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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2018 through February 28, 2019

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, 2019

JPMorgan High Yield Municipal Fund

(formerly known as JPMorgan Tax Aware High Income Fund)

JPMorgan Municipal Income Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Ultra-Short Municipal Fund

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

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

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

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)	3
JPMorgan Municipal Income Fund	5
JPMorgan Short-Intermediate Municipal Bond Fund	7
JPMorgan Tax Free Bond Fund	9
JPMorgan Ultra-Short Municipal Fund	11
Schedules of Portfolio Investments	13
Financial Statements	96
Financial Highlights	110
Notes to Financial Statements	120
Report of Independent Registered Public Accounting Firm	135
Trustees	136
Officers	139
Schedule of Shareholder Expenses	140
Tax Letter	142
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

April 9, 2019 (Unaudited)

Dear Shareholders,

While the U.S. economy outpaced most other developed economies throughout 2018 and into early 2019, decelerating global growth prompted the U.S. Federal Reserve and certain other leading central banks to adopt a more neutral policy stance to support economic growth.

  “In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China.” — George C.W. Gatch

Despite a sharp sell-off in financial markets in the fourth quarter of 2018, U.S. equity and bond markets generally recorded a positive performance for the twelve months ended February 28, 2019. For most of the reporting period, U.S. equity and bond prices were supported by record high corporate profits and a surging domestic economy.

Growth in U.S. gross domestic product (GDP) swelled to 4.2% in the second quarter of 2018, then cooled to 3.4% and 2.2% in the third and fourth quarters, respectively. The unemployment rate in the U.S. remained at historic lows, ranging between 4.0% and 3.7% for the reporting period and ending at 3.8% in February 2019. Corporate earnings generally outperformed analysts’ expectations for most of the reporting period but investors and economists expected that trend to recede due to slowing global demand and the fading effects of federal tax cuts enacted at the end of 2017.

Meanwhile, investor uncertainty rose in late 2018 amid unresolved U.S.-China trade tensions, rising interest rates and a political impasse that led to the shutdown of large parts of the U.S. federal government. Equity prices plummeted in December sending the S&P 500 Index to its worst monthly performance since 1931. However, a budget agreement re-opened federal operations in January and the Fed responded to slowing growth by adopting a “patient” approach toward further interest rate increases. Financial markets quickly rebounded, with domestic equity prices generally returning to positive territory for the reporting period and bond prices generally rising.

Among other leading economies, manufacturing and export sectors slumped in the 19-nation Eurozone, as well as in South Korea and Taiwan, amid softening demand from China and the impact of reciprocal trade tariffs between the U.S. and leading trading partners. In response to stalling growth, the European Central Bank offered a new round of low-cost loans to banks

and indicated it would not raise interest rates through the end of 2019. Meanwhile, Chinese authorities moved to counter slowing domestic growth via tax cuts, infrastructure spending and increased bank lending. By the end of the period, U.S. and Chinese negotiators were working to resolve their trade dispute.

Notably, emerging market debt largely outperformed both equity and other bond markets in the second half of the reporting period. A decline in interest rates at the end of the period and investor expectations for improvement in trade tensions combined to generally bolster both sovereign and corporate bonds in emerging markets. In the U.S., equity market volatility increased in the second half of the reporting period and bond markets, which had lackluster performance for the first half of the reporting period, generally outperformed equity markets in the latter six months.

In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China. A pause in monetary tightening and a reduction in reciprocal trade tariffs could continue to support financial markets and global economic activity. The International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) have forecast 3.3% growth in global GDP for 2019, but the OECD has also warned of weakening economic prospects in the 20 largest economies, particularly in China, Eurozone countries and the U.K. The organization has cited “vulnerabilities” from slowing trade and manufacturing, as well as acute geo-political risks. The U.S. economy is forecast by IMF to grow by about 2.3% in 2019, slower than the previous year but still positive and on track to achieve its longest period of economic expansion on record.

We believe those investors who remain fully invested for the long term in a well-diversified portfolio may continue to benefit from available market opportunities. 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, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

The performance of U.S. bond markets continued to lag behind gains in U.S. equity for most of the reporting period. Equity prices were generally supported by record corporate profits, low interest rates and the continued expansion of the U.S. economy. Conversely, investor expectations for accelerating inflation and future increases in interest rates weighed down prices for corporate debt and U.S. Treasury bonds for most of the reporting period.

Notably, investors sold off both equity and bonds in the fourth quarter of 2018 amid concerns about U.S.-China trade tensions, slowing economic growth in China and Europe and a political impasse in Washington, D.C. that led to the partial shutdown of the federal government.

However, prices for both equity and bonds rebounded somewhat in the first two months of 2019. A budget agreement re-opened federal government operations in January, and the U.S. Federal Reserve (the “Fed”) said it would take a “patient” approach toward future interest rate increases. At the same time, inflation remained below the Fed’s target level despite a tightening job market and emerging signs of wage growth in the U.S.

Overall, high yield bonds (also known as “junk bonds”) outperformed both investment grade corporate debt and U.S. Treasury bonds during the reporting period. For the twelve months ended February 28, 2019, the Bloomberg Barclays Municipal Bond Index returned 4.13%.

2 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

JPMorgan High Yield Municipal Fund

(formerly known as JPMorgan Tax Aware High Income Fund)^*

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)**		4.29%
Bloomberg Barclays U.S. Municipal Bond Index		4.13%
Bloomberg Barclays High Yield Municipal Bond Index		6.95%
Net Assets as of 2/28/2019 (In Thousands)	$	158,494
Duration as of 2/28/2019		8.5 years

INVESTMENT OBJECTIVE***

The JPMorgan High Yield Municipal Fund (the “Fund”) seeks a high level of current income exempt from federal income taxes.

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

For the twelve months ended February 28, 2019, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Municipal Bond Index (the “Benchmark”) and underperformed the Bloomberg Barclays High Yield Municipal Index. Interest rates fell sharply in the final months of the reporting period and lower quality bonds generally outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall. The Fund’s overweight allocation to bonds rated BBB and BB also contributed to performance relative to the Benchmark. The Fund’s overweight positions in the health care, education and special tax sectors also helped relative performance.

The Fund’s underweight positions in the water & sewer, state general obligation and housing sectors were leading detractors from relative performance during the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s assets were invested municipal bonds, with a small allocation to loan assignments. The Fund’s largest allocations were to bonds rated BBB and BB, while its smallest allocations were in bonds rated AAA and single-A. At the end of the reporting period, the Fund’s overall duration was 8.5 years compared with 6.4 years for the Benchmark.

CREDIT QUALITY ALLOCATIONS****
AAA	9.5	%
AA	17.2
A	7.4
BBB	30.0
BB	18.7
B	0.1
NR	17.1

* Effective November 1, 2018, the Fund was renamed.

** 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, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 3

JPMorgan High Yield Municipal Fund

(formerly known as JPMorgan Tax Aware High Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 17, 2007
With Sales Charge*			0.37	%		2.17	%		4.56	%
Without Sales Charge			4.28			2.95			4.96
CLASS C SHARES	September 17, 2007
With CDSC**			2.67			2.42			4.42
Without CDSC			3.67			2.42			4.42
CLASS I SHARES	September 17, 2007		4.29			3.04			5.05
CLASS R6 SHARES	November 1, 2018		4.34			3.05			5.06

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Municipal Fund, the Bloomberg Barclays U.S. Municipal Index, the Bloomberg Barclays High Yield Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Index from February 28, 2009 to February 28, 2019. The performance of the Lipper General & Insured Municipal Debt Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index and the Bloomberg Barclays High Yield Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all

dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper 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 Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Lipper General & Insured Municipal Debt Funds Index represents total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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, 2019

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.43%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		4.11%
Net Assets as of 2/28/2019 (In Thousands)	$	198,558
Duration as of 2/28/2019		4.8 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, 2019, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”). Interest rates fell sharply in the final months of the reporting period and lower quality bonds generally outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s security selection in short duration, higher quality bonds in the housing sector was a leading detractor from performance. Duration measures the price sensitivity of a bond or portfolio of bonds. Generally, bonds with shorter duration will experience a smaller increase in price as interest rates fall. The Fund’s overweight allocation to bonds rated AAA and its underweight position in the general obligation bonds also detracted from relative performance.

The Fund’s overweight positions in the hospital and leasing sectors were leading contributors to relative performance. The Fund did not hold bonds in the pre-refunded sectors, which also made a positive contribution to 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 in line with that of the Benchmark.

CREDIT QUALITY ALLOCATIONS***
AAA	25.7	%
AA	46.2
A	22.2
BBB	4.5
NR	1.4

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 5

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge*			(0.71	)%		1.53	%		2.87	%
Without Sales Charge			3.15			2.31			3.26
CLASS C SHARES	November 4, 1997
With CDSC**			1.61			1.72			2.67
Without CDSC			2.61			1.72			2.67
CLASS I SHARES	February 9, 1993		3.43			2.57			3.52
CLASS R6 SHARES	November 6, 2017		3.54			2.60			3.53

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan 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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index

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

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

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

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

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, 2019

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		2.55%
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index		2.75%
Net Assets as of 2/28/2019 (In Thousands)	$	1,478,124
Duration as of 2/28/2019		3.6 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 28, 2019, the Fund’s Class A shares underperformed the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”). Interest rates fell sharply in the final months of the reporting period and lower quality bonds generally outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s overweight position in the electric sector and its underweight position in the industrial development revenue/pollution control revenue bonds were leading detractors from performance.

The Fund’s longer overall duration relative to the Benchmark was a leading contributor to relative performance. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall. The Fund’s overweight positions in the hospital, leasing and local general obligation bond sectors also made a positive contribution to relative performance. The Fund’s underweight

position in bonds rated AAA also helped relative performance during the reporting period.

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	20.0	%
AA	50.8
A	21.3
BBB	5.5
NR	2.4

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 7

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge*			0.24	%		0.41	%		1.02	%
Without Sales Charge			2.55			0.86			1.25
CLASS C SHARES	November 1, 2001
With CDSC**			1.10			0.36			0.75
Without CDSC			2.10			0.36			0.75
CLASS I SHARES	June 19, 2009		3.09			1.34			1.75
CLASS R6 SHARES	October 1, 2018		3.02			1.32			1.74

* Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

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 have different expenses than Class A Shares.

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

The graph illustrates comparative performance for $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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Short-Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of investment 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. 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, 2019

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		3.00%
Bloomberg Barclays Municipal Bond Index		4.13%
Net Assets as of 2/28/2019 (In Thousands)	$	382,599
Duration as of 2/28/2019		6.4 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, 2019, the Fund’s Class A shares underperformed the Bloomberg Barclays Municipal Bond Index (the “Benchmark”). Interest rates fell sharply toward the end of the reporting period and lower rated bonds generally outperformed higher rated bonds.

Relative to the Benchmark, the Fund’s overweight position in shorter duration, high quality pre-refunded bonds was a leading detractor from relative performance. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller increase in price as interest rates rise. The Fund’s overweight position in the electric and industrial development revenue/pollution control revenue sectors and its underweight position in the water & sewer sector also detracted from relative performance.

The Funds overweight position in the 10-plus year portion of the yield curve was a leading contributor to performance relative to the Benchmark. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at

a given point in time. The Fund’s overweight position in bonds rated BBB and its overweight position in the hospital sectors also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	13.4	%
AA	48.4
A	21.6
BBB	11.8
NR	4.8

* 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, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge*			(0.86	)%		2.32	%		3.42	%
Without Sales Charge			3.00			3.10			3.82
CLASS C SHARES	July 1, 2008
With CDSC**			1.43			2.45			3.13
Without CDSC			2.43			2.45			3.13
CLASS I SHARES	February 1, 1995		3.24			3.30			4.01
CLASS R6 SHARES	October 1, 2018		3.26			3.30			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 (2/28/09 TO 2/28/19)

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

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

The graph illustrates comparative performance for $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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper General & Insured Municipal Debt Funds Index includes expenses associated with a

mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Municipal Index is a total return performance benchmark for the long-term, investment-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. 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, 2019

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		1.60%
Bloomberg Barclays 1 Year Municipal Bond Index		1.83%
Net Assets as of 2/28/2019 (In Thousands)	$	3,088,446
Duration as of 2/28/2019		0.7 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 28, 2019, the Fund underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”). Interest rates fell sharply in the final months of the reporting period and lower rated bonds generally outperformed higher rated bonds.

Relative to the Benchmark, the Fund’s underweight positions in bonds rated single-A and BBB were leading detractors from performance. The Fund’s underweight position in general obligation bonds and the electric sector and its modest overweight position in the transportation sector also detracted from relative performance.

The Fund’s out-of-Benchmark allocations to longer-dated bonds was a leading contributor to relative performance. The Fund’s allocation to floating-rate bonds also contributed to relative performance as the sector benefitted from a lack of principal volatility during the reporting period. The Fund’s underweight position in pre-refunded bonds also helped relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	15.1	%
AA	42.8
A	14.6
BBB	3.9
BB	0.2
NR	23.4

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 11

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2016
With Sales Charge*				(0.94	)%		0.01	%
Without Sales Charge				1.33			0.85
CLASS I SHARES		May 31, 2016		1.60			1.05

* Sales Charge for Class A Shares is 2.25%.

LIFE OF FUND PERFORMANCE (5/31/16 TO 2/28/19)

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

The Fund commenced operations on May 31, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ultra-Short Municipal Fund, the Bloomberg Barclays 1 Year Municipal Bond Index and the Lipper Short Municipal Debt Funds Index from May 31, 2016 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1 Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Short Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount

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

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.

12 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

JPMorgan High Yield Municipal Fund

(formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 91.5% (a)
Alaska — 0.2%
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		353
Arizona — 3.3%
Education — 0.9%
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2032		350		394
Series 2018A, Rev., 5.00%, 7/1/2033		150		168
Series 2018A, Rev., 5.00%, 7/1/2037		200		221
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project
Series 2018A, Rev., 5.00%, 2/15/2028		200		221
Series 2018A, Rev., 5.00%, 2/15/2038		405		435
				1,439
Industrial Development Revenue/Pollution Control Revenue — 2.2%
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects
Series 2018A, Rev., 5.00%, 7/15/2028 (b)		1,000		1,063
Series 2018A, Rev., 5.75%, 7/15/2038 (b)		1,000		1,063
Glendale Industrial Development Authority, Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028		450		461
Series 2018A, Rev., 5.00%, 7/1/2033		600		638
Series 2018A, Rev., 5.00%, 7/1/2038		300		312
				3,537
Utility — 0.2%
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029 (c)		200		254
Total Arizona				5,230
California — 5.7%
Education — 2.6%
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project
Rev., 5.00%, 5/1/2037		750		825
Rev., 5.00%, 5/1/2038		400		438
California Municipal Finance Authority, Charter School, The Palmdale Aerospace Academy Project Series 2018A, Rev., 5.00%, 7/1/2038 (b)		1,050		1,109

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education  — continued
California Public Finance Authority, Laverne Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029 (b)		795		797
Series 2019A, Rev., 5.00%, 6/15/2039 (b)		785		790
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030		200		144
				4,103
General Obligation — 0.3%
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (c)		160		219
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, Zero Coupon, 9/1/2028		100		69
Sunnyvale Elementary School District, Election 2004 Series C, GO, 5.50%, 9/1/2034		175		236
				524
Hospital — 2.2%
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047		500		549
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		218
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		227
California Statewide Communities Development Authority, Adventist Health System Series 2018A, Rev., 3.50%, 3/1/2038		2,000		1,935
Palomar Health Rev., 5.00%, 11/1/2039		500		536
				3,465
Housing — 0.3%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		246
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		242
				488
Industrial Development Revenue/Pollution Control Revenue — 0.1%
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025 (d)		250		261

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 13

JPMorgan High Yield Municipal Fund

(formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.2%
Los Angeles Department of Water and Power, Water System Series A, Rev., 5.25%, 7/1/2039		250		265
Total California				9,106
Colorado — 4.3%
Education — 1.0%
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
Series 2018A, Rev., 5.00%, 12/1/2032		500		572
Series 2018A, Rev., 5.00%, 12/1/2033		500		569
Series 2018A, Rev., 4.00%, 12/1/2048		500		482
				1,623
General Obligation — 2.5%
Bradburn Metropolitan District No. 2
Series 2018A, GO, 5.00%, 12/1/2038		500		521
Series 2018B, GO, 7.25%, 12/15/2047		500		494
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,006
Painted Prairie Metropolitain District No. 2 GO, 5.25%, 12/1/2048		2,000		2,010
				4,031
Hospital — 0.7%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series A, Rev., 5.25%, 5/15/2028		1,000		1,113
Utility — 0.1%
Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023		110		122
Total Colorado				6,889
Connecticut — 0.8%
Education — 0.1%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2024		200		212
General Obligation — 0.7%
State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,110
Total Connecticut				1,322
Delaware — 0.6%
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		205		210

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		757
Total Delaware				967
Florida — 5.1%
Education — 1.1%
Lakeland Educational Facilities, Southern College Project Series A, Rev., 5.00%, 9/1/2025		500		545
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (b)		1,180		1,205
				1,750
Hospital — 1.1%
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		605
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,128
				1,733
Housing — 0.0% (e)
Florida Housing Finance Corp., Homeowner Mortgage Series 1, Rev., 5.00%, 7/1/2041		15		15
Florida Housing Finance Corp., Homeowner Mortgage Special Program Series A-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		5		5
				20
Other Revenue — 1.0%
Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project
Series 2018B, Rev., 3.75%, 7/1/2023		190		191
Series 2018B, Rev., 4.00%, 7/1/2028		375		372
Series 2018B, Rev., 4.25%, 7/1/2033		610		591
Series 2018B, Rev., 4.50%, 7/1/2038		500		482
				1,636
Prerefunded — 0.1%
City of Charlotte Rev., AGM, 5.25%, 10/1/2021 (c)		70		76
Utility — 1.8%
City of Charlotte Rev., AGM, 5.25%, 10/1/2024		130		142
County of Palm Beach, Tuscan Gardens of Delray Beach Project
Series 2018-A, Rev., 4.25%, 10/1/2029 (d)		1,000		1,046
Series 2018-C, Rev., 6.25%, 10/1/2029 (d)		1,000		992

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility  — continued
JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		27
Tampa Bay Water Utility System, Revenue Refunding and Improvement Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		664
				2,871
Total Florida				8,086
Georgia — 1.0%
Housing — 0.0% (e)
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., 4.00%, 12/1/2029		25		26
Other Revenue — 0.2%
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		280
Transportation — 0.3%
City of Atlanta, Airport Series 2012C, Rev., 5.00%, 1/1/2042		500		534
Utility — 0.5%
Burke County Development Authority, Oglethorpe Power Corp., Vogtle Project Series 2017C, Rev., 4.13%, 11/1/2045		750		732
Total Georgia				1,572
Guam — 0.1%
Water & Sewer — 0.1%
Guam Government Waterworks Authority, Water and Wastewater System (Guam) Rev., 5.00%, 7/1/2019		200		202
Idaho — 0.1%
Education — 0.1%
Idaho Housing and Finance Association, Compass Public Charter School, Inc. Project Series A, Rev., 4.63%, 7/1/2029 (b)		180		185
Illinois — 2.4%
General Obligation — 0.6%
Des Plaines Valley Public Library District GO, 5.50%, 1/1/2030		125		128
Greater Chicago Metropolitan Water Reclamation District Series C, GO, 5.25%, 12/1/2027		50		61
Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		600		685
				874

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — 1.1%
Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series B, Rev., 5.00%, 12/15/2028		1,610		1,684
Prerefunded — 0.1%
Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021 (c)		150		160
Transportation — 0.5%
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		552
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		299
				851
Water & Sewer — 0.1%
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		183
Total Illinois				3,752
Indiana — 1.2%
Education — 1.0%
City of Anderson, Economic Development, Anderson University Rev., 6.00%, 10/1/2042		1,500		1,558
Housing — 0.0% (e)
Indiana Housing and Community Development Authority, Home First Mortgage
Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		40		41
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		15		15
				56
Water & Sewer — 0.2%
Indiana State Finance Authority, Wastewater Utility, First Lien Series A, Rev., 5.25%, 10/1/2031		250		272
Total Indiana				1,886
Iowa — 2.0%
Education — 0.4%
Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 3.75%, 12/1/2033		550		555
Housing — 0.8%
Iowa Finance Authority, Northcrest Inc. Project
Series 2018A, Rev., 5.00%, 3/1/2028		980		1,050
Series 2018A, Rev., 5.00%, 3/1/2038		250		256
				1,306

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 15

JPMorgan High Yield Municipal Fund

(formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.8%
Iowa Finance Authority, Phs Council Bluffs, Inc. Project
Rev., 3.95%, 8/1/2023		150		153
Rev., 4.45%, 8/1/2028		250		258
Rev., 5.00%, 8/1/2033		485		504
Rev., 5.00%, 8/1/2038		370		378
				1,293
Total Iowa				3,154
Kansas — 1.6%
Hospital — 1.6%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2032		500		543
Series A, Rev., 5.00%, 5/15/2039		850		885
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series I, Rev., 5.00%, 5/15/2033		500		534
Series I, Rev., 5.00%, 5/15/2038		500		518
Total Kansas				2,480
Kentucky — 0.9%
Hospital — 0.9%
City of Ashland, Kings Daughters Medical Center
Series 2016A, Rev., 4.00%, 2/1/2036		1,000		950
Series 2016A, Rev., 5.00%, 2/1/2040		500		519
Total Kentucky				1,469
Louisiana — 0.6%
Hospital — 0.4%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		544
Housing — 0.0% (e)
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program
Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 3.90%, 4/1/2019		15		15
Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 4.75%, 10/1/2029		40		40
				55
Transportation — 0.2%
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		272
Total Louisiana				871

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maine — 0.0% (e)
Prerefunded — 0.0% (e)
Maine Health and Higher Educational Facilities Authority Series A, Rev., 5.00%, 7/1/2023 (c)		25		29
Maryland — 1.4%
Education — 1.0%
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037 (b)		1,500		1,577
Hospital — 0.4%
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2032		500		559
Transportation — 0.0% (e)
Maryland Economic Development Corp. Series A, Rev., 5.13%, 6/1/2020 (c)		65		67
Total Maryland				2,203
Massachusetts — 5.9%
Education — 2.9%
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2037		500		556
Rev., 5.00%, 1/1/2038		405		450
Rev., 5.00%, 1/1/2043		500		547
Massachusetts Development Finance Agency, Emmanuel College Series A, Rev., 5.00%, 10/1/2043		500		538
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2036 (f)		450		509
Rev., 5.00%, 7/1/2037 (f)		605		681
Massachusetts Educational Financing Authority Series B, Rev., AMT, 3.63%, 7/1/2034		1,000		989
Massachusetts State College Building Authority Series B, Rev., XLCA, 5.50%, 5/1/2028		350		431
				4,701
Other Revenue — 2.3%
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b)		2,000		1,844
Massachusetts Development Finance Agency, Orchid Cove, Inc.
Rev., 4.00%, 10/1/2029		925		981
Rev., 4.00%, 10/1/2039		500		496
Rev., 5.00%, 10/1/2039		250		271
				3,592

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.6%
Massachusetts Bay Transportation Authority Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		386
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		556
				942
Water & Sewer — 0.1%
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		130
Total Massachusetts				9,365
Michigan — 3.4%
Education — 0.5%
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		791
General Obligation — 1.0%
City of Detroit
GO, 5.00%, 4/1/2035		500		515
GO, 5.00%, 4/1/2036		500		512
GO, 5.00%, 4/1/2037		500		510
				1,537
Industrial Development Revenue/Pollution Control Revenue — 0.0% (e)
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		85		88
Transportation — 0.3%
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		432
Utility — 1.6%
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,554
Total Michigan				5,402
Minnesota — 1.0%
Hospital — 0.5%
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		774
Housing — 0.5%
City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		744
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		5		5

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — continued
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		100		101
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		10		10
Minnesota Housing Finance Agency, Residential Housing Finance Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		10		10
				870
Total Minnesota				1,644
Mississippi — 0.2%
Other Revenue — 0.2%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center
Series A, Rev., 5.25%, 1/1/2030		160		192
Series A, Rev., 5.25%, 1/1/2034		100		120
Total Mississippi				312
Missouri — 2.7%
Education — 1.7%
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		608
Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,093
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,052
				2,753
General Obligation — 0.2%
Independence School District, Direct Deposit Program Series A, GO, 5.25%, 3/1/2031		250		267
Housing — 0.1%
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		50		52
Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		50		51
				103
Industrial Development Revenue/Pollution Control Revenue — 0.4%
St Louis County Industrial Development Authority, Friendship Village Series 2018-A, Rev., 5.00%, 9/1/2028		630		681

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 17

JPMorgan High Yield Municipal Fund

(formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.3%
Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		480
Total Missouri				4,284
Montana — 1.0%
General Obligation — 0.2%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		343
Hospital — 0.6%
Montana Facility Finance Authority, Bozeman Deaconess Health Services Obligated Group Rev., 3.63%, 6/1/2043		1,000		955
Housing — 0.1%
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		150		155
Transportation — 0.1%
City of Billings, Airport Series 2010A, Rev., AMT, 5.00%, 7/1/2020		100		103
Total Montana				1,556
Nevada — 0.2%
Transportation — 0.2%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		376
New Hampshire — 0.3%
Education — 0.3%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2026		200		244
Rev., NATL-RE, 5.50%, 6/1/2027		100		124
				368
Housing — 0.0% (e)
New Hampshire Housing Finance Authority, Single Family Mortgage Series A, Rev., 5.25%, 7/1/2028		30		31
Total New Hampshire				399
New Jersey — 5.5%
Education — 1.4%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series A, Rev., AMT, 3.75%, 12/1/2031		750		763
Series A, Rev., AMT, 4.00%, 12/1/2032		400		415

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Series A, Rev., AMT, 4.00%, 12/1/2033		500		513
Series A, Rev., AMT, 4.00%, 12/1/2034		300		305
Series A, Rev., AMT, 4.00%, 12/1/2035		200		204
				2,200
Hospital — 1.0%
New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,603
Industrial Development Revenue/Pollution Control Revenue — 1.9%
New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project
Series 2018-A, Rev., 5.13%, 11/1/2029 (b)		210		217
Series 2018-A, Rev., 6.25%, 11/1/2038 (b)		525		565
New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc. Project Series 2018-A, Rev., 5.00%, 10/1/2033 (b)		1,000		1,007
New Jersey Economic Development Authority, State House Project Series B, Rev., 4.13%, 6/15/2039		1,200		1,221
				3,010
Transportation — 1.2%
New Jersey EDA, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		434
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.25%, 6/15/2033		1,335		1,433
				1,867
Total New Jersey				8,680
New Mexico — 0.1%
Housing — 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		65		67
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		30		31
Series B-2, Class I, Rev., GNMA/FNMA/FHLMC, 5.65%, 9/1/2039		5		5
Total New Mexico				103
New York — 3.6%
Education — 1.2%
Build Resource Corp., Inwood Academy for Leadership Charter School Project
Series 2018A, Rev., 4.88%, 5/1/2031 (b)		500		515

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Series 2018A, Rev., 5.13%, 5/1/2038 (b)		250		253
Onondaga Civic Development Corp., Le Moyne College Project
Rev., 5.00%, 1/1/2037		300		330
Rev., 5.00%, 1/1/2038		200		219
Rev., 5.00%, 1/1/2043		500		541
				1,858
Hospital — 0.6%
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		942
Other Revenue — 0.7%
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		644
New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing Series B, Rev., 5.50%, 10/15/2030 (c)		390		511
				1,155
Transportation — 0.6%
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		500		510
Rev., AMT, 5.00%, 1/1/2036		375		420
				930
Water & Sewer — 0.5%
New York City Municipal Water Finance Authority, Second General Resolution
Series EE, Rev., 5.38%, 6/15/2043		440		465
Series BB, Rev., 5.25%, 6/15/2044		250		272
				737
Total New York				5,622
North Dakota — 0.2%
Housing — 0.1%
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series A, Rev., 3.75%, 7/1/2042		70		72
Utility — 0.1%
McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		210		216
Total North Dakota				288

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Ohio — 4.3%
Education — 2.3%
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2028		500		536
Rev., 5.00%, 12/1/2033		270		281
Rev., 5.00%, 12/1/2038		685		696
Ohio Higher Educational Facility Commission, University of Findlay Project Rev., 5.00%, 3/1/2034 (f)		2,000		2,166
				3,679
General Obligation — 0.2%
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185		224
Greene County Series A, GO, AMBAC, 5.25%, 12/1/2028		45		55
				279
Hospital — 0.3%
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380		414
Franklin County Health Care Improvement, Presbyterian Services Series A, Rev., 5.00%, 7/1/2020		100		100
				514
Housing — 0.1%
Ohio Housing Finance Agency, Single Family Mortgage
Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		30		31
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		30		30
				61
Transportation — 1.4%
Cleveland-Cuyahoga County, Port Authority, Cultural Facility, Playhouse Square Foundation Project
Rev., 5.00%, 12/1/2033		1,000		1,099
Rev., 5.25%, 12/1/2038		500		549
Rev., 5.50%, 12/1/2043		500		553
				2,201
Total Ohio				6,734
Oklahoma — 1.3%
Hospital — 0.7%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,080

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 19

JPMorgan High Yield Municipal Fund

(formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.5%
Tulsa Airports Improvement Trust
Series A, Rev., AMT, 5.00%, 6/1/2024		300		340
Series A, Rev., AMT, 5.00%, 6/1/2025		420		472
				812
Water & Sewer — 0.1%
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2040		220		238
Total Oklahoma				2,130
Oregon — 1.3%
General Obligation — 0.1%
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		196
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		25
				221
Hospital — 1.1%
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project
Series 2018A, Rev., 5.00%, 5/15/2038		220		233
Series 2018A, Rev., 5.00%, 5/15/2043		310		324
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,110
				1,667
Housing — 0.0% (e)
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		30		31
Prerefunded — 0.1%
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021 (c)		105		114
Total Oregon				2,033
Pennsylvania — 8.9%
Education — 2.7%
Allegheny County Higher Education Building Authority, Duquesne University Series 2011A, Rev., 5.00%, 3/1/2020		160		165
Chambersburg Area Municipal Authority, Wilson College Rev., 5.50%, 10/1/2033		2,000		2,033
Dallas Area Municipal Authority, Misericordia University Project
Rev., 3.25%, 5/1/2023		200		200
Rev., 5.00%, 5/1/2029		650		718
Rev., 5.00%, 5/1/2039		1,100		1,162
				4,278

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 2.9%
Aliquippa School District
GO, 3.75%, 12/1/2033		2,000		2,064
GO, 3.88%, 12/1/2037		1,250		1,272
The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,257
				4,593
Hospital — 1.7%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		510
Berks County Industrial Development Authority, Healthcare Facilities, The Highlands at Wyomissing
Rev., 5.00%, 5/15/2033		500		540
Series 2017A, Rev., 5.00%, 5/15/2037		250		265
Rev., 5.00%, 5/15/2038		500		528
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		804
				2,647
Housing — 0.0% (e)
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 112, Rev., 5.00%, 4/1/2028		60		62
Industrial Development Revenue/Pollution Control Revenue — 1.0%
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		675		758
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029 (b)		780		792
				1,550
Other Revenue — 0.4%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
Rev., 5.00%, 5/1/2033 (b)		250		276
Rev., 5.00%, 5/1/2042 (b)		250		266
				542
Transportation — 0.2%
Allegheny County Airport Authority, Pittsburgh International Airport Series 2012A-1, Rev., 5.00%, 1/1/2026		350		375
Total Pennsylvania				14,047

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Rhode Island — 0.2%
Education — 0.0% (e)
Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2024		100		112
Transportation — 0.2%
Rhode Island Economic Development Corp. Series B, Rev., 5.00%, 7/1/2022		250		273
Total Rhode Island				385
South Carolina — 1.0%
Industrial Development Revenue/Pollution Control Revenue — 1.0%
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,554
South Dakota — 0.4%
Education — 0.3%
South Dakota State Health and Educational Facilities Authority, Sanford Health Rev., 5.00%, 11/1/2045		500		544
Housing — 0.1%
South Dakota Housing Development Authority, Homeownership Mortgage Series A, Rev., AMT, 4.50%, 5/1/2031		70		72
Total South Dakota				616
Tennessee — 0.7%
Housing — 0.7%
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
4.50%, 6/1/2028 (b)		500		527
5.13%, 6/1/2036 (b)		425		454
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 7/1/2031		45		46
Series 1A, Rev., AMT, 4.50%, 1/1/2038		95		98
Total Tennessee				1,125
Texas — 4.7%
Education — 3.1%
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools
Series 2019A, Rev., 5.15%, 8/15/2029		450		456
Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,007
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		1,011
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,003

