point Capital Co. LLC, Series A, 1.52%, 03/22/2018 (e) (n)		4,996
	10,000	Danske Corp., 2.10%, 06/01/2018 (e) (n)		9,947
	3,000	DNB Bank ASA, (ICE LIBOR USD 1 Month + 0.15%), 1.74%, 03/20/2018 (e) (aa)		3,000
	5,000	First Abu Dhabi Bank PJSC, 1.73%, 03/19/2018 (e) (n)		4,996
	10,000	General Electric Co., 1.42%, 03/01/2018 (n)		10,000
		HSBC Bank plc,
	5,000	(ICE LIBOR USD 1 Month + 0.16%), 1.74%, 03/07/2018 (e) (aa)		5,000
	25,000	(ICE LIBOR USD 1 Month + 0.16%), 1.75%, 03/16/2018 (e) (aa)		25,000
		ING US Funding LLC,
	15,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/09/2018 (aa)		15,000
	5,000	1.79%, 05/02/2018 (n)		4,985
	5,000	(ICE LIBOR USD 1 Month + 0.27%), 1.94%, 03/01/2018 (n) (aa)		5,000
		Kells Funding LLC,
	10,000	1.41%, 03/05/2018 (e) (n)		9,998
	7,000	(ICE LIBOR USD 1 Month + 0.10%), 1.69%, 03/16/2018 (e) (aa)		7,000
	2,000	Lexington Parker Capital Co. LLC, 1.50%, 03/08/2018 (e) (n)		1,999
		LMA-Americas LLC,
	5,000	1.97%, 07/17/2018 (e) (n)		4,963
	12,000	1.97%, 07/23/2018 (e) (n)		11,906

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments— continued
		Commercial Paper — continued
		Macquarie Bank Ltd.,
	20,000	1.84%, 03/20/2018 (e) (n)		19,980
	10,000	1.98%, 05/15/2018 (e) (n)		9,959
	5,000	2.03%, 05/16/2018 (e) (n)		4,979
	7,000	Natixis SA, 1.65%, 03/08/2018 (n)		6,998
	10,000	NRW Bank, 1.70%, 04/03/2018 (e) (n)		9,984
	10,000	Oversea-Chinese Banking Corp. Ltd., 1.45%, 03/21/2018 (e) (n)		9,992
	10,000	Standard Chartered Bank, 1.60%, 04/26/2018 (e) (n)		9,975
	20,000	Suncorp-Metway Ltd., 1.75%, 04/17/2018 (e) (n)		19,954
	6,000	Swedbank AB, 1.93%, 07/27/2018 (n)		5,953
	3,000	Thunder Bay Funding LLC, (ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/16/2018 (e) (aa)		3,000
		Toronto-Dominion Bank (The),
	10,000	(ICE LIBOR USD 1 Month + 0.20%), 1.80%, 03/22/2018 (e) (aa)		10,000
	25,000	(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 03/21/2018 (e) (aa)		25,000
	5,000	(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 03/23/2018 (e) (aa)		5,000
	4,000	Toyota Credit Canada, Inc., 1.45%, 03/12/2018 (n)		3,998
	5,000	Toyota Finance Australia Ltd., (ICE LIBOR USD 1 Month + 0.21%), 1.80%, 03/19/2018 (aa)		5,000
	10,000	UBS AG, (ICE LIBOR USD 1 Month + 0.22%), 1.81%, 03/15/2018 (e) (aa)		10,000
	5,000	Versailles Commercial Paper LLC, 1.80%, 03/19/2018 (e) (n)		4,995
		Westpac Banking Corp.,
	10,000	(ICE LIBOR USD 1 Month + 0.19%), 1.77%, 03/12/2018 (e) (aa)		10,000
	3,000	(ICE LIBOR USD 1 Month + 0.17%), 1.79%, 03/02/2018 (e) (aa)		3,000
	5,000	(ICE LIBOR USD 1 Month + 0.23%), 1.81%, 03/20/2018 (e) (aa)		5,000
	10,000	(ICE LIBOR USD 1 Month + 0.19%), 1.82%, 03/12/2018 (e) (aa)		10,000
	3,000	(ICE LIBOR USD 1 Month + 0.27%), 1.87%, 03/21/2018 (e) (aa)		3,000
				616,264
		Time Deposits — 28.2%
	45,000	Australia & New Zealand Banking Group Ltd., 1.46%, 03/07/2018		45,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Time Deposits — continued
	50,000	China Construction Bank Corp., 1.45%, 03/01/2018		50,000
	40,000	Cooperatieve Rabobank UA, 1.44%, 03/01/2018		40,000
	53,151	Credit Agricole Corporate & Investment Bank SA, 1.40%, 03/01/2018		53,151
	28,477	Credit Industriel et Commercial, 1.36%, 03/01/2018		28,477
	50,000	Erste Group Bank AG, 1.44%, 03/05/2018		50,000
	50,000	Industrial & Commercial Bank of China Ltd., 1.45%, 03/01/2018		50,000
		ING Bank NV,
	10,000	1.45%, 03/01/2018		10,000
	50,000	1.46%, 03/07/2018		50,000
		KBC Bank NV,
	40,000	1.45%, 03/05/2018		40,000
	30,000	1.45%, 03/07/2018		30,000
	40,000	Mizuho Bank Ltd., 1.43%, 03/01/2018		40,000
	20,000	Swedbank AB, 1.43%, 03/05/2018		20,000
				506,628
		Total Short-Term Investments (Cost $1,638,883)		1,638,883
		Total Investments — 100.3% (Cost $1,798,883)*		1,798,883
		Liabilities in Excess of Other Assets — (0.3)%		(5,940	)
		NET ASSETS — 100.0%	$	1,792,943

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 32.0%
		FFCB — 1.2%
	400,000	(ICE LIBOR USD 3 Month - 0.11%), 1.43%, 03/12/2018 (aa)		400,000
	400,000	(ICE LIBOR USD 1 Month + 0.02%), 1.65%, 03/27/2018 (aa)		400,000
	300,000	(Federal Reserve Bank Prime Loan Rate US - 2.83%), 1.67%, 03/01/2018 (aa)		300,000
	375,000	(ICE LIBOR USD 1 Month + 0.09%), 1.68%, 03/19/2018 (aa)		375,000
	350,000	(ICE LIBOR USD 1 Month + 0.06%), 1.71%, 03/29/2018 (aa)		350,000
	36,425	(ICE LIBOR USD 1 Month + 0.16%), 1.78%, 03/26/2018 (aa)		36,431
				1,861,431
		FHLB — 29.7%
	525,000	(ICE LIBOR USD 3 Month - 0.33%), 1.16%, 03/02/2018 (aa)		525,000
	500,000	(ICE LIBOR USD 3 Month - 0.33%), 1.21%, 03/09/2018 (aa)		500,000
	625,000	(ICE LIBOR USD 3 Month - 0.17%), 1.34%, 03/06/2018 (aa)		624,999
	500,000	(ICE LIBOR USD 1 Month - 0.13%), 1.45%, 03/07/2018 (aa)		500,000
	225,000	(ICE LIBOR USD 1 Month - 0.12%), 1.46%, 03/01/2018 (aa)		225,000
	500,000	(ICE LIBOR USD 1 Month - 0.12%), 1.46%, 03/01/2018 (aa)		500,000
	1,150,000	(ICE LIBOR USD 1 Month - 0.12%), 1.46%, 03/01/2018 (aa)		1,150,000
	250,000	(ICE LIBOR USD 3 Month - 0.05%), 1.46%, 03/07/2018 (aa)		250,000
	500,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/09/2018 (aa)		500,000
	500,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/12/2018 (aa)		500,000
	750,000	(ICE LIBOR USD 1 Month - 0.12%), 1.46%, 03/13/2018 (aa)		750,000
	500,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/15/2018 (aa)		500,000
	250,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/20/2018 (aa)		250,000
	500,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/20/2018 (aa)		500,000
	2,370,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/20/2018 (aa)		2,370,000
	1,100,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/21/2018 (aa)		1,100,000
	150,000	(ICE LIBOR USD 3 Month - 0.04%), 1.47%, 03/07/2018 (aa)		150,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		FHLB — continued
	250,000	(ICE LIBOR USD 3 Month - 0.04%), 1.47%, 03/07/2018 (aa)		250,000
	500,000	(ICE LIBOR USD 1 Month - 0.11%), 1.47%, 03/09/2018 (aa)		500,000
	395,000	(ICE LIBOR USD 1 Month - 0.11%), 1.47%, 03/12/2018 (aa)		395,000
	500,000	(ICE LIBOR USD 1 Month - 0.11%), 1.47%, 03/12/2018 (aa)		500,000
	250,000	(ICE LIBOR USD 1 Month - 0.13%), 1.47%, 03/21/2018 (aa)		250,000
	500,000	(ICE LIBOR USD 1 Month - 0.12%), 1.47%, 03/22/2018 (aa)		500,000
	500,000	(ICE LIBOR USD 1 Month - 0.10%), 1.48%, 03/09/2018 (aa)		500,000
	250,000	(ICE LIBOR USD 1 Month - 0.11%), 1.48%, 03/13/2018 (aa)		250,000
	500,000	(ICE LIBOR USD 1 Month - 0.11%), 1.48%, 03/14/2018 (aa)		500,000
	750,000	(ICE LIBOR USD 1 Month - 0.11%), 1.48%, 03/15/2018 (aa)		750,000
	450,000	(ICE LIBOR USD 1 Month - 0.11%), 1.48%, 03/19/2018 (aa)		450,000
	250,000	(ICE LIBOR USD 1 Month - 0.12%), 1.48%, 03/21/2018 (aa)		250,000
	1,000,000	(ICE LIBOR USD 1 Month - 0.12%), 1.48%, 03/21/2018 (aa)		1,000,000
	250,000	(ICE LIBOR USD 1 Month - 0.12%), 1.48%, 03/21/2018 (aa)		250,000
	250,000	(ICE LIBOR USD 1 Month - 0.12%), 1.48%, 03/22/2018 (aa)		250,000
	425,000	(ICE LIBOR USD 1 Month - 0.09%), 1.49%, 03/12/2018 (aa)		425,000
	200,000	(ICE LIBOR USD 1 Month - 0.12%), 1.49%, 03/17/2018 (aa)		200,000
	2,000,000	(ICE LIBOR USD 1 Month - 0.11%), 1.49%, 03/22/2018 (aa)		2,000,000
	500,000	(ICE LIBOR USD 1 Month - 0.11%), 1.49%, 03/22/2018 (aa)		500,000
	500,000	(ICE LIBOR USD 1 Month - 0.12%), 1.49%, 03/23/2018 (aa)		500,000
	428,000	(ICE LIBOR USD 1 Month - 0.13%), 1.49%, 03/25/2018 (aa)		428,000
	350,000	(ICE LIBOR USD 1 Month - 0.08%), 1.50%, 03/05/2018 (aa)		350,000
	1,975,000	(ICE LIBOR USD 1 Month - 0.08%), 1.50%, 03/12/2018 (aa)		1,975,000
	204,000	(ICE LIBOR USD 1 Month - 0.09%), 1.50%, 03/14/2018 (aa)		204,035

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
		FHLB — continued
	225,000	(ICE LIBOR USD 1 Month - 0.09%), 1.50%, 03/14/2018 (aa)		225,000
	150,000	(ICE LIBOR USD 1 Month - 0.12%), 1.50%, 03/27/2018 (aa)		150,000
	500,000	(ICE LIBOR USD 1 Month - 0.08%), 1.51%, 03/16/2018 (aa)		500,000
	500,000	(ICE LIBOR USD 1 Month - 0.08%), 1.51%, 03/16/2018 (aa)		500,000
	1,470,000	(ICE LIBOR USD 1 Month - 0.11%), 1.51%, 03/24/2018 (aa)		1,470,000
	500,000	(ICE LIBOR USD 1 Month - 0.12%), 1.51%, 03/24/2018 (aa)		500,000
	250,000	(ICE LIBOR USD 1 Month - 0.11%), 1.51%, 03/26/2018 (aa)		250,000
	250,000	(ICE LIBOR USD 1 Month - 0.12%), 1.51%, 03/28/2018 (aa)		250,000
	480,000	(ICE LIBOR USD 1 Month - 0.11%), 1.52%, 03/26/2018 (aa)		480,000
	250,000	(ICE LIBOR USD 1 Month - 0.09%), 1.53%, 03/25/2018 (aa)		249,999
	350,000	(ICE LIBOR USD 1 Month - 0.10%), 1.53%, 03/27/2018 (aa)		349,971
	1,285,000	(ICE LIBOR USD 1 Month - 0.12%), 1.53%, 03/28/2018 (aa)		1,285,000
	975,000	(ICE LIBOR USD 1 Month - 0.09%), 1.53%, 03/30/2018 (aa)		975,000
	400,000	(ICE LIBOR USD 3 Month - 0.19%), 1.53%, 04/17/2018 (aa)		400,000
	200,000	(ICE LIBOR USD 3 Month - 0.15%), 1.54%, 04/05/2018 (aa)		199,938
	200,000	(ICE LIBOR USD 3 Month - 0.19%), 1.54%, 04/18/2018 (aa)		200,000
	350,000	(ICE LIBOR USD 1 Month - 0.10%), 1.55%, 03/29/2018 (aa)		350,000
	1,875,000	(ICE LIBOR USD 1 Month - 0.12%), 1.56%, 03/01/2018 (aa) (n)		1,875,000
	500,000	(ICE LIBOR USD 3 Month - 0.16%), 1.59%, 04/20/2018 (aa)		500,000
	1,350,000	(ICE LIBOR USD 3 Month - 0.24%), 1.60%, 05/15/2018 (aa)		1,350,000
	500,000	(ICE LIBOR USD 1 Month + 0.02%), 1.64%, 03/26/2018 (aa)		500,000
	1,855,000	(3 Month Treasury Bill Rate + 0.07%), 1.74%, 03/01/2018 (aa)		1,855,000
	107,000	DN, 1.24%, 04/20/2018 (n)		106,816
	730,000	DN, 1.28%, 04/04/2018 (n)		729,117
	171,475	DN, 1.35%, 03/09/2018 (n)		171,424
	225,000	DN, 1.35%, 03/16/2018 (n)		224,874

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		FHLB — continued
	250,000	DN, 1.36%, 03/26/2018 (n)		249,765
	2,045,000	DN, 1.51%, 05/09/2018 (n)		2,039,101
	2,550,000	DN, 1.58%, 05/11/2018 (n)		2,542,106
	250,000	DN, 1.61%, 05/07/2018 (n)		249,255
	500,000	DN, 1.61%, 05/08/2018 (n)		498,489
				45,297,889
		FHLMC — 0.8%
	465,000	(ICE LIBOR USD 3 Month - 0.25%), 1.49%, 04/24/2018 (aa)		465,000
	675,000	(ICE LIBOR USD 3 Month + 0.02%), 1.54%, 03/08/2018 (aa)		675,000
				1,140,000
		FNMA — 0.3%
	500,000	(ICE LIBOR USD 3 Month – 0.05%), 1.59%, 03/21/2018 (aa)		500,008
		Total U.S. Government Agency Securities (Cost $48,799,328)		48,799,328
	U.S. Treasury Obligations — 5.5%
		U.S. Treasury Floating Rate Notes — 1.2%
	1,800,000	(US Treasury 3 Month Bill Money Market Yield + 0.00%), 1.65%, 03/01/2018 (aa)		1,799,444
		U.S. Treasury Notes — 4.3%
	500,000	0.75%, 07/31/2018		498,394
	805,000	0.75%, 09/30/2018		801,381
	500,000	0.88%, 07/15/2018		498,771
	500,000	1.00%, 08/15/2018		498,715
	1,000,000	1.00%, 09/15/2018		996,728
	1,000,000	1.38%, 07/31/2018		999,413
	2,227,000	1.38%, 09/30/2018		2,224,315
				6,517,717
		Total U.S. Treasury Obligations (Cost $8,317,161)		8,317,161
	Repurchase Agreements — 55.3%
	10,200,000	Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.37% - 1.40%, dated 02/28/2018, due 03/01/18, repurchase price $10,200,393. [1]		10,200,000
	1,097,809	Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.39% - 1.40%, dated 02/28/2018, due 03/01/18, repurchase price $1,097,852. [2]		1,097,809

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	250,000	Bank of America Corp., 1.40%, dated 02/28/2018, due 03/01/2018, repurchase price $250,010, collateralized by GNMA, 3.00%, due 10/20/2046, with a value of $255,000.		250,000
	500,000	Bank of Montreal, 1.32%, dated 02/28/2018, due 03/01/2018, repurchase price $500,018, collateralized by U.S. Treasury Securities, 1.00% - 4.63%, due 03/15/2018 - 05/15/2046, with a value of $510,131.		500,000
	750,000	Bank of Nova Scotia (The), 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $750,029, collateralized by U.S. Treasury Securities, 0.13% - 6.75%, due 04/15/2018 - 08/15/2047, with a value of $765,000.		750,000
	300,000	Barclays Capital, Inc., 1.34%, dated 02/28/2018, due 03/01/2018, repurchase price $300,011, collateralized by GNMA, 3.50%, due 01/20/2048, with a value of $306,000.		300,000
	600,000	Barclays Capital, Inc., 1.35%, dated 02/28/2018, due 03/02/2018, repurchase price $600,045, collateralized by FNMA, 6.60%, due 03/18/2027, and GNMA, 2.36% - 4.00%, due 05/20/2045 - 07/20/2067, with a value of $612,211.		600,000
	500,000	Barclays Capital, Inc., 1.36%, dated 02/28/2018, due 03/02/2018, repurchase price $500,038, collateralized by FNMA, 6.50% - 6.60%, due 03/18/2027 - 10/25/2031, and GNMA, 3.00% - 6.00%, due 05/16/2032 - 02/20/2048, with a value of $510,168.		500,000
	1,000,000	Barclays Capital, Inc., 1.36%, dated 02/28/2018, due 03/06/2018, repurchase price $1,000,227, collateralized by FHLMC, 3.58% - 3.98%, due 02/25/2024 - 05/25/2050, FNMA, 6.60%, due 03/18/2027, and GNMA, 3.00% - 4.50%, due 09/20/2041 - 02/20/2048, with a value of $1,020,387.		1,000,000
	355,000	Barclays Capital, Inc., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $355,014, collateralized by U.S. Treasury Securities, 0.00% - 2.13%, due 07/31/2019 - 05/15/2029, with a value of $362,100.		355,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	225,000	BMO Capital Markets Corp., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $225,009, collateralized by FHLMC, 3.50% - 4.50%, due 09/15/2040 - 02/01/2048, FNMA, 3.00% - 5.00%, due 02/01/2033 - 03/01/2048, and GNMA, 3.00% - 4.00%, due 01/15/2042 - 02/20/2047, with a value of $229,999.		225,000
	500,000	BNP Paribas SA, 1.35%, dated 02/28/2018, due 03/07/2018, repurchase price $500,131, collateralized by U.S. Treasury Securities, 0.00% - 9.13%, due 03/08/2018 - 02/15/2045, with a value of $511,148.		500,000
	500,000	BNP Paribas SA, 1.36%, dated 02/28/2018, due 03/07/2018, repurchase price $500,132, collateralized by FHLMC, 2.50% - 7.50%, due 11/01/2027 - 12/01/2047, FNMA, 1.50% - 7.00%, due 03/01/2024 - 01/01/2048, GNMA, 2.00% - 5.50%, due 02/16/2038 - 08/20/2047, and U.S. Treasury Securities, 0.00% - 3.63%, due 04/30/2018 - 11/15/2045, with a value of $511,278.		500,000
	1,350,000	BNP Paribas SA, 1.36%, dated 02/28/2018, due 03/07/2018, repurchase price $1,350,357, collateralized by FHLMC, 2.14% - 7.50%, due 11/01/2025 - 02/01/2048, FNMA, 1.50% - 8.00%, due 02/01/2021 - 03/25/2048, and GNMA, 1.86% - 7.00%, due 09/15/2024 - 12/20/2047, with a value of $1,382,584.		1,350,000
	2,050,000	BNP Paribas SA, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $2,050,078, collateralized by U.S. Treasury Securities, 0.00% - 4.00%, due 04/15/2018 - 02/15/2048, with a value of $2,091,080.		2,050,000
	1,000,000	BNP Paribas SA, 1.38%, dated 02/28/2018, due 03/07/2018, repurchase price $1,000,268, collateralized by FFCB, 3.37%, due 05/01/2035, FHLMC, 0.00% - 8.50%, due 12/01/2022 - 11/01/2047, FNMA, 2.43% - 8.00%, due 08/01/2018 - 02/01/2048, GNMA, 2.00% - 7.00%, due 08/15/2029 - 08/20/2046, and U.S. Treasury Securities, 0.00% - 3.13%, due 03/31/2018 - 02/15/2048, with a value of $1,023,074.		1,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 23

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	1,600,000	BNP Paribas SA, 1.39%, dated 02/28/2018, due 03/01/2018, repurchase price $1,600,062, collateralized by FHLMC, 2.50% - 8.00%, due 03/01/2025 - 02/01/2048, FNMA, 1.50% - 7.50%, due 07/01/2018 - 01/01/2057, GNMA, 2.00% - 5.00%, due 08/15/2035 - 12/20/2047, and U.S. Treasury Securities, 1.75% - 2.50%, due 01/31/2023 - 02/15/2045, with a value of $1,632,232.		1,600,000
	1,000,000	BNP Paribas SA, 1.45%, dated 02/28/2018, due 03/07/2018, repurchase price $1,000,282, collateralized by FHLMC, 2.00% - 7.00%, due 03/01/2025 - 02/01/2048, FNMA, 2.50% - 9.00%, due 08/01/2018 - 03/01/2048, GNMA, 2.12% - 7.00%, due 10/15/2029 - 01/20/2048, and U.S. Treasury Securities, 1.75% - 3.75%, due 11/30/2019 - 11/15/2047, with a value of $1,025,916.		1,000,000
	1,500,000	BNP Paribas SA, 1.52%, dated 02/28/2018, due 03/07/2018, repurchase price $1,500,443, collateralized by U.S. Treasury Securities, 0.00% - 3.38%, due 04/30/2018 - 02/15/2048, with a value of $1,532,390.		1,500,000
	223,000	Citigroup Global Markets Holdings, Inc., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $223,008, collateralized by U.S. Treasury Securities, 1.00% - 7.63%, due 11/30/2018 - 11/15/2022, with a value of $227,460.		223,000
	750,000	Credit Agricole Corporate & Investment Bank SA, 1.35%, dated 02/28/2018, due 03/02/2018, repurchase price $750,056, collateralized by U.S. Treasury Securities, 0.00% - 6.25%, due 03/01/2018 - 08/15/2041, with a value of $765,000.		750,000
	550,000	Credit Agricole Corporate & Investment Bank SA, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $550,021, collateralized by U.S. Treasury Securities, 2.13%, due 03/31/2024, with a value of $561,000.		550,000
	2,550,000	Credit Suisse AG, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $2,550,097, collateralized by U.S. Treasury Securities, 0.00% -4.25%, due 03/31/2018 - 05/15/2047, with a value of $2,600,214.		2,550,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,850,000	Credit Suisse AG, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $3,850,147, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 04/26/2018 - 05/15/2047, with a value of $3,920,945.		3,850,000
	3,500,000	Daiwa Capital Markets America Inc., 1.40%, dated 02/28/2018, due 03/01/2018, repurchase price $3,500,136, collateralized by FFCB, 0.00% - 2.73%, due 07/02/2018 - 02/14/2022, FHLB, 0.00% - 2.70%, due 12/26/2019 - 09/19/2036, FHLMC, 0.00% - 5.00%, due 04/04/2018 - 02/01/2048, FNMA, 1.97% - 6.00%, due 04/01/2019 - 02/01/2048, GNMA, 1.96% - 6.00%, due 12/20/2032 - 02/20/2048 and U.S. Treasury Securities, 0.00% - 3.88%, due 03/01/2018 - 02/15/2047, with a value of $3,570,559.		3,500,000
	947,603	Deutsche Bank Securities, Inc., 1.39%, dated 02/28/2018, due 03/01/2018, repurchase price $947,640, collateralized by U.S. Treasury Securities, 0.88% - 6.75%, due 10/15/2018 - 08/15/2047, with a value of $966,555.		947,603
	1,000,000	Deutsche Bank Securities, Inc., 1.40%, dated 02/28/2018, due 03/01/2018, repurchase price $1,000,039, collateralized by FFCB, 0.00%, due 11/02/2018, FHLMC, 2.50% - 6.75%, due 09/01/2026 - 01/15/2056, FNMA, 0.00% - 7.00%, due 03/28/2018 -01/01/2048, GNMA, 1.41% - 5.50%, due 04/20/2037 - 01/16/2054, and U.S. Treasury Securities, 0.00% - 2.00%, due 05/15/2020 - 11/15/2042, with a value of $1,025,297.		1,000,000
	4,100,000	Federal Reserve Bank of New York, 1.25%, dated 02/28/2018, due 03/01/2018, repurchase price $4,100,142, collateralized by U.S. Treasury Securities, 1.75% - 2.88%, due 11/30/2021 - 11/15/2046, with a value of $4,100,142.		4,100,000
	1,000,000	Goldman Sachs & Co. LLC, 1.32%, dated 02/28/2018, due 03/01/2018, repurchase price $1,000,037, collateralized by FHLMC, 2.50% - 8.50%, due 06/01/2019 - 02/01/2048, FNMA, 0.00% - 6.50%, due 07/01/2018 - 03/25/2048, GNMA, 2.50% - 6.00%, due 04/15/2024 - 02/15/2058, and U.S. Treasury Securities, 0.00% - 3.75%, due 05/15/2022 - 11/15/2043, with a value of $1,020,558.		1,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	700,000	Goldman Sachs & Co. LLC, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $700,027, collateralized by FHLMC, 3.00% - 8.00%, due 05/25/2022 - 01/01/2048, FNMA, 2.00% - 7.00%, due 05/01/2023 - 01/01/2048, and GNMA, 3.00% - 3.50%, due 11/20/2046 - 12/16/2056, with a value of $714,222.		700,000
	1,000,000	Goldman Sachs & Co. LLC, 1.38%, dated 02/28/2018, due 03/06/2018, repurchase price $1,000,230, collateralized by FHLMC, 2.50% - 7.50%, due 12/01/2021 - 01/15/2055, FNMA, 2.85% - 6.00%, due 11/01/2023 - 08/01/2056, GNMA, 2.50% - 6.00%, due 06/20/2034 - 02/20/2048, and U.S. Treasury Securities, 1.38%, due 09/30/2019, with a value of $1,020,655.		1,000,000
	1,800,000	HSBC Securities USA, Inc., 1.36%, dated 02/28/2018, due 03/06/2018, repurchase price $1,800,408, collateralized by FHLB, 0.88% - 1.25%, due 06/29/2018 - 01/16/2019, and FNMA, 2.50% - 6.00%, due 10/01/2022 - 11/01/2047, with a value of $1,830,635.		1,800,000
	4,550,000	HSBC Securities USA, Inc., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $4,550,173, collateralized by U.S. Treasury Securities, 0.00% - 4.38%, due 10/31/2018 - 11/15/2046, with a value of $4,628,249.		4,550,000
	2,500,000	Natixis SA, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $2,500,096, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 03/31/2018 - 05/15/2047, with a value of $2,550,098.		2,500,000
	2,000,000	Nomura Securities International, Inc., 1.35%, dated 02/28/2018, due 03/01/2018, repurchase price $2,000,075, collateralized by FFCB, 2.48%, due 10/19/2029, FHLMC, 2.00% - 9.00%, due 04/01/2018 - 03/01/2048, FNMA, 2.50% - 7.00%, due 03/25/2018 - 02/01/2048, GNMA, 1.50% - 9.00%, due 06/15/2020 - 07/20/2067, Tennessee Valley Authority, 5.88%, due 04/01/2036 and U.S. Treasury Securities, 2.13% - 3.13%, due 05/15/2019 - 12/31/2021, with a value of $2,040,536.		2,000,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,800,000	Nomura Securities International, Inc., 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $3,800,146, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 04/19/2018 - 02/15/2048, with a value of $3,876,149.		3,800,000
	7,000,000	Nomura Securities International, Inc., 1.40%, dated 02/28/2018, due 03/01/2018, repurchase price $7,000,272, collateralized by FFCB, 1.51% - 2.72%, due 01/10/2020 - 06/12/2025, FHLB, 2.25%, due 01/29/2021, FHLMC, 2.33% - 5.50%, due 11/01/2021 - 03/01/2048, FNMA, 1.38% - 7.50%, due 06/01/2018 - 03/01/2048, GNMA, 2.00% - 8.00%, due 09/20/2022 - 02/20/2068, Tennessee Valley Authority, 0.00% - 4.25%, due 03/15/2018 - 09/15/2065 and U.S. Treasury Securities, 0.00% - 8.75%, due 05/24/2018 - 02/15/2048, with a value of $7,140,278.		7,000,000
	200,000	Norinchukin Bank, 1.37%, dated 02/28/2018, due 03/02/2018, repurchase price $200,015, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,471.		200,000
	250,000	Norinchukin Bank, 1.37%, dated 02/28/2018, due 03/05/2018, repurchase price $250,048, collateralized by U.S. Treasury Securities, 0.13%, due 04/15/2020, with a value of $254,899.		250,000
	200,000	Norinchukin Bank, 1.38%, dated 02/28/2018, due 03/05/2018, repurchase price $200,038, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,471.		200,000
	250,000	Norinchukin Bank, 1.39%, dated 02/28/2018, due 03/09/2018, repurchase price $250,087, collateralized by U.S. Treasury Securities, 0.13% - 2.63%, due 04/15/2020 - 08/15/2026, with a value of $254,839.		250,000
	250,000	Norinchukin Bank, 1.40%, dated 02/28/2018, due 03/12/2018, repurchase price $250,117, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $253,084.		250,000
	400,000	Norinchukin Bank, 1.40%, dated 02/28/2018, due 03/19/2018, repurchase price $400,296, collateralized by U.S. Treasury Securities, 3.63%, due 04/15/2028, with a value of $403,721.		400,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	250,000	Norinchukin Bank, 1.42%, dated 02/28/2018, due 03/20/2018, repurchase price $250,197, collateralized by U.S. Treasury Securities, 0.13% - 1.13%, due 04/15/2020 - 01/15/2021, with a value of $254,797.		250,000
	200,000	Norinchukin Bank, 1.42%, dated 02/28/2018, due 03/21/2018, repurchase price $200,166, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,471.		200,000
	300,000	Norinchukin Bank, 1.42%, dated 02/28/2018, due 03/22/2018, repurchase price $300,260, collateralized by U.S. Treasury Securities, 1.13%, due 01/15/2021, with a value of $305,594.		300,000
	200,000	Norinchukin Bank, 1.42%, dated 02/28/2018, due 03/23/2018, repurchase price $200,181, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,471.		200,000
	250,000	Norinchukin Bank, 1.45%, dated 02/28/2018, due 03/19/2018, repurchase price $250,191, collateralized by U.S. Treasury Securities, 1.13%, due 01/15/2021, with a value of $254,665.		250,000
	500,000	Norinchukin Bank, 1.47%, dated 02/28/2018, due 03/23/2018, repurchase price $500,470, collateralized by U.S. Treasury Securities, 3.63%, due 04/15/2028, with a value of $504,646.		500,000
	250,000	Norinchukin Bank, 1.48%, dated 02/28/2018, due 03/28/2018, repurchase price $250,288, collateralized by U.S. Treasury Securities, 0.13%, due 04/15/2020, with a value of $254,899.		250,000
	800,000	Royal Bank of Canada, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $800,030, collateralized by U.S. Treasury Securities, 0.13% - 0.63%, due 04/30/2018 - 01/15/2023, with a value of $815,307.		800,000
	250,000	Societe Generale SA, 1.34%, dated 02/28/2018, due 03/06/2018, repurchase price $250,056, collateralized by U.S. Treasury Securities, 0.00% - 3.00%, due 05/24/2018 - 08/15/2046, with a value of $255,000.		250,000
	500,000	Societe Generale SA, 1.35%, dated 02/28/2018, due 03/02/2018, repurchase price $500,038, collateralized by U.S. Treasury Securities, 0.00% - 2.63%, due 07/12/2018 - 11/15/2026, with a value of $510,000.		500,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	500,000	Societe Generale SA, 1.36%, dated 02/28/2018, due 03/01/2018, repurchase price $500,019, collateralized by FHLB, 3.00%, due 09/11/2026, FNMA, 2.32% - 5.00%, due 11/01/2018 - 02/01/2048, GNMA, 4.50%, due 02/20/2047 - 04/20/2047 and U.S. Treasury Securities, 0.00% - 7.50%, due 05/15/2018 - 05/15/2044, with a value of $510,000.		500,000
	500,000	Societe Generale SA, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $500,019, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 03/08/2018 - 02/15/2047, with a value of $510,000.		500,000
	1,000,000	Societe Generale SA, 1.40%, dated 02/28/2018, due 03/20/2018, repurchase price $1,000,778, collateralized by U.S. Treasury Securities, 0.00% - 9.00%, due 03/29/2018 - 02/15/2048, with a value of $1,020,000.		1,000,000
	5,750,000	Sumitomo Mitsui Banking Corp., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $5,750,219, collateralized by U.S. Treasury Securities, 1.25% - 2.13%, due 07/31/2020 - 08/15/2026, with a value of $5,865,223.		5,750,000
	1,000,000	Sumitomo Mitsui Banking Corp., 1.39%, dated 02/28/2018, due 03/01/2018, repurchase price $1,000,039, collateralized by GNMA, 3.00%, due 10/20/2042, with a value of $1,020,039.		1,000,000
	3,000,000	Sumitomo Mitsui Banking Corp., 1.39%, dated 02/28/2018, due 03/01/2018, repurchase price $3,000,116, collateralized by GNMA, 3.00% - 5.50%, due 09/20/2039 - 12/20/2047, with a value of $3,060,118.		3,000,000
	300,000	TD Securities USA LLC, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $300,012, collateralized by U.S. Treasury Securities, 1.13% - 2.13%, due 03/31/2019 - 09/30/2021, with a value of $306,012.		300,000
		Total Repurchase Agreements (Cost $84,198,412)		84,198,412

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 6.1%
		U.S. Treasury Obligations — 6.1%
		U.S. Treasury Bills — 6.1% (n)
	1,000,000	1.24%, 04/19/2018		998,315
	2,500,000	1.25%, 04/26/2018		2,495,169
	1,500,000	1.52%, 06/21/2018		1,492,942
	1,850,000	1.61%, 05/17/2018		1,843,669
	2,500,000	1.83%, 08/23/2018		2,478,011
		Total Short-Term Investments (Cost $9,308,106)		9,308,106
		Total Investments — 98.9% (Cost $150,623,007)*		150,623,007
		Other Assets in Excess of Liabilities — 1.1%		1,721,250
		NET ASSETS — 100.0%	$	152,344,257

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 27

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 25.9%
		U.S. Treasury Floating Rate Notes — 23.4%
	600,000	(US Treasury 3 Month Bill Money Market Yield + 0.00%), 1.65%, 03/01/2018 (aa)		599,976
	850,000	(US Treasury 3 Month Bill Money Market Yield + 0.05%), 1.70%, 03/01/2018 (aa)		850,122
	300,000	(US Treasury 3 Month Bill Money Market Yield + 0.06%), 1.71%, 03/01/2018 (aa)		300,000
	700,000	(US Treasury 3 Month Bill Money Market Yield + 0.07%), 1.72%, 03/01/2018 (aa)		700,059
	500,000	(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.79%, 03/01/2018 (aa)		500,244
	939,000	(US Treasury 3 Month Bill Money Market Yield + 0.17%), 1.82%, 03/01/2018 (aa)		939,463
	600,000	(US Treasury 3 Month Bill Money Market Yield + 0.17%), 1.83%, 03/01/2018 (aa)		600,139
	750,000	(US Treasury 3 Month Bill Money Market Yield + 0.19%), 1.84%, 03/01/2018 (aa)		750,011
				5,240,014
		U.S. Treasury Notes — 2.5%
	100,000	0.88%, 07/15/2018		99,754
	160,000	1.00%, 05/31/2018		159,798
	139,000	1.38%, 07/31/2018		138,919
	100,000	1.38%, 09/30/2018		99,874
	64,000	2.25%, 07/31/2018		64,195
				562,540
		Total U.S. Treasury Obligations (Cost $5,802,554)		5,802,554
	Repurchase Agreements — 61.7%
	500,000	BNP Paribas SA, 1.35%, dated 02/28/2018, due 03/07/2018, repurchase price $500,131, collateralized by U.S. Treasury Securities, 0.00% - 3.88%, due 04/30/2018 - 08/15/2047, with a value of $511,148.		500,000
	500,000	BNP Paribas SA, 1.36%, dated 02/28/2018, due 03/07/2018, repurchase price $500,132, collateralized by U.S. Treasury Securities, 0.00% - 3.88%, due 04/12/2018 - 11/15/2045, with a value of $511,137.		500,000
	500,000	BNP Paribas SA, 1.52%, dated 02/28/2018, due 03/07/2018, repurchase price $500,148, collateralized by U.S. Treasury Securities, 0.00% - 3.38%, due 04/05/2018 - 02/15/2048, with a value of $510,797.		500,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	250,000	Citigroup Global Markets Holdings, Inc., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $250,010, collateralized by U.S. Treasury Securities, 0.88% - 1.63%, due 01/15/2019 - 07/31/2021, with a value of $255,000.		250,000
	1,000,000	Credit Suisse AG, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $1,000,038, collateralized by U.S. Treasury Securities, 0.00% - 6.13%, due 03/15/2018 - 08/15/2047, with a value of $1,017,604.		1,000,000
	250,000	Deutsche Bank Securities, Inc., 1.39%, dated 02/28/2018, due 03/01/2018, repurchase price $250,010, collateralized by U.S. Treasury Securities, 0.75% - 3.13%, due 08/31/2018 - 02/28/2022, with a value of $255,000.		250,000
	750,000	Deutsche Bank Securities, Inc., 1.39%, dated 02/28/2018, due 03/01/2018, repurchase price $750,029, collateralized by U.S. Treasury Securities, 0.88% - 9.13%, due 05/15/2018 - 05/15/2043, with a value of $765,000.		750,000
	1,000,000	HSBC Securities USA, Inc., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $1,000,038, collateralized by U.S. Treasury Securities, 1.88% - 3.00%, due 02/15/2022 - 05/15/2047, with a value of $1,013,708.		1,000,000
	250,000	J.P. Morgan Securities LLC, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $250,010, collateralized by U.S. Treasury Securities, 2.00% - 2.75%, due 02/15/2022 - 08/15/2042, with a value of $254,814.		250,000
	550,000	Mizuho Securities USA LLC, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $550,021, collateralized by U.S. Treasury Securities, 0.00% - 2.88%, due 05/15/2018 - 11/15/2047, with a value of $561,000.		550,000
	1,500,000	Natixis SA, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $1,500,058, collateralized by U.S. Treasury Securities, 0.00% - 6.38%, due 04/15/2018 - 02/15/2048, with a value of $1,530,059.		1,500,000
	200,000	Nomura Securities International, Inc., 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $200,008, collateralized by U.S. Treasury Securities, 0.00% - 4.75%, due 05/15/2020 - 08/15/2047, with a value of $204,008.		200,000

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	150,000	Norinchukin Bank, 1.37%, dated 02/28/2018, due 03/05/2018, repurchase price $150,029, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $151,852.		150,000
	100,000	Norinchukin Bank, 1.40%, dated 02/28/2018, due 03/19/2018, repurchase price $100,074, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $101,238.		100,000
	250,000	Norinchukin Bank, 1.48%, dated 02/28/2018, due 03/28/2018, repurchase price $250,288, collateralized by U.S. Treasury Securities, 0.13%, due 04/15/2020, with a value of $254,899.		250,000
	500,000	RBC Capital Markets LLC, 1.33%, dated 02/28/2018, due 03/02/2018, repurchase price $500,037, collateralized by U.S. Treasury Securities, 0.00% - 8.88%, due 03/15/2018 - 11/15/2047, with a value of $510,000.		500,000
	500,000	RBS Securities, Inc., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $500,019, collateralized by U.S. Treasury Securities, 1.00% - 3.88%, due 06/30/2018 - 08/15/2040, with a value of $508,376.		500,000
	500,000	Royal Bank of Canada, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $500,019, collateralized by U.S. Treasury Securities, 0.00%, due 05/03/2018 - 05/17/2018, with a value of $510,004.		500,000
	250,000	Societe Generale SA, 1.34%, dated 02/28/2018, due 03/06/2018, repurchase price $250,056, collateralized by U.S. Treasury Securities, 0.00% - 6.38%, due 03/29/2018 - 02/15/2044, with a value of $255,000.		250,000
	200,000	Societe Generale SA, 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $200,008, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 03/29/2018 - 08/15/2044, with a value of $204,000.		200,000
	200,000	Societe Generale SA, 1.41%, dated 02/28/2018, due 03/12/2018, repurchase price $200,094, collateralized by U.S. Treasury Securities, 0.00% - 4.38%, due 03/31/2021 - 08/15/2041, with a value of $204,000.		200,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,250,000	Sumitomo Mitsui Banking Corp., 1.37%, dated 02/28/2018, due 03/01/2018, repurchase price $1,250,048, collateralized by U.S. Treasury Securities, 1.25% - 1.63%, due 03/31/2021 - 08/15/2022, with a value of $1,275,049.		1,250,000
	400,000	TD Securities USA LLC, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $400,015, collateralized by U.S. Treasury Securities, 0.88% - 4.25%, due 04/30/2019 - 11/15/2040, with a value of $408,016.		400,000
	1,750,000	Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.37%, dated 02/28/2018, due 03/01/18, repurchase price $1,750,067. [3]		1,750,000
	500,000	UBS Securities LLC, 1.38%, dated 02/28/2018, due 03/01/2018, repurchase price $500,019, collateralized by U.S. Treasury Securities, 0.00% - 9.00%, due 03/22/2018 - 05/15/2047, with a value of $510,000.		500,000
		Total Repurchase Agreements (Cost $13,800,000)		13,800,000
	Short-Term Investments — 10.4%
		U.S. Treasury Obligations — 10.4%
		U.S. Treasury Bills — 10.4% (n)
	650,000	1.21%, 03/15/2018		649,695
	370,000	1.25%, 04/26/2018		369,285
	550,000	1.41%, 04/12/2018		549,100
	750,000	1.60%, 05/17/2018		747,441
		Total Short-Term Investments (Cost $2,315,521)		2,315,521
		Total Investments — 98.0% (Cost $21,918,075)*		21,918,075
		Other Assets in Excess of Liabilities — 2.0%		439,532
		NET ASSETS — 100.0%	$	22,357,607

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 29

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 67.3%
		FFCB — 6.1%
	25,000	(Federal Reserve Bank Prime Loan Rate US - 2.96%), 1.55%, 03/01/2018 (aa)		24,999
	79,500	(ICE LIBOR USD 1 Month + 0.04%), 1.62%, 03/06/2018 (aa)		79,502
	25,000	(US Treasury 3 Month Bill Money Market Yield + 0.10%), 1.75%, 03/01/2018 (aa)		24,998
	25,000	(ICE LIBOR USD 1 Month + 0.17%), 1.75%, 03/08/2018 (aa)		25,000
	23,000	(US Treasury 3 Month Bill Money Market Yield + 0.19%), 1.84%, 03/01/2018 (aa)		22,998
	10,000	(US Treasury 3 Month Bill Money Market Yield + 0.28%), 1.93%, 03/01/2018 (aa)		10,009
				187,506
		FHLB — 61.2%
	25,000	(ICE LIBOR USD 3 Month - 0.33%), 1.16%, 03/02/2018 (aa)		25,000
	100,000	(ICE LIBOR USD 1 Month - 0.17%), 1.40%, 03/30/2018 (aa)		100,000
	100,000	(ICE LIBOR USD 1 Month - 0.17%), 1.41%, 03/05/2018 (aa)		100,000
	50,000	(ICE LIBOR USD 1 Month - 0.12%), 1.46%, 03/01/2018 (aa)		50,000
	25,000	(ICE LIBOR USD 1 Month - 0.13%), 1.46%, 03/20/2018 (aa)		25,000
	25,000	(ICE LIBOR USD 1 Month - 0.11%), 1.47%, 03/12/2018 (aa)		25,000
	25,000	(ICE LIBOR USD 1 Month - 0.09%), 1.49%, 03/12/2018 (aa)		25,000
	14,000	(ICE LIBOR USD 1 Month - 0.13%), 1.49%, 03/25/2018 (aa)		14,000
	40,000	(ICE LIBOR USD 1 Month - 0.09%), 1.50%, 03/16/2018 (aa)		40,000
	25,000	(ICE LIBOR USD 1 Month - 0.12%), 1.50%, 03/27/2018 (aa)		25,000
	25,000	(ICE LIBOR USD 1 Month - 0.07%), 1.51%, 03/09/2018 (aa)		25,000
	50,000	(ICE LIBOR USD 3 Month + 0.00%), 1.52%, 03/08/2018 (aa)		50,000
	25,000	(ICE LIBOR USD 1 Month - 0.07%), 1.53%, 03/22/2018 (aa)		25,000
	25,000	(ICE LIBOR USD 1 Month - 0.09%), 1.53%, 03/25/2018 (aa)		25,000
	25,000	(ICE LIBOR USD 1 Month - 0.12%), 1.56%, 03/01/2018 (aa)		25,000
	25,000	(3 Month Treasury Bill Rate + 0.07%), 1.74%, 03/01/2018 (aa)		25,000
	89,000	DN, 1.13%, 03/02/2018 (n)		88,997

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		FHLB — continued
	100,000	DN, 1.30%, 03/05/2018 (n)		99,986
	20,000	DN, 1.30%, 03/06/2018 (n)		19,996
	75,000	DN, 1.30%, 03/07/2018 (n)		74,984
	128,878	DN, 1.32%, 03/09/2018 (n)		128,840
	100,000	DN, 1.32%, 03/12/2018 (n)		99,960
	25,000	DN, 1.33%, 03/15/2018 (n)		24,987
	100,000	DN, 1.33%, 03/21/2018 (n)		99,926
	100,000	DN, 1.34%, 03/13/2018 (n)		99,955
	58,150	DN, 1.34%, 03/23/2018 (n)		58,103
	100,000	DN, 1.38%, 03/28/2018 (n)		99,897
	11,200	DN, 1.50%, 04/02/2018 (n)		11,185
	100,000	DN, 1.51%, 05/09/2018 (n)		99,712
	10,520	DN, 1.54%, 04/03/2018 (n)		10,505
	100,000	DN, 1.57%, 05/02/2018 (n)		99,731
	100,000	DN, 1.64%, 05/18/2018 (n)		99,647
	50,000	DN, 1.67%, 05/25/2018 (n)		49,804
				1,870,215
		Total U.S. Government Agency Securities (Cost $2,057,721)		2,057,721
	U.S. Treasury Obligations — 3.3%
		U.S. Treasury Notes — 3.3%
	100,000	0.88%, 03/31/2018 (Cost $99,970)		99,970
	Short-Term Investments — 29.5%
		U.S. Treasury Obligations — 29.5%
		U.S. Treasury Bills — 29.5% (n)
	100,000	1.22%, 04/12/2018		99,858
	50,000	1.25%, 04/26/2018		49,903
	75,000	1.31%, 03/15/2018		74,962
	279,000	1.34%, 03/22/2018		278,782
	100,000	1.40%, 03/29/2018		99,891
	100,000	1.48%, 04/19/2018		99,799
	100,000	1.51%, 05/10/2018		99,708
	100,000	1.61%, 05/17/2018		99,658
		Total Short-Term Investments (Cost $902,561)		902,561
		Total Investments — 100.1% (Cost $3,060,252)*		3,060,252
		Liabilities in Excess of Other Assets — (0.1)%		(2,169	)
		NET ASSETS — 100.0%	$	3,058,083

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 21.7%
		U.S. Treasury Floating Rate Notes — 14.8%
	1,075,000	(US Treasury 3 Month Bill Money Market Yield + 0.00%), 1.65%, 03/01/2018 (aa)		1,074,923
	200,000	(US Treasury 3 Month Bill Money Market Yield + 0.05%), 1.70%, 03/01/2018 (aa)		200,007
	875,000	(US Treasury 3 Month Bill Money Market Yield + 0.06%), 1.71%, 03/01/2018 (aa)		875,006
	450,000	(US Treasury 3 Month Bill Money Market Yield + 0.07%), 1.72%, 03/01/2018 (aa)		449,941
	650,000	(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.79%, 03/01/2018 (aa)		650,515
	452,250	(US Treasury 3 Month Bill Money Market Yield + 0.17%), 1.82%, 03/01/2018 (aa)		452,349
	293,815	(US Treasury 3 Month Bill Money Market Yield + 0.17%), 1.83%, 03/01/2018 (aa)		293,960
	1,200,000	(US Treasury 3 Month Bill Money Market Yield + 0.19%), 1.84%, 03/01/2018 (aa)		1,200,184
				5,196,885
		U.S. Treasury Notes — 6.9%
	300,000	0.88%, 03/31/2018		299,917
	200,000	0.88%, 05/31/2018		199,635
	800,000	0.88%, 07/15/2018		798,047
	950,000	1.00%, 05/31/2018		948,686
	150,000	2.38%, 05/31/2018		150,322
				2,396,607
		Total U.S. Treasury Obligations (Cost $7,593,492)		7,593,492

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 83.1%
		U.S. Treasury Obligations — 83.1%
		U.S. Treasury Bills — 83.1% (n)
	2,750,000	1.25%, 03/08/2018		2,749,332
	2,900,000	1.25%, 03/15/2018		2,898,587
	3,871,000	1.34%, 03/22/2018		3,867,975
	1,969,000	1.35%, 03/01/2018		1,969,000
	2,000,000	1.48%, 03/29/2018		1,997,694
	150,000	1.50%, 06/07/2018		149,389
	600,000	1.50%, 06/14/2018		597,392
	2,000,000	1.51%, 04/19/2018		1,995,889
	2,000,000	1.51%, 05/10/2018		1,994,146
	1,600,000	1.51%, 06/21/2018		1,592,541
	2,000,000	1.52%, 04/12/2018		1,996,451
	1,125,000	1.54%, 05/03/2018		1,121,975
	2,000,000	1.58%, 05/17/2018		1,993,248
	1,500,000	1.58%, 07/05/2018		1,491,771
	2,000,000	1.63%, 05/24/2018		1,992,430
	700,000	1.65%, 05/31/2018		697,088
		Total Short-Term Investments (Cost $29,104,908)		29,104,908
		Total Investments — 104.8% (Cost $36,698,400)*		36,698,400
		Liabilities in Excess of Other Assets — (4.8)%		(1,685,405	)
		NET ASSETS — 100.0%	$	35,012,995

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Municipal Bonds — 94.0%
		Alabama — 0.3%
	29,745	East Alabama Health Care Authority, Series B, Rev., VRDO, 1.15%, 03/07/2018 (z)		29,745
	2,575	Mobile County IDA, PCR, ExxonMobil Project, Rev., VRDO, 1.12%, 03/01/2018 (z)		2,575
		Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project,
	7,375	Series A, Rev., VRDO, LOC: Bank of America NA, 1.15%, 03/07/2018 (e) (z)		7,375
	9,290	Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.15%, 03/07/2018 (e) (z)		9,290
				48,985
		Alaska — 1.1%
	42,500	Alaska Housing Finance Corp., Series A, Rev., VRDO, 1.10%, 03/07/2018 (z)		42,500
		Alaska Housing Finance Corp., Home Mortgage,
	14,805	Series A, Rev., VRDO, 1.10%, 03/07/2018 (z)		14,805
	14,770	Series B, Rev., VRDO, 1.10%, 03/07/2018 (z)		14,770
	30,050	Series D, Rev., VRDO, 1.10%, 03/07/2018 (z)		30,050
	19,750	Series D, Rev., VRDO, 1.10%, 03/07/2018 (z)		19,750
	21,405	Alaska Housing Finance Corp., Various, Governmental Purpose, Series A, Rev., VRDO, 1.10%, 03/07/2018 (z)		21,405
	30,900	Alaska Industrial Development & Export Authority, Greater Fairbanks Community Hospital Foundation Project, Series 2009A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.11%, 03/01/2018 (z)		30,900
		City of Valdez, Exxon Pipeline Co. Project,
	3,200	Series A, Rev., VRDO, 1.12%, 03/01/2018 (z)		3,200
	100	Series C, Rev., VRDO, 1.12%, 03/01/2018 (z)		100
				177,480
		Arizona — 1.1%
		Arizona Health Facilities Authority, Banner Health,
	27,175	Series E, Class E, Rev., VRDO, LOC: Bank of America NA, 1.13%, 03/07/2018 (z)		27,175
	16,590	Series G, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.18%, 03/07/2018 (z)		16,590
	15,920	Arizona State University, Series A, Rev., VRDO, 1.07%, 03/07/2018 (z)		15,920

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Arizona — continued
	18,200		Maricopa County Industrial Development Authority, Multifamily Housing, San Clemente Apartments Project, Rev., VRDO, FNMA, LOC: FNMA, 1.17%, 03/07/2018 (z)		18,200
	74,240		Phoenix City IDA, Health Care Facilities, Mayo Clinic, Series A, Rev., VRDO, 1.15%, 03/01/2018 (z)		74,240
	2,000		Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.15%, 03/07/2018 (z)		2,000
	31,255		Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America NA, 1.14%, 03/07/2018 (z)		31,255
					185,380
			California — 6.7%
	—	(h)	California Educational Facilities Authority, Series 2015-XF2188, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.12%, 03/07/2018 (e) (z)		—	(h)
	26,375		California Health Facilities Financing Authority, Stanford Hospital & Clinics, Series B-1, Rev., VRDO, 1.11%, 03/07/2018 (z)		26,375
	980		California Infrastructure & Economic Development Bank, IDR, Pleasant Mattress, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.13%, 03/07/2018 (z)		980
	27,975		California Pollution Control Financing Authority, Solid Waste Disposal, Recology, Inc. Project, Series A, Rev., VRDO, LOC: Bank of America NA, 1.10%, 03/07/2018 (z)		27,975
			California Statewide Communities Development Authority,
	3,000		Series 08-B, 1.04%, 03/29/2018		3,000
	30,000		Series 09-D, 1.40%, 06/06/2018		30,000
	45,000		Series 9B-1, 1.01%, 03/01/2018		45,000
	13,000		Series 9B-1, 1.04%, 03/07/2018		13,000
	17,000		Series 9B-1, 1.40%, 06/06/2018		17,000
	25,000		Series 9B-2, 0.93%, 03/06/2018		25,000
	50,000		Series 9B-2, 1.26%, 05/08/2018		50,000
	19,000		Series 9B-3, 1.01%, 03/01/2018		19,000
	5,000		Series 9B-3, 1.04%, 03/07/2018		5,000
	27,500		Series 9B-3, 1.26%, 05/08/2018		27,500
	10,000		Series 9B-4, 1.01%, 03/01/2018		10,000
	20,000		Series 9B-4, 1.01%, 03/01/2018		20,000
	45,000		Series 9B-4, 1.04%, 03/07/2018		45,000

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
	33,750	Series B-5, 1.10%, 03/13/2018		33,750
	6,250	Series B-5, 1.10%, 03/20/2018		6,250
	10,000	Series B-5, 1.27%, 05/08/2018		10,000
	48,750	Series B-6, 1.10%, 03/20/2018		48,750
	30,000	Series D, 0.93%, 03/06/2018		30,000
	23,000	Series D, 1.01%, 03/01/2018		23,000
	20,500	Series D, 1.06%, 03/06/2018		20,500
		California Statewide Communities Development Authority, Kaiser Permanente,
	40,880	Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		40,880
	1,825	Series J, Rev., VRDO, 1.05%, 03/07/2018 (z)		1,825
	5,300	California Statewide Communities Development Authority, Multi-Family Housing, 1030 Post Street Apartments, Series Y, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.08%, 03/07/2018 (z)		5,300
	29,320	California Statewide Communities Development Authority, Multi-Family Housing, Bay Vista Meadow Park Apartments, Series NN-1, Rev., VRDO, FNMA, LOC: FNMA, 1.08%, 03/07/2018 (z)		29,320
	3,650	California Statewide Communities Development Authority, Multi-Family Housing, Golden Age Garden Apartments, Series H, Rev., VRDO, FHLMC, LOC: FHLMC, 1.01%, 03/07/2018 (z)		3,650
	8,700	California Statewide Communities Development Authority, Multi-Family Housing, Kelvin Court, Series B, Rev., VRDO, FNMA, LOC: FNMA, 1.06%, 03/07/2018 (z)		8,700
	43,000	City & County of San Francisco, Multifamily Housing, 1601 Mariposa Apartments, Series B-1, Rev., VRDO, LOC: Bank of America NA, 1.05%, 03/07/2018 (z)		43,000
	85,940	City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments, Series H-1, Rev., VRDO, LOC: Bank of China, 1.21%, 03/07/2018 (z)		85,940
	39,470	City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments, Series H-2, Rev., VRDO, LOC: Bank of China, 1.20%, 03/07/2018 (z)		39,470
	26,490	City of Richmond, Multi-Family Housing, BayCliff Apartments Project, Rev., VRDO, FNMA, LOC: FNMA, 1.08%, 03/07/2018 (z)		26,490

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — continued
	8,500	City of San Jose, Multifamily Housing, Almaden Lake Village Apartments, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.11%, 03/07/2018 (z)		8,500
	900	City of Vacaville, Multi-Family Housing, Sycamores Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 1.01%, 03/07/2018 (z)		900
	5,800	County of Sacramento, Special Facilities Apartment, Rev., VRDO, LOC: Bank of America NA, 1.12%, 03/07/2018 (z)		5,800
	7,150	Los Angeles Community College District, Series 2016-ZF2381, GO, VRDO, LIQ: Citibank NA, 1.11%, 03/07/2018 (e) (z)		7,150
	56,225	Sacramento County Sanitation Districts Financing Authority, Municipal Securities Trust Receipts, Series SGC-47, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, 1.11%, 03/07/2018 (e) (z)		56,225
	18,000	San Diego Community College District, Series 2016-ZF2382, GO, VRDO, LIQ: Citibank NA, 1.10%, 03/07/2018 (e) (z)		18,000
	10,990	San Francisco City & County Airport Commission, San Francisco International Airport, Series A-3, Rev., VRDO, AMT, LOC: Bank of America NA, 1.05%, 03/07/2018 (z)		10,990
	5,440	San Francisco City & County Redevelopment Agency, Multi-Family Housing, Notre Dame Apartments, Series G, Rev., VRDO, LOC: Citibank NA, 1.14%, 03/07/2018 (z)		5,440
	18,545	Santa Cruz Redevelopment Agency, Multi-Family Housing, 1010 Pacific Avenue Apartments, Series B, Class B, Rev., VRDO, FNMA, LOC: FNMA, 1.08%, 03/07/2018 (z)		18,545
	44,315	State of California, Series A, Subseries A2-1, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.05%, 03/07/2018 (z)		44,315
		Tender Option Bond Trust Receipts/CTFS,
	9,260	Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America NA, 1.12%, 03/07/2018 (e) (z)		9,260
	55,260	Series 2016-XF0431, GO, VRDO, LIQ: Bank of America NA, 1.11%, 03/07/2018 (e) (z)		55,260
	14,250	Series 2016-XM0230, Rev., VRDO, LIQ: Bank of America NA, 1.12%, 03/07/2018 (e) (z)		14,250
	14,400	Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.11%, 03/07/2018 (e) (z)		14,400

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 33

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
		University of California,
	25,000	Series A, 1.10%, 03/13/2018		25,000
	20,810	Series AL-1, Rev., VRDO, 0.97%, 03/07/2018 (z)		20,810
				1,136,500
		Colorado — 2.6%
	68,050	City of Colorado Springs, Utilities Revenue System, Sub Lien, Series A, Rev., VRDO, 1.14%, 03/07/2018 (z)		68,050
		City of Colorado Springs, Utilities System Improvement,
	43,110	Series A, Rev., VRDO, 1.08%, 03/07/2018 (z)		43,110
	41,760	Series A, Rev., VRDO, 1.08%, 03/07/2018 (z)		41,760
	10,200	Series A, Rev., VRDO, 1.12%, 03/07/2018 (z)		10,200
	18,590	Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		18,590
	18,200	City of Colorado Springs, Utilities System Improvement & Refunding, Series B, Rev., VRDO, 1.08%, 03/07/2018 (z)		18,200
	33,100	City of Colorado Springs, Utilities System, Sub Lien, Series A, Rev., VRDO, 1.16%, 03/07/2018 (z)		33,100
	65,125	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 1.12%, 03/07/2018 (z)		65,125
	30,045	Colorado Health Facilities Authority, SCL Health System, Series A, Rev., VRDO, 1.11%, 03/07/2018 (z)		30,045
		Colorado Housing & Finance Authority, Single Family Mortgage,
	43,360	Series B-2, Class 1, Rev., VRDO, AMT, 1.13%, 03/07/2018 (z)		43,360
	24,975	Series B-3, Class 1, Rev., VRDO, AMT, FHLB, 1.13%, 03/07/2018 (z)		24,975
	14,500	County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project, Rev., VRDO, FHLMC, LOC: FHLMC, 1.09%, 03/07/2018 (z)		14,500
	20,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series 2017-E112, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/07/2018 (e) (z)		20,000
	9,900	State of Colorado, Education Loan Program, Series A, Rev., 4.00%, 06/28/2018		9,986
				441,001

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Connecticut — 0.8%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	10,130	Series C-2, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		10,130
	20,335	Subseries A-3, Rev., VRDO, 1.16%, 03/07/2018 (z)		20,335
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds,
	6,100	Series D, Subseries D-3, Rev., VRDO, AMT, 1.25%, 03/07/2018 (z)		6,100
	48,200	Subseries F-5, Rev., VRDO, 1.10%, 03/07/2018 (z)		48,200
		State of Connecticut, Health & Educational Facility Authority,
	10,000	Series A, Rev., VRDO, 1.06%, 03/07/2018 (z)		10,000
	35,400	Series D, Rev., VRDO, LOC: Bank of America NA, 1.15%, 03/07/2018 (z)		35,400
				130,165
		Delaware — 0.1%
	18,660	Delaware State Health Facilities Authority, Christiana Care Health Services, Series B, Rev., VRDO, 1.09%, 03/07/2018 (z)		18,660
		District of Columbia — 1.8%
	28,725	District of Columbia, Georgetown University, Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.09%, 03/07/2018 (z)		28,725
	33,055	District of Columbia, Georgetown University Issue, Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.10%, 03/07/2018 (z)		33,055
	23,160	District of Columbia, Medlantic/Helix Issue, Tranche II, Series A, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/07/2018 (z)		23,160
	82,805	District of Columbia, Pew Charitable Trust, Series A, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		82,805
	22,510	District of Columbia, Water and Sewer Authority, Public Utility Subordinated Lien Multimodal, Weekly Rate Period, Series B, Subseries B-1, Rev., VRDO, 1.11%, 03/07/2018 (z)		22,510
		Metropolitan Washington Airports Authority,
	53,745	Series A, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 1.12%, 03/07/2018 (z)		53,745
	17,805	Series D, Subseries D-2, Rev., VRDO, LOC: TD Bank NA, 1.13%, 03/07/2018 (z)		17,805

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		District of Columbia — continued
	35,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-108, GO, VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		35,000
				296,805
		Florida — 3.5%
	31,240	Alachua County Health Facilities Authority, Series 08-A, 1.24%, 05/21/2018		31,240
	11,185	Broward County Educational Facilities Authority, Series A, Rev., VRDO, LOC: Bank of America NA, 1.17%, 03/01/2018 (z)		11,185
	50,000	City of Gainesville, Utilities System, Series B, Rev., VRDO, 1.14%, 03/07/2018 (z)		50,000
		City of Jacksonville, Health Care Facilities,
	70,000	Series 2016, 1.10%, 03/14/2018		70,000
	35,000	Series 2016, 1.10%, 03/15/2018		35,000
		County of Hillsborough,
	16,953	Series A, 1.04%, 03/15/2018		16,953
	18,610	Series A, 1.09%, 03/29/2018		18,610
	33,400	Series A, 1.16%, 03/29/2018		33,400
	11,050	County of Miami-Dade, Seaport Department, Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.09%, 03/07/2018 (z)		11,050
	17,660	Florida Gulf Coast University Financing Corp., Housing Project, Series A, Rev., VRDO, LOC: BMO Harris Bank NA, 1.12%, 03/07/2018 (z)		17,660
	23,100	Florida Keys Aqueduct Authority, Rev., VRDO, LOC: TD Bank NA, 1.10%, 03/07/2018 (z)		23,100
	21,520	Florida Municipal Power Agency, All Requirements Power Supply Project, Series C, Rev., VRDO, LOC: Bank of America NA, 1.21%, 03/01/2018 (z)		21,520
		Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group,
	18,450	Series 2012I, Rev., VRDO, 1.08%, 03/07/2018 (z)		18,450
	16,315	Series I-1, Rev., VRDO, 1.08%, 03/07/2018 (z)		16,315
		Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group,
	28,935	Series A, Rev., VRDO, 1.08%, 03/07/2018 (z)		28,935
	49,100	Series I-2, Rev., VRDO, 1.07%, 03/07/2018 (z)		49,100

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — continued
	2,945	Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments, Rev., VRDO, LOC: Citibank NA, 1.17%, 03/07/2018 (z)		2,945
	21,925	JEA, Electric System, Series Three 2008B-2, Rev., VRDO, 1.10%, 03/07/2018 (z)		21,925
	46,670	JEA, Water and Sewer System, Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.21%, 03/07/2018 (z)		46,670
	26,410	Orange County Health Facilities Authority, The Nemours Foundation Project, Series B, Rev., VRDO, LOC: Northern Trust Co., 1.07%, 03/07/2018 (z)		26,410
	45,825	Orlando Utilities Commission, Series 1, Rev., VRDO, 1.12%, 03/07/2018 (z)		45,825
				596,293
		Georgia — 0.9%
	37,790	City of Atlanta, Water & Wastewater, Series A-2, 1.20%, 04/02/2018		37,790
	83,340	DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project, Rev., VRDO, RAN, 1.13%, 03/07/2018 (z)		83,340
	2,130	Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project, Rev., VRDO, LOC: Bank of America NA, 1.27%, 03/07/2018 (z)		2,130
	5,940	Henry County Water & Sewer Authority, EAGLE, Series 2005-0008, Class A, Rev., VRDO, BHAC, FSA-CR, NATL-RE, LIQ: Citibank NA, 1.13%, 03/07/2018 (z)		5,940
		Private Colleges & Universities Authority, Emory University,
	500	Series B-1, Rev., VRDO, 1.07%, 03/07/2018 (z)		500
	28,010	Series C-1, Rev., VRDO, 1.05%, 03/07/2018 (z)		28,010
				157,710
		Idaho — 0.1%
	6,275	Coeur d’Alene Tribe, Rev., VRDO, LOC: Bank of America NA, 1.16%, 03/07/2018 (z)		6,275
	6,380	Idaho State Building Authority, Prison Facilities Project, Series A, Rev., VRDO, 1.09%, 03/07/2018 (z)		6,380
				12,655
		Illinois — 4.4%
	96,600	Chicago O’Hare International Airport, Third Lien, Rev., VRDO, LOC: Barclays Bank plc, 1.16%, 03/07/2018 (z)		96,600

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — continued
	47,000	City of Chicago, O’Hare International Airport, Third Lien, Series C, Class C, Rev., VRDO, LOC: Bank of America NA, 1.14%, 03/07/2018 (z)		47,000
	4,300	City of Galesburg, Knox College Project, Series 1996, Rev., VRDO, LOC: PNC Bank NA, 1.10%, 03/07/2018 (z)		4,300
	23,256	County of Cook, Illinois, Catholic Theological Union Project, Series 2005, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/07/2018 (z)		23,256
	9,800	County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		9,800
	940	County of Lake, A L Hansen Manufacturing Co. Project, Rev., VRDO, LOC: BMO Harris Bank NA, 1.11%, 03/07/2018 (z)		940
	10,000	Illinois Development Finance Authority, Residential Rental, F.C. Harris Pavilion Project, Rev., VRDO, FHLMC, LOC: FHLMC, 1.16%, 03/07/2018 (z)		10,000
	18,000	Illinois Educational Facilities Authority, Adler Planetarium, Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		18,000
	31,730	Illinois Finance Authority, Advocate Healthcare Network, Series C-2A, Rev., VRDO, 1.09%, 03/07/2018 (z)		31,730
		Illinois Finance Authority, Bradley University,
	28,385	Series A, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		28,385
	12,790	Series B, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		12,790
	83,015	Illinois Finance Authority, Chicago Symphony Orchestra, Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		83,015
	20,945	Illinois Finance Authority, Hospital Sisters Services, Inc., Series 2012-G, Rev., VRDO, LOC: Bank of Montreal, 1.09%, 03/07/2018 (z)		20,945
	16,150	Illinois Finance Authority, Mccormick Theological Seminary Project, Rev., VRDO, LOC: Northern Trust Co., 1.09%, 03/07/2018 (z)		16,150
	20,750	Illinois Finance Authority, OSF Healthcare System, Series B, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		20,750
	7,150	Illinois Finance Authority, The University Of Chicago Medical Center, Series D-1, Rev., VRDO, LOC: PNC Bank NA, 1.10%, 03/01/2018 (z)		7,150

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Illinois — continued
	21,247	Illinois Finance Authority, University of Chicago, Series B, Rev., VRDO, 1.09%, 03/07/2018 (z)		21,247
	14,000	Illinois Finance Authority, University of Chicago Medical Center, Rev., VRDO, LOC: PNC Bank NA, 1.10%, 03/01/2018 (z)		14,000
	5,900	Illinois Housing Development Authority, Homeowner Mortgage, Series C-3, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		5,900
	19,000	Illinois Housing Development Authority, Multifamily Housing, Foxview I & II Apartments, Rev., VRDO, FHLMC, LOC: FHLMC, 1.07%, 03/07/2018 (z)		19,000
	17,900	Illinois Housing Development Authority, Multifamily Housing, Prairie Station Apartments, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		17,900
		Illinois State Toll Highway Authority,
	20,000	Series A-1B, Rev., VRDO, LOC: Bank of America NA, 1.14%, 03/07/2018 (z)		20,000
	51,900	Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.14%, 03/07/2018 (z)		51,900
	1,000	Series A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.16%, 03/07/2018 (z)		1,000
	26,700	Series A-2C, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.17%, 03/07/2018 (z)		26,700
	74,510	Illinois State Toll Highway Authority, Variable Rate Senior Priority, Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.17%, 03/07/2018 (z)		74,510
	21,300	Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.14%, 03/07/2018 (z)		21,300
	4,345	Regional Transportation Authority, Series SGC-55, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, 1.12%, 03/07/2018 (e) (z)		4,345
	39,870	Southwestern Illinois Development Authority, Health Facilities, Series 17-B, 1.19%, 05/07/2018		39,870
				748,483
		Indiana — 3.4%
	9,100	City of Rockport, PCR, AEP Generating Co. Project, Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.19%, 03/07/2018 (z)		9,100

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Indiana — continued
	169,540	Indiana Finance Authority, Series D-2, 1.15%, 03/08/2018		169,540
		Indiana Finance Authority, Ascension Health Senior Credit Group,
	53,575	Rev., VRDO, 1.15%, 03/07/2018 (z)		53,575
	39,950	Rev., VRDO, 1.15%, 03/07/2018 (z)		39,950
	40,025	Series 2008-E8, Class E, Rev., VRDO, 1.10%, 03/07/2018 (z)		40,025
	21,155	Indiana Finance Authority, Educational Facilities, Series A, Rev., VRDO, LOC: Northern Trust Co., 1.05%, 03/07/2018 (z)		21,155
		Indiana Finance Authority, Parkview Health System, Inc.,
	63,400	Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.09%, 03/07/2018 (z)		63,400
	24,000	Series D, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.08%, 03/07/2018 (z)		24,000
	22,395	Indiana Finance Authority, Trinity Health Credit Group, Series D-1, Rev., VRDO, 1.09%, 03/07/2018 (z)		22,395
	17,970	Indiana Health & Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project, Series A, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		17,970
		Indiana Health Facility Financing Authority, Ascension Health,
	24,000	Series A-2, Rev., VRDO, 1.15%, 03/07/2018 (z)		24,000
	36,600	Series E-6, Rev., VRDO, 1.15%, 03/07/2018 (z)		36,600
		Indiana State Finance Authority Hospital, University Health Obligated Group,
	20,510	Series 2009C, Rev., VRDO, LOC: Northern Trust Co., 1.09%, 03/07/2018 (z)		20,510
	17,300	Series E, Rev., VRDO, LOC: Bank of America NA, 1.08%, 03/07/2018 (z)		17,300
	14,265	Indiana State Finance Authority, Lease Appropriation, Stadium Project, Series A, Rev., VRDO, 1.08%, 03/07/2018 (z)		14,265
				573,785
		Iowa — 0.6%
	80,800	Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project, Rev., VRDO, 1.13%, 03/07/2018 (z)		80,800
	6,850	Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project, Series 2011, Rev., VRDO, LOC: U.S. Bank NA, 1.11%, 03/07/2018 (z)		6,850

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Iowa — continued
	7,630	Iowa Finance Authority, Trinity Health, Series D, Rev., VRDO, 1.13%, 03/07/2018 (z)		7,630
				95,280
		Kansas — 0.1%
	11,000	City of Mission, Multi-Family Housing, Silverwood Apartment Project, Rev., VRDO, FNMA, LOC: FNMA, 1.12%, 03/07/2018 (z)		11,000
		Kentucky — 1.5%
	33,885	Boyle County, Centre College Project, Series A, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		33,885
		County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project,
	70,147	Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.22%, 03/07/2018 (z)		70,147
	42,900	Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.20%, 03/07/2018 (z)		42,900
	32,000	County of Louisville & Jefferson, Metropolitan Government Norton Healthcare, Inc., Series 2013C, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		32,000
	28,625	Kentucky Economic Development Finance Authority, Hospital Facilitie, Saint Elizabeth Medical Center, Inc., Series B, Rev., VRDO, 1.08%, 03/07/2018 (z)		28,625
		Louisville & Jefferson County, Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding, Inc. Project,
	42,700	Series A, Rev., VRDO, 1.20%, 03/01/2018 (z)		42,700
	5,900	Series C, Rev., VRDO, 1.19%, 03/01/2018 (z)		5,900
				256,157
		Louisiana — 0.4%
	48,800	East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Series A, Rev., VRDO, 1.14%, 03/01/2018 (z)		48,800
	11,200	Louisiana Public Facilities Authority, Multifamily Housing, River View, Rev., VRDO, 1.08%, 03/07/2018 (z)		11,200
	7,240	State of Louisiana, Gas & Fuels Tax, Series 2016-XG0035, Rev., VRDO, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		7,240
				67,240

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Maryland — 1.5%
	39,765	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Barrington Apartments Project, Series A, Class A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		39,765
	14,280	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, MonteVerde Apartments, Series E, Rev., VRDO, FHLMC, LOC: FHLMC, 1.13%, 03/07/2018 (z)		14,280
	11,700	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Walker Mews Apartments, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.19%, 03/07/2018 (z)		11,700
	42,475	Maryland Community Development Administration, Department of Housing & Community Development, Residential, Series D, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		42,475
	57,970	Maryland Economic Development Corp., Howard Hughes Medical Institute, Series B, Rev., VRDO, 1.09%, 03/07/2018 (z)		57,970
	31,135	Maryland Health & Higher Educational Facilities Authority, Series B, 1.18%, 04/03/2018		31,135
		Maryland Health & Higher Educational Facilities Authority, Pooled Loan Program,
	26,100	Series A, Rev., VRDO, LOC: TD Bank NA, 1.12%, 03/07/2018 (z)		26,100
	6,300	Series B, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/07/2018 (z)		6,300
	1,454	Series D, Rev., VRDO, LOC: Bank of America NA, 1.18%, 03/07/2018 (z)		1,454
	1,100	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Issue, Series D, Rev., VRDO, LOC: TD Bank NA, 1.10%, 03/01/2018 (z)		1,100
	25,655	Maryland Stadium Authority, Sports Facilities, Football Stadium Issue, Series 2007, Rev., VRDO, 1.10%, 03/07/2018 (z)		25,655
	2,000	Montgomery County Housing Opportunities Commission, Oakfield Apartments, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.19%, 03/07/2018 (z)		2,000
				259,934

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Massachusetts — 3.4%
		Commonwealth of Massachusetts,
	11,440	Class A, GO, VRDO, FGIC, LIQ: Societe Generale, 1.11%, 03/07/2018 (e) (z)		11,440
	35,000	Series A, GO, RAN, 2.00%, 04/23/2018		35,035
	95,875	Series B, GO, RAN, 2.00%, 05/21/2018		96,109
	30,115	Series C, GO, RAN, 2.00%, 06/25/2018		30,222
	37,550	Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Series A, GO, VRDO, 1.10%, 03/07/2018 (z)		37,550
	10,480	Massachusetts Bay Transportation Authority, General Transportation System, Series A-1, Rev., VRDO, 1.05%, 03/07/2018 (z)		10,480
	33,500	Massachusetts Department of Transportation, Metropolitan Highway System, Senior, Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.09%, 03/07/2018 (z)		33,500
		Massachusetts Department of Transportation, Metropolitan Highway System, Subordinated, Commonwealth Contract Assistance Secured,
	28,775	Series A-1, Rev., VRDO, 1.08%, 03/07/2018 (z)		28,775
	44,345	Series A-2, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.09%, 03/07/2018 (z)		44,345
	44,480	Series A-3, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.11%, 03/07/2018 (z)		44,480
	15,265	Massachusetts Health & Educational Facilities Authority, Partners Healthcare System, Series F3, Rev., VRDO, LOC: TD Bank NA, 1.07%, 03/07/2018 (z)		15,265
	26,000	Massachusetts Port Authority, Series 12-B, 1.17%, 04/04/2018		26,000
		Massachusetts School Building Authority,
	20,000	Series A, 1.12%, 03/08/2018		20,000
	84,625	Series A, 1.13%, 03/01/2018		84,625
	1,700	Massachusetts State Development Finance Agency, First Mortgage Brookhaven, Series B, Rev., VRDO, LOC: Bank of America NA, 1.19%, 03/07/2018 (z)		1,700
		Massachusetts State Health & Educational Facilities Authority, Capital Asset Program,
	17,300	Series M-2, Rev., VRDO, LOC: Bank of America NA, 1.16%, 03/07/2018 (z)		17,300
	2,100	Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.16%, 03/07/2018 (z)		2,100

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Massachusetts — continued
	22,000	Massachusetts Water Resources Authority, Series A-3, Rev., VRDO, 1.11%, 03/07/2018 (z)		22,000
	19,070	University of Massachusetts Building Authority, Series 1, Rev., VRDO, 1.08%, 03/07/2018 (z)		19,070
				579,996
		Michigan — 1.4%
	1,320	Kent Hospital Finance Authority, Spectrum Health System, Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.10%, 03/07/2018 (z)		1,320
		Michigan State Housing Development Authority, Rental Housing,
	34,355	Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.14%, 03/07/2018 (z)		34,355
	34,015	Series D, Rev., VRDO, AMT, 1.16%, 03/07/2018 (z)		34,015
		Michigan State Housing Development Authority, Single-Family Mortgage,
	57,985	Series B, Rev., VRDO, AMT, 1.25%, 03/07/2018 (z)		57,985
	15,000	Series D, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		15,000
	14,300	Series D, Rev., VRDO, 1.20%, 03/07/2018 (z)		14,300
	11,580	Tender Option Bond Trust Receipts/CTFS, Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		11,580
		University of Michigan,
	35,000	Series B, 1.14%, 04/02/2018		35,000
	29,760	Series B, 1.23%, 05/21/2018		29,760
				233,315
		Minnesota — 2.1%
	22,490	City of Oak Park Heights, Multi-Family, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.07%, 03/07/2018 (z)		22,490
		City of Rochester, Health Care Facilities,
	45,000	Series 2014, 1.15%, 04/09/2018		45,000
	20,000	Series 2014, 1.25%, 05/21/2018		20,000
		City of Rochester, Health Care Facilities, Mayo Clinic,
	50,000	Series 08-C, 1.10%, 03/15/2018		50,000
	20,250	Series A, Rev., VRDO, 1.05%, 03/07/2018 (z)		20,250
	17,100	County of Hennepin, Series B, GO, VRDO, 1.11%, 03/07/2018 (z)		17,100

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Minnesota — continued
	7,225	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.07%, 03/07/2018 (z)		7,225
		Minneapolis & St Paul Housing & Redevelopment Authority, Health Care System, Allina Health System,
	43,175	Series C-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.11%, 03/07/2018 (z)		43,175
	37,145	Series C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.12%, 03/07/2018 (z)		37,145
	23,000	Minnesota Housing Finance Agency, Residential Housing Finance, Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 1.13%, 03/07/2018 (z)		23,000
	19,430	State of Minnesota, Public Safety Radio Commerce System Project, Rev., 5.00%, 06/01/2018		19,610
	41,000	University of Minnesota, Series 05-A, 1.14%, 04/04/2018		41,000
				345,995
		Mississippi — 3.4%
	91,680	County of Jackson, Port Facility, Chevron USA, Inc. Project, Rev., VRDO, 1.12%, 03/01/2018 (z)		91,680
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project,
	9,990	Series A, Rev., VRDO, 1.12%, 03/01/2018 (z)		9,990
	39,260	Series A, Rev., VRDO, 1.12%, 03/01/2018 (z)		39,260
	73,800	Series A, Rev., VRDO, 1.15%, 03/01/2018 (z)		73,800
	77,300	Series A, Rev., VRDO, 1.16%, 03/07/2018 (z)		77,300
	10,000	Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		10,000
	16,110	Series C, Rev., VRDO, 1.12%, 03/01/2018 (z)		16,110
	18,855	Series C, Rev., VRDO, 1.12%, 03/01/2018 (z)		18,855
	31,100	Series D, Rev., VRDO, 1.15%, 03/01/2018 (z)		31,100
	9,100	Series E, Rev., VRDO, 1.09%, 03/07/2018 (z)		9,100
	6,670	Series E, Rev., VRDO, 1.11%, 03/01/2018 (z)		6,670
	17,600	Series E, Rev., VRDO, 1.15%, 03/01/2018 (z)		17,600

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Mississippi — continued
	10,125	Series F, Rev., VRDO, 1.09%, 03/07/2018 (z)		10,125
	29,825	Series G, Rev., VRDO, 1.12%, 03/01/2018 (z)		29,825
	86,875	Series G, Rev., VRDO, 1.12%, 03/01/2018 (z)		86,875
	38,900	Mississippi Development Bank Special Obligation, Harrison County Coliseum, Series B, Rev., VRDO, LOC: Bank of America NA, 1.14%, 03/07/2018 (z)		38,900
	9,430	Mississippi Hospital Equipment & Facilities Authority, North Mississippi Health Services, Rev., VRDO, 1.12%, 03/07/2018 (z)		9,430
				576,620
		Missouri — 4.0%
	59,075	City of Kansas, Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.14%, 03/07/2018 (z)		59,075
		Health & Educational Facilities Authority of the State of Missouri,
	50,000	Series 14-B, 1.14%, 03/07/2018		50,000
	50,000	Series 14-C, 1.15%, 05/09/2018		50,000
	50,000	Series 14-D, 1.13%, 03/07/2018		50,000
	50,000	Series 14-E, 1.13%, 03/07/2018		50,000
	34,700	Series A, Rev., VRDO, LIQ: BJC Health System, 1.09%, 03/07/2018 (z)		34,700
	39,700	Series C, Rev., VRDO, LIQ: BJC Health System, 1.09%, 03/07/2018 (z)		39,700
	54,775	Series D, Rev., VRDO, 1.11%, 03/07/2018 (z)		54,775
	39,160	Series E, Rev., VRDO, 1.10%, 03/07/2018 (z)		39,160
	49,500	Series F, Rev., VRDO, 1.09%, 03/07/2018 (z)		49,500
	250	Kansas City IDA, Livers Bronze Co. Project, Rev., VRDO, LOC: Bank of America NA, 1.37%, 03/07/2018 (z)		250
	26,000	Missouri Development Finance Board, Cultural Facilities, Kauffman Center for the Performing Arts Project, Series A, Rev., VRDO, 1.17%, 03/01/2018 (z)		26,000
	14,150	Missouri Development Finance Board, Cultural Facilities, The Nelson Gallery Foundation, Series A, Rev., VRDO, 1.10%, 03/01/2018 (z)		14,150
		Missouri State Health & Educational Facilities Authority,
	43,100	Series B, Rev., VRDO, LIQ: BJC Health System, 1.09%, 03/07/2018 (z)		43,100

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Missouri — continued
	43,400	Series C-3, Rev., VRDO, 1.10%, 03/07/2018 (z)		43,400
	46,800	Missouri State Health & Educational Facilities Authority, Health Facilities, SSM Health Care, Series G, Rev., VRDO, 1.09%, 03/07/2018 (z)		46,800
	25,000	University of Missouri, Series A, 1.14%, 04/04/2018		25,000
				675,610
		Nebraska — 0.6%
	28,010	County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center, Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.06%, 03/07/2018 (z)		28,010
		Lincoln Nebraska Electric System,
	40,000	Series 95, 1.17%, 05/02/2018		40,000
	32,750	Series 95, 1.18%, 05/07/2018		32,750
				100,760
		Nevada — 1.7%
	30,640	City of Reno, Hospital, Renown Regional Medical Center Project, Series A, Class A, Rev., VRDO, LOC: MUFG Union Bank NA, 1.13%, 03/07/2018 (z)		30,640
	9,580	Clark County, Nevada Airport System, Sub Lien, Series C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 03/07/2018 (z)		9,580
	40,105	County of Clark, Airport, Series A, GO, VRDO, AMT, 1.15%, 03/07/2018 (z)		40,105
	55,950	County of Clark, Department of Aviation, Nevada Airport System, Series C-1, Rev., VRDO, AMT, LOC: Bank of America NA, 1.15%, 03/07/2018 (z)		55,950
	24,410	County of Clark, Passenger Facility Charge, Mccarran International Airport, Series F-2, Rev., VRDO, LOC: MUFG Union Bank NA, 1.12%, 03/07/2018 (z)		24,410
		Las Vegas Valley Water District,
	50,000	Series 04-B, 1.18%, 04/02/2018		50,000
	50,000	Series 04-B, 1.19%, 05/21/2018		50,000
	8,150	Nevada Housing Division, Multi-Unit Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		8,150
	3,205	Nevada Housing Division, Multi-Unit Housing, Horizon, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		3,205
	12,710	Nevada Housing Division, Multi-Unit Housing, Silverado, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		12,710
				284,750

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Jersey — 1.9%
	16,300	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series Y, Rev., VRDO, AMT, 1.15%, 03/07/2018 (z)		16,300
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	130,000	Series 2018-E117, Rev., VRDO, LIQ: Royal Bank of Canada, 1.17%, 03/01/2018 (e) (z)		130,000
	40,000	Series E-102, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		40,000
	133,100	Series E-103, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		133,100
				319,400
		New Mexico — 0.1%
	15,450	University of New Mexico, Subordinate Lien System, Series B, Rev., VRDO, 1.08%, 03/07/2018 (z)		15,450
		New York — 23.7%
		City of New York,
	3,200	Series I, Subseries I-3, GO, VRDO, LOC: Bank of America NA, 1.16%, 03/01/2018 (z)		3,200
	25,215	Series I, Subseries I-8, GO, VRDO, 1.11%, 03/01/2018 (z)		25,215
		City of New York, Fiscal Year 2006,
	36,400	Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.10%, 03/07/2018 (z)		36,400
	31,500	Series I, Subseries I-5, GO, VRDO, LOC: Bank of New York Mellon, 1.12%, 03/01/2018 (z)		31,500
		City of New York, Fiscal Year 2008,
	37,700	Series D, Subseries D-4, GO, VRDO, 1.06%, 03/07/2018 (z)		37,700
	24,700	Subseries D-3, GO, VRDO, 1.06%, 03/07/2018 (z)		24,700
	39,155	Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 1.20%, 03/01/2018 (z)		39,155
	61,735	Subseries J-10, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.11%, 03/07/2018 (z)		61,735
	100	City of New York, Fiscal Year 2009, Series B, Subseries B-3, GO, VRDO, LOC: TD Bank NA, 1.06%, 03/07/2018 (z)		100
	24,000	City of New York, Fiscal Year 2012, Series G, Subseries G-3, GO, VRDO, LOC: Citibank NA, 1.05%, 03/07/2018 (z)		24,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
		City of New York, Fiscal Year 2013,
	68,100	Series A, Subseries A-2, GO, VRDO, LOC: Mizuho Bank Ltd., 1.14%, 03/01/2018 (z)		68,100
	38,960	Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 1.14%, 03/01/2018 (z)		38,960
	34,375	Series A, Subseries A-4, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.07%, 03/07/2018 (z)		34,375
	44,350	City of New York, Fiscal Year 2014, Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		44,350
	14,200	City of New York, Fiscal Year 2015, Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.20%, 03/07/2018 (z)		14,200
	10,225	City of New York, Fiscal Year 2016, Series I, Subseries I-6, GO, VRDO, LOC: Bank of New York Mellon, 1.12%, 03/01/2018 (z)		10,225
		City of New York, Fiscal Year 2017,
	35,345	Series A, Subseries A-6, GO, VRDO, 1.17%, 03/01/2018 (z)		35,345
	45,100	Subseries A-5, GO, VRDO, 1.20%, 03/01/2018 (z)		45,100
	19,800	City of New York, Housing Development Corp., Series A, Rev., VRDO, FNMA, LIQ: FNMA, 1.18%, 03/07/2018 (z)		19,800
	23,200	City of New York, Housing Development Corp., Sierra Development, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		23,200
	35,200	City of New York, Housing Development Corp., State Renaissance Court, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.13%, 03/07/2018 (z)		35,200
	30,000	County of Nassau, Series A, GO, TAN, 2.50%, 03/15/2018		30,015
	49,600	Housing Development Corp., Multi-family Rental Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		49,600
		Metropolitan Transportation Authority,
	75,945	Series D, Subseries D-1, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.13%, 03/07/2018 (z)		75,945
	19,100	Series E, Subseries E-3, Rev., VRDO, LOC: Bank of Montreal, 1.09%, 03/07/2018 (z)		19,100

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	21,985	Subseries D-2, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.11%, 03/01/2018 (z)		21,985
	30,495	Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 1.11%, 03/01/2018 (z)		30,495
	7,965	Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.06%, 03/07/2018 (z)		7,965
	17,010	Subseries E-2, Rev., VRDO, LOC: Bank of America NA, 1.10%, 03/07/2018 (z)		17,010
	58,930	Subseries E-3, Rev., VRDO, LOC: Citibank NA, 1.05%, 03/07/2018 (z)		58,930
	30,725	Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.07%, 03/07/2018 (z)		30,725
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	13,090	Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.10%, 03/01/2018 (z)		13,090
	47,500	Subseries B-1, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.09%, 03/07/2018 (z)		47,500
	13,500	Nassau County Industrial Development Agency, Clinton Plaza Senior Housing Project, Rev., VRDO, FNMA, LOC: FNMA, 1.07%, 03/07/2018 (z)		13,500
	40,045	Nassau County Interim Finance Authority, A Public Benefit Corp. of the State of New York, Sales Tax Secured, Series B, Rev., VRDO, 1.11%, 03/07/2018 (z)		40,045
		Nassau County Interim Finance Authority, Sales Tax Secured,
	26,030	Series A, Rev., VRDO, 1.12%, 03/07/2018 (z)		26,030
	30,630	Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		30,630
		Nassau Health Care Corp., Nassau County Guaranteed,
	9,925	Subseries B-1, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/07/2018 (z)		9,925
	13,845	Subseries B-2, Rev., VRDO, LOC: TD Bank NA, 1.12%, 03/07/2018 (z)		13,845
		New York City Health & Hospital Corp., Health System,
	8,750	Series B, Rev., VRDO, LOC: TD Bank NA, 1.15%, 03/07/2018 (z)		8,750
	36,100	Series C, Rev., VRDO, LOC: TD Bank NA, 1.06%, 03/07/2018 (z)		36,100
	4,760	New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		4,760

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	2,800	New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.08%, 03/07/2018 (z)		2,800
	13,600	New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		13,600
	43,050	New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.08%, 03/07/2018 (z)		43,050
	10,630	New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		10,630
		New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2008,
	64,400	Subseries B-1A, Rev., VRDO, 1.10%, 03/07/2018 (z)		64,400
	23,805	Subseries B-4, Rev., VRDO, 1.09%, 03/07/2018 (z)		23,805
	34,390	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2013, Series AA, Subseries AA-1, Rev., VRDO, 1.11%, 03/01/2018 (z)		34,390
	66,700	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2015, Rev., VRDO, 1.12%, 03/01/2018 (z)		66,700
	66,935	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2001, Subseries F-1, Rev., VRDO, 1.14%, 03/01/2018 (z)		66,935
	34,990	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2006, Subseries AA-1A, Class A, Rev., VRDO, 1.12%, 03/01/2018 (z)		34,990
	18,165	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2008, Subseries BB-2, Rev., VRDO, 1.11%, 03/01/2018 (z)		18,165
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009,
	9,600	Series BB, Subseries BB-1, Rev., VRDO, 1.15%, 03/01/2018 (z)		9,600

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	59,585	Subseries BB-2, Rev., VRDO, 1.10%, 03/01/2018 (z)		59,585
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011,
	57,515	Series DD-1, Rev., VRDO, 1.10%, 03/01/2018 (z)		57,515
	20,430	Series FF, Subseries FF-1, Rev., VRDO, 1.11%, 03/01/2018 (z)		20,430
	37,700	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013, Subseries AA-2, Rev., VRDO, 1.09%, 03/07/2018 (z)		37,700
	74,815	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014, Series AA, Subseries AA-5, Rev., VRDO, 1.14%, 03/01/2018 (z)		74,815
	42,350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series BB-3, Rev., VRDO, 1.08%, 03/07/2018 (z)		42,350
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2016,
	15,150	Rev., VRDO, 1.10%, 03/01/2018 (z)		15,150
	35,160	Series AA-2, Rev., VRDO, 1.11%, 03/01/2018 (z)		35,160
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2017,
	14,270	Series BB, Rev., VRDO, 1.16%, 03/01/2018 (z)		14,270
	27,670	Series BB-1B, Rev., VRDO, 1.16%, 03/01/2018 (z)		27,670
	37,500	Subseries BB-3, Rev., VRDO, 1.08%, 03/07/2018 (z)		37,500
	24,200	New York City Transitional Finance Authority, Future Tax Secured, Subseries D-4, Rev., VRDO, 1.11%, 03/01/2018 (z)		24,200
	66,200	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 1999, Series A-1, Rev., VRDO, 1.10%, 03/07/2018 (z)		66,200
	50,510	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001, Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		50,510

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	12,000	Subseries A-4, Rev., VRDO, 1.10%, 03/01/2018 (z)		12,000
	1,100	Subseries C4, Rev., VRDO, 1.15%, 03/01/2018 (z)		1,100
	41,340	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.08%, 03/07/2018 (z)		41,340
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013,
	2,650	Series A, Subseries A-4, Rev., VRDO, 1.10%, 03/01/2018 (z)		2,650
	31,325	Subseries A-6, Rev., VRDO, 1.11%, 03/01/2018 (z)		31,325
	38,275	Subseries A-7, Rev., VRDO, 1.07%, 03/07/2018 (z)		38,275
	83,190	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Subseries D-3, Rev., VRDO, 1.14%, 03/01/2018 (z)		83,190
	76,365	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015, Subseries A-3, Rev., VRDO, 1.13%, 03/01/2018 (z)		76,365
		New York City Transitional Finance Authority, New York City Recovery,
	1,765	Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 1.09%, 03/07/2018 (z)		1,765
	14,815	Series 3, Subseries 3-G, Rev., VRDO, 1.09%, 03/07/2018 (z)		14,815
	11,110	Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking, 1.07%, 03/07/2018 (z)		11,110
	8,195	New York City Transitional Finance Authority, Recovery Bonds, Series 1, Subseries 1D, Rev., VRDO, 1.12%, 03/01/2018 (z)		8,195
	13,785	New York City Trust for Cultural Resources, American Museum of Natural History, Series B3, Rev., VRDO, 1.11%, 03/07/2018 (z)		13,785
	27,500	New York City Water & Sewer System, Water And Sewer System, Subseries F1B, Rev., VRDO, 1.06%, 03/07/2018 (z)		27,500
	3,160	New York Liberty Development Corp., Series 2015-XF2146, Rev., VRDO, LIQ: Citibank NA, 1.11%, 03/07/2018 (e) (z)		3,160

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
		New York State Dormitory Authority,
	7,400	Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 1.11%, 03/07/2018 (e) (z)		7,400
	50,000	Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		50,000
		New York State Dormitory Authority, City University System, CONS Fifth General Resolution,
	97,275	Series C, Rev., VRDO, LOC: Bank of America NA, 1.11%, 03/07/2018 (z)		97,275
	42,730	Series D, Rev., VRDO, LOC: TD Bank NA, 1.07%, 03/07/2018 (z)		42,730
	69,525	New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.14%, 03/07/2018 (z)		69,525
	21,560	New York State Dormitory Authority, St. John’s University, Series B-1, Rev., VRDO, LOC: Bank of America NA, 1.05%, 03/07/2018 (z)		21,560
	12,700	New York State Energy Research & Development Authority, Consolidated Edison Co. of New York, Inc. Project, Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.15%, 03/07/2018 (z)		12,700
		New York State Energy Research & Development Authority, Consolidated Edison Co., Inc. Project,
	25,100	Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.09%, 03/07/2018 (z)		25,100
	14,920	Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.17%, 03/07/2018 (z)		14,920
	44,800	New York State Housing Finance Agency, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		44,800
	2,755	New York State Housing Finance Agency, 10 Barclay Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.10%, 03/07/2018 (z)		2,755
	83,000	New York State Housing Finance Agency, 188 Ludlow Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.13%, 03/07/2018 (z)		83,000
	23,250	New York State Housing Finance Agency, 222 East 44th Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 1.18%, 03/07/2018 (z)		23,250
	15,000	New York State Housing Finance Agency, 240 East 39th Street Housing, Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		15,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
		New York State Housing Finance Agency, 350 West 43rd Street Housing,
	23,000	Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.32%, 03/01/2018 (z)		23,000
	44,500	Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.32%, 03/01/2018 (z)		44,500
	2,400	New York State Housing Finance Agency, 360 West 43rd Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		2,400
	9,000	New York State Housing Finance Agency, 363 West 30th Street, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.18%, 03/07/2018 (z)		9,000
		New York State Housing Finance Agency, 42nd and 10th Housing,
	13,010	Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.07%, 03/07/2018 (z)		13,010
	20,000	Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.12%, 03/07/2018 (z)		20,000
	75,450	New York State Housing Finance Agency, 455 West 37th Street Housing, Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 1.32%, 03/01/2018 (z)		75,450
	58,310	New York State Housing Finance Agency, 505 West 37th Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.29%, 03/01/2018 (z)		58,310
	80,000	New York State Housing Finance Agency, 55 West 25th Street Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		80,000
	64,250	New York State Housing Finance Agency, 555 Tenth Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.13%, 03/07/2018 (z)		64,250
	25,000	New York State Housing Finance Agency, 600 West 42nd Street Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.12%, 03/07/2018 (z)		25,000
	12,245	New York State Housing Finance Agency, 606 West 57th Street Housing, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.10%, 03/07/2018 (z)		12,245
	102,685	New York State Housing Finance Agency, 8 East 120nd Street Housing, Series A, Rev., VRDO, LOC: TD Bank NA, 1.06%, 03/07/2018 (z)		102,685

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	39,400	New York State Housing Finance Agency, Bowery Place Housing, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.09%, 03/07/2018 (z)		39,400
	15,000	New York State Housing Finance Agency, Chelsea Apartments Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		15,000
	3,900	New York State Housing Finance Agency, Clinton Park Phase II, Series A-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.12%, 03/07/2018 (z)		3,900
	28,200	New York State Housing Finance Agency, East 84th Street Housing, Series A, Class E, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		28,200
	42,750	New York State Housing Finance Agency, Manhattan West Residential Housing, Series A, Rev., VRDO, LOC: Bank of China, 1.17%, 03/07/2018 (z)		42,750
	7,050	New York State Housing Finance Agency, North End, Series A, Rev., VRDO , FNMA, LOC: FNMA, 1.07%, 03/07/2018 (z)		7,050
	13,260	New York State Housing Finance Agency, Service Contract, Series M-1, Rev., VRDO, LOC: Bank of America NA, 1.07%, 03/07/2018 (z)		13,260
	6,680	New York State Housing Finance Agency, Talleyrand Crescent, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		6,680
	11,300	New York State Housing Finance Agency, Theater Row, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.13%, 03/07/2018 (z)		11,300
	82,900	New York State Housing Finance Agency, Tribeca Green, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.13%, 03/07/2018 (z)		82,900
	1,800	New York State Housing Finance Agency, Tribeca Landing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		1,800
	39,050	New York State Housing Finance Agency, Union Square South Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		39,050
	2,100	New York State Housing Finance Agency, West 23rd Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		2,100
	100	New York State Housing Finance Agency, Weyant Green Apartments, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		100

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	3,400	New York State Housing Finance Agency, Worth Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		3,400
	20,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-99, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		20,000
		Tender Option Bond Trust Receipts/CTFS,
	11,250	Series 2016-XG0018, Rev., VRDO, LIQ: Bank of America NA, 1.11%, 03/07/2018 (e) (z)		11,250
	10,000	Series 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		10,000
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	26,450	Series A, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/07/2018 (z)		26,450
	10,500	Series B-1, Rev., VRDO, LOC: Bank of America NA, 1.11%, 03/01/2018 (z)		10,500
	26,315	Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.17%, 03/07/2018 (z)		26,315
				3,998,470
		North Carolina — 2.8%
	24,720	Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 1.12%, 03/07/2018 (z)		24,720
	49,405	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.11%, 03/07/2018 (z)		49,405
	7,675	City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 1.12%, 03/07/2018 (z)		7,675
	19,580	City of Greensboro, Combined Enterprise System, Series A, Rev., VRDO, 1.12%, 03/07/2018 (z)		19,580
	5,035	City of Raleigh, Combined Enterprise System, Series B, Rev., VRDO, 1.11%, 03/07/2018 (z)		5,035
		City of Raleigh, Downtown Improvement Projects,
	40,900	Series A, COP, VRDO, 1.09%, 03/07/2018 (z)		40,900
	58,510	Series B-1, COP, VRDO, 1.09%, 03/07/2018 (z)		58,510
	38,295	Series B-2, COP, VRDO, 1.09%, 03/07/2018 (z)		38,295

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		North Carolina — continued
	7,835	City of Raleigh, Enterprise System, Series A, Rev., VRDO, 1.11%, 03/07/2018 (z)		7,835
	17,830	Durham County Industrial Facilities & Pollution Control Financing Authority, Research Triangle Institute, Series 2007, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.05%, 03/07/2018 (z)		17,830
		Forsyth County,
	5,635	Series A, GO, VRDO, 1.12%, 03/07/2018 (z)		5,635
	5,500	Series B, GO, VRDO, 1.12%, 03/07/2018 (z)		5,500
	13,100	Series B, GO, VRDO, 1.12%, 03/07/2018 (z)		13,100
	15,100	North Carolina Capital Facilities Finance Agency, NCCU Real Estate, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.12%, 03/07/2018 (z)		15,100
	13,695	North Carolina Medical Care Commission, Health Care Facilities, WakeMed, Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.11%, 03/07/2018 (z)		13,695
		North Carolina Medical Care Commission, Moses Cone Health System,
	33,755	Series A, Rev., VRDO, 1.05%, 03/07/2018 (z)		33,755
	16,300	Series A, Rev., VRDO, 1.11%, 03/07/2018 (z)		16,300
	20,580	North Carolina State University at Raleigh, Series B, Rev., VRDO, 1.07%, 03/07/2018 (z)		20,580
	14,900	Orange Water & Sewer Authority, Series B, Rev., VRDO, 1.12%, 03/07/2018 (z)		14,900
	14,800	Person County Industrial Facilities & Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc., Series 2010, Rev., VRDO, LOC: Credit Industrial ET, 1.15%, 03/07/2018 (z)		14,800
		University of North Carolina, University Hospital at Chapel Hill,
	10,870	Series A, Rev., VRDO, 1.07%, 03/07/2018 (z)		10,870
	9,740	Series A, Rev., VRDO, 1.09%, 03/01/2018 (z)		9,740
	11,395	Series B, Rev., VRDO, 1.09%, 03/01/2018 (z)		11,395
	17,875	Series B, Rev., VRDO, 1.10%, 03/07/2018 (z)		17,875
				473,030

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Ohio — 1.1%
	400	City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project, Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		400
	5,175	City of Cleveland, Airport System, Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/07/2018 (z)		5,175
	10,405	County of Allen, Hospital Facilities, Catholic Healthcare Partners, Series C, Rev., VRDO, LOC: MUFG Union Bank NA, 1.14%, 03/01/2018 (z)		10,405
	20,000	County of Cleveland-Cuyahoga, Port Authority Cultural Facility, Museum of Art Project, Series B, Rev., VRDO, 1.09%, 03/07/2018 (z)		20,000
	22,305	County of Cuyahoga, Ohio, Hospital Facilities, Sisters of Charity Health System, Series 2000, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		22,305
	11,400	County of Hamilton, Hospital Facilities, Series B, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		11,400
	15,850	County of Hamilton, Hospital Facilities, Elizabeth Gamble Deaconess Home Association, Series A, Rev., VRDO, LOC: Northern Trust Co., 1.11%, 03/07/2018 (z)		15,850
	6,550	Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System, Rev., VRDO, LIQ: Bank of New York Mellon, 1.12%, 03/01/2018 (z)		6,550
	45,000	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series 2016 A, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.20%, 03/07/2018 (z)		45,000
	28,745	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-104, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		28,745
	15,375	State of Ohio, Infrastructure Improvement, Series A, GO, VRDO, 1.20%, 03/07/2018 (z)		15,375
				181,205
		Oregon — 0.1%
	15,450	Clackamas County Hospital Facility Authority, Legacy Health System, Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 03/07/2018 (z)		15,450
	3,635	State of Oregon, Facilities Authority, PeaceHealth, Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.12%, 03/07/2018 (z)		3,635
				19,085

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other — 1.0%
		FHLMC, Multi-Family Housing,
	14,650	Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		14,650
	43,280	Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		43,280
	18,098	Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		18,098
	49,385	Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		49,385
	16,505	Series M024, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		16,505
	20,500	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 03/07/2018 (z)		20,500
	11,295	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 03/07/2018 (z)		11,295
	2,515	SunAmerica Taxable Trust, Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.15%, 03/07/2018 (z)		2,515
				176,228
		Pennsylvania — 3.7%
		Bucks County IDA, Grand View Hospital,
	10,540	Series A, Rev., VRDO, LOC: TD Bank NA, 1.07%, 03/07/2018 (z)		10,540
	21,400	Series B, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		21,400
	19,090	Butler County General Authority, Series SGC-58, Class A, Rev., VRDO, LIQ: Societe Generale, 1.11%, 03/07/2018 (e) (z)		19,090
	8,570	Butler County General Authority, North Allegheny School District Project, Series B, Rev., VRDO, 1.10%, 03/07/2018 (z)		8,570
	25,000	City of Philadelphia, Series A, Rev., 2.00%, 06/29/2018		25,055
		City of Philadelphia, Gas Works, 1998 General Ordinance, Eight,
	18,115	Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.12%, 03/07/2018 (z)		18,115
	12,900	Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.09%, 03/07/2018 (z)		12,900
	24,770	Series E, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		24,770
		County of Allegheny,
	33,775	Series C, GO, VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		33,775
	12,000	Series C-51, GO, VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		12,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pennsylvania — continued
	16,295	Delaware Valley Regional Finance Authority, Local Government, Class A, Rev., VRDO, LIQ: Societe Generale, 1.11%, 03/07/2018 (e) (z)		16,295
	26,560	Fayette County Hospital Authority, Regional Health System, Series A, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		26,560
	16,225	Lackawanna County Multi-Purpose Stadium Authority, Hotel Room Rental Tax, Rev., VRDO, LOC: PNC Bank NA, 1.10%, 03/07/2018 (z)		16,225
		Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project,
	18,910	Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		18,910
	2,405	Series A-T2, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		2,405
	17,080	Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		17,080
	9,800	Pennsylvania Higher Educational Facilities Authority, Drexel University, Series B, Rev., VRDO, LOC: TD Bank NA, 1.10%, 03/01/2018 (z)		9,800
	2,500	Pennsylvania Higher Educational Facilities Authority, Susquehanna University, Rev., VRDO, LOC: PNC Bank NA, 1.11%, 03/07/2018 (z)		2,500
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	43,300	Series 2005-89, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		43,300
	9,735	Series 2006-94B, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		9,735
	5,385	Series 2007-99C, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		5,385
	28,305	Philadelphia Authority, Industrial Development Multi-Modal Lease, Series B-3, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		28,305
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	72,250	Series E-101, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		72,250
	20,000	Series E-110, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/01/2018 (e) (z)		20,000
	137,795	Series E-111, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/01/2018 (e) (z)		137,795

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Pennsylvania — continued
	20,000	Series E-115, COP, VRDO, LIQ: Royal Bank of Canada, 1.16%, 03/01/2018 (e) (z)		20,000
				632,760
		Rhode Island — 0.4%
	1,560	Rhode Island Health & Educational Building Corp., Educational Institution, International Institute of Rhode Island, Rev., VRDO, LOC: Bank of America NA, 1.27%, 03/07/2018 (z)		1,560
	32,190	Rhode Island Health & Educational Building Corp., Higher Education Facilities, Roger Williams University Issue, Series 2008 B, Rev., VRDO, LOC: U.S. Bank NA, 1.10%, 03/07/2018 (z)		32,190
	7,045	Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue, Series 2008 B, Rev., VRDO, LOC: TD Bank NA, 1.08%, 03/07/2018 (z)		7,045
	7,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.20%, 03/07/2018 (z)		7,000
	24,600	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.20%, 03/07/2018 (z)		24,600
	450	Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project, Rev., VRDO, 1.12%, 03/01/2018 (z)		450
				72,845
		South Carolina — 0.1%
	10,000	City of Columbia, Waterworks & Sewer System, Series 2009, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.12%, 03/07/2018 (z)		10,000
	3,600	City of North Charleston, Public Facilities Convention, Convention Center Project, COP, VRDO, LOC: Bank of America NA, 1.10%, 03/07/2018 (z)		3,600
				13,600
		Tennessee — 0.5%
		City of Johnson, Health and Educational Facilities Board,
	8,075	Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.09%, 03/07/2018 (z)		8,075
	31,835	Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.12%, 03/07/2018 (z)		31,835

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Tennessee — continued
	32,550	Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund, Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		32,550
	13,400	Metropolitan Government of Nashville & Davidson County Industrial Development Board, Multifamily Housing, Arbor Knoll, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		13,400
				85,860
		Texas — 6.2%
	8,700	Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		8,700
	44,025	City of Austin, Airport System, Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.20%, 03/07/2018 (z)		44,025
	18,715	City of Austin, Texas Hotel Occupancy Tax, Series A, Rev., VRDO, LOC: Citibank NA, 1.10%, 03/07/2018 (z)		18,715
	36,015	City of Austin, Water & Wastewater System, Rev., VRDO, LOC: Citibank NA, 1.11%, 03/07/2018 (z)		36,015
		City of Garland, Electric Utility System,
	10,000	Series 2014, 1.11%, 03/19/2018		10,000
	29,895	Series 2014, 1.12%, 03/08/2018		29,895
		City of Houston, Combined Utility System, First Lien,
	10,600	Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.10%, 03/07/2018 (z)		10,600
	21,000	Series B-2, Rev., VRDO, LOC: Citibank NA, 1.10%, 03/07/2018 (z)		21,000
	41,700	Series B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.10%, 03/07/2018 (z)		41,700
	53,000	City of San Antonio Electric & Gas, Series B, 1.10%, 03/28/2018		53,000
	24,225	County of Harris, Series SGC-31, Class A, Rev., VRDO, LOC: Societe Generale, 1.12%, 03/07/2018 (z)		24,225
	25,000	County of Harris, Cultural Education Facilities Finance Corp., Hospital, Memorial Hermann Health System, Rev., VRDO, 1.13%, 03/07/2018 (z)		25,000
	3,600	County of Harris, Industrial Development Corp., Pollution Control, Rev., VRDO, 1.14%, 03/01/2018 (z)		3,600

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — continued
	10,600	County of Jefferson, Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 1.25%, 03/07/2018 (z)		10,600
	12,000	Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl LP Project, Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.16%, 03/07/2018 (z)		12,000
		Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System,
	24,690	Rev., VRDO, 1.13%, 03/07/2018 (z)		24,690
	18,500	Series D, Rev., VRDO, 1.13%, 03/07/2018 (z)		18,500
		Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project,
	25,900	Series A, Rev., VRDO, 1.12%, 03/01/2018 (z)		25,900
	1,300	Series A-2, Rev., VRDO, 1.12%, 03/01/2018 (z)		1,300
	100	Subseries A-3, Rev., VRDO, 1.12%, 03/01/2018 (z)		100
		North Texas Tollway Authority,
	6,750	Series 2016-XG0036, Rev., VRDO, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		6,750
	18,600	Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.09%, 03/07/2018 (z)		18,600
	88,470	State of Texas, Series 2016, GO, VRDO, 1.10%, 03/07/2018 (z)		88,470
	39,565	Tarrant County Cultural Education Facilities Finance Corp, Rev., VRDO, LOC: TD Bank NA, 1.15%, 03/01/2018 (z)		39,565
		Tarrant County Cultural Education Facilities Finance Corp.,
	25,000	Rev., VRDO, 1.08%, 03/07/2018 (z)		25,000
	55,735	Rev., VRDO, 1.14%, 03/07/2018 (z)		55,735
	13,095	Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project, Series A, Rev., VRDO, LOC: TD Bank NA, 1.10%, 03/01/2018 (z)		13,095
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System,
	35,900	Rev., VRDO, 1.17%, 03/07/2018 (z)		35,900
	34,000	Series 2012-B, Rev., VRDO, 1.17%, 03/07/2018 (z)		34,000
	46,860	Series A, Rev., VRDO, 1.17%, 03/07/2018 (z)		46,860

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Texas — continued
		Tender Option Bond Trust Receipts/CTFS,
	1,360	Series 2015-XM0071, Rev., VRDO, AGM, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		1,360
	9,495	Series 2016-XF2321, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.12%, 03/07/2018 (e) (z)		9,495
	4,700	Texas Department of Housing & Community Affairs, Multi-Family Housing, Terraces at Cibolo, Rev., VRDO, LOC: Citibank NA, 1.23%, 03/07/2018 (z)		4,700
	740	Texas Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments Project, Series A-1, Rev., VRDO, FHLMC, LOC: FHLMC, 1.16%, 03/07/2018 (z)		740
	33,150	Texas Public Finance Authority, Series 2003, 1.12%, 04/03/2018		33,150
	60,000	Texas Transportation Commission, State Highway Fund, Series B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking, 1.10%, 03/07/2018 (z)		60,000
		University of Texas,
	12,740	Series A, 1.10%, 03/15/2018		12,740
	14,419	Series A, 1.20%, 03/14/2018		14,419
	123,800	University of Texas, Financing System, Series B, Class B, Rev., VRDO, 1.05%, 03/07/2018 (z)		123,800
				1,043,944
		Utah — 1.3%
	23,700	Central Utah Water Conservancy District, Series A, Rev., VRDO, 1.13%, 03/07/2018 (z)		23,700
		County of Utah Hospital, IHC Health Services, Inc.,
	8,225	Series B, Rev., VRDO, 1.07%, 03/07/2018 (z)		8,225
	22,150	Series B, Rev., VRDO, 1.08%, 03/07/2018 (z)		22,150
	8,300	Series C, Rev., VRDO, 1.07%, 03/07/2018 (z)		8,300
	91,000	Series C, Rev., VRDO, 1.07%, 03/07/2018 (z)		91,000
	27,650	Series C, Rev., VRDO, 1.08%, 03/07/2018 (z)		27,650
	32,830	Series D, Rev., VRDO, 1.08%, 03/07/2018 (z)		32,830

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utah — continued
		Utah Housing Finance Agency, Single Family Mortgage,
	3,120	Series D-1, Rev., VRDO, AMT, 1.13%, 03/07/2018 (z)		3,120
	3,220	Series E-1, Class I Shares, Rev., VRDO, AMT, 1.13%, 03/07/2018 (z)		3,220
	3,200	Series F-2, Class I Shares, Rev., VRDO, 1.10%, 03/07/2018 (z)		3,200
				223,395
		Vermont — 0.3%
	51,605	Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Care Project, Series A, Rev., VRDO, LOC: TD Bank NA, 1.10%, 03/07/2018 (z)		51,605
		Virginia — 1.5%
	21,720	Alexandria Redevelopment & Housing Authority, Multi-Family Housing, Fairfield Village Square Project, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		21,720
	19,910	Arlington County IDA, Multi-family Housing, Gates of Ballston Apartments, Series 2005, Rev., VRDO, LOC: PNC Bank NA, 1.14%, 03/07/2018 (z)		19,910
	20,300	County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute, Series B, Rev., VRDO, 1.09%, 03/07/2018 (z)		20,300
		Loudoun County IDA, Howard Hughes Medical Institute,
	47,125	Series A, Rev., VRDO, 1.12%, 03/07/2018 (z)		47,125
	24,400	Series B, Rev., VRDO, 1.12%, 03/07/2018 (z)		24,400
	49,890	Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		49,890
	15,000	Series D, Rev., VRDO, 1.09%, 03/07/2018 (z)		15,000
	20,500	Series E, Rev., VRDO, 1.09%, 03/07/2018 (z)		20,500
	6,410	Loudoun County Sanitation Authority, Water & Sewer System, Rev., VRDO, 1.12%, 03/07/2018 (z)		6,410
	9,400	Virginia College Building Authority, Educatioal Facilities, Washington and Lee University, Series B, Rev., VRDO, 1.09%, 03/07/2018 (z)		9,400
	9,975	Virginia College Building Authority, Educational Facilities, University of Richmond Project, Series 2004, Rev., VRDO, 1.09%, 03/07/2018 (z)		9,975
				244,630

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Washington — 1.5%
	17,000	Chelan County Public Utility District No.1, Series B, Rev., VRDO, 1.10%, 03/07/2018 (z)		17,000
	22,000	County of King, Sewer, Series B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.10%, 03/07/2018 (z)		22,000
	27,930	King County Housing Authority, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.13%, 03/07/2018 (z)		27,930
	23,850	Port of Seattle, Subordinate Lien, Series 2008, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.20%, 03/07/2018 (z)		23,850
	1,575	Washington State Housing Finance Commission, Local 82 - JATC Educational Development Trust Project, Rev., VRDO, LOC: U.S. Bank NA, 1.20%, 03/01/2018 (z)		1,575
	9,985	Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.22%, 03/07/2018 (z)		9,985
	48,540	Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens at University Village Project, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		48,540
	17,640	Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens Tacoma Project, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		17,640
	27,180	Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		27,180
	14,660	Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.10%, 03/07/2018 (z)		14,660
	17,400	Washington State Housing Finance Commission, Multi-Family Housing, The New Haven Apartments Project, Rev., VRDO, FNMA, LOC: FNMA, 1.08%, 03/07/2018 (z)		17,400
	24,600	Washington State Housing Finance Commission, Multi-Family Housing, Urban Center Apartments Project, Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 1.14%, 03/07/2018 (z)		24,600
				252,360

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Wisconsin — 0.3%
		State of Wisconsin,
	29,415	Series 13-A, 1.18%, 04/02/2018		29,415
	13,000	Series 16-A, 1.18%, 04/02/2018		13,000
	11,205	Wisconsin Housing & EDA, Home Ownership, Series C, Rev., VRDO, 1.09%, 03/07/2018 (z)		11,205
				53,620
		Total Municipal Bonds (Cost $15,868,046)		15,868,046
SHARES
	Variable Rate Demand Preferred Shares — 6.4%
		California — 2.4%
		Nuveen California AMT-Free Quality Municipal Income Fund
	26,500	Series 3, LIQ: TD Bank NA, 1.16%, 03/07/2018 # (e)		26,500
	30,000	Series 6, LIQ: Sumitomo Mitsui Banking, 1.14%, 03/07/2018 # (e)		30,000
		Nuveen California Quality Municipal Income Fund
	59,200	Series 1, LIQ: Societe Generale, 1.27%, 03/07/2018 # (e)		59,200
	27,500	Series 2, LIQ: Citibank NA, 1.24%, 03/07/2018 # (e)		27,500
	26,800	Series 3, LIQ: TD Bank NA, 1.23%, 03/07/2018 # (e) (z)		26,800
	58,500	Series 4, LIQ: Royal Bank of Canada, 1.24%, 03/07/2018 # (e)		58,500
	84,900	Series 5, LIQ: Citibank NA, 1.24%, 03/07/2018 # (e)		84,900
	67,600	Series 6, LIQ: Citibank NA, 1.24%, 03/07/2018 # (e)		67,600
	21,000	Series 7, LIQ: Royal Bank of Canada, 1.24%, 03/07/2018 # (e)		21,000
				402,000
		New York — 0.7%
		Nuveen New York AMT-Free Quality Municipal Income Fund
	28,600	Series 1, LIQ: Citibank NA, 1.16%, 03/07/2018 # (e)		28,600
	47,400	Series 2, LIQ: Citibank NA, 1.16%, 03/07/2018 # (e)		47,400
	8,500	Series 3, LIQ: Citibank NA, 1.16%, 03/07/2018 # (e)		8,500
	40,000	Series 5, LIQ: TD Bank NA, 1.16%, 03/07/2018 # (e)		40,000
				124,500

SHARES		SECURITY DESCRIPTION	VALUE($)
		Other — 3.3%
		Nuveen AMT-Free Municipal Credit Income Fund
	147,000	Series 5, LIQ: Societe Generale, 1.19%, 03/07/2018 # (e)		147,000
	133,300	Series 6, LIQ: Sumitomo Mitsui Banking, 1.19%, 03/07/2018 # (e)		133,300
		Nuveen AMT-Free Quality Municipal Income Fund
	92,000	Series 2, LIQ: Citibank NA, 1.19%, 03/07/2018 # (e)		92,000
	153,500	Series 3, LIQ: TD Bank NA, 1.16%, 03/07/2018 # (e)		153,500
	30,000	Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.19%, 03/07/2018 # (e)		30,000
				555,800
		Total Variable Rate Demand Preferred Shares (Cost $1,082,300)		1,082,300
		Total Investments — 100.4% (Cost $16,950,346)*		16,950,346
		Liabilities in Excess of Other Assets — (0.4)%		(66,978	)
		NET ASSETS — 100.0%	$	16,883,368

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Municipal Bonds — 95.0%
		Alaska — 0.2%
	6,070	Alaska Housing Finance Corp., Various, Governmental Purpose, Series A, Rev., VRDO, 1.10%, 03/07/2018 (z)		6,070
		Arizona — 0.2%
	5,435	Tender Option Bond Trust Receipts/CTFS, Series 2017-XM0563, Rev., VRDO, LIQ: Royal Bank of Canada, 1.16%, 03/07/2018 (e) (z)		5,435
		California — 3.2%
	2,000	Beverly Hills Public Financing Authority, Series 2016-XF2281, Rev., VRDO, LIQ: Citibank NA, 1.10%, 03/07/2018 (e) (z)		2,000
	31,720	City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments, Series H-2, Rev., VRDO, LOC: Bank of China, 1.20%, 03/07/2018 (z)		31,720
	1,400	City of Los Angeles, Multi-Family, Series I, Rev., VRDO, LOC: Citibank NA, 1.11%, 03/07/2018 (z)		1,400
	8,960	Modesto Irrigation District Financing Authority, Municipal Securities Trust Receipts, Class A, Rev., VRDO, NATL, LOC: Societe Generale, 1.11%, 03/07/2018 (z)		8,960
	1,425	Oxnard Housing Authority, Seawind Apartments Project, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 03/07/2018 (z)		1,425
	2,275	Riverside County Transportation Commission, Sales Tax, Series 2016-XF2297, Rev., VRDO, LIQ: Citibank NA, 1.10%, 03/07/2018 (e) (z)		2,275
		Tender Option Bond Trust Receipts/CTFS,
	9,025	Series 2016-XF0452, Rev., VRDO, LIQ: TD Bank NA, 1.11%, 03/07/2018 (e) (z)		9,025
	500	Series 2016-XG0043, GO, VRDO, AGC, LIQ: TD Bank NA, 1.10%, 03/07/2018 (e) (z)		500
	6,665	Series 2017-XF0559, Rev., VRDO, LIQ: Royal Bank of Canada, 1.11%, 03/07/2018 (e) (z)		6,665
	3,000	Series 2017-XF0578, GO, VRDO, LIQ: TD Bank NA, 1.14%, 03/07/2018 (e) (z)		3,000
	6,600	Series 2017-XF0579, GO, VRDO, LIQ: TD Bank NA, 1.11%, 03/07/2018 (e) (z)		6,600
	3,375	Series 2017-XF0580, GO, VRDO, LIQ: TD Bank NA, 1.11%, 03/07/2018 (e) (z)		3,375
	2,375	Series 2017-ZF0581, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/07/2018 (e) (z)		2,375
	2,600	Series 2017-ZM0473, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/07/2018 (e) (z)		2,600

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — continued
	1,465	Series 2017-ZM0487, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/07/2018 (e) (z)		1,465
	1,660	Series 2018-XF2531, Rev., VRDO, LIQ: Citibank NA, 1.10%, 03/07/2018 (e) (z)		1,660
				85,045
		Colorado — 3.4%
	7,385	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 1.12%, 03/07/2018 (z)		7,385
	8,840	Colorado Housing & Finance Authority, Multi-Family Housing, Rev., VRDO, LOC: U.S. Bank NA, 1.12%, 03/07/2018 (z)		8,840
		Colorado Housing & Finance Authority, Single Family Mortgage,
	15,795	Series A, Class I Shares, Rev., VRDO, AMT, 1.16%, 03/07/2018 (z)		15,795
	5,125	Series B-3, Class 1, Rev., VRDO, AMT, FHLB, 1.13%, 03/07/2018 (z)		5,125
	52,895	Tender Option Bond Trust Receipts/CTFS, Series 2016-ZF0467, Rev., VRDO, LIQ: Royal Bank of Canada, 1.16%, 03/07/2018 (e) (z)		52,895
				90,040
		Connecticut — 1.8%
	11,695	Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series E, Rev., VRDO, 1.18%, 03/07/2018 (z)		11,695
	7,000	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Subseries D-3, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 1.13%, 03/07/2018 (z)		7,000
	30,000	Connecticut State Development Authority, Rev., VRDO, LOC: Bank of Montreal, 1.21%, 03/07/2018 (z)		30,000
				48,695
		Delaware — 1.7%
	45,880	County of New Castle, Flight Safety International, Inc. Project, Rev., VRDO, 1.15%, 03/07/2018 (z)		45,880
		District of Columbia — 1.1%
	12,755	Metropolitan Washington Airports Authority, Remarketing, Subseries A-2, Rev., VRDO, AMT, LOC: Royal Bank of Canada, 1.12%, 03/07/2018 (z)		12,755
	15,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-108, GO, VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		15,000

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		District of Columbia — continued
	2,500	Tender Option Bond Trust Receipts/CTFS, Series 2017-ZM0554, Rev., VRDO, LIQ: TD Bank NA, 1.15%, 03/07/2018 (e) (z)		2,500
				30,255
		Florida — 5.3%
	3,330	Alachua County Housing Finance Authority, Rev., VRDO, LOC: Citibank NA, 1.17%, 03/07/2018 (z)		3,330
	17,800	Collier County IDA, Allete, Inc. Project, Series 2006, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.17%, 03/07/2018 (z)		17,800
	11,595	Collier County IDA, Ave Maria Utility Co. Project, Rev., VRDO, AMT, LOC: Northern Trust Co., 1.14%, 03/07/2018 (z)		11,595
	2,870	Collier County, Housing Finance Authority, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 03/07/2018 (z)		2,870
	15,000	County of Okeechobee, Landfill, Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.17%, 03/07/2018 (z)		15,000
	6,590	County of Palm Beach, Florida Schood Board, Class A, COP, VRDO, LIQ: Citibank NA, 1.13%, 03/07/2018 (e) (z)		6,590
	18,000	County of Palm Beach, Special Purpose Facilities, Flight Safety Project, Rev., VRDO, 1.15%, 03/07/2018 (z)		18,000
	14,485	Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments, Series I, Rev., VRDO, LOC: Citibank NA, 1.15%, 03/07/2018 (z)		14,485
	14,380	Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group, Series 2012I, Rev., VRDO, 1.10%, 03/07/2018 (z)		14,380
	3,300	Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments, Rev., VRDO, LOC: Citibank NA, 1.17%, 03/07/2018 (z)		3,300
	9,800	Miami-Dade County Industrial Development Authority, Professional Modification Services Project, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.17%, 03/07/2018 (z)		9,800
	16,000	Sumter County IDA, Solid Waste Disposal, American Cement Co., LLC Project, Rev., VRDO, LOC: Bank of America NA, 1.18%, 03/07/2018 (z)		16,000
		Tender Option Bond Trust Receipts/CTFS,
	3,750	Series 2017-ZF2503, Rev., VRDO, LIQ: Citibank NA, 1.15%, 03/07/2018 (e) (z)		3,750

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — continued
	6,150	Series 2018-XG0167, Rev., VRDO, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		6,150
				143,050
		Georgia — 0.8%
	14,800	Atkinson/Coffee Counties Joint Development Authority, Solid Waste Disposal, Langboard, Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.17%, 03/07/2018 (z)		14,800
	2,895	Fulton County Development Authority, Airport Facility, FlightSafety International, Inc. Project, Series B, Rev., VRDO, 1.15%, 03/07/2018 (z)		2,895
	3,750	Tender Option Bond Trust Receipts/CTFS, Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 1.13%, 03/07/2018 (e) (z)		3,750
				21,445
		Idaho — 0.9%
	25,395	Idaho Housing & Finance Association, Single Family Mortgage, Series A-3, Class I Shares, Rev., VRDO, AMT, LIQ: Barclays Bank plc, 1.13%, 03/07/2018 (z)		25,395
		Illinois — 3.1%
	20,870	Chicago Midway Airport, Second Lien, Series C-2, Rev., VRDO, AMT, LOC: Bank of Montreal, 1.10%, 03/07/2018 (z)		20,870
	34,800	Illinois Finance Authority, Chicago Historical Society, Rev., VRDO, LOC: Northern Trust Co., 1.13%, 03/07/2018 (z)		34,800
	12,000	Illinois Finance Authority, St. Ignatius College Prep. Project, Rev., VRDO, LOC: PNC Bank NA, 1.10%, 03/07/2018 (z)		12,000
	9,400	Illinois Finance Authority, The University Of Chicago Medical Center, Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.12%, 03/07/2018 (z)		9,400
	5,600	Illinois State Toll Highway Authority, Variable Rate Senior Priority, Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.17%, 03/07/2018 (z)		5,600
				82,670
		Indiana — 0.5%
	6,375	City of Chicago, Gary International Airport Authority, Multi-Modal Special purpose Facility, Rev., VRDO, LOC: BMO Harris Bank NA, 1.11%, 03/07/2018 (z)		6,375
	170	Indiana Finance Authority, Duke Energy Indiana, Inc. Project, Series A-5, Class A, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.10%, 03/01/2018 (z)		170

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Indiana — continued
	4,100	Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Project, Rev., VRDO, LOC: Bank of America NA, 1.27%, 03/07/2018 (z)		4,100
	2,500	Tender Option Bond Trust Receipts/CTFS, Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 1.13%, 03/07/2018 (e) (z)		2,500
				13,145
		Iowa — 3.4%
	40,000	Iowa Finance Authority Solid Waste Facilities, Midamerican Energy Co. Project, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		40,000
	13,840	Iowa Finance Authority, Midwestern Disaster Area, Archer Daniels Midland Co. Project, Rev., VRDO, 1.15%, 03/07/2018 (z)		13,840
	10,910	Iowa Finance Authority, Multi-Family Housing, Series A, Rev., VRDO, AMT, 1.13%, 03/07/2018 (z)		10,910
	7,840	Iowa Finance Authority, Trinity Health, Series D, Rev., VRDO, 1.13%, 03/07/2018 (z)		7,840
	7,600	Iowa Finance Authority, Wellness Facility, Community of MarshallTown Project, Rev., VRDO, LOC: Northern Trust Co., 1.15%, 03/07/2018 (z)		7,600
	10,000	RBC Municipal Products Inc., Trust, Floater Certificates, Series 2017-E-114, Rev., VRDO, LIQ: Royal Bank of Canada, 1.19%, 03/07/2018 (e) (z)		10,000
				90,190
		Kansas — 1.3%
	7,750	City of Mission, Multi-Family Housing, The Falls Apartments Project, Rev., VRDO, LOC: U.S. Bank NA, 1.16%, 03/07/2018 (z)		7,750
	20,780	City of Wichita, Airport Facility, FlightSafety International, Inc., Series 2003, Rev., VRDO, 1.15%, 03/07/2018 (z)		20,780
	6,950	Tender Option Bond Trust Receipts/CTFS, Series 2017-XF2507, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.14%, 03/07/2018 (e) (z)		6,950
				35,480
		Kentucky — 2.0%
		County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project,
	6,800	Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.22%, 03/07/2018 (z)		6,800

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Kentucky — continued
	7,100	Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.20%, 03/07/2018 (z)		7,100
	4,400	County of Kenton, Airport Board, Special Facilities, Series A, Rev., VRDO, 1.15%, 03/07/2018 (z)		4,400
	17,800	Kenton County Airport Board, Flight Safety International, Inc. Project, Series A, Rev., VRDO, 1.15%, 03/07/2018 (z)		17,800
	11,000	Louisville & Jefferson County, Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding, Inc. Project, Series A, Rev., VRDO, 1.20%, 03/01/2018 (z)		11,000
	5,740	Maysville Industrial Bldg., Green Tokai Co., Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.16%, 03/07/2018 (z)		5,740
				52,840
		Louisiana — 2.8%
		Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project,
	29,200	Rev., VRDO, 1.20%, 03/01/2018 (z)		29,200
	17,400	Rev., VRDO, 1.20%, 03/01/2018 (z)		17,400
	28,000	Parish of St Charles, Pollution Control, Shell Oil Co.Project, Series A, Rev., VRDO, 1.20%, 03/01/2018 (z)		28,000
				74,600
		Maine — 2.0%
		Maine State Housing Mortgage Authority,
	10,570	Series B2, Rev., VRDO, AMT, 1.10%, 03/07/2018 (z)		10,570
	25,175	Series E-3, Rev., VRDO, AMT, 1.10%, 03/07/2018 (z)		25,175
	17,090	Series G, Rev., VRDO, AMT, 1.17%, 03/07/2018 (z)		17,090
				52,835
		Maryland — 4.1%
	6,665	City of Baltimore, Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 03/07/2018 (e) (z)		6,665
		Maryland Community Development Administration, Department of Housing & Community Development, Residential,
	22,150	Series G, Rev., VRDO, AMT, 1.18%, 03/07/2018 (z)		22,150
	50,000	Series J, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		50,000

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Maryland — continued
	13,900	Prince Georges County Housing Authority, Multi-Family, Allentowne Apartments Project, Rev., VRDO, FHLMC, LOC: FHLMC, 1.13%, 03/07/2018 (z)		13,900
	15,000	State of Maryland, Transportation Authority, Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.10%, 03/07/2018 (z)		15,000
	3,300	Tender Option Bond Trust Receipts/CTFS, Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 03/07/2018 (e) (z)		3,300
				111,015
		Massachusetts — 0.4%
	9,850	Massachusetts State Development Finance Agency, Housing, Cordis Mills LLC, Rev., VRDO, FNMA, LIQ: FNMA, 1.16%, 03/07/2018 (z)		9,850
		Michigan — 5.1%
	8,865	Kent Hospital Finance Authority, Spectrum Health System, Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.10%, 03/07/2018 (z)		8,865
		Michigan State Housing Development Authority, Rental Housing,
	5,160	Series A, Rev., VRDO, AMT, 1.19%, 03/07/2018 (z)		5,160
	24,060	Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.14%, 03/07/2018 (z)		24,060
	19,305	Series D, Rev., VRDO, AMT, 1.16%, 03/07/2018 (z)		19,305
		Michigan State Housing Development Authority, Single-Family Mortgage,
	58,810	Series B, Rev., VRDO, AMT, 1.25%, 03/07/2018 (z)		58,810
	750	Series D, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		750
	10,000	Rib Floater Trust, Series 2017-012, Rev., VRDO, LIQ: Barclays Bank plc, 1.14%, 03/07/2018 (e) (z)		10,000
		Tender Option Bond Trust Receipts/CTFS,
	1,800	Series 2017-XF0595, Rev., VRDO, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		1,800
	3,000	Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		3,000
	4,075	Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		4,075
				135,825

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Minnesota — 0.7%
	13,200	Minnesota Housing Finance Agency, Residential Housing Finance, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 1.13%, 03/07/2018 (z)		13,200
	7,000	Oakdale Multifamily, Housing Cottage Homesteads, Rev., VRDO, FHLMC, LOC: FHLMC, 1.10%, 03/07/2018 (z)		7,000
				20,200
		Missouri — 2.8%
	29,380	Rib Floater Trust, Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 1.14%, 03/07/2018 (e) (z)		29,380
	25,000	St. Charles County IDA, Country Club Apartments Project, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		25,000
	11,900	St. Charles County IDA, Remington Apartments Project, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		11,900
	8,000	Tender Option Bond Trust Receipts/CTFS, Series 2018-XM0575, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		8,000
				74,280
		Nebraska — 0.4%
	10,000	Nebraska Investment Finance Authority, Multi-Family Housing, Series A, Rev., VRDO, LOC: Citibank NA, 1.12%, 03/07/2018 (z)		10,000
		Nevada — 2.5%
	65,900	City of Reno, Sales Tax Revenue, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project, Series 2008A, Rev., VRDO, LOC: Bank of New York Mellon, 1.22%, 03/01/2018 (z)		65,900
		New Jersey — 2.1%
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	10,000	Series 2018-E117, Rev., VRDO, LIQ: Royal Bank of Canada, 1.17%, 03/01/2018 (e) (z)		10,000
	10,000	Series E-102, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		10,000
	35,500	Series E-103, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		35,500
				55,500
		New York — 10.3%
	34,920	City of New York, Fiscal Year 2017, Series A, Subseries A-7, GO, VRDO, LOC: Bank of the West, 1.14%, 03/01/2018 (z)		34,920

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 55

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	13,000	Erie County Industrial Development Agency, Series 2008, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.19%, 03/07/2018 (z)		13,000
	5,700	Metropolitan Transportation Authority, Subseries E-2, Rev., VRDO, LOC: Bank of America NA, 1.10%, 03/07/2018 (z)		5,700
	4,000	Nassau Health Care Corp., Nassau County Guaranteed, Subseries C1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.12%, 03/07/2018 (z)		4,000
	14,550	New York City Housing Development Corp., Multifamily Mortgage, 89 Murray Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 03/07/2018 (z)		14,550
	4,025	New York City Housing Development Corp., Multi-Family Mortgage, Bathgate Avenue Apartments, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.13%, 03/07/2018 (z)		4,025
	10,000	New York City Housing Development Corp., Multi-Family Mortgage, Related-Upper East, Series A, Rev., VRDO, AMT, LOC: Landesbank Baden-Wuerttemberg, 1.12%, 03/07/2018 (z)		10,000
	19,000	New York City Industrial Development Agency, Special Facility, Air Express International Corp. Project, Rev., VRDO, LOC: Citibank NA, 1.15%, 03/07/2018 (z)		19,000
	10,000	New York Liberty Development Corp., Series 2015-XF2023, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.14%, 03/07/2018 (e) (z)		10,000
	16,500	New York State Energy Research & Development Authority, Consolidated Edison Co. of New York, Inc. Project, Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.15%, 03/07/2018 (z)		16,500
	21,550	New York State Housing Finance Agency, 222 East 44th Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 1.18%, 03/07/2018 (z)		21,550
	20,400	New York State Housing Finance Agency, 250 West 93rd Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.17%, 03/07/2018 (z)		20,400
	28,100	New York State Housing Finance Agency, 42nd and 10th Housing, Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.12%, 03/07/2018 (z)		28,100
	28,375	New York State Housing Finance Agency, 455 West 37th Street Housing, Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 1.32%, 03/01/2018 (z)		28,375

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	10,425	New York State Housing Finance Agency, 625 West 57th Street, Series A-1, Rev., VRDO, LOC: Bank of New York Mellon, 1.07%, 03/07/2018 (z)		10,425
	6,000	New York State Housing Finance Agency, West 23rd Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.16%, 03/07/2018 (z)		6,000
	9,505	Port Authority of New York & New Jersey, Series 2016-ZF2380, Rev., VRDO, LIQ: Citibank NA, 1.15%, 03/07/2018 (e) (z)		9,505
		Tender Option Bond Trust Receipts/CTFS,
	2,500	Rev., VRDO, LIQ: Citibank NA, 1.14%, 03/07/2018 (e) (z)		2,500
	2,760	Series 2015-XF2107, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.12%, 03/07/2018 (e) (z)		2,760
	2,050	Series 2017-XG0156, Rev., VRDO, LIQ: Citibank NA, 1.11%, 03/07/2018 (e) (z)		2,050
	4,000	Series 2018-XF2522, Rev., VRDO, LIQ: Citibank NA, 1.10%, 03/07/2018 (e) (z)		4,000
	4,000	Series XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.11%, 03/07/2018 (e) (z)		4,000
	4,000	Series XF0567, Rev., VRDO, LIQ: TD Bank NA, 1.11%, 03/07/2018 (e) (z)		4,000
				275,360
		North Carolina — 0.7%
	3,500	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.11%, 03/07/2018 (z)		3,500
	5,000	North Carolina Capital Facilities Finance Agency, Educational Facilities, Series 2016-ZM0153, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.12%, 03/07/2018 (e) (z)		5,000
	10,000	Union County Industrial Facilities & Pollution Control Financing Authority, Series 2007, Rev., VRDO, LOC: BB&T Corp., 1.17%, 03/07/2018 (z)		10,000
				18,500
		North Dakota — 1.0%
	27,055	North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage, Series B, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		27,055
		Oregon — 3.0%
	11,845	Confederated Tribes of The Umatilla Indian Reservation, Tribal Infrastructure, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.60%, 03/07/2018 (z)		11,845

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oregon — continued
	240	Marion County Housing Authority, Residence At Marian, Rev., VRDO, LOC: U.S. Bank NA, 1.11%, 03/07/2018 (z)		240
	14,000	Port of Portland, Oregon International Airport, Multimodal Variable Rate, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.18%, 03/07/2018 (z)		14,000
	36,835	Port of Portland, Oregon Portland International Airport, Series 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.20%, 03/07/2018 (z)		36,835
	17,100	Port of Portland, Special Obligation, Horizon Air Industries, Inc. Project, Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		17,100
				80,020
		Other — 3.7%
		FHLMC, Multi-Family Housing,
	39,760	Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		39,760
	12,855	Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 03/07/2018 (z)		12,855
	20,545	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 03/07/2018 (z)		20,545
	21,600	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 03/07/2018 (z)		21,600
	4,745	SunAmerica Taxable Trust, Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.15%, 03/07/2018 (z)		4,745
				99,505
		Pennsylvania — 4.4%
	16,575	City of Philadelphia Pennsylvania Airport, Subseries C-1, Rev., VRDO, AMT, LOC: TD Bank NA, 1.13%, 03/07/2018 (z)		16,575
		Delaware County Industrial Development Authority, Solid Waste,
	10,300	Series D, Rev., VRDO, 1.13%, 03/07/2018 (z)		10,300
	6,000	Series E, Rev., VRDO, 1.13%, 03/07/2018 (z)		6,000
	13,455	Delaware Valley Regional Financial Authority, Series SGC-63, Class A, Rev., VRDO, LOC: Societe Generale, 1.11%, 03/07/2018 (e) (z)		13,455
	13,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, Rev., VRDO, LOC: Bank of America NA, 1.17%, 03/07/2018 (z)		13,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pennsylvania — continued
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	12,095	Series 2004-83C, Rev., VRDO, AMT, 1.14%, 03/07/2018 (z)		12,095
	15,165	Series 2006-93B, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		15,165
	17,425	Series 2007-98C, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		17,425
	4,530	Series 2007-99C, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		4,530
		RBC Municipal Products, Inc. Trust, Floater Certificates,
	6,425	Series E-110, Rev., VRDO, LIQ: Royal Bank of Canada, 1.14%, 03/01/2018 (e) (z)		6,425
	3,500	Series E-115, COP, VRDO, LIQ: Royal Bank of Canada, 1.16%, 03/01/2018 (e) (z)		3,500
				118,470
		Rhode Island — 0.1%
	2,100	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.20%, 03/07/2018 (z)		2,100
		South Carolina — 0.2%
	1,185	South Carolina State Housing Finance & Development Authority, Rental Housing, Rocky Creek, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.17%, 03/07/2018 (z)		1,185
	5,000	Tender Option Bond Trust Receipts/CTFS, Series 2015-XF2204, Rev., VRDO, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		5,000
				6,185
		Tennessee — 4.4%
	8,105	Clarksville Public Building Authority, Pooled Financing, Morristown Loans, Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		8,105
		Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund,
	39,160	Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		39,160
	8,000	Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		8,000
	5,300	Series 2004, Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		5,300
	9,000	Jackson Industrial Development Board, Industrial Development, General Cable Corp. Project, Rev., VRDO, LOC: PNC Bank NA, 1.14%, 03/07/2018 (z)		9,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 57

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Tennessee — continued
	12,750	Metropolitan Government of Nashville & Davidson County Industrial Development Board, Multifamily Housing, Arbor Crest, Rev., VRDO, FNMA, LOC: FNMA, 1.09%, 03/07/2018 (z)		12,750
	10,860	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 NA, 1.11%, 03/07/2018 (z)		10,860
		Montgomery County Public Building Authority, Pooled Financing , Tennessee County Loan Pool,
	350	Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		350
	5,000	Series 2004, Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		5,000
	4,910	Series 2006, Rev., VRDO, LOC: Bank of America NA, 1.24%, 03/01/2018 (z)		4,910
	13,200	Wilson County, Tennessee Sports Authority, Rev., VRDO, LOC: PNC Bank NA, 1.09%, 03/07/2018 (z)		13,200
				116,635
		Texas — 6.6%
	11,795	County of Harris, Series SGC-31, Class A, Rev., VRDO, LOC: Societe Generale, 1.12%, 03/07/2018 (z)		11,795
	7,300	County of Harris, Cultural Education Facilities Finance Corp., Hospital, Memorial Hermann Health System, Rev., VRDO, 1.13%, 03/07/2018 (z)		7,300
	7,825	County of Jefferson, Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 1.25%, 03/07/2018 (z)		7,825
	10,890	Lower Neches Valley Authority Industrial Development Corp, Exxonmobil Project, Series B, Rev., VRDO, 1.14%, 03/01/2018 (z)		10,890
	4,400	Mission Economic Development Corp., Solid Waste Disposal, Rev., VRDO, LOC: Bank of America NA, 1.20%, 03/07/2018 (z)		4,400
	12,525	Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes, Rev., VRDO, LOC: Citibank NA, 1.21%, 03/07/2018 (z)		12,525
	10,950	North Texas Tollway Authority, Series 2016-XF2220, Rev., VRDO, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		10,950

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Texas — continued
	8,200	Southeast Texas Housing Finance Corp., Wyndham Park Apartments, Rev., VRDO, FNMA, LOC: FNMA, 1.22%, 03/07/2018 (z)		8,200
	20,820	State of Texas, Series C, GO, VRDO, 1.21%, 03/07/2018 (z)		20,820
		Tender Option Bond Trust Receipts/CTFS,
	48,605	Series 2016-ZF0465, Rev., VRDO, LIQ: Royal Bank of Canada, 1.16%, 03/07/2018 (e) (z)		48,605
	9,000	Series 2017-XF0599, Rev., VRDO, LIQ: Royal Bank of Canada, 1.12%, 03/07/2018 (e) (z)		9,000
	5,583	Series 2017-XG0155, GO, VRDO, PSF-GTD, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		5,583
	5,015	Series 2018-XG0163, GO, VRDO, PSF-GTD, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		5,015
	3,325	Series 2018-XG0166, Rev., VRDO, LIQ: Citibank NA, 1.12%, 03/07/2018 (e) (z)		3,325
	10,565	Texas Department of Housing & Community Affairs, Single Family Mortgage, Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 1.10%, 03/07/2018 (z)		10,565
				176,798
		Utah — 3.6%
		Utah Housing Corp., Single Family Mortgage,
	2,745	Series A-1, Class I Shares, Rev., VRDO, 1.13%, 03/07/2018 (z)		2,745
	4,015	Series B, Class I Shares, Rev., VRDO, 1.13%, 03/07/2018 (z)		4,015
	4,750	Series C-2, Class I Shares, Rev., VRDO, FHA, 1.13%, 03/07/2018 (z)		4,750
	4,730	Series D-2, Class I Shares, Rev., VRDO, 1.13%, 03/07/2018 (z)		4,730
	2,135	Utah Housing Finance Agency, Single Family Mortgage, Series A-2, Rev., VRDO, 1.13%, 03/07/2018 (z)		2,135
	77,674	Wells Fargo Stage Trust, Series 33C, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.14%, 03/07/2018 (e) (z)		77,674
				96,049
		Virginia — 0.8%
		County of King George, IDA, Birchwood Power Partners,
	8,200	Series A, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.15%, 03/01/2018 (z)		8,200

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Virginia — continued
	9,200	Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.15%, 03/01/2018 (z)		9,200
	3,900	Tender Option Bond Trust Receipts/CTFS, Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 1.14%, 03/07/2018 (e) (z)		3,900
				21,300
		Washington — 3.6%
	10,000	Port Grays Harbor Industrial Development Corp., Murphy Co. Project, Rev., VRDO, LOC: U.S. Bank NA, 1.13%, 03/07/2018 (z)		10,000
	46,935	Port of Seattle, Subordinate Lien, Series 2008, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.20%, 03/07/2018 (z)		46,935
	2,920	Washington Economic Development Finance Authority, Solid Waste Disposal, Cleanscapes, Inc. Project, Rev., VRDO, LOC: Bank of America NA, 1.15%, 03/07/2018 (z)		2,920
	11,600	Washington Economic Development Finance Authority, Solid Waste Disposal, Le May Enterprise Project, Series B, Rev., VRDO, LOC: Bank of America NA, 1.15%, 03/07/2018 (z)		11,600
	5,350	Washington State Housing Finance Commission, Multi-Family Housing, Alderwood Court Apartments, Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		5,350
	20,790	Washington State Housing Finance Commission, Residence At Marian, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 03/07/2018 (z)		20,790
				97,595
		West Virginia — 0.3%
	8,120	County of Harrison, Solid Waste Disposal, Waste Management of West Virginia, Inc. Project, Series A, Rev., VRDO, LOC: Bank of America NA, 1.17%, 03/07/2018 (z)		8,120
		Wisconsin — 0.0% (g)
	1,300	City of Appleton, Industrial Development, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.35%, 03/07/2018 (z)		1,300
		Wyoming — 0.5%
	7,000	County of Laramie, Wyoming Industrial Development, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.15%, 03/07/2018 (z)		7,000
	5,900	Wyoming Community Development Authority, Composite Reoffering Housing, Series 6, Rev., VRDO, AMT, 1.12%, 03/07/2018 (z)		5,900
				12,900
		Total Municipal Bonds (Cost $2,543,532)		2,543,532

SHARES		SECURITY DESCRIPTION	VALUE($)
	Variable Rate Demand Preferred Shares — 5.3%
		California — 0.5%
		Nuveen California Quality Municipal Income Fund
	10,000	Series 4, LIQ: Royal Bank of Canada, 1.24%, 03/07/2018 # (e)		10,000
	5,000	Series 6, LIQ: Citibank NA, 1.24%, 03/07/2018 # (e)		5,000
				15,000
		Other — 4.8%
		Nuveen AMT-Free Quality Municipal Income Fund
	25,000	Series 3, LIQ: TD Bank NA, 1.16%, 03/07/2018 # (e)		25,000
	46,700	Series 4, LIQ: Barclays Bank plc, 1.18%, 03/07/2018 # (e)		46,700
		Nuveen Quality Municipal Income Fund,
	44,700	Series 1, LIQ: Barclays Bank plc, 1.24%, 03/07/2018 # (e)		44,700
	9,700	Series 3, LIQ: Barclays Bank plc, 1.24%, 03/07/2018 # (e)		9,700
				126,100
		Total Variable Rate Demand Preferred Shares (Cost $141,100)		141,100
		Total Investments — 100.3% (Cost $2,684,632)*		2,684,632
		Liabilities in Excess of Other Assets — (0.3)%		(7,517	)
		NET ASSETS — 100.0%	$	2,677,115

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 59

J.P. Morgan Money Market Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMT	—  Alternative Minimum Tax
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
COLL	—  Collateral
CONS	—  Consolidated Bonds
COP	—  Certificate of Participation
CR	—  Custodial Receipts
DN	—  Discount Notes
EAGLE	—  Earnings of accrual generated on local tax-exempt securities
EDA	—  Economic Development Authority
FFCB	—  Federal Farm Credit Bank
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
FSA	—  Insured by Financial Security Assurance, Inc.
GNMA	—  Government National Mortgage Association
GO	—  General Obligation
GTD	—  Guaranteed
ICE	—  Intercontinental Exchange
IDA	—  Industrial Development Authority
IDR	—  Industrial Development Revenue
LIBOR	—  London Interbank Offered Rate
LIQ	—  Liquidity Agreement
LOC	—  Letter of Credit
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PCR	—  Pollution Control Revenue
PSF	—  Permanent School Fund
RAN	—  Revenue Anticipation Note
RE	—  Reinsured
Rev.	—  Revenue
TAN	—  Tax Anticipation Note
USD	—  United States Dollar
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2018.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(n)	—  The rate shown is the effective yield as of February 28, 2018.
(t)	—  The date shown represents the earliest of the next put date, next demand date or final maturity date.
(z)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2018.

*	—  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 28, 2018.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At February 28, 2018, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of March 01, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Government Money Market Fund	$	10,200,000	$	10,200,393	$	10,405,500

Repurchase Agreements — At February 28, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			U.S. Government Money Market Fund
BNP Paribas		1.39	%	$	1,100,000
Credit Agricole Corporate & Investment Bank SA		1.39	%		1,600,000
MUFG Securities Americas, Inc.		1.37	%		1,100,000
Societe Generale SA		1.38	%		800,000
TD Securities USA LLC		1.40	%		1,500,000
Wells Fargo Securities LLC		1.39	%		4,100,000
Total				$	10,200,000

At February 28, 2018, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		0.88% - 3.93%		03/29/2018 - 08/01/2044
FHLB		0.00% - 5.50%		03/09/2018 - 07/15/2036
FHLMC		0.00% - 8.00%		03/07/2018 - 03/01/2048
FNMA		0.88% - 7.25%		04/01/2018 - 07/25/2054
GNMA		1.50% - 7.50%		08/16/2022 - 11/20/2065
Tennessee Valley Authority		1.75% - 5.50%		04/01/2018 - 09/15/2065
U.S. Treasury Securities		0.00% - 6.75%		04/15/2018 - 02/15/2048

^[2] Agency Joint Trading Account II — At February 28, 2018, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 01, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Government Money Market Fund	$	1,097,809	$	1,097,852	$	1,119,765

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

Repurchase Agreements — At February 28, 2018, 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 NA		1.39	%	$	189,278
Citigroup Global Markets, Inc.		1.39	%		189,277
Merrill Lynch PFS, Inc.		1.40	%		719,254
Total				$	1,097,809

At February 28, 2018, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
FHLMC	2.50% - 5.00%	08/01/2026 - 01/01/2048
FNMA	0.00% - 6.00%	05/01/2026 - 03/01/2048
U.S. Treasury Securities	1.38% - 2.75%	04/30/2020 - 02/15/2024

^[3] Treasury Joint Trading Account I — At February 28, 2018, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 01, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Treasury Plus Money Market Fund	$	1,750,000	$	1,750,067	$	1,785,064

Repurchase Agreements — At February 28, 2018, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			U.S. Treasury Plus Money Market Fund
Citibank NA		1.37	%	$	134,616
Wells Fargo Securities LLC		1.37	%		1,615,384
Total				$	1,750,000

At February 28, 2018, the Treasury Joint Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.00% - 9.00%		03/31/2018 - 02/15/2047

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 61

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018

(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	$	33,476,027	$	1,677,883	$	66,424,595	$	8,118,075
Repurchase agreements, at value		4,541,900		121,000		84,198,412		13,800,000
Cash		599,995		15,000		3,624,823		442,972
Receivables:
Fund shares sold		—		—		4,338		—
Interest from non-affiliates		18,736		1,083		76,880		12,166
Total Assets		38,636,658		1,814,966		154,329,048		22,373,213
LIABILITIES:
Payables:
Distributions		29,695		1,383		79,704		10,866
Investment securities purchased		—		20,000		1,875,000		—
Fund shares redeemed		—		—		1,853		—
Accrued liabilities:
Investment advisory fees		2,446		63		8,835		1,361
Administration fees		2,109		63		7,587		1,169
Distribution fees		4		26		1,068		270
Service fees		1,535		164		5,153		974
Custodian and accounting fees		303		30		599		101
Trustees’ and Chief Compliance Officer’s fees		90		—		1		—	(a)
Other		1,955		294		4,991		865
Total Liabilities		38,137		22,023		1,984,791		15,606
Net Assets	$	38,598,521	$	1,792,943	$	152,344,257	$	22,357,607

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	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	$	38,599,052		$	1,793,159		$	152,345,970		$	22,358,190
Accumulated undistributed (distributions in excess of) net investment income		(696	)		(216	)		(1,358	)		(528	)
Accumulated net realized gains (losses)		2			—	(a)		(355	)		(55	)
Net unrealized appreciation (depreciation)		163			—			—			—
Total Net Assets	$	38,598,521		$	1,792,943		$	152,344,257		$	22,357,607
Net Assets:
Class C	$	2,012		$	22,267		$	—		$	417,056
Agency		1,494,001			158,527			13,906,062			930,654
Capital		24,654,174			98,814			92,747,537			3,501,095
Eagle Class		—			—			1,172,819			—
Eagle Private Wealth Class		—			—			20			—
E*Trade		—			—			291,828			—
IM		2,032,079			—			2,493,731			3,051,574
Institutional Class		8,567,374			988,333			32,544,047			13,500,900
Investor		—			8,616			748,306			48,818
Morgan		739,866			156,049			1,231,217			283,619
Premier		1,093,169			353,810			5,500,002			611,645
Reserve		15,846			6,527			59,334			12,246
Service		—			—			1,649,354			—
Total	$	38,598,521		$	1,792,943		$	152,344,257		$	22,357,607
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		2,012			22,268			—			417,058
Agency		1,493,801			158,530			13,906,253			930,675
Capital		24,651,029			98,815			92,748,415			3,501,099
Eagle Class		—			—			1,172,835			—
Eagle Private Wealth Class		—			—			20			—
E*Trade		—			—			291,833			—
IM		2,031,808			—			2,493,806			3,051,737
Institutional Class		8,566,192			988,354			32,544,438			13,501,271
Investor		—			8,616			748,309			48,819
Morgan		739,799			156,057			1,231,235			283,623
Premier		1,093,016			353,820			5,500,118			611,657
Reserve		15,845			6,528			59,336			12,247
Service		—			—			1,649,344			—
Net Asset Value offering and redemption price per share (all classes)	$	1.0001		$	1.00		$	1.00		$	1.00
Cost of investments in non-affiliates	$	33,475,864		$	1,677,883		$	66,424,595		$	8,118,075
Cost of repurchase agreements		4,541,900			121,000			84,198,412			13,800,000

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018 (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	$	3,060,252	$	36,698,400		$	16,950,346		$	2,684,632
Cash		23,501		1,017,701			—			12
Receivables:
Investment securities sold		—		—			9,737			1,270
Investment securities sold — delayed delivery securities		—		—			2,390			105
Fund shares sold		2,753		—			—			—
Interest from non-affiliates		1,306		12,613			20,052			4,801
Total Assets		3,087,812		37,728,714			16,982,525			2,690,820
LIABILITIES:
Payables:
Due to custodian		—		—			15			—
Distributions		1,712		15,157			9,483			670
Investment securities purchased		25,000		2,694,782			85,426			12,433
Fund shares redeemed		1,748		—			—			—
Accrued liabilities:
Investment advisory fees		167		1,936			976			—
Administration fees		146		1,669			858			—
Distribution fees		2		156			482			240
Service fees		179		1,652			1,570			285
Custodian and accounting fees		19		113			94			16
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—	(a)		—	(a)
Other		756		254			253			61
Total Liabilities		29,729		2,715,719			99,157			13,705
Net Assets	$	3,058,083	$	35,012,995		$	16,883,368		$	2,677,115

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	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	$	3,058,278		$	35,013,560		$	16,883,648		$	2,677,079
Accumulated undistributed (distributions in excess of) net investment income		(200	)		(593	)		(280	)		(9	)
Accumulated net realized gains (losses)		5			28			—	(a)		45
Total Net Assets	$	3,058,083		$	35,012,995		$	16,883,368		$	2,677,115
Net Assets:
Agency	$	127,451		$	1,981,066		$	831,137		$	140,809
Capital		—			19,208,530			—			—
Eagle Class		—			—			—			549,053
Institutional Class		2,668,613			11,098,506			11,970,538			1,575,116
Morgan		32,224			1,617,985			9,555			13,794
Premier		229,795			848,906			1,560,291			116,319
Reserve		—			258,002			2,511,847			—
Service		—			—			—			282,024
Total	$	3,058,083		$	35,012,995		$	16,883,368		$	2,677,115
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		127,468			1,981,090			831,139			140,808
Capital		—			19,208,761			—			—
Eagle Class		—			—			—			549,031
Institutional Class		2,669,057			11,098,700			11,970,467			1,575,112
Morgan		32,232			1,617,997			9,554			13,793
Premier		229,815			848,920			1,560,259			116,317
Reserve		—			258,002			2,511,775			—
Service		—			—			—			282,008
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	$	3,060,252		$	36,698,400		$	16,950,346		$	2,684,632

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 65

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2018

(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	$	492,466		$	18,019		$	1,472,138		$	223,846
Interest income from affiliates		7,052			183			40,571			5,792
Income from interfund lending (net)		—			—			80			—
Total investment income		499,518			18,202			1,512,789			229,638
EXPENSES:
Investment advisory fees		28,525			1,033			114,274			17,479
Administration fees		24,944			902			99,964			15,286
Distribution fees (See Note 4)		212			380			15,660			4,064
Service fees (See Note 4)		26,253			2,303			134,188			20,823
Custodian and accounting fees		71			—	(a)		2,416			451
Interest expense to affiliates		—			—	(a)		—			—
Professional fees		216			61			1,488			273
Trustees’ and Chief Compliance Officer’s fees		41			23			406			93
Printing and mailing costs		109			—			5,054			571
Registration and filing fees		884			321			1,795			387
Transfer agency fees (See Note 2.F.)		1,171			123			3,377			527
Other		205			64			959			151
Total expenses		82,631			5,210			379,581			60,105
Less fees waived		(10,542	)		(979	)		(52,462	)		(9,579	)
Less expense reimbursements		(40	)		—			—			—	(a)
Net expenses		72,049			4,231			327,119			50,526
Net investment income (loss)		427,469			13,971			1,185,670			179,112
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		5			15			(355	)		(58	)
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(9,211	)		—			—			—
Net realized/unrealized gains (losses)		(9,206	)		15			(355	)		(58	)
Change in net assets resulting from operations	$	418,263		$	13,986		$	1,185,315		$	179,054

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	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	$	32,199		$	294,861		$	146,913		$	19,525
Interest income from affiliates		217			7,817			—	(a)		—
Total investment income		32,416			302,678			146,913			19,525
EXPENSES:
Investment advisory fees		2,462			22,945			12,511			1,574
Administration fees		2,154			20,062			10,941			1,376
Distribution fees (See Note 4)		40			1,631			6,025			3,529
Service fees (See Note 4)		3,519			27,778			23,987			4,370
Custodian and accounting fees		85			541			357			74
Interest expense to affiliates		—			—			3			1
Professional fees		90			249			168			74
Trustees’ and Chief Compliance Officer’s fees		30			66			69			31
Printing and mailing costs		530			122			57			4
Registration and filing fees		31			223			408			727
Transfer agency fees (See Note 2.F.)		115			671			324			46
Other		18			182			98			25
Total expenses		9,074			74,470			54,948			11,831
Less fees waived		(2,064	)		(9,865	)		(6,190	)		(1,765	)
Less earnings credits		—			—			—	(a)		—
Net expenses		7,010			64,605			48,758			10,066
Net investment income (loss)		25,406			238,073			98,155			9,459
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		36			49			287			189
Change in net assets resulting from operations	$	25,442		$	238,122		$	98,442		$	9,648

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 67

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	427,469		$	283,720		$	13,971		$	14,386
Net realized gain (loss)		5			1,011			15			88
Change in net unrealized appreciation/depreciation		(9,211	)		9,374			—			—
Change in net assets resulting from operations		418,263			294,105			13,986			14,474
DISTRIBUTIONS TO SHAREHOLDERS:
Class C
From net investment income		(12	)		(3	)		(102	)		(34	)
From net realized gains		—	(a)		—	(a)		—	(a)		(9	)
Agency
From net investment income		(15,003	)		(16,274	)		(1,407	)		(297	)
From net realized gains		—	(a)		(64	)		(1	)		(11	)
Capital
From net investment income		(283,012	)		(187,679	)		(679	)		(3,183	)
From net realized gains		(8	)		(531	)		(1	)		(1	)
Cash Management (b)
From net investment income		—			(15	)		—			—
Direct (c)
From net investment income		—			(1,651	)		—			—
Eagle Class (c)
From net investment income		—			(28	)		—			—
E*Trade (d)
From net investment income		—			—			—			(24	)
From net realized gains		—			—			—			—	(a)
IM
From net investment income		(24,837	)		(11,130	)		—			—
From net realized gains		(1	)		(69	)		—			—
Institutional Class
From net investment income		(89,677	)		(61,505	)		(8,018	)		(10,080	)
From net realized gains		(3	)		(280	)		(8	)		(40	)
Investor (c)
From net investment income		—			(635	)		(43	)		(38	)
From net realized gains		—			—			—	(a)		(1	)
Morgan
From net investment income		(5,425	)		(1,600	)		(1,223	)		(376	)
From net realized gains		—	(a)		(23	)		(1	)		(34	)
Premier
From net investment income		(8,924	)		(2,937	)		(2,444	)		(191	)
From net realized gains		—	(a)		(30	)		(3	)		(5	)
Reserve
From net investment income		(472	)		(170	)		(48	)		(15	)
From net realized gains		—	(a)		(5	)		—	(a)		(1	)
Service (e)
From net investment income		—			(96	)		—			(3	)
Total distributions to shareholders		(427,374	)		(284,725	)		(13,978	)		(14,343	)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	8,095,806		$	(75,952,401	)	$	1,019,947		$	(12,383,692	)
NET ASSETS:
Change in net assets		8,086,695			(75,943,021	)		1,019,955			(12,383,561	)
Beginning of period		30,511,826			106,454,847			772,988			13,156,549
End of period	$	38,598,521		$	30,511,826		$	1,792,943		$	772,988
Accumulated undistributed (distributions in excess of) net investment income	$	(696	)	$	(803	)	$	(216	)	$	(223	)

(a) Amount rounds to less than 500.

(b) Liquidated on December 21, 2016 for Prime Money Market Fund.

(c) Liquidated on November 21, 2016 for Prime Money Market Fund.

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

(e) Liquidated on November 21, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 69

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,185,670		$	324,537		$	179,112		$	47,355
Net realized gain (loss)		(355	)		6,438			(58	)		185
Change in net assets resulting from operations		1,185,315			330,975			179,054			47,540
DISTRIBUTIONS TO SHAREHOLDERS:
Class C
From net investment income		—			—			(641	)		—
From net realized gains		—			—			—	(a)		(1	)
Agency
From net investment income		(99,978	)		(23,814	)		(8,442	)		(1,814	)
From net realized gains		(290	)		(238	)		(1	)		(2	)
Capital (b)
From net investment income		(703,390	)		(215,351	)		(10,766	)		—
From net realized gains		(1,825	)		(1,794	)		—	(a)		—
Direct (c)
From net investment income		(639	)		(622	)		(82	)		(257	)
From net realized gains		(3	)		(4	)		—	(a)		—	(a)
Eagle Class (d)
From net investment income		(4,324	)		(78	)		—	(a)		—
From net realized gains		(29	)		(23	)		—			—
Eagle Private Wealth Class (e)
From net investment income		—	(a)		—			—			—
From net realized gains		—	(a)		—			—			—
E*Trade (f)
From net investment income		(273	)		(2	)		—			—
From net realized gains		(4	)		—	(a)		—			—
IM
From net investment income		(20,693	)		(1,580	)		(32,552	)		(17,140	)
From net realized gains		(67	)		(15	)		(3	)		(13	)
Institutional Class
From net investment income		(299,129	)		(78,000	)		(121,085	)		(28,021	)
From net realized gains		(847	)		(764	)		(14	)		(33	)
Investor
From net investment income		(3,978	)		(428	)		(292	)		(13	)
From net realized gains		(17	)		(20	)		—	(a)		—	(a)
Morgan
From net investment income		(8,226	)		(363	)		(1,265	)		(7	)
From net realized gains		(44	)		(44	)		—	(a)		(2	)
Premier
From net investment income		(43,479	)		(4,161	)		(3,765	)		(103	)
From net realized gains		(190	)		(144	)		(1	)		(1	)
Reserve
From net investment income		(352	)		(6	)		(215	)		—	(a)
From net realized gains		(3	)		(2	)		—	(a)		—	(a)
Service (d)
From net investment income		(1,203	)		(131	)		—	(a)		—
From net realized gains		(26	)		(46	)		—			—
Total distributions to shareholders		(1,189,009	)		(327,630	)		(179,124	)		(47,407	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	622,254		$	91,352,791		$	(2,393,355	)	$	7,722,382
NET ASSETS:
Change in net assets		618,560			91,356,136			(2,393,425	)		7,722,515
Beginning of period		151,725,697			60,369,561			24,751,032			17,028,517
End of period	$	152,344,257		$	151,725,697		$	22,357,607		$	24,751,032
Accumulated undistributed (distributions in excess of) net investment income	$	(1,358	)	$	(1,364	)	$	(528	)	$	(535	)

(a) Amount rounds to less than 500.

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

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

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 71

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	25,406		$	7,025		$	238,073		$	45,910
Net realized gain (loss)		36			181			49			263
Change in net assets resulting from operations		25,442			7,206			238,122			46,173
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(1,103	)		(389	)		(13,483	)		(2,037	)
From net realized gains		(1	)		(5	)		—	(a)		(16	)
Capital
From net investment income		—			—			(126,256	)		(25,876	)
From net realized gains		—			—			(3	)		(169	)
Institutional Class
From net investment income		(23,244	)		(6,575	)		(86,373	)		(17,792	)
From net realized gains		(37	)		(65	)		(2	)		(129	)
Morgan
From net investment income		(175	)		(11	)		(5,946	)		—
From net realized gains		—	(a)		(2	)		—	(a)		(19	)
Premier
From net investment income		(883	)		(50	)		(5,447	)		(205	)
From net realized gains		(2	)		(3	)		—	(a)		(14	)
Reserve (b)
From net investment income		—	(a)		—	(a)		(559	)		—
From net realized gains		—			—	(a)		—	(a)		(2	)
Service (c)
From net investment income		—			—			—	(a)		—
From net realized gains		—			—			—			—	(a)
Total distributions to shareholders		(25,445	)		(7,100	)		(238,069	)		(46,259	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(5,010	)		(1,108,340	)		10,037,394			2,704,692
NET ASSETS:
Change in net assets		(5,013	)		(1,108,234	)		10,037,447			2,704,606
Beginning of period		3,063,096			4,171,330			24,975,548			22,270,942
End of period	$	3,058,083		$	3,063,096		$	35,012,995		$	24,975,548
Accumulated undistributed (distributions in excess of) net investment income	$	(200	)	$	(201	)	$	(593	)	$	(602	)

(a) Amount rounds to less than 500.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Tax Free Money Market Fund						Municipal Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	98,155		$	31,836		$	9,459		$	1,493
Net realized gain (loss)		287			359			189			350
Change in net assets resulting from operations		98,442			32,195			9,648			1,843
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(4,078	)		(805	)		(559	)		(100	)
From net realized gains		(21	)		(14	)		(9	)		(5	)
Direct (a)
From net investment income		—	(b)		—	(b)		—			—
From net realized gains		—			—	(b)		—			—
Eagle Class (c)(d)
From net investment income		—			(60	)		(1,643	)		(144	)
From net realized gains		—			—			(63	)		(104	)
E*Trade (e)
From net investment income		—			—			—			(107	)
Institutional Class
From net investment income		(80,666	)		(28,382	)		(6,259	)		(839	)
From net realized gains		(348	)		(382	)		(114	)		(48	)
Morgan
From net investment income		(39	)		(33	)		(464	)		(233	)
From net realized gains		—	(b)		(5	)		(1	)		(54	)
Premier
From net investment income		(7,756	)		(2,020	)		(365	)		(31	)
From net realized gains		(49	)		(66	)		(8	)		(4	)
Reserve (f)
From net investment income		(5,616	)		(536	)		—	(b)		—	(b)
From net realized gains		(70	)		(116	)		—			—	(b)
Service
From net investment income		—			—			(169	)		(41	)
From net realized gains		—			—			(30	)		(63	)
Total distributions to shareholders		(98,643	)		(32,419	)		(9,684	)		(1,773	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,503,242			(3,588,744	)		1,011,088			(1,536,481	)
NET ASSETS:
Change in net assets		1,503,041			(3,588,968	)		1,011,052			(1,536,411	)
Beginning of period		15,380,327			18,969,295			1,666,063			3,202,474
End of period	$	16,883,368		$	15,380,327		$	2,677,115		$	1,666,063
Accumulated undistributed (distributions in excess of) net investment income	$	(280	)	$	(280	)	$	(9	)	$	(9	)

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

(b) Amount rounds to less than 500.

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

(d) Liquidated on November 21, 2016 for Tax Free Money Market Fund.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 73

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	1		$	12,238		$	11,298		$	126,827
Distributions reinvested		12			3			102			36
Cost of shares redeemed		(2,288	)		(47,512	)		(22,238	)		(599,363	)
Change in net assets resulting from Class C capital transactions	$	(2,275	)	$	(35,271	)	$	(10,838	)	$	(472,500	)
Agency
Proceeds from shares issued	$	175,932,980		$	379,743,515		$	353,640		$	270,065
Distributions reinvested		1,165			1,686			37			150
Cost of shares redeemed		(175,443,023	)		(386,884,110	)		(231,257	)		(305,841	)
Change in net assets resulting from Agency capital transactions	$	491,122		$	(7,138,909	)	$	122,420		$	(35,626	)
Capital
Proceeds from shares issued	$	150,433,736		$	522,215,660		$	317,213		$	3,306,599
Distributions reinvested		123,444			80,419			15			2,242
Cost of shares redeemed		(145,987,910	)		(566,901,088	)		(323,779	)		(5,275,007	)
Change in net assets resulting from Capital capital transactions	$	4,569,270		$	(44,605,009	)	$	(6,551	)	$	(1,966,166	)
Cash Management (a)
Proceeds from shares issued	$	—		$	117,472		$	—		$	—
Distributions reinvested		—			11			—			—
Cost of shares redeemed		—			(605,882	)		—			—
Change in net assets resulting from Cash Management capital transactions	$	—		$	(488,399	)	$	—		$	—
Direct (b)
Proceeds from shares issued	$	—		$	738,453		$	—		$	—
Cost of shares redeemed		—			(2,069,406	)		—			—
Change in net assets resulting from Direct capital transactions	$	—		$	(1,330,953	)	$	—		$	—
Eagle Class (b)
Proceeds from shares issued	$	—		$	1,508,337		$	—		$	—
Distributions reinvested		—			19			—			—
Cost of shares redeemed		—			(1,904,779	)		—			—
Change in net assets resulting from Eagle Class capital transactions	$	—		$	(396,423	)	$	—		$	—
E*Trade (c)
Proceeds from shares issued	$	—		$	—		$	—		$	560,568
Distributions reinvested		—			—			—			23
Cost of shares redeemed		—			—			—			(2,319,074	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	—		$	(1,758,483	)
IM
Proceeds from shares issued	$	11,688,910		$	22,258,612		$	—		$	—
Distributions reinvested		275			—			—			—
Cost of shares redeemed		(11,667,120	)		(22,877,189	)		—			—
Change in net assets resulting from IM capital transactions	$	22,065		$	(618,577	)	$	—		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	58,317,191		$	117,277,843		$	1,787,887		$	18,420,449
Distributions reinvested		16,510			14,910			1,955			2,186
Cost of shares redeemed		(55,846,075	)		(131,224,782	)		(1,088,013	)		(24,766,859	)
Change in net assets resulting from Institutional Class capital transactions	$	2,487,626		$	(13,932,029	)	$	701,829		$	(6,344,224	)
Investor (b)
Proceeds from shares issued	$	—		$	314,846		$	7,156		$	188,204
Distributions reinvested		—			630			42			14
Cost of shares redeemed		—			(2,156,893	)		(2,516	)		(302,103	)
Change in net assets resulting from Investor capital transactions	$	—		$	(1,841,417	)	$	4,682		$	(113,885	)
Morgan
Proceeds from shares issued	$	81,855,717		$	63,892,010		$	112,914		$	1,472,123
Distributions reinvested		2,180			874			1,211			289
Cost of shares redeemed		(81,652,318	)		(65,235,870	)		(102,246	)		(2,937,672	)
Change in net assets resulting from Morgan capital transactions	$	205,579		$	(1,342,986	)	$	11,879		$	(1,465,260	)
Premier
Proceeds from shares issued	$	38,226,415		$	58,652,795		$	570,364		$	355,284
Distributions reinvested		1,480			798			85			16
Cost of shares redeemed		(37,821,906	)		(59,997,445	)		(372,779	)		(331,501	)
Change in net assets resulting from Premier capital transactions	$	405,989		$	(1,343,852	)	$	197,670		$	23,799
Reserve
Proceeds from shares issued	$	17,153,665		$	24,835,211		$	1,031		$	15,257,520
Distributions reinvested		50			49			48			11
Cost of shares redeemed		(17,237,285	)		(25,666,036	)		(2,223	)		(15,439,263	)
Change in net assets resulting from Reserve capital transactions	$	(83,570	)	$	(830,776	)	$	(1,144	)	$	(181,732	)
Service (d)
Proceeds from shares issued	$	—		$	646,112		$	—		$	7,122,042
Distributions reinvested		—			86			—			—	(e)
Cost of shares redeemed		—			(2,693,998	)		—			(7,191,657	)
Change in net assets resulting from Service capital transactions	$	—		$	(2,047,800	)	$	—		$	(69,615	)
Total change in net assets resulting from capital transactions	$	8,095,806		$	(75,952,401	)	$	1,019,947		$	(12,383,692	)

(a) Liquidated on December 21, 2016 for Prime Money Market Fund.