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.
Rev., 4.25%, 6/15/2028		150		151
Rev., 5.00%, 6/15/2033		150		153
Rev., 5.00%, 6/15/2038		250		254
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		190
University of Texas System
Series B, Rev., 5.25%, 7/1/2028		140		177
Series B, Rev., 5.25%, 7/1/2030		395		512
				4,914
General Obligation — 0.2%
North East Independent School District GO, PSF-GTD, 5.25%, 2/1/2027		200		247
Hospital — 0.5%
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		830
Housing — 0.0% (e)
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		40		42
Other Revenue — 0.7%
City of Temple,Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028 (b)		1,000		1,082
Prerefunded — 0.1%
La Vernia Higher Education Finance Corp., Lifeschool of Dallas Series A, Rev., 6.25%, 8/15/2019 (c)		60		61
Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc. Series A, Rev., 6.00%, 2/15/2020 (c)		100		104
				165
Transportation — 0.1%
Dallas Area Rapid Transit, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		166
Water & Sewer — 0.0% (e)
City of Houston, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027 (c)		30		24
Total Texas				7,470
Utah — 0.4%
Other Revenue — 0.4%
Utah Transit Authority, Sales Tax
Series C, Rev., AGM, 5.25%, 6/15/2025		40		47

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 21

JPMorgan High Yield Municipal Fund

(formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
Series C, Rev., AGM, 5.25%, 6/15/2032		450		570
Total Utah				617
Vermont — 0.4%
Education — 0.4%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 4.00%, 6/15/2032		200		204
Series A, Rev., AMT, 4.00%, 6/15/2033		250		253
Series A, Rev., AMT, 4.00%, 6/15/2034		200		203
Total Vermont				660
Virginia — 0.5%
Education — 0.5%
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		777
Prerefunded — 0.0% (e)
Virginia Resources Authority, Infrastructure, Pooled Financing Program Series A, Rev., 5.00%, 11/1/2021 (c)		70		76
Total Virginia				853
Washington — 6.2%
General Obligation — 1.6%
Pend Oreille County, Public Hospital District No. 1
GO, 5.00%, 12/1/2033		1,000		1,103
GO, 5.00%, 12/1/2038		1,255		1,357
				2,460
Housing — 1.2%
Washington State Housing Finance Commission, Homeownership Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 4/1/2029		45		46
Washington State Housing Finance Commission, The Heart Stone Project
Series 2018A, Rev., 4.50%, 7/1/2028 (b)		965		1,029
Series 2018A, Rev., 5.00%, 7/1/2038 (b)		825		871
				1,946
Other Revenue — 0.9%
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028 (b)		535		538
Rev., 5.00%, 7/1/2033 (b)		535		565
Rev., 5.00%, 7/1/2038 (b)		300		309
				1,412

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — 2.5%
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		3,605		3,972
Total Washington				9,790
Wisconsin — 5.8%
Education — 4.6%
Public Finance Authority, Community School of Davidson Project
Rev., 3.75%, 10/1/2023		365		369
Rev., 5.00%, 10/1/2033		775		811
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2027		160		181
Rev., 5.00%, 6/15/2028		505		573
Rev., 5.00%, 6/15/2034		215		238
Rev., 5.00%, 6/15/2039		390		424
Rev., 5.00%, 6/15/2049		1,000		1,073
Public Finance Authority, Wilson Preparatory Academy
Series 2019A, Rev., 4.13%, 6/15/2029 (b)		555		556
Series 2019A, Rev., 5.00%, 6/15/2039 (b)		500		500
Series 2019A, Rev., 5.00%, 6/15/2049 (b)		1,100		1,081
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 4.25%, 9/15/2035		1,500		1,470
				7,276
Other Revenue — 1.2%
Public Finance Authority Rev., 4.25%, 10/1/2038 (b)		2,000		1,924
Total Wisconsin				9,200
Wyoming — 0.0% (e)
Housing — 0.0% (e)
Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		10		10
Total Municipal Bonds (Cost $142,382)				145,011
Loan Assignments — 0.9% (g)
Diversified Consumer Services — 0.2%
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.03%, 11/14/2022 (h)		236		233
Diversified Telecommunication Services — 0.1%
Intelsat Jackson Holdings SA, 1st Lien Term Loan (Luxembourg) (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 11/27/2023 (h)		150		150

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Diversified Telecommunication Services — continued
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 11/1/2024 (h) (i)		24		23
				173
Hotels, Restaurants & Leisure — 0.0% (e)
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 2/5/2025 (h)		42		41
Media — 0.0% (e)
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 3/15/2024 (h)		51		48
Oil, Gas & Consumable Fuels — 0.6%
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 7.87%, 8/25/2023 (h)		1,116		890
Textiles, Apparel & Luxury Goods — 0.0% (e)
Nine West Holdings, Inc., Initial Term Loan (1-MONTH PRIME + 2.75%), 8.25%, 10/8/2019 (h)		64		61
Total Loan Assignments (Cost $1,654)				1,446

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 0.0% (e)
Oil, Gas & Consumable Fuels — 0.0% (e)
Southcross Holdco Equity * ‡ (Cost $12)		—	(j)		19
Short-term Investments — 7.7%
Investment Companies — 7.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (k) (l) (Cost $12,206)		12,206			12,206
Total Investments — 100.1% (Cost $156,254)					158,682
Liabilities in Excess of Other Assets — (0.1%)					(188	)
NET ASSETS — 100.0%					158,494

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BHAC	Insured by Berkshire Hathaway Assurance Corp.
CHESLA	Connecticut Higher Education Supplemental Loan Authority
CR	Custodial Receipts
EDA	Economic Development Authority
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
USD	United States Dollar
XLCA	Insured by XL Capital Assurance
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

(c)	Security is prerefunded or escrowed to maturity.
(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(i)	All or a portion of this security is unsettled as of February 28, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(j)	Amount rounds to less than one thousand.
(k)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	The rate shown is the current yield as of February 28, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 23

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 96.9% (a)
Alabama — 0.6%
Utility — 0.6%
The Lower Alabama Gas District, Gas Project Series A, Rev., 5.00%, 9/1/2031		1,000		1,153
Alaska — 0.4%
Housing — 0.4%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		830		857
Arizona — 2.9%
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032		200		230
Water & Sewer — 2.8%
City of Scottsdale, Water and Sewer System Rev., 5.25%, 7/1/2022		2,645		2,954
City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,500
				5,454
Total Arizona				5,684
California — 0.6%
Hospital — 0.3%
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026		410		478
Other Revenue — 0.3%
State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045		645		666
Total California				1,144
Colorado — 1.5%
Education — 1.0%
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project
Rev., 4.00%, 9/1/2020		450		463
Rev., 5.00%, 9/1/2022		470		517
Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 2.17%, 4/1/2019 (b)		985		998
				1,978
Hospital — 0.5%
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020 (c)		1,000		1,010
Total Colorado				2,988

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Connecticut — 2.8%
Education — 1.7%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series A, Rev., 5.25%, 11/15/2023		1,560		1,651
Series A, Rev., 5.25%, 11/15/2024		1,500		1,589
				3,240
Housing — 1.1%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series A-1, Rev., 4.00%, 11/15/2045		450		468
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,230		1,294
Subseries A-1, Rev., 4.00%, 11/15/2047		450		473
				2,235
Total Connecticut				5,475
Delaware — 1.3%
Hospital — 1.2%
Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034		2,200		2,437
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		240		245
Total Delaware				2,682
District of Columbia — 1.4%
Transportation — 0.6%
Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series B, Rev., 5.00%, 7/1/2025		1,000		1,183
Water & Sewer — 0.8%
District of Columbia Water and Sewer Authority Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045		1,500		1,672
Total District of Columbia				2,855
Florida — 8.7%
Certificate of Participation/Lease — 3.1%
South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,583
The School Board of Miami-Dade County Series D, COP, 5.00%, 2/1/2027		3,000		3,507
				6,090
Hospital — 0.6%
Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021		1,100		1,181

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — 0.2%
Florida Housing Finance Corp., Homeowner Mortgage, Special Program
Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		90		91
Series B, Rev., GNMA COLL, 4.50%, 1/1/2029		120		121
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		210		214
				426
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		914
County of Escambia, Pollution Control, Gulf Power Company Project Rev., 2.10%, 4/11/2019 (c)		500		500
				1,414
Other Revenue — 1.2%
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,275
Utility — 2.9%
City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,810
Total Florida				17,196
Georgia — 1.5%
Hospital — 0.5%
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026		860		1,012
Housing — 1.0%
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., 4.00%, 12/1/2047		650		683
Series B, Rev., 4.00%, 12/1/2047		1,180		1,243
				1,926
Total Georgia				2,938
Guam — 0.4%
Water & Sewer — 0.4%
Guam Government Waterworks Authority, Water and Wastewater System (Guam)
Rev., 5.00%, 7/1/2023		375		413
Rev., 5.00%, 7/1/2024		300		336
				749
Total Guam				749

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — 0.9%
Hospital — 0.2%
Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		417
Housing — 0.7%
City of Aurora, Single Family Mortgage
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		118		118
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		123		123
City of Peoria, City of Moline and City of Freeport, Collateralized Single Family Mortgage Series A, Rev., GNMA COLL, 7.60%, 4/1/2027		10		10
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		1,005		1,042
				1,293
Total Illinois				1,710
Indiana — 2.9%
Hospital — 1.0%
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034		1,670		1,887
Housing — 0.1%
Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		280		286
Industrial Development Revenue/Pollution Control Revenue — 1.1%
County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,177
Water & Sewer — 0.7%
Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series A, Rev., 5.00%, 10/1/2030		1,250		1,385
Total Indiana				5,735
Iowa — 1.5%
Education — 0.6%
Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,138
Housing — 0.9%
Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,850		1,919
Total Iowa				3,057

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 25

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kentucky — 0.5%
Education — 0.3%
Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2020		515		532
Industrial Development Revenue/Pollution Control Revenue — 0.2%
County of Carroll, Pollution Control, Kentucky Utilities Company Project Series A, Rev., 1.05%, 9/1/2019 (c)		500		498
Total Kentucky				1,030
Louisiana — 0.4%
Housing — 0.0% (d)
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		48		48
Other Revenue — 0.4%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		804
Total Louisiana				852
Maine — 0.6%
Housing — 0.6%
Maine State Housing Authority
Series A-1, Rev., AMT, 4.50%, 11/15/2028		175		180
Series B, Rev., 4.00%, 11/15/2043		150		154
Series A, Rev., 4.00%, 11/15/2045		770		801
				1,135
Total Maine				1,135
Maryland — 0.7%
Housing — 0.7%
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 7/1/2048		1,335		1,408
Massachusetts — 6.3%
Education — 1.1%
Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021		1,000		1,065
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,079
				2,144
Housing — 0.2%
Massachusetts Housing Finance Agency, Single Family Housing
Series 169, Rev., 4.00%, 12/1/2044		205		211

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — continued
Series 183, Rev., 3.50%, 12/1/2046		330		339
				550
Water & Sewer — 5.0%
Massachusetts Clean Water Trust, Pool Program Rev., 5.25%, 8/1/2024		3,000		3,548
Massachusetts Water Resources Authority
Series B, Rev., AGM, 5.25%, 8/1/2028		3,000		3,804
Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,558
				9,910
Total Massachusetts				12,604
Michigan — 1.5%
Education — 0.3%
Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		670
Housing — 0.5%
Michigan State Housing Development Authority, Single-Family Mortgage Series B, Rev., 3.50%, 6/1/2047		1,015		1,050
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)		570		551
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		735		760
				1,311
Total Michigan				3,031
Minnesota — 3.3%
General Obligation — 0.0% (d)
State of Minnesota Series A, GO, 5.00%, 10/1/2021 (e)		35		38
Hospital — 0.6%
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029		965		1,211
Housing — 2.7%
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		280		287
Series B, Rev., GNMA/FNMA/FHLMC, 5.15%, 12/1/2038		3		3

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — continued
Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040		196		196
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		54		54
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		350		354
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		100		101
Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		135		139
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2024		1,015		1,099
Rev., 5.25%, 8/1/2025		1,070		1,158
Rev., 5.25%, 8/1/2026		825		892
Minnesota Housing Finance Agency, Residential Housing Finance
Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		165		168
Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		855		898
				5,349
Total Minnesota				6,598
Mississippi — 0.9%
Housing — 0.9%
Mississippi Home Corp., Home Ownership Mortgage Series A, Rev., GNMA COLL, 4.50%, 12/1/2031		215		219
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048 (f)		1,515		1,624
				1,843
Total Mississippi				1,843
Missouri — 1.4%
Hospital — 0.6%
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031		1,000		1,182

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — 0.8%
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		1,545		1,592
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2027		100		102
				1,694
Total Missouri				2,876
Nebraska — 1.0%
Hospital — 1.0%
Madison County Hospital Authority No. 1, Faith Regional Health Services Project
Rev., 5.00%, 7/1/2030		1,020		1,123
Rev., 5.00%, 7/1/2031		720		788
				1,911
Total Nebraska				1,911
Nevada — 0.7%
Hospital — 0.7%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2026		555		641
Rev., 5.00%, 9/1/2029		620		706
				1,347
Total Nevada				1,347
New Hampshire — 2.7%
Education — 2.7%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2024		3,545		4,161
Rev., NATL-RE, 5.50%, 6/1/2027		900		1,117
				5,278
Total New Hampshire				5,278
New Jersey — 4.0%
Education — 1.0%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		1,982
General Obligation — 0.7%
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,442

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 27

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — 1.6%
New Jersey Health Care Facilities Financing Authority, University Hospital Issue
Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,089
Series A, Rev., AGM, 5.00%, 7/1/2023		820		910
Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,257
				3,256
Housing — 0.7%
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series A, Rev., 4.50%, 10/1/2048		1,230		1,332
Total New Jersey				8,012
New York — 5.4%
Housing — 1.5%
New York Mortgage Agency, Homeowner Mortgage
Series 197, Rev., 3.50%, 10/1/2044		1,305		1,345
Series 195, Rev., 4.00%, 10/1/2046		1,360		1,417
New York State Mortgage Agency, 39th Series Rev., 5.00%, 4/1/2028		110		112
				2,874
Transportation — 1.7%
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,107
Port Authority of New York and New Jersey, Consolidated, 194th Series Rev., 5.00%, 10/15/2030		2,000		2,331
				3,438
Water & Sewer — 2.2%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		1,000		1,160
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution Series B, Rev., 5.00%, 6/15/2028		3,000		3,230
				4,390
Total New York				10,702
North Carolina — 0.6%
Other Revenue — 0.6%
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000		1,214

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Dakota — 3.0%
Housing — 1.9%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series D, Rev., 4.50%, 1/1/2029		190		191
Series F, Rev., AMT, 4.50%, 1/1/2035		180		183
Series D, Rev., 3.50%, 7/1/2046		470		487
Series D, Rev., 4.00%, 7/1/2046		1,455		1,517
Series D, Rev., FHA, 4.00%, 1/1/2048		1,365		1,441
				3,819
Utility — 1.1%
McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		2,000		2,063
Total North Dakota				5,882
Ohio — 4.6%
General Obligation — 0.9%
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500		1,804
Housing — 0.6%
Ohio Housing Finance Agency Residential Mortgage, Mortgage-Backed Securities Program Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		1,095		1,149
Ohio Housing Finance Agency, Single Family Mortgage Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		10		10
				1,159
Industrial Development Revenue/Pollution Control Revenue — 2.6%
Ohio State Water Development Authority, Water Pollution Control Loan Fund
Series 2019A, Rev., 5.00%, 6/1/2029 (f)		2,645		3,286
Series B, Rev., 5.00%, 12/1/2029		1,615		1,898
				5,184
Utility — 0.5%
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035		850		988
Total Ohio				9,135
Oklahoma — 0.2%
Housing — 0.2%
Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/1/2038		315		322
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program Series A, Rev., GNMA COLL, 4.38%, 9/1/2027		100		101
				423

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.0% (d)
IDK Partners III Trust, Mortgage Pass-Through Certificates Class A, Rev., 5.10%, 8/1/2023‡		14		14
Total Oklahoma				437
Oregon — 0.3%
Housing — 0.3%
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		535		554
Pennsylvania — 4.5%
Housing — 1.0%
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 121, Rev., 3.50%, 10/1/2046		1,515		1,563
Series 122, Rev., 4.00%, 10/1/2046		455		477
				2,040
Industrial Development Revenue/Pollution Control Revenue — 2.5%
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project
Rev., 5.00%, 12/1/2023		2,020		2,287
Rev., AGM, 5.00%, 12/1/2026		1,550		1,841
Rev., AGM, 5.00%, 12/1/2027		680		803
				4,931
Other Revenue — 1.0%
Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative Rev., 5.00%, 4/15/2019		2,000		2,007
Total Pennsylvania				8,978
Rhode Island — 1.0%
Housing — 1.0%
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing Series 1-A, Rev., 1.70%, 10/1/2019 (c)		2,000		1,998
South Carolina — 1.3%
Housing — 0.7%
South Carolina State Housing Finance and Development Authority
Series 1, Rev., GNMA COLL, 5.00%, 1/1/2028		95		96
Series A, Rev., 4.00%, 1/1/2047		360		377
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		855		901
				1,374

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — 0.6%
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,167
Total South Carolina				2,541
South Dakota — 2.0%
Housing — 2.0%
South Dakota Housing Development Authority, Homeownership Mortgage
Series D, Rev., 4.00%, 11/1/2045		1,665		1,729
Series A, Rev., 4.00%, 5/1/2049		2,090		2,238
				3,967
Total South Dakota				3,967
Tennessee — 1.0%
Housing — 1.0%
Tennessee Housing Development Agency, Housing Finance Program Series A-1, Rev., 5.00%, 1/1/2027		20		20
Tennessee Housing Development Agency, Residential Finance Program
Series 2B, Rev., 4.00%, 7/1/2043		200		207
Rev., 3.50%, 1/1/2048		1,780		1,847
				2,074
Total Tennessee				2,074
Texas — 5.1%
General Obligation — 1.4%
Socorro Independent School District Series A, GO, PSF-GTD, 5.00%, 8/15/2024		2,000		2,321
State of Texas, Water Financial Assistance Series D, GO, 5.00%, 5/15/2033		450		518
				2,839
Hospital — 0.4%
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017A, Rev., 5.00%, 10/15/2026		250		293
Series 2017A, Rev., 5.00%, 10/15/2027		500		580
				873
Housing — 0.7%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (c)		1,010		1,011
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		305		316
				1,327

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 29

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.6%
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046		1,000		1,087
Transportation — 1.6%
Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032		2,800		3,235
Water & Sewer — 0.4%
City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027		665		816
Total Texas				10,177
Utah — 4.2%
Housing — 2.6%
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045		1,385		1,452
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,658
				5,110
Other Revenue — 0.6%
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,211
Utility — 1.0%
Utah Associated Municipal Power System, Horse Butte Wind Project Series B, Rev., 5.00%, 9/1/2033		1,700		1,959
Total Utah				8,280
Vermont — 3.3%
Education — 2.5%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,093
Series A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,550
Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,408
				5,051
Housing — 0.8%
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		155		157
Series B, Rev., AMT, 3.75%, 11/1/2045		1,390		1,430
				1,587
Total Vermont				6,638
Washington — 5.5%
Hospital — 1.1%
Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,127

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — 1.5%
Washington Housing Finance Commission, Single-Family Program
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		365		374
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		2,580		2,667
				3,041
Other Revenue — 2.9%
FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2039		5,000		5,732
Total Washington				10,900
Wisconsin — 3.5%
Education — 2.8%
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2024		250		286
Rev., 5.00%, 7/1/2025		250		291
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2022		520		555
Series 2017A, Rev., 5.00%, 9/1/2023		550		596
Series 2017A, Rev., 5.00%, 9/1/2024		580		637
Series 2017A, Rev., 5.00%, 9/1/2025		235		261
Series 2017A, Rev., 5.00%, 9/1/2026		385		433
Series 2017A, Rev., 5.00%, 9/1/2027		785		890
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.
Series C, Rev., 5.00%, 2/15/2027		400		467
Series C, Rev., 5.00%, 2/15/2028		575		667
Series C, Rev., 5.00%, 2/15/2029		375		431
				5,514
Hospital — 0.7%
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035		1,165		1,345
Total Wisconsin				6,859
Total Municipal Bonds (Cost $188,957)				192,484

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-term Investments — 7.1%
Investment Companies — 7.1%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (g) (h) (Cost $14,034)		14,034		14,034
Total Investments — 104.0% (Cost $202,991)				206,518
Liabilities in Excess of Other Assets — (4.0%)				(7,960	)
NET ASSETS — 100.0%				198,558

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BRRH	Boca Raton Regional Hospital
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
USD	United States Dollar

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Security is prerefunded or escrowed to maturity.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 31

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 98.9% (a)
Alabama — 1.6%
Other Revenue — 0.1%
Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		560
Utility — 1.5%
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 2.36%, 3/7/2019 (b)		7,500		7,330
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		8,320		8,627
Southeast Alabama Gas District, Project No. 1
Series A, Rev., 5.00%, 4/1/2021		2,865		3,003
Series A, Rev., 5.00%, 4/1/2022		3,220		3,442
				22,402
Total Alabama				22,962
Alaska — 0.0% (d)
Utility — 0.0% (d)
City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023		500		572
Arizona — 1.8%
Certificate of Participation/Lease — 0.0% (d)
Arizona School Facilities Board Series 2013 A-1, COP, 5.00%, 9/1/2019		500		508
General Obligation — 0.2%
City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,823
Hospital — 0.3%
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025		3,540		4,033
Industrial Development Revenue/Pollution Control Revenue — 1.3%
Maricopa County Industrial Development Authority, Banner Health
Series B, Rev., 5.00%, 10/18/2022 (c)		7,370		8,180
Series C, Rev., 5.00%, 10/18/2024 (c)		9,000		10,427
				18,607
Other Revenue — 0.0% (d)
Town of Marana, Excise Tax
Series B, Rev., 4.00%, 7/1/2020		75		77
Series B, Rev., 5.00%, 7/1/2021		100		107
				184
Total Arizona				26,155

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arkansas — 0.8%
Education — 0.3%
University of Arkansas, UAMS Campus
Rev., 5.00%, 3/1/2020		535		552
Rev., 5.00%, 3/1/2025		500		589
Rev., 5.00%, 3/1/2026		1,000		1,168
University of Central Arkansas, Student Housing System
Series A, Rev., 5.00%, 11/1/2021		1,600		1,728
Series 2019C, Rev., AGM, 4.00%, 11/1/2025		110		122
Series 2019C, Rev., AGM, 4.00%, 11/1/2026		240		265
Series 2019C, Rev., AGM, 4.00%, 11/1/2027		180		198
				4,622
Other Revenue — 0.5%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		388
City of Little Rock, Hotel and Restaurant Rev., 5.00%, 7/1/2020		580		605
City of Rogers Series B, Rev., 5.00%, 11/1/2027		3,855		4,585
County of Sharp
Rev., 5.00%, 3/1/2024		595		669
Rev., 5.00%, 3/1/2025		600		686
Rev., 5.00%, 3/1/2026		685		794
				7,727
Total Arkansas				12,349
California — 23.1%
Certificate of Participation/Lease — 0.1%
City of Chula Vista, Police Facility Project
COP, 5.00%, 10/1/2021		360		391
COP, 5.00%, 10/1/2022		465		519
COP, 5.00%, 10/1/2023		1,000		1,145
Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		148
				2,203
Education — 1.1%
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024		1,675		1,862

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2025		275		322
Rev., 5.00%, 10/1/2026		150		178
Rev., 5.00%, 10/1/2027		150		180
Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (c)		11,505		13,102
				15,644
General Obligation — 8.6%
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,174
City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025		5,310		5,904
County of Los Angeles, Community College District Series C, GO, 5.00%, 6/1/2026		5,000		6,133
County of Sacramento, San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2019		860		873
GO, 5.00%, 8/1/2020		775		814
County of Santa Clara, Moreland School District GO, 5.00%, 8/1/2021		1,000		1,084
County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2023		350		403
Grossmont Healthcare District
Series D, GO, 5.00%, 7/15/2026		1,225		1,426
Series D, GO, 5.00%, 7/15/2027		1,285		1,489
Grossmont Healthcare District, Election of 2006 Series C, GO, 5.00%, 7/15/2026		1,000		1,164
Novato Unified School District
Series A, GO, 4.00%, 2/1/2022		535		574
Series A, GO, 5.00%, 2/1/2023		685		778
Series A, GO, 5.00%, 2/1/2024		870		1,015
Series A, GO, 5.00%, 8/1/2025		1,500		1,757
Series A, GO, 5.00%, 8/1/2026		1,800		2,103
Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,378
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,128
Salinas Union High School District GO, BAN, Zero Coupon, 8/1/2020		2,000		1,942
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series R-3, GO, 5.00%, 7/1/2019		6,310		6,384
San Diego Unified School District, Election of 2012 Series F, GO, 5.00%, 7/1/2029		550		651

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
San Francisco Bay Area Rapid Transit District, Election of 2004
Series D, GO, 3.00%, 8/1/2022		2,735		2,878
Series D, GO, 5.00%, 8/1/2027		1,500		1,800
Series D, GO, 5.00%, 8/1/2028		1,685		2,017
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,771
San Mateo County Community College District
GO, 5.00%, 9/1/2025		700		825
GO, 5.00%, 9/1/2026		1,095		1,289
Santa Barbara Unified School District
Series A, GO, 4.00%, 8/1/2022		30		32
Series B, GO, 5.00%, 8/1/2026		50		62
State of California, Various Purpose
Series B, GO, 5.00%, 9/1/2023		2,810		3,206
GO, 5.00%, 11/1/2023		3,560		4,077
GO, 5.00%, 3/1/2026		13,210		15,505
GO, 5.00%, 9/1/2026		4,900		5,932
GO, 4.00%, 8/1/2028		4,000		4,462
GO, 5.00%, 9/1/2028		2,500		2,701
GO, 4.00%, 8/1/2029		4,180		4,629
GO, 5.00%, 8/1/2029		7,830		9,275
GO, 4.00%, 8/1/2030		10,000		10,986
Whittier Union School District GO, 5.00%, 8/1/2023		10,495		12,049
				126,670
Hospital — 1.7%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,230
California Health Facilities Financing Authority, Providence Health and Services
Series 2014A, Rev., 5.00%, 10/1/2021		750		811
Series 2014A, Rev., 5.00%, 10/1/2022		1,500		1,667
California Health Facilities Financing Authority, St. Joseph Health System
Series 2013C, Rev., 5.00%, 10/15/2019 (c)		5,000		5,097
Series 2013D, Rev., 5.00%, 10/15/2020 (c)		12,870		13,518
California Municipal Finance Authority, NorthBay Healthcare Group
Series 2017A, Rev., 5.00%, 11/1/2023		500		548
Series 2017A, Rev., 5.00%, 11/1/2024		800		890
Series 2017A, Rev., 5.00%, 11/1/2025		745		838

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028		250		301
				25,900
Housing — 0.1%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2032		1,725		1,874
Other Revenue — 3.3%
Alameda County Transport Authority, Sales Tax
Rev., 4.00%, 3/1/2019		5,000		5,001
Rev., 5.00%, 3/1/2020		1,240		1,283
Rev., 4.00%, 3/1/2022		5,000		5,374
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series 2013A-2, Rev., VRDO, 2.07%, 4/1/2019 (c)		3,250		3,250
Series 2011A-3, Rev., (ICE LIBOR USD 3 Month + 0.37%), 2.21%, 4/1/2019 (b)		8,000		8,017
Series 2011A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%), 2.21%, 4/1/2019 (b)		7,000		7,016
California Municipal Finance Authority, Biola University
Rev., 4.00%, 10/1/2019		205		208
Rev., 5.00%, 10/1/2021		370		399
Contra Costa County Transportation Authority, Sales Tax
Series B, Rev., 5.00%, 3/1/2019		1,750		1,751
Series A, Rev., 4.00%, 3/1/2023		3,420		3,762
Series A, Rev., 5.00%, 3/1/2023		2,420		2,756
Series A, Rev., 5.00%, 3/1/2024		2,000		2,341
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A, Rev., 5.00%, 6/1/2021		1,000		1,072
Riverside Community Properties Development, Inc., Riverside County Law Building Project Rev., 5.00%, 10/15/2019 (e)		780		797
San Diego County Regional Transportation Commission, Sales Tax
Series A, Rev., 5.00%, 4/1/2021		250		268
Series A, Rev., 5.00%, 4/1/2022		100		111
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2024		525		619
Series A, Rev., 5.00%, 7/1/2025		905		1,094

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
San Francisco State Building Authority and Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022		1,700		1,904
Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,192
				48,215
Prerefunded — 0.4%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2021 (e)		1,275		1,388
California State Public Works Board, California State University Series 2009E, Rev., 5.00%, 4/1/2019 (e)		1,160		1,163
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (e)		2,820		3,199
				5,750
Transportation — 3.3%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area
Series G, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.34%, 3/7/2019 (b)		9,000		9,009
Series S-7, Rev., 4.00%, 4/1/2029		20,000		22,542
City of Los Angeles Department of Airports
Series C, Rev., 5.00%, 5/15/2019		1,000		1,006
Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,691
Series C, Rev., 5.00%, 5/15/2022		750		834
Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,688
Series B, Rev., 4.00%, 5/15/2024		365		403
Series C, Rev., 5.00%, 5/15/2024		700		821
Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,106
Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,238
Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		2,918
Orange County Local Transportation Authority Rev., 5.00%, 2/15/2025		425		508
				48,764
Utility — 1.5%
City of Los Angeles, Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025		100		120
Sacramento Municipal Utility District, Electric
Series E, Rev., 5.00%, 8/15/2022		2,740		3,067
Series E, Rev., 5.00%, 8/15/2027		105		132

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — continued
San Francisco City and County Public Utilities Commission Water, Green Bonds Series C, Rev., 2.12%, 10/1/2023 (c)		10,000		10,098
Southern California, Public Power Authority Canyon Power Project Series A, Rev., 5.00%, 7/1/2026		1,000		1,081
Southern California, Public Power Authority, Magnolia Power Project Series 1, Rev., 2.00%, 7/1/2020 (c)		7,000		7,017
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		449
				21,964
Water & Sewer — 3.0%
Burlingame Financing Authority Water and Wastewater Rev., 4.00%, 4/1/2020		250		257
California State Department of Water Resources, Central Valley Project Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.96%, 3/7/2019 (b)		10,000		10,039
California State Department of Water Resources, Power Supply Series L, Rev., 5.00%, 5/1/2019		15,000		15,083
City of Los Angeles, Wastewater System Subordinate Series A, Rev., 5.00%, 6/1/2022		2,750		3,059
East Bay Municipal Utility District, Wastewater System
Series B, Rev., 5.00%, 6/1/2019		2,330		2,350
Series A, Rev., 5.00%, 6/1/2020		3,000		3,131
Eastern Municipal Water District, Water and Wastewater
Series C, Rev., 5.00%, 7/1/2021		2,530		2,736
Series C, Rev., 5.00%, 7/1/2022		1,700		1,896
Metropolitan Water District of Southern California Series C-1, Rev., 3.00%, 10/1/2019 (c)		6,105		6,134
				44,685
Total California				341,669
Colorado — 1.8%
Certificate of Participation/Lease — 0.3%
City of Aurora
COP, 3.00%, 12/1/2020		125		128
COP, 4.00%, 12/1/2022		375		404

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificate of Participation/Lease — continued
City of Longmont
Series A, COP, 5.00%, 12/1/2021		100		109
Series A, COP, 5.00%, 12/1/2022		100		111
Series A, COP, 5.00%, 12/1/2024		100		113
County of Boulder, Flood Reconstruction Projects
COP, 5.00%, 12/1/2022		720		760
COP, 5.00%, 12/1/2023		500		528
COP, 5.00%, 12/1/2025		500		528
County of Eagle COP, 5.00%, 12/1/2022		200		223
State of Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement
COP, 3.00%, 6/15/2020		250		254
COP, 3.00%, 6/15/2021		1,000		1,028
				4,186
Education — 0.3%
University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2022		1,080		1,194
University of Colorado, University Enterprise Series A, Rev., 5.00%, 6/1/2022		3,150		3,483
				4,677
General Obligation — 0.1%
Counties of Gunnison, Watershed School District No. 1
GO, 4.00%, 12/1/2022		300		325
GO, 5.00%, 12/1/2026		500		581
				906
Hospital — 0.3%
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 5.00%, 9/1/2022		150		165
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,150		1,162
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020 (c)		2,620		2,647
				3,974
Housing — 0.3%
Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project Rev., 1.50%, 11/1/2019 (c)		5,000		4,989

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.1%
Denver Convention Center Hotel Authority
Rev., 4.00%, 12/1/2019		375		380
Rev., 4.00%, 12/1/2020		500		515
				895
Prerefunded — 0.2%
Regional Transportation District Series A, COP, 5.00%, 6/1/2020 (e)		3,700		3,851
Transportation — 0.2%
E-470 Public Highway Authority, Senior LIBOR Index Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%), 2.57%, 3/7/2019 (b)		2,500		2,498
Total Colorado				25,976
Connecticut — 3.2%
Education — 2.3%
Connecticut State Health and Educational Facility Authority, Sacred Heart University Series I-1, Rev., 5.00%, 7/1/2031		400		462
State of Connecticut, Health and Educational Facilities Authority, Hartford Healthcare Issue Series G, Rev., (ICE LIBOR USD 1 Month + 0.95%), 2.64%, 4/1/2019 (b)		15,000		15,127
State of Connecticut, Health and Educational Facilities Authority, Yale New Haven Health Issue Series B, Rev., (ICE LIBOR USD 1 Month + 0.55%), 2.22%, 4/1/2019 (b)		18,775		18,794
				34,383
General Obligation — 0.1%
State of Connecticut, SIFMA Index Series B, GO, (SIFMA Municipal Swap Index Yield + 0.49%), 2.23%, 3/7/2019 (b)		1,500		1,499
Special Tax — 0.8%
State of Connecticut Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026		10,000		11,721
Total Connecticut				47,603
Delaware — 0.0% (d)
General Obligation — 0.0% (d)
State of Delaware GO, 5.00%, 7/1/2019		120		121
District of Columbia — 0.2%
Hospital — 0.0% (d)
District of Columbia Children’s Hospital Rev., 5.00%, 7/15/2021		500		536