(b) Liquidated on November 21, 2016 for Prime Money Market Fund.

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

(d) Liquidated on November 21, 2016.

(e) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class C
Issued		1			12,239			11,298			126,795
Reinvested		11			3			102			36
Redeemed		(2,288	)		(47,511	)		(22,238	)		(599,340	)
Change in Class C Shares		(2,276	)		(35,269	)		(10,838	)		(472,509	)
Agency
Issued		175,884,590			379,720,931			353,640			270,084
Reinvested		1,165			1,686			37			150
Redeemed		(175,394,499	)		(386,861,532	)		(231,257	)		(305,840	)
Change in Agency Shares		491,256			(7,138,915	)		122,420			(35,606	)
Capital
Issued		150,399,180			522,204,125			317,205			3,306,569
Reinvested		123,415			80,413			15			2,242
Redeemed		(145,955,068	)		(566,892,265	)		(323,771	)		(5,274,970	)
Change in Capital Shares		4,567,527			(44,607,727	)		(6,551	)		(1,966,159	)
Cash Management (a)
Issued		—			117,476			—			—
Reinvested		—			10			—			—
Redeemed		—			(605,879	)		—			—
Change in Cash Management Shares		—			(488,393	)		—			—
Direct (b)
Issued		—			738,445			—			—
Redeemed		—			(2,069,406	)		—			—
Change in Direct Shares		—			(1,330,961	)		—			—
Eagle Class (b)
Issued		—			1,508,311			—			—
Reinvested		—			19			—			—
Redeemed		—			(1,904,752	)		—			—
Change in Eagle Class Shares		—			(396,422	)		—			—
E*Trade (c)
Issued		—			—			—			560,450
Reinvested		—			—			—			23
Redeemed		—			—			—			(2,319,005	)
Change in E*Trade Shares		—			—			—			(1,758,532	)
IM
Issued		11,685,923			22,256,939			—			—
Reinvested		275			—			—			—
Redeemed		(11,664,181	)		(22,875,676	)		—			—
Change in IM Shares		22,017			(618,737	)		—			—
Institutional Class
Issued		58,302,140			117,271,864			1,787,882			18,420,473
Reinvested		16,505			14,909			1,955			2,186
Redeemed		(55,831,823	)		(131,218,814	)		(1,088,010	)		(24,766,793	)
Change in Institutional Class Shares		2,486,822			(13,932,041	)		701,827			(6,344,134	)

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS: (continued)
Investor (b)
Issued		—			314,845			7,156			188,171
Reinvested		—			630			42			14
Redeemed		—			(2,156,889	)		(2,516	)		(302,098	)
Change in Investor Shares		—			(1,841,414	)		4,682			(113,913	)
Morgan
Issued		81,838,076			63,885,819			112,912			1,472,068
Reinvested		2,179			874			1,211			289
Redeemed		(81,634,556	)		(65,229,681	)		(102,244	)		(2,937,652	)
Change in Morgan Shares		205,699			(1,342,988	)		11,879			(1,465,295	)
Premier
Issued		38,215,250			58,649,136			570,364			355,283
Reinvested		1,480			798			85			16
Redeemed		(37,810,799	)		(59,993,818	)		(372,777	)		(331,490	)
Change in Premier Shares		405,931			(1,343,884	)		197,672			23,809
Reserve
Issued		17,149,062			24,831,670			1,031			15,257,516
Reinvested		50			49			48			11
Redeemed		(17,232,671	)		(25,662,488	)		(2,223	)		(15,439,261	)
Change in Reserve Shares		(83,559	)		(830,769	)		(1,144	)		(181,734	)
Service (d)
Issued		—			646,104			—			7,122,037
Reinvested		—			86			—			—	(e)
Redeemed		—			(2,693,950	)		—			(7,191,655	)
Change in Service Shares		—			(2,047,760	)		—			(69,618	)

(a) Liquidated on December 21, 2016 for Prime Money Market Fund.

(b) Liquidated on November 21, 2016 for Prime Money Market Fund.

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

(d) Liquidated on November 21, 2016.

(e) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 77

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	243,273		$	561,583
Distributions reinvested		—			—			641			1
Cost of shares redeemed		—			—			(405,435	)		(137,996	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(161,521	)	$	423,588
Agency
Proceeds from shares issued	$	1,332,839,837		$	960,543,639		$	102,127,895		$	89,616,204
Distributions reinvested		3,007			681			1,851			384
Cost of shares redeemed		(1,331,824,427	)		(955,250,768	)		(102,036,811	)		(89,735,793	)
Change in net assets resulting from Agency capital transactions	$	1,018,417		$	5,293,552		$	92,935		$	(119,205	)
Capital (a)
Proceeds from shares issued	$	1,105,967,727		$	867,776,334		$	8,532,208		$	—
Distributions reinvested		312,296			104,724			2,387			—
Cost of shares redeemed		(1,099,730,645	)		(809,729,772	)		(5,033,496	)		—
Change in net assets resulting from Capital capital transactions	$	6,549,378		$	58,151,286		$	3,501,099		$	—
Direct (b)
Proceeds from shares issued	$	274,510		$	653,302		$	131,883		$	1,070,240
Distributions reinvested		—			—			—			—	(c)
Cost of shares redeemed		(468,347	)		(1,329,589	)		(137,695	)		(1,737,054	)
Change in net assets resulting from Direct capital transactions	$	(193,837	)	$	(676,287	)	$	(5,812	)	$	(666,814	)
Eagle Class (d)
Proceeds from shares issued	$	1,400,257		$	2,017,445		$	—		$	—	(c)
Distributions reinvested		4,308			99			—	(c)		—
Cost of shares redeemed		(1,447,122	)		(1,239,534	)		(20	)		—	(c)
Change in net assets resulting from Eagle Class capital transactions	$	(42,557	)	$	778,010		$	(20	)	$	—	(c)
Eagle Private Wealth Class (e)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		—	(c)		—			—			—
Change in net assets resulting from Eagle Private Wealth Class capital transactions	$	20		$	—		$	—		$	—
E*Trade (f)
Proceeds from shares issued	$	397,717		$	82,610		$	—		$	—
Distributions reinvested		277			2			—			—
Cost of shares redeemed		(172,170	)		(16,603	)		—			—
Change in net assets resulting from E*Trade capital transactions	$	225,824		$	66,009		$	—		$	—
IM
Proceeds from shares issued	$	20,353,261		$	9,101,213		$	16,468,071		$	30,252,787
Distributions reinvested		14,398			—	(c)		17,166			8,580
Cost of shares redeemed		(18,463,543	)		(9,159,819	)		(20,883,318	)		(27,600,008	)
Change in net assets resulting from IM capital transactions	$	1,904,116		$	(58,606	)	$	(4,398,081	)	$	2,661,359

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	412,069,575		$	322,413,420		$	91,735,482		$	92,000,688
Distributions reinvested		108,654			25,110			61,952			14,607
Cost of shares redeemed		(416,502,322	)		(294,274,416	)		(93,109,531	)		(85,938,936	)
Change in net assets resulting from Institutional Class capital transactions	$	(4,324,093	)	$	28,164,114		$	(1,312,097	)	$	6,076,359
Investor
Proceeds from shares issued	$	515,838		$	1,826,097		$	212,805		$	252,586
Distributions reinvested		3,982			445			27			3
Cost of shares redeemed		(691,101	)		(4,763,521	)		(235,317	)		(270,302	)
Change in net assets resulting from Investor capital transactions	$	(171,281	)	$	(2,936,979	)	$	(22,485	)	$	(17,713	)
Morgan
Proceeds from shares issued	$	202,793,121		$	219,568,581		$	36,942,807		$	29,431,423
Distributions reinvested		2,654			104			235			1
Cost of shares redeemed		(204,024,871	)		(219,337,541	)		(36,904,251	)		(29,892,808	)
Change in net assets resulting from Morgan capital transactions	$	(1,229,096	)	$	231,144		$	38,791		$	(461,384	)
Premier
Proceeds from shares issued	$	200,367,318		$	217,608,292		$	10,216,013		$	12,072,193
Distributions reinvested		2,194			223			663			27
Cost of shares redeemed		(202,634,298	)		(217,414,534	)		(10,245,612	)		(11,675,896	)
Change in net assets resulting from Premier capital transactions	$	(2,264,786	)	$	193,981		$	(28,936	)	$	396,324
Reserve
Proceeds from shares issued	$	10,773,546		$	5,065,574		$	16,088,298		$	18,988,886
Distributions reinvested		238			5			49			—	(c)
Cost of shares redeemed		(10,833,988	)		(4,962,337	)		(16,185,555	)		(19,559,018	)
Change in net assets resulting from Reserve capital transactions	$	(60,204	)	$	103,242		$	(97,208	)	$	(570,132	)
Service (d)
Proceeds from shares issued	$	3,994,455		$	5,904,865		$	—		$	—	(c)
Distributions reinvested		1,228			176			—			—
Cost of shares redeemed		(4,785,330	)		(3,861,716	)		(20	)		—	(c)
Change in net assets resulting from Service capital transactions	$	(789,647	)	$	2,043,325		$	(20	)	$	—	(c)
Total change in net assets resulting from capital transactions	$	622,254		$	91,352,791		$	(2,393,355	)	$	7,722,382

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

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

(c) Amount rounds to less than 500.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class C
Issued		—			—			243,273			561,567
Reinvested		—			—			641			1
Redeemed		—			—			(405,435	)		(137,982	)
Change in Class C Shares		—			—			(161,521	)		423,586
Agency
Issued		1,332,839,837			960,543,597			102,127,895			89,616,180
Reinvested		3,007			681			1,851			384
Redeemed		(1,331,824,427	)		(955,250,768	)		(102,036,811	)		(89,735,782	)
Change in Agency Shares		1,018,417			5,293,510			92,935			(119,218	)
Capital (a)
Issued		1,105,967,727			867,776,312			8,532,208			—
Reinvested		312,296			104,724			2,387			—
Redeemed		(1,099,730,645	)		(809,729,626	)		(5,033,496	)		—
Change in Capital Shares		6,549,378			58,151,410			3,501,099			—
Direct (b)
Issued		274,510			653,289			131,883			1,070,214
Reinvested		—			—			—			—	(c)
Redeemed		(468,347	)		(1,329,589	)		(137,695	)		(1,737,053	)
Change in Direct Shares		(193,837	)		(676,300	)		(5,812	)		(666,839	)
Eagle Class (d)
Issued		1,400,257			2,017,436			—			—
Reinvested		4,308			99			—	(c)		—
Redeemed		(1,447,122	)		(1,239,525	)		(20	)		—
Change in Eagle Class Shares		(42,557	)		778,010			(20	)		—
Eagle Private Wealth Class (e)
Issued		20			—			—			—
Reinvested		—	(c)		—			—			—
Change in Eagle Private Wealth Class Shares		20			—			—			—
E*Trade (f)
Issued		397,717			82,610			—			—
Reinvested		277			2			—			—
Redeemed		(172,170	)		(16,603	)		—			—
Change in E*Trade Shares		225,824			66,009			—			—
IM
Issued		20,353,261			9,101,204			16,468,071			30,252,717
Reinvested		14,398			—	(c)		17,166			8,580
Redeemed		(18,463,543	)		(9,159,818	)		(20,883,318	)		(27,599,910	)
Change in IM Shares		1,904,116			(58,614	)		(4,398,081	)		2,661,387
Institutional Class
Issued		412,069,575			322,413,414			91,735,482			92,000,623
Reinvested		108,654			25,110			61,952			14,607
Redeemed		(416,502,322	)		(294,274,330	)		(93,109,531	)		(85,938,815	)
Change in Institutional Class Shares		(4,324,093	)		28,164,194			(1,312,097	)		6,076,415

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS: (continued)
Investor
Issued		515,838			1,826,031			212,805			252,582
Reinvested		3,982			445			27			3
Redeemed		(691,101	)		(4,763,517	)		(235,317	)		(270,301	)
Change in Investor Shares		(171,281	)		(2,937,041	)		(22,485	)		(17,716	)
Morgan
Issued		202,793,121			219,568,543			36,942,807			29,431,398
Reinvested		2,654			104			235			1
Redeemed		(204,024,871	)		(219,337,527	)		(36,904,251	)		(29,892,799	)
Change in Morgan Shares		(1,229,096	)		231,120			38,791			(461,400	)
Premier
Issued		200,367,318			217,608,215			10,216,013			12,072,185
Reinvested		2,194			223			663			27
Redeemed		(202,634,298	)		(217,414,513	)		(10,245,612	)		(11,675,887	)
Change in Premier Shares		(2,264,786	)		193,925			(28,936	)		396,325
Reserve
Issued		10,773,546			5,065,574			16,088,298			18,988,854
Reinvested		238			5			49			—	(c)
Redeemed		(10,833,988	)		(4,962,337	)		(16,185,555	)		(19,559,011	)
Change in Reserve Shares		(60,204	)		103,242			(97,208	)		(570,157	)
Service (d)
Issued		3,994,455			5,904,852			—			—
Reinvested		1,228			176			—			—
Redeemed		(4,785,330	)		(3,861,701	)		(20	)		—
Change in Service Shares		(789,647	)		2,043,327			(20	)		—

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

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

(c) Amount rounds to less than 500.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 81

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	2,358,284		$	2,236,077		$	189,633,479		$	70,172,773
Distributions reinvested		155			57			3,553			702
Cost of shares redeemed		(2,364,215	)		(2,336,869	)		(189,504,709	)		(70,220,483	)
Change in net assets resulting from Agency capital transactions	$	(5,776	)	$	(100,735	)	$	132,323		$	(47,008	)
Capital
Proceeds from shares issued	$	—		$	—		$	69,563,507		$	59,229,311
Distributions reinvested		—			—			75,067			15,762
Cost of shares redeemed		—			—			(62,060,124	)		(57,293,287	)
Change in net assets resulting from Capital capital transactions	$	—		$	—		$	7,578,450		$	1,951,786
Institutional Class
Proceeds from shares issued	$	10,114,086		$	11,153,398		$	37,650,859		$	24,821,292
Distributions reinvested		7,270			2,197			28,093			5,923
Cost of shares redeemed		(10,220,012	)		(12,004,403	)		(35,995,237	)		(22,791,172	)
Change in net assets resulting from Institutional Class capital transactions	$	(98,656	)	$	(848,808	)	$	1,683,715		$	2,036,043
Morgan
Proceeds from shares issued	$	375,535		$	1,134,696		$	108,157,082		$	207,788,039
Distributions reinvested		120			6			2,930			4
Cost of shares redeemed		(396,520	)		(1,213,341	)		(107,690,922	)		(208,629,826	)
Change in net assets resulting from Morgan capital transactions	$	(20,865	)	$	(78,639	)	$	469,090		$	(841,783	)
Premier
Proceeds from shares issued	$	705,346		$	398,529		$	22,204,004		$	27,876,557
Distributions reinvested		247			16			976			32
Cost of shares redeemed		(585,080	)		(461,076	)		(22,213,956	)		(28,238,017	)
Change in net assets resulting from Premier capital transactions	$	120,513		$	(62,531	)	$	(8,976	)	$	(361,428	)
Reserve (a)
Proceeds from shares issued	$	1		$	15,114		$	1,219,652		$	444,881
Distributions reinvested		—	(b)		—	(b)		62			1
Cost of shares redeemed		(227	)		(32,741	)		(1,036,902	)		(477,800	)
Change in net assets resulting from Reserve capital transactions	$	(226	)	$	(17,627	)	$	182,812		$	(32,918	)
Service (c)
Proceeds from shares issued	$	—		$	—		$	—		$	—	(b)
Distributions reinvested		—			—			—	(b)		—	(b)
Cost of shares redeemed		—			—			(20	)		—	(b)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	(20	)	$	—	(b)
Total change in net assets resulting from capital transactions	$	(5,010	)	$	(1,108,340	)	$	10,037,394		$	2,704,692

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

(b) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Federal Money Market Fund						100% U.S. Treasury Securities Money Market Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Agency
Issued		2,358,268			2,235,927			189,633,479			70,172,763
Reinvested		155			57			3,553			702
Redeemed		(2,364,207	)		(2,336,702	)		(189,504,709	)		(70,220,478	)
Change in Agency Shares		(5,784	)		(100,718	)		132,323			(47,013	)
Capital
Issued		—			—			69,563,507			59,229,353
Reinvested		—			—			75,067			15,762
Redeemed		—			—			(62,060,124	)		(57,293,273	)
Change in Capital Shares		—			—			7,578,450			1,951,842
Institutional Class
Issued		10,114,077			11,153,241			37,650,859			24,821,235
Reinvested		7,270			2,197			28,093			5,923
Redeemed		(10,219,997	)		(12,004,229	)		(35,995,237	)		(22,791,152	)
Change in Institutional Class Shares		(98,650	)		(848,791	)		1,683,715			2,036,006
Morgan
Issued		375,529			1,134,622			108,157,082			207,788,038
Reinvested		120			6			2,930			4
Redeemed		(396,514	)		(1,213,283	)		(107,690,922	)		(208,629,826	)
Change in Morgan Shares		(20,865	)		(78,655	)		469,090			(841,784	)
Premier
Issued		705,344			398,490			22,204,004			27,876,528
Reinvested		247			16			976			32
Redeemed		(585,076	)		(461,054	)		(22,213,956	)		(28,238,017	)
Change in Premier Shares		120,515			(62,548	)		(8,976	)		(361,457	)
Reserve (a)
Issued		1			15,112			1,219,652			444,897
Reinvested		—	(b)		—	(b)		62			1
Redeemed		(227	)		(32,740	)		(1,036,902	)		(477,799	)
Change in Reserve Shares		(226	)		(17,628	)		182,812			(32,901	)
Service (c)
Issued		—			—			—			—
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(20	)		—
Change in Service Shares		—			—			(20	)		—	(b)

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

(b) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 83

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	1,261,185		$	1,173,177		$	219,019		$	405,369
Distributions reinvested		249			129			7			3
Cost of shares redeemed		(867,975	)		(1,080,190	)		(113,823	)		(563,023	)
Change in net assets resulting from Agency capital transactions	$	393,459		$	93,116		$	105,203		$	(157,651	)
Direct (a)
Proceeds from shares issued	$	—		$	—	(b)	$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		(20	)		—	(b)		—			—
Change in net assets resulting from Direct capital transactions	$	(20	)	$	—	(b)	$	—		$	—
Eagle Class (c)(d)
Proceeds from shares issued	$	—		$	526,223		$	621,811		$	917,484
Distributions reinvested		—			52			1,695			247
Cost of shares redeemed		—			(1,827,484	)		(693,449	)		(298,683	)
Change in net assets resulting from Eagle Class capital transactions	$	—		$	(1,301,209	)	$	(69,943	)	$	619,048
E*Trade (e)
Proceeds from shares issued	$	—		$	—		$	—		$	387,263
Distributions reinvested		—			—			—			101
Cost of shares redeemed		—			—			—			(2,322,814	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	—		$	(1,935,450	)
Institutional Class
Proceeds from shares issued	$	36,962,830		$	55,334,102		$	4,115,619		$	1,015,205
Distributions reinvested		5,287			1,806			3,024			623
Cost of shares redeemed		(35,565,002	)		(54,775,195	)		(2,846,718	)		(845,185	)
Change in net assets resulting from Institutional Class capital transactions	$	1,403,115		$	560,713		$	1,271,925		$	170,643
Morgan
Proceeds from shares issued	$	6,169		$	4,322,217		$	238,782		$	697,762
Distributions reinvested		39			6			421			283
Cost of shares redeemed		(8,121	)		(4,422,133	)		(538,210	)		(772,779	)
Change in net assets resulting from Morgan capital transactions	$	(1,913	)	$	(99,910	)	$	(299,007	)	$	(74,734	)
Premier
Proceeds from shares issued	$	5,672,681		$	7,176,551		$	188,701		$	62,390
Distributions reinvested		109			36			25			5
Cost of shares redeemed		(5,825,895	)		(8,447,310	)		(103,934	)		(59,318	)
Change in net assets resulting from Premier capital transactions	$	(153,105	)	$	(1,270,723	)	$	84,792		$	3,077
Reserve (f)
Proceeds from shares issued	$	9,371,823		$	9,485,665		$	152		$	1,104,488
Distributions reinvested		15			22			—	(b)		—	(b)
Cost of shares redeemed		(9,510,132	)		(11,056,418	)		(304	)		(1,114,132	)
Change in net assets resulting from Reserve capital transactions	$	(138,294	)	$	(1,570,731	)	$	(152	)	$	(9,644	)

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Tax Free Money Market Fund					Municipal Money Market Fund
	Year Ended February 28, 2018		Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS: (continued)
Service
Proceeds from shares issued	$	—	$	—		$	195,492		$	1,822,080
Distributions reinvested		—		—			199			104
Cost of shares redeemed		—		—			(277,421	)		(1,973,954	)
Change in net assets resulting from Service capital transactions	$	—	$	—		$	(81,730	)	$	(151,770	)
Total change in net assets resulting from capital transactions	$	1,503,242	$	(3,588,744	)	$	1,011,088		$	(1,536,481	)

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

(b) Amount rounds to less than 500.

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

(d) Liquidated on November 21, 2016 for Tax Free Money Market Fund.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Agency
Issued		1,261,185			1,173,169			219,017			405,366
Reinvested		249			129			7			3
Redeemed		(867,975	)		(1,080,184	)		(113,823	)		(563,017	)
Change in Agency Shares		393,459			93,114			105,201			(157,648	)
Direct (a)
Issued		—			—			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(20	)		—			—			—
Change in Direct Shares		(20	)		—	(b)		—			—
Eagle Class (c)(d)
Issued		—			526,207			621,811			917,396
Reinvested		—			52			1,695			247
Redeemed		—			(1,827,417	)		(693,446	)		(298,672	)
Change in Eagle Class Shares		—			(1,301,158	)		(69,940	)		618,971
E*Trade (e)
Issued		—			—			—			387,267
Reinvested		—			—			—			101
Redeemed		—			—			—			(2,322,670	)
Change in E*Trade Shares		—			—			—			(1,935,302	)
Institutional Class
Issued		36,962,830			55,333,976			4,115,584			1,015,172
Reinvested		5,287			1,806			3,024			623
Redeemed		(35,565,002	)		(54,775,141	)		(2,846,718	)		(845,176	)
Change in Institutional Class Shares		1,403,115			560,641			1,271,890			170,619
Morgan
Issued		6,169			4,322,215			238,782			697,724
Reinvested		39			6			421			283
Redeemed		(8,121	)		(4,422,131	)		(538,182	)		(772,764	)
Change in Morgan Shares		(1,913	)		(99,910	)		(298,979	)		(74,757	)
Premier
Issued		5,672,681			7,176,554			188,699			62,384
Reinvested		109			36			25			5
Redeemed		(5,825,895	)		(8,447,274	)		(103,934	)		(59,315	)
Change in Premier Shares		(153,105	)		(1,270,684	)		84,790			3,074
Reserve (f)
Issued		9,371,823			9,485,590			152			1,104,488
Reinvested		15			22			—	(b)		—	(b)
Redeemed		(9,510,132	)		(11,056,359	)		(304	)		(1,114,132	)
Change in Reserve Shares		(138,294	)		(1,570,747	)		(152	)		(9,644	)
Service
Issued		—			—			195,492			1,822,036
Reinvested		—			—			199			104
Redeemed		—			—			(277,413	)		(1,973,935	)
Change in Service Shares		—			—			(81,722	)		(151,795	)

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

(b) Amount rounds to less than 500.

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

(d) Liquidated on November 21, 2016 for Tax Free Money Market Fund.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 87

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 28, 2018	$	1.0004	$	0.0039	(b)	$	—	(c)	$	0.0039		$	(0.0042	)	$	—	(c)	$	(0.0042	)
Year Ended February 28, 2017		1.0000		0.0001	(b)		0.0006			0.0007			(0.0003	)		—	(c)		(0.0003	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Agency
Year Ended February 28, 2018		1.0004		0.0114	(b)		(0.0004	)		0.0110			(0.0113	)		—	(c)		(0.0113	)
Year Ended February 28, 2017		1.0000		0.0036	(b)		0.0016			0.0052			(0.0048	)		—	(c)		(0.0048	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Capital
Year Ended February 28, 2018		1.0004		0.0122	(b)		(0.0004	)		0.0118			(0.0121	)		—	(c)		(0.0121	)
Year Ended February 28, 2017		1.0000		0.0047	(b)		0.0014			0.0061			(0.0057	)		—	(c)		(0.0057	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
IM
Year Ended February 28, 2018		1.0004		0.0124	(b)		(0.0004	)		0.0120			(0.0123	)		—	(c)		(0.0123	)
Year Ended February 28, 2017		1.0000		0.0055	(b)		0.0007			0.0062			(0.0058	)		—	(c)		(0.0058	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Institutional Class
Year Ended February 28, 2018		1.0004		0.0119	(b)		(0.0004	)		0.0115			(0.0118	)		—	(c)		(0.0118	)
Year Ended February 28, 2017		1.0000		0.0044	(b)		0.0014			0.0058			(0.0054	)		—	(c)		(0.0054	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Morgan
Year Ended February 28, 2018		1.0004		0.0089	(b)		(0.0005	)		0.0084			(0.0087	)		—	(c)		(0.0087	)
Year Ended February 28, 2017		1.0000		0.0014	(b)		0.0012			0.0026			(0.0022	)		—	(c)		(0.0022	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Premier
Year Ended February 28, 2018		1.0004		0.0096	(b)		(0.0005	)		0.0091			(0.0094	)		—	(c)		(0.0094	)
Year Ended February 28, 2017		1.0000		0.0020	(b)		0.0013			0.0033			(0.0029	)		—	(c)		(0.0029	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Reserve
Year Ended February 28, 2018		1.0004		0.0062	(b)		0.0004			0.0066			(0.0069	)		—	(c)		(0.0069	)
Year Ended February 28, 2017		1.0000		0.0003	(b)		0.0013			0.0016			(0.0012	)		—	(c)		(0.0012	)
Year Ended February 29, 2016		1.00		—	(b)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2014		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

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

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.00005.

(d) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		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
$	1.0001		0.39	%	$	2,012		0.97	%		0.39	%		2.27	%
	1.0004		0.07			4,289		0.60			0.01			1.20
	1.00		0.01			39,558		0.34			0.01			1.18
	1.00		0.01			16,897		0.22			0.01			1.16
	1.00		0.01			17,658		0.23			0.01			1.16
	1.0001		1.10			1,494,001		0.26			1.14			0.31
	1.0004		0.52			1,002,964		0.26			0.36			0.31
	1.00		0.07			8,141,439		0.26			0.07			0.31
	1.00		0.01			6,603,508		0.22			0.01			0.31
	1.00		0.01			7,565,361		0.23			0.01			0.31
	1.0001		1.18			24,654,174		0.18			1.22			0.21
	1.0004		0.61			20,091,103		0.17			0.47			0.21
	1.00		0.14			64,690,852		0.18			0.14			0.21
	1.00		0.05			66,140,350		0.18			0.05			0.21
	1.00		0.06			68,193,741		0.18			0.06			0.21
	1.0001		1.21			2,032,079		0.16			1.24			0.16
	1.0004		0.62			2,010,581		0.16			0.55			0.17
	1.00		0.17			2,628,508		0.16			0.16			0.16
	1.00		0.07			3,749,460		0.16			0.08			0.16
	1.00		0.08			100		0.16			0.08			0.16
	1.0001		1.15			8,567,374		0.21			1.19			0.26
	1.0004		0.58			6,081,787		0.20			0.44			0.26
	1.00		0.11			20,011,248		0.21			0.10			0.26
	1.00		0.02			27,718,738		0.21			0.02			0.26
	1.00		0.03			29,139,007		0.21			0.03			0.26
	1.0001		0.84			739,866		0.52			0.89			0.56
	1.0004		0.26			534,288		0.52			0.14			0.54
	1.00		0.01			1,877,099		0.31			0.01			0.52
	1.00		0.01			2,278,962		0.22			0.01			0.51
	1.00		0.01			2,332,919		0.23			0.01			0.51
	1.0001		0.91			1,093,169		0.45			0.96			0.46
	1.0004		0.33			687,368		0.45			0.20			0.46
	1.00		0.02			2,030,985		0.30			0.02			0.46
	1.00		0.01			1,589,780		0.22			0.01			0.46
	1.00		0.01			2,021,372		0.23			0.01			0.46
	1.0001		0.66			15,846		0.70			0.62			0.76
	1.0004		0.16			99,446		0.58			0.03			0.71
	1.00		0.01			930,188		0.31			0.01			0.71
	1.00		0.01			1,154,468		0.22			0.01			0.71
	1.00		0.01			1,426,646		0.23			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.40	%	$	22,267		0.97	%		0.38	%		1.20	%
	1.00		0.04			33,104		0.55			0.01			1.18
	1.00		0.01			505,609		0.33			0.01			1.18
	1.00		0.01			704,276		0.24			0.01			1.17
	1.00		0.01			670,626		0.24			0.01			1.18
	1.00		1.11			158,527		0.26			1.16			0.34
	1.00		0.45			36,107		0.26			0.39			0.35
	1.00		0.08			71,741		0.26			0.07			0.33
	1.00		0.01			95,650		0.24			0.01			0.32
	1.00		0.01			71,955		0.24			0.01			0.33
	1.00		1.19			98,814		0.18			1.36			0.24
	1.00		0.53			105,366		0.18			0.38			0.22
	1.00		0.16			2,071,483		0.18			0.15			0.22
	1.00		0.07			2,889,536		0.18			0.06			0.22
	1.00		0.07			3,795,256		0.18			0.07			0.23
	1.00		0.01			—		0.54			0.01			1.08
	1.00		0.01			1,758,478		0.30			0.01			1.07
	1.00		0.03			7,497,985		0.22			0.03			1.07
	1.00		0.05			5,922,072		0.20			0.05			1.08
	1.00		1.16			988,333		0.21			1.21			0.29
	1.00		0.50			286,502		0.21			0.37			0.28
	1.00		0.13			6,630,618		0.21			0.13			0.28
	1.00		0.04			6,692,633		0.21			0.04			0.27
	1.00		0.04			2,901,004		0.21			0.04			0.28
	1.00		0.86			8,616		0.51			0.89			0.55
	1.00		0.21			3,933		0.51			0.07			0.53
	1.00		0.02			117,816		0.32			0.01			0.53
	1.00		0.01			116,196		0.23			0.01			0.52
	1.00		0.01			753,825		0.24			0.01			0.53
	1.00		0.78			156,049		0.59			0.78			0.70
	1.00		0.16			144,168		0.54			0.04			0.64
	1.00		0.01			1,609,448		0.33			0.01			0.63
	1.00		0.01			1,684,561		0.24			0.01			0.62
	1.00		0.01			2,367,494		0.24			0.01			0.63
	1.00		0.92			353,810		0.45			0.95			0.49
	1.00		0.26			156,136		0.45			0.18			0.48
	1.00		0.02			132,337		0.32			0.02			0.48
	1.00		0.01			118,152		0.24			0.01			0.47
	1.00		0.01			130,733		0.24			0.01			0.48
	1.00		0.67			6,527		0.70			0.65			0.74
	1.00		0.12			7,672		0.55			0.02			0.73
	1.00		0.01			189,404		0.33			0.01			0.73
	1.00		0.01			172,653		0.24			0.01			0.72
	1.00		0.01			184,873		0.24			0.01			0.73

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 91

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 93

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

(g) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.15	%	$	417,056		0.90	%		0.13	%		1.16	%
	1.00		0.00	(f)		578,579		0.48			0.00	(f)		1.16
	1.00		0.00	(f)		154,988		0.15			0.00	(f)		1.16
	1.00		0.00	(f)		168,863		0.07			0.00	(f)		1.16
	1.00		0.00	(f)		142,412		0.08			0.00	(f)		1.16
	1.00		0.81			930,654		0.26			0.82			0.31
	1.00		0.18			837,723		0.26			0.17			0.31
	1.00		0.01			956,921		0.15			0.01			0.31
	1.00		0.00	(f)		858,260		0.07			0.00	(f)		0.31
	1.00		0.00	(f)		2,590,914		0.08			0.00	(f)		0.31
	1.00		0.47			3,501,095		0.18			1.17			0.21
	1.00		0.48			—		0.30			0.71			0.31
	1.00		0.14			5,812		0.30			0.09			0.31
	1.00		0.01			672,625		0.13			0.00	(f)		0.31
	1.00		0.00	(f)		1,222,018		0.07			0.00	(f)		0.31
	1.00		0.00	(f)		1,655,840		0.08			0.00	(f)		0.31
	1.00		0.90			3,051,574		0.16			0.81			0.16
	1.00		0.28			7,449,646		0.16			0.29			0.16
	1.00		0.04			4,788,250		0.12			0.04			0.16
	1.00		0.00	(f)		3,045,746		0.07			0.00	(f)		0.16
	1.00		0.00	(f)		1,931,586		0.07			0.00	(f)		0.16
	1.00		0.86			13,500,900		0.21			0.84			0.26
	1.00		0.23			14,813,061		0.21			0.24			0.26
	1.00		0.02			8,736,623		0.13			0.02			0.26
	1.00		0.00	(f)		6,516,731		0.07			0.00	(f)		0.26
	1.00		0.00	(f)		7,296,339		0.08			0.00	(f)		0.26

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.55	%	$	48,818		0.51	%		0.52	%		0.51	%
	1.00		0.02			71,303		0.42			0.02			0.51
	1.00		0.00	(f)		89,016		0.14			0.00	(f)		0.51
	1.00		0.00	(f)		181,909		0.07			0.00	(f)		0.51
	1.00		0.00	(f)		237,466		0.08			0.00	(f)		0.51
	1.00		0.47			283,619		0.59			0.48			0.62
	1.00		0.00	(f)		244,830		0.43			0.00	(f)		0.61
	1.00		0.00	(f)		706,209		0.15			0.00	(f)		0.61
	1.00		0.00	(f)		734,788		0.07			0.00	(f)		0.61
	1.00		0.00	(f)		612,152		0.08			0.00	(f)		0.61
	1.00		0.61			611,645		0.45			0.61			0.46
	1.00		0.03			640,584		0.41			0.04			0.46
	1.00		0.00	(f)		244,258		0.14			0.00	(f)		0.46
	1.00		0.00	(f)		383,019		0.07			0.00	(f)		0.46
	1.00		0.00	(f)		493,950		0.08			0.00	(f)		0.46
	1.00		0.37			12,246		0.70			0.28			0.71
	1.00		0.00	(f)		109,454		0.40			0.00	(f)		0.71
	1.00		0.00	(f)		679,587		0.15			0.00	(f)		0.71
	1.00		0.00	(f)		847,101		0.07			0.00	(f)		0.71
	1.00		0.00	(f)		943,099		0.08			0.00	(f)		0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Federal Money Market Fund
Agency
Year Ended February 28, 2018	$	1.00	$	0.01	(b)	$	—	(c)	$	0.01		$	(0.01	)	$	—	(c)	$	(0.01	)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Institutional Class
Year Ended February 28, 2018		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Morgan
Year Ended February 28, 2018		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Premier
Year Ended February 28, 2018		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)

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

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.005.

(d) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		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		0.80	%	$	127,451		0.26	%		0.77	%		0.33	%
	1.00		0.20			133,227		0.26			0.19			0.35
	1.00		0.02			233,955		0.16			0.02			0.33
	1.00		0.01			84,778		0.07			0.00	(d)		0.35
	1.00		0.01			233,285		0.08			0.01			0.34
	1.00		0.85			2,668,613		0.21			0.84			0.28
	1.00		0.25			2,767,271		0.21			0.25			0.30
	1.00		0.03			3,615,992		0.13			0.03			0.28
	1.00		0.01			3,995,934		0.06			0.01			0.30
	1.00		0.01			3,835,871		0.07			0.01			0.29
	1.00		0.46			32,224		0.59			0.44			0.69
	1.00		0.02			53,090		0.42			0.01			0.67
	1.00		0.01			131,723		0.16			0.01			0.65
	1.00		0.01			111,292		0.07			0.01			0.65
	1.00		0.01			96,652		0.07			0.01			0.64
	1.00		0.60			229,795		0.45			0.65			0.48
	1.00		0.04			109,282		0.41			0.04			0.50
	1.00		0.01			171,808		0.14			0.01			0.49
	1.00		0.01			219,792		0.06			0.01			0.50
	1.00		0.01			277,420		0.07			0.01			0.49

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.005.

(d) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		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		0.79	%	$	1,981,066		0.26	%		0.80	%		0.31	%
	1.00		0.15			1,848,739		0.26			0.15			0.31
	1.00		0.01			1,895,744		0.10			0.01			0.31
	1.00		0.00	(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		0.87			19,208,530		0.18			0.89			0.21
	1.00		0.23			11,630,048		0.18			0.23			0.21
	1.00		0.02			9,678,309		0.08			0.01			0.21
	1.00		0.00	(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		0.84			11,098,506		0.21			0.83			0.26
	1.00		0.20			9,414,776		0.21			0.21			0.26
	1.00		0.01			7,378,773		0.08			0.01			0.26
	1.00		0.00	(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		0.45			1,617,985		0.59			0.46			0.61
	1.00		0.00	(d)		1,148,892		0.40			0.00	(d)		0.61
	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		0.59			848,906		0.45			0.59			0.46
	1.00		0.02			857,883		0.38			0.02			0.46
	1.00		0.00	(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		0.35			258,002		0.70			0.41			0.71
	1.00		0.00	(d)		75,190		0.41			0.00			0.71
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Free Money Market Fund
Agency
Year Ended February 28, 2018	$	1.00	$	0.01	(b)	$	—	(c)	$	0.01		$	(0.01	)	$	—	(c)	$	(0.01	)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Institutional Class
Year Ended February 28, 2018		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Morgan
Year Ended February 28, 2018		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Premier
Year Ended February 28, 2018		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)
Reserve
Year Ended February 28, 2018		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(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)

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

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

		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		0.68	%	$	831,137		0.26	%		0.70	%		0.31	%
	1.00		0.27			437,689		0.25			0.26			0.31
	1.00		0.03			344,578		0.05			0.01			0.31
	1.00		0.02			322,389		0.07			0.01			0.31
	1.00		0.02			307,751		0.12			0.01			0.31
	1.00		0.73			11,970,538		0.21			0.73			0.26
	1.00		0.32			10,567,571		0.20			0.31			0.26
	1.00		0.03			10,007,028		0.04			0.01			0.26
	1.00		0.02			11,663,024		0.07			0.01			0.26
	1.00		0.02			10,650,809		0.10			0.01			0.26
	1.00		0.35			9,555		0.59			0.34			0.66
	1.00		0.05			11,468		0.44			0.04			0.62
	1.00		0.03			111,381		0.04			0.01			0.62
	1.00		0.02			109,439		0.08			0.01			0.61
	1.00		0.02			280,117		0.12			0.01			0.61
	1.00		0.49			1,560,291		0.45			0.48			0.46
	1.00		0.12			1,713,414		0.38			0.10			0.46
	1.00		0.03			2,984,160		0.04			0.01			0.46
	1.00		0.02			2,593,113		0.07			0.01			0.46
	1.00		0.02			2,390,160		0.12			0.01			0.46
	1.00		0.24			2,511,847		0.70			0.23			0.71
	1.00		0.02			2,650,165		0.47			0.02			0.71
	1.00		0.03			4,220,927		0.04			0.01			0.71
	1.00		0.02			4,208,768		0.07			0.01			0.71
	1.00		0.02			4,484,279		0.12			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

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

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

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

(h) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018

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, IM, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
Liquid Assets Money Market Fund	Class C, Agency, Capital, E*Trade^, Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
U.S. Government Money Market Fund	Agency, Capital, Direct^^, Eagle Class, Eagle Private Wealth Class^^^, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service	JPM II	Diversified
U.S. Treasury Plus Money Market Fund	Class C, Agency, Capital^^^^, 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^^^^^, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
Municipal Money Market Fund	Agency, Eagle Class, E*Trade^, Institutional Class, Morgan, Premier, Reserve^^^^^ and Service	JPM II	Diversified

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

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

    ^^^ Commenced operations on August 18, 2017.

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

^^^^^ On September 22, 2017, the Eagle Class and Service Shares of U.S. Treasury Plus Money Market Fund, Reserve Shares of Federal Money Market Fund, Service Shares of 100% U.S. Treasury Securities Money Market Fund, Direct Shares of Tax Free Money Market Fund and Reserve Shares of Municipal Money Market Fund liquidated.

The investment objective of Prime Money Market Fund is to seek current income while seeking to maintain liquidity and a low volatility of principal.

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

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

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

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

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

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

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

The Prime Money Market Fund does not seek to qualify as a Retail or Government money market fund and transacts utilizing a floating net asset value (“NAV”) calculated to four decimal places. The Fund has adopted policies and procedures that allow the Board to impose a liquidity fee and/or redemption gate in the event that its weekly liquid assets falls below a designated threshold.

The U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund and 100% U.S. Treasury Securities Money Market Fund seek to qualify as Government money market funds in accordance with criteria established by the SEC. Under applicable SEC

108 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Agency, Capital, Direct, Eagle Class, Eagle Private Wealth Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, 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, which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund.

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the 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. This includes also monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

For the Prime Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

• Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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

Prime Money Market Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	38,017,927	$	—	$	38,017,927

The following is a summary of the inputs used as of February 28, 2018, in valuing the Funds’ assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

Liquid Assets Money Market Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	1,798,883	$	—	$	1,798,883
U.S. Government Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	150,623,007	$	—	$	150,623,007
U.S. Treasury Plus Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	21,918,075	$	—	$	21,918,075
Federal Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,060,252	$	—	$	3,060,252
100% U.S. Treasury Securities Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	36,698,400	$	—	$	36,698,400
Tax Free Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	16,950,346	$	—	$	16,950,346
Municipal Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	2,684,632	$	—	$	2,684,632

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

There were no transfers among any levels during the year ended February 28, 2018.

110 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset values of the Funds.

As of February 28, 2018, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.

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

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

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Tax Free Money Market Fund and Municipal Money Market Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Tax Free Money Market Fund and Municipal Money Market Fund had delayed delivery securities outstanding as of February 28, 2018, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts.

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the year ended February 28, 2018 are as follows (amounts in thousands):

	Prime Money Market Fund		Liquid Assets Money Market Fund		U.S. Government Money Market Fund			U.S. Treasury Plus Money Market Fund			Federal Money Market Fund			100% U.S. Treasury Securities Money Market Fund			Tax Free Money Market Fund			Municipal Money Market Fund
Class C	$	34	$	3		n/a		$	16			n/a			n/a			n/a			n/a
Agency		54		2	$	269			14		$	4		$	36		$	11		$	1
Capital		366		—		1,848			—	(a)		n/a			286			n/a			n/a
Direct		n/a		n/a		2			—			n/a			n/a			—	(a)		n/a
Eagle Class		n/a		n/a		30			—	(a)		n/a			n/a			n/a			14
Eagle Private Wealth Class		n/a		n/a		—	(a)		n/a			n/a			n/a			n/a			n/a
E*Trade		n/a		n/a		3			n/a			n/a			n/a			n/a			n/a
IM		82		n/a		37			107			n/a			n/a			n/a			n/a
Institutional Class		149		9		857			336			77			236			228			12
Investor		n/a		1		6			3			n/a			n/a			n/a			n/a
Morgan		364		102		102			30			25			78			6			11
Premier		78		5		162			20			9			29			35			2
Reserve		44		1		5			1			—	(a)		6			44			—	(a)
Service		n/a		—		56			—	(a)		n/a			—	(a)		n/a			6
Total	$	1,171	$	123	$	3,377		$	527		$	115		$	671		$	324		$	46

(a) Amount rounds to less than 500.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income 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)
Tax Free Money Market Fund	$	—	$	—	(a)	$	—	(a)

(a) Amount rounds to less than 500.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and generally paid monthly at an annual rate of 0.08% of each Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the first $100 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement and 0.05% of

112 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

the average daily net assets in excess of $100 billion of all such funds. For the year ended February 28, 2018, the effective rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class C, Eagle Class, E*Trade, Morgan, Reserve and Service Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Agency, Capital, Direct, Eagle Private Wealth Class, IM, Institutional Class, Investor and Premier Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class C			Eagle Class			E*Trade			Morgan			Reserve			Service
Prime Money Market Fund		0.75	%		n/a			n/a			n/a			0.25	%		n/a
Liquid Assets Money Market Fund		0.75			n/a			0.60	%		0.10	%		0.25			n/a
U.S. Government Money Market Fund		n/a			0.25	%		0.60			0.10			0.25			0.60	%
U.S. Treasury Plus Money Market Fund		0.75			0.25			n/a			0.10			0.25			0.60
Federal Money Market Fund		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			0.10			0.25			0.60
Tax Free Money Market Fund		n/a			n/a			n/a			0.10			0.25			n/a
Municipal Money Market Fund		n/a			0.25			0.60			0.10			0.25			0.60

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

In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the year ended February 28, 2018, JPMDS retained the following amounts (in thousands):

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

(a) Amount rounds to less than 500.

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

	Class C			Agency			Capital			Direct			Eagle Class			Eagle Private Wealth Class
Prime Money Market Fund		0.25	%		0.15	%		0.05	%		n/a			n/a			n/a
Liquid Assets Money Market Fund		0.25			0.15			0.05			n/a			n/a			n/a
U.S. Government Money Market Fund		n/a			0.15			0.05			0.15	%		0.30	%		0.15	%
U.S. Treasury Plus Money Market Fund		0.25			0.15			0.05			0.15			0.30			n/a
Federal Money Market Fund		n/a			0.15			n/a			n/a			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			0.15			0.05			n/a			n/a			n/a
Tax Free Money Market Fund		n/a			0.15			n/a			0.15			n/a			n/a
Municipal Money Market Fund		n/a			0.15			n/a			n/a			0.30			n/a

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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

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

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

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares, to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class C			Agency			Capital			Direct			Eagle Class			Eagle Private Wealth Class
Prime Money Market Fund		0.97	%		0.26	%		0.18	%		n/a			n/a			n/a
Liquid Assets Money Market Fund		0.97			0.26			0.18			n/a			n/a			n/a
U.S. Government Money Market Fund		n/a			0.26			0.18			0.30	%		0.70	%		0.30	%
U.S. Treasury Plus Money Market Fund		0.97			0.26			0.18			0.30			0.70			n/a
Federal Money Market Fund		n/a			0.26			n/a			n/a			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			0.26			0.18			n/a			n/a			n/a
Tax Free Money Market Fund		n/a			0.26			n/a			0.30			n/a			n/a
Municipal Money Market Fund		n/a			0.26			n/a			n/a			0.70			n/a

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

The expense limitation agreements were in effect for the year ended February 28, 2018, and are in place until at least June 30, 2018.

In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 28, 2018. 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 28, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Prime Money Market Fund	$	77	$	44	$	10,421	$	10,542	$	40
Liquid Assets Money Market Fund		261		174		544		979		—
U.S. Government Money Market Fund		60		—		50,471		50,531		—
U.S. Treasury Plus Money Market Fund		45		24		9,188		9,257		—	(a)
Federal Money Market Fund		534		356		1,174		2,064		—
100% U.S. Treasury Securities Money Market Fund		1,167		770		7,923		9,860		—
Tax Free Money Market Fund		847		566		4,709		6,122		—
Municipal Money Market Fund		540		391		397		1,328		—

114 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Voluntary Waivers
	Distribution
U.S. Government Money Market Fund	$	1,931
U.S. Treasury Plus Money Market Fund		322
Federal Money Market Fund		—	(a)
100% U.S. Treasury Securities Money Market Fund		5
Tax Free Money Market Fund		68
Municipal Money Market Fund		437

(a) Amount rounds to less than 500.

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

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

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

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

The Funds may use related party broker-dealers. For the year ended February 28, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Board. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2018, the Funds below engaged in such transactions in the following amounts (amounts in thousands):

	Purchases		Sales		Realized Gain (Loss)
Prime Money Market Fund	$	—	$	874,338	$	—
Tax Free Money Market Fund		826,009		32,243		—
Municipal Money Market Fund		169,971		94,911		—

4. Class Specific Expenses

The Funds’ class specific gross expenses for the year ended February 28, 2018 were as follows (amounts in thousands):

	Distribution		Service
Prime Money Market Fund
Class C	$	23	$	8
Agency		—		1,969
Capital		—		11,600
Institutional Class		—		7,515
Morgan		—		2,145
Premier		—		2,789
Reserve		189		227
	$	212	$	26,253
Liquid Assets Money Market Fund
Class C	$	204	$	68
Agency		—		183
Capital		—		25
Institutional Class		—		665
Investor		—		17
Morgan		158		552
Premier		—		771
Reserve		18		22
	$	380	$	2,303

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

	Distribution			Service
U.S. Government Money Market Fund
Agency	$	—		$	18,716
Capital		—			39,960
Direct		—			148
Eagle Class		2,987			3,584
Eagle Private Wealth Class		—			—	(a)
E*Trade		985			493
Institutional Class		—			35,263
Investor		—			2,567
Morgan		1,883			6,591
Premier		—			21,775
Reserve		270			324
Service		9,535			4,767
	$	15,660		$	134,188
U.S. Treasury Plus Money Market Fund
Class C	$	3,604		$	1,201
Agency		—			1,540
Capital		—			459
Direct		—			18
Eagle Class		—	(a)		—	(a)
Institutional Class		—			14,401
Investor		—			198
Morgan		266			932
Premier		—			1,841
Reserve		194			233
Service		—	(a)		—	(a)
	$	4,064		$	20,823
Federal Money Market Fund
Agency	$	—		$	215
Institutional Class		—			2,758
Morgan		40			139
Premier		—			407
Reserve		—	(a)		—	(a)
	$	40		$	3,519
100% U.S. Treasury Securities Money Market Fund
Agency	$	—		$	2,524
Capital		—			7,097
Institutional Class		—			10,452
Morgan		1,294			4,530
Premier		—			2,771
Reserve		337			404
Service		—	(a)		—	(a)
	$	1,631		$	27,778
Tax Free Money Market Fund
Agency	$	—		$	878
Direct		—			—	(a)
Institutional Class		—			11,029
Morgan		12			40
Premier		—			4,824
Reserve		6,013			7,216
	$	6,025		$	23,987

116 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Distribution			Service
Municipal Money Market Fund
Agency	$	—		$	111
Eagle Class		1,500			1,800
Institutional Class		—			752
Morgan		167			585
Premier		—			191
Reserve		—	(a)		—	(a)
Service		1,862			931
	$	3,529		$	4,370
(a)   Amount rounds to less than 500.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	38,017,764	$	1,777	$	1,614	$	163
U.S. Government Money Market Fund		150,623,126		289		408		(119	)
100% U.S. Treasury Securities Money Market Fund		36,698,405		615		620		(5	)

The tax character of distributions paid during the year ended February 28, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	427,374	$	—	$	—	$	427,374
Liquid Assets Money Market Fund		13,978		—		—		13,978
U.S. Government Money Market Fund		1,189,009		—		—		1,189,009
U.S. Treasury Plus Money Market Fund		179,124		—		—		179,124
Federal Money Market Fund		25,420		25		—		25,445
100% U.S. Treasury Securities Money Market Fund		238,068		1		—		238,069
Tax Free Money Market Fund		70		420		98,153		98,643
Municipal Money Market Fund		63		162		9,459		9,684

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 28, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	284,725	$	—	$	—	$	284,725
Liquid Assets Money Market Fund		14,300		43		—		14,343
U.S. Government Money Market Fund		327,630		—		—		327,630
U.S. Treasury Plus Money Market Fund		47,406		1		—		47,407
Federal Money Market Fund		7,100		—		—		7,100
100% U.S. Treasury Securities Money Market Fund		46,229		30		—		46,259
Tax Free Money Market Fund		27		565		31,827		32,419
Municipal Money Market Fund		106		175		1,492		1,773

* Short-term gain distributions are treated as ordinary income for income tax purposes.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

As of February 28, 2018, 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	$	32,397	$	—		$	—	$	163
Liquid Assets Money Market Fund		1,572		—			—		—
U.S. Government Money Market Fund		79,738		(184	)		—		(119	)
U.S. Treasury Plus Money Market Fund		10,868		(27	)		—		—
Federal Money Market Fund		1,718		—			—		—
100% U.S. Treasury Securities Money Market Fund		15,199		—			—		(5	)
Tax Free Money Market Fund		—		—			9,852		—
Municipal Money Market Fund		7		39			751		—

The cumulative timing differences primarily consist of distributions payable.

As of February 28, 2018, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term
U.S. Government Money Market Fund	$	184
U.S. Treasury Plus Money Market Fund		27

Net Capital Losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. As of February 28, 2018, the following Fund deferred to March 1, 2018 the following net capital losses of (amounts in thousands):

	Net Capital Loss
	Short-Term		Long-Term
U.S. Government Money Market Fund	$	50	$	1
U.S. Treasury Plus Money Market Fund		30		—

6. Borrowings

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

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.

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

	Average Loans		Number of Days Outstanding		Interest Earned
U.S. Government Money Market Fund	$	13,912		83	$	80

Interest earned as a result of lending money to another fund for the year ended February 28, 2018, if any, is included in Income from interfund lending (net) on the Statements of Operations.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended February 28, 2018.

118 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be 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 28, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliates Omnibus Accounts		% of the Fund			Number of Non-Affiliates  Omnibus Accounts		% of the Fund
Prime Money Market Fund		20		45.9	%		—		—	%
Liquid Assets Money Market Fund		4		66.1			—		—
U.S. Government Money Market Fund		9		21.1			—		—
U.S. Treasury Plus Money Market Fund		16		36.2			2		23.6
Federal Money Market Fund		4		49.9			1		19.6
100% U.S. Treasury Securities Money Market Fund		4		17.7			—		—
Tax Free Money Market Fund		3		42.8			3		50.8
Municipal Money Market Fund		5		66.1			3		31.3

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

The Municipal Money Market Fund and Tax Free Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Municipal Money Market Fund’s and Tax Free Money Market Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

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

8. Investment Company Reporting Modernization

In October 2016, the SEC adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of February 28, 2018. The adoption had no effect on the Funds’ net assets or results of operations.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 119

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of 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 and JPMorgan Municipal Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, 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 (four of the funds constituting 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 (four of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of February 28, 2018, the related statements of operations for the year ended February 28, 2018, the statements of changes in net assets for each of the two years in the period ended February 28, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2018, 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 ended February 28, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 26, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

120 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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 Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	138	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).	138	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	138	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).	138	None
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	138	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	138	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).	138	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).	138	None

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 121

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	138	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	138	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	138	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-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).	138	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 eleven registered investment companies (138 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

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

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

122 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management (2009 to September 2013)).
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. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
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.
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.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011-2017)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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 4 New York Plaza, New York, NY 10004.

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

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 123

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, 2017, and continued to hold your shares at the end of the reporting period, February 28, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Prime Money Market Fund
Class C
Actual*	$	1,000.00	$	1,002.50	$	4.82		0.97	%
Hypothetical*		1,000.00		1,019.98		4.86		0.97
Agency
Actual*		1,000.00		1,006.00		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,006.40		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
IM
Actual*		1,000.00		1,006.50		0.80		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Institutional Class
Actual*		1,000.00		1,006.20		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,004.80		2.58		0.52
Hypothetical*		1,000.00		1,022.22		2.61		0.52
Premier
Actual*		1,000.00		1,005.00		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,003.90		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70

124 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Liquid Assets Money Market Fund
Class C
Actual*	$	1,000.00	$	1,002.60	$	4.82		0.97	%
Hypothetical*		1,000.00		1,019.98		4.86		0.97
Agency
Actual*		1,000.00		1,006.10		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,006.50		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
Institutional Class
Actual*		1,000.00		1,006.40		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Investor
Actual*		1,000.00		1,004.90		2.54		0.51
Hypothetical*		1,000.00		1,022.27		2.56		0.51
Morgan
Actual*		1,000.00		1,004.50		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,005.20		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,003.90		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
U.S. Government Money Market Fund
Agency
Actual*		1,000.00		1,004.80		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,005.20		0.89		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
Eagle Class
Actual*		1,000.00		1,002.60		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Eagle Private Wealth Class
Actual*		1,000.00		1,004.90		1.49		0.30
Hypothetical*		1,000.00		1,023.31		1.51		0.30
E*Trade
Actual*		1,000.00		1,001.10		4.96		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
IM
Actual*		1,000.00		1,005.30		0.80		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Institutional Class
Actual*		1,000.00		1,005.00		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Investor
Actual*		1,000.00		1,003.60		2.53		0.51
Hypothetical*		1,000.00		1,022.27		2.56		0.51
Morgan
Actual*		1,000.00		1,003.20		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,003.80		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 125

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period		Annualized Expense Ratio
U.S. Government Money Market Fund (continued)
Reserve
Actual*	$	1,000.00	$	1,002.60	$	3.48		0.70	%
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Service
Actual*		1,000.00		1,000.90		5.21		1.05
Hypothetical*		1,000.00		1,019.59		5.26		1.05
U.S. Treasury Plus Money Market Fund
Class C
Actual*		1,000.00		1,001.30		4.81		0.97
Hypothetical*		1,000.00		1,019.98		4.86		0.97
Agency
Actual*		1,000.00		1,004.90		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual**		1,000.00		1,004.70		0.79		0.18
Hypothetical**		1,000.00		1,023.90		0.90		0.18
IM
Actual*		1,000.00		1,005.30		0.80		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Institutional Class
Actual*		1,000.00		1,005.10		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Investor
Actual*		1,000.00		1,003.60		2.53		0.51
Hypothetical*		1,000.00		1,022.27		2.56		0.51
Morgan
Actual*		1,000.00		1,003.20		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,003.90		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,002.70		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Federal Money Market Fund
Agency
Actual*		1,000.00		1,004.70		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Institutional Class
Actual*		1,000.00		1,005.00		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,003.10		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,003.80		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
100% U.S. Treasury Securities Money Market Fund
Agency
Actual*		1,000.00		1,004.80		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,005.20		0.89		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18

126 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period		Annualized Expense Ratio
100% U.S. Treasury Securities Money Market Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	1,005.00	$	1.04		0.21	%
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,003.10		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,003.80		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,002.60		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Tax Free Money Market Fund
Agency
Actual*		1,000.00		1,003.90		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Institutional Class
Actual*		1,000.00		1,004.20		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,002.30		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,003.00		2.23		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,001.80		3.47		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Municipal Money Market Fund
Agency
Actual*		1,000.00		1,004.30		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Eagle Class
Actual*		1,000.00		1,002.10		3.47		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Institutional Class
Actual*		1,000.00		1,004.50		1.04		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,002.60		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,003.30		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Service
Actual*		1,000.00		1,000.60		4.91		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99

  * Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 160/365 (to reflect the one-half year period). Commencement of operations was September 22, 2017.

FEBRUARY 28, 2018 J.P. MORGAN MONEY MARKET FUNDS 127

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 28, 2018. 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, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 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 28, 2018 (amounts in thousands):

	Long-Term Capital Gain Distribution
Federal Money Market Fund	$	25
100% U.S. Treasury Securities Money Market Fund		1
Tax Free Money Market Fund		420
Municipal Money Market Fund		162

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 28, 2018 (amounts in thousands):

	Qualified Interest Income		Short-Term Gain
Prime Money Market Fund	$	235,742	$	12
Liquid Assets Money Market Fund		8,123		14
U.S. Government Money Market Fund		1,185,664		3,345
U.S. Treasury Plus Money Market Fund		179,105		19
Federal Money Market Fund		25,405		15
100% U.S. Treasury Securities Money Market Fund		238,064		3

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 28, 2018 (amounts in thousands):

	Exempt Distributions Paid
Tax Free Money Market Fund	$	98,153
Municipal Money Market Fund		9,459

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 28, 2018:

	Income from U.S. Treasury Obligations
Prime Money Market Fund		0.7	%
U.S. Government Money Market Fund		36.6
U.S. Treasury Plus Money Market Fund		44.2
Federal Money Market Fund		23.0
100% U.S. Treasury Securities Money Market Fund		97.3

128 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2018

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

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

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

Page 2

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. February 2018. AN-MMKT-218

Annual Report

J.P. Morgan Income Funds

February 28, 2018

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 Core Plus Fund

(formerly known as JPMorgan Short Duration High Yield 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	14
JPMorgan Mortgage-Backed Securities Fund	16
JPMorgan Short Duration Bond Fund	18
JPMorgan Short Duration Core Plus Fund (formerly known as JPMorgan Short Duration High Yield Fund)	20
Schedules of Portfolio Investments	22
Financial Statements	262
Financial Highlights	286
Notes to Financial Statements	304
Report of Independent Registered Public Accounting Firm	338
Trustees	339
Officers	341
Schedule of Shareholder Expenses	342
Tax Letter	346
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’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

March 29, 2018 (Unaudited)

Dear Shareholder,

The global economic expansion continued through its ninth consecutive year, supported by central bank policies, corporate earnings growth, consumer confidence and stable energy prices. Global equity and bond prices generally rose throughout the twelve months ended February 28, 2018, but fought to rebound from a sharp sell-off in early February.

  “Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017.” — George C.W. Gatch

During the reporting period, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates three times in response to a tightening labor market and early but muted signs of price inflation. Meanwhile, U.S. gross domestic product (GDP) surged to a better-than-expected 2.9% in the final quarter of 2017, and early indicators pointed to a continued seasonal pattern of weaker but positive GDP growth for the first quarter of 2018.

Labor markets in the U.S. continued to tighten, with the unemployment rate falling to 4.1% in October and remaining at that level through February. Labor force participation rates also rose somewhat but wage growth remained subdued.

Meanwhile, surging U.S. consumer confidence, record low volatility in financial markets and the December enactment of tax cut legislation appeared to provide additional fuel to the rally in equities that lasted from March through January. The Standard & Poor’s 500 Index (the “S&P 500”) reached record closing highs throughout the reporting period until February’s sell-off, which snapped a 15-month run of gains. Amid the sell-off, prices for government and corporate bonds plummeted.

Analysts largely attributed the sell-off to investor concerns that signs of rising inflation would prompt the Fed to accelerate the rollout of future interest rates increases. Historically high equity market valuations added fuel to the sell-off. While equity prices had somewhat rebounded by the end of February, bond prices remained under pressure.

In response to continued economic growth, the European Central Bank in January reduced its monthly asset purchases by

half, though it left its benchmark interest rate unchanged at 0%. In November, the Bank of England raised interest rates for the first time in a decade and preparations for Britain’s exit from the European Union continued to move forward. Political uncertainty in Europe appeared to recede somewhat. In May, centrist politician Emmanuel Macron decisively defeated a challenge from far-right candidate Marine Le Pen to become France’s president. In October, a separatist movement in Spain’s Catalonia region was largely thwarted by the central government in Madrid. And at the end of the reporting period, German Chancellor Angela Merkel ended a political stalemate by successfully forming a governing coalition.

Emerging market nations continued to benefit from robust growth in China, rising commodity prices and strong global demand for goods. Emerging markets debt, which generated strong returns for investors during most of the reporting period, began to weaken late in 2017 amid a decline in the value of the U.S. dollar, which effectively raises export prices.

Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017. While leading central banks have edged toward policy normalization, they largely continue to be accommodative to financial markets. Corporate earnings have increased and business investment began to rise in the latter part of the reporting period. Consumer sentiment is buoyant and the global economy continued to expand in a synchronized fashion. Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 1

J.P. Morgan Income Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

During the reporting period, U.S. bond markets provided positive returns but largely underperformed U.S. equities, which were supported by rising corporate profits, continued low interest rates and synchronized economic growth. In early February 2018, a sharp sell-off pushed down prices for both fixed income and equity securities. Generally, investors blamed the sell-off on a surge in U.S. Treasury bond yields, which move in the opposite direction of prices, uncertainty about U.S. Federal Reserve policy and historically high equity valuations.

While U.S. equity prices rebounded somewhat from the sell-off, yields on corporate bonds and U.S. Treasury bonds remained at elevated levels at the end of the reporting period. Within fixed income markets, high yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds. However, bond prices overall were weighed down by expectations of accelerating inflation and rising interest rates as the U.S. economic expansion entered its ninth year.

For the twelve months ended February 28, 2018, the Bloomberg Barclays U.S. Aggregate Index returned 0.51% and the Bloomberg Barclays High Yield Corporate Index returned 4.18%.

2 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Core Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	0.89%
Bloomberg Barclays U.S. Aggregate Index	0.51%
Net Assets as of 2/28/2018 (In Thousands)	$28,504,742
Duration as of 2/28/2018	5.7 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 28, 2018, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in non-agency mortgages, commercial mortgage-backed securities and asset-backed securities generated more yield and was a leading contributor to performance. The Benchmark did not hold non-agency mortgages. The Fund’s security selection in corporate bonds also contributed to relative performance.

The Fund’s underweight position in the 10-year portion of the yield curve was a leading detractor from relative performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s underweight position in non-corporate debt, including debt from sovereign nations, foreign agencies, foreign local governments and supranational issuers, also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The

portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. At the end of the reporting period, the Fund was underweight in U.S. Treasury securities and overweight in mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities, relative to the Benchmark.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	27.3	%
Corporate Bonds	24.6
Mortgage-Backed Securities	14.5
Asset-Backed Securities	11.7
Collateralized Mortgage Obligations	9.4
Commercial Mortgage-Backed Securities	5.9
U.S. Government Agency Securities	2.4
Others (each less than 1.0%)	1.4
Short-Term Investment	2.8

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 3

JPMorgan Core Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			(3.05	)%		0.67	%		3.23	%
Without Sales Charge			0.73			1.45			3.62
CLASS C SHARES	March 22, 1999
With CDSC**			(0.90	)		0.82			2.97
Without CDSC			0.10			0.82			2.97
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	June 1, 1991		0.89			1.64			3.81
CLASS R2 SHARES	November 3, 2008		0.41			1.20			3.36
CLASS R3 SHARES	September 9, 2016		0.57			1.32			3.51
CLASS R4 SHARES	September 9, 2016		0.81			1.58			3.77
CLASS R5 SHARES	May 15, 2006		1.03			1.76			3.94
CLASS R6 SHARES	February 22, 2005		1.13			1.85			4.01

* 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 (2/29/08 TO 2/28/18)

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

Returns shown for Class R2, Class R3 and Class R4 Shares prior to their inception are based on the performance of Class I Shares, the original class offered. With respect to Class R2, Class R3 and Class R4 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Core Bond Fund, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Core Bond Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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 Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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.

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

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

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

4 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	1.27%
Bloomberg Barclays U.S. Aggregate Index	0.51%
Net Assets as of 2/28/2018 (In Thousands)	$11,924,390
Duration as of 2/28/2018	6.0 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 28, 2018, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

The Fund’s allocation to high yield corporate bonds (also known as “junk bonds”) was a leading contributor to performance relative to the Benchmark, which does not hold high yield bonds. The Fund’s allocation to asset-backed securities and commercial mortgage-backed securities also contributed to relative performance.

The Fund’s allocation to high yield bonds resulted in an underweight allocation to investment grade debt, which detracted from relative performance as investment grade debt generally had a positive performance during the reporting period. The Fund’s allocation to investment grade debt was a leading detractor from relative performance. The Fund’s shorter overall duration relative to the Benchmark detracted from performance during the first half of the reporting period when interest rates generally declined. Generally, bonds with shorter duration will experience a smaller increase or decrease in price as interest rates fall or rise, respectively, versus bonds with longer duration.

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 research to construct, in their view, a portfolio of undervalued fixed income securities. The managers employ a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

During the reporting period, the Fund managers increased the Fund’s overall duration to 6.01 years at February 28, 2018 from 5.30 years at February 28, 2017.

PORTFOLIO COMPOSITION***
Corporate Bonds	26.8	%
U.S. Treasury Obligations	22.8
Asset-Backed Securities	16.2
Mortgage-Backed Securities	13.8
Commercial Mortgage-Backed Securities	8.3
Collateralized Mortgage Obligations	4.4
Foreign Government Securities	1.4
Others (each less than 1.0%)	0.8
Short-Term Investments	5.5

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 5

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge*			(2.81	)%		1.53	%		4.02	%
Without Sales Charge			0.98			2.31			4.43
CLASS C SHARES	May 30, 2000
With CDSC**			(0.57	)		1.66			3.77
Without CDSC			0.43			1.66			3.77
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	March 5, 1993		1.27			2.51			4.59
CLASS L SHARES	June 19, 2009		1.36			2.60			4.70
CLASS R2 SHARES	November 3, 2008		0.69			1.92			4.03
CLASS R3 SHARES	September 9, 2016		0.78			2.17			4.29
CLASS R4 SHARES	September 9, 2016		1.21			2.43			4.55
CLASS R5 SHARES	September 9, 2016		1.23			2.50			4.59
CLASS R6 SHARES	February 22, 2005		1.46			2.68			4.82

* 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 (2/29/08 TO 2/28/18)

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

Returns shown for Class L, Class R2, Class R3, Class R4 and Class R5 Shares prior to their inception are based on the performance of Class I Shares, the original class offered. With respect to Class R2, Class R3, Class R4 and Class R5 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes. Class L and Class I 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 Class I Shares of the JPMorgan Core Plus Bond Fund, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Core Plus Bond Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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 Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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.

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

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

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

6 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Government Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	(0.16)%
Bloomberg Barclays U.S. Government Bond Index	(0.52)%
Net Assets as of 2/28/2018 (In Thousands)	$1,314,406
Duration as of 2/28/2018	5.5 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 28, 2018, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Government Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s out-of-Benchmark allocation to agency mortgage-backed securities was a leading contributor to performance as other government bonds outperformed Treasuries during the reporting period. In addition, the Fund’s shorter duration profile also contributed to relative performance amid an increase in U.S. interest rates. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with shorter duration will experience a smaller decrease in price as interest rates rise versus bonds with longer duration.

The Fund’s overweight allocation to the shorter end of the two-to-ten year portion of the yield curve also helped relative performance as yields on two year Treasury bonds rose more than yields on ten year Treasury bonds. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

During the reporting period, the Fund’s portfolio managers increased their allocation to the long end of the yield curve in expectation of higher interest rates in the longer portion of the ten-to-thirty year portion of the curve. However, the difference between interest rates in the short end and long end of this portion of the curve narrowed during the reporting period, which detracted from relative performance.

HOW WAS THE FUND POSITIONED?

While the overall duration of the Benchmark increased as the U.S. government issued more long-dated Treasury bonds, the Fund’s portfolio managers aimed to keep the duration of the Fund within a range of 5.00 to 5.50 years. The portfolio managers also increased the Fund’s allocation to agency commercial mortgage-backed securities to 12.8% at the end of the reporting period from 8.0% a year earlier. The 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	31.6	%
U.S. Treasury Obligations	26.2
U.S. Government Agency Securities	18.9
Mortgage-Backed Securities	11.0
Commercial Mortgage-Backed Securities	7.0
Foreign Government Security	0.6
Short-Term Investment	4.7

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 7

JPMorgan Government Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge*			(4.16	)%		(0.03	)%		2.70	%
Without Sales Charge			(0.43	)		0.74			3.09
CLASS C SHARES	March 22, 1999
With CDSC**			(1.96	)		0.04			2.36
Without CDSC			(0.96	)		0.04			2.36
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 8, 1993		(0.16	)		0.99			3.36
CLASS R2 SHARES	November 3, 2008		(0.74	)		0.47			2.82
CLASS R3 SHARES	September 9, 2016		(0.40	)		0.64			2.99
CLASS R4 SHARES	September 9, 2016		(0.27	)		0.87			3.23
CLASS R6 SHARES	August 1, 2016		(0.03	)		1.03			3.38

* 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 (2/29/08 TO 2/28/18)

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

Returns shown for Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception are based on the performance of Class I Shares, the original class offered. Prior performance of Class R2, Class R3, Class R4 and Class R6 Shares have been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Government Bond Fund, the Bloomberg Barclays U.S. Government Bond Index and the Lipper General U.S. Government Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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 Bloomberg 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.

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

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

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

8 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	3.54%
Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index	4.18%
Net Assets as of 2/28/2018 (In Thousands)	$9,022,958
Duration as of 2/28/2018	6.2 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 28, 2018, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index (the “Benchmark”). During the reporting period, high yield bonds (also known as “junk bonds”) generally outperformed other sectors of the bond market.

Relative to the Benchmark, the Fund’s overweight position and security selection in consumer non-cyclical sector bonds and its security selection in energy sector bonds were leading detractors from performance. The Fund’s security selection in bonds rated CCC and its overweight position in bonds rated AA also detracted from relative performance.

The Fund’s security selection in consumer cyclical sector bonds and its security selection in bonds rated BB and CC were leading contributors to performance relative to the Benchmark.

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 below investment grade debt securities. In the energy sector, the managers continued to seek value in higher quality below investment grade debt securities of companies with strong balance sheets.

PORTFOLIO COMPOSITION***
Corporate Bonds	91.2	%
Loan Assignments	4.6
Others (each less than 1.0%)	1.2
Short-Term Investments	3.0

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 9

JPMorgan High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 13, 1998
With Sales Charge*			(0.58	)%		3.45	%		6.69	%
Without Sales Charge			3.30			4.25			7.10
CLASS C SHARES	March 22, 1999
With CDSC**			1.78			3.70			6.48
Without CDSC			2.78			3.70			6.48
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	November 13, 1998		3.54			4.48			7.36
CLASS R2 SHARES	November 3, 2008		2.97			3.94			6.80
CLASS R3 SHARES	August 21, 2017		3.18			4.17			7.08
CLASS R4 SHARES	August 21, 2017		3.44			4.43			7.33
CLASS R5 SHARES	May 15, 2006		3.59			4.52			7.40
CLASS R6 SHARES	February 22, 2005		3.70			4.58			7.46

* 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 (2/29/08 TO 2/28/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 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, Class R3 and Class R4 Shares prior to its inception are based on the performance of Class I Shares, the original class offered. With respect to Class R2, Class R3 and Class R4 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Fund, the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index and the Lipper High Yield Bond Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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 Bloomberg 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.

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

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

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

10 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	0.26%
Bloomberg Barclays 1–10 Year U.S. TIPS Index	(0.32)%
Bloomberg Barclays U.S. Intermediate Aggregate Index	0.10%
Inflation Managed Bond Composite Benchmark2	0.38%
Net Assets as of 2/28/2018 (In Thousands)	$1,440,976
Duration as of 2/28/2018	3.6 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 28, 2018, the Fund’s Class I Shares outperformed the Bloomberg Barclays 1–10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the “Index”) and the Bloomberg Barclays U.S. Intermediate Aggregate Index, but underperformed the Inflation Managed Bond Composite Benchmark (the “Benchmark”). The Fund’s inflation hedge, which included CPI-U swaps and TIPS, contributed to absolute performance as inflation expectations rose modestly during the reporting period.

Relative to the Index, the Fund’s allocations to asset-backed securities and investment grade corporate debt were leading contributors to performance. During the reporting period, interest rates rose and the Fund’s overall shorter duration profile compared with the Index also helped relative performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller increase or decrease in price as interest rates fall or rise, respectively.

The Fund’s allocation to agency mortgage-backed securities detracted from performance relative to the Benchmark.

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 was used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

The Fund’s portfolio managers manage the duration of the inflation protection versus the duration of the underlying bonds to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. The inflation protection was actively managed using CPU-I swaps and TIPS. Generally, the swaps were structured so that a counterparty agrees to pay the cumulative percentage change in the U.S. Consumer Price Index for All Urban Consumers over the duration of the swap. In turn, the Fund pays a compounded fixed rate. U.S. Treasury TIPS adjust the principal of the underlying bond so that it increases with inflation as measured by the U.S. Consumer Price Index, and decreases with deflation. At maturity, a TIPS investor is paid either the adjusted or the original principal, whichever is greater.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 11

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

PORTFOLIO COMPOSITION***
Corporate Bonds	31.4	%
U.S. Treasury Obligations	25.9
U.S. Government Agency Securities	12.8
Collateralized Mortgage Obligations	10.3
Mortgage-Backed Securities	7.8
Commercial Mortgage-Backed Securities	6.1
Asset-Backed Securities	4.3
Foreign Government Securities	0.2
Short-Term Investment	1.2

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

²  The Fund’s composite benchmark is determined by adding the performance return of the Bloomberg Barclays Intermediate Government/Credit Index and 80% of the Bloomberg Barclays Inflation Swap 5-year Zero Coupon Index.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	March 31, 2010
With Sales Charge*			(3.61	)%		(0.57	)%		1.45	%
Without Sales Charge			0.12			0.20			1.94
CLASS C SHARES	March 31, 2010
With CDSC**			(1.53	)		(0.44	)		1.28
Without CDSC			(0.53	)		(0.44	)		1.28
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	March 31, 2010		0.26			0.36			2.09
CLASS R5 SHARES	March 31, 2010		0.23			0.41			2.15
CLASS R6 SHARES	November 30, 2010		0.31			0.47			2.20

* 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 2/28/18)

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

The Fund commenced operations on 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 Class I Shares of the JPMorgan Inflation Managed Bond Fund, the Bloomberg Barclays 1–10 Year U.S. TIPS Index, the Bloomberg 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 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1–10 Year U.S. TIPS Index and the Bloomberg 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 Bloomberg Barclays 1–10 Year U.S. TIPS Index represents the performance of intermediate (1–10 year) U.S. Treasury Inflation Protection Securities. The Bloomberg 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 Bloomberg Barclays Intermediate Government/Credit Index and 80% of the Bloomberg 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.

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

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

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 13

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	1.53%
Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index	0.13%
Net Assets as of 2/28/2018 (In Thousands)	$1,011,851
Duration as of 2/28/2018	1.2 years

INVESTMENT OBJECTIVE**

The JPMorgan Limited Duration Bond Fund (the “Fund”) seeks a high level of current income consistent with low volatility of principal.

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

For the twelve months ended February 28, 2018, the Fund’s Class I Shares outperformed the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).

During the reporting period, the Fund allocated about 60% of its assets to floating rate securities, which helped performance relative to the Benchmark as interest rates rose during the reporting period and drove the Fund’s income from investments higher. Additionally, the spread between yields on U.S. Treasury bonds and yields on non-Treasury bonds narrowed during the reporting period and drove investor demand for floating rate securities, which also helped relative performance.

Relative to the Benchmark, the Fund’s out-of-Benchmark allocations to mortgage-backed securities, asset-backed securities and commercial mortgage backed securities were leading contributors to performance as these sectors outperformed U.S. Treasury bonds. The Fund’s overall shorter duration profile compared with the Benchmark also helped relative performance as interest rates rose during the reporting period. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with shorter duration will experience a smaller decrease in price as interest rates rise, versus bonds with longer duration.

Corporate bonds were the best performing sector in the Benchmark and the Fund’s underweight position in the sector was a leading detractor from 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 overall duration increased to 1.21 years at February 28, 2018 from 1.08 years at February 28, 2017. The portfolio managers also believed short duration asset-backed securities and mortgage-backed securities had a better value than short duration corporate bonds.

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	48.8	%
Asset-Backed Securities	21.2
Corporate Bonds	14.9
Mortgage-Backed Securities	4.6
Commercial Mortgage-Backed Securities	3.3
Short-Term Investment	7.2

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 10, 1993
With Sales Charge*			(1.00	)%		0.71	%		2.21	%
Without Sales Charge			1.27			1.17			2.44
CLASS C SHARES	November 1, 2001
With CDSC**			(0.24	)		0.66			1.92
Without CDSC			0.76			0.66			1.92
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 2, 1993		1.53			1.43			2.69
CLASS R6 SHARES	February 22, 2005		1.73			1.62			2.89

* 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 (2/29/08 TO 2/28/18)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Limited Duration Bond Fund, the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index and the Lipper Short-Intermediate Investment Grade Debt Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1–3 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 Bloomberg 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.

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

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

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 15

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*	1.33%
Bloomberg Barclays U.S. MBS Index	0.16%
Net Assets as of 2/28/2018 (In Thousands)	$1,964,875
Duration as of 2/28/2018	4.5 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 28, 2018, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. MBS Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s out-of-Benchmark allocations to non-agency mortgages, commercial mortgage-backed securities and asset-backed securities all contributed to performance. The Fund’s security selection in agency mortgages also contributed to relative performance.

The Fund’s small allocation to U.S. Treasury bonds, which was used to manage portfolio duration and liquidity, detracted from relative performance. U.S. Treasury bonds, which were not held in the Benchmark, underperformed most other fixed income sectors during the reporting period. Duration measures the price sensitivity of bonds to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price as interest rates fall versus bonds with shorter duration.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

PORTFOLIO COMPOSITION***
Mortgage-Backed Securities	43.5	%
Collateralized Mortgage Obligations	26.5
Commercial Mortgage-Backed Securities	13.3
Asset-Backed Securities	12.5
U.S. Treasury Obligations	2.7
Others (each less than 1.0%)	0.2
Short-Term Investment	1.3

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	August 18, 2000
With Sales Charge*			(2.70	)%		0.97	%		3.72	%
Without Sales Charge			1.12			1.75			4.12
CLASS C SHARES	July 2, 2012
With CDSC**			(0.35	)		1.25			3.61
Without CDSC			0.65			1.25			3.61
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	August 18, 2000		1.33			2.00			4.38
CLASS R6 SHARES	February 22, 2005		1.57			2.16			4.54

* 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 (2/29/08 TO 2/28/18)

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

Returns shown for Class C Shares prior to its inception are based on the performance of Class I 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 Class I Shares of the JPMorgan Mortgage-Backed Securities Fund, the Bloomberg Barclays U.S. MBS Index and the Lipper U.S. Mortgage Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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 Bloomberg 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.

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

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

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 17

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1, *	0.08%
Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index	0.13%
Net Assets as of 2/28/2018 (In Thousands)	$3,657,848
Duration as of 2/28/2018	1.9 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 28, 2018, the Fund’s Class I Shares underperformed the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight position in corporate credit detracted from performance. The Fund’s allocation to out-of-Benchmark agency collateralized mortgage obligations detracted slightly from relative performance.

The Fund’s allocations to out-of-Benchmark asset-backed securities, commercials mortgage-backed securities and non-agency mortgages were leading contributors to performance. The Fund’s underweight position in U.S. Treasury bonds also helped relative performance. Relative to the Benchmark, the Fund’s shorter duration profile also contributed to performance as interest rates rose during the reporting period. Duration measures the price sensitivity of bonds relative to changes in interest rates. Generally, bonds with shorter duration will experience a smaller decrease in price as interest rates rise versus bonds with longer duration.

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 had an underweight position in corporate bonds, was overweight in U.S. agency bonds and held out-of-Benchmark allocations to mortgages and asset-backed securities.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	36.0	%
Corporate Bonds	33.4
Asset-Backed Securities	10.2
U.S. Government Agency Securities	10.0
Collateralized Mortgage Obligations	5.7
Mortgage-Backed Securities	4.0
Commercial Mortgage-Backed Securities	0.4
Short-Term Investment	0.3

¹  On April 3, the Fund’s Select Class Shares were renamed Class I Shares.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(2.42	)%		(0.21	)%		1.06	%
Without Sales Charge			(0.16	)		0.24			1.29
CLASS C SHARES	November 1, 2001
With CDSC**			(1.69	)		(0.26	)		0.79
Without CDSC			(0.69	)		(0.26	)		0.79
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 4, 1990		0.08			0.51			1.55
CLASS R6 SHARES	February 22, 2005		0.25			0.75			1.79

* 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 (2/29/08 TO 2/28/18)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Short Duration Bond Fund, the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index and the Lipper Short U.S. Government Funds Index from February 29, 2008 to February 28, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1–3 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 Bloomberg 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.

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

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

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 19

JPMorgan Short Duration Core Plus Fund

(formerly known as JPMorgan Short Duration High Yield Fund)¹

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)2, *	1.65%
Bloomberg Barclays 1-5 Year Government/Credit Index	0.02%
Bloomberg Barclays U.S. Aggregate Index	0.51%
Net Assets as of 2/28/2018 (In Thousands)	$97,121
Duration as of 2/28/2018	2.7 years

INVESTMENT OBJECTIVE**

The JPMorgan Short Duration Core Plus Fund (the “Fund”) seeks total return, consistent with preservation of capital.³

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

For the twelve months ended February 28, 2018, the Fund outperformed both the Bloomberg Barclays 1-5 Year Government/Credit Index (the “New Benchmark”) and the Bloomberg Barclays U.S. Aggregate Index (the “Old Benchmark”).

For the period from the Fund’s strategy change on September 29, 2017 to February 28, 2018, the Fund’s allocations to high yield bonds (also known as “junk bonds”) and asset-backed securities were leading contributors to performance relative to the New Benchmark. The Fund’s overweight allocation to agency commercial mortgage-backed securities detracted from performance relative to the New Benchmark, as investors sought higher returns in other asset classes.

For the period from March 1, 2017 to September 29, 2017, the Fund’s underweight position in the health care sector and its security selection in the retail sector were leading detractors from performance relative to the Old Benchmark. The Fund’s security selection in bonds rated B and CCC also detracted from performance relative to the Old Benchmark. The Fund’s security selection in the energy sector and its security selection in the bonds rated BB+, CC and unrated bonds were leading contributors to performance relative to the Old Benchmark.

HOW WAS THE FUND POSITIONED?

Relative to the Benchmark, the Fund was overweight in securities rated AAA, BBB and BB and was underweight in securities rated CCC and lower. The portfolio managers remained cautious about companies that they believed had elevated credit risk.

PORTFOLIO COMPOSITION***
Corporate Bonds	34.1	%
U.S. Treasury Obligations	20.7
Commercial Mortgage-Backed Securities	12.8
Asset-Backed Securities	11.6
Collateralized Mortgage Obligations	11.1
Mortgage-Backed Securities	6.0
Foreign Government Securities	1.6
Short-Term Investments	2.1

¹  Effective September 29, 2017, the Fund changed its strategy from a high yield fund that primarily invests in high yield, high risk debt securities (also known as “junk bonds”) to a core plus fund that invests in investment grade securities with allocations to extended sectors, such as high yield and foreign and emerging markets (the “New Strategy”). In connection with the New Strategy, the Fund’s name, investment objective and broad-based securities market index changed effective September 29, 2017.

²  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

³  Prior to September 29, 2017, the Fund’s investment objective was to seek current income with a secondary objective of capital appreciation.

* 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 28, 2018. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	March 1, 2013
With Sales Charge*			(0.88	)%		2.11	%		2.32	%
Without Sales Charge			1.40			2.88			2.79
CLASS C SHARES	March 1, 2013
With CDSC**			(0.12	)		2.34			2.25
Without CDSC			0.88			2.34			2.25
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	March 1, 2013		1.65			3.07			3.02
CLASS R6 SHARES	March 1, 2013		1.75			3.21			3.16

* 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 2/28/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. Effective September 29, 2017 (the “Effective Date”), the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund were managed using the current strategies. On the Effective Date, the Fund’s broad based securities market index changed from the Bloomberg Barclays U.S. Aggregate Index to the Bloomberg Barclays 1-5 Year Government/Credit Index to reflect the change in the Fund’s investment strategies.

The Fund commenced operations on March 1, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Short Duration Core Plus Fund, the Bloomberg Barclays 1-5 Year Government/Credit Index, Bloomberg Barclays U.S. Aggregate Index and the Lipper Short Investment Grade Debt Funds Index. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1-5 Year Government/Credit Index and the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in each benchmark, if applicable. The performance of the Lipper Short 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 Bloomberg Barclays 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government Index includes treasuries and agencies. The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Short 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.

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

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

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 21

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 11.8%
	3,491	ABFC Trust, Series 2005-AQ1, Class A4, SUB, 4.80%, 01/25/2034 (bb)		3,578
		Academic Loan Funding Trust,
	23	Series 2012-1A, Class A1, 2.42%, 12/27/2022 (e) (z)		23
	3,157	Series 2013-1A, Class A, 2.42%, 12/26/2044 (e) (z)		3,141
		Air Canada Pass-Through Trust, (Canada),
	2,800	Series 2013-1, Class A, 4.13%, 05/15/2025 (e)		2,842
	5,016	Series 2015-1, Class A, 3.60%, 03/15/2027 (e)		5,027
	8,291	Series 2017-1, Class A, 3.55%, 01/15/2030 (e)		8,121
	8,603	Series 2017-1, Class AA, 3.30%, 01/15/2030 (e)		8,345
	19,157	Ajax Mortgage Loan Trust, Series 2016-2, Class A, SUB, 4.13%, 10/25/2056 (e) (bb)		19,081
		American Airlines Pass-Through Trust,
	709	Series 2011-1, Class A, 5.25%, 01/31/2021		741
	2,692	Series 2013-2, Class A, 4.95%, 01/15/2023		2,821
	349	Series 2014-1, Class A, 3.70%, 10/01/2026		348
	1,789	Series 2016-2, Class A, 3.65%, 06/15/2028		1,767
	21,102	Series 2016-3, Class AA, 3.00%, 10/15/2028		20,152
	5,045	Series 2017-1, Class AA, 3.65%, 02/15/2029		5,004
		American Credit Acceptance Receivables Trust,
	8,997	Series 2015-2, Class C, 4.32%, 05/12/2021 (e)		9,074
	5,000	Series 2016-2, Class C, 6.09%, 05/12/2022 (e)		5,176
	1,048	Series 2016-3, Class A, 1.70%, 11/12/2020 (e)		1,047
	7,301	Series 2016-4, Class C, 2.91%, 02/13/2023 (e) (bb)		7,293
	11,197	Series 2016-1A, Class B, 4.24%, 06/13/2022 (e) (bb)		11,245
	8,350	Series 2017-1, Class B, 2.39%, 02/16/2021 (e)		8,337
	12,907	Series 2017-1, Class C, 2.88%, 03/13/2023 (e)		12,880
		American Homes 4 Rent,
	17,301	Series 2015-SFR1, Class A, 3.47%, 04/17/2052 (e) (bb)		17,368

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	7,420	Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (e) (bb)		8,000
		American Homes 4 Rent Trust,
	11,790	Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (e) (bb)		12,049
	2,400	Series 2014-SFR2, Class B, 4.29%, 10/17/2036 (e) (bb)		2,497
	8,100	Series 2014-SFR2, Class D, 5.15%, 10/17/2036 (e) (bb)		8,640
	7,300	Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (e)		8,110
	9,431	Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (e)		9,609
	3,750	Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (e)		3,916
	16,970	Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (e) (bb)		19,075
	1,415	Series 2015-SFR2, Class E, 6.07%, 10/17/2045 (e) (bb)		1,571
	4,267	AmeriCredit Automobile Receivables, Series 2016-1, Class A3, 1.81%, 10/08/2020		4,261
		AmeriCredit Automobile Receivables Trust,
	240	Series 2016-2, Class A2A, 1.42%, 10/08/2019		240
	3,582	Series 2016-2, Class A3, 1.60%, 11/09/2020		3,570
	5,937	Series 2016-3, Class A3, 1.46%, 05/10/2021		5,905
	18,856	Series 2017-4, Class C, 2.60%, 09/18/2023		18,540
	15	Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2003-13, Class AF6, SUB, 5.12%, 01/25/2034 (bb)		17
	74,650	Anchor Assets IX LLC, Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		74,650
		Axis Equipment Finance Receivables III LLC,
	835	Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		834
	1,200	Series 2015-1A, Class C, 3.41%, 04/20/2020 (e)		1,201
	1,200	Series 2015-1A, Class D, 4.05%, 05/20/2020 (e)		1,202
	6,776	AXIS Equipment Finance Receivables IV LLC, Series 2016-1A, Class A, 2.21%, 11/20/2021 (e)		6,742
		B2R Mortgage Trust,
	7,363	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		7,279

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	17,506	Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		17,490
	3,918	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 (e) (bb)		3,879
		BCC Funding Corp. X,
	1,786	Series 2015-1, Class A2, 2.22%, 10/20/2020 (e)		1,783
	2,717	Series 2015-1, Class D, 4.54%, 12/21/2020 (e) (bb)		2,699
	236	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.99%, 04/25/2036 (z) (bb)		231
	33,741	BMW Vehicle Owner Trust, Series 2018-A, Class A3, 2.35%, 04/25/2022		33,546
	35,027	Business Jet Securities LLC, Series 2018-1, Class A, 4.34%, 02/15/2033 (e)		35,026
	2,142	BXG Receivables Note Trust, Series 2012-A, Class A, 2.66%, 12/02/2027 (e)		2,106
	5,757	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.25%, 07/17/2023		5,691
	9,313	CAM Mortgage Trust, Series 2017-1, Class A1, SUB, 3.22%, 08/01/2057 (e) (bb)		9,273
	40,893	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.00%, 12/05/2023 (bb)		40,803
	11,255	Capital Auto Receivables Asset Trust, Series 2016-1, Class A3, 1.73%, 04/20/2020		11,232
		CarFinance Capital Auto Trust,
	154	Series 2014-1A, Class B, 2.72%, 04/15/2020 (e)		154
	528	Series 2014-2A, Class A, 1.44%, 11/16/2020 (e)		528
	1,382	Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		1,379
		Carnow Auto Receivables Trust,
	10,000	Series 2016-1A, Class C, 5.11%, 02/15/2021 (e) (bb)		10,088
	14,431	Series 2017-1A, Class A, 2.92%, 09/15/2022 (e)		14,375
		Chase Funding Trust,
	1,414	Series 2003-4, Class 1A5, SUB, 5.25%, 05/25/2033 (bb)		1,433
	2,118	Series 2003-6, Class 1A5, SUB, 5.09%, 11/25/2034 (bb)		2,187
	3,609	Series 2003-6, Class 1A7, SUB, 5.09%, 11/25/2034 (bb)		3,701
	14,418	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.71%, 05/15/2023 (e)		14,350

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Citi Held For Asset Issuance,
	2,879	Series 2016-MF1, Class A, 4.48%, 08/15/2022 (e)		2,889
	655	Series 2016-PM1, Class A, 4.65%, 04/15/2025 (e)		656
	950	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.15%, 06/15/2039		1,201
	164	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.95%, 04/25/2032 (e) (bb)		163
	226	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, 2.38%, 12/25/2033 (z)		225
		CLUB Credit Trust,
	1,869	Series 2017-NP1, Class A, 2.39%, 04/17/2023 (e)		1,869
	10,934	Series 2017-P2, Class A, 2.61%, 01/15/2024 (e)		10,912
	16,052	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		15,753
	14,637	Consumer Loan Underlying Bond Credit Trust, Series 2017-NP2, Class A, 2.55%, 01/16/2024 (e)		14,621
		Continental Airlines Pass-Through Trust,
	135	Series 1999-2, Class A-1, 7.26%, 03/15/2020		140
	2,805	Series 2007-1, Class A, 5.98%, 04/19/2022		3,029
	12,882	COOF Securitization Trust Ltd., Series 2014-1, Class A, IO, 3.38%, 06/25/2040 (e) (z) (bb)		1,155
		CPS Auto Receivables Trust,
	6,350	Series 2014-B, Class C, 3.23%, 05/15/2020 (e)		6,371
	4,347	Series 2014-C, Class C, 3.77%, 08/17/2020 (e)		4,396
	4,000	Series 2014-D, Class C, 4.35%, 11/16/2020 (e)		4,067
	2,900	Series 2015-A, Class C, 4.00%, 02/16/2021 (e)		2,937
	3,729	Series 2015-B, Class A, 1.65%, 11/15/2019 (e)		3,727
	16,500	Series 2015-B, Class C, 4.20%, 05/17/2021 (e)		16,687
	5,849	Series 2015-C, Class D, 4.63%, 08/16/2021 (e) (bb)		5,953
	866	Series 2016-A, Class A, 2.25%, 10/15/2019 (e)		866

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 23

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,161	Series 2016-B, Class A, 2.07%, 11/15/2019 (e)		1,161
	2,456	Series 2016-B, Class B, 3.18%, 09/15/2020 (e)		2,467
	7,840	Series 2016-C, Class C, 3.27%, 06/15/2022 (e)		7,861
	7,027	Series 2017-D, Class C, 3.01%, 10/17/2022 (e)		6,970
	5,675	Series 2018-A, Class B, 2.77%, 04/18/2022 (e)		5,639
	2,094	Series 2018-A, Class C, 3.05%, 12/15/2023 (e)		2,069
		CPS Auto Trust,
	7,791	Series 2017-A, Class A, 1.68%, 08/17/2020 (e)		7,768
	5,383	Series 2017-A, Class C, 3.31%, 12/15/2022 (e)		5,403
	3,060	Series 2017-A, Class D, 4.61%, 12/15/2022 (e)		3,137
		Credit Acceptance Auto Loan Trust,
	7,801	Series 2015-2A, Class A, 2.40%, 02/15/2023 (e)		7,805
	2,605	Series 2015-2A, Class C, 3.76%, 02/15/2024 (e)		2,617
	13,659	Series 2017-1A, Class A, 2.56%, 10/15/2025 (e)		13,595
	5,989	Series 2017-1A, Class B, 3.04%, 12/15/2025 (e)		5,970
	5,018	Series 2017-1A, Class C, 3.48%, 02/17/2026 (e)		4,954
	5,343	Series 2017-2A, Class C, 3.35%, 06/15/2026 (e)		5,223
	18,590	Series 2018-1A, Class A, 3.01%, 02/16/2027 (e)		18,516
	5,428	CVS Pass-Through Trust, 5.93%, 01/10/2034 (e)		5,944
		CWABS, Inc.,
	214	Series 2003-5, Class MF1, 5.23%, 01/25/2034 (z) (bb)		217
	10	Series 2004-1, Class 3A, 2.18%, 04/25/2034 (z) (bb)		9
	432	Series 2004-1, Class M1, 2.37%, 03/25/2034 (z) (bb)		434
	76	Series 2004-1, Class M2, 2.45%, 03/25/2034 (z) (bb)		75
	159	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, 2.52%, 10/25/2034 (z)		156
	7,750	Dell Equipment Finance Trust, Series 2017-2, Class B, 2.47%, 10/24/2022 (e)		7,632

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Delta Air Lines Pass-Through Trust,
	1,504	Series 2010-2, Class A, 4.95%, 05/23/2019		1,532
	608	Series 2011-1, Class A, 5.30%, 04/15/2019		622
	1,940	Series 2012-1, Class A, 4.75%, 05/07/2020		1,993
		Diamond Resorts Owner Trust,
	20,504	Series 2017-1A, Class A, 3.27%, 10/22/2029 (e)		20,088
	7,212	Series 2017-1A, Class B, 4.11%, 10/22/2029 (e) (bb)		7,070
		Drive Auto Receivables Trust,
	12,065	Series 2015-AA, Class D, 4.12%, 07/15/2022 (e)		12,190
	14,251	Series 2015-BA, Class D, 3.84%, 07/15/2021 (e)		14,414
	6,588	Series 2015-CA, Class D, 4.20%, 09/15/2021 (e)		6,688
	2,640	Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb)		2,700
	15,108	Series 2016-AA, Class C, 3.91%, 05/17/2021 (e)		15,240
	682	Series 2016-BA, Class B, 2.56%, 06/15/2020 (e)		683
	23,204	Series 2016-CA, Class D, 4.18%, 03/15/2024 (e)		23,619
	23,209	Series 2017-1, Class C, 2.84%, 04/15/2022		23,210
	26,357	Series 2017-1, Class D, 3.84%, 03/15/2023		26,659
	15,725	Series 2017-3, Class C, 2.80%, 07/15/2022		15,683
	60,780	Series 2017-3, Class D, 3.53%, 12/15/2023 (e)		60,328
	8,545	Series 2017-BA, Class B, 2.20%, 05/15/2020 (e)		8,544
	23,480	Series 2017-BA, Class C, 2.61%, 08/16/2021 (e)		23,482
	20,505	Series 2017-BA, Class D, 3.72%, 10/17/2022 (e)		20,762
		DT Auto Owner Trust,
	12,166	Series 2015-2A, Class D, 4.25%, 02/15/2022 (e)		12,302
	5,808	Series 2016-2A, Class C, 3.67%, 01/18/2022 (e)		5,843
	6,367	Series 2016-4A, Class B, 2.02%, 08/17/2020 (e)		6,361
	12,831	Series 2016-4A, Class D, 3.77%, 10/17/2022 (e)		12,737

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	17,503	Series 2017-1A, Class C, 2.70%, 11/15/2022 (e)		17,396
	20,343	Series 2017-2A, Class C, 3.03%, 01/17/2023 (e)		20,323
	10,458	Series 2017-3A, Class D, 3.58%, 05/15/2023 (e)		10,405
	10,455	Series 2017-4A, Class C, 2.86%, 07/17/2023 (e)		10,435
	19,583	Series 2017-4A, Class D, 3.47%, 07/17/2023 (e)		19,463
		Elara HGV Timeshare Issuer LLC,
	9,305	Series 2017-A, Class B, 2.96%, 03/25/2030 (e)		9,141
	6,281	Series 2017-A, Class C, 3.31%, 03/25/2030 (e)		6,173
	4,402	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.63%, 02/22/2022 (e)		4,360
		Exeter Automobile Receivables Trust,
	1,267	Series 2014-2A, Class C, 3.26%, 12/16/2019 (e)		1,270
	2,167	Series 2015-1A, Class B, 2.84%, 03/16/2020 (e)		2,171
	2,305	Series 2016-2A, Class A, 2.21%, 07/15/2020 (e)		2,305
	7,800	Series 2016-2A, Class B, 3.64%, 02/15/2022 (e)		7,864
	8,037	Series 2016-3A, Class B, 2.84%, 08/16/2021 (e)		8,041
	5,500	Series 2016-3A, Class C, 4.22%, 06/15/2022 (e)		5,578
	9,251	Series 2017-3A, Class C, 3.68%, 07/17/2023 (e)		9,236
	14,015	Series 2018-1A, Class C, 3.03%, 01/17/2023 (e)		13,963
	1,174	Federal Express Corp. Pass-Through Trust, Series 981A, 6.72%, 01/15/2022		1,259
		First Investors Auto Owner Trust,
	376	Series 2014-3A, Class A3, 1.67%, 11/16/2020 (e)		376
	2,933	Series 2015-2A, Class D, 4.22%, 12/15/2021 (e)		2,957
	669	Series 2016-1A, Class A1, 1.92%, 05/15/2020 (e)		669
	6,528	Series 2017-1A, Class A2, 2.20%, 03/15/2022 (e)		6,476
	7,127	Series 2017-1A, Class C, 2.95%, 04/17/2023 (e)		7,009
		FirstKey Lending Trust,
	27,191	Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		27,057

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	11,055	Series 2015-SFR1, Class B, 3.42%, 03/09/2047 (e) (bb)		11,026
		Flagship Credit Auto Trust,
	44	Series 2014-1, Class B, 2.55%, 02/18/2020 (e)		44
	4,411	Series 2014-2, Class B, 2.84%, 11/16/2020 (e)		4,419
	3,958	Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		3,995
	954	Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		953
	5,326	Series 2015-3, Class A, 2.38%, 10/15/2020 (e)		5,327
	5,299	Series 2015-3, Class B, 3.68%, 03/15/2022 (e)		5,346
	5,163	Series 2015-3, Class C, 4.65%, 03/15/2022 (e)		5,277
	9,017	Series 2016-1, Class A, 2.77%, 12/15/2020 (e)		9,037
	3,150	Series 2016-2, Class B, 3.84%, 09/15/2022 (e)		3,190
	21,080	Series 2016-2, Class C, 6.22%, 09/15/2022 (e)		21,997
	17,287	Series 2017-R, Class A, 5.61%, 05/17/2023 (e) (bb)		17,287
	13,343	Ford Credit Auto Lease Trust, Series 2017-B, Class A3, 2.03%, 12/15/2020		13,229
	7,460	Ford Credit Auto Owner Trust, Series 2016-B, Class A3, 1.33%, 10/15/2020		7,411
	293	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, 6.71%, 04/25/2029 (z) (bb)		247
		GLS Auto Receivables Trust,
	700	Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		700
	9,473	Series 2015-1A, Class B, 4.43%, 12/15/2020 (e)		9,528
	6,623	Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		6,628
	10,500	Series 2016-1A, Class C, 6.90%, 10/15/2021 (e)		11,056
	4,805	Series 2018-1A, Class A, 2.82%, 07/15/2022 (e)		4,792
	30,920	GM Financial Automobile Leasing Trust, Series 2018-1, Class A3, 2.61%, 01/20/2021		30,845
	1,238	GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		1,240
	4,622	Gold Key Resorts LLC, Series 2014-A, Class A, 3.22%, 03/17/2031 (e)		4,574

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 25

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	11,989	Golden Bear LLC, Series 2016-R, Class R, 5.65%, 09/20/2047 (e) (bb)		12,013
		Goodgreen Trust,
	26,771	Series 2016-1A, Class A, 3.23%, 10/15/2052 (e)		26,088
	7,586	Series 2017-1A, Class A, 3.74%, 10/15/2052 (e)		7,469
	32,876	Series 2017-2A, Class A, 3.26%, 10/15/2053 (e)		32,157
	35,955	HERO, (Cayman Islands), Series 2018-1ASI, Class A, 4.00%, 09/20/2047 (e)		35,910
	30,873	Hero Funding, (Cayman Islands), Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		31,208
		HERO Funding II, (Cayman Islands),
	16,040	3.75%, 09/21/2044 (bb)		15,019
	12,102	Series 2016-3B, Class B, 5.24%, 09/20/2042 (e)		12,353
	8,972	Series 2016-4B, Class B, 5.75%, 09/20/2047 (e) (bb)		8,908
		HERO Funding Trust,
	14,508	Series 2016-3A, Class A1, 3.08%, 09/20/2042 (e)		14,367
	3,979	Series 2016-4A, Class A1, 3.57%, 09/20/2047 (e)		4,036
	8,289	Series 2016-4A, Class A2, 4.29%, 09/20/2047 (e)		8,519
	26,091	Series 2017-1A, Class A2, 4.46%, 09/20/2047 (e)		26,938
	16,476	Hero Residual Funding, (Cayman Islands), Series 2016-1R, Class A1, 4.50%, 09/21/2042 (e)		16,393
	23,659	Hertz Vehicle Financing II LP, Series 2018-1A, Class A, 3.29%, 02/25/2024 (e)		23,339
	4,745	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, 12/26/2028 (e)		4,687
	430	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, 1.82%, 03/25/2036 (z)		404
		Hyundai Auto Receivables Trust,
	2,674	Series 2015-B, Class A3, 1.12%, 11/15/2019		2,667
	6,560	Series 2016-A, Class A3, 1.56%, 09/15/2020		6,525
		Kabbage Asset Securitization LLC,
	75,570	Series 2017-1, Class A, 4.57%, 03/15/2022 (e)		76,837
	23,690	Series 2017-1, Class B, 5.79%, 03/15/2022 (e) (bb)		24,395

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		KGS-Alpha SBA COOF Trust,
	50,733	Series 2012-2, Class A, IO, 0.83%, 08/25/2038 (e) (z) (bb)		1,198
	9,943	Series 2012-3, Class A, IO, 1.26%, 09/25/2026 (e) (z) (bb)		144
	79,553	Series 2012-4, Class A, IO, 1.04%, 09/25/2037 (e) (z) (bb)		2,268
	31,403	Series 2012-6, Class A, IO, 0.67%, 05/25/2039 (e) (z) (bb)		499
	37,301	Series 2013-2, Class A, IO, 1.76%, 03/25/2039 (e) (z) (bb)		1,559
	31,540	Series 2014-1, Class A, IO, 1.41%, 10/25/2032 (e) (z)		1,117
	11,323	Series 2014-2, Class A, IO, 3.40%, 04/25/2040 (e) (z) (bb)		917
	16,319	Series 2015-2, Class A, IO, 2.97%, 07/25/2041 (e) (z)		1,682
		LendingClub Issuance Trust,
	1,329	Series 2016-NP1, Class A, 3.75%, 06/15/2022 (e)		1,332
	2,399	Series 2016-NP1, Class B, 6.50%, 06/15/2022 (e) (bb)		2,435
	2,507	Series 2016-NP2, Class A, 3.00%, 01/17/2023 (e)		2,506
		Lendmark Funding Trust,
	16,439	Series 2017-1A, Class A, 2.83%, 01/22/2024 (e)		16,359
	2,200	Series 2017-1A, Class B, 3.77%, 12/22/2025 (e) (bb)		2,209
	23,070	Series 2017-2A, Class A, 2.80%, 05/20/2026 (e)		22,950
		Long Beach Mortgage Loan Trust,
	2,363	Series 2004-1, Class M1, 2.37%, 02/25/2034 (z) (bb)		2,366
	391	Series 2004-3, Class M1, 2.48%, 07/25/2034 (z) (bb)		389
		LV Tower 52 Issuer,
	41,101	Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		41,101
	14,848	Series 2013-1, Class M, 7.75%, 02/15/2023 (e) (bb)		14,848
		Mariner Finance Issuance Trust,
	18,601	Series 2017-AA, Class A, 3.62%, 02/20/2029 (e)		18,666
	7,750	Series 2017-AA, Class B, 4.74%, 02/20/2029 (e) (bb)		7,884
	6,500	Series 2017-AA, Class C, 6.73%, 02/20/2029 (e) (bb)		6,681
	7,000	Series 2017-BA, Class B, 3.48%, 12/20/2029 (e) (bb)		6,887

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	12,200	Series 2017-BA, Class C, 4.57%, 12/20/2029 (e) (bb)		11,994
	20,551	MarketPlace Loan Trust, Series 2017-BS1, Class A, 3.50%, 01/18/2022 (e) (bb)		20,500
		Marlette Funding Trust,
	4,421	Series 2016-1A, Class A, 3.06%, 01/17/2023 (e)		4,425
	18,285	Series 2017-1A, Class A, 2.83%, 03/15/2024 (e)		18,322
	9,500	Series 2017-3A, Class B, 3.01%, 12/15/2024 (e)		9,447
	29,871	Series 2018-1A, Class A, 2.61%, 03/15/2028 (e)		29,854
	8,926	Series 2018-1A, Class B, 3.19%, 03/15/2028 (e)		8,890
	7,120	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.08%, 10/15/2040 (e) (bb)		7,986
		Mid-State Capital Trust,
	2,899	Series 2010-1, Class A, 3.50%, 12/15/2045 (e)		2,952
	5,218	Series 2010-1, Class M, 5.25%, 12/15/2045 (e) (bb)		5,462
	3,345	Nationstar HECM Loan Trust, Series 2017-1A, Class M1, 2.94%, 05/25/2027 (e) (bb)		3,350
	1,920	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.12%, 11/25/2033 (bb)		1,941
	15,120	New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (e)		14,970
		NRPL Trust,
	27,924	Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e)		27,911
	7,000	Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		6,849
	4,874	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class AT1, 2.75%, 06/15/2049 (e)		4,814
		Ocwen Master Advance Receivables Trust,
	9,662	Series 2016-T1, Class AT1, 2.52%, 08/17/2048 (e)		9,654
	4,384	Series 2016-T1, Class DT1, 4.25%, 08/17/2048 (e) (bb)		4,346
	8,466	Series 2017-T1, Class AT1, 2.50%, 09/15/2048 (e)		8,472
		OnDeck Asset Securitization Trust II LLC,
	20,847	Series 2016-1A, Class A, 4.21%, 05/17/2020 (e)		20,891
	7,826	Series 2016-1A, Class B, 7.63%, 05/17/2020 (e)		7,938

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		OneMain Direct Auto Receivables Trust,
	2,673	Series 2016-1A, Class A, 2.04%, 01/15/2021 (e)		2,673
	11,557	Series 2016-1A, Class C, 4.58%, 09/15/2021 (e)		11,599
		OneMain Financial Issuance Trust,
	6,815	Series 2014-2A, Class B, 3.02%, 09/18/2024 (e) (bb)		6,821
	25,318	Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		25,412
	10,800	Series 2015-1A, Class B, 3.85%, 03/18/2026 (e)		10,834
	18,149	Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		18,139
	11,620	Series 2015-2A, Class B, 3.10%, 07/18/2025 (e) (bb)		11,610
	21,450	Series 2016-1A, Class A, 3.66%, 02/20/2029 (e)		21,682
	12,500	Series 2016-1A, Class C, 6.00%, 02/20/2029 (e)		12,858
		Oportun Funding II LLC,
	29,486	Series 2016-A, Class A, 4.70%, 03/08/2021 (e)		29,628
	11,354	Series 2016-A, Class B, 6.41%, 03/08/2021 (e) (bb)		11,444
		Oportun Funding III LLC,
	24,511	Series 2016-B, Class A, 3.69%, 07/08/2021 (e)		24,736
	2,677	Series 2016-B, Class B, 5.16%, 07/08/2021 (e)		2,716
	12,817	Oportun Funding VI LLC, Series 2017-A, Class A, 3.23%, 06/08/2023 (e)		12,653
	10,654	Oportun Funding VII LLC, Series 2017-B, Class A, 3.22%, 10/10/2023 (e)		10,503
	35,735	Oportun Funding VIII LLC, Series 2018-A, Class A, 3.61%, 03/08/2024 (e)		35,725
		Progress Residential Trust,
	26,348	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		26,218
	7,295	Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb)		7,272
	16,110	Series 2015-SFR2, Class C, 3.44%, 06/12/2032 (e) (bb)		16,075
	8,917	Series 2015-SFR2, Class E, 4.43%, 06/12/2032 (e) (bb)		8,974
	32,347	Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e) (bb)		32,255
	3,041	Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e) (bb)		3,110
	4,000	Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (e)		4,150

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 27

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	5,000	Series 2017-SFR1, Class E, 4.26%, 08/17/2034 (e) (bb)		4,996
	6,200	Series 2018-SFR1, Class E, 4.38%, 03/17/2035 (e)		6,198
		Prosper Marketplace Issuance Trust,
	8,458	Series 2017-1A, Class A, 2.56%, 06/15/2023 (e)		8,463
	12,886	Series 2017-2A, Class A, 2.41%, 09/15/2023 (e)		12,870
	26,063	Series 2017-3A, Class A, 2.36%, 11/15/2023 (e)		26,001
		Purchasing Power Funding LLC,
	6,845	Series 2018-A, Class B, 3.58%, 08/15/2022 (e)		6,844
	6,795	Series 2018-A, Class C, 3.78%, 08/15/2022 (e)		6,794
	2,691	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.69%, 10/25/2047 (e) (bb)		2,441
	34,500	RCM Fund 1 Issuer LLC, Series 2017-1, Class A, 5.50%, 10/25/2021 (e) (bb)		34,500
	96	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.68%, 06/25/2037 (bb)		46
	10,195	Renew, (Cayman Islands), Series 2017-1A, Class A, 3.67%, 09/20/2052 (e)		10,003
	44,288	Rice Park Financing Trust, Series 2016-A, Class A, 4.63%, 10/31/2041 (e) (bb)		44,288
	32,463	Santander Drive Auto Receivables Trust, Series 2018-1, Class D, 3.32%, 03/15/2024		32,217
	459	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.72%, 06/25/2033 (bb)		464
	607	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		541
	1,108	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.85%, 01/18/2022 (e)		1,109
	8,612	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.09%, 10/27/2025 (e)		8,626
	6,299	SoFi Professional Loan Program LLC, Series 2018-A, Class A2A, 2.39%, 02/25/2042 (e)		6,272
	4,345	Spirit Airlines Pass-Through Trust, Series 2017-1AA, 3.38%, 02/15/2030		4,250
	26,639	Spirit Master Funding LLC, Series 2017-1A, Class A, 4.36%, 12/20/2047 (e)		26,799
	18,280	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/2029 (e)		18,284

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Springleaf Funding Trust,
	37,127	Series 2015-AA, Class A, 3.16%, 11/15/2024 (e)		37,180
	8,805	Series 2015-AA, Class B, 3.62%, 11/15/2024 (e)		8,797
	16,735	Series 2016-AA, Class B, 3.80%, 11/15/2029 (e)		16,805
	9,045	Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 06/15/2028 (e)		9,118
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	1,437	Series 2004-6XS, Class A5A, SUB, 6.03%, 03/25/2034 (bb)		1,462
	1,150	Series 2004-6XS, Class A5B, SUB, 6.05%, 03/25/2034 (bb)		1,170
		Structured Asset Securities Corp. Pass-Through Certificates,
	395	Series 2002-AL1, Class A2, 3.45%, 02/25/2032 (bb)		391
	798	Series 2002-AL1, Class A3, 3.45%, 02/25/2032 (bb)		783
	27,160	TCF Auto Receivables Owner Trust, Series 2016-1A, Class A3, 1.71%, 04/15/2021 (e)		27,030
	11,389	Tesla Auto Lease Trust, Series 2018-A, Class A, 2.32%, 12/20/2019 (e)		11,377
	13,141	Tricolor Auto Securitization Trust, Series 2017-1, Class A, 5.09%, 05/15/2020 (e) (bb)		13,116
	14,468	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (e) (bb)		14,130
	43,507	U.S. Residential Opportunity Fund IV Trust, Series 2017-1IV, Class A, SUB, 3.35%, 11/27/2037 (e) (bb)		43,165
		Union Pacific Railroad Co. Pass-Through Trust,
	117	Series 2003-1, 4.70%, 01/02/2024		122
	3,260	Series 2015-1, 2.70%, 05/12/2027		3,128
		United Airlines Pass-Through Trust,
	1,134	Series 2013-1, Class A, 4.30%, 08/15/2025		1,170
	6,693	Series 2016-1, Class A, 3.45%, 07/07/2028		6,624
	1,009	Series 2016-1, Class B, 3.65%, 01/07/2026		990
	9,032	Series 2018-1, Class A, 3.70%, 03/01/2030		8,952
	16,401	Series 2018-1, Class AA, 3.50%, 03/01/2030		16,217
	12,715	Upstart Securitization Trust, Series 2017-1, Class A, 2.64%, 06/20/2024 (e)		12,691

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	22,364	USASF Receivables LLC, Series 2017-1, Class A, 5.75%, 09/15/2030 (e) (bb)		22,166
		Verizon Owner Trust,
	2,394	Series 2016-1A, Class A, 1.42%, 01/20/2021 (e)		2,372
	18,701	Series 2017-3A, Class A1A, 2.06%, 04/20/2022 (e)		18,431
	16,800	Veros Automobile Receivables Trust, Series 2017-1, Class A, 2.84%, 04/17/2023 (e)		16,751
	31,900	VM DEBT LLC, Series 2017-1, Class A, 6.50%, 10/02/2024 (e) (bb)		31,900
	6,676	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		6,689
	8,620	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		8,594
	10,183	VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		10,168
	15,230	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		15,153
	10,548	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		10,510
	55,818	VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.37%, 10/25/2047 (e)		55,733
	4,547	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		4,553
	24,639	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		24,638
		Westgate Resorts LLC,
	1,378	Series 2015-1A, Class A, 2.75%, 05/20/2027 (e)		1,374
	12,043	Series 2017-1A, Class A, 3.05%, 12/20/2030 (e)		11,978
		Westlake Automobile Receivables Trust,
	1,574	Series 2016-2A, Class A2, 1.57%, 06/17/2019 (e)		1,573
	4,000	Series 2016-3A, Class D, 3.58%, 01/18/2022 (e)		4,015
	8,210	Series 2017-1A, Class C, 2.70%, 10/17/2022 (e)		8,194
	8,261	Series 2017-1A, Class D, 3.46%, 10/17/2022 (e)		8,301
	3,370	Series 2018-1A, Class C, 2.92%, 05/15/2023 (e)		3,361
		Total Asset-Backed Securities (Cost $3,358,043)		3,358,499
	Collateralized Mortgage Obligations — 9.5%
	6,484	Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		6,482
	42,290	Acre, 0.00%, 12/15/2020 (bb)		42,290

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Alternative Loan Trust,
	6,566	Series 2004-2CB, Class 1A9, 5.75%, 03/25/2034		6,721
	1,898	Series 2005-1CB, Class 1A6, IF, IO, 5.48%, 03/25/2035 (z) (bb)		259
	6,414	Series 2005-20CB, Class 3A8, IF, IO, 3.13%, 07/25/2035 (z) (bb)		560
	6,511	Series 2005-22T1, Class A2, IF, IO, 3.45%, 06/25/2035 (z) (bb)		654
	2,668	Series 2005-28CB, Class 1A4, 5.50%, 08/25/2035		2,576
	88	Series 2005-28CB, Class 3A5, 6.00%, 08/25/2035		70
	22,596	Series 2005-37T1, Class A2, IF, IO, 3.43%, 09/25/2035 (z) (bb)		2,311
	2,674	Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		2,547
	10,565	Series 2005-54CB, Class 1A2, IF, IO, 3.23%, 11/25/2035 (z)		926
	35	Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		35
	1,130	Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		1,123
	1,497	Series 2005-J1, Class 1A4, IF, IO, 3.48%, 02/25/2035 (z)		42
	100	American General Mortgage Loan Trust, Series 2006-1, Class A5, 5.75%, 12/25/2035 (e) (z)		103
		Angel Oak Mortgage Trust LLC,
	1,307	Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		1,301
	4,533	Series 2015-1, Class M, SUB, 5.50%, 11/25/2045 (e) (bb)		4,518
	25,631	Aqua Finance Trust, Series 2017-A, Class A, 3.72%, 11/15/2035 (e)		25,249
		ASG Resecuritization Trust,
	804	Series 2009-3, Class A65, 2.93%, 03/26/2037 (e) (z)		804
	2,590	Series 2011-1, Class 2A35, 6.00%, 09/28/2036 (e)		2,059
	1,111	Series 2011-1, Class 3A50, 3.63%, 11/28/2035 (e) (z)		1,109
		Banc of America Alternative Loan Trust,
	39	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		38
	415	Series 2005-5, Class 1CB1, 5.50%, 06/25/2035		392
	1,292	Series 2005-9, Class CBIO, IO, 5.50%, 10/25/2035 (bb)		293

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 29

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Banc of America Funding Trust,
	300	Series 2004-1, PO, 03/25/2034 (bb)		252
	443	Series 2004-2, Class 1CB1, 5.75%, 09/20/2034		472
	698	Series 2004-C, Class 1A1, 3.88%, 12/20/2034 (z)		700
	293	Series 2005-6, Class 2A7, 5.50%, 10/25/2035		283
	287	Series 2005-7, Class 30PO, PO, 11/25/2035 (bb)		238
	106	Series 2005-8, Class 30PO, PO, 01/25/2036 (z) (bb)		81
	492	Series 2005-E, Class 4A1, 3.69%, 03/20/2035 (z)		498
	186	Series 2006-1, Class XPO, PO, 01/25/2036 (z) (bb)		148
		Banc of America Mortgage Trust,
	174	Series 2003-C, Class 3A1, 3.75%, 04/25/2033 (z)		177
	207	Series 2004-9, Class 3A1, 6.50%, 09/25/2032		215
	1	Series 2004-9, Class 3PO, PO, 09/25/2032 (bb)		1
	573	Series 2004-J, Class 3A1, 3.75%, 11/25/2034 (z)		573
		BCAP LLC Trust,
	1,044	Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (e) (z)		1,066
	6,569	Series 2010-RR7, Class 2A1, 3.24%, 07/26/2045 (e) (z)		6,484
	691	Series 2012-RR10, Class 1A1, 1.79%, 02/26/2037 (e) (z)		691
	751	Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, 2.12%, 03/25/2035 (z)		750
		Bear Stearns ARM Trust,
	1,142	Series 2003-2, Class A5, 3.60%, 11/25/2007 (e) (z)		1,156
	91	Series 2003-7, Class 3A, 3.29%, 10/25/2033 (z)		91
	617	Series 2004-2, Class 14A, 3.65%, 05/25/2034 (z)		621
	2,885	Series 2006-1, Class A1, 3.67%, 02/25/2036 (z)		2,892
	182	Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates, Series 2003-8, Class 1P, PO, 10/25/2033 (bb)		171
	61	Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates, Series 2004-1, Class P, PO, 02/25/2034 (bb)		54

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chase Mortgage Finance Trust,
	560	Series 2007-A1, Class 1A3, 3.70%, 02/25/2037 (z)		558
	1,116	Series 2007-A1, Class 2A1, 3.68%, 02/25/2037 (z)		1,126
	141	Series 2007-A1, Class 7A1, 3.69%, 02/25/2037 (z)		141
	727	Series 2007-A1, Class 9A1, 3.66%, 02/25/2037 (z)		723
	464	Series 2007-A2, Class 1A1, 3.67%, 07/25/2037 (z)		465
	704	Series 2007-A2, Class 2A1, 3.61%, 07/25/2037 (z)		716
		CHL Mortgage Pass-Through Trust,
	144	Series 2002-18, PO, 11/25/2032 (z) (bb)		131
	312	Series 2004-3, Class A26, 5.50%, 04/25/2034		318
	212	Series 2004-3, Class A4, 5.75%, 04/25/2034		217
	1,547	Series 2004-5, Class 1A4, 5.50%, 06/25/2034		1,570
	104	Series 2004-7, Class 2A1, 3.53%, 06/25/2034 (z)		104
	122	Series 2004-8, Class 2A1, 4.50%, 06/25/2019		123
	162	Series 2004-HYB1, Class 2A, 3.44%, 05/20/2034 (z)		163
	908	Series 2004-HYB3, Class 2A, 3.16%, 06/20/2034 (z)		908
	483	Series 2004-HYB6, Class A3, 3.49%, 11/20/2034 (z)		492
	18	Series 2004-J8, Class 1A2, 4.75%, 11/25/2019		18
	247	Series 2005-14, Class A2, 5.50%, 07/25/2035		240
	130	Series 2005-16, Class A23, 5.50%, 09/25/2035		128
	1,960	Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		1,754
		Citicorp Mortgage Securities Trust,
	59	Series 2006-1, Class 2A1, 5.00%, 02/25/2021		60
	608	Series 2006-4, Class 1A2, 6.00%, 08/25/2036		611
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	891	Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z)		899
	2	Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb)		2

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Citigroup Mortgage Loan Trust,
	394	Series 2009-5, Class 8A1, 6.00%, 06/25/2036 (e) (z)		395
	188	Series 2009-8, Class 4A1, 6.00%, 11/25/2036 (e)		189
	2,890	Series 2009-10, Class 1A1, 3.33%, 09/25/2033 (e) (z)		2,932
	1,077	Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (e) (z)		1,093
	3,944	Series 2015-A, Class B2, 4.50%, 06/25/2058 (e) (z)		4,077
		Citigroup Mortgage Loan Trust, Inc.,
	343	Series 2003-1, Class 2A5, 5.25%, 10/25/2033		348
	60	Series 2003-1, Class 2A6, PO, 10/25/2033 (bb)		58
	61	Series 2003-1, Class PO2, PO, 10/25/2033 (bb)		53
	49	Series 2003-1, Class PO3, PO, 09/25/2033 (bb)		46
	65	Series 2003-UP3, Class A3, 7.00%, 09/25/2033		66
	99	Series 2003-UST1, Class A1, 5.50%, 12/25/2018		99
	28	Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb)		28
	3	Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		3
	339	Series 2004-UST1, Class A6, 3.25%, 08/25/2034 (z)		332
	262	Series 2005-1, Class 2A1A, 2.83%, 02/25/2035 (z)		228
	1,354	Series 2005-2, Class 2A11, 5.50%, 05/25/2035		1,391
	761	Series 2005-5, Class 1A2, 4.08%, 08/25/2035 (z)		638
	8,628	Conix Mortgage Asset Trust, Series 2013-1, Class A12/25/2047 (d) (z) (bb)		926
		Credit Suisse First Boston Mortgage Securities Corp.,
	3	Series 1997-2, Class A, 7.50%, 06/25/2020 (e)		3
	812	Series 2003-1, Class DB1, 6.74%, 02/25/2033 (z)		820
	717	Series 2003-21, Class 1A4, 5.25%, 09/25/2033		736
	464	Series 2003-23, Class 1P, PO, 10/25/2033 (bb)		406
	27	Series 2003-23, Class 2A5, 5.00%, 10/25/2018		27

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3	Series 2003-25, Class 2A1, 4.50%, 10/25/2018		3
	350	Series 2003-AR15, Class 3A1, 3.45%, 06/25/2033 (z)		349
	186	Series 2004-5, Class 3A1, 5.25%, 08/25/2019		187
	3	Series 2004-5, Class 5P, PO, 08/25/2019 (bb)		2
		CSFB Mortgage-Backed Pass-Through,
	972	Series 2003-27, Class 5A3, 5.25%, 11/25/2033		984
	444	Series 2003-27, Class 5A4, 5.25%, 11/25/2033		449
	671	Series 2004-4, Class 2A4, 5.50%, 09/25/2034		699
	2,367	Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 (bb)		34
	128	Series 2005-10, Class AP, PO, 11/25/2035 (bb)		89
		CSFB Mortgage-Backed Pass-Through Certificates,
	1,113	Series 2004-8, Class 1A4, 5.50%, 12/25/2034		1,162
	179	Series 2005-9, Class AP, PO, 10/25/2035 (bb)		140
	966	CSMC, Series 2010-17R, Class 1A1, 3.43%, 06/26/2036 (e) (z)		972
	238	CVS Pass-Through Trust, 8.35%, 07/10/2031 (e)		297
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
	291	Series 2005-1, Class 2A1, 5.71%, 02/25/2020 (z)		292
	450	Series 2005-3, Class 1A1, 3.53%, 06/25/2020 (z)		435
	3	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/2018 (bb)		3
	21,900	DT Asset Trust, 5.84%, 12/16/2022 (bb)		21,893
		FHLMC — GNMA,
	101	Series 8, Class ZA, 7.00%, 03/25/2023		107
	71	Series 24, Class ZE, 6.25%, 11/25/2023		75
	496	Series 29, Class L Shares, 7.50%, 04/25/2024		539
		FHLMC Reference REMIC,
	3,604	Series R006, Class ZA, 6.00%, 04/15/2036		3,942
	4,942	Series R007, Class ZA, 6.00%, 05/15/2036		5,413

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 31

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			FHLMC REMIC,
	2		Series 23, Class F, 9.60%, 04/15/2020		2
	—	(h)	Series 46, Class B, 7.80%, 09/15/2020		—	(h)
	—	(h)	Series 47, Class F, 10.00%, 06/15/2020		—	(h)
	—	(h)	Series 85, Class C, 8.60%, 01/15/2021		—	(h)
	1		Series 99, Class Z, 9.50%, 01/15/2021		1
	9		Series 114, Class H, 6.95%, 01/15/2021		9
	—	(h)	Series 204, Class E, HB, IF, IO, 1,578.44%, 05/15/2023 (z)		—	(h)
	—	(h)	Series 1045, Class G, HB, IO, 1,066.21%, 02/15/2021		—	(h)
	2		Series 1065, Class J, 9.00%, 04/15/2021		2
	1		Series 1079, Class S, HB, IF, 28.60%, 05/15/2021 (z)		1
	1		Series 1084, Class F, 2.54%, 05/15/2021 (z)		1
	1		Series 1084, Class S, HB, IF, 38.08%, 05/15/2021 (z)		1
	3		Series 1116, Class I Shares, 5.50%, 08/15/2021		3
	15		Series 1144, Class KB, 8.50%, 09/15/2021		16
	—	(h)	Series 1172, Class L Shares, HB, IO, 1,181.25%, 11/15/2021 (z)		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, IO, 1,003.20%, 01/15/2022 (z)		—	(h)
	6		Series 1206, Class IA, 7.00%, 03/15/2022		7
	8		Series 1250, Class J, 7.00%, 05/15/2022		8
	30		Series 1343, Class LA, 8.00%, 08/15/2022		32
	12		Series 1343, Class LB, 7.50%, 08/15/2022		13
	20		Series 1370, Class JA, 2.74%, 09/15/2022 (z)		21
	19		Series 1455, Class WB, IF, 3.88%, 12/15/2022 (z)		20
	195		Series 1466, Class PZ, 7.50%, 02/15/2023		210
	3		Series 1470, Class F, 1.75%, 02/15/2023 (z)		3
	34		Series 1491, Class I Shares, 7.50%, 04/15/2023		37
	110		Series 1498, Class I Shares, 2.74%, 04/15/2023 (z)		112
	164		Series 1502, Class PX, 7.00%, 04/15/2023		176
	18		Series 1505, Class Q, 7.00%, 05/15/2023		19
	74		Series 1518, Class G, IF, 7.30%, 05/15/2023 (z)		80

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	15	Series 1541, Class M, HB, IF, 24.52%, 07/15/2023 (z)		19
	69	Series 1541, Class O, 2.12%, 07/15/2023 (z)		69
	4	Series 1570, Class F, 2.25%, 08/15/2023 (z)		4
	129	Series 1573, Class PZ, 7.00%, 09/15/2023		139
	78	Series 1591, Class PV, 6.25%, 10/15/2023		83
	46	Series 1602, Class SA, IF, 17.59%, 10/15/2023 (z)		57
	469	Series 1608, Class L Shares, 6.50%, 09/15/2023		529
	191	Series 1642, Class PJ, 6.00%, 11/15/2023		201
	66	Series 1658, Class GZ, 7.00%, 01/15/2024		70
	14	Series 1671, Class L Shares, 7.00%, 02/15/2024		16
	19	Series 1671, Class QC, IF, 10.00%, 02/15/2024 (z)		24
	8	Series 1686, Class SH, IF, 15.67%, 02/15/2024 (z)		10
	61	Series 1695, Class EB, 7.00%, 03/15/2024		66
	12	Series 1699, Class FC, 2.19%, 03/15/2024 (z)		12
	65	Series 1700, Class GA, PO, 02/15/2024		62
	331	Series 1706, Class K, 7.00%, 03/15/2024		356
	6	Series 1709, Class FA, 1.74%, 03/15/2024 (z)		6
	216	Series 1720, Class PL, 7.50%, 04/15/2024		233
	204	Series 1737, Class L Shares, 6.00%, 06/15/2024		228
	53	Series 1745, Class D, 7.50%, 08/15/2024		58
	168	Series 1798, Class F, 5.00%, 05/15/2023		174
	2	Series 1807, Class G, 9.00%, 10/15/2020		2
	29	Series 1829, Class ZB, 6.50%, 03/15/2026		31
	215	Series 1863, Class Z, 6.50%, 07/15/2026		243
	52	Series 1865, Class D, PO, 02/15/2024		46
	32	Series 1890, Class H, 7.50%, 09/15/2026		36
	98	Series 1899, Class ZE, 8.00%, 09/15/2026		112
	217	Series 1927, Class PH, 7.50%, 01/15/2027		242
	154	Series 1927, Class ZA, 6.50%, 01/15/2027		173

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	6	Series 1935, Class FL, 2.29%, 02/15/2027 (z)		6
	76	Series 1963, Class Z, 7.50%, 01/15/2027		86
	9	Series 1970, Class PG, 7.25%, 07/15/2027		10
	184	Series 1981, Class Z, 6.00%, 05/15/2027		196
	107	Series 1983, Class Z, 6.50%, 12/15/2023		114
	82	Series 1987, Class PE, 7.50%, 09/15/2027		92
	109	Series 2019, Class Z, 6.50%, 12/15/2027		119
	343	Series 2033, Class J, 5.60%, 06/15/2023		359
	40	Series 2033, Class SN, HB, IF, IO, 28.05%, 03/15/2024 (z)		12
	129	Series 2038, Class PN, IO, 7.00%, 03/15/2028		24
	405	Series 2040, Class PE, 7.50%, 03/15/2028		456
	135	Series 2054, Class PV, 7.50%, 05/15/2028		152
	1	Series 2056, Class TD, 6.50%, 05/15/2018		1
	204	Series 2063, Class PG, 6.50%, 06/15/2028		230
	24	Series 2064, Class TE, 7.00%, 06/15/2028		27
	90	Series 2070, Class C, 6.00%, 07/15/2028		96
	394	Series 2075, Class PH, 6.50%, 08/15/2028		432
	422	Series 2075, Class PM, 6.25%, 08/15/2028		451
	73	Series 2086, Class GB, 6.00%, 09/15/2028		79
	155	Series 2089, Class PJ, IO, 7.00%, 10/15/2028		18
	347	Series 2095, Class PE, 6.00%, 11/15/2028		376
	692	Series 2106, Class ZD, 6.00%, 12/15/2028		748
	934	Series 2110, Class PG, 6.00%, 01/15/2029		1,017
	201	Series 2125, Class JZ, 6.00%, 02/15/2029		219
	1,065	Series 2126, Class CB, 6.25%, 02/15/2029		1,154
	27	Series 2132, Class SB, HB, IF, 23.73%, 03/15/2029 (z)		40
	3	Series 2134, Class PI, IO, 6.50%, 03/15/2019		—	(h)
	15	Series 2141, IO, 7.00%, 04/15/2029		2
	69	Series 2163, Class PC, IO, 7.50%, 06/15/2029		8

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	809	Series 2169, Class TB, 7.00%, 06/15/2029		898
	412	Series 2172, Class QC, 7.00%, 07/15/2029		462
	236	Series 2176, Class OJ, 7.00%, 08/15/2029		265
	1	Series 2196, Class TL, 7.50%, 11/15/2029		1
	195	Series 2201, Class C, 8.00%, 11/15/2029		219
	9	Series 2204, Class GB, 8.00%, 12/20/2029 (z) (bb)		9
	386	Series 2208, Class PG, 7.00%, 01/15/2030		435
	117	Series 2209, Class TC, 8.00%, 01/15/2030		135
	404	Series 2210, Class Z, 8.00%, 01/15/2030		468
	79	Series 2224, Class CB, 8.00%, 03/15/2030		90
	114	Series 2230, Class Z, 8.00%, 04/15/2030		132
	84	Series 2234, Class PZ, 7.50%, 05/15/2030		96
	89	Series 2247, Class Z, 7.50%, 08/15/2030		99
	237	Series 2256, Class MC, 7.25%, 09/15/2030		270
	267	Series 2259, Class ZM, 7.00%, 10/15/2030		300
	1	Series 2261, Class ZY, 7.50%, 10/15/2030		1
	24	Series 2262, Class Z, 7.50%, 10/15/2030		28
	310	Series 2271, Class PC, 7.25%, 12/15/2030		349
	188	Series 2283, Class K, 6.50%, 12/15/2023		200
	157	Series 2296, Class PD, 7.00%, 03/15/2031		175
	48	Series 2306, Class K, PO, 05/15/2024		45
	116	Series 2306, Class SE, IF, IO, 8.01%, 05/15/2024 (z)		19
	76	Series 2313, Class LA, 6.50%, 05/15/2031		88
	140	Series 2325, Class PM, 7.00%, 06/15/2031		157
	323	Series 2332, Class ZH, 7.00%, 07/15/2031		362
	91	Series 2333, Class HC, 6.00%, 07/15/2031		100
	1,987	Series 2344, Class ZD, 6.50%, 08/15/2031		2,287
	191	Series 2344, Class ZJ, 6.50%, 08/15/2031		213
	156	Series 2345, Class NE, 6.50%, 08/15/2031		172
	17	Series 2347, Class VP, 6.50%, 03/15/2020		17

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 33

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	174	Series 2351, Class PZ, 6.50%, 08/15/2031		198
	326	Series 2359, Class ZB, 8.50%, 06/15/2031		370
	176	Series 2367, Class ME, 6.50%, 10/15/2031		197
	161	Series 2388, Class FB, 2.19%, 01/15/2029 (z)		163
	211	Series 2399, Class OH, 6.50%, 01/15/2032		233
	297	Series 2399, Class TH, 6.50%, 01/15/2032		329
	364	Series 2410, Class NG, 6.50%, 02/15/2032		404
	217	Series 2410, Class OE, 6.38%, 02/15/2032		233
	389	Series 2410, Class QS, IF, 15.37%, 02/15/2032 (z)		515
	165	Series 2410, Class QX, IF, IO, 7.06%, 02/15/2032 (z)		36
	442	Series 2412, Class SP, IF, 12.92%, 02/15/2032 (z)		529
	930	Series 2418, Class FO, 2.49%, 02/15/2032 (z)		950
	351	Series 2420, Class XK, 6.50%, 02/15/2032		389
	316	Series 2423, Class MC, 7.00%, 03/15/2032		354
	386	Series 2423, Class MT, 7.00%, 03/15/2032		435
	473	Series 2423, Class TB, 6.50%, 03/15/2032		533
	495	Series 2430, Class WF, 6.50%, 03/15/2032		554
	698	Series 2434, Class TC, 7.00%, 04/15/2032		779
	1,113	Series 2434, Class ZA, 6.50%, 04/15/2032		1,255
	765	Series 2435, Class CJ, 6.50%, 04/15/2032		847
	230	Series 2436, Class MC, 7.00%, 04/15/2032		254
	123	Series 2441, Class GF, 6.50%, 04/15/2032		136
	320	Series 2444, Class ES, IF, IO, 6.36%, 03/15/2032 (z)		61
	311	Series 2450, Class GZ, 7.00%, 05/15/2032		352
	209	Series 2450, Class SW, IF, IO, 6.41%, 03/15/2032 (z)		37

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	362	Series 2455, Class GK, 6.50%, 05/15/2032		397
	333	Series 2458, Class ZM, 6.50%, 06/15/2032		362
	228	Series 2466, Class DH, 6.50%, 06/15/2032		258
	439	Series 2466, Class PH, 6.50%, 06/15/2032		486
	349	Series 2474, Class NR, 6.50%, 07/15/2032		393
	772	Series 2475, Class S, IF, IO, 6.41%, 02/15/2032 (z)		147
	514	Series 2484, Class LZ, 6.50%, 07/15/2032		585
	495	Series 2500, Class MC, 6.00%, 09/15/2032		544
	538	Series 2512, Class PG, 5.50%, 10/15/2022		562
	176	Series 2535, Class BK, 5.50%, 12/15/2022		183
	881	Series 2543, Class YX, 6.00%, 12/15/2032		962
	454	Series 2544, Class HC, 6.00%, 12/15/2032		505
	632	Series 2552, Class ME, 6.00%, 01/15/2033		699
	479	Series 2567, Class QD, 6.00%, 02/15/2033		529
	486	Series 2571, Class FY, 2.34%, 12/15/2032 (z)		496
	57	Series 2571, Class SK, HB, IF, 27.65%, 09/15/2023 (z)		80
	287	Series 2571, Class SY, IF, 14.79%, 12/15/2032 (z)		359
	2,302	Series 2575, Class ME, 6.00%, 02/15/2033		2,510
	1,270	Series 2586, Class HD, 5.50%, 03/15/2023		1,351
	257	Series 2586, Class WI, IO, 6.50%, 03/15/2033		48
	1,273	Series 2595, Class HC, 5.50%, 04/15/2023		1,361
	387	Series 2596, Class QG, 6.00%, 03/15/2033		405
	6	Series 2611, Class UH, 4.50%, 05/15/2018		6
	7	Series 2626, Class NS, IF, IO, 4.96%, 06/15/2023 (z)		—	(h)
	866	Series 2631, Class SA, IF, 11.94%, 06/15/2033 (z)		1,042

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	64	Series 2636, Class Z, 4.50%, 06/15/2018		65
	8	Series 2637, Class SA, IF, IO, 4.51%, 06/15/2018 (z)		—	(h)
	96	Series 2638, Class DS, IF, 7.01%, 07/15/2023 (z)		100
	4	Series 2642, Class SL, IF, 6.01%, 07/15/2033 (z)		4
	47	Series 2650, Class SO, PO, 12/15/2032		47
	77	Series 2651, Class VZ, 4.50%, 07/15/2018		77
	6,745	Series 2653, Class PZ, 5.00%, 07/15/2033		7,296
	263	Series 2671, Class S, IF, 11.85%, 09/15/2033 (z)		314
	257	Series 2692, Class SC, IF, 10.11%, 07/15/2033 (z)		293
	2,153	Series 2709, Class PG, 5.00%, 11/15/2023		2,237
	547	Series 2710, Class HB, 5.50%, 11/15/2023		573
	222	Series 2720, Class PC, 5.00%, 12/15/2023		232
	1,979	Series 2722, Class PF, 2.19%, 12/15/2033 (z)		1,991
	7,160	Series 2733, Class SB, IF, 6.58%, 10/15/2033 (z)		7,454
	87	Series 2744, Class PE, 5.50%, 02/15/2034		89
	80	Series 2748, Class KO, PO, 10/15/2023		80
	93	Series 2758, Class AO, PO, 03/15/2019		92
	127	Series 2780, Class SY, IF, 13.01%, 11/15/2033 (z)		160
	1,828	Series 2802, Class OH, 6.00%, 05/15/2034		1,956
	67	Series 2835, Class QO, PO, 12/15/2032		56
	1	Series 2840, Class JO, PO, 06/15/2023		1
	615	Series 2903, Class Z, 5.00%, 12/15/2024		649
	488	Series 2929, Class MS, HB, IF, 21.17%, 02/15/2035 (z)		613
	785	Series 2934, Class EC, PO, 02/15/2020		770
	234	Series 2934, Class HI, IO, 5.00%, 02/15/2020		8
	126	Series 2934, Class KI, IO, 5.00%, 02/15/2020		4
	11	Series 2945, Class SA, IF, 9.44%, 03/15/2020 (z)		11
	186	Series 2967, Class S, HB, IF, 25.09%, 04/15/2025 (z)		227
	9,187	Series 2968, Class EH, 6.00%, 04/15/2035		10,148

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	693	Series 2981, Class FA, 1.99%, 05/15/2035 (z)		695
	779	Series 2988, Class AF, 1.89%, 06/15/2035 (z)		777
	1	Series 2989, PO, 06/15/2023		1
	392	Series 2990, Class GO, PO, 02/15/2035		348
	669	Series 2990, Class SL, IF, 18.67%, 06/15/2034 (z)		787
	29	Series 2990, Class WP, IF, 12.93%, 06/15/2035 (z)		33
	71	Series 3014, Class OD, PO, 08/15/2035		63
	91	Series 3022, Class SX, IF, 12.91%, 08/15/2025 (z)		103
	286	Series 3029, Class SO, PO, 09/15/2035		256
	215	Series 3051, Class DP, HB, IF, 21.04%, 10/15/2025 (z)		292
	377	Series 3064, Class SG, IF, 14.71%, 11/15/2035 (z)		480
	1	Series 3068, Class AO, PO, 01/15/2035		1
	635	Series 3077, Class TO, PO, 04/15/2035		573
	658	Series 3085, Class WF, 2.39%, 08/15/2035 (z)		673
	1,461	Series 3101, Class UZ, 6.00%, 01/15/2036		1,642
	108	Series 3102, Class HS, IF, 18.75%, 01/15/2036 (z)		146
	1,220	Series 3117, Class AO, PO, 02/15/2036		1,116
	328	Series 3117, Class EO, PO, 02/15/2036		279
	402	Series 3117, Class OG, PO, 02/15/2036		359
	284	Series 3117, Class OK, PO, 02/15/2036		241
	724	Series 3122, Class OH, PO, 03/15/2036		642
	674	Series 3122, Class OP, PO, 03/15/2036		614
	20	Series 3122, Class ZB, 6.00%, 03/15/2036		26
	82	Series 3134, PO, 03/15/2036		71
	953	Series 3137, Class XP, 6.00%, 04/15/2036		1,048
	435	Series 3138, PO, 04/15/2036		383
	1,386	Series 3147, PO, 04/15/2036		1,264
	124	Series 3149, Class SO, PO, 05/15/2036		96
	398	Series 3151, PO, 05/15/2036		345
	607	Series 3153, Class EO, PO, 05/15/2036		508
	267	Series 3164, Class MG, 6.00%, 06/15/2036		295
	1,333	Series 3171, Class MO, PO, 06/15/2036		1,205
	287	Series 3179, Class OA, PO, 07/15/2036		249
	1,313	Series 3181, Class AZ, 6.50%, 07/15/2036		1,483

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 35

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	93	Series 3194, Class SA, IF, IO, 5.51%, 07/15/2036 (z)		8
	880	Series 3195, Class PD, 6.50%, 07/15/2036		974
	419	Series 3200, PO, 08/15/2036		359
	1,887	Series 3200, Class AY, 5.50%, 08/15/2036		2,041
	6,431	Series 3202, Class HI, IF, IO, 5.06%, 08/15/2036 (z)		964
	253	Series 3213, Class OA, PO, 09/15/2036		228
	185	Series 3218, Class AO, PO, 09/15/2036		143
	807	Series 3219, Class DI, IO, 6.00%, 04/15/2036		166
	485	Series 3225, Class EO, PO, 10/15/2036		417
	629	Series 3232, Class ST, IF, IO, 5.11%, 10/15/2036 (z)		83
	120	Series 3233, Class OP, PO, 05/15/2036		103
	133	Series 3253, PO, 12/15/2021		132
	239	Series 3256, PO, 12/15/2036		201
	432	Series 3260, Class CS, IF, IO, 4.55%, 01/15/2037 (z)		63
	242	Series 3261, Class OA, PO, 01/15/2037		206
	750	Series 3274, Class B, 6.00%, 02/15/2037		819
	83	Series 3274, Class JO, PO, 02/15/2037		73
	493	Series 3275, Class FL, 2.03%, 02/15/2037 (z)		494
	1,939	Series 3284, Class CB, 5.00%, 03/15/2022		1,973
	134	Series 3286, PO, 03/15/2037		124
	658	Series 3290, Class SB, IF, IO, 4.86%, 03/15/2037 (z)		74
	732	Series 3302, Class UT, 6.00%, 04/15/2037		801
	507	Series 3305, Class MG, IF, 3.81%, 07/15/2034 (z)		533
	978	Series 3315, Class HZ, 6.00%, 05/15/2037		992
	470	Series 3316, PO, 05/15/2037		422
	24	Series 3318, Class AO, PO, 05/15/2037		18
	60	Series 3326, Class JO, PO, 06/15/2037		55
	266	Series 3331, PO, 06/15/2037		235
	560	Series 3344, Class SL, IF, IO, 5.01%, 07/15/2037 (z)		64
	374	Series 3365, PO 09/15/2037		339
	183	Series 3371, Class FA, 2.19%, 09/15/2037 (z)		185
	309	Series 3373, Class TO, PO, 04/15/2037		277
	1,934	Series 3383, Class SA, IF, IO, 4.86%, 11/15/2037 (z)		235

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,042	Series 3387, Class SA, IF, IO, 4.83%, 11/15/2037 (z)		316
	1,246	Series 3393, Class JO, PO, 09/15/2032		1,093
	3,570	Series 3404, Class SC, IF, IO, 4.41%, 01/15/2038 (z)		486
	140	Series 3422, Class SE, IF, 13.48%, 02/15/2038 (z)		160
	3,119	Series 3423, Class PB, 5.50%, 03/15/2038		3,386
	1,467	Series 3424, Class PI, IF, IO, 5.21%, 04/15/2038 (z)		194
	229	Series 3443, Class SY, IF, 9.00%, 03/15/2037 (z)		267
	635	Series 3453, Class B, 5.50%, 05/15/2038		668
	1,646	Series 3455, Class SE, IF, IO, 4.61%, 06/15/2038 (z)		225
	165	Series 3461, Class LZ, 6.00%, 06/15/2038		179
	4,216	Series 3461, Class Z, 6.00%, 06/15/2038		4,531
	2,871	Series 3481, Class SJ, IF, IO, 4.26%, 08/15/2038 (z)		338
	2,136	Series 3501, Class CB, 5.50%, 01/15/2039		2,312
	660	Series 3510, Class OD, PO, 02/15/2037		587
	1,050	Series 3511, Class SA, IF, IO, 4.41%, 02/15/2039 (z)		131
	244	Series 3523, Class SD, IF, 15.30%, 06/15/2036 (z)		305
	1,354	Series 3531, Class SA, IF, IO, 4.71%, 05/15/2039 (z)		92
	410	Series 3531, Class SM, IF, IO, 4.51%, 05/15/2039 (z)		25
	1,002	Series 3546, Class A, 3.10%, 02/15/2039 (z)		1,022
	479	Series 3549, Class FA, 2.79%, 07/15/2039 (z)		490
	2,661	Series 3607, PO, 05/15/2037		2,205
	791	Series 3607, Class AO, PO, 04/15/2036		666
	1,450	Series 3607, Class BO, PO, 04/15/2036		1,240
	2,283	Series 3607, Class OP, PO, 07/15/2037		1,946
	1,245	Series 3607, Class TO, PO, 10/15/2039		1,031
	1,197	Series 3608, Class SC, IF, IO, 4.66%, 12/15/2039 (z)		173
	1,284	Series 3611, PO, 07/15/2034		1,092
	1,794	Series 3614, Class QB, 4.00%, 12/15/2024		1,857
	1,245	Series 3621, Class BO, PO, 01/15/2040		1,076
	3,870	Series 3632, Class BS, IF, 12.21%, 02/15/2040 (z)		4,580

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	674	Series 3645, Class KZ, 5.50%, 08/15/2036		703
	6,098	Series 3654, Class DC, 5.00%, 04/15/2030		6,598
	2,217	Series 3659, Class VE, 5.00%, 03/15/2026		2,285
	7,314	Series 3680, Class MA, 4.50%, 07/15/2039		7,634
	6,278	Series 3684, Class CY, 4.50%, 06/15/2025		6,623
	523	Series 3688, Class CU, 6.86%, 11/15/2021 (z)		534
	8,098	Series 3688, Class GT, 7.30%, 11/15/2046 (z)		9,209
	16,255	Series 3704, Class CT, 7.00%, 12/15/2036		18,393
	6,590	Series 3704, Class DT, 7.50%, 11/15/2036		7,501
	5,532	Series 3704, Class ET, 7.50%, 12/15/2036		6,444
	2,603	Series 3710, Class FL, 2.09%, 05/15/2036 (z)		2,614
	5,625	Series 3740, Class SB, IF, IO, 4.41%, 10/15/2040 (z)		717
	4,382	Series 3740, Class SC, IF, IO, 4.41%, 10/15/2040 (z)		510
	1,851	Series 3747, Class HI, IO, 4.50%, 07/15/2037		32
	2,702	Series 3759, Class HI, IO, 4.00%, 08/15/2037		101
	1,608	Series 3760, Class GI, IO, 4.00%, 10/15/2037		48
	758	Series 3760, Class NI, IO, 4.00%, 10/15/2037		13
	794	Series 3779, Class IH, IO, 4.00%, 11/15/2034		8
	6,000	Series 3793, Class AB, 3.50%, 01/15/2026		6,164
	3,593	Series 3795, Class EI, IO, 5.00%, 10/15/2039		478
	1,573	Series 3800, Class AI, IO, 4.00%, 11/15/2029		120
	1,072	Series 3801, Class GB, 4.50%, 11/15/2040		1,124
	14,090	Series 3802, Class LS, IF, IO, 1.58%, 01/15/2040 (z)		855
	7,821	Series 3819, Class ZQ, 6.00%, 04/15/2036		8,565
	3,023	Series 3852, Class QN, IF, 5.50%, 05/15/2041 (z)		3,064

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	9,054	Series 3852, Class TP, IF, 5.50%, 05/15/2041 (z)		10,026
	10,326	Series 3860, Class PZ, 5.00%, 05/15/2041		11,260
	1,158	Series 3895, Class WA, 5.70%, 10/15/2038 (z)		1,273
	3,051	Series 3920, Class LP, 5.00%, 01/15/2034		3,220
	6,883	Series 3957, Class B, 4.00%, 11/15/2041		7,038
	1,783	Series 3966, Class BF, 2.09%, 10/15/2040 (z)		1,793
	3,835	Series 3966, Class NA, 4.00%, 12/15/2041		3,973
	5,789	Series 3998, Class GF, 2.04%, 05/15/2036 (z)		5,813
	8,905	Series 4012, Class FN, 2.09%, 03/15/2042 (z)		8,961
	3,576	Series 4032, Class TO, PO, 07/15/2037		3,166
	8,181	Series 4048, Class FB, 1.99%, 10/15/2041 (z)		8,226
	12,026	Series 4048, Class FJ, 1.97%, 07/15/2037 (z)		12,031
	1,427	Series 4073, Class MF, 2.04%, 08/15/2039 (z)		1,430
	4,064	Series 4077, Class FB, 2.09%, 07/15/2042 (z)		4,083
	4,935	Series 4087, Class FA, 2.04%, 05/15/2039 (z)		4,916
	4,515	Series 4095, Class FB, 1.99%, 04/15/2039 (z)		4,532
	1,794	Series 4217, Class KY, 3.00%, 06/15/2043		1,668
	5,685	Series 4219, Class JA, 3.50%, 08/15/2039		5,787
	4,297	Series 4238, Class WY, 3.00%, 08/15/2033		4,141
	5,456	Series 4257, Class DZ, 2.50%, 10/15/2043		4,587
	11,926	Series 4374, Class NC, SUB, 3.75%, 02/15/2046		12,148
		FHLMC STRIPS,
	1	Series 134, Class B, IO, 9.00%, 04/01/2022		—	(h)
	701	Series 197, PO, Zero Coupon, 04/01/2028		625
	1,467	Series 233, Class 11, IO, 5.00%, 09/15/2035		324
	1,225	Series 233, Class 12, IO, 5.00%, 09/15/2035		273
	2,281	Series 233, Class 13, IO, 5.00%, 09/15/2035		485

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 37

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	4,255	Series 239, Class S30, IF, IO, 6.11%, 08/15/2036 (z)		750
	188	Series 243, Class 16, IO, 4.50%, 11/15/2020		4
	145	Series 243, Class 17, IO, 4.50%, 12/15/2020		4
	47,506	Series 262, Class 35, 3.50%, 07/15/2042		47,680
	22,752	Series 264, Class F1, 2.14%, 07/15/2042 (z)		23,025
	9,095	Series 270, Class F1, 2.09%, 08/15/2042 (z)		9,171
	5,096	Series 299, Class 300, 3.00%, 01/15/2043		5,035
	9,918	Series 310, PO, Zero Coupon, 09/15/2043		7,603
		FHLMC Structured Pass-Through Securities Certificates,
	564	Series T-41, Class 3A, 7.50%, 07/25/2032 (z)		589
	2,359	Series T-42, Class A5, 7.50%, 02/25/2042		2,673
	1,739	Series T-48, Class 1A, 5.07%, 07/25/2033 (z)		1,841
	391	Series T-51, Class 2A, 7.50%, 08/25/2042 (z)		454
	2,374	Series T-54, Class 2A, 6.50%, 02/25/2043		2,695
	792	Series T-54, Class 3A, 7.00%, 02/25/2043		899
	5,486	Series T-56, Class A5, 5.23%, 05/25/2043		5,984
	577	Series T-57, Class 1A3, 7.50%, 07/25/2043		676
	222	Series T-57, Class 1AP, PO, 07/25/2043		186
	3,056	Series T-58, Class 4A, 7.50%, 09/25/2043		3,542
	253	Series T-58, Class APO, PO, 09/25/2043		203
	3,184	Series T-59, Class 1A2, 7.00%, 10/25/2043		3,641
	287	Series T-59, Class 1AP, PO, 10/25/2043		219
	5,143	Series T-62, Class 1A1, 2.26%, 10/25/2044 (z)		5,214
	13,387	Series T-76, Class 2A, 4.10%, 10/25/2037 (z)		13,452
		First Horizon Alternative Mortgage Securities Trust,
	1,035	Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		879
	8,549	Series 2007-FA4, Class 1A2, IF, IO, 4.03%, 08/25/2037 (z) (bb)		1,430
		First Horizon Mortgage Pass-Through Trust,
	206	Series 2004-AR7, Class 2A2, 3.74%, 02/25/2035 (z)		208
	1,275	Series 2005-AR1, Class 2A2, 3.49%, 04/25/2035 (z)		1,299

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FNMA Grantor Trust,
	821		Series 1999-T2, Class A1, 7.50%, 01/19/2039 (z)		894
	1,241		Series 2001-T3, Class A1, 7.50%, 11/25/2040		1,402
	1,293		Series 2002-T16, Class A2, 7.00%, 07/25/2042		1,468
	354		Series 2004-T1, Class 1A2, 6.50%, 01/25/2044		393
	2,378		Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		2,709
	1,442		Series 2004-T2, Class 2A, 4.01%, 07/25/2043 (z)		1,518
	3,374		Series 2004-T3, Class 1A2, 6.50%, 02/25/2044		3,756
	1,444		Series 2004-T3, Class 1A3, 7.00%, 02/25/2044		1,637
	298		Series 2004-T3, Class PT1, 10.20%, 01/25/2044 (z)		346
			FNMA REMIC,
	—	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	5		Series 1989-70, Class G, 8.00%, 10/25/2019		5
	2		Series 1989-78, Class H, 9.40%, 11/25/2019		2
	4		Series 1989-83, Class H, 8.50%, 11/25/2019		4
	2		Series 1989-89, Class H, 9.00%, 11/25/2019		2
	2		Series 1990-1, Class D, 8.80%, 01/25/2020		2
	1		Series 1990-7, Class B, 8.50%, 01/25/2020		1
	1		Series 1990-60, Class K, 5.50%, 06/25/2020		1
	2		Series 1990-63, Class H, 9.50%, 06/25/2020		2
	1		Series 1990-93, Class G, 5.50%, 08/25/2020		1
	—	(h)	Series 1990-94, Class H, HB, 505.00%, 08/25/2020		—	(h)
	—	(h)	Series 1990-95, Class J, HB, IO, 1,118.04%, 08/25/2020		—	(h)
	15		Series 1990-102, Class J, 6.50%, 08/25/2020		16
	8		Series 1990-120, Class H, 9.00%, 10/25/2020		8
	1		Series 1990-134, Class SC, IF, 19.17%, 11/25/2020 (z)		1

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	—	(h)	Series 1990-140, Class K, HB, IO, 652.15%, 12/25/2020		—	(h)
	—	(h)	Series 1991-7, Class K, HB, IO, 908.50%, 02/25/2021		—	(h)
	2		Series 1991-24, Class Z, 5.00%, 03/25/2021		2
	2		Series 1991-42, Class S, IF, 14.84%, 05/25/2021 (z)		2
	1		Series 1992-101, Class J, 7.50%, 06/25/2022		1
	123		Series 1992-117, Class MA, 8.00%, 07/25/2022		133
	17		Series 1992-136, Class PK, 6.00%, 08/25/2022		18
	12		Series 1992-143, Class MA, 5.50%, 09/25/2022		13
	127		Series 1992-150, Class M, 8.00%, 09/25/2022		137
	46		Series 1992-163, Class M, 7.75%, 09/25/2022		49
	63		Series 1992-188, Class PZ, 7.50%, 10/25/2022		68
	29		Series 1993-21, Class KA, 7.70%, 03/25/2023		31
	72		Series 1993-25, Class J, 7.50%, 03/25/2023		77
	11		Series 1993-27, Class SA, IF, 15.50%, 02/25/2023 (z)		14
	185		Series 1993-37, Class PX, 7.00%, 03/25/2023		197
	62		Series 1993-54, Class Z, 7.00%, 04/25/2023		66
	709		Series 1993-56, Class PZ, 7.00%, 05/25/2023		763
	30		Series 1993-62, Class SA, IF, 18.78%, 04/25/2023 (z)		36
	365		Series 1993-99, Class Z, 7.00%, 07/25/2023		391
	17		Series 1993-122, Class M, 6.50%, 07/25/2023		18
	331		Series 1993-136, Class ZB, 5.39%, 07/25/2023 (z)		353
	575		Series 1993-141, Class Z, 7.00%, 08/25/2023		614
	17		Series 1993-165, Class SD, IF, 13.26%, 09/25/2023 (z)		19
	21		Series 1993-165, Class SK, IF, 12.50%, 09/25/2023 (z)		23
	31		Series 1993-178, Class PK, 6.50%, 09/25/2023		33

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	15	Series 1993-179, Class SB, HB, IF, 26.46%, 10/25/2023 (z)		19
	10	Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (z)		11
	452	Series 1993-183, Class KA, 6.50%, 10/25/2023		503
	188	Series 1993-189, Class PL, 6.50%, 10/25/2023		201
	27	Series 1993-205, Class H, PO, 09/25/2023		26
	47	Series 1993-225, Class UB, 6.50%, 12/25/2023		50
	14	Series 1993-230, Class FA, 2.22%, 12/25/2023 (z)		14
	37	Series 1993-247, Class FE, 2.62%, 12/25/2023 (z)		38
	46	Series 1993-247, Class SA, HB, IF, 27.68%, 12/25/2023 (z)		60
	17	Series 1993-247, Class SU, IF, 12.20%, 12/25/2023 (z)		20
	3	Series 1994-9, Class E, PO, 11/25/2023		3
	151	Series 1994-37, Class L Shares, 6.50%, 03/25/2024		161
	839	Series 1994-40, Class Z, 6.50%, 03/25/2024		898
	1,229	Series 1994-62, Class PK, 7.00%, 04/25/2024		1,311
	551	Series 1994-63, Class PK, 7.00%, 04/25/2024		598
	30	Series 1995-2, Class Z, 8.50%, 01/25/2025		32
	173	Series 1995-19, Class Z, 6.50%, 11/25/2023		192
	291	Series 1996-14, Class SE, IF, IO, 8.10%, 08/25/2023 (z)		42
	308	Series 1996-48, Class Z, 7.00%, 11/25/2026		333
	25	Series 1996-59, Class J, 6.50%, 08/25/2022		26
	154	Series 1997-20, IO, 1.84%, 03/25/2027 (z)		4
	50	Series 1997-20, Class IB, IO, 1.84%, 03/25/2027 (z)		1
	57	Series 1997-27, Class J, 7.50%, 04/18/2027		64
	83	Series 1997-29, Class J, 7.50%, 04/20/2027		94
	194	Series 1997-32, Class PG, 6.50%, 04/25/2027		216
	320	Series 1997-39, Class PD, 7.50%, 05/20/2027		362

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 39

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	17	Series 1997-42, Class ZC, 6.50%, 07/18/2027		19
	280	Series 1997-61, Class ZC, 7.00%, 02/25/2023		301
	87	Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		10
	11	Series 1998-4, Class C, PO, 04/25/2023		11
	108	Series 1998-36, Class ZB, 6.00%, 07/18/2028		120
	56	Series 1998-43, Class SA, IF, IO, 16.30%, 04/25/2023 (z)		15
	95	Series 1998-66, Class SB, IF, IO, 6.53%, 12/25/2028 (z)		8
	63	Series 1999-17, Class C, 6.35%, 04/25/2029		67
	246	Series 1999-18, Class Z, 5.50%, 04/18/2029		264
	12	Series 1999-38, Class SK, IF, IO, 6.43%, 08/25/2023 (z)		1
	27	Series 1999-52, Class NS, IF, 18.84%, 10/25/2023 (z)		35
	95	Series 1999-62, Class PB, 7.50%, 12/18/2029		107
	526	Series 2000-2, Class ZE, 7.50%, 02/25/2030		593
	183	Series 2000-20, Class SA, IF, IO, 7.48%, 07/25/2030 (z)		26
	25	Series 2000-52, IO, 8.50%, 01/25/2031		5
	88	Series 2001-4, Class PC, 7.00%, 03/25/2021		91
	57	Series 2001-7, Class PF, 7.00%, 03/25/2031		65
	192	Series 2001-30, Class PM, 7.00%, 07/25/2031		216
	335	Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		74
	370	Series 2001-36, Class DE, 7.00%, 08/25/2031		411
	518	Series 2001-44, Class MY, 7.00%, 09/25/2031		585
	96	Series 2001-44, Class PD, 7.00%, 09/25/2031		108
	91	Series 2001-44, Class PU, 7.00%, 09/25/2031		102
	568	Series 2001-48, Class Z, 6.50%, 09/25/2021		596
	81	Series 2001-49, Class Z, 6.50%, 09/25/2031		90
	64	Series 2001-52, Class KB, 6.50%, 10/25/2031		69

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	599	Series 2001-60, Class PX, 6.00%, 11/25/2031		657
	246	Series 2001-60, Class QS, IF, 18.83%, 09/25/2031 (z)		326
	611	Series 2001-61, Class Z, 7.00%, 11/25/2031		691
	17	Series 2001-72, Class SX, IF, 13.69%, 12/25/2031 (z)		21
	25	Series 2001-81, Class LO, PO, 01/25/2032		22
	234	Series 2002-1, Class G, 7.00%, 07/25/2023		249
	99	Series 2002-1, Class HC, 6.50%, 02/25/2022		104
	61	Series 2002-1, Class SA, IF, 19.92%, 02/25/2032 (z)		79
	37	Series 2002-1, Class UD, IF, 18.83%, 12/25/2023 (z)		47
	592	Series 2002-5, Class PK, 6.00%, 02/25/2022		619
	670	Series 2002-13, Class SJ, IF, IO, 1.60%, 03/25/2032 (z)		33
	9	Series 2002-13, Class ST, IF, 10.00%, 03/25/2032 (z)		11
	1,575	Series 2002-15, Class ZA, 6.00%, 04/25/2032		1,756
	20	Series 2002-21, Class LO, PO, 04/25/2032		17
	287	Series 2002-21, Class PE, 6.50%, 04/25/2032		318
	592	Series 2002-28, Class PK, 6.50%, 05/25/2032		655
	241	Series 2002-37, Class Z, 6.50%, 06/25/2032		270
	706	Series 2002-48, Class GH, 6.50%, 08/25/2032		791
	765	Series 2002-54, Class PG, 6.00%, 09/25/2022		804
	159	Series 2002-71, Class AP, 5.00%, 11/25/2032		165
	108	Series 2002-77, Class S, IF, 11.51%, 12/25/2032 (z)		125
	1,430	Series 2002-78, Class Z, 5.50%, 12/25/2032		1,475
	321	Series 2002-83, Class CS, 6.88%, 08/25/2023		340
	613	Series 2002-90, Class A1, 6.50%, 06/25/2042		692
	210	Series 2003-9, Class NZ, 6.50%, 02/25/2033		228
	276	Series 2003-14, Class TI, IO, 5.00%, 03/25/2033		35

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,356	Series 2003-17, Class EQ, 5.50%, 03/25/2023		1,421
	2,404	Series 2003-22, Class UD, 4.00%, 04/25/2033		2,461
	2,490	Series 2003-23, Class EQ, 5.50%, 04/25/2023		2,606
	5	Series 2003-32, Class KC, 5.00%, 05/25/2018		5
	1,026	Series 2003-33, Class IA, IO, 6.50%, 05/25/2033		214
	434	Series 2003-34, Class AX, 6.00%, 05/25/2033		477
	1,703	Series 2003-34, Class ED, 6.00%, 05/25/2033		1,796
	12	Series 2003-34, Class GB, 6.00%, 03/25/2033		12
	1,075	Series 2003-34, Class GE, 6.00%, 05/25/2033		1,153
	73	Series 2003-35, Class EA, PO, 05/25/2033		62
	106	Series 2003-39, IO, 6.00%, 05/25/2033 (z)		24
	595	Series 2003-39, Class LW, 5.50%, 05/25/2023		625
	122	Series 2003-42, Class GB, 4.00%, 05/25/2033		125
	689	Series 2003-47, Class PE, 5.75%, 06/25/2033		759
	156	Series 2003-52, Class SX, IF, 18.09%, 10/25/2031 (z)		224
	272	Series 2003-64, Class SX, IF, 9.81%, 07/25/2033 (z)		306
	873	Series 2003-71, Class DS, IF, 5.37%, 08/25/2033 (z)		865
	2,492	Series 2003-72, Class IE, IO, 5.50%, 08/25/2033		424
	1,187	Series 2003-73, Class HC, 5.50%, 08/25/2033		1,285
	81	Series 2003-74, Class SH, IF, 7.25%, 08/25/2033 (z)		90
	57	Series 2003-81, Class HC, 4.75%, 09/25/2018		57
	251	Series 2003-83, Class PG, 5.00%, 06/25/2023		254
	182	Series 2003-91, Class SD, IF, 9.80%, 09/25/2033 (z)		204
	8,591	Series 2003-105, Class AZ, 5.50%, 10/25/2033		9,294
	1,341	Series 2003-116, Class SB, IF, IO, 5.98%, 11/25/2033 (z)		221

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	6,868	Series 2003-122, Class ZJ, 6.00%, 12/25/2033		7,810
	182	Series 2003-130, Class CS, IF, 10.86%, 12/25/2033 (z)		190
	60	Series 2003-130, Class SX, IF, 9.09%, 01/25/2034 (z)		67
	148	Series 2003-131, Class SK, IF, 12.96%, 01/25/2034 (z)		167
	63	Series 2003-132, Class OA, PO, 08/25/2033		59
	824	Series 2004-4, Class QI, IF, IO, 5.48%, 06/25/2033 (z)		48
	613	Series 2004-4, Class QM, IF, 10.96%, 06/25/2033 (z)		669
	229	Series 2004-10, Class SC, HB, IF, 22.12%, 02/25/2034 (z)		253
	2,403	Series 2004-17, Class H, 5.50%, 04/25/2034		2,616
	21	Series 2004-21, Class AE, 4.00%, 04/25/2019		21
	677	Series 2004-25, Class SA, IF, 15.07%, 04/25/2034 (z)		854
	1,132	Series 2004-28, Class PF, 2.02%, 03/25/2034 (z)		1,136
	2,754	Series 2004-36, Class FA, 2.02%, 05/25/2034 (z)		2,769
	137	Series 2004-36, Class PC, 5.50%, 02/25/2034		138
	1,178	Series 2004-36, Class SA, IF, 15.07%, 05/25/2034 (z)		1,464
	153	Series 2004-36, Class SN, IF, 10.96%, 07/25/2033 (z)		156
	1,234	Series 2004-46, Class EP, PO, 03/25/2034		1,107
	253	Series 2004-46, Class QB, IF, 17.52%, 05/25/2034 (z)		326
	178	Series 2004-46, Class SK, IF, 12.04%, 05/25/2034 (z)		217
	4,481	Series 2004-50, Class VZ, 5.50%, 07/25/2034		4,767
	168	Series 2004-51, Class SY, IF, 11.00%, 07/25/2034 (z)		196
	151	Series 2004-53, Class NC, 5.50%, 07/25/2024		159
	132	Series 2004-59, Class BG, PO, 12/25/2032		113
	73	Series 2004-61, Class SH, IF, 17.51%, 11/25/2032 (z)		99
	198	Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (z)		221
	1,436	Series 2004-65, Class EY, 5.50%, 08/25/2024		1,525

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 41

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	183	Series 2004-74, Class SW, IF, 12.32%, 11/25/2031 (z)		230
	304	Series 2004-79, Class S, IF, 15.34%, 08/25/2032 (z)		317
	171	Series 2004-79, Class SP, IF, 15.34%, 11/25/2034 (z)		187
	28	Series 2004-81, Class AC, 4.00%, 11/25/2019		28
	2,257	Series 2004-81, Class JG, 5.00%, 11/25/2024		2,360
	1,492	Series 2004-87, Class F, 2.37%, 01/25/2034 (z)		1,524
	1,267	Series 2005-25, Class PF, 1.97%, 04/25/2035 (z)		1,270
	95	Series 2005-42, Class PS, IF, 12.95%, 05/25/2035 (z)		107
	5	Series 2005-52, Class PA, 6.50%, 06/25/2035		5
	877	Series 2005-56, Class S, IF, IO, 5.09%, 07/25/2035 (z)		125
	407	Series 2005-56, Class TP, IF, 13.29%, 08/25/2033 (z)		461
	70	Series 2005-57, Class CD, HB, IF, 19.05%, 01/25/2035 (z)		75
	383	Series 2005-59, Class SU, IF, 17.40%, 06/25/2035 (z)		493
	328	Series 2005-66, Class SG, IF, 13.32%, 07/25/2035 (z)		408
	1,334	Series 2005-67, Class EY, 5.50%, 08/25/2025		1,431
	1,250	Series 2005-68, Class PG, 5.50%, 08/25/2035		1,345
	273	Series 2005-68, Class UC, 5.00%, 06/25/2035		277
	531	Series 2005-72, Class SB, IF, 12.82%, 08/25/2035 (z)		634
	458	Series 2005-73, Class PS, IF, 12.65%, 08/25/2035 (z)		543
	8,470	Series 2005-73, Class ZB, 5.50%, 08/25/2035		8,476
	324	Series 2005-74, Class CP, IF, 18.81%, 05/25/2035 (z)		389
	1,411	Series 2005-74, Class CS, IF, 15.56%, 05/25/2035 (z)		1,692
	970	Series 2005-74, Class SK, IF, 15.67%, 05/25/2035 (z)		1,172
	137	Series 2005-75, Class SV, IF, 17.72%, 09/25/2035 (z)		171
	1,196	Series 2005-84, Class XM, 5.75%, 10/25/2035		1,297

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	180	Series 2005-90, PO, 09/25/2035		168
	495	Series 2005-90, Class ES, IF, 12.82%, 10/25/2035 (z)		573
	772	Series 2005-93, Class MF, 1.87%, 08/25/2034 (z)		772
	2,501	Series 2005-106, Class US, IF, 18.62%, 11/25/2035 (z)		3,451
	228	Series 2005-109, Class PC, 6.00%, 12/25/2035		246
	5,075	Series 2005-110, Class GL, 5.50%, 12/25/2035		5,578
	937	Series 2005-121, Class DX, 5.50%, 01/25/2026		991
	2,918	Series 2006-8, Class JZ, 5.50%, 03/25/2036		3,204
	7,472	Series 2006-8, Class WN, IF, IO, 5.08%, 03/25/2036 (z)		1,270
	2,038	Series 2006-8, Class WQ, PO, 03/25/2036		1,655
	187	Series 2006-11, Class PS, IF, 18.62%, 03/25/2036 (z)		276
	2,719	Series 2006-12, Class BZ, 5.50%, 03/25/2036		2,980
	88	Series 2006-15, Class OT, PO, 01/25/2036		86
	816	Series 2006-16, Class HZ, 5.50%, 03/25/2036		873
	228	Series 2006-16, Class OA, PO, 03/25/2036		200
	695	Series 2006-22, Class AO, PO, 04/25/2036		613
	1,378	Series 2006-23, Class FK, 1.87%, 04/25/2036 (z)		1,366
	311	Series 2006-23, Class KO, PO, 04/25/2036		280
	681	Series 2006-27, Class OH, PO, 04/25/2036		605
	228	Series 2006-33, Class LS, HB, IF, 22.86%, 05/25/2036 (z)		337
	407	Series 2006-39, Class WC, 5.50%, 01/25/2036		430
	187	Series 2006-43, PO, 06/25/2036		165
	563	Series 2006-43, Class DO, PO, 06/25/2036		507
	380	Series 2006-44, Class GO, PO, 06/25/2036		324
	981	Series 2006-44, Class P, PO, 12/25/2033		814
	430	Series 2006-46, Class FW, 2.02%, 06/25/2036 (z)		431
	69	Series 2006-46, Class SW, IF, 18.26%, 06/25/2036 (z)		97
	658	Series 2006-46, Class UC, 5.50%, 12/25/2035		698
	1,259	Series 2006-50, Class JO, PO, 06/25/2036		1,049
	1,554	Series 2006-50, Class PS, PO, 06/25/2036		1,365
	1,594	Series 2006-53, Class US, IF, IO, 4.96%, 06/25/2036 (z)		221

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	3,615	Series 2006-56, Class FC, 1.91%, 07/25/2036 (z)		3,609
	233	Series 2006-58, PO, 07/25/2036		200
	119	Series 2006-58, Class AP, PO, 07/25/2036		104
	377	Series 2006-58, Class FL, 2.08%, 07/25/2036 (z)		380
	602	Series 2006-58, Class IG, IF, IO, 4.90%, 07/25/2036 (z)		89
	6	Series 2006-59, Class QO, PO, 01/25/2033		6
	212	Series 2006-60, Class AK, HB, IF, 22.32%, 07/25/2036 (z)		324
	601	Series 2006-60, Class DO, PO, 04/25/2035		583
	166	Series 2006-62, Class PS, HB, IF, 30.18%, 07/25/2036 (z)		264
	2,229	Series 2006-63, Class ZH, 6.50%, 07/25/2036		2,527
	439	Series 2006-65, Class QO, PO, 07/25/2036		377
	5,024	Series 2006-71, Class ZL, 6.00%, 07/25/2036		5,480
	794	Series 2006-72, Class GO, PO, 08/25/2036		702
	147	Series 2006-72, Class TO, PO, 08/25/2036		132
	1,739	Series 2006-77, Class PC, 6.50%, 08/25/2036		1,922
	344	Series 2006-78, Class BZ, 6.50%, 08/25/2036		374
	1,349	Series 2006-79, Class DF, 1.97%, 08/25/2036 (z)		1,350
	319	Series 2006-79, Class DO, PO, 08/25/2036		281
	440	Series 2006-79, Class OP, PO, 08/25/2036		395
	173	Series 2006-85, Class MZ, 6.50%, 09/25/2036		188
	441	Series 2006-86, Class OB, PO, 09/25/2036		393
	420	Series 2006-90, Class AO, PO, 09/25/2036		378
	192	Series 2006-94, Class GK, HB, IF, 25.15%, 10/25/2026 (z)		256
	251	Series 2006-95, Class SG, HB, IF, 19.72%, 10/25/2036 (z)		374
	115	Series 2006-109, PO, 11/25/2036		100
	684	Series 2006-110, PO, 11/25/2036		582
	313	Series 2006-111, Class EO, PO, 11/25/2036		276
	261	Series 2006-113, PO, 07/25/2036		250
	74	Series 2006-115, Class ES, HB, IF, 20.08%, 12/25/2036 (z)		104
	373	Series 2006-115, Class OK, PO, 12/25/2036		306
	1,520	Series 2006-117, Class GS, IF, IO, 5.03%, 12/25/2036 (z)		192

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	981	Series 2006-118, Class A1, 1.68%, 12/25/2036 (z)		964
	3,762	Series 2006-118, Class A2, 1.68%, 12/25/2036 (z)		3,718
	151	Series 2006-119, PO, 12/25/2036		133
	357	Series 2006-128, PO, 01/25/2037		306
	437	Series 2006-128, Class BP, 5.50%, 01/25/2037		454
	1,100	Series 2006-130, Class GI, IO, 6.50%, 07/25/2032		166
	73	Series 2007-1, Class SD, HB, IF, 29.28%, 02/25/2037 (z)		185
	810	Series 2007-7, Class SG, IF, IO, 4.88%, 08/25/2036 (z)		188
	1,237	Series 2007-10, Class FD, 1.87%, 02/25/2037 (z)		1,233
	2,589	Series 2007-14, Class ES, IF, IO, 4.82%, 03/25/2037 (z)		347
	288	Series 2007-14, Class OP, PO, 03/25/2037		254
	229	Series 2007-15, Class NO, PO, 03/25/2022		220
	651	Series 2007-16, Class FC, 2.37%, 03/25/2037 (z)		669
	868	Series 2007-18, Class MZ, 6.00%, 03/25/2037		933
	80	Series 2007-22, Class SC, IF, IO, 4.46%, 03/25/2037 (z)		6
	1,043	Series 2007-28, Class EO, PO, 04/25/2037		935
	552	Series 2007-29, Class SG, IF, 17.26%, 04/25/2037 (z)		733
	552	Series 2007-35, Class SI, IF, IO, 4.48%, 04/25/2037 (z)		52
	173	Series 2007-42, Class AO, PO, 05/25/2037		157
	2,021	Series 2007-42, Class B, 6.00%, 05/25/2037		2,186
	545	Series 2007-43, Class FL, 1.92%, 05/25/2037 (z)		544
	2,027	Series 2007-53, Class SH, IF, IO, 4.48%, 06/25/2037 (z)		264
	3,101	Series 2007-54, Class FA, 2.02%, 06/25/2037 (z)		3,100
	626	Series 2007-54, Class WI, IF, IO, 4.48%, 06/25/2037 (z)		89
	7,470	Series 2007-60, Class AX, IF, IO, 5.53%, 07/25/2037 (z)		1,448
	437	Series 2007-62, Class SE, IF, 12.45%, 07/25/2037 (z)		500
	661	Series 2007-64, Class FB, 1.99%, 07/25/2037 (z)		662
	1,775	Series 2007-65, Class KI, IF, IO, 5.00%, 07/25/2037 (z)		214

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 43

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	712	Series 2007-67, PO, 07/25/2037		631
	1,795	Series 2007-70, Class Z, 5.50%, 07/25/2037		1,969
	4,316	Series 2007-72, Class EK, IF, IO, 4.78%, 07/25/2037 (z)		560
	453	Series 2007-76, Class AZ, 5.50%, 08/25/2037		479
	772	Series 2007-76, Class ZG, 6.00%, 08/25/2037		827
	722	Series 2007-77, Class FG, 2.12%, 03/25/2037 (z)		726
	220	Series 2007-78, Class CB, 6.00%, 08/25/2037		241
	958	Series 2007-78, Class PE, 6.00%, 08/25/2037		1,039
	649	Series 2007-79, Class SB, IF, 18.07%, 08/25/2037 (z)		938
	1,108	Series 2007-81, Class GE, 6.00%, 08/25/2037		1,152
	156	Series 2007-85, Class SL, IF, 12.10%, 09/25/2037 (z)		184
	2,324	Series 2007-88, Class VI, IF, IO, 4.92%, 09/25/2037 (z)		358
	2,475	Series 2007-91, Class ES, IF, IO, 4.84%, 10/25/2037 (z)		347
	320	Series 2007-92, Class YA, 6.50%, 06/25/2037		347
	533	Series 2007-92, Class YS, IF, IO, 4.16%, 06/25/2037 (z)		61
	388	Series 2007-97, Class FC, 2.12%, 07/25/2037 (z)		390
	1,761	Series 2007-97, Class KI, IO, 7.00%, 05/25/2033		219
	249	Series 2007-98, Class FB, 2.07%, 06/25/2037 (z)		258
	2,161	Series 2007-100, Class SM, IF, IO, 4.83%, 10/25/2037 (z)		294
	4,706	Series 2007-101, Class A2, 1.87%, 06/27/2036 (z)		4,618
	773	Series 2007-106, Class A7, 6.08%, 10/25/2037 (z)		836
	74	Series 2007-108, Class SA, IF, IO, 4.74%, 12/25/2037 (z)		7
	2,399	Series 2007-109, Class AI, IF, IO, 4.78%, 12/25/2037 (z)		285
	1,843	Series 2007-112, Class MJ, 6.50%, 12/25/2037		2,095
	2,363	Series 2007-112, Class SA, IF, IO, 4.83%, 12/25/2037 (z)		340

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,626	Series 2007-116, Class HI, IO, 1.12%, 01/25/2038 (z)		217
	2,367	Series 2008-1, Class BI, IF, IO, 4.29%, 02/25/2038 (z)		281
	4,337	Series 2008-4, Class SD, IF, IO, 4.38%, 02/25/2038 (z)		605
	622	Series 2008-10, Class XI, IF, IO, 4.61%, 03/25/2038 (z)		57
	601	Series 2008-16, Class IS, IF, IO, 4.58%, 03/25/2038 (z)		75
	549	Series 2008-18, Class FA, 2.52%, 03/25/2038 (z)		561
	260	Series 2008-18, Class SP, IF, 10.76%, 03/25/2038 (z)		289
	1,062	Series 2008-20, Class SA, IF, IO, 5.37%, 03/25/2038 (z)		166
	919	Series 2008-27, Class SN, IF, IO, 5.28%, 04/25/2038 (z)		106
	342	Series 2008-28, Class QS, IF, 15.84%, 04/25/2038 (z)		411
	539	Series 2008-32, Class SA, IF, IO, 5.23%, 04/25/2038 (z)		55
	198	Series 2008-42, Class AO, PO, 09/25/2036		178
	24	Series 2008-44, PO, 05/25/2038		19
	2,238	Series 2008-46, Class HI, IO, 1.49%, 06/25/2038 (z)		120
	374	Series 2008-47, Class SI, IF, IO, 4.88%, 06/25/2023 (z)		17
	664	Series 2008-53, Class CI, IF, IO, 5.58%, 07/25/2038 (z)		96
	2,816	Series 2008-55, Class S, IF, IO, 5.98%, 07/25/2028 (z)		335
	577	Series 2008-56, Class AC, 5.00%, 07/25/2038		606
	578	Series 2008-60, Class JC, 5.00%, 07/25/2038		614
	930	Series 2008-61, Class BH, 4.50%, 07/25/2023		979
	68	Series 2008-76, Class GF, 2.27%, 09/25/2023 (z)		68
	2,170	Series 2008-80, Class SA, IF, IO, 4.23%, 09/25/2038 (z)		241
	1,293	Series 2008-81, Class SB, IF, IO, 4.23%, 09/25/2038 (z)		120
	99	Series 2009-4, Class BD, 4.50%, 02/25/2039		100
	1,556	Series 2009-6, Class GS, IF, IO, 4.93%, 02/25/2039 (z)		242
	415	Series 2009-9, IO, 5.00%, 02/25/2024		18

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2,523	Series 2009-11, Class NB, 5.00%, 03/25/2029		2,654
	111	Series 2009-15, Class MI, IO, 5.00%, 03/25/2024		3
	835	Series 2009-17, Class QS, IF, IO, 5.03%, 03/25/2039 (z)		132
	123	Series 2009-18, IO, 5.00%, 03/25/2024		4
	2,035	Series 2009-19, Class PW, 4.50%, 10/25/2036		2,116
	40	Series 2009-47, Class MT, 7.00%, 07/25/2039		43
	1,024	Series 2009-52, Class PI, IO, 5.00%, 07/25/2039		223
	3,998	Series 2009-59, Class HB, 5.00%, 08/25/2039		4,313
	4,578	Series 2009-60, Class HT, 6.00%, 08/25/2039		5,026
	73	Series 2009-63, Class P, 5.00%, 03/25/2037		76
	2,338	Series 2009-65, Class MT, 5.00%, 09/25/2039		2,417
	1,897	Series 2009-69, Class WA, 6.03%, 09/25/2039 (z)		2,099
	1,044	Series 2009-70, Class CO, PO, 01/25/2037		875
	661	Series 2009-84, Class WS, IF, IO, 4.28%, 10/25/2039 (z)		81
	2,314	Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		431
	6,361	Series 2009-86, Class OT, PO, 10/25/2037		5,629
	853	Series 2009-99, Class SC, IF, IO, 4.56%, 12/25/2039 (z)		97
	3,282	Series 2009-99, Class WA, 6.30%, 12/25/2039 (z)		3,619
	3,477	Series 2009-103, Class MB, 3.53%, 12/25/2039 (z)		3,717
	1,685	Series 2009-112, Class ST, IF, IO, 4.63%, 01/25/2040 (z)		222
	573	Series 2009-113, Class AO, PO, 01/25/2040		486
	764	Series 2010-1, Class WA, 6.22%, 02/25/2040 (z)		853
	2,572	Series 2010-16, Class WA, 6.44%, 03/25/2040 (z)		2,904
	2,439	Series 2010-16, Class WB, 6.21%, 03/25/2040 (z)		2,730
	1,405	Series 2010-35, Class SB, IF, IO, 4.80%, 04/25/2040 (z)		180
	1,657	Series 2010-35, Class SJ, IF, 12.26%, 04/25/2040 (z)		2,078

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	279	Series 2010-39, Class OT, PO, 10/25/2035		246
	914	Series 2010-40, Class FJ, 2.22%, 04/25/2040 (z)		920
	751	Series 2010-42, Class S, IF, IO, 4.78%, 05/25/2040 (z)		113
	1,034	Series 2010-43, Class FD, 2.22%, 05/25/2040 (z)		1,046
	114	Series 2010-45, Class BD, 4.50%, 11/25/2038		114
	3,667	Series 2010-49, Class SC, IF, 9.42%, 03/25/2040 (z)		4,071
	8,753	Series 2010-58, Class MB, 5.50%, 06/25/2040		9,435
	924	Series 2010-63, Class AP, PO, 06/25/2040		774
	8,363	Series 2010-64, Class DM, 5.00%, 06/25/2040		8,867
	4,311	Series 2010-71, Class HJ, 5.50%, 07/25/2040		4,708
	1,794	Series 2010-102, Class PN, 5.00%, 09/25/2040		1,936
	878	Series 2010-103, Class SB, IF, IO, 4.48%, 11/25/2049 (z)		90
	17,257	Series 2010-111, Class AM, 5.50%, 10/25/2040		18,493
	8,389	Series 2010-125, Class SA, IF, IO, 2.82%, 11/25/2040 (z)		505
	7,711	Series 2010-147, Class SA, IF, IO, 4.91%, 01/25/2041 (z)		1,278
	1,219	Series 2010-148, Class MA, 4.00%, 02/25/2039		1,243
	1,373	Series 2011-2, Class WA, 5.83%, 02/25/2051 (z)		1,450
	120	Series 2011-17, Class EF, 1.92%, 07/25/2025 (z)		120
	2,953	Series 2011-19, Class ZY, 6.50%, 07/25/2036		3,310
	579	Series 2011-22, Class MA, 6.50%, 04/25/2038		612
	14,192	Series 2011-30, Class LS, IO, 1.50%, 04/25/2041 (z)		712
	9,416	Series 2011-31, Class DB, 3.50%, 04/25/2031		9,553
	4,410	Series 2011-39, Class ZA, 6.00%, 11/25/2032		4,843
	2,351	Series 2011-47, Class ZA, 5.50%, 07/25/2038		2,543
	275	Series 2011-58, Class WA, 5.43%, 07/25/2051 (z)		295
	2,458	Series 2011-75, Class FA, 2.17%, 08/25/2041 (z)		2,487

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 45

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2,056		Series 2011-101, Class FM, 2.17%, 01/25/2041 (z)		2,066
	728		Series 2011-111, Class DF, 2.02%, 12/25/2038 (z)		730
	13,360		Series 2011-118, Class LB, 7.00%, 11/25/2041		15,228
	17,104		Series 2011-118, Class MT, 7.00%, 11/25/2041		19,497
	14,637		Series 2011-118, Class NT, 7.00%, 11/25/2041		16,441
	815		Series 2011-149, Class EF, 2.12%, 07/25/2041 (z)		820
	2,944		Series 2011-149, Class MF, 2.12%, 11/25/2041 (z)		2,962
	2,096		Series 2012-14, Class FB, 2.07%, 08/25/2037 (z)		2,105
	27,066		Series 2012-47, Class HF, 2.02%, 05/25/2027 (z)		27,233
	3,951		Series 2012-87, Class KF, 2.07%, 09/25/2037 (z)		3,974
	3,009		Series 2012-89, Class FD, 2.07%, 04/25/2039 (z)		3,031
	8,611		Series 2012-97, Class FB, 2.12%, 09/25/2042 (z)		8,681
	3,720		Series 2012-99, Class FA, 2.07%, 09/25/2042 (z)		3,720
	2,279		Series 2012-101, Class FC, 2.12%, 09/25/2042 (z)		2,288
	7,089		Series 2012-108, Class F, 2.12%, 10/25/2042 (z)		7,159
	4,714		Series 2013-4, Class AJ, 3.50%, 02/25/2043		4,714
	6,000		Series 2013-81, Class TA, 3.00%, 02/25/2043		5,528
	13,505		Series 2013-92, PO, 09/25/2043		10,480
	7,887		Series 2013-100, Class WB, 3.00%, 10/25/2033		7,481
	10,542		Series 2013-101, Class DO, PO, 10/25/2043		8,138
	22,098		Series 2013-128, PO, 12/25/2043		17,393
	9,015		Series 2013-135, PO, 01/25/2044		6,905
	2		Series G-14, Class L Shares, 8.50%, 06/25/2021		2
	—	(h)	Series G-17, Class S, HB, 914.37%, 06/25/2021 (z)		—	(h)
	9		Series G-18, Class Z, 8.75%, 06/25/2021		9
	3		Series G-28, Class S, IF, 13.48%, 09/25/2021 (z)		3
	15		Series G-35, Class M, 8.75%, 10/25/2021		16

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2		Series G-51, Class SA, HB, IF, 22.77%, 12/25/2021 (z)		2
	—	(h)	Series G92-27, Class SQ, HB, IF, 9,999.88%, 05/25/2022 (z)		1
	100		Series G92-35, Class E, 7.50%, 07/25/2022		106
	—	(h)	Series G92-35, Class G, HB, IO, 1,184.78%, 07/25/2022		1
	9		Series G92-42, Class Z, 7.00%, 07/25/2022		9
	4		Series G92-44, Class ZQ, 8.00%, 07/25/2022		5
	9		Series G92-52, Class FD, 1.64%, 09/25/2022 (z)		9
	81		Series G92-54, Class ZQ, 7.50%, 09/25/2022		85
	8		Series G92-59, Class F, 1.45%, 10/25/2022 (z)		8
	20		Series G92-61, Class Z, 7.00%, 10/25/2022		21
	13		Series G92-62, Class B, PO, 10/25/2022		12
	68		Series G93-1, Class KA, 7.90%, 01/25/2023		74
	29		Series G93-5, Class Z, 6.50%, 02/25/2023		30
	21		Series G93-14, Class J, 6.50%, 03/25/2023		22
	48		Series G93-17, Class SI, IF, 6.00%, 04/25/2023 (z)		52
	41		Series G93-27, Class FD, 2.50%, 08/25/2023 (z)		42
	11		Series G93-37, Class H, PO, 09/25/2023		10
	58		Series G95-1, Class C, 8.80%, 01/25/2025		66
			FNMA REMIC Trust,
	1,108		Series 2003-W1, Class 1A1, 5.44%, 12/25/2042 (z)		1,164
	293		Series 2003-W1, Class 2A, 6.04%, 12/25/2042 (z)		323
	163		Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		186
	6,098		Series 2004-W10, Class A6, 5.75%, 08/25/2034		6,690
	921		Series 2004-W11, Class 1A1, 6.00%, 05/25/2044		1,038
	1,570		Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,775
	1,438		Series 2006-W3, Class 2A, 6.00%, 09/25/2046		1,610
	311		Series 2007-W3, Class 1A3, 6.75%, 04/25/2037		342

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	318		Series 2007-W5, PO, 06/25/2037		278
	239		Series 2007-W7, Class 1A4, HB, IF, 29.46%, 07/25/2037 (z)		314
	178		Series 2007-W10, Class 2A, 6.34%, 08/25/2047 (z)		192
	6,868		Series 2009-W1, Class A, 6.00%, 12/25/2049		7,614
			FNMA STRIPS,
	—	(h)	Series 50, Class 2, IO, 10.50%, 03/25/2019		—	(h)
	9		Series 218, Class 2, IO, 7.50%, 04/25/2023		1
	7		Series 265, Class 2, 9.00%, 03/25/2024		8
	665		Series 300, Class 1, PO, 09/25/2024		623
	104		Series 329, Class 1, PO, 01/25/2033		92
	6		Series 339, Class 18, IO, 4.50%, 07/25/2018		—	(h)
	14		Series 339, Class 21, IO, 4.50%, 08/25/2018		—	(h)
	—	(h)	Series 339, Class 28, IO, 5.50%, 08/25/2018		—	(h)
	143		Series 345, Class 6, IO, 5.00%, 12/25/2033 (z)		25
	543		Series 365, Class 8, IO, 5.50%, 05/25/2036		124
	15		Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(h)
	365		Series 374, Class 5, IO, 5.50%, 08/25/2036		85
	366		Series 383, Class 33, IO, 6.00%, 01/25/2038		73
	161		Series 393, Class 6, IO, 5.50%, 04/25/2037		29
	19,825		Series 411, Class F1, 2.17%, 08/25/2042 (z)		20,066
	7,721		Series 412, Class F2, 2.12%, 08/25/2042 (z)		7,779
			FNMA Trust,
	1,044		Series 2003-W2, Class 1A1, 6.50%, 07/25/2042		1,181
	610		Series 2003-W2, Class 2A9, 5.90%, 07/25/2042		658
	4,045		Series 2003-W6, Class 2A4, 5.20%, 09/25/2042		4,401
	1,638		Series 2003-W6, Class 3A, 6.50%, 09/25/2042		1,820
	1,933		Series 2003-W8, Class 2A, 7.00%, 10/25/2042		2,192
	360		Series 2003-W8, Class 3F1, 2.02%, 05/25/2042 (z)		356

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,591	Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		2,938
	569	Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		640
	568	Series 2004-W8, Class 3A, 7.50%, 06/25/2044		648
	1,569	Series 2004-W15, Class 2AF, 1.87%, 08/25/2044 (z)		1,559
	12,700	Series 2005-W3, Class 2AF, 1.84%, 03/25/2045 (z)		12,639
	716	Series 2005-W4, Class 1A1, 6.00%, 08/25/2045		783
	6,004	Series 2006-W2, Class 1AF1, 1.84%, 02/25/2046 (z)		6,000
	1,911	Series 2006-W2, Class 2A, 3.22%, 11/25/2045 (z)		2,019
	11,223	FNMA, Whole Loan, Series 2007-W1, Class 1AF1, 1.88%, 11/25/2046 (z)		11,242
		GMACM Mortgage Loan Trust,
	1,669	Series 2003-AR2, Class 2A4, 3.90%, 12/19/2033 (z)		1,660
	87	Series 2003-J8, Class A, 5.25%, 12/25/2033		89
	1,212	Series 2005-AR3, Class 3A4, 3.80%, 06/19/2035 (z)		1,192
		GNMA,
	1,101	Series 1994-7, Class PQ, 6.50%, 10/16/2024		1,171
	1,059	Series 1999-4, Class ZB, 6.00%, 02/20/2029		1,058
	121	Series 1999-30, Class S, IF, IO, 7.01%, 08/16/2029 (z)		2
	128	Series 2000-9, Class Z, 8.00%, 06/20/2030		148
	1,311	Series 2000-9, Class ZJ, 8.50%, 02/16/2030		1,489
	1,151	Series 2000-21, Class Z, 9.00%, 03/16/2030		1,165
	195	Series 2000-31, Class Z, 9.00%, 10/20/2030		228
	121	Series 2000-35, Class ZA, 9.00%, 11/20/2030		142
	12	Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		2
	59	Series 2001-6, Class SD, IF, IO, 6.96%, 03/16/2031 (z)		14
	569	Series 2001-22, Class PS, IF, 16.88%, 03/17/2031 (z)		720
	156	Series 2001-35, Class SA, IF, IO, 6.66%, 08/16/2031 (z)		2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 47

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	141	Series 2001-36, Class S, IF, IO, 6.46%, 08/16/2031 (z)		33
	556	Series 2002-24, Class AG, IF, IO, 6.36%, 04/16/2032 (z)		83
	53	Series 2002-24, Class SB, IF, 9.54%, 04/16/2032 (z)		60
	73	Series 2002-31, Class S, IF, IO, 7.11%, 01/16/2031 (z)		13
	990	Series 2002-31, Class SE, IF, IO, 5.91%, 04/16/2030 (z)		111
	19	Series 2002-41, Class SV, IF, 9.00%, 06/16/2032 (z)		22
	2,133	Series 2002-45, Class QE, 6.50%, 06/20/2032		2,379
	652	Series 2002-47, Class PG, 6.50%, 07/16/2032		738
	221	Series 2002-47, Class PY, 6.00%, 07/20/2032		244
	1,095	Series 2002-47, Class ZA, 6.50%, 07/20/2032		1,240
	743	Series 2002-52, Class GH, 6.50%, 07/20/2032		843
	1,265	Series 2002-75, Class PB, 6.00%, 11/20/2032		1,385
	525	Series 2003-11, Class SK, IF, IO, 6.11%, 02/16/2033 (z)		65
	251	Series 2003-12, Class SP, IF, IO, 6.11%, 02/20/2033 (z)		47
	86	Series 2003-24, PO, 03/16/2033		78
	2,410	Series 2003-25, Class PZ, 5.50%, 04/20/2033		2,625
	2,150	Series 2003-40, Class TJ, 6.50%, 03/20/2033		2,382
	823	Series 2003-46, Class MG, 6.50%, 05/20/2033		919
	631	Series 2003-46, Class TC, 6.50%, 03/20/2033		694
	422	Series 2003-52, Class AP, PO, 06/16/2033		355
	1,123	Series 2003-58, Class BE, 6.50%, 01/20/2033		1,244
	1,365	Series 2003-75, Class ZX, 6.00%, 09/16/2033		1,513
	68	Series 2003-90, PO, 10/20/2033		60
	944	Series 2003-97, Class SA, IF, IO, 4.96%, 11/16/2033 (z)		114
	882	Series 2003-112, Class SA, IF, IO, 4.96%, 12/16/2033 (z)		128
	139	Series 2003-114, Class SH, IF, 11.79%, 11/17/2032 (z)		153

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	404	Series 2004-28, Class S, IF, 15.30%, 04/16/2034 (z)		511
	759	Series 2004-46, PO, 06/20/2034		673
	2,852	Series 2004-49, Class Z, 6.00%, 06/20/2034		3,103
	340	Series 2004-71, Class SB, HB, IF, 21.64%, 09/20/2034 (z)		477
	340	Series 2004-71, Class ST, IF, 7.00%, 09/20/2034 (z)		360
	360	Series 2004-73, Class AE, IF, 11.58%, 08/17/2034 (z)		392
	2,901	Series 2004-73, Class JL, IF, IO, 4.96%, 09/16/2034 (z)		425
	60	Series 2004-83, Class AP, IF, 10.83%, 10/16/2034 (z)		67
	67	Series 2004-87, Class SB, IF, 5.84%, 03/17/2033 (z)		67
	301	Series 2004-89, Class LS, IF, 18.56%, 10/16/2034 (z)		403
	4,390	Series 2004-90, Class SI, IF, IO, 4.51%, 10/20/2034 (z)		606
	2,305	Series 2004-96, Class SC, IF, IO, 4.49%, 11/20/2034 (z)		191
	3,054	Series 2005-3, Class SK, IF, IO, 5.16%, 01/20/2035 (z)		377
	64	Series 2005-7, Class JM, IF, 13.23%, 05/18/2034 (z)		72
	614	Series 2005-35, Class FL, 1.94%, 03/20/2032 (z)		616
	80	Series 2005-44, Class SP, IF, 9.01%, 10/20/2034 (z)		84
	320	Series 2005-56, Class IC, IO, 5.50%, 07/20/2035		74
	27	Series 2005-65, Class SA, IF, 16.69%, 08/20/2035 (z)		27
	166	Series 2005-66, Class SP, IF, 15.54%, 08/16/2035 (z)		228
	1,253	Series 2005-68, Class DP, IF, 12.61%, 06/17/2035 (z)		1,430
	6,238	Series 2005-68, Class KI, IF, IO, 4.71%, 09/20/2035 (z)		801
	1,996	Series 2005-72, Class AZ, 5.50%, 09/20/2035		2,131
	386	Series 2005-82, PO, 10/20/2035		328
	598	Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		116
	509	Series 2006-16, Class OP, PO, 03/20/2036		454
	411	Series 2006-20, Class QA, 5.75%, 02/20/2036		432

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2,822	Series 2006-33, Class Z, 6.50%, 07/20/2036		3,213
	101	Series 2006-34, PO, 07/20/2036		89
	96	Series 2006-38, Class SW, IF, IO, 4.91%, 06/20/2036 (z)		7
	3,803	Series 2006-38, Class ZK, 6.50%, 08/20/2036		4,235
	1,764	Series 2006-57, Class PZ, 5.56%, 10/20/2036		1,872
	857	Series 2006-59, Class SD, IF, IO, 5.11%, 10/20/2036 (z)		100
	1,543	Series 2006-65, Class SA, IF, IO, 5.21%, 11/20/2036 (z)		222
	1,680	Series 2007-9, Class CI, IF, IO, 4.61%, 03/20/2037 (z)		226
	2,359	Series 2007-17, Class JI, IF, IO, 5.22%, 04/16/2037 (z)		342
	915	Series 2007-17, Class JO, PO, 04/16/2037		781
	900	Series 2007-19, Class SD, IF, IO, 4.61%, 04/20/2037 (z)		102
	619	Series 2007-25, Class FN, 1.89%, 05/16/2037 (z)		619
	1,885	Series 2007-26, Class SC, IF, IO, 4.61%, 05/20/2037 (z)		229
	1,768	Series 2007-27, Class SD, IF, IO, 4.61%, 05/20/2037 (z)		201
	148	Series 2007-28, Class BO, PO, 05/20/2037		125
	2,561	Series 2007-35, PO, 06/16/2037		2,300
	307	Series 2007-36, Class HO, PO, 06/16/2037		272
	1,317	Series 2007-36, Class SE, IF, IO, 4.88%, 06/16/2037 (z)		174
	1,474	Series 2007-36, Class SJ, IF, IO, 4.66%, 06/20/2037 (z)		154
	1,450	Series 2007-40, Class SD, IF, IO, 5.16%, 07/20/2037 (z)		199
	2,098	Series 2007-40, Class SN, IF, IO, 5.09%, 07/20/2037 (z)		280
	2,074	Series 2007-45, Class QA, IF, IO, 5.05%, 07/20/2037 (z)		267
	520	Series 2007-50, Class AI, IF, IO, 5.18%, 08/20/2037 (z)		73
	1,336	Series 2007-53, Class ES, IF, IO, 4.96%, 09/20/2037 (z)		202
	366	Series 2007-53, Class SW, IF, 15.42%, 09/20/2037 (z)		450
	1,925	Series 2007-57, PO, 03/20/2037		1,711
	1,796	Series 2007-67, Class SI, IF, IO, 4.92%, 11/20/2037 (z)		222
	35	Series 2007-71, Class SB, IF, IO, 5.11%, 07/20/2036 (z)		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,407	Series 2007-72, Class US, IF, IO, 4.96%, 11/20/2037 (z)		188
	1,606	Series 2007-73, Class MI, IF, IO, 4.41%, 11/20/2037 (z)		208
	1,518	Series 2007-74, Class SL, IF, IO, 4.95%, 11/16/2037 (z)		170
	3,090	Series 2007-76, Class SB, IF, IO, 4.91%, 11/20/2037 (z)		411
	2,197	Series 2007-79, Class SY, IF, IO, 4.96%, 12/20/2037 (z)		311
	104	Series 2008-1, PO, 01/20/2038		86
	178	Series 2008-7, Class SK, IF, 15.17%, 11/20/2037 (z)		232
	250	Series 2008-7, Class SP, IF, 10.21%, 10/20/2037 (z)		276
	349	Series 2008-17, IO, 5.50%, 02/20/2038		62
	307	Series 2008-20, PO, 09/20/2037		289
	311	Series 2008-29, PO, 02/17/2033		295
	2,306	Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		276
	825	Series 2008-33, Class XS, IF, IO, 6.11%, 04/16/2038 (z)		132
	1,527	Series 2008-36, Class AY, 5.00%, 04/16/2023		1,552
	2,220	Series 2008-36, Class SH, IF, IO, 4.71%, 04/20/2038 (z)		286
	7,228	Series 2008-40, Class SA, IF, IO, 4.81%, 05/16/2038 (z)		1,001
	1,118	Series 2008-50, Class KB, 6.00%, 06/20/2038		1,231
	537	Series 2008-55, Class SA, IF, IO, 4.61%, 06/20/2038 (z)		62
	1,950	Series 2008-60, Class CS, IF, IO, 4.56%, 07/20/2038 (z)		217
	2,023	Series 2008-69, Class QD, 5.75%, 07/20/2038		2,118
	702	Series 2008-71, Class SC, IF, IO, 4.41%, 08/20/2038 (z)		72
	2,275	Series 2008-76, Class US, IF, IO, 4.31%, 09/20/2038 (z)		273
	1,591	Series 2008-79, Class CS, IF, 5.21%, 06/20/2035 (z)		1,649
	4,665	Series 2008-81, Class S, IF, IO, 4.61%, 09/20/2038 (z)		523
	2,334	Series 2008-93, Class AS, IF, IO, 4.11%, 12/20/2038 (z)		237
	4,207	Series 2008-95, Class DS, IF, IO, 5.71%, 12/20/2038 (z)		642
	1,324	Series 2008-96, Class SL, IF, IO, 4.41%, 12/20/2038 (z)		130

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 49

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,037	Series 2009-6, Class SA, IF, IO, 4.51%, 02/16/2039 (z)		109
	1,171	Series 2009-6, Class SH, IF, IO, 4.45%, 02/20/2039 (z)		115
	1,930	Series 2009-10, Class SA, IF, IO, 4.36%, 02/20/2039 (z)		198
	118	Series 2009-10, Class SL, IF, IO, 4.91%, 03/16/2034 (z)		1
	1,657	Series 2009-11, Class SC, IF, IO, 4.56%, 02/16/2039 (z)		150
	599	Series 2009-14, Class KI, IO, 6.50%, 03/20/2039		133
	1,370	Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		365
	3,499	Series 2009-22, Class SA, IF, IO, 4.68%, 04/20/2039 (z)		384
	579	Series 2009-24, Class DS, IF, IO, 4.71%, 03/20/2039 (z)		20
	989	Series 2009-25, Class SE, IF, IO, 6.01%, 09/20/2038 (z)		154
	1,943	Series 2009-31, Class TS, IF, IO, 4.71%, 03/20/2039 (z)		159
	417	Series 2009-33, Class CI, IO, 5.50%, 05/20/2039		81
	568	Series 2009-33, Class TI, IO, 6.00%, 05/20/2039		123
	367	Series 2009-35, Class SN, IF, IO, 4.81%, 12/16/2038 (z)		10
	12,852	Series 2009-35, Class ZB, 5.50%, 05/16/2039		14,197
	2,653	Series 2009-42, Class SC, IF, IO, 4.49%, 06/20/2039 (z)		310
	1,874	Series 2009-43, Class SA, IF, IO, 4.36%, 06/20/2039 (z)		229
	3,105	Series 2009-64, Class SN, IF, IO, 4.51%, 07/16/2039 (z)		312
	625	Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		66
	2,955	Series 2009-72, Class SM, IF, IO, 4.66%, 08/16/2039 (z)		382
	2,753	Series 2009-75, Class MN, 5.50%, 09/20/2039		3,153
	2,912	Series 2009-79, Class OK, PO, 11/16/2037		2,580
	4,536	Series 2009-81, Class SB, IF, IO, 4.50%, 09/20/2039 (z)		507
	2,610	Series 2009-102, Class SM, IF, IO, 4.81%, 06/16/2039 (z)		118
	1,760	Series 2009-104, Class AB, 7.00%, 08/16/2039		1,922

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,709	Series 2009-106, Class AS, IF, IO, 4.81%, 11/16/2039 (z)		449
	14,114	Series 2009-106, Class ST, IF, IO, 4.41%, 02/20/2038 (z)		1,816
	1,228	Series 2009-121, Class VA, 5.50%, 11/20/2020		1,233
	713	Series 2010-14, Class AO, PO, 12/20/2032		686
	573	Series 2010-14, Class BO, PO, 11/20/2035		491
	1,865	Series 2010-14, Class CO, PO, 08/20/2035		1,618
	673	Series 2010-14, Class QP, 6.00%, 12/20/2039		679
	1,585	Series 2010-41, Class WA, 5.82%, 10/20/2033 (z)		1,745
	839	Series 2010-103, Class WA, 5.72%, 08/20/2034 (z)		913
	1,119	Series 2010-129, Class AW, 6.07%, 04/20/2037 (z)		1,216
	5,303	Series 2010-130, Class CP, 7.00%, 10/16/2040		5,970
	6,980	Series 2010-157, Class OP, PO, 12/20/2040		5,734
	554	Series 2011-22, Class WA, 5.92%, 02/20/2037 (z)		614
	4,161	Series 2011-43, Class ZQ, 5.50%, 01/16/2033		4,507
	3,531	Series 2011-75, Class SM, IF, IO, 5.01%, 05/20/2041 (z)		546
	1,944	Series 2011-97, Class WA, 6.10%, 11/20/2038 (z)		2,162
	2,589	Series 2011-137, Class WA, 5.56%, 07/20/2040 (z)		2,831
	1,500	Series 2011-157, Class UY, 3.00%, 12/20/2041		1,412
	6,510	Series 2011-163, Class WA, 5.86%, 12/20/2038 (z)		7,197
	2,194	Series 2011-H05, Class FB, 2.06%, 12/20/2060 (z)		2,199
	2,827	Series 2011-H06, Class FA, 2.01%, 02/20/2061 (z)		2,830
	3,159	Series 2011-H19, Class FA, 2.03%, 08/20/2061 (z)		3,163
	3,135	Series 2012-59, Class WA, 5.57%, 08/20/2038 (z)		3,458
	3,963	Series 2012-141, Class WA, 4.52%, 11/16/2041 (z)		4,193
	2,886	Series 2012-141, Class WB, 3.97%, 09/16/2042 (z)		2,962
	4,295	Series 2012-141, Class WC, 3.72%, 01/20/2042 (z)		4,373

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	9,644	Series 2012-H08, Class FB, 2.16%, 03/20/2062 (z)		9,687
	6,864	Series 2012-H08, Class FS, 2.26%, 04/20/2062 (z)		6,936
	58,078	Series 2012-H10, Class FA, 2.11%, 12/20/2061 (z)		58,272
	1,501	Series 2012-H15, Class FA, 2.01%, 05/20/2062 (z)		1,503
	2,201	Series 2012-H18, Class NA, 2.08%, 08/20/2062 (z)		2,209
	9,295	Series 2012-H21, Class CF, 2.26%, 05/20/2061 (z)		9,315
	17,567	Series 2012-H22, Class FD, 2.03%, 01/20/2061 (z)		17,595
	315	Series 2012-H24, Class FA, 2.01%, 03/20/2060 (z)		317
	3,671	Series 2012-H24, Class FD, 2.15%, 09/20/2062 (z)		3,677
	3,298	Series 2012-H24, Class FE, 2.16%, 10/20/2062 (z)		3,311
	5,391	Series 2012-H24, Class FG, 1.99%, 04/20/2060 (z)		5,400
	7,043	Series 2012-H26, Class JA, 2.11%, 10/20/2061 (z)		7,057
	7,133	Series 2012-H26, Class MA, 2.11%, 07/20/2062 (z)		7,143
	3,924	Series 2012-H27, Class FB, 2.06%, 10/20/2062 (z)		3,930
	16,913	Series 2012-H28, Class FA, 2.14%, 09/20/2062 (z)		16,961
	25,446	Series 2012-H29, Class FA, 2.08%, 10/20/2062 (z)		25,505
	150	Series 2012-H30, Class JA, 2.04%, 01/20/2060 (z)		150
	114	Series 2012-H30, Class PA, 2.01%, 11/20/2059 (z)		114
	21,865	Series 2012-H31, Class FD, 1.90%, 12/20/2062 (z)		21,814
	3,910	Series 2013-26, Class AK, 4.65%, 09/20/2041 (z)		4,101
	2,244	Series 2013-54, Class WA, 4.74%, 11/20/2042 (z)		2,365
	1,483	Series 2013-75, Class WA, 5.21%, 06/20/2040 (z)		1,593
	2,486	Series 2013-91, Class WA, 4.49%, 04/20/2043 (z)		2,541
	3,874	Series 2013-147, Class BE, 4.00%, 12/20/2039		3,981
	22,728	Series 2013-H01, Class FA, 1.65%, 01/20/2063		22,371

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	11,103	Series 2013-H01, Class JA, 1.88%, 01/20/2063 (z)		11,071
	544	Series 2013-H02, Class HF, 1.86%, 11/20/2062 (z)		545
	269	Series 2013-H03, Class FA, 1.86%, 08/20/2060 (z)		269
	2,310	Series 2013-H04, Class SA, 1.98%, 02/20/2063 (z)		2,310
	3,009	Series 2013-H07, Class GA, 2.03%, 03/20/2063 (z)		3,014
	9,230	Series 2013-H07, Class HA, 1.97%, 03/20/2063 (z)		9,228
	3,070	Series 2013-H07, Class MA, 2.11%, 04/20/2062 (z)		3,077
	13,125	Series 2013-H08, Class FC, 2.01%, 02/20/2063 (z)		13,136
	10,038	Series 2013-H09, Class HA, 1.65%, 04/20/2063		9,828
	2,858	Series 2013-H14, Class FC, 2.03%, 06/20/2063 (z)		2,862
	2,619	Series 2013-H14, Class FG, 2.03%, 05/20/2063 (z)		2,622
	5,861	Series 2014-6, Class W, 5.48%, 01/20/2039 (z)		6,249
	4,632	Series 2014-41, Class W, 4.65%, 10/20/2042 (z)		4,828
	4,177	Series 2014-188, Class W, 4.63%, 10/20/2041 (z)		4,376
	18,792	Series 2014-H01, Class FD, 2.21%, 01/20/2064 (z)		18,925
	13,128	Series 2014-H05, Class FA, 2.25%, 02/20/2064 (z)		13,279
	4,413	Series 2014-H06, Class HB, 2.21%, 03/20/2064 (z)		4,441
	13,371	Series 2014-H09, Class TA, 2.16%, 04/20/2064 (z)		13,443
	20,193	Series 2014-H10, Class TA, 2.16%, 04/20/2064 (z)		20,352
	22,603	Series 2014-H11, Class VA, 2.06%, 06/20/2064 (z)		22,691
	21,238	Series 2014-H15, Class FA, 2.06%, 07/20/2064 (z)		21,319
	15,728	Series 2014-H17, Class FC, 2.06%, 07/20/2064 (z)		15,788
	20,300	Series 2014-H19, Class FE, 2.03%, 09/20/2064 (z)		20,347
	8,304	Series 2014-H20, Class LF, 2.16%, 10/20/2064 (z)		8,333
	4,991	Series 2015-91, Class W, 5.26%, 05/20/2040 (z)		5,371

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 51

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	5,980	Series 2015-137, Class WA, 5.48%, 01/20/2038 (z)		6,523
	10,616	Series 2015-H02, Class FB, 2.06%, 12/20/2064 (z)		10,645
	10,373	Series 2015-H03, Class FA, 2.06%, 12/20/2064 (z)		10,397
	35,309	Series 2015-H05, Class FC, 2.04%, 02/20/2065 (z)		35,411
	21,514	Series 2015-H06, Class FA, 2.04%, 02/20/2065 (z)		21,561
	15,492	Series 2015-H07, Class ES, 1.85%, 02/20/2065 (z)		15,518
	50,850	Series 2015-H08, Class FC, 2.04%, 03/20/2065 (z)		50,992
	40,169	Series 2015-H10, Class FC, 2.04%, 04/20/2065 (z)		40,287
	23,893	Series 2015-H12, Class FA, 2.04%, 05/20/2065 (z)		23,960
	11,459	Series 2015-H15, Class FD, 2.00%, 06/20/2065 (z)		11,474
	17,062	Series 2015-H15, Class FJ, 2.00%, 06/20/2065 (z)		17,083
	21,865	Series 2015-H16, Class FG, 2.00%, 07/20/2065 (z)		21,891
	27,057	Series 2015-H16, Class FL, 2.00%, 07/20/2065 (z)		27,091
	17,466	Series 2015-H18, Class FA, 2.01%, 06/20/2065 (z)		17,485
	17,503	Series 2015-H20, Class FA, 2.03%, 08/20/2065 (z)		17,548
	5,399	Series 2015-H26, Class FG, 2.08%, 10/20/2065 (z)		5,425
	11,764	Series 2015-H32, Class FH, 2.22%, 12/20/2065 (z)		11,894
	52,781	Series 2016-H07, Class FA, 2.31%, 03/20/2066 (z)		53,571
	13,317	Series 2016-H07, Class FB, 2.31%, 03/20/2066 (z)		13,517
	24,716	Series 2016-H11, Class FD, 2.20%, 05/20/2066 (z)		24,894
	18,291	Series 2016-H26, Class FC, 2.56%, 12/20/2066 (z)		18,711
	80,649	Series 2017-H08, Class XI, IO, 2.12%, 03/20/2067 (z)		10,875
	64,926	Series 2017-H14, Class XI, IO, 1.71%, 06/20/2067 (z)		6,949
	106	Goldman Sachs Group, Inc. (The), Series 2003-29, Class 1A1, 4.75%, 09/25/2018		109
	43,030	Goodgreen Trust, Series 2017-R1, 5.00%, 10/20/2051 (bb)		42,402

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		GSMPS Mortgage Loan Trust,
	559	Series 2004-4, Class 1AF, 2.02%, 06/25/2034 (e) (z)		506
	1,018	Series 2005-RP2, Class 1AF, 1.97%, 03/25/2035 (e) (z)		933
	6,321	Series 2005-RP3, Class 1AF, 1.97%, 09/25/2035 (e) (z)		5,681
	4,659	Series 2005-RP3, Class 1AS, IO, 3.03%, 09/25/2035 (e) (z) (bb)		341
		GSR Mortgage Loan Trust,
	259	Series 2003-3F, Class 4A3, 5.75%, 04/25/2033		268
	61	Series 2003-6F, Class A2, 2.02%, 09/25/2032 (z)		60
	776	Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		799
	997	Series 2004-6F, Class 2A4, 5.50%, 05/25/2034		1,025
	648	Series 2004-6F, Class 3A4, 6.50%, 05/25/2034		692
	300	Series 2005-5F, Class 8A3, 2.12%, 06/25/2035 (z)		286
	1,419	Series 2005-7F, Class 3A9, 6.00%, 09/25/2035		1,499
	107	Series 2005-AR6, Class 3A1, 3.46%, 09/25/2035 (z)		108
	708	Series 2006-1F, Class 1A3, 5.50%, 02/25/2036		796
	3,491	Series 2006-1F, Class 2A4, 6.00%, 02/25/2036		3,006
	38,825	Headlands Residential LLC, Series 2017-RPL1, Class A, SUB, 3.88%, 08/25/2022 (e)		38,323
	1,108	Impac CMB Trust, Series 2005-4, Class 2A1, 2.22%, 05/25/2035 (z)		1,097
	763	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A1, 5.50%, 08/25/2033		796
	11	Impac Secured Assets Corp., Series 2004-3, Class 1A4, 2.42%, 11/25/2034 (z)		11
		Impac Secured Assets Trust,
	4,091	Series 2006-1, Class 2A1, 1.97%, 05/25/2036 (z)		3,887
	3,448	Series 2006-2, Class 2A1, 1.97%, 08/25/2036 (z)		3,385
		JP Morgan Mortgage Trust,
	421	Series 2004-A3, Class 4A1, 3.85%, 07/25/2034 (z)		434
	670	Series 2004-A4, Class 1A1, 3.82%, 09/25/2034 (z)		688
	133	Series 2004-S1, Class 1A7, 5.00%, 09/25/2034		135

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,386	Series 2005-A1, Class 3A4, 3.71%, 02/25/2035 (z)		1,421
	7,005	Series 2006-A2, Class 4A1, 3.72%, 08/25/2034 (z)		7,086
	4,135	Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (z)		4,213
	909	Series 2006-A3, Class 6A1, 3.50%, 08/25/2034 (z)		908
	879	Series 2007-A1, Class 5A1, 3.69%, 07/25/2035 (z)		900
	352	Series 2007-A1, Class 5A2, 3.69%, 07/25/2035 (z)		361
		Lehman Mortgage Trust,
	599	Series 2006-2, Class 1A1, 5.81%, 04/25/2036 (z)		548
	412	Series 2007-6, Class 1A8, 6.00%, 07/25/2037		397
	3,261	Series 2008-2, Class 1A6, 6.00%, 03/25/2038		2,504
		MASTR Adjustable Rate Mortgages Trust,
	696	Series 2004-3, Class 4A2, 3.13%, 04/25/2034 (z)		653
	1,850	Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		1,894
	427	Series 2004-15, Class 3A1, 4.12%, 12/25/2034 (z)		417
		MASTR Alternative Loan Trust,
	567	Series 2003-9, Class 2A1, 6.00%, 12/25/2033		588
	232	Series 2003-9, Class 8A1, 6.00%, 01/25/2034		239
	475	Series 2004-3, Class 2A1, 6.25%, 04/25/2034		495
	2,002	Series 2004-3, Class 3A1, 6.00%, 04/25/2034		2,101
	298	Series 2004-6, Class 30PO, PO, 07/25/2034 (bb)		246
	193	Series 2004-6, Class 7A1, 6.00%, 07/25/2034		198
	248	Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		206
	160	Series 2004-8, Class 6A1, 5.50%, 09/25/2019		162
	48	Series 2004-10, Class 1A1, 4.50%, 09/25/2019		48
	445	Series 2005-6, Class 3A1, 5.50%, 11/25/2020		438
		MASTR Asset Securitization Trust,
	8	Series 2003-11, Class 3A1, 4.50%, 12/25/2018		8

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	36	Series 2003-12, Class 30PO, PO, 12/25/2033 (bb)		34
	93	Series 2003-12, Class 6A1, 5.00%, 12/25/2033		94
	33	Series 2004-1, Class 30PO, PO, 02/25/2034 (bb)		28
	593	Series 2004-4, Class 1A6, 5.25%, 12/26/2033		611
	4	Series 2004-4, Class 3A1, 4.50%, 04/25/2019		4
	9	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		9
	9	Series 2004-8, PO, 08/25/2019 (bb)		9
	46	Series 2004-8, Class 1A1, 4.75%, 08/25/2019		47
	100	Series 2004-9, Class 5A1, 5.25%, 09/25/2019		100
	263	Series 2004-P7, Class A6, 5.50%, 12/27/2033 (e)		269
		MASTR Reperforming Loan Trust,
	8,673	Series 2005-2, Class 1A1F, 1.97%, 05/25/2035 (e) (z)		7,240
	1,047	Series 2006-2, Class 1A1, 4.41%, 05/25/2036 (e) (z)		922
	323	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e)		260
		Merrill Lynch Mortgage Investors Trust,
	564	Series 2003-A5, Class 2A6, 3.50%, 08/25/2033 (z)		582
	1,048	Series 2003-E, Class A1, 2.24%, 10/25/2028 (z)		1,023
	2,316	Series 2003-F, Class A1, 2.26%, 10/25/2028 (z)		2,292
	1,062	Series 2004-1, Class 2A1, 3.30%, 12/25/2034 (z)		1,068
	455	Series 2004-A, Class A1, 2.08%, 04/25/2029 (z)		448
	1,027	Series 2004-A4, Class A2, 3.27%, 08/25/2034 (z)		1,051
	936	Series 2004-C, Class A2, 2.42%, 07/25/2029 (z)		921
	1,625	Series 2005-A2, Class A1, 3.53%, 02/25/2035 (z)		1,607
	1,593	Merrill Lynch Mortgage-Backed Securities Trust, Series 2007-3, Class 1A3, 2.38%, 06/25/2037 (z)		1,554
	2	ML Trust XLVII, Series 47, Class Z, 8.99%, 10/20/2020 (bb)		2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 53

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Morgan Stanley Mortgage Loan Trust,
	2,162		Series 2004-3, Class 4A, 5.67%, 04/25/2034 (z)		2,277
	325		Series 2004-9, Class 4A, 4.34%, 10/25/2019 (z)		316
	—	(h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF, 13,182.88%, 04/20/2021 (z)		—	(h)
			MRFC Mortgage Pass-Through Trust,
	2,753		Series 2000-TBC2, Class A1, 2.07%, 06/15/2030 (z)		2,634
	536		Series 2000-TBC3, Class A1, 2.03%, 12/15/2030 (z)		519
	604		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z)		611
			NCUA Guaranteed Notes Trust,
	12,694		Series 2010-R3, Class 1A, 2.18%, 12/08/2020 (z)		12,768
	1,419		Series 2010-R3, Class 3A, 2.40%, 12/08/2020		1,410
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	281		Series 2003-A1, Class A1, 5.50%, 05/25/2033		285
	186		Series 2003-A1, Class A2, 6.00%, 05/25/2033		189
	69		Series 2003-A1, Class A5, 7.00%, 04/25/2033		71
	2		PaineWebber CMO Trust, Series P, Class 4, 8.50%, 08/01/2019		2
	863		Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		912
	298		Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.58%, 05/25/2035 (z)		292
			RALI Trust,
	34		Series 2003-QS9, Class A3, IF, IO, 5.93%, 05/25/2018 (z) (bb)		—	(h)
	19		Series 2003-QS12, Class A2A, IF, IO, 5.98%, 06/25/2018 (z) (bb)		—	(h)
	6		Series 2003-QS12, Class A5, IO, 5.00%, 06/25/2018 (bb)		—	(h)
	117		Series 2003-QS14, Class A1, 5.00%, 07/25/2018		115
	41		Series 2003-QS18, Class A1, 5.00%, 09/25/2018		41
	5,278		Series 2004-QS7, Class A4, 5.50%, 05/25/2034		5,393

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,256	Series 2005-QA6, Class A32, 4.57%, 05/25/2035 (z)		1,044
	178	Series 2007-QS1, Class 1A1, 6.00%, 01/25/2037		166
		RBSSP Resecuritization Trust,
	2,527	Series 2009-1, Class 1A1, 6.50%, 02/26/2036 (e) (z)		2,648
	346	Series 2009-2, Class 1A1, 7.00%, 08/26/2037 (e) (z)		349
	2,528	Series 2009-12, Class 1A1, 5.62%, 11/25/2033 (e) (z)		2,599
	79	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/2035 (e) (bb)		70
		Residential Asset Securitization Trust,
	92	Series 2003-A8, Class A5, 4.25%, 10/25/2018		92
	6	Series 2003-A14, Class A1, 4.75%, 02/25/2019		6
	7,430	Series 2005-A2, Class A4, IF, IO, 3.43%, 03/25/2035 (z)		510
	727	Series 2006-A4, Class 2A5, 6.00%, 05/25/2036		710
		RFMSI Trust,
	4	Series 2003-S14, Class A4, PO, 07/25/2018 (bb)		4
	17	Series 2003-S16, Class A3, 5.00%, 09/25/2018		17
	512	Series 2005-SA4, Class 1A1, 3.51%, 09/25/2035 (z)		462
		Sequoia Mortgage Trust,
	1,221	Series 2004-8, Class A1, 2.29%, 09/20/2034 (z)		1,174
	1,765	Series 2004-8, Class A2, 2.84%, 09/20/2034 (z)		1,739
	492	Series 2004-10, Class A1A, 2.21%, 11/20/2034 (z)		488
	1,589	Series 2004-11, Class A1, 2.19%, 12/20/2034 (z)		1,565
	1,225	Series 2004-12, Class A3, 2.10%, 01/20/2035 (z)		1,138
		Structured Asset Mortgage Investments II Trust,
	1,494	Series 2004-AR5, Class 1A1, 2.25%, 10/19/2034 (z)		1,440
	5,024	Series 2005-AR5, Class A3, 1.84%, 07/19/2035 (z)		4,886
		Structured Asset Securities Corp.,
	1,542	Series 2003-37A, Class 2A, 3.39%, 12/25/2033 (z)		1,546

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2,001	Series 2004-4XS, Class 1A5, SUB, 5.30%, 02/25/2034		2,028
	784	Series 2005-RF3, Class 1A, 1.97%, 06/25/2035 (e) (z)		686
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	2,025	Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		2,061
	521	Series 2003-34A, Class 3A3, 3.49%, 11/25/2033 (z)		524
	3,812	Series 2004-5H, Class A4, 5.54%, 12/25/2033		3,898
		Thornburg Mortgage Securities Trust,
	3,617	Series 2003-4, Class A1, 2.26%, 09/25/2043 (z)		3,497
	2,694	Series 2004-4, Class 3A, 3.03%, 12/25/2044 (z)		2,706
		Vendee Mortgage Trust,
	2,744	Series 1993-1, Class ZB, 7.25%, 02/15/2023		2,951
	780	Series 1994-1, Class 1, 5.34%, 02/15/2024 (z)		809
	2,099	Series 1994-1, Class 2ZB, 6.50%, 02/15/2024		2,237
	1,168	Series 1996-1, Class 1Z, 6.75%, 02/15/2026		1,276
	529	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		574
	1,657	Series 1997-1, Class 2Z, 7.50%, 02/15/2027		1,838
	1,069	Series 1998-1, Class 2E, 7.00%, 03/15/2028		1,195
		WaMu Mortgage Pass-Through Certificates,
	227	Series 2003-S4, Class 2A10, IF, 13.01%, 06/25/2033 (z)		250
	11	Series 2003-S10, Class A2, 5.00%, 10/25/2018		11
	552	Series 2004-RS2, Class A4, 5.00%, 11/25/2033		560
		WaMu Mortgage Pass-Through Certificates Trust,
	886	Series 2003-AR7, Class A7, 3.13%, 08/25/2033 (z)		896
	4,829	Series 2003-AR9, Class 1A6, 3.33%, 09/25/2033 (z)		4,941
	1,078	Series 2003-AR9, Class 2A, 3.35%, 09/25/2033 (z)		1,090
	2,690	Series 2003-AR11, Class A6, 3.36%, 10/25/2033 (z)		2,722

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	842	Series 2003-S1, Class A5, 5.50%, 04/25/2033		861
	43	Series 2003-S8, Class A5, 4.50%, 09/25/2018		43
	15	Series 2003-S8, Class A6, 4.50%, 09/25/2018		15
	3,288	Series 2003-S9, Class A8, 5.25%, 10/25/2033		3,360
	52	Series 2003-S9, Class P, PO, 10/25/2033 (bb)		46
	24	Series 2003-S13, Class 23A1, 2.17%, 12/25/2018 (z)		24
	1,335	Series 2004-AR3, Class A1, 3.22%, 06/25/2034 (z)		1,362
	1,716	Series 2004-AR3, Class A2, 3.22%, 06/25/2034 (z)		1,750
	135	Series 2004-CB2, Class 5A, 5.00%, 07/25/2019		135
	144	Series 2004-CB2, Class 7A, 5.50%, 08/25/2019		145
	3,214	Series 2004-S2, Class 2A4, 5.50%, 06/25/2034		3,337
	495	Series 2004-S3, Class 1A5, 5.00%, 07/25/2034		505
	689	Series 2006-AR8, Class 1A2, 3.29%, 08/25/2046 (z)		647
	109	Series 2006-AR10, Class 2P, 3.39%, 09/25/2036 (z) (bb)		95
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,016	Series 2005-1, Class 1A1, 5.50%, 03/25/2035		1,007
	128	Series 2005-1, Class CP, PO, 03/25/2035 (bb)		101
	7,843	Series 2005-2, Class 1A4, IF, IO, 3.43%, 04/25/2035 (z)		707
	2,196	Series 2005-2, Class 2A3, IF, IO, 3.38%, 04/25/2035 (z) (bb)		200
	2,779	Series 2005-4, Class CB7, 5.50%, 06/25/2035		2,681
	2,651	Series 2005-4, Class CX, IO, 5.50%, 06/25/2035 (bb)		513
	558	Series 2005-6, Class 2A4, 5.50%, 08/25/2035		543
	213	Series 2006-1, Class 3A2, 5.75%, 02/25/2036		203
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	4	Series 2003-MS5, Class 1A4, 2.12%, 03/25/2018 (z)		4

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 55

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	6	Series 2003-MS7, Class P, PO, 03/25/2033 (bb)		5
		Wells Fargo Alternative Loan Trust,
	85	Series 2003-1, Class APO, PO, 09/25/2033 (bb)		77
	244	Series 2007-PA3, Class 1A2, 5.75%, 07/25/2037		228
		Wells Fargo Mortgage-Backed Securities Trust,
	1,797	Series 2003-K, Class 1A1, 3.56%, 11/25/2033 (z)		1,820
	69	Series 2003-K, Class 1A2, 3.56%, 11/25/2033 (z)		70
	284	Series 2003-L, Class 2A1, 3.65%, 11/25/2033 (z)		281
	421	Series 2004-4, Class A9, 5.50%, 05/25/2034		429
	664	Series 2004-B, Class A1, 3.74%, 02/25/2034 (z)		667
	1,265	Series 2004-EE, Class 2A1, 3.45%, 12/25/2034 (z)		1,286
	861	Series 2004-EE, Class 2A2, 3.45%, 12/25/2034 (z)		884
	1,555	Series 2004-EE, Class 3A1, 3.79%, 12/25/2034 (z)		1,612
	508	Series 2004-EE, Class 3A2, 3.79%, 12/25/2034 (z)		526
	2,384	Series 2004-I, Class 1A1, 3.68%, 07/25/2034 (z)		2,434
	6,191	Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		6,346
	2,453	Series 2004-S, Class A1, 3.52%, 09/25/2034 (z)		2,508
	882	Series 2004-V, Class 1A1, 3.56%, 10/25/2034 (z)		895
	1,132	Series 2004-V, Class 1A2, 3.56%, 10/25/2034 (z)		1,167
	671	Series 2005-14, Class 1A1, 5.50%, 12/25/2035		692
	103	Series 2005-14, Class 2APO, PO, 12/25/2035 (bb)		91
	10,887	Series 2005-AR3, Class 1A1, 3.49%, 03/25/2035 (z)		11,185
	1,349	Series 2005-AR8, Class 2A1, 3.74%, 06/25/2035 (z)		1,380
	243	Series 2007-7, Class A7, 6.00%, 06/25/2037		242
	1,489	Series 2007-11, Class A14, 6.00%, 08/25/2037		1,457
	4	RALI Trust, Series 2003-QS3, Class A2, IF, 13.07%, 02/25/2018 (z)		4

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	684	GNMA, Series 2006-22, Class AO, PO, 05/20/2036		608
		Total Collateralized Mortgage Obligations (Cost $2,679,158)		2,700,913
	Commercial Mortgage-Backed Securities — 6.0%
		BAMLL Commercial Mortgage Securities Trust,
	7,026	Series 2012-PARK, Class A, 2.96%, 12/10/2030 (e)		6,957
	7,700	Series 2014-520M, Class C, 4.21%, 08/15/2046 (e) (z)		7,142
		BAMLL Re-REMIC Trust,
	16,252	Series 2014-FRR5, Class A714, PO, 01/27/2047 (e)		14,365
	3,200	Series 2014-FRR5, Class AK30, PO, 06/27/2045 (e)		2,459
	7,484	Series 2015-FR11, Class AK25, 2.73%, 09/27/2045 (e) (z)		6,769
	9,619	Series 2016-FR13, Class A, 1.69%, 08/27/2045 (e) (z)		8,334
	21,129	Series 2016-FR16, Class A, 0.99%, 05/27/2021 (e) (z)		19,186
	4,802	Banc of America Commercial Mortgage Trust, Series 2006-5, Class XC, IO, 0.78%, 09/10/2047 (e) (z) (bb)		3
	27,364	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-5, Class XC, IO, 0.07%, 10/10/2045 (e) (z) (bb)		—	(h)
		BB-UBS Trust,
	46,923	Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (e)		46,614
	4,949	Series 2012-TFT, Class A, 2.89%, 06/05/2030 (e)		4,832
		Bear Stearns Commercial Mortgage Securities Trust,
	7,950	Series 2006-PW14, Class X1, IO, 0.54%, 12/11/2038 (e) (z) (bb)		27
	114,718	Series 2007-T26, Class X1, IO, 0.01%, 01/12/2045 (e) (z) (bb)		77
	20,740	BXMT Ltd., Series 2017-FL1, Class D, 4.29%, 06/15/2035 (e) (z) (bb)		20,804
	4,602	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, 0.63%, 12/11/2049 (e) (z) (bb)		14
	27,681	CD Mortgage Trust, Series 2006-CD3, Class XS, IO, 0.58%, 10/15/2048 (e) (z) (bb)		285
	9,225	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, IO, 0.94%, 08/15/2048 (z) (bb)		119

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		Commercial Mortgage Trust,
	935	Series 2006-GG7, Class AM, 5.79%, 07/10/2038 (z)		935
	24,765	Series 2012-CR2, Class XA, IO, 1.66%, 08/15/2045 (z) (bb)		1,492
	4,484	Series 2013-300P, Class A1, 4.35%, 08/10/2030 (e)		4,702
	6,150	Series 2013-SFS, Class A2, 2.99%, 04/12/2035 (e) (z)		6,014
	13,800	Series 2014-CR19, Class A5, 3.80%, 08/10/2047		14,110
	7,748	Series 2014-PAT, Class A, 2.38%, 08/13/2027 (e) (z)		7,748
	10,196	Series 2014-TWC, Class A, 2.43%, 02/13/2032 (e) (z)		10,203
	2,850	Series 2014-TWC, Class B, 3.18%, 02/13/2032 (e) (z) (bb)		2,854
	9,250	Series 2015-CR24, Class A5, 3.70%, 08/10/2048		9,393
	17,593	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		17,903
	22,254	Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AX, IO, 0.07%, 01/15/2049 (e) (z) (bb)		—	(h)
	29,490	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class UESA, 4.03%, 11/15/2027 (e)		29,705
		CSMC OA LLC,
	2,600	Series 2014-USA, Class A2, 3.95%, 09/15/2037 (e)		2,625
	16,830	Series 2014-USA, Class D, 4.37%, 09/15/2037 (e) (bb)		16,151
	20,754	DBUBS Mortgage Trust, Series 2011-LC2A, Class XA, IO, 1.12%, 07/10/2044 (e) (z) (bb)		590
	4,000	DBWF Mortgage Trust, Series 2015-LCM, Class A2, 3.42%, 06/10/2034 (e) (z)		3,825
		FHLMC Multifamily Structured Pass-Through Certificates,
	20,000	Series K037, Class A2, 3.49%, 01/25/2024		20,483
	20,914	Series K038, Class A2, 3.39%, 03/25/2024		21,319
	23,597	Series K052, Class A2, 3.15%, 11/25/2025		23,561
	20,000	Series K061, Class AM, 3.44%, 11/25/2026 (z)		20,182
	21,719	Series K065, Class A2, 3.24%, 04/25/2027		21,665

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	11,657	Series K065, Class AM, 3.33%, 05/25/2027		11,638
	8,171	Series K066, Class A2, 3.12%, 06/25/2027		8,062
	17,323	Series K070, Class A2, 3.30%, 11/25/2027 (z)		17,319
	27,136	Series K072, Class A2, 3.44%, 12/25/2050		27,542
	19,000	Series K072, Class AM, 3.50%, 12/25/2050 (z)		19,212
	33,492	Series K073, Class A2, 3.35%, 01/25/2028		33,577
	4,449	Series KJ02, Class A2, 2.60%, 09/25/2020		4,431
	21,382	Series KJ09, Class A2, 2.84%, 09/25/2022		21,257
	30,043	Series KJ17, Class A2, 2.98%, 11/25/2025		29,377
	2,314	Series KPLB, Class A, 2.77%, 05/25/2025		2,258
	14,000	Series KS01, Class A2, 2.52%, 01/25/2023		13,782
	41,500	Series KSMC, Class A2, 2.62%, 01/25/2023		40,844
		FNMA ACES,
	12,909	Series 2010-M1, Class A2, 4.45%, 09/25/2019		13,140
	5,537	Series 2010-M3, Class A3, 4.33%, 03/25/2020 (z)		5,659
	4,694	Series 2010-M7, Class A2, 3.66%, 11/25/2020		4,774
	7,984	Series 2011-M1, Class A3, 3.76%, 06/25/2021		8,157
	51,111	Series 2011-M2, Class A3, 3.76%, 04/25/2021		52,353
	28,877	Series 2011-M4, Class A2, 3.73%, 06/25/2021		29,582
	6,139	Series 2011-M8, Class A2, 2.92%, 08/25/2021		6,144
	2,638	Series 2012-M11, Class FA, 2.06%, 08/25/2019 (z)		2,638
	11,791	Series 2013-M7, Class A2, 2.28%, 12/27/2022		11,466
	10,168	Series 2013-M9, Class A2, 2.39%, 01/25/2023 (z)		9,927
	3,370	Series 2013-M13, Class A2, 2.64%, 04/25/2023 (z)		3,313
	16,876	Series 2014-M2, Class A2, 3.51%, 12/25/2023 (z)		17,252
	24,000	Series 2014-M3, Class A2, 3.47%, 01/25/2024 (z)		24,564
	3,280	Series 2014-M9, Class A2, 3.10%, 07/25/2024 (z)		3,287

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 57

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	23,180	Series 2014-M12, Class ASV2, 2.61%, 10/25/2021 (z)		23,054
	11,740	Series 2014-M13, Class A2, 3.02%, 08/25/2024 (z)		11,700
	12,039	Series 2015-M1, Class A2, 2.53%, 09/25/2024		11,651
	12,011	Series 2015-M2, Class A3, 3.05%, 12/25/2024 (z)		11,992
	30,000	Series 2015-M3, Class A2, 2.72%, 10/25/2024		29,336
	7,298	Series 2015-M7, Class A2, 2.59%, 12/25/2024		7,071
	10,000	Series 2015-M8, Class A2, 2.90%, 01/25/2025 (z)		9,854
	57,555	Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		56,601
	64,822	Series 2016-M1, Class A2, 2.94%, 01/25/2026 (z)		63,677
	96,850	Series 2016-M11, Class A2, 2.37%, 07/25/2026 (z)		91,010
	57,625	Series 2017-M3, Class A2, 2.49%, 12/25/2026 (z)		54,062
	8,018	Series 2017-M5, Class A2, 3.30%, 04/25/2029		7,879
	33,600	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		32,957
	14,669	Series 2017-M11, Class A2, 2.98%, 08/25/2029		14,078
	34,718	Series 2017-M12, Class A2, 3.08%, 06/25/2027 (z)		34,090
	47,138	FNMA Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027		45,264
		FORT CRE LLC,
	9,370	Series 2016-1A, Class B, 4.37%, 05/21/2036 (e) (z)		9,424
	14,100	Series 2016-1A, Class C, 4.87%, 05/21/2036 (e) (z)		14,178
		FREMF Mortgage Trust,
	4,469	Series 2013-K31, Class C, 3.63%, 07/25/2046 (e) (z) (bb)		4,335
	11,025	Series 2015-K45, Class B, 3.59%, 04/25/2048 (e) (z) (bb)		10,875
	5,000	Series 2015-K47, Class B, 3.59%, 06/25/2048 (e) (z) (bb)		4,926
	10,000	Series 2015-K51, Class B, 3.95%, 10/25/2048 (e) (z) (bb)		10,055
	8,451	Series 2016-K56, Class B, 3.94%, 06/25/2049 (e) (z)		8,482
	21,565	Series 2016-K722, Class B, 3.84%, 07/25/2049 (e) (z)		21,444

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8,500	Series 2017-K67, Class B, 3.94%, 09/25/2049 (e) (z)		8,466
	27,500	Series 2017-K727, Class B, 3.74%, 07/25/2024 (e) (z)		27,450
	8,000	Series 2017-K729, Class B, 3.67%, 11/25/2049 (e) (z) (bb)		7,703
	10,340	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.71%, 12/10/2027 (e)		10,314
	67,725	GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class XA, IO, 1.30%, 06/05/2031 (e) (z) (bb)		906
		GS Mortgage Securities Trust,
	14,015	Series 2006-GG8, Class X, IO, 0.87%, 11/10/2039 (e) (z) (bb)		1
	1,600	Series 2011-GC5, Class D, 5.40%, 08/10/2044 (e) (z) (bb)		1,547
		JP Morgan Chase Commercial Mortgage Securities Trust,
	65,608	Series 2005-CB11, Class X1, IO, 0.02%, 08/12/2037 (e) (z) (bb)		22
	26,613	Series 2005-LDP5, Class X1, IO, 0.00%, 12/15/2044 (e) (z) (bb)		—	(h)
	51,540	Series 2006-CB15, Class X1, IO, 0.26%, 06/12/2043 (z) (bb)		55
	1,389	Series 2006-LDP9, Class A3SF, 1.74%, 05/15/2047 (z)		1,385
	3,587	Series 2006-LDP9, Class AMS, 5.34%, 05/15/2047		3,606
	51,467	Series 2007-LD12, Class X, IO, 0.00%, 02/15/2051 (z) (bb)		1
		JPMCC Re-REMIC Trust,
	2,900	Series 2014-FRR1, Class BK10, 2.55%, 11/27/2049 (e) (z)		2,741
	14,000	Series 2015-FRR2, Class AK36, 2.29%, 12/27/2046 (e) (z)		12,192
	8,924	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.99%, 02/15/2036 (e)		8,990
	7,955	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class XW, IO, 0.17%, 02/15/2040 (z) (bb)		1
	9,497	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, 0.51%, 12/12/2049 (e) (z) (bb)		—	(h)
	18,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.67%, 02/15/2047		18,327
		Morgan Stanley Capital I Trust,
	17,961	Series 2006-IQ12, Class X1, IO, 0.50%, 12/15/2043 (e) (z) (bb)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	47,661	Series 2007-HQ11, Class X, IO, 0.33%, 02/12/2044 (e) (z) (bb)		601
	4,228	Series 2007-HQ13, Class X1, IO, 0.00%, 12/15/2044 (e) (z) (bb)		—	(h)
	10,000	Series 2007-IQ13, Class X, IO, 0.44%, 03/15/2044 (e) (z) (bb)		36
	4,480	Series 2011-C3, Class A3, 4.05%, 07/15/2049		4,559
	4,902	Series 2012-C4, Class A3, 2.99%, 03/15/2045		4,919
		Morgan Stanley Re-REMIC Trust,
	2,450	Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (e)		2,450
	6,039	Series 2012-XA, Class B, 0.25%, 07/27/2049 (e) (bb)		5,768
		PFP Ltd., (Cayman Islands),
	3,172	Series 2015-2, Class A, 3.04%, 07/14/2034 (e) (z)		3,175
	7,564	Series 2015-2, Class C, 4.84%, 07/14/2034 (e) (z) (bb)		7,613
	4,646	Series 2015-2, Class D, 5.59%, 07/14/2034 (e) (z) (bb)		4,655
	3,462	Series 2017-3, Class B, 3.34%, 01/14/2035 (e) (z) (bb)		3,472
	4,000	Series 2017-3, Class C, 4.09%, 01/14/2035 (e) (z) (bb)		4,026
	12,154	RAIT Trust, Series 2015-FL5, Class B, 5.48%, 01/15/2031 (e) (z) (bb)		12,166
	4,450	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.26%, 03/11/2031 (e)		4,359
		Resource Capital Corp. Ltd., (Cayman Islands),
	109	Series 2015-CRE4, Class A, 2.99%, 08/15/2032 (e) (z)		109
	6,908	Series 2015-CRE4, Class B, 4.59%, 08/15/2032 (e) (z) (bb)		6,839
	8,260	Series RR Trust, Series 2014-1, Class B, PO, 05/25/2047 (e)		5,489
		TPG Real Estate Finance Ltd., (Cayman Islands),
	9,000	Series 2018-FL1, Class AS, 2.51%, 02/15/2035 (e) (z)		9,000
	13,000	Series 2018-FL1, Class C, 3.46%, 02/15/2035 (e) (z)		13,000
	14,257	UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, IO, 2.08%, 05/10/2045 (e) (z)		986
	15,527	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		15,456

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		UBS-Barclays Commercial Mortgage Trust,
	9,327	Series 2012-C2, Class A4, 3.53%, 05/10/2063		9,464
	48,181	Series 2012-C2, Class XA, IO, 1.34%, 05/10/2063 (e) (z) (bb)		2,279
	2,357	Series 2013-C6, Class A4, 3.24%, 04/10/2046		2,357
		VNDO Mortgage Trust,
	11,148	Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)		11,021
	30,750	Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		31,258
	36,090	Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class XC, IO, 0.08%, 03/15/2045 (e) (z) (bb)		—	(h)
		Wells Fargo Commercial Mortgage Trust,
	13,452	Series 2013-120B, Class A, 2.71%, 03/18/2028 (e) (z)		13,374
	8,751	Series 2015-C30, Class A4, 3.66%, 09/15/2058		8,858
	8,000	Wells Fargo Re-REMIC Trust, Series 2013-FRR1, Class AK20, PO, 05/27/2045 (e)		6,548
		WFRBS Commercial Mortgage Trust,
	9,206	Series 2011-C3, Class A4, 4.38%, 03/15/2044 (e)		9,530
	9,327	Series 2012-C6, Class A4, 3.44%, 04/15/2045		9,426
	2,500	Series 2013-C11, Class D, 4.27%, 03/15/2045 (e) (z) (bb)		2,347
		Total Commercial Mortgage-Backed Securities (Cost $1,715,515)		1,701,844
	Corporate Bonds — 24.8%
		Consumer Discretionary — 1.6%
		Automobiles — 0.4%
	5,568	BMW US Capital LLC, (Germany), 2.25%, 09/15/2023 (e)		5,271
		Daimler Finance North America LLC, (Germany),
	1,250	2.00%, 07/06/2021 (e)		1,205
	2,089	2.25%, 03/02/2020 (e)		2,063
	1,692	2.38%, 08/01/2018 (e)		1,692
	1,200	3.30%, 05/19/2025 (e)		1,182
	5,000	3.35%, 02/22/2023 (e)		4,976
	470	8.50%, 01/18/2031		686
	25,661	Ford Motor Co., 7.45%, 07/16/2031		31,247
		General Motors Co.,
	5,550	5.15%, 04/01/2038		5,481
	15,217	6.60%, 04/01/2036		17,687

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 59

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Automobiles — continued
		Hyundai Capital America,
	2,560	2.00%, 07/01/2019 (e)		2,523
	3,299	2.40%, 10/30/2018 (e)		3,289
	7,600	3.00%, 03/18/2021 (e)		7,517
	904	Kia Motors Corp., (South Korea), 2.63%, 04/21/2021 (e)		885
		Nissan Motor Acceptance Corp.,
	6,316	1.80%, 03/15/2018 (e)		6,316
	3,520	1.90%, 09/14/2021 (e)		3,378
				95,398
		Diversified Consumer Services — 0.0% (g)
	8,351	President & Fellows of Harvard College, 3.30%, 07/15/2056		7,540
		Hotels, Restaurants & Leisure — 0.0% (g)
	6,540	McDonald’s Corp., 4.70%, 12/09/2035		7,018
		Household Durables — 0.0% (g)
	2,500	Newell Brands, Inc., 5.50%, 04/01/2046		2,658
		Internet & Direct Marketing Retail — 0.2%
		Amazon.com, Inc.,
	10,800	2.80%, 08/22/2024 (e)		10,457
	9,440	3.88%, 08/22/2037 (e)		9,403
	10,940	4.25%, 08/22/2057 (e)		10,912
	8,677	4.80%, 12/05/2034		9,609
		Booking Holdings, Inc.,
	1,923	2.75%, 03/15/2023		1,864
	2,870	3.55%, 03/15/2028		2,749
				44,994
		Media — 0.9%
		21st Century Fox America, Inc.,
	2,337	6.15%, 02/15/2041		2,946
	2,242	6.20%, 12/15/2034		2,778
	2,690	6.65%, 11/15/2037		3,485
	1,345	6.90%, 08/15/2039		1,813
	1,762	7.25%, 05/18/2018		1,780
	3,946	7.30%, 04/30/2028		4,949
	2,690	7.63%, 11/30/2028		3,459
	942	8.88%, 04/26/2023		1,156
	1,525	9.50%, 07/15/2024		1,979
		CBS Corp.,
	5,275	3.70%, 08/15/2024		5,261
	4,293	4.00%, 01/15/2026		4,282
	673	4.85%, 07/01/2042		671
	2,004	4.90%, 08/15/2044		2,010
	583	5.90%, 10/15/2040		666

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Charter Communications Operating LLC,
	17,182	4.91%, 07/23/2025		17,694
	4,374	6.38%, 10/23/2035		4,939
	4,708	Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		5,982
	1,614	Comcast Cable Holdings LLC, 10.13%, 04/15/2022		1,995
		Comcast Corp.,
	2,773	3.38%, 08/15/2025		2,729
	6,115	3.55%, 05/01/2028		6,004
	5,553	4.00%, 11/01/2049		5,155
	2,600	4.05%, 11/01/2052		2,424
	3,361	4.20%, 08/15/2034		3,371
	10,484	4.25%, 01/15/2033		10,794
	17,907	6.50%, 11/15/2035		22,904
		Cox Communications, Inc.,
	3,027	3.25%, 12/15/2022 (e)		3,014
	3,046	3.35%, 09/15/2026 (e)		2,899
	5,600	4.80%, 02/01/2035 (e)		5,496
	2,627	Cox Enterprises, Inc., 7.38%, 07/15/2027 (e)		3,147
		Discovery Communications LLC,
	2,647	3.95%, 03/20/2028		2,541
	6,532	4.38%, 06/15/2021		6,751
	5,069	6.35%, 06/01/2040		5,708
		Grupo Televisa SAB, (Mexico),
	1,494	4.63%, 01/30/2026		1,520
	1,332	6.13%, 01/31/2046		1,470
		NBCUniversal Media LLC,
	6,080	4.38%, 04/01/2021		6,339
	4,575	5.95%, 04/01/2041		5,527
	1,654	Sky plc, (United Kingdom), 3.75%, 09/16/2024 (e)		1,669
	1,199	TCI Communications, Inc., 7.13%, 02/15/2028		1,499
		Time Warner Cable LLC,
	1,928	4.13%, 02/15/2021		1,961
	6,940	5.50%, 09/01/2041		7,045
	4,125	5.88%, 11/15/2040		4,353
	2,327	6.55%, 05/01/2037		2,647
	4,080	6.75%, 07/01/2018		4,134
	1,794	6.75%, 06/15/2039		2,058
	2,197	7.30%, 07/01/2038		2,635
	1,601	8.75%, 02/14/2019		1,687
	10,041	Time Warner Entertainment Co. LP, 8.38%, 07/15/2033		13,328

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Time Warner, Inc.,
	7,000	3.55%, 06/01/2024		6,934
	10,400	3.60%, 07/15/2025		10,104
	3,640	4.75%, 03/29/2021		3,814
	1,573	5.38%, 10/15/2041		1,688
		Viacom, Inc.,
	5,562	3.88%, 04/01/2024		5,554
	6,243	4.38%, 03/15/2043		5,614
	3,978	6.88%, 04/30/2036		4,739
		Walt Disney Co. (The),
	3,829	1.85%, 07/30/2026		3,395
	1,190	3.00%, 07/30/2046		1,011
				251,507
		Multiline Retail — 0.0% (g)
	925	Macy’s Retail Holdings, Inc., 6.90%, 04/01/2029		980
	3,458	Nordstrom, Inc., 4.00%, 10/15/2021		3,510
	2,565	Target Corp., 2.50%, 04/15/2026		2,380
				6,870
		Specialty Retail — 0.1%
	3,920	AutoZone, Inc., 3.75%, 06/01/2027		3,842
		Home Depot, Inc. (The),
	2,345	2.13%, 09/15/2026		2,117
	7,447	2.63%, 06/01/2022		7,353
	2,897	3.00%, 04/01/2026		2,810
	1,673	3.50%, 09/15/2056		1,477
	5,037	4.20%, 04/01/2043		5,158
		Lowe’s Cos., Inc.,
	1,820	3.38%, 09/15/2025		1,791
	3,901	4.65%, 04/15/2042		4,165
	4,715	O’Reilly Automotive, Inc., 3.60%, 09/01/2027		4,582
				33,295
		Total Consumer Discretionary		449,280
		Consumer Staples — 1.0%
		Beverages — 0.4%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	1,151	1.90%, 02/01/2019		1,143
	34,062	3.30%, 02/01/2023		33,917
	19,594	3.65%, 02/01/2026		19,417
	12,380	4.70%, 02/01/2036		13,010
	8,194	4.90%, 02/01/2046		8,736

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	3,008	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.44%, 10/06/2048		2,997
	4,687	Brown-Forman Corp., 4.50%, 07/15/2045		4,926
	5,032	Coca-Cola Femsa SAB de CV, (Mexico), 3.88%, 11/26/2023		5,139
	1,335	Constellation Brands, Inc., 4.25%, 05/01/2023		1,382
	2,493	Diageo Capital plc, (United Kingdom), 4.83%, 07/15/2020		2,609
	4,484	Diageo Investment Corp., (United Kingdom), 8.00%, 09/15/2022		5,365
	2,015	Dr Pepper Snapple Group, Inc., 3.43%, 06/15/2027 (e)		1,912
		PepsiCo, Inc.,
	5,025	3.10%, 07/17/2022		5,054
	6,150	3.45%, 10/06/2046		5,584
	3,615	4.45%, 04/14/2046		3,847
				115,038
		Food & Staples Retailing — 0.2%
		CVS Health Corp.,
	2,500	3.88%, 07/20/2025		2,470
	5,196	4.00%, 12/05/2023		5,268
	443	CVS Pass-Through Trust, 7.51%, 01/10/2032 (e)		527
		Kroger Co. (The),
	2,093	4.00%, 02/01/2024		2,139
	829	5.40%, 07/15/2040		880
	1,794	6.15%, 01/15/2020		1,898
	12,466	6.90%, 04/15/2038		15,573
	11,049	7.50%, 04/01/2031		14,024
	1,861	Sysco Corp., 3.75%, 10/01/2025		1,879
	3,435	Walgreen Co., 4.40%, 09/15/2042		3,245
		Walgreens Boots Alliance, Inc.,
	3,000	3.80%, 11/18/2024		2,980
	2,517	4.50%, 11/18/2034		2,480
	5,560	Walmart, Inc., 3.63%, 12/15/2047		5,398
				58,761
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	2,551	3.25%, 08/15/2026		2,405
	1,281	3.50%, 11/24/2020		1,295
	4,460	3.75%, 09/25/2027		4,298
		Cargill, Inc.,
	1,990	3.25%, 03/01/2023 (e)		1,988
	6,950	3.30%, 03/01/2022 (e)		6,952

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 61

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
	6,900	Danone SA, (France), 2.59%, 11/02/2023 (e)		6,593
		Kellogg Co.,
	2,036	3.25%, 05/21/2018		2,040
	5,245	3.40%, 11/15/2027		5,015
		Kraft Heinz Foods Co.,
	3,368	3.50%, 06/06/2022		3,373
	3,295	3.95%, 07/15/2025		3,265
	2,270	5.00%, 07/15/2035		2,361
	4,392	5.00%, 06/04/2042		4,371
	1,215	5.38%, 02/10/2020		1,268
	4,612	6.13%, 08/23/2018		4,694
	2,690	6.50%, 02/09/2040		3,190
	13,399	6.88%, 01/26/2039		16,530
		McCormick & Co., Inc.,
	2,094	3.15%, 08/15/2024		2,052
	1,685	3.40%, 08/15/2027		1,638
		Mead Johnson Nutrition Co., (United Kingdom),
	2,074	3.00%, 11/15/2020		2,073
	993	4.13%, 11/15/2025		1,013
	955	4.60%, 06/01/2044		977
		Tyson Foods, Inc.,
	4,951	3.95%, 08/15/2024		5,033
	7,255	4.88%, 08/15/2034		7,836
				90,260
		Household Products — 0.1%
		Kimberly-Clark Corp.,
	1,220	2.40%, 03/01/2022		1,192
	2,842	3.05%, 08/15/2025		2,777
	7,800	Procter & Gamble Co. (The), 2.85%, 08/11/2027		7,429
				11,398
		Tobacco — 0.0% (g)
	7,130	BAT Capital Corp., (United Kingdom), 4.39%, 08/15/2037 (e)		7,007
		Total Consumer Staples		282,464
		Energy — 2.8%
		Energy Equipment & Services — 0.1%
	3,910	Baker Hughes a GE Co. LLC, 5.13%, 09/15/2040		4,328
		Halliburton Co.,
	2,882	3.50%, 08/01/2023		2,899
	3,583	4.85%, 11/15/2035		3,837
	4,529	7.45%, 09/15/2039		6,211
	2,242	7.60%, 08/15/2096 (e)		2,914

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
		Nabors Industries, Inc.,
	1,065	4.63%, 09/15/2021		1,038
	1,205	5.00%, 09/15/2020		1,208
		Schlumberger Holdings Corp.,
	6,120	3.63%, 12/21/2022 (e)		6,202
	740	4.00%, 12/21/2025 (e)		750
	2,931	Schlumberger Investment SA, 3.30%, 09/14/2021 (e)		2,958
				32,345
		Oil, Gas & Consumable Fuels — 2.7%
	1,794	Anadarko Finance Co., Series B, 7.50%, 05/01/2031		2,269
	1,480	Anadarko Holding Co., 7.15%, 05/15/2028		1,722
	3,226	Anadarko Petroleum Corp., 8.70%, 03/15/2019		3,415
	4,015	Andeavor Logistics LP, 4.25%, 12/01/2027		3,918
	2,933	ANR Pipeline Co., 9.63%, 11/01/2021		3,628
		Apache Corp.,
	853	3.25%, 04/15/2022		845
	3,611	4.75%, 04/15/2043		3,568
	2,850	6.00%, 01/15/2037		3,240
	2,242	6.90%, 09/15/2018		2,289
	7,325	APT Pipelines Ltd., (Australia), 4.25%, 07/15/2027 (e)		7,343
	1,552	BG Energy Capital plc, (United Kingdom), 5.13%, 10/15/2041 (e)		1,744
		Boardwalk Pipelines LP,
	3,705	3.38%, 02/01/2023		3,601
	762	4.45%, 07/15/2027		747
	6,221	4.95%, 12/15/2024		6,424
	2,057	5.95%, 06/01/2026		2,226
		BP Capital Markets plc, (United Kingdom),
	5,200	2.24%, 05/10/2019		5,179
	3,258	3.02%, 01/16/2027		3,106
	17,699	3.22%, 04/14/2024		17,559
	2,273	3.25%, 05/06/2022		2,285
	3,479	3.28%, 09/19/2027		3,359
	4,509	3.51%, 03/17/2025		4,503
	7,330	3.59%, 04/14/2027		7,296
	7,135	3.81%, 02/10/2024		7,310
		Buckeye Partners LP,
	2,100	2.65%, 11/15/2018		2,100
	1,427	3.95%, 12/01/2026		1,361
	2,000	4.35%, 10/15/2024		2,014
	2,500	4.88%, 02/01/2021		2,590

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	7,805	5.85%, 11/15/2043		8,251
	1,794	Burlington Resources, Inc., 8.20%, 03/15/2025		2,259
		Canadian Natural Resources Ltd., (Canada),
	3,463	3.90%, 02/01/2025		3,445
	671	5.85%, 02/01/2035		760
	6,527	6.45%, 06/30/2033		7,814
	1,794	6.75%, 02/01/2039		2,252
	359	7.20%, 01/15/2032		452
		Cenovus Energy, Inc., (Canada),
	2,695	4.45%, 09/15/2042		2,395
	2,048	5.25%, 06/15/2037		2,055
	10,996	6.75%, 11/15/2039		12,609
		Chevron Corp.,
	2,725	2.36%, 12/05/2022		2,643
	11,130	2.57%, 05/16/2023		10,829
	5,912	2.90%, 03/03/2024		5,767
	4,574	4.95%, 03/03/2019		4,682
	11,698	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.63%, 05/05/2020		11,581
	11,233	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		11,452
	471	Conoco Funding Co., 7.25%, 10/15/2031		619
		ConocoPhillips,
	462	5.90%, 10/15/2032		547
	1,300	6.50%, 02/01/2039		1,700
	9,861	ConocoPhillips Co., 4.95%, 03/15/2026		10,712
	2,807	Devon Energy Corp., 5.60%, 07/15/2041		3,138
		Ecopetrol SA, (Colombia),
	3,333	4.13%, 01/16/2025		3,261
	5,409	5.38%, 06/26/2026		5,698
	2,575	5.88%, 09/18/2023		2,791
		Enbridge, Inc., (Canada),
	6,000	(ICE LIBOR USD 3 Month + 3.64%), 1.00%, 03/01/2078 (aa)		6,013
	2,692	3.70%, 07/15/2027		2,600
	3,980	4.50%, 06/10/2044		3,888
		Encana Corp., (Canada),
	2,090	6.50%, 05/15/2019		2,179
	3,637	6.50%, 08/15/2034		4,320
	4,761	7.38%, 11/01/2031		5,942
	1,485	8.13%, 09/15/2030		1,935
		Energy Transfer LP,
	1,144	3.60%, 02/01/2023		1,129
	6,594	4.05%, 03/15/2025		6,480

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	3,400	4.75%, 01/15/2026		3,454
	2,440	4.90%, 02/01/2024		2,522
	5,160	5.00%, 10/01/2022		5,391
	6,200	6.05%, 06/01/2041		6,491
	2,519	6.50%, 02/01/2042		2,789
	2,695	7.50%, 07/01/2038		3,268
	4,843	Eni SpA, (Italy), 5.70%, 10/01/2040 (e)		5,187
	4,040	Eni USA, Inc., (United Kingdom), 7.30%, 11/15/2027		4,913
		EnLink Midstream Partners LP,
	3,545	2.70%, 04/01/2019		3,525
	10,021	4.15%, 06/01/2025		9,807
	3,250	5.05%, 04/01/2045		3,082
		Enterprise Products Operating LLC,
	3,040	3.70%, 02/15/2026		3,035
	2,600	3.75%, 02/15/2025		2,612
	2,687	3.90%, 02/15/2024		2,727
	2,705	3.95%, 02/15/2027		2,735
	1,251	4.85%, 03/15/2044		1,303
	1,189	4.95%, 10/15/2054		1,223
	1,758	5.10%, 02/15/2045		1,899
	1,259	5.95%, 02/01/2041		1,487
	900	7.55%, 04/15/2038		1,215
	2,376	Series D, 6.88%, 03/01/2033		2,981
	515	Series H, 6.65%, 10/15/2034		638
	2,509	Series J, 5.75%, 03/01/2035		2,799
		EOG Resources, Inc.,
	4,753	4.10%, 02/01/2021		4,881
	4,120	5.10%, 01/15/2036		4,530
	1,614	6.88%, 10/01/2018		1,654
	4,517	EQT Corp., 3.90%, 10/01/2027		4,312
		Exxon Mobil Corp.,
	7,000	2.73%, 03/01/2023		6,903
	2,726	4.11%, 03/01/2046		2,843
	2,098	Gulf South Pipeline Co. LP, 4.00%, 06/15/2022		2,106
		Hess Corp.,
	4,500	6.00%, 01/15/2040		4,771
	3,845	7.13%, 03/15/2033		4,649
	500	7.30%, 08/15/2031		610
	1,036	Husky Energy, Inc., (Canada), 6.15%, 06/15/2019		1,078
		Kerr-McGee Corp.,
	1,103	6.95%, 07/01/2024		1,280
	11,707	7.88%, 09/15/2031		15,383

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 63

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Kinder Morgan, Inc.,
	13,000	4.30%, 03/01/2028		12,963
	9,220	5.20%, 03/01/2048		9,260
		Magellan Midstream Partners LP,
	2,338	3.20%, 03/15/2025		2,240
	2,987	4.20%, 12/01/2042		2,793
	7,133	5.15%, 10/15/2043		7,781
	1,794	6.55%, 07/15/2019		1,882
	6,517	Marathon Oil Corp., 2.80%, 11/01/2022		6,295
	3,980	Marathon Petroleum Corp., 3.63%, 09/15/2024		3,963
		MPLX LP,
	3,626	4.00%, 03/15/2028		3,564
	2,033	4.50%, 04/15/2038		1,984
	6,360	4.88%, 12/01/2024		6,691
	2,341	5.20%, 03/01/2047		2,407
		Noble Energy, Inc.,
	5,216	5.63%, 05/01/2021		5,301
	4,810	6.00%, 03/01/2041		5,525
		Occidental Petroleum Corp.,
	3,457	3.40%, 04/15/2026		3,408
	6,636	3.50%, 06/15/2025		6,628
	5,665	4.20%, 03/15/2048		5,624
		ONEOK Partners LP,
	3,960	3.20%, 09/15/2018		3,975
	1,164	3.38%, 10/01/2022		1,159
	13,625	4.90%, 03/15/2025		14,317
	2,576	5.00%, 09/15/2023		2,723
	1,825	6.65%, 10/01/2036		2,191
	3,000	8.63%, 03/01/2019		3,167
	3,677	Petro-Canada, (Canada), 6.80%, 05/15/2038		4,872
		Petroleos Mexicanos, (Mexico),
	9,775	4.63%, 09/21/2023		9,825
	2,165	4.88%, 01/18/2024		2,197
	2,547	5.35%, 02/12/2028 (e)		2,501
	6,491	6.35%, 02/12/2048 (e)		6,316
	4,385	6.38%, 02/04/2021		4,688
	4,650	6.38%, 01/23/2045		4,511
	10,944	6.50%, 03/13/2027 (e)		11,679
	4,700	6.63%, 06/15/2035		4,867
	12,012	6.75%, 09/21/2047		12,178
	13,091	6.88%, 08/04/2026		14,384
		Phillips 66,
	3,955	3.90%, 03/15/2028		3,947
	1,181	4.30%, 04/01/2022		1,226

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	665	4.88%, 11/15/2044		697
		Phillips 66 Partners LP,
	1,453	3.55%, 10/01/2026		1,392
	3,078	4.90%, 10/01/2046		3,091
		Plains All American Pipeline LP,
	7,000	3.60%, 11/01/2024		6,684
	1,938	3.65%, 06/01/2022		1,914
	6,535	4.65%, 10/15/2025		6,589
	1,221	4.90%, 02/15/2045		1,133
	8,000	Sinopec Capital Ltd., (China), 3.13%, 04/24/2023 (e)		7,793
	4,132	Sinopec Group Overseas Development 2013 Ltd., (China), 4.38%, 10/17/2023 (e)		4,268
		Spectra Energy Partners LP,
	2,658	2.95%, 09/25/2018		2,664
	4,750	3.50%, 03/15/2025		4,609
	1,866	4.50%, 03/15/2045		1,820
	1,801	5.95%, 09/25/2043		2,098
		Statoil ASA, (Norway),
	2,646	1.15%, 05/15/2018		2,641
	2,430	2.45%, 01/17/2023		2,355
	5,765	2.65%, 01/15/2024		5,592
	3,320	3.15%, 01/23/2022		3,334
	3,461	3.25%, 11/10/2024		3,441
	1,673	4.25%, 11/23/2041		1,729
	11,584	Suncor Energy, Inc., (Canada), 5.95%, 12/01/2034		14,035
		Sunoco Logistics Partners Operations LP,
	4,366	3.90%, 07/15/2026		4,176
	1,814	4.25%, 04/01/2024		1,821
	600	4.65%, 02/15/2022		621
	1,840	5.30%, 04/01/2044		1,785
	6,969	5.35%, 05/15/2045		6,758
	5,495	6.10%, 02/15/2042		5,705
	2,870	TC PipeLines LP, 3.90%, 05/25/2027		2,786
		Texas Eastern Transmission LP,
	6,209	2.80%, 10/15/2022 (e)		6,014
	908	3.50%, 01/15/2028 (e)		881
		Tosco Corp.,
	3,408	7.80%, 01/01/2027		4,401
	3,139	8.13%, 02/15/2030		4,281
		Total Capital International SA, (France),
	5,000	2.75%, 06/19/2021		4,979
	5,675	3.70%, 01/15/2024		5,800
	1,989	3.75%, 04/10/2024		2,043

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		TransCanada PipeLines Ltd., (Canada),
	4,155	4.88%, 01/15/2026		4,512
	6,345	6.20%, 10/15/2037		7,853
	1,704	6.50%, 08/15/2018		1,736
	2,377	7.13%, 01/15/2019		2,466
	1,883	7.25%, 08/15/2038		2,576
	1,545	Valero Energy Corp., 7.50%, 04/15/2032		2,013
		Western Gas Partners LP,
	1,228	3.95%, 06/01/2025		1,199
	1,626	4.50%, 03/01/2028		1,636
	3,421	4.65%, 07/01/2026		3,475
	3,868	5.30%, 03/01/2048		3,867
	607	5.38%, 06/01/2021		635
	1,855	5.45%, 04/01/2044		1,893
		Williams Partners LP,
	3,506	3.90%, 01/15/2025		3,480
	5,487	4.85%, 03/01/2048		5,500
				759,725
		Total Energy		792,070
		Financials — 9.9%
		Banks — 4.3%
		ABN AMRO Bank NV, (Netherlands),
	9,759	2.45%, 06/04/2020 (e)		9,629
	3,394	2.50%, 10/30/2018 (e)		3,395
	7,879	4.75%, 07/28/2025 (e)		8,109
		ANZ New Zealand Int’l Ltd., (New Zealand),
	5,200	2.60%, 09/23/2019 (e)		5,186
	3,016	2.85%, 08/06/2020 (e)		3,011
	2,000	3.45%, 01/21/2028 (e)		1,938
		Australia & New Zealand Banking Group Ltd., (Australia),
	5,560	1.45%, 05/15/2018		5,551
	1,834	4.40%, 05/19/2026 (e)		1,848
	2,571	4.88%, 01/12/2021 (e)		2,693
	5,000	Banco Santander SA, (Spain), 3.13%, 02/23/2023		4,871
		Bank of America Corp.,
	6,212	2.50%, 10/21/2022		6,000
	10,925	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		10,734
	20,618	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		20,174
	6,248	(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		6,211
	20,908	3.25%, 10/21/2027		19,874

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	9,404	3.30%, 01/11/2023		9,372
	5,215	(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 01/23/2026 (aa)		5,094
	27,187	(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (e) (aa)		26,030
	10,025	(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 04/24/2028 (aa)		9,839
	26,230	(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/2029 (aa)		26,230
	1,840	4.00%, 04/01/2024		1,888
	18,371	4.00%, 01/22/2025		18,453
	530	4.10%, 07/24/2023		548
	1,890	4.13%, 01/22/2024		1,952
	6,055	4.25%, 10/22/2026		6,113
	5,041	4.45%, 03/03/2026		5,154
	7,155	5.65%, 05/01/2018		7,196
	11,523	6.88%, 04/25/2018		11,601
	5,294	Series L, 2.25%, 04/21/2020		5,230
	2,530	Series L, 2.65%, 04/01/2019		2,531
	8,782	Series L, 3.95%, 04/21/2025		8,769
		Bank of Montreal, (Canada),
	7,632	2.35%, 09/11/2022		7,372
	6,305	2.38%, 01/25/2019		6,297
		Bank of Nova Scotia (The), (Canada),
	13,000	1.70%, 06/11/2018		12,983
	4,470	1.88%, 09/20/2021 (e)		4,311
	5,455	2.50%, 01/08/2021		5,390
	1,977	Banque Federative du Credit Mutuel SA, (France), 2.00%, 04/12/2019 (e)		1,962
		Barclays plc, (United Kingdom),
	2,612	3.20%, 08/10/2021		2,583
	15,214	3.65%, 03/16/2025		14,632
	6,060	3.68%, 01/10/2023		6,017
	10,993	4.38%, 01/12/2026		11,005
	3,000	5.20%, 05/12/2026		3,047
		BB&T Corp.,
	2,200	2.05%, 05/10/2021		2,137
	6,000	2.63%, 06/29/2020		5,961
	2,466	5.25%, 11/01/2019		2,562
	1,480	6.85%, 04/30/2019		1,550
		BNP Paribas SA, (France),
	2,500	(USD Swap Semi 5 Year + 1.48%), 1.00%, 03/01/2033 (e) (aa)		2,475
	6,025	3.38%, 01/09/2025 (e)		5,834
	3,000	3.50%, 03/01/2023 (e)		2,991

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 65

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		BNZ International Funding Ltd., (New Zealand),
	4,300	2.10%, 09/14/2021 (e)		4,146
	3,708	2.65%, 11/03/2022 (e)		3,585
	4,500	3.38%, 03/01/2023		4,471
		Canadian Imperial Bank of Commerce, (Canada),
	2,740	1.60%, 09/06/2019		2,695
	12,882	2.25%, 07/21/2020 (e)		12,751
	22,474	Capital One Bank USA NA, 3.38%, 02/15/2023		22,151
		Capital One NA,
	5,909	2.35%, 08/17/2018		5,905
	4,190	2.40%, 09/05/2019		4,160
		Citigroup, Inc.,
	7,450	1.70%, 04/27/2018		7,445
	5,000	1.75%, 05/01/2018		4,997
	7,940	2.05%, 12/07/2018		7,919
	7,289	2.15%, 07/30/2018		7,283
	2,309	2.35%, 08/02/2021		2,249
	5,000	2.40%, 02/18/2020		4,952
	8,395	2.70%, 03/30/2021		8,290
	12,240	2.75%, 04/25/2022		11,980
	6,399	(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		6,352
	6,100	3.40%, 05/01/2026		5,923
	5,000	(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (aa)		4,819
	8,000	(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 07/24/2028 (aa)		7,826
	12,625	3.70%, 01/12/2026		12,543
	3,077	3.88%, 03/26/2025		3,056
	3,330	(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 01/24/2039 (aa)		3,195
	1,491	4.13%, 07/25/2028		1,480
	6,200	4.30%, 11/20/2026		6,268
	7,400	4.40%, 06/10/2025		7,596
	6,570	4.75%, 05/18/2046		6,721
	698	5.30%, 05/06/2044		770
	4,296	5.50%, 09/13/2025		4,699
	1,842	5.88%, 01/30/2042		2,285
	3,363	6.63%, 01/15/2028		3,996
	1,424	8.13%, 07/15/2039		2,159
	1,590	Citizens Financial Group, Inc., 2.38%, 07/28/2021		1,551

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Comerica, Inc.,
	2,140	2.13%, 05/23/2019		2,131
	1,148	3.80%, 07/22/2026		1,134
		Commonwealth Bank of Australia, (Australia),
	4,035	2.00%, 09/06/2021 (e)		3,887
	4,920	4.50%, 12/09/2025 (e)		4,984
		Cooperatieve Rabobank UA, (Netherlands),
	5,500	2.50%, 01/19/2021		5,410
	11,498	3.88%, 02/08/2022		11,753
	7,438	4.38%, 08/04/2025		7,557
	3,139	5.80%, 09/30/2110 (e)		3,779
		Credit Agricole SA, (France),
	6,616	4.13%, 01/10/2027 (e)		6,635
	4,405	4.38%, 03/17/2025 (e)		4,438
		Credit Suisse Group Funding Guernsey Ltd., (Switzerland),
	1,764	2.75%, 03/26/2020		1,751
	5,499	3.75%, 03/26/2025		5,428
	8,035	3.80%, 06/09/2023		8,085
		Danske Bank A/S, (Denmark),
	4,287	2.00%, 09/08/2021 (e)		4,109
	4,254	2.70%, 03/02/2022 (e)		4,152
		Discover Bank,
	2,185	3.10%, 06/04/2020		2,182
	6,100	4.20%, 08/08/2023		6,265
	8,109	4.25%, 03/13/2026		8,143
	7,022	Fifth Third Bancorp, 2.88%, 07/27/2020		7,008
		Fifth Third Bank,
	6,100	2.38%, 04/25/2019		6,074
	2,846	2.88%, 10/01/2021		2,826
		HSBC Bank plc, (United Kingdom),
	8,206	1.50%, 05/15/2018 (e)		8,195
	8,968	4.75%, 01/19/2021 (e)		9,394
		HSBC Holdings plc, (United Kingdom),
	20,855	2.65%, 01/05/2022		20,318
	2,628	(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		2,576
	16,403	3.60%, 05/25/2023		16,492
	12,977	4.00%, 03/30/2022		13,298
	9,677	(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 03/13/2028 (aa)		9,716
	4,932	4.25%, 08/18/2025		4,914
	3,162	4.38%, 11/23/2026		3,176
		Huntington Bancshares, Inc.,
	10,169	2.30%, 01/14/2022		9,789

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	2,357	3.15%, 03/14/2021		2,365
		Huntington National Bank (The),
	709	2.00%, 06/30/2018		708
	6,583	2.88%, 08/20/2020		6,583
	6,900	Industrial & Commercial Bank of China Ltd., (China), 2.45%, 10/20/2021		6,669
	2,572	ING Groep NV, (Netherlands), 3.95%, 03/29/2027		2,566
		Intesa Sanpaolo SpA, (Italy),
	6,217	3.88%, 07/14/2027 (e)		5,934
	3,799	3.88%, 01/12/2028 (e)		3,614
	4,225	KeyBank NA, 3.18%, 05/22/2022		4,177
		KeyCorp,
	2,136	2.90%, 09/15/2020		2,131
	2,200	5.10%, 03/24/2021		2,330
	7,500	Lloyds Bank plc, (United Kingdom), 2.40%, 03/17/2020		7,407
		Lloyds Banking Group plc, (United Kingdom),
	6,788	(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/07/2023 (aa)		6,560
	9,304	3.75%, 01/11/2027		9,069
	4,700	4.58%, 12/10/2025		4,756
		Mitsubishi UFJ Financial Group, Inc., (Japan),
	3,463	2.53%, 09/13/2023		3,304
	6,006	2.95%, 03/01/2021		5,991
	2,713	3.00%, 02/22/2022		2,672
		Mizuho Bank Ltd., (Japan),
	3,021	1.80%, 03/26/2018 (e)		3,020
	3,167	2.65%, 09/25/2019 (e)		3,158
		Mizuho Financial Group, Inc., (Japan),
	4,462	2.63%, 04/12/2021 (e)		4,387
	1,449	2.95%, 02/28/2022		1,424
	4,000	4.02%, 03/05/2028		4,000
	7,602	MUFG Americas Holdings Corp., 2.25%, 02/10/2020		7,499
		National Australia Bank Ltd., (Australia),
	8,000	2.50%, 01/12/2021		7,889
	4,017	3.38%, 01/14/2026		3,937
		Nordea Bank AB, (Sweden),
	2,242	1.63%, 05/15/2018 (e)		2,240
	6,408	4.25%, 09/21/2022 (e)		6,588
		PNC Bank NA,
	2,855	1.95%, 03/04/2019		2,838
	2,000	6.88%, 04/01/2018		2,008
		PNC Financial Services Group, Inc. (The),
	1,500	3.90%, 04/29/2024		1,528

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	5,904	4.38%, 08/11/2020		6,105
	5,112	5.13%, 02/08/2020		5,326
	1,839	6.70%, 06/10/2019		1,932
	5,000	SUB, 2.85%, 11/09/2022		4,903
		Regions Financial Corp.,
	1,970	2.75%, 08/14/2022		1,921
	6,594	3.20%, 02/08/2021		6,616
		Royal Bank of Canada, (Canada),
	8,000	1.88%, 02/05/2020		7,890
	7,733	2.00%, 10/01/2018		7,722
	1,928	2.00%, 12/10/2018		1,924
	675	2.20%, 07/27/2018		675
	5,585	4.65%, 01/27/2026		5,794
	6,150	Royal Bank of Scotland Group plc, (United Kingdom), 3.88%, 09/12/2023		6,117
		Santander UK Group Holdings plc, (United Kingdom),
	3,011	3.13%, 01/08/2021		2,994
	6,200	3.57%, 01/10/2023		6,151
	6,200	4.75%, 09/15/2025 (e)		6,290
	6,414	Santander UK plc, (United Kingdom), 2.50%, 03/14/2019		6,407
	2,594	Skandinaviska Enskilda Banken AB, (Sweden), 1.75%, 03/19/2018 (e)		2,594
		Societe Generale SA, (France),
	6,000	2.50%, 04/08/2021 (e)		5,858
	5,280	4.25%, 04/14/2025 (e)		5,227
	2,197	SouthTrust Bank, 7.69%, 05/15/2025		2,642
	10,603	SpareBank 1 Boligkreditt A/S, (Norway), 1.75%, 11/15/2019 (e)		10,428
	5,938	Stadshypotek AB, (Sweden), 1.88%, 10/02/2019 (e)		5,878
		Standard Chartered plc, (United Kingdom),
	8,631	4.05%, 04/12/2026 (e)		8,570
	5,291	5.20%, 01/26/2024 (e)		5,535
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	4,262	2.06%, 07/14/2021		4,114
	3,620	2.44%, 10/19/2021		3,526
	6,102	2.63%, 07/14/2026		5,598
	4,110	2.78%, 10/18/2022		3,996
	8,755	2.85%, 01/11/2022		8,612
	2,517	3.01%, 10/19/2026		2,371
	9,971	3.10%, 01/17/2023		9,841
	505	SunTrust Bank, 7.25%, 03/15/2018		506

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 67

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		SunTrust Banks, Inc.,
	3,062	2.70%, 01/27/2022		2,998
	2,637	2.90%, 03/03/2021		2,625
	4,360	Swedbank AB, (Sweden), 2.20%, 03/04/2020 (e)		4,296
		Toronto-Dominion Bank (The), (Canada),
	1,487	1.80%, 07/13/2021		1,431
	1,501	2.13%, 07/02/2019		1,492
	1,501	2.13%, 04/07/2021		1,465
	4,063	2.25%, 11/05/2019		4,037
	5,021	(USD Swap Semi 5 Year + 2.21%), 3.62%, 09/15/2031 (aa)		4,831
		UBS Group Funding Switzerland AG, (Switzerland),
	2,156	(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		2,096
	7,735	3.49%, 05/23/2023 (e)		7,740
	2,500	4.13%, 09/24/2025 (e)		2,540
	6,471	4.13%, 04/15/2026 (e)		6,550
		US Bancorp,
	3,289	3.00%, 03/15/2022		3,290
	1,256	7.50%, 06/01/2026		1,558
	9,800	Series V, 2.38%, 07/22/2026		8,919
	3,191	Series V, 2.63%, 01/24/2022		3,143
	6,833	US Bank NA, 2.80%, 01/27/2025		6,554
		Wells Fargo & Co.,
	6,811	3.00%, 02/19/2025		6,540
	3,843	3.00%, 04/22/2026		3,637
	27,889	3.07%, 01/24/2023		27,492
	10,308	3.30%, 09/09/2024		10,152
	8,071	3.50%, 03/08/2022		8,128
	5,921	4.10%, 06/03/2026		5,930
	2,925	4.30%, 07/22/2027		2,964
	6,442	4.65%, 11/04/2044		6,514
	2,755	5.61%, 01/15/2044		3,175
	7,300	Series N, 2.15%, 01/30/2020		7,200
	4,150	Wells Fargo Bank NA, 2.60%, 01/15/2021		4,100
		Westpac Banking Corp., (Australia),
	6,405	2.00%, 03/03/2020 (e)		6,309
	5,830	2.50%, 06/28/2022		5,667
	7,700	3.40%, 01/25/2028		7,454
	5,855	(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (aa)		5,857
	9,606	4.88%, 11/19/2019		9,936
				1,234,185

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — 2.5%
	8,146	Ameriprise Financial, Inc., 2.88%, 09/15/2026		7,707
		Bank of New York Mellon Corp. (The),
	2,020	2.05%, 05/03/2021		1,961
	4,310	2.20%, 03/04/2019		4,293
	3,110	2.20%, 08/16/2023		2,943
	8,088	2.60%, 08/17/2020		8,021
	6,424	(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 05/16/2023 (aa)		6,264
	1,043	2.80%, 05/04/2026		982
	3,800	3.25%, 09/11/2024		3,761
	3,363	4.60%, 01/15/2020		3,474
	1,667	Series G, 2.20%, 05/15/2019		1,662
		BlackRock, Inc.,
	4,287	3.38%, 06/01/2022		4,375
	3,515	3.50%, 03/18/2024		3,575
	4,145	4.25%, 05/24/2021		4,322
	4,190	Series 2, 5.00%, 12/10/2019		4,369
		Blackstone Holdings Finance Co. LLC,
	3,107	4.45%, 07/15/2045 (e)		3,166
	12,555	5.88%, 03/15/2021 (e)		13,544
		Brookfield Finance, Inc., (Canada),
	3,664	3.90%, 01/25/2028		3,566
	5,253	4.70%, 09/20/2047		5,091
	1,116	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		1,108
	2,690	CDP Financial, Inc., (Canada), 4.40%, 11/25/2019 (e)		2,775
		Charles Schwab Corp. (The),
	5,710	3.20%, 03/02/2027		5,554
	1,270	3.20%, 01/25/2028		1,228
	1,435	3.23%, 09/01/2022		1,432
		CME Group, Inc.,
	9,865	3.00%, 09/15/2022		9,841
	5,537	3.00%, 03/15/2025		5,402
	1,004	5.30%, 09/15/2043		1,227
		Credit Suisse AG, (Switzerland),
	2,955	1.70%, 04/27/2018		2,953
	3,733	2.30%, 05/28/2019		3,713
	1,626	3.00%, 10/29/2021		1,617
	2,700	3.63%, 09/09/2024		2,693
		Credit Suisse Group AG, (Switzerland),
	10,753	3.57%, 01/09/2023 (e)		10,748
	2,991	(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa)		2,905
	9,016	4.28%, 01/09/2028 (e)		9,053

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	5,276	Daiwa Securities Group, Inc., (Japan), 3.13%, 04/19/2022 (e)		5,214
		Deutsche Bank AG, (Germany),
	6,440	3.30%, 11/16/2022		6,279
	13,886	4.25%, 10/14/2021		14,166
	3,400	4.50%, 04/01/2025		3,331
	2,242	FMR LLC, 6.45%, 11/15/2039 (e)		2,913
		Goldman Sachs Group, Inc. (The),
	14,473	2.35%, 11/15/2021		13,999
	2,174	2.60%, 04/23/2020		2,157
	7,026	2.75%, 09/15/2020		6,979
	9,392	(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (aa)		9,208
	11,501	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/2023 (aa)		11,206
	16,250	(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/2023 (aa)		15,840
	6,753	3.00%, 04/26/2022		6,658
	13,398	(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		12,928
	5,018	3.50%, 01/23/2025		4,928
	7,665	3.50%, 11/16/2026		7,384
	13,876	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		13,502
	22,195	3.75%, 05/22/2025		22,110
	8,110	(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 04/23/2029 (aa)		7,919
	18,677	3.85%, 01/26/2027		18,426
	10,573	4.25%, 10/21/2025		10,657
	14,150	5.38%, 03/15/2020		14,815
	1,435	6.75%, 10/01/2037		1,818
	29,379	7.50%, 02/15/2019		30,693
	6,130	Series D, 6.00%, 06/15/2020		6,533
		ING Bank NV, (Netherlands),
	6,000	1.65%, 08/15/2019 (e)		5,909
	4,678	2.00%, 11/26/2018 (e)		4,658
		Intercontinental Exchange, Inc.,
	2,108	2.50%, 10/15/2018		2,110
	5,021	4.00%, 10/15/2023		5,187
		Invesco Finance plc,
	2,510	3.75%, 01/15/2026		2,526
	3,914	4.00%, 01/30/2024		4,036
		Jefferies Group LLC,
	1,184	4.85%, 01/15/2027		1,223
	2,466	5.13%, 04/13/2018		2,474
	5,022	6.45%, 06/08/2027		5,665

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	8,295	6.88%, 04/15/2021		9,126
		Macquarie Bank Ltd., (Australia),
	7,499	2.60%, 06/24/2019 (e)		7,484
	6,300	2.85%, 07/29/2020 (e)		6,271
	6,300	4.00%, 07/29/2025 (e)		6,361
		Macquarie Group Ltd., (Australia),
	3,740	(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)		3,591
	4,125	6.00%, 01/14/2020 (e)		4,337
	9,649	6.25%, 01/14/2021 (e)		10,401
		Morgan Stanley,
	7,500	2.50%, 04/21/2021		7,365
	4,100	2.65%, 01/27/2020		4,083
	2,000	2.75%, 05/19/2022		1,955
	10,000	3.13%, 01/23/2023		9,839
	2,254	3.13%, 07/27/2026		2,138
	13,333	(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 07/22/2028 (aa)		12,895
	5,370	3.63%, 01/20/2027		5,264
	7,335	3.70%, 10/23/2024		7,331
	13,243	3.75%, 02/25/2023		13,438
	19,555	(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 01/24/2029 (aa)		19,135
	10,005	3.88%, 01/27/2026		10,029
	21,227	4.00%, 07/23/2025		21,501
	9,880	4.10%, 05/22/2023		10,059
	1,640	4.35%, 09/08/2026		1,665
	9,322	5.00%, 11/24/2025		9,925
	3,130	5.50%, 07/24/2020		3,309
	4,701	5.50%, 07/28/2021		5,043
	12,752	5.63%, 09/23/2019		13,291
	6,509	5.75%, 01/25/2021		6,980
	9,591	6.63%, 04/01/2018		9,625
	7,533	7.30%, 05/13/2019		7,927
	2,610	Nomura Holdings, Inc., (Japan), 6.70%, 03/04/2020		2,798
	2,762	Northern Trust Corp., (ICE LIBOR USD 3 Month + 1.13%), 3.37%, 05/08/2032 (aa)		2,658
		State Street Corp.,
	3,191	3.10%, 05/15/2023		3,146
	17,629	3.55%, 08/18/2025		17,697
	5,771	3.70%, 11/20/2023		5,919
	2,279	TD Ameritrade Holding Corp., 2.95%, 04/01/2022		2,264
		Thomson Reuters Corp., (Canada),
	3,119	3.85%, 09/29/2024		3,129

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 69

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	2,716	4.50%, 05/23/2043		2,682
	1,928	4.70%, 10/15/2019		1,990
				701,427
		Consumer Finance — 0.9%
		AerCap Ireland Capital DAC, (Netherlands),
	3,849	3.50%, 05/26/2022		3,835
	3,800	3.50%, 01/15/2025		3,649
		American Express Co.,
	4,100	3.40%, 02/27/2023		4,091
	2,466	7.00%, 03/19/2018		2,472
		American Express Credit Corp.,
	7,553	1.80%, 07/31/2018		7,537
	7,225	1.88%, 11/05/2018		7,211
	6,701	2.25%, 05/05/2021		6,540
	7,590	2.38%, 05/26/2020		7,509
	4,250	2.70%, 03/03/2022		4,168
		American Honda Finance Corp.,
	598	2.25%, 08/15/2019		595
	1,185	2.30%, 09/09/2026		1,089
	5,285	2.90%, 02/16/2024		5,191
	1,335	7.63%, 10/01/2018 (e)		1,375
		Capital One Financial Corp.,
	6,093	3.20%, 02/05/2025		5,831
	5,797	3.75%, 04/24/2024		5,814
	7,424	3.75%, 07/28/2026		7,089
	7,925	4.20%, 10/29/2025		7,859
		Caterpillar Financial Services Corp.,
	3,879	1.93%, 10/01/2021		3,747
	3,353	2.25%, 12/01/2019		3,332
	5,040	2.40%, 08/09/2026		4,662
	3,873	2.85%, 06/01/2022		3,853
	538	7.15%, 02/15/2019		561
		Ford Motor Credit Co. LLC,
	6,244	2.24%, 06/15/2018		6,241
	6,991	3.34%, 03/18/2021		6,956
	5,211	3.34%, 03/28/2022		5,133
	570	3.47%, 04/05/2021		570
	13,388	3.81%, 01/09/2024		13,198
	7,000	3.82%, 11/02/2027		6,537
	7,923	4.13%, 08/04/2025		7,796
		General Motors Financial Co., Inc.,
	3,163	3.10%, 01/15/2019		3,171
	2,097	3.45%, 01/14/2022		2,086
	7,227	3.45%, 04/10/2022		7,179

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	7,535	3.50%, 11/07/2024		7,268
	8,201	3.70%, 05/09/2023		8,160
	12,220	3.95%, 04/13/2024		12,190
	7,665	4.00%, 01/15/2025		7,599
	10,273	4.00%, 10/06/2026		10,048
	5,275	4.30%, 07/13/2025		5,289
	4,447	4.35%, 01/17/2027		4,435
	2,000	Hyundai Capital Services, Inc., (South Korea), 3.75%, 03/05/2023 (e)		1,994
		John Deere Capital Corp.,
	1,073	1.70%, 01/15/2020		1,056
	5,382	2.70%, 01/06/2023		5,271
	3,237	2.80%, 01/27/2023		3,195
	6,356	2.80%, 03/06/2023		6,241
	2,234	3.15%, 10/15/2021		2,251
	2,915	Series 0014, 2.45%, 09/11/2020		2,896
	2,175	PACCAR Financial Corp., 1.30%, 05/10/2019		2,147
	14,832	Synchrony Financial, 3.70%, 08/04/2026		14,160
	2,179	Toyota Motor Credit Corp., 1.90%, 04/08/2021		2,117
				253,194
		Diversified Financial Services — 1.1%
		Berkshire Hathaway, Inc.,
	2,326	3.00%, 02/11/2023		2,322
	5,254	3.75%, 08/15/2021		5,424
		CK Hutchison International Ltd., (Hong Kong),
	4,160	1.88%, 10/03/2021 (e)		3,971
	6,500	2.75%, 10/03/2026 (e)		5,959
		GE Capital International Funding Co. Unlimited Co.,
	44,099	2.34%, 11/15/2020		43,141
	39,807	4.42%, 11/15/2035		39,088
		GTP Acquisition Partners I LLC,
	10,258	2.35%, 06/15/2020 (e)		10,141
	11,667	3.48%, 06/16/2025 (e)		11,237
	3,907	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.25%, 11/08/2022 (e)		3,873
	4,255	Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e)		4,111
		National Rural Utilities Cooperative Finance Corp.,
	2,585	2.95%, 02/07/2024		2,533
	12,000	3.40%, 02/07/2028		11,801
	1,933	10.38%, 11/01/2018		2,031

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		Nationwide Building Society, (United Kingdom),
	4,345	2.35%, 01/21/2020 (e)		4,294
	2,635	2.45%, 07/27/2021 (e)		2,574
	7,480	4.00%, 09/14/2026 (e)		7,307
		ORIX Corp., (Japan),
	3,775	2.90%, 07/18/2022		3,691
	4,000	3.70%, 07/18/2027		3,902
		Private Export Funding Corp.,
	10,700	Series EE, 2.80%, 05/15/2022		10,724
	12,505	Series KK, 3.55%, 01/15/2024		12,980
	8,428	Series Z, 4.38%, 03/15/2019		8,613
	9,040	Protective Life Global Funding, 2.00%, 09/14/2021 (e)		8,676
		Shell International Finance BV, (Netherlands),
	8,042	2.13%, 05/11/2020		7,942
	19,688	2.88%, 05/10/2026		18,861
	19,323	4.00%, 05/10/2046		19,130
	12,770	4.13%, 05/11/2035		13,172
	2,690	4.30%, 09/22/2019		2,759
	7,695	4.38%, 03/25/2020		7,952
		Siemens Financieringsmaatschappij NV, (Germany),
	6,000	2.35%, 10/15/2026 (e)		5,462
	4,371	2.90%, 05/27/2022 (e)		4,334
	3,440	3.13%, 03/16/2024 (e)		3,402
	6,050	3.30%, 09/15/2046 (e)		5,369
	3,421	4.40%, 05/27/2045 (e)		3,650
		Voya Financial, Inc.,
	1,150	3.13%, 07/15/2024		1,119
	4,230	3.65%, 06/15/2026		4,151
				305,696
		Insurance — 1.1%
	8,295	AIG SunAmerica Global Financing X, 6.90%, 03/15/2032 (e)		10,696
	3,650	Allstate Corp. (The), 3.15%, 06/15/2023		3,643
		American International Group, Inc.,
	2,671	3.75%, 07/10/2025		2,654
	3,407	3.88%, 01/15/2035		3,221
	5,758	4.13%, 02/15/2024		5,906
	7,065	4.70%, 07/10/2035		7,336
	1,496	Aon Corp., 6.25%, 09/30/2040		1,862
	3,083	Aon plc, 3.88%, 12/15/2025		3,119
		Arch Capital Finance LLC,
	459	4.01%, 12/15/2026		463

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	2,660	5.03%, 12/15/2046		2,911
		Athene Global Funding,
	7,740	2.75%, 04/20/2020 (e)		7,679
	3,689	4.00%, 01/25/2022 (e)		3,733
	8,565	Athene Holding Ltd., 4.13%, 01/12/2028		8,242
		Berkshire Hathaway Finance Corp.,
	2,795	4.30%, 05/15/2043		2,935
	13,241	4.40%, 05/15/2042		14,090
	1,166	5.75%, 01/15/2040		1,456
	1,013	Chubb Corp. (The), 5.75%, 05/15/2018		1,020
		Chubb INA Holdings, Inc.,
	2,420	2.30%, 11/03/2020		2,392
	3,418	2.88%, 11/03/2022		3,390
		CNA Financial Corp.,
	2,633	3.95%, 05/15/2024		2,672
	1,921	4.50%, 03/01/2026		1,990
	9,929	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 07/24/2026 (e) (x) (y) (aa)		9,544
	6,230	Great-West Lifeco Finance Delaware LP, (Canada), 4.15%, 06/03/2047 (e)		6,094
	1,663	Guardian Life Insurance Co. of America (The), 4.85%, 01/24/2077 (e)		1,702
		Jackson National Life Global Funding,
	3,581	1.88%, 10/15/2018 (e)		3,570
	4,774	3.05%, 04/29/2026 (e)		4,563
	2,690	4.70%, 06/01/2018 (e)		2,706
		Liberty Mutual Group, Inc.,
	3,049	4.95%, 05/01/2022 (e)		3,224
	6,000	6.50%, 03/15/2035 (e)		7,359
	1,350	Liberty Mutual Insurance Co., 8.50%, 05/15/2025 (e)		1,691
		Lincoln National Corp.,
	2,500	3.80%, 03/01/2028		2,478
	2,753	4.00%, 09/01/2023		2,836
	3,761	4.20%, 03/15/2022		3,903
	111	6.15%, 04/07/2036		134
	11,200	Manulife Financial Corp., (Canada), (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 02/24/2032 (aa)		11,048
		Marsh & McLennan Cos., Inc.,
	5,001	2.35%, 03/06/2020		4,956
	1,539	2.75%, 01/30/2022		1,514
	1,991	3.30%, 03/14/2023		1,988
		Massachusetts Mutual Life Insurance Co.,
	1,767	5.38%, 12/01/2041 (e)		2,027
	322	8.88%, 06/01/2039 (e)		504

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 71

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	3,346	MassMutual Global Funding II, 2.50%, 10/17/2022 (e)		3,251
		MetLife, Inc.,
	2,027	4.13%, 08/13/2042		2,010
	2,000	4.88%, 11/13/2043		2,177
	200	6.38%, 06/15/2034		254
	731	7.72%, 02/15/2019		766
		Metropolitan Life Global Funding I,
	18,348	2.30%, 04/10/2019 (e)		18,285
	12,858	3.88%, 04/11/2022 (e)		13,187
	11,147	Nationwide Mutual Insurance Co., 9.38%, 08/15/2039 (e)		17,927
		New York Life Global Funding,
	1,806	1.95%, 02/11/2020 (e)		1,780
	29,382	2.15%, 06/18/2019 (e)		29,222
	4,854	3.00%, 01/10/2028 (e)		4,632
	8,660	OneBeacon US Holdings, Inc., 4.60%, 11/09/2022		8,791
	2,975	Pacific Life Insurance Co., (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (e) (aa)		2,778
	1,343	Pricoa Global Funding I, 1.60%, 05/29/2018 (e)		1,341
	794	Principal Financial Group, Inc., 3.13%, 05/15/2023		780
	1,200	Principal Life Global Funding II, 2.38%, 11/21/2021 (e)		1,165
	7,544	Progressive Corp. (The), 2.45%, 01/15/2027		6,963
	9,236	Prudential Financial, Inc., 3.91%, 12/07/2047 (e)		8,757
	10,349	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		13,071
		Reliance Standard Life Global Funding II,
	660	2.50%, 01/15/2020 (e)		654
	2,597	3.05%, 01/20/2021 (e)		2,587
		Teachers Insurance & Annuity Association of America,
	5,480	4.27%, 05/15/2047 (e)		5,452
	3,653	4.90%, 09/15/2044 (e)		3,979
	960	Travelers Cos., Inc. (The), 5.80%, 05/15/2018		967
				314,027
		Thrifts & Mortgage Finance — 0.0% (g)
		BPCE SA, (France),
	4,230	3.38%, 12/02/2026		4,089
	11,600	4.63%, 07/11/2024 (e)		11,854
				15,943
		Total Financials		2,824,472

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care — 1.4%
		Biotechnology — 0.5%
		AbbVie, Inc.,
	7,526	2.00%, 11/06/2018		7,503
	15,957	2.85%, 05/14/2023		15,476
	4,776	3.60%, 05/14/2025		4,718
	2,129	4.30%, 05/14/2036		2,147
	21,614	4.50%, 05/14/2035		22,266
		Amgen, Inc.,
	7,344	3.63%, 05/15/2022		7,453
	7,892	4.66%, 06/15/2051		7,964
	4,336	4.95%, 10/01/2041		4,689
	1,771	5.70%, 02/01/2019		1,820
		Baxalta, Inc.,
	3,356	3.60%, 06/23/2022		3,366
	1,096	5.25%, 06/23/2045		1,181
		Biogen, Inc.,
	5,466	3.63%, 09/15/2022		5,531
	1,383	5.20%, 09/15/2045		1,507
		Celgene Corp.,
	8,865	3.25%, 08/15/2022		8,821
	730	3.45%, 11/15/2027		694
	6,875	3.63%, 05/15/2024		6,855
	1,430	4.35%, 11/15/2047		1,347
	4,195	5.70%, 10/15/2040		4,637
		Gilead Sciences, Inc.,
	1,943	2.50%, 09/01/2023		1,863
	2,883	3.50%, 02/01/2025		2,871
	3,850	3.65%, 03/01/2026		3,843
	3,770	3.70%, 04/01/2024		3,826
	1,725	4.00%, 09/01/2036		1,696
	4,758	4.60%, 09/01/2035		5,034
				127,108
		Health Care Equipment & Supplies — 0.1%
	5,609	Abbott Laboratories, 3.88%, 09/15/2025		5,675
	710	Becton Dickinson and Co., 3.73%, 12/15/2024		699
	1,826	Covidien International Finance SA, 2.95%, 06/15/2023		1,792
	2,500	Danaher Corp., 2.40%, 09/15/2020		2,483
	7,508	Koninklijke Philips NV, (Netherlands), 3.75%, 03/15/2022		7,636
		Medtronic, Inc.,
	2,676	3.13%, 03/15/2022		2,684
	704	3.15%, 03/15/2022		705
	6,075	4.38%, 03/15/2035		6,430

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Equipment & Supplies — continued
		Stryker Corp.,
	904	3.50%, 03/15/2026		900
	4,325	3.65%, 03/07/2028		4,322
	910	4.10%, 04/01/2043		887
				34,213
		Health Care Providers & Services — 0.4%
		Aetna, Inc.,
	3,654	2.80%, 06/15/2023		3,504
	1,777	4.50%, 05/15/2042		1,745
	2,959	6.75%, 12/15/2037		3,854
		Anthem, Inc.,
	2,511	2.30%, 07/15/2018		2,511
	4,210	3.13%, 05/15/2022		4,178
	2,354	3.30%, 01/15/2023		2,335
	5,485	4.10%, 03/01/2028		5,486
	3,477	4.63%, 05/15/2042		3,529
	3,394	4.65%, 01/15/2043		3,459
	4,149	4.65%, 08/15/2044		4,243
		Cardinal Health, Inc.,
	3,693	2.40%, 11/15/2019		3,676
	4,500	3.75%, 09/15/2025		4,451
		Express Scripts Holding Co.,
	3,693	3.00%, 07/15/2023		3,563
	6,120	3.50%, 06/15/2024		6,002
	1,904	4.80%, 07/15/2046		1,896
	3,409	Laboratory Corp. of America Holdings, 3.20%, 02/01/2022		3,401
	11,202	Magellan Health, Inc., 4.40%, 09/22/2024		11,099
	2,975	Mayo Clinic, Series 2016, 4.13%, 11/15/2052		2,985
	2,118	McKesson Corp., 3.95%, 02/16/2028		2,106
	3,335	Memorial Sloan-Kettering Cancer Center, Series 2015, 4.20%, 07/01/2055		3,389
	2,747	Mount Sinai Hospitals Group, Inc., Series 2017, 3.98%, 07/01/2048		2,647
	2,942	Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/2026		2,760
	1,684	Quest Diagnostics, Inc., 3.45%, 06/01/2026		1,627
	4,275	Texas Health Resources, 4.33%, 11/15/2055		4,355
		UnitedHealth Group, Inc.,
	3,636	1.63%, 03/15/2019		3,601
	2,690	2.88%, 03/15/2023		2,650
	5,955	3.38%, 11/15/2021		6,031
	6,229	4.63%, 07/15/2035		6,840
	1,600	5.80%, 03/15/2036		1,972

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	4,888	6.63%, 11/15/2037		6,566
				116,461
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	3,564	2.95%, 09/19/2026		3,333
	2,501	3.00%, 04/15/2023		2,454
	2,995	3.15%, 01/15/2023		2,961
	1,946	4.15%, 02/01/2024		2,002
				10,750
		Pharmaceuticals — 0.4%
		Allergan Funding SCS,
	5,743	3.45%, 03/15/2022		5,717
	3,041	3.85%, 06/15/2024		3,038
	20,798	4.55%, 03/15/2035		20,753
		Allergan, Inc.,
	3,954	2.80%, 03/15/2023		3,810
	3,111	3.38%, 09/15/2020		3,132
	2,991	Bayer US Finance LLC, (Germany), 2.38%, 10/08/2019 (e)		2,966
	2,780	GlaxoSmithKline Capital plc, (United Kingdom), 2.85%, 05/08/2022		2,764
	1,883	GlaxoSmithKline Capital, Inc., (United Kingdom), 6.38%, 05/15/2038		2,499
		Johnson & Johnson,
	1,300	2.63%, 01/15/2025		1,259
	7,129	3.40%, 01/15/2038		6,827
	1,948	4.38%, 12/05/2033		2,116
		Merck & Co., Inc.,
	1,835	2.40%, 09/15/2022		1,792
	4,572	2.80%, 05/18/2023		4,524
	2,100	3.70%, 02/10/2045		2,038
	4,153	Mylan NV, 3.95%, 06/15/2026		4,017
		Mylan, Inc.,
	7,886	3.13%, 01/15/2023 (e)		7,647
	2,300	5.40%, 11/29/2043		2,391
	3,294	Novartis Capital Corp., (Switzerland), 3.40%, 05/06/2024		3,329
	9,150	Pfizer, Inc., 3.00%, 12/15/2026		8,851
	4,909	Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023		4,694
	1,580	Teva Pharmaceutical Finance Co. BV, (Israel), 2.95%, 12/18/2022		1,412
	6,266	Teva Pharmaceutical Finance Co. LLC, (Israel), 6.15%, 02/01/2036		5,922

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 73

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
		Teva Pharmaceutical Finance Netherlands III BV, (Israel),
	8,958	2.80%, 07/21/2023		7,796
	844	4.10%, 10/01/2046		622
	708	Wyeth LLC, 6.45%, 02/01/2024		832
				110,748
		Total Health Care		399,280
		Industrials — 1.4%
		Aerospace & Defense — 0.4%
	3,267	Airbus Finance BV, (France), 2.70%, 04/17/2023 (e)		3,199
		Airbus SE, (France),
	4,909	3.15%, 04/10/2027 (e)		4,787
	1,046	3.95%, 04/10/2047 (e)		1,042
		BAE Systems Holdings, Inc., (United Kingdom),
	9,772	3.80%, 10/07/2024 (e)		9,870
	2,107	6.38%, 06/01/2019 (e)		2,201
	4,778	BAE Systems plc, (United Kingdom), 5.80%, 10/11/2041 (e)		5,659
	1,076	Boeing Co. (The), 7.95%, 08/15/2024		1,356
		Harris Corp.,
	7,570	3.83%, 04/27/2025		7,636
	1,918	4.85%, 04/27/2035		2,055
		Lockheed Martin Corp.,
	897	2.50%, 11/23/2020		889
	937	3.10%, 01/15/2023		936
	4,010	4.07%, 12/15/2042		3,948
	3,950	4.09%, 09/15/2052		3,829
	10,790	4.50%, 05/15/2036		11,462
		Northrop Grumman Corp.,
	5,364	3.20%, 02/01/2027		5,153
	1,700	3.25%, 01/15/2028		1,628
	1,794	Northrop Grumman Systems Corp., 7.75%, 02/15/2031		2,432
	8,650	Precision Castparts Corp., 3.25%, 06/15/2025		8,601
	2,180	Raytheon Co., 3.15%, 12/15/2024		2,164
		Rockwell Collins, Inc.,
	2,992	3.20%, 03/15/2024		2,934
	1,161	4.35%, 04/15/2047		1,158
	4,050	Textron, Inc., 3.65%, 03/15/2027		3,971
		United Technologies Corp.,
	4,552	3.10%, 06/01/2022		4,537
	4,246	4.15%, 05/15/2045		4,141
	6,022	4.50%, 06/01/2042		6,163

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	701	6.70%, 08/01/2028		867
				102,618
		Air Freight & Logistics — 0.0% (g)
	2,465	FedEx Corp., 3.90%, 02/01/2035		2,381
		United Parcel Service of America, Inc.,
	2,107	8.38%, 04/01/2020		2,349
	717	SUB, 8.37%, 04/01/2030		986
				5,716
		Airlines — 0.0% (g)
	2,318	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		2,370
				–
		Building Products — 0.1%
		Johnson Controls International plc,
	4,124	3.75%, 12/01/2021		4,200
	2,991	4.25%, 03/01/2021		3,082
	1,540	5.13%, 09/14/2045		1,734
	6,278	5.25%, 12/01/2041		6,827
	3,676	SUB, 4.95%, 07/02/2064		3,825
				19,668
		Commercial Services & Supplies — 0.0% (g)
	1,525	Pitney Bowes, Inc., 5.60%, 03/15/2018		1,525
		Republic Services, Inc.,
	2,099	2.90%, 07/01/2026		1,977
	4,309	3.55%, 06/01/2022		4,350
				7,852
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc., (Switzerland),
	2,092	2.88%, 05/08/2022		2,084
	928	4.38%, 05/08/2042		957
	4,910	Fluor Corp., 3.38%, 09/15/2021		4,963
	1,777	Mexico City Airport Trust, (Mexico), 5.50%, 07/31/2047 (e)		1,663
				9,667
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	1,247	4.00%, 11/02/2032		1,239
	2,377	5.60%, 05/15/2018		2,393
	1,794	7.63%, 04/01/2024		2,115
				5,747

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrial Conglomerates — 0.1%
		General Electric Co.,
	1,318	2.10%, 12/11/2019		1,301
	1,523	2.70%, 10/09/2022		1,473
	4,815	3.15%, 09/07/2022		4,764
	5,886	3.45%, 05/15/2024		5,795
	3,698	4.38%, 09/16/2020		3,814
	4,892	4.65%, 10/17/2021		5,121
	459	5.30%, 02/11/2021		485
	5,046	5.50%, 01/08/2020		5,266
	720	5.88%, 01/14/2038		843
		Ingersoll-Rand Global Holding Co. Ltd.,
	6,270	3.75%, 08/21/2028		6,203
	2,860	4.25%, 06/15/2023		2,980
	1,261	Roper Technologies, Inc., 3.00%, 12/15/2020		1,263
				39,308
		Machinery — 0.1%
	1,913	Caterpillar, Inc., 2.60%, 06/26/2022		1,877
	2,386	Deere & Co., 3.90%, 06/09/2042		2,434
		Illinois Tool Works, Inc.,
	11,630	3.90%, 09/01/2042		11,757
	758	4.88%, 09/15/2041		867
	695	Ingersoll-Rand Co., 6.39%, 11/15/2027		777
		Parker-Hannifin Corp.,
	2,527	4.10%, 03/01/2047		2,566
	3,759	4.45%, 11/21/2044		3,999
	1,420	Xylem, Inc., 3.25%, 11/01/2026		1,376
				25,653
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	1,794	3.00%, 03/15/2023		1,788
	3,821	3.05%, 03/15/2022		3,837
	1,865	3.45%, 09/15/2021		1,900
	1,272	3.60%, 09/01/2020		1,296
	2,365	3.75%, 04/01/2024		2,428
	4,018	4.38%, 09/01/2042		4,184
	3,010	4.40%, 03/15/2042		3,144
	3,150	4.70%, 09/01/2045		3,441
	3,380	5.15%, 09/01/2043		3,902
	9,266	5.40%, 06/01/2041		10,934
	3,244	5.75%, 05/01/2040		3,986
	538	6.70%, 08/01/2028		673
	1,166	7.29%, 06/01/2036		1,608

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
		Canadian Pacific Railway Co., (Canada),
	4,200	4.50%, 01/15/2022		4,385
	10,026	6.13%, 09/15/2115		12,308
	1,345	7.13%, 10/15/2031		1,754
		CSX Corp.,
	1,516	4.75%, 05/30/2042		1,610
	3,498	5.50%, 04/15/2041		4,027
		ERAC USA Finance LLC,
	3,010	2.60%, 12/01/2021 (e)		2,941
	3,474	4.50%, 08/16/2021 (e)		3,625
	2,388	5.25%, 10/01/2020 (e)		2,515
	3,104	5.63%, 03/15/2042 (e)		3,544
	4,417	6.70%, 06/01/2034 (e)		5,428
	425	7.00%, 10/15/2037 (e)		549
		Norfolk Southern Corp.,
	2,558	2.90%, 02/15/2023		2,524
	4,957	3.25%, 12/01/2021		4,995
	2,888	3.95%, 10/01/2042		2,781
	5,192	4.05%, 08/15/2052 (e)		4,984
	51	5.59%, 05/17/2025		57
		Penske Truck Leasing Co. LP,
	3,744	2.88%, 07/17/2018 (e)		3,750
	5,795	3.38%, 02/01/2022 (e)		5,791
	2,525	4.20%, 04/01/2027 (e)		2,547
		Ryder System, Inc.,
	4,930	2.50%, 05/11/2020		4,895
	3,451	2.88%, 09/01/2020		3,440
		Union Pacific Corp.,
	2,045	2.75%, 04/15/2023		2,018
	1,297	2.95%, 01/15/2023		1,294
	1,425	3.60%, 09/15/2037		1,376
	1,230	3.65%, 02/15/2024		1,260
	1,010	3.80%, 10/01/2051		963
	1,962	4.10%, 09/15/2067		1,897
	1,875	4.16%, 07/15/2022		1,957
	1,435	4.30%, 06/15/2042		1,505
				133,841
		Trading Companies & Distributors — 0.2%
		Air Lease Corp.,
	6,266	3.25%, 03/01/2025		6,009
	1,000	3.63%, 04/01/2027		955
	6,700	3.63%, 12/01/2027		6,375
	4,000	3.88%, 04/01/2021		4,073
	8,105	Aviation Capital Group LLC, 3.50%, 11/01/2027 (e)		7,648

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 75

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Trading Companies & Distributors — continued
	3,000	BOC Aviation Ltd., (Singapore), 2.75%, 09/18/2022 (e)		2,880
		International Lease Finance Corp.,
	3,867	5.88%, 08/15/2022		4,218
	11,894	8.63%, 01/15/2022		14,045
	4,364	WW Grainger, Inc., 4.60%, 06/15/2045		4,622
				50,825
		Total Industrials		403,265
		Information Technology — 1.6%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	6,539	3.00%, 06/15/2022		6,544
	4,500	3.63%, 03/04/2024		4,611
	4,179	5.50%, 01/15/2040		5,204
	4,475	5.90%, 02/15/2039		5,824
				22,183
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	1,712	3.00%, 03/01/2018		1,712
	3,162	3.25%, 09/08/2024		3,031
	3,541	3.88%, 01/12/2028		3,436
	1,595	4.50%, 03/01/2023		1,643
				9,822
		Internet Software & Services — 0.1%
	1,959	Alibaba Group Holding Ltd., (China), 4.00%, 12/06/2037		1,863
		eBay, Inc.,
	9,053	2.60%, 07/15/2022		8,768
	4,006	3.45%, 08/01/2024		3,965
	1,851	4.00%, 07/15/2042		1,634
	8,986	Tencent Holdings Ltd., (China), 3.60%, 01/19/2028 (e)		8,691
				24,921
		IT Services — 0.1%
		DXC Technology Co.,
	3,566	4.25%, 04/15/2024		3,645
	2,170	7.45%, 10/15/2029		2,595
		IBM Credit LLC,
	7,950	2.65%, 02/05/2021		7,899
	10,400	3.00%, 02/06/2023		10,301
		International Business Machines Corp.,
	592	6.22%, 08/01/2027		718

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	7,578	7.63%, 10/15/2018		7,824
		Western Union Co. (The),
	9,000	3.60%, 03/15/2022		8,992
	1,448	6.20%, 06/21/2040		1,477
				43,451
		Semiconductors & Semiconductor Equipment — 0.2%
		Analog Devices, Inc.,
	2,317	3.13%, 12/05/2023		2,284
	2,505	4.50%, 12/05/2036		2,586
		Broadcom Corp.,
	14,519	3.63%, 01/15/2024		14,165
	13,459	3.88%, 01/15/2027		12,909
		Intel Corp.,
	2,105	3.10%, 07/29/2022		2,124
	2,570	3.15%, 05/11/2027		2,509
	4,598	3.70%, 07/29/2025		4,691
	3,364	3.73%, 12/08/2047 (e)		3,229
	8,173	4.00%, 12/15/2032		8,533
		QUALCOMM, Inc.,
	1,160	2.60%, 01/30/2023		1,105
	1,400	2.90%, 05/20/2024		1,324
	5,809	3.25%, 05/20/2027		5,432
				60,891
		Software — 0.6%
		Microsoft Corp.,
	3,808	2.38%, 05/01/2023		3,690
	21,453	2.88%, 02/06/2024		21,115
	7,198	3.30%, 02/06/2027		7,124
	3,459	3.50%, 02/12/2035		3,396
	3,620	4.00%, 02/12/2055		3,613
	10,421	4.10%, 02/06/2037		10,952
	3,974	4.20%, 11/03/2035		4,239
	1,089	4.50%, 10/01/2040		1,204
	9,023	4.50%, 02/06/2057		9,906
	4,348	4.75%, 11/03/2055		4,947
		Oracle Corp.,
	7,023	2.40%, 09/15/2023		6,705
	4,115	2.50%, 05/15/2022		4,023
	11,020	2.95%, 11/15/2024		10,700
	14,625	2.95%, 05/15/2025		14,167
	11,695	3.85%, 07/15/2036		11,709
	4,170	3.90%, 05/15/2035		4,133
	10,219	4.30%, 07/08/2034		10,781
	14,500	4.38%, 05/15/2055		15,106

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Software — continued
	2,300	6.13%, 07/08/2039		3,008
	10,109	VMware, Inc., 2.95%, 08/21/2022		9,749
				160,267
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	6,506	2.40%, 05/03/2023		6,294
	5,261	2.45%, 08/04/2026		4,874
	8,545	2.75%, 01/13/2025		8,207
	13,459	2.85%, 05/06/2021		13,481
	3,504	2.85%, 05/11/2024		3,414
	16,030	2.90%, 09/12/2027		15,169
	15,808	3.00%, 02/09/2024		15,602
	2,880	3.00%, 06/20/2027		2,758
	12,828	3.20%, 05/13/2025		12,707
	5,685	3.20%, 05/11/2027		5,540
	798	3.25%, 02/23/2026		785
	2,179	3.35%, 02/09/2027		2,148
	4,375	3.45%, 02/09/2045		3,997
	13,570	3.75%, 09/12/2047		12,928
	3,512	3.85%, 08/04/2046		3,393
	4,257	4.50%, 02/23/2036		4,640
	16,408	Dell International LLC, 6.02%, 06/15/2026 (e)		17,553
	1,704	Dell, Inc., 7.10%, 04/15/2028		1,909
	2,336	HP, Inc., 6.00%, 09/15/2041		2,481
				137,880
		Total Information Technology		459,415
		Materials — 0.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	3,196	3.38%, 03/15/2025		3,105
	6,522	4.13%, 03/15/2035		6,352
	4,962	5.25%, 01/15/2045		5,394
	4,179	Air Liquide Finance SA, (France), 2.25%, 09/27/2023 (e)		3,962
		Chevron Phillips Chemical Co. LLC,
	4,530	3.40%, 12/01/2026 (e)		4,444
	8,300	3.70%, 06/01/2028 (e)		8,262
		Dow Chemical Co. (The),
	7,954	3.00%, 11/15/2022		7,835
	4,058	4.13%, 11/15/2021		4,201
	1,206	4.25%, 10/01/2034		1,213
	875	8.55%, 05/15/2019		935

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
		Ecolab, Inc.,
	3,636	3.25%, 01/14/2023		3,640
	2,348	3.25%, 12/01/2027 (e)		2,251
	995	3.95%, 12/01/2047 (e)		954
	122	5.50%, 12/08/2041		144
		EI du Pont de Nemours & Co.,
	1,396	4.90%, 01/15/2041		1,502
	1,345	5.60%, 12/15/2036		1,563
	2,459	Monsanto Co., 4.70%, 07/15/2064		2,445
		Mosaic Co. (The),
	9,054	4.25%, 11/15/2023		9,309
	449	4.88%, 11/15/2041		426
	5,054	5.45%, 11/15/2033		5,339
	5,233	5.63%, 11/15/2043		5,480
		Potash Corp. of Saskatchewan, Inc., (Canada),
	2,326	3.00%, 04/01/2025		2,206
	3,408	6.50%, 05/15/2019		3,549
		PPG Industries, Inc.,
	2,215	3.20%, 03/15/2023		2,207
	1,026	5.50%, 11/15/2040		1,201
	1,883	9.00%, 05/01/2021		2,199
	2,612	Praxair, Inc., 2.65%, 02/05/2025		2,508
	2,788	Sherwin-Williams Co. (The), 3.13%, 06/01/2024		2,711
		Union Carbide Corp.,
	5,426	7.50%, 06/01/2025		6,530
	5,919	7.75%, 10/01/2096		7,620
	2,758	Westlake Chemical Corp., 4.38%, 11/15/2047		2,648
				112,135
		Construction Materials — 0.0% (g)
		CRH America, Inc., (Ireland),
	2,811	3.88%, 05/18/2025 (e)		2,837
	6,052	5.13%, 05/18/2045 (e)		6,674
	5,785	Martin Marietta Materials, Inc., 3.45%, 06/01/2027		5,546
				15,057
		Containers & Packaging — 0.1%
		International Paper Co.,
	5,111	3.00%, 02/15/2027		4,773
	1,670	5.00%, 09/15/2035		1,814
	3,945	7.30%, 11/15/2039		5,297
	2,650	8.70%, 06/15/2038		3,899
	920	WestRock Co., 3.00%, 09/15/2024 (e)		885
				16,668

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 77

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Metals & Mining — 0.1%
	3,283	Anglo American Capital plc, (United Kingdom), 3.63%, 09/11/2024 (e)		3,202
	1,767	Barrick Gold Corp., (Canada), 6.45%, 10/15/2035		2,170
	1,600	BHP Billiton Finance USA Ltd., (Australia), 5.00%, 09/30/2043		1,843
	1,967	Glencore Funding LLC, (Switzerland), 4.63%, 04/29/2024 (e)		2,038
		Nucor Corp.,
	3,284	4.00%, 08/01/2023		3,391
	4,465	6.40%, 12/01/2037		5,716
	5,579	Vale Canada Ltd., (Brazil), 7.20%, 09/15/2032		6,346
		Vale Overseas Ltd., (Brazil),
	4,336	6.25%, 08/10/2026		4,887
	5,930	6.88%, 11/21/2036		7,130
				36,723
		Total Materials		180,583
		Real Estate — 1.0%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
		American Tower Corp.,
	4,378	3.38%, 10/15/2026		4,155
	5,919	3.50%, 01/31/2023		5,921
	4,305	5.00%, 02/15/2024		4,591
	260	5.90%, 11/01/2021		283
		American Tower Trust #1,
	3,439	1.55%, 03/15/2018 (e)		3,438
	6,220	3.07%, 03/15/2023 (e)		6,158
		AvalonBay Communities, Inc.,
	8,971	2.85%, 03/15/2023		8,796
	1,074	3.90%, 10/15/2046		1,021
		Boston Properties LP,
	3,702	2.75%, 10/01/2026		3,426
	3,155	3.13%, 09/01/2023		3,099
	4,331	3.20%, 01/15/2025		4,200
	3,157	3.65%, 02/01/2026		3,129
		Brixmor Operating Partnership LP,
	2,740	3.65%, 06/15/2024		2,678
	5,585	3.85%, 02/01/2025		5,447
		Crown Castle International Corp.,
	2,066	4.00%, 03/01/2027		2,045
	5,203	4.88%, 04/15/2022		5,467
	2,900	5.25%, 01/15/2023		3,108
	2,361	DDR Corp., 4.70%, 06/01/2027		2,409
	2,507	Digital Realty Trust LP, 3.70%, 08/15/2027		2,441

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	1,814	Duke Realty LP, 3.25%, 06/30/2026		1,757
		EPR Properties,
	695	4.50%, 04/01/2025		699
	4,787	4.50%, 06/01/2027		4,712
	725	5.25%, 07/15/2023		765
	8,592	Equity Commonwealth, 5.88%, 09/15/2020		8,971
		ERP Operating LP,
	3,210	2.85%, 11/01/2026		3,024
	7,000	3.00%, 04/15/2023		6,956
	2,815	3.50%, 03/01/2028		2,767
	2,255	4.63%, 12/15/2021		2,378
	4,207	Essex Portfolio LP, 4.50%, 03/15/2048		4,228
	7,843	GAIF Bond Issuer Pty. Ltd., (Australia), 3.40%, 09/30/2026 (e)		7,435
	1,311	Goodman US Finance Four LLC, (Australia), 4.50%, 10/15/2037 (e)		1,297
	3,043	Goodman US Finance Three LLC, (Australia), 3.70%, 03/15/2028 (e)		2,918
	7,083	Government Properties Income Trust, 4.00%, 07/15/2022		7,084
		HCP, Inc.,
	2,651	3.40%, 02/01/2025		2,576
	14,719	3.88%, 08/15/2024		14,754
	1,349	4.20%, 03/01/2024		1,382
	7,000	Kimco Realty Corp., 3.80%, 04/01/2027		6,845
	2,330	Liberty Property LP, 3.25%, 10/01/2026		2,224
		National Retail Properties, Inc.,
	5,527	3.60%, 12/15/2026		5,338
	5,043	4.00%, 11/15/2025		5,035
	2,653	Prologis LP, 3.75%, 11/01/2025		2,698
		Realty Income Corp.,
	5,243	3.00%, 01/15/2027		4,911
	3,757	4.65%, 03/15/2047		3,899
	9,910	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		9,733
	7,060	Senior Housing Properties Trust, 4.75%, 02/15/2028		6,910
		Simon Property Group LP,
	3,410	3.38%, 10/01/2024		3,385
	2,090	3.75%, 02/01/2024		2,131
	3,838	4.13%, 12/01/2021		3,977
	3,138	4.38%, 03/01/2021		3,259
	3,081	UDR, Inc., 2.95%, 09/01/2026		2,874
		Ventas Realty LP,
	1,929	3.50%, 02/01/2025		1,892
	4,032	3.75%, 05/01/2024		4,050

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	4,308	3.85%, 04/01/2027		4,237
	2,746	4.13%, 01/15/2026		2,772
	11,595	VEREIT Operating Partnership LP, 4.60%, 02/06/2024		11,896
	4,810	Vornado Realty LP, 3.50%, 01/15/2025		4,657
		Welltower, Inc.,
	650	3.75%, 03/15/2023		660
	7,824	4.00%, 06/01/2025		7,891
	4,002	4.50%, 01/15/2024		4,164
	2,000	WP Carey, Inc., 4.60%, 04/01/2024		2,070
				253,023
		Real Estate Management & Development — 0.1%
		Mitsui Fudosan Co. Ltd., (Japan),
	2,931	2.95%, 01/23/2023 (e)		2,895
	2,615	3.65%, 07/20/2027 (e)		2,609
		Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada),
	6,257	3.13%, 03/20/2022 (e)		6,224
	6,562	3.88%, 03/20/2027 (e)		6,531
				18,259
		Total Real Estate		271,282
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.2%
		AT&T, Inc.,
	17,890	3.40%, 05/15/2025		17,224
	7,298	3.95%, 01/15/2025		7,295
	9,378	4.10%, 02/15/2028 (e)		9,193
	6,161	4.13%, 02/17/2026		6,155
	32,226	4.30%, 02/15/2030 (e)		31,513
	3,861	4.30%, 12/15/2042		3,516
	4,439	4.35%, 06/15/2045		3,963
	1,284	4.45%, 04/01/2024		1,323
	5,845	4.50%, 05/15/2035		5,649
	2,235	4.55%, 03/09/2049		2,042
	3,777	4.75%, 05/15/2046		3,579
	12,239	4.90%, 08/14/2037		12,265
	23,709	5.15%, 11/15/2046 (e)		23,684
	3,500	5.25%, 03/01/2037		3,628
	12,806	5.35%, 09/01/2040		13,253
	11,179	6.00%, 08/15/2040		12,413
	2,861	6.38%, 03/01/2041		3,339
		British Telecommunications plc, (United Kingdom),
	2,203	2.35%, 02/14/2019		2,197

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	879	9.12%, 12/15/2030		1,280
	4,036	Centel Capital Corp., 9.00%, 10/15/2019		4,350
		Deutsche Telekom International Finance BV, (Germany),
	1,100	2.82%, 01/19/2022 (e)		1,080
	9,281	3.60%, 01/19/2027 (e)		9,099
	2,087	4.88%, 03/06/2042 (e)		2,241
	1,816	6.00%, 07/08/2019		1,896
	7,308	Qwest Corp., 6.75%, 12/01/2021		7,806
		Telefonica Emisiones SAU, (Spain),
	1,916	3.19%, 04/27/2018		1,918
	6,035	4.10%, 03/08/2027		5,993
	8,130	4.67%, 03/06/2038		8,155
	3,100	4.90%, 03/06/2048		3,097
	4,358	5.13%, 04/27/2020		4,545
	6,309	5.21%, 03/08/2047		6,631
	2,025	5.46%, 02/16/2021		2,155
		Verizon Communications, Inc.,
	6,478	2.95%, 03/15/2022		6,390
	15,346	3.38%, 02/15/2025		15,010
	4,647	3.45%, 03/15/2021		4,717
	6,192	3.50%, 11/01/2021		6,260
	6,080	4.13%, 03/16/2027		6,177
	11,683	4.15%, 03/15/2024		12,031
	3,373	4.27%, 01/15/2036		3,235
	30,768	4.40%, 11/01/2034		30,199
	12,088	4.50%, 08/10/2033		12,138
	5,210	4.67%, 03/15/2055		4,866
	18,808	4.81%, 03/15/2039		18,965
	3,895	5.01%, 08/21/2054		3,858
	2,773	5.25%, 03/16/2037		2,939
				349,262
		Wireless Telecommunication Services — 0.2%
		America Movil SAB de CV, (Mexico),
	3,250	3.13%, 07/16/2022		3,217
	2,457	6.13%, 03/30/2040		2,952
	17,226	P Fin II LLC, (ICE LIBOR USD 1 Month + 4.35%), 5.94%, 05/20/2022 (aa) (bb)		17,226
	2,242	Rogers Communications, Inc., (Canada), 8.75%, 05/01/2032		3,052
	17,827	Sprint Spectrum Co. LLC, 3.36%, 09/20/2021 (e)		17,871
	675	Vodafone Group plc, (United Kingdom), 2.95%, 02/19/2023		662
				44,980
		Total Telecommunication Services		394,242

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 79

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Utilities — 2.1%
		Electric Utilities — 1.5%
		Alabama Power Co.,
	721	3.75%, 03/01/2045		701
	923	4.10%, 01/15/2042		921
	769	6.00%, 03/01/2039		970
	1,904	6.13%, 05/15/2038		2,404
	3,740	Appalachian Power Co., Series P, 6.70%, 08/15/2037		4,864
		Arizona Public Service Co.,
	748	2.20%, 01/15/2020		741
	1,923	4.50%, 04/01/2042		2,063
	3,036	5.05%, 09/01/2041		3,439
		Baltimore Gas & Electric Co.,
	4,419	2.80%, 08/15/2022		4,339
	3,755	3.50%, 08/15/2046		3,456
	5,049	CenterPoint Energy Houston Electric LLC, 3.95%, 03/01/2048		5,067
	10,625	China Southern Power Grid International Finance BVI Co. Ltd., (China), 3.50%, 05/08/2027 (e)		10,205
		Cleveland Electric Illuminating Co. (The),
	3,890	3.50%, 04/01/2028 (e)		3,751
	840	5.95%, 12/15/2036		1,007
	4,791	Comision Federal de Electricidad, (Mexico), 4.88%, 05/26/2021 (e)		4,953
	3,615	Commonwealth Edison Co., 3.65%, 06/15/2046		3,405
	830	Connecticut Light & Power Co. (The), 5.65%, 05/01/2018		835
	1,687	DTE Electric Co., 2.65%, 06/15/2022		1,651
		Duke Energy Carolinas LLC,
	1,228	4.25%, 12/15/2041		1,285
	1,786	4.30%, 06/15/2020		1,847
	1,256	5.10%, 04/15/2018		1,260
	1,397	6.00%, 01/15/2038		1,791
		Duke Energy Corp.,
	1,382	2.65%, 09/01/2026		1,269
	2,660	3.55%, 09/15/2021		2,699
		Duke Energy Florida LLC,
	1,009	5.65%, 06/15/2018		1,019
	628	6.40%, 06/15/2038		833
		Duke Energy Indiana LLC,
	3,462	3.75%, 07/15/2020		3,542
	4,500	3.75%, 05/15/2046		4,284
	2,780	6.35%, 08/15/2038		3,653
	3,297	Duke Energy Ohio, Inc., 3.70%, 06/15/2046		3,153

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		Duke Energy Progress LLC,
	2,911	2.80%, 05/15/2022		2,891
	3,230	3.00%, 09/15/2021		3,243
	2,985	3.25%, 08/15/2025		2,954
	1,616	3.70%, 10/15/2046		1,544
	1,886	4.10%, 05/15/2042		1,925
	1,569	4.10%, 03/15/2043		1,595
	2,258	4.15%, 12/01/2044		2,312
	1,794	5.30%, 01/15/2019		1,833
		Electricite de France SA, (France),
	3,961	2.15%, 01/22/2019 (e)		3,944
	6,600	6.00%, 01/22/2114 (e)		7,036
		Enel Finance International NV, (Italy),
	4,500	3.50%, 04/06/2028 (e)		4,234
	4,590	3.63%, 05/25/2027 (e)		4,410
	897	6.00%, 10/07/2039 (e)		1,052
	2,631	Entergy Arkansas, Inc., 3.50%, 04/01/2026		2,633
	2,469	Entergy Corp., 2.95%, 09/01/2026		2,323
		Entergy Louisiana LLC,
	4,979	2.40%, 10/01/2026		4,559
	4,606	3.05%, 06/01/2031		4,272
	1,551	3.25%, 04/01/2028		1,500
	3,688	Entergy Mississippi, Inc., 2.85%, 06/01/2028		3,448
		Exelon Corp.,
	1,177	3.40%, 04/15/2026		1,145
	5,000	3.50%, 06/01/2022		4,994
	2,015	FirstEnergy Corp., Series C, 4.85%, 07/15/2047		2,118
		Florida Power & Light Co.,
	4,000	3.95%, 03/01/2048		4,009
	493	5.63%, 04/01/2034		593
	897	5.95%, 02/01/2038		1,148
		Fortis, Inc., (Canada),
	445	2.10%, 10/04/2021		428
	20,000	3.06%, 10/04/2026		18,589
	4,351	Great Plains Energy, Inc., 4.85%, 06/01/2021		4,539
		Hydro-Quebec, (Canada),
	2,642	8.05%, 07/07/2024		3,318
	1,614	9.40%, 02/01/2021		1,898
	7,174	Series HY, 8.40%, 01/15/2022		8,435
		Indiana Michigan Power Co.,
	973	7.00%, 03/15/2019		1,016
	8,609	Series J, 3.20%, 03/15/2023		8,582
	900	ITC Holdings Corp., 2.70%, 11/15/2022 (e)		878

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Jersey Central Power & Light Co.,
	1,740	6.15%, 06/01/2037		2,140
	269	7.35%, 02/01/2019		279
	3,868	John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/2042		4,144
		Kansas City Power & Light Co.,
	3,255	3.15%, 03/15/2023		3,229
	8,968	5.30%, 10/01/2041		10,344
	2,906	Korea Southern Power Co. Ltd., (South Korea), 3.00%, 01/29/2021 (e)		2,890
	2,759	Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/2025		2,730
	4,957	Massachusetts Electric Co., 4.00%, 08/15/2046 (e)		4,925
	464	MidAmerican Energy Co., 3.10%, 05/01/2027		449
		Nevada Power Co.,
	1,287	5.38%, 09/15/2040		1,521
	3,354	5.45%, 05/15/2041		3,934
	2,018	6.50%, 08/01/2018		2,053
	1,637	7.13%, 03/15/2019		1,713
	700	Series N, 6.65%, 04/01/2036		934
	3,024	New England Power Co., (United Kingdom), 3.80%, 12/05/2047 (e)		2,919
		NextEra Energy Capital Holdings, Inc.,
	2,651	2.40%, 09/15/2019		2,636
	2,239	3.55%, 05/01/2027		2,190
		Niagara Mohawk Power Corp.,
	3,051	3.51%, 10/01/2024 (e)		3,062
	1,457	4.88%, 08/15/2019 (e)		1,501
	2,242	Northern States Power Co., 6.25%, 06/01/2036		2,922
	780	Ohio Edison Co., 6.88%, 07/15/2036		1,028
		Ohio Power Co.,
	1,390	6.05%, 05/01/2018		1,398
	560	Series M, 5.38%, 10/01/2021		606
		Oncor Electric Delivery Co. LLC,
	5,515	6.80%, 09/01/2018		5,630
	1,076	7.00%, 09/01/2022		1,242
		Pacific Gas & Electric Co.,
	5,047	2.45%, 08/15/2022		4,852
	3,349	2.95%, 03/01/2026		3,117
	1,265	3.25%, 09/15/2021		1,267
	1,794	3.25%, 06/15/2023		1,768
	5,781	3.50%, 06/15/2025		5,642
	1,681	4.45%, 04/15/2042		1,651

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	6,511	4.50%, 12/15/2041		6,518
	650	4.60%, 06/15/2043		658
	399	6.05%, 03/01/2034		465
		PacifiCorp,
	897	2.95%, 02/01/2022		897
	2,765	3.60%, 04/01/2024		2,827
	224	5.50%, 01/15/2019		230
	2,556	5.65%, 07/15/2018		2,586
		PECO Energy Co.,
	5,022	2.38%, 09/15/2022		4,882
	807	5.35%, 03/01/2018		807
	1,570	Pennsylvania Electric Co., 3.25%, 03/15/2028 (e)		1,500
	3,507	Pepco Holdings LLC, 7.45%, 08/15/2032		4,442
	1,184	Potomac Electric Power Co., 6.50%, 11/15/2037		1,573
	4,148	PPL Capital Funding, Inc., 4.00%, 09/15/2047		3,953
	1,543	PPL Electric Utilities Corp., 2.50%, 09/01/2022		1,502
		Progress Energy, Inc.,
	3,380	3.15%, 04/01/2022		3,373
	3,388	4.40%, 01/15/2021		3,500
	2,600	7.00%, 10/30/2031		3,361
	1,327	7.75%, 03/01/2031		1,807
		Public Service Co. of Colorado,
	1,040	3.20%, 11/15/2020		1,052
	1,175	3.55%, 06/15/2046		1,080
	247	5.80%, 08/01/2018		250
		Public Service Co. of Oklahoma,
	1,761	4.40%, 02/01/2021		1,829
	1,242	5.15%, 12/01/2019		1,289
	3,901	Series G, 6.63%, 11/15/2037		5,050
		Public Service Electric & Gas Co.,
	6,334	3.00%, 05/15/2025		6,163
	1,021	5.38%, 11/01/2039		1,216
	740	Series I, 1.80%, 06/01/2019		732
	400	South Carolina Electric & Gas Co., 6.05%, 01/15/2038		476
		Southern California Edison Co.,
	1,402	1.85%, 02/01/2022		1,378
	886	3.88%, 06/01/2021		912
	3,408	3.90%, 12/01/2041		3,303
	1,256	5.50%, 08/15/2018		1,274
	895	6.00%, 01/15/2034		1,104
	2,197	6.05%, 03/15/2039		2,798

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 81

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	578	Series 08-A, 5.95%, 02/01/2038		723
	4,300	Series B, 3.65%, 03/01/2028		4,292
	2,854	Series C, 3.50%, 10/01/2023		2,879
	3,108	Southern Co. (The), 3.25%, 07/01/2026		2,955
	2,700	Southwestern Public Service Co., 4.50%, 08/15/2041		2,898
	2,095	State Grid Overseas Investment 2013 Ltd., (China), 1.75%, 05/22/2018 (e)		2,090
	2,482	Three Gorges Finance I Cayman Islands Ltd., (China), 3.15%, 06/02/2026 (e)		2,351
	5,800	Toledo Edison Co. (The), 6.15%, 05/15/2037		7,166
	2,862	Union Electric Co., 2.95%, 06/15/2027		2,752
		Virginia Electric & Power Co.,
	696	2.95%, 01/15/2022		693
	1,280	3.45%, 02/15/2024		1,290
	4,842	5.40%, 04/30/2018		4,867
	2,100	Series A, 6.00%, 05/15/2037		2,626
	234	Wisconsin Electric Power Co., 2.95%, 09/15/2021		234
		Xcel Energy, Inc.,
	3,656	3.30%, 06/01/2025		3,596
	539	4.70%, 05/15/2020		555
	829	4.80%, 09/15/2041		893
	6,254	6.50%, 07/01/2036		8,151
				411,319
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	1,750	4.13%, 10/15/2044		1,784
	7,215	4.15%, 01/15/2043		7,450
	619	8.50%, 03/15/2019		656
	2,201	Boston Gas Co., 4.49%, 02/15/2042 (e)		2,326
	1,372	CenterPoint Energy Resources Corp., 4.50%, 01/15/2021		1,419
	2,214	Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020		2,204
	4,242	KeySpan Gas East Corp., 2.74%, 08/15/2026 (e)		3,993
	4,862	Korea Gas Corp., (South Korea), 1.88%, 07/18/2021 (e)		4,644
		Southern Natural Gas Co. LLC,
	2,649	4.80%, 03/15/2047 (e)		2,724
	2,103	8.00%, 03/01/2032		2,777
	3,595	Southwest Gas Corp., 3.80%, 09/29/2046		3,411
				33,388

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Independent Power and Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	7,048	3.40%, 03/15/2022		7,061
	2,730	4.25%, 06/15/2022		2,819
	1,665	5.75%, 10/01/2041		1,785
	1,985	6.25%, 10/01/2039		2,225
		PSEG Power LLC,
	2,879	4.15%, 09/15/2021		2,959
	1,125	8.63%, 04/15/2031		1,464
	7,079	Southern Power Co., 5.15%, 09/15/2041		7,611
	3,222	Tri-State Generation & Transmission Association, Inc., 4.25%, 06/01/2046		3,120
				29,044
		Multi-Utilities — 0.4%
	1,457	Berkshire Hathaway Energy Co., 5.75%, 04/01/2018		1,461
		CMS Energy Corp.,
	2,426	2.95%, 02/15/2027		2,278
	3,458	3.00%, 05/15/2026		3,298
	1,250	3.45%, 08/15/2027		1,223
	4,360	3.88%, 03/01/2024		4,446
		Consolidated Edison Co. of New York, Inc.,
	2,760	5.70%, 06/15/2040		3,414
	4,355	Series 2017, 3.88%, 06/15/2047		4,262
	120	Series C, 4.00%, 11/15/2057		117
		Consumers Energy Co.,
	1,343	2.85%, 05/15/2022		1,335
	2,150	3.25%, 08/15/2046		1,927
	1,478	Delmarva Power & Light Co., 4.00%, 06/01/2042		1,453
		Dominion Energy, Inc.,
	1,076	7.00%, 06/15/2038		1,414
	3,973	Series B, 2.75%, 01/15/2022		3,889
	1,840	Series C, 4.90%, 08/01/2041		1,974
	1,927	Series D, 2.85%, 08/15/2026		1,797
	5,067	Series F, 5.25%, 08/01/2033		5,613
		DTE Energy Co.,
	2,000	6.38%, 04/15/2033		2,458
	1,400	Series F, 3.85%, 12/01/2023		1,430
	2,326	New York State Electric & Gas Corp., 3.25%, 12/01/2026 (e)		2,269
		NiSource, Inc.,
	2,457	3.85%, 02/15/2023		2,513
	6,726	5.80%, 02/01/2042		7,905
	4,380	6.25%, 12/15/2040		5,467