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.2%
Metropolitan Washington Airports Authority, Airport System Series C, Rev., 5.00%, 10/1/2021		1,475		1,600
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029		1,120		1,340
				2,940
Total District of Columbia				3,476
Florida — 1.1%
Certificate of Participation/Lease — 0.1%
School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		804
Seminole County School Board
Series A, COP, 5.00%, 7/1/2019		200		202
Series A, COP, 5.00%, 7/1/2020		210		219
				1,225
Education — 0.8%
Board of Governors of the University of Florida, Student Activity Rev., 5.00%, 7/1/2020		1,660		1,732
State of Florida, State Board of Education Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		10,182
				11,914
General Obligation — 0.1%
Reedy Creek Improvement District Series B, GO, 4.00%, 6/1/2019		1,000		1,006
Transportation — 0.1%
Miami-Dade County Expressway Authority, Toll System
Series A, Rev., 5.00%, 7/1/2020		1,550		1,616
Series A, Rev., 5.00%, 7/1/2022		625		690
				2,306
Water & Sewer — 0.0% (d)
JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025		250		292
Total Florida				16,743
Georgia — 2.2%
General Obligation — 1.5%
City of Atlanta Series 2014A, GO, 4.00%, 12/1/2019		1,000		1,018
Cook County School District, Sales Tax GO, 5.00%, 10/1/2021		1,495		1,617

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
State of Georgia
Series I, GO, 5.00%, 7/1/2021		8,165		8,794
Series E, GO, 5.00%, 12/1/2025		6,750		8,114
Series F, GO, 5.00%, 7/1/2028		2,000		2,418
				21,961
Other Revenue — 0.7%
Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien
Series 2015A-1, Rev., 5.00%, 7/1/2027		1,000		1,162
Series 2015A-1, Rev., 5.00%, 7/1/2028		1,000		1,158
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2023		325		366
Series 2017, Rev., 5.00%, 7/1/2025		250		293
Series 2017, Rev., 5.00%, 7/1/2026		275		327
Series 2017, Rev., 5.00%, 7/1/2028		375		446
Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,069
Fulton County Development Authority, Technology Athletic Association Project Series A, Rev., 5.00%, 10/1/2022		5,000		5,529
				10,350
Total Georgia				32,311
Hawaii — 1.4%
General Obligation — 1.4%
City and County of Honolulu, Rail Transit Project Series 2017H, GO, (SIFMA Municipal Swap Index Yield + 0.30%), 2.04%, 3/7/2019 (b)		2,200		2,208
State of Hawaii
Series DY, GO, 5.00%, 2/1/2020		10,160		10,470
Series EF, GO, 5.00%, 11/1/2021		7,640		8,308
Total Hawaii				20,986
Illinois — 6.5%
Education — 0.6%
Illinois Educational Facilities Authority, University of Chicago Series B-2, Rev., 1.55%, 2/13/2020 (c)		5,000		4,986
Illinois Finance Authority, DePaul University
Rev., 5.00%, 10/1/2023		200		226
Rev., 5.00%, 10/1/2025		300		350
Rev., 5.00%, 10/1/2028		250		291
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,775
				8,628

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 2.8%
City of Chicago Series 2015C, GO, 5.00%, 1/1/2022		5,000		5,232
City of Waukegan
Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,236
Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,305
Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,367
Series B, GO, AGM, 5.00%, 12/30/2028		1,245		1,425
Series B, GO, AGM, 5.00%, 12/30/2029		1,305		1,484
Cook County Township High School District No. 225 Series A, GO, 5.00%, 12/1/2023		5		6
Cook County, Proviso Township High School District No. 209
GO, 5.00%, 12/1/2022		2,975		3,259
GO, 5.00%, 12/1/2023		2,350		2,626
County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		382
Effingham Community Unit School District No. 40
Series 2019A, GO, 4.00%, 12/1/2028 (f)		565		614
Series 2019A, GO, 4.00%, 12/1/2029 (f)		1,000		1,075
Series 2019A, GO, 4.00%, 12/1/2031 (f)		400		420
Series 2019A, GO, 4.00%, 12/1/2032 (f)		590		615
Glenview Park District
GO, 5.00%, 12/1/2026		300		357
GO, 5.00%, 12/1/2029		350		408
GO, 5.00%, 12/1/2030		600		696
GO, 5.00%, 12/1/2031		450		520
Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027		355		419
Lincoln Land Community College District No. 526
GO, 5.00%, 12/15/2021		305		330
GO, 4.00%, 12/15/2022		440		464
McHenry County, Woodstock Community Unit School District No. 200 GO, 5.00%, 1/15/2021		300		317
State of Illinois
Series D, GO, 5.00%, 11/1/2020		10,000		10,388
Series D, GO, 5.00%, 11/1/2023		5,000		5,343
Will County Forest Preservation District GO, 5.00%, 12/15/2027		805		972
				41,260
Hospital — 1.1%
Illinois Finance Authority, Advocate Health Care Series A-1, Rev., 5.00%, 1/15/2020 (c)		6,000		6,165

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 37

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		3,750		3,746
Illinois Finance Authority, Edward-Elmhurst Healthcare Series A, Rev., 5.00%, 1/1/2030		2,500		2,857
Illinois Finance Authority, Silver Cross Hospital and Medical Centers
Series C, Rev., 5.00%, 8/15/2021		150		160
Series C, Rev., 5.00%, 8/15/2022		500		543
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group Series A, Rev., 5.00%, 2/15/2027		2,000		2,386
				15,857
Other Revenue — 1.5%
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2024		3,000		3,328
Series C, Rev., 5.00%, 1/1/2025		4,250		4,785
State of Illinois, Sales Tax, Junior Obligation
Series A, Rev., 5.00%, 6/15/2021		4,600		4,865
Series A, Rev., 5.00%, 6/15/2022		4,600		4,961
Series A, Rev., 5.00%, 6/15/2023		4,600		5,056
				22,995
Transportation — 0.0% (d)
City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding Series 2014B, Rev., 5.00%, 1/1/2020		500		512
Water & Sewer — 0.5%
City of Waukegan, First Lien, Water and Sewer System
Series C, Rev., AGM, 5.00%, 12/30/2023		535		600
Series C, Rev., AGM, 5.00%, 12/30/2026		680		794
Series C, Rev., AGM, 5.00%, 12/30/2027		710		824
Series C, Rev., AGM, 5.00%, 12/30/2028		395		454
Illinois Finance Authority, State Clean Water Revolving Funds Series 1998B, Rev., 5.00%, 1/1/2029		4,000		4,680
				7,352
Total Illinois				96,604
Indiana — 0.7%
Education — 0.2%
New Albany Floyd County School Building Corp.
Rev., 5.00%, 7/15/2021		700		752
Rev., 5.00%, 7/15/2022		835		922

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Purdue University, Student Fee
Series DD, Rev., 5.00%, 7/1/2025		870		1,036
Series DD, Rev., 5.00%, 7/1/2027		10		12
				2,722
Other Revenue — 0.1%
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,129
Indiana State Office Building Commission, Indiana State Museum Facility Series C, Rev., NATL-RE, 5.25%, 7/1/2019 (e)		750		758
				1,887
Utility — 0.4%
City of Rockport, Indiana Michigan Power Company Project Series B, Rev., 3.05%, 6/1/2025		5,000		5,067
Water & Sewer — 0.0% (d)
Evansville Local Public Improvement Bond Bank, Sewage Works Project Series A, Rev., 5.00%, 7/1/2019		620		627
Total Indiana				10,303
Iowa — 0.9%
Hospital — 0.9%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.32%, 3/7/2019 (b) (g)		13,300		13,364
Kansas — 0.4%
General Obligation — 0.1%
Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		213
Seward County Unified School District No. 480 Series B, GO, 5.00%, 9/1/2025		1,750		2,059
				2,272
Hospital — 0.0% (d)
University of Kansas Hospital Authority, Health System Series A, Rev., 5.00%, 3/1/2024		275		315
Other Revenue — 0.1%
City of Wichita, Sales Tax, River District Stadium Star Bond Project
Rev., 5.00%, 9/1/2025		300		350
Rev., 5.00%, 9/1/2026		465		550
				900

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — 0.2%
City of Wichita, Water and Sewer Utility Series A, Rev., 5.00%, 10/1/2022		2,200		2,451
Total Kansas				5,938
Kentucky — 0.5%
Education — 0.1%
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,479
Prerefunded — 0.0% (d)
Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2021 (e)		250		263
Utility — 0.4%
Kentucky Municipal Power Agency, Prairie State Project Series A, Rev., NATL-RE, 5.00%, 9/1/2023		240		268
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (c)		2,500		2,654
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (c)		2,250		2,265
				5,187
Total Kentucky				6,929
Louisiana — 0.9%
Hospital — 0.7%
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 2.39%, 3/7/2019 (b)		10,000		10,125
Other Revenue — 0.0% (d)
Louisiana Public Facilities Authority, Tulane University Project
Rev., 5.00%, 12/15/2022		230		256
Rev., 5.00%, 12/15/2025		250		295
				551
Water & Sewer — 0.2%
City of Shreveport, Water and Sewer, Junior Lien
Series C, Rev., 3.00%, 12/1/2021		175		180
Series C, Rev., 5.00%, 12/1/2022		270		298
Series C, Rev., 5.00%, 12/1/2023		365		412
Series C, Rev., 5.00%, 12/1/2025		915		1,067
Series C, Rev., 5.00%, 12/1/2026		500		590
Series C, Rev., 5.00%, 12/1/2028		400		481
				3,028
Total Louisiana				13,704

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — 0.9%
General Obligation — 0.9%
State of Maryland, State and Local Facilities Loan of 2013, Second Series Series A, GO, 5.00%, 8/1/2020		12,795		13,394
Massachusetts — 3.6%
Education — 0.2%
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2025 (f)		525		602
Rev., 5.00%, 7/1/2026 (f)		435		504
Rev., 5.00%, 7/1/2027 (f)		420		490
Rev., 5.00%, 7/1/2028 (f)		525		615
				2,211
General Obligation — 1.5%
City of Boston Series 2014A, GO, 5.00%, 3/1/2023		7,360		8,333
Commonwealth of Massachusetts
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 2.38%, 5/1/2019 (b)		3,000		2,990
Series B, GO, 5.00%, 7/1/2028 (f)		1,925		2,376
Series D, GO, 4.00%, 9/1/2030		8,290		8,993
				22,692
Hospital — 0.7%
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 2.24%, 3/7/2019 (b)		10,000		9,985
Massachusetts State Development Finance Agency, Lahey Health System Series F, Rev., 5.00%, 8/15/2026		500		520
				10,505
Transportation — 0.7%
Massachusetts Port Authority
Series 2019-A, Rev., AMT, 5.00%, 7/1/2023		4,840		5,451
Series 2019-A, Rev., AMT, 5.00%, 7/1/2024		4,140		4,760
				10,211
Water & Sewer — 0.5%
Massachusetts Clean Water Trust, State Revolving Fund Rev., 5.00%, 8/1/2025		6,775		8,091
Total Massachusetts				53,710

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 39

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — 2.1%
Education — 0.7%
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c)		10,000		11,019
General Obligation — 0.5%
City of Royal Oak, Capital Improvement
GO, 5.00%, 4/1/2027		625		751
GO, 5.00%, 4/1/2028		245		297
Grosse Pointe Public School System GO, 4.00%, 5/1/2027		765		863
Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,098
Northville Public Schools, School Building and Site
GO, 5.00%, 5/1/2027 (f)		375		452
GO, 5.00%, 5/1/2028 (f)		600		732
GO, 5.00%, 5/1/2029 (f)		250		307
GO, 5.00%, 5/1/2030 (f)		450		545
Troy School District, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2019		650		653
GO, Q-SBLF, 5.00%, 5/1/2020		500		519
GO, Q-SBLF, 5.00%, 5/1/2021		550		588
GO, Q-SBLF, 5.00%, 5/1/2022		500		549
				7,354
Hospital — 0.2%
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		2,250		2,578
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)		2,600		2,515
Other Revenue — 0.1%
Michigan Finance Authority, Local Government Loan Program
Series B, Rev., 4.00%, 11/1/2019		675		685
Series B, Rev., 4.00%, 11/1/2020		455		471
				1,156
Transportation — 0.2%
Gerald R Ford International Airport Authority, Limited Tax
Rev., 5.00%, 1/1/2023		1,560		1,745
Rev., 5.00%, 1/1/2024		1,400		1,604
				3,349

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — 0.2%
City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		382
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,440
				2,822
Total Michigan				30,793
Minnesota — 0.3%
Education — 0.0% (d)
Minnesota Higher Education Facilities Authority Series L, Rev., 4.00%, 4/1/2020		350		358
Transportation — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport
Series A, Rev., 5.00%, 1/1/2020		220		226
Series A, Rev., 5.00%, 1/1/2022		1,000		1,090
				1,316
Utility — 0.2%
Western Minnesota Municipal Power Agency, Power Supply
Series A, Rev., 5.00%, 1/1/2023		1,500		1,681
Series A, Rev., 5.00%, 1/1/2024		1,000		1,148
				2,829
Total Minnesota				4,503
Mississippi — 0.6%
Other Revenue — 0.6%
Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023		750		836
State of Mississippi
Series 2019A, Rev., 5.00%, 10/15/2028		1,400		1,688
Series 2019A, Rev., 5.00%, 10/15/2029		2,000		2,391
Series 2019A, Rev., 5.00%, 10/15/2030		3,000		3,545
Total Mississippi				8,460
Missouri — 0.7%
Certificate of Participation/Lease — 0.1%
City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,086
Education — 0.1%
Health and Educational Facilities Authority
Rev., 4.00%, 10/1/2019		625		633
Rev., 4.00%, 10/1/2020		300		311
Rev., 4.00%, 10/1/2021		300		317
Missouri State Health and Educational Facilities Authority, Health Facilities, BJC Health System Rev., 5.00%, 1/1/2021		225		238
				1,499

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 0.0% (d)
County of Clay, North Kansas City School District 74, Refunding and Improvement, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022		350		384
Industrial Development Revenue/Pollution Control Revenue — 0.0% (d)
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		583
Other Revenue — 0.2%
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		3,000		3,339
Transportation — 0.3%
Missouri Airport Refunding, Lambert St. Louis International Airport
Rev., 5.00%, 7/1/2021		1,575		1,694
Rev., 5.00%, 7/1/2022		1,000		1,106
Rev., 5.00%, 7/1/2023		1,080		1,225
				4,025
Total Missouri				10,916
Montana — 0.2%
General Obligation — 0.2%
State of Montana, Long-Range Building Program
GO, 5.00%, 8/1/2021		690		744
GO, 5.00%, 8/1/2022		1,000		1,109
Yellowstone County, School District No. 2 Billings, School Building GO, 5.00%, 6/15/2020		650		678
Total Montana				2,531
Nebraska — 0.1%
Certificate of Participation/Lease — 0.1%
Southeast Community College
COP, 5.00%, 12/15/2021		200		218
COP, 5.00%, 12/15/2026		275		330
COP, 5.00%, 12/15/2027		495		601
COP, 5.00%, 12/15/2028		540		658
Total Nebraska				1,807
New Hampshire — 0.2%
General Obligation — 0.2%
State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,383

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New Jersey — 4.6%
Education — 0.3%
New Jersey Economic Development Authority, School Facilities Construction
Series A, Rev., 5.25%, 12/15/2020		1,040		1,049
Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,685
Series DDD, Rev., 5.00%, 6/15/2026		1,840		2,075
				4,809
General Obligation — 1.6%
County of Passaic GO, 5.00%, 2/1/2021		90		96
State of New Jersey Series Q, GO, 5.00%, 8/15/2020		10,075		10,537
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,121
Township of South Brunswick GO, 5.00%, 9/1/2022		425		471
Township of Woodbridge GO, BAN, 3.00%, 8/16/2019		8,925		8,981
				24,206
Housing — 0.2%
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (c)		3,000		3,023
Other Revenue — 0.4%
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2031		3,070		3,501
Series A, Rev., 5.00%, 6/1/2032		2,500		2,833
				6,334
Transportation — 2.1%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2028		3,000		3,388
Series A, Rev., 5.00%, 6/15/2029		5,350		6,002
Series A, Rev., 5.00%, 6/15/2031		4,750		5,267
New Jersey Transportation Trust Fund Authority, Transportation Program Series BB-1, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.74%, 3/7/2019 (b)		5,500		5,511
New Jersey Turnpike Authority Series C-6, Rev., VRDO, 2.49%, 4/1/2019 (c)		10,000		10,000
				30,168
Total New Jersey				68,540

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Mexico — 0.4%
General Obligation — 0.2%
County of Sandoval
GO, 5.00%, 8/1/2024		1,100		1,278
GO, 5.00%, 8/1/2025		500		593
GO, 5.00%, 8/1/2026		650		784
				2,655
Housing — 0.2%
County of Bernalillo, Arroyo Vista Apartments Project Rev., 1.40%, 3/1/2020 (c)		2,500		2,500
Other Revenue — 0.0% (d)
New Mexico Finance Authority, Senior Lien Public Project Series B, Rev., 5.00%, 6/1/2021		800		858
Total New Mexico				6,013
New York — 9.2%
Education — 1.4%
New York State Dormitory Authority
Series 2019A, Rev., 5.00%, 7/1/2027		4,630		5,719
Series 2019A, Rev., 5.00%, 7/1/2028		3,135		3,924
New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2021		585		637
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Series 2015-A, Rev., 5.00%, 7/1/2019		5,000		5,055
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027		3,225		3,808
New York State Dormitory Authority, The New School Series A, Rev., 5.00%, 7/1/2024		1,100		1,270
				20,413
General Obligation — 1.6%
Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,703
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025 (f)		540		635
City of New York, Fiscal Year 2012 Subseries G-1, GO, 5.00%, 4/1/2020		3,860		3,999
City of New York, Fiscal Year 2013 Series B, GO, 4.00%, 8/1/2019		3,695		3,731
Counties of Rockland and Orange, Ramapo Central School District GO, 4.00%, 10/15/2019		2,030		2,061
County of Orange, Public Improvement
Series B, GO, 5.00%, 3/1/2021		1,510		1,616
GO, 5.00%, 2/1/2023		1,000		1,133

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
County of Suffolk, Longwood Central School District
GO, 5.00%, 6/15/2026		365		444
GO, 5.00%, 6/15/2027		795		957
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,264
Town of East Hampton
GO, 5.00%, 5/15/2021		1,000		1,072
GO, 5.00%, 5/15/2023		1,000		1,135
White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,810
				23,560
Hospital — 0.2%
Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		592
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series B, Rev., 5.00%, 7/1/2023		800		888
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center Series 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,211
				2,691
Industrial Development Revenue/Pollution Control Revenue — 0.2%
New York State Energy Research and Development Authority, Pollution Control, Electric and Gas Corp., Project Series C, Rev., 2.00%, 5/1/2020 (c)		3,000		2,995
Other Revenue — 2.5%
Battery Park City Authority Series 2013A, Rev., 4.00%, 11/1/2019		2,500		2,540
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Series 2016A, Rev., 5.00%, 7/15/2020		500		517
City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		500		523
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series B, Rev., 5.00%, 2/1/2020		2,750		2,835
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series A, Subseries A-1, Rev., 5.00%, 11/1/2020		3,700		3,905
New York Convention Center Development Corp. Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026		5,000		5,894

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2021		2,000		2,134
Series A, Rev., 5.00%, 3/15/2024		6,135		7,102
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2022		4,800		5,387
Series A, Rev., 5.00%, 10/15/2025		4,500		5,276
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025		400		470
				36,583
Prerefunded — 0.3%
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Rev., 6.38%, 1/15/2020 (e)		4,305		4,484
Special Tax — 0.1%
New York State Dormitory Authority, Personal Income Tax Series G, Rev., 5.00%, 8/15/2021		1,110		1,200
Transportation — 2.8%
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System
Rev., 5.00%, 1/1/2020		465		478
Rev., 5.00%, 1/1/2021		815		863
Metropolitan Transportation Authority
Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%), 2.32%, 4/1/2019 (b)		5,000		5,017
Subseries C-1, Rev., 5.00%, 11/15/2019		2,000		2,044
Subseries A-1, Rev., 5.00%, 11/15/2020		1,435		1,508
Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,458
Metropolitan Transportation Authority, Green Bonds Series B-2, Rev., 4.00%, 11/15/2032		4,000		4,357
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023		9,200		10,055
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2028		265		313
Series 2019A, Rev., AMT, 5.00%, 4/1/2029		265		314
Series 2019A, Rev., AMT, 5.00%, 4/1/2030		165		194
Series 2019A, Rev., AMT, 5.00%, 4/1/2031		180		210
Port Authority of New York and New Jersey Rev., AMT, 5.00%, 9/15/2023		4,325		4,920

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — continued
Triborough Bridge and Tunnel Authority
Series B, Rev., (SOFR + 0.43%), 2.02%, 3/1/2019 (b)		4,255		4,261
Series A, Rev., 5.00%, 11/15/2024		3,290		3,715
				41,707
Utility — 0.1%
Long Island Power Authority, Electric System
Series 2017, Rev., 5.00%, 9/1/2025		500		595
Series 2017, Rev., 5.00%, 9/1/2027		500		610
Series 2017, Rev., 5.00%, 9/1/2028		750		904
				2,109
Total New York				135,742
North Carolina — 2.1%
Education — 0.4%
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 2.07%, 4/1/2019 (b)		5,750		5,776
Winston-Salem State University Foundation LLC Rev., AGM, 5.00%, 10/1/2023		445		502
				6,278
General Obligation — 0.7%
State of North Carolina Series D, GO, 4.00%, 6/1/2020		9,670		9,955
Hospital — 0.9%
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c)		13,805		13,886
Other Revenue — 0.1%
State of North Carolina Series 2017B, Rev., 5.00%, 5/1/2022		700		772
Total North Carolina				30,891
Ohio — 2.4%
Education — 0.2%
Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series A, Rev., 4.00%, 12/1/2019		535		544
Ohio State Higher Educational Facility Commission, Oberlin College
Rev., 4.00%, 10/1/2019		675		684
Rev., 5.00%, 10/1/2020		1,000		1,050
				2,278

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 43

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 0.3%
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		221
Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds
GO, 5.00%, 12/1/2028		2,300		2,713
Series 2018, GO, 4.00%, 12/1/2032		1,250		1,346
				4,280
Hospital — 1.4%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		404
County of Allen, Mercy Health Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.75%), 2.49%, 3/7/2019 (b)		10,800		10,818
County of Franklin, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 2.17%, 3/7/2019 (b)		4,000		4,047
County of Lake, Hospital Facilities, Lake Hospital System, Inc.
Rev., 5.00%, 8/15/2023		1,445		1,610
Rev., 5.00%, 8/15/2024		1,655		1,875
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 1.99%, 3/1/2019 (c)		2,500		2,500
				21,254
Other Revenue — 0.1%
City of Cleveland, Subordinate Lien, Public Facilities Improvements
Series 2018A, Rev., 5.00%, 10/1/2024		200		231
Series 2018A, Rev., 5.00%, 10/1/2025		150		176
Series 2018A, Rev., 5.00%, 10/1/2027		250		300
Series 2018A, Rev., 5.00%, 10/1/2028		250		301
				1,008
Utility — 0.3%
American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (c)		5,000		5,063
Water & Sewer — 0.1%
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati
Series A, Rev., 5.00%, 12/1/2019		640		656
Series A, Rev., 5.00%, 12/1/2021		1,375		1,496
				2,152
Total Ohio				36,035

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oklahoma — 0.7%
Education — 0.6%
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project
Rev., 5.00%, 9/1/2025		365		418
Rev., 5.00%, 9/1/2026		820		949
Rev., 5.00%, 9/1/2027		1,250		1,458
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project
Rev., 5.00%, 9/1/2028		375		441
Rev., 5.00%, 9/1/2029		1,175		1,373
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Series 2018, Rev., 5.00%, 10/1/2022		500		554
Series 2018, Rev., 5.00%, 10/1/2023		355		402
Series 2018, Rev., 5.00%, 10/1/2025		1,000		1,174
Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project Rev., 5.00%, 9/1/2019		325		330
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,155
				9,254
Other Revenue — 0.1%
Cleveland County Justice Authority, Sales Tax, Detention Facility Project Rev., 4.00%, 3/1/2020		500		501
Total Oklahoma				9,755
Oregon — 1.0%
Education — 0.1%
Oregon State Facilities Authority, Reed College Project
Series A, Rev., 5.00%, 7/1/2028		125		150
Series A, Rev., 4.00%, 7/1/2032		350		380
				530
General Obligation — 0.3%
State of Oregon, Article XI-M, XI-N and XI-P Grant Programs Series D, GO, 5.00%, 6/1/2029		3,430		4,297
Prerefunded — 0.4%
Oregon State Department of Administrative Services Series A, Rev., 5.25%, 4/1/2019 (e)		6,210		6,226

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.2%
Port of Portland, International Airport
Series 23, Rev., 5.00%, 7/1/2023		1,000		1,134
Series 23, Rev., 5.00%, 7/1/2024		1,595		1,849
				2,983
Water & Sewer — 0.0% (d)
City of Portland, Sewer System, First Lien Series A, Rev., 5.00%, 10/1/2023		40		46
Total Oregon				14,082
Pennsylvania — 5.3%
Education — 0.8%
Pennsylvania State Higher Educational Facilities Authority, Trustees of the University Series B, Rev., 5.00%, 10/1/2022		5,055		5,646
State Public School Building Authority, Community College of Philadelphia Project
Rev., 5.00%, 6/15/2021		2,760		2,943
Rev., 5.00%, 6/15/2024		2,625		2,985
				11,574
General Obligation — 1.1%
Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,259
County of Chester GO, 4.00%, 7/15/2028 (f)		2,500		2,885
County of Northampton
Series A, GO, 4.00%, 10/1/2026		750		848
Series A, GO, 4.00%, 10/1/2027		1,565		1,752
Series A, GO, 4.00%, 10/1/2028		920		1,024
County of Westmoreland Series A, GO, 5.00%, 8/15/2028 (f)		3,000		3,672
Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		384
				15,824
Hospital — 0.3%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2023		1,000		1,124
Rev., 5.00%, 11/1/2024		1,000		1,143
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024		1,000		1,145
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,620
Southcentral General Authority, Wellspan Health Obligation Group Series A, Rev., 5.00%, 6/1/2024		380		438
				5,470

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.4%
Lehigh County Industrial Development Authority, Pollution Control
Series 2016B, Rev., 1.80%, 8/15/2022 (c)		4,000		3,929
Series 2016A, Rev., 1.80%, 9/1/2022 (c)		2,500		2,460
				6,389
Other Revenue — 0.1%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2022		555		605
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020 (c)		1,000		1,001
				1,606
Transportation — 0.9%
Pennsylvania Turnpike Commission Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.34%, 3/7/2019 (b)		13,000		13,004
Water & Sewer — 1.7%
Allegheny County Sanitary Authority, Sewer
Rev., 5.00%, 12/1/2021		3,500		3,800
Rev., 5.00%, 12/1/2022		3,000		3,344
Rev., 5.00%, 12/1/2023		4,000		4,566
City of Philadelphia, Water and Wastewater
Series A, Rev., 5.00%, 1/1/2020		8,530		8,760
Series A, Rev., 5.00%, 7/1/2022		1,510		1,667
Series A, Rev., 5.00%, 7/1/2024		2,595		3,002
				25,139
Total Pennsylvania				79,006
Rhode Island — 0.2%
General Obligation — 0.2%
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2013 Series A, GO, 5.00%, 10/15/2019 (e)		1,475		1,506
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2019		1,000		1,022
				2,528
Transportation — 0.0% (d)
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GRAN, 5.00%, 6/15/2022		25		27
Total Rhode Island				2,555

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 45

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
South Carolina — 0.1%
Other Revenue — 0.1%
County of Charleston Rev., 5.00%, 12/1/2019		1,000		1,025
South Dakota — 0.2%
Education — 0.1%
South Dakota Health and Educational Facilities Authority
Series B, Rev., 4.00%, 11/1/2020		625		646
Series B, Rev., 4.00%, 11/1/2021		500		526
Series B, Rev., 5.00%, 11/1/2022		375		415
				1,587
Other Revenue — 0.1%
South Dakota State Building Authority
Series B, Rev., 5.00%, 6/1/2019		500		504
Series B, Rev., 5.00%, 6/1/2021		485		521
				1,025
Total South Dakota				2,612
Tennessee — 0.8%
General Obligation — 0.6%
County of Rutherford Series A, GO, 5.00%, 4/1/2026		1,165		1,366
State of Tennessee Series A, GO, 4.00%, 8/1/2025		7,000		7,524
				8,890
Other Revenue — 0.0% (d)
Metropolitan Government of Nashville and Davidson, County Sports Authority, Public Improvement Rev., 5.00%, 7/1/2020		5		5
Utility — 0.2%
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2022		1,460		1,519
Series A, Rev., 4.00%, 5/1/2023		1,400		1,469
				2,988
Total Tennessee				11,883
Texas — 8.6%
Education — 1.3%
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,094
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2026		250		299
Series 2018C, Rev., 5.00%, 8/1/2027		200		242

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Series 2018C, Rev., 5.00%, 8/1/2028		275		330
Series 2018C, Rev., 5.00%, 8/1/2029		325		386
Series 2018C, Rev., 5.00%, 8/1/2031		260		305
Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		790		838
County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital Series 3, Rev., (ICE LIBOR USD 1 Month + 0.85%), 2.54%, 3/7/2019 (b)		7,500		7,565
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026		1,910		2,185
Southwest Higher Education Authority, Inc., Southern Methodist University Project
Series 2017, Rev., 5.00%, 10/1/2021		425		460
Series 2017, Rev., 5.00%, 10/1/2022		400		445
Series 2017, Rev., 5.00%, 10/1/2023		400		455
Texas State University, Financing System Series A, Rev., 5.00%, 3/15/2032		4,365		5,105
				19,709
General Obligation — 3.0%
Abilene Independent School District, Unlimited Tax School Building
GO, PSF-GTD, 4.00%, 2/15/2029		2,000		2,250
GO, PSF-GTD, 4.00%, 2/15/2030		1,000		1,111
GO, PSF-GTD, 4.00%, 2/15/2031		1,000		1,098
GO, PSF-GTD, 4.00%, 2/15/2032		2,535		2,756
City of Abilene, Taylor and Jones Counties GO, 5.00%, 2/15/2021		475		505
City of Colony GO, 5.00%, 8/15/2020		610		639
City of Denton GO, 5.00%, 2/15/2023		1,045		1,173
City of El Paso, Refunding and Improvement
GO, 5.00%, 8/15/2021		530		571
GO, 5.00%, 8/15/2025		4,035		4,741
City of Fort Worth Series A, GO, 4.00%, 3/1/2019		785		785
City of Fort Worth, Refunding and Improvement, General Purpose GO, 4.00%, 3/1/2019		1,060		1,060
City of Galveston GO, 4.00%, 5/1/2024		635		698
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2021		3,000		3,192
Series A, GO, 5.00%, 3/1/2025		1,195		1,401
College of the Mainland
GO, 4.00%, 8/15/2032 (f)		965		1,042
GO, 4.00%, 8/15/2033 (f)		245		263
GO, 4.00%, 8/15/2034 (f)		2,860		3,040

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		1,000		1,118
Forney Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,521
Galveston County, Unlimited Tax Road
Series 2017, GO, 4.00%, 2/1/2024		980		1,077
Series 2017, GO, 4.00%, 2/1/2025		800		890
Hereford Independent School District, School Building
GO, PSF-GTD, 4.00%, 2/15/2028 (f)		1,420		1,592
GO, PSF-GTD, 4.00%, 2/15/2029 (f)		1,480		1,641
GO, PSF-GTD, 4.00%, 2/15/2030 (f)		1,000		1,096
GO, PSF-GTD, 4.00%, 2/15/2031 (f)		700		760
Katy Independent School District, School Building
GO, PSF-GTD, 4.00%, 2/15/2027		290		312
GO, PSF-GTD, 4.00%, 2/15/2028		350		376
Lewisville Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2025		750		849
GO, PSF-GTD, 5.00%, 8/15/2026		750		850
GO, PSF-GTD, 5.00%, 8/15/2027		650		736
Pharr San Juan Alamo Independent School District Series 2015ISD, GO, PSF-GTD, 4.00%, 2/1/2030		4,000		4,322
S & S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		580		664
Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		276
				44,405
Hospital — 0.3%
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017B, Rev., VRDO, 2.84%, 3/7/2019 (c)		1,750		1,750
Series 2017A, Rev., 5.00%, 10/15/2022		250		276
Series 2017A, Rev., 5.00%, 10/15/2028		250		288
Series 2017A, Rev., 5.00%, 10/15/2029		500		572
Series 2017A, Rev., 5.00%, 10/15/2031		1,000		1,131
				4,017
Other Revenue — 1.2%
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier
Series 2017A, Rev., 5.00%, 1/1/2021		500		525
Series 2017A, Rev., 5.00%, 1/1/2022		750		806