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
		San Diego Gas & Electric Co.,
	2,690	3.95%, 11/15/2041		2,683
	1,852	6.00%, 06/01/2026		2,166
	973	Series FFF, 6.13%, 09/15/2037		1,236
		Sempra Energy,
	3,139	2.88%, 10/01/2022		3,086
	3,827	3.55%, 06/15/2024		3,821
	2,348	4.05%, 12/01/2023		2,419
	1,345	6.00%, 10/15/2039		1,658
	2,063	6.15%, 06/15/2018		2,085
	7,309	9.80%, 02/15/2019		7,790
		Southern Co. Gas Capital Corp.,
	1,889	2.45%, 10/01/2023		1,796
	1,690	3.25%, 06/15/2026		1,616
	4,609	3.50%, 09/15/2021		4,643
	2,136	3.95%, 10/01/2046		2,000
	1,392	4.40%, 06/01/2043		1,404
	10,518	5.88%, 03/15/2041		12,450
	7,009	WEC Energy Group, Inc., 3.55%, 06/15/2025		7,014
				119,810
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	5,248	3.40%, 03/01/2025		5,236
	2,241	4.00%, 12/01/2046		2,261
	3,354	6.59%, 10/15/2037		4,496
				11,993
		Total Utilities		605,554
		Total Corporate Bonds (Cost $7,053,151)		7,061,907
	Foreign Government Securities — 0.9%
		Israel Government AID Bond, (Israel),
	3,000	Zero Coupon, 11/01/2019		2,882
	3,587	Zero Coupon, 11/01/2023		3,047
	3,305	Zero Coupon, 08/15/2024		2,724
	21,968	Zero Coupon, 11/01/2024		17,922
	5,000	Zero Coupon, 11/01/2024		4,086
	68,521	Zero Coupon, 11/01/2024		55,969
	2,517	Zero Coupon, 11/15/2024		2,053
	14,763	Zero Coupon, 05/15/2025		11,801
	23,876	Zero Coupon, 08/15/2025		18,882
	14,275	Zero Coupon, 11/15/2025		11,189
	4,000	Zero Coupon, 11/15/2025		3,136
	17,300	Zero Coupon, 08/15/2026		13,167
	2,242	Zero Coupon, 11/15/2026		1,689

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	7,240	5.50%, 12/04/2023		8,261
	6,771	5.50%, 09/18/2033		8,728
	502	Province of Quebec, (Canada), SUB, 7.36%, 03/06/2026		631
		Republic of Colombia, (Colombia),
	6,987	4.00%, 02/26/2024		7,015
	3,811	4.50%, 01/28/2026		3,918
	3,979	5.00%, 06/15/2045		3,964
	941	5.63%, 02/26/2044		1,014
	1,400	7.38%, 09/18/2037		1,787
	737	Republic of Peru, (Peru), 5.63%, 11/18/2050		884
	3,502	Republic of South Africa, (South Africa), 5.88%, 09/16/2025		3,752
		United Mexican States, (Mexico),
	7,166	3.60%, 01/30/2025		7,015
	22,959	3.75%, 01/11/2028		21,995
	5,155	4.13%, 01/21/2026		5,199
	4,228	4.35%, 01/15/2047		3,828
	2,862	4.60%, 01/23/2046		2,672
	1,928	4.60%, 02/10/2048		1,805
	3,906	4.75%, 03/08/2044		3,740
	12,227	5.55%, 01/21/2045		13,095
	5,118	5.75%, 10/12/2110		5,151
		Total Foreign Government Securities (Cost $257,245)		253,001
	Mortgage-Backed Securities — 14.6%
		FHLMC,
	617	ARM, 3.00%, 05/01/2036 (z)		650
	808	ARM, 3.03%, 05/01/2037 (z)		836
	35	ARM, 3.13%, 07/01/2026 (z)		35
	958	ARM, 3.13%, 05/01/2036 (z)		1,011
	138	ARM, 3.16%, 01/01/2037 (z)		144
	1,678	ARM, 3.20%, 05/01/2033 (z)		1,773
	859	ARM, 3.21%, 10/01/2036 (z)		890
	2,159	ARM, 3.22%, 08/01/2036 (z)		2,246
	553	ARM, 3.23%, 08/01/2036 (z)		574
	344	ARM, 3.25%, 07/01/2036 (z)		362
	100	ARM, 3.25%, 08/01/2036 (z)		103
	62	ARM, 3.28%, 01/01/2027 (z)		64
	557	ARM, 3.29%, 10/01/2036 (z)		582
	476	ARM, 3.30%, 07/01/2036 (z)		504
	1,040	ARM, 3.30%, 10/01/2036 (z)		1,087
	2,697	ARM, 3.34%, 12/01/2036 (z)		2,803
	538	ARM, 3.35%, 10/01/2036 (z)		568
	506	ARM, 3.38%, 07/01/2036 (z)		529
	2	ARM, 3.39%, 07/01/2019 (z)		2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 83

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	955	ARM, 3.39%, 11/01/2036 (z)		993
	17	ARM, 3.40%, 04/01/2030 (z)		18
	904	ARM, 3.41%, 02/01/2036 (z)		950
	2,150	ARM, 3.42%, 08/01/2035 - 12/01/2036 (z)		2,239
	1,880	ARM, 3.42%, 11/01/2036 (z)		1,979
	64	ARM, 3.44%, 12/01/2036 (z)		67
	198	ARM, 3.45%, 11/01/2036 (z)		206
	132	ARM, 3.47%, 02/01/2037 (z)		138
	248	ARM, 3.48%, 12/01/2033 (z)		260
	2,092	ARM, 3.49%, 03/01/2037 (z)		2,195
	214	ARM, 3.50%, 02/01/2036 (z)		224
	347	ARM, 3.50%, 04/01/2034 - 11/01/2037 (z)		364
	515	ARM, 3.51%, 11/01/2036 (z)		542
	1,204	ARM, 3.51%, 05/01/2037 (z)		1,269
	605	ARM, 3.52%, 11/01/2036 (z)		634
	1,049	ARM, 3.53%, 09/01/2036 (z)		1,100
	149	ARM, 3.53%, 10/01/2036 (z)		154
	475	ARM, 3.53%, 06/01/2037 (z)		497
	1,209	ARM, 3.54%, 09/01/2034 (z)		1,276
	715	ARM, 3.60%, 07/01/2040 (z)		748
	46	ARM, 3.61%, 09/01/2032 (z)		48
	784	ARM, 3.61%, 10/01/2036 (z)		825
	148	ARM, 3.62%, 05/01/2037 (z)		156
	1,291	ARM, 3.64%, 09/01/2036 (z)		1,361
	22	ARM, 3.66%, 04/01/2037 (z)		23
	252	ARM, 3.66%, 07/01/2037 (z)		264
	521	ARM, 3.66%, 05/01/2038 (z)		546
	602	ARM, 3.69%, 01/01/2035 (z)		634
	466	ARM, 3.69%, 12/01/2035 (z)		493
	1,297	ARM, 3.70%, 01/01/2035 (z)		1,357
	2,751	ARM, 3.70%, 06/01/2036 (z)		2,910
	1,329	ARM, 3.70%, 02/01/2037 (z)		1,404
	98	ARM, 3.72%, 02/01/2037 (z)		103
	504	ARM, 3.73%, 04/01/2037 (z)		530
	431	ARM, 3.76%, 01/01/2037 (z)		450
	768	ARM, 3.76%, 02/01/2037 (z)		811
	1,190	ARM, 3.77%, 12/01/2036 (z)		1,255
	838	ARM, 3.79%, 03/01/2036 (z)		888
	809	ARM, 3.80%, 06/01/2036 (z)		853
	1,516	ARM, 3.83%, 05/01/2037 (z)		1,607
	780	ARM, 3.84%, 04/01/2038 (z)		824
	36	ARM, 3.88%, 12/01/2036 (z)		38
	906	ARM, 3.94%, 05/01/2037 (z)		961
	321	ARM, 3.95%, 10/01/2036 (z)		338

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	359	ARM, 3.97%, 03/01/2037 (z)		376
	211	ARM, 4.02%, 02/01/2037 (z)		225
	198	ARM, 4.06%, 05/01/2036 (z)		212
	229	ARM, 4.12%, 03/01/2037 (z)		243
	716	ARM, 4.23%, 03/01/2036 (z)		767
		FHLMC Gold Pools, 15 Year, Single Family,
	2	4.00%, 06/01/2018		2
	41	4.50%, 08/01/2018 - 10/01/2018		42
	243	5.50%, 01/01/2019 - 02/01/2024		248
	166	6.00%, 04/01/2018 - 03/01/2022		167
	32	6.50%, 09/01/2019 - 03/01/2022		34
		FHLMC Gold Pools, 20 Year, Single Family,
	8,565	3.50%, 01/01/2032 - 03/01/2032		8,727
	423	6.50%, 01/01/2028		466
		FHLMC Gold Pools, 30 Year, Single Family,
	29,490	3.00%, 08/01/2043		28,792
	21,489	4.50%, 05/01/2041		22,702
	21,253	5.00%, 01/01/2034 - 08/01/2040		22,957
	3,680	5.50%, 01/01/2033 - 03/01/2040		4,043
	671	6.00%, 10/01/2029 - 12/01/2036		756
	4,433	6.50%, 08/01/2029 - 03/01/2038		4,994
	1,107	7.00%, 04/01/2026 - 02/01/2037		1,232
	1,489	7.50%, 08/01/2025 - 09/01/2038		1,726
	10	8.00%, 07/01/2020 - 11/01/2024		11
	33	8.50%, 07/01/2028		38
		FHLMC Gold Pools, FHA/VA,
	4,501	7.50%, 01/01/2032 - 12/01/2036		4,977
	650	10.00%, 10/01/2030		690
		FHLMC Gold Pools, Other,
	58,544	3.50%, 02/01/2033 - 06/01/2043		58,943
	108,069	4.00%, 06/01/2042 - 01/01/2046		111,731
	32,776	4.50%, 01/01/2046		34,829
	52	5.50%, 04/01/2018		52
	922	6.00%, 02/01/2033 - 11/01/2036		989
	9,325	6.50%, 12/01/2035 - 06/01/2037		10,328
	9	7.00%, 07/01/2029		10
	80	10.00%, 03/17/2026		79
		FNMA,
	36,582	ARM, 1.93%, 01/01/2023 (z)		36,586
	10,000	ARM, 1.95%, 12/01/2024 (z)		9,977
	1	ARM, 1.97%, 01/01/2019 (z)		1
	6,504	ARM, 1.97%, 01/01/2023 (z)		6,515
	2,304	ARM, 2.04%, 11/01/2023 (z)		2,302
	7,909	ARM, 2.38%, 03/01/2022 (z)		7,914
	41	ARM, 2.47%, 09/01/2027 (z)		41
	1	ARM, 2.64%, 03/01/2019 (z)		1

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	315		ARM, 2.86%, 08/01/2034 (z)		322
	—	(h)	ARM, 2.88%, 08/01/2019 (z)		—	(h)
	1,673		ARM, 2.91%, 09/01/2036 (z)		1,721
	912		ARM, 2.93%, 07/01/2037 (z)		936
	566		ARM, 3.04%, 01/01/2037 (z)		585
	2,357		ARM, 3.06%, 01/01/2035 (z)		2,439
	312		ARM, 3.10%, 09/01/2036 (z)		325
	67		ARM, 3.14%, 08/01/2035 (z)		70
	807		ARM, 3.16%, 02/01/2037 (z)		833
	336		ARM, 3.17%, 05/01/2035 (z)		348
	1,162		ARM, 3.17%, 01/01/2036 (z)		1,217
	339		ARM, 3.18%, 08/01/2036 (z)		357
	262		ARM, 3.19%, 07/01/2035 (z)		272
	429		ARM, 3.21%, 09/01/2033 (z)		441
	341		ARM, 3.21%, 09/01/2037 (z)		354
	74		ARM, 3.22%, 07/01/2037 (z)		76
	700		ARM, 3.22%, 11/01/2037 (z)		734
	170		ARM, 3.23%, 10/01/2034 (z)		177
	57		ARM, 3.25%, 11/01/2034 (z)		59
	25		ARM, 3.26%, 07/01/2034 (z)		27
	135		ARM, 3.26%, 02/01/2035 (z)		140
	345		ARM, 3.27%, 11/01/2033 (z)		359
	1,645		ARM, 3.27%, 11/01/2037 (z)		1,709
	407		ARM, 3.29%, 03/01/2035 (z)		426
	414		ARM, 3.29%, 06/01/2034 (z)		439
	474		ARM, 3.31%, 04/01/2035 (z)		500
	267		ARM, 3.31%, 09/01/2035 (z)		279
	41		ARM, 3.34%, 09/01/2034 (z)		43
	522		ARM, 3.37%, 09/01/2036 (z)		543
	301		ARM, 3.38%, 08/01/2033 (z)		315
	193		ARM, 3.38%, 08/01/2034 (z)		202
	222		ARM, 3.39%, 06/01/2036 (z)		233
	935		ARM, 3.39%, 10/01/2036 (z)		977
	116		ARM, 3.42%, 01/01/2035 (z)		121
	582		ARM, 3.42%, 10/01/2035 (z)		616
	119		ARM, 3.43%, 01/01/2034 (z)		125
	153		ARM, 3.43%, 11/01/2034 (z)		160
	69		ARM, 3.43%, 05/01/2035 (z)		72
	1,743		ARM, 3.44%, 07/01/2037 (z)		1,821
	155		ARM, 3.44%, 09/01/2037 (z)		163
	541		ARM, 3.45%, 08/01/2036 (z)		550
	438		ARM, 3.47%, 01/01/2036 (z)		460
	2,207		ARM, 3.48%, 12/01/2037 (z)		2,305
	395		ARM, 3.49%, 10/01/2034 (z)		419
	1,190		ARM, 3.49%, 04/01/2037 (z)		1,242
	77		ARM, 3.50%, 08/01/2034 (z)		80

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	717	ARM, 3.52%, 07/01/2036 (z)		754
	1,399	ARM, 3.52%, 09/01/2036 (z)		1,469
	92	ARM, 3.53%, 09/01/2037 (z)		94
	1,194	ARM, 3.54%, 12/01/2036 (z)		1,247
	146	ARM, 3.56%, 09/01/2033 (z)		154
	880	ARM, 3.56%, 08/01/2036 (z)		920
	891	ARM, 3.56%, 09/01/2037 (z)		936
	341	ARM, 3.57%, 09/01/2036 (z)		357
	2,935	ARM, 3.59%, 05/01/2036 - 07/01/2037 (z)		3,095
	336	ARM, 3.64%, 11/01/2036 (z)		354
	725	ARM, 3.67%, 02/01/2037 (z)		764
	310	ARM, 3.68%, 12/01/2036 (z)		324
	431	ARM, 3.73%, 06/01/2036 (z)		456
	328	ARM, 3.74%, 01/01/2037 (z)		345
	165	ARM, 3.79%, 01/01/2038 (z)		170
	1,653	ARM, 3.83%, 10/01/2036 (z)		1,753
	282	ARM, 3.97%, 11/01/2036 (z)		298
	28	ARM, 3.99%, 03/01/2029 (z)		29
	77	ARM, 4.00%, 02/01/2036 (z)		81
	3,755	ARM, 4.07%, 03/01/2036 (z)		4,026
	994	ARM, 4.14%, 08/01/2037 (z)		1,058
	32	ARM, 4.25%, 01/01/2036 (z)		32
		FNMA, 15 Year, Single Family,
	56	3.50%, 04/01/2019		57
	446	4.50%, 05/01/2018 - 12/01/2019		449
	1,111	5.00%, 04/01/2018 - 08/01/2024		1,149
	729	5.50%, 07/01/2019 - 07/01/2020		737
	4,619	6.00%, 05/01/2018 - 07/01/2024		4,834
	775	6.50%, 08/01/2020 - 02/01/2024		813
		FNMA, 20 Year, Single Family,
	10,469	3.50%, 07/01/2032 - 08/01/2032		10,661
	21,673	4.00%, 01/01/2035		22,538
	628	5.50%, 07/01/2025		681
	4,187	6.00%, 07/01/2026 - 09/01/2029		4,649
	1,117	6.50%, 05/01/2022 - 08/01/2026		1,243
		FNMA, 30 Year, FHA/VA,
	131	6.00%, 09/01/2033		141
	154	6.50%, 03/01/2029		170
	14	7.00%, 02/01/2033		15
	36	8.00%, 06/01/2028		39
	1	9.50%, 12/01/2018		2
		FNMA, 30 Year, Single Family,
	67,704	3.00%, 04/01/2043 - 07/01/2043		66,167
	114,141	3.50%, 05/01/2044 - 01/01/2046		114,830
	184,551	4.00%, 12/01/2033 - 02/01/2048		191,208

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 85

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	16,326	4.00%, 01/01/2048 (w)		16,387
	14,077	4.50%, 11/01/2033 - 09/01/2043		14,862
	16,885	5.00%, 06/01/2033 - 08/01/2040		18,263
	11,275	5.50%, 11/01/2032 - 12/01/2039		12,397
	9,800	6.00%, 12/01/2028 - 11/01/2038		10,989
	18,171	6.50%, 11/01/2029 - 10/01/2038		20,296
	9,965	7.00%, 01/01/2024 - 01/01/2039		11,478
	6,655	7.50%, 11/01/2022 - 04/01/2039		7,823
	530	8.00%, 03/01/2021 - 01/01/2038		594
	11	8.50%, 07/01/2024 - 05/01/2025		13
	7	9.50%, 07/01/2028		7
	3	10.00%, 02/01/2024		3
		FNMA, Other,
	6,706	1.47%, 12/01/2019		6,565
	8,968	1.69%, 12/01/2019		8,807
	10,883	1.94%, 07/01/2019		10,781
	13,452	2.00%, 12/01/2020		13,164
	80,712	2.01%, 06/01/2020		79,462
	2,083	2.03%, 08/01/2019		2,071
	4,123	2.15%, 01/01/2023		3,979
	7,973	2.19%, 05/01/2019		7,932
	5,484	2.24%, 12/01/2022		5,315
	8,697	2.28%, 12/01/2022		8,445
	3,210	2.32%, 12/01/2022		3,123
	14,531	2.33%, 01/01/2023		14,133
	31,655	2.34%, 12/01/2022 - 01/01/2023		30,800
	26,787	2.37%, 07/01/2019 - 01/01/2023		26,393
	7,325	2.38%, 11/01/2022		7,159
	14,416	2.39%, 10/01/2022 - 12/01/2022		14,080
	9,413	2.40%, 01/01/2022		9,253
	35,112	2.40%, 01/01/2023 - 05/01/2026		34,048
	5,067	2.41%, 11/01/2022		4,959
	17,558	2.42%, 12/01/2022 - 06/01/2023		17,129
	15,329	2.44%, 11/01/2022 - 01/01/2023		15,009
	29,599	2.45%, 11/01/2022 - 02/01/2023		28,915
	25,000	2.46%, 10/01/2026		23,580
	7,693	2.47%, 09/01/2022 - 11/01/2022		7,535
	28,768	2.49%, 03/01/2023 - 05/01/2026		27,654
	22,555	2.50%, 04/01/2023 - 10/01/2031		21,333
	8,251	2.51%, 01/01/2023		8,065
	36,919	2.52%, 10/01/2022 - 05/01/2023		36,139
	2,690	2.54%, 05/01/2023		2,635
	14,011	2.55%, 11/01/2022		13,794
	5,117	2.57%, 10/01/2022		5,042
	7,740	2.59%, 06/01/2028		7,314
	13,658	2.60%, 06/01/2022 - 01/01/2023		13,457

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	18,520	2.61%, 07/01/2022 - 06/01/2026		17,934
	22,410	2.63%, 09/01/2021 - 06/01/2025		22,115
	5,691	2.64%, 10/01/2022		5,624
	24,445	2.64%, 04/01/2023 - 06/01/2026		23,572
	8,968	2.65%, 08/01/2022		8,865
	17,646	2.66%, 12/01/2022		17,405
	31,381	2.67%, 07/01/2022 - 07/01/2031		30,058
	14,617	2.68%, 05/01/2025 - 06/01/2027		14,161
	8,465	2.69%, 07/01/2022		8,387
	23,343	2.70%, 04/01/2022 - 04/01/2025		23,050
	5,140	2.71%, 04/01/2023		5,078
	10,000	2.73%, 07/01/2028		9,468
	8,004	2.75%, 03/01/2022		7,977
	13,945	2.76%, 06/01/2022		13,853
	17,309	2.77%, 06/01/2023		17,140
	22,229	2.77%, 05/01/2022 - 06/01/2023		22,072
	4,233	2.78%, 06/01/2027		4,094
	8,000	2.79%, 05/01/2027		7,710
	14,805	2.81%, 05/01/2027 - 08/01/2031		14,229
	9,144	2.82%, 07/01/2022		9,111
	39,974	2.83%, 05/01/2027 - 06/01/2027		38,594
	44,196	2.84%, 01/01/2025 - 04/01/2026		43,643
	18,890	2.86%, 05/01/2022 - 01/01/2025		18,805
	8,401	2.89%, 05/01/2027		8,193
	23,090	2.90%, 12/01/2024 - 06/01/2031		22,426
	6,000	2.91%, 03/01/2027		5,858
	61,673	2.92%, 12/01/2024 - 05/01/2030		60,326
	13,300	2.93%, 10/01/2029		12,746
	33,621	2.94%, 05/01/2022 - 05/01/2030		32,864
	23,256	2.96%, 01/01/2025 - 06/01/2030		22,743
	44,089	2.97%, 01/01/2022 - 06/01/2030		43,670
	19,534	2.98%, 07/01/2022		19,584
	13,204	2.99%, 02/01/2022 - 01/01/2025		13,164
	55,373	3.00%, 06/01/2027 - 02/01/2043		54,164
	9,487	3.02%, 05/01/2022 - 06/01/2025		9,493
	56,148	3.03%, 12/01/2021 - 04/01/2030		55,014
	10,762	3.04%, 12/01/2018		10,787
	12,915	3.05%, 04/01/2022 - 01/01/2025		12,947
	7,497	3.06%, 02/01/2022		7,541
	27,795	3.08%, 03/01/2022 - 04/01/2030		27,450
	11,141	3.09%, 01/01/2022		11,218
	5,700	3.10%, 07/01/2029		5,557
	45,933	3.10%, 09/01/2025 - 05/01/2030		45,189
	25,303	3.11%, 12/01/2024		25,363
	52,501	3.12%, 01/01/2022 - 06/01/2035		51,295
	47,234	3.13%, 04/01/2030 - 06/01/2030		46,075

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	44,912	3.14%, 02/01/2022 - 12/01/2026		45,061
	9,281	3.15%, 07/01/2030		9,093
	13,200	3.17%, 08/01/2025 - 02/01/2030		13,108
	18,309	3.18%, 01/01/2026 - 06/01/2030		18,184
	17,000	3.19%, 12/01/2026		16,961
	7,052	3.20%, 01/01/2022		7,129
	16,590	3.21%, 03/01/2022 - 03/01/2031		16,349
	13,759	3.22%, 12/01/2026 - 04/01/2030		13,639
	4,884	3.23%, 11/01/2020		4,941
	20,000	3.24%, 12/01/2026		19,964
	17,953	3.25%, 09/01/2026 - 07/01/2027		18,011
	7,849	3.26%, 12/01/2026		7,889
	6,610	3.27%, 11/01/2020		6,693
	51,140	3.29%, 10/01/2020 - 08/01/2026		51,538
	15,551	3.30%, 12/01/2026 - 07/01/2030		15,473
	3,229	3.31%, 12/01/2021		3,276
	9,940	3.33%, 09/01/2027		9,991
	16,000	3.34%, 02/01/2027		16,229
	11,522	3.35%, 09/01/2030		11,494
	6,906	3.36%, 10/01/2020		7,008
	7,709	3.37%, 09/01/2030		7,703
	3,043	3.38%, 12/01/2023		3,094
	2,918	3.40%, 10/01/2021		2,967
	16,175	3.43%, 09/01/2020 - 11/01/2021		16,455
	12,466	3.44%, 12/01/2021 - 10/01/2026		12,678
	31,731	3.45%, 01/01/2024 - 04/01/2035		32,159
	7,377	3.48%, 12/01/2020		7,501
	175,966	3.50%, 10/01/2020 - 01/01/2044		176,827
	9,000	3.51%, 08/01/2023		9,206
	3,836	3.54%, 12/01/2020		3,908
	13,000	3.55%, 02/01/2030		13,180
	3,116	3.56%, 01/01/2021		3,185
	18,524	3.57%, 11/01/2034		18,644
	22,484	3.59%, 10/01/2020 - 08/01/2023		23,007
	1,587	3.60%, 09/01/2020		1,619
	8,999	3.61%, 11/01/2034		9,069
	6,656	3.63%, 10/01/2029 - 10/01/2035		6,731
	4,824	3.64%, 01/01/2025		4,967
	42,150	3.67%, 07/01/2023		43,544
	3,129	3.70%, 12/01/2020		3,204
	3,138	3.74%, 06/01/2018		3,137
	9,542	3.74%, 07/01/2020 - 07/01/2023		9,789
	3,785	3.76%, 12/01/2035		3,853
	24,123	3.77%, 09/01/2021		24,849
	27,400	3.77%, 12/01/2025		28,504
	20,942	3.83%, 12/01/2020 - 12/01/2021		21,599

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	21,589	3.85%, 09/01/2020 - 09/01/2021		22,192
	8,011	3.86%, 07/01/2021		8,255
	9,912	3.87%, 01/01/2021		10,187
	30,202	3.89%, 08/01/2020 - 09/01/2021		31,055
	5,827	3.92%, 10/01/2020		5,975
	5,506	3.92%, 09/01/2021		5,681
	15,690	3.93%, 07/01/2020 - 01/01/2021		16,085
	8,968	3.94%, 07/01/2021		9,257
	7,174	3.95%, 07/01/2020		7,335
	8,548	3.95%, 09/01/2021		8,809
	8,226	3.96%, 08/01/2020		8,434
	5,310	3.97%, 06/01/2021		5,478
	3,750	3.99%, 07/01/2021		3,872
	120,655	4.00%, 04/01/2020 - 03/01/2046		124,425
	6,009	4.02%, 06/01/2021		6,214
	5,647	4.05%, 01/01/2021 - 08/01/2021		5,830
	8,467	4.06%, 07/01/2021		8,765
	26,182	4.07%, 07/01/2020		26,901
	15,084	4.07%, 10/01/2021		15,649
	5,702	4.10%, 06/01/2021		5,904
	14,162	4.13%, 11/01/2019 - 08/01/2021		14,582
	14,341	4.16%, 03/01/2021		14,841
	3,889	4.18%, 12/01/2019		3,987
	4,589	4.19%, 06/01/2021		4,765
	15,784	4.25%, 04/01/2021		16,409
	26,971	4.26%, 12/01/2019 - 07/01/2021		27,974
	5,735	4.26%, 06/01/2021		5,933
	12,166	4.28%, 01/01/2020		12,457
	5,447	4.28%, 01/01/2021		5,651
	2,504	4.30%, 04/01/2021		2,604
	4,664	4.30%, 06/01/2021		4,857
	7,569	4.31%, 07/01/2021		7,880
	10,232	4.33%, 02/01/2021 - 04/01/2021		10,642
	16,142	4.34%, 06/01/2021		16,855
	12,737	4.36%, 05/01/2021		13,280
	9,529	4.37%, 02/01/2020		9,815
	12,292	4.38%, 04/01/2020		12,687
	6,410	4.39%, 05/01/2021		6,654
	57,664	4.40%, 02/01/2020		59,249
	3,544	4.45%, 01/01/2021		3,674
	8,071	4.48%, 06/01/2021		8,417
	11,441	4.50%, 12/01/2019		11,733
	86,784	4.50%, 08/01/2021 - 03/01/2044		91,438
	5,108	4.54%, 01/01/2020 - 07/01/2026		5,342
	8,485	4.55%, 08/01/2026		9,064
	9,696	4.66%, 12/01/2026		10,306

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 87

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	8,914	4.76%, 08/01/2026		9,603
	5,673	4.77%, 08/01/2026		6,113
	1,405	5.00%, 04/01/2031 - 12/01/2032		1,524
	1,139	5.50%, 10/01/2034 - 06/01/2039		1,197
	1,254	6.00%, 02/01/2036 - 11/01/2048		1,323
	1,112	6.50%, 04/01/2036 - 05/01/2037		1,202
	742	7.00%, 02/01/2036 - 04/01/2037		834
	124	8.00%, 11/01/2037		136
	5	10.50%, 04/15/2019		5
		GNMA I, 30 Year, Single Family,
	3,028	5.50%, 04/15/2033 - 09/15/2034		3,333
	91	6.00%, 11/15/2028		101
	1,923	6.50%, 01/15/2024 - 12/15/2035		2,170
	3,922	7.00%, 08/15/2023 - 04/15/2037		4,465
	433	7.50%, 11/15/2022 - 10/15/2037		494
	13	8.00%, 08/15/2028		13
	6	9.00%, 02/15/2020 - 11/15/2024		6
	188	9.50%, 09/15/2018 - 12/15/2025		200
		GNMA II, 30 Year, Single Family,
	3,227	3.75%, 07/20/2045		3,282
	4,108	4.00%, 12/20/2047		4,253
	7,687	4.25%, 12/20/2044		8,098
	53,550	4.50%, 12/20/2047 - 02/20/2048		56,743
	1,689	5.50%, 09/20/2039		1,870
	8,054	6.00%, 03/20/2028 - 08/20/2039		9,003
	744	6.50%, 07/20/2029		837
	314	7.00%, 08/20/2038		357
	62	7.50%, 02/20/2028 - 09/20/2028		69
	125	8.00%, 12/20/2025 - 09/20/2028		140
	57	8.50%, 03/20/2025 - 05/20/2025		62
		GNMA II, Other,
	2,959	3.75%, 09/20/2038 - 01/20/2039		3,030
	4,086	4.46%, 05/20/2063 (z)		4,204
	50	6.00%, 11/20/2038		53
		Total Mortgage-Backed Securities (Cost $4,233,654)		4,172,034
	Municipal Bonds — 0.3% (t)
		California — 0.0% (g)
	3,060	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.58%, 05/15/2039		3,903
	2,400	State of California, Various Purpose, GO, 7.30%, 10/01/2039		3,463
				7,366

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — 0.2%
	2,240	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.60%, 03/15/2040		2,712
		Port Authority of New York & New Jersey, Consolidated,
	10,965	Series 164, Rev., 5.65%, 11/01/2040		13,582
	3,780	Series 165, Rev., 5.65%, 11/01/2040		4,671
	17,925	Series 174, Rev., 4.46%, 10/01/2062		19,375
				40,340
		Ohio — 0.1%
	11,725	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.50%, 02/15/2050		17,094
		Ohio State University, General Receipts,
	1,000	Rev., 5.59%, 12/01/2114		1,134
	3,478	Series A, Rev., 4.05%, 12/01/2056		3,422
	9,576	Series A, Rev., 4.80%, 06/01/2111		10,174
				31,824
		Total Municipal Bonds (Cost $68,302)		79,530
	Supranational — 0.1%
	23,640	African Development Bank, (Supranational), 8.80%, 09/01/2019 (Cost $25,616)		25,680
	U.S. Government Agency Securities — 2.4%
	2,986	FFCB, 5.13%, 11/15/2018		3,053
	9,865	FHLB, 5.50%, 07/15/2036		12,857
		Financing Corp. STRIPS,
	59,680	1.31%, 05/11/2018 (n)		59,458
	1,795	2.20%, 03/07/2019 (n)		1,757
	1,688	2.27%, 04/06/2018 (n)		1,685
		FNMA,
	57,500	1.83%, 10/09/2019		55,339
	8,071	DN, 7.25%, 05/15/2030		5,337
	11,944	Government Trust Certificate, 2.56%, 04/01/2019		11,634
		Resolution Funding Corp. STRIPS,
	47,400	1.59%, 01/15/2021 (n)		44,130
	108,649	1.69%, 10/15/2019 (n)		104,707
	225,211	1.92%, 07/15/2020 (n)		213,348
	50,759	1.96%, 10/15/2020 (n)		47,788
	11,275	2.72%, 10/15/2027 (n)		8,308
	30,700	2.89%, 01/15/2030 (n)		20,734
	12,675	2.93%, 01/15/2026 (n)		9,950
	18,250	3.09%, 04/15/2030 (n)		12,206

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
		Tennessee Valley Authority,
	4,129	4.25%, 09/15/2065		4,653
	2,632	4.63%, 09/15/2060		3,109
	7,129	5.25%, 09/15/2039		9,161
	493	5.50%, 06/15/2038		645
	14,808	5.88%, 04/01/2036		19,853
		Tennessee Valley Authority STRIPS,
	3,500	3.41%, 12/15/2028 (n)		2,428
	17,495	3.79%, 11/01/2025 (n)		13,646
	2,242	4.53%, 06/15/2035 (n)		1,208
	10,762	4.64%, 05/01/2019 (n)		10,470
	3,119	4.99%, 07/15/2028 (n)		2,200
		Total U.S. Government Agency Securities (Cost $686,272)		679,664
	U.S. Treasury Obligations — 27.4%
		U.S. Treasury Bonds,
	58,600	2.50%, 02/15/2045		51,895
	249,860	2.88%, 05/15/2043		239,417
	50,000	2.88%, 08/15/2045		47,666
	25,000	3.00%, 11/15/2045		24,410
	228,240	3.63%, 08/15/2043		248,701
	30,000	3.63%, 02/15/2044		32,701
	297,000	3.75%, 11/15/2043		330,192
	38,050	4.25%, 05/15/2039		45,208
	76,320	4.38%, 11/15/2039		92,314
	134,780	4.38%, 05/15/2040		163,242
	7,861	4.50%, 05/15/2038		9,626
	71,284	4.50%, 08/15/2039		87,574
	41,800	5.00%, 05/15/2037		53,994
	583	5.25%, 11/15/2028		709
	9,475	8.00%, 11/15/2021		11,308
	14,932	8.13%, 05/15/2021		17,535
	17,000	8.75%, 05/15/2020		19,383
	54,785	8.75%, 08/15/2020		63,114
		U.S. Treasury Inflation Indexed Bonds,
	2,100	1.75%, 01/15/2028		2,704
	3,587	2.50%, 01/15/2029		4,860
	9,066	3.63%, 04/15/2028		17,657
		U.S. Treasury Inflation Indexed Notes,
	10,000	0.13%, 04/15/2019		10,528
	22,231	0.13%, 01/15/2022		23,917
	2,584	1.38%, 01/15/2020		3,016
		U.S. Treasury Notes,
	12,106	2.12%, 08/15/2019		11,721
	80,000	0.75%, 08/15/2019		78,353
	10,788	1.00%, 11/30/2019		10,561

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	16,770	1.25%, 10/31/2018		16,689
	18,500	1.25%, 02/29/2020		18,129
	16,278	1.38%, 12/31/2018		16,188
	10,000	1.38%, 05/31/2020		9,791
	40,000	1.38%, 06/30/2023		37,411
	70,000	1.38%, 08/31/2023		65,280
	50,000	1.50%, 10/31/2019		49,410
	210,000	1.50%, 02/28/2023		198,631
	8,000	1.63%, 07/31/2019		7,938
	100,000	1.63%, 08/31/2022		95,789
	5,000	1.75%, 10/31/2020		4,918
	70,000	1.75%, 01/31/2023		67,113
	100,000	1.75%, 05/15/2023		95,500
	2,500	2.00%, 11/30/2020		2,474
	200,000	2.00%, 02/15/2025		189,773
	90,000	2.00%, 08/15/2025		85,018
	10,000	2.13%, 08/31/2020		9,942
	50,000	2.13%, 09/30/2024		48,020
	100,000	2.13%, 05/15/2025		95,496
	115,000	2.25%, 11/15/2025		110,346
	175,991	2.63%, 08/15/2020		177,098
	34,504	2.63%, 11/15/2020		34,721
	93,518	3.13%, 05/15/2019		94,599
	80,000	3.63%, 02/15/2021		82,734
		U.S. Treasury STRIPS Bonds,
	123,537	1.95%, 05/15/2021 (n)		114,139
	52,512	2.01%, 02/15/2020 (n)		50,241
	10,990	2.01%, 08/15/2025 (n)		8,863
	212,665	2.18%, 02/15/2021 (n)		198,097
	88,900	2.27%, 11/15/2023 (n)		75,878
	152,910	2.34%, 08/15/2023 (n)		131,587
	59,076	2.46%, 02/15/2024 (n)		50,025
	149,456	2.51%, 05/15/2022 (n)		133,848
	105,800	2.62%, 08/15/2022 (n)		94,066
	204,956	2.71%, 02/15/2022 (n)		184,877
	171,800	2.76%, 11/15/2022 (n)		151,610
	265,487	2.80%, 08/15/2020 (n)		250,487
	108,421	2.83%, 08/15/2021 (n)		99,435
	51,591	2.91%, 08/15/2024 (n)		43,019
	227,105	2.92%, 05/15/2023 (n)		196,937
	54,049	2.97%, 05/15/2028 (n)		39,794
	121,891	3.01%, 02/15/2034 (n)		74,144
	97,800	3.02%, 08/15/2032 (n)		62,531
	254,322	3.06%, 02/15/2023 (n)		222,370
	222,788	3.11%, 11/15/2032 (n)		141,389
	112,532	3.15%, 08/15/2028 (n)		82,207

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 89

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	14,870	3.23%, 05/15/2029 (n)		10,603
	103,866	3.27%, 02/15/2032 (n)		67,551
	78,371	3.28%, 11/15/2021 (n)		71,319
	17,278	3.32%, 05/15/2024 (n)		14,526
	246,297	3.32%, 05/15/2032 (n)		158,888
	7,608	3.44%, 08/15/2026 (n)		5,946
	16,680	3.46%, 05/15/2035 (n)		9,741
	93,350	3.49%, 05/15/2031 (n)		62,261
	59,956	3.53%, 11/15/2029 (n)		42,022
	94,041	3.55%, 11/15/2026 (n)		72,876
	21,613	3.57%, 11/15/2034 (n)		12,831
	36,300	3.58%, 02/15/2033 (n)		22,838
	38,512	3.59%, 08/15/2029 (n)		27,253
	135,684	3.64%, 02/15/2027 (n)		104,302
	81,052	3.68%, 02/15/2029 (n)		58,280
	84,028	3.70%, 11/15/2027 (n)		62,919
	108,105	3.72%, 05/15/2033 (n)		67,456
	98,421	3.75%, 11/15/2031 (n)		64,533
	70,188	3.78%, 08/15/2031 (n)		46,415
	25,155	3.87%, 08/15/2034 (n)		15,061
	28,525	3.93%, 05/15/2034 (n)		17,215
	25,906	3.96%, 02/15/2035 (n)		15,250
	149,196	4.11%, 05/15/2020 (n)		141,929
	89,733	4.14%, 08/15/2030 (n)		61,354
	57,436	4.20%, 11/15/2030 (n)		38,948
	72,252	4.26%, 02/15/2031 (n)		48,588
	127,498	4.30%, 08/15/2019 (n)		123,602
	46,760	4.33%, 11/15/2028 (n)		33,877
	102,499	4.37%, 05/15/2019 (n)		99,944
	33,200	4.38%, 11/15/2024 (n)		27,454
	75,636	4.72%, 05/15/2030 (n)		52,219
	6,700	4.73%, 02/15/2026 (n)		5,320
	24,999	4.80%, 05/15/2026 (n)		19,673
	45,886	4.88%, 08/15/2027 (n)		34,654

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	31,937	4.97%, 08/15/2018 (n)		31,678
	24,963	5.07%, 08/15/2033 (n)		15,452
	1,525	5.51%, 08/15/2035 (n)		884
	111,213	5.57%, 02/15/2030 (n)		77,319
	33,709	5.67%, 11/15/2033 (n)		20,689
	6,601	5.79%, 02/15/2025 (n)		5,410
	7,309	6.63%, 05/15/2027 (n)		5,568
	1,054	6.72%, 05/15/2036 (n)		596
		U.S. Treasury STRIPS Notes,
	72,700	1.60%, 11/15/2019 (n)		69,988
	149,370	1.68%, 02/15/2020 (n)		142,790
	20,375	1.75%, 05/15/2019 (n)		19,858
		Total U.S. Treasury Obligations (Cost $7,906,227)		7,828,738
	Loan Assignments — 0.0% (cc)
		Consumer Discretionary — 0.0%
		Hotels, Restaurants & Leisure — 0.0%
	16,576	Lila Mexican Holdings LLC, Tranche B, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 08/11/2022 (aa) (bb) (Cost $16,183)		16,370
SHARES
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	807,529	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $807,640)		807,610
		Total Investments — 100.6% (Cost $28,807,006)		28,685,790
		Liabilities in Excess of Other Assets — (0.6)%		(181,048	)
		NET ASSETS — 100.0%	$	28,504,742

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 16.3%
	2	Academic Loan Funding Trust, Series 2012-1A, Class A1, 2.42%, 12/27/2022 (e) (z)		2
		Air Canada Pass-Through Trust, (Canada),
	807	Series 2013-1, Class A, 4.13%, 05/15/2025 (e)		819
	1,058	Series 2015-1, Class A, 3.60%, 03/15/2027 (e)		1,060
	302	Series 2017-1, Class A, 3.55%, 01/15/2030 (e)		296
	2,214	Series 2017-1, Class AA, 3.30%, 01/15/2030 (e)		2,148
		Ajax Mortgage Loan Trust,
	973	Series 2016-2, Class A, SUB, 4.13%, 10/25/2056 (e) (bb)		969
	7,350	Series 2017-A, Class A, SUB, 3.47%, 04/25/2057 (e) (bb)		7,306
		Ally Auto Receivables Trust,
	6,000	Series 2015-2, Class D, 3.01%, 03/15/2022 (e)		5,964
	5,700	Series 2016-1, Class D, 2.84%, 09/15/2022		5,720
	4,038	Series 2017-3, Class C, 2.37%, 10/17/2022		3,990
	30,091	Series 2018-1, Class A3, 2.31%, 06/15/2022		29,918
		American Airlines Pass-Through Trust,
	208	Series 2014-1, Class A, 3.70%, 10/01/2026		207
	1,000	Series 2016-2, Class A, 3.65%, 06/15/2028		988
	948	Series 2016-2, Class AA, 3.20%, 06/15/2028		913
	398	Series 2016-3, Class AA, 3.00%, 10/15/2028		380
	2,457	Series 2017-1, Class AA, 3.65%, 02/15/2029		2,437
		American Credit Acceptance Receivables Trust,
	10,000	Series 2016-2, Class C, 6.09%, 05/12/2022 (e)		10,351
	6,975	Series 2016-3, Class C, 4.26%, 08/12/2022 (e)		7,047
	6,956	Series 2016-4, Class C, 2.91%, 02/13/2023 (e) (bb)		6,949
	12,002	Series 2017-2, Class C, 2.86%, 06/12/2023 (e)		11,928
	7,321	Series 2017-2, Class D, 3.69%, 06/12/2023 (e)		7,343
	23,121	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.93%, 09/15/2022		22,816

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	1,250	American Homes 4 Rent, Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (e) (bb)		1,348
		American Homes 4 Rent Trust,
	5,000	Series 2014-SFR3, Class D, 5.04%, 12/17/2036 (e) (bb)		5,307
	17,745	Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (e) (bb)		19,947
	2,250	Series 2015-SFR2, Class D, 5.04%, 10/17/2045 (e) (bb)		2,392
	18,630	Series 2015-SFR2, Class E, 6.07%, 10/17/2045 (e) (bb)		20,679
		AmeriCredit Automobile Receivables Trust,
	123	Series 2015-2, Class A3, 1.27%, 01/08/2020		123
	5,317	Series 2016-3, Class B, 1.80%, 10/08/2021 (bb)		5,216
	11,300	Series 2017-2, Class D, 3.42%, 04/18/2023		11,346
	20,124	Series 2017-4, Class D, 3.08%, 12/18/2023		19,855
		Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
	131	Series 2003-5, Class A6, SUB, 4.53%, 04/25/2033 (bb)		131
	16	Series 2003-13, Class AF6, SUB, 5.12%, 01/25/2034 (bb)		19
		AMSR Trust,
	3,007	Series 2016-SFR1, Class E, 4.74%, 11/17/2033 (e) (z) (bb)		3,058
	3,007	Series 2016-SFR1, Class F, 5.49%, 11/17/2033 (e) (z) (bb)		3,068
		Anchor Assets IX LLC,
	15,300	Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		15,300
	10,250	Series 2016-1, Class B, 6.25%, 02/15/2020 (e) (bb)		10,250
	7,130	APF, Series 2016-1A, Class C, 8.00%, 02/16/2021 (z) (bb)		7,102
	4,440	Arcadia Receivables Credit Trust, Series 2017-1, Class A, 3.25%, 06/15/2023 (e)		4,439
		B2R Mortgage Trust,
	2,892	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		2,859
	4,247	Series 2016-1, Class A, 2.57%, 06/15/2049 (e)		4,143
	2	BankBoston Home Equity Loan Trust, Series 1998-1, Class A6, 6.35%, 07/25/2028 (bb)		2
	2,647	BCC Funding XIII LLC, Series 2016-1, Class A2, 2.20%, 12/20/2021 (e)		2,635

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 91

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		Bear Stearns Asset-Backed Securities Trust,
	286	Series 2003-SD2, Class 2A, 3.62%, 06/25/2043 (z) (bb)		271
	230	Series 2006-SD1, Class A, 1.99%, 04/25/2036 (z) (bb)		226
	15,734	BMW Vehicle Lease Trust, Series 2017-2, Class A3, 2.07%, 10/20/2020		15,590
	16,365	BMW Vehicle Owner Trust, Series 2018-A, Class A3, 2.35%, 04/25/2022		16,270
	62	Burlington Northern and Santa Fe Railway Co. Pass-Through Trust, Series 2000-2, 7.91%, 01/15/2020		63
	15,009	Business Jet Securities LLC, Series 2018-1, Class A, 4.34%, 02/15/2033 (e)		15,009
	359	BXG Receivables Note Trust, Series 2012-A, Class A, 2.66%, 12/02/2027 (e)		353
	1,343	California Republic Auto Receivables Trust, Series 2016-2, Class A3, 1.56%, 07/15/2020		1,339
		CAM Mortgage Trust,
	1,968	Series 2016-2, Class A1, SUB, 3.25%, 06/15/2057 (e) (bb)		1,978
	3,527	Series 2017-1, Class A1, SUB, 3.22%, 08/01/2057 (e) (bb)		3,512
		Camillo Issuer LLC,
	9,810	Series 2016-SFR, Class 1A1, 5.00%, 12/05/2023 (bb)		9,789
	21,854	Series 2017-SFR1, Class A, 5.50%, 06/05/2027 (e) (bb)		21,854
		CarFinance Capital Auto Trust,
	2,500	Series 2014-1A, Class C, 3.45%, 04/15/2020 (e)		2,510
	3,193	Series 2014-2A, Class B, 2.64%, 11/16/2020 (e)		3,187
	2,750	Series 2014-2A, Class C, 3.24%, 11/16/2020 (e)		2,737
	4,000	Series 2014-2A, Class D, 4.28%, 11/16/2020 (e)		3,989
	3,900	Series 2015-1A, Class C, 3.58%, 06/15/2021 (e)		3,917
	5,400	Series 2015-1A, Class D, 4.66%, 06/15/2021 (e)		5,383
	1,070	Series 2015-1A, Class E, 5.49%, 01/18/2022 (e) (bb)		1,072
		CarMax Auto Owner Trust,
	3,011	Series 2017-1, Class C, 2.84%, 10/17/2022		2,992
	4,929	Series 2017-1, Class D, 3.43%, 07/17/2023		4,920

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	2,732	Series 2018-1, Class D, 3.37%, 07/15/2024		2,703
		Carnow Auto Receivables Trust,
	7,240	Series 2016-1A, Class C, 5.11%, 02/15/2021 (e) (bb)		7,303
	7,800	Series 2017-1A, Class B, 4.35%, 09/15/2022 (e)		7,718
		Centex Home Equity Loan Trust,
	79	Series 2001-B, Class A6, 6.36%, 07/25/2032 (bb)		80
	110	Series 2002-C, Class AF4, SUB, 4.98%, 06/25/2031 (bb)		110
	118	Series 2003-B, Class AF4, SUB, 3.74%, 02/25/2032 (bb)		119
	2,000	CIG Auto Receivables Trust, Series 2017-1A, Class C, 5.33%, 12/16/2024 (e)		1,974
	3,000	Citi Held For Asset Issuance, Series 2016-PM1, Class B, 7.67%, 04/15/2025 (e)		3,038
	1,372	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.15%, 06/15/2039		1,735
	128	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.95%, 04/25/2032 (e) (bb)		127
		CLUB Credit Trust,
	570	Series 2017-NP1, Class A, 2.39%, 04/17/2023 (e)		571
	3,173	Series 2017-NP1, Class B, 3.17%, 04/17/2023 (e)		3,174
	7,400	Series 2017-NP1, Class C, 5.13%, 04/17/2023 (e)		7,485
		Colony American Finance Ltd., (Cayman Islands),
	2,631	Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		2,582
	9,678	Series 2016-2, Class A, 2.55%, 11/15/2048 (e)		9,449
	5,000	Conix Mortgage Asset Trust, Series 2013-1, Class M1, 5.07%, 12/25/2047 (d) (e) (z) (bb)		285
	6,000	Consumer Loan Underlying Bond Credit Trust, Series 2017-NP2, Class B, 3.50%, 01/16/2024 (e)		5,991
		Continental Airlines Pass-Through Trust,
	41	Series 2003-ERJ1, 7.88%, 07/02/2018		42
	147	Series 2004-ERJ1, 9.56%, 09/01/2019		151
	156	Series 2012-1, Class A, 4.15%, 04/11/2024		160
	1,265	Continental Credit Card, Series 2017-1A, Class A, 4.29%, 01/15/2024 (e)		1,266

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	9,723	COOF Securitization Trust Ltd., Series 2014-1, Class A, IO, 3.38%, 06/25/2040 (e) (z) (bb)		871
		CPS Auto Receivables Trust,
	2,099	Series 2016-B, Class B, 3.18%, 09/15/2020 (e)		2,109
	12,600	Series 2016-C, Class C, 3.27%, 06/15/2022 (e)		12,633
	2,884	Series 2017-B, Class C, 2.92%, 02/15/2022 (e)		2,867
	6,975	Series 2017-B, Class D, 3.95%, 03/15/2023 (e)		7,003
	2,161	Series 2018-A, Class D, 3.66%, 12/15/2023 (e)		2,150
		CPS Auto Trust,
	2,130	Series 2017-A, Class A, 1.68%, 08/17/2020 (e)		2,123
	1,470	Series 2017-A, Class C, 3.31%, 12/15/2022 (e)		1,476
	840	Series 2017-A, Class D, 4.61%, 12/15/2022 (e)		861
		Credit Acceptance Auto Loan Trust,
	6,048	Series 2016-3A, Class C, 3.60%, 04/15/2025 (e) (bb)		6,044
	3,973	Series 2017-1A, Class A, 2.56%, 10/15/2025 (e)		3,954
	1,742	Series 2017-1A, Class B, 3.04%, 12/15/2025 (e)		1,736
	1,460	Series 2017-1A, Class C, 3.48%, 02/17/2026 (e)		1,441
	1,621	Series 2017-2A, Class C, 3.35%, 06/15/2026 (e)		1,585
	30,933	Series 2017-3A, Class A, 2.65%, 06/15/2026 (e)		30,483
	40,547	Series 2018-1A, Class B, 3.60%, 04/15/2027 (e)		40,361
	61	CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-HE4, Class AF, SUB, 5.51%, 08/25/2032 (bb)		62
	56	CWABS Asset-Backed Certificates Trust, Series 2004-13, Class MV8, 4.17%, 01/25/2035 (z) (bb)		1
		CWABS, Inc.,
	297	Series 2004-1, Class 3A, 2.18%, 04/25/2034 (z) (bb)		293
	220	Series 2004-1, Class M1, 2.37%, 03/25/2034 (z) (bb)		221
	38	Series 2004-1, Class M2, 2.45%, 03/25/2034 (z) (bb)		38

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	450	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, 2.52%, 10/25/2034 (z)		443
		Delta Air Lines Pass-Through Trust,
	1,166	Series 2007-1, Class A, 6.82%, 08/10/2022		1,302
	165	Series 2012-1, Class A, 4.75%, 05/07/2020		169
	186	Series 2012-1, Class B, 6.88%, 05/07/2019 (e)		193
	3,297	Diamond Resorts Owner Trust, Series 2017-1A, Class B, 4.11%, 10/22/2029 (e) (bb)		3,232
		Drive Auto Receivables Trust,
	2,943	Series 2015-AA, Class D, 4.12%, 07/15/2022 (e)		2,974
	5,900	Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb)		6,033
	5,829	Series 2016-CA, Class D, 4.18%, 03/15/2024 (e)		5,933
	7,086	Series 2017-1, Class C, 2.84%, 04/15/2022		7,086
	8,047	Series 2017-1, Class D, 3.84%, 03/15/2023		8,139
	17,295	Series 2017-3, Class C, 2.80%, 07/15/2022		17,249
	22,000	Series 2017-3, Class D, 3.53%, 12/15/2023 (e)		21,836
	1,428	Series 2017-AA, Class B, 2.51%, 01/15/2021 (e)		1,429
	2,471	Series 2017-AA, Class C, 2.98%, 01/18/2022 (e)		2,478
	3,217	Series 2017-AA, Class D, 4.16%, 05/15/2024 (e)		3,288
	2,486	Series 2017-BA, Class B, 2.20%, 05/15/2020 (e)		2,486
	6,831	Series 2017-BA, Class C, 2.61%, 08/16/2021 (e)		6,832
	5,970	Series 2017-BA, Class D, 3.72%, 10/17/2022 (e)		6,045
	15,290	Series 2017-BA, Class E, 5.30%, 07/15/2024 (e)		15,502
		DT Auto Owner Trust,
	5,487	Series 2015-1A, Class D, 4.26%, 02/15/2022 (e)		5,542
	5,000	Series 2016-1A, Class D, 4.66%, 12/15/2022 (e) (bb)		5,081
	974	Series 2016-2A, Class C, 3.67%, 01/18/2022 (e)		980

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 93

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	2,854	Series 2016-3A, Class B, 2.65%, 07/15/2020 (e)		2,855
	6,000	Series 2016-3A, Class C, 3.15%, 03/15/2022 (e)		6,018
	16,520	Series 2016-3A, Class D, 4.52%, 06/15/2023 (e)		16,795
	1,467	Series 2016-4A, Class B, 2.02%, 08/17/2020 (e)		1,466
	2,962	Series 2016-4A, Class D, 3.77%, 10/17/2022 (e)		2,941
	3,551	Series 2017-1A, Class D, 3.55%, 11/15/2022 (e)		3,541
	14,000	Series 2017-1A, Class E, 5.79%, 02/15/2024 (e)		14,306
	6,048	Series 2017-2A, Class C, 3.03%, 01/17/2023 (e)		6,042
	8,750	Series 2017-2A, Class E, 6.03%, 01/15/2024 (e)		9,029
	8,295	Series 2017-3A, Class E, 5.60%, 08/15/2024 (e)		8,434
	4,423	Series 2017-4A, Class C, 2.86%, 07/17/2023 (e)		4,415
	8,285	Series 2017-4A, Class D, 3.47%, 07/17/2023 (e)		8,234
	26,664	Elara HGV Timeshare Issuer LLC, Series 2017-A, Class A, 2.69%, 03/25/2030 (e)		26,213
	257	Equity One Mortgage Pass-Through Trust, Series 2003-2, Class M1, 5.05%, 09/25/2033 (z) (bb)		259
		Exeter Automobile Receivables Trust,
	549	Series 2014-2A, Class C, 3.26%, 12/16/2019 (e)		550
	2,150	Series 2015-2A, Class D, 5.79%, 05/16/2022 (e)		2,214
	6,884	Series 2015-3A, Class C, 4.83%, 08/16/2021 (e)		7,030
	445	Series 2016-1A, Class C, 5.52%, 10/15/2021 (e)		458
	1,367	Series 2016-3A, Class A, 1.84%, 11/16/2020 (e)		1,364
	3,480	Series 2016-3A, Class B, 2.84%, 08/16/2021 (e)		3,482
	9,400	Series 2016-3A, Class D, 6.40%, 07/17/2023 (e)		9,796
	4,565	Series 2017-1A, Class B, 3.00%, 12/15/2021 (e) (bb)		4,573
	1,885	Series 2017-1A, Class C, 3.95%, 12/15/2022 (e) (bb)		1,903
	3,465	Series 2017-2A, Class B, 2.82%, 05/16/2022 (e)		3,455

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	9,065	Series 2017-2A, Class C, 3.93%, 04/17/2023 (e)		9,134
	8,000	Series 2017-2A, Class D, 6.39%, 02/15/2024 (e)		8,362
	8,221	Series 2017-3A, Class C, 3.68%, 07/17/2023 (e)		8,208
	14,215	Series 2018-1A, Class D, 3.53%, 11/15/2023 (e)		14,043
		First Investors Auto Owner Trust,
	5,000	Series 2016-2A, Class B, 2.21%, 07/15/2022 (e) (bb)		4,912
	5,000	Series 2016-2A, Class C, 2.53%, 07/15/2022 (e) (bb)		4,916
	3,500	Series 2016-2A, Class D, 3.35%, 11/15/2022 (e)		3,433
	3,454	Series 2017-3A, Class B, 2.72%, 04/17/2023 (e)		3,394
	5,458	Series 2017-3A, Class C, 3.00%, 01/16/2024 (e)		5,353
	5,096	Series 2017-3A, Class D, 3.44%, 03/15/2024 (e)		4,988
	1,300	Series 2017-3A, Class E, 4.92%, 08/15/2024 (e)		1,292
	7,193	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		7,158
		Flagship Credit Auto Trust,
	4,000	Series 2014-1, Class C, 3.34%, 04/15/2020 (e)		4,015
	2,674	Series 2014-2, Class B, 2.84%, 11/16/2020 (e)		2,678
	4,337	Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		4,378
	6,695	Series 2015-3, Class D, 7.12%, 11/15/2022 (e)		6,996
	6,000	Series 2016-2, Class C, 6.22%, 09/15/2022 (e)		6,261
	4,183	Series 2017-1, Class B, 2.83%, 03/15/2023 (e)		4,169
	2,704	Series 2017-1, Class C, 3.22%, 05/15/2023 (e)		2,695
	1,313	Series 2017-1, Class D, 4.23%, 05/15/2023 (e)		1,334
	3,500	Series 2017-1, Class E, 6.46%, 12/15/2023 (e)		3,661
	3,630	Series 2017-2, Class E, 5.55%, 07/15/2024 (e)		3,720
	5,872	Series 2017-4, Class B, 2.66%, 10/17/2022 (e)		5,789
	5,720	Series 2017-4, Class C, 2.92%, 11/15/2023 (e)		5,627

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	2,630	Series 2017-4, Class D, 3.58%, 01/15/2024 (e)		2,623
	9,680	Series 2017-R, Class B, 8.00%, 05/17/2023 (e) (bb)		9,680
	4,348	Ford Credit Auto Lease Trust, Series 2017-B, Class A3, 2.03%, 12/15/2020		4,311
	384	Ford Credit Auto Owner Trust, Series 2015-A, Class A3, 1.28%, 09/15/2019		383
	492	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class A6, 6.70%, 04/25/2029 (z) (bb)		527
		GLS Auto Receivables Trust,
	6,000	Series 2016-1A, Class C, 6.90%, 10/15/2021 (e)		6,318
	4,000	Series 2017-1A, Class D, 5.50%, 06/17/2024 (e)		4,053
	4,805	Series 2018-1A, Class A, 2.82%, 07/15/2022 (e)		4,792
	12,975	GM Financial Automobile Leasing Trust, Series 2018-1, Class A3, 2.61%, 01/20/2021		12,943
		GMAT Trust,
	164	Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		165
	5,000	Series 2013-1A, Class M, 5.00%, 11/25/2043 (e) (z) (bb)		4,221
	7,160	GO Financial Auto Securitization Trust, Series 2015-1, Class C, 5.76%, 03/15/2021 (e)		7,157
	3,145	Golden Bear LLC, Series 2016-R, Class R, 5.65%, 09/20/2047 (e) (bb)		3,152
		Goodgreen Trust,
	1,725	Series 2016-1A, Class B, 5.24%, 10/15/2052 (e) (bb)		1,720
	2,258	Series 2017-1A, Class A, 3.74%, 10/15/2052 (e)		2,224
	13,908	Series 2017-2A, Class A, 3.26%, 10/15/2053 (e)		13,604
		Hero Funding, (Cayman Islands),
	8,458	Series 2017-3A, Class A1, 3.19%, 09/20/2048 (e)		8,327
	6,965	Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		7,040
		HERO Funding II, (Cayman Islands),
	1,476	Series 2016-3B, Class B, 5.24%, 09/20/2042 (e)		1,506
	9,979	Series 2016-4B, Class B, 5.75%, 09/20/2047 (e) (bb)		9,908
		HERO Funding Trust,
	6,355	Series 2015-3A, Class A, 4.28%, 09/20/2041 (e)		6,508

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	2,855	Series 2016-3A, Class A1, 3.08%, 09/20/2042 (e)		2,828
	7,767	Series 2017-1A, Class A2, 4.46%, 09/20/2047 (e)		8,019
	8,490	Series 2017-2A, Class A2, 4.07%, 09/20/2048 (e)		8,659
	8,538	Hero Residual Funding, (Cayman Islands), Series 2016-1R, Class A1, 4.50%, 09/21/2042 (e)		8,495
	12,344	Hertz Vehicle Financing II LP, Series 2018-1A, Class A, 3.29%, 02/25/2024 (e)		12,177
	60	Home Loan Trust, Series 2003-HI2, Class A6, SUB, 5.26%, 07/25/2028 (bb)		60
		Kabbage Asset Securitization LLC,
	6,415	Series 2017-1, Class B, 5.79%, 03/15/2022 (e) (bb)		6,606
	10,000	Series 2017-1, Class C, 8.00%, 03/15/2022 (e) (bb)		10,558
		KGS-Alpha SBA COOF Trust,
	14,020	Series 2012-2, Class A, IO, 0.83%, 08/25/2038 (e) (z) (bb)		331
	16,796	Series 2012-4, Class A, IO, 1.04%, 09/25/2037 (e) (z) (bb)		479
	11,026	Series 2013-2, Class A, IO, 1.76%, 03/25/2039 (e) (z) (bb)		461
		LendingClub Issuance Trust,
	304	Series 2016-NP1, Class A, 3.75%, 06/15/2022 (e)		305
	1,081	Series 2016-NP2, Class A, 3.00%, 01/17/2023 (e)		1,081
	4,500	Series 2016-NP2, Class B, 6.00%, 01/17/2023 (e)		4,593
		Lendmark Funding Trust,
	7,500	Series 2016-2A, Class A, 3.26%, 04/21/2025 (e)		7,506
	5,625	Series 2016-2A, Class B, 4.66%, 04/21/2025 (e) (bb)		5,642
	5,819	Series 2017-1A, Class A, 2.83%, 01/22/2024 (e)		5,791
	3,000	Series 2017-2A, Class B, 3.38%, 05/20/2026 (e) (bb)		2,973
	4,300	Series 2017-2A, Class C, 4.33%, 05/20/2026 (e) (bb)		4,270
	66	Long Beach Mortgage Loan Trust, Series 2004-1, Class M3, 2.67%, 02/25/2034 (z) (bb)		66
		LV Tower 52 Issuer,
	13,700	Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		13,700

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 95

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	15,876	Series 2013-1, Class M, 7.75%, 02/15/2023 (e) (bb)		15,876
	5,412	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.62%, 02/20/2029 (e)		5,431
		Marlette Funding Trust,
	950	Series 2016-1A, Class A, 3.06%, 01/17/2023 (e)		950
	6,741	Series 2016-1A, Class B, 4.78%, 01/17/2023 (e)		6,839
	3,684	Series 2017-1A, Class A, 2.83%, 03/15/2024 (e)		3,692
	21,136	Series 2017-3A, Class A, 2.36%, 12/15/2024 (e)		21,091
	13,357	Series 2018-1A, Class A, 2.61%, 03/15/2028 (e)		13,350
	4,250	Series 2018-1A, Class C, 3.69%, 03/15/2028 (e)		4,244
	7,669	Mercedes-Benz Auto Lease Trust, Series 2018-A, Class A3, 2.41%, 02/16/2021		7,637
		Mid-State Capital Corp. Trust,
	139	Series 2005-1, Class A, 5.75%, 01/15/2040		150
	3,294	Series 2005-1, Class M1, 6.11%, 01/15/2040 (bb)		3,528
	1,637	Series 2006-1, Class A, 5.79%, 10/15/2040 (e)		1,834
	1,987	Series 2006-1, Class M1, 6.08%, 10/15/2040 (e) (bb)		2,228
	794	Series 2006-1, Class M2, 6.74%, 10/15/2040 (e) (bb)		900
	281	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, 3.87%, 03/25/2033 (z) (bb)		273
	1,020	Nationstar HECM Loan Trust, Series 2017-1A, Class M1, 2.94%, 05/25/2027 (e) (bb)		1,021
		New Century Home Equity Loan Trust,
	535	Series 2003-5, Class AI6, SUB, 5.12%, 11/25/2033 (bb)		541
	610	Series 2005-1, Class M1, 2.30%, 03/25/2035 (z) (bb)		609
	10,000	New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (e)		9,901
	282	New Valley Generation V, 4.93%, 01/15/2021		298
	9,483	Nissan Auto Receivables Owner Trust, Series 2017-C, Class A3, 2.12%, 04/18/2022		9,383

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		NRPL Trust,
	7,886	Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e)		7,882
	3,278	Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		3,208
	1,318	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class CT1, 3.84%, 06/15/2049 (e)		1,312
	6,725	Ocwen Master Advance Receivables Trust, Series 2016-T2, Class DT2, 4.45%, 08/16/2049 (e) (bb)		6,535
		OnDeck Asset Securitization Trust II LLC,
	1,130	Series 2016-1A, Class A, 4.21%, 05/17/2020 (e)		1,132
	1,823	Series 2016-1A, Class B, 7.63%, 05/17/2020 (e)		1,849
		OneMain Direct Auto Receivables Trust,
	943	Series 2016-1A, Class A, 2.04%, 01/15/2021 (e)		943
	10,000	Series 2016-1A, Class C, 4.58%, 09/15/2021 (e)		10,037
	7,062	Series 2017-2A, Class D, 3.42%, 10/15/2024 (e)		6,976
		OneMain Financial Issuance Trust,
	3,944	Series 2014-2A, Class C, 4.33%, 09/18/2024 (e) (bb)		3,965
	5,267	Series 2014-2A, Class D, 5.31%, 09/18/2024 (e) (bb)		5,295
	6,178	Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		6,201
	7,435	Series 2015-1A, Class C, 5.12%, 03/18/2026 (e)		7,492
	6,120	Series 2015-2A, Class C, 4.32%, 07/18/2025 (e) (bb)		6,116
	4,970	Series 2016-1A, Class A, 3.66%, 02/20/2029 (e)		5,024
	4,000	Series 2016-1A, Class B, 4.57%, 02/20/2029 (e)		4,087
	7,400	Series 2016-1A, Class C, 6.00%, 02/20/2029 (e)		7,612
	1,622	Oportun Funding II LLC, Series 2016-A, Class B, 6.41%, 03/08/2021 (e) (bb)		1,635
		Oportun Funding III LLC,
	4,000	Series 2016-B, Class A, 3.69%, 07/08/2021 (e)		4,037
	2,394	Series 2016-B, Class B, 5.16%, 07/08/2021 (e)		2,428
	2,171	Oportun Funding IV LLC, Series 2016-C, Class B, 4.85%, 11/08/2021 (e) (bb)		2,183

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	3,915	Oportun Funding VI LLC, Series 2017-A, Class A, 3.23%, 06/08/2023 (e)		3,865
	10,408	Oportun Funding VIII LLC, Series 2018-A, Class A, 3.61%, 03/08/2024 (e)		10,405
	4,452	Prestige Auto Receivables Trust, Series 2016-2A, Class D, 3.91%, 11/15/2022 (e)		4,445
		Progress Residential Trust,
	10,679	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		10,626
	5,000	Series 2015-SFR2, Class D, 3.68%, 06/12/2032 (e)		4,994
	3,602	Series 2015-SFR2, Class E, 4.43%, 06/12/2032 (e) (bb)		3,625
	3,154	Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e) (bb)		3,226
	5,580	Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (e)		5,789
	1,529	Series 2017-SFR2, Class D, 3.60%, 12/17/2034 (e) (bb)		1,509
	7,851	Series 2017-SFR2, Class E, 4.14%, 12/17/2034 (e) (bb)		7,781
	4,133	Series 2017-SFR2, Class F, 4.84%, 12/17/2034 (e) (bb)		4,161
	3,655	Series 2018-SFR1, Class F, 4.78%, 03/17/2035 (e)		3,654
		Prosper Marketplace Issuance Trust,
	2,583	Series 2017-1A, Class A, 2.56%, 06/15/2023 (e)		2,584
	3,965	Series 2017-2A, Class A, 2.41%, 09/15/2023 (e)		3,960
	16,866	Series 2017-3A, Class B, 3.36%, 11/15/2023 (e)		16,793
	6,610	Purchasing Power Funding LLC, Series 2018-A, Class D, 4.66%, 08/15/2022 (e)		6,609
	10,300	RCM Fund 1 Issuer LLC, Series 2017-1, Class A, 5.50%, 10/25/2021 (e) (bb)		10,300
	5,122	RCO Trust, Series 2016-SFR1, Class M1, 4.50%, 11/25/2051 (e) (z)		5,077
		Renew, (Cayman Islands),
	3,035	Series 2017-1A, Class A, 3.67%, 09/20/2052 (e)		2,978
	4,316	Series 2017-1A, Class B, 5.75%, 09/20/2052 (e) (bb)		4,395
	33,146	Series 2017-2A, Class A, 3.22%, 09/22/2053 (e)		32,462
	11,937	Rice Park Financing Trust, Series 2016-A, Class A, 4.63%, 10/31/2041 (e) (bb)		11,937

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Santander Drive Auto Receivables Trust,
	9,699	Series 2017-1, Class B, 2.10%, 06/15/2021		9,662
	7,916	Series 2017-1, Class C, 2.58%, 05/16/2022		7,866
	10,148	Series 2017-1, Class D, 3.17%, 04/17/2023		10,162
	13,804	Series 2018-1, Class D, 3.32%, 03/15/2024		13,699
	220	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		196
	802	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.85%, 01/18/2022 (e)		802
	1,852	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.09%, 10/27/2025 (e)		1,855
	2,679	SoFi Professional Loan Program LLC, Series 2018-A, Class A2A, 2.39%, 02/25/2042 (e)		2,668
	1,246	Soundview Home Loan Trust, Series 2007-OPT1, Class 2A1, 1.70%, 06/25/2037 (z) (bb)		904
	827	Spirit Airlines Pass-Through Trust, Series 2017-1AA, 3.38%, 02/15/2030		809
	11,253	Spirit Master Funding LLC, Series 2017-1A, Class A, 4.36%, 12/20/2047 (e)		11,321
		Springleaf Funding Trust,
	5,808	Series 2015-AA, Class C, 5.04%, 11/15/2024 (e) (bb)		5,815
	5,800	Series 2015-AA, Class D, 6.31%, 11/15/2024 (e) (bb)		5,847
	14,000	Series 2016-AA, Class C, 4.72%, 11/15/2029 (e)		14,090
	9,290	Spruce ABS Trust, Series 2016-E1, Class B, 6.90%, 06/15/2028 (e) (bb)		9,379
	2	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-OSI, Class A2, 1.71%, 06/25/2037 (z) (bb)		2
	11,550	TCF Auto Receivables Owner Trust, Series 2016-1A, Class A3, 1.71%, 04/15/2021 (e)		11,495
	3,796	Tesla Auto Lease Trust, Series 2018-A, Class A, 2.32%, 12/20/2019 (e)		3,792
	4,567	Tidewater Auto Receivables Trust, Series 2014-AA, Class D, 3.57%, 05/15/2021 (e)		4,569
		Tricolor Auto Securitization Trust,
	3,830	Series 2017-1, Class A, 5.09%, 05/15/2020 (e) (bb)		3,822

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 97

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	10,190	Series 2017-1, Class B, 9.60%, 08/15/2022 (e) (bb)		10,093
	3,083	Tricon American Homes Trust, Series 2016-SFR1, Class C, 3.49%, 11/17/2033 (e) (bb)		3,059
		UAL Pass-Through Trust,
	1,003	Series 2007-1, 6.64%, 07/02/2022		1,065
	340	Series 2007-1, 7.34%, 07/02/2019		354
	3,106	Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1, 2.70%, 05/12/2027		2,981
		United Airlines Pass-Through Trust,
	579	Series 2013-1, Class A, 4.30%, 08/15/2025		597
	339	Series 2016-1, Class A, 3.45%, 07/07/2028		335
	327	Series 2016-1, Class AA, 3.10%, 07/07/2028		316
	1,800	Series 2016-2, Class AA, 2.88%, 10/07/2028		1,698
	1,290	Series 2018-1, Class A, 3.70%, 03/01/2030		1,278
	17,995	Series 2018-1, Class AA, 3.50%, 03/01/2030		17,794
		United Auto Credit Securitization Trust,
	4,142	Series 2016-1, Class D, 4.68%, 07/15/2020 (e)		4,157
	3,750	Series 2016-1, Class E, 7.10%, 05/16/2022 (e)		3,794
	3,000	Series 2016-2, Class E, 5.50%, 01/10/2023 (e)		3,052
		Upstart Securitization Trust,
	2,996	Series 2017-1, Class A, 2.64%, 06/20/2024 (e)		2,990
	9,676	Series 2017-2, Class A, 2.51%, 03/20/2025 (e)		9,663
	6,034	USASF Receivables LLC, Series 2017-1, Class B, 7.63%, 09/15/2030 (e) (bb)		6,034
	29,985	US Residential Opportunity Fund II Trust, Series 2017-1II, Class A, SUB, 3.35%, 11/27/2037 (e) (bb)		29,762
	32,321	US Residential Opportunity Fund IV Trust, Series 2017-1III, Class A, SUB, 3.35%, 11/27/2037 (e) (bb)		32,213
		Verizon Owner Trust,
	7,543	Series 2016-2A, Class A, 1.68%, 05/20/2021 (e)		7,456
	12,976	Series 2017-2A, Class A, 1.92%, 12/20/2021 (e)		12,810
		Veros Automobile Receivables Trust,
	4,491	Series 2017-1, Class A, 2.84%, 04/17/2023 (e)		4,478

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	9,920	Series 2017-1, Class B, 3.98%, 04/17/2023 (e)		9,785
	9,300	VM DEBT LLC, Series 2017-1, Class A, 6.50%, 10/02/2024 (e) (bb)		9,300
		VOLT LIV LLC,
	1,942	Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		1,946
	6,000	Series 2017-NPL1, Class A2, SUB, 5.88%, 02/25/2047 (e) (bb)		6,007
	2,633	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		2,624
	3,979	VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		3,973
	6,720	VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		6,753
	4,641	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.37%, 04/25/2047 (e) (bb)		4,638
	6,263	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.37%, 05/28/2047 (e) (bb)		6,256
	28,122	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		27,979
	4,489	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		4,473
	23,627	VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.37%, 10/25/2047 (e)		23,591
	2,646	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		2,650
	3,231	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		3,231
		Westgate Resorts LLC,
	757	Series 2014-1A, Class C, 5.50%, 12/20/2026 (e)		764
	1,828	Series 2015-1A, Class B, 3.50%, 05/20/2027 (e) (bb)		1,821
		Westlake Automobile Receivables Trust,
	3,260	Series 2016-1A, Class E, 6.52%, 06/15/2022 (e) (bb)		3,339
	3,937	Series 2016-2A, Class C, 2.83%, 05/17/2021 (e)		3,943
	2,402	Series 2017-1A, Class D, 3.46%, 10/17/2022 (e)		2,414
	4,750	Series 2017-1A, Class E, 5.05%, 08/15/2024 (e)		4,796
	3,150	Series 2018-1A, Class D, 3.41%, 05/15/2023 (e)		3,145
		Total Asset-Backed Securities (Cost $1,952,767)		1,947,071

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 4.4%
	970	Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		969
		Acre,
	17,350	12/15/2020 (bb)		17,350
	12,400	Series 2017-B12/15/2020 (bb)		12,400
	65	Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21, 1.85%, 09/25/2035 (z)		65
		Alternative Loan Trust,
	47	Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		49
	733	Series 2004-22CB, Class 1A1, 6.00%, 10/25/2034		754
	361	Series 2005-23CB, Class A2, 5.50%, 07/25/2035		340
	1,759	Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,676
	632	Series 2005-86CB, Class A11, 5.50%, 02/25/2036		561
	38	Series 2005-J6, Class 2A1, 5.50%, 07/25/2025		38
	183	Series 2006-26CB, Class A9, 6.50%, 09/25/2036		154
	44	American General Mortgage Loan Trust, Series 2006-1, Class A5, 5.75%, 12/25/2035 (e) (z)		46
		Angel Oak Mortgage Trust LLC,
	761	Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		757
	800	Series 2015-1, Class M, SUB, 5.50%, 11/25/2045 (e) (bb)		797
	1,004	Series 2017-1, Class A3, 3.64%, 01/25/2047 (e) (z)		999
	10,499	Aqua Finance Trust, Series 2017-A, Class A, 3.72%, 11/15/2035 (e)		10,343
	52	Banc of America Alternative Loan Trust, Series 2004-6, Class 4A1, 5.00%, 07/25/2019		53
		Banc of America Funding Trust,
	1,500	Series 2005-5, Class 3A5, 5.50%, 08/25/2035		1,511
	83	Series 2005-7, Class 30PO, PO, 11/25/2035 (bb)		69
	310	Series 2005-E, Class 4A1, 3.69%, 03/20/2035 (z)		314
		Banc of America Mortgage Trust,
	57	Series 2004-2, Class 2A4, 5.50%, 03/25/2034		56
	189	Series 2004-F, Class 1A1, 3.77%, 07/25/2034 (z)		193

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	13	Series 2005-11, Class 15PO, PO, 12/25/2020 (bb)		11
	47	BCAP LLC Trust, Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (e) (z)		48
	68	Bear Stearns ARM Trust, Series 2003-7, Class 3A, 3.29%, 10/25/2033 (z)		67
	2	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.23%, 03/25/2031 (z)		2
	1,336	Chase Mortgage Finance Trust, Series 2007-A2, Class 2A1, 3.61%, 07/25/2037 (z)		1,357
		CHL Mortgage Pass-Through Trust,
	191	Series 2004-3, Class A25, 5.75%, 04/25/2034		189
	271	Series 2004-5, Class 2A9, 5.25%, 05/25/2034		273
	36	Series 2004-8, Class 2A1, 4.50%, 06/25/2019		37
	21	Series 2004-J1, Class 2A1, 4.75%, 01/25/2019		21
	201	Series 2004-J7, Class 2A2, 4.50%, 08/25/2019		203
	428	Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		383
	29	Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 02/25/2021		30
	926	Citigroup Mortgage Loan Trust, Series 2009-3, Class 5A2, 6.00%, 02/25/2037 (e) (z)		960
		Citigroup Mortgage Loan Trust, Inc.,
	1	Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		1
	110	Series 2004-HYB4, Class AA, 1.95%, 12/25/2034 (z)		102
	129	Series 2004-UST1, Class A3, 3.36%, 08/25/2034 (z)		131
		Credit Suisse First Boston Mortgage Securities Corp.,
	200	Series 2005-1, Class 1A16, 5.50%, 02/25/2035		202
	34	Series 2005-7, Class 5A1, 4.75%, 08/25/2020		34
		CSFB Mortgage-Backed Pass-Through,
	26	Series 2003-29, Class 8A1, 6.00%, 11/25/2018		26
	87	Series 2004-4, Class 5A4, IF, IO, 5.93%, 08/25/2034 (z) (bb)		—	(h)
	254	Series 2005-10, Class 10A4, 6.00%, 11/25/2035		149

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 99

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	405		Series 2005-10, Class 6A13, 5.50%, 11/25/2035		344
			CVS Pass-Through Trust,
	401		5.77%, 01/10/2033 (e)		433
	317		8.35%, 07/10/2031 (e)		396
	43		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-3, Class 4APO, PO, 06/25/2035 (bb)		37
	231		DLJ Mortgage Acceptance Corp., Series 1993-19, Class A7, 6.75%, 01/25/2024		232
	9,000		DT Asset Trust, 5.84%, 12/16/2022 (bb)		8,997
			FHLMC - GNMA,
	49		Series 23, Class KZ, 6.50%, 11/25/2023		52
	332		Series 24, Class J, 6.25%, 11/25/2023		352
	54		Series 31, Class Z, 8.00%, 04/25/2024		59
			FHLMC REMIC,
	1		Series 38, Class D, 9.50%, 05/15/2020		1
	—	(h)	Series 81, Class A, 8.13%, 11/15/2020		—	(h)
	1		Series 84, Class F, 9.20%, 10/15/2020		1
	1		Series 109, Class I Shares, 9.10%, 01/15/2021		1
	—	(h)	Series 198, Class Z, 8.50%, 09/15/2022		—	(h)
	30		Series 1316, Class Z, 8.00%, 06/15/2022		32
	9		Series 1343, Class LB, 7.50%, 08/15/2022		10
	—	(h)	Series 1351, Class TF, HB, IO, 1,010.00%, 08/15/2022		3
	19		Series 1456, Class Z, 7.50%, 01/15/2023		21
	146		Series 1543, Class VN, 7.00%, 07/15/2023		157
	128		Series 1577, Class PV, 6.50%, 09/15/2023		136
	243		Series 1608, Class L Shares, 6.50%, 09/15/2023		273
	242		Series 1611, Class Z, 6.50%, 11/15/2023		260
	198		Series 1628, Class LZ, 6.50%, 12/15/2023		209
	97		Series 1630, Class PK, 6.00%, 11/15/2023		102
	240		Series 1671, Class I Shares, 7.00%, 02/15/2024		251
	16		Series 1671, Class QC, IF, 10.00%, 02/15/2024 (z)		20
	20		Series 1695, Class G, HB, IF, 28.05%, 03/15/2024 (z)		27
	12		Series 1710, Class GB, HB, IF, 42.26%, 04/15/2024 (z)		19

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	52	Series 1911, Class SD, IF, IO, 10.17%, 07/15/2023 (z)		9
	27	Series 2022, Class PE, 6.50%, 01/15/2028		30
	194	Series 2033, Class K, 6.05%, 08/15/2023		205
	158	Series 2036, Class PG, 6.50%, 01/15/2028		172
	30	Series 2089, Class PJ, IO, 7.00%, 10/15/2028		3
	489	Series 2091, Class PG, 6.00%, 11/15/2028		528
	111	Series 2116, Class ZA, 6.00%, 01/15/2029		120
	31	Series 2148, Class ZA, 6.00%, 04/15/2029		34
	99	Series 2201, Class C, 8.00%, 11/15/2029		111
	4	Series 2261, Class ZY, 7.50%, 10/15/2030		4
	187	Series 2293, Class ZA, 6.00%, 03/15/2031		211
	26	Series 2310, Class Z, 6.00%, 04/15/2031		29
	11	Series 2313, Class LA, 6.50%, 05/15/2031		13
	93	Series 2325, Class JO, PO, 06/15/2031		83
	258	Series 2330, Class PE, 6.50%, 06/15/2031		284
	300	Series 2410, Class QB, 6.25%, 02/15/2032		338
	903	Series 2427, Class GE, 6.00%, 03/15/2032		1,012
	711	Series 2430, Class WF, 6.50%, 03/15/2032		796
	128	Series 2466, Class DH, 6.50%, 06/15/2032		144
	492	Series 2530, Class SK, IF, IO, 6.51%, 06/15/2029 (z)		80
	51	Series 2534, Class SI, IF, 16.93%, 02/15/2032 (z)		72
	360	Series 2543, Class YX, 6.00%, 12/15/2032		393
	247	Series 2557, Class HL, 5.30%, 01/15/2033		264
	445	Series 2586, IO, 6.50%, 03/15/2033		49
	122	Series 2594, Class IV, IO, 7.00%, 03/15/2032		15
	301	Series 2610, Class UI, IO, 6.50%, 05/15/2033		69
	22	Series 2636, Class Z, 4.50%, 06/15/2018		22
	27	Series 2643, Class SA, HB, IF, 35.18%, 03/15/2032 (z)		48

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	3		Series 2650, Class SO, PO, 12/15/2032		3
	170		Series 2656, Class AC, 6.00%, 08/15/2033		185
	21		Series 2656, Class PE, 4.50%, 07/15/2018		21
	393		Series 2699, Class W, 5.50%, 11/15/2033		426
	536		Series 2733, Class SB, IF, 6.58%, 10/15/2033 (z)		558
	170		Series 2756, Class NA, 5.00%, 02/15/2024		177
	52		Series 2764, Class S, IF, 9.78%, 07/15/2033 (z)		58
	323		Series 2845, Class QH, 5.00%, 08/15/2034		345
	261		Series 2864, Class NS, IF, IO, 5.51%, 09/15/2034 (z)		12
	1,406		Series 2912, Class EH, 5.50%, 01/15/2035		1,522
	38		Series 2980, Class QB, 6.50%, 05/15/2035		42
	311		Series 2989, Class TG, 5.00%, 06/15/2025		328
	56		Series 2990, Class SL, IF, 18.67%, 06/15/2034 (z)		66
	351		Series 2994, Class SC, IF, IO, 4.01%, 02/15/2033 (z)		3
	158		Series 2995, Class FT, 1.84%, 05/15/2029 (z)		157
	545		Series 3005, Class ED, 5.00%, 07/15/2025		573
	16		Series 3005, Class PV, IF, 10.23%, 10/15/2033 (z)		18
	403		Series 3031, Class BN, IF, 15.57%, 08/15/2035 (z)		522
	28		Series 3059, Class B, 5.00%, 02/15/2035		28
	—	(h)	Series 3068, Class AO, PO, 01/15/2035		—	(h)
	183		Series 3117, Class EO, PO, 02/15/2036		156
	56		Series 3134, PO, 03/15/2036		49
	64		Series 3138, PO, 04/15/2036		56
	338		Series 3152, Class MO, PO, 03/15/2036		288
	463		Series 3184, Class YO, PO, 03/15/2036		409
	1,581		Series 3187, Class Z, 5.00%, 07/15/2036		1,707
	356		Series 3201, Class IN, IF, IO, 4.66%, 08/15/2036 (z)		34
	1,367		Series 3202, Class HI, IF, IO, 5.06%, 08/15/2036 (z)		205
	204		Series 3274, Class B, 6.00%, 02/15/2037		223
	121		Series 3292, Class DO, PO, 03/15/2037		109

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	458	Series 3305, Class IW, IF, IO, 4.86%, 04/15/2037 (z)		50
	33	Series 3306, Class TB, IF, 4.34%, 04/15/2037 (z)		35
	29	Series 3306, Class TC, IF, 3.80%, 04/15/2037 (z)		30
	74	Series 3331, PO, 06/15/2037		66
	137	Series 3383, Class OP, PO, 11/15/2037		121
	1,344	Series 3409, Class DB, 6.00%, 01/15/2038		1,439
	109	Series 3531, Class SM, IF, IO, 4.51%, 05/15/2039 (z)		7
	35	Series 3542, Class TN, IF, 6.00%, 07/15/2036 (z)		39
	152	Series 3546, Class A, 3.10%, 02/15/2039 (z)		155
	250	Series 3572, Class JS, IF, IO, 5.21%, 09/15/2039 (z)		27
	4,859	Series 3592, Class BZ, 5.00%, 10/15/2039		5,243
	1,013	Series 3605, Class NC, 5.50%, 06/15/2037		1,110
	920	Series 3609, Class SA, IF, IO, 4.75%, 12/15/2039 (z)		119
	375	Series 3610, Class CA, 4.50%, 12/15/2039		396
	96	Series 3611, PO, 07/15/2034		81
	957	Series 3648, Class CY, 4.50%, 03/15/2030		1,012
	214	Series 3653, Class HJ, 5.00%, 04/15/2040		228
	3,558	Series 3677, Class PB, 4.50%, 05/15/2040		3,728
	381	Series 3737, Class DG, 5.00%, 10/15/2030		404
	131	Series 3747, Class HI, IO, 4.50%, 07/15/2037		2
	327	Series 3827, Class BD, 4.00%, 08/15/2039		332
	491	Series 3852, Class TP, IF, 5.50%, 05/15/2041 (z)		543
	330	Series 3855, Class AM, 6.50%, 11/15/2036		361
	219	Series 3890, Class ET, 5.50%, 11/15/2023		230
	2,466	Series 4030, Class IL, IO, 3.50%, 04/15/2027		248
	4,000	Series 4060, Class TB, 2.50%, 06/15/2027		3,707
	6,767	Series 4146, Class KI, IO, 3.00%, 12/15/2032		923

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 101

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	4,170		Series 4374, Class NC, SUB, 3.75%, 02/15/2046		4,248
			FHLMC STRIPS,
	193		Series 186, PO, 08/01/2027		175
	5,944		Series 262, Class 35, 3.50%, 07/15/2042		5,965
	2,088		Series 279, Class 35, 3.50%, 09/15/2042		2,118
	7,269		Series 323, Class 300, 3.00%, 01/15/2044		7,096
	5,713		Series 334, Class 300, 3.00%, 08/15/2044		5,481
	490		FHLMC Structured Pass-Through Securities Certificates, Series T-76, Class 2A, 4.10%, 10/25/2037 (z)		492
	382		First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1, 3.34%, 09/25/2034 (z)		378
			First Horizon Mortgage Pass-Through Trust,
	297		Series 2004-AR6, Class 2A1, 3.71%, 12/25/2034 (z)		299
	115		Series 2004-AR7, Class 2A2, 3.74%, 02/25/2035 (z)		116
			FNMA Grantor Trust,
	19,432		Series 2001-T12, IO, 0.52%, 08/25/2041 (z)		372
	705		Series 2002-T16, Class A2, 7.00%, 07/25/2042		801
	596		Series 2002-T19, Class A1, 6.50%, 07/25/2042		674
	39,112		Series 2002-T4, IO, 0.40%, 12/25/2041 (z)		266
	439		Series 2002-T4, Class A2, 7.00%, 12/25/2041		492
	760		Series 2002-T4, Class A4, 9.50%, 12/25/2041		869
	369		Series 2004-T1, Class 1A1, 6.00%, 01/25/2044		405
	265		Series 2004-T2, Class 1A3, 7.00%, 11/25/2043		301
	301		Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		343
	5,589		Series 2004-T3, Class 1IO4, IO, 0.58%, 02/25/2044 (z)		60
			FNMA REMIC,
	—	(h)	Series 1988-13, Class C, 9.30%, 05/25/2018		—	(h)
	5		Series 1989-72, Class E, 9.35%, 10/25/2019		6
	—	(h)	Series 1989-98, Class H, 11.50%, 12/25/2019		1

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	1	Series 1990-1, Class D, 8.80%, 01/25/2020		1
	1	Series 1990-110, Class H, 8.75%, 09/25/2020		1
	1	Series 1990-117, Class E, 8.95%, 10/25/2020		1
	14	Series 1991-141, Class PZ, 8.00%, 10/25/2021		15
	7	Series 1992-31, Class M, 7.75%, 03/25/2022		7
	7	Series 1992-79, Class Z, 9.00%, 06/25/2022		8
	8	Series 1992-101, Class J, 7.50%, 06/25/2022		8
	83	Series 1992-200, Class SK, HB, IF, 23.84%, 11/25/2022 (z)		105
	7	Series 1993-23, Class PZ, 7.50%, 03/25/2023		7
	50	Series 1993-56, Class PZ, 7.00%, 05/25/2023		54
	29	Series 1993-60, Class Z, 7.00%, 05/25/2023		31
	48	Series 1993-79, Class PL, 7.00%, 06/25/2023		51
	96	Series 1993-141, Class Z, 7.00%, 08/25/2023		103
	42	Series 1993-149, Class M, 7.00%, 08/25/2023		45
	95	Series 1993-160, Class ZA, 6.50%, 09/25/2023		100
	17	Series 1993-165, Class SA, IF, 15.68%, 09/25/2023 (z)		20
	2	Series 1993-205, Class H, PO, 09/25/2023		2
	15	Series 1993-247, Class SM, HB, IF, 27.50%, 12/25/2023 (z)		18
	18	Series 1993-255, Class E, 7.10%, 12/25/2023		19
	155	Series 1994-29, Class Z, 6.50%, 02/25/2024		166
	25	Series 1994-65, Class PK, PO, 04/25/2024		23
	88	Series 1995-4, Class Z, 7.50%, 10/25/2022		93
	336	Series 1995-19, Class Z, 6.50%, 11/25/2023		374
	32	Series 1997-11, Class E, 7.00%, 03/18/2027		35
	133	Series 1997-20, Class D, 7.00%, 03/17/2027		145
	15	Series 1997-27, Class J, 7.50%, 04/18/2027		17

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	235	Series 1997-37, Class SM, IF, IO, 6.38%, 12/25/2022 (z)		14
	204	Series 1997-42, Class EG, 8.00%, 07/18/2027		229
	154	Series 1997-63, Class ZA, 6.50%, 09/18/2027		171
	151	Series 1998-66, Class FB, 1.97%, 12/25/2028 (z)		152
	315	Series 1999-47, Class JZ, 8.00%, 09/18/2029		360
	145	Series 2000-8, Class Z, 7.50%, 02/20/2030		166
	74	Series 2001-4, Class PC, 7.00%, 03/25/2021		76
	147	Series 2001-14, Class Z, 6.00%, 05/25/2031		158
	195	Series 2001-16, Class Z, 6.00%, 05/25/2031		218
	174	Series 2001-36, Class ST, IF, IO, 6.88%, 11/25/2030 (z)		34
	453	Series 2001-72, Class SB, IF, IO, 5.88%, 12/25/2031 (z)		74
	859	Series 2001-81, Class HE, 6.50%, 01/25/2032		956
	74	Series 2002-19, Class SC, IF, 11.39%, 03/17/2032 (z)		87
	944	Series 2002-56, Class PE, 6.00%, 09/25/2032		1,035
	695	Series 2002-86, Class PG, 6.00%, 12/25/2032		768
	333	Series 2003-17, Class EQ, 5.50%, 03/25/2023		348
	470	Series 2003-22, Class Z, 6.00%, 04/25/2033		501
	2,174	Series 2003-25, Class KP, 5.00%, 04/25/2033		2,318
	566	Series 2003-47, Class PE, 5.75%, 06/25/2033		624
	6	Series 2003-64, Class KS, IF, 7.62%, 07/25/2018 (z)		6
	41	Series 2003-64, Class SX, IF, 9.81%, 07/25/2033 (z)		46
	10	Series 2003-91, Class SD, IF, 9.80%, 09/25/2033 (z)		11
	191	Series 2004-72, Class F, 2.12%, 09/25/2034 (z)		191
	3,000	Series 2005-19, Class PB, 5.50%, 03/25/2035		3,369
	18	Series 2005-42, Class PS, IF, 12.95%, 05/25/2035 (z)		20

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	16	Series 2005-51, Class MO, PO, 06/25/2035		15
	1,099	Series 2005-53, Class CS, IF, IO, 5.08%, 06/25/2035 (z)		120
	122	Series 2005-65, Class KO, PO, 08/25/2035		103
	532	Series 2005-72, Class WS, IF, IO, 5.13%, 08/25/2035 (z)		57
	222	Series 2005-84, Class XM, 5.75%, 10/25/2035		241
	90	Series 2005-90, Class ES, IF, 12.82%, 10/25/2035 (z)		104
	149	Series 2005-97, Class B, 5.50%, 11/25/2035		149
	93	Series 2005-106, Class US, IF, 18.62%, 11/25/2035 (z)		129
	386	Series 2006-9, Class KZ, 6.00%, 03/25/2036		430
	385	Series 2006-20, Class IB, IF, IO, 4.97%, 04/25/2036 (z)		51
	215	Series 2006-22, Class AO, PO, 04/25/2036		190
	1,318	Series 2006-27, Class OB, PO, 04/25/2036		1,083
	108	Series 2006-27, Class OH, PO, 04/25/2036		96
	2	Series 2006-59, Class QO, PO, 01/25/2033		2
	462	Series 2006-77, Class PC, 6.50%, 08/25/2036		510
	207	Series 2006-110, PO, 11/25/2036		176
	181	Series 2006-128, PO, 01/25/2037		155
	145	Series 2007-10, Class Z, 6.00%, 02/25/2037		161
	107	Series 2007-22, Class SC, IF, IO, 4.46%, 03/25/2037 (z)		8
	6,287	Series 2007-54, Class IB, IF, IO, 4.79%, 06/25/2037 (z)		959
	61	Series 2007-68, Class IA, IO, 6.50%, 06/25/2037		8
	184	Series 2007-71, Class GZ, 6.00%, 07/25/2047		198
	3,269	Series 2007-109, Class YI, IF, IO, 4.83%, 12/25/2037 (z)		306
	1,060	Series 2008-62, Class SM, IF, IO, 4.58%, 07/25/2038 (z)		138
	1,263	Series 2008-91, Class SI, IF, IO, 4.38%, 03/25/2038 (z)		124
	142	Series 2008-93, Class AM, 5.50%, 06/25/2037		146
	49	Series 2009-17, Class AI, IO, 5.00%, 03/25/2024		1
	147	Series 2009-23, Class MI, IO, 4.50%, 04/25/2024		5

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 103

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	619	Series 2009-29, Class LA, 1.24%, 05/25/2039 (z)		557
	455	Series 2009-52, Class PI, IO, 5.00%, 07/25/2039		99
	1,155	Series 2009-89, Class A1, 5.41%, 05/25/2035		1,184
	744	Series 2009-112, Class ST, IF, IO, 4.63%, 01/25/2040 (z)		98
	489	Series 2009-112, Class SW, IF, IO, 4.63%, 01/25/2040 (z)		62
	1,381	Series 2010-10, Class NT, 5.00%, 02/25/2040		1,475
	910	Series 2010-35, Class SB, IF, IO, 4.80%, 04/25/2040 (z)		117
	68	Series 2010-43, Class CI, IO, 4.50%, 02/25/2025		1
	359	Series 2010-49, Class SC, IF, 9.42%, 03/25/2040 (z)		399
	1,233	Series 2010-70, Class SA, IF, IO, 6.00%, 04/25/2038 (z)		266
	2,997	Series 2010-129, Class PZ, 4.50%, 11/25/2040		3,089
	342	Series 2011-19, Class ZY, 6.50%, 07/25/2036		383
	426	Series 2011-22, Class MA, 6.50%, 04/25/2038		451
	11,439	Series 2011-126, Class KB, 4.00%, 12/25/2041		11,861
	3,454	Series 2012-46, Class KI, IO, 3.50%, 05/25/2027		379
	7,670	Series 2012-148, Class IE, IO, 3.00%, 01/25/2033		974
	11,591	Series 2013-13, Class IK, IO, 2.50%, 03/25/2028		928
	22,143	Series 2016-33, Class JA, 3.00%, 07/25/2045		21,941
	16,605	Series 2016-38, Class NA, 3.00%, 01/25/2046		16,471
	6	Series G-29, Class O, 8.50%, 09/25/2021		7
	2	Series G92-30, Class Z, 7.00%, 06/25/2022		2
	8	Series G92-62, Class B, PO, 10/25/2022		7
		FNMA REMIC Trust,
	313	Series 2001-W3, Class A, 7.00%, 09/25/2041 (z)		332
	7,609	Series 2002-W7, Class IO1, IO, 0.90%, 06/25/2029 (z)		208
	3,337	Series 2002-W10, IO, 0.91%, 08/25/2042 (z)		79

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	129	Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		147
	51	Series 2004-W6, Class 3A4, 6.50%, 07/25/2034		51
	17,146	Series 2004-W11, Class 1IO1, IO, 0.36%, 05/25/2044 (z)		224
		FNMA STRIPS,
	782	Series 203, Class 2, IO, 8.00%, 02/25/2023		106
	134	Series 266, Class 2, IO, 7.50%, 08/25/2024		19
	892	Series 313, Class 1, PO, 06/25/2031		722
	31	Series 348, Class 30, IO, 5.50%, 12/25/2018		1
	27	Series 348, Class 31, IO, 5.50%, 12/25/2018 (z)		–	(h)
	61	Series 356, Class 42, IO, 5.50%, 12/25/2019		2
	238	Series 380, Class S36, IF, IO, 6.28%, 07/25/2037 (z)		44
	142	Series 383, Class 68, IO, 6.50%, 09/25/2037		30
	206	Series 383, Class 69, IO, 6.50%, 10/25/2037 (z)		43
	81	Series 383, Class 86, IO, 7.00%, 09/25/2037 (z)		20
		FNMA Trust,
	16	Series 2003-W3, Class 2A5, 5.36%, 06/25/2042		17
	205	Series 2003-W6, Class 1A41, 5.40%, 10/25/2042		220
	296	Series 2004-W2, Class 1A, 6.00%, 02/25/2044		321
	85	Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		96
	213	Series 2004-W8, Class 3A, 7.50%, 06/25/2044		243
	504	Series 2004-W9, Class 1A3, 6.05%, 02/25/2044		549
	344	Series 2005-W4, Class 1A1, 6.00%, 08/25/2045		376
		GMACM Mortgage Loan Trust,
	45	Series 2003-J10, Class A1, 4.75%, 01/25/2019		45
	142	Series 2005-AR3, Class 3A4, 3.80%, 06/19/2035 (z)		140
		GNMA,
	56	Series 1997-7, Class ZA, 9.00%, 05/16/2027		56

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	119	Series 2000-9, Class Z, 8.00%, 06/20/2030		137
	1,001	Series 2002-4, Class TD, 7.00%, 01/20/2032		1,124
	561	Series 2002-13, Class QA, IF, IO, 6.46%, 02/16/2032 (z)		7
	16	Series 2002-47, Class HM, 6.00%, 07/16/2032		18
	808	Series 2002-84, Class PH, 6.00%, 11/16/2032		893
	835	Series 2003-18, Class PG, 5.50%, 03/20/2033		920
	100	Series 2003-52, Class SB, IF, 8.77%, 06/16/2033 (z)		110
	1,510	Series 2003-101, Class SK, IF, IO, 4.97%, 10/17/2033 (z)		214
	239	Series 2004-2, Class SA, IF, 14.76%, 01/16/2034 (z)		334
	3,263	Series 2004-19, Class KE, 5.00%, 03/16/2034		3,482
	14	Series 2004-73, Class AE, IF, 11.58%, 08/17/2034 (z)		15
	768	Series 2004-86, Class SP, IF, IO, 4.51%, 09/20/2034 (z)		79
	596	Series 2004-90, Class SI, IF, IO, 4.51%, 10/20/2034 (z)		82
	1,324	Series 2004-105, Class SN, IF, IO, 4.51%, 12/20/2034 (z)		120
	97	Series 2005-56, Class IC, IO, 5.50%, 07/20/2035		22
	656	Series 2006-23, Class S, IF, IO, 4.91%, 01/20/2036 (z)		20
	997	Series 2006-26, Class S, IF, IO, 4.91%, 06/20/2036 (z)		156
	292	Series 2006-33, Class PK, 6.00%, 07/20/2036		323
	1,481	Series 2007-7, Class EI, IF, IO, 4.61%, 02/20/2037 (z)		188
	805	Series 2007-9, Class CI, IF, IO, 4.61%, 03/20/2037 (z)		108
	1,075	Series 2007-16, Class KU, IF, IO, 5.06%, 04/20/2037 (z)		134
	95	Series 2007-17, Class JO, PO, 04/16/2037		81
	1,053	Series 2007-22, Class PK, 5.50%, 04/20/2037		1,166
	1,437	Series 2007-24, Class SA, IF, IO, 4.92%, 05/20/2037 (z)		204
	335	Series 2007-26, Class SC, IF, IO, 4.61%, 05/20/2037 (z)		41

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	286	Series 2007-67, Class SI, IF, IO, 4.92%, 11/20/2037 (z)		35
	48	Series 2008-29, PO, 02/17/2033		46
	226	Series 2008-34, Class OC, PO, 06/20/2037		181
	529	Series 2008-40, Class PS, IF, IO, 4.91%, 05/16/2038 (z)		60
	1,082	Series 2008-40, Class SA, IF, IO, 4.81%, 05/16/2038 (z)		150
	1,511	Series 2008-49, Class PH, 5.25%, 06/20/2038		1,611
	2,182	Series 2008-50, Class SA, IF, IO, 4.64%, 06/20/2038 (z)		229
	1,386	Series 2008-55, Class PL, 5.50%, 06/20/2038		1,497
	628	Series 2009-12, Class IE, IO, 5.50%, 03/20/2039		123
	1,365	Series 2009-16, Class SJ, IF, IO, 5.21%, 05/20/2037 (z)		179
	584	Series 2009-72, Class SM, IF, IO, 4.66%, 08/16/2039 (z)		76
	293	Series 2009-75, Class IY, IO, 5.50%, 06/20/2039		62
	644	Series 2009-77, Class CS, IF, IO, 5.41%, 06/16/2038 (z)		55
	237	Series 2009-79, Class OK, PO, 11/16/2037		210
	188	Series 2009-81, Class A, 5.75%, 09/20/2036		205
	570	Series 2009-106, Class XL, IF, IO, 5.16%, 06/20/2037 (z)		51
	418	Series 2010-4, Class SB, IF, IO, 4.91%, 08/16/2039 (z)		17
	20	Series 2010-14, Class QP, 6.00%, 12/20/2039		21
	386	Series 2010-31, Class SK, IF, IO, 4.51%, 11/20/2034 (z)		49
	569	Series 2010-157, Class OP, PO, 12/20/2040		467
	8,425	Series 2012-H11, Class FA, 2.26%, 02/20/2062 (z)		8,488
	2,132	Series 2012-H18, Class FA, 2.11%, 08/20/2062 (z)		2,142
	3,923	Series 2013-H04, Class BA, 1.65%, 02/20/2063		3,864
	7,031	Series 2013-H20, Class FB, 2.56%, 08/20/2063 (z)		7,135
	8,847	Series 2013-H23, Class FA, 2.86%, 09/20/2063 (z)		9,054
	2,344	Series 2014-60, Class W, 4.31%, 02/20/2029 (z)		2,387

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 105

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	1,446	Series 2015-157, Class GA, 3.00%, 01/20/2045		1,428
	7,520	Series 2015-H02, Class HA, 2.50%, 01/20/2065		7,271
	9,767	Series 2015-H04, Class FL, 2.03%, 02/20/2065 (z)		9,787
	8,029	Series 2015-H23, Class FB, 2.08%, 09/20/2065 (z)		8,066
	7,003	Series 2015-H32, Class FH, 2.22%, 12/20/2065 (z)		7,080
	12,171	Series 2016-H16, Class FD, 2.11%, 06/20/2066 (z)		12,235
	7,582	Series 2016-H17, Class FC, 2.39%, 08/20/2066 (z)		7,690
	19,442	Series 2016-H23, Class F, 2.31%, 10/20/2066 (z)		19,651
	18,989	Series 2016-H26, Class FC, 2.56%, 12/20/2066 (z)		19,426
	30,865	Series 2017-H08, Class FC, 2.16%, 03/20/2067 (z)		31,096
	24,121	Series 2017-H08, Class XI, IO, 2.12%, 03/20/2067 (z)		3,253
	64,251	Series 2017-H11, Class XI, IO, 2.03%, 05/20/2067 (z)		8,182
	36,386	Series 2017-H14, Class AI, IO, 2.07%, 06/20/2067 (z)		4,245
	24,971	Series 2017-H14, Class XI, IO, 1.71%, 06/20/2067 (z)		2,673
	36,933	Series 2017-H23, Class FA, 2.04%, 10/20/2067 (z)		37,050
	17,625	Goodgreen Trust, Series 2017-R1, 5.00%, 10/20/2051 (bb)		17,368
		GSR Mortgage Loan Trust,
	141	Series 2003-7F, Class 1A4, 5.25%, 06/25/2033		145
	202	Series 2004-6F, Class 2A4, 5.50%, 05/25/2034		208
	202	Series 2004-6F, Class 3A4, 6.50%, 05/25/2034		216
	102	Series 2004-8F, Class 2A3, 6.00%, 09/25/2034		105
	35	Series 2005-5F, Class 8A1, 2.12%, 06/25/2035 (z)		33
	20	Series 2005-5F, Class 8A3, 2.12%, 06/25/2035 (z)		19
	141	Series 2007-2F, Class 2A7, 5.75%, 02/25/2037		160
	11,950	Headlands Residential LLC, Series 2017-RPL1, Class A, SUB, 3.88%, 08/25/2022 (e)		11,795

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	9,862	HERO Funding III, (Cayman Islands), Series 2017-1A, Class A, 3.50%, 09/21/2043 (e) (bb)		9,259
		Impac CMB Trust,
	666	Series 2004-10, Class 3A1, 2.32%, 03/25/2035 (z)		623
	414	Series 2004-10, Class 3A2, 2.42%, 03/25/2035 (z)		387
	10	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A1, 5.50%, 08/25/2033		11
		JP Morgan Mortgage Trust,
	308	Series 2004-S1, Class 3A1, 5.50%, 09/25/2034		308
	573	Series 2004-S2, Class 4A5, 6.00%, 11/25/2034		566
	194	Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		188
	323	Series 2006-A2, Class 4A1, 3.72%, 08/25/2034 (z)		327
	251	Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (z)		255
	98	Series 2007-A1, Class 5A2, 3.69%, 07/25/2035 (z)		101
	77	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		79
		MASTR Alternative Loan Trust,
	17	Series 2003-7, Class 4A3, 8.00%, 11/25/2018		17
	57	Series 2003-8, Class 3A1, 5.50%, 12/25/2033		59
	18	Series 2003-9, Class 5A1, 4.50%, 12/25/2018		18
	517	Series 2004-6, Class 6A1, 6.50%, 07/25/2034		522
	431	Series 2004-6, Class 7A1, 6.00%, 07/25/2034		441
	53	Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		44
	42	Series 2004-7, Class 3A1, 6.50%, 08/25/2034		43
	54	Series 2004-8, Class 6A1, 5.50%, 09/25/2019		54
	76	Series 2004-10, Class 1A1, 4.50%, 09/25/2019		76
	25	Series 2004-11, Class 8A3, 5.50%, 10/25/2019		25
	5	Series 2005-1, Class 5A1, 5.50%, 01/25/2020		5

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		MASTR Asset Securitization Trust,
	2	Series 2003-11, Class 10A1, 5.00%, 12/25/2018		2
	6	Series 2003-11, Class 3A1, 4.50%, 12/25/2018		6
	20	Series 2004-6, Class 3A1, 5.25%, 07/25/2019		21
	10	Series 2004-6, Class 4A1, 5.00%, 07/25/2019		10
	2	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		2
	5	Series 2004-8, PO, 08/25/2019 (bb)		5
	6	Series 2004-10, Class 1A1, 4.50%, 10/25/2019		7
	110	Series 2004-P7, Class A6, 5.50%, 12/27/2033 (e)		112
	40	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e)		33
		Merrill Lynch Mortgage Investors Trust,
	238	Series 2004-C, Class A2, 2.42%, 07/25/2029 (z)		235
	142	Series 2004-D, Class A3, 3.30%, 09/25/2029 (z)		141
		Morgan Stanley Mortgage Loan Trust,
	386	Series 2004-3, Class 4A, 5.67%, 04/25/2034 (z)		406
	164	Series 2004-7AR, Class 2A6, 3.56%, 09/25/2034 (z)		169
	166	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z)		168
	74	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.40%, 12/08/2020		73
	150	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.00%, 07/25/2038		152
	175	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		185
		RALI Trust,
	23	Series 2003-QS14, Class A1, 5.00%, 07/25/2018		23
	77	Series 2004-QS3, Class CB, 5.00%, 03/25/2019		77
	2,202	Series 2005-QS5, Class A4, 5.75%, 04/25/2035		2,086
	19,740	RCO Trust, Series 2017-INV1, Class A, 3.20%, 11/25/2052 (e) (z)		19,709
		Residential Asset Securitization Trust,
	60	Series 2003-A8, Class A1, 3.75%, 10/25/2018		60

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	131	Series 2006-A6, Class 2A13, 6.00%, 07/25/2036		114
		RFMSI Trust,
	143	Series 2005-SA4, Class 1A1, 3.51%, 09/25/2035 (z)		129
	1,230	Series 2006-S1, Class 1A8, 5.75%, 01/25/2036		1,183
	37	SACO I, Inc., Series 1997-2, Class 1A5, 7.00%, 08/25/2036 (e)		37
	669	Sequoia Mortgage Trust, Series 2004-8, Class A2, 2.84%, 09/20/2034 (z)		659
	299	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 1A, 3.49%, 10/25/2034 (z)		301
		Structured Asset Securities Corp.,
	1,309	Series 2003-37A, Class 1A, 3.72%, 12/25/2033 (z)		1,300
	140	Series 2003-37A, Class 2A, 3.39%, 12/25/2033 (z)		141
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	1,706	Series 2003-26A, Class 3A5, 3.54%, 09/25/2033 (z)		1,716
	202	Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		206
	86	Series 2004-7, Class 2A1, 5.53%, 05/25/2024 (z)		87
		Vendee Mortgage Trust,
	425	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		461
	1,106	Series 1998-1, Class 2E, 7.00%, 03/15/2028		1,237
	160	Series 1999-1, Class 2Z, 6.50%, 01/15/2029		173
		WaMu Mortgage Pass-Through Certificates Trust,
	6	Series 2002-S8, Class 2A7, 5.25%, 01/25/2033		6
	247	Series 2003-AR8, Class A, 3.23%, 08/25/2033 (z)		250
	160	Series 2003-AR9, Class 1A6, 3.33%, 09/25/2033 (z)		164
	74	Series 2004-AR3, Class A1, 3.22%, 06/25/2034 (z)		76
	687	Series 2004-AR3, Class A2, 3.22%, 06/25/2034 (z)		701
	580	Series 2004-AR11, Class A, 3.28%, 10/25/2034 (z)		581
	34	Series 2004-CB2, Class 7A, 5.50%, 08/25/2019		34

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 107

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	48	Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		49
	646	Series 2004-S2, Class 2A4, 5.50%, 06/25/2034		670
	78	Series 2005-AR2, Class 2A21, 1.95%, 01/25/2045 (z)		77
	736	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.50%, 06/25/2035		710
	414	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.00%, 03/25/2034		450
	246	Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2, 3.49%, 07/25/2034 (z)		250
		Wells Fargo Mortgage-Backed Securities Trust,
	327	Series 2003-D, Class A1, 3.65%, 02/25/2033 (z)		325
	122	Series 2003-M, Class A1, 3.73%, 12/25/2033 (z)		123
	89	Series 2004-B, Class A1, 3.74%, 02/25/2034 (z)		89
	33	Series 2004-Q, Class 1A3, 3.60%, 09/25/2034 (z)		33
	100	Series 2004-Q, Class 2A2, 3.58%, 09/25/2034 (z)		100
	476	Series 2004-U, Class A1, 3.64%, 10/25/2034 (z)		479
	71	Series 2004-DD, Class 2A8, 3.77%, 01/25/2035 (z)		73
	94	Series 2004-EE, Class 3A1, 3.79%, 12/25/2034 (z)		98
	130	Series 2004-EE, Class 3A2, 3.79%, 12/25/2034 (z)		135
	2,175	Series 2005-9, Class 2A10, 5.25%, 10/25/2035		2,181
	478	Series 2005-AR16, Class 2A1, 3.81%, 02/25/2034 (z)		489
	2,035	Series 2005-AR3, Class 1A1, 3.49%, 03/25/2035 (z)		2,091
		Total Collateralized Mortgage Obligations (Cost $528,519)		527,667
	Commercial Mortgage-Backed Securities — 8.4%
	9,357	Access PT Funding Trust, Series 2016-1, 7.00%, 02/15/2023 (bb)		9,344
		BAMLL Commercial Mortgage Securities Trust,
	2,985	Series 2012-PARK, Class A, 2.96%, 12/10/2030 (e)		2,956
	8,400	Series 2016-FR14, Class A, 3.07%, 02/27/2048 (e) (z)		7,850

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		BAMLL Re-REMIC Trust,
	8,992	Series 2013-FRR2, Class B, PO, 09/26/2022 (e)		6,800
	14,650	Series 2013-FRR3, Class A, PO, 06/26/2023 (e)		10,984
	8,600	Series 2014-FRR4, Class BK29, PO, 04/27/2023 (e)		5,763
	3,050	Series 2014-FRR5, Class A714, PO, 01/27/2047 (e)		2,696
	12,000	Series 2014-FRR8, Class A, 2.22%, 11/26/2047 (e) (z)		9,846
	17,245	Series 2015-FR11, Class A705, 1.82%, 09/27/2044 (e) (z)		16,982
	16,500	Series 2016-FR13, Class A, 1.69%, 08/27/2045 (e) (z)		14,296
	5,750	Series 2016-FR16, Class A, 0.99%, 05/27/2021 (e) (z)		5,221
	9,400	BBCCRE Trust, Series 2015-GTP, Class A, 3.97%, 08/10/2033 (e)		9,366
		BB-UBS Trust,
	13,922	Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (e)		13,830
	12,692	Series 2012-SHOW, Class E, 4.03%, 11/05/2036 (e) (z)		11,977
	972	Series 2012-TFT, Class A, 2.89%, 06/05/2030 (e)		949
		BCRR Trust,
	21,000	Series 2014-FRR1, Class A716, PO, 08/26/2047 (e)		17,736
	14,335	Series 2014-FRR1, Class B716, PO, 08/26/2047 (e) (bb)		11,618
	5,000	BWAY Mortgage Trust, Series 2013-1515, Class F, 3.93%, 03/10/2033 (e) (z) (bb)		4,752
	8,500	BXMT Ltd., Series 2017-FL1, Class D, 4.29%, 06/15/2035 (e) (z) (bb)		8,526
	13,042	Capmark Mortgage Securities, Inc., Series 1998-C2, Class X, IO, 1.09%, 05/15/2035 (z) (bb)		18
	1,835	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, 0.63%, 12/11/2049 (e) (z) (bb)		6
	5,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.75%, 12/15/2047 (e) (z) (bb)		5,074
		Commercial Mortgage Trust,
	2,572	Series 2006-GG7, Class AM, 5.79%, 07/10/2038 (z)		2,572
	21,717	Series 2012-CR2, Class XA, IO, 1.66%, 08/15/2045 (z) (bb)		1,308

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	7,000	Series 2013-CR9, Class D, 4.26%, 07/10/2045 (e) (z) (bb)		5,961
	6,100	Series 2013-WWP, Class A2, 3.42%, 03/10/2031 (e)		6,216
	8,032	Series 2015-CR24, Class A5, 3.70%, 08/10/2048		8,156
	6,856	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		6,977
	13,198	Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AX, IO, 0.07%, 01/15/2049 (e) (z) (bb)		—	(h)
		CSAIL Commercial Mortgage Trust,
	12,304	Series 2015-C3, Class A4, 3.72%, 08/15/2048		12,466
	19,159	Series 2017-CX10, Class UESC, 4.24%, 11/15/2027 (e) (z)		18,933
	15,200	CSMC OA LLC, Series 2014-USA, Class D, 4.37%, 09/15/2037 (e) (bb)		14,587
	7,715	DBRR Re-REMIC Trust, Series 2015-FRR1, Class B711, PO, 08/28/2045 (e)		7,191
	11,862	DBUBS Mortgage Trust, Series 2011-LC2A, Class XA, IO, 1.12%, 07/10/2044 (e) (z) (bb)		337
		FHLMC Multifamily Structured Pass-Through Certificates,
	15,000	Series K037, Class A2, 3.49%, 01/25/2024		15,363
	3,429	Series K038, Class A2, 3.39%, 03/25/2024		3,495
	13,500	Series K048, Class A2, 3.28%, 06/25/2025 (z)		13,644
	3,791	Series K052, Class A2, 3.15%, 11/25/2025		3,785
	10,012	Series K061, Class AM, 3.44%, 11/25/2026 (z)		10,103
	6,633	Series K065, Class A2, 3.24%, 04/25/2027		6,616
	3,557	Series K065, Class AM, 3.33%, 05/25/2027		3,551
	6,045	Series K070, Class A2, 3.30%, 11/25/2027 (z)		6,044
	14,087	Series K073, Class A2, 3.35%, 01/25/2028		14,123
	8,843	Series K152, Class A2, 3.08%, 01/25/2031		8,588
	66,336	Series K708, Class X1, IO, 1.46%, 01/25/2019 (z)		631
	10,471	Series K727, Class AM, 3.04%, 07/25/2024		10,404
	25,000	Series KJ06, Class A, 2.27%, 01/25/2023		24,130

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	20,000	Series KJ07, Class A2, 2.31%, 12/25/2022		19,458
	5,555	Series KJ08, Class A2, 2.36%, 08/25/2022		5,445
	5,121	Series KJ09, Class A2, 2.84%, 09/25/2022		5,091
	13,930	Series KJ13, Class A2, 2.86%, 08/25/2022		13,970
	12,710	Series KJ17, Class A2, 2.98%, 11/25/2025		12,428
	8,633	Series KJ18, Class A2, 3.07%, 08/25/2022		8,696
	10,080	Series KS06, Class A2, 2.72%, 07/25/2026		9,717
	21,600	Series KS07, Class A2, 2.74%, 09/25/2025		20,965
		FNMA ACES,
	1,680	Series 2011-M4, Class A2, 3.73%, 06/25/2021		1,721
	631	Series 2011-M8, Class A2, 2.92%, 08/25/2021		631
	3,259	Series 2013-M7, Class A2, 2.28%, 12/27/2022		3,169
	8,935	Series 2014-M3, Class A2, 3.47%, 01/25/2024 (z)		9,145
	13,398	Series 2014-M12, Class ASV2, 2.61%, 10/25/2021 (z)		13,325
	8,909	Series 2014-M13, Class A2, 3.02%, 08/25/2024 (z)		8,879
	12,965	Series 2015-M1, Class A2, 2.53%, 09/25/2024		12,547
	19,865	Series 2015-M2, Class A3, 3.05%, 12/25/2024 (z)		19,834
	10,000	Series 2015-M3, Class A2, 2.72%, 10/25/2024		9,779
	20,332	Series 2015-M5, Class A1, 2.87%, 03/25/2025 (z)		19,844
	12,398	Series 2015-M7, Class A2, 2.59%, 12/25/2024		12,012
	11,700	Series 2015-M8, Class A2, 2.90%, 01/25/2025 (z)		11,530
	8,528	Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		8,387
	1,808	Series 2015-M13, Class A2, 2.71%, 06/25/2025 (z)		1,763
	9,100	Series 2016-M6, Class A2, 2.49%, 05/25/2026		8,607
	10,328	Series 2016-M7, Class A2, 2.50%, 09/25/2026		9,743
	10,660	Series 2017-M1, Class A2, 2.42%, 10/25/2026 (z)		9,998
	17,000	Series 2017-M3, Class A2, 2.49%, 12/25/2026 (z)		15,949
	9,077	Series 2017-M5, Class A2, 3.30%, 04/25/2029		8,919

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 109

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	10,260	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		10,064
	13,081	FNMA Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027		12,561
		FORT CRE LLC,
	17,000	Series 2016-1A, Class D, 7.47%, 05/21/2036 (e) (z)		17,255
	11,503	Series 2016-1A, Class E, 9.62%, 05/21/2036 (e) (z)		11,651
		FREMF Mortgage Trust,
	4,156	Series 2013-K25, Class C, 3.62%, 11/25/2045 (e) (z)		4,044
	4,750	Series 2014-K38, Class C, 4.64%, 06/25/2047 (e) (z)		4,768
	7,000	Series 2014-K39, Class C, 4.16%, 08/25/2047 (e) (z) (bb)		6,827
	11,160	Series 2014-K40, Class C, 4.07%, 11/25/2047 (e) (z) (bb)		10,831
	8,920	Series 2015-K45, Class B, 3.59%, 04/25/2048 (e) (z) (bb)		8,798
	3,545	Series 2015-K46, Class C, 3.70%, 04/25/2048 (e) (z) (bb)		3,371
	16,085	Series 2015-K48, Class B, 3.64%, 08/25/2048 (e) (z) (bb)		15,652
	2,750	Series 2015-K51, Class B, 3.95%, 10/25/2048 (e) (z) (bb)		2,765
	4,000	Series 2015-K718, Class C, 3.55%, 02/25/2022 (e) (z)		3,846
	11,227	Series 2015-K720, Class B, 3.39%, 07/25/2022 (e) (z) (bb)		10,996
	11,500	Series 2015-K720, Class C, 3.39%, 07/25/2022 (e) (z) (bb)		10,844
	2,585	Series 2015-K721, Class B, 3.56%, 11/25/2047 (e) (z)		2,545
	10,000	Series 2016-K55, Class B, 4.16%, 04/25/2049 (e) (z)		10,064
	3,549	Series 2016-K56, Class B, 3.94%, 06/25/2049 (e) (z)		3,562
	4,714	Series 2016-K59, Class B, 3.58%, 11/25/2049 (e) (z) (bb)		4,580
	8,010	Series 2016-K722, Class B, 3.84%, 07/25/2049 (e) (z)		7,965
	11,895	Series 2017-K63, Class B, 3.87%, 02/25/2050 (e) (z)		11,787
	9,423	Series 2017-K68, Class B, 3.84%, 08/25/2027 (e) (z)		9,264
	3,200	Series 2017-K727, Class C, 3.74%, 07/25/2024 (e) (z)		3,009
	20,000	GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class XA, IO, 1.30%, 06/05/2031 (e) (z) (bb)		268

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	5,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.40%, 08/10/2044 (e) (z) (bb)		4,834
		JP Morgan Chase Commercial Mortgage Securities Trust,
	23,540	Series 2005-CB11, Class X1, IO, 0.02%, 08/12/2037 (e) (z) (bb)		8
	12,723	Series 2005-LDP5, Class X1, IO, 0.00%, 12/15/2044 (e) (z) (bb)		—	(h)
	11,494	Series 2006-CB15, Class X1, IO, 0.26%, 06/12/2043 (z) (bb)		12
	444	Series 2006-LDP8, Class X, IO, 0.29%, 05/15/2045 (z) (bb)		—	(h)
	2,000	Series 2006-LDP9, Class AMS, 5.34%, 05/15/2047		2,011
	5,491	Series 2010-C2, Class XA, IO, 1.62%, 11/15/2043 (e) (z) (bb)		181
		JPMCC Re-REMIC Trust,
	6,400	Series 2014-FRR1, Class A707, 4.35%, 01/27/2047 (e)		6,370
	10,922	Series 2014-FRR1, Class B702, 4.23%, 04/27/2044 (e)		10,891
	6,875	Series 2014-FRR1, Class BK10, 2.55%, 11/27/2049 (e) (z)		6,498
	5,000	Series 2015-FRR2, Class AK36, 2.29%, 12/27/2046 (e) (z)		4,355
	7,000	Series 2015-FRR2, Class AK39, 2.98%, 08/27/2047 (e) (z)		6,234
	2,870	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, 0.51%, 12/12/2049 (e) (z) (bb)		—	(h)
		Morgan Stanley Capital I Trust,
	11,219	Series 2007-HQ11, Class X, IO, 0.33%, 02/12/2044 (e) (z) (bb)		141
	572	Series 2011-C3, Class A3, 4.05%, 07/15/2049		582
		Morgan Stanley Re-REMIC Trust,
	472	Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (e)		472
	882	Series 2012-XA, Class B, 0.25%, 07/27/2049 (e) (bb)		842
		PFP Ltd., (Cayman Islands),
	3,451	Series 2015-2, Class D, 5.59%, 07/14/2034 (e) (z) (bb)		3,458
	6,500	Series 2017-3, Class D, 5.09%, 01/14/2035 (e) (z) (bb)		6,530
	1,885	RAIT Trust, Series 2015-FL5, Class B, 5.48%, 01/15/2031 (e) (z) (bb)		1,887
	7,750	TPG Real Estate Finance Ltd., (Cayman Islands), Series 2018-FL1, Class D, 4.26%, 02/15/2035 (e) (z)		7,750

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		UBS Commercial Mortgage Trust,
	9,459	Series 2012-C1, Class D, 5.54%, 05/10/2045 (e) (z) (bb)		9,349
	7,462	Series 2012-C1, Class XA, IO, 2.08%, 05/10/2045 (e) (z)		516
	14,700	Series 2017-C7, Class A4, 3.68%, 12/15/2050		14,766
	2,191	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		2,181
		UBS-Barclays Commercial Mortgage Trust,
	1,560	Series 2012-C2, Class A4, 3.53%, 05/10/2063		1,583
	12,638	Series 2012-C2, Class XA, IO, 1.34%, 05/10/2063 (e) (z) (bb)		597
	5,291	VNDO Mortgage Trust, Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)		5,230
	13,923	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class XC, IO, 0.33%, 12/15/2043 (e) (z) (bb)		4
		Wells Fargo Commercial Mortgage Trust,
	7,598	Series 2015-C30, Class A4, 3.66%, 09/15/2058		7,691
	9,000	Series 2017-C41, Class A3, 3.21%, 11/15/2050		8,768
	12,000	Wells Fargo Re-REMIC Trust, Series 2013-FRR1, Class AK16, PO, 12/27/2043 (e)		10,259
		WFRBS Commercial Mortgage Trust,
	2,500	Series 2011-C3, Class A4, 4.38%, 03/15/2044 (e)		2,588
	6,640	Series 2013-C11, Class D, 4.27%, 03/15/2045 (e) (z) (bb)		6,234
	12,837	Worldwide Plaza Trust, Series 2017-WWP, Class A, 3.53%, 11/10/2036 (e)		12,725
		Total Commercial Mortgage-Backed Securities (Cost $1,006,919)		996,187
	Convertible Bonds — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	1,930	DISH Network Corp., 3.38%, 08/15/2026		1,942
		Specialty Retail — 0.0% (g)
	815	Nebraska Book Holdings, Inc., 2.02%, 04/01/2026 (d) (e) (bb)		—	(h)
		Total Convertible Bonds (Cost $2,096)		1,942

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 27.0%
		Consumer Discretionary — 2.7%
		Auto Components — 0.3%
		Allison Transmission, Inc.,
	610	4.75%, 10/01/2027 (e)		598
	1,709	5.00%, 10/01/2024 (e)		1,732
		American Axle & Manufacturing, Inc.,
	300	6.25%, 03/15/2021		305
	1,731	6.63%, 10/15/2022		1,789
	1,352	Dana Financing Luxembourg SARL, 5.75%, 04/15/2025 (e)		1,385
		Goodyear Tire & Rubber Co. (The),
	2,598	4.88%, 03/15/2027		2,559
	2,243	5.00%, 05/31/2026		2,243
	2,512	5.13%, 11/15/2023		2,572
		Icahn Enterprises LP,
	2,967	6.25%, 02/01/2022		3,011
	3,870	6.38%, 12/15/2025		3,885
	5,627	6.75%, 02/01/2024		5,740
		IHO Verwaltungs GmbH, (Germany),
	350	4.50% (cash), 09/15/2023 (e) (v)		343
	1,850	4.75% (cash), 09/15/2026 (e) (v)		1,785
	2,085	Tenneco, Inc., 5.38%, 12/15/2024		2,147
				30,094
		Automobiles — 0.2%
	1,750	BMW US Capital LLC, (Germany), 1.85%, 09/15/2021 (e)		1,680
		Daimler Finance North America LLC, (Germany),
	1,000	2.70%, 08/03/2020 (e)		993
	1,500	2.88%, 03/10/2021 (e)		1,491
	500	3.30%, 05/19/2025 (e)		492
	195	8.50%, 01/18/2031		285
		Fiat Chrysler Automobiles NV, (United Kingdom),
	1,000	4.50%, 04/15/2020		1,014
	708	5.25%, 04/15/2023		729
		Ford Motor Co.,
	523	4.35%, 12/08/2026		515
	3,500	6.63%, 10/01/2028		4,048
	1,250	7.45%, 07/16/2031		1,522
	2,655	General Motors Co., 6.60%, 04/01/2036		3,086
		Jaguar Land Rover Automotive plc, (United Kingdom),
	3,607	4.50%, 10/01/2027 (e)		3,427
	974	5.63%, 02/01/2023 (e)		996
	2,500	Motors Liquidation Co., 7.70%, 04/15/2016 (d) (bb)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 111

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Automobiles — continued
		Nissan Motor Acceptance Corp.,
	538	2.13%, 03/03/2020 (e)		531
	7,205	2.80%, 01/13/2022 (e)		7,089
				27,898
		Diversified Consumer Services — 0.0% (g)
	429	President & Fellows of Harvard College, 3.30%, 07/15/2056		387
		Service Corp. International,
	1,605	5.38%, 05/15/2024		1,655
	2,300	8.00%, 11/15/2021		2,622
				4,664
		Hotels, Restaurants & Leisure — 0.4%
	2,374	1011778 BC ULC, (Canada), 4.25%, 05/15/2024 (e)		2,267
	400	Cedar Fair LP, 5.38%, 04/15/2027 (e)		404
	548	Chukchansi Economic Development Authority, 9.75%, 05/30/2020 (d) (e)		334
	2,995	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		3,073
	3,101	GLP Capital LP, 5.38%, 11/01/2023		3,233
	3,120	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		3,066
	2,171	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		2,339
		Hilton Worldwide Finance LLC,
	1,136	4.63%, 04/01/2025		1,140
	1,315	4.88%, 04/01/2027		1,315
		International Game Technology plc,
	1,795	6.25%, 02/15/2022 (e)		1,891
	2,575	6.50%, 02/15/2025 (e)		2,762
	1,877	KFC Holding Co., 4.75%, 06/01/2027 (e)		1,835
	3,600	McDonald’s Corp., 2.75%, 12/09/2020		3,595
		MGM Resorts International,
	1,204	4.63%, 09/01/2026		1,177
	3,634	6.00%, 03/15/2023		3,866
	990	NCL Corp. Ltd., 4.75%, 12/15/2021 (e)		1,011
		Sabre GLBL, Inc.,
	1,050	5.25%, 11/15/2023 (e)		1,058
	408	5.38%, 04/15/2023 (e)		411
		Scientific Games International, Inc.,
	1,333	5.00%, 10/15/2025 (e)		1,318
	544	7.00%, 01/01/2022 (e)		573
	2,716	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		2,736

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hotels, Restaurants & Leisure — continued
	3,608	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		3,599
	420	Speedway Motorsports, Inc., 5.13%, 02/01/2023		420
	1,010	Starbucks Corp., 3.10%, 03/01/2023		1,008
	2,050	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		1,994
				46,425
		Household Durables — 0.2%
		Lennar Corp.,
	210	4.50%, 06/15/2019		213
	286	4.50%, 11/15/2019		291
	667	4.50%, 04/30/2024		662
	2,305	4.75%, 05/30/2025		2,293
	3,250	4.75%, 11/29/2027 (e)		3,144
	500	4.75%, 11/15/2022		503
	1,256	5.25%, 06/01/2026 (e)		1,281
	1,793	5.88%, 11/15/2024 (e)		1,905
	300	6.25%, 12/15/2021 (e)		320
	790	8.38%, 01/15/2021 (e)		881
	708	M/I Homes, Inc., 6.75%, 01/15/2021		730
		Mattamy Group Corp., (Canada),
	1,015	6.50%, 10/01/2025 (e)		1,061
	370	6.88%, 12/15/2023 (e)		388
		PulteGroup, Inc.,
	400	5.00%, 01/15/2027		397
	2,052	5.50%, 03/01/2026		2,078
	851	Tempur Sealy International, Inc., 5.50%, 06/15/2026		836
		Toll Brothers Finance Corp.,
	1,955	4.35%, 02/15/2028		1,847
	420	4.38%, 04/15/2023		425
	370	4.88%, 11/15/2025		370
	130	5.63%, 01/15/2024		138
	524	5.88%, 02/15/2022		558
				20,321
		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	612	2.80%, 08/22/2024 (e)		593
	500	3.30%, 12/05/2021		507
	900	4.25%, 08/22/2057 (e)		898
	1,523	4.80%, 12/05/2034		1,687
	357	Booking Holdings, Inc., 2.75%, 03/15/2023		346
	1,500	Netflix, Inc., 4.38%, 11/15/2026		1,440
	1,000	QVC, Inc., 4.45%, 02/15/2025		981
				6,452

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Leisure Products — 0.0% (g)
		Mattel, Inc.,
	1,100	3.15%, 03/15/2023		986
	1,045	6.75%, 12/31/2025 (e)		1,063
				2,049
		Media — 1.2%
		21st Century Fox America, Inc.,
	500	6.55%, 03/15/2033		641
	600	6.75%, 01/09/2038		770
	800	7.75%, 01/20/2024		953
	147	8.88%, 04/26/2023		181
	4,805	Altice Luxembourg SA, (Luxembourg), 7.63%, 02/15/2025 (e)		4,228
		Altice US Finance I Corp.,
	2,800	5.38%, 07/15/2023 (e)		2,846
	3,067	5.50%, 05/15/2026 (e)		3,036
		AMC Networks, Inc.,
	1,693	4.75%, 08/01/2025		1,640
	2,096	5.00%, 04/01/2024		2,101
	14,431	Charter Communications Operating LLC, 4.91%, 07/23/2025		14,861
		Cinemark USA, Inc.,
	865	4.88%, 06/01/2023		860
	410	5.13%, 12/15/2022		416
	1,823	Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/2022		1,873
	240	Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		305
		Comcast Corp.,
	1,290	2.75%, 03/01/2023		1,259
	3,500	3.15%, 02/15/2028		3,333
	15,381	3.38%, 08/15/2025		15,140
	5,000	3.40%, 07/15/2046		4,288
	1,772	3.55%, 05/01/2028		1,740
	7,489	3.90%, 03/01/2038		7,157
	111	3.97%, 11/01/2047		104
	135	4.00%, 11/01/2049		125
	2,819	4.20%, 08/15/2034		2,827
	2,405	4.60%, 08/15/2045		2,508
	435	6.50%, 11/15/2035		556
		CSC Holdings LLC,
	4,373	5.25%, 06/01/2024		4,209
	795	5.38%, 02/01/2028 (e)		777
	3,352	5.50%, 04/15/2027 (e)		3,302
	661	10.88%, 10/15/2025 (e)		780

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Media — continued
		DISH DBS Corp.,
	2,702	5.00%, 03/15/2023		2,483
	5,187	5.88%, 07/15/2022		5,057
	3,954	5.88%, 11/15/2024		3,697
	1,569	6.75%, 06/01/2021		1,612
	5,213	7.75%, 07/01/2026		5,135
	543	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		521
		iHeartCommunications, Inc.,
	8,210	9.00%, 12/15/2019 (d)		6,547
	950	9.00%, 03/01/2021 (d)		753
		Lamar Media Corp.,
	1,250	5.00%, 05/01/2023		1,275
	1,680	5.38%, 01/15/2024		1,732
	470	Liberty Interactive LLC, 8.25%, 02/01/2030		508
	1,360	Mediacom Broadband LLC, 6.38%, 04/01/2023		1,394
	810	NBCUniversal Media LLC, 5.95%, 04/01/2041		979
		Sirius XM Radio, Inc.,
	3,380	4.63%, 05/15/2023 (e)		3,372
	790	5.00%, 08/01/2027 (e)		768
	1,500	5.38%, 04/15/2025 (e)		1,524
	1,360	5.38%, 07/15/2026 (e)		1,377
		TEGNA, Inc.,
	1,435	5.50%, 09/15/2024 (e)		1,475
	2,875	6.38%, 10/15/2023		2,997
	335	Time Warner Cable LLC, 7.30%, 07/01/2038		402
	182	Time Warner, Inc., 5.38%, 10/15/2041		195
	500	Unitymedia GmbH, (Germany), 6.13%, 01/15/2025 (e)		524
	1,275	Unitymedia Hessen GmbH & Co. KG, (Germany), 5.00%, 01/15/2025 (e)		1,297
	1,760	UPCB Finance IV Ltd., (Netherlands), 5.38%, 01/15/2025 (e)		1,743
		Viacom, Inc.,
	529	4.38%, 03/15/2043		476
	1,285	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		1,297
	809	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		831
		Videotron Ltd., (Canada),
	1,298	5.13%, 04/15/2027 (e)		1,309
	3,057	5.38%, 06/15/2024 (e)		3,164
	1,800	VTR Finance BV, (Chile), Reg. S, 6.88%, 01/15/2024		1,874

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 113

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Media — continued
		Walt Disney Co. (The),
	389	1.85%, 07/30/2026		345
	1,800	2.95%, 06/15/2027		1,735
		WMG Acquisition Corp.,
	394	5.50%, 04/15/2026 (e) (w)		394
	675	5.63%, 04/15/2022 (e)		690
	3,330	Ziggo Secured Finance BV, (Netherlands), 5.50%, 01/15/2027 (e)		3,193
				145,491
		Multiline Retail — 0.1%
	6,358	Dollar Tree, Inc., 5.75%, 03/01/2023		6,612
	475	Macy’s Retail Holdings, Inc., 6.90%, 04/01/2029		503
	7,530	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		4,556
				11,671
		Specialty Retail — 0.2%
	2,000	Caleres, Inc., 6.25%, 08/15/2023		2,075
	3,315	Claire’s Stores, Inc., 9.00%, 03/15/2019 (e)		2,254
	1,046	Group 1 Automotive, Inc., 5.25%, 12/15/2023 (e)		1,072
		Home Depot, Inc. (The),
	444	2.13%, 09/15/2026		401
	734	2.63%, 06/01/2022		725
	1,000	2.80%, 09/14/2027		943
	2,751	3.00%, 04/01/2026		2,668
	2,800	3.50%, 09/15/2056		2,472
		L Brands, Inc.,
	1,439	5.25%, 02/01/2028		1,385
	250	5.63%, 10/15/2023		262
	1,650	6.75%, 07/01/2036		1,617
	2,213	6.88%, 11/01/2035		2,210
		Lowe’s Cos., Inc.,
	665	3.13%, 09/15/2024		654
	1,262	3.38%, 09/15/2025		1,242
	5,000	3.70%, 04/15/2046		4,619
	185	O’Reilly Automotive, Inc., 3.60%, 09/01/2027		180
	2,069	Penske Automotive Group, Inc., 5.50%, 05/15/2026		2,064
		Sally Holdings LLC,
	250	5.50%, 11/01/2023		250
	967	5.63%, 12/01/2025		972
	1,189	Staples, Inc., 8.50%, 09/15/2025 (e)		1,142
				29,207

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Textiles, Apparel & Luxury Goods — 0.0% (g)
		Hanesbrands, Inc.,
	1,274	4.63%, 05/15/2024 (e)		1,261
	1,774	4.88%, 05/15/2026 (e)		1,743
	1,470	Levi Strauss & Co., 5.00%, 05/01/2025		1,503
				4,507
		Total Consumer Discretionary		328,779
		Consumer Staples — 1.6%
		Beverages — 0.5%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	50	1.90%, 02/01/2019		50
	2,360	2.65%, 02/01/2021		2,338
	2,551	3.30%, 02/01/2023		2,540
	29,285	3.65%, 02/01/2026		29,021
	8,490	4.70%, 02/01/2036		8,922
	5,415	4.90%, 02/01/2046		5,773
	1,032	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.44%, 10/06/2048		1,028
	1,000	Coca-Cola Co. (The), 2.25%, 09/01/2026		922
	1,540	Constellation Brands, Inc., 4.50%, 05/09/2047		1,527
	365	Diageo Investment Corp., (United Kingdom), 8.00%, 09/15/2022		437
		Dr Pepper Snapple Group, Inc.,
	507	2.55%, 09/15/2026		454
	225	3.43%, 06/15/2027 (e)		214
		PepsiCo, Inc.,
	850	2.38%, 10/06/2026		783
	572	3.10%, 07/17/2022		575
	4,230	3.45%, 10/06/2046		3,841
	1,845	3.50%, 07/17/2025		1,852
	730	4.45%, 04/14/2046		777
				61,054
		Food & Staples Retailing — 0.2%
		Albertsons Cos. LLC,
	71	5.75%, 03/15/2025		62
	230	6.63%, 06/15/2024		212
		CVS Health Corp.,
	2,460	2.80%, 07/20/2020		2,443
	1,659	4.00%, 12/05/2023		1,682
		Kroger Co. (The),
	4,600	5.15%, 08/01/2043		4,750
	1,162	7.50%, 04/01/2031		1,475
	900	Series B, 7.70%, 06/01/2029		1,142

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Food & Staples Retailing — continued
	5,040	New Albertson’s, Inc., 8.00%, 05/01/2031		4,322
	1,555	SUPERVALU, Inc., 7.75%, 11/15/2022		1,508
		Sysco Corp.,
	575	2.50%, 07/15/2021		566
	1,517	2.60%, 06/12/2022		1,476
	424	Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		421
		Walmart, Inc.,
	300	2.55%, 04/11/2023		294
	250	2.65%, 12/15/2024		243
	1,500	3.63%, 12/15/2047		1,456
				22,052
		Food Products — 0.3%
	1,650	Archer-Daniels-Midland Co., 2.50%, 08/11/2026		1,520
		Bunge Ltd. Finance Corp.,
	305	3.50%, 11/24/2020		308
	655	8.50%, 06/15/2019		701
		Cargill, Inc.,
	230	3.25%, 03/01/2023 (e)		230
	800	3.30%, 03/01/2022 (e)		800
	470	4.76%, 11/23/2045 (e)		517
		Conagra Brands, Inc.,
	135	3.25%, 09/15/2022		135
	180	6.63%, 08/15/2039		203
	300	Darling Ingredients, Inc., 5.38%, 01/15/2022		308
		JBS USA LUX SA, (Brazil),
	1,235	5.75%, 06/15/2025 (e)		1,183
	1,118	5.88%, 07/15/2024 (e)		1,090
	3,263	6.75%, 02/15/2028 (e)		3,231
	816	7.25%, 06/01/2021 (e)		826
	3,492	7.25%, 06/01/2021 (e)		3,536
		Kraft Heinz Foods Co.,
	219	3.50%, 06/06/2022		219
	6,960	4.38%, 06/01/2046		6,323
	601	5.00%, 07/15/2035		625
	488	5.00%, 06/04/2042		486
	599	6.13%, 08/23/2018		610
	200	6.50%, 02/09/2040		237
	417	6.75%, 03/15/2032		502
	575	6.88%, 01/26/2039		709
		Lamb Weston Holdings, Inc.,
	1,274	4.63%, 11/01/2024 (e)		1,280
	1,279	4.88%, 11/01/2026 (e)		1,279

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Food Products — continued
	497	Mead Johnson Nutrition Co., (United Kingdom), 4.13%, 11/15/2025		507
		Pilgrim’s Pride Corp.,
	787	5.75%, 03/15/2025 (e)		783
	1,266	5.88%, 09/30/2027 (e)		1,231
	700	Tyson Foods, Inc., 3.95%, 08/15/2024		711
				30,090
		Household Products — 0.2%
	1,000	Colgate-Palmolive Co., 2.25%, 11/15/2022		971
	600	Kimberly-Clark Corp., 2.40%, 06/01/2023		579
	327	Procter & Gamble — ESOP, Series A, 9.36%, 01/01/2021		358
	2,255	Procter & Gamble Co. (The), 2.85%, 08/11/2027		2,148
	18,530	Reckitt Benckiser Treasury Services plc, (United Kingdom), 2.75%, 06/26/2024 (e)		17,446
				21,502
		Tobacco — 0.4%
		Altria Group, Inc.,
	7,500	2.63%, 01/14/2020		7,477
	9,585	3.88%, 09/16/2046		8,842
	3,530	4.50%, 05/02/2043		3,624
		BAT Capital Corp., (United Kingdom),
	11,345	4.39%, 08/15/2037 (e)		11,150
	3,100	4.54%, 08/15/2047 (e)		3,015
		Philip Morris International, Inc.,
	6,600	3.38%, 08/11/2025		6,503
	5,000	4.13%, 03/04/2043		4,852
	8,053	4.38%, 11/15/2041		8,130
				53,593
		Total Consumer Staples		188,291
		Energy — 3.2%
		Energy Equipment & Services — 0.4%
		Baker Hughes a GE Co. LLC,
	4,230	4.08%, 12/15/2047		3,971
	903	5.13%, 09/15/2040		999
		Bristow Group, Inc.,
	905	6.25%, 10/15/2022		778
	1,415	8.75%, 03/01/2023 (e)		1,439
		Diamond Offshore Drilling, Inc.,
	1,468	3.45%, 11/01/2023		1,306
	929	7.88%, 08/15/2025		943

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 115

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Energy Equipment & Services — continued
		Ensco plc,
	456	7.75%, 02/01/2026		431
	592	8.00%, 01/31/2024		582
		Halliburton Co.,
	250	7.45%, 09/15/2039		343
	275	7.60%, 08/15/2096 (e)		357
	700	8.75%, 02/15/2021		804
	3,138	KCA Deutag UK Finance plc, (United Kingdom), 7.25%, 05/15/2021 (e)		3,060
		Nabors Industries, Inc.,
	193	5.10%, 09/15/2023		186
	2,922	5.50%, 01/15/2023		2,900
	1,602	5.75%, 02/01/2025 (e)		1,529
		Noble Holding International Ltd., (United Kingdom),
	1,098	7.88%, 02/01/2026 (e)		1,104
	1,418	8.70%, 04/01/2045		1,198
	636	Precision Drilling Corp., (Canada), 7.13%, 01/15/2026 (e)		642
	501	Rowan Cos., Inc., 7.38%, 06/15/2025		495
	16,280	Schlumberger Holdings Corp., 4.00%, 12/21/2025 (e)		16,505
		Schlumberger Investment SA,
	640	2.40%, 08/01/2022 (e)		622
	219	3.30%, 09/14/2021 (e)		221
	1,455	Shelf Drilling Holdings Ltd., (United Arab Emirates), 8.25%, 02/15/2025 (e)		1,466
	598	Telford Offshore Ltd., (Cayman Islands), Series B, 13.00% (PIK), 02/12/2024 (v) (bb)		504
	931	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		957
		Transocean, Inc.,
	5,614	6.80%, 03/15/2038		4,519
	1,891	7.50%, 01/15/2026 (e)		1,905
	1,686	9.00%, 07/15/2023 (e)		1,817
	582	Unit Corp., 6.63%, 05/15/2021		578
				52,161
		Oil, Gas & Consumable Fuels — 2.8%
	278	Anadarko Holding Co., 7.15%, 05/15/2028		323
		Anadarko Petroleum Corp.,
	350	6.95%, 06/15/2019		368
	100	7.95%, 06/15/2039		135
	225	8.70%, 03/15/2019		238
	250	ANR Pipeline Co., 9.63%, 11/01/2021		309

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
		Antero Resources Corp.,
	511	5.13%, 12/01/2022		516
	2,771	5.38%, 11/01/2021		2,833
	775	Apache Corp., 6.90%, 09/15/2018		791
	610	APT Pipelines Ltd., (Australia), 4.25%, 07/15/2027 (e)		611
	775	Athabasca Oil Corp., (Canada), 9.88%, 02/24/2022 (e)		775
	242	Boardwalk Pipelines LP, 4.95%, 12/15/2024		250
		BP Capital Markets plc, (United Kingdom),
	325	3.02%, 01/16/2027		310
	2,665	3.22%, 04/14/2024		2,644
	385	3.25%, 05/06/2022		387
	727	3.28%, 09/19/2027		702
	1,800	3.54%, 11/04/2024		1,809
	1,000	3.59%, 04/14/2027		995
	612	3.81%, 02/10/2024		627
	11,930	3.99%, 09/26/2023		12,342
	515	4.75%, 03/10/2019		527
	790	Buckeye Partners LP, (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 01/22/2078 (aa)		788
	815	Burlington Resources, Inc., 8.20%, 03/15/2025		1,026
	2,252	California Resources Corp., 8.00%, 12/15/2022 (e)		1,782
	830	Canadian Natural Resources Ltd., (Canada), 6.45%, 06/30/2033		994
		Cenovus Energy, Inc., (Canada),
	294	4.45%, 09/15/2042		261
	4,000	5.20%, 09/15/2043		3,846
		Cheniere Corpus Christi Holdings LLC,
	2,000	5.13%, 06/30/2027		2,023
	3,810	5.88%, 03/31/2025		4,029
	2,295	7.00%, 06/30/2024		2,568
	2,694	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		2,721
	3,225	Chesapeake Energy Corp., 8.00%, 01/15/2025 (e)		3,185
		Chevron Corp.,
	540	2.36%, 12/05/2022		524
	2,500	2.57%, 05/16/2023		2,432
	8,845	2.90%, 03/03/2024		8,628
	1,550	2.95%, 05/16/2026		1,487
	1,243	CNOOC Finance 2015 USA LLC, (China), 3.50%, 05/05/2025		1,212
	1,026	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		1,046

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	215	Conoco Funding Co., 7.25%, 10/15/2031		283
		ConocoPhillips,
	210	5.90%, 10/15/2032		249
	750	6.50%, 02/01/2039		981
	410	7.00%, 03/30/2029		514
	300	ConocoPhillips Holding Co., 6.95%, 04/15/2029		384
		Continental Resources, Inc.,
	3,024	4.38%, 01/15/2028 (e)		2,939
	3,078	4.90%, 06/01/2044		2,951
	4,979	5.00%, 09/15/2022		5,054
		DCP Midstream Operating LP,
	6,084	3.88%, 03/15/2023		5,932
	1,116	4.75%, 09/30/2021 (e)		1,135
	522	4.95%, 04/01/2022		534
	800	6.75%, 09/15/2037 (e)		892
	1,400	Denbury Resources, Inc., 9.00%, 05/15/2021 (e)		1,432
		Ecopetrol SA, (Colombia),
	969	5.38%, 06/26/2026		1,021
	3,550	5.88%, 09/18/2023		3,847
	125	Enbridge, Inc., (Canada), 4.50%, 06/10/2044		122
		Encana Corp., (Canada),
	150	6.50%, 05/15/2019		156
	1,000	6.50%, 08/15/2034		1,188
	148	6.63%, 08/15/2037		183
	175	7.38%, 11/01/2031		219
		Energy Transfer Equity LP,
	1,893	4.25%, 03/15/2023		1,857
	3,065	5.50%, 06/01/2027		3,172
	3,030	5.88%, 01/15/2024		3,212
		Energy Transfer LP,
	1,080	2.50%, 06/15/2018		1,080
	14,346	4.75%, 01/15/2026		14,571
	200	4.90%, 02/01/2024		207
	1,146	5.00%, 10/01/2022		1,197
	1,566	6.05%, 06/01/2041		1,639
	300	7.50%, 07/01/2038		364
	1,210	Eni SpA, (Italy), 5.70%, 10/01/2040 (e)		1,296
	500	Eni USA, Inc., (United Kingdom), 7.30%, 11/15/2027		608
		EnLink Midstream Partners LP,
	841	2.70%, 04/01/2019		836
	922	4.15%, 06/01/2025		902

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
		Enterprise Products Operating LLC,
	1,252	3.35%, 03/15/2023		1,249
	1,026	3.70%, 02/15/2026		1,024
	582	3.75%, 02/15/2025		585
	330	4.95%, 10/15/2054		339
	333	5.95%, 02/01/2041		393
	375	6.45%, 09/01/2040		464
	800	Series J, 5.75%, 03/01/2035		892
		EOG Resources, Inc.,
	1,700	4.10%, 02/01/2021		1,746
	200	6.88%, 10/01/2018		205
		EP Energy LLC,
	620	8.00%, 11/29/2024 (e)		639
	4,940	9.38%, 05/01/2024 (e)		3,643
	8,004	Frontera Energy Corp., (Colombia), Series AI, 10.00% (cash), 11/02/2021 (v)		8,915
		Gulfport Energy Corp.,
	1,000	6.38%, 05/15/2025		986
	1,018	6.38%, 01/15/2026 (e)		1,004
	5,510	Hess Corp., 6.00%, 01/15/2040		5,842
	1,938	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		1,948
	5,005	KazMunayGas National Co. JSC, (Kazakhstan), Reg. S, 7.00%, 05/05/2020		5,349
	800	Kerr-McGee Corp., 7.88%, 09/15/2031		1,051
	500	Marathon Oil Corp., 6.80%, 03/15/2032		597
		MPLX LP,
	7,150	4.13%, 03/01/2027		7,091
	323	5.20%, 03/01/2047		332
	2,303	Murphy Oil Corp., 4.45%, 12/01/2022		2,274
	1,500	Newfield Exploration Co., 5.75%, 01/30/2022		1,583
		NGPL PipeCo LLC,
	1,900	4.38%, 08/15/2022 (e)		1,895
	1,835	4.88%, 08/15/2027 (e)		1,851
	1,500	Noble Energy, Inc., 5.25%, 11/15/2043		1,588
		NuStar Logistics LP,
	1,425	4.75%, 02/01/2022		1,425
	598	5.63%, 04/28/2027		592
	1,046	6.75%, 02/01/2021		1,106
		Occidental Petroleum Corp.,
	504	2.70%, 02/15/2023		494
	2,300	3.40%, 04/15/2026		2,268
	500	4.20%, 03/15/2048		496
	1,465	ONEOK Partners LP, 6.65%, 10/01/2036		1,759
	3,050	ONEOK, Inc., 7.50%, 09/01/2023		3,564

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 117

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (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
	790	Parsley Energy LLC, 5.38%, 01/15/2025 (e)		782
		PBF Holding Co. LLC,
	533	7.00%, 11/15/2023		554
	1,431	7.25%, 06/15/2025		1,481
	935	Peabody Energy Corp., 6.00%, 03/31/2022 (e)		958
		Penn Virginia Corp.,
	2,000	7.25%, 04/15/2019 (d) (bb)		3
	1,000	8.50%, 05/01/2020 (d) (bb)		1
	2,200	Pertamina Persero PT, (Indonesia), Reg. S, 6.45%, 05/30/2044		2,500
		Petroamazonas EP, (Ecuador),
	1,760	4.63%, 02/16/2020 (e)		1,721
	610	4.63%, 11/06/2020 (e)		587
		Petrobras Global Finance BV, (Brazil),
	2,050	6.13%, 01/17/2022		2,157
	2,980	8.75%, 05/23/2026		3,483
		Petro-Canada, (Canada),
	1,215	6.80%, 05/15/2038		1,610
	1,937	7.88%, 06/15/2026		2,397
		Petroleos del Peru SA, (Peru),
	1,670	4.75%, 06/19/2032 (e)		1,630
	1,760	5.63%, 06/19/2047 (e)		1,781
		Petroleos Mexicanos, (Mexico),
	333	4.63%, 09/21/2023		335
	9,631	(ICE LIBOR USD 3 Month + 3.65%), 5.19%, 03/11/2022 (e) (aa)		10,534
	1,500	Reg. S, 5.38%, 03/13/2022		1,569
	1,100	5.63%, 01/23/2046		985
	3,480	6.35%, 02/12/2048 (e)		3,386
	4,018	6.50%, 03/13/2027 (e)		4,288
	1,970	6.75%, 09/21/2047		1,997
	464	6.75%, 09/21/2047		470
	962	6.88%, 08/04/2026		1,057
	150	Petroleum Co. of Trinidad & Tobago Ltd., (Trinidad and Tobago), Reg. S, 9.75%, 08/14/2019		160
	1,000	Phillips 66, 4.65%, 11/15/2034		1,050
	519	Plains All American Pipeline LP, 3.65%, 06/01/2022		513
		QEP Resources, Inc.,
	2,196	5.25%, 05/01/2023		2,179
	2,136	5.38%, 10/01/2022		2,168
	673	5.63%, 03/01/2026		662
	978	6.88%, 03/01/2021		1,042

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
		Range Resources Corp.,
	2,778	5.00%, 08/15/2022		2,736
	1,658	5.00%, 03/15/2023		1,621
	200	5.75%, 06/01/2021		205
	977	Seven Generations Energy Ltd., (Canada), 5.38%, 09/30/2025 (e)		955
	1,300	Sinopec Capital Ltd., (China), 3.13%, 04/24/2023 (e)		1,266
		Southwestern Energy Co.,
	2,049	6.70%, 01/23/2025		2,008
	1,853	7.50%, 04/01/2026		1,872
	1,140	Spectra Energy Partners LP, 4.50%, 03/15/2045		1,112
		Statoil ASA, (Norway),
	263	2.45%, 01/17/2023		255
	2,179	2.65%, 01/15/2024		2,114
	790	3.15%, 01/23/2022		793
	585	7.15%, 11/15/2025		724
	5	Stone Energy Corp., 7.50%, 05/31/2022		6
	148	Suncor Energy, Inc., (Canada), 7.15%, 02/01/2032		190
		Sunoco Logistics Partners Operations LP,
	464	4.25%, 04/01/2024		466
	2,000	5.35%, 05/15/2045		1,939
		Sunoco LP,
	1,673	4.88%, 01/15/2023 (e)		1,661
	1,161	5.50%, 02/15/2026 (e)		1,161
	643	5.88%, 03/15/2028 (e)		645
		Tallgrass Energy Partners LP,
	1,605	5.50%, 09/15/2024 (e)		1,653
	1,315	5.50%, 01/15/2028 (e)		1,322
		Targa Resources Partners LP,
	2,436	4.25%, 11/15/2023		2,375
	870	5.00%, 01/15/2028 (e)		845
	1,875	5.13%, 02/01/2025		1,868
	2,485	5.25%, 05/01/2023		2,521
	535	5.38%, 02/01/2027		535
	422	TC PipeLines LP, 3.90%, 05/25/2027		410
		TerraForm Power Operating LLC,
	1,167	4.25%, 01/31/2023 (e)		1,144
	1,468	5.00%, 01/31/2028 (e)		1,421
	188	SUB, 6.63%, 06/15/2025 (e)		203
	375	Texas Eastern Transmission LP, 3.50%, 01/15/2028 (e)		364
		Tosco Corp.,
	500	7.80%, 01/01/2027		645
	640	8.13%, 02/15/2030		873

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Total Capital International SA, (France),
	3,165	2.75%, 06/19/2021		3,151
	10,000	3.70%, 01/15/2024		10,221
		TransCanada PipeLines Ltd., (Canada),
	285	2.50%, 08/01/2022		277
	340	3.75%, 10/16/2023		348
	1,000	6.20%, 10/15/2037		1,238
	606	7.25%, 08/15/2038		829
	966	TransMontaigne Partners LP, 6.13%, 02/15/2026		978
		Ultra Resources, Inc.,
	5,613	6.88%, 04/15/2022 (e)		5,052
	3,311	7.13%, 04/15/2025 (e)		2,963
	446	Western Gas Partners LP, 5.38%, 06/01/2021		467
		Williams Cos., Inc. (The),
	3,310	3.70%, 01/15/2023		3,215
	1,304	4.55%, 06/24/2024		1,314
	2,545	5.75%, 06/24/2044		2,704
	918	7.75%, 06/15/2031		1,135
	132	Series A, 7.50%, 01/15/2031		159
	8,250	Williams Partners LP, 4.00%, 09/15/2025		8,225
	1,490	YPF SA, (Argentina), Reg. S, 8.50%, 03/23/2021		1,628
				328,042
		Total Energy		380,203
		Financials — 8.9%
		Banks — 4.2%
		ABN AMRO Bank NV, (Netherlands),
	3,500	2.65%, 01/19/2021 (e)		3,453
	15,301	4.75%, 07/28/2025 (e)		15,747
		ANZ New Zealand Int’l Ltd., (New Zealand),
	1,200	2.88%, 01/25/2022 (e)		1,179
	889	3.45%, 07/17/2027 (e)		864
		Australia & New Zealand Banking Group Ltd., (Australia),
	1,000	2.25%, 12/19/2019 (e)		992
	8,400	(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 06/15/2026 (e) (x) (y) (aa)		9,187
	820	Banco Mercantil del Norte SA, (Mexico), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 07/06/2022 (e) (x) (y) (aa)		852
	200	Banco Nacional de Comercio Exterior SNC, (Mexico), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 08/11/2026 (e) (aa)		196

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
	1,600	Banco Santander SA, (Spain), 3.13%, 02/23/2023		1,559
		Bank of America Corp.,
	1,025	2.50%, 10/21/2022		990
	6,915	(ICE LIBOR USD 3 Month + 0.77%), 2.56%, 02/05/2026 (aa)		6,864
	1,805	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		1,773
	29,213	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		28,584
	57	(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		57
	7,200	3.25%, 10/21/2027		6,844
	86	3.30%, 01/11/2023		86
	4,000	(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 01/23/2026 (aa)		3,907
	467	(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (e) (aa)		447
	1,000	(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 04/24/2028 (aa)		981
	1,000	(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/2029 (aa)		1,000
	519	4.00%, 04/01/2024		532
	7,677	4.00%, 01/22/2025		7,711
	473	4.25%, 10/22/2026		477
	1,294	4.45%, 03/03/2026		1,323
	695	5.65%, 05/01/2018		699
	1,710	6.88%, 04/25/2018		1,722
	1,500	6.98%, 03/07/2037		1,850
	1,225	Series L, 2.25%, 04/21/2020		1,210
	1,326	Series L, 3.95%, 04/21/2025		1,324
	4,480	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		4,817
		Bank of Montreal, (Canada),
	653	1.50%, 07/18/2019		643
	2,000	1.75%, 06/15/2021 (e)		1,927
	655	2.38%, 01/25/2019		654
		Bank of Nova Scotia (The), (Canada),
	1,000	1.65%, 06/14/2019		988
	1,725	1.85%, 04/14/2020		1,698
	500	1.88%, 09/20/2021 (e)		482
	1,000	2.45%, 09/19/2022		968
	1,500	2.50%, 01/08/2021		1,482
	2,833	Barclays Bank plc, (United Kingdom), 7.63%, 11/21/2022		3,153

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 119

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	800	Barclays plc, (United Kingdom), 4.38%, 01/12/2026		801
		BB&T Corp.,
	1,500	2.63%, 06/29/2020		1,490
	800	2.85%, 10/26/2024		774
	500	5.25%, 11/01/2019		519
	150	6.85%, 04/30/2019		157
		BNP Paribas SA, (France),
	980	3.38%, 01/09/2025 (e)		949
	2,000	3.80%, 01/10/2024 (e)		2,005
		BNZ International Funding Ltd., (New Zealand),
	1,000	2.10%, 09/14/2021 (e)		964
	1,000	2.90%, 02/21/2022 (e)		982
	1,350	Caixa Economica Federal, (Brazil), Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 07/23/2024 (aa)		1,387
	3,319	Canadian Imperial Bank of Commerce, (Canada), 2.25%, 07/21/2020 (e)		3,285
	1,400	Capital One Bank USA NA, 3.38%, 02/15/2023		1,380
		CIT Group, Inc.,
	1,846	5.00%, 08/15/2022		1,904
	3,704	5.00%, 08/01/2023		3,815
		Citigroup, Inc.,
	2,000	2.75%, 04/25/2022		1,957
	1,500	2.90%, 12/08/2021		1,481
	970	3.70%, 01/12/2026		964
	2,500	4.30%, 11/20/2026		2,528
	5,000	4.60%, 03/09/2026		5,163
	581	(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 01/30/2023 (x) (y) (aa)		603
	838	6.63%, 01/15/2028		996
	645	6.88%, 06/01/2025		758
	1,115	7.00%, 12/01/2025		1,294
	813	Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 05/15/2024 (x) (y) (aa)		856
	2,062	Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		2,137
	2,315	Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 05/15/2025 (x) (y) (aa)		2,406
	1,545	Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 08/15/2020 (x) (y) (aa)		1,600

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
	1,070	Commonwealth Bank of Australia, (Australia), 2.50%, 09/18/2022 (e)		1,038
		Cooperatieve Rabobank UA, (Netherlands),
	2,000	2.50%, 01/19/2021		1,967
	1,500	2.75%, 01/10/2023		1,462
	1,045	3.88%, 02/08/2022		1,068
		Credit Agricole SA, (France),
	6,500	2.38%, 07/01/2021 (e)		6,333
	5,765	4.38%, 03/17/2025 (e)		5,808
	10,811	(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (x) (y) (aa)		12,649
	250	Credit Suisse Group Funding Guernsey Ltd., (Switzerland), 2.75%, 03/26/2020		248
		Danske Bank A/S, (Denmark),
	7,000	2.00%, 09/08/2021 (e)		6,708
	619	2.70%, 03/02/2022 (e)		604
	EUR   3,700	Reg. S, (EUR Swap Annual 5 Year + 5.47%), 5.88%, 04/06/2022 (x) (y) (aa)		5,101
	625	Fifth Third Bancorp, 2.88%, 07/27/2020		624
	234	Fifth Third Bank, 3.85%, 03/15/2026		232
		HSBC Bank plc, (United Kingdom),
	474	1.50%, 05/15/2018 (e)		473
	1,045	4.75%, 01/19/2021 (e)		1,095
		HSBC Holdings plc, (United Kingdom),
	3,840	2.65%, 01/05/2022		3,741
	1,052	(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		1,031
	13,655	(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 03/13/2023 (aa)		13,556
	15,869	3.40%, 03/08/2021		15,977
	1,250	3.60%, 05/25/2023		1,257
	506	3.90%, 05/25/2026		507
	1,371	4.00%, 03/30/2022		1,405
	6,263	(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 03/13/2028 (aa)		6,288
	1,333	4.25%, 08/18/2025		1,328
	1,006	4.30%, 03/08/2026		1,037
	14,265	(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 03/30/2025 (x) (y) (aa)		15,032
		Huntington Bancshares, Inc.,
	1,084	2.30%, 01/14/2022		1,043
	846	3.15%, 03/14/2021		849
	1,155	Huntington National Bank (The), 2.88%, 08/20/2020		1,155
		Industrial & Commercial Bank of China Ltd., (China),
	400	2.45%, 10/20/2021		386

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	350	2.96%, 11/08/2022		341
	5,857	ING Groep NV, (Netherlands), Reg. S, (USD Swap Semi 5 Year + 5.12%), 6.87%, 04/16/2022 (x) (y) (aa)		6,237
		Intesa Sanpaolo SpA, (Italy),
	9,315	3.13%, 07/14/2022 (e)		9,057
	1,405	3.88%, 07/14/2027 (e)		1,341
	650	Itau Unibanco Holding SA, (Brazil), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.98%), 6.13%, 12/12/2022 (e) (x) (y) (aa)		655
	1,621	KeyBank NA, 3.18%, 05/22/2022		1,603
	605	KeyCorp, 2.90%, 09/15/2020		603
	2,000	Lloyds Bank plc, (United Kingdom), 2.40%, 03/17/2020		1,975
		Lloyds Banking Group plc, (United Kingdom),
	17,105	(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/07/2028 (aa)		16,231
	EUR   6,750	Reg. S, (EUR Swap Annual 5 Year + 5.29%), 6.37%, 06/27/2020 (x) (y) (aa)		9,007
		Mitsubishi UFJ Financial Group, Inc., (Japan),
	423	2.53%, 09/13/2023		403
	2,150	2.67%, 07/25/2022		2,090
	413	3.00%, 02/22/2022		407
	2,000	Mizuho Financial Group, Inc., (Japan), 4.02%, 03/05/2028		2,000
	1,510	MUFG Americas Holdings Corp., 2.25%, 02/10/2020		1,490
		National Australia Bank Ltd., (Australia),
	1,000	2.50%, 01/12/2021		986
	448	2.50%, 07/12/2026		411
	1,848	3.38%, 01/14/2026		1,811
	200	National Savings Bank, (Sri Lanka), Reg. S, 8.88%, 09/18/2018		205
		Nordea Bank AB, (Sweden),
	886	4.25%, 09/21/2022 (e)		911
	8,800	(USD Swap Semi 5 Year + 3.39%), 6.13%, 09/23/2024 (e) (x) (y) (aa)		9,244
		PNC Bank NA,
	655	2.15%, 04/29/2021		638
	1,000	3.10%, 10/25/2027		955
	1,057	PNC Financial Services Group, Inc. (The), 4.38%, 08/11/2020		1,093
	2,000	Regions Bank, 2.75%, 04/01/2021		1,987
		Royal Bank of Canada, (Canada),
	2,960	1.88%, 02/05/2020		2,920
	630	2.00%, 10/01/2018		629

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
	308	2.00%, 12/10/2018		307
	1,380	2.15%, 03/06/2020		1,363
	423	4.65%, 01/27/2026		439
		Royal Bank of Scotland Group plc, (United Kingdom),
	2,460	5.13%, 05/28/2024		2,520
	900	6.10%, 06/10/2023		961
	10,795	6.13%, 12/15/2022		11,513
	2,080	(USD Swap Semi 5 Year + 5.80%), 7.50%, 08/10/2020 (x) (y) (aa)		2,181
	1,955	(USD Swap Semi 5 Year + 7.60%), 8.62%, 08/15/2021 (x) (y) (aa)		2,160
	14,379	Santander UK Group Holdings plc, (United Kingdom), 4.75%, 09/15/2025 (e)		14,588
	1,697	Santander UK plc, (United Kingdom), 2.50%, 03/14/2019		1,695
	897	Skandinaviska Enskilda Banken AB, (Sweden), 1.75%, 03/19/2018 (e)		897
		Societe Generale SA, (France),
	16,303	4.25%, 04/14/2025 (e)		16,138
	5,000	5.00%, 01/17/2024 (e)		5,213
	3,045	(USD Swap Semi 5 Year + 6.24%), 7.38%, 09/13/2021 (e) (x) (y) (aa)		3,281
	8,160	(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 09/29/2025 (e) (x) (y) (aa)		9,404
	1,545	SpareBank 1 Boligkreditt A/S, (Norway), 1.75%, 11/15/2019 (e)		1,519
	2,600	Stadshypotek AB, (Sweden), 1.88%, 10/02/2019 (e)		2,574
	2,200	State Savings Bank of Ukraine, (Ukraine), Reg. S, SUB, 9.38%, 03/10/2023		2,324
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	1,644	2.78%, 10/18/2022		1,598
	3,550	2.78%, 07/12/2022		3,470
	1,200	2.85%, 01/11/2022		1,180
	3,099	3.10%, 01/17/2023		3,059
	1,240	SunTrust Bank, (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 01/29/2021 (aa)		1,234
	1,007	TC Ziraat Bankasi A/S, (Turkey), 5.13%, 09/29/2023 (e)		986
		Toronto-Dominion Bank (The), (Canada),
	2,852	1.75%, 07/23/2018		2,846
	712	2.13%, 07/02/2019		708
	453	2.25%, 11/05/2019		450
	2,000	2.55%, 01/25/2021		1,982

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 121

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	372	(USD Swap Semi 5 Year + 2.21%), 3.62%, 09/15/2031 (aa)		358
	1,303	UBS Group Funding Switzerland AG, (Switzerland), (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		1,267
		US Bancorp,
	2,000	7.50%, 06/01/2026		2,482
	1,700	Series V, 2.38%, 07/22/2026		1,547
	900	Series X, 3.15%, 04/27/2027		865
		Vnesheconombank Via VEB Finance plc, (Russia),
	3,600	Reg. S, 6.03%, 07/05/2022		3,856
	500	Reg. S, 5.94%, 11/21/2023		544
	515	Wachovia Corp., SUB, 7.57%, 08/01/2026		635
		Wells Fargo & Co.,
	1,607	2.50%, 03/04/2021		1,577
	2,000	2.63%, 07/22/2022		1,943
	10,235	3.00%, 10/23/2026		9,652
	3,813	3.07%, 01/24/2023		3,759
	7,565	3.30%, 09/09/2024		7,450
	4,475	(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 05/22/2028 (aa)		4,362
	403	4.10%, 06/03/2026		404
	173	4.30%, 07/22/2027		175
	6,372	4.75%, 12/07/2046		6,613
	853	5.61%, 01/15/2044		983
	5,000	Wells Fargo Bank NA, 2.60%, 01/15/2021		4,940
		Westpac Banking Corp., (Australia),
	356	1.60%, 08/19/2019		350
	1,281	2.00%, 03/03/2020 (e)		1,262
	1,800	2.50%, 06/28/2022		1,750
	2,500	2.75%, 01/11/2023		2,437
	500	3.40%, 01/25/2028		484
	1,000	(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (aa)		1,001
	942	4.88%, 11/19/2019		974
				505,869
		Capital Markets — 2.1%
	508	Ameriprise Financial, Inc., 2.88%, 09/15/2026		481
		Bank of New York Mellon Corp. (The),
	510	2.20%, 03/04/2019		508
	940	2.45%, 11/27/2020		928
	1,291	2.60%, 08/17/2020		1,280
	1,930	2.60%, 02/07/2022		1,888

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Capital Markets — continued
	500	(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 05/16/2023 (aa)		488
	2,500	2.95%, 01/29/2023		2,463
	996	3.95%, 11/18/2025		1,021
	530	4.60%, 01/15/2020		547
		BlackRock, Inc.,
	381	3.38%, 06/01/2022		389
	315	3.50%, 03/18/2024		320
	485	4.25%, 05/24/2021		506
	493	Series 2, 5.00%, 12/10/2019		514
		Blackstone Holdings Finance Co. LLC,
	159	4.45%, 07/15/2045 (e)		162
	1,000	5.88%, 03/15/2021 (e)		1,079
		Brookfield Finance, Inc., (Canada),
	1,265	3.90%, 01/25/2028		1,231
	645	4.70%, 09/20/2047		625
	226	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		225
	750	Charles Schwab Corp. (The), 3.23%, 09/01/2022		748
	950	CME Group, Inc., 3.00%, 09/15/2022		948
		Credit Suisse AG, (Switzerland),
	889	1.70%, 04/27/2018		888
	775	3.00%, 10/29/2021		771
	13,621	3.63%, 09/09/2024		13,584
		Credit Suisse Group AG, (Switzerland),
	831	(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa)		807
	8,000	4.28%, 01/09/2028 (e)		8,032
	12,300	(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (x) (y) (aa)		13,651
	1,098	Daiwa Securities Group, Inc., (Japan), 3.13%, 04/19/2022 (e)		1,085
	1,850	Deutsche Bank AG, (Germany), 4.25%, 10/14/2021		1,887
		Goldman Sachs Group, Inc. (The),
	2,028	2.35%, 11/15/2021		1,961
	676	2.60%, 04/23/2020		671
	54	2.75%, 09/15/2020		54
	1,000	(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (aa)		980
	3,592	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/2023 (aa)		3,500
	11,142	(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/2023 (aa)		10,861
	3,245	3.00%, 04/26/2022		3,199

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Capital Markets — continued
	1,612	(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		1,555
	2,566	3.50%, 01/23/2025		2,520
	5,000	3.50%, 11/16/2026		4,817
	977	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		951
	4,789	3.75%, 05/22/2025		4,771
	11,830	(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 04/23/2029 (aa)		11,551
	664	3.85%, 01/26/2027		655
	5,610	(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)		5,421
	364	4.25%, 10/21/2025		367
	5,000	5.15%, 05/22/2045		5,399
	1,104	5.38%, 03/15/2020		1,156
	205	7.50%, 02/15/2019		214
	48	Series D, 6.00%, 06/15/2020		51
	1,500	Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 05/10/2019 (x) (y) (aa)		1,540
	1,170	Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 05/10/2020 (x) (y) (aa)		1,196
	17,635	Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (x) (y) (aa)		17,152
	565	Intercontinental Exchange, Inc., 2.50%, 10/15/2018		565
		Invesco Finance plc,
	390	3.75%, 01/15/2026		393
	1,162	4.00%, 01/30/2024		1,198
		Jefferies Group LLC,
	950	6.25%, 01/15/2036		1,040
	140	6.45%, 06/08/2027		158
	275	Legg Mason, Inc., 5.63%, 01/15/2044		296
		Lehman Brothers Holdings, Inc.,
	235	3.60%, 03/13/2009 (d)		10
	1,000	5.75%, 05/17/2049 (d)		40
	295	8.50%, 02/01/2016 (d)		12
		Macquarie Group Ltd., (Australia),
	1,200	(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)		1,152
	639	6.25%, 01/14/2021 (e)		689
		Morgan Stanley,
	1,932	2.65%, 01/27/2020		1,924
	1,200	2.75%, 05/19/2022		1,173
	2,500	3.13%, 01/23/2023		2,460

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Capital Markets — continued
	5,285	3.13%, 07/27/2026		5,013
	2,667	(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 07/22/2028 (aa)		2,579
	1,000	3.63%, 01/20/2027		980
	3,467	3.70%, 10/23/2024		3,465
	13,715	(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 01/24/2029 (aa)		13,420
	4,268	3.88%, 01/27/2026		4,278
	2,677	4.00%, 07/23/2025		2,712
	750	4.10%, 05/22/2023		764
	3,570	4.30%, 01/27/2045		3,569
	1,617	5.00%, 11/24/2025		1,722
	113	5.50%, 07/24/2020		119
	2,779	5.50%, 07/28/2021		2,981
	310	5.63%, 09/23/2019		323
	1,050	5.75%, 01/25/2021		1,126
	1,570	6.63%, 04/01/2018		1,576
	1,000	Series F, 3.88%, 04/29/2024		1,011
		MSCI, Inc.,
	965	5.25%, 11/15/2024 (e)		986
	3,140	5.75%, 08/15/2025 (e)		3,297
	193	Nomura Holdings, Inc., (Japan), 6.70%, 03/04/2020		207
	740	Northern Trust Co. (The), 6.50%, 08/15/2018		754
	1,000	Northern Trust Corp., (ICE LIBOR USD 3 Month + 1.13%), 3.37%, 05/08/2032 (aa)		962
		State Street Corp.,
	700	2.65%, 05/19/2026		653
	459	3.10%, 05/15/2023		453
	1,364	3.55%, 08/18/2025		1,369
	935	3.70%, 11/20/2023		959
	953	TD Ameritrade Holding Corp., 2.95%, 04/01/2022		947
		Thomson Reuters Corp., (Canada),
	1,960	3.95%, 09/30/2021		1,993
	280	4.70%, 10/15/2019		289
		UBS AG, (Switzerland),
	10,000	2.38%, 08/14/2019		9,940
	17,354	2.45%, 12/01/2020 (e)		17,086
	EUR 11,400	UBS Group AG, (Switzerland), Reg. S, (EUR Swap Annual 5 Year + 5.29%), 5.75%, 02/19/2022 (x) (y) (aa)		15,627
				249,868

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 123

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Consumer Finance — 0.9%
		AerCap Ireland Capital DAC, (Netherlands),
	390	3.50%, 05/26/2022		389
	10,000	3.95%, 02/01/2022		10,100
		Ally Financial, Inc.,
	2,861	4.63%, 05/19/2022		2,907
	8,877	4.63%, 03/30/2025		8,921
	2,865	8.00%, 11/01/2031		3,553
		American Express Co.,
	3,000	3.40%, 02/27/2023		2,994
	276	3.63%, 12/05/2024		276
		American Express Credit Corp.,
	1,448	2.13%, 03/18/2019		1,442
	1,001	2.25%, 08/15/2019		995
	250	2.25%, 05/05/2021		244
	999	2.38%, 05/26/2020		988
	155	2.70%, 03/03/2022		152
	1,452	Series F, 2.60%, 09/14/2020		1,439
		American Honda Finance Corp.,
	320	2.30%, 09/09/2026		294
	1,000	2.60%, 11/16/2022		979
	500	2.90%, 02/16/2024		491
	835	7.63%, 10/01/2018 (e)		860
		Capital One Financial Corp.,
	200	3.20%, 02/05/2025		191
	333	3.75%, 04/24/2024		334
	840	3.75%, 07/28/2026		802
	1,356	4.20%, 10/29/2025		1,345
		Caterpillar Financial Services Corp.,
	2,000	1.70%, 08/09/2021		1,918
	850	1.93%, 10/01/2021		821
	1,242	2.10%, 06/09/2019		1,238
	13,965	2.55%, 11/29/2022		13,611
	581	2.85%, 06/01/2022		578
	906	FirstCash, Inc., 5.38%, 06/01/2024 (e)		934
		Ford Motor Credit Co. LLC,
	687	3.22%, 01/09/2022		676
	490	3.34%, 03/28/2022		482
		General Motors Financial Co., Inc.,
	1,000	3.45%, 01/14/2022		995
	580	3.50%, 11/07/2024		559
	171	3.70%, 05/09/2023		170
	1,000	3.95%, 04/13/2024		998
	420	4.00%, 01/15/2025		416
	616	4.00%, 10/06/2026		603
	1,000	4.30%, 07/13/2025		1,003
	7,978	4.35%, 01/17/2027		7,956

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Consumer Finance — continued
	600	ILFC E-Capital Trust II, (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.62%, 12/21/2065 (e) (aa)		590
		John Deere Capital Corp.,
	290	1.70%, 01/15/2020		285
	1,500	1.95%, 06/22/2020		1,475
	870	2.05%, 03/10/2020		862
	500	2.65%, 06/24/2024		482
	1,000	2.65%, 06/10/2026		944
	17,630	2.70%, 01/06/2023		17,267
	150	2.80%, 03/06/2023		147
	559	3.35%, 06/12/2024		560
	610	Series 0014, 2.45%, 09/11/2020		606
	455	PACCAR Financial Corp., 2.80%, 03/01/2021		455
		Springleaf Finance Corp.,
	1,791	6.13%, 05/15/2022		1,836
	843	8.25%, 12/15/2020		919
		Toyota Motor Credit Corp.,
	400	1.55%, 10/18/2019		395
	900	2.15%, 09/08/2022		866
	720	2.60%, 01/11/2022		710
	500	2.70%, 01/11/2023		494
	2,980	2.90%, 04/17/2024		2,935
				104,482
		Diversified Financial Services — 0.8%
	2,806	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		3,045
	900	AIG Global Funding, 1.90%, 10/06/2021 (e)		860
	475	Berkshire Hathaway, Inc., 3.00%, 02/11/2023		474
	800	CK Hutchison International Ltd., (Hong Kong), 2.88%, 04/05/2022 (e)		783
	3,140	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		3,062
	16,465	EDP Finance BV, (Portugal), 3.63%, 07/15/2024 (e)		16,236
	2,000	Federation des Caisses Desjardins du Quebec, (Canada), 2.25%, 10/30/2020 (e)		1,967
		GE Capital International Funding Co. Unlimited Co.,
	1,126	2.34%, 11/15/2020		1,101
	6,434	3.37%, 11/15/2025		6,184
	19,905	4.42%, 11/15/2035		19,546
	257	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.25%, 11/08/2022 (e)		255

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Financial Services — continued
	200	Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e)		193
		National Rural Utilities Cooperative Finance Corp.,
	350	2.95%, 02/07/2024		343
	2,675	3.05%, 02/15/2022		2,677
	2,000	3.40%, 02/07/2028		1,967
	170	10.38%, 11/01/2018		178
		Nationwide Building Society, (United Kingdom),
	800	2.35%, 01/21/2020 (e)		791
	8,095	2.45%, 07/27/2021 (e)		7,907
	300	4.00%, 09/14/2026 (e)		293
		ORIX Corp., (Japan),
	906	2.90%, 07/18/2022		886
	1,100	3.25%, 12/04/2024		1,069
		Shell International Finance BV, (Netherlands),
	2,545	2.13%, 05/11/2020		2,513
	1,098	2.50%, 09/12/2026		1,021
	246	2.88%, 05/10/2026		236
	4,258	3.75%, 09/12/2046		4,051
	656	4.13%, 05/11/2035		677
	2,500	4.30%, 09/22/2019		2,564
		Siemens Financieringsmaatschappij NV, (Germany),
	2,150	2.00%, 09/15/2023 (e)		2,015
	9,900	2.35%, 10/15/2026 (e)		9,012
	756	2.90%, 05/27/2022 (e)		750
				92,656
		Insurance — 0.6%
	651	Allstate Corp. (The), 3.15%, 06/15/2023		650
		American International Group, Inc.,
	1,500	2.30%, 07/16/2019		1,490
	2,041	3.88%, 01/15/2035		1,929
	1,200	4.70%, 07/10/2035		1,246
	3,750	4.80%, 07/10/2045		3,900
	240	Aon Corp., 6.25%, 09/30/2040		299
		Arch Capital Finance LLC,
	386	4.01%, 12/15/2026		390
	918	5.03%, 12/15/2046		1,004
		Athene Global Funding,
	1,407	2.75%, 04/20/2020 (e)		1,396
	577	3.00%, 07/01/2022 (e)		562
	883	4.00%, 01/25/2022 (e)		894

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Insurance — continued
	500	Berkshire Hathaway Finance Corp., 5.75%, 01/15/2040		624
	315	Chubb Corp. (The), 5.75%, 05/15/2018		317
	2,067	Chubb INA Holdings, Inc., 2.88%, 11/03/2022		2,050
	373	CNA Financial Corp., 3.95%, 05/15/2024		379
	2,015	CNO Financial Group, Inc., 5.25%, 05/30/2025		2,045
	1,000	Great-West Lifeco Finance Delaware LP, (Canada), 4.15%, 06/03/2047 (e)		978
	900	Guardian Life Global Funding, 2.50%, 05/08/2022 (e)		876
	271	Guardian Life Insurance Co. of America (The), 4.85%, 01/24/2077 (e)		277
		Jackson National Life Global Funding,
	1,775	1.88%, 10/15/2018 (e)		1,770
	400	2.20%, 01/30/2020 (e)		396
	4,000	2.50%, 06/27/2022 (e)		3,886
	575	3.25%, 01/30/2024 (e)		571
		Liberty Mutual Group, Inc.,
	1,000	6.50%, 03/15/2035 (e)		1,227
	375	6.50%, 05/01/2042 (e)		473
	100	7.00%, 03/15/2034 (e)		126
	920	7.80%, 03/15/2037 (e)		1,143
	1,100	Lincoln National Corp., 3.35%, 03/09/2025		1,078
	2,684	Manulife Financial Corp., (Canada), 4.15%, 03/04/2026		2,745
		Marsh & McLennan Cos., Inc.,
	1,271	2.35%, 03/06/2020		1,260
	433	2.75%, 01/30/2022		426
	152	Massachusetts Mutual Life Insurance Co., 5.38%, 12/01/2041 (e)		174
		MassMutual Global Funding II,
	2,085	2.50%, 10/17/2022 (e)		2,026
	2,000	2.75%, 06/22/2024 (e)		1,923
		MetLife, Inc.,
	1,592	3.60%, 11/13/2025		1,595
	869	4.13%, 08/13/2042		862
	700	6.38%, 06/15/2034		888
		Metropolitan Life Global Funding I,
	924	1.55%, 09/13/2019 (e)		910
	400	2.30%, 04/10/2019 (e)		399
	1,820	3.00%, 01/10/2023 (e)		1,796
	649	3.88%, 04/11/2022 (e)		665
		Nationwide Mutual Insurance Co.,
	1,465	7.88%, 04/01/2033 (e)		1,985
	1,200	9.38%, 08/15/2039 (e)		1,930

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 125

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Insurance — continued
		New York Life Global Funding,
	1,600	1.70%, 09/14/2021 (e)		1,530
	968	1.95%, 02/11/2020 (e)		954
	2,039	2.15%, 06/18/2019 (e)		2,028
	2,831	3.00%, 01/10/2028 (e)		2,701
	303	New York Life Insurance Co., 6.75%, 11/15/2039 (e)		412
	800	OneBeacon US Holdings, Inc., 4.60%, 11/09/2022		812
	397	Pacific Life Insurance Co., (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (e) (aa)		371
		Pricoa Global Funding I,
	1,489	1.60%, 05/29/2018 (e)		1,486
	1,337	2.20%, 06/03/2021 (e)		1,306
		Principal Life Global Funding II,
	744	2.25%, 10/15/2018 (e)		744
	586	3.00%, 04/18/2026 (e)		557
		Prudential Financial, Inc.,
	2,259	3.91%, 12/07/2047 (e)		2,142
	205	5.38%, 06/21/2020		216
	150	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		189
		Teachers Insurance & Annuity Association of America,
	800	4.27%, 05/15/2047 (e)		796
	500	4.90%, 09/15/2044 (e)		545
	700	Travelers Property Casualty Corp., 7.75%, 04/15/2026		887
				69,236
		Thrifts & Mortgage Finance — 0.3%
		BPCE SA, (France),
	18,570	2.75%, 01/11/2023 (e)		18,004
	250	3.38%, 12/02/2026		242
	1,100	3.50%, 10/23/2027 (e)		1,042
	2,950	5.15%, 07/21/2024 (e)		3,100
	2,000	5.70%, 10/22/2023 (e)		2,161
		Ladder Capital Finance Holdings LLLP,
	1,815	5.25%, 03/15/2022 (e)		1,829
	607	5.25%, 10/01/2025 (e)		590
		Quicken Loans, Inc.,
	3,604	5.25%, 01/15/2028 (e)		3,478
	4,342	5.75%, 05/01/2025 (e)		4,375

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Thrifts & Mortgage Finance — continued
		Radian Group, Inc.,
	1,515	4.50%, 10/01/2024		1,512
	783	7.00%, 03/15/2021		855
				37,188
		Total Financials		1,059,299
		Health Care — 1.4%
		Biotechnology — 0.2%
		AbbVie, Inc.,
	1,523	2.00%, 11/06/2018		1,519
	600	3.20%, 05/14/2026		573
	500	3.60%, 05/14/2025		494
	4,305	4.40%, 11/06/2042		4,284
		Amgen, Inc.,
	640	3.63%, 05/15/2022		649
	558	4.56%, 06/15/2048		561
	1,000	4.66%, 06/15/2051		1,009
	700	Biogen, Inc., 2.90%, 09/15/2020		699
		Gilead Sciences, Inc.,
	500	1.85%, 09/20/2019		494
	441	2.50%, 09/01/2023		423
	1,700	3.25%, 09/01/2022		1,700
	680	3.50%, 02/01/2025		677
	1,546	3.65%, 03/01/2026		1,543
	1,106	3.70%, 04/01/2024		1,123
	4,850	4.15%, 03/01/2047		4,684
				20,432
		Health Care Equipment & Supplies — 0.1%
	400	Becton Dickinson and Co., 6.00%, 05/15/2039		450
	1,600	Covidien International Finance SA, 4.20%, 06/15/2020		1,648
	400	Danaher Corp., 3.35%, 09/15/2025		402
		Hologic, Inc.,
	1,989	4.38%, 10/15/2025 (e)		1,942
	1,143	4.63%, 02/01/2028 (e)		1,103
	2,414	Mallinckrodt International Finance SA, 3.50%, 04/15/2018		2,396
		Medtronic, Inc.,
	1,500	3.50%, 03/15/2025		1,498
	2,001	4.38%, 03/15/2035		2,118
	217	4.63%, 03/15/2045		235
	350	Stryker Corp., 4.10%, 04/01/2043		341
		Teleflex, Inc.,
	1,294	4.63%, 11/15/2027		1,262

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Health Care Equipment & Supplies — continued
	659	4.88%, 06/01/2026		652
	1,755	5.25%, 06/15/2024		1,799
				15,846
		Health Care Providers & Services — 0.6%
		Aetna, Inc.,
	546	2.80%, 06/15/2023		524
	224	4.50%, 05/15/2042		220
		Anthem, Inc.,
	577	3.13%, 05/15/2022		573
	1,505	3.30%, 01/15/2023		1,493
	687	Ascension Health, 3.95%, 11/15/2046		687
		Cardinal Health, Inc.,
	815	2.40%, 11/15/2019		811
	900	3.41%, 06/15/2027		846
		Centene Corp.,
	1,884	4.75%, 05/15/2022		1,916
	2,466	4.75%, 01/15/2025		2,452
	1,845	5.63%, 02/15/2021		1,889
	1,960	6.13%, 02/15/2024		2,058
		Community Health Systems, Inc.,
	1,660	5.13%, 08/01/2021		1,531
	4,012	6.25%, 03/31/2023		3,651
	3,990	6.88%, 02/01/2022		2,593
	2,365	7.13%, 07/15/2020		1,990
	2,140	8.00%, 11/15/2019		2,001
		Express Scripts Holding Co.,
	198	3.00%, 07/15/2023		191
	1,250	3.50%, 06/15/2024		1,226
	1,000	4.50%, 02/25/2026		1,030
		HCA, Inc.,
	947	3.75%, 03/15/2019		953
	1,050	4.25%, 10/15/2019		1,063
	1,420	4.50%, 02/15/2027		1,386
	1,176	4.75%, 05/01/2023		1,197
	2,050	5.00%, 03/15/2024		2,089
	950	5.25%, 04/15/2025		976
	725	5.25%, 06/15/2026		743
	1,352	5.38%, 02/01/2025		1,374
	2,170	5.50%, 06/15/2047		2,143
	2,557	5.88%, 03/15/2022		2,710
	2,480	5.88%, 05/01/2023		2,608
	1,885	6.50%, 02/15/2020		1,984
	400	Kaiser Foundation Hospitals, 3.50%, 04/01/2022		406

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Health Care Providers & Services — continued
		LifePoint Health, Inc.,
	319	5.38%, 05/01/2024		312
	1,216	5.50%, 12/01/2021		1,225
	1,250	Magellan Health, Inc., 4.40%, 09/22/2024		1,238
		Memorial Sloan-Kettering Cancer Center,
	225	4.13%, 07/01/2052		223
	785	Series 2015, 4.20%, 07/01/2055		798
	666	Mount Sinai Hospitals Group, Inc., Series 2017, 3.98%, 07/01/2048		642
	363	Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/2026		340
		Tenet Healthcare Corp.,
	2,668	4.38%, 10/01/2021		2,655
	2,223	4.50%, 04/01/2021		2,230
	5,072	4.63%, 07/15/2024 (e)		4,853
	210	4.75%, 06/01/2020		213
	1,100	5.13%, 05/01/2025 (e)		1,067
	1,017	6.00%, 10/01/2020		1,058
	1,075	Texas Health Resources, 4.33%, 11/15/2055		1,095
		UnitedHealth Group, Inc.,
	125	2.75%, 02/15/2023		123
	1,500	2.88%, 12/15/2021		1,494
	806	3.38%, 11/15/2021		816
	98	4.63%, 07/15/2035		108
	3,725	WellCare Health Plans, Inc., 5.25%, 04/01/2025		3,770
				71,574
		Health Care Technology — 0.0% (g)
		Quintiles IMS, Inc.,
	1,615	4.88%, 05/15/2023 (e)		1,659
	1,915	5.00%, 10/15/2026 (e)		1,921
				3,580
		Life Sciences Tools & Services — 0.0% (g)
	628	Thermo Fisher Scientific, Inc., 3.15%, 01/15/2023		621
		Pharmaceuticals — 0.5%
	13,387	Allergan Funding SCS, 4.55%, 03/15/2035		13,358
	500	Allergan, Inc., 2.80%, 03/15/2023		482
	1,100	Bayer US Finance LLC, (Germany), 2.38%, 10/08/2019 (e)		1,091
		Concordia International Corp., (Canada),
	7,306	7.00%, 04/15/2023 (d) (e)		658
	6,678	9.00%, 04/01/2022 (e)		6,110

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Pharmaceuticals — continued
		Endo Dac,
	1,336	5.88%, 10/15/2024 (e)		1,346
	5,345	6.00%, 02/01/2025 (e)		3,832
		GlaxoSmithKline Capital, Inc., (United Kingdom),
	400	5.38%, 04/15/2034		468
	920	6.38%, 05/15/2038		1,221
		Johnson & Johnson,
	2,000	2.45%, 03/01/2026		1,880
	1,004	2.63%, 01/15/2025		972
	926	3.40%, 01/15/2038		887
	562	Merck & Co., Inc., 2.80%, 05/18/2023		556
	2,705	Novartis Capital Corp., (Switzerland), 3.40%, 05/06/2024		2,734
	1,500	Pfizer, Inc., 2.75%, 06/03/2026		1,429
	745	Pharmacia LLC, 6.60%, 12/01/2028		943
	450	Roche Holdings, Inc., (Switzerland), 2.25%, 09/30/2019 (e)		448
		Teva Pharmaceutical Finance Netherlands III BV, (Israel),
	1,450	3.15%, 10/01/2026		1,176
	708	3.15%, 10/01/2026		574
		Valeant Pharmaceuticals International, Inc.,
	5,517	5.50%, 11/01/2025 (e)		5,458
	1,895	5.88%, 05/15/2023 (e)		1,684
	1,536	6.50%, 03/15/2022 (e)		1,597
	4,492	7.00%, 03/15/2024 (e)		4,734
	3,965	7.25%, 07/15/2022 (e)		3,856
	1,530	9.00%, 12/15/2025 (e)		1,533
				59,027
		Total Health Care		171,080
		Industrials — 1.8%
		Aerospace & Defense — 0.3%
	589	Airbus Finance BV, (France), 2.70%, 04/17/2023 (e)		577
		Airbus SE, (France),
	655	3.15%, 04/10/2027 (e)		639
	150	3.95%, 04/10/2047 (e)		149
		Arconic, Inc.,
	2,920	5.13%, 10/01/2024		3,011
	1,581	5.40%, 04/15/2021		1,644
	351	5.72%, 02/23/2019		363
	3,364	5.87%, 02/23/2022		3,566
	1,350	5.90%, 02/01/2027		1,451
	1,432	5.95%, 02/01/2037		1,529
	3,265	6.75%, 01/15/2028		3,722

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Aerospace & Defense — continued
	145	BAE Systems Holdings, Inc., (United Kingdom), 6.38%, 06/01/2019 (e)		151
	400	Boeing Co. (The), 6.13%, 02/15/2033		512
	308	General Dynamics Corp., 1.88%, 08/15/2023		288
		Lockheed Martin Corp.,
	600	3.80%, 03/01/2045		564
	1,311	4.07%, 12/15/2042		1,291
	188	4.09%, 09/15/2052		182
	1,000	Orbital ATK, Inc., 5.50%, 10/01/2023		1,047
	3,035	Precision Castparts Corp., 3.25%, 06/15/2025		3,018
	280	Raytheon Co., 3.15%, 12/15/2024		278
	4,986	Rockwell Collins, Inc., 4.35%, 04/15/2047		4,976
	2,471	United Technologies Corp., 4.50%, 06/01/2042		2,529
				31,487
		Air Freight & Logistics — 0.0% (g)
	235	United Parcel Service of America, Inc., SUB, 8.37%, 04/01/2030		324
	1,700	United Parcel Service, Inc., 2.80%, 11/15/2024		1,639
		XPO Logistics, Inc.,
	180	6.13%, 09/01/2023 (e)		187
	725	6.50%, 06/15/2022 (e)		753
				2,903
		Airlines — 0.1%
	1,375	American Airlines Group, Inc., 5.50%, 10/01/2019 (e)		1,402
		United Continental Holdings, Inc.,
	1,287	4.25%, 10/01/2022		1,283
	2,810	5.00%, 02/01/2024		2,796
				5,481
		Building Products — 0.2%
	915	American Woodmark Corp., 4.88%, 03/15/2026 (e)		908
	200	CRH America Finance, Inc., (Ireland), 3.40%, 05/09/2027 (e)		193
	4,553	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e)		4,211
		James Hardie International Finance DAC, (Ireland),
	1,065	4.75%, 01/15/2025 (e)		1,055
	865	5.00%, 01/15/2028 (e)		856

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Building Products — continued
		Jeld-Wen, Inc.,
	779	4.63%, 12/15/2025 (e)		762
	695	4.88%, 12/15/2027 (e)		674
		Johnson Controls International plc,
	453	3.90%, 02/14/2026		459
	1,390	5.70%, 03/01/2041		1,599
	323	SUB, 3.62%, 07/02/2024		326
	1,180	SUB, 4.95%, 07/02/2064		1,228
	2,775	Masco Corp., 4.50%, 05/15/2047		2,679
	6,180	Owens Corning, 4.30%, 07/15/2047		5,686
		Standard Industries, Inc.,
	3,335	4.75%, 01/15/2028 (e)		3,202
	355	5.38%, 11/15/2024 (e)		363
	3,060	6.00%, 10/15/2025 (e)		3,232
	330	Summit Materials LLC, 5.13%, 06/01/2025 (e)		330
				27,763
		Commercial Services & Supplies — 0.2%
	1,633	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		1,641
		ADT Corp. (The),
	1,750	3.50%, 07/15/2022		1,671
	7,360	4.13%, 06/15/2023		7,158
		Aramark Services, Inc.,
	1,603	5.00%, 02/01/2028 (e)		1,597
	1,062	5.13%, 01/15/2024		1,083
	1,200	Brambles USA, Inc., (Australia), 5.35%, 04/01/2020 (e)		1,254
	1,500	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		1,421
	1,858	Covanta Holding Corp., 5.88%, 03/01/2024		1,863
	5,334	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.37%, 12/21/2065 (e) (aa)		5,267
	790	Nielsen Co. Luxembourg SARL (The), 5.50%, 10/01/2021 (e)		808
	1,552	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		1,571
		Republic Services, Inc.,
	245	2.90%, 07/01/2026		231
	348	3.55%, 06/01/2022		351
	190	4.75%, 05/15/2023		202
				26,118
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc., (Switzerland),
	303	2.88%, 05/08/2022		302
	326	4.38%, 05/08/2042		336

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Construction & Engineering — continued
		AECOM,
	4,601	5.13%, 03/15/2027		4,456
	791	5.88%, 10/15/2024		824
	360	Fluor Corp., 3.38%, 09/15/2021		364
	3,720	MasTec, Inc., 4.88%, 03/15/2023		3,711
	620	Mexico City Airport Trust, (Mexico), 5.50%, 07/31/2047 (e)		581
	3,588	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		3,767
				14,341
		Electrical Equipment — 0.1%
		Eaton Corp.,
	900	2.75%, 11/02/2022		882
	550	5.60%, 05/15/2018		554
	2,547	EnerSys, 5.00%, 04/30/2023 (e)		2,604
		Sensata Technologies BV,
	1,000	4.88%, 10/15/2023 (e)		1,015
	554	5.00%, 10/01/2025 (e)		558
	1,303	5.63%, 11/01/2024 (e)		1,393
				7,006
		Industrial Conglomerates — 0.1%
		General Electric Co.,
	251	2.70%, 10/09/2022		243
	215	3.15%, 09/07/2022		213
	250	3.45%, 05/15/2024		246
	85	5.30%, 02/11/2021		90
	94	5.50%, 01/08/2020		98
	1,110	5.88%, 01/14/2038		1,300
	JPY 100,000	Series 15BR, 2.22%, 11/20/2020		986
	8,825	Roper Technologies, Inc., 3.80%, 12/15/2026		8,846
				12,022
		Machinery — 0.1%
	1,515	Briggs & Stratton Corp., 6.88%, 12/15/2020		1,659
		Caterpillar, Inc.,
	198	2.60%, 06/26/2022		194
	680	3.80%, 08/15/2042		677
		Illinois Tool Works, Inc.,
	1,999	3.90%, 09/01/2042		2,021
	105	4.88%, 09/15/2041		120
	120	Ingersoll-Rand Co., 7.20%, 06/01/2025		131
		Oshkosh Corp.,
	1,400	5.38%, 03/01/2022		1,441
	220	5.38%, 03/01/2025		229

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Machinery — continued
		Parker-Hannifin Corp.,
	438	3.30%, 11/21/2024		435
	440	6.25%, 05/15/2038		565
	951	Tennant Co., 5.63%, 05/01/2025		975
	1,749	Terex Corp., 5.63%, 02/01/2025 (e)		1,766
	443	Wabash National Corp., 5.50%, 10/01/2025 (e)		439
				10,652
		Professional Services — 0.1%
	2,091	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		2,112
	661	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		656
		IHS Markit Ltd.,
	1,678	4.00%, 03/01/2026 (e)		1,627
	1,408	4.75%, 02/15/2025 (e)		1,440
				5,835
		Road & Rail — 0.3%
		Ashtead Capital, Inc., (United Kingdom),
	317	4.13%, 08/15/2025 (e)		310
	4,310	5.63%, 10/01/2024 (e)		4,493
	575	Avis Budget Car Rental LLC, 5.25%, 03/15/2025 (e)		555
		Burlington Northern Santa Fe LLC,
	162	3.00%, 03/15/2023		162
	2,500	3.05%, 09/01/2022		2,504
	510	4.38%, 09/01/2042		531
	1,630	4.70%, 09/01/2045		1,781
	750	6.15%, 05/01/2037		952
	1,150	6.70%, 08/01/2028		1,438
	100	7.08%, 05/13/2029		126
		Canadian Pacific Railway Co., (Canada),
	1,680	4.50%, 01/15/2022		1,754
	1,456	6.13%, 09/15/2115		1,787
	165	7.25%, 05/15/2019		174
	280	9.45%, 08/01/2021		335
		CSX Corp.,
	583	3.25%, 06/01/2027		557
	284	3.95%, 05/01/2050		264
		DAE Funding LLC, (United Arab Emirates),
	1,212	4.50%, 08/01/2022 (e)		1,176
	2,253	5.00%, 08/01/2024 (e)		2,179
		ERAC USA Finance LLC,
	470	2.70%, 11/01/2023 (e)		450

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Road & Rail — continued
	200	3.30%, 10/15/2022 (e)		199
	800	6.70%, 06/01/2034 (e)		983
	291	7.00%, 10/15/2037 (e)		376
	460	JB Hunt Transport Services, Inc., 3.85%, 03/15/2024		462
	521	Kazakhstan Temir Zholy National Co. JSC, (Kazakhstan), 4.85%, 11/17/2027 (e)		521
		Norfolk Southern Corp.,
	462	2.90%, 02/15/2023		456
	1,415	3.25%, 12/01/2021		1,426
	500	4.05%, 08/15/2052 (e)		480
		Park Aerospace Holdings Ltd., (Ireland),
	1,950	4.50%, 03/15/2023 (e)		1,882
	3,857	5.25%, 08/15/2022 (e)		3,862
	3,739	5.50%, 02/15/2024 (e)		3,757
	1,767	Penske Truck Leasing Co. LP, 3.38%, 02/01/2022 (e)		1,766
		Ryder System, Inc.,
	500	2.45%, 11/15/2018		500
	325	2.45%, 09/03/2019		324
	840	2.65%, 03/02/2020		836
		Union Pacific Corp.,
	180	2.75%, 04/15/2023		177
	82	3.60%, 09/15/2037		79
	100	4.10%, 09/15/2067		97
	161	4.16%, 07/15/2022		168
	283	4.30%, 06/15/2042		297
				40,176
		Trading Companies & Distributors — 0.2%
	1,593	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		1,545
	242	Air Lease Corp., 3.25%, 03/01/2025		232
		Aircastle Ltd.,
	875	4.13%, 05/01/2024		863
	1,196	5.00%, 04/01/2023		1,233
	1,647	5.13%, 03/15/2021		1,692
	475	5.50%, 02/15/2022		494
	213	6.25%, 12/01/2019		222
	1,885	7.63%, 04/15/2020		2,027
		Aviation Capital Group LLC,
	1,000	2.88%, 01/20/2022 (e)		979
	2,000	3.50%, 11/01/2027 (e)		1,887
	600	BOC Aviation Ltd., (Singapore), 2.75%, 09/18/2022 (e)		576
	690	Fly Leasing Ltd., (Ireland), 5.25%, 10/15/2024		682

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Trading Companies & Distributors — continued
	1,000	International Lease Finance Corp., 8.63%, 01/15/2022		1,181
		United Rentals North America, Inc.,
	2,178	4.63%, 07/15/2023		2,227
	1,004	4.63%, 10/15/2025		979
	4,065	4.88%, 01/15/2028		3,963
	305	5.50%, 07/15/2025		314
	1,305	5.50%, 05/15/2027		1,336
	1,220	5.75%, 11/15/2024		1,263
	1,040	5.88%, 09/15/2026		1,092
	1,725	WESCO Distribution, Inc., 5.38%, 06/15/2024		1,729
	520	WW Grainger, Inc., 4.60%, 06/15/2045		551
				27,067
		Total Industrials		210,851
		Information Technology — 2.1%
		Communications Equipment — 0.2%
	9,495	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		1
		Cisco Systems, Inc.,
	3,751	3.00%, 06/15/2022		3,754
	500	5.50%, 01/15/2040		623
	375	5.90%, 02/15/2039		488
		CommScope Technologies LLC,
	1,260	5.00%, 03/15/2027 (e)		1,229
	2,355	6.00%, 06/15/2025 (e)		2,432
	3,050	CommScope, Inc., 5.50%, 06/15/2024 (e)		3,107
	614	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		421
		Nokia OYJ, (Finland),
	1,260	3.38%, 06/12/2022		1,225
	1,955	4.38%, 06/12/2027		1,877
	239	5.38%, 05/15/2019		244
	2,046	6.63%, 05/15/2039		2,223
	1,373	Plantronics, Inc., 5.50%, 05/31/2023 (e)		1,376
				19,000
		Electronic Equipment, Instruments & Components — 0.1%
	1,380	Anixter, Inc., 5.50%, 03/01/2023		1,439
		Arrow Electronics, Inc.,
	221	3.88%, 01/12/2028		215
	653	4.00%, 04/01/2025		648
		CDW LLC,
	1,000	5.00%, 09/01/2023		1,015
	2,733	5.00%, 09/01/2025		2,757
	500	5.50%, 12/01/2024		521

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Electronic Equipment, Instruments & Components — continued
	1,729	Itron, Inc., 5.00%, 01/15/2026 (e)		1,720
				8,315
		Internet Software & Services — 0.0% (g)
	220	Alibaba Group Holding Ltd., (China), 4.00%, 12/06/2037		210
	1,742	eBay, Inc., 3.45%, 08/01/2024		1,724
	395	Match Group, Inc., 5.00%, 12/15/2027 (e)		398
	1,585	Tencent Holdings Ltd., (China), 3.60%, 01/19/2028 (e)		1,533
	1,842	VeriSign, Inc., 4.75%, 07/15/2027		1,796
				5,661
		IT Services — 0.2%
	3,884	Alliance Data Systems Corp., 5.38%, 08/01/2022 (e)		3,899
	517	DXC Technology Co., 4.25%, 04/15/2024		528
		First Data Corp.,
	6,980	5.00%, 01/15/2024 (e)		7,023
	337	5.38%, 08/15/2023 (e)		343
	500	5.75%, 01/15/2024 (e)		509
	449	Gartner, Inc., 5.13%, 04/01/2025 (e)		460
		IBM Credit LLC,
	1,000	2.65%, 02/05/2021		994
	2,000	3.00%, 02/06/2023		1,981
		Visa, Inc.,
	1,350	2.80%, 12/14/2022		1,333
	760	4.15%, 12/14/2035		801
		Western Union Co. (The),
	1,200	3.60%, 03/15/2022		1,199
	300	6.20%, 06/21/2040		306
				19,376
		Semiconductors & Semiconductor Equipment — 0.4%
	563	Analog Devices, Inc., 4.50%, 12/05/2036		581
		Broadcom Corp.,
	2,108	3.63%, 01/15/2024		2,056
	6,535	3.88%, 01/15/2027		6,268
	465	Entegris, Inc., 4.63%, 02/10/2026 (e)		457
		Intel Corp.,
	825	2.60%, 05/19/2026		777
	565	2.88%, 05/11/2024		552
	605	3.10%, 07/29/2022		611
	11,826	3.70%, 07/29/2025		12,064
	1,115	3.73%, 12/08/2047 (e)		1,070

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 131

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
		Micron Technology, Inc.,
	809	5.25%, 01/15/2024 (e)		829
	739	5.50%, 02/01/2025		767
		NXP BV, (Netherlands),
	798	4.13%, 06/15/2020 (e)		812
	3,386	4.13%, 06/01/2021 (e)		3,446
	1,485	4.63%, 06/15/2022 (e)		1,530
	500	5.75%, 03/15/2023 (e)		514
		Qorvo, Inc.,
	1,307	6.75%, 12/01/2023		1,386
	300	7.00%, 12/01/2025		326
		QUALCOMM, Inc.,
	139	2.60%, 01/30/2023		133
	3,000	2.90%, 05/20/2024		2,837
	1,003	3.25%, 05/20/2027		938
	2,328	Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/2026 (e)		2,468
	1,000	Texas Instruments, Inc., 2.90%, 11/03/2027		954
	2,074	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		2,167
				43,543
		Software — 0.7%
	488	CURO Financial Technologies Corp., 12.00%, 03/01/2022 (e)		538
	2,018	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		2,089
		Microsoft Corp.,
	25	2.38%, 02/12/2022		24
	11	2.38%, 05/01/2023		11
	5,000	2.40%, 08/08/2026		4,644
	5,265	2.65%, 11/03/2022		5,194
	1,045	2.88%, 02/06/2024		1,029
	3,000	3.13%, 11/03/2025		2,960
	446	3.30%, 02/06/2027		441
	2,000	3.45%, 08/08/2036		1,939
	4,989	3.50%, 02/12/2035		4,898
	870	4.10%, 02/06/2037		914
	435	4.20%, 11/03/2035		464
	2,575	4.45%, 11/03/2045		2,817
	595	4.50%, 10/01/2040		658
	762	4.50%, 02/06/2057		837
	3,150	Nuance Communications, Inc., 5.63%, 12/15/2026		3,189
		Open Text Corp., (Canada),
	787	5.63%, 01/15/2023 (e)		820

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Software — continued
	3,306	5.88%, 06/01/2026 (e)		3,438
		Oracle Corp.,
	495	2.40%, 09/15/2023		473
	787	2.50%, 05/15/2022		769
	1,821	2.50%, 10/15/2022		1,777
	20,150	2.63%, 02/15/2023		19,654
	1,000	2.95%, 11/15/2024		971
	1,500	3.90%, 05/15/2035		1,487
	9,500	4.00%, 07/15/2046		9,387
	4,818	4.30%, 07/08/2034		5,083
	5,215	4.38%, 05/15/2055		5,433
	241	5.38%, 07/15/2040		289
	4,106	Symantec Corp., 5.00%, 04/15/2025 (e)		4,189
				86,416
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	2,348	2.15%, 02/09/2022		2,279
	703	2.40%, 05/03/2023		680
	1,000	2.50%, 02/09/2025		944
	2,580	2.70%, 05/13/2022		2,568
	3,000	2.75%, 01/13/2025		2,881
	1,270	2.85%, 05/06/2021		1,272
	3,500	2.90%, 09/12/2027		3,312
	2,702	3.00%, 02/09/2024		2,667
	1,875	3.00%, 06/20/2027		1,796
	1,143	3.20%, 05/11/2027		1,114
	372	3.25%, 02/23/2026		366
	9,173	3.35%, 02/09/2027		9,040
	2,500	3.75%, 09/12/2047		2,382
	7,945	3.85%, 08/04/2046		7,677
	1,123	4.50%, 02/23/2036		1,224
		Dell International LLC,
	2,721	5.88%, 06/15/2021 (e)		2,782
	5,489	6.02%, 06/15/2026 (e)		5,872
	4,186	7.13%, 06/15/2024 (e)		4,521
	5,708	EMC Corp., 3.38%, 06/01/2023		5,257
	6,668	Western Digital Corp., 4.75%, 02/15/2026		6,718
				65,352
		Total Information Technology		247,663
		Materials — 1.4%
		Chemicals — 0.5%
		Agrium, Inc., (Canada),
	511	4.13%, 03/15/2035		498
	1,875	5.25%, 01/15/2045		2,038

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Chemicals — continued
		Air Liquide Finance SA, (France),
	1,325	1.75%, 09/27/2021 (e)		1,270
	14,795	2.25%, 09/27/2023 (e)		14,028
	610	Axalta Coating Systems LLC, 4.88%, 08/15/2024 (e)		613
	2,445	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		2,916
		CF Industries, Inc.,
	2,250	3.45%, 06/01/2023		2,180
	2,576	4.50%, 12/01/2026 (e)		2,621
	2,190	5.15%, 03/15/2034		2,146
	1,455	Chemours Co. (The), 6.63%, 05/15/2023		1,530
	1,900	Chevron Phillips Chemical Co. LLC, 3.70%, 06/01/2028 (e)		1,891
	512	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		519
	121	Dow Chemical Co. (The), 3.00%, 11/15/2022		119
		Ecolab, Inc.,
	892	2.25%, 01/12/2020		884
	1,027	3.25%, 01/14/2023		1,028
		EI du Pont de Nemours & Co.,
	851	4.90%, 01/15/2041		915
	625	6.50%, 01/15/2028		767
	812	Hexion, Inc., 6.63%, 04/15/2020		755
	600	Huntsman International LLC, 5.13%, 11/15/2022		620
	2,245	Ingevity Corp., 4.50%, 02/01/2026 (e)		2,194
	328	Koppers, Inc., 6.00%, 02/15/2025 (e)		339
	705	Monsanto Co., 4.70%, 07/15/2064		701
		Mosaic Co. (The),
	429	4.88%, 11/15/2041		407
	364	5.45%, 11/15/2033		385
	3,200	OCP SA, (Morocco), Reg. S, 5.63%, 04/25/2024		3,364
	946	Olin Corp., 5.13%, 09/15/2027		931
	2,089	PolyOne Corp., 5.25%, 03/15/2023		2,110
	450	PPG Industries, Inc., 3.20%, 03/15/2023		448
	685	Praxair, Inc., 2.65%, 02/05/2025		658
		Scotts Miracle-Gro Co. (The),
	1,893	5.25%, 12/15/2026		1,916
	375	6.00%, 10/15/2023		392
	1,305	Union Carbide Corp., 7.75%, 10/01/2096		1,680
	2,847	Valvoline, Inc., 4.38%, 08/15/2025		2,783
	1,129	Venator Finance SARL, 5.75%, 07/15/2025 (e)		1,149
	100	WR Grace & Co.-Conn, 5.63%, 10/01/2024 (e)		105

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Chemicals — continued
	300	WR Grace & Co.-Conn., 5.13%, 10/01/2021 (e)		311
				57,211
		Construction Materials — 0.1%
		Cemex SAB de CV, (Mexico),
	470	5.70%, 01/11/2025 (e)		487
	555	6.13%, 05/05/2025 (e)		585
	7,675	7.75%, 04/16/2026 (e)		8,523
	1,249	CRH America, Inc., (Ireland), 5.13%, 05/18/2045 (e)		1,377
	1,359	US Concrete, Inc., 6.38%, 06/01/2024		1,444
	2,200	Votorantim Cimentos SA, (Brazil), Reg. S, 7.25%, 04/05/2041		2,336
				14,752
		Containers & Packaging — 0.2%
		Ardagh Packaging Finance plc, (Ireland),
	2,200	4.25%, 09/15/2022 (e)		2,192
	1,300	4.63%, 05/15/2023 (e)		1,298
		Ball Corp.,
	800	4.00%, 11/15/2023		792
	1,150	5.00%, 03/15/2022		1,193
	3,690	5.25%, 07/01/2025		3,875
	825	Berry Global, Inc., 4.50%, 02/15/2026 (e)		802
		Cascades, Inc., (Canada),
	256	5.50%, 07/15/2022 (e)		260
	368	5.75%, 07/15/2023 (e)		376
		Crown Americas LLC,
	1,350	4.25%, 09/30/2026		1,279
	855	4.75%, 02/01/2026 (e)		842
	465	Graphic Packaging International LLC, 4.88%, 11/15/2022		479
	1,243	OI European Group BV, 4.00%, 03/15/2023 (e)		1,203
	2,917	Reynolds Group Issuer, Inc., 5.75%, 10/15/2020		2,957
		Sealed Air Corp.,
	2,365	5.13%, 12/01/2024 (e)		2,436
	1,250	5.25%, 04/01/2023 (e)		1,278
	1,300	5.50%, 09/15/2025 (e)		1,360
				22,622
		Metals & Mining — 0.6%
		Alcoa Nederland Holding BV,
	1,784	6.75%, 09/30/2024 (e)		1,913
	280	7.00%, 09/30/2026 (e)		303

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 133

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Metals & Mining — continued
		ArcelorMittal, (Luxembourg),
	1,275	5.75%, 03/01/2021		1,339
	1,940	6.13%, 06/01/2025		2,137
	1,397	6.50%, 02/25/2022		1,519
	1,300	7.00%, 03/01/2041		1,579
	2,151	7.25%, 10/15/2039		2,656
	1,000	BHP Billiton Finance USA Ltd., (Australia), 5.00%, 09/30/2043		1,152
	1,387	BlueScope Steel Finance Ltd., (Australia), 6.50%, 05/15/2021 (e)		1,439
	200	Cia Minera Milpo SAA, (Peru), Reg. S, 4.63%, 03/28/2023		201
	495	Cleveland-Cliffs, Inc., 4.88%, 01/15/2024 (e)		486
		Commercial Metals Co.,
	1,526	4.88%, 05/15/2023		1,545
	813	5.38%, 07/15/2027		819
		FMG Resources August 2006 Pty. Ltd., (Australia),
	1,464	4.75%, 05/15/2022 (e)		1,463
	1,453	5.13%, 05/15/2024 (e)		1,449
		Freeport-McMoRan, Inc.,
	1,910	3.55%, 03/01/2022		1,858
	6,310	3.88%, 03/15/2023		6,121
	3,120	4.00%, 11/14/2021		3,104
	1,470	4.55%, 11/14/2024		1,437
	1,395	5.40%, 11/14/2034		1,357
	3,165	5.45%, 03/15/2043		3,038
	100	Glencore Finance Canada Ltd., (Switzerland), 6.90%, 11/15/2037 (e)		121
		Glencore Funding LLC, (Switzerland),
	9,185	3.88%, 10/27/2027 (e)		8,835
	300	4.63%, 04/29/2024 (e)		311
	1,141	GTL Trade Finance, Inc., (Brazil), Reg. S, 5.89%, 04/29/2024		1,207
	916	Kaiser Aluminum Corp., 5.88%, 05/15/2024		960
		Nucor Corp.,
	1,000	4.00%, 08/01/2023		1,033
	1,910	6.40%, 12/01/2037		2,445
		Steel Dynamics, Inc.,
	1,590	4.13%, 09/15/2025		1,538
	885	5.00%, 12/15/2026		903
	567	5.13%, 10/01/2021		574
	420	5.25%, 04/15/2023		429
	870	5.50%, 10/01/2024		901
		Teck Resources Ltd., (Canada),
	525	5.40%, 02/01/2043		520
	7,674	6.13%, 10/01/2035		8,345

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Metals & Mining — continued
	310	United States Steel Corp., 8.38%, 07/01/2021 (e)		332
	700	Vale Canada Ltd., (Brazil), 7.20%, 09/15/2032		796
	1,900	Vedanta Resources plc, (India), Reg. S, 6.38%, 07/30/2022		1,955
				68,120
		Paper & Forest Products — 0.0% (g)
		Clearwater Paper Corp.,
	2,434	4.50%, 02/01/2023		2,343
	1,250	5.38%, 02/01/2025 (e)		1,203
				3,546
		Total Materials		166,251
		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
	500	American Tower Corp., 4.00%, 06/01/2025		500
		American Tower Trust #1,
	723	1.55%, 03/15/2018 (e)		723
	440	3.07%, 03/15/2023 (e)		435
		AvalonBay Communities, Inc.,
	385	2.90%, 10/15/2026		364
	900	3.20%, 01/15/2028		864
	323	3.50%, 11/15/2025		321
	94	3.90%, 10/15/2046		89
	400	4.15%, 07/01/2047		398
		Boston Properties LP,
	1,302	3.80%, 02/01/2024		1,324
	800	5.63%, 11/15/2020		853
		CyrusOne LP,
	1,529	5.00%, 03/15/2024		1,541
	1,232	5.38%, 03/15/2027		1,235
		Duke Realty LP,
	180	3.25%, 06/30/2026		174
	1,519	3.88%, 10/15/2022		1,555
	849	EPR Properties, 4.50%, 06/01/2027		836
		Equinix, Inc.,
	208	5.38%, 01/01/2022		215
	4,395	5.75%, 01/01/2025		4,593
	4,022	5.88%, 01/15/2026		4,213
	1,865	Equity Commonwealth, 5.88%, 09/15/2020		1,947
		ERP Operating LP,
	735	2.85%, 11/01/2026		692
	13,150	3.50%, 03/01/2028		12,926
	1,095	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		1,092

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	599	Goodman US Finance Three LLC, (Australia), 3.70%, 03/15/2028 (e)		574
	1,064	HCP, Inc., 3.88%, 08/15/2024		1,067
		Iron Mountain, Inc.,
	1,389	4.88%, 09/15/2027 (e)		1,309
	1,935	5.25%, 03/15/2028 (e)		1,844
	3,500	5.75%, 08/15/2024		3,482
	1,000	Kimco Realty Corp., 3.80%, 04/01/2027		978
	948	National Retail Properties, Inc., 3.60%, 12/15/2026		916
	1,236	Prologis LP, 3.75%, 11/01/2025		1,257
		Realty Income Corp.,
	2,018	3.88%, 07/15/2024		2,046
	601	4.65%, 03/15/2047		624
	1,420	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		1,395
		Simon Property Group LP,
	2,328	2.50%, 07/15/2021		2,298
	26,900	2.75%, 06/01/2023		26,201
	492	4.38%, 03/01/2021		511
	415	6.75%, 02/01/2040		554
		Ventas Realty LP,
	448	3.50%, 02/01/2025		439
	588	3.75%, 05/01/2024		591
	618	3.85%, 04/01/2027		608
	304	4.13%, 01/15/2026		307
	1,670	VEREIT Operating Partnership LP, 4.60%, 02/06/2024		1,713
				85,604
		Real Estate Management & Development — 0.0% (g)
		Kennedy-Wilson, Inc.,
	1,125	5.88%, 04/01/2024 (e)		1,110
	420	5.88%, 04/01/2024		415
	340	Mitsui Fudosan Co. Ltd., (Japan), 2.95%, 01/23/2023 (e)		336
		Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada),
	579	3.13%, 03/20/2022 (e)		576
	603	3.88%, 03/20/2027 (e)		600
				3,037
		Total Real Estate		88,641

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.4%
		AT&T, Inc.,
	1,790	3.40%, 05/15/2025		1,723
	9,445	3.90%, 08/14/2027		9,371
	4,202	3.95%, 01/15/2025		4,200
	828	4.13%, 02/17/2026		827
	399	4.30%, 02/15/2030 (e)		390
	611	4.30%, 12/15/2042		557
	466	4.35%, 06/15/2045		416
	925	4.50%, 05/15/2035		894
	407	4.75%, 05/15/2046		386
	4,200	4.80%, 06/15/2044		4,021
	562	4.90%, 08/14/2037		563
	2,112	5.15%, 11/15/2046 (e)		2,110
	4,510	5.15%, 02/14/2050		4,501
	2,000	5.25%, 03/01/2037		2,073
	1,030	5.35%, 09/01/2040		1,066
	580	6.00%, 08/15/2040		644
	2,025	6.88%, 10/15/2031 (e)		2,355
		CCO Holdings LLC,
	1,435	5.00%, 02/01/2028 (e)		1,355
	1,000	5.13%, 05/01/2023 (e)		1,019
	4,211	5.13%, 05/01/2027 (e)		4,048
	576	5.25%, 03/15/2021		584
	2,151	5.38%, 05/01/2025 (e)		2,159
	3,245	5.50%, 05/01/2026 (e)		3,245
	167	5.75%, 09/01/2023		170
	5,330	5.75%, 02/15/2026 (e)		5,403
	5,089	5.88%, 04/01/2024 (e)		5,262
	212	5.88%, 05/01/2027 (e)		216
		CenturyLink, Inc.,
	3,015	Series T, 5.80%, 03/15/2022		2,974
	515	Series W, 6.75%, 12/01/2023		507
		Deutsche Telekom International Finance BV, (Germany),
	1,000	3.60%, 01/19/2027 (e)		980
	100	6.75%, 08/20/2018		102
	15,932	Embarq Corp., 8.00%, 06/01/2036		15,076
		Frontier Communications Corp.,
	401	6.25%, 09/15/2021		343
	500	8.50%, 04/15/2020		491
	2,333	9.25%, 07/01/2021		2,157
		Intelsat Jackson Holdings SA, (Luxembourg),
	1,205	5.50%, 08/01/2023		997
	3,412	7.25%, 10/15/2020		3,177

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 135

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	6,470	7.50%, 04/01/2021		5,876
		Level 3 Financing, Inc.,
	5,112	5.25%, 03/15/2026		4,920
	2,092	5.38%, 01/15/2024		2,082
	1,020	5.38%, 05/01/2025		1,012
	2,294	5.63%, 02/01/2023		2,317
	4,385	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		4,036
		Telecom Italia Capital SA, (Italy),
	5,378	6.00%, 09/30/2034		5,633
	4,471	6.38%, 11/15/2033		4,896
	405	7.20%, 07/18/2036		474
	1,416	7.72%, 06/04/2038		1,735
		Telefonica Emisiones SAU, (Spain),
	11,710	4.10%, 03/08/2027		11,628
	82	5.13%, 04/27/2020		85
		Verizon Communications, Inc.,
	934	2.95%, 03/15/2022		921
	590	3.38%, 02/15/2025		577
	934	3.45%, 03/15/2021		948
	2,102	4.15%, 03/15/2024		2,165
	1,558	4.40%, 11/01/2034		1,529
	2,071	4.67%, 03/15/2055		1,934
	1,288	4.81%, 03/15/2039		1,299
	257	5.01%, 08/21/2054		255
	10,022	5.25%, 03/16/2037		10,621
		Virgin Media Finance plc, (United Kingdom),
	550	5.75%, 01/15/2025 (e)		540
	1,600	6.38%, 04/15/2023 (e)		1,640
		Windstream Services LLC,
	5,610	6.38%, 08/01/2023 (e)		3,142
	2,835	6.38%, 08/01/2023		1,658
	1,395	8.75%, 12/15/2024 (e)		893
				159,178
		Wireless Telecommunication Services — 0.3%
		America Movil SAB de CV, (Mexico),
	1,266	3.13%, 07/16/2022		1,253
	300	6.13%, 03/30/2040		360
	1,110	Crown Castle Towers LLC, 3.66%, 05/15/2025 (e)		1,118
	679	Digicel Group Ltd., (Jamaica), Reg. S, 7.13%, 04/01/2022		587
	2,397	Hughes Satellite Systems Corp., 5.25%, 08/01/2026		2,337

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Wireless Telecommunication Services — continued
	1,935	Inmarsat Finance plc, (United Kingdom), 6.50%, 10/01/2024 (e)		1,969
	5,269	P Fin II LLC, (ICE LIBOR USD 1 Month + 4.35%), 5.94%, 05/20/2022 (aa) (bb)		5,269
	240	Rogers Communications, Inc., (Canada), 6.80%, 08/15/2018		244
	3,850	SoftBank Group Corp., (Japan), 4.50%, 04/15/2020 (e)		3,884
		Sprint Communications, Inc.,
	1,022	7.00%, 03/01/2020 (e)		1,079
	1,246	7.00%, 08/15/2020		1,304
	880	Sprint Corp., 7.63%, 03/01/2026		876
		T-Mobile USA, Inc.,
	1,522	4.50%, 02/01/2026		1,493
	1,522	4.75%, 02/01/2028		1,485
	9,752	5.13%, 04/15/2025		9,850
	418	6.00%, 04/15/2024		435
	1,460	6.38%, 03/01/2025		1,540
	906	6.50%, 01/15/2024		949
	1,262	6.50%, 01/15/2026		1,353
	1,527	Wind Tre SpA, (Italy), 5.00%, 01/20/2026 (e)		1,314
				38,699
		Total Telecommunication Services		197,877
		Utilities — 1.5%
		Electric Utilities — 0.8%
	750	AEP Texas, Inc., Series E, 6.65%, 02/15/2033		947
		Alabama Power Co.,
	1,250	5.50%, 03/15/2041		1,467
	891	6.13%, 05/15/2038		1,125
	589	Arizona Public Service Co., 2.20%, 01/15/2020		583
	1,016	Baltimore Gas & Electric Co., 2.80%, 08/15/2022		998
	8,414	CenterPoint Energy Houston Electric LLC, 3.95%, 03/01/2048		8,444
	720	China Southern Power Grid International Finance BVI Co. Ltd., (China), 3.50%, 05/08/2027 (e)		691
	200	Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/2024		221
		DTE Electric Co.,
	340	3.90%, 06/01/2021		347
	381	3.95%, 06/15/2042		375

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Electric Utilities — continued
		Duke Energy Carolinas LLC,
	1,000	3.95%, 03/15/2048		993
	3,005	4.30%, 06/15/2020		3,107
	1,100	6.05%, 04/15/2038		1,401
	361	Duke Energy Corp., 2.65%, 09/01/2026		331
	115	Duke Energy Florida LLC, 5.65%, 06/15/2018		116
	280	Duke Energy Indiana LLC, 3.75%, 07/15/2020		286
		Duke Energy Progress LLC,
	607	2.80%, 05/15/2022		603
	200	3.25%, 08/15/2025		198
	305	4.10%, 05/15/2042		311
	90	5.30%, 01/15/2019		92
	500	6.30%, 04/01/2038		656
	526	Electricite de France SA, (France), 2.15%, 01/22/2019 (e)		524
		Enel Finance International NV, (Italy),
	9,485	2.75%, 04/06/2023 (e)		9,168
	690	2.88%, 05/25/2022 (e)		677
	8,080	4.75%, 05/25/2047 (e)		8,237
		Entergy Louisiana LLC,
	3,000	3.05%, 06/01/2031		2,782
	750	3.12%, 09/01/2027		724
		Eskom Holdings SOC Ltd., (South Africa),
	2,200	Reg. S, 5.75%, 01/26/2021		2,219
	200	Reg. S, 6.75%, 08/06/2023		207
	300	Reg. S, 7.13%, 02/11/2025		316
	123	Exelon Corp., 4.95%, 06/15/2035		135
		Florida Power & Light Co.,
	1,000	3.70%, 12/01/2047		959
	665	3.95%, 03/01/2048		666
	600	5.40%, 09/01/2035		707
		Hydro-Quebec, (Canada),
	1,028	9.40%, 02/01/2021		1,209
	1,000	Series HK, 9.38%, 04/15/2030		1,517
	842	Series HY, 8.40%, 01/15/2022		990
	576	ITC Holdings Corp., 3.65%, 06/15/2024		580
	800	Jersey Central Power & Light Co., 6.15%, 06/01/2037		984
	442	John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/2042		473
	200	Korea Southern Power Co. Ltd., (South Korea), 3.00%, 01/29/2021 (e)		199
	988	Massachusetts Electric Co., 5.90%, 11/15/2039 (e)		1,255

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Electric Utilities — continued
		MidAmerican Energy Co.,
	657	3.10%, 05/01/2027		635
	1,046	3.50%, 10/15/2024		1,066
	2,000	3.65%, 08/01/2048		1,886
	1,465	Minejesa Capital BV, (Indonesia), 4.63%, 08/10/2030 (e)		1,431
		Nevada Power Co.,
	626	5.38%, 09/15/2040		740
	600	7.13%, 03/15/2019		628
	2,788	New England Power Co., (United Kingdom), 3.80%, 12/05/2047 (e)		2,691
		NextEra Energy Capital Holdings, Inc.,
	398	2.40%, 09/15/2019		396
	537	3.55%, 05/01/2027		525
		NextEra Energy Operating Partners LP,
	979	4.25%, 09/15/2024 (e)		966
	1,091	4.50%, 09/15/2027 (e)		1,050
	300	Niagara Mohawk Power Corp., 4.88%, 08/15/2019 (e)		309
		Northern States Power Co.,
	173	6.20%, 07/01/2037		227
	765	6.25%, 06/01/2036		997
	550	Oncor Electric Delivery Co. LLC, 7.25%, 01/15/2033		756
		Pacific Gas & Electric Co.,
	1,000	3.25%, 06/15/2023		985
	898	3.50%, 06/15/2025		877
	214	3.75%, 08/15/2042		189
	267	4.50%, 12/15/2041		267
		PacifiCorp,
	700	2.95%, 02/01/2022		700
	880	5.75%, 04/01/2037		1,091
	250	7.24%, 08/16/2023		291
	880	PECO Energy Co., 2.38%, 09/15/2022		855
	1,000	Pepco Holdings LLC, 7.45%, 08/15/2032		1,267
	360	Potomac Electric Power Co., 6.50%, 11/15/2037		478
	929	PPL Electric Utilities Corp., 2.50%, 09/01/2022		905
		Public Service Co. of Colorado,
	198	3.20%, 11/15/2020		200
	35	6.50%, 08/01/2038		47
	202	Public Service Co. of New Hampshire, 3.50%, 11/01/2023		205
		Public Service Co. of Oklahoma,
	88	5.15%, 12/01/2019		91

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 137

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Electric Utilities — continued
	1,100	Series G, 6.63%, 11/15/2037		1,424
		Public Service Electric & Gas Co.,
	989	2.25%, 09/15/2026		903
	416	5.38%, 11/01/2039		495
	155	Series I, 1.80%, 06/01/2019		153
		South Carolina Electric & Gas Co.,
	150	5.30%, 05/15/2033		165
	400	6.05%, 01/15/2038		475
		Southern California Edison Co.,
	490	1.85%, 02/01/2022		482
	450	Series 06-E, 5.55%, 01/15/2037		538
	285	Series 08-A, 5.95%, 02/01/2038		356
	1,000	Series B, 3.65%, 03/01/2028		998
		Southwestern Electric Power Co.,
	250	3.55%, 02/15/2022		253
	842	Series J, 3.90%, 04/01/2045		808
	884	Terraform Global Operating LLC, 6.13%, 03/01/2026 (e)		891
		Texas Competitive Electric Holdings Co. LLC,
	4,117	8.50%, 05/01/2020 (d) (bb)		41
	2,117	8.50%, 05/01/2020 (d) (bb)		21
		Union Electric Co.,
	644	2.95%, 06/15/2027		619
	120	8.45%, 03/15/2039		188
		Virginia Electric & Power Co.,
	490	3.45%, 02/15/2024		494
	235	6.35%, 11/30/2037		308
	670	8.88%, 11/15/2038		1,103
	900	Series C, 2.75%, 03/15/2023		880
	73	Wisconsin Electric Power Co., 2.95%, 09/15/2021		73
	600	Wisconsin Power & Light Co., 3.05%, 10/15/2027		578
		Xcel Energy, Inc.,
	985	3.30%, 06/01/2025		969
	36	4.80%, 09/15/2041		39
				93,825
		Gas Utilities — 0.1%
		AmeriGas Partners LP,
	916	5.50%, 05/20/2025		909
	1,830	5.63%, 05/20/2024		1,844
	586	5.75%, 05/20/2027		580
	1,475	5.88%, 08/20/2026		1,479
		Atmos Energy Corp.,
	582	4.15%, 01/15/2043		601
	200	5.50%, 06/15/2041		240

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Gas Utilities — continued
	369	Boston Gas Co., 4.49%, 02/15/2042 (e)		390
	470	Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020		468
	793	KeySpan Gas East Corp., 2.74%, 08/15/2026 (e)		746
	1,100	Southern California Gas Co., Series TT, 2.60%, 06/15/2026		1,028
		Southern Natural Gas Co. LLC,
	204	4.80%, 03/15/2047 (e)		210
	350	8.00%, 03/01/2032		462
				8,957
		Independent Power and Renewable Electricity Producers — 0.3%
		AES Corp.,
	1,075	5.50%, 03/15/2024		1,098
	615	5.50%, 04/15/2025		630
	4,984	6.00%, 05/15/2026		5,233
		Calpine Corp.,
	622	5.25%, 06/01/2026 (e)		604
	3,537	5.88%, 01/15/2024 (e)		3,612
	1,100	Cemig Geracao e Transmissao SA, (Brazil), 9.25%, 12/05/2024 (e)		1,190
	3,165	Dynegy, Inc., 8.13%, 01/30/2026 (e)		3,466
	200	Exelon Generation Co. LLC, 6.25%, 10/01/2039		224
		GenOn Energy, Inc.,
	5,725	9.50%, 10/15/2018 (d)		4,766
	13,920	9.88%, 10/15/2020 (d)		11,588
		NRG Energy, Inc.,
	826	5.75%, 01/15/2028 (e)		815
	1,173	6.63%, 01/15/2027		1,211
	530	7.25%, 05/15/2026		566
		NRG Yield Operating LLC,
	3,740	5.00%, 09/15/2026		3,674
	555	5.38%, 08/15/2024		561
		Talen Energy Supply LLC,
	1,545	6.50%, 06/01/2025		1,194
	675	9.50%, 07/15/2022 (e)		673
				41,105
		Multi-Utilities — 0.3%
		Berkshire Hathaway Energy Co.,
	8,215	2.80%, 01/15/2023 (e)		8,041
	800	3.25%, 04/15/2028 (e)		774
	1,037	3.50%, 02/01/2025		1,040

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Multi-Utilities — continued
	6,195	3.80%, 07/15/2048 (e)		5,893
	1,349	6.13%, 04/01/2036		1,717
	1,000	CMS Energy Corp., 3.88%, 03/01/2024		1,020
		Consolidated Edison Co. of New York, Inc.,
	400	Series 06-E, 5.70%, 12/01/2036		480
	300	Series 09-C, 5.50%, 12/01/2039		361
	1,000	Series 2017, 3.88%, 06/15/2047		979
	1,500	Series B, 3.13%, 11/15/2027		1,461
		Consumers Energy Co.,
	491	4.35%, 08/31/2064		493
	925	6.70%, 09/15/2019		979
		Dominion Energy, Inc.,
	400	7.00%, 06/15/2038		526
	803	Series C, 2.00%, 08/15/2021		771
	46	Series C, 4.90%, 08/01/2041		49
	785	Series F, 5.25%, 08/01/2033		870
		NiSource, Inc.,
	3,470	4.38%, 05/15/2047		3,516
	1,721	6.25%, 12/15/2040		2,148
		San Diego Gas & Electric Co.,
	249	4.50%, 08/15/2040		272
	685	6.00%, 06/01/2026		801
	500	6.00%, 06/01/2039		643
		Sempra Energy,
	406	3.55%, 06/15/2024		405
	1,000	3.80%, 02/01/2038		947
	255	6.15%, 06/15/2018		258
	589	9.80%, 02/15/2019		628
				35,072
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	622	3.40%, 03/01/2025		621
	680	3.85%, 03/01/2024		699
				1,320
		Total Utilities		180,279
		Total Corporate Bonds (Cost $3,240,571)		3,219,214
	Foreign Government Securities — 1.4%
	2,000	Arab Republic of Egypt, (Egypt), Reg. S, 7.50%, 01/31/2027		2,162
	ARS 24,500	Bonos de la Nacion Argentina con Ajuste por CER (ARCECOES), (Argentina), 4.00%, 03/06/2020		1,234
	BRL   2,240	Brazil Notas do Tesouro Nacional, (Brazil), 6.00%, 08/15/2050		2,403

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	1,507	Federal Democratic Republic of Ethiopia, (Ethiopia), Reg. S, 6.63%, 12/11/2024		1,507
		Federal Republic of Nigeria, (Nigeria),
	1,030	6.50%, 11/28/2027 (e)		1,043
	1,040	7.63%, 11/28/2047 (e)		1,067
	1,700	7.70%, 02/23/2038 (e)		1,763
	775	Federative Republic of Brazil, (Brazil), 8.25%, 01/20/2034		982
	EUR    423	Former Yugoslav Republic of Macedonia, (Macedonia, the Former Yugoslav Republic of), 2.75%, 01/18/2025 (e)		515
	2,250	Gabonese Republic, (Gabon), Reg. S, 6.38%, 12/12/2024		2,208
	2,350	Government of Bermuda, (Bermuda), Reg. S, 3.72%, 01/25/2027		2,291
		Government of Dominican Republic, (Dominican Republic),
	1,700	Reg. S, 5.95%, 01/25/2027		1,794
	2,080	Reg. S, 6.88%, 01/29/2026		2,319
	2,000	Israel Government AID Bond, (Israel), 5.50%, 09/18/2033		2,578
	338	Jamaica Government International Bond, (Jamaica), 7.88%, 07/28/2045		409
	3,290	Kingdom of Bahrain, (Bahrain), Reg. S, 6.13%, 07/05/2022		3,397
	1,980	Kingdom of Jordan, (Jordan), Reg. S, 5.75%, 01/31/2027		1,968
		Mongolia Government International Bond, (Mongolia),
	440	5.63%, 05/01/2023 (e)		438
	2,100	Reg. S, 10.88%, 04/06/2021		2,446
		Oman Government International Bond, (Oman),
	1,900	Reg. S, 5.38%, 03/08/2027		1,881
	1,152	Reg. S, 6.50%, 03/08/2047		1,129
	1,900	6.75%, 01/17/2048 (e)		1,888
	1,250	Province of Manitoba, (Canada), 2.13%, 06/22/2026		1,143
	655	Province of Nova Scotia, (Canada), 9.25%, 03/01/2020		735
		Province of Quebec, (Canada),
	300	6.35%, 01/30/2026		355
	2,220	7.13%, 02/09/2024		2,675
	4,050	Provincia de Buenos Aires, (Argentina), Reg. S, 9.95%, 06/09/2021		4,495
		Provincia de Cordoba, (Argentina),
	150	Reg. S, 7.13%, 06/10/2021		157
	730	7.13%, 08/01/2027 (e)		732
	690	7.45%, 09/01/2024 (e)		723

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 139

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
	1,350	Provincia de Mendoza Argentina, (Argentina), Reg. S, 8.38%, 05/19/2024		1,434
		Republic of Angola, (Angola),
	109	Reg. S, 7.00%, 08/17/2019		112
	2,500	Reg. S, 9.50%, 11/12/2025		2,794
		Republic of Argentina, (Argentina),
	3,030	6.88%, 04/22/2021		3,200
	340	6.88%, 01/11/2048		310
	1,720	7.13%, 06/28/2117 (e)		1,592
	1,038	8.28%, 12/31/2033		1,135
	1,800	Republic of Armenia, (Armenia), Reg. S, 7.15%, 03/26/2025		1,987
		Republic of Belarus, (Belarus),
	1,090	6.20%, 02/28/2030 (e)		1,095
	1,300	Reg. S, 6.88%, 02/28/2023		1,388
	2,695	Reg. S, 7.63%, 06/29/2027		3,042
	370	Republic of Colombia, (Colombia), 10.38%, 01/28/2033		583
	666	Republic of Costa Rica, (Costa Rica), Reg. S, 4.38%, 04/30/2025		633
	3,040	Republic of Croatia, (Croatia), Reg. S, 6.63%, 07/14/2020		3,253
		Republic of Ecuador, (Ecuador),
	1,100	8.75%, 06/02/2023 (e)		1,169
	4,190	8.88%, 10/23/2027 (e)		4,410
		Republic of El Salvador, (El Salvador),
	641	Reg. S, 7.38%, 12/01/2019		670
	1,159	Reg. S, 7.63%, 02/01/2041		1,223
	4,074	Reg. S, 7.65%, 06/15/2035		4,308
	1,210	Reg. S, 7.75%, 01/24/2023		1,307
		Republic of Ghana, (Ghana),
	1,900	Reg. S, 8.13%, 01/18/2026		2,069
	1,100	Reg. S, 10.75%, 10/14/2030		1,479
	2,150	Republic of Honduras, (Honduras), Reg. S, 7.50%, 03/15/2024		2,343
		Republic of Hungary, (Hungary),
	600	5.38%, 02/21/2023		649
	670	5.38%, 03/25/2024		731
	4,280	5.75%, 11/22/2023		4,735
		Republic of Indonesia, (Indonesia),
	IDR 27,200,000	7.00%, 05/15/2027		2,003
	IDR 15,000,000	7.50%, 05/15/2038		1,106
		Republic of Iraq, (Iraq),
	1,471	Reg. S, 5.80%, 01/15/2028		1,418
	1,767	Reg. S, 6.75%, 03/09/2023		1,811

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	2,170	Republic of Kazakhstan, (Kazakhstan), Reg. S, 4.88%, 10/14/2044		2,203
		Republic of Kenya, (Kenya),
	609	Reg. S, 6.88%, 06/24/2024		629
	680	7.25%, 02/28/2028 (e)		688
	710	8.25%, 02/28/2048 (e)		729
		Republic of Lebanon, (Lebanon),
	775	Reg. S, 5.15%, 06/12/2018		773
	2,350	Reg. S, 6.20%, 02/26/2025		2,189
	4,880	6.38%, 03/09/2020		4,843
	870	Reg. S, 6.60%, 11/27/2026		812
	1,535	Reg. S, 8.25%, 04/12/2021		1,593
	2,108	Republic of Pakistan, (Pakistan), Reg. S, 7.25%, 04/15/2019		2,160
		Republic of Panama, (Panama),
	430	6.70%, 01/26/2036		547
	420	8.88%, 09/30/2027		588
	226	9.38%, 04/01/2029		331
		Republic of Paraguay, (Paraguay),
	700	Reg. S, 5.00%, 04/15/2026		731
	1,186	Reg. S, 6.10%, 08/11/2044		1,303
		Republic of Peru, (Peru),
	5	5.63%, 11/18/2050		6
	50	5.63%, 11/18/2050		60
	990	Republic of Romania, (Romania), Reg. S, 6.75%, 02/07/2022		1,104
	2,200	Republic of Serbia, (Serbia), Reg. S, 7.25%, 09/28/2021		2,442
		Republic of South Africa, (South Africa),
	600	4.30%, 10/12/2028		565
	400	5.38%, 07/24/2044		385
	1,500	5.65%, 09/27/2047		1,476
	ZAR 13,700	7.25%, 01/15/2020		1,172
	ZAR 14,900	8.75%, 02/28/2048		1,222
	ZAR 38,700	10.50%, 12/21/2026		3,762
		Republic of Sri Lanka, (Sri Lanka),
	400	Reg. S, 5.88%, 07/25/2022		406
	3,750	Reg. S, 6.25%, 10/04/2020		3,891
	1,400	Republic of Turkey, (Turkey), 4.88%, 04/16/2043		1,146
		Republic of Ukraine, (Ukraine),
	4,000	Reg. S, 7.75%, 09/01/2020		4,210
	400	Reg. S, 7.75%, 09/01/2021		423
	1,020	Reg. S, 7.75%, 09/01/2024		1,057
	169	Reg. S, 7.75%, 09/01/2025		174

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
			Republic of Uruguay, (Uruguay),
	2,930		5.10%, 06/18/2050		3,040
	UYU   15,220		8.50%, 03/15/2028 (e)		501
	UYU   26,520		9.88%, 06/20/2022 (e)		947
	2,950		Republic of Zambia, (Zambia), Reg. S, 8.97%, 07/30/2027		3,145
			Russian Federation, (Russia),
	2,400		Reg. S, 5.88%, 09/16/2043		2,736
	RUB 190,000		7.75%, 09/16/2026		3,563
	200		Ukreximbank Via Biz Finance plc, (Ukraine), Reg. S, 9.75%, 01/22/2025		215
	1,650		Ukreximbank Via Biz Finance PLC, (Ukraine), Reg. S, 9.63%, 04/27/2022		1,751
			United Mexican States, (Mexico),
	376		3.75%, 01/11/2028		360
	1,350		4.60%, 01/23/2046		1,260
			Total Foreign Government Securities (Cost $163,823)		163,564
	Mortgage-Backed Securities — 13.9%
			FHLMC,
	108		ARM, 3.32%, 10/01/2036 (z)		112
	34		ARM, 3.39%, 05/01/2037 (z)		35
	246		ARM, 3.56%, 10/01/2037 (z)		258
	66		ARM, 3.79%, 03/01/2036 (z)		71
	107		ARM, 4.23%, 03/01/2036 (z)		114
			FHLMC Gold Pools, 15 Year, Single Family,
	1,276		4.00%, 02/01/2026		1,325
	16		4.50%, 10/01/2018		16
	—	(h)	5.00%, 05/01/2018		—	(h)
	651		5.50%, 01/01/2021 - 12/01/2024		673
	26		6.00%, 11/01/2021		27
			FHLMC Gold Pools, 20 Year, Single Family,
	4,588		4.00%, 01/01/2032		4,779
	885		6.00%, 02/01/2028		982
	155		7.00%, 01/01/2027		165
			FHLMC Gold Pools, 30 Year, Single Family,
	12,140		3.00%, 12/01/2042 - 02/01/2043		11,861
	73,476		3.50%, 09/01/2042 - 09/01/2046		73,653
	17,499		4.00%, 09/01/2033 - 09/01/2046		18,017
	18,201		4.50%, 02/01/2041 - 02/01/2042		19,358
	48,135		5.00%, 02/01/2034 - 09/01/2040		52,123
	2,167		5.50%, 12/01/2038		2,387
	8		6.00%, 02/01/2029		9
	259		6.50%, 01/01/2024 - 11/01/2036		291
	262		7.00%, 09/01/2024 - 10/01/2036		289
	9		7.50%, 06/01/2024 - 02/01/2027		9
	44		8.00%, 08/01/2027		51

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		FHLMC Gold Pools, FHA/VA,
	765	7.50%, 01/01/2032 - 12/01/2036		848
	44	10.00%, 10/01/2030		46
		FHLMC Gold Pools, Other,
	15,881	3.50%, 09/01/2032 - 07/01/2046		16,003
	9,397	4.00%, 06/01/2042 - 01/01/2046		9,718
	16,604	4.50%, 09/01/2042 - 02/01/2044		17,611
	4,376	5.00%, 09/01/2043		4,802
		FNMA,
	3,578	ARM, 1.93%, 01/01/2023 (z)		3,579
	78	ARM, 2.93%, 07/01/2037 (z)		80
	111	ARM, 3.26%, 07/01/2037 (z)		115
	19	ARM, 3.38%, 04/01/2037 (z)		20
	115	ARM, 3.43%, 05/01/2035 (z)		121
	89	ARM, 3.43%, 01/01/2034 (z)		93
	158	ARM, 3.52%, 04/01/2037 (z)		166
	106	ARM, 3.62%, 03/01/2037 (z)		110
	19	ARM, 3.75%, 10/01/2033 (z)		20
	73	FNMA, 10 Year, Single Family, 4.50%, 01/01/2020		74
		FNMA, 15 Year, Single Family,
	10	4.00%, 07/01/2018		10
	316	5.00%, 05/01/2018 - 07/01/2025		331
	89	6.00%, 09/01/2019 - 08/01/2022		92
		FNMA, 20 Year, Single Family,
	375	3.50%, 12/01/2030		377
	14	6.50%, 11/01/2018		15
		FNMA, 30 Year, Single Family,
	92,500	TBA, 4.00%, 09/25/2043 (w)		94,757
	19,491	3.00%, 01/01/2043 - 06/01/2043		19,052
	44,916	3.50%, 08/01/2043 - 10/01/2046		44,995
	337,095	4.00%, 06/01/2042 - 02/01/2048		348,205
	8,896	4.50%, 12/01/2039 - 09/01/2040		9,395
	61,318	5.00%, 09/01/2033 - 06/01/2047		66,465
	14,215	5.50%, 12/01/2028 - 02/01/2042		15,600
	1,747	6.00%, 03/01/2034 - 08/01/2037		1,948
	278	6.50%, 04/01/2028 - 10/01/2038		309
	389	7.00%, 03/01/2028 - 04/01/2037		447
	112	7.50%, 10/01/2026 - 11/01/2038		130
	1,963	8.00%, 08/01/2022 - 12/01/2036		2,290
	13	8.50%, 10/01/2025 - 12/01/2025		14
	1	9.00%, 01/01/2019 - 04/01/2025		1
		FNMA, Other,
	6,500	2.20%, 10/01/2026		6,061
	3,905	2.23%, 04/01/2024		3,733
	3,636	2.41%, 01/01/2023		3,549

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 141

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Mortgage-Backed Securities — continued
	14,218	2.44%, 02/01/2023 - 10/01/2028		13,523
	9,866	2.48%, 02/01/2025		9,555
	10,000	2.49%, 05/01/2026		9,560
	12,340	2.50%, 10/01/2031		11,210
	3,812	2.51%, 01/01/2023		3,738
	6,059	2.53%, 07/01/2026		5,816
	4,225	2.60%, 09/01/2028		3,976
	24,202	2.61%, 06/01/2026 - 11/01/2028		22,862
	5,833	2.62%, 05/01/2026		5,656
	18,777	2.64%, 06/01/2025		18,203
	3,900	2.65%, 03/01/2023		3,803
	15,076	2.69%, 12/01/2028		14,151
	28,945	2.73%, 04/01/2025 - 07/01/2028		27,987
	1,374	2.75%, 03/01/2022		1,370
	4,327	2.77%, 06/01/2023		4,285
	7,000	2.78%, 04/01/2026		6,808
	22,640	2.81%, 04/01/2025 - 05/01/2026		22,233
	5,890	2.84%, 01/01/2025		5,825
	9,476	2.87%, 08/01/2031		9,057
	11,707	2.88%, 07/01/2027		11,353
	3,908	2.90%, 05/01/2029		3,749
	10,000	2.92%, 01/01/2025		9,908
	4,193	2.93%, 01/01/2025		4,140
	5,000	2.95%, 11/01/2025		4,927
	31,595	2.97%, 12/01/2024		31,397
	11,022	2.97%, 12/01/2024 - 04/01/2028		10,833
	3,657	2.99%, 05/01/2031		3,499
	2,417	3.00%, 12/01/2026		2,385
	1,993	3.01%, 06/01/2031		1,920
	5,000	3.03%, 06/01/2031		4,802
	11,159	3.05%, 09/01/2024		11,178
	29,120	3.07%, 02/01/2025		28,997
	4,243	3.09%, 12/01/2024		4,246
	22,394	3.13%, 02/01/2026 - 03/01/2027		22,249
	16,836	3.17%, 01/01/2029		16,530
	9,190	3.24%, 02/01/2032		8,986
	9,825	3.25%, 06/01/2029		9,745
	8,615	3.27%, 12/01/2028		8,558
	4,193	3.34%, 11/01/2030		4,177
	8,606	3.35%, 01/01/2029		8,592
	19,414	3.37%, 11/01/2020 - 01/01/2029		19,539
	5,095	3.45%, 01/01/2024		5,197
	135,901	3.50%, 05/01/2032 - 07/01/2046		136,480
	15,000	3.51%, 08/01/2023		15,343
	1,463	3.59%, 10/01/2020		1,493
	4,819	3.64%, 12/01/2023		4,956

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	1,483		3.66%, 12/01/2021		1,522
	265		3.74%, 06/01/2018		265
	5,300		3.76%, 03/01/2024		5,485
	1,000		3.77%, 09/01/2021		1,030
	4,990		3.92%, 12/01/2026		5,237
	72,130		4.00%, 06/01/2042 - 05/01/2046		74,420
	1,245		4.06%, 07/01/2021		1,289
	1,917		4.18%, 12/01/2019		1,965
	3,490		4.26%, 12/01/2019		3,583
	5,774		4.34%, 06/01/2021		6,021
	2,214		4.37%, 02/01/2020		2,280
	3,000		4.40%, 02/01/2020		3,083
	14,079		4.50%, 11/01/2043 - 12/01/2043		14,847
	16		5.00%, 12/01/2032		16
	33		6.50%, 04/01/2036 - 07/01/2036		34
	95		GNMA I, 15 Year, Single Family, 6.50%, 10/15/2023		99
			GNMA I, 30 Year, Single Family,
	18,932		4.00%, 07/15/2046 - 08/15/2046		19,659
	2,831		4.50%, 05/15/2046		3,015
	4,795		6.00%, 08/15/2036		5,379
	120		6.50%, 02/15/2028 - 10/15/2029		134
	35		7.00%, 02/15/2024 - 11/15/2027		37
	35		7.25%, 09/15/2021 - 01/15/2028		36
	23		7.50%, 10/15/2022 - 02/15/2027		23
	1		8.50%, 11/15/2025		1
	13		9.00%, 01/15/2022 - 11/15/2024		14
	—	(h)	10.00%, 11/15/2020		—	(h)
			GNMA II, 30 Year, Single Family,
	5,561		3.50%, 06/20/2046 - 07/20/2046		5,601
	6,014		3.75%, 06/20/2046 - 07/20/2046		6,122
	36,233		4.00%, 06/20/2046 - 01/20/2048		37,464
	2,287		6.00%, 11/20/2032 - 09/20/2038		2,566
	493		6.50%, 02/20/2029 - 10/20/2039		547
	1,798		7.00%, 06/20/2032 - 01/20/2039		2,035
	204		7.50%, 08/20/2025 - 05/20/2032		228
	413		8.00%, 08/20/2026 - 09/20/2031		473
			Total Mortgage-Backed Securities (Cost $1,700,501)		1,657,094
	Municipal Bonds — 0.1% (t)
			California — 0.1%
	200		Alameda County Joint Powers Authority, Multiple Capital Projects, Series A, Rev., 7.05%, 12/01/2044		287
	1,000		Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.58%, 05/15/2039		1,275

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		California — continued
	1,980	State of California, Various Purpose, GO, 7.35%, 11/01/2039		2,877
	774	University of California, Series AD, Rev., 4.86%, 05/15/2112		806
				5,245
		District of Columbia — 0.0% (g)
	345	District of Columbia, Water & Sewer Authority, Public Utility, Senior Lien, Series A, Rev., 4.81%, 10/01/2114		373
		Illinois — 0.0% (g)
	725	Chicago Transit Authority, Sales & Transfer Tax Receipts-Retiree Health, Series B, Rev., 6.90%, 12/01/2040		951
		New York — 0.0% (g)
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	560	Series H, Rev., 5.29%, 03/15/2033		628
	1,165	Series H, Rev., 5.39%, 03/15/2040		1,386
		Port Authority of New York & New Jersey, Consolidated,
	1,450	Series 164, Rev., 5.65%, 11/01/2040		1,796
	155	Series 165, Rev., 5.65%, 11/01/2040		191
	740	Series 174, Rev., 4.46%, 10/01/2062		800
				4,801
		Ohio — 0.0% (g)
	1,040	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.50%, 02/15/2050		1,516
	1,563	Ohio State University, General Receipts, Series A, Rev., 4.80%, 06/01/2111		1,661
				3,177
		Total Municipal Bonds (Cost $12,986)		14,547
	Supranational — 0.0% (g)
	1,000	African Development Bank, (Supranational), 8.80%, 09/01/2019 (Cost $1,083)		1,086
	U.S. Government Agency Securities — 0.4%
	1,000	Financing Corp. STRIPS, Series 1P, 1.59%, 05/11/2018 (n)		996
		FNMA,
	1,275	DN, 4.04%, 05/15/2030 (n)		843
	1,500	5.63%, 07/15/2037		1,996
	385	6.25%, 05/15/2029		494

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	161	New Valley Generation II, 5.57%, 05/01/2020		167
		Resolution Funding Corp. STRIPS,
	1,850	1.40%, 01/15/2021 (n)		1,722
	2,770	1.86%, 10/15/2020 (n)		2,608
	29,438	2.01%, 07/15/2020 (n)		27,887
	440	2.72%, 10/15/2027 (n)		324
	495	2.93%, 01/15/2026 (n)		389
		Tennessee Valley Authority,
	902	4.63%, 09/15/2060		1,066
	1,053	5.25%, 09/15/2039		1,353
	2,660	5.88%, 04/01/2036		3,566
	500	Tennessee Valley Authority STRIPS, 7.08%, 11/01/2025 (n)		390
		Total U.S. Government Agency Securities (Cost $43,210)		43,801
	U.S. Treasury Obligations — 22.9%
		U.S. Treasury Bonds,
	39,408	2.50%, 02/15/2045		34,899
	92,162	2.75%, 11/15/2042		86,467
	50,000	2.88%, 08/15/2045		47,666
	64,035	3.00%, 11/15/2044		62,596
	42,260	3.00%, 05/15/2045		41,291
	155,278	3.00%, 11/15/2045		151,615
	85	3.50%, 02/15/2039		91
	17,780	3.63%, 08/15/2043		19,374
	79,172	3.75%, 11/15/2043		88,020
	8,674	4.38%, 05/15/2040		10,506
	37,318	4.38%, 05/15/2041		45,335
	194,199	4.50%, 02/15/2036		235,398
	3,890	4.50%, 05/15/2038		4,763
	8,270	4.75%, 02/15/2041		10,548
	2,500	5.25%, 02/15/2029		3,052
	59,164	5.50%, 08/15/2028		73,072
	2,625	7.88%, 02/15/2021		3,035
	7,920	8.00%, 11/15/2021		9,452
	13,600	8.13%, 05/15/2021		15,971
	10,000	8.13%, 08/15/2021		11,869
	5,000	8.50%, 02/15/2020		5,599
	6,000	8.75%, 08/15/2020		6,912
	1,000	U.S. Treasury Inflation Indexed Bonds, 3.63%, 04/15/2028		1,947
		U.S. Treasury Notes,
	10,300	0.88%, 07/31/2019 (k)		10,112
	30,000	1.13%, 05/31/2019		29,623
	85,296	1.38%, 06/30/2018		85,173

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 143

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligations — continued
	2,000	1.38%, 01/31/2020		1,967
	27,565	1.50%, 08/31/2018		27,507
	30,644	1.50%, 12/31/2018		30,503
	4,750	1.50%, 05/31/2019		4,712
	164,545	1.50%, 05/31/2020		161,563
	22,879	1.63%, 12/31/2019 (k)		22,622
	45,000	1.63%, 11/30/2020		44,082
	10,909	1.63%, 05/15/2026		9,927
	24,859	1.75%, 02/28/2022		24,085
	254,595	1.75%, 05/31/2022		245,903
	415,172	1.75%, 06/30/2022		400,625
	87,476	2.00%, 12/31/2021		85,699
	24,653	2.00%, 08/15/2025		23,288
	2,000	2.13%, 08/15/2021		1,975
	209,142	2.63%, 11/15/2020		210,457
	3,954	3.13%, 05/15/2019		4,000
	25,192	3.50%, 05/15/2020		25,829
		U.S. Treasury STRIPS Bonds,
	1,050	1.53%, 08/15/2020 (n)		991
	25	1.56%, 02/15/2020 (n)		24
	48,829	1.87%, 08/15/2028 (n)		35,671
	15	2.06%, 08/15/2023 (n)		13
	67,000	2.13%, 05/15/2029 (n)		47,775
	6,495	2.31%, 02/15/2021 (n)		6,050
	16,318	2.33%, 05/15/2032 (n)		10,527
	7,390	2.34%, 05/15/2022 (n)		6,618
	15,000	2.43%, 05/15/2021 (n)		13,859
	640	2.68%, 02/15/2022 (n)		577
	60,000	2.78%, 08/15/2040 (n)		29,693
	225	2.87%, 02/15/2023 (n)		197
	60,162	3.14%, 05/15/2033 (n)		37,540
	3,116	3.16%, 05/15/2020 (n)		2,964
	24,400	3.28%, 02/15/2042 (n)		11,458
	48,775	3.29%, 08/15/2041 (n)		23,296
	55,512	3.35%, 11/15/2038 (n)		28,998
	130	3.39%, 08/15/2019 (n)		126
	14,610	3.83%, 11/15/2021 (n)		13,295
	5,000	3.95%, 08/15/2022 (n)		4,445
	5,000	4.10%, 11/15/2022 (n)		4,412
	42,000	4.72%, 11/15/2033 (n)		25,777
	1,606	4.74%, 08/15/2018 (n)		1,593
	2,615	5.50%, 02/15/2028 (n)		1,942
	3,115	U.S. Treasury STRIPS Notes, 1.68%, 02/15/2020 (n)		2,978
		Total U.S. Treasury Obligations (Cost $2,819,556)		2,729,949

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — 0.1%
			Consumer Discretionary — 0.0% (g)
			Specialty Retail — 0.0% (g)
	40		Nebraska Book Holdings, Inc. (a) (bb)		1
			Energy — 0.1%
			Oil, Gas & Consumable Fuels — 0.1%
	200		Frontera Energy Corp., (Colombia) (a)		6,629
	42		Penn Virginia Corp. (a)		1,575
			Total Energy		8,204
			Financials — 0.0% (g)
			Capital Markets — 0.0% (g)
	39		Goodman Private (a) (bb)		—	(h)
			Insurance — 0.0% (g)
	1,551		ACC Claims Holdings LLC (a) (bb)		15
			Total Financials		15
			Industrials — 0.0% (g)
			Commercial Services & Supplies — 0.0% (g)
	—	(h)	Quad/Graphics, Inc.		6
			Information Technology — 0.0% (g)
			Software — 0.0% (g)
	124		Avaya Holdings Corp. (a)		2,593
			Telecommunication Services — 0.0% (g)
			Wireless Telecommunication Services — 0.0% (g)
	68		NII Holdings, Inc. (a)		88
			Utilities — 0.0% (g)
			Independent Power and Renewable Electricity Producers — 0.0% (g)
	4		Dynegy, Inc. (a)		49
			Total Common Stocks (Cost $11,669)		10,956
	Convertible Preferred Stocks — 0.0% (g)
			Consumer Discretionary — 0.0% (g)
			Automobiles — 0.0% (g)
			General Motors Co.,
	120		5.25%, 03/06/2032 (a) (bb)		—	(h)
	385		6.25%, 07/15/2033 (a) (bb)		—	(h)
			Total Convertible Preferred Stocks (Cost $—)		—	(h)
	Preferred Stocks — 0.0% (g)
			Consumer Discretionary — 0.0% (g)
			Automobiles — 0.0% (g)
			General Motors Co.,
	21		7.25%, 04/15/2041 (bb)		—	(h)
	42		7.25%, 02/15/2052 (bb)		—	(h)
	55		7.38%, 05/15/2048 (bb)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
		Automobiles — continued
	1	7.38%, 10/01/2051 (bb)		—
	1	Motors Liquidation Co., 7.25%, 07/15/2041 (bb)		—
		Total Consumer Discretionary		—	(h)
		Financials — 0.0% (g)
		Capital Markets — 0.0% (g)
	46	Goodman Private Preferred Shares (bb)		153
		Insurance — 0.0% (g)
	2	XLIT Ltd., (Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.84%, 04/05/2018 ($1,000 par value) (aa) @		2,344
		Total Financials		2,497
		Total Preferred Stocks (Cost $2,156)		2,497
PRINCIPAL AMOUNT
	Loan Assignments — 0.1% (cc)
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	5,960	Lila Mexican Holdings LLC, Tranche B, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 08/11/2022 (aa) (bb)		5,886
		Leisure Products — 0.0% (g)
	772	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 04/19/2019 (aa) ^		193
		Media — 0.0% (g)
	749	iHeartCommunications, Inc., Term Loan D, (ICE LIBOR USD 3 Month + 6.75%), 8.44%, 01/30/2019 (d) (aa)		595
	596	iHeartCommunications, Inc., Tranche E Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.19%, 07/30/2019 (d) (aa)		473
	160	Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 12/27/2020 (aa)		160
	2,992	Vertis, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 8.75%), 12.00%, 03/21/2018 (d) (aa) (bb)		—	(h)
				1,228
		Specialty Retail — 0.0% (g)
	1,347	Harbor Freight Tools USA, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 08/18/2023 (aa)		1,349
		Total Consumer Discretionary		8,656

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	735	BJ’s Wholesale Club, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 7.50%), 9.08%, 02/03/2025 (aa)		736
	144	SUPERVALU, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		143
	241	SUPERVALU, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		239
		Total Consumer Staples		1,118
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	1,962	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.97%, 12/31/2021 (aa)		2,212
		Health Care — 0.0% (g)
		Pharmaceuticals — 0.0% (g)
	537	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 10/21/2021 (aa)		479
		Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	813	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 10/02/2024 (aa)		819
	554	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 10/05/2023 (aa)		544
	1,227	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.15%, 11/01/2024 (aa)		1,240
		Total Telecommunication Services		2,603
		Total Loan Assignments (Cost $17,903)		15,068
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Utilities — 0.0% (g)
		Independent Power and Renewable Electricity Producers — 0.0% (g)
	103	Vistra Energy Corp., expiring 12/31/2049 (a) (bb) (Cost $—)		75

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 145

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts and Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
	Options Purchased — 0.0% (g)
		Call Options — 0.0% (g)
		Future Interest Rate Options — 0.0% (g)
	5,107	U.S. Treasury 10 Year Note, 03/23/2018 at USD 121.50, American Style (a) Notional Amount: USD 510,700 Exchange Traded (Cost $878)		638
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	9	Nebraska Book Co., Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—	(h)
	4	Nebraska Book Holdings, Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—	(h)
		Total Warrants (Cost $—(h))		—	(h)
PRINCIPAL AMOUNT
	Short-Term Investments — 5.6%
		Foreign Government Treasury Bills — 0.1%
		Arab Republic of Egypt, (Egypt)
	EGP 56,200	18.72%, 09/11/2018 (n)		2,915
	EGP 37,800	18.80%, 09/18/2018 (n)		1,946
		Total Foreign Government Treasury Bills (Cost $4,826)		4,861

SHARES		SECURITY DESCRIPTION	VALUE
		Investment Company — 5.5%
	654,238	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $654,298)		654,304
		Total Short-Term Investments (Cost $659,124)		659,165
		Total Investments — 100.6% (Cost $12,163,761)		11,990,521
		Liabilities in Excess of Other Assets — (0.6)%		(66,131	)
		NET ASSETS — 100.0%	$	11,924,390

Percentages indicated are based on net assets.

Futures contracts outstanding as of February 28, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note		4,604		06/2018		USD		552,840			961
U.S. Treasury 2 Year Note		2,457		06/2018		USD		522,036			(43	)
U.S. Treasury 5 Year Note		1,264		06/2018		USD		144,017			37
U.S. Treasury Long Bond		999		06/2018		USD		143,357			1,246
											2,201
Short Contracts
U.S. Treasury 10 Year Note		(434)		06/2018		USD		(52,114	)		(96	)
U.S. Treasury 10 Year Ultra Note		(402)		06/2018		USD		(51,488	)		(268	)
U.S. Treasury 5 Year Note		(7)		06/2018		USD		(798	)		—	(h)
U.S. Treasury Long Bond		(55)		06/2018		USD		(7,893	)		(69	)
U.S. Treasury Ultra Bond		(188)		06/2018		USD		(29,310	)		(323	)
											(756	)
											1,445

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Forward foreign currency exchange contracts outstanding as of February 28, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	31,875	EUR	25,523	Credit Suisse International		03/08/2018		726
USD	511	EUR	416	Goldman Sachs International		03/29/2018		2
USD	1,371	ZAR	16,113	BNP Paribas		03/29/2018		10
USD	1,250	ZAR	14,632	HSBC Bank, NA		03/29/2018		15
ZAR	14,637	USD	1,208	State Street Corp.		03/29/2018		28
Total unrealized appreciation								781
USD	1,093	AUD	1,430	National Australia Bank Ltd.		03/08/2018		(18	)
USD	956	JPY	107,030	National Australia Bank Ltd.		03/08/2018		(47	)
USD	962	ZAR	13,167	Societe Generale		03/08/2018		(153	)
EUR	416	USD	518	Citibank, NA		03/29/2018		(9	)
USD	1,187	ZAR	14,637	Citibank, NA		03/29/2018		(48	)
USD	1,208	ZAR	14,740	HSBC Bank, NA		03/29/2018		(36	)
USD	1,151	ZAR	13,995	TD Bank Financial Group		03/29/2018		(31	)
Total unrealized depreciation								(342	)
Net unrealized appreciation								439

Centrally Cleared Credit default swap contracts outstanding — buy protection(1) as of February 28, 2018:
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%)(2)		NOTIONAL AMOUNT(3)		UPFRONT PAYMENTS (RECEIPTS) ($)(4)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.EM.25-V2	1.00		Quarterly		06/20/2021		0.76		USD 50,000		2,744		(3,195	)		(451	)
											2,744		(3,195	)		(451	)

⁽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 indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽³⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁴⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Written Call Options Contracts as of February 28, 2018:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

U.S. Treasury 10 Year Note

Exchange Traded

5,107

USD 510,700

USD 122.50

03/23/2018

(239

)

Total Written Options Contracts (Premiums Received $319)

(239

)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 147

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 31.5%
		FHLMC REMIC,
	19	Series 1343, Class LA, 8.00%, 08/15/2022		20
	128	Series 1367, Class K, 5.50%, 09/15/2022		132
	24	Series 1591, Class E, 10.00%, 10/15/2023		24
	197	Series 1633, Class Z, 6.50%, 12/15/2023		208
	142	Series 1694, Class PK, 6.50%, 03/15/2024		151
	1,169	Series 1785, Class A, 6.00%, 10/15/2023		1,230
	74	Series 1999, Class PU, 7.00%, 10/15/2027		80
	144	Series 2031, Class PG, 7.00%, 02/15/2028		161
	437	Series 2035, Class PC, 6.95%, 03/15/2028		478
	284	Series 2064, Class PD, 6.50%, 06/15/2028		320
	228	Series 2095, Class PE, 6.00%, 11/15/2028		247
	114	Series 2152, Class BD, 6.50%, 05/15/2029		124
	557	Series 2162, Class TH, 6.00%, 06/15/2029		603
	333	Series 2367, Class ME, 6.50%, 10/15/2031		374
	336	Series 2480, Class EJ, 6.00%, 08/15/2032		364
	4,175	Series 2611, Class QZ, 5.00%, 05/15/2033		4,507
	153	Series 2647, Class A, 3.25%, 04/15/2032		152
	25	Series 2651, Class VZ, 4.50%, 07/15/2018		26
	371	Series 2688, Class DG, 4.50%, 10/15/2023		382
	329	Series 2773, Class TB, 4.00%, 04/15/2019		331
	505	Series 2841, Class AT, 4.00%, 08/15/2019		506
	601	Series 2882, Class QD, 4.50%, 07/15/2034		618
	2,970	Series 2915, Class MU, 5.00%, 01/15/2035		3,107
	514	Series 2927, Class GA, 5.50%, 10/15/2034		535
	595	Series 2931, Class QD, 4.50%, 02/15/2020		602
	427	Series 3085, Class VS, HB, IF, 22.37%, 12/15/2035 (z)		647
	1,513	Series 3181, Class OP, PO, 07/15/2036		1,262
	1,434	Series 3188, Class GE, 6.00%, 07/15/2026		1,595
	4,373	Series 3325, Class JL, 5.50%, 06/15/2037		4,736
	3,151	Series 3341, Class PE, 6.00%, 07/15/2037		3,409
	582	Series 3413, Class B, 5.50%, 04/15/2037		613
	4,000	Series 3699, Class QH, 5.50%, 07/15/2040		4,246
	3,052	Series 3737, Class DG, 5.00%, 10/15/2030		3,238
	4,930	Series 3798, Class AY, 3.50%, 01/15/2026		5,024
	3,940	Series 3809, Class BC, 3.50%, 02/15/2026		3,973
	6,351	Series 3926, Class MW, 4.50%, 09/15/2026		6,646
	3,970	Series 3927, Class PC, 4.50%, 09/15/2041		4,308
	13,226	Series 3981, Class PA, 3.00%, 04/15/2031		13,084
	12,751	Series 4002, Class MV, 4.00%, 01/15/2030		12,707
	9,690	Series 4039, Class SA, IF, IO, 4.91%, 05/15/2042 (z)		1,561
	12,000	Series 4047, Class PB, 3.50%, 01/15/2041		12,135
	5,000	Series 4050, Class VE, 4.00%, 01/15/2029		5,152
	6,109	Series 4062, Class GY, 4.00%, 06/15/2042		6,322

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	4,651		Series 4066, Class VB, 3.50%, 01/15/2029		4,669
	2,681		Series 4181, Class VA, 3.00%, 05/15/2026		2,660
	17,030		Series 4186, Class JE, 2.00%, 03/15/2033		16,590
	10,834		Series 4188, Class JG, 2.00%, 04/15/2033		10,465
	8,171		Series 4206, Class DA, 2.00%, 05/15/2033		7,826
	1,450		Series 4314, Class DY, 3.50%, 03/15/2029		1,438
	2,624		Series 4336, Class YB, 3.00%, 05/15/2029		2,558
	6,143		Series 4365, Class HZ, 3.00%, 01/15/2040		5,654
	10,000		Series 4458, Class BW, 3.00%, 04/15/2035		9,414
	4,649		Series 4594, Class GN, 2.50%, 02/15/2045		4,534
			FHLMC STRIPS,
	21		Series 155, IO, 7.00%, 11/01/2023		3
	13,495		Series 264, Class 30, 3.00%, 07/15/2042		13,142
	7,967		Series 267, Class 30, 3.00%, 08/15/2042		7,812
			FHLMC Structured Pass-Through Securities Certificates,
	1,330		Series T-51, Class 1A, 6.50%, 09/25/2043 (z)		1,491
	1,528		Series T-54, Class 2A, 6.50%, 02/25/2043		1,735
	734		Series T-56, Class APO, PO, 05/25/2043		507
	6,387		FNMA, 2.60%, 12/25/2026 (z)		6,119
	485		FNMA Grantor Trust, Series 2004-T1, Class 1A2, 6.50%, 01/25/2044		540
			FNMA REMIC,
	—	(h)	Series 1988-16, Class B, 9.50%, 06/25/2018		—	(h)
	62		Series 1993-110, Class H, 6.50%, 05/25/2023		67
	47		Series 1993-146, Class E, PO, 05/25/2023		45
	834		Series 1993-155, Class PJ, 7.00%, 09/25/2023		900
	9		Series 1993-205, Class H, PO, 09/25/2023		9
	12		Series 1993-217, Class H, PO, 08/25/2023		12
	10		Series 1993-228, Class G, PO, 09/25/2023		10
	271		Series 1994-37, Class L Shares, 6.50%, 03/25/2024		289
	1,000		Series 1994-51, Class PV, 6.00%, 03/25/2024		1,055
	527		Series 1998-58, Class PC, 6.50%, 10/25/2028		576
	193		Series 2000-8, Class Z, 7.50%, 02/20/2030		221
	292		Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		65
	424		Series 2002-92, Class FB, 2.27%, 04/25/2030 (z)		431
	2,494		Series 2003-21, Class PZ, 4.50%, 03/25/2033		2,550

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	105	Series 2003-67, Class SA, HB, IF, 34.97%, 10/25/2031 (z)		141
	1,539	Series 2003-128, Class DY, 4.50%, 01/25/2024		1,585
	669	Series 2004-46, Class QD, IF, 17.52%, 03/25/2034 (z)		792
	1,097	Series 2004-54, Class FL, 2.02%, 07/25/2034 (z)		1,097
	373	Series 2004-60, Class PA, 5.50%, 04/25/2034		375
	4,769	Series 2005-22, Class EH, 5.00%, 04/25/2035		4,934
	730	Series 2005-58, Class EP, 5.50%, 07/25/2035		779
	199	Series 2005-62, Class DX, 5.00%, 05/25/2034		200
	972	Series 2005-83, Class LA, 5.50%, 10/25/2035		1,048
	3,991	Series 2005-116, Class PC, 6.00%, 01/25/2036		4,322
	2,857	Series 2006-3, Class SB, IF, IO, 5.08%, 07/25/2035 (z)		298
	4,760	Series 2006-51, Class FP, 1.97%, 03/25/2036 (z)		4,768
	59	Series 2006-81, Class FA, 1.97%, 09/25/2036 (z)		59
	636	Series 2006-110, PO, 11/25/2036		540
	2,032	Series 2007-76, Class PE, 6.00%, 08/25/2037		2,239
	462	Series 2009-89, Class A1, 5.41%, 05/25/2035		474
	46	Series 2010-4, Class SL, IF, 7.94%, 02/25/2040 (z)		48
	688	Series 2010-11, Class CB, 4.50%, 02/25/2040		708
	4,730	Series 2010-47, Class MB, 5.00%, 09/25/2039		5,047
	3,217	Series 2010-68, Class EP, 4.50%, 12/25/2039		3,339
	5,000	Series 2010-117, Class DY, 4.50%, 10/25/2025		5,171
	4,274	Series 2010-155, Class B, 3.50%, 01/25/2026		4,336
	11,500	Series 2011-145, Class PB, 3.50%, 01/25/2032		11,489
	6,515	Series 2012-47, Class QE, 4.00%, 05/25/2038		6,602
	5,566	Series 2012-50, Class HY, 4.00%, 05/25/2042		5,548

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,166	Series 2012-60, Class EP, 3.00%, 04/25/2042		5,057
	14,463	Series 2012-63, Class VA, 4.00%, 08/25/2023		14,730
	5,750	Series 2012-100, Class AY, 3.00%, 09/25/2032		5,514
	1,400	Series 2012-141, Class PB, 2.50%, 12/25/2042		1,216
	5,300	Series 2013-106, Class PY, 3.00%, 10/25/2033		5,137
	3,699	Series 2013-130, Class GY, 3.50%, 01/25/2034		3,666
	6,000	Series 2015-11, Class AQ, 3.00%, 03/25/2035		5,586
	4,000	Series 2015-28, Class GB, 3.50%, 05/25/2035		3,914
	4,653	Series 2015-41, Class AY, 3.00%, 06/25/2035		4,354
	11,897	Series 2015-48, Class DE, 3.00%, 10/25/2044		11,387
	4,491	Series 2016-28, Class DW, 3.50%, 05/25/2036		4,428
	16,373	Series 2016-38, Class NA, 3.00%, 01/25/2046		16,241
	14,057	Series 2016-45, Class PC, 3.00%, 09/25/2045		13,832
	5	Series G92-35, Class EB, 7.50%, 07/25/2022		6
	1	Series G92-44, Class ZQ, 8.00%, 07/25/2022		1
		FNMA REMIC Trust,
	121	Series 1999-W4, Class A9, 6.25%, 02/25/2029		128
	1,264	Series 2002-W7, Class A4, 6.00%, 06/25/2029		1,382
	606	Series 2003-W1, Class 1A1, 5.44%, 12/25/2042 (z)		637
	324	Series 2003-W1, Class 2A, 6.04%, 12/25/2042 (z)		357
	1,976	Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		2,234
	1,141	Series 2009-W1, Class A, 6.00%, 12/25/2049		1,264
		FNMA STRIPS,
	1,192	Series 278, Class 1, 2.10%, 08/25/2025 (z)		1,212
	397	Series 278, Class 3, 2.17%, 11/25/2023 (z)		401
	26	Series 343, Class 23, IO, 4.00%, 10/25/2018		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 149

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		GNMA,
	3,285	Series 2004-27, Class PD, 5.50%, 04/20/2034		3,481
	598	Series 2008-15, Class NB, 4.50%, 02/20/2038		619
	3,535	Series 2008-40, Class SA, IF, IO, 4.81%, 05/16/2038 (z)		490
	11,777	Series 2009-42, Class TX, 4.50%, 06/20/2039		12,414
	3,153	Series 2009-69, Class WM, 5.50%, 08/20/2039		3,403
	14,180	Series 2011-29, Class Z, 5.00%, 05/20/2040		15,726
		Total Collateralized Mortgage Obligations (Cost $423,272)		414,083
	Commercial Mortgage-Backed Securities — 7.0%
		FHLMC Multifamily Structured Pass-Through Certificates,
	6,026	Series K046, Class A2, 3.21%, 03/25/2025		6,053
	6,500	Series K048, Class A2, 3.28%, 06/25/2025 (z)		6,569
	3,519	Series K049, Class A2, 3.01%, 07/25/2025		3,489
	6,716	Series K052, Class A2, 3.15%, 11/25/2025		6,706
	6,558	Series K067, Class A2, 3.19%, 07/25/2027		6,478
	3,000	Series K069, Class A2, 3.19%, 09/25/2027 (z)		2,971
	5,145	Series KJ14, Class A2, 2.81%, 09/25/2024		5,045
		FNMA ACES,
	4,464	Series 2015-M13, Class A2, 2.71%, 06/25/2025 (z)		4,354
	19,357	Series 2016-M1, Class A2, 2.94%, 01/25/2026 (z)		19,015
	6,000	Series 2017-M3, Class A2, 2.49%, 12/25/2026 (z)		5,629
	4,394	Series 2017-M7, Class A2, 2.96%, 02/25/2027 (z)		4,279
	12,000	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		11,770
	10,534	FNMA Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027		10,115
		Total Commercial Mortgage-Backed Securities (Cost $95,321)		92,473
	Foreign Government Security — 0.6%
	7,527	Israel Government AID Bond, (Israel), Zero Coupon, 09/15/2019 (Cost $7,253)		7,260

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — 11.0%
			FHLMC,
	2		ARM, 1.98%, 07/01/2030 (z)		2
	1		ARM, 2.00%, 02/01/2019 (z)		1
	—	(h)	ARM, 2.03%, 03/01/2018 (z)		—	(h)
	4		ARM, 2.11%, 08/01/2018 (z)		4
	11		ARM, 2.52%, 01/01/2021 (z)		11
	2		ARM, 2.60%, 11/01/2018 (z)		2
	84		ARM, 3.28%, 01/01/2027 (z)		87
	770		ARM, 3.37%, 03/01/2037 (z)		800
	7		ARM, 3.40%, 04/01/2030 (z)		7
	—	(h)	ARM, 3.79%, 01/01/2020 (z)		—	(h)
	146		FHLMC Gold Pools, 20 Year, Single Family, 4.50%, 05/01/2024		153
			FHLMC Gold Pools, 30 Year, Single Family,
	825		4.50%, 10/01/2040		872
	165		5.50%, 11/01/2033		179
	58		6.00%, 02/01/2032		66
	255		6.50%, 01/01/2024 - 06/01/2029		287
	543		7.00%, 08/01/2025 - 09/01/2029		608
	23		7.50%, 09/01/2024 - 08/01/2025		24
	14		8.00%, 11/01/2024		15
	63		8.50%, 05/01/2024 - 07/01/2028		69
	—	(h)	9.00%, 01/01/2021 - 11/01/2021		—	(h)
			FNMA,
	12		ARM, 1.96%, 06/01/2029 (z)		12
	3		ARM, 1.97%, 06/01/2020 (z)		3
	63		ARM, 2.00%, 11/01/2027 - 11/01/2040 (z)		62
	4,886		ARM, 2.37%, 12/01/2025 (z)		4,874
	4		ARM, 2.59%, 08/01/2019 (z)		4
	2		ARM, 6.05%, 04/01/2019 (z)		2
			FNMA, 15 Year, Single Family,
	1,592		4.00%, 04/01/2019 - 09/01/2025		1,637
	167		4.50%, 03/01/2019		168
	229		FNMA, 20 Year, Single Family, 5.00%, 11/01/2023		245
			FNMA, 30 Year, Single Family,
	6,969		3.00%, 03/01/2043 - 09/01/2046		6,790
	15,758		3.50%, 05/01/2042 - 09/01/2046		15,796
	31,005		4.00%, 06/01/2043 - 06/01/2045		32,122
	205		4.50%, 03/01/2038		217
	1,181		5.00%, 11/01/2033		1,288
	7,097		5.50%, 02/01/2029 - 05/01/2036		7,894
	1,059		6.00%, 07/01/2036		1,218
	259		6.50%, 06/01/2026 - 04/01/2032		289
	2,773		7.00%, 02/01/2024 - 03/01/2035		3,239

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	18		7.50%, 03/01/2030		19
	—	(h)	10.00%, 07/01/2020		—	(h)
			FNMA, Other,
	6,908		2.63%, 12/01/2026		6,649
	6,500		2.81%, 04/01/2025		6,394
	6,380		2.97%, 05/01/2026		6,327
	5,859		2.97%, 06/01/2027		5,659
	3,450		2.97%, 09/01/2027		3,357
	6,832		3.01%, 02/01/2027		6,718
	6,500		3.10%, 01/01/2026		6,466
	6,526		3.12%, 01/01/2022		6,575
	8,665		3.26%, 01/01/2022		8,759
	3,000		3.30%, 11/01/2026		3,016
	4,335		3.77%, 12/01/2025		4,510
	24		6.00%, 09/01/2028		27
			GNMA I, 30 Year, Single Family,
	271		6.50%, 06/15/2023 - 02/15/2024		302
	121		7.00%, 12/15/2022 - 06/15/2028		125
	182		7.50%, 02/15/2022 - 02/15/2028		190
	80		8.00%, 07/15/2022 - 08/15/2026		85
	114		9.00%, 08/15/2021 - 11/15/2024		121
	—	(h)	9.50%, 08/15/2018		—	(h)
			GNMA II, 30 Year, Single Family,
	119		8.00%, 11/20/2026 - 11/20/2027		134
			Total Mortgage-Backed Securities (Cost $146,653)		144,480
	U.S. Government Agency Securities — 18.9%
			FFCB,
	10,000		5.75%, 05/11/2026		11,959
	12,824		5.75%, 12/07/2028		15,710
			FNMA,
	10,000		6.25%, 05/15/2029		12,829
	30,000		10.23%, 10/09/2019		28,872
	10,000		DN, 7.25%, 05/15/2030		6,613
			FNMA STRIPS,
	8,000		2.45%, 10/08/2027 (n)		5,853
	9,200		14.94%, 05/29/2026 (n)		7,070
			Resolution Funding Corp. STRIPS,
	18,300		2.02%, 10/15/2020 (n)		17,229
	57,000		2.23%, 07/15/2020 (n)		53,998
	5,000		2.38%, 01/15/2021 (n)		4,655
	60,673		3.62%, 10/15/2019 (n)		58,471

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	15,700	5.16%, 01/15/2030 (n)		10,603
	5,000	16.32%, 04/15/2030 (n)		3,344
	15,000	16.91%, 04/15/2028 (n)		10,826
		Total U.S. Government Agency Securities (Cost $234,955)		248,032
	U.S. Treasury Obligations — 26.1%
		U.S. Treasury Bonds,
	13,000	2.88%, 08/15/2045		12,393
	31,000	3.00%, 05/15/2045		30,289
	10,000	3.75%, 11/15/2043		11,118
	20,000	5.25%, 11/15/2028		24,331
	2,500	7.13%, 02/15/2023		3,020
	3,935	7.25%, 08/15/2022		4,710
	3,635	8.00%, 11/15/2021		4,338
	1,020	9.00%, 11/15/2018		1,071
	27,500	U.S. Treasury Inflation Indexed Bonds, 1.38%, 02/15/2044		31,741
		U.S. Treasury Notes,
	25,000	0.75%, 04/30/2018		24,969
	40,000	1.13%, 01/15/2019		39,673
	20,000	1.63%, 02/15/2026		18,259
	20,000	2.00%, 08/15/2025		18,893
	20,000	2.13%, 11/30/2023		19,372
	30,000	2.63%, 11/15/2020		30,189
	72,500	U.S. Treasury STRIPS Bonds, 2.14%, 05/15/2020 (n)		68,969
		Total U.S. Treasury Obligations (Cost $344,978)		343,335
SHARES
	Short-Term Investment — 4.7%
		Investment Company — 4.7%
	62,272	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $62,272)		62,272
		Total Investments — 99.8% (Cost $1,314,704)		1,311,935
		Other Assets in Excess of Liabilities — 0.2%		2,471
		NET ASSETS — 100.0%	$	1,314,406

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 151

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Security — 0.0% (g)
	112	CWABS Asset-Backed Certificates Trust, Series 2004-13, Class MV8, 4.17%, 01/25/2035 (z) (bb) (Cost $—)		2
	Convertible Bonds — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
		Liberty Interactive LLC,
	4,439	3.75%, 02/15/2030		3,107
	2,570	4.00%, 11/15/2029		1,812
				4,919
		Specialty Retail — 0.0% (g)
	2,652	Nebraska Book Holdings, Inc., 2.02%, 04/01/2026 (d) (e) (bb)		—	(h)
		Total Convertible Bonds (Cost $4,848)		4,919
	Corporate Bonds — 90.4%
		Consumer Discretionary — 18.0%
		Auto Components — 2.0%
	22,661	Allison Transmission, Inc., 4.75%, 10/01/2027 (e)		22,208
		American Axle & Manufacturing, Inc.,
	27,422	6.25%, 04/01/2025		28,296
	27,530	6.50%, 04/01/2027		28,425
	7,132	Dana Financing Luxembourg SARL, 5.75%, 04/15/2025 (e)		7,306
		Goodyear Tire & Rubber Co. (The),
	26,821	4.88%, 03/15/2027		26,418
	17,860	5.00%, 05/31/2026		17,860
		Icahn Enterprises LP,
	18,572	5.88%, 02/01/2022		18,595
	8,219	6.25%, 02/01/2022		8,342
	10,920	6.38%, 12/15/2025		10,961
	4,579	6.75%, 02/01/2024		4,671
	3,087	JB Poindexter & Co., Inc., 9.00%, 04/01/2022 (e)		3,187
				176,269
		Automobiles — 0.6%
	18,806	Fiat Chrysler Automobiles NV, (United Kingdom), 5.25%, 04/15/2023		19,370
	18,795	Jaguar Land Rover Automotive plc, (United Kingdom), 4.50%, 10/01/2027 (e)		17,855
		Motors Liquidation Co.,
	10,255	6.75%, 05/01/2028 (d) (bb)		—	(h)
	6,000	7.38%, 05/23/2048 (d) (bb)		—	(h)
	9,300	7.40%, 09/01/2025 (d) (bb)		—	(h)
	25,800	7.70%, 04/15/2016 (d) (bb)		—	(h)
	3,415	7.75%, 03/15/2036 (d) (bb)		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — continued
	12,550	8.10%, 06/15/2024 (d) (bb)		—	(h)
	20,000	8.25%, 07/15/2023 (d) (bb)		—	(h)
	34,006	8.38%, 07/15/2033 (d) (bb)		—	(h)
	19,299	Tesla, Inc., 5.30%, 08/15/2025 (e)		18,383
				55,608
		Distributors — 0.3%
		Global Partners LP,
	7,245	6.25%, 07/15/2022		7,236
	8,845	7.00%, 06/15/2023 (bb)		9,011
	7,890	Univar USA, Inc., 6.75%, 07/15/2023 (e)		8,196
				24,443
		Diversified Consumer Services — 0.3%
		Service Corp. International,
	2,630	5.38%, 05/15/2024		2,712
	10,675	8.00%, 11/15/2021		12,170
	13,830	Sotheby’s, 4.88%, 12/15/2025 (e)		13,415
				28,297
		Hotels, Restaurants & Leisure — 3.5%
	26,057	1011778 BC ULC, (Canada), 4.25%, 05/15/2024 (e)		24,884
		Boyd Gaming Corp.,
	7,035	6.38%, 04/01/2026		7,396
	10,438	6.88%, 05/15/2023		11,012
	4,382	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		4,428
		Cedar Fair LP,
	1,571	5.38%, 06/01/2024		1,612
	5,155	5.38%, 04/15/2027 (e)		5,207
	20,268	Chukchansi Economic Development Authority, 9.75%, 05/30/2020 (d) (e)		12,363
	11,904	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		12,214
		Eldorado Resorts, Inc.,
	16,441	6.00%, 04/01/2025		16,934
	5,505	7.00%, 08/01/2023		5,822
	5,075	Gateway Casinos & Entertainment Ltd., (Canada), 8.25%, 03/01/2024 (e)		5,418
		GLP Capital LP,
	200	5.38%, 11/01/2023		209
	9,245	5.38%, 04/15/2026		9,557
	28,728	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		29,446
	4,445	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		4,367
	4,332	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		4,668

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Hotels, Restaurants & Leisure — continued
		Hilton Worldwide Finance LLC,
	8,026	4.63%, 04/01/2025		8,056
	6,137	4.88%, 04/01/2027		6,137
	10,875	International Game Technology plc, 6.50%, 02/15/2025 (e)		11,664
	5,214	IRB Holding Corp., 6.75%, 02/15/2026 (e)		5,214
	12,805	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		13,342
	6,760	KFC Holding Co., 4.75%, 06/01/2027 (e)		6,608
		MGM Resorts International,
	9,075	6.00%, 03/15/2023		9,653
	2,627	6.63%, 12/15/2021		2,839
	80	7.75%, 03/15/2022		89
		Scientific Games International, Inc.,
	16,233	5.00%, 10/15/2025 (e)		16,050
	3,625	7.00%, 01/01/2022 (e)		3,815
	18,125	10.00%, 12/01/2022		19,657
	22,383	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		22,551
	14,420	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		14,385
	7,154	Station Casinos LLC, 5.00%, 10/01/2025 (e)		6,975
	10,172	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		9,892
				312,464
		Household Durables — 1.4%
	6,025	American Greetings Corp., 7.88%, 02/15/2025 (e)		6,161
		Lennar Corp.,
	6,275	4.75%, 05/30/2025		6,243
	25,725	4.75%, 11/29/2027 (e)		24,889
	5,193	5.25%, 06/01/2026 (e)		5,297
	17,776	5.88%, 11/15/2024 (e)		18,887
		Mattamy Group Corp., (Canada),
	16,225	6.50%, 10/01/2025 (e)		16,955
	5,123	6.88%, 12/15/2023 (e)		5,373
	12,677	New Home Co., Inc. (The), 7.25%, 04/01/2022		13,152
		Tempur Sealy International, Inc.,
	1,798	5.50%, 06/15/2026		1,767
	12,420	5.63%, 10/15/2023		12,544
		Toll Brothers Finance Corp.,
	10,355	4.35%, 02/15/2028		9,786
	930	4.88%, 11/15/2025		930
	5,085	5.63%, 01/15/2024		5,396
				127,380

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Internet & Direct Marketing Retail — 0.2%
		Netflix, Inc.,
	1,716	4.38%, 11/15/2026		1,648
	10,445	4.88%, 04/15/2028 (e)		10,262
	5,800	5.50%, 02/15/2022		6,032
				17,942
		Leisure Products — 0.1%
		Mattel, Inc.,
	5,095	3.15%, 03/15/2023		4,566
	4,627	6.75%, 12/31/2025 (e)		4,708
				9,274
		Media — 7.8%
		Altice Financing SA, (Luxembourg),
	11,572	6.63%, 02/15/2023 (e)		11,558
	15,385	7.50%, 05/15/2026 (e)		15,500
		Altice Luxembourg SA, (Luxembourg),
	11,472	7.63%, 02/15/2025 (e)		10,096
	19,863	7.75%, 05/15/2022 (e)		18,522
		Altice US Finance I Corp.,
	18,018	5.38%, 07/15/2023 (e)		18,311
	22,093	5.50%, 05/15/2026 (e)		21,872
		AMC Entertainment Holdings, Inc.,
	7,600	5.75%, 06/15/2025		7,391
	6,575	5.88%, 11/15/2026		6,361
	6,283	6.13%, 05/15/2027		6,095
		AMC Networks, Inc.,
	2,630	4.75%, 12/15/2022		2,650
	9,153	4.75%, 08/01/2025		8,867
	10,375	5.00%, 04/01/2024		10,401
	28,079	Cablevision Systems Corp., 8.00%, 04/15/2020		29,840
	9,940	Cinemark USA, Inc., 4.88%, 06/01/2023		9,878
		Clear Channel Worldwide Holdings, Inc.,
	12,665	Series A, 6.50%, 11/15/2022		12,988
	2,650	Series A, 7.63%, 03/15/2020		2,623
	19,700	Series B, 6.50%, 11/15/2022		20,242
	25,848	Series B, 7.63%, 03/15/2020		25,816
		CSC Holdings LLC,
	12,966	5.25%, 06/01/2024		12,480
	9,265	5.38%, 02/01/2028 (e)		9,057
	15,233	5.50%, 04/15/2027 (e)		15,004
	11,805	6.75%, 11/15/2021		12,417
	1,492	10.88%, 10/15/2025 (e)		1,761

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 153

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		DISH DBS Corp.,
	15,484	5.00%, 03/15/2023		14,226
	4,689	5.88%, 07/15/2022		4,572
	5,813	5.88%, 11/15/2024		5,435
	45,060	6.75%, 06/01/2021		46,299
	13,532	7.75%, 07/01/2026		13,329
	12,947	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		14,112
	4,141	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		3,975
		Gray Television, Inc.,
	12,865	5.13%, 10/15/2024 (e)		12,608
	7,730	5.88%, 07/15/2026 (e)		7,662
	4,957	iHeartCommunications, Inc., 9.00%, 12/15/2019 (d)		3,953
	5,075	Lamar Media Corp., 5.75%, 02/01/2026		5,253
	9,255	Liberty Interactive LLC, 8.25%, 02/01/2030		9,995
	6,089	LIN Television Corp., 5.88%, 11/15/2022		6,287
	20,315	Live Nation Entertainment, Inc., 4.88%, 11/01/2024 (e)		20,188
	6,018	Mediacom Broadband LLC, 6.38%, 04/01/2023		6,168
	4,770	Nexstar Broadcasting, Inc., 5.63%, 08/01/2024 (e)		4,794
		Outfront Media Capital LLC,
	8,651	5.63%, 02/15/2024		8,748
	12,319	5.88%, 03/15/2025		12,504
	3,580	Quebecor Media, Inc., (Canada), 5.75%, 01/15/2023		3,714
		Sinclair Television Group, Inc.,
	8,500	5.13%, 02/15/2027 (e)		8,171
	7,403	5.63%, 08/01/2024 (e)		7,514
		Sirius XM Radio, Inc.,
	8,874	4.63%, 05/15/2023 (e)		8,852
	14,983	5.00%, 08/01/2027 (e)		14,566
	15,570	5.38%, 04/15/2025 (e)		15,823
		TEGNA, Inc.,
	5,365	5.50%, 09/15/2024 (e)		5,512
	12,135	6.38%, 10/15/2023		12,651
	11,122	Unitymedia GmbH, (Germany), 6.13%, 01/15/2025 (e)		11,664
		Univision Communications, Inc.,
	9,025	5.13%, 05/15/2023 (e)		8,492
	9,760	5.13%, 02/15/2025 (e)		9,016
	2,110	6.75%, 09/15/2022 (e)		2,181
	5,300	UPC Holding BV, (Netherlands), 5.50%, 01/15/2028 (e)		4,982

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	18,387	UPCB Finance IV Ltd., (Netherlands), 5.38%, 01/15/2025 (e)		18,214
		Viacom, Inc.,
	4,675	4.38%, 03/15/2043		4,204
	4,900	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		4,944
	3,085	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		3,170
	17,087	Videotron Ltd., (Canada), 5.38%, 06/15/2024 (e)		17,685
		WMG Acquisition Corp.,
	3,014	4.88%, 11/01/2024 (e)		3,040
	2,651	5.00%, 08/01/2023 (e)		2,687
	3,610	5.50%, 04/15/2026 (e) (w)		3,610
	12,129	5.63%, 04/15/2022 (e)		12,402
	7,439	6.75%, 04/15/2022 (e)		7,723
	14,520	Ziggo Bond Finance BV, (Netherlands), 5.88%, 01/15/2025 (e)		13,975
	14,330	Ziggo Secured Finance BV, (Netherlands), 5.50%, 01/15/2027 (e)		13,739
				708,369
		Multiline Retail — 0.4%
	3,761	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		3,949
	14,000	Dollar Tree, Inc., 5.75%, 03/01/2023		14,560
	23,800	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		14,399
				32,908
		Specialty Retail — 1.4%
		Claire’s Stores, Inc.,
	11,275	6.13%, 03/15/2020 (e)		7,498
	17,700	9.00%, 03/15/2019 (e)		12,036
		L Brands, Inc.,
	9,036	5.25%, 02/01/2028		8,697
	6,900	6.75%, 07/01/2036		6,762
	5,030	6.88%, 11/01/2035		5,022
	9,800	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		10,008
	20,790	Penske Automotive Group, Inc., 5.50%, 05/15/2026		20,738
		PetSmart, Inc.,
	4,258	5.88%, 06/01/2025 (e)		3,321
	9,650	7.13%, 03/15/2023 (e)		6,151
	8,300	8.88%, 06/01/2025 (e)		5,292
	3,950	Sally Holdings LLC, 5.50%, 11/01/2023		3,950
	40,597	Staples, Inc., 8.50%, 09/15/2025 (e)		38,973
				128,448

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	2,377	Hanesbrands, Inc., 4.63%, 05/15/2024 (e)		2,353
		Total Consumer Discretionary		1,623,755
		Consumer Staples — 4.3%
		Food & Staples Retailing — 1.9%
		Albertsons Cos. LLC,
	12,078	5.75%, 03/15/2025		10,508
	60,315	6.63%, 06/15/2024		55,565
		New Albertson’s, Inc.,
	5,288	7.45%, 08/01/2029		4,389
	1,033	7.75%, 06/15/2026		904
	14,241	8.00%, 05/01/2031		12,212
	9,197	8.70%, 05/01/2030		8,323
		SUPERVALU, Inc.,
	27,340	6.75%, 06/01/2021		26,998
	49,975	7.75%, 11/15/2022		48,476
				167,375
		Food Products — 2.2%
	15,215	Dean Foods Co., 6.50%, 03/15/2023 (e)		14,873
	16,796	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		17,594
		JBS USA LUX SA, (Brazil),
	3,670	5.75%, 06/15/2025 (e)		3,514
	27,785	5.88%, 07/15/2024 (e)		27,096
	18,098	6.75%, 02/15/2028 (e)		17,920
	56,678	7.25%, 06/01/2021 (e)		57,387
		Pilgrim’s Pride Corp.,
	11,935	5.75%, 03/15/2025 (e)		11,875
	10,700	5.88%, 09/30/2027 (e)		10,406
		Post Holdings, Inc.,
	21,974	5.00%, 08/15/2026 (e)		20,875
	7,811	5.50%, 03/01/2025 (e)		7,860
	13,538	5.75%, 03/01/2027 (e)		13,369
				202,769
		Household Products — 0.1%
	7,591	Kronos Acquisition Holdings, Inc., (Canada), 9.00%, 08/15/2023 (e)		7,363
		Personal Products — 0.1%
	19,299	Revlon Consumer Products Corp., 6.25%, 08/01/2024		13,268
		Total Consumer Staples		390,775
		Energy — 12.4%
		Energy Equipment & Services — 3.0%
	5,579	Archrock Partners LP, 6.00%, 10/01/2022		5,593

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
		Bristow Group, Inc.,
	6,519	6.25%, 10/15/2022		5,606
	4,540	8.75%, 03/01/2023 (e)		4,617
	8,400	CSI Compressco LP, 7.25%, 08/15/2022		8,169
	7,110	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		7,217
		Ensco plc,
	3,313	4.50%, 10/01/2024		2,700
	10,860	5.20%, 03/15/2025		9,014
	845	5.75%, 10/01/2044		584
	3,869	7.75%, 02/01/2026		3,661
		KCA Deutag UK Finance plc, (United Kingdom),
	12,543	7.25%, 05/15/2021 (e)		12,230
	15,069	9.88%, 04/01/2022 (e)		15,860
		Nabors Industries, Inc.,
	1,064	5.10%, 09/15/2023		1,027
	12,481	5.50%, 01/15/2023		12,387
	6,928	5.75%, 02/01/2025 (e)		6,612
		Noble Holding International Ltd., (United Kingdom),
	967	5.25%, 03/15/2042		614
	6,316	6.20%, 08/01/2040		4,264
	13,439	7.88%, 02/01/2026 (e)		13,506
	3,003	Parker Drilling Co., 6.75%, 07/15/2022		2,492
		Precision Drilling Corp., (Canada),
	1,923	5.25%, 11/15/2024		1,832
	5,979	7.13%, 01/15/2026 (e)		6,031
		Rowan Cos., Inc.,
	1,156	4.75%, 01/15/2024		1,006
	3,424	4.88%, 06/01/2022		3,184
	3,580	7.38%, 06/15/2025		3,535
	22,457	Shelf Drilling Holdings Ltd., (United Arab Emirates), 8.25%, 02/15/2025 (e)		22,625
	6,435	Telford Offshore Ltd., (Cayman Islands), Series B, 1.00% (PIK), 02/12/2024 (v) (bb)		5,427
	12,530	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		12,891
		Transocean, Inc.,
	13,446	6.80%, 03/15/2038		10,824
	15,344	7.50%, 01/15/2026 (e)		15,459
	10,704	7.50%, 04/15/2031		9,660
	19,301	9.00%, 07/15/2023 (e)		20,797
	9,951	9.35%, 12/15/2041		9,951
	2,862	Trinidad Drilling Ltd., (Canada), 6.63%, 02/15/2025 (e)		2,765
	22,507	Unit Corp., 6.63%, 05/15/2021		22,338

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 155

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
		Weatherford International Ltd.,
	1,029	4.50%, 04/15/2022		906
	2,804	6.50%, 08/01/2036		2,131
	2,585	6.75%, 09/15/2040		1,971
	330	7.00%, 03/15/2038		262
	3,440	9.88%, 02/15/2024		3,406
				273,154
		Oil, Gas & Consumable Fuels — 9.4%
	18,901	Antero Resources Corp., 5.13%, 12/01/2022		19,066
	14,818	Athabasca Oil Corp., (Canada), 9.88%, 02/24/2022 (e)		14,818
		Baytex Energy Corp., (Canada),
	1,254	5.13%, 06/01/2021 (e)		1,179
	2,694	5.63%, 06/01/2024 (e)		2,418
	5,420	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		5,555
	2,910	Buckeye Partners LP, (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 01/22/2078 (aa)		2,904
	3,155	California Resources Corp., 8.00%, 12/15/2022 (e)		2,496
	10,095	Callon Petroleum Co., 6.13%, 10/01/2024		10,297
	1,088	Calumet Specialty Products Partners LP, 6.50%, 04/15/2021		1,061
	22,757	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		22,814
		Cheniere Corpus Christi Holdings LLC,
	10,810	5.88%, 03/31/2025		11,432
	13,135	7.00%, 06/30/2024		14,698
	6,240	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		6,302
		Chesapeake Energy Corp.,
	1,458	5.75%, 03/15/2023		1,334
	14,172	8.00%, 01/15/2025 (e)		13,995
	14,405	8.00%, 06/15/2027 (e)		13,811
	9,266	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		9,278
	6,462	CNX Resources Corp., 5.88%, 04/15/2022		6,498
		Continental Resources, Inc.,
	6,571	3.80%, 06/01/2024		6,382
	7,261	4.50%, 04/15/2023		7,352
	26,955	4.90%, 06/01/2044		25,843
		Crestwood Midstream Partners LP,
	9,449	5.75%, 04/01/2025		9,567
	3,865	6.25%, 04/01/2023		3,981
		DCP Midstream Operating LP,
	24,380	3.88%, 03/15/2023		23,770
	10,266	6.75%, 09/15/2037 (e)		11,447

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	18,721	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		19,002
	5,811	Denbury Resources, Inc., 9.00%, 05/15/2021 (e)		5,942
	2,911	Diamondback Energy, Inc., 4.75%, 11/01/2024		2,875
		Energy Transfer Equity LP,
	5,648	4.25%, 03/15/2023		5,541
	865	5.50%, 06/01/2027		895
	24,271	5.88%, 01/15/2024		25,727
		EP Energy LLC,
	10,226	8.00%, 11/29/2024 (e)		10,533
	19,321	8.00%, 02/15/2025 (e)		13,283
	2,757	9.38%, 05/01/2024 (e)		2,033
		Genesis Energy LP,
	7,665	5.63%, 06/15/2024		7,358
	7,230	6.00%, 05/15/2023		7,210
	5,275	6.75%, 08/01/2022		5,432
		Gulfport Energy Corp.,
	33,410	6.00%, 10/15/2024		32,825
	2,791	6.38%, 05/15/2025		2,753
	4,514	6.38%, 01/15/2026 (e)		4,449
	12,925	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		12,990
	9,746	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		10,014
	7,056	Jupiter Resources, Inc., (Canada), 8.50%, 10/01/2022 (e)		3,334
	17,412	Martin Midstream Partners LP, 7.25%, 02/15/2021		17,390
		MEG Energy Corp., (Canada),
	9,838	6.38%, 01/30/2023 (e)		8,436
	7,921	6.50%, 01/15/2025 (e)		7,772
	1,397	7.00%, 03/31/2024 (e)		1,191
	4,649	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		4,690
	6,584	NuStar Logistics LP, 5.63%, 04/28/2027		6,518
	3,737	Parsley Energy LLC, 5.38%, 01/15/2025 (e)		3,700
		PBF Holding Co. LLC,
	5,131	7.00%, 11/15/2023		5,336
	16,205	7.25%, 06/15/2025		16,772
	6,058	PBF Logistics LP, 6.88%, 05/15/2023		6,202
	5,828	Peabody Energy Corp., 6.00%, 03/31/2022 (e)		5,974
		Penn Virginia Corp.,
	1,500	7.25%, 04/15/2019 (d) (bb)		2
	14,125	8.50%, 05/01/2020 (d) (bb)		18

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		QEP Resources, Inc.,
	6,445	5.25%, 05/01/2023		6,396
	18,600	5.38%, 10/01/2022		18,879
	4,912	5.63%, 03/01/2026		4,832
	6,072	6.88%, 03/01/2021		6,467
		Range Resources Corp.,
	7,640	4.88%, 05/15/2025		7,320
	12,157	5.00%, 03/15/2023		11,884
	4,716	Sanchez Energy Corp., 7.75%, 06/15/2021		4,504
		SemGroup Corp.,
	11,605	5.63%, 07/15/2022		11,489
	6,417	5.63%, 11/15/2023		6,209
	9,339	7.25%, 03/15/2026		9,549
	19,604	Seven Generations Energy Ltd., (Canada), 5.38%, 09/30/2025 (e)		19,163
	13,562	SM Energy Co., 5.00%, 01/15/2024		12,748
	25,607	Southwestern Energy Co., 6.70%, 01/23/2025		25,095
	1,207	Stone Energy Corp., 7.50%, 05/31/2022		1,225
		Summit Midstream Holdings LLC,
	4,249	5.50%, 08/15/2022		4,286
	9,405	5.75%, 04/15/2025		9,405
		Sunoco LP,
	7,282	4.88%, 01/15/2023 (e)		7,227
	5,151	5.50%, 02/15/2026 (e)		5,151
	2,342	5.88%, 03/15/2028 (e)		2,351
	10,615	Tallgrass Energy Partners LP, 5.50%, 09/15/2024 (e)		10,933
		Targa Resources Partners LP,
	11,407	4.25%, 11/15/2023		11,122
	5,180	5.00%, 01/15/2028 (e)		5,031
	16,472	5.13%, 02/01/2025		16,410
	5,550	5.38%, 02/01/2027		5,550
		TerraForm Power Operating LLC,
	10,560	4.25%, 01/31/2023 (e)		10,349
	12,579	5.00%, 01/31/2028 (e)		12,174
	4,160	SUB, 6.63%, 06/15/2025 (e)		4,503
	5,535	TransMontaigne Partners LP, 6.13%, 02/15/2026		5,604
		Ultra Resources, Inc.,
	41,823	6.88%, 04/15/2022 (e)		37,641
	16,578	7.13%, 04/15/2025 (e)		14,837
	7,312	Whiting Petroleum Corp., 6.63%, 01/15/2026 (e)		7,413
		Williams Cos., Inc. (The),
	7,710	3.70%, 01/15/2023		7,488

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	1,305	4.55%, 06/24/2024		1,315
	9,220	5.75%, 06/24/2044		9,796
	6,533	7.75%, 06/15/2031		8,077
	939	Series A, 7.50%, 01/15/2031		1,136
				848,054
		Total Energy		1,121,208
		Financials — 5.2%
		Banks — 2.0%
	12,527	Bank of America Corp., Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		13,279
	4,575	Barclays Bank plc, (United Kingdom), 7.63%, 11/21/2022		5,092
	17,170	CIT Group, Inc., 5.00%, 08/15/2022		17,707
	5,245	Citigroup, Inc., Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		5,638
	16,157	Credit Agricole SA, (France), (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (x) (y) (aa)		18,904
		Royal Bank of Scotland Group plc, (United Kingdom),
	4,697	6.00%, 12/19/2023		5,015
	34,305	6.10%, 06/10/2023		36,641
	38,969	6.13%, 12/15/2022		41,559
	14,572	(USD Swap Semi 5 Year + 5.80%), 7.50%, 08/10/2020 (x) (y) (aa)		15,277
	4,790	(USD Swap Semi 5 Year + 7.60%), 8.62%, 08/15/2021 (x) (y) (aa)		5,293
	14,050	Societe Generale SA, (France), (USD Swap Semi 5 Year + 6.24%), 7.38%, 09/13/2021 (e) (x) (y) (aa)		15,139
				179,544
		Capital Markets — 0.2%
	13,332	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		13,499
	5,552	MSCI, Inc., 5.25%, 11/15/2024 (e)		5,673
				19,172
		Consumer Finance — 1.5%
		Ally Financial, Inc.,
	8,846	4.63%, 05/19/2022		8,990
	11,901	4.63%, 03/30/2025		11,960
	5,176	5.13%, 09/30/2024		5,370
	18,549	5.75%, 11/20/2025		19,337
	14,374	8.00%, 11/01/2031		17,824
	3,313	FirstCash, Inc., 5.38%, 06/01/2024 (e)		3,417

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 157

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	26,236	ILFC E-Capital Trust II, (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.62%, 12/21/2065 (e) (aa)		25,777
		Springleaf Finance Corp.,
	23,928	5.63%, 03/15/2023		23,749
	10,500	6.13%, 05/15/2022		10,762
	5,917	7.75%, 10/01/2021		6,450
				133,636
		Diversified Financial Services — 0.6%
	12,143	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		13,175
	26,446	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		25,785
		Nationstar Mortgage LLC,
	6,244	6.50%, 07/01/2021		6,380
	6,635	6.50%, 06/01/2022		6,851
				52,191
		Insurance — 0.3%
	12,373	CNO Financial Group, Inc., 5.25%, 05/30/2025		12,559
	4,762	Fidelity & Guaranty Life Holdings, Inc., 6.38%, 04/01/2021 (e)		4,827
	7,307	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		9,079
				26,465
		Thrifts & Mortgage Finance — 0.6%
		Ladder Capital Finance Holdings LLLP,
	7,696	5.25%, 03/15/2022 (e)		7,754
	4,821	5.25%, 10/01/2025 (e)		4,688
		Quicken Loans, Inc.,
	11,830	5.25%, 01/15/2028 (e)		11,416
	23,293	5.75%, 05/01/2025 (e)		23,468
	12,470	Radian Group, Inc., 4.50%, 10/01/2024		12,442
				59,768
		Total Financials		470,776
		Health Care — 9.5%
		Health Care Equipment & Supplies — 0.4%
		Hologic, Inc.,
	6,457	4.38%, 10/15/2025 (e)		6,304
	2,883	4.63%, 02/01/2028 (e)		2,782
		Mallinckrodt International Finance SA,
	2,784	4.75%, 04/15/2023		2,210
	9,330	5.50%, 04/15/2025 (e)		7,464
	3,657	5.63%, 10/15/2023 (e)		3,058

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
		Teleflex, Inc.,
	5,000	4.88%, 06/01/2026		4,950
	5,070	5.25%, 06/15/2024		5,197
				31,965
		Health Care Providers & Services — 6.4%
		Acadia Healthcare Co., Inc.,
	17,455	5.63%, 02/15/2023		17,908
	8,830	6.50%, 03/01/2024		9,117
		Centene Corp.,
	4,556	4.75%, 05/15/2022		4,633
	20,010	4.75%, 01/15/2025		19,897
	8,089	5.63%, 02/15/2021		8,281
	13,415	6.13%, 02/15/2024		14,086
		Community Health Systems, Inc.,
	9,612	5.13%, 08/01/2021		8,867
	25,441	6.25%, 03/31/2023		23,152
	18,802	6.88%, 02/01/2022		12,221
	16,391	7.13%, 07/15/2020		13,789
		DaVita, Inc.,
	7,965	5.00%, 05/01/2025		7,806
	17,138	5.13%, 07/15/2024		17,020
	3,000	5.75%, 08/15/2022		3,088
		Envision Healthcare Corp.,
	13,898	5.13%, 07/01/2022 (e)		14,002
	18,317	5.63%, 07/15/2022		18,684
	11,585	HCA Healthcare, Inc., 6.25%, 02/15/2021		12,193
		HCA, Inc.,
	4,583	3.75%, 03/15/2019		4,612
	9,680	4.25%, 10/15/2019		9,801
	4,371	5.00%, 03/15/2024		4,453
	4,575	5.25%, 04/15/2025		4,701
	41,340	5.38%, 02/01/2025		42,025
	8,700	5.50%, 06/15/2047		8,591
	5,140	5.88%, 03/15/2022		5,448
	26,655	5.88%, 05/01/2023		28,028
	19,145	5.88%, 02/15/2026		19,815
	21,198	7.50%, 02/15/2022		23,450
	3,029	LifePoint Health, Inc., 5.50%, 12/01/2021		3,052
	24,714	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		26,012
	16,586	Polaris Intermediate Corp., 8.50% (cash), 12/01/2022 (e) (v)		16,886
	28,573	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		26,144

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
		Tenet Healthcare Corp.,
	6,083	4.38%, 10/01/2021		6,053
	12,061	4.50%, 04/01/2021		12,100
	17,012	4.63%, 07/15/2024 (e)		16,278
	27,491	5.13%, 05/01/2025 (e)		26,666
	14	5.50%, 03/01/2019		14
	14,145	6.00%, 10/01/2020		14,711
	6,208	6.75%, 02/01/2020		6,433
	30,723	6.75%, 06/15/2023		30,723
	7,176	7.00%, 08/01/2025 (e)		7,158
	2,610	7.50%, 01/01/2022 (e)		2,757
	17,661	8.13%, 04/01/2022		18,588
	11,500	WellCare Health Plans, Inc., 5.25%, 04/01/2025		11,639
				580,882
		Health Care Technology — 0.2%
		Quintiles IMS, Inc.,
	8,820	4.88%, 05/15/2023 (e)		9,062
	3,660	5.00%, 10/15/2026 (e)		3,671
				12,733
		Pharmaceuticals — 2.5%
	2,838	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		2,810
		Concordia International Corp., (Canada),
	25,373	7.00%, 04/15/2023 (d) (e)		2,284
	21,621	9.00%, 04/01/2022 (e)		19,783
		Endo Dac,
	1,973	5.88%, 10/15/2024 (e)		1,988
	20,050	6.00%, 07/15/2023 (e)		15,037
	8,650	6.00%, 02/01/2025 (e)		6,201
		Endo Finance LLC,
	5,000	5.38%, 01/15/2023 (e)		3,713
	7,451	5.75%, 01/15/2022 (e)		6,091
	7,185	7.25%, 01/15/2022 (e)		6,053
		Valeant Pharmaceuticals International, Inc.,
	13,463	5.38%, 03/15/2020 (e)		13,429
	3,444	5.50%, 03/01/2023 (e)		3,052
	12,100	5.50%, 11/01/2025 (e)		11,972
	58,092	5.88%, 05/15/2023 (e)		51,629
	7,959	6.50%, 03/15/2022 (e)		8,278
	14,248	6.75%, 08/15/2021 (e)		13,892
	10,831	7.00%, 03/15/2024 (e)		11,413
	20,212	7.25%, 07/15/2022 (e)		19,656
	11,237	7.50%, 07/15/2021 (e)		11,293

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	18,662	9.00%, 12/15/2025 (e)		18,697
				227,271
		Total Health Care		852,851
		Industrials — 11.4%
		Aerospace & Defense — 2.0%
		Arconic, Inc.,
	8,641	5.90%, 02/01/2027		9,289
	7,034	5.95%, 02/01/2037		7,510
	10,659	6.75%, 01/15/2028		12,151
		Bombardier, Inc., (Canada),
	13,043	6.00%, 10/15/2022 (e)		13,010
	18,005	6.13%, 01/15/2023 (e)		18,050
	8,730	7.50%, 12/01/2024 (e)		9,068
	21,013	7.50%, 03/15/2025 (e)		21,565
	27,460	8.75%, 12/01/2021 (e)		30,103
		TransDigm, Inc.,
	14,708	6.00%, 07/15/2022		15,057
	8,435	6.38%, 06/15/2026		8,625
	26,582	6.50%, 07/15/2024		27,413
	5,318	6.50%, 05/15/2025		5,451
				177,292
		Air Freight & Logistics — 0.1%
		XPO Logistics, Inc.,
	4,505	6.13%, 09/01/2023 (e)		4,674
	8,630	6.50%, 06/15/2022 (e)		8,969
				13,643
		Airlines — 0.2%
	17,777	United Continental Holdings, Inc., 5.00%, 02/01/2024		17,688
		Building Products — 1.3%
	6,031	Airxcel, Inc., 8.50%, 02/15/2022 (e)		6,280
	9,135	American Woodmark Corp., 4.88%, 03/15/2026 (e)		9,066
	16,765	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e)		15,508
		James Hardie International Finance DAC, (Ireland),
	4,685	4.75%, 01/15/2025 (e)		4,638
	4,700	5.00%, 01/15/2028 (e)		4,653
		Jeld-Wen, Inc.,
	4,778	4.63%, 12/15/2025 (e)		4,670
	4,777	4.88%, 12/15/2027 (e)		4,634
	5,000	NWH Escrow Corp., 7.50%, 08/01/2021 (e) (bb)		4,625

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 159

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Building Products — continued
		Standard Industries, Inc.,
	14,864	4.75%, 01/15/2028 (e)		14,269
	3,250	5.00%, 02/15/2027 (e)		3,222
	12,931	6.00%, 10/15/2025 (e)		13,658
		Summit Materials LLC,
	13,200	5.13%, 06/01/2025 (e)		13,200
	17,627	6.13%, 07/15/2023		18,156
				116,579
		Commercial Services & Supplies — 2.5%
	41,880	ADT Corp. (The), 4.13%, 06/15/2023		40,728
	9,350	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		8,859
		Covanta Holding Corp.,
	5,500	5.88%, 03/01/2024		5,514
	2,642	5.88%, 07/01/2025		2,629
	53,530	GW Honos Security Corp., (Canada), 8.75%, 05/15/2025 (e)		57,612
	3,000	Harland Clarke Holdings Corp., 8.38%, 08/15/2022 (e)		3,105
	28,494	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.37%, 12/21/2065 (e) (aa)		28,138
	2,250	Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/2025 (e)		2,247
	19,585	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		19,827
	40,870	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		44,497
	8,000	Quad/Graphics, Inc., 7.00%, 05/01/2022		8,250
				221,406
		Construction & Engineering — 0.9%
		AECOM,
	28,686	5.13%, 03/15/2027		27,781
	8,841	5.88%, 10/15/2024		9,216
	18,062	MasTec, Inc., 4.88%, 03/15/2023		18,017
	27,235	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		28,597
				83,611
		Electrical Equipment — 0.7%
		Sensata Technologies BV,
	11,128	4.88%, 10/15/2023 (e)		11,295
	2,101	5.63%, 11/01/2024 (e)		2,246
	49,156	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		51,860
				65,401
		Machinery — 0.9%
	10,022	ATS Automation Tooling Systems, Inc., (Canada), 6.50%, 06/15/2023 (e)		10,498

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Machinery — continued
	13,628	Navistar International Corp., 6.63%, 11/01/2025 (e)		14,037
		Novelis Corp.,
	18,355	5.88%, 09/30/2026 (e)		18,493
	12,400	6.25%, 08/15/2024 (e)		12,679
	4,143	RBS Global, Inc., 4.88%, 12/15/2025 (e)		4,081
	6,733	Tennant Co., 5.63%, 05/01/2025		6,901
	9,125	Terex Corp., 5.63%, 02/01/2025 (e)		9,216
	4,856	Wabash National Corp., 5.50%, 10/01/2025 (e)		4,807
				80,712
		Professional Services — 0.2%
	3,307	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		3,340
	9,801	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		9,728
	1,292	IHS Markit Ltd., 4.00%, 03/01/2026 (e)		1,253
	3,600	Jaguar Holding Co. II, 6.38%, 08/01/2023 (e)		3,618
				17,939
		Road & Rail — 1.0%
		Ashtead Capital, Inc., (United Kingdom),
	8,395	4.13%, 08/15/2025 (e)		8,217
	3,909	4.38%, 08/15/2027 (e)		3,772
	10,294	5.63%, 10/01/2024 (e)		10,731
	5,105	Avis Budget Car Rental LLC, 5.25%, 03/15/2025 (e)		4,926
		DAE Funding LLC, (United Arab Emirates),
	6,404	4.50%, 08/01/2022 (e)		6,212
	7,700	5.00%, 08/01/2024 (e)		7,448
		Hertz Corp. (The),
	5,295	5.50%, 10/15/2024 (e)		4,593
	4,800	7.38%, 01/15/2021		4,776
		Park Aerospace Holdings Ltd., (Ireland),
	8,213	4.50%, 03/15/2023 (e)		7,926
	8,607	5.25%, 08/15/2022 (e)		8,618
	21,246	5.50%, 02/15/2024 (e)		21,352
				88,571
		Trading Companies & Distributors — 1.6%
	18,515	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		17,960
		Aircastle Ltd.,
	12,081	4.13%, 05/01/2024		11,915
	439	5.00%, 04/01/2023		453
	3,902	Fly Leasing Ltd., (Ireland), 5.25%, 10/15/2024		3,853
	8,581	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		8,774

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Trading Companies & Distributors — continued
	8,662	HD Supply, Inc., 5.75%, 04/15/2024 (e)		9,084
		United Rentals North America, Inc.,
	7,894	4.63%, 10/15/2025		7,697
	23,465	4.88%, 01/15/2028		22,878
	7,950	5.50%, 07/15/2025		8,188
	8,305	5.50%, 05/15/2027		8,500
	9,540	5.75%, 11/15/2024		9,874
	22,175	5.88%, 09/15/2026		23,295
	10,240	WESCO Distribution, Inc., 5.38%, 06/15/2024		10,266
				142,737
		Total Industrials		1,025,579
		Information Technology — 6.3%
		Communications Equipment — 0.7%
	23,379	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		2
	6,219	CB Escrow Corp., 8.00%, 10/15/2025 (e)		6,079
		CommScope Technologies LLC,
	6,425	5.00%, 03/15/2027 (e)		6,264
	4,623	6.00%, 06/15/2025 (e)		4,775
		CommScope, Inc.,
	5,880	5.00%, 06/15/2021 (e)		5,961
	9,665	5.50%, 06/15/2024 (e)		9,846
	4,776	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		3,272
		Nokia OYJ, (Finland),
	3,713	3.38%, 06/12/2022		3,611
	3,803	4.38%, 06/12/2027		3,651
	1,992	5.38%, 05/15/2019		2,037
	6,936	6.63%, 05/15/2039		7,536
	4,632	Plantronics, Inc., 5.50%, 05/31/2023 (e)		4,644
	4,560	ViaSat, Inc., 5.63%, 09/15/2025 (e)		4,457
				62,135
		Electronic Equipment, Instruments & Components — 0.3%
		CDW LLC,
	8,492	5.00%, 09/01/2023		8,619
	3,001	5.50%, 12/01/2024		3,129
	12,709	Itron, Inc., 5.00%, 01/15/2026 (e)		12,645
				24,393
		Internet Software & Services — 0.6%
		Match Group, Inc.,
	1,775	5.00%, 12/15/2027 (e)		1,789
	2,800	6.38%, 06/01/2024		3,027
	15,378	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		16,032

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — continued
		Zayo Group LLC,
	16,075	5.75%, 01/15/2027 (e)		16,155
	9,791	6.00%, 04/01/2023		10,171
	5,425	6.38%, 05/15/2025		5,676
				52,850
		IT Services — 1.3%
		Alliance Data Systems Corp.,
	22,422	5.38%, 08/01/2022 (e)		22,506
	5,475	5.88%, 11/01/2021 (e)		5,598
	21,440	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		21,360
		First Data Corp.,
	9,901	5.00%, 01/15/2024 (e)		9,963
	24,001	5.75%, 01/15/2024 (e)		24,421
	27,712	7.00%, 12/01/2023 (e)		29,132
	6,651	Gartner, Inc., 5.13%, 04/01/2025 (e)		6,817
				119,797
		Semiconductors & Semiconductor Equipment — 0.5%
	1,365	Advanced Micro Devices, Inc., 7.00%, 07/01/2024		1,428
	3,905	Entegris, Inc., 4.63%, 02/10/2026 (e)		3,837
	4,690	Micron Technology, Inc., 5.25%, 01/15/2024 (e)		4,807
	14,027	NXP BV, (Netherlands), 4.13%, 06/01/2021 (e)		14,275
	5,280	Qorvo, Inc., 6.75%, 12/01/2023		5,597
	6,367	Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/2026 (e)		6,749
	8,190	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		8,559
				45,252
		Software — 1.9%
	16,102	Camelot Finance SA, 7.88%, 10/15/2024 (e)		17,073
		CURO Financial Technologies Corp.,
	10,115	12.00%, 03/01/2022 (e)		11,123
	21,955	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		24,288
	16,829	Infor Software Parent LLC, 7.13% (cash), 05/01/2021 (e) (v)		17,123
		Infor US, Inc.,
	10,885	5.75%, 08/15/2020 (e)		11,103
	17,882	6.50%, 05/15/2022		18,284
	9,855	Informatica LLC, 7.13%, 07/15/2023 (e)		10,047

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 161

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Software — continued
		Nuance Communications, Inc.,
	4,533	5.38%, 08/15/2020 (e)		4,573
	7,767	5.63%, 12/15/2026		7,864
		Open Text Corp., (Canada),
	7,385	5.63%, 01/15/2023 (e)		7,690
	11,578	5.88%, 06/01/2026 (e)		12,041
	15,145	Solera LLC, 10.50%, 03/01/2024 (e)		17,005
	12,798	Symantec Corp., 5.00%, 04/15/2025 (e)		13,055
				171,269
		Technology Hardware, Storage & Peripherals — 1.0%
		Dell International LLC,
	20,028	5.88%, 06/15/2021 (e)		20,479
	6,333	6.02%, 06/15/2026 (e)		6,775
	10,225	7.13%, 06/15/2024 (e)		11,042
	26,133	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		27,570
		EMC Corp.,
	10,431	2.65%, 06/01/2020		10,148
	1,000	3.38%, 06/01/2023		921
	18,200	Western Digital Corp., 4.75%, 02/15/2026		18,336
				95,271
		Total Information Technology		570,967
		Materials — 9.0%
		Chemicals — 2.6%
	1,000	Axalta Coating Systems LLC, 4.88%, 08/15/2024 (e)		1,005
	4,125	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		4,919
		CF Industries, Inc.,
	6,188	4.50%, 12/01/2026 (e)		6,297
	13,021	5.15%, 03/15/2034		12,761
	13,540	Chemours Co. (The), 7.00%, 05/15/2025		14,589
	5,504	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		5,580
	53,136	CVR Partners LP, 9.25%, 06/15/2023 (e)		56,324
	11,428	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		11,271
	8,860	Gates Global LLC, 6.00%, 07/15/2022 (e)		9,021
	3,654	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		4,006
	29,655	Hexion, Inc., 6.63%, 04/15/2020		27,579
	4,539	Huntsman International LLC, 5.13%, 11/15/2022		4,687
	6,930	Ingevity Corp., 4.50%, 02/01/2026 (e)		6,774
	5,048	Koppers, Inc., 6.00%, 02/15/2025 (e)		5,225
	9,310	Momentive Performance Materials USA LLC, 8.88%, 10/15/2020 (d) (bb)		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
		NOVA Chemicals Corp., (Canada),
	8,710	4.88%, 06/01/2024 (e)		8,601
	3,694	5.00%, 05/01/2025 (e)		3,666
	4,960	5.25%, 08/01/2023 (e)		5,047
	6,906	5.25%, 06/01/2027 (e)		6,751
	5,811	PQ Corp., 5.75%, 12/15/2025 (e)		5,898
	6,235	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		6,305
	9,475	Tronox Finance plc, 5.75%, 10/01/2025 (e)		9,404
	9,245	Valvoline, Inc., 4.38%, 08/15/2025		9,037
	11,840	Venator Finance SARL, 5.75%, 07/15/2025 (e)		12,047
				236,794
		Construction Materials — 1.3%
		Cemex SAB de CV, (Mexico),
	5,000	5.70%, 01/11/2025 (e)		5,174
	39,885	6.13%, 05/05/2025 (e)		42,055
	52,905	7.75%, 04/16/2026 (e)		58,751
	12,576	US Concrete, Inc., 6.38%, 06/01/2024		13,362
				119,342
		Containers & Packaging — 1.6%
		Ardagh Packaging Finance plc, (Ireland),
	12,000	4.63%, 05/15/2023 (e)		11,985
	12,500	7.25%, 05/15/2024 (e)		13,391
	8,740	Ball Corp., 5.25%, 07/01/2025		9,177
		Berry Global, Inc.,
	7,135	4.50%, 02/15/2026 (e)		6,939
	15,950	5.13%, 07/15/2023		16,289
	4,000	5.50%, 05/15/2022		4,110
	8,759	BWAY Holding Co., 5.50%, 04/15/2024 (e)		8,956
	487	Cascades, Inc., (Canada), 5.50%, 07/15/2022 (e)		494
		Crown Americas LLC,
	4,310	4.25%, 09/30/2026		4,084
	7,250	4.75%, 02/01/2026 (e)		7,141
	4,046	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		4,096
	5,307	OI European Group BV, 4.00%, 03/15/2023 (e)		5,134
		Owens-Brockway Glass Container, Inc.,
	2,890	5.00%, 01/15/2022 (e)		2,948
	7,403	5.38%, 01/15/2025 (e)		7,551
	4,350	5.88%, 08/15/2023 (e)		4,535

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Containers & Packaging — continued
		Reynolds Group Issuer, Inc.,
	1,695	5.13%, 07/15/2023 (e)		1,729
	10,176	5.75%, 10/15/2020		10,315
	728	6.87%, 02/15/2021		737
		Sealed Air Corp.,
	17,767	5.13%, 12/01/2024 (e)		18,300
	4,344	5.25%, 04/01/2023 (e)		4,442
	1,686	5.50%, 09/15/2025 (e)		1,764
				144,117
		Metals & Mining — 3.3%
		AK Steel Corp.,
	2,845	6.38%, 10/15/2025		2,788
	7,358	7.00%, 03/15/2027		7,482
	2,802	7.50%, 07/15/2023		2,991
	9,912	Alcoa Nederland Holding BV, 6.75%, 09/30/2024 (e)		10,631
		Aleris International, Inc.,
	1,206	7.88%, 11/01/2020		1,206
	10,740	9.50%, 04/01/2021 (e)		11,304
		ArcelorMittal, (Luxembourg),
	6,051	5.75%, 03/01/2021		6,353
	2,902	6.13%, 06/01/2025		3,197
	19,085	6.50%, 02/25/2022 (w)		20,755
	5,907	7.00%, 03/01/2041		7,178
	10,547	7.25%, 10/15/2039 (w)		13,022
		Commercial Metals Co.,
	5,918	4.88%, 05/15/2023		5,992
	4,415	5.38%, 07/15/2027		4,445
	11,618	Constellium NV, (Netherlands), 6.63%, 03/01/2025 (e)		12,025
		FMG Resources August 2006 Pty. Ltd., (Australia),
	7,405	4.75%, 05/15/2022 (e)		7,399
	7,945	5.13%, 05/15/2024 (e)		7,923
		Freeport-McMoRan, Inc.,
	14,390	3.55%, 03/01/2022		13,999
	24,955	3.88%, 03/15/2023		24,206
	1,885	4.00%, 11/14/2021		1,876
	5,710	4.55%, 11/14/2024		5,581
	4,841	5.40%, 11/14/2034		4,708
	14,029	5.45%, 03/15/2043		13,468
	15,716	Hecla Mining Co., 6.88%, 05/01/2021		15,991
	6,615	Hudbay Minerals, Inc., (Canada), 7.25%, 01/15/2023 (e)		7,028
	5,450	Kaiser Aluminum Corp., 5.88%, 05/15/2024		5,711

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
		Steel Dynamics, Inc.,
	9,440	4.13%, 09/15/2025		9,133
	6,100	5.00%, 12/15/2026		6,222
	5,425	5.25%, 04/15/2023		5,540
	3,600	5.50%, 10/01/2024		3,726
		Teck Resources Ltd., (Canada),
	9,070	4.75%, 01/15/2022		9,206
	8,060	5.40%, 02/01/2043		7,980
	8,200	6.00%, 08/15/2040		8,733
	12,619	6.13%, 10/01/2035		13,723
		United States Steel Corp.,
	4,425	6.88%, 08/15/2025		4,646
	7,657	8.38%, 07/01/2021 (e)		8,212
				294,380
		Paper & Forest Products — 0.2%
		Clearwater Paper Corp.,
	6,395	4.50%, 02/01/2023		6,155
	8,187	5.38%, 02/01/2025 (e)		7,880
				14,035
		Total Materials		808,668
		Real Estate — 1.5%
		Equity Real Estate Investment Trusts (REITs) — 1.3%
		CyrusOne LP,
	8,905	5.00%, 03/15/2024		8,972
	4,143	5.38%, 03/15/2027		4,153
		Equinix, Inc.,
	7,608	5.38%, 01/01/2022		7,884
	18,333	5.38%, 04/01/2023		18,814
	4,294	5.75%, 01/01/2025		4,487
	4,529	5.88%, 01/15/2026		4,744
	18,590	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		18,544
		Iron Mountain, Inc.,
	7,403	4.88%, 09/15/2027 (e)		6,977
	8,573	5.25%, 03/15/2028 (e)		8,169
	15,544	5.75%, 08/15/2024		15,466
	6,980	MGM Growth Properties Operating Partnership LP, 5.63%, 05/01/2024		7,221
		SBA Communications Corp.,
	1,951	4.00%, 10/01/2022 (e)		1,912
	8,205	4.88%, 07/15/2022		8,308
	3,580	4.88%, 09/01/2024		3,535
				119,186

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 163

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Management & Development — 0.2%
	6,850	Highland Ranch, 6.70%, 09/01/2020 (bb)		6,781
	6,126	Kennedy-Wilson, Inc., 5.88%, 04/01/2024 (e)		6,042
				12,823
		Total Real Estate		132,009
		Telecommunication Services — 10.4%
		Diversified Telecommunication Services — 7.0%
		CCO Holdings LLC,
	10,635	5.00%, 02/01/2028 (e)		10,044
	15,886	5.13%, 05/01/2027 (e)		15,270
	13,573	5.50%, 05/01/2026 (e)		13,573
	44,815	5.75%, 02/15/2026 (e)		45,431
	61,683	5.88%, 04/01/2024 (e)		63,783
		CenturyLink, Inc.,
	3,805	Series S, 6.45%, 06/15/2021		3,891
	4,980	Series T, 5.80%, 03/15/2022		4,911
	2,815	Series Y, 7.50%, 04/01/2024		2,829
	16,166	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		15,342
	93,035	Embarq Corp., 8.00%, 06/01/2036		88,035
		Frontier Communications Corp.,
	5,469	6.25%, 09/15/2021		4,672
	19,308	9.25%, 07/01/2021		17,856
	11,179	10.50%, 09/15/2022		9,530
	23,220	11.00%, 09/15/2025		18,199
		Intelsat Jackson Holdings SA, (Luxembourg),
	11,182	5.50%, 08/01/2023		9,253
	18,657	7.25%, 10/15/2020		17,374
	30,630	7.50%, 04/01/2021		27,816
	25,750	8.00%, 02/15/2024 (e)		27,038
	3,845	9.75%, 07/15/2025 (e)		3,653
		Level 3 Financing, Inc.,
	6,558	5.13%, 05/01/2023		6,558
	2,839	5.25%, 03/15/2026		2,733
	3,655	5.38%, 01/15/2024		3,637
	20,227	5.38%, 05/01/2025		20,075
	8,111	5.63%, 02/01/2023		8,192
	5,668	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		5,217
		SFR Group SA, (France),
	40,830	6.00%, 05/15/2022 (e)		39,758
	11,702	6.25%, 05/15/2024 (e)		10,898
	21,602	7.38%, 05/01/2026 (e)		20,852
		Sprint Capital Corp.,
	3,465	6.90%, 05/01/2019		3,587
	32,029	8.75%, 03/15/2032		34,752

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
		Telecom Italia Capital SA, (Italy),
	11,010	6.00%, 09/30/2034		11,533
	15,157	6.38%, 11/15/2033		16,597
	5,021	7.20%, 07/18/2036		5,874
	2,407	7.72%, 06/04/2038		2,949
		Virgin Media Finance plc, (United Kingdom),
	8,595	5.25%, 02/15/2022 (bb)		8,175
	13,192	6.38%, 04/15/2023 (e)		13,522
	3,098	Virgin Media Secured Finance plc, (United Kingdom), 5.25%, 01/15/2026 (e)		3,036
		Windstream Services LLC,
	8,296	6.38%, 08/01/2023 (e)		4,646
	20,029	8.75%, 12/15/2024 (e)		12,818
				633,909
		Wireless Telecommunication Services — 3.4%
		Hughes Satellite Systems Corp.,
	17,993	5.25%, 08/01/2026		17,543
	8,791	6.63%, 08/01/2026		8,992
	7,405	Inmarsat Finance plc, (United Kingdom), 6.50%, 10/01/2024 (e)		7,534
	10,521	SoftBank Group Corp., (Japan), 4.50%, 04/15/2020 (e)		10,613
		Sprint Communications, Inc.,
	2,183	6.00%, 11/15/2022		2,151
	10,776	7.00%, 03/01/2020 (e)		11,384
	13,304	7.00%, 08/15/2020		13,919
	1,134	9.00%, 11/15/2018 (e)		1,177
	4,305	9.25%, 04/15/2022		4,983
	5,758	11.50%, 11/15/2021		6,794
		Sprint Corp.,
	45,226	7.13%, 06/15/2024		44,519
	17,249	7.25%, 09/15/2021		18,004
	40,130	7.63%, 02/15/2025		40,130
	8,406	7.63%, 03/01/2026		8,364
	26,445	7.88%, 09/15/2023		27,370
		T-Mobile USA, Inc.,
	6,472	4.50%, 02/01/2026		6,351
	6,603	4.75%, 02/01/2028		6,440
	20,275	6.00%, 04/15/2024		21,086
	16,845	6.38%, 03/01/2025		17,772
	5,562	6.50%, 01/15/2024		5,826
	8,650	6.63%, 04/01/2023		8,956
	4,232	6.84%, 04/28/2023		4,391
	16,097	Wind Tre SpA, (Italy), 5.00%, 01/20/2026 (e)		13,850
				308,149
		Total Telecommunication Services		942,058

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Utilities — 2.4%
		Electric Utilities — 0.2%
		NextEra Energy Operating Partners LP,
	2,898	4.25%, 09/15/2024 (e)		2,858
	6,128	4.50%, 09/15/2027 (e)		5,898
	3,775	Terraform Global Operating LLC, 6.13%, 03/01/2026 (e)		3,803
	15,375	Texas Company Holdings, 11.50%, 10/01/2020 (d) (bb)		154
	153,569	Texas Competitive Electric Holdings Co. LLC, 8.50%, 05/01/2020 (d) (bb)		1,536
				14,249
		Gas Utilities — 0.2%
		AmeriGas Partners LP,
	9,132	5.50%, 05/20/2025		9,064
	7,858	5.75%, 05/20/2027		7,779
	4,381	5.88%, 08/20/2026		4,392
				21,235
		Independent Power and Renewable Electricity Producers — 2.0%
		Calpine Corp.,
	20,308	5.25%, 06/01/2026 (e)		19,699
	5,015	5.50%, 02/01/2024		4,695
	9,821	5.75%, 01/15/2025		9,207
	5,000	5.88%, 01/15/2024 (e)		5,106
		Dynegy, Inc.,
	15,000	5.88%, 06/01/2023		15,375
	17,000	8.00%, 01/15/2025 (e)		18,466
	14,531	8.13%, 01/30/2026 (e)		15,912
		GenOn Energy, Inc.,
	14,525	9.50%, 10/15/2018 (d)		12,092
	34,587	9.88%, 10/15/2020 (d)		28,794
		NRG Energy, Inc.,
	7,934	5.75%, 01/15/2028 (e)		7,833
	14,090	6.63%, 01/15/2027		14,548
	8,000	NRG Yield Operating LLC, 5.00%, 09/15/2026		7,859
		Talen Energy Supply LLC,
	12,579	6.50%, 06/01/2025		9,717
	12,000	9.50%, 07/15/2022 (e)		11,970
				181,273
		Total Utilities		216,757
		Total Corporate Bonds (Cost $8,130,377)		8,155,403

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 0.7%
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	116	Nebraska Book Holdings, Inc. (a) (bb)		2
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	220	Penn Virginia Corp. (a)		8,217
	3	Sabine Oil & Gas Holdings, Inc. (a)		152
	195	Ultra Petroleum Corp. (a)		719
		Total Energy		9,088
		Financials — 0.0% (g)
		Capital Markets — 0.0% (g)
	300	Goodman Private (a) (bb)		—	(h)
		Diversified Financial Services — 0.0% (g)
	9,055	Adelphia Recovery Trust (bb)		—	(h)
		Insurance — 0.0% (g)
	7,076	ACC Claims Holdings LLC (a) (bb)		71
		Total Financials		71
		Industrials — 0.0% (g)
		Commercial Services & Supplies — 0.0% (g)
	2	Quad/Graphics, Inc.		47
		Information Technology — 0.3%
		Software — 0.3%
	1,054	Avaya Holdings Corp. (a)		22,130
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	1,491	NII Holdings, Inc. (a)		1,923
		Utilities — 0.3%
		Independent Power and Renewable Electricity Producers — 0.3%
	100	Dynegy, Inc. (a)		1,223
	1,456	Vistra Energy Corp. (a)		27,593
		Total Utilities		28,816
		Total Common Stocks (Cost $75,309)		62,077
	Convertible Preferred Stocks — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Automobiles — 0.0% (g)
		General Motors Co.,
	973	5.25%, 03/06/2032 (a) (bb)		—	(h)
	953	6.25%, 07/15/2033 (a) (bb)		—	(h)
		Total Convertible Preferred Stocks (Cost $—)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 165

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 0.4%
		Consumer Discretionary — 0.0% (g)
		Automobiles — 0.0% (g)
		General Motors Co.,
	50	0.68%, 06/01/2049 (bb)		—	(h)
	246	7.25%, 04/15/2041 (bb)		—	(h)
	548	7.25%, 02/15/2052 (bb)		—	(h)
	47	7.38%, 10/01/2051 (bb)		—	(h)
	404	General Motors Corp. — Automotive Division, 7.38%, 05/15/2048 (bb)		—	(h)
	284	Motors Liquidation Co., 7.25%, 07/15/2041 (bb)		—	(h)
		Total Consumer Discretionary		—	(h)
		Financials — 0.4%
		Banks — 0.1%
	260	GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.62%, 02/15/2040 ($25 par value) (aa)		6,708
		Capital Markets — 0.0% (g)
	358	Goodman Private Preferred Shares (bb)		1,190
		Insurance — 0.3%
	27	XLIT Ltd., (Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.84%, 04/05/2018 ($1,000 par value) (aa) @		26,185
		Total Financials		34,083
		Total Preferred Stocks (Cost $29,081)		34,083
PRINCIPAL AMOUNT($)
	Loan Assignments — 4.6% (cc)
		Consumer Discretionary — 0.7%
		Leisure Products — 0.1%
	20,056	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 04/19/2019 (aa)^		5,014
		Media — 0.6%
	37,355	iHeartCommunications, Inc., Term Loan D, (ICE LIBOR USD 3 Month + 6.75%), 8.44%, 01/30/2019 (d) (aa)		29,668
	20,104	iHeartCommunications, Inc., Tranche E Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.19%, 07/30/2019 (d) (aa)		15,940
	2,935	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 3.98%, 08/20/2023 (aa)		2,943
	1,872	Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 12/27/2020 (aa)		1,873
				50,424

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.0% (g)
	5,939	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 03/11/2022 (aa)		4,839
		Total Consumer Discretionary		60,277
		Consumer Staples — 0.4%
		Food & Staples Retailing — 0.3%
	25,962	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.65%, 12/05/2023 (aa)		22,976
	3,264	SUPERVALU, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		3,231
	5,440	SUPERVALU, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		5,385
				31,592
		Personal Products — 0.1%
	8,135	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 09/07/2023 (aa)		6,539
		Total Consumer Staples		38,131
		Energy — 2.0%
		Oil, Gas & Consumable Fuels — 2.0%
	2,681	Alon USA Partners LP, MLP Term Loans, (ICE LIBOR USD 1 Month + 8.00%), 9.65%, 11/26/2018 (aa)		2,681
	62,081	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.97%, 12/31/2021 (aa)		69,996
	36,202	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.34%, 12/31/2022 (aa)^		36,610
	40,644	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 9.44%, 08/23/2021 (aa)^		43,275
	15,172	MEG Energy Corp., 1st Lien Term B Loan, (Canada), (ICE LIBOR USD 3 Month + 3.50%), 5.20%, 12/31/2023 (aa)		15,166
	9,051	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 04/12/2024 (aa)^		9,010
		Total Energy		176,738
		Health Care — 0.0% (g)
		Pharmaceuticals — 0.0% (g)
	3,895	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 10/21/2021 (aa)		3,479

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Industrials — 0.3%
		Aerospace & Defense — 0.1%
	4,060	MacDonald Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.33%, 10/04/2024 (aa)		4,074
		Electrical Equipment — 0.1%
	8,373	Cortes NP, Term B Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.58%, 11/30/2023 (aa)		8,415
		Machinery — 0.1%
	10,824	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.00%), 4.47%, 03/11/2022 (aa)^		10,847
		Total Industrials		23,336
		Information Technology — 0.4%
		Communications Equipment — 0.1%
	9,860	Avaya, Inc. 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.34%, 12/15/2024 (aa)		9,909
		IT Services — 0.1%
	10,685	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.87%, 04/26/2024 (aa)		10,703
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	786	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.65%, 03/31/2023 (aa)		790
		Software — 0.1%
	4,995	Genesys Telecom Holdings (Greeneden), 1st Lien Term Loan B-2, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 12/01/2023 (aa)		5,011
		Technology Hardware, Storage & Peripherals — 0.1%
	7,494	Quest Software US Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.27%, 10/31/2022 (aa)		7,613
		Total Information Technology		34,026
		Materials — 0.1%
		Containers & Packaging — 0.1%
	944	Berry Plastics Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.58%, 02/08/2020 (aa)		947
	7,276	Viskase Corp, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.94%, 01/30/2021 (aa)		7,186
		Total Materials		8,133

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.4%
	7,400	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 10/02/2024 (aa)		7,454
	8,419	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 10/05/2023 (aa)		8,274
	14,908	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.15%, 11/01/2024 (aa)		15,066
	3,255	Securus Technologies Holdings, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 8.25%), 9.90%, 11/01/2025 (aa)		3,294
				34,088
		Wireless Telecommunication Services — 0.3%
	14,587	Syniverse Holdings Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 02/09/2023 (aa)^		14,701
	12,424	Syniverse Holdings, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 04/23/2019 (aa)		12,393
	6,712	Syniverse Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 04/23/2019 (aa)		6,695
				33,789
		Total Telecommunication Services		67,877
		Total Loan Assignments (Cost $432,323)		411,997
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Utilities — 0.0% (g)
		Independent Power and Renewable Electricity Producers — 0.0% (g)
	2,797	Vistra Energy Corp., expiring 12/31/2049 (a) (bb) (Cost $—)		2,028
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	112	Nebraska Book Co., Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—	(h)
	52	Nebraska Book Holdings, Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—	(h)
		Total Consumer Discretionary		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 167

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrants — continued
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
		Sabine Oil & Gas Holdings, Inc.,
	2	expiring 04/13/2026 (a)		10
	10	expiring 04/13/2026 (Strike Price $1.00) (a)		67
		Total Energy		77
		Total Warrants (Cost $64)		77
PRINCIPAL AMOUNT($)
	Short-Term Investments — 3.0%
		U.S. Treasury Obligations — 0.1%
		U.S. Treasury Bills,
	4,260	1.41%, 05/24/2018 (k) (n)		4,244
	4,550	1.79%, 09/13/2018 (k) (n)		4,505
		Total U.S. Treasury Obligations (Cost $8,752)		8,749

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 2.9%
	258,478	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $258,478)		258,478
		Total Short-Term Investments (Cost $267,230)		267,227
		Total Investments — 99.1% (Cost $8,939,232)		8,937,813
		Other Assets in Excess of Liabilities — 0.9%		85,145
		NET ASSETS — 100.0%	$	9,022,958

Percentages indicated are based on net assets.