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series 2017B, Rev., 5.00%, 1/1/2021		800		835
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023		4,700		5,156
State of Texas Rev., TRAN, 4.00%, 8/29/2019		10,000		10,109
				17,431
Prerefunded — 0.0% (d)
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2022 (e)		60		66
Transportation — 1.6%
Central Texas Regional Mobility Authority, Subordinated Lien Rev., 4.00%, 1/1/2022		1,545		1,610
City of Austin, Airport System
Series 2017B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,299
Series 2017B, Rev., AMT, 5.00%, 11/15/2027		585		689
Series 2017B, Rev., AMT, 5.00%, 11/15/2028		630		735
Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		11,088
North Texas Tollway Authority System, First Tier
Series C, Rev., (SIFMA Municipal Swap Index Yield + 0.67%), 2.41%, 3/7/2019 (b)		6,000		5,984
Series A, Rev., 4.00%, 1/1/2033		2,500		2,673
				24,078
Utility — 0.7%
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022		560		621
City of San Antonio, Electric and Gas Systems, Junior Lien Series B, Rev., 2.00%, 12/1/2021 (c)		6,480		6,464
City of Victoria, Utility System Rev., 2.50%, 12/1/2019		150		151
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		1,865		2,156
West Travis County Public Utility Agency
Series 2017, Rev., 5.00%, 8/15/2022		545		602
Series 2017, Rev., 5.00%, 8/15/2023		325		367
Series 2017, Rev., 5.00%, 8/15/2027		350		422
				10,783
Water & Sewer — 0.5%
City of Dallas, Waterworks and Sewer System Series 2012A, Rev., 5.00%, 10/1/2019		3,520		3,588

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 47

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — continued
City of Galveston, Waterworks and Sewer System
Rev., 5.00%, 5/1/2019		205		206
Rev., 5.00%, 5/1/2020		245		254
Rev., 5.00%, 5/1/2021		265		283
City of Garland Series 2018A, Rev., 5.00%, 3/1/2026		1,030		1,229
North Harris County, Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2019		1,035		1,061
				6,621
Total Texas				127,110
Utah — 1.4%
General Obligation — 0.3%
State of Utah GO, 5.00%, 7/1/2021		4,925		5,305
Other Revenue — 1.0%
Utah Infrastructure Agency, Telecommunication Revenue Series A, Rev., 5.00%, 10/15/2025		10,380		11,156
West Valley City Municipal Building Authority
Rev., AGM, 4.00%, 2/1/2024		500		544
Rev., AGM, 5.00%, 2/1/2025		250		289
Rev., AGM, 5.00%, 2/1/2027		720		854
Rev., AGM, 5.00%, 2/1/2029		1,070		1,251
Rev., AGM, 5.00%, 2/1/2030		500		582
				14,676
Transportation — 0.1%
Salt Lake City Corp. Airport Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,096
Total Utah				21,077
Vermont — 0.2%
Education — 0.1%
University of Vermont and State Agricultural College
Rev., 5.00%, 10/1/2021		750		811
Rev., 5.00%, 10/1/2022		855		951
				1,762
Other Revenue — 0.1%
Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		435
Total Vermont				2,197
Virginia — 3.1%
Education — 1.7%
Virginia College Building Authority, 21st Century College and Equipment Programs
Series 2017E, Rev., 5.00%, 2/1/2027		20,000		24,350
Series 2017C, Rev., 5.00%, 2/1/2028		1,000		1,206
				25,556

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 0.9%
City of Newport News, General Improvement Series A, GO, 5.00%, 2/1/2029		1,500		1,878
County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026		7,715		8,854
Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,313
				13,045
Water & Sewer — 0.5%
Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024		5,615		6,600
Total Virginia				45,201
Washington — 0.3%
Education — 0.0% (d)
University of Washington Rev., 1.75%, 4/1/2019		125		125
General Obligation — 0.1%
King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2019		870		891
Transportation — 0.2%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax Series 2016S-1, Rev., 5.00%, 11/1/2034		2,000		2,319
Utility — 0.0% (d)
County of Snohomish, Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025		500		595
Total Washington				3,930
West Virginia — 0.2%
Utility — 0.2%
West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (c)		2,905		2,938
Wisconsin — 2.3%
Education — 0.5%
Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit Group Series B-2, Rev., 4.00%, 5/30/2019 (c)		5,815		5,846
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025		325		380
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,322
				7,548

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 1.8%
City of Racine GO, 4.00%, 12/1/2025		300		334
Pewaukee School District
Series 2019B, GO, 5.00%, 9/1/2027 (f)		200		243
Series 2019B, GO, 4.00%, 9/1/2029 (f)		450		505
Series 2019B, GO, 4.00%, 9/1/2031 (f)		400		439
Series 2019A, GO, 4.00%, 3/1/2032 (f)		900		982
State of Wisconsin
Series A, GO, 5.00%, 5/1/2026		5,050		5,937
Series 1, GO, 5.00%, 11/1/2026		1,135		1,380
Sun Prairie Area School District GO, 4.00%, 3/1/2028 (f)		2,500		2,793
Wauwatosa School District, School Building and Improvement
Series 2019A, GO, 5.00%, 3/1/2027		5,025		6,114
Series 2019A, GO, 5.00%, 3/1/2029		6,025		7,184
				25,911
Total Wisconsin				33,459
Total Municipal Bonds (Cost $1,444,924)				1,461,313

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 0.0% (d)
FNMA REMIC Series 2002-36, Class FS, 2.99%, 6/25/2032 (c) (Cost $176)		175		176
	SHARES (000)
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (h) (i) (Cost $47,778)		47,780		47,778
Total Investments — 102.1% (Cost $1,492,878)				1,509,267
Liabilities in Excess of Other Assets — (2.1%)				(31,143	)
NET ASSETS — 100.0%				1,478,124

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificate of Participation
FNMA	Federal National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Notes
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SIFMA	The Securities Industry and Financial Markets Association
SOFR	Secured Overnight Financing Rate
TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Security is prerefunded or escrowed to maturity.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 49

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 97.6% (a)
Alabama — 0.4%
Hospital — 0.0% (b)
Allegheny County Hospital Development Authority, University Pittsburgh Medical Centre Rev., 5.00%, 9/1/2019		40		41
Other Revenue — 0.4%
Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2029		1,000		1,131
UAB Medicine Finance Authority Series B-2, Rev., 3.50%, 9/1/2035		160		160
				1,291
Prerefunded — 0.0% (b)
Fort Payne Waterworks Board Rev., 4.75%, 7/1/2019 (c)		20		20
Total Alabama				1,352
Alaska — 2.0%
General Obligation — 0.0% (b)
Borough of North Slope Series 2014C, GO, 4.00%, 6/30/2019 (c)		25		25
Housing — 0.2%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		830		857
Prerefunded — 0.7%
Matanuska-Susitna Borough, Goose Creek Correctional Center Project Rev., AGC, 6.00%, 9/1/2019 (c)		2,750		2,808
Utility — 1.1%
Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series Rev., AGM, 6.00%, 7/1/2019		3,915		3,970
Total Alaska				7,660
Arizona — 0.2%
Education — 0.2%
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2032		350		394
Series 2018A, Rev., 5.00%, 7/1/2033		150		168
Series 2018A, Rev., 5.00%, 7/1/2037		200		220
University of Arizona Rev., 5.00%, 6/1/2033		40		47
				829

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.0% (b)
Phoenix-Mesa Gateway Airport Authority, Mesa Project Rev., 4.00%, 7/1/2019		20		20
Total Arizona				849
Arkansas — 0.2%
Education — 0.1%
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		212
University of Arkansas, Monticello Campus Series A, Rev., 5.00%, 12/1/2027		100		122
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		117
				451
General Obligation — 0.0% (b)
State of Arkansas, Four-Lane Highway Construction and Improvement Series 2013, GO, 5.00%, 6/15/2021		60		65
Hospital — 0.1%
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029		350		407
Total Arkansas				923
California — 12.8%
Certificate of Participation/Lease — 0.4%
City of Palm Springs Series B, COP, Zero Coupon, 4/15/2021 (c)		100		97
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,673
				1,770
Education — 0.5%
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039		500		517
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2020 (d)		50		52
Series 2018A, Rev., 5.00%, 8/1/2021 (d)		50		53
Series 2018A, Rev., 5.00%, 8/1/2022 (d)		80		87
Series 2018A, Rev., 5.00%, 8/1/2023 (d)		175		194
Series 2018A, Rev., 5.00%, 8/1/2024 (d)		160		180
Series 2018A, Rev., 5.00%, 8/1/2025 (d)		150		172
Series 2018A, Rev., 5.00%, 8/1/2026 (d)		150		174
Series 2018A, Rev., 5.00%, 8/1/2027 (d)		150		175
Series 2018A, Rev., 5.00%, 8/1/2028 (d)		190		224
				1,828

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 4.3%
Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032		60		71
Campbell Union High School District GO, 3.00%, 8/1/2030		620		638
County of Santa Clara, Campbell Union High School District GO, 3.00%, 8/1/2031		30		31
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		900		835
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2024		60		69
Los Angeles Unified School District Series D, GO, 5.00%, 1/1/2034		5,000		5,054
Mount San Antonio Community College District, Election of 2008 Series A, GO, Zero Coupon, 8/1/2043		7,150		6,285
Palomar Community College District GO, 5.00%, 5/1/2019		35		35
Pomona Unified School District Series A, GO, NATL-RE, 6.10%, 2/1/2020		50		52
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo GO, Zero Coupon, 8/1/2037		2,450		1,040
State of California, Various Purpose GO, 6.50%, 4/1/2033		2,285		2,293
				16,403
Hospital — 1.2%
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2041		250		277
California Municipal Finance Authority, Eisenhower Medical Center Series 2017A, Rev., 5.00%, 7/1/2042		1,000		1,094
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 5.00%, 10/15/2037		500		545
Rev., 5.00%, 10/15/2047		1,000		1,063
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045		1,500		1,502
				4,481
Other Revenue — 1.7%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 3.50%, 6/1/2036		6,500		6,455
Prerefunded — 2.7%
San Diego Public Facilities Financing Authority, Senior Sewer Series A, Rev., 5.25%, 5/15/2019 (c)		7,500		7,556

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — continued
State of California, Various Purpose GO, 6.50%, 4/1/2019 (c)		2,715		2,726
				10,282
Transportation — 0.4%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series S-7, Rev., 4.00%, 4/1/2032		35		38
City of Los Angeles, Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,363
				1,401
Utility — 0.5%
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		2,000		2,147
Water & Sewer — 1.1%
East Bay Municipal Utility District Water System, Green Bonds Series B, Rev., 5.00%, 6/1/2033		515		596
East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2036		2,450		2,813
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		770
				4,179
Total California				48,946
Colorado — 2.6%
Certificate of Participation/Lease — 1.1%
Adams County, Colorado Refunding and Improvement COP, 4.00%, 12/1/2040		2,815		2,937
Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,000		1,124
State of Colorado Series 2018A, COP, 5.00%, 9/1/2031		20		24
				4,085
Hospital — 0.6%
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,082
Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045		1,000		1,076
				2,158
Other Revenue — 0.0% (b)
County of Boulder Rev., 5.00%, 7/15/2019		35		35
Prerefunded — 0.9%
State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2021 (c)		2,000		2,132

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 51

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — continued
University of Colorado, University Enterprise Series A, Rev., 5.38%, 6/1/2019 (c)		1,500		1,514
				3,646
Total Colorado				9,924
Connecticut — 1.3%
Education — 0.6%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series A, Rev., AMT, 5.00%, 11/15/2019		175		178
Series A, Rev., AMT, 5.00%, 11/15/2020		300		313
State of Connecticut, Health and Educational Facility Authority
Series K-1, Rev., 5.00%, 7/1/2034		725		811
Series K-1, Rev., 5.00%, 7/1/2036		450		499
Series K-1, Rev., 5.00%, 7/1/2039		490		539
University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		17
				2,357
General Obligation — 0.1%
State of Connecticut Series A, GO, 5.00%, 4/15/2029		150		172
Town of Cheshire GO, 4.00%, 8/1/2019		80		81
Town of Monroe GO, 5.00%, 5/1/2019		20		20
				273
Hospital — 0.3%
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025		1,000		1,148
Housing — 0.3%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series B-2, Rev., 4.00%, 11/15/2032		475		486
Series A-1, Rev., 4.00%, 11/15/2045		140		145
Subseries A-1, Rev., 4.00%, 11/15/2047		435		458
				1,089
Special Tax — 0.0% (b)
State of Connecticut, Special Tax, Transportation Infrastructure Purposes Series B, Rev., 5.00%, 10/1/2033		30		34
Total Connecticut				4,901

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Delaware — 1.0%
Education — 0.3%
The Delaware Economic Development Authority, Newark Charter School, Inc. Project
Series A, Rev., 5.00%, 9/1/2036		500		544
Series A, Rev., 5.00%, 9/1/2046		500		534
				1,078
General Obligation — 0.0% (b)
County of New Castle GO, 5.00%, 4/1/2027		25		31
Hospital — 0.3%
Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series A, Rev., 4.00%, 7/1/2043		1,275		1,294
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		425		434
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		1,000		1,082
Prerefunded — 0.0% (b)
Delaware Transportation Authority Rev., 5.00%, 7/1/2019 (c)		50		50
Total Delaware				3,969
District of Columbia — 2.9%
General Obligation — 1.1%
District of Columbia
Series A, GO, 5.00%, 6/1/2019		20		20
Series B, GO, NATL-RE, 6.00%, 6/1/2019		3,965		4,007
				4,027
Other Revenue — 0.0% (b)
District of Columbia Series 2012C, Rev., 5.00%, 12/1/2019		20		21
Prerefunded — 0.3%
District of Columbia Series A, Rev., 6.00%, 7/1/2023 (c)		1,000		1,176
Washington Metropolitan Area Transit Authority Series 2009A, Rev., 5.13%, 7/1/2019 (c)		30		30
				1,206
Transportation — 1.5%
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042		5,010		5,693
Total District of Columbia				10,947

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Florida — 1.0%
Certificate of Participation/Lease — 0.0% (b)
St Johns County School Board COP, 5.00%, 7/1/2019		40		40
Education — 0.0% (b)
St Lucie County School Board Rev., AGM, 5.00%, 10/1/2019		50		51
General Obligation — 0.7%
Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,809
State of Florida Series C, GO, 5.00%, 6/1/2019		25		25
				2,834
Hospital — 0.1%
Orange County Health Facilities Authority Series B, Rev., 4.00%, 10/1/2045		215		215
Housing — 0.0% (b)
Florida Housing Finance Corp., Homeowner Mortgage
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		90		92
Series 1, Rev., 5.00%, 7/1/2041		5		5
				97
Other Revenue — 0.2%
Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project
Series 2018B, Rev., 3.75%, 7/1/2023		200		201
Series 2018B, Rev., 4.00%, 7/1/2028		375		372
Orange County Convention Center Series 2016A, Rev., 4.00%, 10/1/2036		40		42
				615
Transportation — 0.0% (b)
Florida’s Turnpike Enterprise, Department of Transportation Series 2018A, Rev., 5.00%, 7/1/2033		55		65
Utility — 0.0% (b)
County of Sarasota, Utility System Series 2016A, Rev., 4.00%, 10/1/2043		65		67
Total Florida				3,984
Georgia — 3.2%
Education — 0.5%
Georgia Higher Education Facilities Authority USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 (e)		2,000		2,074

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — 1.2%
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		3,380		3,771
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Series 2017, Rev., 4.00%, 8/15/2041		1,000		1,034
				4,805
Housing — 0.1%
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., 5.00%, 6/1/2029		15		15
Subseries A-1, Rev., 4.00%, 6/1/2044		210		217
				232
Prerefunded — 0.0% (b)
State of Georgia Series D, GO, 5.00%, 5/1/2019 (c)		20		20
Utility — 1.4%
Main Street Natural Gas, Inc., Gas Supply Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (f)		5,000		5,313
Total Georgia				12,444
Hawaii — 0.6%
General Obligation — 0.6%
City and County of Honolulu Series A, GO, 5.00%, 10/1/2037		1,970		2,242
State of Hawaii Series DR, GO, 4.25%, 6/1/2019		25		25
				2,267
Water & Sewer — 0.0% (b)
City and County of Honolulu Series 2015A, Rev., 5.00%, 7/1/2019		30		30
Total Hawaii				2,297
Idaho — 0.0% (b)
Education — 0.0% (b)
University of Idaho Series 2018A, Rev., 5.00%, 4/1/2035		25		29
Illinois — 4.4%
Education — 0.2%
Chicago Public Building Commission, Board of Education Series A, Rev., NATL-RE, 7.00%, 1/1/2020 (c)		900		937
General Obligation — 1.6%
City of Chicago Series 2006A, GO, AGM, 4.75%, 1/1/2030		100		100

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 53

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
City of Oak Forest Series 2016B, GO, 3.00%, 12/15/2020		365		372
City of Rockford, Waterworks System Series B, GO, 4.00%, 12/15/2022		105		110
Cook County Forest Preserve District, Limited Tax Project Series B, GO, 5.00%, 12/15/2037		295		309
State of Illinois
GO, 5.00%, 5/1/2024		205		220
Series D, GO, 5.00%, 11/1/2024		325		350
GO, 5.50%, 1/1/2030		20		22
GO, 4.13%, 11/1/2031		20		20
GO, 4.00%, 6/1/2037		45		41
GO, 5.50%, 7/1/2038		3,000		3,121
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,129
Will County School District No. 86 Joliet Series A, GO, 4.00%, 3/1/2024		220		236
Winnebago & Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033		35		35
				6,065
Hospital — 0.3%
Illinois Finance Authority, Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2033		305		348
Series C, Rev., 5.00%, 3/1/2034		205		233
Illinois Finance Authority, Presence Health Network Series C, Rev., 4.00%, 2/15/2041		475		479
				1,060
Other Revenue — 1.6%
City of Chicago, Tax Increment, Pilsen Redevelopment Project Series 2014A, Rev., 5.00%, 6/1/2019		410		413
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021		200		213
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2026		3,500		3,986
Series C, Rev., 5.25%, 1/1/2043		1,500		1,662
				6,274
Prerefunded — 0.4%
City of Chicago, O’Hare International Airport, Third Lien Series 2011A, Rev., 5.75%, 1/1/2021 (c)		1,260		1,351
State of Illinois Series B, Rev., 5.25%, 6/15/2019 (c)		25		25
				1,376

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.3%
City of Chicago, O’Hare International Airport, Third Lien Series 2011A, Rev., 5.75%, 1/1/2039		240		256
Regional Transportation Authority Series D, Rev., NATL-RE, 7.75%, 6/1/2019		925		938
				1,194
Total Illinois				16,906
Indiana — 1.2%
Education — 0.0% (b)
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Rev., 5.00%, 1/15/2023		10		11
Hospital — 0.0% (b)
Indiana Finance Authority, Parkview Health Series A, Rev., 4.00%, 11/1/2048		50		51
Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046		15		15
				66
Other Revenue — 0.0% (b)
Indiana Finance Authority Series 2012M, Rev., 4.00%, 7/1/2020		100		103
Prerefunded — 1.2%
Indiana Finance Authority, State Revolving Fund Program Series A, Rev., 5.00%, 2/1/2022 (c)		4,000		4,371
Total Indiana				4,551
Iowa — 0.2%
Education — 0.0% (b)
University of Iowa (The), Academic Building Rev., 4.00%, 7/1/2019		30		30
Housing — 0.2%
Iowa Finance Authority Single Family Mortgage-Backed Securities Program
Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2028		95		97
Series 1, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		10		10
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		585		604
				711
Total Iowa				741

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kentucky — 0.6%
Certificate of Participation/Lease — 0.0% (b)
Commonwealth of Kentucky COP, 4.00%, 6/15/2032		30		31
Education — 0.1%
Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2019		460		463
Hospital — 0.5%
City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036		1,750		1,662
Housing — 0.0% (b)
Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028		40		41
Transportation — 0.0% (b)
Kentucky Turnpike Authority, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023		30		34
Total Kentucky				2,231
Louisiana — 0.6%
Hospital — 0.3%
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Series 2015A1, Rev., 5.00%, 6/1/2039		25		28
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,126
				1,154
Other Revenue — 0.3%
Tobacco Settlement Financing Corp., Asset-Backed Series A, Rev., 5.25%, 5/15/2035		1,000		1,056
Utility — 0.0% (b)
State of Louisiana, Gas and Fuels Tax Series A-1, Rev., 5.00%, 5/1/2020		45		47
Total Louisiana				2,257
Maine — 1.7%
Housing — 0.2%
Maine State Housing Authority Series A, Rev., 4.00%, 11/15/2045		475		494
Other Revenue — 0.0% (b)
Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021		100		106
Prerefunded — 1.5%
Maine Turnpike Authority Rev., 6.00%, 7/1/2019 (c)		5,675		5,755
Total Maine				6,355

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — 0.1%
Hospital — 0.0% (b)
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023		115		128
Housing — 0.1%
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031		290		301
Prerefunded — 0.0% (b)
State of Maryland Department of Transportation Rev., 4.00%, 5/15/2019 (c)		30		30
Total Maryland				459
Massachusetts — 2.5%
Education — 0.3%
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2036		825		921
Rev., 5.00%, 1/1/2037		315		351
Massachusetts School Building Authority Series B, Rev., 5.00%, 8/15/2019		55		56
				1,328
General Obligation — 1.0%
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		3,838
Town of Billerica, Municipal Purpose Loan Series A, GO, 4.00%, 5/15/2019		40		40
Town of Framingham, Municipal Purpose Loan GO, 5.00%, 6/15/2019		30		30
				3,908
Housing — 0.5%
Massachusetts Housing Finance Agency, Single Family Housing
Series 177, Rev., AMT, 4.00%, 6/1/2039		530		548
Series 167, Rev., 4.00%, 12/1/2043		380		392
Series 169, Rev., 4.00%, 12/1/2044		815		838
				1,778
Prerefunded — 0.0% (b)
Commonwealth of Massachusetts
Series B, GO, 4.00%, 7/1/2019 (c)		20		20
Series B, GO, 5.00%, 7/1/2019 (c)		20		21
Massachusetts Water Resources Authority Series B, Rev., 5.00%, 8/1/2019 (c)		20		20
				61

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 55

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.7%
Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program Series A, Rev., 5.00%, 6/15/2019		20		20
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,546
				2,566
Total Massachusetts				9,641
Michigan — 0.5%
General Obligation — 0.0% (b)
Whitehall District Schools GO, AGM, 5.00%, 5/1/2033		25		29
Housing — 0.1%
Michigan State Housing Development Authority, Single-Family Mortgage Series A, Rev., 4.00%, 6/1/2046		150		156
Other Revenue — 0.0% (b)
Michigan Finance Authority, Unemployment Obligation Assessment Series 2012A, Rev., 5.00%, 7/1/2019		20		20
Transportation — 0.4%
State of Michigan, Trunk Line
Rev., 5.00%, 11/1/2019		20		21
Rev., 5.00%, 11/15/2036		1,500		1,625
				1,646
Total Michigan				1,851
Minnesota — 2.4%
Education — 0.4%
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2032		1,000		1,086
Rev., 4.00%, 3/1/2033		500		535
				1,621
General Obligation — 0.6%
Aurora Independent School District No. 2711, School Building, Capital Appreciation
Series 2017B, GO, Zero Coupon, 2/1/2026		150		123
Series 2017B, GO, Zero Coupon, 2/1/2027		400		319
Series 2017B, GO, Zero Coupon, 2/1/2028		225		170
Series 2017B, GO, Zero Coupon, 2/1/2029		1,560		1,122
Series 2017B, GO, Zero Coupon, 2/1/2030		880		602
				2,336

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — 0.8%
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2048		3,000		3,022
Housing — 0.6%
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		115		118
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A, Rev., GNMA COLL, 4.50%, 12/1/2026		75		76
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		14		14
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		100		101
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2031		40		41
Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		35		36
Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035		80		81
Minnesota Housing Finance Agency, Residential Housing Finance
Series A, Rev., 4.00%, 7/1/2038		290		301
Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		130		133
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		780		813
Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		420		441
				2,155
Total Minnesota				9,134
Mississippi — 2.9%
Industrial Development Revenue/Pollution Control Revenue — 2.6%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series D, Rev., VRDO, 1.68%, 3/1/2019 (f)		10,000		10,000
Water & Sewer — 0.3%
Mississippi Development Bank, Water and Sewer System Project, Special Obligation Rev., AGM, 6.88%, 12/1/2040		1,000		1,187
Total Mississippi				11,187

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Missouri — 1.4%
Education — 1.1%
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2034		1,000		1,083
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,052
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Series A, Rev., 4.00%, 6/1/2048		2,160		2,184
				4,319
Housing — 0.3%
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		460		474
Series B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		605		634
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		20		20
Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		40		41
				1,169
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2025		35		37
Total Missouri				5,525
Montana — 0.1%
Housing — 0.1%
Montana Board of Housing, Single Family Homeownership
Series B2, Rev., AMT, 5.00%, 12/1/2027		240		248
Series A-2, Rev., AMT, 4.00%, 12/1/2038		145		150
				398
Total Montana				398
Nebraska — 0.1%
General Obligation — 0.0% (b)
Douglas County School District No. 17 GO, 4.00%, 6/15/2019		20		20

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — 0.1%
Public Power Generation Agency, Whelan Energy Center Unit 2
Series A, Rev., 5.00%, 1/1/2026		100		115
Series A, Rev., 5.00%, 1/1/2034		185		210
				325
Total Nebraska				345
Nevada — 0.8%
Transportation — 0.1%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		376
Utility — 0.7%
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049		2,500		2,531
Total Nevada				2,907
New Hampshire — 0.0% (b)
Housing — 0.0% (b)
New Hampshire Housing Finance Authority, Single Family Mortgage
Series C, Rev., 4.00%, 1/1/2028		65		66
Series A, Rev., 5.25%, 7/1/2028		25		26
				92
Total New Hampshire				92
New Jersey — 5.0%
Certificate of Participation/Lease — 0.0% (b)
County of Middlesex COP, 4.00%, 6/15/2022		110		118
General Obligation — 0.0% (b)
County of Ocean GO, 4.00%, 8/1/2019		30		30
Housing — 0.3%
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series A, Rev., 4.50%, 10/1/2048		985		1,067
Industrial Development Revenue/Pollution Control Revenue — 0.8%
New Jersey Economic Development Authority, Biomedical Research Facilities Series A, Rev., 5.00%, 7/15/2027		240		269
New Jersey Economic Development Authority, School Facilities Construction Series NN, Rev., 5.00%, 3/1/2024		150		163
New Jersey Economic Development Authority, State House Project Series B, Rev., 4.13%, 6/15/2039		2,800		2,849
				3,281

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 57

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 1.0%
Tobacco Settlement Financing Corp.
Series A, Rev., 4.00%, 6/1/2037		1,000		998
Series A, Rev., 5.00%, 6/1/2046		1,000		1,056
Series A, Rev., 5.25%, 6/1/2046		1,500		1,618
				3,672
Transportation — 2.9%
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems Series A, Rev., Zero Coupon, 12/15/2036		10,355		4,759
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A-1, Rev., 5.00%, 6/15/2027		2,670		3,040
Series A, Rev., 5.00%, 6/15/2031		3,000		3,326
				11,125
Total New Jersey				19,293
New Mexico — 0.3%
Housing — 0.2%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		25		26
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043		200		205
Series B-1, Rev., GNMA/FNMA/FHLMC, 3.75%, 3/1/2048		615		646
				877
Transportation — 0.0% (b)
New Mexico Finance Authority, State Transportation, Senior Lien Series B, Rev., 5.00%, 6/15/2024		100		104
Utility — 0.1%
New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2018-A, Rev., 5.00%, 6/1/2019		135		136
New Mexico Finance Authority, Subordinate Lien Public Project Series 2017D, Rev., 5.00%, 6/15/2019		35		35
				171
Total New Mexico				1,152
New York — 11.0%
Education — 0.6%
Monroe County Industrial Development Corp., University of Rochester Series 2017C, Rev., 4.00%, 7/1/2033		50		54

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
New York State Dormitory Authority
Series 2015B, Rev., 5.00%, 7/1/2026		15		18
Series 2019A, Rev., 4.00%, 7/1/2045		2,000		2,079
Tompkins County Development Corp., Ithaca College Rev., 5.00%, 7/1/2032		80		94
				2,245
General Obligation — 0.3%
County of Onondaga GO, 5.00%, 5/1/2019		35		35
Minisink Valley Central School District GO, 3.00%, 4/15/2019		20		20
Springville-Griffith Institute Central School District GO, 3.00%, 6/15/2021		25		26
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District
GO, AGM, 4.00%, 11/15/2040		220		230
GO, AGM, 4.00%, 11/15/2041		205		214
GO, AGM, 4.00%, 11/15/2042		315		328
GO, AGM, 4.00%, 11/15/2043		325		337
Village of Tuxedo Park GO, 4.00%, 8/1/2031		45		50
				1,240
Housing — 0.1%
New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		385		397
Other Revenue — 2.4%
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Series C, Rev., 5.00%, 11/1/2021		170		180
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries A-1, Rev., 5.00%, 8/1/2040		5,000		5,764
New York Convention Center Development Corp., Subordinated Lien Hotel Unit fee
Series B, Rev., Zero Coupon, 11/15/2055		4,970		1,049
Series B, Rev., Zero Coupon, 11/15/2056		6,500		1,306
TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2020		500		514
Westchester Tobacco Asset Securitization Series 2016B, Rev., 5.00%, 6/1/2025		130		148
				8,961
Prerefunded — 0.0% (b)
Erie County Industrial Development Agency, City School District of The City of Buffalo Project Series 2009A, Rev., 5.00%, 5/1/2019 (c)		20		20
Metropolitan Transportation Authority Series H, Rev., 5.00%, 11/15/2022 (c)		65		73
				93

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 3.2%
Metropolitan Transportation Authority Series D, Rev., 5.00%, 11/15/2031		400		459
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		1,500		1,530
Rev., AMT, 5.00%, 1/1/2036		1,125		1,261
Port Authority of New York and New Jersey, Consolidated, 93rd Series Series 93, Rev., 6.13%, 6/1/2094		7,470		9,006
Triborough Bridge & Tunnel Authority Series 2018B, Rev., 5.00%, 11/15/2031		75		95
				12,351
Utility — 1.2%
Utility Debt Securitization Authority Series TE, Rev., 5.00%, 12/15/2041		4,250		4,724
Water & Sewer — 3.2%
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.68%, 3/1/2019 (f)		10,000		10,000
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects—Second Resolution Series A, Rev., 5.00%, 6/15/2037		1,750		2,032
				12,032
Total New York				42,043
North Carolina — 1.0%
Education — 0.8%
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2027		1,060		1,199
Rev., 5.00%, 6/1/2028		905		1,016
Rev., 5.00%, 6/1/2029		350		390
Rev., 5.00%, 6/1/2030		450		499
				3,104
General Obligation — 0.0% (b)
County of Durham GO, 5.00%, 11/1/2019		25		26
State of North Carolina Series A, GO, 5.00%, 6/1/2019		25		25
				51
Housing — 0.2%
North Carolina Housing Finance Agency, Homeownership
Series 2, Rev., 4.25%, 1/1/2028		45		46

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — continued
Series 1, Rev., 4.50%, 7/1/2028		95		97
Series A, Rev., AMT, 3.50%, 7/1/2039		355		364
				507
Other Revenue — 0.0% (b)
City of Raleigh Series A, Rev., 4.00%, 10/1/2022		30		33
Water & Sewer — 0.0% (b)
City of Greensboro, Combined Water and Sewer System Series 2012A, Rev., 5.00%, 6/1/2019		25		25
Total North Carolina				3,720
North Dakota — 0.3%
Housing — 0.3%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series B, Rev., 4.50%, 1/1/2028		140		144
Series D, Rev., 4.25%, 7/1/2028		110		113
Series A, Rev., 4.00%, 7/1/2034		320		331
Series D, Rev., 3.50%, 7/1/2046		480		497
				1,085
Total North Dakota				1,085
Ohio — 1.5%
Education — 0.0% (b)
Miami University, A State University of Ohio Rev., 5.00%, 9/1/2029		25		30
General Obligation — 1.1%
City of Columbus Series 2015A, GO, 5.00%, 7/1/2019		25		25
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		1,868
Greenville City School District, School Improvement
GO, 5.25%, 1/1/2038		1,000		1,092
GO, 5.25%, 1/1/2041		1,000		1,090
State of Ohio, Higher Education Series B, GO, 5.00%, 8/1/2023		110		122
				4,197
Hospital — 0.3%
County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities Series A, Rev., 5.50%, 7/1/2039		1,000		1,089
Housing — 0.1%
Ohio Housing Finance Agency, Single Family Mortgage
Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028		35		36