Centrally Cleared Credit default swap contracts outstanding — sell protection⁽¹⁾ as of February 28, 2018:

REFERENCE OBLIGATION/INDEX

FINANCING RATE RECEIVED BY THE FUND (%)

PAYMENT FREQUENCY

MATURITY DATE

IMPLIED CREDIT SPREAD (%)(2)

NOTIONAL AMOUNT(3)

UPFRONT PAYMENTS (RECEIPTS) ($)(4)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

CDX.NA.HY.29-V1

5.00

Quarterly

12/20/2022

3.31

USD 180,000

13,710

477

14,187

13,710

477

14,187

⁽¹⁾  The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽³⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁴⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 4.3%
		Air Canada Pass-Through Trust, (Canada),
	357	Series 2013-1, Class A, 4.13%, 05/15/2025 (e)		362
	214	Series 2017-1, Class AA, 3.30%, 01/15/2030 (e)		208
		Ally Auto Receivables Trust,
	105	Series 2015-1, Class A3, 1.39%, 09/16/2019		105
	276	Series 2016-1, Class A3, 1.47%, 04/15/2020		275
	493	Series 2016-2, Class A3, 1.35%, 05/15/2020		491
	666	Series 2017-2, Class A3, 1.78%, 08/16/2021		661
	569	Series 2017-3, Class A3, 1.74%, 09/15/2021		563
	856	Series 2018-1, Class A3, 2.31%, 06/15/2022		851
		American Airlines Pass-Through Trust,
	51	Series 2011-1, Class A, 5.25%, 01/31/2021		54
	720	Series 2013-2, Class A, 4.95%, 01/15/2023		755
	119	Series 2016-2, Class A, 3.65%, 06/15/2028		118
	198	Series 2016-3, Class AA, 3.00%, 10/15/2028		189
	271	Series 2017-1, Class AA, 3.65%, 02/15/2029		269
		American Credit Acceptance Receivables Trust,
	299	Series 2017-2, Class A, 1.84%, 07/13/2020 (e)		299
	302	Series 2017-3, Class A, 1.82%, 03/10/2020 (e)		302
	600	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.93%, 09/15/2022		592
	106	AmeriCredit Automobile Receivables, Series 2015-4, Class A3, 1.70%, 07/08/2020		106
		AmeriCredit Automobile Receivables Trust,
	428	Series 2016-2, Class A3, 1.60%, 11/09/2020		426
	117	Series 2017-1, Class A3, 1.87%, 08/18/2021		116
	217	Series 2017-2, Class A3, 1.98%, 12/20/2021		215
	292	Series 2017-3, Class A3, 1.90%, 03/18/2022		288
	217	Series 2017-4, Class A3, 2.04%, 07/18/2022		214
	207	Ascentium Equipment Receivables Trust, Series 2017-1A, Class A3, 2.29%, 06/10/2021 (e)		205

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	678	AXIS Equipment Finance Receivables IV LLC, Series 2016-1A, Class A, 2.21%, 11/20/2021 (e)		675
	478	B2R Mortgage Trust, Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		473
		BMW Vehicle Lease Trust,
	290	Series 2016-2, Class A3, 1.43%, 09/20/2019		288
	333	Series 2017-1, Class A3, 1.98%, 05/20/2020		331
	260	Series 2017-2, Class A3, 2.07%, 10/20/2020		258
	1,411	Business Jet Securities LLC, Series 2018-1, Class A, 4.34%, 02/15/2033 (e)		1,411
	463	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.25%, 07/17/2023		458
		Capital Auto Receivables Asset Trust,
	8	Series 2015-1, Class A3, 1.61%, 06/20/2019		8
	198	Series 2015-2, Class A3, 1.73%, 09/20/2019		198
	78	CarFinance Capital Auto Trust, Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		78
		CarMax Auto Owner Trust,
	192	Series 2015-2, Class A3, 1.37%, 03/16/2020		191
	292	Series 2016-1, Class A3, 1.61%, 11/16/2020		290
	690	Series 2016-2, Class A3, 1.52%, 02/16/2021		685
	540	Series 2016-4, Class A3, 1.40%, 08/15/2021		533
	1,454	Series 2017-1, Class A3, 1.98%, 11/15/2021		1,440
	425	Series 2017-3, Class A3, 1.97%, 04/15/2022		419
	182	Series 2017-4, Class A3, 2.11%, 10/17/2022		179
	511	Series 2018-1, Class A3, 2.48%, 11/15/2022		508
	560	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.77%, 10/15/2020 (e)		559
		Citibank Credit Card Issuance Trust,
	3,200	Series 2014-A8, Class A8, 1.73%, 04/09/2020		3,200
	1,120	Series 2016-A1, Class A1, 1.75%, 11/19/2021		1,105

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 169

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		CNH Equipment Trust,
	432	Series 2017-A, Class A3, 2.07%, 05/16/2022		428
	375	Series 2017-B, Class A3, 1.86%, 09/15/2022		369
	267	Series 2017-C, Class A3, 2.08%, 02/15/2023		263
	452	Consumer Loan Underlying Bond Credit Trust, Series 2017-NP2, Class A, 2.55%, 01/16/2024 (e)		452
	288	Continental Airlines Pass-Through Trust, Series 2007-1, Class A, 5.98%, 04/19/2022		311
		CPS Auto Receivables Trust,
	159	Series 2015-B, Class A, 1.65%, 11/15/2019 (e)		159
	67	Series 2016-B, Class A, 2.07%, 11/15/2019 (e)		66
	479	Series 2017-C, Class B, 2.30%, 07/15/2021 (e)		475
		Credit Acceptance Auto Loan Trust,
	308	Series 2017-3A, Class A, 2.65%, 06/15/2026 (e)		303
	538	Series 2018-1A, Class A, 3.01%, 02/16/2027 (e)		536
	209	Dell Equipment Finance Trust, Series 2017-1, Class A3, 2.14%, 04/22/2022 (e)		208
		Delta Air Lines Pass-Through Trust,
	22	Series 2010-2, Class A, 4.95%, 05/23/2019		23
	46	Series 2011-1, Class A, 5.30%, 04/15/2019		47
	295	Series 2012-1, Class A, 4.75%, 05/07/2020		303
	1,500	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.45%, 03/15/2021		1,494
		Drive Auto Receivables Trust,
	295	Series 2017-3, Class B, 2.30%, 05/17/2021		294
	94	Series 2017-BA, Class B, 2.20%, 05/15/2020 (e)		94
		DT Auto Owner Trust,
	457	Series 2017-2A, Class B, 2.44%, 02/15/2021 (e)		456
	306	Series 2017-3A, Class B, 2.40%, 05/17/2021 (e)		305
	651	Exeter Automobile Receivables Trust, Series 2018-1A, Class A, 2.21%, 05/17/2021 (e)		648
	132	Fifth Third Auto Trust, Series 2015-1, Class A3, 1.42%, 03/16/2020		132
	349	First Investors Auto Owner Trust, Series 2017-2A, Class A2, 2.27%, 07/15/2022 (e)		345

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,189	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		1,184
		Flagship Credit Auto Trust,
	41	Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		41
	85	Series 2016-2, Class A1, 2.28%, 05/15/2020 (e)		84
	285	Series 2017-2, Class B, 2.57%, 04/15/2023 (e)		282
	722	Series 2017-3, Class A, 1.88%, 10/15/2021 (e)		718
		Ford Credit Auto Lease Trust,
	531	Series 2017-A, Class A3, 1.88%, 04/15/2020		528
	229	Series 2017-B, Class A3, 2.03%, 12/15/2020		227
		Ford Credit Auto Owner Trust,
	19	Series 2014-C, Class A3, 1.06%, 05/15/2019		19
	99	Series 2015-A, Class A3, 1.28%, 09/15/2019		99
	153	Series 2015-B, Class A3, 1.16%, 11/15/2019		153
	258	Series 2015-C, Class A3, 1.41%, 02/15/2020		257
	359	Series 2016-B, Class A3, 1.33%, 10/15/2020		356
	755	Series 2017-A, Class A3, 1.67%, 06/15/2021		747
		GLS Auto Receivables Trust,
	30	Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		30
	221	Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		222
		GM Financial Automobile Leasing Trust,
	398	Series 2015-3, Class A3, 1.69%, 03/20/2019		398
	230	Series 2016-2, Class A3, 1.62%, 09/20/2019		229
	507	Series 2017-1, Class A3, 2.06%, 05/20/2020		504
	138	Series 2017-3, Class A3, 2.01%, 11/20/2020		137
	757	Series 2018-1, Class A4, 2.68%, 12/20/2021		754
	391	GM Financial Consumer Automobile, Series 2017-1A, Class A3, 1.78%, 10/18/2021 (e)		386
	216	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/2022		214

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	244	GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		244
		Harley-Davidson Motorcycle Trust,
	522	Series 2015-1, Class A3, 1.41%, 06/15/2020		521
	167	Series 2015-2, Class A3, 1.30%, 03/16/2020		167
	460	Hero Funding, (Cayman Islands), Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		465
		Honda Auto Receivables Owner Trust,
	249	Series 2016-1, Class A3, 1.22%, 12/18/2019		248
	362	Series 2016-3, Class A3, 1.16%, 05/18/2020		359
	270	Series 2017-3, Class A3, 1.79%, 09/20/2021		266
		Hyundai Auto Receivables Trust,
	209	Series 2015-C, Class A3, 1.46%, 02/18/2020		208
	563	Series 2017-A, Class A3, 1.76%, 08/16/2021		557
	640	Series 2017-B, Class A3, 1.77%, 01/18/2022		629
		John Deere Owner Trust,
	155	Series 2015-B, Class A3, 1.44%, 10/15/2019		154
	226	Series 2017-B, Class A3, 1.82%, 10/15/2021		223
	429	Mercedes-Benz Auto Lease Trust, Series 2018-A, Class A3, 2.41%, 02/16/2021		427
	392	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A3, 1.26%, 02/16/2021		388
	416	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.54%, 04/18/2022 (e)		413
		Nissan Auto Lease Trust,
	379	Series 2017-A, Class A3, 1.91%, 04/15/2020		375
	473	Series 2017-B, Class A3, 2.05%, 09/15/2020		469
		Nissan Auto Receivables Owner Trust,
	44	Series 2014-B, Class A3, 1.11%, 05/15/2019		44
	602	Series 2015-C, Class A3, 1.37%, 05/15/2020		599
	305	Series 2016-B, Class A3, 1.32%, 01/15/2021		302

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	296	Series 2017-C, Class A3, 2.12%, 04/18/2022		293
		OneMain Financial Issuance Trust,
	1,140	Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		1,144
	567	Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		566
		Prosper Marketplace Issuance Trust,
	120	Series 2017-1A, Class A, 2.56%, 06/15/2023 (e)		120
	233	Series 2017-2A, Class A, 2.41%, 09/15/2023 (e)		233
		Santander Drive Auto Receivables Trust,
	1,000	Series 2017-2, Class A3, 1.87%, 12/15/2020		996
	518	Series 2018-1, Class A3, 2.32%, 08/16/2021		517
	85	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.72%, 06/25/2033 (bb)		86
	277	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.09%, 10/27/2025 (e)		277
	146	SoFi Professional Loan Program LLC, Series 2017-B, Class A1FX, 1.83%, 05/25/2040 (e)		145
	153	Spirit Airlines Pass-Through Trust, Series 2017-1AA, 3.38%, 02/15/2030		150
		Toyota Auto Receivables Owner Trust,
	426	Series 2016-A, Class A3, 1.25%, 03/16/2020		423
	291	Series 2016-B, Class A3, 1.30%, 04/15/2020		289
	670	Series 2016-D, Class A3, 1.23%, 10/15/2020		663
	215	Series 2017-A, Class A3, 1.73%, 02/16/2021		213
		United Airlines Pass-Through Trust,
	400	Series 2016-2, Class AA, 2.88%, 10/07/2028		377
	774	Series 2018-1, Class A, 3.70%, 03/01/2030		767
	820	Series 2018-1, Class AA, 3.50%, 03/01/2030		811
	347	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		348
	270	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		269
	1,366	VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		1,373
	588	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.37%, 04/25/2047 (e) (bb)		588

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 171

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	294	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.37%, 05/28/2047 (e) (bb)		293
	317	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		316
	373	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		373
	808	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		808
	86	Westgate Resorts LLC, Series 2015-1A, Class A, 2.75%, 05/20/2027 (e)		86
		Westlake Automobile Receivables Trust,
	329	Series 2017-2A, Class A2A, 1.80%, 07/15/2020 (e)		328
	990	Series 2018-1A, Class A2A, 2.24%, 12/15/2020 (e)		988
		World Financial Network Credit Card Master Trust,
	746	Series 2017-A, Class A, 2.12%, 03/15/2024		735
	2,677	Series 2018-A, Class A, 3.07%, 12/16/2024		2,677
		World Omni Auto Receivables Trust,
	107	Series 2015-A, Class A3, 1.34%, 05/15/2020		107
	938	Series 2015-B, Class A3, 1.49%, 12/15/2020		934
	327	Series 2017-B, Class A3, 1.95%, 02/15/2023		321
	500	World Omni Automobile Lease Securitization Trust, Series 2017-A, Class A3, 2.13%, 04/15/2020		496
		Total Asset-Backed Securities (Cost $62,689)		62,399
	Collateralized Mortgage Obligations — 10.3%
	346	Bear Stearns ALT-A Trust, Series 2004-6, Class 1A, 2.26%, 07/25/2034 (z)		345
	4	CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/25/2019		4
		Citigroup Mortgage Loan Trust, Inc.,
	18	Series 2003-1, Class 3A4, 5.25%, 09/25/2033		19
	54	Series 2004-HYB4, Class WA, 3.75%, 12/25/2034 (z) (bb)		54
	34	CSFB Mortgage-Backed Pass-Through, Series 2003-27, Class 5A4, 5.25%, 11/25/2033		34
		FHLMC REMIC,
	18	Series 1578, Class K, 6.90%, 09/15/2023		19
	174	Series 2110, Class PG, 6.00%, 01/15/2029		189
	27	Series 2436, Class MC, 7.00%, 04/15/2032		29

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	34	Series 2441, Class GF, 6.50%, 04/15/2032		38
	194	Series 2505, Class D, 5.50%, 09/15/2032		207
	872	Series 2525, Class AM, 4.50%, 04/15/2032		908
	102	Series 2544, Class KE, 5.50%, 12/15/2032		111
	244	Series 2557, Class HL, 5.30%, 01/15/2033		260
	76	Series 2575, Class PE, 5.50%, 02/15/2033		82
	316	Series 2586, Class WG, 4.00%, 03/15/2033		324
	8	Series 2595, Class HJ, 5.00%, 03/15/2023		8
	263	Series 2596, Class QD, 4.00%, 03/15/2033		269
	5	Series 2611, Class KH, 5.00%, 05/15/2018		5
	292	Series 2621, Class QH, 5.00%, 05/15/2033		312
	391	Series 2624, Class QH, 5.00%, 06/15/2033		427
	922	Series 2626, Class JC, 5.00%, 06/15/2023		958
	83	Series 2632, Class AB, 4.50%, 06/15/2018		84
	19	Series 2648, Class BK, 5.00%, 07/15/2033		20
	27	Series 2649, Class PJ, 3.50%, 06/15/2033		28
	2	Series 2649, Class QH, 4.50%, 07/15/2018		2
	227	Series 2649, Class WB, 3.50%, 07/15/2023		228
	641	Series 2673, Class PE, 5.50%, 09/15/2033		695
	710	Series 2685, Class DT, 5.00%, 10/15/2023		740
	161	Series 2687, Class JH, 5.00%, 10/15/2023		168
	497	Series 2696, Class DG, 5.50%, 10/15/2033		537
	20	Series 2699, Class TC, 4.00%, 11/15/2018		20
	1,067	Series 2701, Class AC, 5.00%, 11/15/2023		1,107
	284	Series 2725, Class TA, 4.50%, 12/15/2033		299
	548	Series 2733, Class ME, 5.00%, 01/15/2034		582
	51	Series 2752, Class JB, 4.50%, 02/15/2019		51
	128	Series 2760, Class KT, 4.50%, 09/15/2032		130
	64	Series 2764, Class UE, 5.00%, 10/15/2032		64
	261	Series 2768, Class PK, 5.00%, 03/15/2034		276
	27	Series 2773, Class OC, 5.00%, 04/15/2019		27
	28	Series 2828, Class JE, 4.50%, 07/15/2019		28
	4	Series 2843, Class BC, 5.00%, 08/15/2019		4
	33	Series 2864, Class NB, 5.50%, 07/15/2033		33
	55	Series 2875, Class HB, 4.00%, 10/15/2019		55
	170	Series 2899, Class HB, 4.00%, 12/15/2019		171
	22	Series 2910, Class BE, 4.50%, 12/15/2019		22
	37	Series 2920, Class KT, 4.50%, 01/15/2020		37
	43	Series 2929, Class KG, 4.50%, 02/15/2020		43
	395	Series 2934, Class KG, 5.00%, 02/15/2035		420
	4	Series 2950, Class JA, 4.50%, 03/15/2020		4
	1,155	Series 2960, Class JH, 5.50%, 04/15/2035		1,252
	26	Series 2981, Class BC, 4.50%, 05/15/2020		26
	38	Series 2988, Class TY, 5.50%, 06/15/2025		41
	925	Series 2989, Class TG, 5.00%, 06/15/2025		975
	5	Series 2993, Class PM, 4.50%, 05/15/2035		5

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	6	Series 3017, Class MK, 5.00%, 12/15/2034		6
	28	Series 3077, Class TO, PO, 04/15/2035		26
	81	Series 3082, Class PW, 5.50%, 12/15/2035		88
	1,847	Series 3084, Class BH, 5.50%, 12/15/2035		2,006
	101	Series 3087, Class KX, 5.50%, 12/15/2025		106
	1,729	Series 3098, Class KG, 5.50%, 01/15/2036		1,887
	1,426	Series 3102, Class CE, 5.50%, 01/15/2026		1,490
	40	Series 3121, Class JD, 5.50%, 03/15/2026		43
	134	Series 3123, Class HT, 5.00%, 03/15/2026		141
	68	Series 3136, Class CO, PO, 04/15/2036		61
	59	Series 3145, Class AJ, 5.50%, 04/15/2036		65
	542	Series 3150, Class EQ, 5.00%, 05/15/2026		570
	110	Series 3200, PO, 08/15/2036		94
	50	Series 3270, Class AT, 5.50%, 01/15/2037		55
	12	Series 3272, Class PA, 6.00%, 02/15/2037		13
	725	Series 3294, Class DB, 4.50%, 03/15/2022		733
	74	Series 3337, Class MD, 5.50%, 06/15/2027		81
	82	Series 3348, Class HT, 6.00%, 07/15/2037		91
	16	Series 3372, Class BD, 4.50%, 10/15/2022		16
	453	Series 3501, Class A, 4.50%, 01/15/2039		462
	9	Series 3508, Class PK, 4.00%, 02/15/2039		9
	29	Series 3513, Class A, 4.50%, 02/15/2039		31
	652	Series 3521, Class B, 4.00%, 04/15/2024		671
	78	Series 3544, Class BC, 4.00%, 06/15/2024		80
	3,523	Series 3546, Class NB, 4.00%, 06/15/2024		3,659
	1,607	Series 3562, Class JC, 4.00%, 08/15/2024		1,652
	1,090	Series 3563, Class BD, 4.00%, 08/15/2024		1,131
	42	Series 3563, Class LB, 4.00%, 08/15/2029		44
	265	Series 3571, Class MY, 4.00%, 09/15/2024		274
	1,143	Series 3575, Class EB, 4.00%, 09/15/2024		1,187
	1,756	Series 3577, Class B, 4.00%, 09/15/2024		1,781
	283	Series 3578, Class KB, 4.00%, 09/15/2024		290
	47	Series 3647, Class GA, 5.00%, 11/15/2028		47
	227	Series 3653, Class B, 4.50%, 04/15/2030		240
	1,437	Series 3653, Class HJ, 5.00%, 04/15/2040		1,532
	61	Series 3659, Class BD, 5.00%, 01/15/2037		62
	530	Series 3659, Class VG, 5.00%, 09/15/2034		560
	2,435	Series 3677, Class KB, 4.50%, 05/15/2040		2,532
	1,528	Series 3677, Class PB, 4.50%, 05/15/2040		1,601
	65	Series 3688, Class GT, 7.30%, 11/15/2046 (z)		74
	260	Series 3715, Class PC, 4.50%, 08/15/2040		273
	430	Series 3740, Class BP, 4.50%, 04/15/2038		439
	37	Series 3747, Class HI, IO, 4.50%, 07/15/2037		1
	393	Series 3747, Class PA, 4.00%, 04/15/2038		399

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	52	Series 3755, Class ML, 5.50%, 06/15/2029		53
	1,343	Series 3787, Class AY, 3.50%, 01/15/2026		1,376
	1,126	Series 3794, Class LB, 3.50%, 01/15/2026		1,146
	143	Series 3797, Class PA, 4.50%, 08/15/2039		144
	1,661	Series 3816, Class HA, 3.50%, 11/15/2025		1,689
	1,105	Series 3819, Class ZQ, 6.00%, 04/15/2036		1,210
	500	Series 3824, Class EY, 3.50%, 03/15/2031		511
	799	Series 3827, Class BM, 5.50%, 08/15/2039		833
	165	Series 3828, Class PU, 4.50%, 03/15/2041		170
	687	Series 3852, Class TP, IF, 5.50%, 05/15/2041 (z)		760
	2,800	Series 3874, Class DW, 3.50%, 06/15/2021		2,848
	1,185	Series 3885, Class AC, 4.00%, 06/15/2026		1,215
	821	Series 3898, Class KH, 3.50%, 06/15/2026		833
	630	Series 3904, Class EC, 2.00%, 08/15/2040		617
	1,600	Series 3911, Class B, 3.50%, 08/15/2026		1,638
	389	Series 3955, Class HB, 3.00%, 12/15/2040		388
	2,500	Series 3956, Class EB, 3.25%, 11/15/2041		2,457
	2,500	Series 3959, Class PB, 3.00%, 11/15/2026		2,478
	1,650	Series 3963, Class JB, 4.50%, 11/15/2041		1,780
	177	Series 4026, Class MQ, 4.00%, 04/15/2042		184
	449	Series 4085, Class FB, 1.99%, 01/15/2039 (z)		452
	2,377	Series 4219, Class JA, 3.50%, 08/15/2039		2,420
	3,650	Series 4238, Class UY, 3.00%, 08/15/2033		3,490
	2,270	Series 4337, Class VJ, 3.50%, 06/15/2027		2,327
	2,882	Series 4616, Class HP, 3.00%, 09/15/2046		2,810
	1,486	FHLMC STRIPS, Series 262, Class 35, 3.50%, 07/15/2042		1,491
		FNMA REMIC,
	238	Series 1997-57, Class PN, 5.00%, 09/18/2027		251
	100	Series 2001-63, Class TC, 6.00%, 12/25/2031		109
	252	Series 2001-81, Class HE, 6.50%, 01/25/2032		281
	169	Series 2002-75, Class GB, 5.50%, 11/25/2032		172
	83	Series 2002-85, Class PE, 5.50%, 12/25/2032		89
	79	Series 2003-5, Class EQ, 5.50%, 02/25/2023		83
	55	Series 2003-21, Class OU, 5.50%, 03/25/2033		59
	67	Series 2003-23, Class CH, 5.00%, 04/25/2033		72
	800	Series 2003-26, Class EB, 3.50%, 04/25/2033		782

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 173

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	3	Series 2003-41, Class BK, 5.00%, 05/25/2018		3
	92	Series 2003-48, Class TC, 5.00%, 06/25/2023		96
	81	Series 2003-55, Class HY, 5.00%, 06/25/2023		84
	189	Series 2003-63, Class YB, 5.00%, 07/25/2033		201
	343	Series 2003-69, Class N, 5.00%, 07/25/2033		364
	432	Series 2003-80, Class QG, 5.00%, 08/25/2033		465
	11	Series 2003-84, Class GE, 4.50%, 09/25/2018		11
	231	Series 2003-85, Class QD, 5.50%, 09/25/2033		250
	2	Series 2003-87, Class TJ, 4.50%, 09/25/2018		2
	62	Series 2003-94, Class CE, 5.00%, 10/25/2033		65
	40	Series 2003-134, Class MH, 5.00%, 06/25/2033		40
	353	Series 2004-44, Class KT, 6.00%, 06/25/2024		371
	121	Series 2004-53, Class NC, 5.50%, 07/25/2024		127
	244	Series 2004-70, Class EB, 5.00%, 10/25/2024		254
	2	Series 2004-81, Class HA, 4.25%, 10/25/2024		2
	384	Series 2005-5, Class CK, 5.00%, 01/25/2035		413
	855	Series 2005-29, Class WC, 4.75%, 04/25/2035		895
	294	Series 2005-48, Class TD, 5.50%, 06/25/2035		325
	550	Series 2005-53, Class MJ, 5.50%, 06/25/2035		596
	66	Series 2005-58, Class EP, 5.50%, 07/25/2035		71
	61	Series 2005-62, Class CP, 4.75%, 07/25/2035		63
	250	Series 2005-68, Class BE, 5.25%, 08/25/2035		276
	253	Series 2005-68, Class PG, 5.50%, 08/25/2035		272
	747	Series 2005-102, Class PG, 5.00%, 11/25/2035		789
	764	Series 2005-110, Class GL, 5.50%, 12/25/2035		840

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	15	Series 2005-110, Class MB, 5.50%, 09/25/2035		15
	273	Series 2006-22, Class CE, 4.50%, 08/25/2023		280
	97	Series 2006-49, Class PA, 6.00%, 06/25/2036		107
	578	Series 2006-114, Class HE, 5.50%, 12/25/2036		625
	49	Series 2007-33, Class HE, 5.50%, 04/25/2037		54
	13	Series 2007-65, Class KI, IF, IO, 5.00%, 07/25/2037 (z)		2
	373	Series 2007-71, Class GB, 6.00%, 07/25/2037		411
	125	Series 2007-71, Class KP, 5.50%, 07/25/2037		133
	58	Series 2007-113, Class DB, 4.50%, 12/25/2022		59
	74	Series 2008-65, Class CD, 4.50%, 08/25/2023		74
	363	Series 2008-70, Class BY, 4.00%, 08/25/2023		366
	34	Series 2008-72, Class BX, 5.50%, 08/25/2038		37
	14	Series 2008-74, Class B, 5.50%, 09/25/2038		15
	567	Series 2009-19, Class PW, 4.50%, 10/25/2036		590
	19	Series 2009-37, Class KI, IF, IO, 4.38%, 06/25/2039 (z)		2
	163	Series 2009-39, Class LB, 4.50%, 06/25/2029		171
	590	Series 2009-62, Class HJ, 6.00%, 05/25/2039		631
	84	Series 2009-71, Class MB, 4.50%, 09/25/2024		88
	4	Series 2009-78, Class J, 5.00%, 09/25/2019		4
	23	Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		4
	69	Series 2009-86, Class OT, PO, 10/25/2037		61
	1,520	Series 2009-92, Class AD, 6.00%, 11/25/2039		1,642
	35	Series 2009-96, Class CB, 4.00%, 11/25/2049		36
	244	Series 2009-96, Class DB, 4.00%, 11/25/2029		250
	170	Series 2009-112, Class ST, IF, IO, 4.63%, 01/25/2040 (z)		22
	120	Series 2010-9, Class MD, 5.00%, 02/25/2038		126

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	3,770	Series 2010-22, Class PE, 5.00%, 03/25/2040		3,949
	500	Series 2010-28, Class DE, 5.00%, 04/25/2030		534
	78	Series 2010-35, Class SB, IF, IO, 4.80%, 04/25/2040 (z)		10
	2,155	Series 2010-37, Class CY, 5.00%, 04/25/2040		2,319
	500	Series 2010-41, Class DC, 4.50%, 05/25/2025		514
	1,420	Series 2010-49, Class KB, 4.00%, 05/25/2025		1,435
	87	Series 2010-54, Class EA, 4.50%, 06/25/2040		90
	15	Series 2010-64, Class DM, 5.00%, 06/25/2040		16
	288	Series 2010-71, Class HJ, 5.50%, 07/25/2040		315
	2,910	Series 2010-103, Class GB, 4.00%, 09/25/2020		2,936
	4,850	Series 2010-123, Class BP, 4.50%, 11/25/2040		5,066
	292	Series 2010-135, Class HE, 3.00%, 01/25/2021		292
	394	Series 2011-5, Class CP, 4.50%, 11/25/2040		403
	298	Series 2011-22, Class MA, 6.50%, 04/25/2038		315
	983	Series 2011-39, Class ZA, 6.00%, 11/25/2032		1,080
	1,006	Series 2011-41, Class KL, 4.00%, 05/25/2041		1,004
	500	Series 2011-50, Class LP, 4.00%, 06/25/2041		503
	2,978	Series 2011-75, Class BL, 3.50%, 08/25/2021		3,012
	1,000	Series 2012-14, Class DE, 3.50%, 03/25/2042		961
	359	Series 2012-103, Class DA, 3.50%, 10/25/2041		359
	955	Series 2012-137, Class CF, 1.92%, 08/25/2041 (z)		952
	1,132	Series 2013-83, Class CA, 3.50%, 10/25/2037		1,148
	2,250	Series 2013-104, Class CY, 5.00%, 10/25/2043		2,437
		FNMA STRIPS,
	33	Series 293, Class 1, PO, 12/25/2024		31
	70	Series 314, Class 1, PO, 07/25/2031		62

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		GNMA,
	44	Series 2002-44, Class JC, 6.00%, 07/20/2032		47
	427	Series 2002-79, Class KL, 5.50%, 11/20/2032		461
	113	Series 2003-10, Class KJ, 5.50%, 02/20/2033		125
	426	Series 2003-29, Class PD, 5.50%, 04/16/2033		469
	255	Series 2003-33, Class NE, 5.50%, 04/16/2033		277
	153	Series 2003-65, Class AP, 5.50%, 08/20/2033		168
	581	Series 2003-77, Class TK, 5.00%, 09/16/2033		615
	1,608	Series 2004-16, Class GC, 5.50%, 02/20/2034		1,725
	35	Series 2004-54, Class BG, 5.50%, 07/20/2034		38
	899	Series 2004-93, Class PD, 5.00%, 11/16/2034		980
	843	Series 2004-101, Class BE, 5.00%, 11/20/2034		910
	389	Series 2005-11, Class PL, 5.00%, 02/20/2035		412
	1,463	Series 2005-26, Class XY, 5.50%, 03/20/2035		1,595
	373	Series 2005-33, Class AY, 5.50%, 04/16/2035		413
	128	Series 2005-49, Class B, 5.50%, 06/20/2035		140
	317	Series 2005-51, Class DC, 5.00%, 07/20/2035		341
	49	Series 2005-56, Class BD, 5.00%, 07/20/2035		52
	40	Series 2006-7, Class ND, 5.50%, 08/20/2035		44
	354	Series 2007-37, Class LB, 5.50%, 06/16/2037		392
	265	Series 2007-79, Class BL, 5.75%, 08/20/2037		288
	450	Series 2008-7, Class PQ, 5.00%, 02/20/2038		492
	835	Series 2008-9, Class PW, 5.25%, 02/20/2038		903
	192	Series 2008-23, Class YA, 5.25%, 03/20/2038		207
	705	Series 2008-33, Class PB, 5.50%, 04/20/2038		777

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 175

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	231	Series 2008-34, Class PG, 5.25%, 04/20/2038		250
	197	Series 2008-35, Class NF, 5.00%, 04/20/2038		212
	47	Series 2008-38, Class BE, 5.00%, 07/16/2036		48
	1,007	Series 2008-38, Class BG, 5.00%, 05/16/2038		1,089
	305	Series 2008-43, Class NB, 5.50%, 05/20/2038		337
	605	Series 2008-56, Class PX, 5.50%, 06/20/2038		659
	389	Series 2008-58, Class PD, 5.50%, 08/16/2037		399
	1,247	Series 2008-58, Class PE, 5.50%, 07/16/2038		1,359
	5	Series 2008-62, Class SA, IF, IO, 4.56%, 07/20/2038 (z)		1
	136	Series 2008-76, Class US, IF, IO, 4.31%, 09/20/2038 (z)		16
	130	Series 2008-95, Class DS, IF, IO, 5.71%, 12/20/2038 (z)		20
	218	Series 2009-14, Class AG, 4.50%, 03/20/2039		227
	19	Series 2009-15, Class NA, 5.00%, 12/20/2038		20
	30	Series 2009-61, Class AP, 4.00%, 08/20/2039		31
	331	Series 2009-72, Class SM, IF, IO, 4.66%, 08/16/2039 (z)		43
	244	Series 2009-106, Class ST, IF, IO, 4.41%, 02/20/2038 (z)		31
	175	Series 2010-7, Class EA, 5.00%, 06/16/2038		181
	13	Series 2010-14, Class QP, 6.00%, 12/20/2039		13
	369	Series 2010-130, Class BD, 4.00%, 12/20/2039		373
	277	Series 2010-157, Class OP, PO, 12/20/2040		227
	1,626	Series 2011-97, Class WA, 6.10%, 11/20/2038 (z)		1,808
	1,766	Series 2014-H11, Class VA, 2.06%, 06/20/2064 (z)		1,773
	2,397	Series 2015-H20, Class FA, 2.03%, 08/20/2065 (z)		2,403
	1,778	Series 2015-H26, Class FG, 2.08%, 10/20/2065 (z)		1,787
	195	GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4, 5.50%, 05/25/2034		201

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		JP Morgan Mortgage Trust,
	548	Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (z)		558
	108	Series 2007-A1, Class 5A5, 3.69%, 07/25/2035 (z)		111
	138	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		141
	4	MASTR Alternative Loan Trust, Series 2004-5, Class 5A1, 4.75%, 06/25/2019		4
	96	MASTR Asset Securitization Trust, Series 2003-11, Class 8A1, 5.50%, 12/25/2033		98
		Merrill Lynch Mortgage Investors Trust,
	216	Series 2003-F, Class A1, 2.26%, 10/25/2028 (z)		214
	277	Series 2004-B, Class A1, 2.12%, 05/25/2029 (z)		271
	58	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, 5.67%, 04/25/2034 (z)		61
	27	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.00%, 07/25/2038		28
	4	Prime Mortgage Trust, Series 2004-2, Class A2, 4.75%, 11/25/2019		4
	5	RALI Trust, Series 2004-QS3, Class CB, 5.00%, 03/25/2019		5
	514	Sequoia Mortgage Trust, Series 2004-11, Class A1, 2.19%, 12/20/2034 (z)		507
	215	Structured Asset Mortgage Investments II Trust, Series 2003-AR4, Class A1, 2.29%, 01/19/2034 (z)		210
	374	Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, 3.03%, 12/25/2044 (z)		376
	985	Vendee Mortgage Trust, Series 2003-2, Class Z, 5.00%, 05/15/2033		1,043
		WaMu Mortgage Pass-Through Certificates Trust,
	207	Series 2003-AR11, Class A6, 3.36%, 10/25/2033 (z)		209
	1	Series 2003-S6, Class 2A1, 5.00%, 07/25/2018		1
	610	Wells Fargo Mortgage-Backed Securities Trust, Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		625
		Total Collateralized Mortgage Obligations (Cost $150,658)		148,865

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — 6.1%
	1,400	BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (e)		1,391
		FHLMC Multifamily Structured Pass-Through Certificates,
	2,045	Series K029, Class A2, 3.32%, 02/25/2023 (z)		2,078
	4,000	Series K037, Class A2, 3.49%, 01/25/2024		4,097
	1,000	Series K038, Class A2, 3.39%, 03/25/2024		1,019
	2,503	Series K046, Class A2, 3.21%, 03/25/2025		2,514
	2,000	Series K048, Class A2, 3.28%, 06/25/2025 (z)		2,021
	469	Series K049, Class A2, 3.01%, 07/25/2025		465
	2,000	Series K060, Class A2, 3.30%, 10/25/2026		2,008
	1,362	Series K066, Class A2, 3.12%, 06/25/2027		1,344
	1,686	Series K067, Class A2, 3.19%, 07/25/2027		1,665
	910	Series K070, Class A2, 3.30%, 11/25/2027 (z)		910
	873	Series K072, Class A2, 3.44%, 12/25/2050		886
	2,759	Series K073, Class A2, 3.35%, 01/25/2028		2,766
	1,400	Series K727, Class AM, 3.04%, 07/25/2024		1,391
	1,219	Series K729, Class A2, 3.14%, 10/25/2024		1,219
	603	Series KF12, Class A, 2.32%, 09/25/2022 (z)		604
	238	Series KJ02, Class A2, 2.60%, 09/25/2020		237
	556	Series KJ08, Class A2, 2.36%, 08/25/2022		545
	1,732	Series KJ11, Class A2, 2.93%, 01/25/2023		1,724
	1,208	Series KJ18, Class A2, 3.07%, 08/25/2022		1,217
	1,750	Series KPLB, Class A, 2.77%, 05/25/2025		1,708
	5,000	Series KSMC, Class A2, 2.62%, 01/25/2023		4,921
		FNMA ACES,
	476	Series 2011-M4, Class A1, 2.55%, 06/25/2021		476
	1,878	Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,826
	3,235	Series 2013-M13, Class A2, 2.64%, 04/25/2023 (z)		3,180
	3,500	Series 2014-M1, Class A2, 3.19%, 07/25/2023 (z)		3,523
	3,108	Series 2014-M2, Class A2, 3.51%, 12/25/2023 (z)		3,177
	3,100	Series 2014-M3, Class A2, 3.47%, 01/25/2024 (z)		3,173
	4,756	Series 2014-M9, Class A2, 3.10%, 07/25/2024 (z)		4,766
	1,669	Series 2014-M12, Class ASV2, 2.61%, 10/25/2021 (z)		1,660
	1,973	Series 2014-M13, Class A2, 3.02%, 08/25/2024 (z)		1,966

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,631	Series 2015-M1, Class A2, 2.53%, 09/25/2024		4,482
	4,500	Series 2015-M3, Class A2, 2.72%, 10/25/2024		4,400
	1,400	Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		1,377
	800	Series 2016-M6, Class A2, 2.49%, 05/25/2026		757
	1,500	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		1,471
	1,345	Series 2017-M12, Class A2, 3.08%, 06/25/2027 (z)		1,321
	472	Series 2017-M13, Class A2, 2.94%, 09/25/2027 (z)		458
		FREMF Mortgage Trust,
	1,500	Series 2015-K44, Class B, 3.68%, 01/25/2048 (e) (z) (bb)		1,468
	735	Series 2016-K722, Class B, 3.84%, 07/25/2049 (e) (z)		731
	867	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, 0.51%, 12/12/2049 (e) (z) (bb)		–	(h)
	2,200	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.67%, 02/15/2047		2,240
		Morgan Stanley Capital I Trust,
	7,154	Series 2007-HQ11, Class X, IO, 0.33%, 02/12/2044 (e) (z) (bb)		90
	472	Series 2011-C3, Class A3, 4.05%, 07/15/2049		480
	497	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, 3.04%, 07/14/2034 (e) (z)		498
	866	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		862
		UBS-Barclays Commercial Mortgage Trust,
	1,040	Series 2012-C2, Class A4, 3.53%, 05/10/2063		1,056
	1,486	Series 2013-C6, Class A4, 3.24%, 04/10/2046		1,486
	2,750	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		2,795
	1,800	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.44%, 04/15/2045		1,819
		Total Commercial Mortgage-Backed Securities (Cost $89,110)		88,268

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 177

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 31.5%
		Consumer Discretionary — 2.1%
		Automobiles — 0.5%
	250	BMW US Capital LLC, (Germany), 1.85%, 09/15/2021 (e)		240
		Daimler Finance North America LLC, (Germany),
	153	2.25%, 03/02/2020 (e)		151
	2,100	2.30%, 01/06/2020 (e)		2,078
	1,500	Ford Motor Co., 6.63%, 10/01/2028		1,735
	962	General Motors Co., 6.60%, 04/01/2036		1,118
	1,166	Nissan Motor Acceptance Corp., 1.80%, 03/15/2018 (e)		1,166
				6,488
		Hotels, Restaurants & Leisure — 0.1%
	1,250	McDonald’s Corp., 3.38%, 05/26/2025		1,235
	326	Starbucks Corp., 2.70%, 06/15/2022		323
				1,558
		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	1,217	2.80%, 08/22/2024 (e)		1,178
	350	3.88%, 08/22/2037 (e)		349
	150	4.80%, 12/05/2034		166
				1,693
		Media — 0.9%
		21st Century Fox America, Inc.,
	30	7.25%, 05/18/2018		30
	600	7.43%, 10/01/2026		740
	200	7.70%, 10/30/2025		246
	1,019	CBS Corp., 3.70%, 08/15/2024		1,016
	260	Charter Communications Operating LLC, 4.91%, 07/23/2025		268
	1,136	Comcast Corp., 3.90%, 03/01/2038		1,086
	615	Cox Communications, Inc., 3.50%, 08/15/2027 (e)		588
	422	Discovery Communications LLC, 4.38%, 06/15/2021		436
	285	Grupo Televisa SAB, (Mexico), 4.63%, 01/30/2026		290
	400	NBCUniversal Enterprise, Inc., 1.97%, 04/15/2019 (e)		397
	2,000	NBCUniversal Media LLC, 2.88%, 01/15/2023		1,971
		Time Warner Cable LLC,
	50	4.13%, 02/15/2021		51
	3,425	8.75%, 02/14/2019		3,609
	500	Time Warner Entertainment Co. LP, 8.38%, 07/15/2033		664

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	600	Time Warner, Inc., 3.55%, 06/01/2024		594
	1,309	Viacom, Inc., 3.88%, 04/01/2024		1,307
				13,293
		Multiline Retail — 0.1%
	420	Macy’s Retail Holdings, Inc., 6.90%, 04/01/2029		445
	175	Nordstrom, Inc., 4.00%, 10/15/2021		177
	868	Target Corp., 3.50%, 07/01/2024		886
				1,508
		Specialty Retail — 0.4%
	1,020	Advance Auto Parts, Inc., 4.50%, 12/01/2023		1,055
	261	AutoZone, Inc., 3.75%, 06/01/2027		256
		Home Depot, Inc. (The),
	531	2.00%, 06/15/2019		528
	450	2.70%, 04/01/2023		442
	986	3.75%, 02/15/2024		1,017
		Lowe’s Cos., Inc.,
	1,004	3.13%, 09/15/2024		988
	238	3.38%, 09/15/2025		234
		O’Reilly Automotive, Inc.,
	300	3.55%, 03/15/2026		294
	463	3.60%, 09/01/2027		450
				5,264
		Total Consumer Discretionary		29,804
		Consumer Staples — 1.9%
		Beverages — 0.5%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	3,234	3.30%, 02/01/2023		3,220
	2,000	3.65%, 02/01/2026		1,982
	893	Coca-Cola Co. (The), 1.15%, 04/01/2018		892
	1,000	Diageo Investment Corp., (United Kingdom), 2.88%, 05/11/2022		993
	400	Molson Coors Brewing Co., 2.25%, 03/15/2020		395
	200	PepsiCo, Inc., 2.38%, 10/06/2026		184
				7,666
		Food & Staples Retailing — 0.4%
	1,094	Costco Wholesale Corp., 2.75%, 05/18/2024		1,064
		CVS Health Corp.,
	1,100	2.75%, 12/01/2022		1,061
	257	4.00%, 12/05/2023		261
		Kroger Co. (The),
	92	5.40%, 07/15/2040		98
	700	6.15%, 01/15/2020		740

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
		Sysco Corp.,
	200	3.25%, 07/15/2027		193
	208	3.75%, 10/01/2025		210
		Walmart, Inc.,
	1,650	2.55%, 04/11/2023		1,616
	200	3.30%, 04/22/2024		202
				5,445
		Food Products — 0.7%
		Bunge Ltd. Finance Corp.,
	31	3.50%, 11/24/2020		31
	1,192	8.50%, 06/15/2019		1,275
	900	Cargill, Inc., 3.30%, 03/01/2022 (e)		900
		General Mills, Inc.,
	2,075	3.15%, 12/15/2021		2,075
	100	5.65%, 02/15/2019		103
		Kellogg Co.,
	513	3.25%, 05/21/2018		514
	1,606	4.00%, 12/15/2020		1,645
		Kraft Heinz Foods Co.,
	719	3.50%, 06/06/2022		720
	700	3.95%, 07/15/2025		694
	310	5.38%, 02/10/2020		323
	425	6.88%, 01/26/2039		524
	164	McCormick & Co., Inc., 3.15%, 08/15/2024		161
	89	Mead Johnson Nutrition Co., (United Kingdom), 4.13%, 11/15/2025		91
		Tyson Foods, Inc.,
	313	2.25%, 08/23/2021		304
	171	2.65%, 08/15/2019		170
				9,530
		Household Products — 0.2%
		Kimberly-Clark Corp.,
	200	2.40%, 03/01/2022		196
	1,800	2.40%, 06/01/2023		1,736
	500	Procter & Gamble Co. (The), 1.85%, 02/02/2021		488
				2,420
		Tobacco — 0.1%
	1,000	BAT Capital Corp., (United Kingdom), 3.22%, 08/15/2024 (e)		963
	850	Philip Morris International, Inc., 3.38%, 08/11/2025		838
				1,801
		Total Consumer Staples		26,862

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy — 3.1%
		Energy Equipment & Services — 0.2%
	400	Baker Hughes a GE Co. LLC, 2.77%, 12/15/2022		391
		Halliburton Co.,
	350	3.50%, 08/01/2023		352
	750	8.75%, 02/15/2021		862
	800	Nabors Industries, Inc., 4.63%, 09/15/2021		780
	233	Schlumberger Investment SA, 3.30%, 09/14/2021 (e)		235
				2,620
		Oil, Gas & Consumable Fuels — 2.9%
	1,025	Anadarko Petroleum Corp., 8.70%, 03/15/2019		1,085
	118	Andeavor Logistics LP, 4.25%, 12/01/2027		115
	400	Apache Corp., 6.90%, 09/15/2018		408
	122	APT Pipelines Ltd., (Australia), 4.25%, 07/15/2027 (e)		122
		BP Capital Markets plc, (United Kingdom),
	1,000	2.24%, 09/26/2018		999
	1,317	3.22%, 04/14/2024		1,307
	712	3.25%, 05/06/2022		716
		Buckeye Partners LP,
	500	3.95%, 12/01/2026		477
	300	4.35%, 10/15/2024		302
	900	Burlington Resources, Inc., 8.20%, 03/15/2025		1,133
	1,200	Cenovus Energy, Inc., (Canada), 3.80%, 09/15/2023		1,192
		Chevron Corp.,
	1,000	2.36%, 12/05/2022		970
	285	3.19%, 06/24/2023		285
	833	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		849
	375	ConocoPhillips Holding Co., 6.95%, 04/15/2029		480
		Ecopetrol SA, (Colombia),
	467	4.13%, 01/16/2025		457
	773	5.38%, 06/26/2026		814
		Energy Transfer LP,
	267	3.60%, 02/01/2023		264
	182	4.05%, 03/15/2025		179
	570	4.90%, 02/01/2024		589
		EnLink Midstream Partners LP,
	281	2.70%, 04/01/2019		279
	633	4.15%, 06/01/2025		620

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 179

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Enterprise Products Operating LLC,
	225	3.35%, 03/15/2023		224
	651	3.70%, 02/15/2026		650
	150	3.75%, 02/15/2025		151
	263	3.90%, 02/15/2024		267
	596	3.95%, 02/15/2027		603
		EOG Resources, Inc.,
	240	2.63%, 03/15/2023		232
	600	4.15%, 01/15/2026		619
	2,200	Exxon Mobil Corp., 2.71%, 03/06/2025		2,114
	1,294	Magellan Midstream Partners LP, 4.25%, 02/01/2021		1,331
	400	Marathon Oil Corp., 2.80%, 11/01/2022		386
	964	Marathon Petroleum Corp., 3.63%, 09/15/2024		960
	518	MPLX LP, 4.00%, 03/15/2028		509
		Noble Energy, Inc.,
	350	3.85%, 01/15/2028		342
	118	5.63%, 05/01/2021		120
		Occidental Petroleum Corp.,
	441	2.70%, 02/15/2023		433
	727	3.50%, 06/15/2025		726
	1,800	ONEOK Partners LP, 4.90%, 03/15/2025		1,891
		Petroleos Mexicanos, (Mexico),
	270	4.88%, 01/18/2024		274
	395	5.35%, 02/12/2028 (e)		388
	466	6.38%, 02/04/2021		498
	731	6.88%, 08/04/2026		803
		Phillips 66,
	320	3.90%, 03/15/2028		319
	173	4.30%, 04/01/2022		180
		Plains All American Pipeline LP,
	705	3.65%, 06/01/2022		697
	875	3.85%, 10/15/2023		864
	503	Spectra Energy Capital LLC, 3.30%, 03/15/2023		495
		Statoil ASA, (Norway),
	1,200	1.15%, 05/15/2018		1,198
	1,179	2.65%, 01/15/2024		1,144
		Suncor Energy, Inc., (Canada),
	350	3.60%, 12/01/2024		348
	1,000	5.95%, 12/01/2034		1,212
		Sunoco Logistics Partners Operations LP,
	506	4.25%, 04/01/2024		508
	700	5.50%, 02/15/2020		729

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	141	TC PipeLines LP, 3.90%, 05/25/2027		137
	1,153	Texas Eastern Transmission LP, 2.80%, 10/15/2022 (e)		1,117
	821	Total Capital Canada Ltd., (France), 2.75%, 07/15/2023		804
		Total Capital International SA, (France),
	200	2.70%, 01/25/2023		196
	1,003	3.75%, 04/10/2024		1,030
		TransCanada PipeLines Ltd., (Canada),
	455	2.50%, 08/01/2022		443
	2,345	3.75%, 10/16/2023		2,401
	300	7.13%, 01/15/2019		311
	317	Western Gas Partners LP, 4.50%, 03/01/2028		319
	262	Williams Partners LP, 3.90%, 01/15/2025		260
				41,875
		Total Energy		44,495
		Financials — 10.7%
		Banks — 4.3%
		ABN AMRO Bank NV, (Netherlands),
	1,629	2.50%, 10/30/2018 (e)		1,629
	450	2.65%, 01/19/2021 (e)		444
	750	Australia & New Zealand Banking Group Ltd., (Australia), 2.63%, 11/09/2022		729
		Bank of America Corp.,
	780	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		766
	3,745	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		3,664
	21	(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		21
	32	3.30%, 01/11/2023		32
	1,154	4.00%, 01/22/2025		1,159
	737	4.13%, 01/22/2024		761
	556	4.45%, 03/03/2026		569
	585	5.65%, 05/01/2018		588
	2,000	6.88%, 04/25/2018		2,014
		Bank of Montreal, (Canada),
	100	2.35%, 09/11/2022		97
	1,153	2.38%, 01/25/2019		1,151
		Bank of Nova Scotia (The), (Canada),
	2,000	1.45%, 04/25/2018		1,998
	630	2.80%, 07/21/2021		626
	1,255	Barclays plc, (United Kingdom), 3.65%, 03/16/2025		1,207

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		BB&T Corp.,
	166	2.45%, 01/15/2020		165
	500	2.63%, 06/29/2020		497
	3,360	Capital One Bank USA NA, 3.38%, 02/15/2023		3,312
	350	Citibank NA, 2.85%, 02/12/2021		348
		Citigroup, Inc.,
	2,000	2.05%, 12/07/2018		1,995
	1,100	2.75%, 04/25/2022		1,076
	650	3.40%, 05/01/2026		631
	2,000	(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 01/24/2039 (aa)		1,919
	778	Commonwealth Bank of Australia, (Australia), 4.50%, 12/09/2025 (e)		788
	903	Cooperatieve Rabobank UA, (Netherlands), 3.88%, 02/08/2022		923
	447	Discover Bank, 4.20%, 08/08/2023		459
	470	Fifth Third Bancorp, 2.88%, 07/27/2020		469
		Fifth Third Bank,
	250	2.38%, 04/25/2019		249
	425	2.88%, 10/01/2021		422
		HSBC Bank plc, (United Kingdom),
	523	1.50%, 05/15/2018 (e)		522
	1,100	4.75%, 01/19/2021 (e)		1,153
		HSBC Holdings plc, (United Kingdom),
	1,100	4.00%, 03/30/2022		1,127
	251	(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 03/13/2028 (aa)		252
	800	4.25%, 03/14/2024		810
	352	Huntington Bancshares, Inc., 3.15%, 03/14/2021		353
	500	Huntington National Bank (The), 2.50%, 08/07/2022		481
	406	ING Groep NV, (Netherlands), 3.95%, 03/29/2027		405
		KeyCorp,
	42	2.90%, 09/15/2020		42
	1,657	5.10%, 03/24/2021		1,755
	869	Lloyds Banking Group plc, (United Kingdom), 3.75%, 01/11/2027		847
		Mitsubishi UFJ Financial Group, Inc., (Japan),
	221	3.00%, 02/22/2022		218
	350	3.29%, 07/25/2027		336
	1,000	3.78%, 03/02/2025		1,002
	909	Mizuho Bank Ltd., (Japan), 2.65%, 09/25/2019 (e)		906

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Mizuho Financial Group, Inc., (Japan),
	300	2.60%, 09/11/2022		290
	580	2.95%, 02/28/2022		570
	1,050	National Australia Bank Ltd., (Australia), 2.50%, 01/12/2021		1,035
	100	National City Corp., 6.88%, 05/15/2019		105
	591	Nordea Bank AB, (Sweden), 4.25%, 09/21/2022 (e)		608
	356	PNC Bank NA, 1.95%, 03/04/2019		354
		PNC Financial Services Group, Inc. (The),
	362	4.38%, 08/11/2020		374
	50	5.13%, 02/08/2020		52
	363	6.70%, 06/10/2019		382
	402	Regions Financial Corp., 3.20%, 02/08/2021		403
		Royal Bank of Canada, (Canada),
	596	2.00%, 10/01/2018		595
	600	2.20%, 07/27/2018		600
	597	4.65%, 01/27/2026		619
	250	Santander UK Group Holdings plc, (United Kingdom), 3.13%, 01/08/2021		249
	799	Santander UK plc, (United Kingdom), 2.50%, 03/14/2019		798
	442	Stadshypotek AB, (Sweden), 1.88%, 10/02/2019 (e)		438
	1,800	Standard Chartered plc, (United Kingdom), 5.20%, 01/26/2024 (e)		1,883
	482	Sumitomo Mitsui Financial Group, Inc., (Japan), 3.10%, 01/17/2023		476
	1,500	SunTrust Bank, 2.75%, 05/01/2023		1,456
	1,041	Toronto-Dominion Bank (The), (Canada), 1.75%, 07/23/2018		1,039
		US Bancorp,
	500	2.20%, 04/25/2019		498
	215	3.60%, 09/11/2024		217
	732	Series V, 2.63%, 01/24/2022		721
	1,700	Wachovia Corp., SUB, 7.57%, 08/01/2026		2,097
		Wells Fargo & Co.,
	428	2.50%, 03/04/2021		420
	368	3.00%, 02/19/2025		353
	1,000	3.50%, 03/08/2022		1,007
	2,000	4.30%, 07/22/2027		2,027
		Westpac Banking Corp., (Australia),
	506	2.00%, 03/03/2020 (e)		499
	1,100	2.50%, 06/28/2022		1,069
				62,151

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 181

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — 2.8%
	2,150	Ameriprise Financial, Inc., 4.00%, 10/15/2023		2,215
		Bank of New York Mellon Corp. (The),
	92	2.60%, 08/17/2020		91
	1,500	3.40%, 01/29/2028		1,468
	1,440	4.15%, 02/01/2021		1,486
	155	4.60%, 01/15/2020		160
	400	BlackRock, Inc., 3.20%, 03/15/2027		390
	470	Blackstone Holdings Finance Co. LLC, 4.75%, 02/15/2023 (e)		499
	500	CDP Financial, Inc., (Canada), 4.40%, 11/25/2019 (e)		516
		Charles Schwab Corp. (The),
	250	3.20%, 03/02/2027		243
	40	3.23%, 09/01/2022		40
	1,666	CME Group, Inc., 3.00%, 09/15/2022		1,662
		Credit Suisse AG, (Switzerland),
	833	1.70%, 04/27/2018		832
	520	3.63%, 09/09/2024		519
		Deutsche Bank AG, (Germany),
	500	3.95%, 02/27/2023		500
	600	4.25%, 10/14/2021		612
		Goldman Sachs Group, Inc. (The),
	500	(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (aa)		490
	196	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/2023 (aa)		191
	403	(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		389
	384	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		374
	1,000	3.85%, 01/26/2027		987
	92	4.25%, 10/21/2025		93
	900	5.38%, 03/15/2020		942
	5,150	7.50%, 02/15/2019		5,380
	1,195	Series D, 6.00%, 06/15/2020		1,273
	1,502	Intercontinental Exchange, Inc., 4.00%, 10/15/2023		1,552
	436	Invesco Finance plc, 3.75%, 01/15/2026		439
	1,850	Jefferies Group LLC, 6.88%, 04/15/2021		2,035
	481	Macquarie Bank Ltd., (Australia), 2.60%, 06/24/2019 (e)		480
	800	Macquarie Group Ltd., (Australia), 6.25%, 01/14/2021 (e)		862
		Morgan Stanley,
	600	2.65%, 01/27/2020		597
	400	2.75%, 05/19/2022		391

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	1,081	3.88%, 01/27/2026		1,084
	880	4.35%, 09/08/2026		893
	622	5.00%, 11/24/2025		662
	154	5.50%, 07/24/2020		163
	2,500	5.63%, 09/23/2019		2,606
	687	5.75%, 01/25/2021		737
	1,000	6.63%, 04/01/2018		1,003
	1,700	7.30%, 05/13/2019		1,789
		State Street Corp.,
	1,724	3.10%, 05/15/2023		1,700
	1,154	3.70%, 11/20/2023		1,184
	219	TD Ameritrade Holding Corp., 2.95%, 04/01/2022		217
	200	UBS AG, (Switzerland), 2.45%, 12/01/2020 (e)		197
				39,943
		Consumer Finance — 1.4%
		AerCap Ireland Capital DAC, (Netherlands),
	1,200	3.30%, 01/23/2023		1,174
	594	3.65%, 07/21/2027		559
	1,820	American Express Co., 7.00%, 03/19/2018		1,824
		American Honda Finance Corp.,
	250	2.25%, 08/15/2019		248
	1,450	7.63%, 10/01/2018 (e)		1,494
		Caterpillar Financial Services Corp.,
	176	2.25%, 12/01/2019		175
	510	2.75%, 08/20/2021		507
	900	2.85%, 06/01/2022		895
	675	7.15%, 02/15/2019		704
		Ford Motor Credit Co. LLC,
	484	2.02%, 05/03/2019		479
	1,200	2.98%, 08/03/2022		1,162
	1,119	3.34%, 03/28/2022		1,103
	200	3.81%, 01/09/2024		197
		General Motors Financial Co., Inc.,
	522	3.10%, 01/15/2019		523
	615	3.70%, 05/09/2023		612
	1,000	3.85%, 01/05/2028		950
	280	4.00%, 10/06/2026		274
	770	4.25%, 05/15/2023		785
	400	4.35%, 01/17/2027		399
		John Deere Capital Corp.,
	753	1.60%, 07/13/2018		752
	65	1.70%, 01/15/2020		64
	298	2.70%, 01/06/2023		292

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	650	3.15%, 10/15/2021		655
	1,400	PACCAR Financial Corp., 2.20%, 09/15/2019		1,393
	350	Synchrony Financial, 4.25%, 08/15/2024		352
		Toyota Motor Credit Corp.,
	1,700	2.13%, 07/18/2019		1,690
	800	2.63%, 01/10/2023		783
				20,045
		Diversified Financial Services — 0.7%
	550	AIG Global Funding, 2.15%, 07/02/2020 (e)		540
	3,238	GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		3,168
	490	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.25%, 11/08/2022 (e)		486
		National Rural Utilities Cooperative Finance Corp.,
	1,250	3.40%, 02/07/2028		1,229
	650	10.38%, 11/01/2018		683
	277	ORIX Corp., (Japan), 2.90%, 07/18/2022		271
	400	Protective Life Global Funding, 2.62%, 08/22/2022 (e)		388
		Shell International Finance BV, (Netherlands),
	788	2.88%, 05/10/2026		755
	150	3.40%, 08/12/2023		151
	1,555	4.30%, 09/22/2019		1,595
	40	4.38%, 03/25/2020		41
	400	Siemens Financieringsmaatschappij NV, (Germany), 3.13%, 03/16/2024 (e)		396
				9,703
		Insurance — 1.5%
	651	Allstate Corp. (The), 3.15%, 06/15/2023		650
	200	Alterra Finance LLC, 6.25%, 09/30/2020		215
	818	American International Group, Inc., 4.13%, 02/15/2024		839
	422	Athene Global Funding, 2.75%, 04/20/2020 (e)		419
	230	Athene Holding Ltd., 4.13%, 01/12/2028		221
		Berkshire Hathaway Finance Corp.,
	323	1.30%, 05/15/2018		323
	2,160	5.40%, 05/15/2018		2,173
	61	Chubb Corp. (The), 5.75%, 05/15/2018		61
	1,900	Chubb INA Holdings, Inc., 2.70%, 03/13/2023		1,858
		CNA Financial Corp.,
	499	3.95%, 05/15/2024		506
	364	4.50%, 03/01/2026		377
	500	Guardian Life Global Funding, 2.50%, 05/08/2022 (e)		486

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	1,135	Jackson National Life Global Funding, 3.05%, 04/29/2026 (e)		1,085
		Liberty Mutual Group, Inc.,
	950	4.25%, 06/15/2023 (e)		977
	900	4.95%, 05/01/2022 (e)		952
	864	Lincoln National Corp., 4.20%, 03/15/2022		897
	1,000	Manulife Financial Corp., (Canada), 4.15%, 03/04/2026		1,023
	824	Marsh & McLennan Cos., Inc., 2.35%, 03/06/2020		817
	1,216	MassMutual Global Funding II, 2.35%, 04/09/2019 (e)		1,215
		Metropolitan Life Global Funding I,
	710	1.55%, 09/13/2019 (e)		699
	1,600	3.00%, 01/10/2023 (e)		1,579
	426	3.88%, 04/11/2022 (e)		437
		New York Life Global Funding,
	323	1.95%, 02/11/2020 (e)		318
	1,024	2.15%, 06/18/2019 (e)		1,019
	953	2.35%, 07/14/2026 (e)		876
	471	Principal Financial Group, Inc., 3.13%, 05/15/2023		463
	650	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		821
		Reliance Standard Life Global Funding II,
	650	2.50%, 01/15/2020 (e)		644
	373	3.05%, 01/20/2021 (e)		372
				22,322
		Total Financials		154,164
		Health Care — 1.8%
		Biotechnology — 0.5%
	1,606	AbbVie, Inc., 2.85%, 05/14/2023		1,558
	2,450	Amgen, Inc., 3.63%, 05/15/2022		2,487
	117	Baxalta, Inc., 3.60%, 06/23/2022		117
	612	Biogen, Inc., 3.63%, 09/15/2022		619
		Celgene Corp.,
	1,000	3.25%, 08/15/2022		995
	700	3.95%, 10/15/2020		717
		Gilead Sciences, Inc.,
	22	2.50%, 09/01/2023		21
	300	2.55%, 09/01/2020		298
	35	3.50%, 02/01/2025		35
	31	3.70%, 04/01/2024		31
				6,878

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 183

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Equipment & Supplies — 0.3%
	484	Abbott Laboratories, 3.88%, 09/15/2025		490
	215	Becton Dickinson and Co., 2.68%, 12/15/2019		214
	1,200	Koninklijke Philips NV, (Netherlands), 3.75%, 03/15/2022		1,220
	2,400	Medtronic, Inc., 3.50%, 03/15/2025		2,397
	300	Stryker Corp., 4.10%, 04/01/2043		293
				4,614
		Health Care Providers & Services — 0.3%
	700	Anthem, Inc., 3.30%, 01/15/2023		694
	131	Cardinal Health, Inc., 3.75%, 09/15/2025		130
	400	Express Scripts Holding Co., 3.50%, 06/15/2024		392
		McKesson Corp.,
	150	2.70%, 12/15/2022		146
	107	3.95%, 02/16/2028		106
		UnitedHealth Group, Inc.,
	365	2.75%, 02/15/2023		358
	1,645	2.88%, 03/15/2023		1,620
	187	3.38%, 11/15/2021		189
	255	4.70%, 02/15/2021		268
				3,903
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	441	3.15%, 01/15/2023		436
	350	3.20%, 08/15/2027		333
				769
		Pharmaceuticals — 0.7%
		Allergan Funding SCS,
	871	3.45%, 03/15/2022		867
	800	3.80%, 03/15/2025		790
	250	Allergan, Inc., 2.80%, 03/15/2023		241
	1,210	Bristol-Myers Squibb Co., 2.00%, 08/01/2022		1,158
	1,875	GlaxoSmithKline Capital, Inc., (United Kingdom), 2.80%, 03/18/2023		1,841
	413	Johnson & Johnson, 2.63%, 01/15/2025		400
		Merck & Co., Inc.,
	1,400	1.30%, 05/18/2018		1,398
	215	2.40%, 09/15/2022		210
	1,800	Mylan, Inc., 3.13%, 01/15/2023 (e)		1,745
	1,153	Novartis Capital Corp., (Switzerland), 3.40%, 05/06/2024		1,165
				9,815
		Total Health Care		25,979

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrials — 3.0%
		Aerospace & Defense — 0.7%
	864	BAE Systems Holdings, Inc., (United Kingdom), 3.80%, 10/07/2024 (e)		873
		Boeing Co. (The),
	540	4.88%, 02/15/2020		565
	750	7.95%, 08/15/2024		945
	2,000	General Dynamics Corp., 2.25%, 11/15/2022		1,930
	500	Harris Corp., 4.85%, 04/27/2035		536
		Lockheed Martin Corp.,
	850	2.50%, 11/23/2020		842
	380	3.35%, 09/15/2021		385
		Northrop Grumman Corp.,
	800	2.93%, 01/15/2025		768
	325	5.05%, 08/01/2019		336
		Precision Castparts Corp.,
	1,500	2.50%, 01/15/2023		1,467
	800	3.25%, 06/15/2025		795
	476	Raytheon Co., 3.15%, 12/15/2024		473
	500	United Technologies Corp., 1.95%, 11/01/2021		481
				10,396
		Air Freight & Logistics — 0.3%
	796	FedEx Corp., 3.20%, 02/01/2025		781
		United Parcel Service, Inc.,
	1,457	2.45%, 10/01/2022		1,422
	1,600	3.13%, 01/15/2021		1,617
	425	5.13%, 04/01/2019		437
				4,257
		Airlines — 0.0% (g)
	237	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		242
		Building Products — 0.1%
	222	CRH America Finance, Inc., (Ireland), 3.40%, 05/09/2027 (e)		214
		Johnson Controls International plc,
	1,135	4.25%, 03/01/2021		1,170
	40	5.00%, 03/30/2020		42
	138	SUB, 3.62%, 07/02/2024		139
				1,565
		Commercial Services & Supplies — 0.1%
		Republic Services, Inc.,
	417	3.55%, 06/01/2022		421
	1,200	5.50%, 09/15/2019		1,251
				1,672

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction & Engineering — 0.1%
	350	ABB Finance USA, Inc., (Switzerland), 2.88%, 05/08/2022		349
	526	Fluor Corp., 3.38%, 09/15/2021		531
				880
		Industrial Conglomerates — 0.3%
		General Electric Co.,
	200	2.10%, 12/11/2019		197
	125	4.38%, 09/16/2020		129
	1,919	4.65%, 10/17/2021		2,009
	95	5.30%, 02/11/2021		100
	529	5.50%, 01/08/2020		552
	70	5.88%, 01/14/2038		82
	1,200	Honeywell International, Inc., 4.25%, 03/01/2021		1,251
		Roper Technologies, Inc.,
	208	3.00%, 12/15/2020		209
	74	3.80%, 12/15/2026		74
				4,603
		Machinery — 0.2%
	700	Deere & Co., 4.38%, 10/16/2019		721
	1,400	Illinois Tool Works, Inc., 3.50%, 03/01/2024		1,424
	228	Parker-Hannifin Corp., 3.30%, 11/21/2024		227
	111	Xylem, Inc., 3.25%, 11/01/2026		108
				2,480
		Professional Services — 0.0% (g)
	200	Equifax, Inc., 3.25%, 06/01/2026		187
		Road & Rail — 1.2%
		Burlington Northern Santa Fe LLC,
	125	3.60%, 09/01/2020		127
	2,000	4.10%, 06/01/2021		2,074
		Canadian Pacific Railway Co., (Canada),
	1,146	4.50%, 01/15/2022		1,196
	600	7.25%, 05/15/2019		632
	1,068	CSX Corp., 3.25%, 06/01/2027		1,021
		ERAC USA Finance LLC,
	120	2.80%, 11/01/2018 (e)		120
	1,500	3.30%, 10/15/2022 (e)		1,493
	650	3.85%, 11/15/2024 (e)		659
	315	4.50%, 08/16/2021 (e)		329
		Norfolk Southern Corp.,
	812	2.90%, 02/15/2023		801
	250	3.00%, 04/01/2022		249
	829	3.25%, 12/01/2021		835

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
	750	3.85%, 01/15/2024		770
	300	5.75%, 04/01/2018		301
		Penske Truck Leasing Co. LP,
	263	2.50%, 06/15/2019 (e)		262
	1,250	4.20%, 04/01/2027 (e)		1,261
	555	Ryder System, Inc., 2.45%, 09/03/2019		553
		Union Pacific Corp.,
	1,020	2.75%, 04/15/2023		1,006
	850	3.25%, 01/15/2025		848
	1,200	3.75%, 03/15/2024		1,234
	911	4.16%, 07/15/2022		951
				16,722
		Trading Companies & Distributors — 0.0% (g)
		Air Lease Corp.,
	400	2.50%, 03/01/2021		393
	240	3.63%, 04/01/2027		229
				622
		Total Industrials		43,626
		Information Technology — 1.8%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	90	2.45%, 06/15/2020		90
	181	2.90%, 03/04/2021		181
	1,000	2.95%, 02/28/2026		972
	90	4.45%, 01/15/2020		93
	975	4.95%, 02/15/2019		998
				2,334
		Electronic Equipment, Instruments & Components — 0.1%
	926	Arrow Electronics, Inc., 3.88%, 01/12/2028		898
		Internet Software & Services — 0.2%
	200	Alibaba Group Holding Ltd., (China), 4.00%, 12/06/2037		190
	2,673	eBay, Inc., 2.60%, 07/15/2022		2,589
	435	Tencent Holdings Ltd., (China), 3.60%, 01/19/2028 (e)		421
				3,200
		IT Services — 0.2%
	151	DXC Technology Co., 4.25%, 04/15/2024		155
		International Business Machines Corp.,
	252	1.80%, 05/17/2019		250
	1,150	2.25%, 02/19/2021		1,132
	40	8.38%, 11/01/2019		43
	800	Western Union Co. (The), 3.60%, 03/15/2022		799
				2,379

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 185

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — 0.3%
	122	Analog Devices, Inc., 3.13%, 12/05/2023		120
	1,054	Broadcom Corp., 3.63%, 01/15/2024		1,028
		Intel Corp.,
	987	2.88%, 05/11/2024		964
	728	3.10%, 07/29/2022		735
	773	3.30%, 10/01/2021		787
	313	QUALCOMM, Inc., 3.25%, 05/20/2027		293
	790	Texas Instruments, Inc., 2.75%, 03/12/2021		790
				4,717
		Software — 0.5%
		Microsoft Corp.,
	181	2.38%, 05/01/2023		175
	1,508	2.88%, 02/06/2024		1,484
	1,500	4.20%, 06/01/2019		1,533
		Oracle Corp.,
	540	2.50%, 05/15/2022		528
	1,285	2.50%, 10/15/2022		1,254
	1,000	2.95%, 11/15/2024		971
	720	5.75%, 04/15/2018		723
	50	6.50%, 04/15/2038		67
				6,735
		Technology Hardware, Storage & Peripherals — 0.4%
		Apple, Inc.,
	818	2.15%, 02/09/2022		794
	700	2.75%, 01/13/2025		672
	1,006	2.85%, 05/06/2021		1,008
	450	2.90%, 09/12/2027		426
	1,054	3.00%, 02/09/2024		1,040
	1,154	3.20%, 05/13/2025		1,143
	567	HP, Inc., 4.38%, 09/15/2021		589
				5,672
		Total Information Technology		25,935
		Materials — 0.8%
		Chemicals — 0.6%
	168	Agrium, Inc., (Canada), 3.38%, 03/15/2025		163
	400	Chevron Phillips Chemical Co. LLC, 3.30%, 05/01/2023 (e)		400
		Dow Chemical Co. (The),
	594	3.00%, 11/15/2022		585
	800	3.50%, 10/01/2024		796
	52	4.13%, 11/15/2021		54
	17	8.55%, 05/15/2019		18

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
		Ecolab, Inc.,
	167	2.25%, 01/12/2020		166
	330	3.25%, 01/14/2023		330
	2,243	Mosaic Co. (The), 4.25%, 11/15/2023		2,306
		Potash Corp. of Saskatchewan, Inc., (Canada),
	100	3.63%, 03/15/2024		100
	1,050	6.50%, 05/15/2019		1,094
		PPG Industries, Inc.,
	80	3.20%, 03/15/2023		80
	550	3.60%, 11/15/2020		561
	1,250	Praxair, Inc., 2.20%, 08/15/2022		1,211
	315	Rohm & Haas Co., 7.85%, 07/15/2029		421
		Sherwin-Williams Co. (The),
	225	3.30%, 02/01/2025		218
	170	3.45%, 06/01/2027		164
	400	Union Carbide Corp., 7.50%, 06/01/2025		481
				9,148
		Construction Materials — 0.1%
	250	CRH America, Inc., (Ireland), 3.88%, 05/18/2025 (e)		252
		Martin Marietta Materials, Inc.,
	260	3.45%, 06/01/2027		250
	300	3.50%, 12/15/2027		288
				790
		Containers & Packaging — 0.0% (g)
	350	International Paper Co., 3.80%, 01/15/2026		352
	350	WestRock Co., 3.00%, 09/15/2024 (e)		337
				689
		Metals & Mining — 0.1%
	400	Freeport-McMoRan, Inc., 3.55%, 03/01/2022		389
		Nucor Corp.,
	305	4.00%, 08/01/2023		315
	172	5.85%, 06/01/2018		173
	306	Vale Overseas Ltd., (Brazil), 6.25%, 08/10/2026		345
				1,222
		Total Materials		11,849
		Real Estate — 1.2%
		Equity Real Estate Investment Trusts (REITs) — 1.2%
	285	Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		281
	360	American Tower Corp., 3.50%, 01/31/2023		360
	300	AvalonBay Communities, Inc., 3.20%, 01/15/2028		288

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	909	Boston Properties LP, 3.80%, 02/01/2024		925
	675	Brixmor Operating Partnership LP, 3.85%, 02/01/2025		658
	600	Crown Castle International Corp., 4.45%, 02/15/2026		609
	672	Duke Realty LP, 3.63%, 04/15/2023		680
	207	EPR Properties, 4.50%, 06/01/2027		204
		ERP Operating LP,
	1,228	3.50%, 03/01/2028		1,207
	1,047	4.63%, 12/15/2021		1,104
	163	Goodman US Finance Three LLC, (Australia), 3.70%, 03/15/2028 (e)		156
	2,098	HCP, Inc., 3.88%, 08/15/2024		2,103
	150	Liberty Property LP, 4.40%, 02/15/2024		156
	247	National Retail Properties, Inc., 3.60%, 12/15/2026		239
	782	Prologis LP, 4.25%, 08/15/2023		818
		Realty Income Corp.,
	600	3.25%, 10/15/2022		596
	400	3.88%, 07/15/2024		406
	400	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		393
	300	Senior Housing Properties Trust, 4.75%, 02/15/2028		294
	1,200	Simon Property Group LP, 4.38%, 03/01/2021		1,246
	240	Tanger Properties LP, 3.75%, 12/01/2024		235
	106	UDR, Inc., 2.95%, 09/01/2026		99
		Ventas Realty LP,
	90	3.50%, 02/01/2025		88
	470	3.75%, 05/01/2024		472
	158	4.13%, 01/15/2026		160
		VEREIT Operating Partnership LP,
	300	3.95%, 08/15/2027		284
	350	4.60%, 02/06/2024		359
		Welltower, Inc.,
	600	3.75%, 03/15/2023		610
	2,007	4.50%, 01/15/2024		2,088
				17,118
		Real Estate Management & Development — 0.0% (g)
	219	Mitsui Fudosan Co. Ltd., (Japan), 3.65%, 07/20/2027 (e)		219
	325	Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 3.88%, 03/20/2027 (e)		323
				542
		Total Real Estate		17,660

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.2%
		AT&T, Inc.,
	1,000	3.40%, 08/14/2024		993
	2,350	3.40%, 05/15/2025		2,262
	1,183	3.95%, 01/15/2025		1,183
	1,282	4.30%, 02/15/2030 (e)		1,254
	177	4.45%, 04/01/2024		182
	1,405	5.80%, 02/15/2019		1,446
	350	British Telecommunications plc, (United Kingdom), 2.35%, 02/14/2019		349
	900	Deutsche Telekom International Finance BV, (Germany), 6.75%, 08/20/2018		918
	50	Orange SA, (France), SUB, 9.00%, 03/01/2031		74
		Telefonica Emisiones SAU, (Spain),
	420	3.19%, 04/27/2018		420
	409	5.13%, 04/27/2020		427
	114	5.46%, 02/16/2021		121
		Verizon Communications, Inc.,
	3,869	2.95%, 03/15/2022		3,817
	528	3.13%, 03/16/2022		525
	886	4.15%, 03/15/2024		912
	350	4.40%, 11/01/2034		344
	1,118	4.81%, 03/15/2039		1,127
	320	5.25%, 03/16/2037		339
				16,693
		Wireless Telecommunication Services — 0.2%
	379	America Movil SAB de CV, (Mexico), 3.13%, 07/16/2022		375
	608	Rogers Communications, Inc., (Canada), 3.63%, 12/15/2025		606
	367	Sprint Spectrum Co. LLC, 3.36%, 09/20/2021 (e)		367
	1,400	Vodafone Group plc, (United Kingdom), 2.95%, 02/19/2023		1,373
				2,721
		Total Telecommunication Services		19,414
		Utilities — 3.7%
		Electric Utilities — 2.9%
	800	Appalachian Power Co., 4.60%, 03/30/2021		836
	372	Arizona Public Service Co., 3.35%, 06/15/2024		372
	1,595	Baltimore Gas & Electric Co., 2.80%, 08/15/2022		1,566
	476	Cleveland Electric Illuminating Co. (The), 3.50%, 04/01/2028 (e)		459

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 187

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	237	Comision Federal de Electricidad, (Mexico), 4.88%, 05/26/2021 (e)		245
	700	Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/2027		685
		DTE Electric Co.,
	197	2.65%, 06/15/2022		193
	1,000	3.38%, 03/01/2025		997
	1,500	3.65%, 03/15/2024		1,544
	200	3.90%, 06/01/2021		204
		Duke Energy Carolinas LLC,
	1,250	3.90%, 06/15/2021		1,286
	50	6.45%, 10/15/2032		63
	233	Duke Energy Corp., 3.55%, 09/15/2021		236
	160	Duke Energy Indiana LLC, 3.75%, 07/15/2020		164
	461	Duke Energy Progress LLC, 2.80%, 05/15/2022		458
	720	Electricite de France SA, (France), 2.15%, 01/22/2019 (e)		717
	450	Enel Finance International NV, (Italy), 3.63%, 05/25/2027 (e)		432
		Entergy Arkansas, Inc.,
	765	3.05%, 06/01/2023		755
	260	3.50%, 04/01/2026		260
	65	Entergy Corp., 2.95%, 09/01/2026		61
	269	Entergy Mississippi, Inc., 2.85%, 06/01/2028		252
	550	Fortis, Inc., (Canada), 3.06%, 10/04/2026		511
	3,700	Georgia Power Co., 4.25%, 12/01/2019		3,800
	1,663	Great Plains Energy, Inc., 4.85%, 06/01/2021		1,735
	1,000	Hydro-Quebec, (Canada), Series HY, 8.40%, 01/15/2022		1,176
		Indiana Michigan Power Co.,
	25	7.00%, 03/15/2019		26
	100	Series J, 3.20%, 03/15/2023		100
	200	Kentucky Utilities Co., 3.30%, 10/01/2025		196
	94	Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/2025		93
		Nevada Power Co.,
	1,000	6.50%, 08/01/2018		1,017
	1,000	7.13%, 03/15/2019		1,047
		NextEra Energy Capital Holdings, Inc.,
	518	2.40%, 09/15/2019		515
	1,539	2.70%, 09/15/2019		1,538
	938	Niagara Mohawk Power Corp., 3.51%, 10/01/2024 (e)		941
	300	NSTAR Electric Co., 2.38%, 10/15/2022		290
	1,200	Ohio Power Co., Series M, 5.38%, 10/01/2021		1,298

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	300	Oncor Electric Delivery Co. LLC, 7.00%, 09/01/2022		346
		Pacific Gas & Electric Co.,
	794	2.45%, 08/15/2022		763
	424	3.25%, 09/15/2021		425
	1,500	3.25%, 06/15/2023		1,478
	400	3.40%, 08/15/2024		392
	350	3.85%, 11/15/2023		354
	50	6.05%, 03/01/2034		58
	200	PacifiCorp, 5.65%, 07/15/2018		202
	256	Pennsylvania Electric Co., 3.25%, 03/15/2028 (e)		245
	752	PPL Capital Funding, Inc., 4.20%, 06/15/2022		780
	224	PPL Electric Utilities Corp., 2.50%, 09/01/2022		218
	560	Progress Energy, Inc., 4.40%, 01/15/2021		578
	74	Public Service Co. of Colorado, 3.20%, 11/15/2020		75
	283	Public Service Co. of New Hampshire, 3.50%, 11/01/2023		288
	220	Public Service Co. of Oklahoma, 4.40%, 02/01/2021		228
	1,100	Public Service Electric & Gas Co., 2.00%, 08/15/2019		1,090
		Southern California Edison Co.,
	958	3.88%, 06/01/2021		986
	650	5.50%, 08/15/2018		659
	1,860	Southwestern Electric Power Co., 6.45%, 01/15/2019		1,918
		Virginia Electric & Power Co.,
	1,099	2.95%, 01/15/2022		1,095
	1,600	Series C, 2.75%, 03/15/2023		1,565
		Wisconsin Electric Power Co.,
	1,000	1.70%, 06/15/2018		999
	545	2.95%, 09/15/2021		545
				41,355
		Gas Utilities — 0.2%
	1,365	Atmos Energy Corp., 8.50%, 03/15/2019		1,447
	843	CenterPoint Energy Resources Corp., 4.50%, 01/15/2021		872
				2,319
		Independent Power and Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	90	3.40%, 03/15/2022		90

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power and Renewable Electricity Producers — continued
	90	4.25%, 06/15/2022		93
	1,290	PSEG Power LLC, 4.15%, 09/15/2021		1,326
				1,509
		Multi-Utilities — 0.4%
	170	CMS Energy Corp., 2.95%, 02/15/2027		159
		Consumers Energy Co.,
	137	2.85%, 05/15/2022		136
	1,060	5.65%, 04/15/2020		1,125
	350	Dominion Energy, Inc., Series B, 2.75%, 09/15/2022		339
	784	DTE Energy Co., Series F, 3.85%, 12/01/2023		801
		NiSource, Inc.,
	184	2.65%, 11/17/2022		180
	300	3.85%, 02/15/2023		307
	100	3.95%, 03/30/2048		95
	16	6.80%, 01/15/2019		16
	6	San Diego Gas & Electric Co., 5.35%, 05/15/2040		7
		Sempra Energy,
	192	4.05%, 12/01/2023		198
	1,400	9.80%, 02/15/2019		1,492
		Southern Co. Gas Capital Corp.,
	939	3.50%, 09/15/2021		946
	550	5.25%, 08/15/2019		569
				6,370
		Water Utilities — 0.1%
		American Water Capital Corp.,
	364	3.40%, 03/01/2025		363
	1,400	3.85%, 03/01/2024		1,440
				1,803
		Total Utilities		53,356
		Total Corporate Bonds (Cost $454,682)		453,144
	Foreign Government Securities — 0.3%
	300	Republic of Colombia, (Colombia), 7.38%, 09/18/2037		383
	347	Republic of Panama, (Panama), 4.00%, 09/22/2024		358
		United Mexican States, (Mexico),
	1,076	3.60%, 01/30/2025		1,053
	568	3.63%, 03/15/2022		578
	694	4.00%, 10/02/2023		707
	332	4.13%, 01/21/2026		335
		Total Foreign Government Securities (Cost $3,404)		3,414

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — 7.8%
	19	FHLMC Gold Pools, 15 Year, Single Family, 5.50%, 02/01/2024		19
	104	FHLMC Gold Pools, 20 Year, Single Family, 5.50%, 05/01/2027		113
		FHLMC Gold Pools, 30 Year, Single Family,
	1,339	4.50%, 05/01/2041		1,415
	231	5.00%, 10/01/2033		252
	2	6.00%, 12/01/2036		2
	1,495	FHLMC Gold Pools, Other, 3.50%, 06/01/2042		1,502
	2,415	FNMA, ARM, 1.93%, 01/01/2023 (z)		2,416
	10	FNMA, 15 Year, Single Family,
		6.00%, 10/01/2019 - 01/01/2024		10
	1,160	FNMA, 20 Year, Single Family, 3.50%, 08/01/2032		1,181
		FNMA, 30 Year, Single Family,
	5,211	4.00%, 09/01/2047 - 12/01/2047		5,394
	840	5.00%, 08/01/2040		908
	574	6.00%, 12/01/2032 - 04/01/2035		642
	745	6.50%, 10/01/2036 - 10/01/2038		848
	481	7.00%, 04/01/2037 - 11/01/2038		550
		FNMA, Other,
	2,318	1.74%, 05/01/2020		2,280
	1,867	1.94%, 07/01/2019		1,850
	4,800	2.01%, 06/01/2020		4,726
	897	2.19%, 12/01/2022		868
	2,464	2.34%, 12/01/2022		2,397
	3,746	2.35%, 05/01/2023 - 08/01/2028		3,563
	1,509	2.40%, 01/01/2022		1,483
	3,130	2.40%, 07/01/2023		3,044
	3,636	2.41%, 01/01/2023		3,549
	1,700	2.46%, 10/01/2026		1,603
	850	2.49%, 05/01/2026		813
	3,000	2.52%, 05/01/2023		2,933
	2,002	2.53%, 03/01/2023		1,962
	2,400	2.57%, 08/01/2028		2,254
	996	2.59%, 11/01/2021		988
	860	2.61%, 06/01/2026		821
	1,310	2.63%, 09/01/2021		1,300
	3,176	2.64%, 06/01/2026		3,040
	2,000	2.65%, 08/01/2022		1,977
	2,000	2.67%, 07/01/2022		1,979
	2,002	2.68%, 05/01/2025		1,961
	2,425	2.71%, 04/01/2023		2,396
	2,200	2.81%, 04/01/2025		2,164
	1,070	2.90%, 06/01/2022		1,069
	500	2.99%, 07/01/2029		482
	1,437	3.02%, 06/01/2025		1,430

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 189

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	3,640	3.03%, 12/01/2021 - 04/01/2027		3,609
	500	3.04%, 07/01/2029		482
	1,871	3.05%, 10/01/2020		1,878
	495	3.06%, 07/01/2029		485
	5,000	3.10%, 09/01/2025 - 01/01/2028		4,961
	1,307	3.11%, 10/01/2021		1,317
	1,443	3.37%, 11/01/2020		1,465
	1,496	3.38%, 12/01/2023		1,522
	968	3.48%, 12/01/2020		984
	4,939	3.50%, 05/01/2043 - 06/01/2043		4,959
	1,625	3.59%, 10/01/2020		1,658
	1,150	3.69%, 11/01/2023		1,186
	875	3.74%, 06/01/2018		875
	3,400	3.77%, 09/01/2021		3,502
	1,925	3.82%, 05/01/2022		1,979
	1,161	3.86%, 07/01/2021		1,197
	2,569	4.00%, 07/01/2042		2,649
	1,000	4.04%, 10/01/2020		1,029
	1,689	4.25%, 10/01/2028		1,764
	978	4.26%, 07/01/2021		1,019
	3,172	4.30%, 06/01/2021		3,303
	1,803	4.33%, 04/01/2021		1,877
	708	4.37%, 02/01/2020		730
	207	GNMA II, 30 Year, Single Family, 6.00%, 09/20/2038		230
		Total Mortgage-Backed Securities (Cost $114,767)		112,844
	U.S. Government Agency Securities — 12.8%
		FHLMC,
	37,000	1.75%, 05/30/2019		36,808
	16,000	2.38%, 01/13/2022		15,863
		FNMA,
	8,333	1.25%, 08/17/2021		7,982
	14,000	1.88%, 09/24/2026		12,744
	53,500	2.00%, 01/05/2022		52,295
	11,335	2.13%, 04/24/2026		10,626

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	47,000	2.63%, 09/06/2024		46,265
	800	Resolution Funding Corp. STRIPS, 1.75%, 07/15/2020 (n)		758
	735	Tennessee Valley Authority, 1.75%, 10/15/2018		734
		Total U.S. Government Agency Securities (Cost $187,724)		184,075
	U.S. Treasury Obligations — 26.0%
		U.S. Treasury Inflation Indexed Notes,
	75,000	0.13%, 04/15/2019		78,964
	20,000	0.13%, 04/15/2021		20,612
	26,000	0.13%, 04/15/2022		25,940
	107,770	0.13%, 07/15/2024		108,854
	43,043	0.38%, 01/15/2027		42,534
	4,000	0.38%, 07/15/2027		3,906
	1,000	0.63%, 01/15/2024		1,059
	3,410	1.38%, 01/15/2020		3,980
	60,000	1.88%, 07/15/2019		71,363
	15,000	2.13%, 01/15/2019		17,588
		Total U.S. Treasury Obligations (Cost $375,669)		374,800
SHARES
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	17,632	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) † (Cost $17,640)		17,633
		Total Investments — 100.3% (Cost $1,456,343)		1,445,442
		Liabilities in Excess of Other Assets — (0.3)%		(4,466	)
		NET ASSETS — 100.0%	$	1,440,976

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of February 28, 2018:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE  AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

CPI-U at termination

1.44 at termination

Receive

Morgan Stanley

09/17/2020

USD

93,000

2,233

CPI-U at termination

1.53 at termination

Receive

Deutsche Bank AG

10/13/2020

USD

18,000

387

CPI-U at termination

1.57 at termination

Receive

Deutsche Bank AG

01/30/2020

USD

35,000

293

CPI-U at termination

1.59 at termination

Receive

Citibank, NA

06/24/2021

USD

15,000

480

CPI-U at termination

1.75 at termination

Receive

Deutsche Bank AG

04/02/2020

USD

32,000

418

CPI-U at termination

1.82 at termination

Receive

Barclays Bank plc

11/08/2021

USD

25,000

507

CPI-U at termination

1.82 at termination

Receive

Deutsche Bank AG

11/08/2021

USD

25,000

507

CPI-U at termination

1.87 at termination

Receive

Citibank, NA

10/24/2021

USD

25,000

455

CPI-U at termination

1.89 at termination

Receive

BNP Paribas

08/31/2022

USD

75,000

1,528

CPI-U at termination

2.00 at termination

Receive

Deutsche Bank AG

10/13/2045

USD

3,000

254

CPI-U at termination

2.02 at termination

Receive

Barclays Bank plc

01/15/2022

USD

39,000

263

CPI-U at termination

2.06 at termination

Receive

Morgan Stanley

11/13/2022

USD

9,000

97

CPI-U at termination

2.08 at termination

Receive

BNP Paribas

11/13/2022

USD

13,000

133

CPI-U at termination

2.14 at termination

Receive

Barclays Bank plc

03/02/2020

USD

36,000

—

(h)

CPI-U at termination

2.14 at termination

Receive

Citibank, NA

03/02/2020

USD

136,000

—

(h)

CPI-U at termination

2.13 at termination

Receive

Union Bank of Switzerland AG

03/02/2020

USD

50,000

—

(h)

CPI-U at termination

2.17 at termination

Receive

BNP Paribas

04/04/2024

USD

12,400

30

CPI-U at termination

2.18 at termination

Receive

Barclays Bank plc

10/16/2027

USD

30,000

505

CPI-U at termination

2.26 at termination

Receive

Barclays Bank plc

12/06/2047

USD

8,800

260

8,350

CPI-U at termination

2.27 at termination

Receive

BNP Paribas

02/06/2024

USD

25,000

(34

)

CPI-U at termination

2.32 at termination

Receive

Credit Suisse International

07/15/2020

USD

50,000

(2,384

)

CPI-U at termination

2.34 at termination

Receive

Bank of America NA

02/06/2028

USD

25,000

(100

)

CPI-U at termination

2.42 at termination

Receive

Deutsche Bank AG

12/15/2024

USD

42,000

(189

)

CPI-U at termination

2.44 at termination

Receive

Barclays Bank plc

05/15/2024

USD

5,000

(277

)

CPI-U at termination

2.46 at termination

Receive

Citibank, NA

05/21/2024

USD

13,000

(750

)

CPI-U at termination

2.48 at termination

Receive

Citibank, NA

09/02/2024

USD

3,000

(181

)

CPI-U at termination

2.48 at termination

Receive

Deutsche Bank AG

02/21/2024

USD

10,000

(588

)

CPI-U at termination

2.48 at termination

Receive

Royal Bank of Scotland

03/17/2024

USD

2,000

(117

)

CPI-U at termination

2.50 at termination

Receive

Deutsche Bank AG

03/06/2018

USD

49,000

(2,806

)

CPI-U at termination

2.50 at termination

Receive

Morgan Stanley

02/04/2024

USD

15,000

(915

)

CPI-U at termination

2.62 at termination

Receive

Citibank, NA

10/07/2024

USD

10,000

(144

)

CPI-U at termination

2.67 at termination

Receive

Morgan Stanley

09/12/2044

USD

2,000

(273

)

CPI-U at termination

2.70 at termination

Receive

Barclays Bank plc

09/03/2044

USD

4,000

(584

)

CPI-U at termination

2.71 at termination

Receive

Barclays Bank plc

09/02/2044

USD

9,000

(1,329

)

CPI-U at termination

2.73 at termination

Receive

Royal Bank of Scotland

02/10/2044

USD

5,000

(782

)

(11,453

)

(3,103

)

(a) Value of floating rate index at February 28, 2018 was 2.50%.

There are no upfront payments (receipts) on the swap contracts listed above.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 191

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

Summary of total swap contracts outstanding as of February 28, 2018:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Inflation linked swaps outstanding		—		8,350
Total OTC swap contracts outstanding		—		8,350
Liabilities
OTC Inflation linked swaps outstanding		—		(11,453	)
Total OTC swap contracts outstanding		—		(11,453	)

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 21.3%
	1,105	Accredited Mortgage Loan Trust, Series 2003-3, Class A1, SUB, 5.21%, 01/25/2034 (bb)		1,133
	225	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-7, Class M1, 2.90%,08/25/2033 (z) (bb)		224
		Amortizing Residential Collateral Trust,
	82	Series 2002-BC4, Class A, 2.20%, 07/25/2032 (z) (bb)		81
	497	Series 2002-BC6, Class M1, 2.75%, 08/25/2032 (z) (bb)		488
	2,148	Series 2002-BC9, Class M1, 3.27%, 12/25/2032 (z) (bb)		2,140
		AMRESCO Residential Securities Corp. Mortgage Loan Trust,
	272	Series 1998-1, Class M1A, 2.05%, 01/25/2028 (z) (bb)		271
	395	Series 1998-3, Class M1A, 2.25%, 09/25/2028 (z) (bb)		396
	271	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE7, Class M2, 4.18%, 12/15/2033 (z) (bb)		271
	149	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		148
		B2R Mortgage Trust,
	836	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		827
	2,222	Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		2,219
	1,700	Bank of The West Auto Trust, Series 2017-1, Class A3, 2.11%, 01/15/2023 (e)		1,676
	318	BCC Funding Corp. X, Series 2015-1, Class A2, 2.22%, 10/20/2020 (e)		317
	1,958	Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE1, Class M2, 2.87%, 01/25/2035 (z) (bb)		1,929
	671	Bear Stearns Asset-Backed Securities Trust, Series 2003-SD1, Class A, 2.52%, 12/25/2033 (z) (bb)		665
	11	BNC Mortgage Loan Trust, Series 2007-2, Class A2, 1.72%, 05/25/2037 (z) (bb)		11
	4,034	Cabela’s Credit Card Master Note Trust, Series 2016-1, Class A1, 1.78%, 06/15/2022		3,994
	457	California Republic Auto Receivables Trust, Series 2015-3, Class A3, 1.62%, 11/15/2019		457

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		CarMax Auto Owner Trust,
	1,278	Series 2015-2, Class A3, 1.37%, 03/16/2020		1,274
	3,509	Series 2015-4, Class A3, 1.56%, 11/16/2020		3,493
	245	Centex Home Equity Loan Trust, Series 2002-A, Class MV1, 2.47%, 01/25/2032 (z) (bb)		240
	1,903	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.77%, 10/15/2020 (e)		1,899
	903	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.71%, 05/15/2023 (e)		899
	3,206	CLUB Credit Trust, Series 2017-P2, Class A, 2.61%, 01/15/2024 (e)		3,199
	3,062	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		3,005
		Countrywide Asset-Backed Certificates,
	78	Series 2002-1, Class A, 2.18%, 08/25/2032 (z) (bb)		68
	113	Series 2003-BC2, Class 2A1, 2.22%, 06/25/2033 (z) (bb)		107
	435	Series 2003-BC5, Class M1, 2.67%, 09/25/2033 (z) (bb)		405
	213	Series 2004-2, Class M4, 3.12%, 03/25/2034 (z) (bb)		213
	82	Series 2004-S1, Class M2, SUB, 5.58%, 02/25/2035 (bb)		82
	106	Countrywide Home Equity Loan Trust, Series 2004-A, Class A, 1.81%, 04/15/2030 (z) (bb)		104
		CPS Auto Receivables Trust,
	1,473	Series 2016-B, Class B, 3.18%, 09/15/2020 (e)		1,479
	4,671	Series 2017-B, Class B, 2.33%, 05/17/2021 (e)		4,640
	2,517	Series 2017-D, Class B, 2.43%, 01/18/2022 (e)		2,492
	5,489	Credit Acceptance Auto Loan Trust, Series 2017-2A, Class B, 3.02%, 04/15/2026 (e)		5,375
		CWHEQ Revolving Home Equity Loan Trust,
	231	Series 2005-E, Class 2A, 1.81%, 11/15/2035 (z) (bb)		213
	1,046	Series 2005-M, Class A1, 1.83%, 02/15/2036 (z) (bb)		979
	10,280	Discover Card Execution Note Trust, Series 2014-A1, Class A1, 2.02%, 07/15/2021 (z)		10,304

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 193

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Drive Auto Receivables Trust,
	2,099	Series 2017-1, Class C, 2.84%, 04/15/2022		2,099
	726	Series 2017-BA, Class B, 2.20%, 05/15/2020 (e)		726
		DT Auto Owner Trust,
	34	Series 2016-2A, Class B, 2.92%, 05/15/2020 (e)		33
	1,838	Series 2017-3A, Class B, 2.40%, 05/17/2021 (e)		1,830
	1,990	Series 2017-4A, Class B, 2.44%, 01/15/2021 (e)		1,983
		Exeter Automobile Receivables Trust,
	641	Series 2016-2A, Class A, 2.21%, 07/15/2020 (e)		641
	5,000	Series 2017-3A, Class B, 2.81%, 09/15/2022 (e)		4,952
		First Franklin Mortgage Loan Trust,
	98	Series 2002-FF1, Class M1, 2.67%, 04/25/2032 (z) (bb)		88
	578	Series 2002-FF4, Class M1, 3.20%, 02/25/2033 (z) (bb)		445
	278	Series 2003-FFH1, Class M2, 4.25%, 09/25/2033 (z) (bb)		254
	441	Series 2004-FF8, Class M4, 3.23%, 10/25/2034 (z) (bb)		233
	2,580	First Investors Auto Owner Trust, Series 2016-2A, Class A2, 1.87%, 11/15/2021 (e)		2,560
	504	First NLC Trust, Series 2005-2, Class M1, 2.10%, 09/25/2035 (z) (bb)		507
	2,080	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		2,070
		Flagship Credit Auto Trust,
	267	Series 2016-2, Class A1, 2.28%, 05/15/2020 (e)		267
	2,260	Series 2017-2, Class B, 2.57%, 04/15/2023 (e)		2,234
	1,870	Ford Credit Auto Lease Trust, Series 2017-B, Class A4, 2.17%, 02/15/2021		1,851
		Ford Credit Auto Owner Trust,
	612	Series 2015-B, Class A3, 1.16%, 11/15/2019		611
	1,347	Series 2016-B, Class A3, 1.33%, 10/15/2020		1,338
	3,580	Fremont Home Loan Trust, Series 2005-C, Class M2, 2.36%, 07/25/2035 (z) (bb)		3,580
	4,805	GLS Auto Receivables Trust, Series 2018-1A, Class A, 2.82%, 07/15/2022 (e)		4,792

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		GM Financial Automobile Leasing Trust,
	113	Series 2015-2, Class A3, 1.68%, 12/20/2018		113
	1,666	Series 2018-1, Class A4, 2.68%, 12/20/2021		1,660
	3,600	Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053 (e)		3,521
	96	GreenPoint Mortgage Funding Trust, Series 2005-HE3, Class A, 1.77%, 09/15/2030 (z) (bb)		82
	838	Harley-Davidson Motorcycle Trust, Series 2015-2, Class A3, 1.30%, 03/16/2020		837
	3,163	Hero Funding, (Cayman Islands), Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		3,197
	2,601	Hertz Vehicle Financing II LP, Series 2017-2A, Class A, 3.29%, 10/25/2023 (e)		2,575
	25	Home Loan Trust, Series 2001-HI4, Class A7, SUB, 7.24%, 10/25/2026 (bb)		25
	52	Irwin Home Equity Loan Trust, Series 2004-1, Class 1A1, 1.94%, 12/25/2024 (z) (bb)		49
	3,600	Kabbage Asset Securitization LLC, Series 2017-1, Class A, 4.57%, 03/15/2022 (e)		3,660
	12	Lehman Home Equity Loan Trust, Series 1998-1, Class A1, 7.00%, 05/25/2028 (bb)		3
		Lendmark Funding Trust,
	2,174	Series 2017-1A, Class A, 2.83%, 01/22/2024 (e)		2,163
	1,735	Series 2017-2A, Class A, 2.80%, 05/20/2026 (e)		1,726
	149	Long Beach Mortgage Loan Trust, Series 2004-1, Class M3, 2.67%, 02/25/2034 (z) (bb)		148
	2,745	Marlette Funding Trust, Series 2017-2A, Class A, 2.39%, 07/15/2024 (e)		2,744
	7,500	Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M5, 2.60%, 04/25/2035 (z) (bb)		7,573
		Nationstar HECM Loan Trust,
	694	Series 2017-1A, Class A, 1.97%, 05/25/2027 (e)		692
	1,567	Series 2017-2A, Class A1, 2.04%, 09/25/2027 (e) (z)		1,561
	262	New Century Home Equity Loan Trust, Series 2003-5, Class AII, 2.42%, 11/25/2033 (z) (bb)		212

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,612	Nissan Auto Lease Trust, Series 2017-B, Class A4, 2.17%, 12/15/2021		1,595
	2,009	Ocwen Master Advance Receivables Trust, Series 2017-T1, Class AT1, 2.50%, 09/15/2048 (e)		2,011
		OneMain Direct Auto Receivables Trust,
	382	Series 2016-1A, Class A, 2.04%, 01/15/2021 (e)		382
	5,152	Series 2017-2A, Class B, 2.55%, 11/14/2023 (e)		5,100
		OneMain Financial Issuance Trust,
	2,532	Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		2,541
	1,133	Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		1,133
	2,750	Oportun Funding VI LLC, Series 2017-A, Class A, 3.23%, 06/08/2023 (e)		2,715
	2,130	Oportun Funding VII LLC, Series 2017-B, Class A, 3.22%, 10/10/2023 (e)		2,100
	23	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-WHQ2, Class M2, 2.57%, 02/25/2035 (z) (bb)		24
		Progress Residential Trust,
	3,239	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		3,223
	5,466	Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e) (bb)		5,451
	998	Series 2017-SFR1, Class A, 2.77%, 08/17/2034 (e)		982
	2,795	Series 2018-SFR1, Class A, 3.26%, 03/17/2035 (e)		2,781
	2,121	Prosper Marketplace Issuance Trust, Series 2017-3A, Class A, 2.36%, 11/15/2023 (e)		2,116
	523	RASC Trust, Series 2003-KS4, Class MI2, SUB, 5.51%, 06/25/2033 (bb)		466
		SoFi Consumer Loan Program LLC,
	1,584	Series 2016-1, Class A, 3.26%, 08/25/2025 (e)		1,585
	1,042	Series 2016-3, Class A, 3.05%, 12/26/2025 (e)		1,042
	1,003	Series 2017-1, Class A, 3.28%, 01/26/2026 (e)		1,007
	1,092	Series 2017-3, Class A, 2.77%, 05/25/2026 (e)		1,086
	1,458	Series 2017-4, Class A, 2.50%, 05/26/2026 (e)		1,444
	3,445	Series 2017-5, Class A2, 2.78%, 09/25/2026 (e)		3,393

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		SoFi Professional Loan Program LLC,
	962	Series 2013-A, Class A, 3.75%, 12/25/2029 (e)		966
	294	Series 2014-B, Class A1, 2.87%, 08/25/2032 (e) (z)		298
	694	Series 2015-A, Class A1, 2.82%, 03/25/2033 (e) (z)		702
	1,310	Series 2015-B, Class A1, 2.67%, 04/25/2035 (e) (z)		1,330
	996	Series 2015-C, Class A1, 2.67%, 08/27/2035 (e) (z)		1,007
	1,657	Series 2016-B, Class A1, 2.82%, 06/25/2033 (e) (z)		1,685
	2,867	Series 2017-E, Class A1, 2.12%, 11/26/2040 (e) (z)		2,876
	919	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/2029 (e)		919
	82	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A3, 2.32%, 04/25/2033 (z) (bb)		81
	3,077	Synchrony Credit Card Master Note Trust, Series 2017-2, Class A, 2.62%, 10/15/2025		3,019
	3,103	Tesla Auto Lease Trust, Series 2018-A, Class A, 2.32%, 12/20/2019 (e)		3,100
	4,445	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (e) (bb)		4,341
	2,925	U.S. Residential Opportunity Fund II Trust, Series 2017-1II, Class A, SUB, 3.35%, 11/27/2037 (e) (bb)		2,904
		U.S. Residential Opportunity Fund IV Trust,
	2,885	Series 2017-1IV, Class A, SUB, 3.35%, 11/27/2037 (e) (bb)		2,862
	2,889	Series 2017-1III, Class A, SUB, 3.35%, 11/27/2037 (e) (bb)		2,879
	3,500	Verizon Owner Trust, Series 2017-3A, Class A1B, 1.86%, 04/20/2022 (e) (z)		3,507
	677	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		678
	1,296	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		1,292
	1,199	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.37%, 04/25/2047 (e) (bb)		1,198
	997	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		991
	6,283	VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.37%, 10/25/2047 (e)		6,274
	909	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		911

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 195

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,827		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		2,827
	2,754		Westgate Resorts LLC, Series 2016-1A, Class A, 3.50%, 12/20/2028 (e)		2,753
			Total Asset-Backed Securities (Cost $216,326)		214,929
	Collateralized Mortgage Obligations — 48.8%
			Alternative Loan Trust,
	447		Series 2004-33, Class 3A3, 3.45%, 12/25/2034 (z)		444
	10		Series 2004-J4, Class 1A6, SUB, 5.40%, 06/25/2034		10
			Banc of America Funding Trust,
	196		Series 2005-E, Class 5A1, 3.75%, 05/20/2035 (z)		196
	296		Series 2006-1, Class 2A1, 5.50%, 01/25/2036		289
			Banc of America Mortgage Trust,
	416		Series 2004-D, Class 2A2, 3.68%, 05/25/2034 (z)		419
	75		Series 2005-A, Class 3A1, 3.85%, 02/25/2035 (z)		75
	383		Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC6, Class M1, 2.63%, 11/25/2034 (z) (bb)		106
			CHL Mortgage Pass-Through Trust,
	55		Series 2004-HYB8, Class 1A1, 2.30%, 01/20/2035 (z)		52
	125		Series 2005-1, Class 1A2, 2.32%, 03/25/2035 (z)		10
	—	(h)	Collateralized Mortgage Obligation Trust, Series 50, Class B, PO, 10/01/2018 (bb)		—	(h)
			Credit Suisse First Boston Mortgage Securities Corp.,
	719		Series 2004-5, Class 4A1, 6.00%, 09/25/2034		731
	79		Series 2005-5, Class 1A1, 5.00%, 07/25/2020		79
	719		CSFB Mortgage-Backed Pass-Through, Series 2003-AR24, Class 2A4, 3.64%, 10/25/2033 (z)		717
	203		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 2A1, 5.71%, 02/25/2020 (z)		204
	76		FHLMC - GNMA, Series 1, Class S, IF, IO, 7.34%, 10/25/2022 (z)		5
			FHLMC REMIC,
	1		Series 1071, Class F, 2.54%, 04/15/2021 (z)		1

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	7		Series 1343, Class LA, 8.00%, 08/15/2022		7
	6		Series 1370, Class JA, 2.74%, 09/15/2022 (z)		6
	5		Series 1379, Class W, 2.67%, 10/15/2022 (z)		5
	1		Series 1508, Class KA, 1.35%, 05/15/2023 (z)		1
	95		Series 1689, Class M, PO, 03/15/2024		89
	51		Series 1771, Class PK, 8.00%, 02/15/2025		56
	85		Series 1974, Class ZA, 7.00%, 07/15/2027		93
	15		Series 1981, Class Z, 6.00%, 05/15/2027		16
	50		Series 2033, Class PR, PO, 03/15/2024		47
	2		Series 2261, Class ZY, 7.50%, 10/15/2030		1
	—	(h)	Series 2289, Class NA, 10.18%, 05/15/2020 (z)		—	(h)
	28		Series 2338, Class FN, 2.09%, 08/15/2028 (z)		28
	56		Series 2416, Class SA, IF, 12.54%, 02/15/2032 (z)		69
	47		Series 2416, Class SH, IF, 12.82%, 02/17/2032 (z)		56
	10		Series 2477, Class FZ, 2.14%, 06/15/2031 (z)		10
	292		Series 3085, Class VS, HB, IF, 22.37%, 12/15/2035 (z)		444
	357		Series 3300, Class FA, 1.89%, 08/15/2035 (z)		356
	1,017		Series 3737, Class DG, 5.00%, 10/15/2030		1,079
	1,053		Series 3832, Class PL, 5.00%, 08/15/2039		1,083
	410		Series 3841, Class JF, 1.99%, 10/15/2038 (z)		412
	3,660		Series 3860, Class FP, 1.99%, 06/15/2040 (z)		3,673
	1,126		Series 3952, Class MA, 3.00%, 11/15/2021		1,129
	6,011		Series 4074, Class FE, 1.99%, 07/15/2042 (z)		6,010
	4,764		Series 4111, Class FA, 1.94%, 08/15/2039 (z)		4,770
	3,519		Series 4120, Class KI, IO, 3.00%, 10/15/2032		330
	11,412		Series 4150, Class F, 1.96%, 01/15/2043 (z)		11,367
	12,735		Series 4150, Class GE, 2.00%, 01/15/2033		12,247
	8,482		Series 4161, Class YF, 1.96%, 02/15/2043 (z)		8,421
	4,358		Series 4206, Class DA, 2.00%, 05/15/2033		4,174
	8,979		Series 4281, Class FB, 2.14%, 12/15/2043 (z)		8,939

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	10,050		Series 4350, Class AF, 1.92%, 12/15/2037 (z)		9,939
	9,004		Series 4350, Class FK, 1.92%, 06/15/2038 (z)		8,955
	1,320		Series 4350, Class KF, 1.92%, 01/15/2039 (z)		1,301
	9,260		Series 4363, Class FA, 1.94%, 09/15/2041 (z)		9,155
	7,079		Series 4413, Class WF, 1.92%, 10/15/2041 (z)		7,021
	10,178		Series 4448, Class TF, 1.89%, 05/15/2040 (z)		10,104
	20,464		Series 4457, Class KF, 1.92%, 10/15/2040 (z)		20,385
	9,769		Series 4480, Class FM, 1.92%, 06/15/2040 (z)		9,764
	6,142		Series 4515, Class FA, 1.94%, 08/15/2038 (z)		6,126
	5,237		Series 4559, Class AF, 2.07%, 03/15/2042 (z)		5,236
	4,649		Series 4594, Class GN, 2.50%, 02/15/2045		4,534
	11,579		Series 4606, Class FL, 2.09%, 12/15/2044 (z)		11,682
	14,676		FHLMC STRIPS, Series 328, Class S4, IF, IO, 1.70%, 02/15/2038 (z)		966
	971		FHLMC Structured Agency Credit Risk Debt Notes, Series 2013-DN1, Class M1, 5.02%, 07/25/2023 (z) (bb)		979
			FHLMC Structured Pass-Through Securities Certificates,
	58		Series T-51, Class 1APO, PO, 09/25/2042		50
	2,266		Series T-54, Class 4A, 3.61%, 02/25/2043 (z)		2,273
	128		First Horizon Alternative Mortgage Securities Trust, Series 2005-FA10, Class 2A1, 5.25%, 12/25/2020		123
	497		First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1, 3.71%, 12/25/2034 (z)		500
			FNMA Grantor Trust,
	335		Series 2001-T8, Class A1, 7.50%, 07/25/2041		380
	1,047		Series 2002-T6, Class A4, 4.01%, 03/25/2041 (z)		1,073
			FNMA REMIC,
	—	(h)	Series 1988-15, Class B, 2.17%, 06/25/2018 (z)		—	(h)
	—	(h)	Series 1989-77, Class J, 8.75%, 11/25/2019		—	(h)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	—	(h)	Series 1989-89, Class H, 9.00%, 11/25/2019		—	(h)
	10		Series 1990-64, Class Z, 10.00%, 06/25/2020		10
	10		Series 1990-145, Class A, 2.12%, 12/25/2020 (z)		10
	32		Series 1991-142, Class PL, 8.00%, 10/25/2021		34
	27		Series 1991-156, Class F, 2.92%, 11/25/2021 (z)		27
	—	(h)	Series 1992-91, Class SQ, HB, IF, 7,889.30%, 05/25/2022 (z)		2
	50		Series 1992-112, Class GB, 7.00%, 07/25/2022		53
	2		Series 1992-154, Class SA, IF, IO, 5.40%, 08/25/2022 (z)		—	(h)
	22		Series 1992-200, Class FK, 2.05%, 11/25/2022 (z)		23
	25		Series 1993-27, Class S, IF, 7.32%, 02/25/2023 (z)		27
	54		Series 1993-110, Class H, 6.50%, 05/25/2023		58
	6		Series 1993-119, Class H, 6.50%, 07/25/2023		6
	51		Series 1993-146, Class E, PO, 05/25/2023		48
	24		Series 1993-165, Class FH, 2.77%, 09/25/2023 (z)		25
	121		Series 1993-179, Class FM, 2.00%, 10/25/2023 (z)		124
	27		Series 1997-74, Class E, 7.50%, 10/20/2027		31
	182		Series 2001-9, Class F, 1.84%, 02/17/2031 (z)		183
	63		Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		14
	—	(h)	Series 2003-17, Class FN, 1.92%, 03/25/2018 (z)		—	(h)
	20		Series 2003-21, Class FK, 2.02%, 03/25/2033 (z)		20
	560		Series 2004-17, Class BF, 1.97%, 01/25/2034 (z)		561
	816		Series 2006-3, Class SB, IF, IO, 5.08%, 07/25/2035 (z)		85
	546		Series 2006-16, Class HZ, 5.50%, 03/25/2036		584
	1,880		Series 2006-124, Class FC, 1.97%, 01/25/2037 (z)		1,872
	2,886		Series 2012-38, Class PA, 2.00%, 09/25/2041		2,743

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 197

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	4,773		Series 2012-93, Class ME, 2.50%, 01/25/2042		4,661
	3,469		Series 2012-114, Class VE, 3.50%, 10/25/2025		3,493
	10,581		Series 2012-119, Class FB, 1.97%, 11/25/2042 (z)		10,518
	2,097		Series 2013-6, Class FL, 2.02%, 02/25/2043 (z)		2,105
	4,107		Series 2013-15, Class DC, 2.00%, 03/25/2033		3,921
	4,481		Series 2013-23, Class KJ, 2.25%, 05/25/2042		4,296
	3,844		Series 2013-26, Class AV, 3.50%, 04/25/2026		3,857
	2,566		Series 2013-43, Class YH, 2.50%, 05/25/2033		2,508
	8,315		Series 2013-54, Class HF, 1.82%, 10/25/2041 (z)		8,318
	486		Series 2014-49, Class AF, 1.89%, 08/25/2044 (z)		485
	5,609		Series 2014-66, Class WF, 1.92%, 10/25/2054 (z)		5,591
	12,797		Series 2015-42, Class BF, 1.88%, 06/25/2045 (z)		12,787
	10,898		Series 2015-91, Class AF, 1.94%, 12/25/2045 (z)		10,831
	18,223		Series 2016-25, Class LA, 3.00%, 07/25/2045		18,098
	6,562		Series 2016-33, Class JA, 3.00%, 07/25/2045		6,503
	4,876		Series 2017-104, Class LA, 3.00%, 11/25/2047		4,825
	5,106		Series 2017-108, Class PA, 3.00%, 06/25/2047		5,052
	—	(h)	Series G92-44, Class ZQ, 8.00%, 07/25/2022		—	(h)
	344		Series G94-9, Class PJ, 6.50%, 08/17/2024		369
			FNMA REMIC Trust,
	232		Series 2003-W1, Class 2A, 6.04%, 12/25/2042 (z)		256
	1,003		Series 2003-W4, Class 5A, 3.64%, 10/25/2042 (z)		1,014
	1,171		Series 2003-W15, Class 3A, 4.05%, 12/25/2042 (z)		1,251
	597		Series 2009-W1, Class A, 6.00%, 12/25/2049		662
			FNMA STRIPS,
	25		Series 343, Class 23, IO, 4.00%, 10/25/2018		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	34	Series 343, Class 27, HB, IO, 4.50%, 01/25/2019		—	(h)
	399	FNMA Trust, Series 2004-W2, Class 4A, 3.49%, 02/25/2044 (z)		412
		FNMA, Connecticut Avenue Securities,
	561	Series 2013-C01, Class M1, 3.62%, 10/25/2023 (z)		564
	816	Series 2014-C01, Class M1, 3.22%, 01/25/2024 (z) (bb)		822
	2,207	Series 2014-C02, Class 1M1, 2.57%, 05/25/2024 (z) (bb)		2,215
	3,247	Series 2017-C01, Class 1M1, 2.92%, 07/25/2029 (z)		3,277
		GNMA,
	8	Series 2000-35, Class F, 2.14%, 12/16/2025 (z)		8
	124	Series 2002-31, Class FC, 1.87%, 09/26/2021 (z)		124
	3,138	Series 2010-166, Class GP, 3.00%, 04/20/2039		3,138
	5,800	Series 2012-61, Class FM, 1.99%, 05/16/2042 (z)		5,820
	3,042	Series 2012-H21, Class FA, 2.06%, 07/20/2062 (z)		3,051
	15,344	Series 2013-H16, Class FA, 2.10%, 07/20/2063 (z)		15,394
	16,040	Series 2014-H07, Class FC, 2.16%, 05/20/2064 (z)		16,172
	5,056	Series 2014-H11, Class JA, 2.06%, 06/20/2064 (z)		5,074
	13,444	Series 2014-H17, Class FM, 1.86%, 08/20/2064 (z)		13,482
	7,320	Series 2015-H03, Class FD, 2.20%, 01/20/2065 (z)		7,356
	14,783	Series 2015-H04, Class FL, 2.03%, 02/20/2065 (z)		14,813
	7,964	Series 2015-H12, Class FA, 2.04%, 05/20/2065 (z)		7,987
	17,136	Series 2015-H12, Class FJ, 1.99%, 05/20/2065 (z)		17,141
	20,269	Series 2015-H14, Class FB, 1.99%, 05/20/2065 (z)		20,276
	14,105	Series 2015-H19, Class FN, 2.00%, 07/20/2065 (z)		14,123
	17,658	Series 2015-H23, Class TA, 2.03%, 09/20/2065 (z)		17,704
	754	GSAA Trust, Series 2004-CW1, Class 1A1, 5.50%, 04/01/2034		777
	321	GSR Mortgage Loan Trust, Series 2004-10F, Class 7A1, 5.50%, 09/25/2034		325

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Impac CMB Trust,
	13	Series 2004-3, Class 3A, 2.26%, 03/25/2034 (z)		13
	202	Series 2004-6, Class 1A2, 2.40%, 10/25/2034 (z)		198
	1,034	Series 2005-5, Class A1, 2.26%, 08/25/2035 (z)		961
	600	IndyMac INDA Mortgage Loan Trust, Series 2007-AR1, Class 1A1, 3.66%, 03/25/2037 (z)		581
	104	JP Morgan Mortgage Trust, Series 2003-A1, Class 1A1, 3.14%, 10/25/2033 (z)		105
		MASTR Adjustable Rate Mortgages Trust,
	206	Series 2003-5, Class 5A1, 3.25%, 10/25/2033 (z)		209
	247	Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		253
	829	Series 2004-13, Class 3A7B, 3.88%, 11/21/2034 (z)		847
	98	MASTR Seasoned Securitization Trust, Series 2003-1, Class 3A2, 2.02%, 02/25/2033 (z)		94
		Mellon Residential Funding Corp. Mortgage Pass-Through Certificates,
	274	Series 2001-TBC1, Class B1, 2.47%, 11/15/2031 (z) (bb)		253
	72	Series 2002-TBC1, Class B1, 2.59%, 09/15/2030 (z) (bb)		66
	36	Series 2002-TBC1, Class B2, 2.99%, 09/15/2030 (z) (bb)		34
		Merrill Lynch Mortgage Investors Trust,
	292	Series 2004-1, Class 2A3, 3.30%, 12/25/2034 (z)		293
	367	Series 2004-D, Class A1, 2.28%, 09/25/2029 (z)		367
	2,356	Metlife Securitization Trust, Series 2017-1A, Class A, 3.00%, 04/25/2055 (e) (z)		2,339
	3	ML Trust XLVII, Series 47, Class Z, 8.99%, 10/20/2020 (bb)		3
		Morgan Stanley Dean Witter Capital I, Inc. Trust,
	216	Series 2003-HYB1, Class A4, 2.85%, 03/25/2033 (z)		200
	132	Series 2003-HYB1, Class B1, 2.85%, 03/25/2033 (z) (bb)		85
		Morgan Stanley Mortgage Loan Trust,
	1,929	Series 2004-3, Class 4A, 5.67%, 04/25/2034 (z)		2,032
	248	Series 2004-5AR, Class 3A3, 3.38%, 07/25/2034 (z)		229

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,396	Series 2004-5AR, Class 3A5, 3.38%, 07/25/2034 (z)		1,393
	568	Series 2004-11AR, Class 1A2A, 1.93%, 01/25/2035 (z)		553
	164	MRFC Mortgage Pass-Through Trust, Series 2002-TBC2, Class B1, 2.44%, 08/15/2032 (z) (bb)		136
	1,122	NAAC Reperforming Loan REMIC Trust Certificates, Series 2004-R3, Class AF, 2.07%, 02/25/2035 (e) (z)		955
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	352	Series 2003-A3, Class A1, SUB, 5.50%, 08/25/2033		359
	11	Series 2004-AR1, Class 5A1, 2.38%, 08/25/2034 (z)		11
	562	Prime Mortgage Trust, Series 2005-2, Class 2A1, 6.37%, 10/25/2032 (z)		576
	792	RAITF, Series 2017-FL7, 2.54%, 06/15/2037 (z)		793
	33	RALI Trust, Series 2003-QS16, Class A1, 5.00%, 08/25/2018		34
		RFMSI Trust,
	2,075	Series 2005-SA2, Class 2A2, 3.79%, 06/25/2035 (z)		1,982
	587	Series 2006-SA4, Class 2A1, 4.72%, 11/25/2036 (z)		558
	45	Sequoia Mortgage Trust, Series 11, Class A, 2.49%, 12/20/2032 (z)		43
	147	Series 2003-3, Class A2, 2.48%, 07/20/2033 (z)		141
	1,141	Series 2004-11, Class A2, 2.27%, 12/20/2034 (z)		1,103
	101	Structured Asset Mortgage Investments II Trust, Series 2004-AR1, Class 1A1, 2.29%, 03/19/2034 (z)		100
	712	Structured Asset Mortgage Investments Trust, Series 2002-AR2, Class A3, 2.34%, 07/19/2032 (z)		587
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	1,620	Series 2003-24A, Class 2A, 3.48%, 07/25/2033 (z)		1,621
	1,262	Series 2003-29, Class 3A1, 4.84%, 09/25/2033 (z)		1,262
	652	Series 2003-40A, Class 4A, 3.51%, 01/25/2034 (z)		635
	2,934	Thornburg Mortgage Securities Trust, Series 2004-4, Class 5A, 3.13%, 12/25/2044 (z)		2,890

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 199

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		WaMu Mortgage Pass-Through Certificates Trust,
	1,066	Series 2004-AR3, Class A1, 3.22%, 06/25/2034 (z)		1,087
	535	Series 2004-AR11, Class A, 3.28%, 10/25/2034 (z)		536
		Wells Fargo Mortgage-Backed Securities Trust,
	248	Series 2003-K, Class 1A2, 3.56%, 11/25/2033 (z)		252
	317	Series 2005-AR16, Class 3A2, 3.68%, 03/25/2035 (z)		320
	49	Series 2006-17, Class A1, 5.50%, 11/25/2021		49
	72	Series 2007-3, Class 3A1, 5.50%, 04/25/2022		73
		Total Collateralized Mortgage Obligations (Cost $496,963)		494,009
	Commercial Mortgage-Backed Securities — 3.3%
		A10 Term Asset Financing LLC,
	829	Series 2016-1, Class A1, 2.42%, 03/15/2035 (e)		828
	1,917	Series 2017-1A, Class A2, 2.65%, 03/15/2036 (e)		1,891
	2,900	BAMLL Commercial Mortgage Securities Trust, Series 2013-DSNY, Class A, 2.64%, 09/15/2026 (e) (z)		2,901
		Bayview Commercial Asset Trust,
	278	Series 2004-3, Class A2, 2.04%, 01/25/2035 (e) (z)		275
	963	Series 2005-2A, Class A2, 1.97%, 08/25/2035 (e) (z)		916
	192	Series 2005-2A, Class M1, 2.05%, 08/25/2035 (e) (z) (bb)		183
	957	Series 2007-3, Class A2, 1.91%, 07/25/2037 (e) (z)		893
	2,416	BBCMS Trust, Series 2015-VFM, Class A1, 2.47%, 03/10/2036 (e)		2,295
	6,000	BHMS Mortgage Trust, Series 2014-ATLS, Class BFL, 3.53%, 07/05/2033 (e) (z) (bb)		6,018
	3,291	BXMT Ltd., Series 2017-FL1, Class A, 2.46%, 06/15/2035 (e) (z)		3,294
	3,323	Chicago Skyscraper Trust, Series 2017-SKY, Class A, 2.39%, 02/15/2030 (e) (z)		3,323
		Commercial Mortgage Trust,
	1,319	Series 2014-PAT, Class A, 2.38%, 08/13/2027 (e) (z)		1,319
	3,774	Series 2014-TWC, Class A, 2.43%, 02/13/2032 (e) (z)		3,776
	4,417	FNMA ACES, Series 2017-M15, Class ATS1, 2.99%, 11/25/2027		4,343

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,155	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		1,150
		Total Commercial Mortgage-Backed Securities (Cost $33,814)		33,405
	Corporate Bonds — 14.9%
		Consumer Discretionary — 0.8%
		Automobiles — 0.3%
	3,000	Nissan Motor Acceptance Corp., (ICE LIBOR USD 3 Month + 0.52%), 2.08%, 09/13/2019 (e) (aa)		3,011
		Media — 0.5%
	984	Discovery Communications LLC, 2.20%, 09/20/2019		974
	4,000	Walt Disney Co. (The), (ICE LIBOR USD 3 Month + 0.31%), 2.29%, 05/30/2019 (aa)		4,012
				4,986
		Total Consumer Discretionary		7,997
		Energy — 1.4%
		Oil, Gas & Consumable Fuels — 1.4%
	3,000	BP Capital Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 0.63%), 2.30%, 09/26/2018 (aa)		3,010
	1,810	Buckeye Partners LP, 4.88%, 02/01/2021		1,875
	2,882	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.63%, 05/05/2020		2,853
	1,525	ONEOK Partners LP, 3.20%, 09/15/2018		1,531
	1,628	Plains All American Pipeline LP, 2.60%, 12/15/2019		1,611
	684	Spectra Energy Partners LP, 2.95%, 09/25/2018		686
	3,000	Statoil ASA, (Norway), (ICE LIBOR USD 3 Month + 0.46%), 2.25%, 11/08/2018 (aa)		3,008
		Total Energy		14,574
		Financials — 9.7%
		Banks — 4.3%
		Bank of America Corp.,
	1,724	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		1,687
	289	Series L, 2.60%, 01/15/2019		289
	5,000	Bank of Montreal, (Canada), 1.35%, 08/28/2018		4,978
	3,169	Barclays plc, (United Kingdom), 2.88%, 06/08/2020		3,140
	3,000	BB&T Corp., (ICE LIBOR USD 3 Month + 0.66%), 2.43%, 02/01/2019 (aa)		3,014
	923	BNP Paribas, (France), 2.70%, 08/20/2018		925

SEE NOTES TO FINANCIAL STATEMENTS.

200 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Citigroup, Inc.,
	3,000	(ICE LIBOR USD 3 Month + 0.79%), 2.50%, 01/10/2020 (aa)		3,025
	4,000	(ICE LIBOR USD 3 Month + 1.07%), 2.59%, 12/08/2021 (aa)		4,071
	964	Discover Bank, 2.60%, 11/13/2018		965
	3,000	Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 1.06%), 2.62%, 09/13/2021 (aa)		3,048
		Mizuho Financial Group, Inc., (Japan),
	3,000	(ICE LIBOR USD 3 Month + 1.14%), 2.70%, 09/13/2021 (aa)		3,050
	4,000	(ICE LIBOR USD 3 Month + 0.94%), 2.92%, 02/28/2022 (aa)		4,038
	3,000	Royal Bank of Canada, (Canada), (ICE LIBOR USD 3 Month + 0.45%), 2.16%, 01/10/2019 (aa)		3,007
	3,000	Sumitomo Mitsui Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.97%), 2.67%, 01/11/2022 (aa)		3,029
	967	SunTrust Banks, Inc., 2.35%, 11/01/2018		966
	4,000	US Bank NA, (ICE LIBOR USD 3 Month + 0.32%), 2.06%, 01/24/2020 (aa)		4,005
				43,237
		Capital Markets — 0.8%
	172	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		171
	1,000	Goldman Sachs Group, Inc. (The), 2.63%, 04/25/2021		983
	3,000	(ICE LIBOR USD 3 Month + 1.10%), 2.94%, 11/15/2018 (aa)		3,018
		Morgan Stanley,
	1,482	2.50%, 01/24/2019		1,480
	2,925	2.50%, 04/21/2021		2,873
				8,525
		Consumer Finance — 3.3%
	3,000	American Express Credit Corp., (ICE LIBOR USD 3 Month + 0.55%), 2.15%, 03/18/2019 (aa)		3,011
	3,000	American Honda Finance Corp., (ICE LIBOR USD 3 Month + 0.61%), 2.15%, 09/09/2021 (aa)		3,037
	5,000	Capital One Financial Corp., (ICE LIBOR USD 3 Month + 0.45%), 2.22%, 10/30/2020 (aa)		4,992
	3,000	Caterpillar Financial Services Corp., (ICE LIBOR USD 3 Month + 0.51%), 2.22%, 01/10/2020 (aa)		3,019

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
		Ford Motor Credit Co. LLC,
	3,000	(ICE LIBOR USD 3 Month + 1.00%), 2.70%, 01/09/2020 (aa)		3,034
	4,000	Series 1, (ICE LIBOR USD 3 Month + 0.83%), 2.38%, 03/12/2019 (aa)		4,019
	4,000	General Motors Financial Co., Inc., (ICE LIBOR USD 3 Month + 1.55%), 3.27%, 01/14/2022 (aa)		4,100
	4,000	HSBC USA, Inc., (ICE LIBOR USD 3 Month + 0.88%), 2.55%, 09/24/2018 (aa)		4,017
	4,000	Toyota Motor Credit Corp., (ICE LIBOR USD 3 Month + 0.69%), 2.39%, 01/11/2022 (aa)		4,061
				33,290
		Diversified Financial Services — 0.9%
	5,000	Federation des Caisses Desjardins du Quebec, (Canada), (ICE LIBOR USD 3 Month + 0.33%), 2.10%, 10/30/2020 (e) (aa)		5,007
	4,000	Shell International Finance BV, (Netherlands), (ICE LIBOR USD 3 Month + 0.45%), 2.26%, 05/11/2020 (aa)		4,032
				9,039
		Insurance — 0.4%
	880	Chubb INA Holdings, Inc., 2.30%, 11/03/2020		870
	1,982	Jackson National Life Global Funding, 1.88%, 10/15/2018 (e)		1,976
	1,234	New York Life Global Funding, 2.00%, 04/13/2021 (e)		1,201
				4,047
		Total Financials		98,138
		Health Care — 0.6%
		Health Care Equipment & Supplies — 0.6%
	5,000	Abbott Laboratories, 2.35%, 11/22/2019		4,974
	857	Medtronic, Inc., 1.50%, 03/15/2018		857
		Total Health Care		5,831
		Industrials — 0.2%
		Road & Rail — 0.2%
	2,210	Ryder System, Inc., 2.50%, 05/11/2020		2,194
		Information Technology — 1.7%
		IT Services — 0.3%
	3,700	Western Union Co. (The), 3.60%, 03/15/2022		3,697
		Semiconductors & Semiconductor Equipment — 0.9%
	2,064	Broadcom Corp., 2.38%, 01/15/2020		2,039
	4,400	QUALCOMM, Inc., (ICE LIBOR USD 3 Month + 0.45%), 2.33%, 05/20/2020 (aa)		4,403

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 201

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
	2,753	Texas Instruments, Inc., 1.75%, 05/01/2020		2,705
				9,147
		Software — 0.3%
	3,000	Oracle Corp., (ICE LIBOR USD 3 Month + 0.58%), 2.30%, 01/15/2019 (aa)		3,013
		Technology Hardware, Storage & Peripherals — 0.2%
	1,793	Apple, Inc., (ICE LIBOR USD 3 Month + 0.25%), 2.04%, 05/03/2018 (aa)		1,794
		Total Information Technology		17,651
		Materials — 0.3%
		Chemicals — 0.3%
	2,559	Mosaic Co. (The), 3.25%, 11/15/2022		2,510
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	1,314	AT&T, Inc., 2.45%, 06/30/2020		1,300
		Utilities — 0.1%
		Independent Power and Renewable Electricity Producers — 0.1%
	870	Exelon Generation Co. LLC, 2.95%, 01/15/2020		870
		Total Corporate Bonds (Cost $150,711)		151,065
	Mortgage-Backed Securities — 4.6%
		FHLMC,
	8	ARM, 2.59%, 12/01/2021 (z)		8
	154	ARM, 3.11%, 01/01/2023 (z)		160
	171	ARM, 3.21%, 07/01/2030 (z)		178
	32	ARM, 3.22%, 01/01/2023 (z)		32
	36	ARM, 3.28%, 01/01/2027 (z)		37
	4	ARM, 3.30%, 06/01/2022 (z)		4
	29	ARM, 3.31%, 07/01/2028 (z)		29
	75	ARM, 3.36%, 12/01/2027 (z)		77
	8	ARM, 3.37%, 06/01/2026 (z)		9
	125	ARM, 3.37%, 08/01/2027 (z)		129
	2	ARM, 3.39%, 07/01/2019 (z)		2
	14	ARM, 3.40%, 04/01/2030 (z)		15
	147	ARM, 3.41%, 12/01/2026 (z)		151
	18	ARM, 3.41%, 11/01/2027 (z)		19
	13	ARM, 3.41%, 10/01/2029 (z)		14
	168	ARM, 3.41%, 04/01/2032 (z)		173
	19	ARM, 3.45%, 12/01/2026 (z)		20
	4	ARM, 3.50%, 12/01/2029 (z)		5
	14	ARM, 3.55%, 01/01/2030 (z)		15
	21	ARM, 3.58%, 02/01/2023 (z)		22

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	7		ARM, 3.77%, 06/01/2025 (z)		7
			FHLMC Gold Pools, 30 Year, Single Family,
	3		7.50%, 05/01/2028		3
	14		8.50%, 07/01/2028		16
	8		9.00%, 02/01/2025		9
	4,648		FHLMC Gold Pools, Other, 3.00%, 08/01/2028		4,647
			FNMA,
	5,596		ARM, 2.37%, 12/01/2025 (z)		5,582
	—	(h)	ARM, 2.52%, 11/01/2018 (z)		—	(h)
	—	(h)	ARM, 2.88%, 06/01/2018 (z)		—	(h)
	28		ARM, 2.90%, 05/01/2030 (z)		28
	3		ARM, 2.92%, 12/01/2020 (z)		3
	1		ARM, 2.94%, 04/01/2021 (z)		1
	11		ARM, 2.95%, 04/01/2024 (z)		11
	38		ARM, 3.08%, 11/01/2030 (z)		38
	1		ARM, 3.19%, 05/01/2018 (z)		1
	2		ARM, 3.20%, 11/01/2021 (z)		2
	334		ARM, 3.23%, 05/01/2033 (z)		356
	27		ARM, 3.26%, 12/01/2028 (z)		28
	3		ARM, 3.28%, 07/01/2020 (z)		3
	9		ARM, 3.40%, 01/01/2031 (z)		10
	3		ARM, 3.42%, 09/01/2019 (z)		3
	4		ARM, 3.45%, 05/01/2029 (z)		4
	11		ARM, 3.45%, 03/01/2038 (z)		11
	111		ARM, 3.49%, 02/01/2034 (z)		116
	10		ARM, 3.50%, 07/01/2027 (z)		10
	4		ARM, 3.54%, 06/01/2026 (z)		4
	207		ARM, 3.55%, 01/01/2025 (z)		216
	69		ARM, 3.57%, 08/01/2026 (z)		72
	120		ARM, 3.57%, 09/01/2033 (z)		124
	10		ARM, 3.63%, 11/01/2023 (z)		11
	4		ARM, 3.71%, 07/01/2025 (z)		4
	24		ARM, 3.79%, 03/01/2029 (z)		24
	7		ARM, 6.00%, 01/01/2020 (z)		7
			FNMA, 15 Year, Single Family,
	2,050		4.00%, 02/01/2025		2,108
			FNMA, 20 Year, Single Family,
	7,639		3.00%, 02/01/2033 - 07/01/2033		7,622
	1,525		5.00%, 10/01/2023		1,629
			FNMA, 30 Year, FHA/VA,
	13		7.00%, 03/01/2027		13
	11		8.00%, 11/01/2027		11
	11		8.50%, 10/01/2024		12
			FNMA, 30 Year, Single Family,
	16,904		4.00%, 10/01/2042 - 02/01/2045		17,514
	2,102		5.00%, 12/01/2039		2,293

SEE NOTES TO FINANCIAL STATEMENTS.

202 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	664	5.50%, 08/01/2040		727
	485	6.00%, 04/01/2039		546
	79	7.50%, 06/01/2023 - 10/01/2030		81
	53	FNMA, Other, 12.00%, 11/01/2030		57
	1,160	GNMA I, 15 Year, Single Family, 4.50%, 10/15/2024		1,225
		GNMA I, 30 Year, Single Family,
	6	7.00%, 06/15/2024		6
	10	8.00%, 10/15/2027		11
	4	9.00%, 11/15/2024		4
	25	9.50%, 07/15/2025		27
		GNMA II, 30 Year, Single Family,
	15	7.25%, 08/20/2022		15
	24	7.40%, 02/20/2022 - 03/20/2022		24
	5	7.50%, 10/20/2023		5
	9	7.85%, 12/20/2021		9
	31	8.00%, 07/20/2025 - 08/20/2026		35
		Total Mortgage-Backed Securities (Cost $47,056)		46,424

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 7.2%
		Investment Company — 7.2%
	72,649	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $72,666)		72,656
		Total Investments — 100.1% (Cost $1,017,536)		1,012,488
		Liabilities in Excess of Other Assets — (0.1)%		(637	)
		NET ASSETS — 100.0%	$	1,011,851

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 203

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 12.5%
	577	ABFC Trust, Series 2005-AQ1, Class A4, SUB, 4.80%, 01/25/2034 (bb)		591
		Ajax Mortgage Loan Trust,
	2,890	Series 2016-2, Class A, SUB, 4.13%, 10/25/2056 (e) (bb)		2,878
	2,070	Series 2017-A, Class A, SUB, 3.47%, 04/25/2057 (e) (bb)		2,058
		American Homes 4 Rent Trust,
	3,240	Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (e) (bb)		3,311
	4,085	Series 2014-SFR2, Class D, 5.15%, 10/17/2036 (e) (bb)		4,357
	1,500	Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (e)		1,667
	5,850	Series 2014-SFR3, Class B, 4.20%, 12/17/2036 (e) (bb)		6,059
	1,570	Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (e)		1,639
	3,650	Series 2014-SFR3, Class D, 5.04%, 12/17/2036 (e) (bb)		3,874
	3,172	Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (e) (bb)		3,566
	1,896	Series 2015-SFR1, Class A, 3.47%, 04/17/2052 (e) (bb)		1,904
	4,390	Series 2015-SFR1, Class D, 4.41%, 04/17/2052 (e) (bb)		4,484
	3,030	Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (e) (bb)		3,267
	1,921	Series 2015-SFR2, Class A, 3.73%, 10/17/2045 (e) (bb)		1,959
	3,100	Series 2015-SFR2, Class D, 5.04%, 10/17/2045 (e) (bb)		3,296
	3,600	Series 2015-SFR2, Class E, 6.07%, 10/17/2045 (e) (bb)		3,996
		Anchor Assets IX LLC,
	8,650	Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		8,650
	5,725	Series 2016-1, Class B, 6.25%, 02/15/2020 (e) (bb)		5,725
		B2R Mortgage Trust,
	4,330	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		4,281
	3,555	Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		3,551
	2,831	Series 2016-1, Class A, 2.57%, 06/15/2049 (e)		2,762
	2,000	Series 2016-1, Class B, 3.87%, 06/15/2049 (e) (bb)		1,969

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	966	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 (e) (bb)		956
	66	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.99%, 04/25/2036 (z) (bb)		65
	575	BXG Receivables Note Trust, Series 2012-A, Class A, 2.66%, 12/02/2027 (e)		565
	738	CAM Mortgage Trust, Series 2016-2, Class A1, SUB, 3.25%, 06/15/2057 (e) (bb)		742
	3,957	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.00%, 12/05/2023 (bb)		3,948
		Chase Funding Trust,
	1,313	Series 2002-3, Class 1A5, SUB, 5.91%, 06/25/2032 (bb)		1,287
	601	Series 2003-4, Class 1A5, SUB, 5.25%, 05/25/2033 (bb)		609
	471	Series 2003-6, Class 1A7, SUB, 5.09%, 11/25/2034 (bb)		483
	37	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.95%, 04/25/2032 (e) (bb)		36
		Citigroup Mortgage Loan Trust, Inc.,
	45	Series 2003-HE3, Class A, 2.38%, 12/25/2033 (z)		44
	140	Series 2004-HE1, Class A, 1.95%, 09/25/2033 (e) (z) (bb)		140
		Colony American Finance Ltd., (Cayman Islands),
	1,446	Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		1,419
	2,087	Series 2016-2, Class A, 2.55%, 11/15/2048 (e)		2,038
	2,200	CoreVest American Finance Trust, Series 2017-2, Class M, 5.62%, 12/25/2027 (e) (bb)		2,247
		Diamond Resorts Owner Trust,
	1,813	Series 2017-1A, Class A, 3.27%, 10/22/2029 (e)		1,777
	1,236	Series 2017-1A, Class B, 4.11%, 10/22/2029 (e) (bb)		1,212
		FirstKey Lending Trust,
	5,198	Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		5,173
	1,442	Series 2015-SFR1, Class B, 3.42%, 03/09/2047 (e) (bb)		1,438
	109	FNMA REMIC Trust, Series 2001-W4, Class AF6, SUB, 5.61%, 01/25/2032		114
	2,239	Golden Bear LLC, Series 2016-R, Class R, 5.65%, 09/20/2047 (e) (bb)		2,243

SEE NOTES TO FINANCIAL STATEMENTS.

204 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	668	Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (e)		658
	2,415	Hero Funding, (Cayman Islands), Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		2,441
		HERO Funding II, (Cayman Islands),
	2,952	Series 2016-3B, Class B, 5.24%, 09/20/2042 (e)		3,013
	3,589	Series 2016-4B, Class B, 5.75%, 09/20/2047 (e) (bb)		3,563
		HERO Funding Trust,
	71	Series 2015-1A, Class A, 3.84%, 09/21/2040 (e)		72
	2,824	Series 2016-2A, Class A, 3.75%, 09/20/2041 (e)		2,801
	1,904	Series 2016-3A, Class A1, 3.08%, 09/20/2042 (e)		1,885
	5,487	Series 2016-4A, Class A1, 3.57%, 09/20/2047 (e)		5,567
	5,487	Series 2016-4A, Class A2, 4.29%, 09/20/2047 (e)		5,640
	2,297	Series 2017-1A, Class A2, 4.46%, 09/20/2047 (e)		2,371
	3,515	Series 2017-2A, Class A1, 3.28%, 09/20/2048 (e)		3,504
	2,322	Hero Residual Funding, (Cayman Islands), Series 2016-1R, Class A1, 4.50%, 09/21/2042 (e)		2,310
	111	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, 1.82%, 03/25/2036 (z)		105
		KGS-Alpha SBA COOF Trust,
	2,307	Series 2012-3, Class A, IO, 1.26%, 09/25/2026 (e) (z) (bb)		34
	16,365	Series 2012-4, Class A, IO, 1.04%, 09/25/2037 (e) (z) (bb)		467
	10,145	Series 2012-6, Class A, IO, 0.67%, 05/25/2039 (e) (z) (bb)		161
	3,264	Series 2015-2, Class A, IO, 2.97%, 07/25/2041 (e) (z)		336
	1,035	Long Beach Mortgage Loan Trust, Series 2004-1, Class M1, 2.37%, 02/25/2034 (z) (bb)		1,036
		LV Tower 52 Issuer,
	3,768	Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		3,768
	1,494	Series 2013-1, Class M, 7.75%, 02/15/2023 (e) (bb)		1,494
	85,082	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, IO, 0.30%, 03/25/2032 (bb)		632

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,985	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.08%, 10/15/2040 (e) (bb)		2,226
		Mid-State Capital Trust,
	808	Series 2010-1, Class A, 3.50%, 12/15/2045 (e)		823
	1,246	Series 2010-1, Class M, 5.25%, 12/15/2045 (e) (bb)		1,304
	375	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.12%, 11/25/2033 (bb)		379
	6,106	New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class DT2, 4.01%, 10/15/2049 (e) (bb)		6,029
		NRPL Trust,
	3,058	Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e)		3,057
	1,000	Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		978
	1,048	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class BT1, 3.29%, 06/15/2049 (e)		1,040
		Ocwen Master Advance Receivables Trust,
	4,300	Series 2016-T1, Class AT1, 2.52%, 08/17/2048 (e)		4,296
	1,522	Series 2016-T2, Class BT2, 3.26%, 08/16/2049 (e) (bb)		1,508
	3,025	Series 2016-T2, Class DT2, 4.45%, 08/16/2049 (e) (bb)		2,939
	724	Series 2017-T1, Class AT1, 2.50%, 09/15/2048 (e)		725
	2,502	Series 2017-T1, Class BT1, 2.89%, 09/15/2048 (e) (bb)		2,506
		Progress Residential Trust,
	7,183	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		7,148
	1,761	Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb)		1,755
	3,745	Series 2015-SFR2, Class C, 3.44%, 06/12/2032 (e) (bb)		3,737
	6,000	Series 2015-SFR2, Class D, 3.68%, 06/12/2032 (e)		5,993
	2,070	Series 2015-SFR2, Class E, 4.43%, 06/12/2032 (e) (bb)		2,083
	5,824	Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e) (bb)		5,807
	2,000	Series 2015-SFR3, Class C, 4.33%, 11/12/2032 (e)		2,036
	2,093	Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e) (bb)		2,141

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 205

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	4,350	Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (e)		4,513
	2,320	Series 2017-SFR2, Class C, 3.40%, 12/17/2034 (e) (bb)		2,287
	3,395	RCO Trust, Series 2016-SFR1, Class M1, 4.50%, 11/25/2051 (e) (z)		3,365
	479	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.68%, 06/25/2037 (bb)		228
		Renew, (Cayman Islands),
	898	Series 2017-1A, Class A, 3.67%, 09/20/2052 (e)		881
	2,478	Series 2017-1A, Class B, 5.75%, 09/20/2052 (e) (bb)		2,523
	4,319	Rice Park Financing Trust, Series 2016-A, Class A, 4.63%, 10/31/2041 (e) (bb)		4,319
	128	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.72%, 06/25/2033 (bb)		129
	88	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		78
	3,159	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T1, Class DT1, 3.88%, 11/16/2048 (e) (bb)		3,153
		Structured Asset Securities Corp. Pass-Through Certificates,
	262	Series 2002-AL1, Class A2, 3.45%, 02/25/2032 (bb)		260
	593	Series 2002-AL1, Class A3, 3.45%, 02/25/2032 (bb)		582
	1,247	Tricon American Homes Trust, Series 2016-SFR1, Class C, 3.49%, 11/17/2033 (e) (bb)		1,237
	2,750	VM DEBT LLC, Series 2017-1, Class A, 6.50%, 10/02/2024 (e) (bb)		2,750
	576	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		577
	780	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		778
	1,253	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.37%, 05/28/2047 (e) (bb)		1,251
	1,506	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		1,500
	466	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		466
	2,827	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		2,827
		Westgate Resorts LLC,
	98	Series 2015-1A, Class A, 2.75%, 05/20/2027 (e)		98

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,016	Series 2015-2A, Class A, 3.20%, 07/20/2028 (e)		2,014
	2,188	Series 2015-2A, Class B, 4.00%, 07/20/2028 (e)		2,188
	4,616	Series 2016-1A, Class B, 4.50%, 12/20/2028 (e)		4,617
		Total Asset-Backed Securities (Cost $244,108)		245,369
	Collateralized Mortgage Obligations — 26.5%
	638	Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		638
	3,315	Acre, 0.00%, 12/15/2020 (bb)		3,315
		Alternative Loan Trust,
	337	Series 2002-11, Class M, 6.50%, 10/25/2032 (bb)		329
	1,059	Series 2004-2CB, Class 1A9, 5.75%, 03/25/2034		1,084
	11	Series 2004-J3, Class 4A1, 4.75%, 04/25/2019		11
	605	Series 2005-1CB, Class 1A6, IF, IO, 5.48%, 03/25/2035 (z) (bb)		83
	3,251	Series 2005-20CB, Class 3A8, IF, IO, 3.13%, 07/25/2035 (z) (bb)		284
	2,486	Series 2005-22T1, Class A2, IF, IO, 3.45%, 06/25/2035 (z) (bb)		250
	106	Series 2005-28CB, Class 3A5, 6.00%, 08/25/2035		84
	4,510	Series 2005-37T1, Class A2, IF, IO, 3.43%, 09/25/2035 (z) (bb)		461
	658	Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		627
	3,927	Series 2005-54CB, Class 1A2, IF, IO, 3.23%, 11/25/2035 (z)		344
	20	Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		20
	420	Series 2005-57CB, Class 3A2, IF, IO, 3.48%, 12/25/2035 (z) (bb)		40
	338	Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		336
	395	Series 2005-86CB, Class A11, 5.50%, 02/25/2036		351
	561	Series 2005-J1, Class 1A4, IF, IO, 3.48%, 02/25/2035 (z)		16
	12,744	Series 2006-7CB, Class 1A2, IF, IO, 3.68%, 05/25/2036 (z) (bb)		1,914
	473	Series 2006-26CB, Class A9, 6.50%, 09/25/2036		398
	44	American General Mortgage Loan Trust, Series 2006-1, Class A5, 5.75%, 12/25/2035 (e) (z)		46

SEE NOTES TO FINANCIAL STATEMENTS.

206 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Angel Oak Mortgage Trust LLC,
	157	Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		156
	1,333	Series 2015-1, Class M, SUB, 5.50%, 11/25/2045 (e) (bb)		1,329
	717	Series 2017-1, Class A3, 3.64%, 01/25/2047 (e) (z)		713
		ASG Resecuritization Trust,
	98	Series 2009-3, Class A65, 2.93%, 03/26/2037 (e) (z)		98
	318	Series 2011-1, Class 2A35, 6.00%, 09/28/2036 (e)		253
	329	Series 2011-1, Class 3A50, 3.63%, 11/28/2035 (e) (z)		328
		Banc of America Alternative Loan Trust,
	1,233	Series 2005-1, Class CBIO, IO, 5.50%, 02/25/2035 (bb)		228
	1,076	Series 2005-12, Class CBIO, IO, 5.75%, 01/25/2036 (bb)		174
		Banc of America Funding Trust,
	89	Series 2004-1, PO, 03/25/2034 (bb)		75
	238	Series 2004-3, Class 1A1, 5.50%, 10/25/2034		244
	314	Series 2004-C, Class 1A1, 3.88%, 12/20/2034 (z)		316
	326	Series 2005-1, Class 30IO, IO, 5.50%, 02/25/2035 (bb)		57
	49	Series 2005-4, Class 30PO, PO, 08/25/2035 (z) (bb)		43
	190	Series 2005-6, Class 2A7, 5.50%, 10/25/2035		183
	28	Series 2005-7, Class 30PO, PO, 11/25/2035 (bb)		23
	116	Series 2005-8, Class 30PO, PO, 01/25/2036 (z) (bb)		88
	490	Series 2005-E, Class 4A1, 3.69%, 03/20/2035 (z)		496
		Banc of America Mortgage Trust,
	131	Series 2003-C, Class 3A1, 3.75%, 04/25/2033 (z)		133
	464	Series 2003-J, Class 3A2, 3.83%, 11/25/2033 (z)		467
	18	Series 2004-9, Class 3A1, 6.50%, 09/25/2032		19
	291	Series 2004-C, Class 2A2, 3.74%, 04/25/2034 (z)		293
	305	Series 2004-J, Class 3A1, 3.75%, 11/25/2034 (z)		305

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		BCAP LLC Trust,
	216	Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (e) (z)		221
	1,749	Series 2010-RR7, Class 2A1, 3.24%, 07/26/2045 (e) (z)		1,727
	540	Series 2012-RR10, Class 1A1, 1.79%, 02/26/2037 (e) (z)		539
	120	Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, 2.12%, 03/25/2035 (z)		119
		Bear Stearns ARM Trust,
	218	Series 2003-4, Class 3A1, 3.58%, 07/25/2033 (z)		220
	77	Series 2003-7, Class 3A, 3.29%, 10/25/2033 (z)		77
	316	Series 2004-1, Class 12A1, 3.73%, 04/25/2034 (z)		317
	138	Series 2004-2, Class 14A, 3.65%, 05/25/2034 (z)		138
	881	Series 2006-1, Class A1, 3.67%, 02/25/2036 (z)		884
	419	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, SUB, 5.75%, 10/25/2033		431
	56	Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates, Series 2003-9, Class 1P, PO, 11/25/2033 (bb)		51
		Chase Mortgage Finance Trust,
	1,685	Series 2007-A1, Class 1A3, 3.70%, 02/25/2037 (z)		1,680
	146	Series 2007-A1, Class 2A1, 3.68%, 02/25/2037 (z)		147
	152	Series 2007-A1, Class 7A1, 3.69%, 02/25/2037 (z)		153
	471	Series 2007-A1, Class 9A1, 3.66%, 02/25/2037 (z)		469
	393	Series 2007-A2, Class 2A1, 3.61%, 07/25/2037 (z)		399
		CHL Mortgage Pass-Through Trust,
	36	Series 2004-3, PO, 04/25/2034 (bb)		32
	197	Series 2004-3, Class A26, 5.50%, 04/25/2034		201
	604	Series 2004-5, Class 1A4, 5.50%, 06/25/2034		612
	79	Series 2004-7, Class 2A1, 3.53%, 06/25/2034 (z)		80
	337	Series 2004-13, Class 1A4, 5.50%, 08/25/2034		345
	101	Series 2004-HYB1, Class 2A, 3.44%, 05/20/2034 (z)		101

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 207

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	530	Series 2004-HYB3, Class 2A, 3.16%, 06/20/2034 (z)		530
	299	Series 2004-HYB6, Class A3, 3.49%, 11/20/2034 (z)		305
	16	Series 2004-J8, Class 1A2, 4.75%, 11/25/2019		16
	169	Series 2005-16, Class A23, 5.50%, 09/25/2035		166
	855	Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		765
	2,526	Series 2007-4, Class 1A52, IF, IO, 3.78%, 05/25/2037 (z) (bb)		321
	45	Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Series 2005-6, Class APO, PO, 09/25/2035 (bb)		38
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	202	Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z)		204
	1	Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb)		1
		Citigroup Mortgage Loan Trust,
	122	Series 2009-8, Class 4A1, 6.00%, 11/25/2036 (e)		122
	468	Series 2009-10, Class 1A1, 3.33%, 09/25/2033 (e) (z)		474
	225	Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (e) (z)		229
	703	Series 2015-A, Class B2, 4.50%, 06/25/2058 (e) (z)		727
		Citigroup Mortgage Loan Trust, Inc.,
	83	Series 2003-1, Class 2A5, 5.25%, 10/25/2033		84
	43	Series 2003-1, Class PO3, PO, 09/25/2033 (bb)		40
	7	Series 2003-1, Class WA2, 6.50%, 06/25/2031 (bb)		8
	8	Series 2003-1, Class WPO2, PO, 06/25/2031 (bb)		7
	17	Series 2003-UP3, Class A3, 7.00%, 09/25/2033		17
	28	Series 2003-UST1, Class A1, 5.50%, 12/25/2018		28
	6	Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb)		6
	1	Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		1
	144	Series 2004-UST1, Class A3, 3.36%, 08/25/2034 (z)		146

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	132		Series 2004-UST1, Class A6, 3.25%, 08/25/2034 (z)		129
	175		Series 2005-1, Class 2A1A, 2.83%, 02/25/2035 (z)		153
	453		Series 2005-2, Class 2A11, 5.50%, 05/25/2035		465
	512		Series 2005-5, Class 1A2, 4.08%, 08/25/2035 (z)		430
	1,618		Conix Mortgage Asset Trust, Series 2013-1, Class A12/25/2047 (d) (z) (bb)		174
			Credit Suisse First Boston Mortgage Securities Corp.,
	589		Series 2003-1, Class DB1, 6.74%, 02/25/2033 (z)		594
	184		Series 2003-21, Class 1A4, 5.25%, 09/25/2033		189
	391		Series 2003-AR15, Class 3A1, 3.45%, 06/25/2033 (z)		389
	73		Series 2004-5, Class 3A1, 5.25%, 08/25/2019		73
	788		Series 2004-AR2, Class 2A1, 3.67%, 03/25/2034 (z)		805
			CSFB Mortgage-Backed Pass-Through,
	602		Series 2003-27, Class 5A3, 5.25%, 11/25/2033		610
	336		Series 2003-27, Class 5A4, 5.25%, 11/25/2033		340
	353		Series 2003-29, Class 1A1, 6.50%, 12/25/2033		375
	249		Series 2003-29, Class 5A1, 7.00%, 12/25/2033		267
	299		Series 2004-4, Class 2A4, 5.50%, 09/25/2034		312
	1,105		Series 2005-4, Class 2X, IO, 5.50%, 06/25/2035 (z) (bb)		156
	792		Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 (bb)		11
	354		CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class 1A4, 5.50%, 12/25/2034		370
	122		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 2A1, 5.71%, 02/25/2020 (z)		122
			FHLMC REMIC,
	1		Series 23, Class F, 9.60%, 04/15/2020		1
	—	(h)	Series 30, Class D, 9.50%, 02/15/2020		—	(h)
	—	(h)	Series 47, Class F, 10.00%, 06/15/2020		—	(h)
	—	(h)	Series 77, Class H, 8.50%, 09/15/2020		—	(h)
	—	(h)	Series 81, Class A, 8.13%, 11/15/2020		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

208 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	—	(h)	Series 84, Class F, 9.20%, 10/15/2020		—	(h)
	—	(h)	Series 99, Class Z, 9.50%, 01/15/2021		—	(h)
	—	(h)	Series 180, Class J, HB, IO, 1,010.00%, 09/15/2021		—	(h)
	—	(h)	Series 186, Class I Shares, HB, IO, 1,009.50%, 08/15/2021		—	(h)
	—	(h)	Series 189, Class K, HB, IO, 1,009.50%, 10/15/2021		—	(h)
	—	(h)	Series 204, Class E, HB, IF, IO, 1,578.44%, 05/15/2023 (z)		—	(h)
	—	(h)	Series 1045, Class G, HB, IO, 1,066.21%, 02/15/2021		—	(h)
	1		Series 1065, Class J, 9.00%, 04/15/2021		1
	1		Series 1079, Class S, HB, IF, 28.60%, 05/15/2021 (z)		1
	—	(h)	Series 1082, Class D, HB, IO, 1,007.78%, 05/15/2021		—	(h)
	—	(h)	Series 1084, Class F, 2.54%, 05/15/2021 (z)		—	(h)
	—	(h)	Series 1084, Class S, HB, IF, 38.08%, 05/15/2021 (z)		—	(h)
	1		Series 1133, Class H, 7.00%, 09/15/2021		2
	4		Series 1144, Class KB, 8.50%, 09/15/2021		5
	—	(h)	Series 1172, Class L Shares, HB, IO, 1,181.25%, 11/15/2021 (z)		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, IO, 1,003.20%, 01/15/2022 (z)		—	(h)
	10		Series 1343, Class LA, 8.00%, 08/15/2022		11
	5		Series 1343, Class LB, 7.50%, 08/15/2022		5
	15		Series 1374, Class Z, 7.00%, 10/15/2022		16
	4		Series 1395, Class G, 6.00%, 10/15/2022		5
	34		Series 1401, Class J, 7.00%, 10/15/2022		36
	63		Series 1466, Class PZ, 7.50%, 02/15/2023		68
	2		Series 1470, Class F, 1.75%, 02/15/2023 (z)		2
	2		Series 1505, Class QB, IF, 17.06%, 05/15/2023 (z)		2
	17		Series 1518, Class G, IF, 7.30%, 05/15/2023 (z)		18
	10		Series 1526, Class L Shares, 6.50%, 06/15/2023		11
	19		Series 1541, Class O, 2.12%, 07/15/2023 (z)		19
	180		Series 1552, Class IA, IF, 16.38%, 08/15/2023 (z)		223
	5		Series 1570, Class F, 2.25%, 08/15/2023 (z)		5
	11		Series 1570, Class SA, HB, IF, 23.76%, 08/15/2023 (z)		15

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	47	Series 1578, Class K, 6.90%, 09/15/2023		50
	5	Series 1578, Class V, IO, 7.00%, 09/15/2023		1
	101	Series 1591, Class PV, 6.25%, 10/15/2023		107
	15	Series 1602, Class SA, IF, 17.59%, 10/15/2023 (z)		19
	125	Series 1628, Class LZ, 6.50%, 12/15/2023		132
	128	Series 1638, Class H, 6.50%, 12/15/2023		136
	74	Series 1644, Class K, 6.75%, 12/15/2023		79
	146	Series 1658, Class GZ, 7.00%, 01/15/2024		157
	6	Series 1671, Class QC, IF, 10.00%, 02/15/2024 (z)		8
	69	Series 1677, Class Z, 7.50%, 07/15/2023		75
	4	Series 1686, Class SH, IF, 15.67%, 02/15/2024 (z)		4
	63	Series 1695, Class EB, 7.00%, 03/15/2024		68
	8	Series 1699, Class FC, 2.19%, 03/15/2024 (z)		8
	19	Series 1745, Class D, 7.50%, 08/15/2024		20
	222	Series 1760, Class ZD, 2.09%, 02/15/2024 (z)		220
	26	Series 1798, Class F, 5.00%, 05/15/2023		27
	1	Series 1807, Class G, 9.00%, 10/15/2020		1
	203	Series 1813, Class I Shares, PO, 11/15/2023		191
	786	Series 1813, Class J, IF, IO, 4.50%, 11/15/2023 (z)		56
	38	Series 1829, Class ZB, 6.50%, 03/15/2026		40
	77	Series 1863, Class Z, 6.50%, 07/15/2026		87
	6	Series 1865, Class D, PO, 02/15/2024		5
	38	Series 1899, Class ZE, 8.00%, 09/15/2026		43
	32	Series 1963, Class Z, 7.50%, 01/15/2027		35
	11	Series 1985, Class PR, IO, 8.00%, 07/15/2027		1
	15	Series 1987, Class PE, 7.50%, 09/15/2027		17
	96	Series 2033, Class J, 5.60%, 06/15/2023		100
	5	Series 2033, Class SN, HB, IF, IO, 28.05%, 03/15/2024 (z)		2
	8	Series 2038, Class PN, IO, 7.00%, 03/15/2028		2
	79	Series 2040, Class PE, 7.50%, 03/15/2028		88
	7	Series 2042, Class T, 7.00%, 03/15/2028		7
	26	Series 2060, Class Z, 6.50%, 05/15/2028		30
	62	Series 2061, Class DC, IO, 6.50%, 06/15/2028		7
	5,693	Series 2065, Class PX, IO, 0.75%, 08/17/2027		100
	163	Series 2075, Class PH, 6.50%, 08/15/2028		179
	25	Series 2086, Class GB, 6.00%, 09/15/2028		27

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 209

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	12	Series 2089, Class PJ, IO, 7.00%, 10/15/2028		1
	111	Series 2110, Class PG, 6.00%, 01/15/2029		121
	151	Series 2111, Class SB, IF, IO, 5.91%, 01/15/2029 (z)		18
	40	Series 2125, Class JZ, 6.00%, 02/15/2029		44
	95	Series 2130, Class QS, 6.00%, 03/15/2029		103
	18	Series 2132, Class SB, HB, IF, 23.73%, 03/15/2029 (z)		26
	26	Series 2132, Class ZL, 6.50%, 03/15/2029		28
	4	Series 2141, IO, 7.00%, 04/15/2029		—	(h)
	13	Series 2163, Class PC, IO, 7.50%, 06/15/2029		2
	26	Series 2178, Class PB, 7.00%, 08/15/2029		29
	41	Series 2201, Class C, 8.00%, 11/15/2029		46
	3	Series 2204, Class GB, 8.00%, 12/20/2029 (z) (bb)		3
	150	Series 2209, Class TC, 8.00%, 01/15/2030		173
	83	Series 2210, Class Z, 8.00%, 01/15/2030		96
	22	Series 2224, Class CB, 8.00%, 03/15/2030		25
	18	Series 2247, Class Z, 7.50%, 08/15/2030		20
	133	Series 2254, Class Z, 9.00%, 09/15/2030		159
	90	Series 2256, Class MC, 7.25%, 09/15/2030		103
	92	Series 2259, Class ZM, 7.00%, 10/15/2030		103
	122	Series 2271, Class PC, 7.25%, 12/15/2030		137
	37	Series 2283, Class K, 6.50%, 12/15/2023		39
	34	Series 2296, Class PD, 7.00%, 03/15/2031		38
	536	Series 2303, Class ZD, 7.00%, 04/15/2031		605
	238	Series 2303, Class ZN, 8.50%, 04/15/2029		268
	13	Series 2306, Class K, PO, 05/15/2024		12
	32	Series 2306, Class SE, IF, IO, 8.01%, 05/15/2024 (z)		5
	231	Series 2344, Class ZD, 6.50%, 08/15/2031		266
	23	Series 2344, Class ZJ, 6.50%, 08/15/2031		25
	16	Series 2345, Class NE, 6.50%, 08/15/2031		17
	12	Series 2347, Class VP, 6.50%, 03/15/2020		12
	80	Series 2359, Class ZB, 8.50%, 06/15/2031		91
	308	Series 2367, Class ZK, 6.00%, 10/15/2031		338
	7	Series 2368, Class AS, IF, 16.80%, 10/15/2031 (z)		9
	18	Series 2372, Class F, 2.09%, 10/15/2031 (z)		18
	17	Series 2383, Class FD, 2.09%, 11/15/2031 (z)		18
	29	Series 2388, Class UZ, 8.50%, 06/15/2031		33
	261	Series 2399, Class TH, 6.50%, 01/15/2032		289
	57	Series 2410, Class OE, 6.38%, 02/15/2032		61

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	56	Series 2410, Class QS, IF, 15.37%, 02/15/2032 (z)		74
	46	Series 2410, Class QX, IF, IO, 7.06%, 02/15/2032 (z)		10
	71	Series 2423, Class MC, 7.00%, 03/15/2032		79
	84	Series 2423, Class MT, 7.00%, 03/15/2032		94
	854	Series 2431, Class F, 2.09%, 03/15/2032 (z)		858
	121	Series 2433, Class SA, IF, 16.80%, 02/15/2032 (z)		146
	93	Series 2434, Class TC, 7.00%, 04/15/2032		103
	138	Series 2436, Class MC, 7.00%, 04/15/2032		152
	51	Series 2444, Class ES, IF, IO, 6.36%, 03/15/2032 (z)		10
	62	Series 2450, Class GZ, 7.00%, 05/15/2032		71
	58	Series 2450, Class SW, IF, IO, 6.41%, 03/15/2032 (z)		10
	87	Series 2462, Class NB, 6.50%, 06/15/2022		92
	195	Series 2464, Class FE, 2.59%, 03/15/2032 (z)		200
	15	Series 2470, Class SL, IF, 9.00%, 01/15/2027 (z)		15
	621	Series 2494, Class SX, IF, IO, 5.41%, 02/15/2032 (z)		93
	186	Series 2513, Class ZC, 5.50%, 10/15/2032		205
	137	Series 2517, Class Z, 5.50%, 10/15/2032		142
	44	Series 2535, Class BK, 5.50%, 12/15/2022		46
	1,144	Series 2552, Class FP, 2.59%, 01/15/2033 (z)		1,172
	705	Series 2557, Class HL, 5.30%, 01/15/2033		752
	29	Series 2571, Class SK, HB, IF, 27.65%, 09/15/2023 (z)		41
	206	Series 2586, Class WI, IO, 6.50%, 03/15/2033		39
	46	Series 2611, Class SQ, IF, 9.83%, 05/15/2033 (z)		51
	4	Series 2611, Class UH, 4.50%, 05/15/2018		4
	4	Series 2626, Class NS, IF, IO, 4.96%, 06/15/2023 (z)		—	(h)
	35	Series 2631, Class SA, IF, 11.94%, 06/15/2033 (z)		42
	6	Series 2637, Class SA, IF, IO, 4.51%, 06/15/2018 (z)		—	(h)
	37	Series 2641, Class WI, IO, 5.00%, 01/15/2033		—	(h)
	28	Series 2650, Class SO, PO, 12/15/2032		28
	63	Series 2671, Class S, IF, 11.85%, 09/15/2033 (z)		75

SEE NOTES TO FINANCIAL STATEMENTS.