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 59

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — continued
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		25		25
Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029		100		103
				164
Other Revenue — 0.0% (b)
State of Ohio Series 2013A, Rev., 5.00%, 10/1/2019		25		25
Water & Sewer — 0.0% (b)
Ohio Water Development Authority
Series 2010C, Rev., 5.00%, 6/1/2019		90		91
Series 2013A, Rev., 5.00%, 6/1/2019		20		20
Ohio Water Development Authority, Water Pollution Control Loan Fund Rev., 5.25%, 6/1/2019		40		40
				151
Total Ohio				5,656
Oklahoma — 1.2%
Hospital — 0.2%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., AGM, 4.00%, 8/15/2048		700		711
Housing — 0.0% (b)
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program
Series B, Rev., GNMA COLL, 4.50%, 9/1/2027		60		62
Series A, Rev., GNMA COLL, 4.75%, 3/1/2028		45		46
				108
Other Revenue — 0.0% (b)
Edmond Public Works Authority Rev., 5.00%, 7/1/2019		40		40
Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		11
				51
Prerefunded — 0.5%
Oklahoma City Water Utilities Trust, Water and Sewer System Series A, Rev., 5.00%, 7/1/2019 (c)		2,000		2,022
Transportation — 0.5%
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series A, Rev., 5.00%, 1/1/2037		1,665		1,884
Total Oklahoma				4,776

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oregon — 0.1%
General Obligation — 0.0% (b)
State of Oregon Series N, GO, 4.00%, 12/1/2019		25		25
Prerefunded — 0.0% (b)
Multnomah & Clackamas Counties School District No. 51JT Riverdale Series A, GO, 4.75%, 6/15/2019 (c)		20		20
Transportation — 0.0% (b)
State of Oregon Department of Transportation Series 2013A, Rev., 5.00%, 11/15/2022		5		6
Utility — 0.1%
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031		325		355
Total Oregon				406
Pennsylvania — 9.3%
Certificate of Participation/Lease — 0.3%
Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046		1,200		1,222
Education — 0.0% (b)
Northampton County General Purpose Authority, Moravian College Rev., 5.00%, 10/1/2036		100		108
Swarthmore Borough Authority, Swarthmore College Rev., 5.00%, 9/15/2023		25		29
				137
General Obligation — 0.8%
Central Dauphin School District GO, 4.00%, 2/1/2030		25		27
City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,249
Commonwealth of Pennsylvania Series 2004, GO, AGM, 5.38%, 7/1/2020		150		157
The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,257
Upper Merion Area School District GO, 5.00%, 1/15/2036		250		287
				2,977
Hospital — 3.8%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044		2,000		1,981
Allegheny County Hospital Development Authority, University Pittsburgh Medical Centre Series 2009A, Rev., 4.50%, 8/15/2019		50		51
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		430		478

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036		25		26
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,187
Lancaster County Hospital Authority, Health Center, Masonic Villages Project
Rev., 5.00%, 11/1/2034		35		39
Rev., 5.00%, 11/1/2036		510		564
Rev., 5.00%, 11/1/2037		250		276
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 4.00%, 9/1/2038		3,725		3,822
Series 2018-A, Rev., 4.00%, 9/1/2043		3,740		3,726
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project
Rev., 3.00%, 12/15/2023		550		549
Rev., 4.00%, 12/15/2028		1,000		1,015
Rev., 5.00%, 12/15/2038		750		804
				14,518
Housing — 0.4%
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 112, Rev., 5.00%, 4/1/2028		55		56
Series 118A, Rev., AMT, 3.50%, 4/1/2040		860		877
Series 122, Rev., 4.00%, 10/1/2046		455		477
				1,410
Industrial Development Revenue/Pollution Control Revenue — 0.9%
Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group Rev., 5.00%, 11/15/2025		510		544
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (f)		2,950		2,979
				3,523
Other Revenue — 2.7%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., AGM, 4.00%, 6/1/2039		9,950		10,153
Prerefunded — 0.0% (b)
Pennsylvania Turnpike Commission
Series A, Rev., AGC, 5.00%, 6/1/2019 (c)		20		20
Series B, Rev., 5.00%, 6/1/2019 (c)		35		35

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — continued
University of Pittsburgh of the Commonwealth System, Higher Education Series B, Rev., 5.25%, 9/15/2019 (c)		25		26
				81
Water & Sewer — 0.4%
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,701
Total Pennsylvania				35,722
Rhode Island — 0.1%
Education — 0.1%
Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2020		300		313
South Carolina — 5.2%
Housing — 0.1%
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		355		372
Prerefunded — 2.5%
Laurens County School District No. 056 GO, AGC, SCSDE, 6.13%, 3/1/2019 (c)		9,515		9,515
Transportation — 0.3%
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,091
Utility — 2.3%
Piedmont Municipal Power Agency, Electric Rev., FGIC, 6.75%, 1/1/2020 (c)		3,900		4,062
Piedmont Municipal Power Agency, Electric Rev., NATL-RE, 6.75%, 1/1/2020		4,615		4,798
				8,860
Total South Carolina				19,838
South Dakota — 0.3%
Housing — 0.3%
South Dakota Housing Development Authority, Homeownership Mortgage
Series D, Rev., AMT, 4.00%, 11/1/2029		350		358
Series A, Rev., AMT, 4.50%, 5/1/2031		65		67
Series D, Rev., 4.00%, 11/1/2045		500		519
South Dakota Housing Development Authority, Single Family Mortgage Series 2, Rev., 4.25%, 5/1/2032		115		117
				1,061
Total South Dakota				1,061

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 61

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — 3.8%
Education — 0.0% (b)
Tennessee State School Bond Authority Series B, Rev., 5.00%, 11/1/2040		35		40
General Obligation — 1.3%
City of Cleveland
Series 2018B, GO, 5.00%, 6/1/2022		205		226
Series 2018B, GO, 5.00%, 6/1/2027		245		299
Series 2018B, GO, 5.00%, 6/1/2028		260		322
Series 2018B, GO, 5.00%, 6/1/2030		285		346
Series 2018B, GO, 4.00%, 6/1/2031		300		334
Series 2018B, GO, 4.00%, 6/1/2032		310		344
Series 2018B, GO, 4.00%, 6/1/2038		395		423
Series 2018B, GO, 4.00%, 6/1/2039		410		436
City of Oak Ridge
GO, 4.00%, 6/1/2037		695		735
GO, 4.00%, 6/1/2038		720		756
GO, 4.00%, 6/1/2039		750		784
County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028		25		31
County of Wilson Series 2017A, GO, 4.00%, 4/1/2039		25		26
				5,062
Hospital — 1.3%
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040		4,000		3,982
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital Rev., 5.00%, 11/15/2024		800		927
				4,909
Housing — 0.1%
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 7/1/2031		100		104
Series 1A, Rev., AMT, 4.50%, 1/1/2038		95		98
Tennessee Housing Development Agency, Housing Finance Program Series A, Rev., 4.50%, 1/1/2028		45		46
				248
Utility — 1.1%
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (f)		4,000		4,246
Total Tennessee				14,505

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — 4.6%
Education — 1.5%
Clifton Higher Education Finance Corp., Idea Public Schools
Series B, Rev., 4.00%, 8/15/2023		500		527
Series B, Rev., 5.00%, 8/15/2024		345		384
Series B, Rev., 5.00%, 8/15/2025		460		517
Rev., 6.00%, 8/15/2033		1,250		1,398
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital Rev., 5.50%, 9/1/2043		2,300		2,534
Texas A&M University, Financing System Series 2009C, Rev., 4.50%, 5/15/2019		25		25
University of Texas System Series A, Rev., 5.00%, 7/1/2031		210		244
				5,629
General Obligation — 0.7%
City of Abilene GO, 5.00%, 2/15/2024		10		11
City of Carrollton GO, 5.00%, 8/15/2026		535		543
City of El Paso GO, 4.00%, 8/15/2040		475		486
City of Irving Series 2017A, GO, 5.00%, 9/15/2019		45		46
City of Laredo GO, 5.00%, 2/15/2032		40		47
City of Mission GO, AGM, 5.00%, 2/15/2031		575		667
City of Pearland GO, 4.00%, 3/1/2032		35		38
City of San Antonio, General Improvement GO, 5.00%, 8/1/2019		40		41
City of San Marcos GO, 5.00%, 8/15/2031		25		30
County of Collin, Wylie Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/15/2020		135		132
County of Hidalgo GO, 4.00%, 8/15/2035		85		90
County of Tarrant, Refunding and Improvement GO, 5.00%, 7/15/2019		20		20
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023		510		562
Grapevine-Colleyville Independent School District, Unlimited Tax, School Building Bonds GO, PSF-GTD, 5.00%, 8/15/2019		50		51
Harris Montgomery Counties Municipal Utility District No. 386 GO, 4.00%, 9/1/2023		15		16
Pflugerville Independent School District GO, PSF-GTD, 5.00%, 8/15/2019		50		51
Texas Public Finance Authority Series A, GO, 5.00%, 10/1/2019		25		25
				2,856

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — 0.1%
Harris County Health Facilities Development Corp., Children’s Hospital Project Rev., 5.50%, 10/1/2019 (c)		485		495
Housing — 0.1%
Texas Department of Housing and Community Affairs, Residential Mortgage Series B, Rev., GNMA COLL, 4.25%, 1/1/2034		205		210
Prerefunded — 0.6%
County of Harris Series 2009C, Rev., 5.00%, 8/15/2019 (c)		30		30
North Texas Tollway Authority, Special Projects System Series A, Rev., 6.00%, 9/1/2021 (c)		2,000		2,209
				2,239
Transportation — 0.6%
Dallas-Fort Worth International Airport, Joint Improvement Series A, Rev., 5.00%, 11/1/2042		1,965		2,054
North Texas Tollway Authority System, Second Tier Rev., 4.00%, 1/1/2038		200		207
				2,261
Utility — 0.1%
City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031		25		27
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2032		35		41
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2031		230		270
				338
Water & Sewer — 0.9%
City of Dallas, Waterworks and Sewer System Series 2016A, Rev., 5.00%, 10/1/2019		20		20
City of Houston, Water and Sewer System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (c)		2,500		3,402
San Antonio Water System Series 2017A, Rev., 4.00%, 5/15/2034		60		64
				3,486
Total Texas				17,514
Utah — 0.0% (b)
General Obligation — 0.0% (b)
City of Provo GO, 5.00%, 1/1/2032		10		12
Vermont — 1.4%
Education — 1.2%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2022		725		781

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Series A, Rev., AMT, 3.63%, 6/15/2029		1,000		1,014
Series A, Rev., AMT, 3.75%, 6/15/2030		1,400		1,422
Series A, Rev., AMT, 4.00%, 6/15/2031		500		511
Series A, Rev., AMT, 4.00%, 6/15/2032		200		204
Series A, Rev., AMT, 4.00%, 6/15/2033		250		253
Series A, Rev., AMT, 4.00%, 6/15/2034		200		202
				4,387
Housing — 0.2%
Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 2/1/2026		95		98
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		490		497
Series A, Rev., AMT, 4.00%, 11/1/2046		320		334
				929
Total Vermont				5,316
Virginia — 1.5%
Education — 0.0% (b)
Virginia Public School Authority Series 2015A, Rev., 4.00%, 8/1/2019		30		30
General Obligation — 0.0% (b)
City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029		5		6
Hospital — 1.2%
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		4,502
Other Revenue — 0.0% (b)
Virginia Resources Authority, Infrastructure and State Moral Obligation
Series B, Rev., 5.00%, 11/1/2023		90		98
Series B, Rev., 5.00%, 11/1/2026		50		54
				152
Prerefunded — 0.1%
Virginia Public School Authority Series 2009B, Rev., 5.00%, 8/1/2019 (c)		30		31
Virginia Resources Authority, Infrastructure and State Moral Obligation Series B, Rev., 5.00%, 11/1/2021 (c)		185		201
				232
Transportation — 0.2%
Capital Region Airport Commission (Richmond International Airport)
Series 2016A, Rev., 4.00%, 7/1/2035		350		372

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 63

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
Series 2016A, Rev., 4.00%, 7/1/2036		320		338
				710
Total Virginia				5,632
Washington — 1.2%
Education — 0.8%
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022		2,985		3,202
General Obligation — 0.1%
County of King, Public Transportation Sales Tax GO, 5.00%, 6/1/2019		40		40
State of Washington Series D, GO, 5.00%, 2/1/2020		100		103
				143
Housing — 0.2%
Washington Housing Finance Commission, Single-Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		350		359
Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032		295		300
				659
Prerefunded — 0.0% (b)
State of Washington Series 2010A, GO, 5.00%, 8/1/2019 (c)		35		36
Utility — 0.1%
Chelan County Public Utility District No. 1 Series 2011A, Rev., AMT, 5.50%, 7/1/2026		350		377
Water & Sewer — 0.0% (b)
County of King, Sewer Series C, Rev., 5.00%, 1/1/2023		40		44
Total Washington				4,461
West Virginia — 0.3%
Education — 0.3%
West Virginia Hospital Finance Authority, University Health System Series A, Rev., 4.00%, 6/1/2051		1,000		980
Wisconsin — 1.8%
Education — 1.5%
Public Finance Authority, Central District Development Project Rev., 5.00%, 3/1/2027		280		325
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047		4,800		4,797

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Education — continued
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 5.00%, 9/15/2040		665			685
					5,807
General Obligation — 0.0% (b)
State of Wisconsin Series C, GO, 4.00%, 5/1/2019		25			25
Housing — 0.3%
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048		960			1,013
Transportation — 0.0% (b)
Wisconsin Department of Transportation Series 1, Rev., 4.00%, 7/1/2019		50			50
Total Wisconsin					6,895
Wyoming — 0.0% (b)
Housing — 0.0% (b)
Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		10			10
Total Municipal Bonds (Cost $360,536)					373,195
	NO. OF WARRANTS (000)
Warrants — 0.0%
Road & Rail — 0.0%
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 * ‡ (Cost $—)		—	(g)		—
	SHARES (000)
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (h) (i) (Cost $7,778)		7,778			7,778
Total Investments — 99.6% (Cost $368,314)					380,973
Other Assets Less Liabilities — 0.4%					1,626
NET ASSETS — 100.0%					382,599

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
LIQ	Liquidity Agreement
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Security is prerefunded or escrowed to maturity.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(e)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)	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, 2019.
(g)	Amount rounds to less than one thousand.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of February 28, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of February 28, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF CONTRACTS

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT ($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts

U.S. Treasury 10 Year Note

(144

)

06/2019

USD

(17,561

)

33

33

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 65

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 98.3% (a)
Alabama — 1.4%
Education — 0.0% (b)
Alabama Public School and College Authority, Capital Improvement Series 2014-B, Rev., 5.00%, 1/1/2021		20		21
Special Tax — 0.0% (b)
Hoover City Board of Education 4.00%, 2/15/2020		80		82
Utility — 1.4%
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 2.36%, 3/7/2019 (c)		30,000		29,319
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (d)		11,450		11,872
Southeast Alabama Gas District, Project No. 1 Series A, Rev., 5.00%, 4/1/2020		1,000		1,026
Southeast Alabama Gas Supply District (The), Project No. 2
Series A, Rev., 4.00%, 6/1/2019		830		833
Series A, Rev., 4.00%, 6/1/2020		1,000		1,017
				44,067
Total Alabama				44,170
Alaska — 0.0% (b)
General Obligation — 0.0% (b)
Borough of North Slope Series 2008-A, GO, 5.50%, 6/30/2019		25		25
Arizona — 1.7%
Certificate of Participation/Lease — 0.1%
Arizona State University
Series 2018A, COP, 5.00%, 6/1/2019		1,450		1,461
Series 2018A, COP, 5.00%, 6/1/2020		1,000		1,041
				2,502
Education — 0.0% (b)
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2023		140		154
Series 2018A, Rev., 5.00%, 7/1/2024		200		224
				378
General Obligation — 0.2%
Maricopa County School District No. 66, Roosevelt Elementary
GO, 5.00%, 7/1/2020		1,450		1,512
GO, 5.00%, 7/1/2021		1,520		1,631

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement
Series 2017-A, GO, 5.00%, 7/1/2020		1,025		1,068
Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,234
Maricopa County Union High School District No. 201, School Improvement GO, 3.00%, 7/1/2019		275		276
				5,721
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Coconino County Pollution Control Corp., Nevada Power Company Projects Series B, Rev., 1.60%, 5/21/2020 (d)		1,100		1,094
Other Revenue — 1.0%
City of Phoenix Civic Improvement Corp. Series A, Rev., 5.00%, 7/1/2019		1,000		1,011
Gilbert Public Facilities Municipal Property Corp. Rev., 4.00%, 7/1/2019		20		20
Industrial Development Authority of The City of Phoenix, Arizona Health Care Facilities, Mayo Clinic Series 2014A, Rev., VRDO, LIQ: Bank of America NA, 1.67%, 3/1/2019 (d)		30,790		30,790
				31,821
Transportation — 0.3%
Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2020		400		418
Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2020		8,565		8,943
				9,361
Water & Sewer — 0.0% (b)
Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (e)		540		560
Total Arizona				51,437
Arkansas — 0.2%
Education — 0.1%
Arkansas Technical University, Athletic Enterprises Series 2017A, Rev., 3.00%, 6/1/2019		120		120
Arkansas Technical University, Student Fee Series 2017A, Rev., 3.00%, 6/1/2019		200		201
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		358

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
University of Central Arkansas, Student Housing System
Series 2019C, Rev., AGM, 3.00%, 11/1/2021		75		77
Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		88
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		141
				985
General Obligation — 0.0% (b)
City of Fayetteville, Library Improvement GO, 3.00%, 1/1/2020		200		202
City of Little Rock GO, 4.00%, 3/1/2019		20		20
				222
Housing — 0.0% (b)
Arkansas Technical University, Housing System Series 2017A, Rev., 3.00%, 6/1/2019		225		226
Other Revenue — 0.1%
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		512
Arkansas Development Finance Authority, Department of Community Correction Project
Rev., 3.00%, 11/1/2019		510		514
Rev., 5.00%, 11/1/2021		310		336
Rev., 5.00%, 11/1/2022		410		456
City of Little Rock Rev., 3.00%, 10/1/2019		500		504
County of Sharp
Rev., 5.00%, 3/1/2021		270		285
Rev., 5.00%, 3/1/2022		495		536
Rev., 5.00%, 3/1/2023		540		597
				3,740
Water & Sewer — 0.0% (b)
City of Centerton
Rev., 3.00%, 12/1/2019		150		151
Rev., 3.00%, 12/1/2021		125		128
Northwest Arkansas Conservation Authority, Wastewater
Rev., 3.00%, 3/1/2019		220		220
Rev., 3.00%, 3/1/2020		280		283
				782
Total Arkansas				5,955
California — 3.0%
Education — 0.9%
California Educational Facilities Authority, Art Center College of Design
Series 2018A, Rev., 5.00%, 12/1/2019		125		128

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Series 2018A, Rev., 5.00%, 12/1/2020		180		190
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2019		550		560
Rev., 5.00%, 10/1/2020		325		341
Rev., 5.00%, 10/1/2021		250		269
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2020 (f)		50		52
Series 2018A, Rev., 5.00%, 8/1/2021 (f)		50		53
Series 2018A, Rev., 5.00%, 8/1/2022 (f)		85		93
San Diego Unified School District Series A, Rev., TRAN, 4.00%, 6/28/2019		27,000		27,209
				28,895
General Obligation — 0.0% (b)
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022		250		237
Hospital — 0.0% (b)
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		104
Pioneers Memorial Healthcare District
Rev., 3.00%, 10/1/2019		255		256
Rev., 3.00%, 10/1/2020		265		267
				627
Industrial Development Revenue/Pollution Control Revenue — 0.1%
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Series 2010B, Rev., 1.95%, 5/1/2019 (d) (f)		2,755		2,747
Other Revenue — 1.4%
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%), 2.12%, 3/7/2019 (c)		17,010		17,134
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series 2012B-2, Rev., (ICE LIBOR USD 1 Month + 0.20%), 1.94%, 4/1/2019 (c)		11,615		11,650
Series 2013A-2, Rev., VRDO, 2.07%, 4/1/2019 (d)		6,750		6,750
Series 2011A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%), 2.21%, 4/1/2019 (c)		1,000		1,003
California Statewide Communities Development Authority, Front Porch Communities and Services Series 2017A, Rev., 5.00%, 4/1/2020		75		77

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 67

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.94%, 3/7/2019 (d) (f)		5,230		5,230
				41,844
Prerefunded — 0.1%
Pittsburg Unified School District Financing Authority Rev., AGM, 5.50%, 9/1/2021 (e)		3,000		3,294
Water & Sewer — 0.5%
California State Department of Water Resources, Central Valley Project Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.96%, 3/7/2019 (c)		12,000		12,047
Stockton Public Financing Authority, Green Bonds
Series A, Rev., 5.00%, 10/1/2019		580		591
Series A, Rev., 5.00%, 10/1/2020		500		525
Series A, Rev., 5.00%, 10/1/2021		450		486
				13,649
Total California				91,293
Colorado — 1.3%
Certificate of Participation/Lease — 0.0% (b)
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2020		110		115
COP, 5.00%, 12/1/2021		220		236
COP, 5.00%, 12/1/2022		295		322
				673
Education — 0.6%
University of Colorado Hospital Authority Series 2017B-2, Rev., VRDO, 1.71%, 3/7/2019 (d)		17,370		17,370
General Obligation — 0.2%
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,817
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,535
City of Aurora, Sterling Hills West Metropolitan District
GO, 5.00%, 12/1/2019		110		112
GO, 5.00%, 12/1/2020		100		105
Denver City and County School District No. 1 Series B, GO, 4.00%, 12/1/2019 (e)		255		259
Interlocken Metropolitan District
Series A-1, GO, AGM, 5.00%, 12/1/2019		150		154
Series A-1, GO, AGM, 5.00%, 12/1/2020		175		184
				5,166

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — 0.1%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		412
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 3.00%, 9/1/2019		310		312
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project
Rev., 5.00%, 6/1/2019		200		201
Rev., 5.00%, 6/1/2020		400		414
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (d)		1,600		1,618
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020 (d)		380		384
				3,341
Housing — 0.1%
Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project Rev., 1.50%, 11/1/2019 (d)		5,000		4,989
Other Revenue — 0.0% (b)
City of Grand Junction Rev., 5.00%, 3/1/2021		35		37
Transportation — 0.3%
E-470 Public Highway Authority, Senior LIBOR Index
Series 2019A, Rev., VRDO, 3/7/2019 (d)		8,000		8,000
Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%), 2.57%, 3/7/2019 (c)		500		500
				8,500
Utility — 0.0% (b)
Colorado Water Resources and Power Development Authority, Clean Water Series A, Rev., 5.00%, 3/1/2020		200		206
Water & Sewer — 0.0% (b)
Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		199
Total Colorado				40,481
Connecticut — 1.7%
Education — 0.2%
State of Connecticut Health and Educational Facilities Authority, Yale University Issue Series B-1, Rev., 5.00%, 7/1/2020 (d)		4,000		4,174
State of Connecticut, Health and Educational Facility Authority
Series K-1, Rev., 5.00%, 7/1/2021		665		705

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Series K-1, Rev., 5.00%, 7/1/2022		675		730
State of Connecticut, Health and Educational Facility Authority, Ascension Health Credit Group Series B, Rev., 1.65%, 11/15/2029 (d)		435		435
				6,044
General Obligation — 1.3%
City of Hartford Series B, GO, 4.00%, 4/1/2020 (e)		115		118
City of New Britain GO, BAN, 5.00%, 12/19/2019		6,500		6,649
City of New Haven Series A, GO, 5.25%, 8/1/2019		750		758
City of Waterbury
Series B, GO, 3.00%, 9/1/2019		325		327
Series A, GO, 3.00%, 11/15/2019		485		489
State of Connecticut
Series C, GO, VRDO, LIQ: Bank of America NA, 1.83%, 3/7/2019 (d)		5,235		5,235
Series E, GO, 5.00%, 9/1/2019		150		152
Series F, GO, 5.00%, 11/15/2019		11,575		11,834
Series C, GO, 5.00%, 12/1/2020		475		486
Series G, GO, 5.00%, 11/1/2021		200		216
Tender Option Bond Trust Receipts/Certificates
Series 2017-YX1047, GO, VRDO, LIQ: Barclays Bank plc, 1.80%, 3/7/2019 (d) (f)		6,945		6,945
Series 2018-YX1095, GO, VRDO, LIQ: Barclays Bank plc, 1.80%, 3/7/2019 (d) (f)		4,500		4,500
Town of New Milford GO, BAN, 2.75%, 7/25/2019		1,060		1,064
				38,773
Hospital — 0.0% (b)
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2021		1,000		1,075
Housing — 0.1%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series E, Subseries E-3, Rev., GNMA/FNMA/FHLMC, 2.15%, 11/15/2019 (d)		3,350		3,352
Other Revenue — 0.1%
Tender Option Bond Trust Receipts/Certificates Series 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.80%, 3/7/2019 (d) (f)		4,550		4,550
Total Connecticut				53,794

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
District of Columbia — 0.1%
Other Revenue — 0.1%
District of Columbia, Income Tax Series C, Rev., 4.13%, 12/1/2024		3,710		3,776
Florida — 2.3%
General Obligation — 0.0% (b)
City of Lauderhill
GO, 3.00%, 1/1/2020		460		465
GO, 3.00%, 1/1/2021		425		434
State of Florida, State Board of Education Full Faith and Credit, Public Ecucation Capital Outlay Series A, GO, 5.00%, 6/1/2019		25		25
				924
Hospital — 0.5%
Highlands County Health Facilities Authority, Adventist Health System Series A, Rev., VRDO, 1.73%, 3/7/2019 (d)		15,000		15,000
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.74%, 3/7/2019 (d)		950		950
				15,950
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Florida Department of Environmental Protection Series A, Rev., 5.00%, 7/1/2019		1,050		1,061
Florida Department of Environmental Protection, Everglades Restoration Series B, Rev., VRDO, AGC, 1.76%, 3/7/2019 (d)		12,870		12,870
				13,931
Other Revenue — 0.6%
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		33
County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 1.69%, 3/7/2019 (d)		17,575		17,575
County of Miami-Dade, Transit System Sales Surtax Rev., 5.00%, 7/1/2019		20		20
				17,628
Prerefunded — 0.3%
County of Miami-Dade, Water and Sewer System Rev., AGM, 5.00%, 10/1/2020 (e)		10,000		10,510
Orlando-Orange County Expressway Authority Series C, Rev., 5.00%, 7/1/2020 (e)		25		26
State of Florida, Department of Transportation, Turnpike Series A, Rev., 5.00%, 7/1/2019 (e)		25		25
				10,561

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 69

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.4%
County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020		90		95
JEA Electric System Series A, Rev., 4.00%, 10/1/2019		120		121
Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 1.70%, 3/7/2019 (d)		12,975		12,975
Reedy Creek Improvement District Utility Series 2, Rev., 5.00%, 10/1/2019		120		122
				13,313
Water & Sewer — 0.0% (b)
Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		20		21
Total Florida				72,328
Georgia — 2.1%
General Obligation — 0.2%
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		33
Dougherty County School District, Sales Tax
Series 2018, GO, 4.00%, 12/1/2019		1,775		1,806
Series 2018, GO, 4.00%, 12/1/2020		1,250		1,300
Hall County School District
Series 2018, GO, 5.00%, 11/1/2019		1,500		1,533
Series 2018, GO, 5.00%, 11/1/2020		1,250		1,319
Jackson County School District GO, 5.00%, 3/1/2019		250		250
Pike County School District GO, 4.00%, 10/1/2020		400		414
				6,655
Hospital — 0.0% (b)
Richmond County Hospital Authority, University Health Services, Inc. Project Rev., 5.00%, 1/1/2022		100		108
Other Revenue — 0.0% (b)
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2019		200		202
Series 2017, Rev., 5.00%, 7/1/2020		275		287
Series 2017, Rev., 5.00%, 7/1/2021		370		397
Series 2017, Rev., 5.00%, 7/1/2022		300		330
				1,216
Prerefunded — 0.8%
DeKalb County Hospital Authority, Anticipation Certificates, Medical Center, Inc. Project
Rev., 6.00%, 9/1/2020 (e)		5,470		5,820

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — continued
Rev., 6.13%, 9/1/2020 (e)		17,925		19,105
Private Colleges and Universities Authority Rev., 5.00%, 6/1/2019 (e)		35		35
				24,960
Transportation — 0.8%
Georgia State Road and Tollway Authority, Federal Highway Series B, Rev., 5.00%, 6/1/2020		15,445		16,077
Metropolitan Atlanta Rapid Transit Authority
Series A, Rev., 3.00%, 7/1/2020		2,900		2,955
Series A, Rev., 3.75%, 7/1/2021		5,585		5,863
				24,895
Utility — 0.2%
Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.74%, 3/7/2019 (d)		5,980		5,980
Water & Sewer — 0.1%
City of Dalton, Combined Utilities Rev., 5.00%, 3/1/2019		1,330		1,331
County of Clayton, Water and Sewerage Series A, Rev., 4.00%, 5/1/2019		35		35
East Point Building Authority, Water and Sewer Project Rev., AGM, 5.00%, 2/1/2020		550		567
				1,933
Total Georgia				65,747
Hawaii — 0.2%
General Obligation — 0.2%
City and County of Honolulu, Rail Transit Project Series 2017H, GO, (SIFMA Municipal Swap Index Yield + 0.30%), 2.04%, 3/7/2019 (c)		5,000		5,019
County of Maui Series 2012, GO, 5.00%, 6/1/2019		235		237
				5,256
Prerefunded — 0.0% (b)
State of Hawaii Series D, GO, 5.00%, 6/1/2019 (e)		25		25
Total Hawaii				5,281
Idaho — 0.3%
Hospital — 0.3%
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2013ID, Rev., 1.70%, 5/1/2019 (d)		8,500		8,493

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — 0.0% (b)
Idaho Housing and Finance Association Series A, Rev., GRAN, 5.00%, 7/15/2021		25		27
Transportation — 0.0% (b)
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2020		425		443
Total Idaho				8,963
Illinois — 6.4%
Certificate of Participation/Lease — 0.0% (b)
University of Illinois Series A, COP, 5.00%, 10/1/2019		1,000		1,017
Education — 2.3%
Chicago Board of Education Series 2018E, Rev., VRDO, 2.63%, 3/1/2019 (d) (f)		12,200		12,200
Illinois Educational Facilities Authority, University of Chicago
Series B-1, Rev., 1.80%, 2/13/2020 (d)		5,500		5,498
Rev., 1.87%, 2/13/2020 (d)		12,490		12,488
Illinois Finance Authority, Chicago International Charter School Project, Refunding and Improvement Rev., 3.00%, 12/1/2019		185		185
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project
Rev., 4.00%, 12/1/2019		200		203
Rev., 4.00%, 12/1/2020		230		238
Rev., 5.00%, 12/1/2021		250		269
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 3/7/2019 (d)		9,130		9,130
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 1.73%, 3/7/2019 (d)		3,425		3,425
Illinois Finance Authority, The University of Chicago Rev., VRDO, 1.72%, 3/7/2019 (d)		20,773		20,773
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		609
Peoria Public Building Commission, School District No. 150 Project Rev., 5.00%, 12/1/2019		300		307
University of Illinois, Auxiliary Facilities System
Series A, Rev., 5.00%, 4/1/2019		315		316
Series A, Rev., 5.00%, 4/1/2024		2,500		2,775
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates
Series A, Rev., AGM, 4.00%, 12/1/2019		370		376
Series A, Rev., AGM, 4.00%, 12/1/2020		385		399

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Series A, Rev., AGM, 4.00%, 12/1/2021		400		422
				69,613
General Obligation — 1.9%
Adams County School District No. 172
GO, AGM, 4.00%, 2/1/2020		300		305
GO, AGM, 4.00%, 2/1/2021		300		310
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		331
Champaign Coles Et Al Counties Community College District No. 505
Series 2018B, GO, 4.00%, 12/1/2019		2,490		2,530
Series 2018C, GO, 4.00%, 12/1/2019		430		437
Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,295
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,640
Series 2018C, GO, 4.00%, 12/1/2021		465		491
Chicago Park District, Limited Tax
Series 2011B, GO, 4.00%, 1/1/2020		50		50
Series 2013B, GO, 5.00%, 1/1/2020		225		230
Series 2011B, GO, 4.00%, 1/1/2021		100		103
Series 2013B, GO, 5.00%, 1/1/2021		100		104
Chicago Park District, Unlimited Tax
Series 2011C, GO, 3.00%, 1/1/2020		100		100
Series 2011C, GO, 5.00%, 1/1/2022		175		187
Chicago Park District, Unlimited Tax, Special Recreation Activity
Series 2018E, GO, 5.00%, 11/15/2019		700		712
Series 2018E, GO, 5.00%, 11/15/2021		300		319
City of Calumet
Series 2018, GO, 4.00%, 3/1/2019 (e)		150		150
Series 2018, GO, 4.00%, 3/1/2020		150		152
City of Rock Island
Series A, GO, AGM, 2.00%, 12/1/2019		130		130
Series B, GO, AGM, 2.00%, 12/1/2019		150		150
Series B, GO, AGM, 3.00%, 12/1/2020		200		202
Series A, GO, AGM, 3.00%, 12/1/2021		130		132
Series B, GO, AGM, 3.00%, 12/1/2021		200		204
City of Waukegan
Series A, GO, AGM, 3.00%, 12/30/2019		430		433
Series A, GO, AGM, 3.00%, 12/30/2020		590		599
Series A, GO, AGM, 4.00%, 12/30/2023		525		563
Clinton and St. Clair Counties Community Unit School District No. 3, School Building GO, 5.00%, 12/1/2019		380		388
Cook County Community College District No. 508 GO, 5.25%, 12/1/2029		250		278