210 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	107	Series 2692, Class SC, IF, 10.11%, 07/15/2033 (z)		122
	36	Series 2694, Class BA, 4.00%, 06/15/2031		36
	229	Series 2720, Class PC, 5.00%, 12/15/2023		239
	1,422	Series 2722, Class PF, 2.19%, 12/15/2033 (z)		1,430
	191	Series 2725, Class SC, IF, 6.71%, 11/15/2033 (z)		193
	66	Series 2756, Class NA, 5.00%, 02/15/2024		69
	247	Series 2802, Class ZY, 6.00%, 05/15/2034		256
	74	Series 2835, Class QO, PO, 12/15/2032		63
	6	Series 2877, Class KO, PO, 03/15/2019		6
	186	Series 2934, Class EC, PO, 02/15/2020		183
	194	Series 2934, Class HI, IO, 5.00%, 02/15/2020		7
	99	Series 2934, Class KI, IO, 5.00%, 02/15/2020		3
	6	Series 2945, Class SA, IF, 9.44%, 03/15/2020 (z)		6
	8,340	Series 2949, Class YZ, 5.50%, 03/15/2035		8,936
	55	Series 2967, Class JI, IO, 5.00%, 04/15/2020		2
	49	Series 2967, Class S, HB, IF, 25.09%, 04/15/2025 (z)		60
	1	Series 2989, PO, 06/15/2023		1
	93	Series 2990, Class SL, IF, 18.67%, 06/15/2034 (z)		110
	5	Series 2990, Class WP, IF, 12.93%, 06/15/2035 (z)		5
	118	Series 2994, Class FC, 1.99%, 02/15/2033 (z)		118
	71	Series 3022, Class SX, IF, 12.91%, 08/15/2025 (z)		81
	1,213	Series 3035, Class Z, 5.85%, 09/15/2035		1,346
	99	Series 3068, Class QB, 4.50%, 06/15/2020		99
	236	Series 3077, Class TO, PO, 04/15/2035		213
	188	Series 3117, Class EO, PO, 02/15/2036		160
	260	Series 3117, Class OG, PO, 02/15/2036		232
	190	Series 3117, Class OK, PO, 02/15/2036		161
	43	Series 3122, Class OH, PO, 03/15/2036		39
	22	Series 3122, Class ZB, 6.00%, 03/15/2036		29
	28	Series 3134, PO, 03/15/2036		24
	1,063	Series 3137, Class XP, 6.00%, 04/15/2036		1,169
	116	Series 3138, PO, 04/15/2036		103
	346	Series 3143, Class BC, 5.50%, 02/15/2036		372
	61	Series 3149, Class SO, PO, 05/15/2036		47
	277	Series 3151, PO, 05/15/2036		240
	338	Series 3152, Class MO, PO, 03/15/2036		288

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	164	Series 3153, Class EO, PO, 05/15/2036		138
	190	Series 3171, Class MO, PO, 06/15/2036		171
	130	Series 3179, Class OA, PO, 07/15/2036		112
	58	Series 3194, Class SA, IF, IO, 5.51%, 07/15/2036 (z)		5
	220	Series 3200, PO, 08/15/2036		188
	266	Series 3210, PO, 05/15/2036		252
	167	Series 3219, Class DI, IO, 6.00%, 04/15/2036		34
	221	Series 3232, Class ST, IF, IO, 5.11%, 10/15/2036 (z)		29
	325	Series 3237, Class AO, PO, 11/15/2036		282
	13	Series 3253, PO, 12/15/2021		13
	164	Series 3260, Class CS, IF, IO, 4.55%, 01/15/2037 (z)		24
	48	Series 3262, Class SG, IF, IO, 4.81%, 01/15/2037 (z)		5
	58	Series 3274, Class JO, PO, 02/15/2037		51
	101	Series 3274, Class MO, PO, 02/15/2037		90
	55	Series 3275, Class FL, 2.03%, 02/15/2037 (z)		55
	1,262	Series 3282, Class YD, 5.50%, 02/15/2022		1,308
	41	Series 3288, Class GS, IF, 2.58%, 03/15/2037 (z)		41
	395	Series 3290, Class SB, IF, IO, 4.86%, 03/15/2037 (z)		44
	103	Series 3305, Class MB, IF, 4.07%, 07/15/2034 (z)		109
	35	Series 3316, Class JO, PO, 05/15/2037		31
	1,987	Series 3318, Class BT, IF, 7.00%, 05/15/2034 (z)		2,137
	1,192	Series 3322, Class NS, IF, 7.00%, 05/15/2037 (z)		1,254
	68	Series 3371, Class FA, 2.19%, 09/15/2037 (z)		69
	225	Series 3373, Class TO, PO, 04/15/2037		201
	150	Series 3385, Class SN, IF, IO, 4.41%, 11/15/2037 (z)		11
	320	Series 3387, Class SA, IF, IO, 4.83%, 11/15/2037 (z)		33
	232	Series 3393, Class JO, PO, 09/15/2032		203
	438	Series 3404, Class SC, IF, IO, 4.41%, 01/15/2038 (z)		60
	1,315	Series 3422, Class AI, SUB, 0.25%, 01/15/2038		12
	30	Series 3422, Class LI, IO, 5.00%, 02/15/2023		1
	122	Series 3451, Class SA, IF, IO, 4.46%, 05/15/2038 (z)		14

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 211

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	161	Series 3461, Class LZ, 6.00%, 06/15/2038		176
	667	Series 3481, Class SJ, IF, IO, 4.26%, 08/15/2038 (z)		79
	70	Series 3511, IO, 5.00%, 12/15/2021		3
	143	Series 3511, Class SA, IF, IO, 4.41%, 02/15/2039 (z)		18
	465	Series 3531, Class SA, IF, IO, 4.71%, 05/15/2039 (z)		32
	758	Series 3537, Class MI, IO, 5.00%, 06/15/2038		127
	102	Series 3546, Class A, 3.10%, 02/15/2039 (z)		104
	99	Series 3549, Class FA, 2.79%, 07/15/2039 (z)		101
	637	Series 3572, Class JS, IF, IO, 5.21%, 09/15/2039 (z)		68
	258	Series 3604, PO, 05/15/2036		230
	612	Series 3607, PO, 05/15/2037		507
	246	Series 3607, Class AO, PO, 04/15/2036		207
	246	Series 3607, Class BO, PO, 04/15/2036		210
	294	Series 3611, PO, 07/15/2034		251
	1,700	Series 3614, Class QB, 4.00%, 12/15/2024		1,760
	412	Series 3621, PO, 01/15/2040		352
	314	Series 3621, Class BO, PO, 01/15/2040		272
	390	Series 3623, Class LO, PO, 01/15/2040		341
	1,260	Series 3632, Class BS, IF, 12.21%, 02/15/2040 (z)		1,491
	5,900	Series 3659, Class VG, 5.00%, 09/15/2034		6,239
	140	Series 3688, Class CU, 6.86%, 11/15/2021 (z)		143
	680	Series 3688, Class NI, IO, 5.00%, 04/15/2032		25
	1,409	Series 3704, Class DT, 7.50%, 11/15/2036		1,603
	1,022	Series 3704, Class ET, 7.50%, 12/15/2036		1,190
	1,969	Series 3714, Class IP, IO, 5.00%, 08/15/2040		343
	1,053	Series 3740, Class SC, IF, IO, 4.41%, 10/15/2040 (z)		122
	2,373	Series 3747, Class CY, 4.50%, 10/15/2040		2,542
	1,500	Series 3747, Class PY, 4.00%, 10/15/2040		1,521
	2,684	Series 3753, PO, 11/15/2040		2,149
	559	Series 3759, Class HI, IO, 4.00%, 08/15/2037		21
	307	Series 3760, Class GI, IO, 4.00%, 10/15/2037		9
	1,655	Series 3770, Class PY, 5.00%, 12/15/2040		1,843
	398	Series 3789, Class EZ, 4.00%, 11/15/2040		392
	1,252	Series 3795, Class EI, IO, 5.00%, 10/15/2039		167

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	206		Series 3852, Class QN, IF, 5.50%, 05/15/2041 (z)		208
	404		Series 3852, Class TP, IF, 5.50%, 05/15/2041 (z)		447
	2,801		Series 3860, Class PZ, 5.00%, 05/15/2041		3,054
	365		Series 3895, Class WA, 5.70%, 10/15/2038 (z)		401
	1,420		Series 3966, Class BF, 2.09%, 10/15/2040 (z)		1,428
	2,721		Series 3966, Class NA, 4.00%, 12/15/2041		2,819
	1,476		Series 3998, Class GF, 2.04%, 05/15/2036 (z)		1,482
	1,000		Series 4015, Class MY, 3.50%, 03/15/2042		974
	497		Series 4126, Class JB, 2.50%, 11/15/2042		438
	1,000		Series 4177, Class MQ, 2.50%, 03/15/2043		896
	1,000		Series 4274, Class EM, 4.00%, 11/15/2043		1,035
	2,241		Series 4280, Class EO, PO, 12/15/2043		1,794
	2,394		Series 4281, Class OB, PO, 12/15/2043		1,858
	3,019		Series 4580, Class PT, 7.11%, 08/15/2039 (z)		3,328
			FHLMC STRIPS,
	—	(h)	Series 16, Class B, IO, 10.00%, 06/01/2020		—	(h)
	2		Series 134, Class B, IO, 9.00%, 04/01/2022		—	(h)
	795		Series 191, IO, 8.00%, 01/01/2028		174
	313		Series 197, PO, 04/01/2028		279
	382		Series 233, Class 11, IO, 5.00%, 09/15/2035		84
	219		Series 233, Class 12, IO, 5.00%, 09/15/2035		49
	509		Series 233, Class 13, IO, 5.00%, 09/15/2035		108
	715		Series 239, Class S30, IF, IO, 6.11%, 08/15/2036 (z)		126
	49		Series 243, Class 16, IO, 4.50%, 11/15/2020		1
	97		Series 243, Class 17, IO, 4.50%, 12/15/2020		3
	20,506		Series 262, Class 35, 3.50%, 07/15/2042		20,581
	1,136		Series 299, Class 300, 3.00%, 01/15/2043		1,123
	2,537		Series 310, PO, 09/15/2043		1,945
			FHLMC Structured Pass-Through Securities Certificates,
	223		Series T-41, Class 3A, 7.50%, 07/25/2032 (z)		233
	817		Series T-42, Class A5, 7.50%, 02/25/2042		926
	52		Series T-51, Class 1A, 6.50%, 09/25/2043 (z)		58
	63		Series T-51, Class 2A, 7.50%, 08/25/2042 (z)		73

SEE NOTES TO FINANCIAL STATEMENTS.

212 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,410		Series T-54, Class 2A, 6.50%, 02/25/2043		1,601
	675		Series T-54, Class 3A, 7.00%, 02/25/2043		766
	1,223		Series T-56, Class A5, 5.23%, 05/25/2043		1,334
	108		Series T-58, Class APO, PO, 09/25/2043		87
	107		Series T-59, Class 1AP, PO, 10/25/2043		81
	1,453		Series T-62, Class 1A1, 2.26%, 10/25/2044 (z)		1,473
	2,985		Series T-76, Class 2A, 4.10%, 10/25/2037 (z)		3,000
			First Horizon Alternative Mortgage Securities Trust,
	507		Series 2004-AA4, Class A1, 3.35%, 10/25/2034 (z)		505
	316		Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		269
	4,539		Series 2007-FA4, Class 1A2, IF, IO, 4.03%, 08/25/2037 (z) (bb)		759
			First Horizon Mortgage Pass-Through Trust,
	197		Series 2004-AR7, Class 2A2, 3.74%, 02/25/2035 (z)		198
	332		Series 2005-AR1, Class 2A2, 3.49%, 04/25/2035 (z)		339
			FNMA Grantor Trust,
	477		Series 2001-T7, Class A1, 7.50%, 02/25/2041		543
	21		Series 2001-T10, PO, 12/25/2041		19
	345		Series 2001-T12, Class A2, 7.50%, 08/25/2041		395
	198		Series 2002-T4, Class A2, 7.00%, 12/25/2041		222
	474		Series 2002-T4, Class A3, 7.50%, 12/25/2041		524
	173		Series 2002-T16, Class A2, 7.00%, 07/25/2042		196
	354		Series 2002-T19, Class A2, 7.00%, 07/25/2042		396
	385		Series 2004-T1, Class 1A1, 6.00%, 01/25/2044		422
	269		Series 2004-T3, Class PT1, 10.20%, 01/25/2044 (z)		312
			FNMA REMIC,
	—	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	—	(h)	Series 1988-11, Class D, PO, 05/25/2018		—	(h)
	1		Series 1988-21, Class G, 9.50%, 08/25/2018		1
	1		Series 1989-27, Class Y, 6.90%, 06/25/2019		1
	1		Series 1989-70, Class G, 8.00%, 10/25/2019		1

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	1		Series 1989-78, Class H, 9.40%, 11/25/2019		1
	—	(h)	Series 1989-89, Class H, 9.00%, 11/25/2019		—	(h)
	—	(h)	Series 1990-60, Class K, 5.50%, 06/25/2020		—	(h)
	—	(h)	Series 1990-93, Class G, 5.50%, 08/25/2020		—	(h)
	—	(h)	Series 1990-95, Class J, HB, IO, 1,118.04%, 08/25/2020		—	(h)
	7		Series 1990-102, Class J, 6.50%, 08/25/2020		8
	1		Series 1990-134, Class SC, IF, 19.17%, 11/25/2020 (z)		1
	—	(h)	Series 1990-140, Class K, HB, IO, 652.15%, 12/25/2020		—	(h)
	—	(h)	Series 1991-7, Class K, HB, IO, 908.50%, 02/25/2021		—	(h)
	12		Series 1991-44, Class G, 8.50%, 05/25/2021		13
	—	(h)	Series 1991-60, Class PM, HB, IO, 1,009.00%, 06/25/2021		—	(h)
	3		Series 1992-101, Class J, 7.50%, 06/25/2022		3
	52		Series 1993-25, Class J, 7.50%, 03/25/2023		56
	23		Series 1993-27, Class S, IF, 7.32%, 02/25/2023 (z)		25
	8		Series 1993-31, Class K, 7.50%, 03/25/2023		9
	99		Series 1993-54, Class Z, 7.00%, 04/25/2023		105
	5		Series 1993-62, Class SA, IF, 18.78%, 04/25/2023 (z)		6
	6		Series 1993-97, Class FA, 2.87%, 05/25/2023 (z)		6
	—	(h)	Series 1993-108, Class D, PO, 02/25/2023		—	(h)
	13		Series 1993-162, Class F, 2.57%, 08/25/2023 (z)		13
	2		Series 1993-165, Class SD, IF, 13.26%, 09/25/2023 (z)		2
	22		Series 1993-179, Class SB, HB, IF, 26.46%, 10/25/2023 (z)		29
	4		Series 1993-228, Class G, PO, 09/25/2023		4
	4		Series 1993-230, Class FA, 2.22%, 12/25/2023 (z)		4
	299		Series 1994-26, Class J, PO, 01/25/2024		281
	31		Series 1994-37, Class L Shares, 6.50%, 03/25/2024		33

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 213

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	11	Series 1995-2, Class Z, 8.50%, 01/25/2025		11
	69	Series 1996-14, Class SE, IF, IO, 8.10%, 08/25/2023 (z)		10
	3	Series 1996-59, Class J, 6.50%, 08/25/2022		3
	16	Series 1997-20, IO, 1.84%, 03/25/2027 (z)		—	(h)
	8	Series 1997-24, Class Z, 8.00%, 04/18/2027		10
	8	Series 1997-27, Class J, 7.50%, 04/18/2027		9
	193	Series 1997-46, Class Z, 7.50%, 06/17/2027		212
	7	Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		1
	431	Series 1998-30, Class ZA, 6.50%, 05/20/2028		469
	61	Series 1998-36, Class ZB, 6.00%, 07/18/2028		68
	43	Series 1998-43, Class SA, IF, IO, 16.30%, 04/25/2023 (z)		12
	13	Series 1999-57, Class Z, 7.50%, 12/25/2019		13
	49	Series 1999-62, Class PB, 7.50%, 12/18/2029		55
	134	Series 2000-18, Class EC, PO, 10/25/2023		126
	8	Series 2000-52, IO, 8.50%, 01/25/2031		2
	363	Series 2001-4, Class ZA, 6.50%, 03/25/2031		407
	30	Series 2001-7, Class PF, 7.00%, 03/25/2031		34
	45	Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		10
	72	Series 2001-36, Class DE, 7.00%, 08/25/2031		80
	142	Series 2001-38, Class FB, 2.12%, 08/25/2031 (z)		142
	32	Series 2001-44, Class PD, 7.00%, 09/25/2031		35
	75	Series 2001-44, Class PU, 7.00%, 09/25/2031		84
	83	Series 2001-49, Class LZ, 8.50%, 07/25/2031		93
	337	Series 2001-53, Class FX, 1.97%, 10/25/2031 (z)		337
	180	Series 2001-61, Class Z, 7.00%, 11/25/2031		204
	17	Series 2001-72, Class SX, IF, 13.69%, 12/25/2031 (z)		21
	13	Series 2002-1, Class SA, IF, 19.92%, 02/25/2032 (z)		17

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	31	Series 2002-1, Class UD, IF, 18.83%, 12/25/2023 (z)		39
	123	Series 2002-7, Class FD, 2.32%, 04/25/2029 (z)		126
	258	Series 2002-13, Class SJ, IF, IO, 1.60%, 03/25/2032 (z)		13
	13	Series 2002-13, Class ST, IF, 10.00%, 03/25/2032 (z)		16
	328	Series 2002-30, Class Z, 6.00%, 05/25/2032		366
	21	Series 2002-37, Class Z, 6.50%, 06/25/2032		24
	613	Series 2002-50, Class ZA, 6.00%, 05/25/2031		640
	411	Series 2002-60, Class FA, 2.37%, 02/25/2031 (z)		419
	411	Series 2002-60, Class FB, 2.37%, 02/25/2031 (z)		419
	52	Series 2002-77, Class S, IF, 11.51%, 12/25/2032 (z)		60
	793	Series 2003-2, Class F, 2.37%, 02/25/2033 (z)		808
	288	Series 2003-7, Class A1, 6.50%, 12/25/2042		320
	473	Series 2003-14, Class TI, IO, 5.00%, 03/25/2033		59
	610	Series 2003-22, Class UD, 4.00%, 04/25/2033		625
	76	Series 2003-26, Class XS, IF, IO, 5.43%, 03/25/2023 (z)		1
	728	Series 2003-33, Class IA, IO, 6.50%, 05/25/2033		152
	33	Series 2003-39, IO, 6.00%, 05/25/2033 (z)		7
	930	Series 2003-44, Class IU, IO, 7.00%, 06/25/2033		226
	19	Series 2003-52, Class SX, IF, 18.09%, 10/25/2031 (z)		27
	327	Series 2003-72, Class IE, IO, 5.50%, 08/25/2033		56
	27	Series 2003-74, Class SH, IF, 7.25%, 08/25/2033 (z)		30
	298	Series 2003-86, Class ZA, 5.50%, 09/25/2033		324
	51	Series 2003-91, Class SD, IF, 9.80%, 09/25/2033 (z)		57
	1,996	Series 2003-105, Class AZ, 5.50%, 10/25/2033		2,159
	387	Series 2003-116, Class SB, IF, IO, 5.98%, 11/25/2033 (z)		64

SEE NOTES TO FINANCIAL STATEMENTS.

214 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	2,079	Series 2003-122, Class ZJ, 6.00%, 12/25/2033		2,365
	30	Series 2003-130, Class SX, IF, 9.09%, 01/25/2034 (z)		34
	50	Series 2003-131, Class SK, IF, 12.96%, 01/25/2034 (z)		56
	40	Series 2003-132, Class OA, PO, 08/25/2033		38
	93	Series 2003-132, Class PI, IO, 5.50%, 08/25/2033		11
	309	Series 2004-4, Class QI, IF, IO, 5.48%, 06/25/2033 (z)		18
	77	Series 2004-4, Class QM, IF, 10.96%, 06/25/2033 (z)		84
	74	Series 2004-10, Class SC, HB, IF, 22.12%, 02/25/2034 (z)		82
	536	Series 2004-17, Class H, 5.50%, 04/25/2034		583
	178	Series 2004-25, Class SA, IF, 15.07%, 04/25/2034 (z)		225
	625	Series 2004-28, Class PF, 2.02%, 03/25/2034 (z)		627
	247	Series 2004-36, Class SA, IF, 15.07%, 05/25/2034 (z)		307
	30	Series 2004-36, Class SN, IF, 10.96%, 07/25/2033 (z)		30
	250	Series 2004-46, Class EP, PO, 03/25/2034		224
	118	Series 2004-46, Class QB, IF, 17.52%, 05/25/2034 (z)		151
	76	Series 2004-46, Class SK, IF, 12.04%, 05/25/2034 (z)		93
	2,498	Series 2004-50, Class VZ, 5.50%, 07/25/2034		2,658
	31	Series 2004-51, Class SY, IF, 11.00%, 07/25/2034 (z)		37
	187	Series 2004-53, Class NC, 5.50%, 07/25/2024		197
	110	Series 2004-59, Class BG, PO, 12/25/2032		94
	1,762	Series 2004-61, Class FH, 2.42%, 11/25/2032 (z)		1,798
	70	Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (z)		78
	285	Series 2004-87, Class F, 2.37%, 01/25/2034 (z)		291
	787	Series 2005-7, Class LO, PO, 02/25/2035		697
	147	Series 2005-13, Class FL, 2.02%, 03/25/2035 (z)		147
	134	Series 2005-15, Class MO, PO, 03/25/2035		121
	6	Series 2005-52, Class PA, 6.50%, 06/25/2035		6

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	489	Series 2005-56, Class S, IF, IO, 5.09%, 07/25/2035 (z)		70
	158	Series 2005-66, Class SG, IF, 13.32%, 07/25/2035 (z)		197
	577	Series 2005-66, Class SV, IF, IO, 5.13%, 07/25/2035 (z)		58
	169	Series 2005-67, Class HG, 5.50%, 01/25/2035		174
	477	Series 2005-68, Class PG, 5.50%, 08/25/2035		513
	128	Series 2005-73, Class PS, IF, 12.65%, 08/25/2035 (z)		151
	406	Series 2005-74, Class SK, IF, 15.67%, 05/25/2035 (z)		490
	304	Series 2005-84, Class XM, 5.75%, 10/25/2035		330
	251	Series 2005-90, PO, 09/25/2035		234
	85	Series 2005-90, Class AO, PO, 10/25/2035		78
	459	Series 2005-90, Class ES, IF, 12.82%, 10/25/2035 (z)		532
	431	Series 2005-103, Class SC, IF, 8.23%, 07/25/2035 (z)		465
	311	Series 2005-106, Class US, IF, 18.62%, 11/25/2035 (z)		429
	2,475	Series 2006-8, Class WN, IF, IO, 5.08%, 03/25/2036 (z)		421
	675	Series 2006-8, Class WQ, PO, 03/25/2036		548
	29	Series 2006-15, Class OT, PO, 01/25/2036		28
	273	Series 2006-16, Class HZ, 5.50%, 03/25/2036		292
	130	Series 2006-23, Class KO, PO, 04/25/2036		117
	312	Series 2006-27, Class OH, PO, 04/25/2036		278
	290	Series 2006-44, Class GO, PO, 06/25/2036		247
	699	Series 2006-44, Class P, PO, 12/25/2033		580
	160	Series 2006-50, Class JO, PO, 06/25/2036		134
	234	Series 2006-50, Class PS, PO, 06/25/2036		205
	449	Series 2006-53, Class US, IF, IO, 4.96%, 06/25/2036 (z)		62
	1,064	Series 2006-56, Class FT, 2.37%, 07/25/2036 (z)		1,153
	297	Series 2006-58, PO, 07/25/2036		255
	101	Series 2006-58, Class AP, PO, 07/25/2036		88
	4	Series 2006-59, Class QO, PO, 01/25/2033		4
	101	Series 2006-60, Class DO, PO, 04/25/2035		98
	349	Series 2006-63, Class ZH, 6.50%, 07/25/2036		396
	118	Series 2006-65, Class QO, PO, 07/25/2036		101
	211	Series 2006-72, Class GO, PO, 08/25/2036		186

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 215

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	106	Series 2006-72, Class HO, PO, 08/25/2026		98
	131	Series 2006-72, Class TO, PO, 08/25/2036		118
	1,265	Series 2006-77, Class PC, 6.50%, 08/25/2036		1,398
	255	Series 2006-78, Class BZ, 6.50%, 08/25/2036		277
	189	Series 2006-79, Class DO, PO, 08/25/2036		166
	246	Series 2006-86, Class OB, PO, 09/25/2036		219
	234	Series 2006-90, Class AO, PO, 09/25/2036		211
	1,230	Series 2006-94, Class GI, IF, IO, 5.03%, 10/25/2026 (z)		118
	51	Series 2006-94, Class GK, HB, IF, 25.15%, 10/25/2026 (z)		69
	1,380	Series 2006-105, Class ME, 5.50%, 11/25/2036		1,534
	146	Series 2006-110, PO, 11/25/2036		124
	84	Series 2006-111, Class EO, PO, 11/25/2036		74
	125	Series 2006-113, PO, 07/25/2036		120
	297	Series 2006-115, Class OK, PO, 12/25/2036		244
	313	Series 2006-117, Class GS, IF, IO, 5.03%, 12/25/2036 (z)		40
	194	Series 2006-118, Class A2, 1.68%, 12/25/2036 (z)		191
	84	Series 2006-119, PO, 12/25/2036		74
	532	Series 2006-120, IO, 6.50%, 12/25/2036		109
	302	Series 2006-120, Class PF, 1.87%, 12/25/2036 (z)		301
	526	Series 2006-126, Class AO, PO, 01/25/2037		469
	477	Series 2006-130, Class GI, IO, 6.50%, 07/25/2032		72
	33	Series 2007-1, Class SD, HB, IF, 29.28%, 02/25/2037 (z)		83
	254	Series 2007-7, Class SG, IF, IO, 4.88%, 08/25/2036 (z)		59
	687	Series 2007-14, Class ES, IF, IO, 4.82%, 03/25/2037 (z)		92
	161	Series 2007-14, Class OP, PO, 03/25/2037		142
	61	Series 2007-15, Class NO, PO, 03/25/2022		59
	94	Series 2007-16, Class FC, 2.37%, 03/25/2037 (z)		97
	623	Series 2007-18, Class MZ, 6.00%, 03/25/2037		670
	89	Series 2007-22, Class SC, IF, IO, 4.46%, 03/25/2037 (z)		7
	64	Series 2007-39, Class EF, 1.87%, 05/25/2037 (z)		64
	1,532	Series 2007-46, Class ZK, 5.50%, 05/25/2037		1,538

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	242	Series 2007-54, Class FA, 2.02%, 06/25/2037 (z)		242
	698	Series 2007-54, Class WI, IF, IO, 4.48%, 06/25/2037 (z)		99
	527	Series 2007-60, Class AX, IF, IO, 5.53%, 07/25/2037 (z)		102
	295	Series 2007-64, Class FB, 1.99%, 07/25/2037 (z)		295
	360	Series 2007-65, Class KI, IF, IO, 5.00%, 07/25/2037 (z)		43
	1,430	Series 2007-72, Class EK, IF, IO, 4.78%, 07/25/2037 (z)		185
	552	Series 2007-76, Class ZG, 6.00%, 08/25/2037		592
	184	Series 2007-78, Class CB, 6.00%, 08/25/2037		202
	54	Series 2007-79, Class SB, IF, 18.07%, 08/25/2037 (z)		78
	230	Series 2007-88, Class VI, IF, IO, 4.92%, 09/25/2037 (z)		35
	753	Series 2007-91, Class ES, IF, IO, 4.84%, 10/25/2037 (z)		106
	665	Series 2007-100, Class SM, IF, IO, 4.83%, 10/25/2037 (z)		90
	416	Series 2007-101, Class A2, 1.87%, 06/27/2036 (z)		408
	120	Series 2007-106, Class A7, 6.08%, 10/25/2037 (z)		129
	1,375	Series 2007-112, Class SA, IF, IO, 4.83%, 12/25/2037 (z)		198
	1,615	Series 2007-116, Class HI, IO, 1.12%, 01/25/2038 (z)		62
	517	Series 2008-1, Class BI, IF, IO, 4.29%, 02/25/2038 (z)		61
	192	Series 2008-10, Class XI, IF, IO, 4.61%, 03/25/2038 (z)		18
	944	Series 2008-12, Class CO, PO, 03/25/2038		796
	255	Series 2008-16, Class IS, IF, IO, 4.58%, 03/25/2038 (z)		32
	16	Series 2008-19, Class IC, IO, 5.00%, 03/25/2023		—	(h)
	403	Series 2008-20, Class SA, IF, IO, 5.37%, 03/25/2038 (z)		63
	142	Series 2008-27, Class SN, IF, IO, 5.28%, 04/25/2038 (z)		16
	80	Series 2008-32, Class SA, IF, IO, 5.23%, 04/25/2038 (z)		8
	26	Series 2008-44, PO, 05/25/2038		21
	245	Series 2008-47, Class SI, IF, IO, 4.88%, 06/25/2023 (z)		11

SEE NOTES TO FINANCIAL STATEMENTS.

216 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	225	Series 2008-53, Class CI, IF, IO, 5.58%, 07/25/2038 (z)		33
	22	Series 2008-76, Class GF, 2.27%, 09/25/2023 (z)		22
	40	Series 2008-80, Class GP, 6.25%, 09/25/2038		43
	399	Series 2008-80, Class SA, IF, IO, 4.23%, 09/25/2038 (z)		44
	213	Series 2008-81, Class SB, IF, IO, 4.23%, 09/25/2038 (z)		20
	57	Series 2009-4, Class BD, 4.50%, 02/25/2039		58
	204	Series 2009-6, Class GS, IF, IO, 4.93%, 02/25/2039 (z)		32
	202	Series 2009-9, IO, 5.00%, 02/25/2024		9
	62	Series 2009-12, IO, 4.50%, 03/25/2024		1
	310	Series 2009-17, Class QS, IF, IO, 5.03%, 03/25/2039 (z)		49
	1,419	Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		268
	45	Series 2009-47, Class MT, 7.00%, 07/25/2039		48
	523	Series 2009-52, Class PI, IO, 5.00%, 07/25/2039		114
	295	Series 2009-62, Class HJ, 6.00%, 05/25/2039		316
	49	Series 2009-63, Class P, 5.00%, 03/25/2037		51
	182	Series 2009-69, PO, 09/25/2039		162
	54	Series 2009-79, Class UA, 7.00%, 03/25/2038		60
	187	Series 2009-84, Class WS, IF, IO, 4.28%, 10/25/2039 (z)		23
	331	Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		62
	799	Series 2009-86, Class OT, PO, 10/25/2037		707
	380	Series 2009-92, Class AD, 6.00%, 11/25/2039		410
	147	Series 2009-99, Class SC, IF, IO, 4.56%, 12/25/2039 (z)		17
	636	Series 2009-99, Class WA, 6.30%, 12/25/2039 (z)		702
	1,645	Series 2009-103, Class MB, 3.53%, 12/25/2039 (z)		1,758
	425	Series 2009-112, Class ST, IF, IO, 4.63%, 01/25/2040 (z)		56
	276	Series 2009-113, Class FB, 2.17%, 01/25/2040 (z)		278
	1,534	Series 2010-1, Class WA, 6.22%, 02/25/2040 (z)		1,712

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,168	Series 2010-16, Class WA, 6.44%, 03/25/2040 (z)		1,319
	2,361	Series 2010-16, Class WB, 6.21%, 03/25/2040 (z)		2,642
	369	Series 2010-23, Class KS, IF, IO, 5.48%, 02/25/2040 (z)		38
	407	Series 2010-35, Class SB, IF, IO, 4.80%, 04/25/2040 (z)		52
	239	Series 2010-39, Class OT, PO, 10/25/2035		211
	382	Series 2010-40, Class FJ, 2.22%, 04/25/2040 (z)		385
	155	Series 2010-42, Class S, IF, IO, 4.78%, 05/25/2040 (z)		23
	692	Series 2010-43, Class FD, 2.22%, 05/25/2040 (z)		700
	635	Series 2010-49, Class SC, IF, 9.42%, 03/25/2040 (z)		705
	484	Series 2010-61, Class WA, 5.97%, 06/25/2040 (z)		532
	1,742	Series 2010-68, Class SA, IF, IO, 3.38%, 07/25/2040 (z)		176
	1,085	Series 2010-103, Class ME, 4.00%, 09/25/2040		1,101
	931	Series 2010-103, Class SB, IF, IO, 4.48%, 11/25/2049 (z)		96
	1,974	Series 2010-111, Class AM, 5.50%, 10/25/2040		2,115
	154	Series 2010-123, Class FL, 2.05%, 11/25/2040 (z)		155
	1,872	Series 2010-125, Class SA, IF, IO, 2.82%, 11/25/2040 (z)		113
	2,721	Series 2010-130, Class CY, 4.50%, 11/25/2040		2,887
	3,440	Series 2010-147, Class SA, IF, IO, 4.91%, 01/25/2041 (z)		570
	243	Series 2010-148, Class MA, 4.00%, 02/25/2039		248
	302	Series 2011-2, Class WA, 5.83%, 02/25/2051 (z)		319
	1,674	Series 2011-20, Class MW, 5.00%, 03/25/2041		1,801
	2,191	Series 2011-21, Class CV, 4.50%, 09/25/2026		2,225
	1,714	Series 2011-30, Class LS, IO, 1.50%, 04/25/2041 (z)		86
	2,000	Series 2011-39, Class ZA, 6.00%, 11/25/2032		2,197
	488	Series 2011-43, Class WA, 5.81%, 05/25/2051 (z)		531

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 217

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	771		Series 2011-47, Class ZA, 5.50%, 07/25/2038		834
	592		Series 2011-58, Class WA, 5.43%, 07/25/2051 (z)		636
	280		Series 2011-75, Class FA, 2.17%, 08/25/2041 (z)		284
	1,556		Series 2011-118, Class LB, 7.00%, 11/25/2041		1,773
	2,668		Series 2011-118, Class MT, 7.00%, 11/25/2041		3,041
	2,611		Series 2011-118, Class NT, 7.00%, 11/25/2041		2,933
	1,261		Series 2012-21, Class WA, 5.61%, 03/25/2052 (z)		1,365
	1,148		Series 2012-58, Class FA, 2.12%, 03/25/2039 (z)		1,155
	2,563		Series 2012-99, Class BY, 2.50%, 09/25/2042		2,268
	532		Series 2013-2, Class LZ, 3.00%, 02/25/2043		491
	4,672		Series 2013-4, Class AJ, 3.50%, 02/25/2043		4,673
	2,677		Series 2013-92, PO, 09/25/2043		2,078
	2,702		Series 2013-101, Class DO, PO, 10/25/2043		2,086
	4,651		Series 2013-135, PO, 01/25/2044		3,562
	928		Series 2014-44, Class B, 2.50%, 08/25/2034		854
	1,185		Series 2015-85, Class HD, 3.00%, 11/25/2045		1,058
	3,563		Series 2015-91, Class AC, 7.50%, 12/25/2036 (z)		3,947
	15		Series G92-7, Class JQ, 8.50%, 01/25/2022		16
	—	(h)	Series G92-12, Class B, 7.70%, 02/25/2022		—	(h)
	2		Series G92-14, Class Z, 7.00%, 02/25/2022		2
	—	(h)	Series G92-27, Class SQ, HB, IF, 9,999.88%, 05/25/2022 (z)		—	(h)
	4		Series G92-42, Class Z, 7.00%, 07/25/2022		4
	2		Series G92-44, Class ZQ, 8.00%, 07/25/2022		2
	15		Series G92-54, Class ZQ, 7.50%, 09/25/2022		16
	43		Series G92-61, Class Z, 7.00%, 10/25/2022		46
	4		Series G92-62, Class B, PO, 10/25/2022		4
	29		Series G93-1, Class KA, 7.90%, 01/25/2023		31
	20		Series G93-17, Class SI, IF, 6.00%, 04/25/2023 (z)		21
	176		Series G94-7, Class PJ, 7.50%, 05/17/2024		191
	38		Series G97-2, Class ZA, 8.50%, 02/17/2027		43

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FNMA REMIC Trust,
	660		Series 2001-W3, Class A, 7.00%, 09/25/2041 (z)		700
	2,351		Series 2002-W10, IO, 0.91%, 08/25/2042 (z)		56
	264		Series 2003-W1, Class 1A1, 5.44%, 12/25/2042 (z)		277
	168		Series 2003-W1, Class 2A, 6.04%, 12/25/2042 (z)		185
	38		Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		43
	1,120		Series 2004-W4, Class A7, 5.50%, 06/25/2034		1,179
	616		Series 2004-W11, Class 1A1, 6.00%, 05/25/2044		694
	218		Series 2006-W3, Class 1AF1, 1.86%, 10/25/2046 (z)		218
	276		Series 2006-W3, Class 2A, 6.00%, 09/25/2046		310
	342		Series 2007-W2, Class 1A1, 1.94%, 03/25/2037 (z)		342
	163		Series 2007-W3, Class 1A3, 6.75%, 04/25/2037		179
	28		Series 2007-W7, Class 1A4, HB, IF, 29.46%, 07/25/2037 (z)		37
	1,629		Series 2009-W1, Class A, 6.00%, 12/25/2049		1,806
			FNMA STRIPS,
	108		Series 213, Class 2, IO, 8.00%, 03/25/2023		17
	145		Series 218, Class 2, IO, 7.50%, 04/25/2023		19
	4		Series 265, Class 2, 9.00%, 03/25/2024		5
	8		Series 285, Class 1, PO, 02/25/2027		8
	292		Series 293, Class 1, PO, 12/25/2024		273
	143		Series 300, Class 1, PO, 09/25/2024		134
	212		Series 331, Class 13, IO, 7.00%, 11/25/2032		44
	5		Series 339, Class 18, IO, 4.50%, 07/25/2018		—	(h)
	8		Series 339, Class 21, IO, 4.50%, 08/25/2018		—	(h)
	—	(h)	Series 339, Class 28, IO, 5.50%, 08/25/2018		—	(h)
	106		Series 345, Class 6, IO, 5.00%, 12/25/2033 (z)		19
	31		Series 345, Class 24, IO, 5.00%, 08/25/2022 (z)		—	(h)
	232		Series 351, Class 7, IO, 5.00%, 04/25/2034 (z)		47
	290		Series 356, Class 3, IO, 5.00%, 01/25/2035		50

SEE NOTES TO FINANCIAL STATEMENTS.

218 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	178	Series 356, Class 39, IO, 5.00%, 01/25/2020		5
	373	Series 365, Class 8, IO, 5.50%, 05/25/2036		85
	16	Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(h)
	2,275	Series 373, Class 1, PO, 07/25/2036		1,947
	135	Series 374, Class 5, IO, 5.50%, 08/25/2036		31
	322	Series 383, Class 32, IO, 6.00%, 01/25/2038		70
	66	Series 393, Class 6, IO, 5.50%, 04/25/2037		12
		FNMA Trust,
	287	Series 2003-W2, Class 1A1, 6.50%, 07/25/2042		325
	239	Series 2003-W8, Class 2A, 7.00%, 10/25/2042		272
	241	Series 2003-W8, Class 3F1, 2.02%, 05/25/2042 (z)		238
	361	Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		410
	307	Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		344
	612	Series 2005-W3, Class 2AF, 1.84%, 03/25/2045 (z)		609
	239	Series 2005-W4, Class 1A1, 6.00%, 08/25/2045		262
	1,614	Series 2005-W4, Class 3A, 3.30%, 06/25/2045 (z)		1,709
	335	Series 2006-W2, Class 1AF1, 1.84%, 02/25/2046 (z)		334
		GMACM Mortgage Loan Trust,
	596	Series 2003-AR2, Class 2A4, 3.90%, 12/19/2033 (z)		594
	32	Series 2003-J8, Class A, 5.25%, 12/25/2033		33
	925	Series 2005-AR3, Class 3A4, 3.80%, 06/19/2035 (z)		910
		GNMA,
	331	Series 1994-7, Class PQ, 6.50%, 10/16/2024		352
	120	Series 1999-4, Class ZB, 6.00%, 02/20/2029		120
	66	Series 2000-9, Class Z, 8.00%, 06/20/2030		76
	296	Series 2000-9, Class ZJ, 8.50%, 02/16/2030		336
	259	Series 2000-21, Class Z, 9.00%, 03/16/2030		263
	20	Series 2000-36, Class HC, 7.33%, 11/20/2030		23
	8	Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		1

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	429	Series 2001-21, Class PE, 6.50%, 05/16/2031		482
	85	Series 2001-31, Class SJ, HB, IF, 22.43%, 02/20/2031 (z)		125
	69	Series 2001-35, Class SA, IF, IO, 6.66%, 08/16/2031 (z)		1
	73	Series 2001-36, Class S, IF, IO, 6.46%, 08/16/2031 (z)		17
	282	Series 2002-4, Class TD, 7.00%, 01/20/2032		316
	235	Series 2002-24, Class AG, IF, IO, 6.36%, 04/16/2032 (z)		35
	66	Series 2002-24, Class SB, IF, 9.54%, 04/16/2032 (z)		74
	206	Series 2002-24, Class Z, 8.50%, 04/16/2032		240
	355	Series 2002-31, Class SE, IF, IO, 5.91%, 04/16/2030 (z)		40
	13	Series 2002-33, Class SY, IF, 9.00%, 02/26/2023 (z)		15
	47	Series 2002-41, Class LS, IF, 9.00%, 06/16/2032 (z)		57
	81	Series 2002-45, Class QE, 6.50%, 06/20/2032		90
	101	Series 2002-47, Class PG, 6.50%, 07/16/2032		115
	433	Series 2003-11, Class SK, IF, IO, 6.11%, 02/16/2033 (z)		53
	11	Series 2003-24, PO, 03/16/2033		10
	387	Series 2003-41, Class ID, IO, 5.50%, 05/20/2033		74
	30	Series 2003-90, PO, 10/20/2033		26
	455	Series 2003-112, Class SA, IF, IO, 4.96%, 12/16/2033 (z)		66
	107	Series 2004-28, Class S, IF, 15.30%, 04/16/2034 (z)		135
	154	Series 2004-46, Class AO, PO, 06/20/2034		132
	38	Series 2004-71, Class ST, IF, 7.00%, 09/20/2034 (z)		40
	66	Series 2004-73, Class AE, IF, 11.58%, 08/17/2034 (z)		72
	1,457	Series 2004-73, Class JL, IF, IO, 4.96%, 09/16/2034 (z)		213
	480	Series 2004-90, Class SI, IF, IO, 4.51%, 10/20/2034 (z)		66
	79	Series 2005-24, Class ST, IF, 7.50%, 01/17/2034 (z)		80
	89	Series 2005-26, Class VI, IO, 5.50%, 01/20/2035		1

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 219

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	86	Series 2005-35, Class FL, 1.94%, 03/20/2032 (z)		86
	1,519	Series 2005-58, Class NI, IO, 5.50%, 08/20/2035		294
	169	Series 2005-68, Class DP, IF, 12.61%, 06/17/2035 (z)		193
	914	Series 2005-68, Class KI, IF, IO, 4.71%, 09/20/2035 (z)		117
	1,113	Series 2005-72, Class AZ, 5.50%, 09/20/2035		1,188
	380	Series 2005-85, IO, 5.50%, 11/16/2035		85
	162	Series 2006-16, Class OP, PO, 03/20/2036		145
	96	Series 2006-34, PO, 07/20/2036		85
	286	Series 2006-38, Class SW, IF, IO, 4.91%, 06/20/2036 (z)		20
	127	Series 2006-59, Class SD, IF, IO, 5.11%, 10/20/2036 (z)		15
	865	Series 2007-17, Class JI, IF, IO, 5.22%, 04/16/2037 (z)		125
	119	Series 2007-17, Class JO, PO, 04/16/2037		101
	86	Series 2007-25, Class FN, 1.89%, 05/16/2037 (z)		86
	462	Series 2007-26, Class SC, IF, IO, 4.61%, 05/20/2037 (z)		56
	22	Series 2007-28, Class BO, PO, 05/20/2037		18
	514	Series 2007-31, Class AO, PO, 05/16/2037		461
	24	Series 2007-36, Class HO, PO, 06/16/2037		22
	489	Series 2007-36, Class SE, IF, IO, 4.88%, 06/16/2037 (z)		65
	649	Series 2007-36, Class SG, IF, IO, 4.88%, 06/20/2037 (z)		103
	462	Series 2007-40, Class SD, IF, IO, 5.16%, 07/20/2037 (z)		63
	460	Series 2007-42, Class SB, IF, IO, 5.16%, 07/20/2037 (z)		60
	185	Series 2007-45, Class QA, IF, IO, 5.05%, 07/20/2037 (z)		24
	305	Series 2007-50, Class AI, IF, IO, 5.18%, 08/20/2037 (z)		43
	61	Series 2007-53, Class SW, IF, 15.42%, 09/20/2037 (z)		75
	464	Series 2007-57, PO, 03/20/2037		412
	14	Series 2007-71, Class SB, IF, IO, 5.11%, 07/20/2036 (z)		—	(h)
	1,128	Series 2007-74, Class SL, IF, IO, 4.95%, 11/16/2037 (z)		126
	352	Series 2007-76, Class SA, IF, IO, 4.94%, 11/20/2037 (z)		48

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	510	Series 2007-79, Class SY, IF, IO, 4.96%, 12/20/2037 (z)		72
	66	Series 2008-1, PO, 01/20/2038		55
	253	Series 2008-2, Class MS, IF, IO, 5.57%, 01/16/2038 (z)		38
	202	Series 2008-10, Class S, IF, IO, 4.24%, 02/20/2038 (z)		21
	864	Series 2008-13, Class PI, IO, 5.50%, 02/16/2038		182
	111	Series 2008-20, PO, 09/20/2037		105
	106	Series 2008-29, PO, 02/17/2033		100
	388	Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		46
	184	Series 2008-33, Class XS, IF, IO, 6.11%, 04/16/2038 (z)		29
	426	Series 2008-36, Class AY, 5.00%, 04/16/2023		433
	450	Series 2008-36, Class SH, IF, IO, 4.71%, 04/20/2038 (z)		58
	1,697	Series 2008-40, Class SA, IF, IO, 4.81%, 05/16/2038 (z)		235
	222	Series 2008-55, Class SA, IF, IO, 4.61%, 06/20/2038 (z)		26
	1,386	Series 2008-62, Class SA, IF, IO, 4.56%, 07/20/2038 (z)		198
	86	Series 2008-71, Class SC, IF, IO, 4.41%, 08/20/2038 (z)		9
	331	Series 2008-93, Class AS, IF, IO, 4.11%, 12/20/2038 (z)		34
	869	Series 2008-95, Class DS, IF, IO, 5.71%, 12/20/2038 (z)		133
	246	Series 2008-96, Class SL, IF, IO, 4.41%, 12/20/2038 (z)		24
	275	Series 2009-6, Class SA, IF, IO, 4.51%, 02/16/2039 (z)		29
	495	Series 2009-10, Class SA, IF, IO, 4.36%, 02/20/2039 (z)		51
	66	Series 2009-10, Class SL, IF, IO, 4.91%, 03/16/2034 (z)		—	(h)
	1,561	Series 2009-12, Class IE, IO, 5.50%, 03/20/2039		304
	301	Series 2009-14, Class KI, IO, 6.50%, 03/20/2039		67
	364	Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		97
	123	Series 2009-24, Class DS, IF, IO, 4.71%, 03/20/2039 (z)		4
	214	Series 2009-25, Class SE, IF, IO, 6.01%, 09/20/2038 (z)		33

SEE NOTES TO FINANCIAL STATEMENTS.

220 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	116	Series 2009-33, Class CI, IO, 5.50%, 05/20/2039		23
	267	Series 2009-33, Class TI, IO, 6.00%, 05/20/2039		58
	623	Series 2009-42, Class SC, IF, IO, 4.49%, 06/20/2039 (z)		73
	326	Series 2009-43, Class SA, IF, IO, 4.36%, 06/20/2039 (z)		40
	2,054	Series 2009-54, Class JZ, 5.50%, 07/20/2039		2,243
	568	Series 2009-64, Class SN, IF, IO, 4.51%, 07/16/2039 (z)		57
	121	Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		13
	466	Series 2009-67, Class SA, IF, IO, 4.46%, 08/16/2039 (z)		50
	871	Series 2009-72, Class SM, IF, IO, 4.66%, 08/16/2039 (z)		113
	316	Series 2009-79, Class OK, PO, 11/16/2037		279
	582	Series 2009-102, Class SM, IF, IO, 4.81%, 06/16/2039 (z)		26
	841	Series 2009-104, Class AB, 7.00%, 08/16/2039		919
	940	Series 2009-106, Class AS, IF, IO, 4.81%, 11/16/2039 (z)		114
	1,220	Series 2009-106, Class ST, IF, IO, 4.41%, 02/20/2038 (z)		157
	610	Series 2009-121, Class VA, 5.50%, 11/20/2020		613
	80	Series 2010-14, Class AO, PO, 12/20/2032		76
	174	Series 2010-14, Class BO, PO, 11/20/2035		149
	1,155	Series 2010-14, Class CO, PO, 08/20/2035		1,002
	125	Series 2010-14, Class QP, 6.00%, 12/20/2039		126
	1,360	Series 2010-41, Class WA, 5.82%, 10/20/2033 (z)		1,497
	701	Series 2010-103, Class WA, 5.72%, 08/20/2034 (z)		764
	749	Series 2010-129, Class AW, 6.07%, 04/20/2037 (z)		814
	657	Series 2010-130, Class CP, 7.00%, 10/16/2040		740
	1,903	Series 2010-157, Class OP, PO, 12/20/2040		1,563
	1,854	Series 2011-22, Class WA, 5.92%, 02/20/2037 (z)		2,054
	2,276	Series 2011-97, Class WA, 6.10%, 11/20/2038 (z)		2,532
	2,887	Series 2011-137, Class WA, 5.56%, 07/20/2040 (z)		3,157

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,202	Series 2011-163, Class WA, 5.86%, 12/20/2038 (z)		2,434
	4,126	Series 2012-24, Class WA, 5.57%, 07/20/2041 (z)		4,538
	4,603	Series 2012-52, Class WA, 6.15%, 04/20/2038 (z)		5,163
	1,034	Series 2012-59, Class WA, 5.57%, 08/20/2038 (z)		1,140
	5,247	Series 2012-138, Class PT, 3.97%, 11/16/2042 (z)		5,379
	6,026	Series 2012-141, Class WA, 4.52%, 11/16/2041 (z)		6,376
	5,976	Series 2012-141, Class WB, 3.97%, 09/16/2042 (z)		6,133
	3,831	Series 2012-141, Class WC, 3.72%, 01/20/2042 (z)		3,901
	1,238	Series 2012-H24, Class FG, 1.99%, 04/20/2060 (z)		1,240
	58	Series 2012-H30, Class JA, 2.04%, 01/20/2060 (z)		58
	25	Series 2012-H30, Class PA, 2.01%, 11/20/2059 (z)		25
	2,180	Series 2013-26, Class AK, 4.65%, 09/20/2041 (z)		2,287
	3,002	Series 2013-54, Class WA, 4.74%, 11/20/2042 (z)		3,165
	882	Series 2013-75, Class WA, 5.21%, 06/20/2040 (z)		947
	152	Series 2013-H01, Class FA, 1.65%, 01/20/2063		149
	4,370	Series 2013-H01, Class JA, 1.88%, 01/20/2063 (z)		4,357
	202	Series 2013-H02, Class HF, 1.86%, 11/20/2062 (z)		202
	200	Series 2013-H03, Class FA, 1.86%, 08/20/2060 (z)		200
	2,833	Series 2013-H04, Class SA, 1.98%, 02/20/2063 (z)		2,834
	545	Series 2013-H05, Class FB, 1.96%, 02/20/2062 (z)		546
	2,013	Series 2013-H07, Class GA, 2.03%, 03/20/2063 (z)		2,016
	5,147	Series 2013-H07, Class HA, 1.97%, 03/20/2063 (z)		5,146
	2,369	Series 2013-H07, Class MA, 2.11%, 04/20/2062 (z)		2,374
	1,886	Series 2013-H08, Class BF, 1.96%, 03/20/2063 (z)		1,883
	3,991	Series 2013-H08, Class FC, 2.01%, 02/20/2063 (z)		3,994

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 221

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	4,796	Series 2013-H09, Class HA, 1.65%, 04/20/2063		4,696
	2,228	Series 2014-188, Class W, 4.63%, 10/20/2041 (z)		2,334
	941	Series 2014-H17, Class FC, 2.06%, 07/20/2064 (z)		945
	1,664	Series 2015-91, Class W, 5.26%, 05/20/2040 (z)		1,791
	604	Series 2015-137, Class WA, 5.48%, 01/20/2038 (z)		659
	5,333	Series 2015-H26, Class FG, 2.08%, 10/20/2065 (z)		5,359
	4,249	Series 2015-H32, Class FH, 2.22%, 12/20/2065 (z)		4,296
	9,227	Series 2016-90, Class LI, IO, 4.00%, 07/20/2046		1,810
	4,614	Series 2016-H07, Class FA, 2.31%, 03/20/2066 (z)		4,683
	8,802	Series 2016-H07, Class FQ, 2.26%, 03/20/2066 (z)		8,915
	2,228	Series 2016-H11, Class FD, 2.20%, 05/20/2066 (z)		2,244
	8,171	Series 2016-H13, Class FD, 1.60%, 05/20/2066 (z)		8,198
	5,623	Series 2016-H13, Class FT, 2.14%, 05/20/2066 (z)		5,637
	8,016	Series 2016-H16, Class FC, 2.11%, 07/20/2066 (z)		8,056
	5,686	Series 2016-H17, Class FC, 2.39%, 08/20/2066 (z)		5,767
	1,785	Series 2016-H26, Class FC, 2.56%, 12/20/2066 (z)		1,826
	2,153	Series 2017-99, Class PT, 6.02%, 08/20/2044 (z)		2,392
	7,146	Series 2017-H08, Class XI, IO, 2.12%, 03/20/2067 (z)		964
	19,038	Series 2017-H11, Class XI, IO, 2.03%, 05/20/2067 (z)		2,424
	10,084	Series 2017-H14, Class AI, IO, 2.07%, 06/20/2067 (z)		1,176
	8,490	Series 2017-H14, Class XI, IO, 1.71%, 06/20/2067 (z)		909
	3,365	Goodgreen Trust, Series 2017-R1, 5.00%, 10/20/2051 (bb)		3,316
		GSMPS Mortgage Loan Trust,
	360	Series 2001-2, Class A, 7.50%, 06/19/2032 (e) (z)		358
	166	Series 2004-4, Class 1AF, 2.02%, 06/25/2034 (e) (z)		150

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	327	Series 2005-RP2, Class 1AF, 1.97%, 03/25/2035 (e) (z)		300
	1,994	Series 2005-RP3, Class 1AF, 1.97%, 09/25/2035 (e) (z)		1,792
	906	Series 2005-RP3, Class 1AS, IO, 3.03%, 09/25/2035 (e) (z) (bb)		66
	1,912	Series 2006-RP2, Class 1AS2, IF, IO, 4.53%, 04/25/2036 (e) (z)		208
		GSR Mortgage Loan Trust,
	85	Series 2003-13, Class 1A1, 3.41%, 10/25/2033 (z)		87
	17	Series 2003-6F, Class A2, 2.02%, 09/25/2032 (z)		17
	375	Series 2003-7F, Class 1A4, 5.25%, 06/25/2033		386
	37	Series 2004-3F, Class 3A8, 13.50%, 02/25/2034		44
	533	Series 2004-6F, Class 2A4, 5.50%, 05/25/2034		548
	554	Series 2004-8F, Class 2A3, 6.00%, 09/25/2034		571
	271	Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		279
	84	Series 2005-5F, Class 8A3, 2.12%, 06/25/2035 (z)		80
	862	Series 2005-7F, Class 3A9, 6.00%, 09/25/2035		911
	149	Series 2006-1F, Class 1AP, PO, 02/25/2036 (bb)		123
	2,725	Series 2006-1F, Class 2A4, 6.00%, 02/25/2036		2,347
	3,325	Headlands Residential LLC, Series 2017-RPL1, Class A, SUB, 3.88%, 08/25/2022 (e)		3,282
	2,071	HERO Funding III, (Cayman Islands), Series 2017-1A, Class A, 3.50%, 09/21/2043 (e) (bb)		1,944
	120	Impac CMB Trust, Series 2005-2, Class 2M1, 2.40%, 04/25/2035 (z) (bb)		108
	520	Impac Secured Assets CMN Owner Trust, Series 2001-8, Class A6, 6.44%, 01/25/2032		533
	502	Impac Secured Assets Trust, Series 2006-2, Class 2A1, 1.97%, 08/25/2036 (z)		493
	157	IndyMac INDX Mortgage Loan Trust, Series 2006-AR3, Class 2A1A, 3.42%, 03/25/2036 (z)		141
		JP Morgan Mortgage Trust,
	202	Series 2004-A3, Class 4A1, 3.85%, 07/25/2034 (z)		208

SEE NOTES TO FINANCIAL STATEMENTS.

222 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	163	Series 2004-A4, Class 1A1, 3.82%, 09/25/2034 (z)		167
	28	Series 2004-S1, Class 1A7, 5.00%, 09/25/2034		29
	409	Series 2005-A1, Class 3A4, 3.71%, 02/25/2035 (z)		420
	547	Series 2006-A2, Class 4A1, 3.72%, 08/25/2034 (z)		553
	461	Series 2006-A2, Class 5A2, 3.59%, 11/25/2033 (z)		470
	834	Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (z)		849
	177	Series 2006-A3, Class 6A1, 3.50%, 08/25/2034 (z)		177
	245	Series 2007-A1, Class 5A2, 3.69%, 07/25/2035 (z)		252
		Lehman Mortgage Trust,
	334	Series 2006-2, Class 1A1, 5.81%, 04/25/2036 (z)		305
	184	Series 2007-6, Class 1A8, 6.00%, 07/25/2037		177
	545	Series 2008-2, Class 1A6, 6.00%, 03/25/2038		419
		MASTR Adjustable Rate Mortgages Trust,
	119	Series 2004-3, Class 4A2, 3.13%, 04/25/2034 (z)		112
	28	Series 2004-4, Class 2A1, 3.27%, 05/25/2034 (z)		26
	148	Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		152
	773	Series 2004-13, Class 3A7, 3.46%, 11/21/2034 (z)		792
	197	Series 2004-15, Class 3A1, 4.12%, 12/25/2034 (z)		193
		MASTR Alternative Loan Trust,
	235	Series 2003-4, Class 2A1, 6.25%, 06/25/2033		245
	88	Series 2003-8, Class 3A1, 5.50%, 12/25/2033		91
	20	Series 2003-8, Class 5A1, 5.00%, 11/25/2018		21
	84	Series 2003-9, Class 8A1, 6.00%, 01/25/2034		86
	73	Series 2004-1, Class 30PO, PO, 02/25/2034 (bb)		64
	236	Series 2004-3, Class 2A1, 6.25%, 04/25/2034		245
	145	Series 2004-3, Class 30PO, PO, 04/25/2034 (bb)		121

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	102	Series 2004-3, Class 30X1, IO, 6.00%, 04/25/2034 (bb)		21
	189	Series 2004-5, Class 30PO, PO, 06/25/2034 (bb)		170
	76	Series 2004-5, Class 30X1, IO, 6.00%, 06/25/2034 (bb)		14
	86	Series 2004-6, Class 30X1, IO, 5.50%, 07/25/2034 (bb)		18
	738	Series 2004-6, Class 7A1, 6.00%, 07/25/2034		756
	55	Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		46
	266	Series 2004-7, Class AX1, IO, 5.50%, 08/25/2034 (bb)		49
	35	Series 2004-10, Class 1A1, 4.50%, 09/25/2019		35
	1,433	Series 2005-3, Class AX2, IO, 6.00%, 04/25/2035 (bb)		261
		MASTR Asset Securitization Trust,
	1	Series 2003-11, Class 15PO, PO, 12/25/2018 (bb)		1
	52	Series 2003-12, Class 6A1, 5.00%, 12/25/2033		52
	17	Series 2004-1, Class 30PO, PO, 02/25/2034 (bb)		15
	22	Series 2004-3, PO, 03/25/2034 (bb)		20
	11	Series 2004-4, Class 3A1, 4.50%, 04/25/2019		11
	8	Series 2004-8, PO, 08/25/2019 (bb)		8
	7	Series 2004-8, Class 1A1, 4.75%, 08/25/2019		7
	11	Series 2004-9, Class 5A1, 5.25%, 09/25/2019		11
	132	Series 2004-P7, Class A6, 5.50%, 12/27/2033 (e)		135
	1,813	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, 1.97%, 05/25/2035 (e) (z)		1,514
	180	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e)		145
		Merrill Lynch Mortgage Investors Trust,
	199	Series 2003-A, Class 2A2, 2.99%, 03/25/2028 (z)		199
	315	Series 2003-A5, Class 2A6, 3.50%, 08/25/2033 (z)		324
	701	Series 2003-E, Class A1, 2.24%, 10/25/2028 (z)		685
	1,198	Series 2003-F, Class A1, 2.26%, 10/25/2028 (z)		1,186

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 223

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	370		Series 2004-1, Class 2A1, 3.30%, 12/25/2034 (z)		372
	458		Series 2004-A4, Class A2, 3.27%, 08/25/2034 (z)		469
	470		Series 2004-D, Class A2, 2.89%, 09/25/2029 (z)		453
	251		Series 2004-E, Class A2A, 2.19%, 11/25/2029 (z)		251
	40		Series 2005-A1, Class 3A, 3.75%, 12/25/2034 (z)		41
	113		Merrill Lynch Mortgage Investors Trust MLMI, Series 2003-A4, Class 2A, 3.57%, 07/25/2033 (z)		111
	1		ML Trust XLVII, Series 47, Class Z, 8.99%, 10/20/2020 (bb)		1
	482		Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, 5.67%, 04/25/2034 (z)		508
	—	(h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF, 13,182.88%, 04/20/2021 (z)		—	(h)
	122		MortgageIT Trust, Series 2005-5, Class A1, 1.88%, 12/25/2035 (z)		121
	373		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z)		378
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	78		Series 2003-A1, Class A1, 5.50%, 05/25/2033		79
	37		Series 2003-A1, Class A2, 6.00%, 05/25/2033		38
	23		Series 2003-A1, Class A5, 7.00%, 04/25/2033		24
			Prime Mortgage Trust,
	15		Series 2004-1, Class 2A3, 5.25%, 08/25/2034		15
	385		Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		407
	174		Series 2005-4, Class 2PO, PO, 10/25/2035 (bb)		96
	199		Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.58%, 05/25/2035 (z)		195
			RALI Trust,
	1		Series 2003-QS3, Class A2, IF, 13.06%, 02/25/2018 (z)		1
	7		Series 2003-QS9, Class A3, IF, IO, 5.93%, 05/25/2018 (z) (bb)		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8	Series 2003-QS12, Class A2A, IF, IO, 5.98%, 06/25/2018 (z) (bb)		—	(h)
	3	Series 2003-QS12, Class A5, IO, 5.00%, 06/25/2018 (bb)		—	(h)
	34	Series 2003-QS14, Class A1, 5.00%, 07/25/2018		34
	28	Series 2003-QS18, Class A1, 5.00%, 09/25/2018		28
	575	Series 2004-QA4, Class NB3, 09/25/2034 (z) (bb)		582
	150	Series 2004-QA6, Class NB2, 3.81%, 12/26/2034 (z)		132
	772	Series 2004-QS7, Class A4, 5.50%, 05/25/2034		788
	934	Series 2005-QA6, Class A32, 4.57%, 05/25/2035 (z)		776
	137	Series 2005-QA10, Class A31, 4.35%, 09/25/2035 (z)		122
	252	Series 2007-QS1, Class 1A1, 6.00%, 01/25/2037		235
		RBSSP Resecuritization Trust,
	492	Series 2009-1, Class 1A1, 6.50%, 02/26/2036 (e) (z)		515
	64	Series 2009-2, Class 1A1, 7.00%, 08/26/2037 (e) (z)		65
	302	Series 2009-12, Class 1A1, 5.62%, 11/25/2033 (e) (z)		311
		RCO Trust,
	3,774	Series 2017-INV1, Class A, 3.20%, 11/25/2052 (e) (z)		3,768
	3,929	Series 2017-INV1, Class M1, 3.90%, 11/25/2052 (e) (z) (bb)		3,921
		Residential Asset Securitization Trust,
	167	Series 2003-A5, Class A1, 5.50%, 06/25/2033		169
	7	Series 2003-A14, Class A1, 4.75%, 02/25/2019		7
	414	Series 2004-IP2, Class 1A1, 3.60%, 12/25/2034 (z)		421
	2,762	Series 2005-A2, Class A4, IF, IO, 3.43%, 03/25/2035 (z)		190
	1,155	Series 2005-A16, Class AX, IO, 5.75%, 02/25/2036 (bb)		251
	429	Series 2006-A4, Class 2A5, 6.00%, 05/25/2036		418
	262	Series 2006-A6, Class 2A13, 6.00%, 07/25/2036		229
		RFMSI Trust,
	2	Series 2003-S14, Class A4, PO, 07/25/2018 (bb)		2

SEE NOTES TO FINANCIAL STATEMENTS.

224 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	10	Series 2003-S16, Class A3, 5.00%, 09/25/2018		10
	245	Series 2005-SA4, Class 1A1, 3.51%, 09/25/2035 (z)		220
		Sequoia Mortgage Trust,
	495	Series 2003-1, Class 1A, 2.35%, 04/20/2033 (z)		486
	817	Series 2004-8, Class A1, 2.29%, 09/20/2034 (z)		785
	787	Series 2004-8, Class A2, 2.84%, 09/20/2034 (z)		776
	1,928	Series 2004-9, Class A1, 2.27%, 10/20/2034 (z)		1,885
	603	Series 2004-10, Class A1A, 2.21%, 11/20/2034 (z)		599
		Structured Asset Mortgage Investments II Trust,
	882	Series 2004-AR5, Class 1A1, 2.25%, 10/19/2034 (z)		850
	1,374	Series 2005-AR5, Class A3, 1.84%, 07/19/2035 (z)		1,336
	1,040	Structured Asset Securities Corp., Series 2003-37A, Class 2A, 3.39%, 12/25/2033 (z)		1,043
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	352	Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		358
	145	Series 2003-33H, Class 1APO, PO, 10/25/2033 (bb)		132
	325	Series 2003-34A, Class 3A3, 3.49%, 11/25/2033 (z)		327
	801	Series 2004-5H, Class A4, 5.54%, 12/25/2033		820
		Thornburg Mortgage Securities Trust,
	65	Series 2003-4, Class A1, 2.26%, 09/25/2043 (z)		63
	64	Series 2004-1, Class II2A, 2.47%, 03/25/2044 (z) (bb)		63
		Vendee Mortgage Trust,
	1,672	Series 1994-1, Class 2ZB, 6.50%, 02/15/2024		1,782
	298	Series 1996-1, Class 1Z, 6.75%, 02/15/2026		326
	162	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		175
	335	Series 1997-1, Class 2Z, 7.50%, 02/15/2027		372
	239	Series 1998-1, Class 2E, 7.00%, 03/15/2028		267

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		WaMu Mortgage Pass-Through Certificates Trust,
	3	Series 2002-S8, Class 2A7, 5.25%, 01/25/2033		3
	328	Series 2003-S1, Class A5, 5.50%, 04/25/2033		336
	99	Series 2003-S3, Class 1A4, 5.50%, 06/25/2033		102
	2	Series 2003-S7, Class A1, 4.50%, 08/25/2018		2
	12	Series 2003-S8, Class A6, 4.50%, 09/25/2018		12
	786	Series 2003-S9, Class A8, 5.25%, 10/25/2033		803
	18	Series 2003-S9, Class P, PO, 10/25/2033 (bb)		16
	370	Series 2003-AR7, Class A7, 3.13%, 08/25/2033 (z)		374
	312	Series 2003-AR8, Class A, 3.23%, 08/25/2033 (z)		316
	1,072	Series 2003-AR9, Class 1A6, 3.33%, 09/25/2033 (z)		1,097
	307	Series 2003-AR9, Class 2A, 3.35%, 09/25/2033 (z)		310
	759	Series 2003-AR11, Class A6, 3.36%, 10/25/2033 (z)		767
	74	Series 2004-AR3, Class A1, 3.22%, 06/25/2034 (z)		76
	504	Series 2004-AR3, Class A2, 3.22%, 06/25/2034 (z)		515
	87	Series 2004-CB2, Class 5A, 5.00%, 07/25/2019		88
	23	Series 2004-CB2, Class 7A, 5.50%, 08/25/2019		23
	57	Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		58
	1,265	Series 2004-S2, Class 2A4, 5.50%, 06/25/2034		1,313
	83	Series 2006-AR10, Class 2P, 3.39%, 09/25/2036 (z) (bb)		72
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	85	Series 2005-1, Class 1A1, 5.50%, 03/25/2035		84
	4,449	Series 2005-2, Class 1A4, IF, IO, 3.43%, 04/25/2035 (z)		401
	577	Series 2005-4, Class CB7, 5.50%, 06/25/2035		557
	55	Series 2005-4, Class DP, PO, 06/25/2020 (bb)		53

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 225

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	511	Series 2005-6, Class 2A4, 5.50%, 08/25/2035		498
	6,427	Series 2005-11, Class A4, IF, IO, 3.33%, 01/25/2036 (z) (bb)		592
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	323	Series 2004-RA2, Class 2A, 7.00%, 07/25/2033		351
	6	Series 2004-RA4, Class 1P, PO, 04/25/2019 (bb)		6
		Wells Fargo Mortgage-Backed Securities Trust,
	672	Series 2003-G, Class A1, 3.37%, 06/25/2033 (z)		679
	128	Series 2003-K, Class 1A1, 3.56%, 11/25/2033 (z)		129
	35	Series 2003-K, Class 1A2, 3.56%, 11/25/2033 (z)		36
	79	Series 2004-B, Class A1, 3.74%, 02/25/2034 (z)		80
	384	Series 2004-EE, Class 2A1, 3.45%, 12/25/2034 (z)		390
	48	Series 2004-EE, Class 2A2, 3.45%, 12/25/2034 (z)		49
	250	Series 2004-EE, Class 3A1, 3.79%, 12/25/2034 (z)		259
	692	Series 2004-I, Class 1A1, 3.68%, 07/25/2034 (z)		707
	1,298	Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		1,331
	47	Series 2004-Q, Class 1A3, 3.60%, 09/25/2034 (z)		48
	1,141	Series 2004-S, Class A1, 3.52%, 09/25/2034 (z)		1,166
	1,104	Series 2004-U, Class A1, 3.64%, 10/25/2034 (z)		1,110
	283	Series 2004-V, Class 1A1, 3.56%, 10/25/2034 (z)		287
	56	Series 2005-9, Class 1APO, PO, 10/25/2035		52
	310	Series 2005-AR8, Class 2A1, 3.74%, 06/25/2035 (z)		317
	217	Series 2005-AR16, Class 2A1, 3.81%, 02/25/2034 (z)		222
	385	Series 2007-7, Class A7, 6.00%, 06/25/2037		383
	277	Series 2007-11, Class A14, 6.00%, 08/25/2037		271
	106	GNMA, Series 2006-22, Class AO, PO, 05/20/2036		95
		Total Collateralized Mortgage Obligations (Cost $513,532)		519,751

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — 13.3%
	3,655	Access PT Funding Trust, Series 2016-1, 7.00%, 02/15/2023 (bb)		3,650
		BAMLL Commercial Mortgage Securities Trust,
	1,120	Series 2012-PARK, Class A, 2.96%, 12/10/2030 (e)		1,109
	1,000	Series 2014-520M, Class A, 4.18%, 08/15/2046 (e) (z)		1,031
	2,500	Series 2014-520M, Class C, 4.21%, 08/15/2046 (e) (z)		2,319
	5,185	Series 2016-FR14, Class A, 3.07%, 02/27/2048 (e) (z)		4,846
		BAMLL Re-REMIC Trust,
	3,000	Series 2014-FRR5, Class A714, PO, 01/27/2047 (e)		2,652
	4,500	Series 2014-FRR5, Class AK30, PO, 06/27/2045 (e)		3,458
	3,585	Series 2014-FRR8, Class A, 2.22%, 11/26/2047 (e) (z)		2,941
	2,795	Series 2015-FR11, Class A705, 1.82%, 09/27/2044 (e) (z)		2,752
	4,500	Series 2015-FR11, Class AK25, 2.73%, 09/27/2045 (e) (z)		4,070
	6,365	Series 2016-FR13, Class A, 1.69%, 08/27/2045 (e) (z)		5,515
	1,985	Series 2016-FR16, Class A, 0.99%, 05/27/2021 (e) (z)		1,803
		BB-UBS Trust,
	4,100	Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (e)		4,073
	3,575	Series 2012-SHOW, Class E, 4.03%, 11/05/2036 (e) (z)		3,374
	966	Series 2012-TFT, Class A, 2.89%, 06/05/2030 (e)		943
		Commercial Mortgage Trust,
	243	Series 2006-GG7, Class AM, 5.79%, 07/10/2038 (z)		243
	4,996	Series 2012-CR2, Class XA, IO, 1.66%, 08/15/2045 (z) (bb)		301
	1,500	Series 2013-300P, Class A1, 4.35%, 08/10/2030 (e)		1,573
	140,365	Series 2013-CR9, Class XB, IO, 0.22%, 07/10/2045 (e) (z) (bb)		1,573
	1,247	Series 2013-SFS, Class A2, 2.99%, 04/12/2035 (e) (z)		1,219
	1,500	Series 2014-CR19, Class A5, 3.80%, 08/10/2047		1,534
	2,500	Series 2014-TWC, Class A, 2.43%, 02/13/2032 (e) (z)		2,502

SEE NOTES TO FINANCIAL STATEMENTS.

226 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,542	Series 2015-CR24, Class A5, 3.70%, 08/10/2048		1,566
	1,562	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		1,590
		CSAIL Commercial Mortgage Trust,
	7,969	Series 2017-CX10, Class UESB, 4.24%, 11/15/2027 (e) (bb)		7,966
	1,000	Series 2017-CX10, Class UESC, 4.24%, 11/15/2027 (e) (z)		988
	1,700	CSMC OA LLC, Series 2014-USA, Class D, 4.37%, 09/15/2037 (e) (bb)		1,631
	1,584	DBWF Mortgage Trust, Series 2015-LCM, Class A1, 3.00%, 06/10/2034 (e)		1,545
		FHLMC Multifamily Structured Pass-Through Certificates,
	2,557	Series K029, Class A2, 3.32%, 02/25/2023 (z)		2,598
	1,848	Series K065, Class A2, 3.24%, 04/25/2027		1,843
	993	Series K065, Class AM, 3.33%, 05/25/2027		991
	1,529	Series K070, Class A2, 3.30%, 11/25/2027 (z)		1,529
	397	Series KJ02, Class A2, 2.60%, 09/25/2020		396
	4,358	Series KJ07, Class A2, 2.31%, 12/25/2022		4,240
	2,381	Series KJ08, Class A2, 2.36%, 08/25/2022		2,334
	2,069	Series KJ09, Class A2, 2.84%, 09/25/2022		2,057
	321	Series KPLB, Class A, 2.77%, 05/25/2025		313
	2,000	Series KS01, Class A2, 2.52%, 01/25/2023		1,969
		FNMA ACES,
	2,678	Series 2010-M1, Class A2, 4.45%, 09/25/2019		2,726
	9,236	Series 2011-M2, Class A3, 3.76%, 04/25/2021		9,460
	5,000	Series 2011-M4, Class A2, 3.73%, 06/25/2021		5,122
	2,500	Series 2014-M3, Class A2, 3.47%, 01/25/2024 (z)		2,559
	1,640	Series 2014-M9, Class A2, 3.10%, 07/25/2024 (z)		1,643
	2,310	Series 2015-M2, Class A3, 3.05%, 12/25/2024 (z)		2,306
	3,000	Series 2015-M3, Class A2, 2.72%, 10/25/2024		2,934
	1,230	Series 2015-M7, Class A2, 2.59%, 12/25/2024		1,192
	7,777	Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		7,648
	3,091	Series 2015-M13, Class A2, 2.71%, 06/25/2025 (z)		3,014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,000	Series 2016-M2, Class AV2, 2.15%, 01/25/2023		4,830
	4,500	Series 2016-M6, Class A2, 2.49%, 05/25/2026		4,257
	10,000	Series 2017-M3, Class A2, 2.49%, 12/25/2026 (z)		9,382
	2,689	Series 2017-M5, Class A2, 3.30%, 04/25/2029		2,642
	2,860	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		2,805
	2,962	Series 2017-M12, Class A2, 3.08%, 06/25/2027 (z)		2,908
	3,875	FNMA Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027		3,721
	7,200	FORT CRE LLC, Series 2016-1A, Class D, 7.47%, 05/21/2036 (e) (z)		7,308
		FREMF Mortgage Trust,
	1,143	Series 2013-K28, Class C, 3.49%, 06/25/2046 (e) (z) (bb)		1,103
	3,099	Series 2014-K39, Class C, 4.16%, 08/25/2047 (e) (z) (bb)		3,022
	2,125	Series 2014-K40, Class C, 4.07%, 11/25/2047 (e) (z) (bb)		2,062
	1,830	Series 2014-K41, Class C, 3.83%, 11/25/2047 (e) (z) (bb)		1,788
	2,510	Series 2015-K44, Class B, 3.68%, 01/25/2048 (e) (z) (bb)		2,457
	5,075	Series 2015-K45, Class B, 3.59%, 04/25/2048 (e) (z) (bb)		5,006
	3,000	Series 2015-K46, Class C, 3.70%, 04/25/2048 (e) (z) (bb)		2,852
	5,545	Series 2015-K48, Class B, 3.64%, 08/25/2048 (e) (z) (bb)		5,396
	5,000	Series 2015-K48, Class C, 3.64%, 08/25/2048 (e) (z)		4,730
	3,000	Series 2015-K49, Class C, 3.72%, 10/25/2048 (e) (z)		2,851
	2,100	Series 2015-K50, Class B, 3.78%, 10/25/2048 (e) (z) (bb)		2,088
	1,000	Series 2015-K51, Class B, 3.95%, 10/25/2048 (e) (z) (bb)		1,005
	6,000	Series 2015-K720, Class B, 3.39%, 07/25/2022 (e) (z) (bb)		5,876
	1,902	Series 2016-K59, Class B, 3.58%, 11/25/2049 (e) (z) (bb)		1,848
	5,250	Series 2016-K722, Class B, 3.84%, 07/25/2049 (e) (z)		5,221
	2,507	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.71%, 12/10/2027 (e)		2,500

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 227

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	20,000	GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class XA, IO, 1.30%, 06/05/2031 (e) (z) (bb)		268
	2,579	GS Mortgage Securities Trust, Series 2006-GG8, Class X, IO, 0.87%, 11/10/2039 (e) (z) (bb)		—	(h)
		JP Morgan Chase Commercial Mortgage Securities Trust,
	13,195	Series 2006-CB15, Class X1, IO, 0.26%, 06/12/2043 (z) (bb)		14
	600	Series 2006-LDP9, Class AMS, 5.34%, 05/15/2047		603
		JPMCC Re-REMIC Trust,
	6,900	Series 2014-FRR1, Class A707, 4.35%, 01/27/2047 (e)		6,868
	1,000	Series 2014-FRR1, Class B702, 4.23%, 04/27/2044 (e)		997
	1,500	Series 2014-FRR1, Class BK10, 2.55%, 11/27/2049 (e) (z)		1,418
	3,500	Series 2015-FRR2, Class AK36, 2.29%, 12/27/2046 (e) (z)		3,048
	2,686	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.99%, 02/15/2036 (e)		2,706
	2,612	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class XCL, IO, 0.39%, 02/15/2041 (e) (z) (bb)		—	(h)
	1,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.67%, 02/15/2047		1,018
		Morgan Stanley Capital I Trust,
	992	Series 2011-C3, Class A3, 4.05%, 07/15/2049		1,010
	1,025	Series 2012-C4, Class A3, 2.99%, 03/15/2045		1,028
		Morgan Stanley Re-REMIC Trust,
	911	Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (e)		911
	2,006	Series 2012-XA, Class B, 0.25%, 07/27/2049 (e) (bb)		1,915
		PFP Ltd., (Cayman Islands),
	219	Series 2015-2, Class A, 3.04%, 07/14/2034 (e) (z)		219
	704	Series 2015-2, Class C, 4.84%, 07/14/2034 (e) (z) (bb)		708
	487	Series 2015-2, Class D, 5.59%, 07/14/2034 (e) (z) (bb)		488
	2,475	RAIT Trust, Series 2015-FL5, Class B, 5.48%, 01/15/2031 (e) (z) (bb)		2,477
	2,123	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.26%, 03/11/2031 (e)		2,080

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	981	Resource Capital Corp. Ltd., (Cayman Islands), Series 2015-CRE4, Class B, 4.59%, 08/15/2032 (e) (z) (bb)		971
	6,359	UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, IO, 2.08%, 05/10/2045 (e) (z)		440
	3,015	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		3,001
		UBS-Barclays Commercial Mortgage Trust,
	1,300	Series 2012-C2, Class A4, 3.53%, 05/10/2063		1,319
	10,962	Series 2012-C2, Class XA, IO, 1.34%, 05/10/2063 (e) (z) (bb)		519
	857	Series 2013-C6, Class A4, 3.24%, 04/10/2046		857
		VNDO Mortgage Trust,
	2,991	Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)		2,957
	2,500	Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		2,541
	5,572	Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class XC, IO, 0.08%, 03/15/2045 (e) (z) (bb)		—	(h)
		Wells Fargo Commercial Mortgage Trust,
	3,000	Series 2013-120B, Class A, 2.71%, 03/18/2028 (e) (z)		2,983
	1,458	Series 2015-C30, Class A4, 3.66%, 09/15/2058		1,476
		WFRBS Commercial Mortgage Trust,
	1,250	Series 2011-C3, Class A4, 4.38%, 03/15/2044 (e)		1,294
	1,200	Series 2012-C6, Class A4, 3.44%, 04/15/2045		1,213
	750	Series 2013-C11, Class D, 4.27%, 03/15/2045 (e) (z) (bb)		704
		Total Commercial Mortgage-Backed Securities (Cost $261,391)		261,350
	Corporate Bond — 0.1%
		Telecommunication Services — 0.1%
		Wireless Telecommunication Services — 0.1%
	1,564	P Fin II LLC, (ICE LIBOR USD 1 Month + 4.35%), 5.94%, 05/20/2022 (aa) (bb) (Cost $1,564)		1,564
	Mortgage-Backed Securities — 43.5%
		FHLMC,
	90	ARM, 3.03%, 05/01/2037 (z)		93
	96	ARM, 3.13%, 05/01/2036 (z)		101
	45	ARM, 3.21%, 10/01/2036 (z)		46
	103	ARM, 3.23%, 08/01/2036 (z)		107

SEE NOTES TO FINANCIAL STATEMENTS.

228 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	193	ARM, 3.30%, 10/01/2036 (z)		202
	44	ARM, 3.38%, 03/01/2035 (z)		46
	160	ARM, 3.39%, 11/01/2036 (z)		166
	300	ARM, 3.42%, 11/01/2036 (z)		315
	97	ARM, 3.45%, 11/01/2036 (z)		101
	37	ARM, 3.47%, 02/01/2037 (z)		38
	87	ARM, 3.48%, 12/01/2033 (z)		92
	287	ARM, 3.49%, 03/01/2037 (z)		301
	68	ARM, 3.50%, 04/01/2034 (z)		71
	28	ARM, 3.51%, 10/01/2037 (z)		30
	135	ARM, 3.52%, 11/01/2036 (z)		141
	68	ARM, 3.53%, 03/01/2036 (z)		71
	102	ARM, 3.53%, 09/01/2036 (z)		107
	9	ARM, 3.55%, 01/01/2030 (z)		10
	60	ARM, 3.56%, 09/01/2037 (z)		63
	69	ARM, 3.66%, 05/01/2038 (z)		72
	48	ARM, 3.68%, 07/01/2037 (z)		51
	97	ARM, 3.69%, 12/01/2035 (z)		103
	103	ARM, 3.70%, 01/01/2035 (z)		108
	236	ARM, 3.70%, 06/01/2036 (z)		250
	109	ARM, 3.72%, 02/01/2037 (z)		114
	71	ARM, 3.77%, 12/01/2036 (z)		75
	4	ARM, 3.82%, 10/01/2036 (z)		4
	103	ARM, 3.84%, 04/01/2038 (z)		108
	44	ARM, 3.89%, 02/01/2037 (z)		46
	172	ARM, 3.95%, 10/01/2036 (z)		182
	50	ARM, 4.02%, 02/01/2037 (z)		54
	95	ARM, 4.23%, 03/01/2036 (z)		102
		FHLMC Gold Pools, 15 Year, Single Family,
	1	4.50%, 10/01/2018		2
	194	5.50%, 02/01/2021 - 12/01/2022		201
	34	6.00%, 04/01/2018 - 03/01/2022		34
	31	6.50%, 02/01/2019 - 03/01/2022		32
		FHLMC Gold Pools, 20 Year, Single Family,
	1,268	4.00%, 02/01/2032		1,314
	673	5.50%, 05/01/2027 - 03/01/2028		730
	324	6.50%, 01/01/2028		357
		FHLMC Gold Pools, 30 Year, Single Family,
	8,631	3.00%, 04/01/2043		8,431
	11,717	3.50%, 12/01/2045 - 07/01/2046		11,728
	105	4.00%, 10/01/2033		108
	2,977	4.50%, 05/01/2041		3,145
	7,718	5.00%, 11/01/2035 - 06/01/2044		8,348
	1,575	5.50%, 01/01/2033 - 03/01/2040		1,736
	277	6.00%, 11/01/2028 - 12/01/2033		312
	1,542	6.50%, 05/01/2024 - 03/01/2038		1,742

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	595		7.00%, 07/01/2029 - 10/01/2036		670
	39		7.50%, 09/01/2038		46
	16		8.50%, 08/01/2030		17
			FHLMC Gold Pools, FHA/VA,
	519		7.50%, 01/01/2032 - 12/01/2036		575
	87		10.00%, 10/01/2030		93
			FHLMC Gold Pools, Other,
	19,887		3.50%, 10/01/2032 - 06/01/2043		20,072
	21,059		4.00%, 09/01/2032 - 02/01/2046 (w)		21,775
	2,955		4.50%, 01/01/2046		3,141
	70		5.50%, 11/01/2035		72
	840		6.00%, 02/01/2033 - 04/01/2036		887
	1,792		6.50%, 11/01/2036 - 10/17/2038		1,992
	8		10.50%, 07/20/2021		8
			FNMA,
	7,329		ARM, 2.37%, 12/01/2025 (z)		7,311
	3,528		ARM, 2.38%, 03/01/2022 (z)		3,530
	5		ARM, 2.47%, 09/01/2027 (z)		5
	—	(h)	ARM, 2.64%, 03/01/2019 (z)		—	(h)
	331		ARM, 2.86%, 08/01/2034 (z)		338
	91		ARM, 3.04%, 07/01/2033 (z)		93
	144		ARM, 3.05%, 01/01/2033 (z)		148
	1,013		ARM, 3.06%, 01/01/2035 (z)		1,048
	96		ARM, 3.08%, 10/01/2034 (z)		99
	174		ARM, 3.10%, 09/01/2036 (z)		181
	79		ARM, 3.16%, 04/01/2034 (z)		82
	293		ARM, 3.17%, 05/01/2035 (z)		303
	91		ARM, 3.17%, 01/01/2036 (z)		95
	151		ARM, 3.21%, 05/01/2034 (z)		159
	117		ARM, 3.21%, 08/01/2034 (z)		124
	181		ARM, 3.26%, 07/01/2033 (z)		190
	75		ARM, 3.26%, 02/01/2035 (z)		78
	91		ARM, 3.26%, 06/01/2035 (z)		94
	192		ARM, 3.27%, 11/01/2033 (z)		200
	147		ARM, 3.27%, 11/01/2037 (z)		152
	113		ARM, 3.30%, 10/01/2034 (z)		118
	197		ARM, 3.31%, 04/01/2035 (z)		208
	92		ARM, 3.31%, 09/01/2035 (z)		96
	176		ARM, 3.33%, 10/01/2034 (z)		184
	79		ARM, 3.34%, 06/01/2034 (z)		83
	91		ARM, 3.34%, 09/01/2034 (z)		96
	90		ARM, 3.35%, 02/01/2035 (z)		94
	170		ARM, 3.36%, 10/01/2034 (z)		180
	179		ARM, 3.39%, 10/01/2036 (z)		187
	20		ARM, 3.40%, 11/01/2033 (z)		21
	61		ARM, 3.43%, 01/01/2034 (z)		64

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 229

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	130		ARM, 3.43%, 02/01/2034 (z)		137
	67		ARM, 3.43%, 05/01/2035 (z)		70
	221		ARM, 3.44%, 07/01/2037 (z)		231
	43		ARM, 3.48%, 05/01/2035 (z)		45
	198		ARM, 3.48%, 12/01/2037 (z)		207
	220		ARM, 3.49%, 10/01/2034 (z)		234
	71		ARM, 3.50%, 08/01/2034 (z)		75
	160		ARM, 3.52%, 07/01/2036 (z)		168
	99		ARM, 3.54%, 12/01/2036 (z)		104
	111		ARM, 3.56%, 09/01/2033 (z)		117
	90		ARM, 3.56%, 08/01/2036 (z)		94
	437		ARM, 3.57%, 04/01/2035 (z)		461
	356		ARM, 3.59%, 06/01/2036 - 07/01/2037 (z)		375
	75		ARM, 3.64%, 11/01/2036 (z)		79
	37		ARM, 3.68%, 12/01/2036 (z)		39
	18		ARM, 3.79%, 01/01/2038 (z)		19
	73		ARM, 3.83%, 10/01/2036 (z)		78
	14		ARM, 3.99%, 03/01/2029 (z)		15
	1,582		ARM, 4.07%, 03/01/2036 (z)		1,696
			FNMA, 15 Year, Single Family,
	22		4.50%, 03/01/2019		22
	241		5.00%, 06/01/2018 - 08/01/2024		250
	192		5.50%, 11/01/2018 - 11/01/2023		198
	65		6.00%, 07/01/2018 - 08/01/2021		66
	222		6.50%, 08/01/2020 - 02/01/2024		232
	20		7.00%, 11/01/2018 - 08/01/2021		20
			FNMA, 20 Year, Single Family,
	4,541		3.50%, 12/01/2030 - 08/01/2032		4,596
	2,670		4.00%, 01/01/2035		2,777
	166		6.00%, 09/01/2029		185
	393		6.50%, 05/01/2022 - 12/01/2027		437
	7		7.50%, 09/01/2021		7
			FNMA, 30 Year, FHA/VA,
	43		6.00%, 09/01/2033		47
	1,811		6.50%, 02/01/2029 - 08/01/2039		2,009
	82		7.00%, 10/01/2028 - 02/01/2033		89
	28		8.00%, 06/01/2028		31
	6		8.50%, 03/01/2030 - 06/01/2030		7
	45		9.00%, 11/01/2024 - 06/01/2031		47
	2		10.00%, 07/01/2019		2
	—	(h)	10.50%, 11/01/2018		—	(h)
	2		11.00%, 04/01/2019		2
			FNMA, 30 Year, Single Family,
	10,474		3.00%, 07/01/2043 - 08/01/2043		10,245
	13,594		3.50%, 03/01/2043 - 09/01/2046		13,608
	27,005		4.00%, 08/01/2033 - 02/01/2048		27,872

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,305	4.50%, 05/01/2029 - 10/01/2047		3,497
	653	5.00%, 06/01/2033 - 09/01/2035		707
	1,866	5.50%, 11/01/2032 - 05/01/2040		2,076
	2,107	6.00%, 12/01/2028 - 11/01/2038		2,372
	1,440	6.50%, 11/01/2029 - 09/01/2038		1,622
	4,776	7.00%, 04/01/2020 - 02/01/2039		5,455
	1,558	7.50%, 08/01/2036 - 04/01/2039		1,869
	427	8.00%, 03/01/2027 - 10/01/2036		494
	68	8.50%, 12/01/2027 - 02/01/2030		73
	3	9.50%, 07/01/2028		3
	2	10.00%, 02/01/2024		2
		FNMA, Other,
	3,919	2.15%, 01/01/2023		3,782
	1,589	2.24%, 12/01/2022		1,540
	7,741	2.34%, 12/01/2022 - 01/01/2023		7,533
	4,177	2.37%, 11/01/2022		4,054
	1,815	2.38%, 11/01/2022		1,774
	681	2.40%, 01/01/2022		670
	3,000	2.40%, 02/01/2023		2,924
	3,163	2.42%, 12/01/2022		3,090
	2,842	2.47%, 09/01/2022 - 11/01/2022		2,784
	910	2.51%, 06/01/2023		891
	10,980	2.53%, 10/01/2022 - 12/01/2022		10,797
	2,000	2.55%, 10/01/2028		1,870
	4,489	2.59%, 11/01/2021 - 10/01/2028		4,339
	8,844	2.60%, 06/01/2022 - 09/01/2028		8,542
	2,600	2.63%, 09/01/2021 - 11/01/2021		2,580
	4,353	2.64%, 04/01/2023 - 08/01/2028		4,182
	10,320	2.65%, 08/01/2022 - 03/01/2023		10,175
	1,994	2.66%, 12/01/2022		1,967
	9,067	2.67%, 07/01/2022 - 12/01/2028		8,817
	4,020	2.69%, 12/01/2028		3,773
	10,000	2.71%, 11/01/2028		9,457
	6,199	2.75%, 03/01/2022 - 07/01/2022		6,172
	7,000	2.76%, 06/01/2022		6,954
	5,405	2.79%, 06/01/2022 - 06/01/2027		5,354
	1,730	2.81%, 05/01/2027		1,677
	9,197	2.83%, 07/01/2022 - 05/01/2027		9,042
	1,670	2.84%, 01/01/2025		1,652
	7,647	2.86%, 05/01/2022 - 08/01/2022		7,631
	1,300	2.87%, 09/01/2027		1,257
	1,510	2.89%, 01/01/2025		1,491
	3,876	2.90%, 09/01/2022 - 12/01/2024		3,862
	3,000	2.92%, 05/01/2030		2,858
	3,586	2.94%, 05/01/2022		3,590
	6,495	2.95%, 12/01/2024 - 11/01/2025		6,416

SEE NOTES TO FINANCIAL STATEMENTS.

230 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	1,967	2.96%, 06/01/2030		1,900
	4,165	2.97%, 12/01/2024 - 06/01/2030		4,047
	3,000	2.98%, 06/01/2022		3,008
	8,448	2.99%, 02/01/2022 - 05/01/2031		8,206
	7,644	3.00%, 05/01/2022 - 08/01/2043		7,540
	5,967	3.02%, 05/01/2022 - 06/01/2025		5,979
	26,607	3.03%, 12/01/2021 - 06/01/2031		26,143
	2,000	3.04%, 12/01/2024		1,996
	1,819	3.07%, 02/01/2027		1,804
	4,680	3.08%, 05/01/2022 - 06/01/2027		4,668
	6,935	3.09%, 01/01/2022		6,983
	6,895	3.10%, 09/01/2025 - 08/01/2029		6,778
	4,000	3.11%, 12/01/2024		4,010
	11,325	3.12%, 01/01/2022 - 06/01/2035		11,263
	12,879	3.13%, 01/01/2022 - 06/01/2030		12,679
	11,062	3.14%, 02/01/2022 - 12/01/2026		11,136
	6,060	3.17%, 01/01/2029		5,950
	5,159	3.20%, 02/01/2022 - 06/01/2030		5,173
	2,405	3.23%, 11/01/2020		2,433
	4,708	3.24%, 01/01/2022		4,765
	10,076	3.24%, 10/01/2026 - 02/01/2032		9,909
	4,423	3.25%, 02/01/2027		4,428
	1,871	3.27%, 11/01/2020		1,894
	9,922	3.28%, 10/01/2020 - 11/01/2030		9,862
	6,851	3.29%, 10/01/2020 - 08/01/2026		6,909
	1,005	3.30%, 07/01/2030		993
	4,405	3.32%, 08/01/2030 - 04/01/2032		4,357
	4,543	3.34%, 04/01/2029		4,556
	2,970	3.35%, 01/01/2029		2,965
	3,554	3.36%, 10/01/2020		3,607
	4,909	3.37%, 11/01/2020 - 09/01/2030		4,961
	680	3.38%, 10/01/2020		690
	1,496	3.38%, 12/01/2023		1,522
	4,066	3.39%, 12/01/2029 - 09/01/2030		4,060
	7,608	3.43%, 09/01/2020 - 11/01/2021		7,737
	2,242	3.46%, 04/01/2027		2,265
	2,419	3.48%, 12/01/2020		2,460
	8,344	3.49%, 09/01/2023 - 01/01/2032		8,485
	43,167	3.50%, 02/01/2033 - 06/01/2046		43,347
	2,139	3.54%, 12/01/2020		2,179
	2,000	3.55%, 02/01/2030		2,028
	1,482	3.57%, 11/01/2034		1,492
	3,699	3.59%, 12/01/2020 - 08/01/2023		3,795
	2,654	3.60%, 09/01/2020		2,708
	2,368	3.61%, 11/01/2034		2,387
	1,908	3.63%, 10/01/2029		1,948

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,293		3.74%, 07/01/2020 - 07/01/2023		2,351
	3,729		3.77%, 08/01/2021		3,835
	5,000		3.77%, 12/01/2025		5,201
	6,200		3.83%, 12/01/2021		6,408
	1,744		3.84%, 09/01/2020		1,756
	2,233		3.86%, 07/01/2021		2,301
	2,908		3.87%, 01/01/2021		2,989
	4,889		3.89%, 09/01/2021		5,041
	3,347		3.93%, 07/01/2020 - 01/01/2021		3,435
	4,000		3.94%, 07/01/2021		4,129
	15,886		3.95%, 07/01/2020 - 07/01/2021		16,358
	2,752		3.96%, 08/01/2020		2,821
	5,442		3.97%, 06/01/2021 - 07/01/2021		5,616
	1,792		3.99%, 07/01/2021		1,850
	28,109		4.00%, 11/01/2033 - 05/01/2043		28,977
	3,000		4.02%, 06/01/2021		3,102
	1,600		4.04%, 10/01/2020		1,647
	3,029		4.05%, 08/01/2021		3,136
	7,814		4.06%, 07/01/2021		8,088
	7,299		4.07%, 07/01/2020		7,499
	2,149		4.07%, 10/01/2021		2,230
	10,315		4.08%, 11/01/2026		10,702
	2,132		4.16%, 03/01/2021		2,207
	2,000		4.25%, 04/01/2021		2,079
	675		4.28%, 01/01/2021		700
	1,396		4.30%, 04/01/2021		1,452
	1,399		4.30%, 06/01/2021		1,457
	7,184		4.31%, 06/01/2021		7,484
	2,573		4.33%, 02/01/2021 - 07/01/2021		2,680
	9,000		4.34%, 06/01/2021		9,398
	1,866		4.35%, 02/01/2021		1,940
	2,303		4.38%, 04/01/2020		2,377
	12,424		4.40%, 02/01/2020		12,763
	5,805		4.48%, 02/01/2021 - 06/01/2021		6,045
	3,022		4.55%, 08/01/2026		3,229
	2,711		4.76%, 08/01/2026		2,920
	3,421		4.97%, 02/01/2031		3,691
	819		5.00%, 04/01/2022 - 01/01/2036		880
	514		5.50%, 01/01/2033 - 04/01/2038		549
	574		6.00%, 02/01/2036 - 11/01/2039		611
	158		6.50%, 10/01/2035 - 06/01/2036		168
	574		7.00%, 12/01/2036 - 11/01/2037		640
	—	(h)	9.94%, 06/15/2021		—	(h)
	—	(h)	11.00%, 08/20/2020		—	(h)
	3		GNMA I, 15 Year, Single Family, 6.00%, 06/15/2018		3

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 231

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
		GNMA I, 30 Year, Single Family,
	3,352	4.00%, 08/15/2046		3,475
	48	6.38%, 08/15/2026		53
	1,223	6.50%, 08/15/2022 - 04/15/2033		1,357
	693	7.00%, 08/15/2023 - 03/15/2037		766
	43	7.50%, 11/15/2022 - 01/15/2033		43
	55	9.50%, 10/15/2024		58
		GNMA II, 30 Year, Single Family,
	3,359	3.75%, 08/20/2046		3,419
	1,871	4.00%, 03/20/2046		1,928
	15,911	4.25%, 12/20/2044 - 01/20/2048		16,688
	342	5.50%, 09/20/2039		379
	1,486	6.00%, 08/20/2039		1,685
	1,079	6.50%, 10/20/2033 - 01/20/2039		1,180
	9	7.50%, 02/20/2028 - 09/20/2028		9
	15	8.00%, 06/20/2026 - 10/20/2027		18
	9	8.50%, 03/20/2025 - 05/20/2025		10
		GNMA II, Other,
	1,526	3.75%, 12/20/2032		1,544
	2,505	4.45%, 05/20/2063 (z)		2,582
	1,823	4.46%, 05/20/2063 (z)		1,875
	2,525	4.48%, 04/20/2063 (z)		2,606
	70	6.00%, 11/20/2038		74
		Total Mortgage-Backed Securities (Cost $865,951)		855,658
	U.S. Treasury Obligations — 2.7%
		U.S. Treasury Bonds,
	1,800	3.63%, 08/15/2043		1,961
	30,865	3.75%, 11/15/2043		34,314
	200	4.38%, 02/15/2038		241
	200	4.50%, 05/15/2038		245

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		U.S. Treasury STRIPS Bonds,
	15,000	2.84%, 05/15/2033 (n)		9,360
	10,590	3.08%, 11/15/2032 (n)		6,721
	750	3.23%, 02/15/2033 (n)		472
	300	3.68%, 08/15/2031 (n)		198
	150	6.41%, 11/15/2030 (n)		101
		Total U.S. Treasury Obligations (Cost $54,198)		53,613
	Loan Assignments — 0.1% (cc)
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	1,956	Lila Mexican Holdings LLC, Tranche B, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 08/11/2022 (aa) (bb) (Cost $1,910)		1,932
SHARES
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	24,729	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $24,732)		24,731
		Total Investments — 100.0% (Cost $1,967,386)		1,963,968
		Other Assets in Excess of Liabilities — 0.0% (g)		907
		NET ASSETS — 100.0%	$	1,964,875

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

232 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 10.2%
	15	Academic Loan Funding Trust, Series 2012-1A, Class A1, 2.42%, 12/27/2022 (e) (z)		15
		American Credit Acceptance Receivables Trust,
	407	Series 2016-3, Class A, 1.70%, 11/12/2020 (e)		407
	976	Series 2017-1, Class A, 1.72%, 06/15/2020 (e)		976
	1,644	Series 2017-2, Class A, 1.84%, 07/13/2020 (e)		1,642
	2,735	Series 2017-3, Class A, 1.82%, 03/10/2020 (e)		2,731
	1,287	AmeriCredit Automobile Receivables, Series 2016-1, Class A3, 1.81%, 10/08/2020		1,285
		AmeriCredit Automobile Receivables Trust,
	1,619	Series 2017-1, Class A2A, 1.51%, 05/18/2020		1,616
	1,597	Series 2017-1, Class A3, 1.87%, 08/18/2021		1,579
	1,134	Series 2017-2, Class A3, 1.98%, 12/20/2021		1,122
	3,967	Series 2017-3, Class A3, 1.90%, 03/18/2022		3,912
	5,405	Series 2017-3, Class B, 2.24%, 06/19/2023		5,323
	35	Amortizing Residential Collateral Trust, Series 2002-BC6, Class M1, 2.75%, 08/25/2032 (z) (bb)		34
	1,744	Ascentium Equipment Receivables Trust, Series 2017-2A, Class A2, 2.00%, 05/11/2020 (e)		1,733
	564	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		564
		Bear Stearns Asset-Backed Securities Trust,
	273	Series 2003-SD2, Class 2A, 3.62%, 06/25/2043 (z) (bb)		259
	161	Series 2006-SD1, Class A, 1.99%, 04/25/2036 (z) (bb)		158
	719	BXG Receivables Note Trust, Series 2012-A, Class A, 2.66%, 12/02/2027 (e)		706
	1,307	Capital Auto Receivables Asset Trust, Series 2016-2, Class A3, 1.46%, 06/22/2020		1,302
	2,000	Capital One Multi-Asset Execution Trust, Series 2015-A7, Class A7, 1.45%, 08/16/2021		1,991
		CarFinance Capital Auto Trust,
	106	Series 2014-1A, Class B, 2.72%, 04/15/2020 (e)		107
	743	Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		741

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,051	Carmax Auto Owner Trust, Series 2016-3, Class A3, 1.39%, 05/17/2021		1,039
		CarMax Auto Owner Trust,
	363	Series 2014-4, Class A3, 1.25%, 11/15/2019		362
	1,602	Series 2015-1, Class A3, 1.38%, 11/15/2019		1,600
	2,072	Series 2017-3, Class A3, 1.97%, 04/15/2022		2,044
	1,272	Series 2017-4, Class A3, 2.11%, 10/17/2022		1,253
	2,881	Carnow Auto Receivables Trust, Series 2017-1A, Class A, 2.92%, 09/15/2022 (e)		2,870
	1,184	Centex Home Equity Loan Trust, Series 2002-C, Class AF4, SUB, 4.98%, 06/25/2031 (bb)		1,187
		Chrysler Capital Auto Receivables Trust,
	1,145	Series 2015-BA, Class A3, 1.91%, 03/16/2020 (e)		1,145
	11,197	Series 2016-AA, Class A3, 1.77%, 10/15/2020 (e)		11,175
	3,500	Series 2016-AA, Class A4, 1.96%, 01/18/2022 (e)		3,483
	1,101	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.71%, 05/15/2023 (e)		1,095
	16	CIT Equipment Collateral, Series 2014-VT1, Class A3, 1.50%, 10/21/2019 (e)		16
	4,022	CLUB Credit Trust, Series 2017-P2, Class A, 2.61%, 01/15/2024 (e)		4,014
		CNH Equipment Trust,
	2,185	Series 2014-A, Class A4, 1.50%, 05/15/2020		2,183
	1,010	Series 2016-B, Class A3, 1.63%, 08/15/2021		1,001
	1,875	Series 2017-B, Class A3, 1.86%, 09/15/2022		1,846
	5,606	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		5,502
		Continental Airlines Pass-Through Trust,
	1,744	Series 2000-1, Class A-1, 8.05%, 11/01/2020		1,862
	441	Series 2009-2, Class A, 7.25%, 11/10/2019		471
		CPS Auto Receivables Trust,
	831	Series 2016-B, Class A, 2.07%, 11/15/2019 (e)		831
	1,662	Series 2017-C, Class A, 1.78%, 09/15/2020 (e)		1,657
	1,839	Series 2017-C, Class B, 2.30%, 07/15/2021 (e)		1,824

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 233

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,938	Series 2017-D, Class A, 1.87%, 03/15/2021 (e)		1,932
		Credit Acceptance Auto Loan Trust,
	3,070	Series 2016-2A, Class A, 2.42%, 11/15/2023 (e)		3,068
	3,041	Series 2017-1A, Class A, 2.56%, 10/15/2025 (e)		3,027
	3,299	Series 2017-2A, Class A, 2.55%, 02/17/2026 (e)		3,256
	3,771	Series 2017-3A, Class A, 2.65%, 06/15/2026 (e)		3,716
	1,077	Series 2018-1A, Class A, 3.01%, 02/16/2027 (e)		1,073
	67	CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-HE4, Class AF, SUB, 5.51%, 08/25/2032 (bb)		69
	263	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, 2.52%, 10/25/2034 (z)		259
		Delta Air Lines Pass-Through Trust,
	1,816	Series 2002-1, Class G-1, 6.72%, 01/02/2023		1,982
	907	Series 2007-1, Class A, 6.82%, 08/10/2022		1,012
		Drive Auto Receivables Trust,
	1,481	Series 2017-2, Class A3, 1.82%, 06/15/2020		1,479
	3,075	Series 2017-2, Class B, 2.25%, 06/15/2021		3,069
	4,770	Series 2017-3, Class A2A, 1.65%, 08/15/2019		4,766
		DT Auto Owner Trust,
	641	Series 2017-1A, Class A, 1.56%, 06/15/2020 (e)		640
	2,938	Series 2017-2A, Class B, 2.44%, 02/15/2021 (e)		2,936
	2,358	Series 2017-3A, Class A, 1.73%, 08/17/2020 (e)		2,352
	2,857	Series 2017-3A, Class B, 2.40%, 05/17/2021 (e)		2,845
	4,067	Series 2017-4A, Class A, 1.85%, 08/17/2020 (e)		4,054
		Exeter Automobile Receivables Trust,
	356	Series 2016-1A, Class A, 2.35%, 07/15/2020 (e)		356
	4,800	Series 2016-3A, Class B, 2.84%, 08/16/2021 (e)		4,802
	1,774	Series 2017-3A, Class A, 2.05%, 12/15/2021 (e)		1,765
	6,426	Series 2018-1A, Class A, 2.21%, 05/17/2021 (e)		6,392

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4	FHLMC Structured Pass-Through Securities Certificates, Series T-20, Class A6, SUB, 6.76%, 09/25/2029		4
	2,126	Fifth Third Auto Trust, Series 2015-1, Class A3, 1.42%, 03/16/2020		2,120
		First Investors Auto Owner Trust,
	297	Series 2016-1A, Class A1, 1.92%, 05/15/2020 (e)		297
	1,020	Series 2016-2A, Class A1, 1.53%, 11/16/2020 (e)		1,018
	1,105	Series 2017-1A, Class A2, 2.20%, 03/15/2022 (e)		1,096
	2,648	Series 2017-2A, Class A1, 1.86%, 10/15/2021 (e)		2,636
	5,350	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		5,324
		Flagship Credit Auto Trust,
	424	Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		424
	5,375	Series 2016-3, Class A2, 2.05%, 11/15/2020 (e)		5,366
	1,457	Series 2017-1, Class A, 1.93%, 12/15/2021 (e)		1,453
	2,985	Series 2017-2, Class A, 1.85%, 07/15/2021 (e)		2,971
	2,715	Series 2017-4, Class A, 2.07%, 04/15/2022 (e)		2,681
		Ford Credit Auto Owner Trust,
	248	Series 2015-A, Class A3, 1.28%, 09/15/2019		248
	2,700	Series 2016-1, Class A, 2.31%, 08/15/2027 (e)		2,660
	1,928	Series 2016-B, Class A3, 1.33%, 10/15/2020		1,915
		GLS Auto Receivables Trust,
	152	Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		152
	4,059	Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		4,061
	4,805	Series 2018-1A, Class A, 2.82%, 07/15/2022 (e)		4,792
		GM Financial Automobile Leasing Trust,
	36	Series 2015-2, Class A3, 1.68%, 12/20/2018		36
	5,000	Series 2016-3, Class A4, 1.78%, 05/20/2020		4,963
	3,215	Series 2017-1, Class A3, 2.06%, 05/20/2020		3,197
	790	Series 2017-3, Class A3, 2.01%, 11/20/2020		782

SEE NOTES TO FINANCIAL STATEMENTS.

234 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	797	Series 2017-3, Class A4, 2.12%, 09/20/2021		789
	559	GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		560
		Hyundai Auto Lease Securitization Trust,
	2,134	Series 2016-A, Class A3, 1.60%, 07/15/2019 (e)		2,132
	1,500	Series 2016-B, Class A4, 1.68%, 04/15/2020 (e)		1,494
	850	Series 2017-B, Class A3, 1.97%, 07/15/2020 (e)		843
		Hyundai Auto Receivables Trust,
	448	Series 2015-B, Class A3, 1.12%, 11/15/2019		446
	3,416	Series 2015-B, Class A4, 1.48%, 06/15/2021		3,392
	21,407	LV Tower 52 Issuer, Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		21,407
	4,442	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.62%, 02/20/2029 (e)		4,458
	5,768	Marlette Funding Trust, Series 2018-1A, Class A, 2.61%, 03/15/2028 (e)		5,765
	4,500	Mercedes-Benz Auto Lease Trust, Series 2017-A, Class A3, 1.79%, 04/15/2020		4,470
	277	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, 3.87%, 03/25/2033 (z) (bb)		270
	2,966	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, 1.93%, 12/07/2020 (z)		2,970
		Nissan Auto Receivables Owner Trust,
	995	Series 2015-B, Class A3, 1.34%, 03/16/2020		991
	3,130	Series 2016-B, Class A3, 1.32%, 01/15/2021		3,102
	2,814	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class AT1, 2.75%, 06/15/2049 (e)		2,780
	3,554	Ocwen Master Advance Receivables Trust, Series 2017-T1, Class AT1, 2.50%, 09/15/2048 (e)		3,557
		OneMain Direct Auto Receivables Trust,
	542	Series 2016-1A, Class A, 2.04%, 01/15/2021 (e)		542
	6,736	Series 2017-2A, Class A, 2.31%, 12/14/2021 (e)		6,700
	19,336	Oportun Funding II LLC, Series 2016-A, Class A, 4.70%, 03/08/2021 (e)		19,429
	10,497	Progress Residential Trust, Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		10,445

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prosper Marketplace Issuance Trust,
	1,505	Series 2017-1A, Class A, 2.56%, 06/15/2023 (e)		1,506
	1,970	Series 2017-2A, Class A, 2.41%, 09/15/2023 (e)		1,968
	8	RASC Trust, Series 2001-KS1, Class AI6, 6.35%, 03/25/2032 (bb)		7
	2,003	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.69%, 10/25/2047 (e) (bb)		1,817
		Santander Drive Auto Receivables Trust,
	767	Series 2016-2, Class A3, 1.56%, 05/15/2020		767
	1,516	Series 2018-1, Class A3, 2.32%, 08/16/2021		1,511
	1,280	Santander Retail Auto Lease Trust, Series 2017-A, Class A3, 2.22%, 01/20/2021 (e)		1,267
	665	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.85%, 01/18/2022 (e)		665
		SoFi Consumer Loan Program LLC,
	1,500	Series 2017-3, Class A, 2.77%, 05/25/2026 (e)		1,491
	1,596	Series 2017-6, Class A1, 2.20%, 11/25/2026 (e)		1,590
	4,000	SoFi Consumer Loan Program Trust, Series 2018-1, Class A1, 2.55%, 02/25/2027 (e)		3,996
	1,903	SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX, 2.05%, 01/25/2041 (e)		1,890
		TCF Auto Receivables Owner Trust,
	601	Series 2016-1A, Class A2, 1.39%, 11/15/2019 (e)		601
	8,508	Series 2016-1A, Class A3, 1.71%, 04/15/2021 (e)		8,467
	3,125	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A3, 1.78%, 11/15/2021		3,078
	6,350	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (e) (bb)		6,202
	684	United Auto Credit Securitization Trust, Series 2017-1, Class A, 1.89%, 05/10/2019 (e)		684
		Verizon Owner Trust,
	1,236	Series 2016-1A, Class A, 1.42%, 01/20/2021 (e)		1,225
	3,000	Series 2016-2A, Class A, 1.68%, 05/20/2021 (e)		2,965

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 235

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,137	Series 2017-3A, Class A1A, 2.06%, 04/20/2022 (e)		2,106
	1,858	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		1,852
	2,860	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.37%, 05/28/2047 (e) (bb)		2,857
	997	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		991
	1,796	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		1,789
	1,728	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		1,730
		Westlake Automobile Receivables Trust,
	264	Series 2016-2A, Class A2, 1.57%, 06/17/2019 (e)		264
	4,154	Series 2017-1A, Class A2, 1.78%, 04/15/2020 (e)		4,149
	3,312	Series 2017-2A, Class A2A, 1.80%, 07/15/2020 (e)		3,302
	8,824	Series 2017-2A, Class B, 2.25%, 12/15/2020 (e)		8,737
	2,757	Series 2018-1A, Class A2A, 2.24%, 12/15/2020 (e)		2,751
		World Financial Network Credit Card Master Trust,
	3,900	Series 2012-D, Class A, 2.15%, 04/17/2023		3,880
	3,235	Series 2017-A, Class A, 2.12%, 03/15/2024		3,188
	1,487	Series 2018-A, Class A, 3.07%, 12/16/2024		1,487
		World Omni Auto Receivables Trust,
	10,432	Series 2016-B, Class A3, 1.30%, 02/15/2022		10,266
	1,586	Series 2017-B, Class A3, 1.95%, 02/15/2023		1,557
	3,527	World Omni Automobile Lease Securitization Trust, Series 2016-A, Class A3, 1.45%, 08/15/2019		3,506
		Total Asset-Backed Securities (Cost $374,246)		372,360
	Collateralized Mortgage Obligations — 5.7%
	28	Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		28
	68	Bear Stearns ARM Trust, Series 2003-7, Class 3A, 3.29%, 10/25/2033 (z)		67
		CHL Mortgage Pass-Through Trust,
	16	Series 2003-J15, Class 3A1, 5.00%, 01/25/2019		16
	22	Series 2004-8, Class 2A1, 4.50%, 06/25/2019		22

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	114		Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 02/25/2021		117
			Citigroup Mortgage Loan Trust, Inc.,
	45		Series 2003-UP3, Class A1, 7.00%, 09/25/2033		45
	907		Series 2004-UST1, Class A6, 3.25%, 08/25/2034 (z)		887
	74		Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 8A1, 5.00%, 09/25/2018		74
	188		CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class 6A1, 4.50%, 12/25/2019		189
	586		CSMC Mortgage-Backed Trust, Series 2007-5, Class 5A5, 5.41%, 12/25/2014 (z)		331
			FHLMC — GNMA,
	292		Series 31, Class Z, 8.00%, 04/25/2024		316
	65		Series 56, Class Z, 7.50%, 09/20/2026		73
			FHLMC REMIC,
	—	(h)	Series 12, Class A, 9.25%, 11/15/2019		—	(h)
	1		Series 17, Class I Shares, 9.90%, 10/15/2019		1
	2		Series 23, Class F, 9.60%, 04/15/2020		2
	1		Series 26, Class F, 9.50%, 02/15/2020		1
	—	(h)	Series 81, Class A, 8.13%, 11/15/2020		—	(h)
	3		Series 85, Class C, 8.60%, 01/15/2021		3
	1		Series 99, Class Z, 9.50%, 01/15/2021		1
	1		Series 159, Class H, 4.50%, 09/15/2021		—	(h)
	1		Series 189, Class D, 6.50%, 10/15/2021		1
	—	(h)	Series 1045, Class G, HB, IO, 1,066.21%, 02/15/2021		—	(h)
	1		Series 1053, Class G, 7.00%, 03/15/2021		1
	2		Series 1056, Class KZ, 6.50%, 03/15/2021		2
	—	(h)	Series 1074, Class H, 8.50%, 05/15/2021		—	(h)
	2		Series 1082, Class C, 9.00%, 05/15/2021		2
	2		Series 1087, Class I Shares, 8.50%, 06/15/2021		2
	7		Series 1125, Class Z, 8.25%, 08/15/2021		7
	5		Series 1142, Class IA, 7.00%, 10/15/2021		6
	—	(h)	Series 1169, Class G, 7.00%, 11/15/2021		—	(h)
	9		Series 1343, Class LA, 8.00%, 08/15/2022		10
	1		Series 1424, Class F, 1.30%, 11/15/2022 (z)		1
	49		Series 1480, Class LZ, 7.50%, 03/15/2023		52
	118		Series 1560, Class Z, 7.00%, 08/15/2023		127
	48		Series 1754, Class Z, 8.50%, 09/15/2024		54
	100		Series 1779, Class Z, 8.50%, 04/15/2025		113

SEE NOTES TO FINANCIAL STATEMENTS.

236 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1	Series 1807, Class G, 9.00%, 10/15/2020		1
	171	Series 1888, Class Z, 7.00%, 08/15/2026		186
	188	Series 2418, Class MF, 6.00%, 02/15/2022		197
	539	Series 2638, Class JG, 5.00%, 02/15/2033		547
	2,316	Series 2682, Class JG, 4.50%, 10/15/2023		2,428
	68	Series 2707, Class PE, 5.00%, 11/15/2018		68
	1,232	Series 2750, Class DE, 4.50%, 02/15/2019		1,236
	146	Series 2761, Class CB, 4.00%, 03/15/2019		146
	652	Series 2843, Class BC, 5.00%, 08/15/2019		656
	210	Series 2864, Class NB, 5.50%, 07/15/2033		211
	687	Series 2976, Class HZ, 4.50%, 05/15/2035		708
	3,187	Series 2989, Class MU, IF, IO, 5.41%, 07/15/2034 (z)		448
	3,701	Series 2989, Class TG, 5.00%, 06/15/2025		3,902
	323	Series 2995, Class FT, 1.84%, 05/15/2029 (z)		322
	634	Series 3002, Class BN, 5.00%, 07/15/2035		667
	2,009	Series 3005, Class ED, 5.00%, 07/15/2025		2,112
	31	Series 3005, Class PV, IF, 10.23%, 10/15/2033 (z)		35
	762	Series 3305, Class IW, IF, IO, 4.86%, 04/15/2037 (z)		83
	11,677	Series 3420, Class EI, SUB, 1.12%, 08/15/2037		453
	1,213	Series 3429, Class S, IF, IO, 5.23%, 03/15/2038 (z)		137
	1,450	Series 3546, Class A, 3.10%, 02/15/2039 (z)		1,480
	1,464	Series 3572, Class JS, IF, IO, 5.21%, 09/15/2039 (z)		157
	5,291	Series 3609, Class SA, IF, IO, 4.75%, 12/15/2039 (z)		686
	2,103	Series 3747, Class HI, IO, 4.50%, 07/15/2037		36
	1,902	Series 3784, Class S, IF, IO, 5.01%, 07/15/2023 (z)		126
	5,545	Series 3855, Class AM, 6.50%, 11/15/2036		6,066
	2,680	Series 3977, Class AB, 3.00%, 09/15/2029		2,698
	3,183	Series 4088, Class LE, 4.00%, 10/15/2040		3,164
	11,409	Series 4141, Class BI, IO, 2.50%, 12/15/2027		888
	18,083	Series 4229, Class MA, 3.50%, 05/15/2041		18,297
	5,613	Series 4305, Class KA, 3.00%, 03/15/2038		5,620
	11,087	Series 4374, Class NC, SUB, 3.75%, 02/15/2046		11,293
	203	First Horizon Mortgage Pass-Through Trust, Series 2004-7, Class 2A1, 4.75%, 12/25/2019		203

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FNMA REMIC,
	—	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	—	(h)	Series 1988-13, Class C, 9.30%, 05/25/2018		—	(h)
	—	(h)	Series 1988-15, Class A, 9.00%, 06/25/2018		—	(h)
	—	(h)	Series 1988-16, Class B, 9.50%, 06/25/2018		—	(h)
	—	(h)	Series 1989-2, Class D, 8.80%, 01/25/2019		—	(h)
	2		Series 1989-27, Class Y, 6.90%, 06/25/2019		2
	1		Series 1989-54, Class E, 8.40%, 08/25/2019		1
	—	(h)	Series 1989-66, Class J, 7.00%, 09/25/2019		—	(h)
	—	(h)	Series 1989-70, Class G, 8.00%, 10/25/2019		—	(h)
	5		Series 1989-72, Class E, 9.35%, 10/25/2019		6
	1		Series 1989-89, Class H, 9.00%, 11/25/2019		1
	—	(h)	Series 1989-96, Class H, 9.00%, 12/25/2019		—	(h)
	1		Series 1990-7, Class B, 8.50%, 01/25/2020		1
	1		Series 1990-12, Class G, 4.50%, 02/25/2020		1
	3		Series 1990-19, Class G, 9.75%, 02/25/2020		3
	3		Series 1990-58, Class J, 7.00%, 05/25/2020		3
	5		Series 1990-61, Class H, 7.00%, 06/25/2020		5
	3		Series 1990-106, Class J, 8.50%, 09/25/2020		3
	1		Series 1990-109, Class J, 7.00%, 09/25/2020		1
	1		Series 1990-111, Class Z, 8.75%, 09/25/2020		1
	1		Series 1990-117, Class E, 8.95%, 10/25/2020		1
	2		Series 1990-123, Class G, 7.00%, 10/25/2020		2
	2		Series 1990-132, Class Z, 7.00%, 11/25/2020		2
	33		Series 1990-137, Class X, 9.00%, 12/25/2020		35
	—	(h)	Series 1991-53, Class J, 7.00%, 05/25/2021		—	(h)
	—	(h)	Series 1991-130, Class C, 9.00%, 09/25/2021		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 237

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	—	(h)	Series 1992-96, Class B, PO, 05/25/2022		—	(h)
	380		Series 1992-131, Class KB, 8.00%, 08/25/2022		409
	377		Series 1992-185, Class L Shares, 8.00%, 10/25/2022		407
	1		Series 1993-165, Class SN, IF, 11.47%, 09/25/2023 (z)		2
	10		Series 1993-235, Class G, PO, 09/25/2023		10
	769		Series 1994-15, Class ZK, 5.50%, 02/25/2024		802
	495		Series 1994-43, Class PK, 6.35%, 02/25/2024		518
	236		Series 1999-6, Class PB, 6.00%, 03/25/2019		238
	5,111		Series 2001-81, Class HE, 6.50%, 01/25/2032		5,692
	4,231		Series 2002-64, Class PG, 5.50%, 10/25/2032		4,582
	—	(h)	Series 2003-16, Class LJ, 5.00%, 03/25/2018		—	(h)
	15		Series 2003-24, Class PD, 5.00%, 04/25/2018		15
	418		Series 2003-42, Class CI, IO, 6.50%, 05/25/2033		92
	593		Series 2003-49, IO, 6.50%, 06/25/2033		117
	29		Series 2003-57, Class IB, IO, 5.00%, 06/25/2018		—	(h)
	46		Series 2003-92, Class HP, 4.50%, 09/25/2018		47
	319		Series 2004-60, Class PA, 5.50%, 04/25/2034		321
	382		Series 2004-72, Class F, 2.12%, 09/25/2034 (z)		381
	45		Series 2004-101, Class AR, 5.50%, 01/25/2035		48
	1,600		Series 2005-19, Class PA, 5.50%, 07/25/2034		1,645
	1,112		Series 2005-38, Class FK, 1.92%, 05/25/2035 (z)		1,112
	60		Series 2005-84, Class MB, 5.75%, 10/25/2035		65
	2,641		Series 2006-4, Class PB, 6.00%, 09/25/2035		2,800
	355		Series 2006-58, Class ST, IF, IO, 5.53%, 07/25/2036 (z)		55
	58		Series 2007-16, Class FC, 2.37%, 03/25/2037 (z)		60
	115		Series 2007-22, Class SC, IF, IO, 4.46%, 03/25/2037 (z)		9

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,966	Series 2007-33, Class MS, IF, IO, 4.97%, 04/25/2037 (z)		408
	404	Series 2007-54, Class FA, 2.02%, 06/25/2037 (z)		404
	2,224	Series 2007-85, Class SH, IF, IO, 4.88%, 09/25/2037 (z)		191
	501	Series 2007-106, Class A7, 6.08%, 10/25/2037 (z)		542
	286	Series 2008-18, Class SE, IF, IO, 4.65%, 03/25/2038 (z)		35
	191	Series 2008-72, IO, 5.00%, 08/25/2028		18
	632	Series 2008-93, Class AM, 5.50%, 06/25/2037		649
	1,924	Series 2009-15, Class AC, 5.50%, 03/25/2029		2,088
	2,729	Series 2009-29, Class LA, 1.24%, 05/25/2039 (z)		2,455
	1,052	Series 2009-62, Class HJ, 6.00%, 05/25/2039		1,126
	415	Series 2009-70, Class IN, IO, 4.50%, 08/25/2019		4
	6,486	Series 2009-112, Class SW, IF, IO, 4.63%, 01/25/2040 (z)		826
	338	Series 2010-58, Class MA, 5.50%, 12/25/2038		342
	895	Series 2010-60, IO, 4.00%, 06/25/2020		32
	3,065	Series 2010-64, Class DM, 5.00%, 06/25/2040		3,250
	5,410	Series 2010-126, Class LI, IO, 4.00%, 11/25/2040		389
	335	Series 2011-36, Class PA, 4.00%, 02/25/2039		336
	164	Series 2011-42, Class DE, 3.25%, 11/25/2028		164
	21,615	Series 2012-46, Class KI, IO, 3.50%, 05/25/2027		2,374
	4,743	Series 2013-1, Class BA, 3.00%, 02/25/2040		4,653
	7,728	Series 2013-9, Class CB, 5.50%, 04/25/2042		8,355
	2,517	Series 2013-55, Class BA, 3.00%, 06/25/2037		2,522
	10,490	Series 2013-83, Class CA, 3.50%, 10/25/2037		10,638
	8,618	Series 2013-92, Class A, 3.50%, 12/25/2038		8,703
	2,791	Series 2013-96, Class CA, 4.00%, 04/25/2041		2,892
	11,726	Series 2014-23, Class PA, 3.50%, 08/25/2036		11,929

SEE NOTES TO FINANCIAL STATEMENTS.

238 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	5,311		Series 2016-2, Class GA, 3.00%, 02/25/2046		5,231
	1		Series G-11, Class Z, 8.50%, 05/25/2021		1
	70		Series G92-19, Class M, 8.50%, 04/25/2022		74
	6		Series G92-35, Class E, 7.50%, 07/25/2022		6
	182		Series G92-35, Class EA, 8.00%, 07/25/2022		194
	2		Series G92-40, Class ZC, 7.00%, 07/25/2022		2
	—	(h)	Series G92-44, Class ZQ, 8.00%, 07/25/2022		—	(h)
	4		Series G92-54, Class ZQ, 7.50%, 09/25/2022		4
	1,008		Series G92-64, Class J, 8.00%, 11/25/2022		1,079
	436		Series G92-66, Class K, 8.00%, 12/25/2022		468
	378		Series G94-6, Class PJ, 8.00%, 05/17/2024		411
	—	(h)	FNMA REMIC Trust, Series 1995-W3, Class A, 9.00%, 04/25/2025		—	(h)
			FNMA STRIPS,
	—	(h)	Series 268, Class 2, IO, 9.00%, 02/25/2023		—	(h)
	797		Series 334, Class 9, IO, 6.00%, 03/25/2033		164
	316		Series 334, Class 13, IO, 6.00%, 03/25/2033 (z)		57
	352		Series 334, Class 17, IO, 6.50%, 02/25/2033 (z)		88
	112		Series 343, Class 21, IO, 4.00%, 09/25/2018		1
	36		Series 345, Class 22, IO, 4.50%, 05/25/2020 (z)		—	(h)
	67		Series 351, Class 28, IO, 5.00%, 04/25/2019 (z)		1
	251		Series 356, Class 16, IO, 5.50%, 06/25/2035 (z)		49
	234		Series 359, Class 16, IO, 5.50%, 10/25/2035 (z)		43
	338		Series 369, Class 19, IO, 6.00%, 10/25/2036 (z)		54
	194		Series 369, Class 26, IO, 6.50%, 10/25/2036 (z)		41
	428		Series 386, Class 20, IO, 6.50%, 08/25/2038 (z)		92
	816		Series 394, Class C3, IO, 6.50%, 09/25/2038		160
	3,571		FNMA, Whole Loan, Series 2007-W1, Class 1AF1, 1.88%, 11/25/2046 (z)		3,577
			GNMA,
	447		Series 2004-39, Class IN, IO, 5.50%, 06/20/2033		60

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,600		Series 2006-23, Class S, IF, IO, 4.91%, 01/20/2036 (z)		80
	9,315		Series 2006-26, Class S, IF, IO, 4.91%, 06/20/2036 (z)		1,461
	5,909		Series 2007-16, Class KU, IF, IO, 5.06%, 04/20/2037 (z)		739
	1,826		Series 2008-75, Class SP, IF, IO, 5.88%, 08/20/2038 (z)		275
	2,254		Series 2009-14, Class KS, IF, IO, 4.71%, 03/20/2039 (z)		241
	691		Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		184
	5,436		Series 2009-14, Class SA, IF, IO, 4.49%, 03/20/2039 (z)		555
	5,800		Series 2009-106, Class XL, IF, IO, 5.16%, 06/20/2037 (z)		515
	92		Series 2010-14, Class QP, 6.00%, 12/20/2039		93
	1,971		Series 2011-48, Class QA, 5.00%, 08/16/2039		2,023
	1,622		Series 2012-84, Class AB, 5.00%, 07/16/2033		1,641
	7,084		Series 2012-96, Class WP, 6.50%, 08/16/2042		7,820
	8,182		Series 2013-H05, Class FB, 1.96%, 02/20/2062 (z)		8,187
			JP Morgan Mortgage Trust,
	1,145		Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		1,109
	1,661		Series 2006-A2, Class 4A1, 3.72%, 08/25/2034 (z)		1,680
			MASTR Alternative Loan Trust,
	18		Series 2004-8, Class 6A1, 5.50%, 09/25/2019		18
	246		Series 2004-8, Class 7A1, 5.00%, 09/25/2019		247
			MASTR Asset Securitization Trust,
	22		Series 2003-11, Class 10A1, 5.00%, 12/25/2018		22
	101		Series 2004-6, Class 6A1, 4.50%, 07/25/2019		101
	—	(h)	ML Trust XLIV, Series 44, Class G, 9.00%, 08/20/2020 (bb)		—	(h)
	2		Morgan Stanley Mortgage Loan Trust, Series 2004-1, Class 1A3, 5.00%, 11/25/2018		2
			NCUA Guaranteed Notes Trust,
	8,314		Series 2010-R3, Class 1A, 2.18%, 12/08/2020 (z)		8,363
	1,815		Series 2010-R3, Class 3A, 2.40%, 12/08/2020		1,803

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 239

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,614	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR6, Class 4A1, 1.88%, 12/25/2035 (z)		727
	308	Prime Mortgage Trust, Series 2005-2, Class 1A1, 4.75%, 07/25/2020		309
	1	Vendee Mortgage Trust, Series 1994-3C, Class 3, 9.78%, 03/15/2021		1
	149	WaMu Mortgage Pass-Through Certificates, Series 2003-S10, Class A4, 4.50%, 10/25/2018		149
		Wells Fargo Mortgage-Backed Securities Trust,
	604	Series 2003-K, Class 1A1, 3.56%, 11/25/2033 (z)		612
	10	Series 2003-K, Class 1A2, 3.56%, 11/25/2033 (z)		10
	1,607	Series 2003-M, Class A1, 3.73%, 12/25/2033 (z)		1,623
	687	Series 2004-O, Class A1, 3.56%, 08/25/2034 (z)		705
	468	Series 2004-EE, Class 2A2, 3.45%, 12/25/2034 (z)		480
	763	Series 2004-EE, Class 3A2, 3.79%, 12/25/2034 (z)		791
		Total Collateralized Mortgage Obligations (Cost $210,467)		207,051
	Commercial Mortgage-Backed Securities — 0.4%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	3,393	Series 2006-LDP9, Class AM, 5.37%, 05/15/2047		3,412
	3,000	Series 2006-LDP9, Class AMS, 5.34%, 05/15/2047		3,016
	2,242	Morgan Stanley Re-REMIC Trust, Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (e)		2,242
	3,106	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, 3.04%, 07/14/2034 (e) (z)		3,109
	3,477	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.48%, 08/15/2039 (z)		3,485
		Total Commercial Mortgage-Backed Securities (Cost $15,554)		15,264
	Corporate Bonds — 33.2%
		Consumer Discretionary — 1.1%
		Auto Components — 0.0% (g)
	1,000	Aptiv plc, 3.15%, 11/19/2020		1,001
		Automobiles — 0.4%
	2,199	BMW US Capital LLC, (Germany), 1.50%, 04/11/2019 (e)		2,174

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — continued
		Daimler Finance North America LLC, (Germany),
	1,175	2.00%, 08/03/2018 (e)		1,174
	1,750	2.25%, 09/03/2019 (e)		1,735
	5,000	2.25%, 03/02/2020 (e)		4,939
	859	Hyundai Capital America, 2.00%, 07/01/2019 (e)		847
		Nissan Motor Acceptance Corp.,
	2,280	2.35%, 03/04/2019 (e)		2,278
	2,620	2.55%, 03/08/2021 (e)		2,584
				15,731
		Hotels, Restaurants & Leisure — 0.0% (g)
	1,095	Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		1,080
		Household Durables — 0.1%
	2,445	Newell Brands, Inc., 3.15%, 04/01/2021		2,419
		Internet & Direct Marketing Retail — 0.1%
	1,920	Expedia, Inc., 7.46%, 08/15/2018		1,963
		Media — 0.4%
	2,655	21st Century Fox America, Inc., 4.50%, 02/15/2021		2,769
	3,770	Charter Communications Operating LLC, 3.58%, 07/23/2020		3,798
	248	Discovery Communications LLC, 2.20%, 09/20/2019		245
	1,177	Scripps Networks Interactive, Inc., 2.75%, 11/15/2019		1,172
	556	Sky plc, (United Kingdom), 2.63%, 09/16/2019 (e)		555
		Time Warner Cable LLC,
	1,391	5.00%, 02/01/2020		1,439
	675	6.75%, 07/01/2018		684
	2,540	Time Warner, Inc., 4.00%, 01/15/2022		2,607
				13,269
		Specialty Retail — 0.1%
	1,200	Advance Auto Parts, Inc., 4.50%, 01/15/2022		1,241
		AutoZone, Inc.,
	1,000	2.50%, 04/15/2021		982
	1,020	4.00%, 11/15/2020		1,048
	1,290	O’Reilly Automotive, Inc., 4.63%, 09/15/2021		1,349
				4,620
		Total Consumer Discretionary		40,083

SEE NOTES TO FINANCIAL STATEMENTS.

240 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Staples — 1.4%
		Beverages — 0.6%
	16,091	Anheuser-Busch InBev Finance, Inc., (Belgium), 2.65%, 02/01/2021		15,942
		Coca-Cola European Partners US LLC, (United Kingdom),
	350	3.25%, 08/19/2021		352
	1,460	3.50%, 09/15/2020		1,482
	2,000	Constellation Brands, Inc., 3.75%, 05/01/2021		2,040
	1,255	Dr Pepper Snapple Group, Inc., 2.53%, 11/15/2021		1,223
		Pernod Ricard SA, (France),
	600	4.45%, 01/15/2022 (e)		625
	850	5.75%, 04/07/2021 (e)		916
				22,580
		Food & Staples Retailing — 0.2%
	1,095	Alimentation Couche-Tard, Inc., (Canada), 2.35%, 12/13/2019 (e)		1,086
		Kroger Co. (The),
	2,000	2.30%, 01/15/2019		1,995
	2,810	2.80%, 08/01/2022		2,749
	455	3.30%, 01/15/2021		458
	700	Wesfarmers Ltd., (Australia), 1.87%, 03/20/2018 (e)		700
				6,988
		Food Products — 0.5%
		Bunge Ltd. Finance Corp.,
	1,774	3.50%, 11/24/2020		1,793
	685	8.50%, 06/15/2019		733
	2,775	Cargill, Inc., 3.25%, 11/15/2021 (e)		2,793
		Kraft Heinz Foods Co.,
	1,300	2.80%, 07/02/2020		1,292
	2,500	3.50%, 06/06/2022		2,504
	2,665	Mead Johnson Nutrition Co., (United Kingdom), 4.90%, 11/01/2019		2,754
	1,200	Mondelez International Holdings Netherlands BV, 2.00%, 10/28/2021 (e)		1,152
		Smithfield Foods, Inc.,
	800	2.70%, 01/31/2020 (e)		791
	2,341	3.35%, 02/01/2022 (e)		2,301
	3,000	Tyson Foods, Inc., 2.65%, 08/15/2019		2,992
				19,105
		Tobacco — 0.1%
	2,130	BAT Capital Corp., (United Kingdom), 2.30%, 08/14/2020 (e)		2,091
		Total Consumer Staples		50,764

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy — 3.1%
		Energy Equipment & Services — 0.1%
		Baker Hughes a GE Co. LLC,
	1,190	2.77%, 12/15/2022		1,163
	826	3.20%, 08/15/2021		829
	3,380	Schlumberger Holdings Corp., 2.35%, 12/21/2018 (e)		3,375
				5,367
		Oil, Gas & Consumable Fuels — 3.0%
		Anadarko Petroleum Corp.,
	1,195	6.95%, 06/15/2019		1,256
	1,600	8.70%, 03/15/2019		1,693
	9,050	Boardwalk Pipelines LP, 5.20%, 06/01/2018		9,098
	1,000	BP Capital Markets America, Inc., 4.20%, 06/15/2018		1,005
		BP Capital Markets plc, (United Kingdom),
	2,499	2.32%, 02/13/2020		2,478
	470	4.50%, 10/01/2020		488
	1,820	4.74%, 03/11/2021		1,913
	4,350	Buckeye Partners LP, 2.65%, 11/15/2018		4,351
	6,290	Cenovus Energy, Inc., (Canada), 5.70%, 10/15/2019		6,528
	1,376	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.63%, 05/05/2020		1,362
	515	Columbia Pipeline Group, Inc., 3.30%, 06/01/2020		517
		Enbridge Energy Partners LP,
	750	4.20%, 09/15/2021		768
	400	5.20%, 03/15/2020		416
	400	Enbridge, Inc., (Canada), 2.90%, 07/15/2022		388
		Encana Corp., (Canada),
	2,300	3.90%, 11/15/2021		2,341
	670	6.50%, 05/15/2019		698
		Energy Transfer LP,
	4,830	6.70%, 07/01/2018		4,891
	730	9.00%, 04/15/2019		777
	3,875	EnLink Midstream Partners LP, 2.70%, 04/01/2019		3,852
		Enterprise Products Operating LLC,
	2,135	5.25%, 01/31/2020		2,227
	5,000	Series N, 6.50%, 01/31/2019		5,169
		EOG Resources, Inc.,
	930	4.40%, 06/01/2020		959
	3,450	5.63%, 06/01/2019		3,568
	928	EQT Corp., 4.88%, 11/15/2021		970
	1,020	Gulf South Pipeline Co. LP, 4.00%, 06/15/2022		1,024

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 241

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	2,660	Husky Energy, Inc., (Canada), 7.25%, 12/15/2019		2,853
	640	Kinder Morgan Energy Partners LP, 6.50%, 04/01/2020		682
		Magellan Midstream Partners LP,
	800	4.25%, 02/01/2021		823
	1,775	6.55%, 07/15/2019		1,862
	4,358	Marathon Oil Corp., 2.70%, 06/01/2020		4,319
	1,350	Marathon Petroleum Corp., 3.40%, 12/15/2020		1,365
		ONEOK Partners LP,
	5,000	3.20%, 09/15/2018		5,019
	446	8.63%, 03/01/2019		471
		Pioneer Natural Resources Co.,
	425	3.45%, 01/15/2021		430
	1,480	6.88%, 05/01/2018		1,490
		Plains All American Pipeline LP,
	1,896	2.60%, 12/15/2019		1,877
	1,755	5.75%, 01/15/2020		1,835
	1,250	Sabine Pass Liquefaction LLC, 5.62%, 02/01/2021		1,320
	1,000	Sinopec Group Overseas Development 2013 Ltd., (China), 2.50%, 10/17/2018 (e)		998
	2,000	Spectra Energy Capital LLC, 6.20%, 04/15/2018		2,008
	2,819	Spectra Energy Partners LP, 2.95%, 09/25/2018		2,826
	2,480	Statoil ASA, (Norway), 2.25%, 11/08/2019		2,464
	3,350	Sunoco Logistics Partners Operations LP, 5.50%, 02/15/2020		3,488
		TransCanada PipeLines Ltd., (Canada),
	4,454	3.13%, 01/15/2019		4,468
	715	3.80%, 10/01/2020		731
		Western Gas Partners LP,
	4,850	2.60%, 08/15/2018		4,843
	450	5.38%, 06/01/2021		471
		Williams Partners LP,
	2,717	3.60%, 03/15/2022		2,725
	525	5.25%, 03/15/2020		548
				108,653
		Total Energy		114,020
		Financials — 19.2%
		Banks — 9.7%
		ABN AMRO Bank NV, (Netherlands),
	2,060	2.45%, 06/04/2020 (e)		2,033
	6,346	2.50%, 10/30/2018 (e)		6,348

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		ANZ New Zealand Int’l Ltd., (New Zealand),
	250	2.60%, 09/23/2019 (e)		249
	3,000	2.88%, 01/25/2022 (e)		2,949
		Bank of America Corp.,
	5,370	2.63%, 10/19/2020		5,320
	7,045	5.00%, 05/13/2021		7,459
	1,440	5.63%, 07/01/2020		1,527
	2,875	5.65%, 05/01/2018		2,892
	1,560	5.70%, 01/24/2022		1,700
	10,590	7.63%, 06/01/2019		11,218
	6,000	Series L, 2.25%, 04/21/2020		5,927
	10,295	Series L, 2.60%, 01/15/2019		10,298
	14,451	Series L, 2.65%, 04/01/2019		14,458
	2,000	Bank of Montreal, (Canada), 2.10%, 06/15/2020		1,969
		Bank of Nova Scotia (The), (Canada),
	1,293	2.05%, 06/05/2019		1,284
	2,045	2.15%, 07/14/2020		2,015
	3,814	2.45%, 03/22/2021		3,761
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	3,000	1.70%, 03/05/2018 (e)		3,000
	400	2.15%, 09/14/2018 (e)		399
	1,800	2.30%, 03/10/2019 (e)		1,794
	2,031	Banque Federative du Credit Mutuel SA, (France), 2.20%, 07/20/2020 (e)		1,992
		Barclays Bank plc, (United Kingdom),
	1,310	5.14%, 10/14/2020		1,360
	2,080	10.18%, 06/12/2021 (e)		2,478
	2,835	Barclays plc, (United Kingdom), 3.68%, 01/10/2023		2,815
		BB&T Corp.,
	2,500	2.05%, 05/10/2021		2,428
	2,790	2.45%, 01/15/2020		2,773
	1,878	5.25%, 11/01/2019		1,951
	1,684	BNZ International Funding Ltd., (New Zealand), 2.35%, 03/04/2019 (e)		1,678
	300	Branch Banking & Trust Co., 2.85%, 04/01/2021		299
		Canadian Imperial Bank of Commerce, (Canada),
	1,615	2.10%, 10/05/2020		1,583
	2,000	2.70%, 02/02/2021		1,981
	3,000	Capital One Bank USA NA, 2.15%, 11/21/2018		2,993
		Capital One NA,
	4,472	2.35%, 08/17/2018		4,469
	3,000	2.35%, 01/31/2020		2,965
	1,150	2.65%, 08/08/2022		1,110

SEE NOTES TO FINANCIAL STATEMENTS.

242 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	1,850	Citibank NA, 2.13%, 10/20/2020		1,809
		Citigroup, Inc.,
	5,000	1.70%, 04/27/2018		4,997
	4,000	1.75%, 05/01/2018		3,998
	16,290	2.40%, 02/18/2020		16,134
	4,000	2.50%, 09/26/2018		4,000
	2,500	2.70%, 03/30/2021		2,469
		Citizens Bank NA,
	400	2.30%, 12/03/2018		399
	3,640	2.55%, 05/13/2021		3,568
	1,420	Citizens Financial Group, Inc., 2.38%, 07/28/2021		1,385
	2,000	Comerica Bank, 2.50%, 06/02/2020		1,978
		Commonwealth Bank of Australia, (Australia),
	3,450	2.25%, 03/13/2019		3,441
	2,050	2.30%, 03/12/2020		2,026
	1,564	Compass Bank, 2.75%, 09/29/2019		1,555
	5,073	Cooperatieve Rabobank UA, (Netherlands), 2.25%, 01/14/2019		5,060
	2,460	Credit Agricole SA, (France), 3.38%, 01/10/2022 (e)		2,451
	5,211	Credit Suisse Group Funding Guernsey Ltd., (Switzerland), 3.45%, 04/16/2021		5,225
	4,400	Danske Bank A/S, (Denmark), 1.65%, 09/06/2019 (e)		4,337
	3,000	Discover Bank, 3.20%, 08/09/2021		2,982
		Fifth Third Bancorp,
	5,288	2.88%, 07/27/2020		5,278
	1,000	3.50%, 03/15/2022		1,008
	470	First Horizon National Corp., 3.50%, 12/15/2020		475
	700	First Tennessee Bank NA, 2.95%, 12/01/2019		700
		HSBC Bank plc, (United Kingdom),
	2,000	1.50%, 05/15/2018 (e)		1,997
	4,520	4.75%, 01/19/2021 (e)		4,735
	13,360	HSBC Holdings plc, (United Kingdom), 2.65%, 01/05/2022		13,016
		Huntington Bancshares, Inc.,
	3,390	2.60%, 08/02/2018		3,393
	803	3.15%, 03/14/2021		806
	1,815	7.00%, 12/15/2020		1,999
	4,000	Huntington National Bank (The), 2.00%, 06/30/2018		3,995
	1,400	ING Groep NV, (Netherlands), 3.15%, 03/29/2022		1,388
	750	KeyBank NA, 2.50%, 11/22/2021		734

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	4,000	KeyCorp, 2.90%, 09/15/2020		3,990
	4,800	Lloyds Bank plc, (United Kingdom), 2.70%, 08/17/2020		4,755
	200	Lloyds Banking Group plc, (United Kingdom), 3.00%, 01/11/2022		197
		Manufacturers & Traders Trust Co.,
	1,295	2.10%, 02/06/2020		1,279
	1,000	2.25%, 07/25/2019		994
	1,648	2.30%, 01/30/2019		1,645
	2,000	2.63%, 01/25/2021		1,983
	3,535	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.67%, 07/25/2022		3,436
		Mizuho Bank Ltd., (Japan),
	1,631	1.80%, 03/26/2018 (e)		1,631
	1,189	2.65%, 09/25/2019 (e)		1,185
	1,000	Mizuho Financial Group, Inc., (Japan), 2.95%, 02/28/2022		983
	1,000	MUFG Union Bank NA, 2.63%, 09/26/2018		1,001
	4,425	National City Corp., 6.88%, 05/15/2019		4,636
	700	Nordea Bank AB, (Sweden), 4.88%, 05/13/2021 (e)		730
		PNC Bank NA,
	1,315	2.30%, 06/01/2020		1,301
	1,000	2.60%, 07/21/2020		993
	7,278	PNC Financial Services Group, Inc. (The), 5.13%, 02/08/2020		7,583
		Regions Bank,
	2,010	2.25%, 09/14/2018		2,008
	2,000	2.75%, 04/01/2021		1,988
	1,840	Regions Financial Corp., 3.20%, 02/08/2021		1,846
		Royal Bank of Canada, (Canada),
	5,960	1.63%, 04/15/2019		5,909
	3,905	2.20%, 07/27/2018		3,903
		Santander UK Group Holdings plc, (United Kingdom),
	1,000	2.88%, 10/16/2020		992
	5,000	3.13%, 01/08/2021		4,972
		Skandinaviska Enskilda Banken AB, (Sweden),
	884	1.75%, 03/19/2018 (e)		884
	850	2.63%, 11/17/2020 (e)		840
	2,850	Societe Generale SA, (France), 3.25%, 01/12/2022 (e)		2,820
	775	Sumitomo Mitsui Banking Corp., (Japan), 2.50%, 07/19/2018		776
	1,510	Sumitomo Mitsui Financial Group, Inc., (Japan), 2.78%, 07/12/2022		1,476

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 243

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	2,390	Sumitomo Mitsui Trust Bank Ltd., (Japan), 1.95%, 09/19/2019 (e)		2,360
		SunTrust Banks, Inc.,
	5,000	2.50%, 05/01/2019		4,991
	3,125	2.90%, 03/03/2021		3,110
		Toronto-Dominion Bank (The), (Canada),
	1,096	2.13%, 04/07/2021		1,070
	3,000	2.55%, 01/25/2021		2,972
		UBS Group Funding Switzerland AG, (Switzerland),
	3,626	2.65%, 02/01/2022 (e)		3,531
	2,871	3.00%, 04/15/2021 (e)		2,851
		Wells Fargo & Co.,
	8,248	2.10%, 07/26/2021		7,970
	12,634	2.50%, 03/04/2021		12,401
	600	2.63%, 07/22/2022		583
	13,648	Series N, 2.15%, 01/30/2020		13,460
		Westpac Banking Corp., (Australia),
	1,202	2.25%, 01/17/2019		1,199
	4,000	2.60%, 11/23/2020		3,963
				354,010
		Capital Markets — 5.0%
		Bank of New York Mellon Corp. (The),
	3,450	2.05%, 05/03/2021		3,350
	5,040	2.50%, 04/15/2021		4,957
		Credit Suisse AG, (Switzerland),
	9,000	1.70%, 04/27/2018		8,995
	1,250	2.30%, 05/28/2019		1,243
		Deutsche Bank AG, (Germany),
	12,000	3.13%, 01/13/2021		11,896
	1,325	3.15%, 01/22/2021		1,313
		Goldman Sachs Group, Inc. (The),
	1,015	2.60%, 04/23/2020		1,007
	1,200	2.60%, 12/27/2020		1,185
	5,810	2.63%, 04/25/2021		5,714
	1,000	2.88%, 02/25/2021		992
	2,375	3.00%, 04/26/2022		2,342
	27,314	5.38%, 03/15/2020		28,598
	18,799	7.50%, 02/15/2019		19,640
	3,772	ING Bank NV, (Netherlands), 2.45%, 03/16/2020 (e)		3,734
	3,210	Jefferies Group LLC, 5.13%, 04/13/2018		3,220
	7,574	Macquarie Bank Ltd., (Australia), 2.60%, 06/24/2019 (e)		7,558

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
		Macquarie Group Ltd., (Australia),
	3,080	3.00%, 12/03/2018 (e)		3,089
	446	7.63%, 08/13/2019 (e)		475
		Morgan Stanley,
	990	2.45%, 02/01/2019		988
	6,706	2.50%, 04/21/2021		6,586
	27,319	2.65%, 01/27/2020		27,205
	5,400	5.50%, 01/26/2020		5,655
	4,115	5.50%, 07/24/2020		4,350
	2,836	5.75%, 01/25/2021		3,041
	5,026	6.63%, 04/01/2018		5,044
	4,861	7.30%, 05/13/2019		5,115
	1,005	Nomura Holdings, Inc., (Japan), 2.75%, 03/19/2019		1,005
	1,070	Northern Trust Co. (The), 6.50%, 08/15/2018		1,090
	885	Northern Trust Corp., 3.45%, 11/04/2020		904
	1,991	State Street Corp., 1.95%, 05/19/2021		1,935
	500	TD Ameritrade Holding Corp., 5.60%, 12/01/2019		525
		UBS AG, (Switzerland),
	1,864	1.80%, 03/26/2018		1,864
	8,000	2.20%, 06/08/2020 (e)		7,875
				182,490
		Consumer Finance — 2.4%
		AerCap Ireland Capital DAC, (Netherlands),
	1,717	3.75%, 05/15/2019		1,733
	1,105	3.95%, 02/01/2022		1,116
	1,662	4.50%, 05/15/2021		1,713
	2,150	4.63%, 10/30/2020		2,221
		American Express Co.,
	2,000	2.50%, 08/01/2022		1,932
	5,015	7.00%, 03/19/2018		5,027
	1,395	8.13%, 05/20/2019		1,486
		American Express Credit Corp.,
	3,234	2.25%, 05/05/2021		3,157
	1,000	2.38%, 05/26/2020		989
	2,001	Series F, 2.60%, 09/14/2020		1,982
		American Honda Finance Corp.,
	2,095	1.95%, 07/20/2020		2,055
	2,000	Series A, 2.15%, 03/13/2020		1,975
		Capital One Financial Corp.,
	613	2.45%, 04/24/2019		611
	5,340	3.05%, 03/09/2022		5,243

SEE NOTES TO FINANCIAL STATEMENTS.

244 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
		Caterpillar Financial Services Corp.,
	1,952	1.93%, 10/01/2021		1,885
	760	7.15%, 02/15/2019		793
		Ford Motor Credit Co. LLC,
	5,620	2.60%, 11/04/2019		5,584
	3,410	3.16%, 08/04/2020		3,397
	6,056	3.34%, 03/18/2021		6,025
	6,146	3.34%, 03/28/2022		6,054
	500	5.00%, 05/15/2018		502
	2,170	8.13%, 01/15/2020		2,360
		General Motors Financial Co., Inc.,
	2,066	2.40%, 05/09/2019		2,057
	5,944	3.45%, 01/14/2022		5,912
	3,504	3.45%, 04/10/2022		3,481
	11,821	4.20%, 03/01/2021		12,098
	1,260	John Deere Capital Corp., 1.70%, 01/15/2020		1,240
	2,145	Synchrony Financial, 3.75%, 08/15/2021		2,172
	3,394	Toyota Motor Credit Corp., 1.90%, 04/08/2021		3,298
				88,098
		Diversified Financial Services — 0.5%
	513	CK Hutchison International II Ltd., (Hong Kong), 2.25%, 09/29/2020 (e)		503
	1,112	EDP Finance BV, (Portugal), 4.13%, 01/15/2020 (e)		1,135
	10,419	GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		10,192
	1,115	National Rural Utilities Cooperative Finance Corp., 2.35%, 06/15/2020		1,103
		Nationwide Building Society, (United Kingdom),
	1,269	2.45%, 07/27/2021 (e)		1,240
	925	6.25%, 02/25/2020 (e)		983
	908	ORIX Corp., (Japan), 2.90%, 07/18/2022		888
	2,344	Protective Life Global Funding, 1.56%, 09/13/2019 (e)		2,306
	1,682	Shell International Finance BV, (Netherlands), 2.13%, 05/11/2020		1,661
				20,011
		Insurance — 1.4%
	1,490	Alterra Finance LLC, 6.25%, 09/30/2020		1,602
		American International Group, Inc.,
	2,015	2.30%, 07/16/2019		2,001
	2,000	3.30%, 03/01/2021		2,005
	2,045	Aon Corp., 5.00%, 09/30/2020		2,143

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	2,905	Athene Global Funding, 2.75%, 04/20/2020 (e)		2,882
	1,180	AXIS Specialty Finance LLC, 5.88%, 06/01/2020		1,251
	783	Chubb INA Holdings, Inc., 2.30%, 11/03/2020		774
	2,000	CNA Financial Corp., 5.88%, 08/15/2020		2,132
	1,150	Hartford Financial Services Group, Inc. (The), 5.50%, 03/30/2020		1,211
	4,500	Jackson National Life Global Funding, 2.30%, 04/16/2019 (e)		4,493
	800	Liberty Mutual Group, Inc., 5.00%, 06/01/2021 (e)		843
		Lincoln National Corp.,
	470	6.25%, 02/15/2020		500
	1,227	8.75%, 07/01/2019		1,324
	1,500	Marsh & McLennan Cos., Inc., 2.35%, 09/10/2019		1,494
	2,272	MassMutual Global Funding II, 2.00%, 04/15/2021 (e)		2,208
	4,000	Metropolitan Life Global Funding I, 2.30%, 04/10/2019 (e)		3,986
	707	Nationwide Financial Services, Inc., 5.38%, 03/25/2021 (e)		748
	4,000	New York Life Global Funding, 2.15%, 06/18/2019 (e)		3,978
	785	Nuveen Finance LLC, 2.95%, 11/01/2019 (e)		785
	4,417	Pricoa Global Funding I, 2.55%, 11/24/2020 (e)		4,385
	1,000	Principal Life Global Funding II, 1.50%, 04/18/2019 (e)		989
	1,388	Reliance Standard Life Global Funding II, 3.05%, 01/20/2021 (e)		1,383
	4,170	Suncorp-Metway Ltd., (Australia), 2.38%, 11/09/2020 (e)		4,091
	500	WR Berkley Corp., 5.38%, 09/15/2020		529
		XLIT Ltd., (Bermuda),
	2,050	2.30%, 12/15/2018		2,044
	700	5.75%, 10/01/2021		757
				50,538
		Thrifts & Mortgage Finance — 0.2%
		BPCE SA, (France),
	500	2.75%, 12/02/2021		490
	5,850	3.00%, 05/22/2022 (e)		5,732
				6,222
		Total Financials		701,369

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 245

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care — 2.4%
		Biotechnology — 0.7%
	14,065	AbbVie, Inc., 2.50%, 05/14/2020		13,940
	4,000	Amgen, Inc., 2.20%, 05/22/2019		3,981
	1,672	Biogen, Inc., 2.90%, 09/15/2020		1,668
		Celgene Corp.,
	2,170	2.88%, 08/15/2020		2,165
	1,000	2.88%, 02/19/2021		995
		Gilead Sciences, Inc.,
	2,073	2.05%, 04/01/2019		2,065
	1,490	2.55%, 09/01/2020		1,479
				26,293
		Health Care Equipment & Supplies — 0.5%
	1,985	Abbott Laboratories, 2.35%, 11/22/2019		1,974
		Becton Dickinson and Co.,
	530	2.13%, 06/06/2019		526
	960	2.40%, 06/05/2020		944
	1,203	4.40%, 01/15/2021 (e)		1,230
	820	Boston Scientific Corp., 6.00%, 01/15/2020		865
	3,100	Edwards Lifesciences Corp., 2.88%, 10/15/2018		3,107
	2,915	Medtronic, Inc., 2.50%, 03/15/2020		2,898
	3,500	Stryker Corp., 2.00%, 03/08/2019		3,480
	2,702	Zimmer Biomet Holdings, Inc., 2.70%, 04/01/2020		2,681
				17,705
		Health Care Providers & Services — 0.5%
	2,640	Aetna, Inc., 2.20%, 03/15/2019		2,625
	420	Allergan Sales LLC, 5.00%, 12/15/2021 (e)		442
	845	AmerisourceBergen Corp., 3.50%, 11/15/2021		851
		Anthem, Inc.,
	833	2.50%, 11/21/2020		824
	815	4.35%, 08/15/2020		843
	1,000	Cardinal Health, Inc., 1.95%, 06/14/2019		990
	1,765	Coventry Health Care, Inc., 5.45%, 06/15/2021		1,878
	3,250	Laboratory Corp. of America Holdings, 2.63%, 02/01/2020		3,233
	3,014	Medco Health Solutions, Inc., 4.13%, 09/15/2020		3,096
	1,340	Quest Diagnostics, Inc., 4.75%, 01/30/2020		1,387
				16,169

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.1%
	2,930	Thermo Fisher Scientific, Inc., 4.70%, 05/01/2020		3,035
		Pharmaceuticals — 0.6%
	4,873	Allergan Funding SCS, 3.45%, 03/15/2022		4,851
	2,600	Bayer US Finance LLC, (Germany), 2.38%, 10/08/2019 (e)		2,578
	1,280	EMD Finance LLC, (Germany), 2.40%, 03/19/2020 (e)		1,266
		Mylan NV,
	1,510	2.50%, 06/07/2019		1,501
	2,400	3.15%, 06/15/2021		2,378
		Shire Acquisitions Investments Ireland DAC,
	2,040	1.90%, 09/23/2019		2,009
	3,970	2.40%, 09/23/2021		3,834
	2,000	Teva Pharmaceutical Finance Co. BV, (Israel), Series 2, 3.65%, 11/10/2021		1,940
	850	Teva Pharmaceutical Finance IV LLC, (Israel), 2.25%, 03/18/2020		820
	1,085	Teva Pharmaceutical Finance Netherlands III BV, (Israel), 2.20%, 07/21/2021		1,005
	531	Zoetis, Inc., 3.45%, 11/13/2020		537
				22,719
		Total Health Care		85,921
		Industrials — 1.5%
		Aerospace & Defense — 0.4%
	2,903	BAE Systems Holdings, Inc., (United Kingdom), 6.38%, 06/01/2019 (e)		3,032
		Harris Corp.,
	3,000	2.00%, 04/27/2018		2,999
	160	5.55%, 10/01/2021		172
	1,772	L3 Technologies, Inc., 4.75%, 07/15/2020		1,835
	5,000	Precision Castparts Corp., 2.25%, 06/15/2020		4,960
	1,300	Textron, Inc., 5.95%, 09/21/2021		1,407
				14,405
		Building Products — 0.0% (g)
	1,015	Johnson Controls International plc, 5.00%, 03/30/2020		1,059
	815	Masco Corp., 3.50%, 04/01/2021		820
				1,879
		Commercial Services & Supplies — 0.1%
	840	Republic Services, Inc., 5.50%, 09/15/2019		876
	2,605	Waste Management, Inc., 4.75%, 06/30/2020		2,715
				3,591

SEE NOTES TO FINANCIAL STATEMENTS.

246 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrial Conglomerates — 0.1%
		Roper Technologies, Inc.,
	830	3.00%, 12/15/2020		832
	1,045	6.25%, 09/01/2019		1,098
				1,930
		Machinery — 0.1%
	1,290	Stanley Black & Decker, Inc., 2.45%, 11/17/2018		1,287
	1,480	Xylem, Inc., 4.88%, 10/01/2021		1,573
				2,860
		Road & Rail — 0.5%
	465	Burlington Northern Santa Fe LLC, 8.13%, 04/15/2020		515
		Canadian Pacific Railway Co., (Canada),
	2,900	6.50%, 05/15/2018		2,924
	1,000	7.25%, 05/15/2019		1,053
	1,200	Norfolk Southern Railway Co., 9.75%, 06/15/2020		1,382
	2,047	Penske Truck Leasing Co. LP, 2.50%, 06/15/2019 (e)		2,041
		Ryder System, Inc.,
	1,403	2.35%, 02/26/2019		1,395
	1,865	2.45%, 09/03/2019		1,857
	1,320	2.50%, 05/11/2020		1,311
	5,600	SMBC Aviation Capital Finance DAC, (Ireland), 3.00%, 07/15/2022 (e)		5,473
				17,951
		Trading Companies & Distributors — 0.3%
		Air Lease Corp.,
	2,038	2.13%, 01/15/2020		2,010
	1,915	2.63%, 09/04/2018		1,916
	1,417	2.63%, 07/01/2022		1,369
	4,280	Aviation Capital Group LLC, 2.88%, 01/20/2022 (e)		4,191
		International Lease Finance Corp.,
	1,315	5.88%, 04/01/2019		1,358
	1,700	8.25%, 12/15/2020		1,913
				12,757
		Total Industrials		55,373
		Information Technology — 0.4%
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	1,382	3.00%, 03/01/2018		1,382
	664	6.00%, 04/01/2020		702
				2,084

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		IT Services — 0.2%
	3,120	Visa, Inc., 2.15%, 09/15/2022		3,001
	3,435	Western Union Co. (The), 3.60%, 03/15/2022		3,432
				6,433
		Semiconductors & Semiconductor Equipment — 0.1%
	4,452	Broadcom Corp., 3.00%, 01/15/2022		4,357
		Software — 0.1%
	2,295	VMware, Inc., 2.30%, 08/21/2020		2,238
		Total Information Technology		15,112
		Materials — 0.4%
		Chemicals — 0.4%
	1,540	Agrium, Inc., (Canada), 6.75%, 01/15/2019		1,594
	2,648	Air Liquide Finance SA, (France), 1.38%, 09/27/2019 (e)		2,594
	805	Dow Chemical Co. (The), 8.55%, 05/15/2019		860
	1,000	Eastman Chemical Co., 5.50%, 11/15/2019		1,046
		Mosaic Co. (The),
	2,882	3.25%, 11/15/2022		2,827
	200	3.75%, 11/15/2021		202
	2,025	RPM International, Inc., 6.13%, 10/15/2019		2,125
	2,146	Sherwin-Williams Co. (The), 2.75%, 06/01/2022		2,093
				13,341
		Construction Materials — 0.0% (g)
	440	CRH America, Inc., (Ireland), 8.13%, 07/15/2018		449
		Metals & Mining — 0.0% (g)
	1,260	Nucor Corp., 5.85%, 06/01/2018		1,270
		Total Materials		15,060
		Real Estate — 1.0%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
		Alexandria Real Estate Equities, Inc.,
	585	2.75%, 01/15/2020		583
	1,000	4.60%, 04/01/2022		1,045
		American Tower Corp.,
	1,000	2.25%, 01/15/2022		960
	1,590	3.30%, 02/15/2021		1,594
	1,152	5.05%, 09/01/2020		1,205
	2,548	Boston Properties LP, 4.13%, 05/15/2021		2,629
	6,091	Crown Castle International Corp., 2.25%, 09/01/2021		5,903
	1,755	Digital Realty Trust LP, 3.40%, 10/01/2020		1,774
	965	Duke Realty LP, 3.88%, 02/15/2021		987
	1,000	ERP Operating LP, 2.38%, 07/01/2019		996

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 247

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	1,804	Government Properties Income Trust, 4.00%, 07/15/2022		1,804
		HCP, Inc.,
	5,410	2.63%, 02/01/2020		5,378
	63	5.38%, 02/01/2021		67
	2,390	National Retail Properties, Inc., 5.50%, 07/15/2021		2,549
	1,995	Realty Income Corp., 3.25%, 10/15/2022		1,982
	3,739	Simon Property Group LP, 2.20%, 02/01/2019		3,728
	1,208	VEREIT Operating Partnership LP, 4.13%, 06/01/2021		1,238
		Welltower, Inc.,
	1,870	4.95%, 01/15/2021		1,955
	1,200	6.13%, 04/15/2020		1,281
		Total Real Estate		37,658
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
		AT&T, Inc.,
	13,000	3.00%, 06/30/2022		12,782
	4,754	3.80%, 03/15/2022		4,830
	1,900	5.00%, 03/01/2021		1,999
	300	5.80%, 02/15/2019		309
	1,000	Deutsche Telekom International Finance BV, (Germany), 6.75%, 08/20/2018		1,020
		Orange SA, (France),
	1,391	2.75%, 02/06/2019		1,392
	1,893	5.38%, 07/08/2019		1,957
	14,000	Verizon Communications, Inc., 2.95%, 03/15/2022		13,811
				38,100
		Wireless Telecommunication Services — 0.1%
	2,363	Sprint Spectrum Co. LLC, 3.36%, 09/20/2021 (e)		2,369
		Total Telecommunication Services		40,469
		Utilities — 1.6%
		Electric Utilities — 1.0%
	700	American Electric Power Co., Inc., 2.15%, 11/13/2020		687
		Arizona Public Service Co.,
	1,000	2.20%, 01/15/2020		990
	400	8.75%, 03/01/2019		424
	500	Atlantic City Electric Co., 7.75%, 11/15/2018		518
	5,365	Cleveland Electric Illuminating Co. (The), 8.88%, 11/15/2018		5,600

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	880	Commonwealth Edison Co., 4.00%, 08/01/2020		901
	1,930	Emera US Finance LP, (Canada), 2.70%, 06/15/2021		1,894
	3,100	Enel Finance International NV, (Italy), 2.88%, 05/25/2022 (e)		3,041
	444	Entergy Corp., 5.13%, 09/15/2020		465
	965	Entergy Gulf States Louisiana LLC, 6.00%, 05/01/2018		971
		Entergy Louisiana LLC,
	310	4.80%, 05/01/2021		326
	735	6.50%, 09/01/2018		749
	850	Exelon Corp., 3.50%, 06/01/2022		849
	375	Fortis, Inc., (Canada), 2.10%, 10/04/2021		361
	530	Kentucky Utilities Co., 3.25%, 11/01/2020		532
	224	NextEra Energy Capital Holdings, Inc., 2.70%, 09/15/2019		224
	631	Niagara Mohawk Power Corp., 4.88%, 08/15/2019 (e)		650
	380	Oncor Electric Delivery Co. LLC, 2.15%, 06/01/2019		377
	455	PPL Capital Funding, Inc., 1.90%, 06/01/2018		454
		Progress Energy, Inc.,
	6,135	4.40%, 01/15/2021		6,337
	865	4.88%, 12/01/2019		895
	510	Public Service Co. of Oklahoma, 5.15%, 12/01/2019		529
	950	Southern California Edison Co., 1.85%, 02/01/2022		933
	2,610	Southern Co. (The), 2.75%, 06/15/2020		2,591
	765	Southwestern Electric Power Co., 6.45%, 01/15/2019		789
	2,167	State Grid Overseas Investment 2013 Ltd., (China), 1.75%, 05/22/2018 (e)		2,162
	1,300	Xcel Energy, Inc., 2.60%, 03/15/2022		1,271
				35,520
		Gas Utilities — 0.3%
	314	Atmos Energy Corp., 8.50%, 03/15/2019		333
	2,400	CenterPoint Energy Resources Corp., 4.50%, 01/15/2021		2,483
		Dominion Energy Gas Holdings LLC,
	675	2.50%, 12/15/2019		670
	7,023	2.80%, 11/15/2020		6,990
				10,476

SEE NOTES TO FINANCIAL STATEMENTS.

248 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power and Renewable Electricity Producers — 0.0% (g)
		Exelon Generation Co. LLC,
	1,798	3.40%, 03/15/2022		1,801
	260	5.20%, 10/01/2019		270
	495	Southern Power Co., Series 15A, 1.50%, 06/01/2018		494
				2,565
		Multi-Utilities — 0.3%
	552	Ameren Corp., 2.70%, 11/15/2020		549
	1,015	Berkshire Hathaway Energy Co., 2.40%, 02/01/2020		1,008
		CMS Energy Corp.,
	1,675	6.25%, 02/01/2020		1,781
	110	8.75%, 06/15/2019		118
	1,100	Dominion Energy, Inc., 6.40%, 06/15/2018		1,113
	729	NiSource, Inc., 6.80%, 01/15/2019		754
	2,190	Public Service Enterprise Group, Inc., 2.65%, 11/15/2022		2,129
	2,736	Sempra Energy, 9.80%, 02/15/2019		2,916
	500	Southern Co. Gas Capital Corp., 3.50%, 09/15/2021		504
	475	TECO Finance, Inc., 5.15%, 03/15/2020		494
				11,366
		Total Utilities		59,927
		Total Corporate Bonds (Cost $1,229,711)		1,215,756
	Mortgage-Backed Securities — 4.0%
		FHLMC,
	320	ARM, 2.58%, 08/01/2037 (z)		337
	1,125	ARM, 3.03%, 05/01/2037 (z)		1,163
	697	ARM, 3.10%, 03/01/2037 (z)		720
	659	ARM, 3.14%, 12/01/2036 (z)		682
	34	ARM, 3.28%, 01/01/2027 (z)		35
	213	ARM, 3.30%, 04/01/2037 (z)		224
	1,512	ARM, 3.32%, 10/01/2036 (z)		1,572
	174	ARM, 3.33%, 06/01/2036 (z)		181
	387	ARM, 3.34%, 03/01/2037 (z)		403
	40	ARM, 3.36%, 12/01/2027 (z)		41
	75	ARM, 3.38%, 03/01/2035 (z)		78
	487	ARM, 3.39%, 11/01/2036 (z)		506
	134	ARM, 3.44%, 12/01/2036 (z)		140
	541	ARM, 3.46%, 08/01/2036 (z)		565
	129	ARM, 3.47%, 02/01/2037 (z)		134
	819	ARM, 3.48%, 08/01/2036 (z)		864

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	383		ARM, 3.49%, 12/01/2036 (z)		400
	61		ARM, 3.50%, 11/01/2037 (z)		63
	1,374		ARM, 3.56%, 01/01/2037 - 10/01/2037 (z)		1,435
	91		ARM, 3.59%, 07/01/2036 (z)		95
	539		ARM, 3.64%, 08/01/2037 (z)		565
	81		ARM, 3.69%, 04/01/2037 (z)		85
	710		ARM, 3.79%, 03/01/2036 (z)		753
	2,132		ARM, 3.84%, 06/01/2037 - 04/01/2038 (z)		2,249
	4,574		ARM, 3.85%, 10/01/2035 - 06/01/2037 (z)		4,843
	864		ARM, 3.88%, 01/01/2038 (z)		915
	487		ARM, 3.96%, 03/01/2037 (z)		519
	2,837		ARM, 3.97%, 03/01/2035 (z)		3,039
	445		ARM, 4.02%, 02/01/2037 (z)		475
	248		ARM, 4.04%, 08/01/2037 (z)		258
	1,113		ARM, 4.23%, 03/01/2036 (z)		1,191
	2		ARM, 5.75%, 01/01/2027 (z)		2
			FHLMC Gold Pools, 15 Year, Single Family,
	11,988		4.00%, 07/01/2018 - 06/01/2026		12,453
	18		4.50%, 10/01/2018		19
	560		5.00%, 03/01/2018 - 01/01/2021		570
	6,284		5.50%, 08/01/2019 - 01/01/2024		6,541
	612		6.00%, 11/01/2018 - 12/01/2023		625
	9		6.50%, 08/01/2021		9
			FHLMC Gold Pools, 20 Year, Single Family,
	346		6.00%, 01/01/2019 - 10/01/2024		384
	4		6.50%, 08/01/2018 - 05/01/2021		5
			FHLMC Gold Pools, 30 Year, Single Family,
	6,474		5.50%, 03/01/2034 - 07/01/2037		7,116
	164		6.00%, 07/01/2032		183
	232		7.00%, 08/01/2038		262
			FHLMC Gold Pools, FHA/VA,
	5,566		7.50%, 12/01/2036		6,137
	518		10.00%, 10/01/2030		550
			FNMA,
	2		ARM, 1.97%, 01/01/2019 (z)		2
	4		ARM, 2.33%, 07/01/2027 (z)		4
	1		ARM, 2.64%, 03/01/2019 (z)		1
	29		ARM, 2.73%, 08/01/2037 (z)		29
	316		ARM, 2.74%, 04/01/2037 (z)		323
	57		ARM, 2.84%, 04/01/2036 (z)		58
	—	(h)	ARM, 2.88%, 08/01/2019 (z)		—	(h)
	1,500		ARM, 2.89%, 08/01/2037 (z)		1,525
	1,470		ARM, 2.93%, 07/01/2037 (z)		1,509
	1,185		ARM, 3.04%, 06/01/2027 - 01/01/2037 (z)		1,222
	86		ARM, 3.06%, 01/01/2035 (z)		89
	28		ARM, 3.15%, 07/01/2037 (z)		29

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 249

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	778	ARM, 3.16%, 02/01/2037 (z)		803
	496	ARM, 3.18%, 08/01/2036 (z)		523
	280	ARM, 3.19%, 05/01/2036 (z)		292
	1,410	ARM, 3.22%, 11/01/2037 (z)		1,479
	185	ARM, 3.26%, 07/01/2037 (z)		192
	199	ARM, 3.27%, 10/01/2036 (z)		208
	3	ARM, 3.32%, 08/01/2036 (z)		3
	540	ARM, 3.35%, 12/01/2035 (z)		565
	1,334	ARM, 3.37%, 12/01/2036 (z)		1,389
	141	ARM, 3.39%, 01/01/2037 (z)		147
	142	ARM, 3.40%, 09/01/2034 (z)		149
	684	ARM, 3.41%, 07/01/2036 - 10/01/2036 (z)		717
	8	ARM, 3.42%, 05/01/2025 (z)		8
	811	ARM, 3.44%, 11/01/2037 (z)		844
	761	ARM, 3.45%, 12/01/2036 - 11/01/2037 (z)		792
	148	ARM, 3.51%, 08/01/2036 (z)		156
	269	ARM, 3.52%, 04/01/2037 (z)		282
	10	ARM, 3.55%, 06/01/2036 (z)		11
	410	ARM, 3.56%, 08/01/2036 (z)		428
	717	ARM, 3.58%, 12/01/2037 - 03/01/2047 (z)		744
	420	ARM, 3.67%, 08/01/2036 (z)		445
	867	ARM, 3.76%, 03/01/2037 (z)		910
	244	ARM, 3.79%, 12/01/2036 (z)		259
	6	ARM, 3.85%, 10/01/2025 (z)		6
	1,524	ARM, 3.95%, 03/01/2036 (z)		1,628
	2,488	ARM, 4.18%, 03/01/2036 - 04/01/2038 (z)		2,641
	1,269	ARM, 4.19%, 10/01/2035 (z)		1,367
	1,932	ARM, 4.20%, 03/01/2036 (z)		2,075
		FNMA, 15 Year, Single Family,
	52	4.00%, 08/01/2018 - 01/01/2019		53
	174	4.50%, 05/01/2018 - 05/01/2019		175
	215	5.00%, 03/01/2018 - 07/01/2020		217
	10,804	5.50%, 09/01/2019 - 07/01/2025		11,254
	3,380	6.00%, 09/01/2019 - 07/01/2024		3,529
	623	6.50%, 01/01/2023 - 03/01/2023		658
		FNMA, 20 Year, Single Family,
	430	5.50%, 05/01/2027		467
	2	6.00%, 11/01/2018 - 07/01/2019		2
	997	6.50%, 04/01/2018 - 03/01/2025		1,110
	129	7.00%, 08/01/2020 - 08/01/2021		132
		FNMA, 30 Year, FHA/VA,
	118	5.50%, 08/01/2034		127
	9	8.50%, 03/01/2027		9

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FNMA, 30 Year, Single Family,
	16,721		5.50%, 12/01/2032 - 04/01/2037		18,454
	3,947		6.00%, 04/01/2035 - 01/01/2038		4,421
	5,956		6.50%, 03/01/2026 - 10/01/2038		6,639
	2,608		7.00%, 04/01/2037 - 08/01/2037		3,017
	48		8.00%, 12/01/2030		52
	2		8.50%, 09/01/2021		2
	21		9.00%, 02/01/2031		22
	9		9.50%, 07/01/2028		9
	2		10.00%, 02/01/2024		2
	30		FNMA, Other, 4.50%, 12/01/2019		30
	510		GNMA I, 15 Year, Single Family, 6.50%, 10/15/2023		535
			GNMA I, 30 Year, Single Family,
	3,142		6.50%, 09/15/2038		3,674
	6		8.50%, 04/15/2025		7
	6		9.00%, 09/15/2024 - 10/15/2026		7
	75		9.50%, 07/15/2020 - 12/15/2025		80
			GNMA II,
	29		ARM, 2.37%, 03/20/2022 - 01/20/2028 (z)		30
	2		ARM, 2.63%, 05/20/2021 (z)		2
	29		ARM, 2.75%, 07/20/2021 - 09/20/2022 (z)		29
	4		ARM, 3.00%, 04/20/2018 - 05/20/2020 (z)		4
	48		ARM, 3.13%, 11/20/2025 (z)		50
	—	(h)	ARM, 4.00%, 08/20/2018 (z)		—	(h)
			GNMA II, 30 Year, Single Family,
	2,134		6.00%, 09/20/2038		2,367
	4,922		7.00%, 08/20/2038 - 09/20/2038		5,589
	8		7.50%, 09/20/2028		9
	19		8.00%, 09/20/2026 - 12/20/2027		22
	23		8.50%, 03/20/2025 - 04/20/2025		24
			Total Mortgage-Backed Securities (Cost $144,566)		146,050
	U.S. Government Agency Securities — 9.9%
			FHLB,
	7,500		0.88%, 06/29/2018		7,478
	28,365		0.88%, 08/05/2019		27,834
	23,950		1.00%, 09/26/2019		23,500
	30,855		1.25%, 06/08/2018		30,810
	35,345		1.75%, 12/14/2018		35,266
	12,925		2.00%, 09/14/2018		12,915
			FHLMC,
	19,310		0.88%, 10/12/2018		19,182
	10,000		0.88%, 07/19/2019		9,820
	30,000		1.50%, 01/17/2020		29,578

SEE NOTES TO FINANCIAL STATEMENTS.

250 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
	25,650	1.63%, 10/25/2019		25,412
	20,000	4.88%, 06/13/2018		20,177
		FNMA,
	27,665	1.72% 10/09/2019		26,625
	19,105	1.13%, 07/20/2018		19,056
	12,500	1.25%, 08/17/2021		11,973
	33,500	2.00%, 01/05/2022		32,746
	32,690	Resolution Funding Corp. STRIPS, 3.62%, 10/15/2019		31,504
		Total U.S. Government Agency Securities (Cost $368,177)		363,876
	U.S. Treasury Obligations — 35.8%
		U.S. Treasury Notes,
	20,000	1.00%, 08/31/2019		19,647
	25,000	1.13%, 04/30/2020		24,373
	40,000	1.13%, 02/28/2021		38,486
	55,000	1.25%, 01/31/2019		54,587
	45,000	1.25%, 03/31/2019		44,583
	45,000	1.25%, 08/31/2019		44,371
	50,000	1.25%, 03/31/2021		48,227
	30,000	1.38%, 01/31/2020		29,507
	45,000	1.38%, 03/31/2020		44,153
	15,000	1.38%, 04/30/2020		14,703
	53,000	1.38%, 08/31/2020		51,741
	80,000	1.38%, 09/30/2020		78,025
	58,000	1.38%, 10/31/2020		56,505
	115,000	1.38%, 01/31/2021		111,599
	60,000	1.38%, 04/30/2021		58,017
	60,000	1.50%, 01/31/2019		59,679

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	25,440	1.50%, 02/28/2019		25,290
	133,010	1.50%, 05/31/2019		131,960
	20,000	1.50%, 10/31/2019		19,764
	35,000	1.50%, 05/31/2020		34,366
	105,650	1.63%, 04/30/2019		105,035
	110,000	1.63%, 06/30/2019		109,231
	23,000	1.63%, 07/31/2019		22,821
	20,000	1.63%, 12/31/2019		19,775
	20,000	1.63%, 07/31/2020		19,663
	35,000	1.75%, 12/31/2020		34,374
	10,000	3.13%, 05/15/2021		10,199
		Total U.S. Treasury Obligations (Cost $1,327,871)		1,310,681
SHARES
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	9,442	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $9,442)		9,442
		Total Investments — 99.5% (Cost $3,680,034)		3,640,480
		Other Assets in Excess of Liabilities — 0.5%		17,368
		NET ASSETS — 100.0%	$	3,657,848

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 251

JPMorgan Short Duration Core Plus Fund

(formerly JPMorgan Short Duration High Yield Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 11.6%
		AmeriCredit Automobile Receivables Trust,
	160	Series 2017-2, Class D, 3.42%, 04/18/2023		161
	500	Series 2017-3, Class D, 3.18%, 07/18/2023		497
	450	BMW Vehicle Lease Trust, Series 2017-2, Class A3, 2.07%, 10/20/2020		446
	200	Business Jet Securities LLC, Series 2018-1, Class A, 4.34%, 02/15/2033 (e)		200
	295	CarMax Auto Owner Trust, Series 2017-4, Class A3, 2.11%, 10/17/2022		291
		Citi Held For Asset Issuance,
	356	Series 2015-PM1, Class C, 5.01%, 12/15/2021 (e) (bb)		358
	500	Series 2016-PM1, Class B, 7.67%, 04/15/2025 (e)		507
		CLUB Credit Trust,
	500	Series 2017-P1, Class B, 3.56%, 09/15/2023 (e)		500
	228	Series 2017-P2, Class A, 2.61%, 01/15/2024 (e)		228
	250	Series 2017-P2, Class B, 3.56%, 01/15/2024 (e) (bb)		250
	78	Continental Airlines Pass-Through Trust, Series 2012-1, Class A, 4.15%, 04/11/2024		80
	500	CPS Auto Receivables Trust, Series 2017-D, Class C, 3.01%, 10/17/2022 (e)		496
	273	Dell Equipment Finance Trust, Series 2017-2, Class A3, 2.19%, 10/24/2022 (e)		270
	125	Delta Air Lines Pass-Through Trust, Series 2015-1, Class B, 4.25%, 07/30/2023		128
	500	Drive Auto Receivables Trust, Series 2017-3, Class C, 2.80%, 07/15/2022		499
		DT Auto Owner Trust,
	400	Series 2015-3A, Class D, 4.53%, 10/17/2022 (e)		407
	350	Series 2017-3A, Class D, 3.58%, 05/15/2023 (e)		348
	300	Series 2017-4A, Class D, 3.47%, 07/17/2023 (e)		298
	300	Flagship Credit Auto Trust, Series 2017-4, Class D, 3.58%, 01/15/2024 (e)		299
	315	Ford Credit Auto Lease Trust, Series 2017-B, Class A3, 2.03%, 12/15/2020		312
	250	LendingClub Issuance Trust, Series 2016-NP2, Class B, 6.00%, 01/17/2023 (e)		255
		Lendmark Funding Trust,
	250	Series 2017-2A, Class A, 2.80%, 05/20/2026 (e)		249
	200	Series 2017-2A, Class B, 3.38%, 05/20/2026 (e) (bb)		198

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	150	Series 2017-2A, Class C, 4.33%, 05/20/2026 (e) (bb)		149
		Marlette Funding Trust,
	250	Series 2017-3A, Class A, 2.36%, 12/15/2024 (e)		250
	250	Series 2017-3A, Class B, 3.01%, 12/15/2024 (e)		249
	200	Series 2017-3A, Class C, 4.01%, 12/15/2024 (e)		201
	288	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, SUB, 3.00%, 07/25/2057 (e) (bb)		286
		Prosper Marketplace Issuance Trust,
	278	Series 2017-3A, Class A, 2.36%, 11/15/2023 (e)		278
	300	Series 2017-3A, Class B, 3.36%, 11/15/2023 (e)		298
		SoFi Consumer Loan Program LLC,
	192	Series 2017-6, Class B, 3.52%, 11/25/2026 (e) (bb)		190
	300	Series 2017-6, Class C, 4.02%, 11/25/2026 (e) (bb)		299
	500	Springleaf Funding Trust, Series 2016-AA, Class B, 3.80%, 11/15/2029 (e)		502
	30	United Airlines Pass-Through Trust, Series 2016-2, Class B, 3.65%, 10/07/2025		29
	107	US Airways Pass-Through Trust, Series 2012-2, Class A, 4.63%, 06/03/2025		111
	230	Veros Automobile Receivables Trust, Series 2017-1, Class A, 2.84%, 04/17/2023 (e)		229
	400	VOLT LXIII LLC, Series 2017-NP10, Class A1, SUB, 3.00%, 10/25/2047 (e)		400
	500	Westlake Automobile Receivables Trust, Series 2016-2A, Class D, 4.10%, 06/15/2021 (e)		507
		Total Asset-Backed Securities (Cost $11,322)		11,255
	Collateralized Mortgage Obligations — 11.0%
		Alternative Loan Trust,
	371	Series 2004-25CB, Class A1, 6.00%, 12/25/2034		379
	374	Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036		378
	302	CHL Mortgage Pass-Through Trust, Series 2006-HYB2, Class 2A1B, 3.42%, 04/20/2036 (z)		279
		FHLMC REMIC,
	320	Series 3036, Class NE, 5.00%, 09/15/2035		340
	228	Series 3820, Class GJ, 3.50%, 12/15/2039		230

SEE NOTES TO FINANCIAL STATEMENTS.

252 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
	180	Series 3904, Class EC, 2.00%, 08/15/2040		176
	311	Series 4012, Class JD, 1.75%, 12/15/2040		303
	219	Series 4091, Class TA, 3.00%, 05/15/2041		218
	1,146	Series 4120, Class JS, IF, IO, 4.61%, 10/15/2032 (z)		162
	203	Series 4239, Class LD, 3.00%, 08/15/2043		201
	311	Series 4284, Class EJ, 3.00%, 10/15/2038		309
	112	Series 4454, Class B, 3.00%, 10/15/2041		111
	436	Series 4467, Class DA, 3.00%, 11/15/2041		434
	252	Series 4480, Class QA, 3.00%, 11/15/2043		251
	239	Series 4537, Class HA, 3.50%, 09/15/2041		243
	1,093	Series 4681, Class SD, IF, IO, 4.56%, 05/15/2047 (z)		201
		FHLMC Structured Agency Credit Risk Debt Notes,
	244	Series 2017-DNA3, Class M1, 2.37%, 03/25/2030 (z)		245
	250	Series 2017-DNA3, Class M2, 4.12%, 03/25/2030 (z)		258
		FNMA REMIC,
	330	Series 2013-81, Class EF, 1.97%, 12/25/2042 (z)		330
	1,067	Series 2014-84, Class KA, 3.00%, 11/25/2040		1,065
	302	Series 2015-2, Class PA, 2.25%, 03/25/2044		290
	171	Series 2015-54, Class FA, 1.97%, 07/25/2045 (z)		171
	952	Series 2015-80, Class CA, 3.00%, 04/25/2040		948
	1,097	Series 2017-13, Class AS, IF, IO, 4.43%, 02/25/2047 (z)		211
	930	Series 2017-46, Class LB, 3.50%, 12/25/2052		943
	1,026	Series 2017-47, Class ST, IF, IO, 4.48%, 06/25/2047 (z)		205
	1,126	Series 2017-69, Class SH, IF, IO, 4.58%, 09/25/2047 (z)		215
	966	Series 2017-96, Class KA, 3.00%, 01/25/2055		956
	676	GNMA, Series 2012-39, Class MI, IO, 4.00%, 03/16/2042		143
	82	LSTAR Securities Investment Ltd., (Cayman Islands), Series 2017-7, Class A, 3.32%, 10/01/2022 (e) (z)		82
	141	RALI Trust, Series 2003-QS12, Class A4, 3.35%, 06/25/2018		141
	312	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR5, Class A6, 3.05%, 05/25/2035 (z)		314
		Total Collateralized Mortgage Obligations (Cost $11,011)		10,732
	Commercial Mortgage-Backed Securities — 12.8%
	300	BXMT Ltd., Series 2017-FL1, Class D, 4.29%, 06/15/2035 (e) (z) (bb)		301

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	206	CGBAM Commercial Mortgage Trust, Series 2015-SMRT, Class D, 3.77%, 04/10/2028 (e) (bb)		206
	400	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class C, 2.64%, 07/15/2032 (e) (z) (bb)		401
	245	DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.70%, 11/10/2046 (e) (z)		259
		FHLMC Multifamily Structured Pass-Through Certificates,
	5,869	Series K018, Class X1, IO, 1.37%, 01/25/2022 (z)		248
	3,360	Series K025, Class X3, IO, 1.75%, 11/25/2040 (z)		237
	11,261	Series K027, Class X1, IO, 0.80%, 01/25/2023 (z)		354
	3,700	Series K054, Class X3, IO, 1.60%, 04/25/2043 (z)		378
	2,775	Series K061, Class X3, IO, 1.97%, 12/25/2044 (z)		385
	2,537	Series K070, Class X3, IO, 2.04%, 12/25/2044 (z)		385
	1,200	Series K072, Class X3, IO, 2.14%, 12/25/2050 (z)		196
	3,500	Series K728, Class X3, IO, 1.95%, 11/25/2045 (z)		386
		FREMF Mortgage Trust,
	305	Series 2011-K11, Class B, 4.42%, 12/25/2048 (e) (z)		314
	500	Series 2011-K12, Class B, 4.34%, 01/25/2046 (e) (z) (bb)		514
	500	Series 2011-K14, Class B, 5.17%, 02/25/2047 (e) (z) (bb)		525
	135	Series 2011-K15, Class B, 4.95%, 08/25/2044 (e) (z)		142
	385	Series 2012-K18, Class B, 4.26%, 01/25/2045 (e) (z)		396
	300	Series 2012-K19, Class B, 4.03%, 05/25/2045 (e) (z)		307
	530	Series 2012-K21, Class B, 3.94%, 07/25/2045 (e) (z) (bb)		538
	190	Series 2012-K22, Class B, 3.44%, 08/25/2045 (e) (z)		192
	325	Series 2012-K709, Class B, 3.74%, 04/25/2045 (e) (z) (bb)		328
	250	Series 2014-K716, Class B, 3.95%, 08/25/2047 (e) (z)		253
	200	Series 2017-K729, Class B, 3.67%, 11/25/2049 (e) (z) (bb)		193
	295	Series 2017-KF36, Class B, 4.23%, 08/25/2024 (e) (z)		298

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 253

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	296	Series 2017-KF38, Class B, 4.08%, 09/25/2024 (e) (z)		298
	300	Series 2017-KF39, Class B, 3.87%, 11/25/2024 (e) (z) (bb)		304
	300	Series 2018-KF42, Class B, 3.78%, 12/25/2024 (e) (z)		300
		GNMA,
	3,350	Series 2015-115, IO, 0.62%, 07/16/2057 (z)		167
	3,701	Series 2017-23, IO, 0.73%, 05/16/2059 (z)		240
	100	GRACE Mortgage Trust, Series 2014-GRCE, Class B, 3.52%, 06/10/2028 (e) (bb)		100
		JP Morgan Chase Commercial Mortgage Securities Trust,
	45	Series 2005-LDP2, Class E, 4.98%, 07/15/2042 (z) (bb)		45
	310	Series 2005-LDP5, Class G, 5.70%, 12/15/2044 (e) (z)		316
		LB-UBS Commercial Mortgage Trust,
	300	Series 2007-C6, Class AJ, 6.24%, 07/15/2040 (z)		310
	47	Series 2007-C7, Class B, 6.39%, 09/15/2045 (z)		47
		Morgan Stanley Bank of America Merrill Lynch Trust,
	300	Series 2014-C15, Class C, 4.89%, 04/15/2047 (z)		308
	250	Series 2014-C15, Class D, 4.89%, 04/15/2047 (e) (z) (bb)		229
	400	Morgan Stanley Capital I Trust, Series 2014-MP, Class B, 3.69%, 08/11/2033 (e)		403
		Wachovia Bank Commercial Mortgage Trust,
	305	Series 2005-C21, Class B, 5.30%, 10/15/2044 (z)		306
	400	Series 2007-C30, Class B, 5.46%, 12/15/2043 (z)		403
	400	Series 2007-C31, Class B, 5.70%, 04/15/2047 (z)		410
	200	Series 2007-C33, Class AJ, 6.01%, 02/15/2051 (z)		201
		WFRBS Commercial Mortgage Trust,
	150	Series 2013-C11, Class B, 3.71%, 03/15/2045 (z) (bb)		149
	150	Series 2013-C12, Class B, 3.86%, 03/15/2048 (z)		150
		Total Commercial Mortgage-Backed Securities (Cost $12,588)		12,422

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 34.1%
		Consumer Discretionary — 1.4%
		Automobiles — 0.2%
	150	Daimler Finance North America LLC, (Germany), 3.35%, 02/22/2023 (e)		149
		Hotels, Restaurants & Leisure — 0.6%
	12	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		12
		Scientific Games International, Inc.,
	319	5.00%, 10/15/2025 (e)		316
	117	7.00%, 01/01/2022 (e)		123
	125	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		126
	110	Starbucks Corp., 3.10%, 03/01/2023		110
				687
		Media — 0.6%
	75	Charter Communications Operating LLC, 4.46%, 07/23/2022		77
	260	CSC Holdings LLC, 5.25%, 06/01/2024		250
	250	DISH DBS Corp., 5.00%, 03/15/2023		230
				557
		Total Consumer Discretionary		1,393
		Consumer Staples — 2.8%
		Beverages — 0.6%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	300	2.65%, 02/01/2021		297
	50	3.30%, 02/01/2023		50
	75	3.65%, 02/01/2026		74
	50	Constellation Brands, Inc., 2.70%, 05/09/2022		49
	75	Molson Coors Brewing Co., 2.10%, 07/15/2021		72
				542
		Food & Staples Retailing — 0.6%
	350	Safeway, Inc., 3.95%, 08/15/2020		329
	225	SUPERVALU, Inc., 7.75%, 11/15/2022		218
				547
		Food Products — 0.5%
	100	Bunge Ltd. Finance Corp., 3.00%, 09/25/2022		98
	20	Cargill, Inc., 3.25%, 03/01/2023 (e)		20
	350	JBS USA LUX SA, (Brazil), 5.88%, 07/15/2024 (e)		341
	50	McCormick & Co., Inc., 2.70%, 08/15/2022		49
				508
		Household Products — 0.2%
	200	Reckitt Benckiser Treasury Services plc, (United Kingdom), 2.38%, 06/24/2022 (e)		191

SEE NOTES TO FINANCIAL STATEMENTS.

254 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Tobacco — 0.9%
	350	Altria Group, Inc., 2.63%, 01/14/2020		349
	225	BAT Capital Corp., (United Kingdom), 2.76%, 08/15/2022 (e)		219
	200	Imperial Brands Finance plc, (United Kingdom), 2.95%, 07/21/2020 (e)		200
		Philip Morris International, Inc.,
	100	2.38%, 08/17/2022		96
	45	2.50%, 11/02/2022		44
				908
		Total Consumer Staples		2,696
		Energy — 3.9%
		Energy Equipment & Services — 0.6%
	50	Baker Hughes a GE Co. LLC, 2.77%, 12/15/2022		49
	51	Bristow Group, Inc., 8.75%, 03/01/2023 (e)		52
	220	Nabors Industries, Inc., 4.63%, 09/15/2021		214
	100	Noble Holding International Ltd., (United Kingdom), 7.88%, 02/01/2026 (e)		101
	75	Schlumberger Holdings Corp., 3.63%, 12/21/2022 (e)		76
	123	Shelf Drilling Holdings Ltd., (United Arab Emirates), 8.25%, 02/15/2025 (e)		124
				616
		Oil, Gas & Consumable Fuels — 3.3%
	125	Antero Resources Corp., 5.13%, 12/01/2022		126
	50	Boardwalk Pipelines LP, 4.95%, 12/15/2024		52
	50	Buckeye Partners LP, 4.35%, 10/15/2024		50
	65	Canadian Natural Resources Ltd., (Canada), 2.95%, 01/15/2023		64
	125	Continental Resources, Inc., 5.00%, 09/15/2022		127
	30	Ecopetrol SA, (Colombia), 5.88%, 09/18/2023		33
	75	Enbridge, Inc., (Canada), 2.90%, 07/15/2022		73
	200	Enterprise Products Operating LLC, 2.85%, 04/15/2021		199
	125	EQT Corp., 2.50%, 10/01/2020		123
		MPLX LP,
	25	3.38%, 03/15/2023		25
	50	4.88%, 12/01/2024		52
	125	Oasis Petroleum, Inc., 6.88%, 01/15/2023		128
	150	ONEOK Partners LP, 3.20%, 09/15/2018		151
	200	Petrobras Global Finance BV, (Brazil), 8.75%, 05/23/2026		234
	350	Petroleos Mexicanos, (Mexico), 4.88%, 01/24/2022		358
	150	RSP Permian, Inc., 6.63%, 10/01/2022		156
	300	Spectra Energy Partners LP, 2.95%, 09/25/2018		300

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
		Sunoco Logistics Partners Operations LP,
	55	4.25%, 04/01/2024		55
	150	4.65%, 02/15/2022		156
	65	Sunoco LP, 5.50%, 02/15/2026 (e)		65
	24	TerraForm Power Operating LLC, 4.25%, 01/31/2023 (e)		24
	270	Ultra Resources, Inc., 6.88%, 04/15/2022 (e)		242
	100	Williams Partners LP, 4.50%, 11/15/2023		103
	200	YPF SA, (Argentina), Reg. S, 8.50%, 03/23/2021		219
				3,115
		Total Energy		3,731
		Financials — 14.3%
		Banks — 7.6%
	200	ABN AMRO Bank NV, (Netherlands), 2.45%, 06/04/2020 (e)		197
	250	Australia & New Zealand Banking Group Ltd., (Australia), 2.05%, 09/23/2019		247
		Bank of America Corp.,
	450	(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 07/21/2021 (aa)		443
	340	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		333
	300	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.30%, 03/10/2019 (e)		299
	200	Banque Federative du Credit Mutuel SA, (France), 2.00%, 04/12/2019 (e)		198
	200	Barclays Bank plc, (United Kingdom), 2.65%, 01/11/2021		197
	500	Capital One NA, 1.85%, 09/13/2019		492
	250	Citibank NA, 2.13%, 10/20/2020		244
	425	Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.95%), 2.88%, 07/24/2023 (aa)		415
	250	Citizens Bank NA, 2.25%, 03/02/2020		247
	150	Commonwealth Bank of Australia, (Australia), 1.75%, 11/07/2019 (e)		148
	100	Fifth Third Bancorp, 2.60%, 06/15/2022		97
		HSBC Holdings plc, (United Kingdom),
	200	2.95%, 05/25/2021		198
	200	(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		196
	200	(USD ICE Swap Rate 5 Year + 3.71%), 6.38%, 09/17/2024 (x) (y) (aa)		210
	250	Huntington National Bank (The), 2.50%, 08/07/2022		241
	200	Mizuho Bank Ltd., (Japan), 2.45%, 04/16/2019 (e)		199
	250	National Australia Bank Ltd., (Australia), 2.50%, 01/12/2021		247

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 255

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	200	Nordea Bank AB, (Sweden), 1.63%, 09/30/2019 (e)		197
	150	PNC Financial Services Group, Inc. (The), Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 06/01/2023 (x) (y) (aa)		151
	100	Regions Financial Corp., 3.20%, 02/08/2021		100
	200	Santander UK Group Holdings plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 01/05/2024 (aa)		196
	200	Santander UK plc, (United Kingdom), 2.13%, 11/03/2020		196
	250	Sumitomo Mitsui Banking Corp., (Japan), 2.25%, 07/11/2019		248
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	65	2.78%, 10/18/2022		63
	100	2.93%, 03/09/2021		100
	75	3.10%, 01/17/2023		74
	40	SunTrust Bank, 3.00%, 02/02/2023		39
	200	SunTrust Banks, Inc., 2.90%, 03/03/2021		199
	150	Svenska Handelsbanken AB, (Sweden), 5.13%, 03/30/2020 (e)		157
	200	UBS Group Funding Switzerland AG, (Switzerland), (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		194
		Wells Fargo & Co.,
	125	3.07%, 01/24/2023		123
	80	Series M, 3.45%, 02/13/2023		79
	150	Series N, 2.15%, 01/30/2020		148
	150	Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 06/15/2024 (x) (y) (aa)		157
				7,269
		Capital Markets — 2.6%
	250	Credit Suisse Group AG, (Switzerland), 3.57%, 01/09/2023 (e)		250
		Goldman Sachs Group, Inc. (The),
	350	2.35%, 11/15/2021		339
	140	(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (aa)		137
	145	(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/2023 (aa)		141
	300	3.00%, 04/26/2022		296
	170	Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (x) (y) (aa)		165
	135	Macquarie Group Ltd., (Australia), (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (e) (aa)		131
		Morgan Stanley,
	250	2.45%, 02/01/2019		249
	200	2.50%, 04/21/2021		196

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Capital Markets — continued
	200	2.63%, 11/17/2021		196
	215	3.13%, 01/23/2023		212
	200	UBS Group AG, (Switzerland), Reg. S, (USD Swap Semi 5 Year + 5.46%), 7.13%, 02/19/2020 (x) (y) (aa)		210
				2,522
		Consumer Finance — 1.5%
		AerCap Ireland Capital DAC, (Netherlands),
	150	4.50%, 05/15/2021		155
	150	5.00%, 10/01/2021		157
	125	Capital One Financial Corp., 3.20%, 01/30/2023		122
		Ford Motor Credit Co. LLC,
	250	2.94%, 01/08/2019		251
	200	3.34%, 03/28/2022		197
		General Motors Financial Co., Inc.,
	250	3.10%, 01/15/2019		251
	125	3.70%, 05/09/2023		124
	125	Springleaf Finance Corp., 7.75%, 10/01/2021		136
	100	Synchrony Financial, 4.25%, 08/15/2024		101
				1,494
		Diversified Financial Services — 1.0%
	200	CK Hutchison International II Ltd., (Hong Kong), 2.25%, 09/29/2020 (e)		196
	400	GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		391
	210	Nationstar Mortgage LLC, 6.50%, 07/01/2021		215
	150	Protective Life Global Funding, 2.16%, 09/25/2020 (e)		147
				949
		Insurance — 1.1%
	115	Jackson National Life Global Funding, 2.25%, 04/29/2021 (e)		112
	15	Lincoln National Corp., 4.00%, 09/01/2023		15
	285	MassMutual Global Funding II, 2.35%, 04/09/2019 (e)		285
	150	MetLife, Inc., Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 06/15/2020 (x) (y) (aa)		154
	100	Metropolitan Life Global Funding I, 3.00%, 01/10/2023 (e)		99
	295	Reliance Standard Life Global Funding II, 2.50%, 04/24/2019 (e)		295
	105	Suncorp-Metway Ltd., (Australia), 2.38%, 11/09/2020 (e)		103
				1,063

SEE NOTES TO FINANCIAL STATEMENTS.

256 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Thrifts & Mortgage Finance — 0.5%
	250	BPCE SA, (France), 2.65%, 02/03/2021		246
	210	Ladder Capital Finance Holdings LLLP, 5.25%, 03/15/2022 (e)		212
				458
		Total Financials		13,755
		Health Care — 2.3%
		Biotechnology — 0.3%
	150	Amgen, Inc., 2.65%, 05/11/2022		147
	145	Celgene Corp., 2.75%, 02/15/2023		140
				287
		Health Care Equipment & Supplies — 0.6%
	200	Abbott Laboratories, 2.00%, 03/15/2020		197
	150	Becton Dickinson and Co., 2.89%, 06/06/2022		146
	200	Mallinckrodt International Finance SA, 4.88%, 04/15/2020 (e)		194
				537
		Health Care Providers & Services — 0.5%
	75	Anthem, Inc., 2.95%, 12/01/2022		73
	50	Cardinal Health, Inc., 2.62%, 06/15/2022		48
	150	Centene Corp., 5.63%, 02/15/2021		154
	50	Express Scripts Holding Co., 3.00%, 07/15/2023		48
	200	HCA, Inc., 5.38%, 02/01/2025		204
				527
		Pharmaceuticals — 0.9%
	185	Allergan Funding SCS, 3.45%, 03/15/2022		184
	100	EMD Finance LLC, (Germany), 2.95%, 03/19/2022 (e)		99
	200	Mylan NV, 2.50%, 06/07/2019		199
	150	Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/2021		145
	75	Teva Pharmaceutical Finance Netherlands III BV, (Israel), 2.80%, 07/21/2023		65
	225	Valeant Pharmaceuticals International, Inc., 5.50%, 11/01/2025 (e)		222
				914
		Total Health Care		2,265
		Industrials — 1.9%
		Aerospace & Defense — 0.6%
	130	Harris Corp., 2.70%, 04/27/2020		129
	150	L3 Technologies, Inc., 4.75%, 07/15/2020		156
	140	Northrop Grumman Corp., 2.55%, 10/15/2022		135
	100	Rockwell Collins, Inc., 3.10%, 11/15/2021		100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Aerospace & Defense — continued
	125	TransDigm, Inc., 6.50%, 07/15/2024		129
				649
		Airlines — 0.1%
	80	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		82
		Building Products — 0.1%
	75	Boral Finance Pty. Ltd., (Australia), 3.00%, 11/01/2022 (e)		73
		Industrial Conglomerates — 0.2%
	200	General Electric Co., 2.20%, 01/09/2020		197
		Road & Rail — 0.5%
	125	DAE Funding LLC, (United Arab Emirates), 4.50%, 08/01/2022 (e)		121
	125	Hertz Corp. (The), 7.38%, 01/15/2021		124
	205	Park Aerospace Holdings Ltd., (Ireland), 5.25%, 08/15/2022 (e)		206
				451
		Trading Companies & Distributors — 0.4%
	160	Air Lease Corp., 2.50%, 03/01/2021		157
	100	Aviation Capital Group LLC, 2.88%, 01/20/2022 (e)		98
	150	WESCO Distribution, Inc., 5.38%, 12/15/2021		153
				408
		Total Industrials		1,860
		Information Technology — 1.0%
		IT Services — 0.3%
	250	Alliance Data Systems Corp., 5.88%, 11/01/2021 (e)		256
		Semiconductors & Semiconductor Equipment — 0.1%
	75	Analog Devices, Inc., 2.50%, 12/05/2021		74
	50	QUALCOMM, Inc., 2.90%, 05/20/2024		47
				121
		Technology Hardware, Storage & Peripherals — 0.6%
		Dell International LLC,
	150	4.42%, 06/15/2021 (e)		153
	50	5.45%, 06/15/2023 (e)		53
	185	5.88%, 06/15/2021 (e)		188
	200	Western Digital Corp., 4.75%, 02/15/2026		202
				596
		Total Information Technology		973

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 257

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Materials — 1.1%
		Chemicals — 0.4%
		CF Industries, Inc.,
	100	3.40%, 12/01/2021 (e)		99
	125	3.45%, 06/01/2023		121
	60	Chevron Phillips Chemical Co. LLC, 3.30%, 05/01/2023 (e)		60
	60	Mosaic Co. (The), 3.25%, 11/15/2022		59
	65	PPG Industries, Inc., 3.20%, 03/15/2023		65
				404
		Construction Materials — 0.2%
	200	Union Andina de Cementos SAA, (Peru), Reg. S, 5.88%, 10/30/2021		206
		Containers & Packaging — 0.2%
	12	OI European Group BV, 4.00%, 03/15/2023 (e)		12
	200	Reynolds Group Issuer, Inc., (ICE LIBOR USD 3 Month + 3.50%), 5.22%, 07/15/2021 (e) (aa)		202
				214
		Metals & Mining — 0.3%
	215	FMG Resources August 2006 Pty. Ltd., (Australia), 4.75%, 05/15/2022 (e)		215
	75	Glencore Funding LLC, (Switzerland), 3.00%, 10/27/2022 (e)		73
				288
		Total Materials		1,112
		Real Estate — 1.0%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
		American Tower Corp.,
	150	2.25%, 01/15/2022		144
	75	5.90%, 11/01/2021		82
	100	Crown Castle International Corp., 4.88%, 04/15/2022		105
	150	Equinix, Inc., 5.38%, 04/01/2023		154
	75	HCP, Inc., 4.00%, 12/01/2022		77
	150	Simon Property Group LP, 2.63%, 06/15/2022		147
	147	Ventas Realty LP, 4.25%, 03/01/2022		151
	150	Welltower, Inc., 4.95%, 01/15/2021		157
		Total Real Estate		1,017
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 1.3%
		AT&T, Inc.,
	175	3.80%, 03/01/2024		176
	65	3.95%, 01/15/2025		65
	200	CCO Holdings LLC, 5.88%, 04/01/2024 (e)		207

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Diversified Telecommunication Services — continued
	250	CenturyLink, Inc., Series Y, 7.50%, 04/01/2024		251
	150	Deutsche Telekom International Finance BV, (Germany), 2.23%, 01/17/2020 (e)		148
	75	Frontier Communications Corp., 8.50%, 04/15/2020		74
	210	Level 3 Financing, Inc., 5.63%, 02/01/2023		212
	175	Verizon Communications, Inc., 3.50%, 11/01/2024		173
				1,306
		Wireless Telecommunication Services — 1.0%
	200	Comunicaciones Celulares SA, (Guatemala), Reg. S, 6.88%, 02/06/2024		210
	50	Sprint Communications, Inc., 6.00%, 11/15/2022		49
	280	Sprint Corp., 7.63%, 03/01/2026		279
		T-Mobile USA, Inc.,
	78	4.50%, 02/01/2026		77
	78	4.75%, 02/01/2028		76
	100	6.50%, 01/15/2024		104
	200	Wind Tre SpA, (Italy), 5.00%, 01/20/2026 (e)		172
				967
		Total Telecommunication Services		2,273
		Utilities — 2.1%
		Electric Utilities — 0.9%
	200	Duke Energy Corp., 1.80%, 09/01/2021		191
	200	Enel Finance International NV, (Italy), 2.88%, 05/25/2022 (e)		196
	150	Eversource Energy, Series K, 2.75%, 03/15/2022		148
	45	ITC Holdings Corp., 2.70%, 11/15/2022 (e)		44
	100	PPL Capital Funding, Inc., 3.50%, 12/01/2022		100
	67	Terraform Global Operating LLC, 6.13%, 03/01/2026 (e)		68
	150	Xcel Energy, Inc., 4.70%, 05/15/2020		155
				902
		Independent Power and Renewable Electricity Producers — 0.4%
	200	Dynegy, Inc., 8.03%, 02/02/2024		209
	150	Exelon Generation Co. LLC, 3.40%, 03/15/2022		150
				359
		Multi-Utilities — 0.8%
	150	Ameren Corp., 2.70%, 11/15/2020		149
	25	Berkshire Hathaway Energy Co., 2.80%, 01/15/2023 (e)		24
	100	CMS Energy Corp., 5.05%, 03/15/2022		106
	150	Consolidated Edison, Inc., 2.00%, 05/15/2021		146
	10	NiSource, Inc., 2.65%, 11/17/2022		10

SEE NOTES TO FINANCIAL STATEMENTS.

258 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Multi-Utilities — continued
	75	Public Service Enterprise Group, Inc., 2.65%, 11/15/2022		73
		Sempra Energy,
	195	(ICE LIBOR USD 3 Month + 0.45%), 2.04%, 03/15/2021 (aa)		195
	40	2.90%, 02/01/2023		39
				742
		Total Utilities		2,003
		Total Corporate Bonds (Cost $33,701)		33,078
	Foreign Government Securities — 1.6%
	200	Arab Republic of Egypt, (Egypt), Reg. S, 5.88%, 06/11/2025		201
	200	Kingdom of Bahrain, (Bahrain), Reg. S, 6.13%, 07/05/2022		207
	300	Provincia de Buenos Aires, (Argentina), Reg. S, 10.88%, 01/26/2021		329
	200	Republic of Belarus, (Belarus), Reg. S, 7.63%, 06/29/2027		226
	200	Republic of Instituto Costarricense de Electricidad, (Costa Rica), Reg. S, 6.95%, 11/10/2021		212
	200	Republic of Lebanon, (Lebanon), Reg. S, 5.45%, 11/28/2019		196
	150	Ukreximbank Via Biz Finance PLC, (Ukraine), Reg. S, 9.63%, 04/27/2022		159
		Total Foreign Government Securities (Cost $1,567)		1,530
	Mortgage-Backed Securities — 5.9%
	3,488	FHLMC Gold Pools, 15 Year, Single Family, 3.00%, 09/01/2026 - 08/01/2029 (w)		3,486
	92	FHLMC Gold Pools, 20 Year, Single Family, 3.00%, 04/01/2033		92
	1,388	FNMA, 15 Year, Single Family, 3.50%, 08/01/2031—05/01/2032		1,416
		FNMA, 20 Year, Single Family,
	290	3.00%, 08/01/2033		289
	480	3.50%, 05/01/2033		489
		Total Mortgage-Backed Securities (Cost $5,843)		5,772
	U.S. Treasury Obligations — 20.7%
		U.S. Treasury Notes,
	3,788	1.38%, 09/15/2020		3,697
	610	1.50%, 07/15/2020		598
	3,570	1.50%, 08/15/2020		3,499
	390	1.63%, 11/30/2020		382
	935	1.75%, 11/15/2020		919

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	330		1.88%, 12/15/2020		325
	1,520		2.25%, 02/29/2020		1,520
	6,890		2.25%, 02/15/2021		6,859
	2,290		2.63%, 02/28/2023		2,287
			Total U.S. Treasury Obligations (Cost $20,249)		20,086
SHARES
	Common Stock — 0.0% (g)
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
	—	(h)	Sabine Oil & Gas Holdings, Inc. (a) (Cost $4)		5
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
			Sabine Oil & Gas Holdings, Inc.,
	—	(h)	expiring 04/13/2026 (a)		—	(h)
	—	(h)	expiring 04/13/2026 (Strike Price $1.00) (a)		3
			Total Warrants (Cost $2)		3
PRINCIPAL AMOUNT
	Short-Term Investments — 2.1%
			U.S. Treasury Obligations — 0.2%
			U.S. Treasury Bills,
	40		1.59%, 05/24/2018 (k) (n)		40
	130		1.82%, 08/16/2018 (k) (n)		129
			Total U.S. Treasury Obligations (Cost $169)		169
SHARES
			Investment Company — 1.9%
	1,893		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $1,893)		1,893
			Total Short-Term Investments (Cost $2,062)		2,062
			Total Investments — 99.8% (Cost $98,349)		96,945
			Other Assets in Excess of Liabilities — 0.2%		176
			NET ASSETS — 100.0%	$	97,121

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 259

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands, except number of Future contracts)

Futures contracts outstanding as of February 28, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note		1			06/2018		USD		120			—	(h)
U.S. Treasury 2 Year Note		34			06/2018		USD		7,224			(1	)
U.S. Treasury 5 Year Note		53			06/2018		USD		6,039			2
												1
Short Contracts
U.S. Treasury 10 Year Note		(64	)		06/2018		USD		(7,685	)		(14	)
U.S. Treasury 10 Year Ultra Note		(24	)		06/2018		USD		(3,074	)		(16	)
												(30	)
												(29	)

SEE NOTES TO FINANCIAL STATEMENTS.

260 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

J.P. Morgan Income Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

ACE	—  Adjusted Current Earnings
ACES	—  Alternative Credit Enhancement Securities
ARCECOES	—  Argentina Reference Stabilization Coefficient CER
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2018.
ARS	—  Argentine Peso
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CDX	—  Credit Default Swap Index
CMBS	—  Commercial Mortgage-Backed Security
CPI-U	—  Consumer Price Index for All Urban Customers
DN	—  Discount Notes
EGP	—  Egyptian Pound
ESOP	—  Employee Stock Ownership Program
EUR	—  Euro
FFCB	—  Federal Farm Credit Bank
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
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.
ICE	—  Intercontinental Exchange
IDR	—  Indonesian Rupiah
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 28, 2018. 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
LIBOR	—  London Interbank Offered Rate
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, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
REMIC	—  Real Estate Mortgage Investment Conduit
Rev.	—  Revenue
RUB	—  Russian Ruble
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 28, 2018.
TBA	—  To Be Announced
USD	—  United States Dollar
UYU	—  Uruguayan Peso
VA	—  Veterans Administration
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. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(l)	—  The rate shown is the current yield as of February 28, 2018.
(n)	—  The rate shown is the effective yield as of February 28, 2018.
(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)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2018.
(y)	—  Security is an interest bearing note with preferred security Characteristics.
(z)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.
(cc)	—  Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.

†	—  The following approximates the value of investments restricted as collateral for swaps to various brokers (amounts in thousands):
	Fund	Value
	JPMorgan Inflation Managed Bond Fund	$7,050
@	—  The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of February 28, 2018.
^	—  All or a portion of the security is unsettled as of February 28, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 261

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018

(Amounts in thousands, except per share amounts)

	Core Bond Fund			Core Plus Bond Fund		Government Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	27,878,180		$	11,335,579	$	1,249,663
Investments in affiliates, at value		807,610			654,304		62,272
Options purchased, at value		—			638		—
Cash		2,011			4,324		44
Foreign currency, at value		—			1,311		—
Deposits at broker for futures contracts		—			1,150		—
Receivables:
Due from custodian		—			1,937		—
Investment securities sold		9,179			29,942		11
Investment securities sold — delayed delivery securities		56			51,059		—
Fund shares sold		24,736			10,414		1,523
Interest and dividends from non-affiliates		123,893			66,895		3,795
Dividends from affiliates		1,299			882		60
Tax reclaims		—			25		—
Variation margin on centrally cleared swaps (net upfront payments of $0, $2,744 and $0, respectively)		—			2,254		—
Unrealized appreciation on forward foreign currency exchange contracts		—			781		—
Total Assets		28,846,964			12,161,495		1,317,368
LIABILITIES:
Payables:
Investment securities purchased		201,880			39,050		—
Investment securities purchased—delayed delivery securities		16,326			147,013		—
Fund shares redeemed		113,792			44,115		2,284
Variation margin on futures contracts		—			2,188		—
Unrealized depreciation on forward foreign currency exchange contracts		—			342		—
Outstanding options written, at fair value		—			239		—
Accrued liabilities:
Investment advisory fees		5,612			2,528		227
Administration fees		1,237			664		40
Distribution fees		826			328		129
Service fees		1,345			263		149
Custodian and accounting fees		241			145		20
Collateral management fees		—			8		—
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—
Deferred foreign capital gains tax		—			1		—
Other		963			220		113
Total Liabilities		342,222			237,105		2,962
Net Assets	$	28,504,742		$	11,924,390	$	1,314,406

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

262 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
NET ASSETS:
Paid-in-Capital	$	28,591,360		$	12,130,088		$	1,319,334
Accumulated undistributed (distributions in excess of) net investment income		7,676			(928	)		223
Accumulated net realized gains (losses)		26,922			(30,259	)		(2,382	)
Net unrealized appreciation (depreciation)		(121,216	)		(174,511	)		(2,769	)
Total Net Assets	$	28,504,742		$	11,924,390		$	1,314,406
Net Assets:
Class A	$	2,146,164		$	1,016,261		$	432,065
Class C		638,131			208,888			42,602
Class I (formerly Select Class)		7,208,052			1,179,405			581,435
Class L		—			443,474			—
Class R2		102,320			22,556			50,768
Class R3		3,443			7,688			3,696
Class R4		5,637			773			757
Class R5		390,635			1,810			—
Class R6		18,010,360			9,043,535			203,083
Total	$	28,504,742		$	11,924,390		$	1,314,406
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		189,399			125,555			42,068
Class C		55,951			25,661			4,161
Class I (formerly Select Class)		636,589			145,776			56,646
Class L		—			54,741			—
Class R2		9,042			2,787			4,948
Class R3		305			951			360
Class R4		498			96			74
Class R5		34,547			224			—
Class R6		1,588,698			1,116,882			19,789
Net Asset Value (a):
Class A — Redemption price per share	$	11.33		$	8.09		$	10.27
Class C — Offering price per share(b)		11.41			8.14			10.24
Class I (formerly Select Class) — Offering and redemption price per share		11.32			8.09			10.26
Class L — Offering and redemption price per share		—			8.10			—
Class R2 — Offering and redemption price per share		11.32			8.09			10.26
Class R3 — Offering and redemption price per share		11.30			8.08			10.27
Class R4 — Offering and redemption price per share		11.31			8.09			10.26
Class R5 — Offering and redemption price per share		11.31			8.09			—
Class R6 — Offering and redemption price per share		11.34			8.10			10.26
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)]	$	11.77		$	8.41		$	10.67
Cost of investments in non-affiliates	$	27,999,366		$	11,508,585		$	1,252,432
Cost of investments in affiliates		807,640			654,298			62,272
Cost of options purchased		—			878			—
Cost of foreign currency		—			1,315			—
Premiums received from options written		—			319			—

(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 28, 2018 J.P. MORGAN INCOME FUNDS 263

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018 (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	$	8,679,335		$	1,427,809		$	939,832
Investments in affiliates, at value		258,478			10,583			72,656
Investments in affiliates — restricted, at value		—			7,050			—
Cash		2,698			—			87
Foreign currency, at value		408			—			—
Receivables:
Due from custodian		11,858			—			—
Investment securities sold		50,643			20,867			2,946
Fund shares sold		4,788			644			188
Interest and dividends from non-affiliates		137,713			7,067			1,980
Dividends from affiliates		238			37			69
Tax reclaims		343			—			—
Outstanding OTC swap contracts, at value		—			8,350			—
Total Assets		9,146,502			1,482,407			1,017,758
LIABILITIES:
Payables:
Due to custodian		—			1,331			—
Investment securities purchased		93,466			3,792			2,917
Investment securities purchased — delayed delivery securities		3,610			—			—
Fund shares redeemed		20,979			23,927			2,659
Variation margin on centrally cleared swaps (net upfront payments of $13,710, $0 and $0, respectively)		360			—			—
Outstanding OTC swap contracts, at value		—			11,453			—
Accrued liabilities:
Investment advisory fees		3,481			368			114
Administration fees		102			79			16
Distribution fees		220			7			34
Service fees		400			41			56
Custodian and accounting fees		134			58			24
Collateral management fees		5			9			—
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—
Other		787			366			87
Total Liabilities		123,544			41,431			5,907
Net Assets	$	9,022,958		$	1,440,976		$	1,011,851

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

264 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	High Yield Fund			Inflation Managed Bond Fund			Limited Duration Bond Fund
NET ASSETS:
Paid-in-Capital	$	9,379,713		$	1,505,196		$	1,036,111
Accumulated undistributed (distributions in excess of) net investment income		1,010			205			54
Accumulated net realized gains (losses)		(356,837	)		(50,421	)		(19,266	)
Net unrealized appreciation (depreciation)		(928	)		(14,004	)		(5,048	)
Total Net Assets	$	9,022,958		$	1,440,976		$	1,011,851
Net Assets:
Class A	$	632,060		$	22,800		$	121,268
Class C		158,458			5,644			17,540
Class I (formerly Select Class)		3,322,653			206,975			214,976
Class R2		7,794			—			—
Class R3		20			—			—
Class R4		27			—			—
Class R5		72,349			5,945			—
Class R6		4,829,597			1,199,612			658,067
Total	$	9,022,958		$	1,440,976		$	1,011,851
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		86,782			2,246			12,151
Class C		21,719			559			1,776
Class I (formerly Select Class)		453,712			20,401			21,544
Class R2		1,071			—			—
Class R3		3			—			—
Class R4		4			—			—
Class R5		9,865			583			—
Class R6		659,370			118,060			65,852
Net Asset Value (a):
Class A — Redemption price per share	$	7.28		$	10.15		$	9.98
Class C — Offering price per share (b)		7.30			10.09			9.87
Class I (formerly Select Class) — Offering and redemption price per share		7.32			10.15			9.98
Class R2 — Offering and redemption price per share		7.27			—			—
Class R3 — Offering and redemption price per share		7.32			—			—
Class R4 — Offering and redemption price per share		7.32			—			—
Class R5 — Offering and redemption price per share		7.33			10.19			—
Class R6 — Offering and redemption price per share		7.32			10.16			9.99
Class A maximum sales charge		3.75	%		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	7.56		$	10.55		$	10.21
Cost of investments in non-affiliates	$	8,680,754		$	1,438,703		$	944,870
Cost of investments in affiliates		258,478			10,590			72,666
Cost of investments in affiliates — restricted		—			7,050			—
Cost of foreign currency		394			—			—

(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 28, 2018 J.P. MORGAN INCOME FUNDS 265

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands, except per share amounts)

	Mortgage-Backed Securities Fund		Short Duration Bond Fund		Short Duration Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	1,939,237	$	3,631,038	$	95,052
Investments in affiliates, at value		24,731		9,442		1,893
Cash		42		—		—
Receivables:
Due from custodian		—		—		419
Investment securities sold		537		4,131		1,882
Investment securities sold — delayed delivery securities		184		—		3,446
Fund shares sold		1,532		1,438		10
Interest and dividends from non-affiliates		6,677		18,217		532
Dividends from affiliates		26		22		2
Tax reclaims		—		—		16
Variation margin on centrally cleared swaps		—		—		1
Due from adviser		—		—		49
Other assets		1		—		—
Total Assets		1,972,967		3,664,288		103,302
LIABILITIES:
Payables:
Due to custodian		—		175		25
Investment securities purchased		8		—		2,591
Investment securities purchased — delayed delivery securities		6,057		—		3,492
Fund shares redeemed		1,404		4,309		2
Variation margin on futures contracts		—		—		2
Accrued liabilities:
Investment advisory fees		276		646		—
Administration fees		—		181		—
Distribution fees		28		101		2
Service fees		127		556		4
Custodian and accounting fees		56		49		2
Collateral management fees		—		—		2
Other		136		423		59
Total Liabilities		8,092		6,440		6,181
Net Assets	$	1,964,875	$	3,657,848	$	97,121

SEE NOTES TO FINANCIAL STATEMENTS.

266 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Mortgage-Backed Securities Fund			Short Duration Bond Fund			Short Duration Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	1,969,512		$	3,709,629		$	113,479
Accumulated undistributed (distributions in excess of) net investment income		879			337			(4	)
Accumulated net realized gains (losses)		(2,098	)		(12,564	)		(14,921	)
Net unrealized appreciation (depreciation)		(3,418	)		(39,554	)		(1,433	)
Total Net Assets	$	1,964,875		$	3,657,848		$	97,121
Net Assets:
Class A	$	109,033		$	386,702		$	9,900
Class C		11,849			34,926			1,207
Class I (formerly Select Class)		888,646			1,010,587			56,434
Class R6		955,347			2,225,633			29,580
Total	$	1,964,875		$	3,657,848		$	97,121
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,688			36,203			1,054
Class C		1,082			3,248			128
Class I (formerly Select Class)		80,984			94,481			6,008
Class R6		87,090			208,127			3,149
Net Asset Value (a):
Class A — Redemption price per share	$	11.25		$	10.68		$	9.40
Class C — Offering price per share (b)		10.95			10.75			9.38
Class I (formerly Select Class) — Offering and redemption price per share		10.97			10.70			9.39
Class R6 — Offering and redemption price per share		10.97			10.69			9.39
Class A maximum sales charge		3.75	%		2.25	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	11.69		$	10.93		$	9.62
Cost of investments in non-affiliates	$	1,942,654		$	3,670,592		$	96,456
Cost of investments in affiliates		24,732			9,442			1,893

(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 28, 2018 J.P. MORGAN INCOME FUNDS 267

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2018

(Amounts in thousands)

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	842,418		$	331,495		$	37,635
Interest income from affiliates		37			25			2
Dividend income from non-affiliates		2			149			—
Dividend income from affiliates		7,188			6,741			539
Foreign taxes withheld		—			(2	)		—
Total investment income		849,645			338,408			38,176
EXPENSES:
Investment advisory fees		80,414			30,012			4,060
Administration fees		21,832			8,146			1,102
Distribution fees:
Class A		5,765			2,590			1,201
Class C		5,868			1,841			425
Class R2		538			148			281
Class R3		6			10			5
Service fees:
Class A		5,765			2,590			1,201
Class C		1,956			614			142
Class I (formerly Select Class)		23,586			3,313			1,595
Class L		—			1,016			—
Class R2		269			74			140
Class R3		6			10			5
Class R4		1			—	(a)		1
Class R5		408			1			—
Custodian and accounting fees		1,150			741			106
Interest expense to affiliates		—			1			—
Professional fees		522			231			85
Collateral management fees		—			49			—
Trustees’ and Chief Compliance Officer’s fees		109			43			29
Printing and mailing costs		1,955			888			110
Registration and filing fees		369			378			117
Transfer agency fees (See Note 2.I.)		523			192			44
Sub-transfer agency fees (See Note 2.I.)		1,092			417			284
Other		500			149			33
Total expenses		152,634			53,454			10,966
Less fees waived		(27,150	)		(6,371	)		(2,459	)
Less earnings credits		(1	)		(1	)		—
Less expense reimbursements		(161	)		(96	)		(159	)
Net expenses		125,322			46,986			8,348
Net investment income (loss)		724,323			291,422			29,828

SEE NOTES TO FINANCIAL STATEMENTS.

268 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		80,463			13,869			(993	)
Investments in affiliates		(183	)		(103	)		—
Options purchased		—			(8,619	)		—
Futures contracts		—			(29,244	)		—
Foreign currency transactions		—			68			—
Forward foreign currency exchange contracts		—			(3,359	)		—
Options written		—			32			—
Swaps		—			35			—
Net realized gain (loss)		80,280			(27,321	)		(993	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(566,551	)		(187,116	)(b)		(31,645	)
Investments in affiliates		(126	)		(94	)		—
Options purchased		—			6,031			—
Futures contracts		—			3,252			—
Foreign currency translations		—			(42	)		—
Forward foreign currency exchange contracts		—			545			—
Options written		—			80			—
Swaps		—			(906	)		—
Unfunded commitments		—			(3	)		—
Change in net unrealized appreciation/depreciation		(566,677	)		(178,253	)		(31,645	)
Net realized/unrealized gains (losses)		(486,397	)		(205,574	)		(32,638	)
Change in net assets resulting from operations	$	237,926		$	85,848		$	(2,810	)

(a) Amount rounds to less than 500.

(b) Net of change in foreign capital gains tax of approximately $(1,000) for Core Plus Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 269

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

	High Yield Fund			Inflation Managed Bond Fund			Limited Duration Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	655,750		$	37,163		$	21,465
Interest income from affiliates		17			83			1
Dividend income from non-affiliates		2,538			—			—
Dividend income from affiliates		3,215			390			1,025
Total investment income		661,520			37,636			22,491
EXPENSES:
Investment advisory fees		63,343			5,025			2,739
Administration fees		8,602			1,169			892
Distribution fees:
Class A		1,885			56			324
Class C		1,414			43			235
Class R2		42			—			—
Class R3 (a)		—	(b)		—			—
Service fees:
Class A		1,885			56			324
Class C		471			14			79
Class I (formerly Select Class)		11,747			924			549
Class R2		21			—			—
Class R3 (a)		—	(b)		—			—
Class R4 (a)		—	(b)		—			—
Class R5		70			5			—
Custodian and accounting fees		510			218			158
Interest expense to affiliates		1			—			—
Professional fees		301			110			85
Collateral management fees		31			54			—
Trustees’ and Chief Compliance Officer’s fees		47			27			29
Printing and mailing costs		1,227			—			75
Registration and filing fees		176			75			53
Transfer agency fees (See Note 2.I.)		1,438			16			42
Sub-transfer agency fees (See Note 2.I.)		528			1			15
Other		172			8			31
Total expenses		93,911			7,801			5,630
Less fees waived		(19,379	)		(712	)		(1,755	)
Less earnings credits		(2	)		—			—
Less expense reimbursements		(12	)		—			—
Net expenses		74,518			7,089			3,875
Net investment income (loss)		587,002			30,547			18,616
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		30,212			(690	)		(778	)
Investments in affiliates		—			(16	)		(16	)
Foreign currency transactions		(12	)		—			—
Swaps		17,279			(22,676	)		—
Net realized gain (loss)		47,479			(23,382	)		(794	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(275,470	)		(25,168	)		(76	)
Investments in affiliates		—			(7	)		(18	)
Foreign currency translations		14			—			—
Swaps		(7,509	)		22,353			—
Unfunded commitments		(124	)		—			—
Change in net unrealized appreciation/depreciation		(283,089	)		(2,822	)		(94	)
Net realized/unrealized gains (losses)		(235,610	)		(26,204	)		(888	)
Change in net assets resulting from operations	$	351,392		$	4,343		$	17,728

(a) Commencement of offering of class of shares effective August 21, 2017 for High Yield Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

270 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Mortgage-Backed Securities Fund			Short Duration Bond Fund			Short Duration Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	77,921		$	79,056		$	5,682
Interest income from affiliates		3			15			—	(a)
Dividend income from non-affiliates		—	(a)		1			40
Dividend income from affiliates		332			196			55
Total investment income		78,256			79,268			5,777
EXPENSES:
Investment advisory fees		7,631			10,905			562
Administration fees		1,776			3,554			112
Distribution fees:
Class A		304			1,234			11
Class C		111			504			9
Service fees:
Class A		304			1,234			11
Class C		37			168			3
Class I (formerly Select Class)		2,425			3,566			251
Custodian and accounting fees		311			239			35
Interest expense to affiliates		1			—			—
Professional fees		109			141			134
Collateral management fees		—			—			12
Trustees’ and Chief Compliance Officer’s fees		30			23			26
Printing and mailing costs		156			128			40
Registration and filing fees		62			49			48
Transfer agency fees (See Note 2.I.)		39			67			3
Sub-transfer agency fees (See Note 2.I.)		64			26			1
Other		52			130			12
Total expenses		13,412			21,968			1,270
Less fees waived		(5,949	)		(2,192	)		(485	)
Less earnings credits		—	(a)		—	(a)		—
Less expense reimbursements		—			(5	)		(49	)
Net expenses		7,463			19,771			736
Net investment income (loss)		70,793			59,497			5,041
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,122			(8,457	)		(358	)
Investments in affiliates		(13	)		—			—
Futures contracts		—			—			91
Swaps		—			—			—	(a)
Net realized gain (loss)		1,109			(8,457	)		(267	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(37,783	)		(41,606	)		(1,966	)
Investments in affiliates		(1	)		—			—
Futures contracts		—			—			(29	)
Change in net unrealized appreciation/depreciation		(37,784	)		(41,606	)		(1,995	)
Net realized/unrealized gains (losses)		(36,675	)		(50,063	)		(2,262	)
Change in net assets resulting from operations	$	34,118		$	9,434		$	2,779

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 271

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Core Bond Fund						Core Plus Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	724,323		$	711,248		$	291,422		$	176,675
Net realized gain (loss)		80,280			96,368			(27,321	)		8,163
Change in net unrealized appreciation/depreciation		(566,677	)		(418,071	)		(178,253	)		1,768
Change in net assets resulting from operations		237,926			389,545			85,848			186,606
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(55,454	)		(66,935	)		(26,539	)		(25,129	)
From net realized gains		(5,145	)		(10,135	)		—			—
Class C
From net investment income		(13,800	)		(15,568	)		(4,616	)		(5,032	)
From net realized gains		(1,561	)		(3,629	)		—			—
Class I (formerly Select Class)
From net investment income		(247,346	)		(293,299	)		(38,229	)		(19,468	)
From net realized gains		(17,163	)		(45,059	)		—			—
Class L
From net investment income		—			—			(28,652	)		(29,844	)
Class R2
From net investment income		(2,262	)		(2,334	)		(635	)		(702	)
From net realized gains		(241	)		(426	)		—			—
Class R3 (a)
From net investment income		(55	)		(1	)		(104	)		—	(b)
From net realized gains		(7	)		—	(b)		—			—
Class R4 (a)
From net investment income		(23	)		—	(b)		(7	)		—	(b)
From net realized gains		—	(b)		—	(b)		—			—
Class R5 (c)
From net investment income		(11,649	)		(11,676	)		(21	)		—	(b)
From net realized gains		(958	)		(1,691	)		—			—
Class R6
From net investment income		(391,520	)		(323,776	)		(187,871	)		(95,297	)
From net realized gains		(36,621	)		(41,298	)		—			—
Total distributions to shareholders		(783,805	)		(815,827	)		(286,674	)		(175,472	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,509,821			(1,547,472	)		3,690,087			3,663,393
NET ASSETS:
Change in net assets		963,942			(1,973,754	)		3,489,261			3,674,527
Beginning of period		27,540,800			29,514,554			8,435,129			4,760,602
End of period	$	28,504,742		$	27,540,800		$	11,924,390		$	8,435,129
Accumulated undistributed (distributions in excess of) net investment income	$	7,676		$	5,399		$	(928	)	$	2,665

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Core Plus Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

272 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Government Bond Fund						High Yield Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,828		$	29,146		$	587,002		$	655,807
Net realized gain (loss)		(993	)		4,207			47,479			(137,061	)
Change in net unrealized appreciation/depreciation		(31,645	)		(42,766	)		(283,089	)		1,349,013
Change in net assets resulting from operations		(2,810	)		(9,413	)		351,392			1,867,759
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(9,935	)		(11,468	)		(40,012	)		(50,388	)
From net realized gains		(412	)		(1,856	)		—			—
Class C
From net investment income		(814	)		(1,013	)		(9,159	)		(10,279	)
From net realized gains		(45	)		(256	)		—			—
Class I (formerly Select Class)
From net investment income		(14,978	)		(14,607	)		(257,922	)		(334,379	)
From net realized gains		(540	)		(2,211	)		—			—
Class R2
From net investment income		(988	)		(1,145	)		(425	)		(440	)
From net realized gains		(49	)		(202	)		—			—
Class R3 (a)
From net investment income		(41	)		(1	)		—	(b)		—
From net realized gains		(3	)		—	(b)		—			—
Class R4 (a)
From net investment income		(7	)		—	(b)		(1	)		—
From net realized gains		—	(b)		—	(b)		—			—
Class R5
From net investment income		—			—			(4,166	)		(3,620	)
Class R6 (c)
From net investment income		(3,037	)		(974	)		(277,660	)		(256,840	)
From net realized gains		(162	)		(247	)		—			—
Total distributions to shareholders		(31,011	)		(33,980	)		(589,345	)		(655,946	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(11,713	)		96,551			(4,001,136	)		2,761,563
NET ASSETS:
Change in net assets		(45,534	)		53,158			(4,239,089	)		3,973,376
Beginning of period		1,359,940			1,306,782			13,262,047			9,288,671
End of period	$	1,314,406		$	1,359,940		$	9,022,958		$	13,262,047
Accumulated undistributed (distributions in excess of) net investment income	$	223		$	196		$	1,010		$	947

(a) Commencement of offering of class of shares effective August 21, 2017 for High Yield Fund and September 9, 2016 for Government Bond Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective August 1, 2016 for Government Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 273

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	30,547		$	28,585		$	18,616		$	15,119
Net realized gain (loss)		(23,382	)		(17,396	)		(794	)		(204	)
Change in net unrealized appreciation/depreciation		(2,822	)		47,338			(94	)		3,515
Change in net assets resulting from operations		4,343			58,527			17,728			18,430
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(445	)		(469	)		(1,755	)		(1,617	)
Class C
From net investment income		(76	)		(45	)		(252	)		(196	)
Class I (formerly Select Class)
From net investment income		(8,015	)		(11,002	)		(3,531	)		(3,176	)
Class R2 (a)
From net investment income		—			(9	)		—			—
Class R5
From net investment income		(116	)		(34	)		—			—
Class R6
From net investment income		(23,048	)		(15,530	)		(12,873	)		(10,392	)
Total distributions to shareholders		(31,700	)		(27,089	)		(18,411	)		(15,381	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		21,110			(144,045	)		(174,107	)		(69,654	)
NET ASSETS:
Change in net assets		(6,247	)		(112,607	)		(174,790	)		(66,605	)
Beginning of period		1,447,223			1,559,830			1,186,641			1,253,246
End of period	$	1,440,976		$	1,447,223		$	1,011,851		$	1,186,641
Accumulated undistributed (distributions in excess of) net investment income	$	205		$	1,358		$	54		$	(253	)

(a) Liquidated on December 9, 2016 for Inflation Managed Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

274 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	70,793		$	75,321		$	59,497		$	86,807
Net realized gain (loss)		1,109			(1,733	)		(8,457	)		3,002
Change in net unrealized appreciation/depreciation		(37,784	)		(45,915	)		(41,606	)		3,929
Change in net assets resulting from operations		34,118			27,673			9,434			93,738
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,490	)		(4,421	)		(5,073	)		(3,349	)
From net realized gains		—			(99	)		—			(589	)
Class C
From net investment income		(361	)		(414	)		(321	)		(124	)
From net realized gains		—			(12	)		—			(101	)
Class I (formerly Select Class)
From net investment income		(31,048	)		(31,789	)		(17,124	)		(51,875	)
From net realized gains		—			(708	)		—			(3,715	)
Class R6
From net investment income		(35,793	)		(38,754	)		(36,776	)		(32,973	)
From net realized gains		—			(764	)		—			(2,937	)
Total distributions to shareholders		(70,692	)		(76,961	)		(59,294	)		(95,663	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(363,352	)		(272,200	)		(2,347,777	)		(4,898,492	)
NET ASSETS:
Change in net assets		(399,926	)		(321,488	)		(2,397,637	)		(4,900,417	)
Beginning of period		2,364,801			2,686,289			6,055,485			10,955,902
End of period	$	1,964,875		$	2,364,801		$	3,657,848		$	6,055,485
Accumulated undistributed (distributions in excess of) net investment income	$	879		$	778		$	337		$	127

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 275

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short Duration Core Plus Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,041		$	7,456
Net realized gain (loss)		(267	)		(4,607	)
Change in net unrealized appreciation/depreciation		(1,995	)		16,679
Change in net assets resulting from operations		2,779			19,528
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(152	)		(145	)
Class C
From net investment income		(35	)		(22	)
Class I (formerly Select Class)
From net investment income		(3,753	)		(5,727	)
Class R6
From net investment income		(1,153	)		(1,586	)
Total distributions to shareholders		(5,093	)		(7,480	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(65,946	)		(3,966	)
NET ASSETS:
Change in net assets		(68,260	)		8,082
Beginning of period		165,381			157,299
End of period	$	97,121		$	165,381
Accumulated undistributed (distributions in excess of) net investment income	$	(4	)	$	76

SEE NOTES TO FINANCIAL STATEMENTS.

276 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Core Bond Fund						Core Plus Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	601,278		$	1,067,787		$	390,059		$	639,491
Distributions reinvested		56,966			73,203			25,576			24,306
Cost of shares redeemed		(1,038,857	)		(1,604,704	)		(457,792	)		(429,790	)
Change in net assets resulting from Class A capital transactions	$	(380,613	)	$	(463,714	)	$	(42,157	)	$	234,007
Class C
Proceeds from shares issued	$	57,458		$	200,594		$	34,177		$	86,450
Distributions reinvested		14,457			17,780			4,393			4,747
Cost of shares redeemed		(336,760	)		(265,609	)		(103,367	)		(80,585	)
Change in net assets resulting from Class C capital transactions	$	(264,845	)	$	(47,235	)	$	(64,797	)	$	10,612
Class I (formerly Select Class)
Proceeds from shares issued	$	3,245,608		$	4,830,464		$	1,069,484		$	980,467
Distributions reinvested		235,522			266,061			34,800			16,739
Cost of shares redeemed		(8,219,690	)		(4,605,704	)		(1,109,416	)		(239,653	)
Change in net assets resulting from Class I capital transactions	$	(4,738,560	)	$	490,821		$	(5,132	)	$	757,553
Class L
Proceeds from shares issued	$	—		$	—		$	581,420		$	1,157,719
Distributions reinvested		—			—			27,822			28,625
Cost of shares redeemed		—			—			(1,490,783	)		(677,177	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(881,541	)	$	509,167
Class R2
Proceeds from shares issued	$	32,001		$	34,734		$	9,182		$	16,268
Distributions reinvested		2,276			2,516			356			390
Cost of shares redeemed		(42,276	)		(36,454	)		(21,086	)		(17,248	)
Change in net assets resulting from Class R2 capital transactions	$	(7,999	)	$	796		$	(11,548	)	$	(590	)
Class R3 (a)
Proceeds from shares issued	$	3,638		$	438		$	8,942		$	20
Distributions reinvested		57			1			104			—	(b)
Cost of shares redeemed		(604	)		—			(1,185	)		—
Change in net assets resulting from Class R3 capital transactions	$	3,091		$	439		$	7,861		$	20
Class R4 (a)
Proceeds from shares issued	$	5,755		$	20		$	785		$	20
Distributions reinvested		23			—	(b)		7			—	(b)
Cost of shares redeemed		(82	)		—			(27	)		—
Change in net assets resulting from Class R4 capital transactions	$	5,696		$	20		$	765		$	20
Class R5 (c)
Proceeds from shares issued	$	116,105		$	144,937		$	1,839		$	20
Distributions reinvested		9,784			10,336			21			—	(b)
Cost of shares redeemed		(165,257	)		(156,022	)		(36	)		—
Change in net assets resulting from Class R5 capital transactions	$	(39,368	)	$	(749	)	$	1,824		$	20
Class R6
Proceeds from shares issued	$	8,830,212		$	2,623,317		$	5,323,174		$	2,659,080
Distributions reinvested		408,744			345,240			186,415			93,172
Cost of shares redeemed		(2,306,537	)		(4,496,407	)		(824,777	)		(599,668	)
Change in net assets resulting from Class R6 capital transactions	$	6,932,419		$	(1,527,850	)	$	4,684,812		$	2,152,584
Total change in net assets resulting from capital transactions	$	1,509,821		$	(1,547,472	)	$	3,690,087		$	3,663,393

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Core Plus Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 277

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Core Bond Fund						Core Plus Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class A
Issued		51,890			90,442			47,221			77,016
Reinvested		4,916			6,236			3,100			2,935
Redeemed		(89,666	)		(135,927	)		(55,544	)		(51,788	)
Change in Class A Shares		(32,860	)		(39,249	)		(5,223	)		28,163
Class C
Issued		4,922			16,809			4,116			10,353
Reinvested		1,239			1,509			529			570
Redeemed		(28,831	)		(22,504	)		(12,436	)		(9,698	)
Change in Class C Shares		(22,670	)		(4,186	)		(7,791	)		1,225
Class I (formerly Select Class)
Issued		280,349			410,399			129,670			118,908
Reinvested		20,327			22,703			4,217			2,027
Redeemed		(707,461	)		(391,798	)		(133,062	)		(29,103	)
Change in Class I Shares		(406,785	)		41,304			825			91,832
Class L
Issued		—			—			70,347			139,191
Reinvested		—			—			3,365			3,454
Redeemed		—			—			(178,227	)		(82,023	)
Change in Class L Shares		—			—			(104,515	)		60,622
Class R2
Issued		2,758			2,949			1,113			1,966
Reinvested		197			215			43			47
Redeemed		(3,649	)		(3,102	)		(2,554	)		(2,079	)
Change in Class R2 Shares		(694	)		62			(1,398	)		(66	)
Class R3 (a)
Issued		315			38			1,080			2
Reinvested		5			—	(b)		13			—	(b)
Redeemed		(53	)		—			(144	)		—
Change in Class R3 Shares		267			38			949			2
Class R4 (a)
Issued		501			2			96			2
Reinvested		2			—	(b)		1			—	(b)
Redeemed		(7	)		—			(3	)		—
Change in Class R4 Shares		496			2			94			2
Class R5 (c)
Issued		10,054			12,291			223			2
Reinvested		846			883			3			—	(b)
Redeemed		(14,287	)		(13,340	)		(4	)		—
Change in Class R5 Shares		(3,387	)		(166	)		222			2
Class R6
Issued		760,815			224,169			640,779			321,357
Reinvested		35,286			29,390			22,599			11,254
Redeemed		(199,142	)		(380,184	)		(99,842	)		(72,345	)
Change in Class R6 Shares		596,959			(126,625	)		563,536			260,266

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Core Plus Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

278 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Government Bond Fund						High Yield Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	131,688		$	215,457		$	242,743		$	588,637
Distributions reinvested		5,428			7,468			38,738			48,690
Cost of shares redeemed		(220,828	)		(253,053	)		(610,140	)		(622,061	)
Change in net assets resulting from Class A capital transactions	$	(83,712	)	$	(30,128	)	$	(328,659	)	$	15,266
Class C
Proceeds from shares issued	$	6,572		$	23,500		$	16,721		$	38,494
Distributions reinvested		747			1,092			8,612			9,567
Cost of shares redeemed		(30,815	)		(28,375	)		(75,122	)		(57,169	)
Change in net assets resulting from Class C capital transactions	$	(23,496	)	$	(3,783	)	$	(49,789	)	$	(9,108	)
Class I (formerly Select Class)
Proceeds from shares issued	$	265,451		$	317,390		$	1,761,361		$	3,465,849
Distributions reinvested		12,951			14,171			174,005			211,065
Cost of shares redeemed		(324,723	)		(269,242	)		(4,955,589	)		(2,325,920	)
Change in net assets resulting from Class I capital transactions	$	(46,321	)	$	62,319		$	(3,020,223	)	$	1,350,994
Class R2
Proceeds from shares issued	$	18,557		$	30,565		$	2,771		$	2,665
Distributions reinvested		630			859			308			326
Cost of shares redeemed		(24,913	)		(32,995	)		(3,696	)		(3,910	)
Change in net assets resulting from Class R2 capital transactions	$	(5,726	)	$	(1,571	)	$	(617	)	$	(919	)
Class R3 (a)
Proceeds from shares issued	$	3,788		$	497		$	20		$	—
Distributions reinvested		34			1			—	(b)		—
Cost of shares redeemed		(534	)		—			—			—
Change in net assets resulting from Class R3 capital transactions	$	3,288		$	498		$	20		$	—
Class R4 (a)
Proceeds from shares issued	$	801		$	33		$	27		$	—
Distributions reinvested		7			—	(b)		1			—
Cost of shares redeemed		(70	)		—			—	(b)		—
Change in net assets resulting from Class R4 capital transactions	$	738		$	33		$	28		$	—
Class R5
Proceeds from shares issued	$	—		$	—		$	26,062		$	21,151
Distributions reinvested		—			—			3,920			3,322
Cost of shares redeemed		—			—			(26,127	)		(18,536	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	3,855		$	5,937
Class R6 (c)
Proceeds from shares issued	$	190,833		$	85,832		$	2,427,255		$	1,952,004
Distributions reinvested		3,152			1,221			261,716			243,295
Cost of shares redeemed		(50,469	)		(17,870	)		(3,294,722	)		(795,906	)
Change in net assets resulting from Class R6 capital transactions	$	143,516		$	69,183		$	(605,751	)	$	1,399,393
Total change in net assets resulting from capital transactions	$	(11,713	)	$	96,551		$	(4,001,136	)	$	2,761,563

(a) Commencement of offering of class of shares effective August 21, 2017 for High Yield Fund and September 9, 2016 for Government Bond Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective August 1, 2016 for Government Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 279

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Government Bond Fund						High Yield Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class A
Issued		12,507			19,943			32,741			82,031
Reinvested		516			696			5,234			6,772
Redeemed		(20,982	)		(23,486	)		(82,507	)		(86,713	)
Change in Class A Shares		(7,959	)		(2,847	)		(44,532	)		2,090
Class C
Issued		627			2,170			2,251			5,378
Reinvested		71			102			1,162			1,329
Redeemed		(2,940	)		(2,652	)		(10,117	)		(7,929	)
Change in Class C Shares		(2,242	)		(380	)		(6,704	)		(1,222	)
Class I (formerly Select Class)
Issued		25,273			29,446			236,228			480,661
Reinvested		1,231			1,321			23,389			29,143
Redeemed		(30,728	)		(24,967	)		(666,140	)		(319,978	)
Change in Class I Shares		(4,224	)		5,800			(406,523	)		189,826
Class R2
Issued		1,764			2,833			373			372
Reinvested		60			80			42			45
Redeemed		(2,371	)		(3,060	)		(500	)		(545	)
Change in Class R2 Shares		(547	)		(147	)		(85	)		(128	)
Class R3 (a)
Issued		360			48			3			—
Reinvested		3			—	(b)		—	(b)		—
Redeemed		(51	)		—			—			—
Change in Class R3 Shares		312			48			3			—
Class R4 (a)
Issued		77			3			4			—
Reinvested		1			—	(b)		—	(b)		—
Redeemed		(7	)		—			—	(b)		—
Change in Class R4 Shares		71			3			4			—
Class R5
Issued		—			—			3,490			2,920
Reinvested		—			—			526			459
Redeemed		—			—			(3,508	)		(2,558	)
Change in Class R5 Shares		—			—			508			821
Class R6 (c)
Issued		18,004			7,884			324,517			268,311
Reinvested		301			115			35,190			33,595
Redeemed		(4,817	)		(1,698	)		(443,295	)		(110,556	)
Change in Class R6 Shares		13,488			6,301			(83,588	)		191,350

(a) Commencement of offering of class of shares effective August 21, 2017 for High Yield Fund and September 9, 2016 for Government Bond Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective August 1, 2016 for Government Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

280 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Inflation Managed Bond Fund						Limited Duration Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	11,323		$	17,023		$	59,846		$	42,442
Distributions reinvested		439			467			1,681			1,544
Cost of shares redeemed		(15,432	)		(42,549	)		(90,060	)		(92,904	)
Change in net assets resulting from Class A capital transactions	$	(3,670	)	$	(25,059	)	$	(28,533	)	$	(48,918	)
Class C
Proceeds from shares issued	$	1,742		$	3,759		$	3,939		$	6,670
Distributions reinvested		76			45			243			187
Cost of shares redeemed		(1,874	)		(1,611	)		(27,709	)		(16,885	)
Change in net assets resulting from Class C capital transactions	$	(56	)	$	2,193		$	(23,527	)	$	(10,028	)
Class I (formerly Select Class)
Proceeds from shares issued	$	119,209		$	153,879		$	79,389		$	104,903
Distributions reinvested		4,304			4,597			2,544			2,154
Cost of shares redeemed		(468,786	)		(307,686	)		(105,446	)		(192,762	)
Change in net assets resulting from Class I capital transactions	$	(345,273	)	$	(149,210	)	$	(23,513	)	$	(85,705	)
Class R2 (a)
Proceeds from shares issued	$	—		$	787		$	—		$	—
Distributions reinvested		—			9			—			—
Cost of shares redeemed		—			(1,161	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	—		$	(365	)	$	—		$	—
Class R5
Proceeds from shares issued	$	5,859		$	415		$	—		$	—
Distributions reinvested		32			34			—			—
Cost of shares redeemed		(559	)		(11,749	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	5,332		$	(11,300	)	$	—		$	—
Class R6
Proceeds from shares issued	$	514,485		$	161,830		$	86,371		$	117,213
Distributions reinvested		20,987			15,196			12,720			9,697
Cost of shares redeemed		(170,695	)		(137,330	)		(197,625	)		(51,913	)
Change in net assets resulting from Class R6 capital transactions	$	364,777		$	39,696		$	(98,534	)	$	74,997
Total change in net assets resulting from capital transactions	$	21,110		$	(144,045	)	$	(174,107	)	$	(69,654	)

(a) Liquidated on December 9, 2016 for Inflation Managed Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 281

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 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class A
Issued		1,103			1,656			5,972			4,246
Reinvested		43			45			168			154
Redeemed		(1,504	)		(4,137	)		(8,998	)		(9,291	)
Change in Class A Shares		(358	)		(2,436	)		(2,858	)		(4,891	)
Class C
Issued		170			367			397			674
Reinvested		8			4			25			19
Redeemed		(183	)		(157	)		(2,796	)		(1,707	)
Change in Class C Shares		(5	)		214			(2,374	)		(1,014	)
Class I (formerly Select Class)
Issued		11,616			14,962			7,936			10,492
Reinvested		419			447			254			215
Redeemed		(45,648	)		(29,885	)		(10,527	)		(19,281	)
Change in Class I Shares		(33,613	)		(14,476	)		(2,337	)		(8,574	)
Class R2 (a)
Issued		—			76			—			—
Reinvested		—			1			—			—
Redeemed		—			(113	)		—			—
Change in Class R2 Shares		—			(36	)		—			—
Class R5
Issued		567			40			—			—
Reinvested		3			3			—			—
Redeemed		(55	)		(1,139	)		—			—
Change in Class R5 Shares		515			(1,096	)		—			—
Class R6
Issued		50,085			15,706			8,601			11,728
Reinvested		2,042			1,474			1,269			969
Redeemed		(16,656	)		(13,291	)		(19,725	)		(5,183	)
Change in Class R6 Shares		35,471			3,889			(9,855	)		7,514

(a) Liquidated on December 9, 2016 for Inflation Managed Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

282 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,158		$	78,482		$	112,705		$	220,863
Distributions reinvested		3,352			4,274			4,986			3,864
Cost of shares redeemed		(76,049	)		(146,503	)		(260,753	)		(216,984	)
Change in net assets resulting from Class A capital transactions	$	(31,539	)	$	(63,747	)	$	(143,062	)	$	7,743
Class C
Proceeds from shares issued	$	1,406		$	8,567		$	4,556		$	16,534
Distributions reinvested		345			370			306			215
Cost of shares redeemed		(7,751	)		(9,763	)		(58,967	)		(37,966	)
Change in net assets resulting from Class C capital transactions	$	(6,000	)	$	(826	)	$	(54,105	)	$	(21,217	)
Class I (formerly Select Class)
Proceeds from shares issued	$	354,744		$	535,331		$	502,029		$	2,097,279
Distributions reinvested		24,627			24,385			9,195			39,733
Cost of shares redeemed		(496,184	)		(589,633	)		(2,354,349	)		(6,415,827	)
Change in net assets resulting from Class I capital transactions	$	(116,813	)	$	(29,917	)	$	(1,843,125	)	$	(4,278,815	)
Class R6
Proceeds from shares issued	$	176,644		$	95,724		$	1,581,425		$	1,440,807
Subscriptions in-kind (See Note 9)		—			—			—			44,995
Distributions reinvested		33,762			37,102			22,300			14,083
Cost of shares redeemed		(419,406	)		(310,536	)		(1,911,210	)		(2,106,088	)
Change in net assets resulting from Class R6 capital transactions	$	(209,000	)	$	(177,710	)	$	(307,485	)	$	(606,203	)
Total change in net assets resulting from capital transactions	$	(363,352	)	$	(272,200	)	$	(2,347,777	)	$	(4,898,492	)
SHARE TRANSACTIONS:
Class A
Issued		3,587			6,735			10,444			20,372
Reinvested		292			369			462			356
Redeemed		(6,638	)		(12,607	)		(24,203	)		(19,988	)
Change in Class A Shares		(2,759	)		(5,503	)		(13,297	)		740
Class C
Issued		125			755			420			1,513
Reinvested		31			33			28			20
Redeemed		(694	)		(865	)		(5,430	)		(3,477	)
Change in Class C Shares		(538	)		(77	)		(4,982	)		(1,944	)
Class I (formerly Select Class)
Issued		31,674			47,186			46,497			192,745
Reinvested		2,203			2,155			853			3,655
Redeemed		(44,294	)		(52,206	)		(217,644	)		(590,477	)
Change in Class I Shares		(10,417	)		(2,865	)		(170,294	)		(394,077	)
Class R6
Issued		15,715			8,433			146,199			132,525
Subscriptions in-kind (See Note 9)		—			—			—			4,128
Reinvested		3,020			3,278			2,068			1,297
Redeemed		(37,471	)		(27,560	)		(176,910	)		(193,738	)
Change in Class R6 Shares		(18,736	)		(15,849	)		(28,643	)		(55,788	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 283

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short Duration Core Plus Fund
	Year Ended February 28, 2018			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,924		$	1,898
Distributions reinvested		152			145
Cost of shares redeemed		(3,323	)		(596	)
Change in net assets resulting from Class A capital transactions	$	5,753		$	1,447
Class C
Proceeds from shares issued	$	627		$	1,207
Distributions reinvested		35			22
Cost of shares redeemed		(717	)		(244	)
Change in net assets resulting from Class C capital transactions	$	(55	)	$	985
Class I (formerly Select Class)
Proceeds from shares issued	$	25,601		$	50,107
Distributions reinvested		1,477			1,254
Cost of shares redeemed		(94,353	)		(44,079	)
Change in net assets resulting from Class I capital transactions	$	(67,275	)	$	7,282
Class R6
Proceeds from shares issued	$	2,826		$	6,319
Distributions reinvested		266			1
Cost of shares redeemed		(7,461	)		(20,000	)
Change in net assets resulting from Class R6 capital transactions	$	(4,369	)	$	(13,680	)
Total change in net assets resulting from capital transactions	$	(65,946	)	$	(3,966	)
SHARE TRANSACTIONS:
Class A
Issued		943			200
Reinvested		16			16
Redeemed		(348	)		(63	)
Change in Class A Shares		611			153
Class C
Issued		65			128
Reinvested		4			2
Redeemed		(75	)		(26	)
Change in Class C Shares		(6	)		104
Class I (formerly Select Class)
Issued		2,680			5,376
Reinvested		155			134
Redeemed		(9,905	)		(4,729	)
Change in Class I Shares		(7,070	)		781
Class R6
Issued		296			694
Reinvested		28			—	(a)
Redeemed		(776	)		(2,225	)
Change in Class R6 Shares		(452	)		(1,531	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

284 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED FEBRUARY 28, 2018

(Amounts in thousands)

	Mortgage-Backed Securities Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	34,118
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(300,106	)
Proceeds from disposition of investment securities		633,721
Proceeds from short-term investments — affiliates, net		18,642
Change in unrealized (appreciation)/depreciation on investments		37,784
Net realized (gain)/loss on investments in non-affiliates		(1,122	)
Net realized (gain)/loss on investments in affiliates		13
Net amortization (accretion) of income		5,080
Increase in interest and dividends receivable from non-affiliates		(50	)
Increase in dividends receivable from affiliates		(15	)
Decrease in investment advisory fees payable		(98	)
Decrease in distribution fees payable		(10	)
Increase in service fees payable		39
Decrease in custodian and accounting fees payable		(1	)
Decrease in Trustees’ and Chief Compliance Officer’s fees payable		(2	)
Increase in audit fees payable		—	(a)
Decrease in sub-transfer agent fees payable		(92	)
Decrease in other accrued expenses payable		(30	)
Net cash provided (used) by operating activities		427,871
Cash flows provided (used) by financing activities:
Increase in due to custodian		(1,138	)
Proceeds from shares issued		583,299
Payment for shares redeemed		(1,001,384	)
Cash distributions paid to shareholders (net of reinvestments of $62,086)		(8,606	)
Net cash provided (used) by financing activities		(427,829	)
Net decrease in cash		42
Cash:
Beginning of period		—
End of period	$	42

(a) Amount rounds to less than 500.

Supplemental disclosure of cash flow information:

For the year ended February 28, 2018, the Fund paid approximately $1,000 in interest expense to affiliates.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 285

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Core Bond Fund
Class A
Year Ended February 28, 2018	$	11.55	$	0.28	$	(0.19	)	$	0.09		$	(0.28	)	$	(0.03	)	$	(0.31	)
Year Ended February 28, 2017		11.75		0.26		(0.16	)		0.10			(0.26	)		(0.04	)		(0.30	)
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	)
Class C
Year Ended February 28, 2018		11.63		0.21		(0.19	)		0.02			(0.21	)		(0.03	)		(0.24	)
Year Ended February 28, 2017		11.82		0.19		(0.16	)		0.03			(0.18	)		(0.04	)		(0.22	)
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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		11.55		0.31		(0.20	)		0.11			(0.31	)		(0.03	)		(0.34	)
Year Ended February 28, 2017		11.74		0.28		(0.14	)		0.14			(0.29	)		(0.04	)		(0.33	)
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	)		—	(f)		(0.31	)		(0.06	)		(0.37	)
Class R2
Year Ended February 28, 2018		11.54		0.24		(0.19	)		0.05			(0.24	)		(0.03	)		(0.27	)
Year Ended February 28, 2017		11.73		0.23		(0.14	)		0.09			(0.24	)		(0.04	)		(0.28	)
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	)
Class R3
Year Ended February 28, 2018		11.53		0.27		(0.20	)		0.07			(0.27	)		(0.03	)		(0.30	)
September 9, 2016 (g) through February 28, 2017		11.93		0.12		(0.35	)		(0.23	)		(0.13	)		(0.04	)		(0.17	)
Class R4
Year Ended February 28, 2018		11.54		0.31		(0.21	)		0.10			(0.30	)		(0.03	)		(0.33	)
September 9, 2016 (g) through February 28, 2017		11.93		0.13		(0.34	)		(0.21	)		(0.14	)		(0.04	)		(0.18	)
Class R5
Year Ended February 28, 2018		11.53		0.32		(0.19	)		0.13			(0.32	)		(0.03	)		(0.35	)
Year Ended February 28, 2017		11.72		0.30		(0.15	)		0.15			(0.30	)		(0.04	)		(0.34	)
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	)
Class R6
Year Ended February 28, 2018		11.56		0.33		(0.19	)		0.14			(0.33	)		(0.03	)		(0.36	)
Year Ended February 28, 2017		11.75		0.31		(0.15	)		0.16			(0.31	)		(0.04	)		(0.35	)
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	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

286 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	11.33		0.73	%	$	2,146,164		0.75	%		2.42	%		0.92	%		26	%
	11.55		0.91			2,567,827		0.74			2.21			0.98			23
	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
	11.41		0.10			638,131		1.36			1.81			1.41			26
	11.63		0.31			914,004		1.39			1.57			1.46			23
	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
	11.32		0.89			7,208,052		0.50			2.67			0.66			26
	11.55		1.18			12,046,116		0.55			2.42			0.71			23
	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
	11.32		0.41			102,320		1.06			2.11			1.20			26
	11.54		0.75			112,325		0.99			1.97			1.36			23
	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
	11.30		0.57			3,443		0.85			2.32			0.94			26
	11.53		(1.89	)		439		0.86			2.15			0.93			23
	11.31		0.81			5,637		0.59			2.71			0.72			26
	11.54		(1.73	)		20		0.64			2.35			0.70			23
	11.31		1.03			390,635		0.45			2.72			0.51			26
	11.53		1.30			437,365		0.44			2.52			0.53			23
	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
	11.34		1.13			18,010,360		0.35			2.83			0.40			26
	11.56		1.40			11,462,704		0.34			2.61			0.40			23
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 287

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Core Plus Bond Fund
Class A
Year Ended February 28, 2018	$	8.22	$	0.22	$	(0.14	)	$	0.08		$	(0.21	)	$	—		$	(0.21	)
Year Ended February 28, 2017		8.15		0.20		0.07			0.27			(0.20	)		—			(0.20	)
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	)
Class C
Year Ended February 28, 2018		8.26		0.17		(0.13	)		0.04			(0.16	)		—			(0.16	)
Year Ended February 28, 2017		8.19		0.15		0.07			0.22			(0.15	)		—			(0.15	)
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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		8.22		0.24		(0.13	)		0.11			(0.24	)		—			(0.24	)
Year Ended February 28, 2017		8.14		0.23		0.07			0.30			(0.22	)		—			(0.22	)
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	)
Class L
Year Ended February 28, 2018		8.22		0.24		(0.13	)		0.11			(0.23	)		—			(0.23	)
Year Ended February 28, 2017		8.16		0.22		0.06			0.28			(0.22	)		—			(0.22	)
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	)
Class R2
Year Ended February 28, 2018		8.21		0.19		(0.13	)		0.06			(0.18	)		—			(0.18	)
Year Ended February 28, 2017		8.14		0.17		0.07			0.24			(0.17	)		—			(0.17	)
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	)
Class R3
Year Ended February 28, 2018		8.21		0.20		(0.12	)		0.08			(0.21	)		—			(0.21	)
September 9, 2016 (f) through February 28, 2017		8.39		0.09		(0.18	)		(0.09	)		(0.09	)		—			(0.09	)
Class R4
Year Ended February 28, 2018		8.21		0.23		(0.13	)		0.10			(0.22	)		—			(0.22	)
September 9, 2016 (f) through February 28, 2017		8.39		0.10		(0.18	)		(0.08	)		(0.10	)		—			(0.10	)
Class R5
Year Ended February 28, 2018		8.22		0.24		(0.14	)		0.10			(0.23	)		—			(0.23	)
September 9, 2016 (f) through February 28, 2017		8.39		0.10		(0.16	)		(0.06	)		(0.11	)		—			(0.11	)
Class R6
Year Ended February 28, 2018		8.22		0.25		(0.13	)		0.12			(0.24	)		—			(0.24	)
Year Ended February 28, 2017		8.15		0.23		0.07			0.30			(0.23	)		—			(0.23	)
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	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

288 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	8.09		0.98	%	$	1,016,261		0.74	%		2.65	%		0.92	%		42	%
	8.22		3.34			1,074,610		0.74			2.44			1.03			59
	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
	8.14		0.43			208,888		1.39			2.00			1.41			42
	8.26		2.64			276,380		1.39			1.80			1.48			59
	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
	8.09		1.27			1,179,405		0.45			2.94			0.67			42
	8.22		3.74			1,190,948		0.45			2.75			0.74			59
	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
	8.10		1.36			443,474		0.48			2.92			0.51			42
	8.22		3.46			1,309,781		0.48			2.70			0.56			59
	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
	8.09		0.69			22,556		1.14			2.25			1.21			42
	8.21		2.91			34,380		1.14			2.05			1.41			59
	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
	8.08		0.91			7,688		0.89			2.48			0.93			42
	8.21		(1.07	)		20		0.93			2.22			0.95			59
	8.09		1.21			773		0.64			2.76			0.87			42
	8.21		(0.95	)		20		0.68			2.46			0.70			59
	8.09		1.23			1,810		0.49			2.90			0.57			42
	8.22		(0.75	)		20		0.49			2.65			0.51			59
	8.10		1.46			9,043,535		0.39			2.99			0.41			42
	8.22		3.68			4,548,970		0.39			2.79			0.42			59
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 289

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 28, 2018	$	10.54	$	0.22	(e)	$	(0.26	)	$	(0.04	)	$	(0.22	)	$	(0.01	)	$	(0.23	)
Year Ended February 28, 2017		10.86		0.22	(e)		(0.28	)		(0.06	)		(0.22	)		(0.04	)		(0.26	)
Year Ended February 29, 2016		11.02		0.23	(e)		—	(f)		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	)
Class C
Year Ended February 28, 2018		10.50		0.15	(e)		(0.25	)		(0.10	)		(0.15	)		(0.01	)		(0.16	)
Year Ended February 28, 2017		10.83		0.15	(e)		(0.29	)		(0.14	)		(0.15	)		(0.04	)		(0.19	)
Year Ended February 29, 2016		10.98		0.15	(e)		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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		10.53		0.25	(e)		(0.26	)		(0.01	)		(0.25	)		(0.01	)		(0.26	)
Year Ended February 28, 2017		10.86		0.25	(e)		(0.29	)		(0.04	)		(0.25	)		(0.04	)		(0.29	)
Year Ended February 29, 2016		11.02		0.26	(e)		—	(f)		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	)
Class R2
Year Ended February 28, 2018		10.53		0.19	(e)		(0.26	)		(0.07	)		(0.19	)		(0.01	)		(0.20	)
Year Ended February 28, 2017		10.85		0.20	(e)		(0.28	)		(0.08	)		(0.20	)		(0.04	)		(0.24	)
Year Ended February 29, 2016		11.01		0.20	(e)		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	)
Class R3
Year Ended February 28, 2018		10.53		0.21	(e)		(0.25	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)
September 9, 2016 (g) through February 28, 2017		10.90		0.09	(e)		(0.32	)		(0.23	)		(0.10	)		(0.04	)		(0.14	)
Class R4
Year Ended February 28, 2018		10.53		0.24	(e)		(0.26	)		(0.02	)		(0.24	)		(0.01	)		(0.25	)
September 9, 2016 (g) through February 28, 2017		10.90		0.10	(e)		(0.32	)		(0.22	)		(0.11	)		(0.04	)		(0.15	)
Class R6
Year Ended February 28, 2018		10.53		0.26	(e)		(0.26	)		—	(f)		(0.26	)		(0.01	)		(0.27	)
August 1, 2016 (g) through February 28, 2017		10.97		0.14	(e)		(0.40	)		(0.26	)		(0.14	)		(0.04	)		(0.18	)

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

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

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

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

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

290 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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)
$	10.27		(0.43	)%	$	432,065		0.74	%		2.08	%		0.94	%		15	%
	10.54		(0.57	)		527,069		0.74			2.07			1.13			15
	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
	10.24		(0.96	)		42,602		1.36			1.46			1.43			15
	10.50		(1.36	)		67,251		1.43			1.38			1.49			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
	10.26		(0.16	)		581,435		0.47			2.35			0.69			15
	10.53		(0.38	)		640,915		0.47			2.34			0.83			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
	10.26		(0.74	)		50,768		1.06			1.76			1.23			15
	10.53		(0.82	)		57,838		0.99			1.82			1.42			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
	10.27		(0.40	)		3,696		0.84			1.99			0.95			15
	10.53		(2.18	)		499		0.83			1.89			0.93			15
	10.26		(0.27	)		757		0.59			2.25			1.01			15
	10.53		(2.09	)		33		0.64			2.01			0.72			15
	10.26		(0.03	)		203,083		0.34			2.49			0.42			15
	10.53		(2.37	)		66,335		0.34			2.33			0.43			15

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 291

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
High Yield Fund
Class A
Year Ended February 28, 2018	$	7.44	$	0.39	$	(0.15	)	$	0.24		$	(0.40	)	$	—		$	(0.40	)
Year Ended February 28, 2017		6.65		0.39		0.79			1.18			(0.39	)		—			(0.39	)
Year Ended February 29, 2016		7.71		0.40		(1.06	)		(0.66	)		(0.40	)		—	(f)		(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	)
Class C
Year Ended February 28, 2018		7.45		0.35		(0.14	)		0.21			(0.36	)		—			(0.36	)
Year Ended February 28, 2017		6.66		0.35		0.79			1.14			(0.35	)		—			(0.35	)
Year Ended February 29, 2016		7.72		0.36		(1.06	)		(0.70	)		(0.36	)		—	(f)		(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	)
Class I (formely Select Class)
Year Ended February 28, 2018		7.48		0.41		(0.15	)		0.26			(0.42	)		—			(0.42	)
Year Ended February 28, 2017		6.68		0.40		0.80			1.20			(0.40	)		—			(0.40	)
Year Ended February 29, 2016		7.75		0.42		(1.07	)		(0.65	)		(0.42	)		—	(f)		(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	)
Class R2
Year Ended February 28, 2018		7.43		0.37		(0.15	)		0.22			(0.38	)		—			(0.38	)
Year Ended February 28, 2017		6.64		0.36		0.80			1.16			(0.37	)		—			(0.37	)
Year Ended February 29, 2016		7.70		0.38		(1.06	)		(0.68	)		(0.38	)		—	(f)		(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	)
Class R3
August 21, 2017 (g) through February 28, 2018		7.45		0.20		(0.10	)		0.10			(0.23	)		—			(0.23	)
Class R4
August 21, 2017 (g) through February 28, 2018		7.45		0.21		(0.10	)		0.11			(0.24	)		—			(0.24	)
Class R5
Year Ended February 28, 2018		7.49		0.42		(0.16	)		0.26			(0.42	)		—			(0.42	)
Year Ended February 28, 2017		6.69		0.41		0.80			1.21			(0.41	)		—			(0.41	)
Year Ended February 29, 2016		7.75		0.42		(1.06	)		(0.64	)		(0.42	)		—	(f)		(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	)
Class R6
Year Ended February 28, 2018		7.48		0.42		(0.15	)		0.27			(0.43	)		—			(0.43	)
Year Ended February 28, 2017		6.68		0.41		0.80			1.21			(0.41	)		—			(0.41	)
Year Ended February 29, 2016		7.74		0.42		(1.06	)		(0.64	)		(0.42	)		—	(f)		(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	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

292 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	7.28		3.30	%	$	632,060		0.99	%		5.27	%		1.23	%		47	%
	7.44		18.04			977,249		0.99			5.38			1.32			52
	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
	7.30		2.92			158,458		1.49			4.77			1.72			47
	7.45		17.38			211,878		1.52			4.84			1.81			52
	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
	7.32		3.54			3,322,653		0.74			5.52			0.99			47
	7.48		18.40			6,435,665		0.77			5.58			1.10			52
	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
	7.27		2.97			7,794		1.33			4.94			1.59			47
	7.43		17.74			8,591		1.29			5.08			1.79			52
	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
	7.32		1.34			20		1.09			5.20			1.25			47
	7.32		1.49			27		0.84			5.47			1.01			47
	7.33		3.59			72,349		0.69			5.58			0.82			47
	7.49		18.40			70,096		0.72			5.64			0.86			52
	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
	7.32		3.70			4,829,597		0.59			5.68			0.71			47
	7.48		18.49			5,558,568		0.65			5.71			0.73			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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
Inflation Managed Bond Fund
Class A
Year Ended February 28, 2018	$	10.34	$	0.20		$	(0.19	)	$	0.01		$	(0.20	)	$	—		$	(0.20	)
Year Ended February 28, 2017		10.14		0.18			0.19			0.37			(0.17	)		—			(0.17	)
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	(d)		(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	)
Class C
Year Ended February 28, 2018		10.29		0.13			(0.19	)		(0.06	)		(0.14	)		—			(0.14	)
Year Ended February 28, 2017		10.09		0.11			0.20			0.31			(0.11	)		—			(0.11	)
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	(d)		(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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		10.34		0.22			(0.19	)		0.03			(0.22	)		—			(0.22	)
Year Ended February 28, 2017		10.14		0.20			0.19			0.39			(0.19	)		—			(0.19	)
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	(d)		(0.13	)		—	(e)		(0.14	)		—			(0.14	)
Year Ended February 28, 2014		10.81		0.13			(0.29	)		(0.16	)		(0.13	)		(0.01	)		(0.14	)
Class R5
Year Ended February 28, 2018		10.39		0.21			(0.19	)		0.02			(0.22	)		—			(0.22	)
Year Ended February 28, 2017		10.18		0.20			0.20			0.40			(0.19	)		—			(0.19	)
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	(d)		(0.14	)		—	(e)		(0.14	)		—			(0.14	)
Year Ended February 28, 2014		10.85		0.11			(0.27	)		(0.16	)		(0.13	)		(0.01	)		(0.14	)
Class R6
Year Ended February 28, 2018		10.36		0.22			(0.19	)		0.03			(0.23	)		—			(0.23	)
Year Ended February 28, 2017		10.15		0.21			0.20			0.41			(0.20	)		—			(0.20	)
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	(d)		(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	)

(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 0.005% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

294 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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
$	10.15		0.12	%	$	22,800		0.74	%		1.91	%		0.97	%		68	%
	10.34		3.63			26,932		0.75			1.76			1.21			41
	10.14		(0.85	)		51,090		0.75			1.32			1.15			27
	10.37		(0.18	)		59,129		0.75			1.15	(d)		1.05			28
	10.51		(1.66	)		67,620		0.75			1.15			1.05			35
	10.09		(0.63	)		5,644		1.38			1.24			1.50			68
	10.29		3.05			5,807		1.39			1.08			1.58			41
	10.09		(1.53	)		3,534		1.40			0.67			1.53			27
	10.33		(0.82	)		4,453		1.40			0.51	(d)		1.52			28
	10.48		(2.27	)		5,253		1.40			0.42			1.56			35
	10.15		0.26			206,975		0.58			2.12			0.72			68
	10.34		3.83			558,497		0.60			1.91			0.73			41
	10.14		(0.70	)		694,213		0.60			1.52			0.72			27
	10.37		(0.04	)		1,202,468		0.60			1.26	(d)		0.75			28
	10.51		(1.47	)		1,090,324		0.60			1.20			0.81			35
	10.19		0.23			5,945		0.53			2.00			0.57			68
	10.39		3.95			711		0.52			1.94			0.53			41
	10.18		(0.64	)		11,844		0.55			1.54			0.58			27
	10.41		0.02			12,619		0.54			1.34	(d)		0.60			28
	10.55		(1.44	)		12,774		0.55			1.05			0.65			35
	10.16		0.31			1,199,612		0.45			2.14			0.47			68
	10.36		4.05			855,276		0.47			2.02			0.47			41
	10.15		(0.56	)		798,786		0.46			1.55			0.46			27
	10.38		0.07			505,064		0.48			1.32	(d)		0.50			28
	10.52		(1.41	)		337,208		0.50			1.29			0.57			35

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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) (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 28, 2018	$	9.99	$	0.14	$	(0.01	)	$	0.13		$	(0.14	)
Year Ended February 28, 2017		9.97		0.09		0.02			0.11			(0.09	)
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	)
Class C
Year Ended February 28, 2018		9.88		0.08		(0.01	)		0.07			(0.08	)
Year Ended February 28, 2017		9.86		0.04		0.02			0.06			(0.04	)
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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		9.99		0.16		(0.01	)		0.15			(0.16	)
Year Ended February 28, 2017		9.96		0.11		0.04			0.15			(0.12	)
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	)
Class R6
Year Ended February 28, 2018		10.00		0.18		(0.01	)		0.17			(0.18	)
Year Ended February 28, 2017		9.98		0.13		0.03			0.16			(0.14	)
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	)

(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 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.

296 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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
$	9.98		1.27	%	$	121,268		0.68	%		1.37	%		0.89	%		22	%
	9.99		1.13			149,919		0.68			0.89			0.95			21
	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
	9.87		0.76			17,540		1.18			0.83			1.39			22
	9.88		0.63			41,003		1.18			0.39			1.44			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
	9.98		1.53			214,976		0.43			1.62			0.62			22
	9.99		1.47			238,500		0.43			1.14			0.65			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
	9.99		1.73			658,067		0.23			1.82			0.37			22
	10.00		1.58			757,219		0.23			1.35			0.37			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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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)			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 28, 2018	$	11.45	$	0.34	(c)	$	(0.21	)	$	0.13		$	(0.33	)	$	—		$	(0.33	)
Year Ended February 28, 2017		11.66		0.29	(c)		(0.21	)		0.08			(0.28	)		(0.01	)		(0.29	)
Year Ended February 29, 2016		11.65		0.30	(c)		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	)
Class C
Year Ended February 28, 2018		11.15		0.27	(c)		(0.20	)		0.07			(0.27	)		—			(0.27	)
Year Ended February 28, 2017		11.36		0.23	(c)		(0.20	)		0.03			(0.23	)		(0.01	)		(0.24	)
Year Ended February 29, 2016		11.36		0.23	(c)		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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		11.18		0.36	(c)		(0.21	)		0.15			(0.36	)		—			(0.36	)
Year Ended February 28, 2017		11.38		0.31	(c)		(0.19	)		0.12			(0.31	)		(0.01	)		(0.32	)
Year Ended February 29, 2016		11.39		0.32	(c)		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	)
Class R6
Year Ended February 28, 2018		11.17		0.37	(c)		(0.19	)		0.18			(0.38	)		—			(0.38	)
Year Ended February 28, 2017		11.38		0.33	(c)		(0.20	)		0.13			(0.33	)		(0.01	)		(0.34	)
Year Ended February 29, 2016		11.39		0.34	(c)		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	)

(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 0.005% unless otherwise noted.

(c) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

298 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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
$	11.25		1.12	%	$	109,033		0.65	%		2.95	%		0.98	%		14	%
	11.45		0.69			142,557		0.64			2.48			1.05			27
	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
	10.95		0.65			11,849		1.15			2.44			1.48			14
	11.15		0.22			18,062		1.14			2.00			1.54			27
	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
	10.97		1.33			888,646		0.40			3.19			0.72			14
	11.18		1.06			1,021,648		0.39			2.74			0.76			27
	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
	10.97		1.57			955,347		0.25			3.34			0.47			14
	11.17		1.13			1,182,534		0.24			2.89			0.46			27
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 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
Short Duration Bond Fund
Class A
Year Ended February 28, 2018	$	10.81	$	0.11	$	(0.13	)	$	(0.02	)	$	(0.11	)	$	—		$	(0.11	)
Year Ended February 28, 2017		10.83		0.07		(0.01	)		0.06			(0.07	)		(0.01	)		(0.08	)
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	)
Class C
Year Ended February 28, 2018		10.88		0.05		(0.13	)		(0.08	)		(0.05	)		—			(0.05	)
Year Ended February 28, 2017		10.90		0.01		(0.01	)		—	(d)		(0.01	)		(0.01	)		(0.02	)
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	)
Class I (formerly Select Class)
Year Ended February 28, 2018		10.83		0.14		(0.13	)		0.01			(0.14	)		—			(0.14	)
Year Ended February 28, 2017		10.84		0.09		0.01			0.10			(0.10	)		(0.01	)		(0.11	)
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	)
Class R6
Year Ended February 28, 2018		10.83		0.16		(0.13	)		0.03			(0.17	)		—			(0.17	)
Year Ended February 28, 2017		10.84		0.12		—	(d)		0.12			(0.12	)		(0.01	)		(0.13	)
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	)

(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 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

300 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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
$	10.68		(0.16	)%	$	386,702		0.80	%		1.02	%		0.86	%		44	%
	10.81		0.55			535,288		0.80			0.61			0.90			37
	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
	10.75		(0.69	)		34,926		1.30			0.50			1.36			44
	10.88		0.05			89,565		1.30			0.10			1.42			37
	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
	10.70		0.08			1,010,587		0.55			1.26			0.60			44
	10.83		0.90			2,867,193		0.55			0.83			0.66			37
	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
	10.69		0.25			2,225,633		0.30			1.52			0.35			44
	10.83		1.15			2,563,439		0.30			1.10			0.36			37
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 301

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Short Duration Core Plus Fund
Class A
Year Ended February 28, 2018	$	9.59	$	0.32	$	(0.19	)	$	0.13		$	(0.32	)	$	—		$	(0.32	)
Year Ended February 28, 2017		8.87		0.42		0.72			1.14			(0.42	)		—			(0.42	)
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 (f) through February 28, 2014		10.00		0.41		(0.02	)		0.39			(0.34	)		—			(0.34	)
Class C
Year Ended February 28, 2018		9.57		0.27		(0.19	)		0.08			(0.27	)		—			(0.27	)
Year Ended February 28, 2017		8.85		0.37		0.72			1.09			(0.37	)		—			(0.37	)
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 (f) through February 28, 2014		10.00		0.36		(0.02	)		0.34			(0.29	)		—			(0.29	)
Class I (formerly Select Class)
Year Ended February 28, 2018		9.58		0.35		(0.19	)		0.16			(0.35	)		—			(0.35	)
Year Ended February 28, 2017		8.86		0.44		0.72			1.16			(0.44	)		—			(0.44	)
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 (f) through February 28, 2014		10.00		0.43		(0.01	)		0.42			(0.37	)		—			(0.37	)
Class R6
Year Ended February 28, 2018		9.58		0.35		(0.18	)		0.17			(0.36	)		—			(0.36	)
Year Ended February 28, 2017		8.86		0.45		0.73			1.18			(0.46	)		—			(0.46	)
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 (f) through February 28, 2014		10.00		0.45		(0.01	)		0.44			(0.38	)		—			(0.38	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended February 28, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

302 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	9.40		1.40	%	$	9,900		0.77	%		3.30	%		1.26	%		226	%
	9.59		13.07			4,246		0.89			4.43			1.33			77
	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	(g)		4.13	(g)		1.45	(g)		66
	9.38		0.88			1,207		1.29			2.87			1.77			226
	9.57		12.55			1,283		1.39			3.93			1.91			77
	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	(g)		3.62	(g)		2.15	(g)		66
	9.39		1.65			56,434		0.55			3.70			0.97			226
	9.58		13.34			125,336		0.64			4.68			1.01			77
	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	(g)		4.36	(g)		1.15	(g)		66
	9.39		1.75			29,580		0.42			3.71			0.72			226
	9.58		13.51			34,516		0.49			4.83			0.75			77
	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	(g)		4.49	(g)		0.78	(g)		66

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 303

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018

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 9 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 I^, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
Core Plus Bond Fund	Class A, Class C, Class I^, Class L*, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
Government Bond Fund	Class A, Class C, Class I^, Class R2, Class R3, Class R4 and Class R6	JPM II	Diversified
High Yield Fund	Class A, Class C, Class I^, Class R2, Class R3**, Class R4**, Class R5 and Class R6	JPM II	Diversified
Inflation Managed Bond Fund	Class A, Class C, Class I^, Class R5 and Class R6	JPM I	Diversified
Limited Duration Bond Fund	Class A, Class C, Class I^ and Class R6	JPM II	Diversified
Mortgage-Backed Securities Fund	Class A, Class C, Class I^ and Class R6	JPM II	Diversified
Short Duration Bond Fund	Class A, Class C, Class I^ and Class R6	JPM II	Diversified
Short Duration Core Plus Fund***	Class A, Class C, Class I^ and Class R6	JPM I	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

* Effective December 1, 2016, Class L is publicly offered on a limited basis.

** Commenced operations on August 21, 2017.

*** Effective September 29, 2017, Short Duration High Yield Fund changed its name to Short Duration Core Plus Fund.

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 Core Plus Fund is to seek total return consistent with preservation of capital. Prior to September 29, 2017, the investment objective of Short Duration Core Plus Fund was to seek current income with a secondary objective of capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles

304 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

(“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration Core Plus Fund at February 28, 2018.

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

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 28, 2018 J.P. MORGAN INCOME FUNDS 305

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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

Core Bond Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	2,443,992	$	914,507	$	3,358,499
Collateralized Mortgage Obligations		—		2,572,831		128,082		2,700,913
Commercial Mortgage-Backed Securities		—		1,569,199		132,645		1,701,844
Corporate Bonds
Consumer Discretionary		—		449,280		—		449,280
Consumer Staples		—		282,464		—		282,464
Energy		—		792,070		—		792,070
Financials		—		2,823,364		1,108		2,824,472
Health Care		—		399,280		—		399,280
Industrials		—		403,265		—		403,265
Information Technology		—		459,415		—		459,415
Materials		—		180,583		—		180,583
Real Estate		—		271,282		—		271,282
Telecommunication Services		—		377,016		17,226		394,242
Utilities		—		605,554		—		605,554
Total Corporate Bonds		—		7,043,573		18,334		7,061,907
Foreign Government Securities		—		253,001		—		253,001
Mortgage-Backed Securities		—		4,172,034		—		4,172,034
Municipal Bonds		—		79,530		—		79,530
Supranational		—		25,680		—		25,680
U.S. Government Agency Securities		—		679,664		—		679,664
U.S. Treasury Obligations		—		7,828,738		—		7,828,738
Loan Assignment
Consumer Discretionary		—		—		16,370		16,370
Short-Term Investment
Investment Company		807,610		—		—		807,610
Total Investments in Securities	$	807,610	$	26,668,242	$	1,209,938	$	28,685,790
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	$	—	$	—	$	1	$	1
Energy		8,204		—		—		8,204
Financials		—		—		15		15
Industrials		6		—		—		6
Information Technology		2,593		—		—		2,593
Telecommunication Services		88		—		—		88
Utilities		49		—		—		49
Total Common Stocks		10,940		—		16		10,956

306 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Core Plus Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Preferred Stocks
Consumer Discretionary	$	—	$	—	$	—	(a)	$	—	(a)
Financials		—		2,344		153			2,497
Total Preferred Stocks		—		2,344		153			2,497
Convertible Preferred Stocks
Consumer Discretionary		—		—		—	(a)		—	(a)
Debt Securities
Asset-Backed Securities		—		1,385,381		561,690			1,947,071
Collateralized Mortgage Obligations		—		460,358		67,309			527,667
Commercial Mortgage-Backed Securities		—		825,647		170,540			996,187
Convertible Bonds
Consumer Discretionary		—		1,942		—	(a)		1,942
Corporate Bonds
Consumer Discretionary		—		328,779		—	(a)		328,779
Consumer Staples		—		188,291		—			188,291
Energy		—		379,695		508			380,203
Financials		—		1,059,074		225			1,059,299
Health Care		—		171,080		—			171,080
Industrials		—		210,851		—			210,851
Information Technology		—		247,241		422			247,663
Materials		—		166,251		—			166,251
Real Estate		—		88,641		—			88,641
Telecommunication Services		—		192,608		5,269			197,877
Utilities		—		180,217		62			180,279
Total Corporate Bonds		—		3,212,728		6,486			3,219,214
Foreign Government Securities		—		163,564		—			163,564
Mortgage-Backed Securities		—		1,657,094		—			1,657,094
Municipal Bonds		—		14,547		—			14,547
Supranational		—		1,086		—			1,086
U.S. Government Agency Securities		—		43,801		—			43,801
U.S. Treasury Obligations		—		2,729,949		—			2,729,949
Loan Assignments
Consumer Discretionary		—		2,770		5,886			8,656
Consumer Staples		—		1,118		—			1,118
Energy		—		2,212		—			2,212
Health Care		—		479		—			479
Telecommunication Services		—		2,603		—			2,603
Total Loan Assignments		—		9,182		5,886			15,068
Options Purchased
Future Interest Rate Options		638		—		—			638
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Rights
Utilities		—		—		75			75
Short-Term Investments
Foreign Government Treasury Bills		—		4,861		—			4,861
Investment Company		654,304		—		—			654,304
Total Short-Term Investments		654,304		4,861		—			659,165
Total Investments in Securities	$	665,882	$	10,512,484	$	812,155		$	11,990,521
Liabilities
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	781	$	—		$	781
Futures Contracts		2,244		—		—			2,244

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 307

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Core Plus Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Appreciation in Other Financial Instruments	$	2,244		$	781		$	—		$	3,025
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(342	)	$	—		$	(342	)
Futures Contracts		(799	)		—			—			(799	)
Options Written
Call Options Written		(239	)		—			—			(239	)
Swaps		—			(3,195	)		—			(3,195	)
Total Depreciation in Other Financial Instruments	$	(1,038	)	$	(3,537	)	$	—		$	(4,575	)
Government Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	62,272		$	1,249,663		$	—		$	1,311,935
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	$	—		$	—		$	2		$	2
Energy		8,936			152			—			9,088
Financials		—			—			71			71
Industrials		47			—			—			47
Information Technology		22,130			—			—			22,130
Telecommunication Services		1,923			—			—			1,923
Utilities		28,816			—			—			28,816
Total Common Stocks		61,852			152			73			62,077
Preferred Stocks
Consumer Discretionary		—			—			—	(a)		—	(a)
Financials		6,708			26,185			1,190			34,083
Total Preferred Stocks		6,708			26,185			1,190			34,083
Convertible Preferred Stocks
Consumer Discretionary		—			—			—	(a)		—	(a)
Debt Securities
Asset-Backed Securities		—			—			2			2
Convertible Bonds
Consumer Discretionary		—			4,919			—	(a)		4,919
Corporate Bonds
Consumer Discretionary		—			1,614,744			9,011			1,623,755
Consumer Staples		—			390,775			—			390,775
Energy		—			1,115,761			5,447			1,121,208
Financials		—			470,776			—			470,776
Health Care		—			852,851			—			852,851
Industrials		—			1,020,954			4,625			1,025,579
Information Technology		—			567,693			3,274			570,967
Materials		—			808,668			—	(a)		808,668
Real Estate		—			125,228			6,781			132,009
Telecommunication Services		—			933,883			8,175			942,058
Utilities		—			215,067			1,690			216,757
Total Corporate Bonds		—			8,116,400			39,003			8,155,403

308 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

High Yield Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Loan Assignments
Consumer Discretionary	$	—	$	60,277	$	—		$	60,277
Consumer Staples		—		38,131		—			38,131
Energy		—		176,738		—			176,738
Health Care		—		3,479		—			3,479
Industrials		—		23,336		—			23,336
Information Technology		—		34,026		—			34,026
Materials		—		8,133		—			8,133
Telecommunication Services		—		67,877		—			67,877
Total Loan Assignments		—		411,997		—			411,997
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Energy		—		77		—			77
Total Warrants		—		77		—	(a)		77
Rights
Utilities		—		—		2,028			2,028
Short-Term Investments
Investment Company		258,478		—		—			258,478
U.S. Treasury Obligations		—		8,749		—			8,749
Total Short-Term Investments		258,478	$	8,749	$	—		$	267,227
Total Investments in Securities	$	327,038	$	8,568,479	$	42,296		$	8,937,813
Appreciation in Other Financial Instruments
Swaps	$	—	$	477	$	—		$	477
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	$	—	$	57,701	$	4,698		$	62,399
Collateralized Mortgage Obligations		—		148,811		54			148,865
Commercial Mortgage-Backed Securities		—		86,710		1,558			88,268
Corporate Bonds
Consumer Discretionary		—		29,804		—			29,804
Consumer Staples		—		26,862		—			26,862
Energy		—		44,495		—			44,495
Financials		—		154,164		—			154,164
Health Care		—		25,979		—			25,979
Industrials		—		43,626		—			43,626
Information Technology		—		25,935		—			25,935
Materials		—		11,849		—			11,849
Real Estate		—		17,660		—			17,660
Telecommunication Services		—		19,414		—			19,414
Utilities		—		53,356		—			53,356
Total Corporate Bonds		—		453,144		—			453,144
Foreign Government Securities		—		3,414		—			3,414
Mortgage-Backed Securities		—		112,844		—			112,844
U.S. Government Agency Securities		—		184,075		—			184,075
U.S. Treasury Obligations		—		374,800		—			374,800

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 309

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Inflation Managed Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	17,633	$	—		$	—	$	17,633
Total Investments in Securities	$	17,633	$	1,421,499		$	6,310	$	1,445,442
Appreciation in Other Financial Instruments
Swaps	$	—	$	8,350		$	—	$	8,350
Depreciation in Other Financial Instruments
Swaps	$	—	$	(11,453	)	$	—	$	(11,453	)
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	$	—	$	164,805		$	50,124	$	214,929
Collateralized Mortgage Obligations		—		489,310			4,699		494,009
Commercial Mortgage-Backed Securities		—		27,204			6,201		33,405
Corporate Bonds
Consumer Discretionary		—		7,997			—		7,997
Energy		—		14,574			—		14,574
Financials		—		97,967			171		98,138
Health Care		—		5,831			—		5,831
Industrials		—		2,194			—		2,194
Information Technology		—		17,651			—		17,651
Materials		—		2,510			—		2,510
Telecommunication Services		—		1,300			—		1,300
Utilities		—		870			—		870
Total Corporate Bonds		—		150,894			171		151,065
Mortgage-Backed Securities		—		46,424			—		46,424
Short-Term Investment
Investment Company		72,656		—			—		72,656
Total Investments in Securities	$	72,656	$	878,637		$	61,195	$	1,012,488
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	$	—	$	98,527		$	146,842	$	245,369
Collateralized Mortgage Obligations		—		496,660			23,091		519,751
Commercial Mortgage-Backed Securities		—		203,662			57,688		261,350
Corporate Bond
Telecommunication Services		—		—			1,564		1,564
Mortgage-Backed Securities		—		855,658			—		855,658
U.S. Treasury Obligations		—		53,613			—		53,613
Loan Assignments
Consumer Discretionary		—		—			1,932		1,932
Short-Term Investment
Investment Company		24,731		—			—		24,731
Total Investments in Securities	$	24,731	$	1,708,120		$	231,117	$	1,963,968

310 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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	$	—	$	331,171	$	41,189		$	372,360
Collateralized Mortgage Obligations		—		207,051		—	(a)		207,051
Commercial Mortgage-Backed Securities		—		15,264		—			15,264
Corporate Bonds
Consumer Discretionary		—		40,083		—			40,083
Consumer Staples		—		50,764		—			50,764
Energy		—		114,020		—			114,020
Financials		—		701,369		—			701,369
Health Care		—		85,921		—			85,921
Industrials		—		55,373		—			55,373
Information Technology		—		15,112		—			15,112
Materials		—		15,060		—			15,060
Real Estate		—		37,658		—			37,658
Telecommunication Services		—		40,469		—			40,469
Utilities		—		59,927		—			59,927
Total Corporate Bonds		—		1,215,756		—			1,215,756
Mortgage-Backed Securities		—		146,050		—			146,050
U.S. Government Agency Securities		—		363,876		—			363,876
U.S. Treasury Obligations		—		1,310,681		—			1,310,681
Short-Term Investment
Investment Company		9,442		—		—			9,442
Total Investments in Securities	$	9,442	$	3,589,849	$	41,189		$	3,640,480
Short Duration Core Plus 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	$	—	$	9,125	$	2,130		$	11,255
Collateralized Mortgage Obligations		—		10,732		—			10,732
Commercial Mortgage-Backed Securities		—		8,589		3,833			12,422
Corporate Bonds
Consumer Discretionary		—		1,393		—			1,393
Consumer Staples		—		2,696		—			2,696
Energy		—		3,731		—			3,731
Financials		—		13,755		—			13,755
Health Care		—		2,265		—			2,265
Industrials		—		1,860		—			1,860
Information Technology		—		973		—			973
Materials		—		1,112		—			1,112
Real Estate		—		1,017		—			1,017
Telecommunication Services		—		2,273		—			2,273
Utilities		—		2,003		—			2,003
Total Corporate Bonds		—		33,078		—			33,078
Foreign Government Securities		—		1,530		—			1,530
U.S. Treasury Obligations		—		20,086		—			20,086
Mortgage-Backed Securities		—		5,772		—			5,772

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 311

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Short Duration Core Plus Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Common Stock
Energy	$	—		$	5	$	—	$	5
Warrants
Energy		—			3		—		3
Short-Term Investments
Investment Company		1,893			—		—		1,893
U.S. Treasury Obligations		—			169		—		169
Total Short-Term Investments		1,893			169		—		2,062
Total Investments in Securities	$	1,893		$	89,089	$	5,963	$	96,945
Appreciation in Other Financial Instruments
Futures Contracts	$	2		$	—	$	—	$	2
Depreciation in Other Financial Instruments
Futures Contracts	$	(31	)	$	—	$	—	$	(31	)

(a) Amount rounds to less than 500.

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

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

There were no transfers between level 1 and level 2 during the year ended February 28, 2018.

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, 2017		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	1,036,793	$	(943	)	$	4,549		$	(3,650	)	$	376,119	$	(579,525	)	$	154,319	$	(73,155	)	$	914,507
Collateralized Mortgage Obligations		59,842		157			(2,396	)		(682	)		106,665		(30,587	)		—		(4,917	)		128,082
Commercial Mortgage-Backed Securities		84,221		1,411			119			(2,576	)		61,743		(17,766	)		16,708		(11,215	)		132,645
Corporate Bonds — Financials		—		3			(1	)		4			1,474		(372	)		—		—			1,108
Corporate Bonds — Telecommunication Services		—		—			—			—			17,900		(674	)		—		—			17,226
Loan Assignments — Consumer Discretionary		—		456			(197	)		128			87		(17,737	)		33,633		—			16,370
	$	1,180,856	$	1,084		$	2,074		$	(6,776	)	$	563,988	$	(646,661	)	$	204,660	$	(89,287	)	$	1,209,938

312 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Core Plus Bond Fund	Balance as of February 28, 2017			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	534,156		$	(380	)	$	1,961		$	(979	)	$	273,538	$	(306,006	)	$	87,500	$	(28,100	)	$	561,690
Collateralized Mortgage Obligations		18,999			—			(308	)		(2	)		65,540		(8,456	)		—		(8,464	)		67,309
Commercial Mortgage-Backed Securities		100,088			7			1,646			(6	)		26,362		(8,747	)		51,190		—			170,540
Common Stocks — Consumer Discretionary		28			(31	)		4			—			—		—	(a)		—		—			1
Common Stocks — Financials		16			—			(1	)		—			—		—			—		—			15
Common Stocks — Materials		—	(a)		(3	)		3			—			—		—			—		—			—
Convertible Bonds — Consumer Discretionary		80			—			(96	)		—			16		—			—		—			—	(a)
Convertible Preferred Stocks — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Consumer Discretionary		230			2			—			—			—		(2	)		—		(230	)		—	(a)
Corporate Bonds — Energy		648			—			(64	)		—	(a)		505		—			—		(581	)		508
Corporate Bonds — Financials		—			—			—	(a)		1			299		(75	)		—		—			225
Corporate Bonds — Industrials		228			(818	)		926			—			—		(336	)		—		—			—
Corporate Bonds — Information Technology		—			3			(139	)		8			583		(33	)		—		—			422
Corporate Bonds — Materials		2			(397	)		396			—			—		(1	)		—		—			—
Corporate Bonds — Telecommunication Services		—			—			—			—			5,475		(206	)		—		—			5,269
Corporate Bonds — Utilities		20			—			42			—			—		—			—		—			62
Loan Assignments — Consumer Discretionary		—	(a)		—			(27	)		(14	)		31		(6,197	)		12,093		—			5,886
Preferred Stocks — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Financials		—			—			(5	)		—			158		—			—		—			153
Preferred Stocks — Materials		—	(b)		(191	)		191			—			—		—			—		—			—
Rights — Utilities		124			—			(49	)		—			—		—			—		—			75
Warrants — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Total	$	654,619		$	(1,808	)	$	4,480		$	(992	)	$	372,507	$	(330,059	)	$	150,783	$	(37,375	)	$	812,155

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 313

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

High Yield Fund	Balance as of February 28, 2017			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	1,510		$	20		$	43		$	2	$	—	$	(1,573	)	$	—	$	—		$	2
Common Stocks — Consumer Discretionary		978			(1,135	)		166			—		—		(7	)		—		—			2
Common Stocks — Financials		71			—			—	(a)		—		—		—			—		—			71
Common Stocks — Materials		—	(a)		(16	)		16			—		—		—			—		—			—
Convertible Bonds — Consumer Discretionary		260			—			(312	)		—		52		—			—		—			—	(a)
Convertible Preferred Stocks — Consumer Discretionary		—	(a)		—			—			—		—		—			—		—			—	(a)
Corporate Bonds — Consumer Discretionary		8,512			58			216			3		4,522		(1,758	)		5,970		(8,512	)		9,011
Corporate Bonds — Energy		22,912			—			(337	)		5		5,427		—			—		(22,560	)		5,447
Corporate Bonds — Health Care		1			(11,011	)		11,010			—		—		—	(a)		—		—			—
Corporate Bonds — Industrials		5,243			(18,297	)		20,750			51		—		(8,836	)		5,714		—			4,625
Corporate Bonds — Information Technology		—			23			(1,084	)		59		4,527		(251	)		—		—			3,274
Corporate Bonds — Materials		13			(2,550	)		2,549			—		—		(12	)		—		—			—	(a)
Corporate Bonds — Real Estate		7,653			8			(16	)		16		—		(880	)		—		—			6,781
Corporate Bonds — Telecommunication Services		8,649			19			38			118		—		(649	)		—		—			8,175
Corporate Bonds — Utilities		541			—			1,149			—		—		—			—		—			1,690
Preferred Stocks — Consumer Discretionary		—	(a)		—			—			—		—		—			—		—			—	(a)
Preferred Stocks — Financials		—			—			(36	)		—		1,226		—			—		—			1,190
Preferred Stocks — Materials		—	(a)		(1,228	)		1,228			—		—		—			—		—			—
Rights — Utilities		3,356			—			(1,328	)		—		—		—			—		—			2,028
Warrants — Consumer Discretionary		—	(a)		—			—			—		—		—			—		—			—	(a)
Total	$	59,699		$	(34,109	)	$	34,052		$	254	$	15,754	$	(13,966	)	$	11,684	$	(31,072	)	$	42,296

Inflation Managed Bond Fund	Balance as of February 28, 2017		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	11,253	$	31		$	(18	)	$	—	(a)	$	4,335	$	(11,843	)	$	940	$	—		$	4,698
Collateralized Mortgage Obligations		69		—	(a)		—	(a)		—	(a)		—		(15	)		—		—			54
Commercial Mortgage-Backed Securities		745		—			62			(40	)		40		—			1,496		(745	)		1,558
Total	$	12,067	$	31		$	44		$	(40	)	$	4,375	$	(11,858	)	$	2,436	$	(745	)	$	6,310

Limited Duration Bond Fund	Balance as of February 28, 2017		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	54,241	$	(474	)	$	2,082		$	18		$	14,814	$	(32,260	)	$	11,703	$	—	$	50,124
Collateralized Mortgage Obligations		10,670		—			71			(2	)		—		(6,040	)		—		—		4,699
Commercial Mortgage-Backed Securities		6,099		—			137			—			—		(35	)		—		—		6,201
Corporate Bonds — Energy		—		—			—			—			—		—			—		—		—
Corporate Bonds — Financials		—		—			—	(a)		1			228		(58	)		—		—		171
Total	$	71,010	$	(474	)	$	2,290		$	17		$	15,042	$	(38,393	)	$	11,703	$	—	$	61,195

314 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Mortgage-Backed Securities Fund	Balance as of February 28, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	197,478	$	565	$	(526	)	$	(245	)	$	26,296	$	(91,782	)	$	32,620	$	(17,564	)	$	146,842
Collateralized Mortgage Obligations		25,209		343		(2,795	)		(236	)		12,668		(9,556	)		—		(2,542	)		23,091
Commercial Mortgage-Backed Securities		42,315		—		(99	)		(475	)		14,551		(3,163	)		9,878		(5,319	)		57,688
Corporate Bonds — Financials		—		—		—			—			—		—			—		—			—
Corporate Bonds — Telecommunication Services		—		—		—			—			1,625		(61	)		—		—			1,564
Loan Assignments — Consumer Discretionary		—		—		(23	)		15			10		(2,039	)		3,969		—			1,932
Total	$	265,002	$	908	$	(3,443	)	$	(941	)	$	55,150	$	(106,601	)	$	46,467	$	(25,425	)	$	231,117

Short Duration Bond Fund	Balance as of February 28, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities	$	123,452	$	61	$	(352	)	$	15		$	12,593	$	(100,777	)	$	6,197	$	—	$	41,189
Collateralized Mortgage Obligations		3,228		—		(20	)		—	(a)		—		(3,208	)		—		—		—	(a)
Total	$	126,680	$	61	$	(372	)	$	15		$	12,593	$	(103,985	)	$	6,197	$	—	$	41,189

Short Duration Core Plus Fund	Balance as of February 28, 2017		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 28, 2018
Investments in Securities:
Asset-Backed Securities	$	—	$	(2	)	$	(10	)	$	—	(a)	$	2,298	$	(156	)	$	—	$	—	$	2,130
Commercial Mortgage-Backed Securities		—		(6	)		(42	)		—	(a)		4,096		(215	)		—		—		3,833
Common Stocks — Energy		32		21			(1	)		—			—		(52	)		—		—		—
Corporate Bonds — Industrials		—		—			—			—			—		—			—		—		—
Corporate Bonds — Materials		—		—			—			—			—		—			—		—		—
Corporate Bonds — Utilities		9		7			(9	)		—			—		(7	)		—		—		—
Loan Assignments — Consumer Discretionary		745		(13	)		12			(1	)		—		(743	)		—		—		—
Rights — Utilities		58		48			(58	)		—			—		(48	)		—		—		—
Total	$	844	$	55		$	(108	)	$	(1	)	$	6,394	$	(1,221	)	$	—	$	—	$	5,963

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year February 28, 2018 for Core Bond Fund, Core Plus Bond Fund, Limited Duration Bond Fund and Mortgage-Backed Securities.

There were no significant transfers between level 2 and level 3 during the year ended February 28, 2018 for High Yield Fund, Inflation Managed Bond Fund and Short Duration Fund.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 315

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2018, which were valued using significant unobservable inputs (level 3), were as follows (amounts in thousands):

Core Bond Fund	$	(1,419	)
Core Plus Bond Fund		2,208
High Yield Fund		(1,390	)
Inflation Managed Bond Fund		62
Limited Duration Bond Fund		1,633
Mortgage-Backed Securities Fund		(2,840	)
Short Duration Bond Fund		51
Short Duration Core Plus Fund		(52	)

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 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	501,365	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (9.91%)
				Constant Default Rate		0.00% - 30.00% (0.41%)
				Yield (Discount Rate of Cash Flows)		2.25% - 8.14% (3.92%)
Asset-Backed Securities		501,365
		21,390	Discounted Cash Flow	PSA Prepayment Model		268.00% (268.00%)
				Constant Prepayment Rate		0.00% - 29.23% (13.09%)
				Constant Default Rate		0.00% - 8.63% (2.20%)
				Yield (Discount Rate of Cash Flows)		(0.44)% - 199.00% (7.50%)
Collateralized Mortgage Obligations		21,390
		86,348	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (6.69%)
				Yield (Discount Rate of Cash Flows)		2.13% - 9.22% (4.46%)
Commercial Mortgage-Backed Securities		86,348
		1,108	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% (3.67%)
				Liquidity Discount		0.75% (0.75%)
Corporate Bonds		1,108
Total	$	610,211

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $599,727,000. 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

316 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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 28, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	16		Terms of Exchange Offer	Expected Recovery		$0.01 ($0.01)
		—	(a)	Market Comparable Companies	EBITDA Multiple		6.5 x (6.5x)
Common Stock		16
		153		Market Comparable Companies	EBITDA Multiple		6.5 x (6.5x)
					Liquidity Discount		30.00% (30.00%)
		—	(b)	Pending Distribution Amount	Discount for potential outcome (c)		100.00% (100.00%)
Preferred Stock		153
		645		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% - 19.29% (13.85%)
					Liquidity Discount		0.75% (0.75%)
		1		Pending Distribution Amount	Discount for potential outcome (c)		99.99% - 100.00% (99.99%)
		—	(b)	Market Comparable Companies	Projected Principal Writedown		100.00% (100.00%)
Corporate Bond		646
		389,658		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (12.74%)
					Constant Default Rate		0.00% - 30.00% (0.35%)
					Yield (Discount Rate of Cash Flows)		2.06% - 10.55% (4.30%)
Asset-Backed Securities		389,658
Collateralized Mortgage Obligations		1,936		Discounted Cash Flow	Constant Prepayment Rate		5.00% - 30.57% (13.54%)
					Constant Default Rate		0.00% - 5.96% (0.39%)
					Yield (Discount Rate of Cash Flows)		2.55% - 199.00% (6.63%)
		147,524		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (3.12%)
					Yield (Discount Rate of Cash Flows)		2.69% - 7.82% (5.09%)
Collateralized Mortgage- Backed Securities		147,524
		—	(b)	Discounted Cash Flow	Projected Principal Writedown		100.00% (100.00%)
Loan Assignments		—
Total	$	539,933

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $272,222,000. 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) Securities senior in the issuing entity capital structure result in this security being valued at zero.

(b) Amount rounds to less than 500.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in 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 Prepay-

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 317

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

ment Model) may decrease or increase the fair value measurement. A significant change in broker pricing information could result in a significantly higher or lower value in such level 3 instruments.

High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	71		Terms of Exchange Offer	Expected Recovery		$0.01 ($0.01)
		—	(a)	Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
		—	(a)(c)	Market Comparable Companies	EBITDA Multiple (d)		6.5 x (6.5x)
Common Stock		71
		1,190		Market Comparable Companies	EBITDA Multiple (d)		6.4 x (6.4x)
					Liquidity Discount		30.00% (30.00%)
		—	(a)(c)	Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
Preferred Stock		1,190
		25,083		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		6.35% - 19.29% (8.85%)
		2		Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
Corporate Bond		25,085
		—	(a)	Market Comparable Companies	Projected Principal Writedown		100.00% (100.00%)
Convertible Bond		—
		2		Discounted Cash Flow	Constant Prepayment Rate		5.00% (5.00%)
					Constant Default Rate		3.94% (3.94%)
					Yield (Discount Rate of Cash Flows)		3.75% (3.75%)
Asset-Backed Securities		2
Total	$	26,348

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $15,948,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Amount rounds to less than 500.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c) Securities senior in the issuing entity capital structure result in this security 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 Fund

Quantitative Information about Level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at February 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	50,124	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (8.74%)
				Constant Default Rate		0.00% - 19.74% (2.29%)
				Yield (Discount Rate of Cash Flows)		1.76% - 32.62% (3.80%)
Asset-Backed Securities		50,124

318 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Fair Value at February 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,699	Discounted Cash Flow	PSA Prepayment Model		268.00% (268.00%)
				Constant Prepayment Rate		0.50% - 10.29% (9.53%)
				Constant Default Rate		0.00% - 5.95% (0.16%)
				Yield (Discount Rate of Cash Flows)		1.96% - 7.83% (2.70%)
Collateralized Mortgage Obligations		4,699
		6,201	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 10.50% (0.31%)
				Constant Default Rate		0.00% - 3.00% (0.09%)
				Yield (Discount Rate of Cash Flows)		4.49% - 4.66% (4.66%)
Commercial Mortgage-Backed Securities		6,201
		171	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% (3.67%)
				Liquidity Discount		0.75% (0.75%)
Corporate Bonds		171
Total	$	61,195

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 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	101,195	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (3.30%)
				Constant Default Rate		0.00% - 30.00% (0.54%)
				Yield (Discount Rate of Cash Flows)		2.06% - 8.04% (4.14%)
Asset-Backed Securities		101,195
		14,212	Discounted Cash Flow	PSA Prepayment Model		268.00% (268.00%)
				Constant Prepayment Rate		0.00% - 28.00% (12.97%)
				Constant Default Rate		0.00% - 15.00% (3.31%)
				Yield (Discount Rate of Cash Flows)		0.65% - 199.00% (6.23%)
Collateralized Mortgage Obligations		14,212
		50,753	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (3.61%)
				Constant Default Rate		0.00%
				Yield (Discount Rate of Cash Flows)		2.16% - 7.51% (4.47%)
Commercial Mortgage-Backed Securities		50,753
Total	$	166,160

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $64,957,000. 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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 319

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Short Duration Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	19,783		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (8.74%)
					Constant Default Rate		0.00% - 30.00% (3.19%)
					Yield (Discount Rate of Cash Flows)		3.25% - 7.65% (4.02%)
Asset-Backed Securities		19,783
		—	(a)	Discounted Cash Flow	PSA Prepayment Model		268.00% (268.00%)
					Yield (Discount Rate of Cash Flows)		4.21% (4.21%)
Collateralized Mortgage Obligations		—	(a)
Total	$	19,783

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $21,406,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Amount rounds to less than 500.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Short Duration Core Plus Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,130	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (13.00%)
				Yield (Discount Rate of Cash Flows)		1.74% - 4.59% (3.45%)
Asset-Backed Securities		2,130
		3,533	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(30.87)% - 6.74% (3.42%)
Collateralized Mortgage Obligations		3,533
Total	$	5,663

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $300,000. 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 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.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset values of the Funds.

320 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

As of February 28, 2018, 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 Securities, Delayed Delivery Securities and Forward Commitments — Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Mortgage-Backed Securities Fund and Short Duration Core Plus Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Mortgage-Backed Securities Fund and Short Duration Core Plus Fund had delayed delivery securities outstanding as of February 28, 2018. The values of these securities held at February 28, 2018 are detailed on the SOIs.

D. Loan Assignments — Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Mortgage-Backed Securities Fund and Short Duration Core Plus Fund invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the borrower on a loan, provided, however, the fund’s rights may be more limited than the lender from which it acquired the assignment and the fund may be able to enforce its rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

E. Unfunded Commitments — Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Mortgage-Backed Securities Fund and Short Duration Core Plus 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 28, 2018, the Funds did not have any outstanding unfunded loan commitments.

F. Derivatives — Core Plus Bond Fund, High Yield Fund, Inflation Managed Bond Fund and Short Duration Core Plus Fund used derivative instruments including futures, forward foreign currency exchange contracts, options and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract 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.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 321

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes F(1) — F(4) below describe the various derivatives used by the Funds.

(1). Options — Core Plus Bond Fund purchased and/or sold (“write”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium 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 will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund 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.

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

The Fund may be required to post or receive collateral for over the counter options.

(2). Futures Contracts — Core Plus Bond Fund and Short Duration Core Plus Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated 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 Funds to interest risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts

322 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(3). Forward Foreign Currency Exchange Contracts — Core Plus Bond Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Core Plus Bond Fund, High Yield Fund, Inflation Managed Bond Fund and Short Duration Core Plus Fund engaged in various swap transactions, including interest rate and credit default swaps, to manage interest rate (e.g., duration, yield curve) and credit risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds 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. For certain counterparties, cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.G.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. 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 28, 2018 are as follows (amounts in thousands):

Fund		Counterparty	Value of swap contracts			Collateral amount
Inflation Managed Bond Fund	Collateral Posted	Barclays Bank plc	$	(655	)	$	440
		Credit Suisse International		(2,384	)		4,150
		Deutsche Bank AG		(1,724	)		1,630
		Royal Bank of Scotland		(899	)		820
		Union Bank of Switzerland AG		—			10
	Collateral Received	BNP Paribas		1,657			(1,630	)
		Citibank, NA		(140	)		(970	)
		Morgan Stanley		1,142			(1,090	)

The Funds may be required to post or receive collateral for OTC Swaps.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 323

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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, High Yield Fund and Short Duration Core Plus 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. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

(5). Summary of Derivatives Information

The following table presents the value of derivatives held as of February 28, 2018, 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:		Options			Futures Contracts (a)			Forward Foreign Exchange Contracts			Centrally Cleared Swaps (b)			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	638		$	2,244		$	—		$	—		$	2,882
Foreign exchange contracts	Receivables		—			—			781			—			781
Total		$	638		$	2,244		$	781		$	—		$	3,663
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(239	)	$	(799	)	$	—		$	—		$	(1,038	)
Foreign exchange contracts	Payables		—			—			(342	)		—			(342	)
Credit contracts	Payables		—			—			—			(451	)		(451	)
Total		$	(239	)	$	(799	)	$	(342	)	$	(451	)	$	(1,831	)

(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.

324 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

(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 28, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

High Yield Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps (a)
Credit contracts	Receivables	$	14,187

(a) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of February 28, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Inflation Managed Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		OTC Swaps
Interest rate contracts	Receivables	$	8,350
Gross Liabilities:
Interest rate contracts	Payables	$	(11,453	)

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 28, 2018 (amounts in thousands):

Inflation Managed Bond Fund

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received (b)			Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	1,535	$	(1,535	)	$	—		$	—
BNP Paribas		1,691		(34	)		(1,630	)		27
Citibank, NA		935		(935	)		—			—
Deutsche Bank AG		1,859		(1,859	)		—			—
Morgan Stanley		2,330		(1,188	)		(1,090	)		52
	$	8,350	$	(5,551	)	$	(2,720	)	$	79

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 325

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted (b)			Net Amount Due To Counterparty (Not less than zero)
Bank of America NA	$	100	$	—		$	—		$	100
Barclays Bank plc		2,190		(1,535	)		(440	)		215
BNP Paribas		34		(34	)		—			—
Citibank, NA		1,075		(935	)		—			140
Credit Suisse International		2,384		—			(2,384	)		—
Deutsche Bank AG		3,583		(1,859	)		(1,630	)		94
Morgan Stanley		1,188		(1,188	)		—			—
Royal Bank of Scotland		899		—			(820	)		79
	$	11,453	$	(5,551	)	$	(5,274	)	$	628

(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.

The following table presents the value of derivatives held as of February 28, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Short Duration Core Plus Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(31	)

(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.

The following tables present the effect of derivatives on the Statements of Operations for the year ended February 28, 2018, 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	$	(8,587	)	$	(29,244	)	$	—		$	(831	)	$	(38,662	)
Foreign exchange contracts		—			—			(3,359	)		—			(3,359	)
Credit contracts		—			—			—			866			866
Total	$	(8,587	)	$	(29,244	)	$	(3,359	)	$	35		$	(41,155	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options		Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	6,111	$	3,252	$	—	$	127		$	9,490
Foreign exchange contracts		—		—		545		—			545
Credit contracts		—		—		—		(1,033	)		(1,033	)
Total	$	6,111	$	3,252	$	545	$	(906	)	$	9,002

326 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

High Yield Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	17,279
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	(7,509	)

Inflation Managed Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(22,676	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	22,353

Short Duration Core Plus Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Swaps			Total
Interest rate contracts	$	91	$	—		$	91
Credit contracts		—		—	(a)		—	(a)
Total	$	91	$	—	(a)	$	91

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(29	)

(a) Amount rounds to less than 500.

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 28, 2018 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Core Plus Bond Fund			High Yield Fund		Inflation Managed Bond Fund		Short Duration Core Plus Fund
Futures Contracts — Interest:
Average Notional Balance Long	$	431,144		$	—	$	—	$	15,028	(a)
Average Notional Balance Short		248,522			—		—		10,658	(a)
Ending Notional Balance Long		1,362,250			—		—		13,383
Ending Notional Balance Short		141,603			—		—		10,759
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		6,576			—		—		—
Average Settlement Value Sold		32,209			—		—		—
Ending Settlement Value Purchased		1,726			—		—		—
Ending Settlement Value Sold		41,564			—		—		—
Exchange-Traded Options:
Average Number of Contracts Purchased		1,931			—		—		—
Average Number of Contracts Written		5,107	(b)		—		—		—
Ending Number of Contracts Purchased		5,107			—		—		—
Ending Number of Contracts Written		5,107			—		—		—

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 327

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

	Core Plus Bond Fund			High Yield Fund		Inflation Managed Bond Fund		Short Duration Core Plus Fund
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	77,469		$	—	$	—	$	100	(c)
Average Notional Balance — Sell Protection		29,538			211,538		—		—
Ending Notional Balance — Buy Protection		50,000			—		—		—
Ending Notional Balance — Sell Protection		—			180,000		—		—
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate		75,657	(d)		—		1,016,523		—
Average Notional Balance — Receives Fixed rate		211,816	(d)		—		—		—
Ending Notional Balance — Pays Fixed Rate		—			—		949,200		—

(a) For the period October 1, 2017 through February 28, 2018.

(b) For the period February 1, 2018 through February 28, 2018.

(c) For the period February 8, 2018 through February 15, 2018.

(d) For the period March 1, 2017 through April 30, 2017.

The Funds’ derivatives contracts held at February 28, 2018 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 investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income on the Statements of Operations.

Inflation Managed Bond Fund invests in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee,

328 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

which has been renamed as the Service Fee. The amount of the transfer agency fees charged to each class of the Funds for the year ended February 28, 2018 are as follows:

	Class A			Class C			Class I			Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Core Bond Fund
Transfer agency fees	$	135		$	52		$	211			n/a	$	12	$	1		$	—	(a)	$	6		$	106		$	523
Sub-transfer agency fees		248			37			711			n/a		46		—	(a)		—			50			—			1,092
Core Plus Bond Fund
Transfer agency fees		68			13			21		$	14		7		1			—	(a)		—	(a)		68			192
Sub-transfer agency fees		98			11			203			94		11		—			—	(a)		—			—			417
Government Bond Fund
Transfer agency fees		5			7			17			n/a		12		—	(a)		1			n/a			2			44
Sub-transfer agency fees		108			3			151			n/a		22		—	(a)		—	(a)		n/a			—			284
High Yield Fund
Transfer agency fees		108			14			1,267			n/a		9		—	(a)		—	(a)		5			35			1,438
Sub-transfer agency fees		59			12			445			n/a		3		—			—			9			—			528
Inflation Managed Bond Fund
Transfer agency fees		1			1			7			n/a		n/a		n/a			n/a			—	(a)		7			16
Sub-transfer agency fees		—			—	(a)		1			n/a		n/a		n/a			n/a			—			—			1
Limited Duration Bond Fund
Transfer agency fees		15			4			4			n/a		n/a		n/a			n/a			n/a			19			42
Sub-transfer agency fees		8			2			5			n/a		n/a		n/a			n/a			n/a			—			15
Mortgage-Backed Securities Fund
Transfer agency fees		16			1			13			n/a		n/a		n/a			n/a			n/a			9			39
Sub-transfer agency fees		5			1			58			n/a		n/a		n/a			n/a			n/a			—			64
Short Duration Bond Fund
Transfer agency fees		27			6			16			n/a		n/a		n/a			n/a			n/a			18			67
Sub-transfer agency fees		22			4			—	(a)		n/a		n/a		n/a			n/a			n/a			—			26
Short Duration Core Plus Fund
Transfer agency fees		—	(a)		1			2			n/a		n/a		n/a			n/a			n/a			—	(a)		3
Sub-transfer agency fees		—	(a)		—	(a)		1			n/a		n/a		n/a			n/a			n/a			—			1

(a) Amount rounds to less than 500.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 329

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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)
Core Bond Fund	$	—		$	63		$	(63	)
Core Plus Bond Fund		—	(a)		(8,341	)		8,341
Government Bond Fund		—			(1	)		1
High Yield Fund		—			2,406			(2,406	)
Inflation Managed Bond Fund		—	(a)		—	(a)		—
Mortgage-Backed Securities Fund		(41	)		—			41
Limited Duration Bond Fund		(10,531	)		102			10,429
Short Duration Bond Fund		—			7			(7	)
Short Duration Core Plus Fund		—			(28	)		28

(a) Amount rounds to less than 500.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in perpetual bonds, investments in contingent payment debt instruments, expiration of capital loss carryforwards and redesignation of distributions.

3. Fees and Other Transactions with Affiliates

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

Core Bond Fund	0.30	%
Core Plus Bond Fund	0.30
Government Bond Fund	0.30
High Yield Fund	0.60
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 Core Plus Fund*	0.25

* Prior to September 29, 2017, the investment advisory fee was 0.50%.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended February 28, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2			Class R3
0.25%		0.75	%		0.50	%		0.25	%

330 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares (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 28, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Core Bond Fund	$	207	$	2
Core Plus Bond Fund		248		—	(a)
Government Bond Fund		16		—	(a)
High Yield Fund		75		1
Inflation Managed Bond Fund		2		—	(a)
Limited Duration Bond Fund		7		—	(a)
Mortgage-Backed Securities Fund		17		—	(a)
Short Duration Bond Fund		27		2
Short Duration Core Plus Fund		2		—

(a) Amount rounds to less than 500.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Core Bond Fund*		0.25	%		0.25	%		0.25	%		n/a			0.25	%		0.25	%		0.25	%		0.10	%
Core Plus Bond Fund*		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
Government Bond Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			n/a
High Yield Fund*		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Inflation Managed Bond Fund*		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Limited Duration Bond Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
Mortgage-Backed Securities Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
Short Duration Bond Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
Short Duration Core Plus Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a

* Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

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

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

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

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Core Plus Bond Fund, High Yield Fund, Inflation Managed Bond Fund and Short Duration Core Plus 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 JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 331

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Core Bond Fund		0.75	%		1.40	%		0.50	%		n/a			1.10	%*		0.85	%		0.60	%		0.45	%		0.35	%
Core Plus Bond Fund		0.75			1.40			0.46			0.49	%		1.15			0.90			0.65			0.50			0.40
Government Bond Fund		0.75			1.48			0.48			n/a			1.10	*		0.85			0.60			n/a			0.35
High Yield Fund		1.00			1.50			0.75			n/a			1.35	**		1.10			0.85			0.70			0.60
Inflation Managed Bond Fund		0.75			1.40			0.60			n/a			n/a			n/a			n/a			0.55			0.50
Limited Duration Bond Fund		0.70			1.20			0.45			n/a			n/a			n/a			n/a			n/a			0.25
Mortgage-Backed Securities Fund		0.65			1.15			0.40			n/a			n/a			n/a			n/a			n/a			0.25
Short Duration Bond Fund		0.80			1.30			0.55			n/a			n/a			n/a			n/a			n/a			0.30
Short Duration Core Plus Fund***		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.33

* Prior to July 1, 2017, the contractual expense limitation was 1.00%.

** Prior to July 1, 2017, the contractual expense limitation was 1.30%.

*** Prior to September 29, 2017, the contractual expense limitations for Class A, Class C, Class I and Class R6 Shares were 0.90%, 1.40%, 0.65% and 0.50%, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended February 28, 2018 and are in place until at least June 30, 2018. The expense limitation agreements for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares of High Yield Fund, and all share classes of Core Bond Fund are in place until at least October 31, 2018, and for Class R3 and Class R4 Shares of High Yield Fund are in place until at least August 20, 2018 and for Class A, Class C, Class I and Class R6 Shares of Short Duration Core Plus Fund are in place until at least September 28, 2018.

For the year ended February 28, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Core Bond Fund	$	7,779	$	5,181	$	13,092	$	26,052	$	161
Core Plus Bond Fund		457		303		4,555		5,315		96
Government Bond Fund		544		362		1,424		2,330		159
High Yield Fund		6,645		4,430		7,529		18,604		12
Inflation Managed Bond Fund		17		11		483		511		—
Limited Duration Bond Fund		812		540		218		1,570		—
Mortgage-Backed Securities Fund		2,923		1,776		1,190		5,889		—
Short Duration Bond Fund		1,249		831		63		2,143		5
Short Duration Core Plus Fund		222		109		141		472		49

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

The amounts of waivers resulting from investments in these money market funds for the year ended February 28, 2018 were as follows (amounts in thousands):

Core Bond Fund	$	1,098
Core Plus Bond Fund		1,056
Government Bond Fund		129
High Yield Fund		775
Inflation Managed Bond Fund		201
Limited Duration Bond Fund		185
Mortgage-Backed Securities Fund		60
Short Duration Bond Fund		49
Short Duration Core Plus Fund		13

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

332 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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

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

During the year ended February 28, 2018, 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 Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended February 28, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended February 28, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Core Bond Fund	$	5,426,332	$	5,509,206	$	2,837,421	$	1,440,624
Core Plus Bond Fund		5,843,144		3,507,102		1,461,099		510,640
Government Bond Fund		99,332		81,108		93,118		113,779
High Yield Fund		4,775,496		8,394,923		—		—
Inflation Managed Bond Fund		279,144		315,291		677,137		638,614
Limited Duration Bond Fund		220,221		354,384		—		—
Mortgage-Backed Securities Fund		227,982		610,085		67,758		16,889
Short Duration Bond Fund		891,205		1,600,246		1,034,255		2,606,825
Short Duration Core Plus Fund		175,579		260,348		112,594		92,091

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Fund	$	28,807,263	$	301,259	$	422,733	$	(121,474	)
Core Plus Bond Fund		12,168,526		85,354		262,165		(176,811	)
Government Bond Fund		1,315,167		26,101		29,333		(3,232	)
High Yield Fund		8,972,619		232,511		253,131		(20,620	)
Inflation Managed Bond Fund		1,456,427		13,597		27,685		(14,088	)
Limited Duration Bond Fund		1,017,628		3,344		8,483		(5,139	)
Mortgage-Backed Securities Fund		1,967,385		29,536		32,954		(3,418	)
Short Duration Bond Fund		3,680,217		4,527		44,264		(39,737	)
Short Duration Core Plus Fund		98,338		88		1,509		(1,421	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to debt modifications, mark to market of futures contracts, defaulted bonds and wash sale loss deferrals.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 333

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The tax character of distributions paid during the year February 28, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Fund	$	723,358	$	60,447	$	783,805
Core Plus Bond Fund		286,674		—		286,674
Government Bond Fund		29,801		1,210		31,011
High Yield Fund		589,345		—		589,345
Inflation Managed Bond Fund		31,700		—		31,700
Limited Duration Bond Fund		18,411		—		18,411
Mortgage—Backed Securities Fund		70,692		—		70,692
Short Duration Bond Fund		59,294		—		59,294
Short Duration Core Plus Fund		5,093		—		5,093

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year February 28, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Fund	$	718,975	$	96,852	$	815,827
Core Plus Bond Fund		175,472		—		175,472
Government Bond Fund		29,209		4,771		33,980
High Yield Fund		655,946		—		655,946
Inflation Managed Bond Fund		27,089		—		27,089
Limited Duration Bond Fund		15,381		—		15,381
Mortgage-Backed Securities Fund		75,915		1,046		76,961
Short Duration Bond Fund		90,862		4,801		95,663
Short Duration Core Plus Fund		7,480		—		7,480

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2018, 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 Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Core Bond Fund	$	8,631	$	26,705		$	(121,474	)
Core Plus Bond Fund		3,103		(7,964	)		(179,731	)
Government Bond Fund		278		(1,914	)		(3,232	)
High Yield Fund		6,623		(335,075	)		(20,606	)
Inflation Managed Bond Fund		240		(39,231	)		(14,087	)
Limited Duration Bond Fund		197		(18,338	)		(5,140	)
Mortgage-Backed Securities Fund		951		(2,014	)		(3,417	)
Short Duration Bond Fund		520		(7,416	)		(39,736	)
Short Duration Core Plus Fund		7		(14,284	)		(1,423	)

For the Funds, the cumulative timing differences primarily consist of capital loss carryforwards, post-October capital loss deferrals, trustee deferred compensation, defaulted bonds 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.

As of February 28, 2018, Core Bond Fund did not have any net capital loss carryforwards.

334 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

As of February 28, 2018, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2019
Limited Duration Bond Fund	$	6,963

As of February 28, 2018, the following 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	$	—	$	7,964
Government Bond Fund		1,396		518
High Yield Fund		24,434		310,641
Inflation Managed Bond Fund		39,231		—
Limited Duration Bond Fund		—		11,375
Mortgage-Backed Securities Fund		401		1,613
Short Duration Bond Fund		7,416		—
Short Duration Core Plus Fund		3,287		10,998

During the year ended February 28, 2018 the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Core Plus Bond Fund	$	—	$	1,488
High Yield Fund		20,078		37,949
Limited Duration Bond Fund		34		—
Short Duration Core Plus Fund		270		—

During the year ended February 28, 2018 the following Fund had expired capital loss carryforwards as follows (amounts in thousands):

Limited Duration Bond Fund $ 10,532

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2018 the Funds deferred to March 1, 2018 the following specified ordinary losses and net capital losses of (amounts in thousands):

	Net Capital Loss						Specified Ordinary Loss
	Short-Term			Long-Term
Core Plus Bond Fund	$	10,749		$	6,453		$	3,811
High Yield Fund		7,521			—			—
Inflation Managed Bond Fund		11,399			(290	)		—
Limited Duration Bond Fund		(90	)		1,020			—
Mortgage-Backed Securities Fund		85			—			—
Short Duration Bond Fund		1,602			3,364			—
Short Duration Core Plus Fund		710			(65	)		—

6. Borrowings

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

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 335

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended February 28, 2018. Average borrowings from the Facility during the year ended February 28, 2018, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Mortgage-Backed Securities Fund	$	2,439		2.13	%		4	$	1

The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be 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 28, 2018, 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		—	%		24.9	%
Core Plus Bond Fund		—			30.0
High Yield Fund		—			26.6
Inflation Managed Bond Fund		13.0			34.9
Limited Duration Bond Fund		54.8			—

As of February 28, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-affiliated Omnibus Accounts		% of the Fund
Core Bond Fund		3		13.2	%		—		—	%
Core Plus Bond Fund		4		15.1			3		10.3
Government Bond Fund		—		—			4		24.2
High Yield Fund		4		14.2			—		—
Inflation Managed Bond Fund		4		22.9			5		12.2
Short Duration Bond Fund		4		44.5			—		—
Short Duration Core Plus Fund		4		76.6			—		—

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.

336 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Core Plus Bond Fund, High Yield Fund and Short Duration Core Plus 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 and Short Duration Core Plus Fund) investments are comprised of asset-backed or mortgage-related securities, including securities backed by sub-prime mortgages.

High Yield Fund may and prior to September 29, 2017, Short Duration Core Plus Fund, could invest up to 100% of the Funds’ total assets in below investment grade securities or unrated securities that JPMIM deems to be of equivalent quality. Such securities may include so called “distressed debt”.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds’ net assets could be adversely affected.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap contracts and forward foreign currency exchange contracts.

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

Core Plus Bond Fund and High Yield Fund invest in interest bearing notes with preferred security characteristics. These securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. Investment Company Reporting Modernization

In October 2016, the SEC adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of February 28, 2018. The adoption had no effect on the Funds’ net assets or results of operations.

9. Subscription in-Kind

During the year ended August 31, 2016, certain Short Duration Bond Fund Class R6 shareholders purchased shares of Short Duration Bond Fund. The portfolio securities were received primarily by means of a subscription in-kind exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amount in thousands):

May 9, 2016	Value		Type
Class R6	$	44,995		Subscription in-kind

10. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18 (“ASU 2016-18”) Statement of Cash Flows (Topic 230) Restricted Cash, which clarifies guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. ASU 2016-18 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Management is currently evaluating the implications of these changes on the financial statements, if any.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 337

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and 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 and JPMorgan Short Duration Core Plus Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, 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 and JPMorgan Short Duration Bond Fund (seven of the funds constituting JPMorgan Trust II) and JPMorgan Inflation Managed Bond Fund and JPMorgan Short Duration Core Plus Fund (formerly known as JPMorgan Short Duration High Yield Fund) (two of the funds constituting JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of February 28, 2018, the related statements of operations and cash flows (for JPMorgan Mortgage-Backed Securities Fund) for the year ended February 28, 2018, the statements of changes in net assets for each of the two years in the period ended February 28, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2018, the results of each of their operations and the cash flows for JPMorgan Mortgage-Backed Securities Fund for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2018 and each of the financial highlights for each of periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of February 28, 2018 and held by the custodian and confirmation of securities owned as of February 28, 2018 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 26, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

338 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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 Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	138	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).	138	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	138	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).	138	None
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	138	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	138	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).	138	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).	138	None

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 339

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	138	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	138	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	138	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-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).	138	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 eleven registered investment companies (138 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

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

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

340 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management (2009 to September 2013)).
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. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
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.
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.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011-2017)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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 4 New York Plaza, New York, NY 10004.

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 341

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, 2017, and continued to hold your shares at the end of the reporting period, February 28, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized  Expense Ratio
Core Bond Fund
Class A
Actual	$	1,000.00	$	979.60	$	3.68		0.75	%
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class C
Actual		1,000.00		976.80		6.67		1.36
Hypothetical		1,000.00		1,018.05		6.81		1.36
Class I (formerly Select Class)
Actual		1,000.00		980.00		2.45		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R2
Actual		1,000.00		977.90		5.39		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10
Class R3
Actual		1,000.00		978.30		4.17		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85
Class R4
Actual		1,000.00		979.70		2.90		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R5
Actual		1,000.00		981.10		2.21		0.45
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class R6
Actual		1,000.00		981.60		1.72		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
Core Plus Bond Fund
Class A
Actual		1,000.00		981.00		3.63		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74

342 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized  Expense Ratio
Core Plus Bond Fund (continued)
Class C
Actual	$	1,000.00	$	979.00	$	6.82		1.39	%
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class I (formerly Select Class)
Actual		1,000.00		982.40		2.21		0.45
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class L
Actual		1,000.00		983.40		2.36		0.48
Hypothetical		1,000.00		1,022.41		2.41		0.48
Class R2
Actual		1,000.00		979.00		5.59		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class R3
Actual		1,000.00		980.30		4.37		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R4
Actual		1,000.00		982.70		3.15		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64
Class R5
Actual		1,000.00		982.20		2.41		0.49
Hypothetical		1,000.00		1,022.36		2.46		0.49
Class R6
Actual		1,000.00		983.90		1.92		0.39
Hypothetical		1,000.00		1,022.86		1.96		0.39
Government Bond Fund
Class A
Actual		1,000.00		975.20		3.62		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		972.00		6.60		1.35
Hypothetical		1,000.00		1,018.10		6.76		1.35
Class I (formerly Select Class)
Actual		1,000.00		975.50		2.30		0.47
Hypothetical		1,000.00		1,022.46		2.36		0.47
Class R2
Actual		1,000.00		973.40		5.33		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class R3
Actual		1,000.00		974.70		4.11		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R4
Actual		1,000.00		975.90		2.89		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R6
Actual		1,000.00		977.10		1.67		0.34
Hypothetical		1,000.00		1,023.11		1.71		0.34
High Yield Fund
Class A
Actual		1,000.00		1,006.80		4.93		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class C
Actual		1,000.00		1,005.60		7.41		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 343

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)(continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized  Expense Ratio
High Yield Fund (continued)
Class I (formely Select Class)
Actual	$	1,000.00	$	1,008.00	$	3.68		0.74	%
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R2
Actual		1,000.00		1,005.10		6.66		1.34
Hypothetical		1,000.00		1,018.15		6.71		1.34
Class R3
Actual		1,000.00		1,006.10		5.42		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class R4
Actual		1,000.00		1,007.50		4.18		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R5
Actual		1,000.00		1,008.30		3.44		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69
Class R6
Actual		1,000.00		1,008.80		2.94		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Inflation Managed Bond Fund
Class A
Actual		1,000.00		993.80		3.76		0.76
Hypothetical		1,000.00		1,021.03		3.81		0.76
Class C
Actual		1,000.00		989.60		6.96		1.41
Hypothetical		1,000.00		1,017.80		7.05		1.41
Class I (formerly Select Class)
Actual		1,000.00		994.50		3.02		0.61
Hypothetical		1,000.00		1,021.77		3.06		0.61
Class R5
Actual		1,000.00		994.80		2.77		0.56
Hypothetical		1,000.00		1,022.02		2.81		0.56
Class R6
Actual		1,000.00		995.10		2.37		0.48
Hypothetical		1,000.00		1,022.41		2.41		0.48
Limited Duration Bond Fund
Class A
Actual		1,000.00		1,001.50		3.37		0.68
Hypothetical		1,000.00		1,021.42		3.41		0.68
Class C
Actual		1,000.00		998.70		5.85		1.18
Hypothetical		1,000.00		1,018.94		5.91		1.18
Class I (formerly Select Class)
Actual		1,000.00		1,002.70		2.14		0.43
Hypothetical		1,000.00		1,022.66		2.16		0.43
Class R6
Actual		1,000.00		1,003.70		1.14		0.23
Hypothetical		1,000.00		1,023.65		1.15		0.23
Mortgage-Backed Securities Fund
Class A
Actual		1,000.00		983.50		3.20		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
Class C
Actual		1,000.00		982.40		5.65		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15

344 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized  Expense Ratio
Mortgage-Backed Securities Fund (continued)
Class I (formerly Select Class)
Actual	$	1,000.00	$	985.30	$	1.97		0.40	%
Hypothetical		1,000.00		1,022.81		2.01		0.40
Class R6
Actual		1,000.00		986.00		1.23		0.25
Hypothetical		1,000.00		1,023.55		1.25		0.25
Short Duration Bond Fund
Class A
Actual		1,000.00		991.60		3.95		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class C
Actual		1,000.00		989.00		6.41		1.30
Hypothetical		1,000.00		1,018.35		6.51		1.30
Class I (formerly Select Class)
Actual		1,000.00		993.00		2.72		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class R6
Actual		1,000.00		993.30		1.48		0.30
Hypothetical		1,000.00		1,023.31		1.51		0.30
Short Duration Core Plus Fund
Class A
Actual		1,000.00		995.20		3.27		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class C
Actual		1,000.00		992.60		5.78		1.17
Hypothetical		1,000.00		1,018.99		5.86		1.17
Class I (formerly Select Class)
Actual		1,000.00		996.50		2.08		0.42
Hypothetical		1,000.00		1,022.71		2.11		0.42
Class R6
Actual		1,000.00		996.70		1.68		0.34
Hypothetical		1,000.00		1,023.11		1.71		0.34

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 345

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 28, 2018. 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, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 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 28, 2018 (amounts in thousands):

	Long-Term Capital Gain Distribution
Core Bond Fund	$	60,447
Government Bond Fund		1,210

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 28, 2018 (amounts in thousands):

	Qualified Interest Income		Short-Term Capital Gain
Core Bond Fund	$	659,500	$	1,250
Core Plus Bond Fund		247,500		—
Government Bond Fund		29,801		—
High Yield Fund		473,304		—
Limited Duration Bond Fund		17,431		—
Short Duration Bond Fund		53,713		—

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 28, 2018:

	Income from U.S. Treasury Obligations
Core Bond Fund		6.14	%
Core Plus Bond Fund		13.40
Government Bond Fund		32.47
High Yield Fund		0.01
Inflation Managed Bond Fund		14.53
Mortgage-Backed Securities Fund		0.35
Short Duration Bond Fund		32.15
Short Duration Core Plus Fund		1.89

346 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. February 2018. AN-INC2-218

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

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)).

Effective October 31, 2017, Dennis P. Harrington replaced James Schonbachler as the audit committee financial expert. 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

2018 – $948,146

2017 – $789,680

(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

2018 – $114,450

2017 – $99,700

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

2018 – $ 182,315

2017 – $159,775

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 28, 2018 and 2017, 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

2018 – Not applicable

2017 – 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.

2018 – 0.0%

2017 – 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:

2017 - $32.3 million

2016 - $28.6 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. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

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.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	May 2, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	May 2, 2018

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	May 2, 2018

EX-99.CODE

EX-99 COD ETH 2

JPMorgan Trust I

JPMorgan Trust II

JPMorgan Trust III

JPMorgan Trust IV

Undiscovered Managers Funds

JPMorgan Insurance Trust

JPMorgan Institutional Trust

J. P. Morgan Mutual Fund Investment Trust

J. P. Morgan Fleming Mutual Fund Group, Inc.

J.P. Morgan Access Multi-Strategy Fund, LLC

J.P. Morgan Access Multi-Strategy Fund II

(collectively the “J.P. Morgan Funds”)

Code of Ethics for Principal Executive

and Principal Financial Officers

Persons covered by this Code of Ethics:
Brian S. Shlissel	Principal Executive Officer
Timothy J. Clemens	Principal Financial Officer

1. Covered Officers/ Purpose of the Code

a. This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the “Funds”) applies to the Funds’ Principal Executive Officer and Principal Financial Officer (the “Covered Officers”) for the purpose of promoting

i. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

ii. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

iii. Compliance with applicable laws and governmental rules and regulations;

iv. The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and

v. Accountability for adherence to this Sarbanes-Oxley Code of Ethics.

b. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the “Funds Principal Service Providers”) of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of

their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

3. Each Covered Officer must:

a. Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

b. Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

c. Complete on an annual basis the Funds’ Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships

4. In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser’s Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:

a. Serving as a director on the board of any public, private company or not for profit organization;

b. The receipt of any gifts in excess of $100;

c. The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;

d. Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Funds Principal Service Providers;

e. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer’s employment with the Funds’ Principal Service Providers.

5. Disclosure and Compliance

a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;

b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and/or to governmental regulators and self-regulatory organizations;

c. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;

6. Reporting and Accountability

a. Each covered officer must:

i. Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

ii. Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;

iii. Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and

iv. Notify the Funds’ Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.

b. Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.

c. The Funds’ Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds’ Board.

d. The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:

i. The Funds’ Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;

ii. If, after such investigation, the Funds’ Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

iii. Any matter the Funds’ Chief Compliance Officer believes to be a violation will be reported to the Funds’ Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;

iv. The Funds’ Board will be responsible for granting waivers, as appropriate; and

v. Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds’ Board as provided by SEC rules.

7. This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser’s more detailed policies and procedures set forth in the Investment Adviser’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.

8. Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of independent directors or trustees.

9. All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.

10. All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Mortgage-Backed Securities Fund, JPMorgan Municipal Income Fund, JPMorgan Municipal Money Market Fund, JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund, JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund (the “Funds”), each a series of JPMorgan Trust II (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 2, 2018

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Mortgage-Backed Securities Fund, JPMorgan Municipal Income Fund, JPMorgan Municipal Money Market Fund, JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund, JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund (the “Funds”), each a series of JPMorgan Trust II (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 2, 2018

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Mortgage-Backed Securities Fund, JPMorgan Municipal Income Fund, JPMorgan Municipal Money Market Fund, JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund, JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund (the “Funds”), each a series of JPMorgan Trust II (the “Registrant”);

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

May 2, 2018

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Mortgage-Backed Securities Fund, JPMorgan Municipal Income Fund, JPMorgan Municipal Money Market Fund, JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund, JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund (the “Funds”), each a series of JPMorgan Trust II (the “Registrant”);

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

May 2, 2018

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.