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 71

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Cook County Community Consolidated School District No. 34 Glenview
GO, 4.00%, 3/15/2019		300		300
GO, 4.00%, 12/1/2019		175		178
GO, 4.00%, 12/1/2020		100		104
GO, 4.00%, 12/1/2021		175		185
GO, 4.00%, 12/1/2022		150		162
GO, 4.00%, 12/1/2023		150		164
Cook County School District No. 148 Dolton
Series 2018A, GO, 5.00%, 12/1/2021		450		483
Series 2018A, GO, 5.00%, 12/1/2022		725		796
Cook County School District No. 63 East Maine
GO, 5.00%, 12/1/2019		2,305		2,361
GO, 5.00%, 12/1/2020		2,170		2,292
GO, 5.00%, 12/1/2021		1,845		2,003
GO, 5.00%, 12/1/2022		1,935		2,153
Cook County Township High School District No. 208 Riverside-Brookfield Series C, GO, 3.00%, 12/15/2019		690		696
Cook County, Community Consolidated School District No. 146 Tinley Park
GO, 3.00%, 12/1/2019		250		252
GO, 4.00%, 12/1/2020		200		207
GO, 4.00%, 12/1/2021		200		211
Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021		2,825		3,029
County of Cook
Series 2018, GO, 5.00%, 11/15/2019		800		815
Series 2018, GO, 5.00%, 11/15/2020		900		941
Series 2018, GO, 5.00%, 11/15/2021		700		749
Series A, GO, 5.00%, 11/15/2021		355		380
Series C, GO, 5.00%, 11/15/2022		180		196
DuPage County Community High School District No. 94
GO, 4.00%, 1/1/2020		300		305
GO, 4.00%, 1/1/2021		200		208
Grundy and Will Counties Community Unit School District No. 1 Coal City GO, 4.00%, 2/1/2020		1,595		1,622
Grundy Kendall and Will Counties Community High School District No. 111 GO, 4.00%, 1/1/2020		855		869
Jackson County Community Unit School District No. 186
GO, AGM, 4.00%, 12/1/2019		200		202
GO, AGM, 4.00%, 12/1/2020		265		273

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 4.00%, 10/1/2019		120		121
Series B, GO, 4.00%, 10/1/2020		225		232
Series B, GO, 4.00%, 10/1/2021		255		267
Series B, GO, 5.00%, 10/1/2022		1,375		1,508
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		135
Sangamon County Community Unit School District No. 5 Series B, GO, 5.00%, 1/1/2022		1,650		1,779
State of Illinois
Series D, GO, 5.00%, 11/1/2020		5,000		5,194
GO, 5.00%, 2/1/2024		3,370		3,611
Tazewell and Woodford Counties, Community Unit School District No. 701 Series A, GO, 4.00%, 12/1/2019		260		264
Town of Cicero GO, 5.00%, 12/1/2019		550		561
Village of Antioch
GO, 2.00%, 12/1/2019		285		285
GO, 3.00%, 12/1/2020		290		295
Village of Bolingbrook
Series A, GO, AGM, 4.00%, 1/1/2020		100		102
Series A, GO, AGM, 4.00%, 1/1/2021		185		191
Village of Flossmoor
GO, 3.00%, 12/1/2019		425		428
GO, 3.00%, 12/1/2020		585		595
GO, 3.00%, 12/1/2021		605		620
Village of Franklin Park GO, 4.00%, 1/1/2021		500		516
Village of Hoffman Estates
Series A, GO, 2.00%, 12/1/2019		110		110
GO, 5.00%, 12/1/2019		380		389
Series A, GO, 3.00%, 12/1/2020		110		112
GO, 5.00%, 12/1/2020		270		284
GO, 5.00%, 12/1/2021		210		227
Village of Oswego GO, 2.00%, 12/15/2019		100		100
Village of Palatine Series A, GO, 4.00%, 12/1/2019		1,250		1,270
Village of Sugar Grove, Kane County, Waterworks and Sewerage
GO, 2.00%, 5/1/2019		130		130
GO, 3.00%, 5/1/2020		390		395
Village of Villa Park, Illinois Alternate Source
Series 2018C, GO, 3.00%, 12/15/2019		325		328
Series 2018C, GO, 3.00%, 12/15/2020		415		423
Series 2018C, GO, 4.00%, 12/15/2021		505		533

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Village of Woodridge
Series 2017, GO, 3.00%, 2/1/2020		270		272
Series 2017, GO, 3.00%, 2/1/2021		250		255
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		330
Whiteside County Community Unit School District No. 6 Morrison
Series A, GO, AGM, 4.00%, 12/1/2020		205		211
Series A, GO, AGM, 4.00%, 12/1/2021		745		776
Winnebago and Stephenson Counties School District No. 323, School Building
GO, 5.00%, 11/1/2019		100		102
GO, 5.00%, 11/1/2020		100		104
				58,716
Hospital — 1.0%
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (d)		250		250
Illinois Finance Authority, The University of Chicago Medical Center Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.68%, 3/1/2019 (d)		12,320		12,320
University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.76%, 3/7/2019 (d)		18,165		18,165
				30,735
Other Revenue — 1.1%
City of Rochelle
Series A, Rev., AGM, 3.00%, 6/30/2019		100		100
Series A, Rev., AGM, 3.00%, 6/30/2020		275		278
Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 1.72%, 3/7/2019 (d)		7,500		7,500
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax Rev., NATL-RE, Zero Coupon, 6/15/2019		85		84
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation
Rev., NATL-RE, Zero Coupon, 6/15/2019		25		25
Class A, Rev., NATL-RE, Zero Coupon, 6/15/2020		130		125
Sales Tax Securitization Corp. Series C, Rev., 5.00%, 1/1/2023		2,700		2,942
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2019		50		50

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Series A, Rev., 5.00%, 6/15/2020		4,600		4,758
Series B, Rev., 5.00%, 6/15/2020		5,000		5,162
Rev., 5.00%, 6/15/2021		110		116
Series B, Rev., 5.00%, 6/15/2021		5,000		5,262
Rev., 5.00%, 6/15/2023		990		1,068
Tender Option Bond Trust Receipts/Certificates Series 2015-XF1045, Rev., VRDO, LIQ: Barclays Bank plc, 1.92%, 3/7/2019 (d) (f)		6,550		6,550
				34,020
Prerefunded — 0.0% (b)
Illinois Finance Authority Rev., 6.13%, 5/15/2019 (e)		195		197
Illinois Finance Authority, Resurrection Health Rev., 6.13%, 5/15/2019 (e)		340		343
				540
Special Tax — 0.0% (b)
Village of Hampshire, Special Service Area No. 14, Lakewood Crossing
1.70%, 3/1/2019		180		180
1.90%, 3/1/2020		200		200
				380
Transportation — 0.1%
Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		210
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		286
Chicago Transit Authority, Federal Transit Administration Section 5337 State of Good Repair Formula Funds Rev., 4.00%, 6/1/2019		2,270		2,280
City of Chicago, Chicago Midway Airport Second Lien Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,051
				3,827
Water & Sewer — 0.0% (b)
City of Chicago, Wastewater Transmission Series 1998A, Rev., NATL-RE, Zero Coupon, 1/1/2020		40		39
Total Illinois				198,887
Indiana — 3.7%
Education — 0.4%
Hammond Multi-School Building Corp., First Mortgage
Rev., 4.00%, 7/15/2019		735		740

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 73

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Rev., 4.00%, 7/15/2020		615		631
Rev., 4.00%, 7/15/2021		670		700
Indiana Finance Authority, Educational Facilities, Valparaiso University Rev., 4.00%, 10/1/2019		255		258
Mount Vernon of Hancock County Multi-School Building Corp. Rev., 4.00%, 7/15/2019		210		212
Purdue University, Student Facilities System Series C, Rev., VRDO, 1.69%, 3/7/2019 (d)		6,575		6,575
South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax
Rev., 4.00%, 7/15/2020		70		72
Rev., 4.00%, 1/15/2021		100		104
Rev., 4.00%, 7/15/2021		80		84
Southmont School Building Corp., Ad Valorem Property Tax
Rev., 4.00%, 7/15/2019		300		302
Rev., 4.00%, 1/15/2020		550		560
Rev., 4.00%, 7/15/2020		190		196
Wawasee High School Building Corp., Ad Valorem Property Tax First Mortgage Bonds Rev., 4.00%, 7/15/2019		50		50
Westfield High School Building Corp., Property Tax, First Mortgage Rev., 4.00%, 7/15/2019		1,240		1,249
				11,733
Hospital — 2.2%
Indiana Finance Authority, Health System, Sisters of St. Francis Health Services Series 2008I, Rev., VRDO, LOC: Barclays Bank plc, 1.69%, 3/1/2019 (d)		10,000		10,000
Indiana Finance Authority, Parkview Health System Obligated Group Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 3/1/2019 (d)		28,300		28,300
Indiana Health Facility Financing Authority, Ascension Health Credit Group
Rev., 1.37%, 5/1/2020 (d)		4,100		4,073
Series 2001 A-2, Rev., 2.00%, 2/1/2023 (d)		25,000		25,003
Indiana State Finance Authority Hospital, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.70%, 3/7/2019 (d)		1,380		1,380
				68,756
Other Revenue — 0.2%
Hammond Redevelopment District Rev., 4.00%, 7/15/2019		615		617

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.72%, 3/7/2019 (d)		6,995		6,995
				7,612
Prerefunded — 0.0% (b)
Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., 1.37%, 5/1/2020 (d) (e)		95		95
Utility — 0.9%
City of Rockport, Indiana Michigan Power Company Project Series B, Rev., 3.05%, 6/1/2025		6,500		6,587
Indiana Finance Authority, Duke Energy Indiana, Inc., Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.77%, 3/7/2019 (d)		20,000		20,000
				26,587
Water & Sewer — 0.0% (b)
City of Martinsville, Waterworks
Rev., AGM, 2.00%, 1/1/2020		305		305
Rev., AGM, 2.00%, 7/1/2020		310		311
				616
Total Indiana				115,399
Iowa — 0.8%
Certificate of Participation/Lease — 0.0% (b)
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		319
City of Coralville, Annual Appropriation Series 2011F, COP, 3.50%, 6/1/2019		25		25
Kirkwood Community College Series A, COP, 3.00%, 6/1/2019		175		176
				520
Education — 0.1%
Iowa Higher Education Loan Authority, Dubuque University, Private Education Working Capital Loan Program Series A, Rev., RAN, 3.50%, 5/9/2019		2,000		2,006
General Obligation — 0.0% (b)
Ankeny Community School District GO, 5.00%, 6/1/2019		20		20
City of Sac City
GO, 5.00%, 6/1/2020		150		156
GO, 5.00%, 6/1/2021		160		172
Waukee Community School District
Series A, GO, 5.00%, 6/1/2019		30		30

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
GO, 5.00%, 6/1/2020		45		47
				425
Hospital — 0.7%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.32%, 3/7/2019 (c) (f)		19,950		20,046
Other Revenue — 0.0% (b)
City of Coralville, Annual Appropriation
Series 2018D, Rev., 3.00%, 5/1/2019		500		499
Series 2018D, Rev., 3.00%, 5/1/2020		300		297
State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		430
				1,226
Total Iowa				24,223
Kansas — 0.1%
Hospital — 0.1%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2019		410		412
Series A, Rev., 5.00%, 5/15/2020		440		453
				865
Other Revenue — 0.0% (b)
County of Shawnee, Public Building Commission, Expocentre Project Rev., 4.00%, 9/1/2019		575		582
Total Kansas				1,447
Kentucky — 1.4%
Education — 0.0% (b)
City of Berea Education Facilities, Berea College Project Series 2002A, Rev., VRDO, 1.73%, 3/1/2019 (d)		1,150		1,150
General Obligation — 0.0% (b)
Lexington-Fayette Urban County Government, Various Purpose Series A, GO, 5.00%, 9/1/2020		20		21
Hospital — 0.0% (b)
Kentucky Economic Development Finance Authority, Owensboro Health, Inc. Series A, Rev., 5.00%, 6/1/2019		375		377
Housing — 0.3%
Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (d)		7,200		7,233

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Kentucky Economic Development Finance Authority, Hospital Facilitie, Saint Elizabeth Medical Center, Inc. Series B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (d)		11,930		11,930
Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas and Electric Company Project
Series A, Rev., 1.50%, 4/1/2019 (d)		300		300
Series A, Rev., 1.25%, 6/3/2019 (d)		4,200		4,193
				16,423
Other Revenue — 0.2%
Kentucky Rural Water Finance Corp., Construction Series E-1, Rev., 2.25%, 3/1/2020		5,100		5,108
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		97
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021		1,540		1,614
				6,819
Prerefunded — 0.0% (b)
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2021 (e)		40		42
Transportation — 0.1%
Louisville Regional Airport Authority, Airport System Series A, Rev., 5.00%, 7/1/2022		1,000		1,090
Utility — 0.2%
Kentucky Public Energy Authority, Gas Supply
Series A, Rev., 4.00%, 4/1/2019		665		666
Series A, Rev., 4.00%, 4/1/2020		780		794
Series A, Rev., 4.00%, 4/1/2021		775		802
Series A, Rev., 4.00%, 4/1/2022		1,210		1,269
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (d)		2,750		2,768
				6,299
Water & Sewer — 0.1%
Louisville/Jefferson County Metro Government, Water System Rev., 5.00%, 11/15/2019		2,440		2,496
Total Kentucky				41,950

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 75

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Louisiana — 2.1%
General Obligation — 0.4%
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		537
City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		157
Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		150
Natchitoches Parish Consolidated School District No. 7 GO, 2.00%, 3/1/2019		100		100
St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		343
State of Louisiana Series 2013-C, GO, 5.00%, 7/15/2021		10,105		10,873
State of Louisiana, St. Tammany Parishwide School District No. 12
GO, 2.00%, 3/1/2019		100		100
GO, 2.00%, 3/1/2020		200		201
				12,461
Hospital — 1.4%
Louisiana Public Facilities Authority, Christus Health
Series D, Rev., 4.00%, 7/1/2019		650		654
Series D, Rev., 5.00%, 7/1/2020		700		727
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 2.39%, 3/7/2019 (c)		40,000		40,500
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Rev., 4.00%, 5/15/2019		225		226
Rev., 4.00%, 5/15/2020		195		200
Rev., 5.00%, 5/15/2020		325		336
				42,643
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
St. Charles Parish, Pollution Control, Shell Oil Co. Project Series B, Rev., VRDO, 1.67%, 3/1/2019 (d)		150		150
Other Revenue — 0.3%
City of Youngsville LA
Rev., 3.00%, 12/1/2019		255		257
Rev., 3.00%, 12/1/2020		250		254
Rev., 3.00%, 12/1/2021		255		262
Lafayette Consolidated Government, Public Improvement Sales Tax Series A, Rev., 3.00%, 3/1/2019		100		100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Louisiana Local Government Environmental Facilities and Community Development Authority, Delta Campus Facilities Project Rev., 5.00%, 10/1/2019		1,715		1,747
Louisiana Local Government Environmental Facilities and Community Development Authority, Lake Charles Public Improvement Projects Rev., 4.00%, 5/1/2020		200		205
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,618
Louisiana Office Facilities Corp., Lease, Capitol Complex Program Series A, Rev., 5.00%, 5/1/2020		4,290		4,447
Tobacco Settlement Financing Corp., Asset-Backed Series 2013A, Rev., 5.00%, 5/15/2019		25		25
				8,915
Special Tax — 0.0% (b)
St. Charles Parish, Limited Tax Series A, AGM, 3.00%, 3/1/2019		250		250
Transportation — 0.0% (b)
New Orleans Aviation Board, General Airport, North Terminal Project Series A, Rev., 5.00%, 1/1/2020		135		138
Total Louisiana				64,557
Maine — 0.0% (b)
Education — 0.0% (b)
Maine Health and Higher Educational Facilities Authority, University of New England Series 2017B, Rev., 4.00%, 7/1/2019		540		544
Maryland — 1.8%
General Obligation — 0.9%
County of Anne Arundel, Consolidated General Improvements GO, 5.00%, 4/1/2019		6,905		6,922
County of Baltimore GO, 4.00%, 3/18/2019		9,130		9,139
Washington Suburban Sanitary Commission Series A, GO, VRDO, LIQ: TD Bank NA, BAN, 1.69%, 3/7/2019 (d)		10,400		10,400
				26,461
Hospital — 0.8%
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series A, Rev., VRDO, LOC: TD Bank NA, 1.70%, 3/7/2019 (d)		23,850		23,850

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.1%
City of Rockville, Ingleside at King Farm Project
Series A-2, Rev., 4.00%, 11/1/2019		100		101
Series 2017A-1, Rev., 5.00%, 11/1/2019		150		153
Maryland Stadium Authority, Construction and Revitalization Program
Series 2018A, Rev., 5.00%, 5/1/2019		1,800		1,809
Series 2018A, Rev., 5.00%, 5/1/2020		800		830
Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,297
				4,190
Total Maryland				54,501
Massachusetts — 4.4%
Education — 0.1%
Massachusetts Development Finance Agency, Suffolk University
Rev., 4.00%, 7/1/2020 (g)		250		256
Rev., 5.00%, 7/1/2021 (g)		500		532
Rev., 5.00%, 7/1/2022 (g)		390		424
Rev., 5.00%, 7/1/2024 (g)		350		396
Massachusetts Development Finance Agency, Western New England University
Rev., 5.00%, 9/1/2020		300		312
Rev., 5.00%, 9/1/2021		265		282
				2,202
General Obligation — 1.4%
City of Boston Series 2017A, GO, 5.00%, 4/1/2019		25		25
Commonwealth of Massachusetts
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 2.38%, 5/1/2019 (c)		30,000		29,906
Series C, GO, RAN, 4.00%, 6/20/2019		100		101
Series D, GO, AMBAC, 5.50%, 10/1/2019		325		332
Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (d)		5,500		5,500
Masconomet Regional School District GO, 5.00%, 5/1/2020		20		21
Town of Athol GO, BAN, 3.00%, 8/1/2019		6,355		6,386
Town of Medway GO, 4.00%, 10/15/2019		20		20
				42,291
Hospital — 0.5%
Massachusetts Development Finance Agency, Lawrence General Hospital Rev., 5.00%, 7/1/2019		335		337

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — continued
Massachusetts Development Finance Agency, Partners Healthcare System Series M-1, Rev., VRDO, LOC: U.S. Bank NA, 1.67%, 3/1/2019 (d)		4,195		4,195
Massachusetts Development Finance Agency, Partners Healthcare System Issue
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 2.16%, 3/7/2019 (c)		10,000		10,044
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 2.24%, 3/7/2019 (c)		1,500		1,498
				16,074
Housing — 0.2%
Massachusetts Housing Finance Agency, Construction Loan Series A, Rev., 1.85%, 6/1/2020		5,700		5,698
Other Revenue — 0.0% (b)
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Series 20, Rev., 3.00%, 10/1/2019 (f)		620		622
Prerefunded — 0.1%
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series A, GO, 5.00%, 4/1/2021 (e)		20		21
Massachusetts Clean Water Trust, State Revolving Fund Subseries 16B, Rev., 5.00%, 8/1/2020 (e)		4,720		4,943
				4,964
Transportation — 1.8%
Massachusetts Bay Transportation Authority, Sales Tax Series A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.72%, 3/7/2019 (d)		34,890		34,890
Massachusetts Department of Transportation, Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (d)		10,000		11,153
Massachusetts Port Authority
Series 2019-A, Rev., AMT, 5.00%, 7/1/2020		2,295		2,389
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,212
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,752
				54,396
Water & Sewer — 0.3%
Massachusetts Clean Water Trust, State Revolving Fund Series 15A, Rev., 5.00%, 8/1/2020		200		210

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 77

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — continued
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 3/7/2019 (d)		9,735		9,735
				9,945
Total Massachusetts				136,192
Michigan — 2.4%
Education — 0.9%
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (d)		25,000		27,547
General Obligation — 0.4%
City of Garden, Capital Improvement
GO, 4.00%, 10/1/2019		790		799
GO, 4.00%, 10/1/2020		795		819
City of Marquette, Capital Improvement
GO, 4.00%, 5/1/2019		180		180
GO, 4.00%, 5/1/2020		75		77
GO, 4.00%, 5/1/2021		150		157
City of Marquette, Limited Tax
GO, 3.00%, 5/1/2019		280		281
GO, 3.00%, 5/1/2020		85		86
GO, 3.00%, 5/1/2021		125		128
City of Romulus, Capital Improvement Series B, GO, 3.00%, 11/1/2019		140		141
Grosse Pointe Public School System
GO, 4.00%, 5/1/2020		500		513
GO, 4.00%, 5/1/2021		240		251
Kalamazoo Public Schools, School Building and Site
GO, 4.00%, 5/1/2019		1,275		1,280
GO, 4.00%, 5/1/2020		1,820		1,867
GO, 4.00%, 5/1/2021		775		811
Kelloggsville Public Schools, School Building and Site
GO, AGM, 4.00%, 5/1/2021		360		377
GO, AGM, 4.00%, 5/1/2022		380		406
State of Michigan, Reeths Puffer Schools GO, 2.75%, 8/20/2019		525		527
Waterford School District GO, 3.00%, 9/25/2019		5,000		5,031
				13,731
Hospital — 0.2%
Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group Series 2010-B, Rev., 5.00%, 11/15/2025		5,170		5,281
Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group Subseries A-1, Rev., 1.37%, 5/1/2020 (d)		2,410		2,394
				7,675

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — 0.4%
Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China Ltd., 1.78%, 3/7/2019 (d)		11,555		11,555
Other Revenue — 0.4%
Detroit Downtown Development Authority, Tax Increment
Series B, AGM, Rev., 5.00%, 7/1/2019		130		131
Series B, AGM, Rev., 5.00%, 7/1/2020		1,200		1,245
Series A, AGM, Rev., 5.00%, 7/1/2021		500		531
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0717, VRDO, AGM, LIQ: Morgan Stanley Bank, Rev., 1.94%, 3/7/2019 (d) (f)		9,410		9,410
				11,317
Transportation — 0.1%
Gerald R Ford International Airport Authority, Limited Tax Rev., 5.00%, 1/1/2021		815		862
Wayne County Airport Authority, Junior Lien
Series B, Rev., AMT, 5.00%, 12/1/2019		550		562
Series B, Rev., AMT, 5.00%, 12/1/2020		550		579
				2,003
Total Michigan				73,828
Minnesota — 0.8%
Certificate of Participation/Lease — 0.0% (b)
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		988
Education — 0.2%
City of Deephaven, Minnesota Charter School Lease, Eagle Ridge Academy Project Series 2016A, Rev., 3.00%, 7/1/2019		50		50
Minnesota Higher Education Facilities Authority, Trustees of the Hamline University
Series 2017B, Rev., 4.00%, 10/1/2019		750		754
Series 2017B, Rev., 4.00%, 10/1/2020		780		792
University of Minnesota Series A, Rev., 5.00%, 4/1/2022		2,715		2,988
				4,584
General Obligation — 0.1%
City of Glencoe
Series 2018-A, GO, 3.00%, 8/1/2019		75		76
Series 2018-A, GO, 3.00%, 8/1/2020		75		76
Series 2018-A, GO, 3.00%, 8/1/2021		80		82
County of Clay Series A, GO, 3.00%, 4/1/2019		50		50
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,905
				2,189

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — 0.4%
City of Maple Grove, Maple Grove Hospital Corporation Rev., 3.00%, 5/1/2019		930		932
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 3/1/2019 (d)		12,250		12,250
				13,182
Housing — 0.1%
City of St. Paul Park, Senior Housing and Health Care, Presbyterian Homes Bloomington Project Rev., 3.00%, 9/1/2019		795		798
Duluth Housing and Redevelopment Authority, Public Schools Academy Project
Series 2018-A, Rev., 3.38%, 11/1/2021		330		333
Series 2018-A, Rev., 3.63%, 11/1/2022		345		350
Series 2018-A, Rev., 3.88%, 11/1/2023		325		334
St. Paul Minnesota, Housing and Redevelopment Authority, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020		515		522
				2,337
Other Revenue — 0.0% (b)
State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020		400		413
Prerefunded — 0.0% (b)
State of Minnesota, Public Safety Radio Communications System Project Rev., 5.00%, 6/1/2019 (e)		30		30
Total Minnesota				23,723
Mississippi — 0.7%
General Obligation — 0.1%
State of Mississippi Series F, GO, 5.00%, 11/1/2020		4,000		4,215
Industrial Development Revenue/Pollution Control Revenue — 0.6%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series A, Rev., VRDO, 1.77%, 3/7/2019 (d)		11,150		11,150
Series E, Rev., VRDO, 1.78%, 3/7/2019 (d)		6,200		6,200
				17,350
Other Revenue — 0.0% (b)
Mississippi Development Bank Special Obligation, Biloxi project
Rev., 3.00%, 3/1/2020		125		127
Rev., 3.00%, 3/1/2021		130		133

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Rev., 3.00%, 3/1/2022		175		181
Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022		100		103
State of Mississippi Series E, Rev., 5.00%, 10/15/2020		100		105
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		755
				1,404
Prerefunded — 0.0% (b)
State of Mississippi, Capital Improvements Project Series A, GO, 5.00%, 10/1/2021 (e)		25		27
Total Mississippi				22,996
Missouri — 1.0%
Certificate of Participation/Lease — 0.0% (b)
Blue Eye R-V School District
COP, 4.00%, 4/1/2019		135		135
COP, 4.00%, 4/1/2021		75		78
City of Arnold COP, 3.00%, 12/15/2019		120		121
City of Waynesville
Series C, COP, 2.00%, 4/15/2019		125		125
Series C, COP, 2.00%, 4/15/2020		250		250
County of Stone
COP, 3.00%, 12/1/2019		100		101
COP, 3.00%, 12/1/2020		145		148
Village of Country Club
COP, AGM, 3.00%, 4/1/2020		100		101
COP, AGM, 3.00%, 4/1/2021		165		169
				1,228
Education — 0.4%
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50
State of Missouri Health and Educational Facilities Authority, Saint Louis University Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 3/1/2019 (d)		8,150		8,150
State of Missouri Health and Educational Facilities Authority, Senior Living Facilities Series 2019B, Rev., 2.88%, 2/1/2022		3,270		3,270
				11,470
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Cape Girardeau County IDA, South Eastern Health
Series 2017A, Rev., 5.00%, 3/1/2019		300		300
Series 2017A, Rev., 5.00%, 3/1/2020		320		328

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Industrial Development Revenue/Pollution Control Revenue — continued
Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		313
Riverside IDA, Riverside Horizons Infrastructure Project Rev., 3.00%, 5/1/2019		2,055		2,058
				2,999
Other Revenue — 0.4%
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,452
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 1.84%, 3/7/2019 (d) (f)		8,200		8,200
				12,652
Transportation — 0.1%
City of St. Louis, Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,396
Utility — 0.0% (b)
Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series 2015A, Rev., 5.00%, 6/1/2019		1,090		1,098
Total Missouri				30,843
Montana — 0.2%
Education — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 2.19%, 3/7/2019 (c)		3,325		3,351
General Obligation — 0.0% (b)
Gallatin County High School District No. 7 Bozeman, School Building Series A, GO, 4.00%, 6/1/2019		25		25
Other Revenue — 0.1%
Montana Board of Investments, Municipal Finance Consolidation Act, Intercap Revolving Program Series 2000, Rev., 1.87%, 3/1/2020 (d)		2,600		2,586
Total Montana				5,962
Nebraska — 0.1%
General Obligation — 0.1%
Papio-Missouri River Natural Resource District
GO, 4.00%, 12/15/2019		720		733
GO, 4.00%, 12/15/2020		405		421
				1,154

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — 0.0% (b)
Madison County Hospital Authority No. 1, Faith Regional Health Services Project Series A, Rev., 4.00%, 7/1/2019		725		729
Other Revenue — 0.0% (b)
Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020		250		257
Special Tax — 0.0% (b)
City of Omaha
Series A, 2.20%, 1/15/2021		125		126
Series A, 5.00%, 1/15/2022		125		136
				262
Total Nebraska				2,402
Nevada — 1.5%
General Obligation — 0.1%
Clark County School District
Series 2014A, GO, 5.00%, 6/15/2020		50		52
Series C, GO, 5.00%, 6/15/2023		2,000		2,248
Las Vegas Valley Water District, Limited Tax Series B, GO, 4.00%, 3/1/2019		50		50
State of Nevada, Capital Improvement and Cultural Affairs Series 2012-B, GO, 5.00%, 8/1/2019		25		25
				2,375
Hospital — 0.0% (b)
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2019		325		329
Rev., 5.00%, 9/1/2020		250		260
Rev., 5.00%, 9/1/2027		610		708
				1,297
Other Revenue — 0.0% (b)
City of Henderson Nevada Local Improvement District No. T-14 Rev., 2.50%, 3/1/2019		340		340
City of Henderson Nevada Local Improvement District No. T-17 Rev., 2.00%, 9/1/2019		190		190
				530
Transportation — 1.3%
County of Clark, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		19,807

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series D-3, Rev., VRDO, LOC: Bank of America NA, 1.73%, 3/7/2019 (d)		18,950		18,950
				38,757
Utility — 0.1%
County of Clark, Nevada Power Company Projects Rev., 1.60%, 5/21/2020 (d)		3,000		2,981
Total Nevada				45,940
New Hampshire — 1.0%
Education — 0.3%
New Hampshire Health and Education Facilities Authority Act, University System Series A, Rev., 5.00%, 7/1/2019		1,385		1,400
New Hampshire Health and Education Facilities Authority, Dartmouth College Rev., VRDO, LIQ: U.S. Bank NA, 1.63%, 3/7/2019 (d)		9,000		9,000
				10,400
Hospital — 0.7%
New Hampshire Health and Education Facilities Authority Act, University System Series B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.69%, 3/1/2019 (d)		20,995		20,995
Total New Hampshire				31,395
New Jersey — 8.0%
Education — 0.2%
New Jersey Economic Development Authority, School Facilities Construction
Series DDD, Rev., 5.00%, 6/15/2019		500		504
Series DDD, Rev., 5.00%, 6/15/2020		500		517
Series PP, Rev., 5.00%, 6/15/2020		200		207
New Jersey EDA, School Facilities Construction Series XX, Rev., 5.00%, 6/15/2021		5,000		5,294
New Jersey Educational Facilities Authority, The William Paterson University Series 2012D, Rev., 5.00%, 7/1/2020		100		104
				6,626
General Obligation — 6.2%
Atlantic County, Township of Galloway Series A, GO, BAN, 3.00%, 8/15/2019		3,700		3,719
Borough of Beachwood GO, BAN, 3.00%, 3/6/2019		12,556		12,557
Borough of Bound Brook GO, BAN, 2.75%, 4/19/2019		2,838		2,841
Borough of Caldwell GO, BAN, 2.75%, 9/6/2019		6,422		6,451

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Borough of East Rutherford
GO, AGM, 5.00%, 12/1/2019		145		148
GO, AGM, 5.00%, 12/1/2020		290		305
Borough of Highlands Series 2018A, GO, BAN, 3.00%, 10/4/2019		4,056		4,081
Borough of Matawan GO, BAN, 2.75%, 6/5/2019		2,606		2,612
Borough of Northvale GO, BAN, 3.50%, 11/8/2019		4,250		4,293
Borough of Oceanport GO, BAN, 2.75%, 6/28/2019		8,062		8,088
Borough of Ridgefield GO, BAN, 3.00%, 10/17/2019		3,271		3,292
Borough of Wallington GO, BAN, 2.75%, 8/23/2019		5,733		5,757
Borough of Woodbury Heights Series 2018A, GO, BAN, 2.75%, 8/1/2019		5,277		5,295
Borough of Woodcliff Lake GO, BAN, 3.25%, 10/1/2019		6,770		6,823
Borough of Wood-Ridge GO, BAN, 3.50%, 9/13/2019		9,507		9,588
City of Atlantic, Tax Appeal
Series 2017B, GO, AGM, 4.00%, 3/1/2019		250		250
Series 2017A, GO, 5.00%, 3/1/2020		650		669
Series 2017B, GO, AGM, 5.00%, 3/1/2020		200		206
City of Bridgeton GO, 3.00%, 8/23/2019		9,553		9,602
City of Egg Harbor Series 2018A, GO, BAN, 3.00%, 4/8/2019		865		866
City of Newark GO, 3.50%, 10/9/2019		9,907		10,016
City of North Wildwood GO, BAN, 3.00%, 8/22/2019		9,620		9,674
City of Orange Township GO, 3.00%, 12/5/2019		3,890		3,917
City of Somers Point GO, BAN, 3.00%, 12/3/2019		6,755		6,803
City of Union, County of Hudson Series 2017, GO, 4.00%, 11/1/2019		1,000		1,011
City of Wildwood GO, BAN, 3.50%, 10/18/2019		11,312		11,445
County of Salem Series A, GO, BAN, 3.00%, 6/19/2019		10,531		10,571
East Brunswick Township Board of Education, School Energy Savings
GO, 5.00%, 8/1/2020		65		68
GO, 5.00%, 8/1/2021		55		59
GO, 5.00%, 8/1/2022		110		122
Mullica Township School District GO, 2.00%, 9/15/2019		105		105
The County of Union State of New Jersey, Township of Hillside GO, 3.00%, 7/18/2019		6,566		6,595

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 81

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Town of Hammonton GO, 3.00%, 4/11/2019		7,450		7,459
Township of Belleville GO, TAN, 3.00%, 4/17/2019		8,000		8,012
Township of Clark GO, BAN, 3.00%, 10/4/2019		1,650		1,661
Township of Clinton GO, BAN, 3.00%, 3/20/2019		2,732		2,734
Township of Florence Series 2019A, GO, BAN, 3.00%, 1/21/2020		5,315		5,370
Township of Logan GO, BAN, 3.50%, 10/22/2019		2,552		2,576
Township of Lyndhurst GO, BAN, 2.50%, 3/14/2019		8,574		8,575
Township of Middle GO, 4.00%, 11/1/2019		15		15
Township of Riverside Series A, GO, BAN, 3.50%, 11/5/2019		3,268		3,300
Township of Upper GO, BAN, 3.25%, 1/24/2020		4,510		4,557
				192,088
Hospital — 0.0% (b)
New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020		375		387
Housing — 0.4%
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Garden Spires Project Series A, Rev., 2.02%, 8/1/2020 (d)		8,000		8,027
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (d)		4,500		4,535
				12,562
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Passaic County Utilities Authority, Solid Waste Disposal
Series 2018, Rev., 4.13%, 3/1/2019		170		170
Series 2018, Rev., 4.25%, 3/1/2020		180		185
Series 2018, Rev., 4.38%, 3/1/2021		255		268
				623
Other Revenue — 0.4%
Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020		25		26
Gloucester County Improvement Authority Series A, Rev., 5.00%, 11/1/2019		500		511
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.86%, 3/7/2019 (d) (f)		5,000		5,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		367
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2019		3,500		3,525
Series A, Rev., 5.00%, 6/1/2020		3,000		3,106
				12,535
Prerefunded — 0.0% (b)
Rutgers The State University of New Jersey Series F, Rev., 5.00%, 5/1/2019 (e)		25		25
State of New Jersey, Equipment Lease Purchase Series A, COP, 5.25%, 6/15/2019 (e)		25		25
				50
Transportation — 0.7%
New Jersey EDA, Transportation Project Series A, Rev., 5.00%, 5/1/2019		3,580		3,596
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,373
New Jersey Transportation Trust Fund Authority, Transportation Program Series BB-1, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.74%, 3/7/2019 (c)		700		701
New Jersey Transportation Trust Fund Authority, Transportation System Series B-4, Rev., 5.25%, 12/15/2019		225		230
New Jersey Turnpike Authority
Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 2.08%, 4/1/2019 (c)		4,000		4,011
Series B, Rev., 5.00%, 1/1/2025		5,345		5,941
				20,852
Water & Sewer — 0.0% (b)
Logan Township Municipal Utilities Authority Rev., 4.00%, 5/1/2020		100		102
Total New Jersey				245,825
New Mexico — 0.2%
General Obligation — 0.1%
Albuquerque Municipal School District No. 12, Education Technology Notes GO, 5.00%, 8/1/2020		25		26
County of Sandoval
GO, 3.00%, 8/1/2020		330		336
GO, 5.00%, 8/1/2021		535		576
GO, 5.00%, 8/1/2022		560		621

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Jal Public School District No. 19, Credit Enhancement Program GO, AGM, 5.00%, 8/1/2019		880		892
				2,451
Prerefunded — 0.0% (b)
State of New Mexico, Severance Tax Permanent Fund Series A, Rev., 5.00%, 7/1/2019 (e)		55		56
Utility — 0.0% (b)
New Mexico Finance Authority, Senior Lien Public Project Revolving Fund
Series A, Rev., 4.00%, 6/1/2019		40		40
Series 2018-A, Rev., 5.00%, 6/1/2019		55		56
				96
Water & Sewer — 0.1%
City of Rio Rancho NM Water and Wastewater System
Rev., 5.00%, 5/15/2020		825		857
Rev., 5.00%, 5/15/2021		720		770
Rev., 5.00%, 5/15/2022		1,250		1,375
				3,002
Total New Mexico				5,605
New York — 19.7%
Education — 0.1%
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,041
New York State Dormitory Authority, St. John’s University Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.70%, 3/7/2019 (d)		1,180		1,180
				2,221
General Obligation — 12.3%
Bainbridge-Guilford Central School District Series A, GO, BAN, 2.75%, 6/28/2019		7,000		7,023
Bath Central School District, Steuben County GO, BAN, 3.00%, 6/21/2019		8,320		8,357
Beekmantown Central School District, Clinton County New York GO, BAN, 2.75%, 6/27/2019		4,035		4,048
City of Jamestown
GO, 5.00%, 6/1/2020 (g)		450		468
GO, 5.00%, 6/1/2021 (g)		475		508
GO, 5.00%, 6/1/2022 (g)		500		551
GO, 5.00%, 6/1/2023 (g)		525		593
GO, 5.00%, 6/1/2024 (g)		545		630

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
City of New York Series E, Subseries E-3, GO, VRDO, LOC: Bank of America NA, 1.71%, 3/7/2019 (d)		15,000		15,000
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.66%, 3/1/2019 (d)		11,500		11,500
City of New York, Fiscal Year 2012 Subseries G-4, GO, VRDO, LOC: Citibank NA, 1.73%, 3/7/2019 (d)		10,000		10,000
City of New York, Fiscal Year 2017 Subseries A-4, GO, VRDO, LOC: Citibank NA, 1.73%, 3/7/2019 (d)		14,100		14,100
City of Olean GO, BAN, 2.75%, 6/13/2019		6,024		6,041
City of Tonawanda GO, BAN, 3.00%, 6/6/2019		2,894		2,903
City of Watertown Series A, GO, BAN, 3.00%, 4/1/2019		4,360		4,364
County of Cattaraugus GO, BAN, 2.75%, 4/3/2019		707		707
County of Columbia, Germantown Central School District GO, BAN, 2.75%, 6/28/2019		8,937		8,966
County of Montgomery GO, BAN, 3.00%, 10/11/2019		2,510		2,528
County of Orange, Public Improvement GO, 5.00%, 2/1/2023		2,295		2,601
County of Schoharie GO, BAN, 2.75%, 6/20/2019		15,000		15,048
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		323
County of Westchester
Series A, GO, 2.25%, 5/28/2019		50,000		50,052
Series B, GO, TAN, 3.00%, 10/16/2019		38,000		38,358
East Ramapo Central School District GO, BAN, 3.00%, 4/26/2019		9,797		9,819
Erie County, Cleveland Hill Union Free School District GO, BAN, 2.75%, 6/25/2019		7,650		7,674
Greenport Union Free School District GO, TAN, 3.00%, 6/27/2019		3,000		3,012
Hilton Central School District GO, BAN, 2.75%, 6/28/2019		5,800		5,822
Holley Central School District GO, BAN, 2.50%, 6/25/2019		2,105		2,110
Honeoye Falls-Lima Central School District GO, BAN, 3.00%, 6/20/2019		8,200		8,231
Jefferson County, Village of Clayton Series 2018-B, GO, BAN, 3.00%, 10/23/2019		5,000		5,034
Mayfield Central School District GO, BAN, 2.75%, 6/28/2019		14,975		15,034
Menands Union Free School District GO, BAN, 3.50%, 6/27/2019		3,500		3,519

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 83

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Mount Vernon City School District
GO, 5.00%, 12/1/2021		885		967
GO, 5.00%, 12/1/2022		1,965		2,210
Newark Central School District GO, BAN, 2.75%, 6/20/2019		14,000		14,053
North Colonie Central School District GO, BAN, 3.00%, 7/19/2019		25,000		25,138
Oneida County, Sherrill City School District Series B, GO, BAN, 2.50%, 7/26/2019		8,751		8,777
Oneonta City School District GO, BAN, 3.00%, 7/19/2019		6,000		6,028
Owego Apalachin Central School District
Series B, GO, RAN, 2.38%, 6/27/2019		6,443		6,446
Series C, GO, RAN, 2.38%, 6/27/2019		2,500		2,501
Pavilion Central School District, Livingston and Wyoming Counties GO, BAN, 2.75%, 6/21/2019		2,622		2,630
Rome City School District GO, BAN, 2.75%, 8/2/2019		24,925		25,051
Sherburne Earlville Central School District GO, BAN, 3.00%, 8/2/2019		3,500		3,518
Susquehanna Valley Central School District Series B, GO, BAN, 2.75%, 7/2/2019		3,300		3,311
Town of East Fishkill Series A, GO, BAN, 3.50%, 12/17/2019		3,426		3,462
Town of Plattsburgh GO, BAN, 2.75%, 8/23/2019		3,000		3,014
Village of Johnson City GO, BAN, 4.00%, 10/3/2019		2,600		2,631
Weedsport Central School District GO, BAN, 3.00%, 7/12/2019		3,800		3,821
				378,482
Hospital — 0.0% (b)
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project
Series A, Rev., 2.00%, 11/1/2019		550		549
Series A, Rev., 3.00%, 11/1/2020		575		582
New York State Dormitory Authority, Mount Sinai Hospital Series A, Rev., 5.00%, 7/1/2020		45		47
				1,178
Housing — 0.1%
New York State Housing Finance Agency, 8 East 102nd Street Housing Series A, Rev., VRDO, LOC: TD Bank NA, 1.73%, 3/7/2019 (d)		2,700		2,700

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Syracuse City Industrial Development Agency, Syracuse University Project Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (d)		20,145		20,145
Other Revenue — 1.9%
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 1.66%, 3/1/2019 (d)		1,250		1,250
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.76%, 3/7/2019 (d)		14,675		14,675
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries A-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.71%, 3/7/2019 (d)		14,155		14,155
New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.77%, 3/7/2019 (d)		3,265		3,265
New York City Trust for Cultural Resources, American Museum of Natural History Series 2014-B1, Rev., (SIFMA Municipal Swap Index Yield + 0.00%), 1.74%, 3/7/2019 (c)		17,225		17,241
New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group Series A, Rev., 4.00%, 5/1/2020		150		154
Schenectady Metroplex Development Authority Series 2018A, Rev., BAN, 4.00%, 12/27/2019		1,240		1,261
Tender Option Bond Trust Receipts/Certificates Series 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.89%, 3/7/2019 (d) (f)		6,000		6,000
TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2019		150		151
				58,152
Prerefunded — 0.3%
New York City Water and Sewer System Rev., 5.00%, 6/15/2023 (e)		7,165		8,162
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series A, Rev., 5.00%, 1/1/2022 (e)		1,120		1,226
				9,388
Special Tax — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series A, Rev., 5.00%, 2/15/2021		200		213

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 3.1%
Metropolitan Transportation Authority
Subseries 2012G-1, Rev., (ICE LIBOR USD 1 Month + 0.30%), 1.97%, 4/1/2019 (c)		3,505		3,494
Series C-2D, Rev., BAN, 4.00%, 5/15/2019		15,000		15,061
Series A-3, Rev., BAN, 4.00%, 8/15/2019		13,750		13,876
New York State Thruway Authority
Series A, Rev., 5.00%, 5/1/2019		24,395		24,521
Series L, Rev., 5.00%, 1/1/2021		50		53
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		14,000		14,997
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2020		500		516
Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,631
Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		916
Port Authority of New York and New Jersey Rev., AMT, 5.00%, 9/15/2023		10,000		11,375
Triborough Bridge and Tunnel Authority Series D, Rev., (SOFR + 0.50%), 2.09%, 3/1/2019 (c)		10,000		9,890
				96,330
Water & Sewer — 1.2%
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012
Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.67%, 3/1/2019 (d)		6,500		6,500
Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.68%, 3/1/2019 (d)		13,335		13,335
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.74%, 3/7/2019 (d)		12,560		12,560
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.74%, 3/7/2019 (d)		5,680		5,680
				38,075
Total New York				606,884
North Carolina — 0.9%
Education — 0.2%
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2019		250		251
Rev., 5.00%, 6/1/2020		275		284

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 2.07%, 4/1/2019 (c)		3,750		3,767
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina
Rev., AGM, 4.00%, 10/1/2019		90		91
Rev., AGM, 4.00%, 10/1/2020		120		124
				4,517
General Obligation — 0.1%
County of Lincoln Series A, GO, 4.00%, 6/1/2019		2,535		2,550
County of Union Series A, GO, 5.00%, 3/1/2020		20		21
State of North Carolina Series A, GO, 5.00%, 6/1/2019		500		504
Town of Cary Series B, GO, 4.00%, 6/1/2019		25		25
				3,100
Hospital — 0.5%
North Carolina Medical Care Commission, Firsthealth Carolinas Series A, Rev., VRDO, LIQ: Branch Banking & Trust Co., 1.75%, 3/7/2019 (d)		2,830		2,830
North Carolina Medical Care Commission, United Methodist Retirement Homes, Inc., Retirement Facilities Series 2017A, Rev., 5.00%, 10/1/2019		275		279
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., 2.20%, 12/1/2022 (d)		13,500		13,534
				16,643
Housing — 0.1%
Asheville Housing Authority, Ledgewood Village, Multifamily Housing Rev., 1.90%, 12/1/2019 (d)		4,000		3,999
Other Revenue — 0.0% (b)
County of Buncombe, Limited Obligation Series A, Rev., 5.00%, 6/1/2021		20		21
County of Chatham Series 2014, Rev., 5.00%, 11/1/2019		210		215
				236
Prerefunded — 0.0% (b)
County of Wake Rev., 5.00%, 6/1/2019 (e)		25		25
State of North Carolina, Capital Improvement Limited Obligation Annual Appropriation Series A, Rev., 4.50%, 5/1/2019 (e)		25		25

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 85

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — continued
Town of Oak Island, Enterprise System Rev., AGC, 5.75%, 6/1/2019 (e)		25		25
				75
Transportation — 0.0% (b)
North Carolina Turnpike Authority, Monroe Connector System Series 2011, Rev., 5.00%, 7/1/2020		420		438
Total North Carolina				29,008
Ohio — 3.2%
Certificate of Participation/Lease — 0.0% (b)
Goshen Local School District, School Facilities Project
COP, 4.00%, 12/15/2019		240		244
COP, 1.50%, 12/15/2020		280		278
				522
General Obligation — 0.7%
City of Cincinnati, Unlimited Tax Refunding and Improvement Series 2014A, GO, 5.00%, 12/1/2019		5,925		6,074
City of Elyria, Improvement, Various Purpose GO, 5.00%, 12/1/2019		1,340		1,372
City of Elyria, Various Purpose GO, BAN, 2.38%, 5/23/2019		820		821
City of Fairfield, Various Purpose GO, BAN, 2.50%, 5/1/2019		3,300		3,304
City of Lorain, Streetscape Improvements GO, BAN, 2.75%, 6/20/2019		650		652
City of Marietta, Various Purpose Series A, GO, BAN, 3.00%, 5/9/2019		3,973		3,981
City of Middletown, Various Purpose GO, 4.00%, 12/1/2019		500		508
City of North Olmsted, Capital Improvements GO, BAN, 2.50%, 4/23/2019		615		616
City of Toledo
GO, AGM, 2.00%, 12/1/2019		180		180
GO, AGM, 4.00%, 12/1/2020		100		104
State of Ohio Series A, GO, 5.00%, 3/15/2019		1,000		1,001
Village of Cuyahoga Heights, Various Purpose Improvement GO, BAN, 3.25%, 6/19/2019		1,250		1,255
				19,868
Hospital — 0.9%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		135

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — continued
City of Centerville, Graceworks Lutheran Services
Rev., 5.00%, 11/1/2020		275		284
Rev., 5.00%, 11/1/2021		285		300
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (d)		2,000		2,188
County of Franklin, Hospital Facilities Series 2009A, Class A, Rev., VRDO, LIQ: Barclays Bank plc, 1.73%, 3/7/2019 (d)		1,190		1,190
County of Franklin, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 2.17%, 3/7/2019 (c)		5,000		5,058
County of Franklin, Trinity Health Credit Group Series 2013OH, Rev., 1.70%, 5/1/2019 (d)		8,000		7,997
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Series B-4, Rev., VRDO, LIQ: Barclays Bank plc, 1.69%, 3/1/2019 (d)		3,500		3,500
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 1.99%, 3/1/2019 (d)		8,250		8,250
				28,902
Industrial Development Revenue/Pollution Control Revenue — 0.8%
Ohio State Water Development Authority, Water Pollution Control Loan Fund
Series 2016 A, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.78%, 3/7/2019 (d)		10,400		10,400
Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.96%, 3/7/2019 (c)		13,935		13,911
Rev., 5.25%, 12/1/2020		35		37
				24,348
Other Revenue — 0.0% (b)
City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		293
Village of Obetz
Rev., 5.00%, 12/1/2019		110		113
Rev., 5.00%, 12/1/2020		185		195
Rev., 5.00%, 12/1/2021		125		136
				737
Transportation — 0.3%
City of Cleveland, Airport System Series 2009D, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (d)		1,225		1,225
Columbus Regional Airport Authority, Columbus Ohio Regional Airport Authority Rev., VRDO, LOC: U.S. Bank NA, 1.73%, 3/7/2019 (d)		8,525		8,525
				9,750

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.5%
American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (d)		10,000		10,127
Ohio Air Quality Development Authority, Valley Electric Corp., Project Series 2009D, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.74%, 3/7/2019 (d)		4,450		4,450
				14,577
Total Ohio				98,704
Oklahoma — 0.2%
Education — 0.1%
Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 3.00%, 9/1/2019		1,000		1,006
Cleveland County Educational Facilities Authority, Educational Facilities Lease, Noble Public Schools Project Rev., 4.00%, 9/1/2019		120		121
Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 5.00%, 6/1/2019		300		302
Cushing Educational Facilities Authority, Public Schools Project Rev., 5.00%, 9/1/2020		50		52
Okarche Economic Development Authority, Okarche Public Schools Project Rev., 4.00%, 9/1/2019		125		126
				1,607
Housing — 0.1%
Oklahoma Housing Finance Agency, Green Rural Development Portfolio Series 2018, Rev., 1.90%, 3/1/2020 (d)		1,500		1,501
Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., 2.38%, 10/1/2020 (d)		2,375		2,394
				3,895
Other Revenue — 0.0% (b)
Midwest City Municipal Authority, Capital Improvement Series A, Rev., 5.00%, 3/1/2019		50		50
Prerefunded — 0.0% (b)
Oklahoma Turnpike Authority, Turnpike System Series B, Rev., 5.00%, 1/1/2021 (e)		20		21
Total Oklahoma				5,573
Oregon — 0.3%
General Obligation — 0.1%
Clackamas County School District No. 12 Series A, GO, Zero Coupon, 6/15/2019		250		249
County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		2,013

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2019		375		377
GO, 4.00%, 6/15/2020		225		232
GO, 4.00%, 6/15/2021		175		184
GO, 5.00%, 6/15/2021		500		537
				3,592
Hospital — 0.2%
Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 3/7/2019 (d)		1,000		1,000
Salem Hospital Facility Authority, Hospital Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (d)		5,350		5,350
				6,350
Total Oregon				9,942
Pennsylvania — 4.0%
Education — 1.0%
Pennsylvania Higher Educational Facilities Authority
Series A, Rev., 5.00%, 9/1/2019 (e)		8,950		9,100
Series AN, Rev., 5.00%, 6/15/2020		5,975		6,213
Pennsylvania Higher Educational Facilities Authority, Aicup Financing Program-York College of Pennsylvania Project Rev., 2.23%, 5/1/2019 (d)		1,000		1,000
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., 2.72%, 5/1/2021 (d)		2,500		2,541
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 5.00%, 8/15/2019		200		203
Pennsylvania Higher Educational Facilities Authority, Widener University Rev., 2.00%, 7/15/2019		290		289
University of Pittsburgh of the Commonwealth System, Higher Education Panthers Rev., (SIFMA Municipal Swap Index Yield + 0.24%), 1.98%, 3/7/2019 (c)		11,510		11,509
				30,855
General Obligation — 1.1%
Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		14,258
Butler Area School District
GO, AGM, 3.00%, 10/1/2019		1,150		1,157
GO, AGM, 4.00%, 10/1/2020		865		893

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 87

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
City of Philadelphia
Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 1.72%, 3/7/2019 (d)		12,965		12,965
Series 2012A, GO, 5.00%, 9/15/2021		45		48
Juniata County School District
GO, AGM, 2.00%, 11/15/2019		190		190
GO, AGM, 5.00%, 11/15/2021		185		201
Municipality of Monroeville GO, 3.00%, 6/1/2020		1,075		1,090
Parkland School District GO, 4.00%, 4/15/2020		1,500		1,537
The School Board of Philadelphia County Series A, GO, 5.00%, 9/1/2019		500		507
Township of Rostraver
GO, AGM, 3.00%, 9/1/2020		140		143
GO, AGM, 4.00%, 9/1/2021		100		105
Township of Upper Darby GO, AGM, 2.00%, 5/1/2019		210		210
				33,304
Hospital — 0.0% (b)
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2019		500		508
Northampton County General Purpose Authority, Saint Luke’s Hospital Project Series A, Rev., 5.00%, 8/15/2020		25		26
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Hospital Rev., 5.00%, 7/1/2019		1,385		1,397
				1,931
Housing — 0.0% (b)
Philadelphia Housing Authority, PHA Headquarters Project Rev., 4.00%, 5/1/2019		250		251
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		532
Lackawanna County Industrial Development Authority, University of Scranton
Rev., 3.00%, 11/1/2019		50		50
Rev., 4.00%, 11/1/2020		100		103
Rev., 5.00%, 11/1/2021		1,000		1,077
Montgomery County Industrial Development Authority, Meadowood Senior Living Project
Series A, Rev., 3.00%, 12/1/2019		140		141
Series A, Rev., 3.00%, 12/1/2020		250		252
Series A, Rev., 3.00%, 12/1/2021		250		254
				2,409

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — 0.9%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (f)		250		266
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2020		555		575
Series 2018, Rev., 5.00%, 6/1/2021		535		570
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020 (d)		250		250
Emmaus General Authority Rev., VRDO, LIQ: Wells Fargo Bank NA, AGM, 1.80%, 3/7/2019 (d)		6,090		6,090
Philadelphia Municipal Authority, City Agreement, Juvenile Justice Services Center Rev., 4.00%, 4/1/2019		195		195
Tender Option Bond Trust Receipts/Certificates
Series 2018-XL0060, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.84%, 3/7/2019 (d) (f)		5,650		5,650
Series 2018-XX1, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.84%, 3/7/2019 (d) (f)		8,000		8,000
Series 2018-XM0594, Rev., VRDO, LIQ: Barclays Bank plc, 1.86%, 3/7/2019 (d) (f)		4,600		4,600
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., 2.25%, 6/1/2020 (d)		1,850		1,854
				28,050
Prerefunded — 0.0% (b)
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2022 (e)		1,465		1,636
Commonwealth of Pennsylvania GO, 5.00%, 4/15/2019 (e)		45		45
Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2020 (e)		30		32
Pennsylvania Turnpike Commission, Oil Franchise Tax Series A-2, Rev., AGC, 5.00%, 12/1/2019 (e)		30		31
West Shore School District GO, AGC, 4.50%, 5/15/2019 (e)		25		25
				1,769
Special Tax — 0.0% (b)
Pennsylvania Intergovernmental Cooperation Authority, City of Philadelphia Funding Program 5.00%, 6/15/2019		20		20

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.6%
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.34%, 3/7/2019 (c)		18,000		18,005
Series B, Subseries B-2, Rev., 5.00%, 6/1/2019		75		76
Series B, Subseries B-2, Rev., 5.00%, 6/1/2020		50		52
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		116
				18,249
Utility — 0.3%
City of Philadelphia, Gas Works, 1998 General Ordinance, Fifteen Rev., 3.00%, 8/1/2019		2,100		2,110
Philadelphia Gas Works Co. Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.72%, 3/7/2019 (d)		6,000		6,000
				8,110
Total Pennsylvania				124,948
Rhode Island — 0.2%
Education — 0.2%
Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 3/7/2019 (d)		4,960		4,960
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		17
				4,977
Other Revenue — 0.0% (b)
Providence Public Building Authority, Capital Improvement
Series A, Rev., 4.00%, 9/15/2019		250		252
Series A, Rev., 5.00%, 9/15/2020		200		208
				460
Transportation — 0.0% (b)
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GRAN, 5.00%, 6/15/2019		55		55
Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project
Series 2018, Rev., 5.00%, 7/1/2019		500		505
Series 2018, Rev., 5.00%, 7/1/2020		585		608
				1,168
Total Rhode Island				6,605

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
South Carolina — 0.6%
Education — 0.0% (b)
Educational Facilities Authority, Wofford College Series B, Rev., 2.37%, 4/1/2022 (d)		500		499
General Obligation — 0.6%
Beaufort County School District Series 2011D, GO, SCSDE, 5.00%, 3/1/2019		40		40
County of Dorchester, Transportation Projects Series A, GO, 4.00%, 5/1/2019		40		40
County of Richland Series 2019A, GO, BAN, 3.00%, 2/27/2020		17,200		17,426
Lexington and Richland County School District No. 5 Series B, GO, SCSDE, 5.00%, 3/1/2019		25		25
				17,531
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes
Series 2018A, Rev., 5.00%, 4/1/2019		225		225
Series 2018A, Rev., 5.00%, 4/1/2021		500		521
				746
Prerefunded — 0.0% (b)
Beaufort County School District Series 2009D, GO, SCSDE, 5.00%, 3/1/2019 (e)		50		50
Total South Carolina				18,826
South Dakota — 0.0% (b)
Housing — 0.0% (b)
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2017, Rev., 5.00%, 4/1/2022		375		410
Other Revenue — 0.0% (b)
South Dakota State Building Authority
Series A, Rev., 3.00%, 6/1/2019		150		151
Series A, Rev., 3.00%, 6/1/2020		200		203
				354
Total South Dakota				764
Tennessee — 2.3%
Education — 0.6%
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board Rev., 1.30%, 7/1/2019 (d)		6,250		6,239
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, East Webster Street Apartments Project Rev., 2.05%, 4/1/2020 (d)		2,500		2,510

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 89

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., 2.10%, 10/1/2020 (d)		6,500		6,523
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Twelfth and Wedgewood Apartments Project Series 2017, Rev., GNMA, 1.80%, 12/1/2019 (d)		4,000		4,001
				19,273
General Obligation — 0.2%
City of Memphis, General Improvement GO, 5.00%, 6/1/2020		25		26
County of Monroe GO, BAN, 1.20%, 6/15/2019		3,500		3,491
County of Shelby, Public Improvment Series B, GO, VRDO, 1.75%, 3/7/2019 (d)		2,000		2,000
County of Sumner, School and Public Improvement Series 2013, GO, 5.00%, 12/1/2019		105		108
				5,625
Hospital — 0.8%
Chattanooga Health Educational and Housing Facility Board, Catholic Health Services Series 2004C, Rev., VRDO, 1.88%, 3/7/2019 (d)		21,940		21,940
Rutherford County Health and Educational Facilities Board Rev., 2.50%, 11/1/2020 (d)		3,500		3,532
				25,472
Housing — 0.6%
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., 1.87%, 7/1/2020 (d)		2,400		2,395
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (d)		10,000		10,015
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers Ii Project Rev., 2.00%, 1/1/2021 (d)		5,000		5,026
				17,436
Utility — 0.1%
City of Knoxville, Gas System Series W, Rev., 5.00%, 3/1/2019		120		120
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2019		625		627

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — continued
Series A, Rev., 4.00%, 5/1/2020		780		794
Series A, Rev., 4.00%, 5/1/2021		730		753
				2,294
Water & Sewer — 0.0% (b)
Jackson Energy Authority, Wastewater System Rev., 5.00%, 12/1/2019		350		359
Total Tennessee				70,459
Texas — 8.4%
Education — 0.3%
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 3.00%, 12/1/2019		435		439
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		231
Series 2018C, Rev., 5.00%, 8/1/2025		200		236
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2020		110		113
Rev., 5.00%, 2/1/2021		160		169
Rev., 5.00%, 2/1/2022		165		179
Rev., 5.00%, 2/1/2023		170		189
Harris County Cultural Education Facilities Finance Corp., TECO Project Series 2017, Rev., 5.00%, 11/15/2019		175		179
McLennan County Junior College District
Rev., AGM, 3.00%, 4/15/2020 (g)		300		304
Rev., AGM, 3.00%, 4/15/2021 (g)		350		358
Rev., AGM, 3.00%, 4/15/2022 (g)		100		103
New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project Rev., 5.00%, 1/1/2020		195		199
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2019		410		416
Rev., 5.00%, 10/1/2020		675		697
Rev., 5.00%, 10/1/2021		1,425		1,491
Rev., 5.00%, 10/1/2022		1,495		1,585
Newark Higher Education Finance Corp., Orenda Education Rev., PSF-GTD, 4.00%, 8/15/2019		200		202
University of Texas (The), Board of Regents, Financing System
Series A, Rev., 5.00%, 8/15/2020		25		26
Series D, Rev., 5.00%, 8/15/2021		25		27
University of Texas System (The) Series B, Rev., VRDO, 1.72%, 3/7/2019 (d)		2,410		2,410
				9,553

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 3.9%
City of Arlington, Permanent Improvement GO, 3.00%, 8/15/2019		50		50
City of Corpus Christi GO, 4.00%, 3/1/2019		30		30
City of Galveston
GO, 3.00%, 5/1/2021		130		133
GO, 4.00%, 5/1/2022		590		629
City of Granbury
Series 2018, GO, 2.00%, 8/15/2019		160		160
Series 2018, GO, 2.00%, 8/15/2020		185		186
City of Grand Prairie GO, 5.00%, 2/15/2021		20		21
City of Odessa
Series 2017, GO, 4.00%, 3/1/2019		360		360
Series 2017, GO, 4.00%, 3/1/2020		300		307
City of Wylie GO, 5.00%, 2/15/2020		20		21
Clear Creek Independent School District, School Building Series B, GO, PSF-GTD, 1.45%, 8/14/2020 (d)		2,200		2,192
Corpus Christi Independent School District, School Building Series A, GO, PSF-GTD, 2.00%, 8/15/2019 (d)		1,250		1,250
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		50		54
County of Bexar, Harlandale Independent School District GO, PSF-GTD, 3.00%, 8/15/2021 (d)		4,000		4,075
County of Denton GO, 5.00%, 7/15/2020		50		52
County of La Salle
GO, AGM, 5.00%, 3/1/2019		295		295
GO, AGM, 5.00%, 3/1/2020		315		326
GO, AGM, 5.00%, 3/1/2021		345		368
County of La Salle, Unlimited Tax
GO, AGM, 5.00%, 3/1/2019		1,000		1,000
GO, AGM, 5.00%, 3/1/2020		2,075		2,146
GO, AGM, 5.00%, 3/1/2021		2,135		2,278
County of Lubbock GO, 5.00%, 2/15/2020		20		21
County of Travis, Limited Tax GO, 5.00%, 3/1/2019		25		25
Cuero Independent School District, School Building Series 2014, GO, PSF-GTD, 5.00%, 8/15/2021		100		108
Cypress-Fairbanks Independent School District GO, PSF-GTD, 4.00%, 2/15/2020		6,065		6,201
Del Mar College District, Limited Tax GO, 4.00%, 8/15/2019		20		20
El Paso County Hospital District GO, 5.00%, 8/15/2019		175		177

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021		190		195
Fort Bend Independent School District Series B, GO, PSF-GTD, 1.35%, 8/1/2019 (d)		6,560		6,551
Georgetown Independent School District Series 2019-B, GO, PSF-GTD, 2.75%, 8/1/2022 (d)		8,000		8,268
Goose Creek Consolidated Independent School District Series B, GO, PSF-GTD, 1.18%, 8/15/2019 (d)		3,100		3,094
Houston Independent School District, Schoolhouse Series A-2, GO, PSF-GTD, 3.00%, 6/1/2019 (d)		6,000		6,020
Leander Independent School District, Capital Appreciation Series B, GO, Zero Coupon, 8/15/2019		220		218
Midlothian Independent School District, School Building Series B, GO, PSF-GTD, 2.50%, 8/1/2020 (d)		5,000		5,058
New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (d)		1,500		1,545
Northside Independent School District, School Building
GO, PSF-GTD, 1.45%, 6/1/2020 (d)		4,000		3,988
GO, PSF-GTD, 2.00%, 6/1/2021 (d)		3,035		3,049
Remington Municipal Utility District No. 1 GO, AGM, 4.00%, 9/1/2019		275		278
Sienna Plantation Levee Improvement District of Fort Bend County GO, 2.00%, 9/1/2019		250		250
Southside Independent School District, School Building GO, PSF-GTD, 2.00%, 8/15/2019		250		250
State of Texas, Transportation Commission, Multi Mode Mobility Fund Series 2006B, GO, VRDO, LIQ: Texas Comptroller of Public Accounts, 1.75%, 3/7/2019 (d)		23,505		23,505
State of Texas, Veterans
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.76%, 3/7/2019 (d)		21,155		21,155
Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (d)		13,415		13,415
Texas Public Finance Authority Series A, GO, 5.00%, 10/1/2019		25		25
				119,349
Hospital — 1.1%
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Rev., VRDO, 1.75%, 3/7/2019 (d)		17,215		17,215
Series D, Rev., VRDO, 1.75%, 3/7/2019 (d)		8,800		8,800

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 91

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Tarrant County Cultural Education Facilities Finance Corp., Christus Health
Series A, Rev., 4.00%, 7/1/2019		3,000		3,020
Series A, Rev., 5.00%, 7/1/2020		3,460		3,598
				32,633
Industrial Development Revenue/Pollution Control Revenue — 0.6%
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Rev., VRDO, 1.70%, 3/1/2019 (d)		16,100		16,100
Matagorda County Navigation District No. 1, Pollution Control Rev., AMT, 1.75%, 9/1/2020 (d)		4,000		3,930
				20,030
Other Revenue — 1.8%
BB&T Municipal Trust Class B, Rev., LOC: Rabobank Nederland, (SIFMA Municipal Swap Index Yield + 0.55%), 2.29%, 3/7/2019 (c) (f)		8,000		8,000
City of Corpus Christi Rev., 5.00%, 7/15/2019		50		51
State of Texas Rev., TRAN, 4.00%, 8/29/2019		46,555		47,063
				55,114
Prerefunded — 0.0% (b)
Austin Independent School District Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2021 (e)		30		32
City of Houston, Public Improvement Series 2009-A, GO, 5.00%, 3/1/2019 (e)		45		45
Corpus Christi Independent School District, School Building GO, 5.00%, 8/15/2019 (e)		500		508
				585
Transportation — 0.5%
Brazoria County Toll Road Authority, Limited Contract Tax and Subordinate Lien Toll Road Series 2017B, Rev., BAN, 1.45%, 3/1/2020		7,000		6,979
Camino Real Regional Mobility Authority, Subordinate Lien Vehicle Rev., AGM, 5.00%, 6/1/2019		155		156
Central Texas Regional Mobility Authority, Subordinated Lien Rev., 4.00%, 1/1/2022		2,455		2,559
Dallas-Fort Worth International Airport Series E, Rev., 5.00%, 11/1/2019		525		536
Harris County Toll Road Authority, Senior Lien
Series A, Rev., 5.00%, 8/15/2019		1,850		1,878
Series A, Rev., 5.00%, 8/15/2020		1,500		1,571
Series A, Rev., 5.00%, 8/15/2021		1,500		1,619
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		134

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — continued
Port Beaumont Navigation District
Rev., 3.00%, 9/1/2019		100		100
Rev., 4.00%, 9/1/2020		155		160
				15,692
Utility — 0.1%
City of Houston, Utility System Series B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.76%, 3/7/2019 (d)		4,425		4,425
Water & Sewer — 0.1%
Canyon Regional Water Authority, Wells Ranch I Project Rev., 4.00%, 8/1/2020		20		21
Trinity River Authority Central Regional Wastewater System
Rev., 5.00%, 8/1/2019		1,255		1,272
Rev., 5.00%, 8/1/2020		675		706
				1,999
Total Texas				259,380
Utah — 0.7%
Education — 0.0% (b)
Utah Charter School Finance Authority, Utah Charter Academies Project
Rev., 3.00%, 10/15/2019		200		201
Rev., 3.00%, 10/15/2020		220		223
Rev., 4.00%, 10/15/2021		305		318
				742
Hospital — 0.6%
County of Utah Hospital, IHC Health Services, Inc.
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/7/2019 (d)		2,500		2,500
Series D, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/7/2019 (d)		11,275		11,275
Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.71%, 3/7/2019 (d)		4,000		4,000
				17,775
Other Revenue — 0.1%
City of Murray, Sales Tax
Series 2018, Rev., 3.00%, 11/15/2019		100		101
Series 2018, Rev., 3.00%, 11/15/2020		235		240
Series 2018, Rev., 4.00%, 11/15/2021		150		159
Utah Infrastructure Agency, Telecommunication Series A, Rev., 2.00%, 10/15/2019		1,000		994
				1,494

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.0% (b)
City of Lehi, Electric Utility
Series 2018, Rev., 4.00%, 6/1/2019		75		76
Series 2018, Rev., 5.00%, 6/1/2020		85		88
Series 2018, Rev., 5.00%, 6/1/2021		75		80
				244
Total Utah				20,255
Virginia — 3.2%
Education — 0.3%
Virginia College Building Authority, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2020		7,685		8,066
Virginia Public School Authority, School Technology and Security Series IV, Rev., 5.00%, 4/15/2019		1,000		1,004
				9,070
General Obligation — 0.1%
City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020		200		206
City of Poquoson GO, 5.00%, 2/15/2020		120		124
City of Roanoke GO, 5.00%, 4/1/2019		25		25
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,591
County of Fairfax, Public Improvement Series B, GO, 4.00%, 4/1/2019		25		25
				1,971
Hospital — 0.9%
Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series 2018A-B, Rev., VRDO, LIQ: TD Bank NA, 1.64%, 3/1/2019 (d)		29,220		29,220
Housing — 0.3%
Newport News Redevelopment and Housing Authority, Berkley Preservation Project Rev., FHA/GNMA, 1.20%, 4/1/2019		10,000		9,995
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Louisa Industrial Development Authority, Virginia Pollution Control Series 2008C, Rev., 1.85%, 5/16/2019 (d)		7,550		7,548
Wise County Industrial Development Authority Series 2009-A, Rev., 2.15%, 9/1/2020 (d)		7,500		7,507
				15,055
Other Revenue — 0.8%
Virginia Public Building Authority, Public Facilities
Series A, Rev., 5.00%, 8/1/2020		5,220		5,463

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Series C, Rev., 5.00%, 8/1/2020		18,830		19,706
				25,169
Prerefunded — 0.3%
Fairfax County EDA, Community Services Facilities Projects Series A, Rev., 4.50%, 3/1/2021 (e)		8,235		8,696
Transportation — 0.0% (b)
Virginia Commonwealth Transportation Board Series B-G, Rev., 5.00%, 3/15/2021		25		27
Total Virginia				99,203
Washington — 1.7%
General Obligation — 0.1%
County of King, Limited Tax Series A, GO, 5.00%, 7/1/2019		50		51
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		80
Pend Oreille County, Public Hospital District No. 1
GO, 3.00%, 12/1/2019		155		156
GO, 3.00%, 12/1/2020		155		156
Snohomish County, Edmonds School District No. 15 GO, 5.00%, 12/1/2021		330		359
Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		25		26
Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		180
State of Washington, Various Purpose Series R-2011B, GO, 5.00%, 7/1/2019		400		404
				1,412
Hospital — 0.6%
Washington Health Care Facilities Authority, Catholic Health Initiatives
Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.74%, 3/7/2019 (c)		5,000		4,969
Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 3.14%, 3/7/2019 (c)		10,000		9,967
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,325
Washington Health Care Facilities Authority, Providence Health and Service Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.75%, 3/7/2019 (d)		3,150		3,150
WBRP 3.2, Washington Biomedical Research Properties Series A, Rev., 5.00%, 1/1/2021		25		26
				19,437

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 93

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — 0.8%
Washington State Housing Finance Commission, Multi-Family Housing, Cathedral Plaza Apartments Rev., 2.38%, 7/1/2020 (d)		13,500		13,570
Washington State Housing Finance Commission, Multi-Family Housing, The O’Malley Apartments Rev., 2.37%, 7/1/2020 (d)		8,500		8,544
Washington State Housing Finance Commission, Royal Hills Apartments Series A, Rev., 1.40%, 11/1/2019		4,000		3,987
				26,101
Utility — 0.0% (b)
City of Seattle, Municipal Light and Power Improvement
Series A, Rev., 5.00%, 6/1/2019		35		35
Rev., 5.00%, 9/1/2021		20		22
				57
Water & Sewer — 0.2%
Cascade Water Alliance Rev., 5.00%, 1/1/2021		20		21
City of Seattle, Water Syatem Rev., 5.00%, 9/1/2020		25		26
County of King, Junior Lien Rev., 2.45%, 12/1/2020 (d)		6,615		6,677
				6,724
Total Washington				53,731
West Virginia — 0.1%
Utility — 0.1%
West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (d)		3,805		3,849
Wisconsin — 1.9%
Education — 0.7%
Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021		55		58
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018C-1, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 2.09%, 3/7/2019 (c)		21,865		21,792
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2019		145		146
Series 2017A, Rev., 5.00%, 9/1/2020		155		160
Series 2017A, Rev., 5.00%, 9/1/2021		160		168
				22,324

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 0.6%
Burlington Area School District GO, BAN, 3.00%, 8/6/2019		3,500		3,506
City of Fond Du Lac Series 2017B, GO, 2.00%, 4/1/2019		225		225
City of Kenosha GO, 3.00%, 2/1/2021 (g)		1,000		1,024
City of Middletown
GO, 3.00%, 3/1/2020		200		203
GO, 3.00%, 3/1/2021		355		363
Coleman School District, Marinette and Oconto Counties
GO, 3.00%, 3/1/2019		50		50
GO, 3.00%, 9/1/2019		170		171
County of Manitowoc GO, 2.00%, 11/1/2019		215		215
County of Milwaukee, Whitnall School District GO, 3.00%, 3/1/2019		175		175
Eleva-Strum School District
GO, 4.00%, 4/1/2019		165		165
GO, 3.00%, 4/1/2020		230		233
GO, 3.00%, 4/1/2021		450		461
Gibraltar Area School District, Wisconsin Promissory Notes
GO, 4.00%, 3/1/2020		440		450
GO, 4.00%, 3/1/2021		700		730
GO, 4.00%, 3/1/2022		315		335
Pewaukee School District
GO, BAN, 3.00%, 8/1/2019		4,300		4,310
Series 2019A, GO, 5.00%, 3/1/2024 (g)		375		430
Randall Consolidated School Joint No. 1
GO, 4.00%, 3/1/2019		360		360
GO, 4.00%, 3/1/2020		380		388
GO, 4.00%, 3/1/2021		175		182
State of Wisconsin Series B, GO, 5.00%, 5/1/2019		2,900		2,915
Village of Menomonee Falls, Promissory Note
Series A, GO, 3.00%, 6/1/2019		50		50
Series B, GO, 3.38%, 3/1/2020		250		252
Series A, GO, 3.00%, 6/1/2021		270		276
Village of Pulaski
GO, AGM, 2.00%, 4/1/2019		160		160
GO, AGM, 3.00%, 4/1/2020		160		162
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2021 (g)		130		135
GO, AGM, 4.00%, 3/1/2022 (g)		260		276
GO, AGM, 4.00%, 3/1/2023 (g)		280		302
				18,504

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
State of Wisconsin Environmental Improvement Fund Series A, Rev., 5.00%, 6/1/2019		1,000		1,009
Other Revenue — 0.4%
Village of DeForest Series C, Rev., 3.00%, 5/1/2023		4,865		4,990
Village of Howard Rev., 2.00%, 12/1/2021		6,965		6,972
				11,962
Transportation — 0.1%
Wisconsin Department of Transportation
Series 1, Rev., 5.00%, 7/1/2020		2,135		2,228
Series 1, Rev., 5.00%, 7/1/2021		25		27
				2,255
Utility — 0.1%
WPPI Energy, Power Supply System Series A, Rev., 5.00%, 7/1/2020		3,275		3,414
Total Wisconsin				59,468

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wyoming — 0.0% (b)
Utility — 0.0% (b)
Consolidated Municipalities Electric Power Systems Joint Powers Board, Electrical System Project Series 2014-A, Rev., 2.00%, 6/1/2019		75		75
Total Municipal Bonds (Cost $3,034,826)				3,037,143
	SHARES (000)
Short-term Investments — 3.5%
Investment Companies — 3.5%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (h) (i) (Cost $106,738)		106,738		106,738
Total Investments — 101.8% (Cost $3,141,564)				3,143,881
Liabilities in Excess of Other Assets — (1.8%)				(55,435	)
NET ASSETS — 100.0%				3,088,446

Percentages indicated are based on net assets.

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificate of Participation
EDA	Economic Development Authority
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RAN	Revenue Anticipation Note
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
SIFMA	The Securities Industry and Financial Markets Association
SOFR	Secured Overnight Financing Rate
TAN	Tax Anticipation Note

TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Securities exempt from registration under Rule 144A or section 4(a) (2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 95

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax  Aware High Income Fund)		JPMorgan Municipal Income Fund		JPMorgan Short- Intermediate Municipal Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	146,476	$	192,484	$	1,461,489
Investments in affiliates, at value		12,206		14,034		47,778
Receivables:
Investment securities sold		1,314		383		8,026
Investment securities sold — delayed delivery securities		8		225		3,206
Fund shares sold		392		318		7,661
Interest from non-affiliates		1,533		1,944		13,314
Dividends from affiliates		15		18		79
Due from adviser		53		4		—
Total Assets		161,997		209,410		1,541,553
LIABILITIES:
Payables:
Due to custodian		10		—		653
Investment securities purchased		24		5,719		27,021
Investment securities purchased — delayed delivery securities		3,354		4,915		34,114
Fund shares redeemed		1		120		1,327
Accrued liabilities:
Investment advisory fees		—		—		149
Distribution fees		18		19		9
Service fees		11		11		29
Custodian and accounting fees		22		22		34
Trustees’ and Chief Compliance Officer’s fees		—		—		—	(a)
Other		63		46		93
Total Liabilities		3,503		10,852		63,429
Net Assets	$	158,494	$	198,558	$	1,478,124

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)			JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
NET ASSETS:
Paid-in-Capital	$	156,484		$	195,174		$	1,477,824
Total distributable earnings (loss) (a)		2,010			3,384			300
Total Net Assets	$	158,494		$	198,558		$	1,478,124
Net Assets:
Class A	$	43,565		$	60,078		$	33,554
Class C		17,929			12,833			4,590
Class I		95,662			74,386			573,350
Class R6		1,338			51,261			866,630
Total	$	158,494		$	198,558		$	1,478,124
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,006			6,291			3,197
Class C		1,652			1,357			434
Class I		8,797			7,847			54,351
Class R6		123			5,410			82,185
Net Asset Value (b):
Class A — Redemption price per share	$	10.88		$	9.55		$	10.49
Class C — Offering price per share (c)		10.85			9.45			10.59
Class I — Offering and redemption price per share		10.87			9.48			10.55
Class R6 — Offering and redemption price per share		10.87			9.48			10.54
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)]	$	11.30		$	9.92		$	10.73
Cost of investments in non-affiliates	$	144,048		$	188,957		$	1,445,100
Cost of investments in affiliates		12,206			14,034			47,778

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 97

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Free Bond Fund		JPMorgan Ultra-Short Municipal Fund
ASSETS:
Investments in non-affiliates, at value	$	373,195	$	3,037,143
Investments in affiliates, at value		7,778		106,738
Cash		65		—
Deposits at broker for futures contracts		190		—
Receivables:
Investment securities sold		268		755
Investment securities sold — delayed delivery securities		55		—
Fund shares sold		312		12,577
Interest and dividends from non-affiliates		3,898		20,953
Dividends from affiliates		13		247
Variation margin on futures contracts		38		—
Due from adviser		—		20
Total Assets		385,812		3,178,433
LIABILITIES:
Payables:
Due to custodian		—		6
Investment securities purchased		—		59,962
Investment securities purchased — delayed delivery securities		2,068		7,305
Fund shares redeemed		962		21,754
Accrued liabilities:
Investment advisory fees		49		—
Administration fees		1		—
Distribution fees		41		15
Service fees		9		485
Custodian and accounting fees		36		32
Other		47		428
Total Liabilities		3,213		89,987
Net Assets	$	382,599	$	3,088,446

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	378,019		$	3,086,328
Total distributable earnings (loss) (a)		4,580			2,118
Total Net Assets	$	382,599		$	3,088,446
Net Assets:
Class A	$	132,813		$	67,256
Class C		27,701			—
Class I		135,295			3,021,190
Class R6		86,790			—
Total	$	382,599		$	3,088,446
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,281			6,708
Class C		2,373			—
Class I		11,541			301,569
Class R6		7,406			—
Net Asset Value (b):
Class A — Redemption price per share	$	11.77		$	10.03
Class C — Offering price per share (c)		11.67			—
Class I — Offering and redemption price per share		11.72			10.02
Class R6 — Offering and redemption price per share		11.72			—
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)]	$	12.23		$	10.26
Cost of investments in non-affiliates	$	360,536		$	3,034,826
Cost of investments in affiliates		7,778			106,738

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 99

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019

(Amounts in thousands)

	JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)			JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,739		$	5,847		$	34,708
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		1			—			—
Dividend income from affiliates		101			97			879
Total investment income		4,841			5,944			35,587
EXPENSES:
Investment advisory fees		426			602			3,983
Administration fees		97			161			1,278
Distribution fees:
Class A		88			152			79
Class C		132			103			39
Service fees:
Class A		88			152			79
Class C		44			34			13
Class I		172			169			3,592
Custodian and accounting fees		72			71			134
Interest expense to affiliates		—	(a)		—			1
Professional fees		124			66			84
Trustees’ and Chief Compliance Officer’s fees		25			26			31
Printing and mailing costs		34			12			41
Registration and filing fees		79			69			82
Transfer agency fees (See Note 2.J.)		6			8			17
Other		9			9			38
Total expenses		1,396			1,634			9,491
Less fees waived		(545	)		(532	)		(5,434	)
Less expense reimbursements		(52	)		(3	)		—
Net expenses		799			1,099			4,057
Net investment income (loss)		4,042			4,845			31,530
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		248			17			(4,496	)
Investments in affiliates		—	(a)		—	(a)		—	(a)
Net realized gain (loss)		248			17			(4,496	)
Change in net unrealized appreciation/depreciation on investments in non-affiliates		1,124			1,465			18,414
Net realized/unrealized gains (losses)		1,372			1,482			13,918
Change in net assets resulting from operations	$	5,414		$	6,327		$	45,448

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	14,460		$	39,023
Interest income from affiliates		—			2
Dividend income from non-affiliates		—	(a)		—
Dividend income from affiliates		220			2,171
Total investment income		14,680			41,196
EXPENSES:
Investment advisory fees		1,086			3,725
Administration fees		290			1,984
Distribution fees:
Class A		329			59
Class C		207			—
Service fees:
Class A		329			59
Class C		69			—
Class I		450			6,148
Custodian and accounting fees		111			152
Interest expense to affiliates		—	(a)		1
Professional fees		87			78
Trustees’ and Chief Compliance Officer’s fees		29			33
Printing and mailing costs		16			58
Registration and filing fees		74			535
Transfer agency fees (See Note 2.J.)		17			18
Other		80			54
Total expenses		3,174			12,904
Less fees waived		(1,061	)		(6,834	)
Less expense reimbursements		—			(23	)
Net expenses		2,113			6,047
Net investment income (loss)		12,567			35,149
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,698	)		(276	)
Investments in affiliates		—	(a)		(4	)
Futures contracts		(162	)		—
Net realized gain (loss)		(1,860	)		(280	)
Distributions of capital gains received from investment company non-affiliates		8			—
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		510			5,321
Futures contracts		45			—
Change in net unrealized appreciation/depreciation		555			5,321
Net realized/unrealized gains (losses)		(1,297	)		5,041
Change in net assets resulting from operations	$	11,270		$	40,190

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)						JPMorgan Municipal Income Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,042		$	2,536		$	4,845		$	6,387
Net realized gain (loss)		248			(268	)		17			2,097
Change in net unrealized appreciation/depreciation		1,124			(245	)		1,465			(4,584	)
Change in net assets resulting from operations		5,414			2,023			6,327			3,900
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(1,161	)		(912	)		(1,687	)		(2,135	)
Class C		(485	)		(411	)		(306	)		(404	)
Class I		(2,376	)		(1,253	)		(2,044	)		(4,509	)
Class R6 (b)		(4	)		—			(1,817	)		(1,087	)
Total distributions to shareholders		(4,026	)		(2,576	)		(5,854	)		(8,135	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		52,086			5,568			(19,210	)		(49,281	)
NET ASSETS:
Change in net assets		53,474			5,015			(18,737	)		(53,516	)
Beginning of period		105,020			100,005			217,295			270,811
End of period	$	158,494		$	105,020		$	198,558		$	217,295

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9. Prior period balances were as follows:

	JPMorgan High Yield Municipal Fund			JPMorgan Municipal Income Fund
Class A
From net investment income	$	(912	)	$	(1,664	)
From net realized gains		—			(471	)
Class C
From net investment income		(411	)		(293	)
From net realized gains		—			(111	)
Class I
From net investment income		(1,253	)		(3,943	)
From net realized gains		—			(566	)
Class R6 (b)
From net investment income		—			(494	)
From net realized gains		—			(593	)

(b) Commencement of offering of class of shares effective November 1, 2018 for JPMorgan High Yield Municipal Fund and November 6, 2017 for JPMorgan Municipal Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	31,530		$	35,300		$	12,567		$	10,704
Net realized gain (loss)		(4,496	)		(2,785	)		(1,860	)		(95	)
Distributions of capital gains received from investment company non-affiliates		—			—			8			—
Change in net unrealized appreciation/depreciation		18,414			(12,921	)		555			(3,101	)
Change in net assets resulting from operations		45,448			19,594			11,270			7,508
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(498	)		(348	)		(4,427	)		(4,552	)
Class C		(53	)		(56	)		(780	)		(779	)
Class I		(27,873	)		(34,696	)		(6,496	)		(5,375	)
Class R6 (b)		(3,081	)		—			(871	)		—
Select Class (c)		—			(171	)		—			—
Total distributions to shareholders		(31,505	)		(35,271	)		(12,574	)		(10,706	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(255,405	)		(340,775	)		67,878			(3,172	)
NET ASSETS:
Change in net assets		(241,462	)		(356,452	)		66,574			(6,370	)
Beginning of period		1,719,586			2,076,038			316,025			322,395
End of period	$	1,478,124		$	1,719,586		$	382,599		$	316,025

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9. Prior period balances were as follows:

	JPMorgan Short-Intermediate Municipal Bond  Fund			JPMorgan Tax Free Bond Fund
Class A
From net investment income	$	(348	)	$	(4,552	)
Class C
From net investment income		(56	)		(779	)
Class I
From net investment income		(34,696	)		(5,375	)
Select Class (c)
From net investment income		(171	)		—

(b) Commencement of offering of class of shares effective October 1, 2018.

(c) All remaining Select Class Shares converted into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Ultra-Short Municipal Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	35,149		$	10,258
Net realized gain (loss)		(280	)		(57	)
Change in net unrealized appreciation/depreciation		5,321			(3,044	)
Change in net assets resulting from operations		40,190			7,157
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(289	)		(8	)
Class I		(34,837	)		(10,137	)
Total distributions to shareholders		(35,126	)		(10,145	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,018,313			2,035,882
NET ASSETS:
Change in net assets		1,023,377			2,032,894
Beginning of period		2,065,069			32,175
End of period	$	3,088,446		$	2,065,069

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9. Prior period balances were as follows:

	JPMorgan Ultra-Short Municipal Fund
Class A
From net investment income	$	(8	)
Class I
From net investment income		(10,137	)

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)						JPMorgan Municipal Income Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,871		$	10,087		$	12,450		$	22,238
Distributions reinvested		1,119			879			1,650			2,094
Cost of shares redeemed		(13,888	)		(19,315	)		(20,462	)		(33,567	)
Change in net assets resulting from Class A capital transactions	$	8,102		$	(8,349	)	$	(6,362	)	$	(9,235	)
Class C
Proceeds from shares issued	$	3,949		$	1,868		$	1,885		$	5,107
Distributions reinvested		453			381			282			362
Cost of shares redeemed		(5,304	)		(4,386	)		(4,495	)		(7,178	)
Change in net assets resulting from Class C capital transactions	$	(902	)	$	(2,137	)	$	(2,328	)	$	(1,709	)
Class I
Proceeds from shares issued	$	73,404		$	29,022		$	27,767		$	42,887
Distributions reinvested		2,340			1,075			1,985			1,807
Cost of shares redeemed		(32,194	)		(14,043	)		(26,769	)		(149,658	)
Change in net assets resulting from Class I capital transactions	$	43,550		$	16,054		$	2,983		$	(104,964	)
Class R6 (a)
Proceeds from shares issued	$	1,359		$	—		$	29,141		$	90,639
Distributions reinvested		4			—			1,807			1,086
Cost of shares redeemed		(27	)		—			(44,451	)		(25,098	)
Change in net assets resulting from Class R6 capital transactions	$	1,336		$	—		$	(13,503	)	$	66,627
Total change in net assets resulting from capital transactions	$	52,086		$	5,568		$	(19,210	)	$	(49,281	)

(a) Commencement of offering of class of shares effective November 1, 2018 for JPMorgan High Yield Municipal Fund and November 6, 2017 for JPMorgan Municipal Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)						JPMorgan Municipal Income Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		1,939			924			1,312			2,271
Reinvested		104			81			174			215
Redeemed		(1,291	)		(1,785	)		(2,157	)		(3,430	)
Change in Class A Shares		752			(780	)		(671	)		(944	)
Class C
Issued		367			170			201			526
Reinvested		42			35			30			38
Redeemed		(493	)		(402	)		(480	)		(742	)
Change in Class C Shares		(84	)		(197	)		(249	)		(178	)
Class I
Issued		6,812			2,664			2,949			4,427
Reinvested		218			98			211			188
Redeemed		(2,991	)		(1,286	)		(2,843	)		(15,458	)
Change in Class I Shares		4,039			1,476			317			(10,843	)
Class R6 (a)
Issued		125			—			3,084			9,369
Reinvested		—	(b)		—			193			113
Redeemed		(2	)		—			(4,719	)		(2,630	)
Change in Class R6 Shares		123			—			(1,442	)		6,852

(a) Commencement of offering of class of shares effective November 1, 2018 for JPMorgan High Yield Municipal Fund and November 6, 2017 for JPMorgan Municipal Income Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,978		$	10,656		$	27,996		$	31,215
Net assets acquired in Fund reorganization (See Note 8)		—			—			21,528			—
Distributions reinvested		493			344			4,255			4,375
Cost of shares redeemed		(12,624	)		(8,869	)		(50,846	)		(52,729	)
Change in net assets resulting from Class A capital transactions	$	847		$	2,131		$	2,933		$	(17,139	)
Class C
Proceeds from shares issued	$	837		$	861		$	3,406		$	3,952
Net assets acquired in Fund reorganization (See Note 8)		—			—			6,298			—
Distributions reinvested		45			49			757			770
Cost of shares redeemed		(2,741	)		(8,514	)		(7,789	)		(11,395	)
Change in net assets resulting from Class C capital transactions	$	(1,859	)	$	(7,604	)	$	2,672		$	(6,673	)
Class I
Proceeds from shares issued	$	506,582		$	1,080,724		$	75,091		$	59,833
Net assets acquired in Fund reorganization (See Note 8)		—			—			76,798			—
Distributions reinvested		27,411			16,842			6,079			3,871
Cost of shares redeemed		(1,650,500	)		(1,429,300	)		(181,002	)		(43,064	)
Conversion from Select Class Shares		—			140,758			—			—
Change in net assets resulting from Class I capital transactions	$	(1,116,507	)	$	(190,976	)	$	(23,034	)	$	20,640
Class R6 (a)
Proceeds from shares issued	$	940,450		$	—		$	95,064		$	—
Distributions reinvested		3,081			—			871			—
Cost of shares redeemed		(81,417	)		—			(10,628	)		—
Change in net assets resulting from Class R6 capital transactions	$	862,114		$	—		$	85,307		$	—
Select Class (b)
Proceeds from shares issued	$	—		$	1,645		$	—		$	—
Distributions reinvested		—			28			—			—
Cost of shares redeemed		—			(5,241	)		—			—
Conversion to Class I Shares		—			(140,758	)		—			—
Change in net assets resulting from Select Class capital transactions	$	—		$	(144,326	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	(255,405	)	$	(340,775	)	$	67,878		$	(3,172	)

(a) Commencement of offering of class of shares effective October 1, 2018.

(b) All remaining Select Class Shares converted into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		1,248			1,013			2,382			2,587
Shares issued in connection with Fund reorganization (See Note 8)		—			—			1,824			—
Reinvested		48			33			363			365
Redeemed		(1,215	)		(844	)		(4,325	)		(4,402	)
Change in Class A Shares		81			202			244			(1,450	)
Class C
Issued		81			81			293			331
Shares issued in connection with Fund reorganization (See Note 8)		—			—			538			—
Reinvested		4			4			65			65
Redeemed		(262	)		(801	)		(670	)		(957	)
Change in Class C Shares		(177	)		(716	)		226			(561	)
Class I
Issued		48,416			102,244			6,441			5,004
Shares issued in connection with Fund reorganization (See Note 8)		—			—			6,534			—
Reinvested		2,627			1,599			520			324
Redeemed		(157,651	)		(135,480	)		(15,581	)		(3,597	)
Conversion from Select Class Shares		—			13,367			—			—
Change in Class I Shares		(106,608	)		(18,270	)		(2,086	)		1,731
Class R6 (a)
Issued		89,640			—			8,243			—
Reinvested		293			—			75			—
Redeemed		(7,748	)		—			(912	)		—
Change in Class R6 Shares		82,185			—			7,406			—
Select Class (b)
Issued		—			152			—			—
Reinvested		—			3			—			—
Redeemed		—			(500	)		—			—
Conversion to Class I Shares		—			(13,393	)		—			—
Change in Select Class Shares		—			(13,738	)		—			—

(a) Commencement of offering of class of shares effective October 1, 2018.

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

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

	JPMorgan Ultra-Short Municipal Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	167,723		$	2,427
Distributions reinvested		289			8
Cost of shares redeemed		(101,733	)		(2,179	)
Change in net assets resulting from Class A capital transactions	$	66,279		$	256
Class I
Proceeds from shares issued	$	2,716,009		$	3,119,503
Distributions reinvested		34,620			5,769
Cost of shares redeemed		(1,798,595	)		(1,089,646	)
Change in net assets resulting from Class I capital transactions	$	952,034		$	2,035,626
Total change in net assets resulting from capital transactions	$	1,018,313		$	2,035,882
SHARE TRANSACTIONS:
Class A
Issued		16,758			242
Reinvested		29			1
Redeemed		(10,156	)		(218	)
Change in Class A Shares		6,631			25
Class I
Issued		271,523			311,420
Reinvested		3,462			577
Redeemed		(179,780	)		(108,793	)
Change in Class I Shares		95,205			203,204

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund)
Class A
Year Ended February 28, 2019	$	10.78	$	0.36	$	0.09		$	0.45	$	(0.35	)
Year Ended February 28, 2018		10.82		0.28		(0.04	)		0.24		(0.28	)
Year Ended February 28, 2017		10.99		0.29		(0.17	)		0.12		(0.29	)
Year Ended February 29, 2016		11.03		0.29		(0.04	)		0.25		(0.29	)
Year Ended February 28, 2015		10.78		0.28		0.24			0.52		(0.27	)
Class C
Year Ended February 28, 2019		10.76		0.30		0.09			0.39		(0.30	)
Year Ended February 28, 2018		10.80		0.22		(0.03	)		0.19		(0.23	)
Year Ended February 28, 2017		10.97		0.23		(0.17	)		0.06		(0.23	)
Year Ended February 29, 2016		11.01		0.23		(0.03	)		0.20		(0.24	)
Year Ended February 28, 2015		10.76		0.22		0.25			0.47		(0.22	)
Class I
Year Ended February 28, 2019		10.78		0.37		0.08			0.45		(0.36	)
Year Ended February 28, 2018		10.82		0.29		(0.03	)		0.26		(0.30	)
Year Ended February 28, 2017		10.99		0.30		(0.17	)		0.13		(0.30	)
Year Ended February 29, 2016		11.03		0.30		(0.04	)		0.26		(0.30	)
Year Ended February 28, 2015		10.78		0.29		0.24			0.53		(0.28	)
Class R6
November 1, 2018 (f) through February 28, 2019		10.53		0.14		0.33			0.47		(0.13	)

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

(b) Calculated based upon average shares outstanding.

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

(d) 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.

110 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.88		4.28	%	$	43,565		0.64	%		3.32	%		1.22	%		130	%
	10.78		2.25			35,071		0.64			2.56			1.20			17
	10.82		1.07			43,639		0.64			2.59			1.23			16
	10.99		2.32			48,716		0.65			2.61			1.18			19
	11.03		4.89			47,319		0.65			2.53			1.22			10
	10.85		3.67			17,929		1.14			2.82			1.71			130
	10.76		1.74			18,675		1.14			2.06			1.70			17
	10.80		0.58			20,864		1.14			2.09			1.73			16
	10.97		1.80			24,452		1.15			2.11			1.70			19
	11.01		4.36			23,002		1.15			2.03			1.72			10
	10.87		4.29			95,662		0.54			3.45			0.97			130
	10.78		2.36			51,274		0.54			2.66			0.95			17
	10.82		1.17			35,502		0.54			2.68			0.97			16
	10.99		2.42			47,524		0.55			2.71			0.93			19
	11.03		4.99			51,738		0.55			2.63			0.97			10
	10.87		4.46			1,338		0.39			4.09			1.23			130

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Municipal Income Fund
Class A
Year Ended February 28, 2019	$	9.52	$	0.21		$	0.08		$	0.29		$	(0.21	)	$	(0.05	)	$	(0.26	)
Year Ended February 28, 2018		9.70		0.23	(f)		(0.11	)		0.12			(0.23	)		(0.07	)		(0.30	)
Year Ended February 28, 2017		10.10		0.24			(0.28	)		(0.04	)		(0.24	)		(0.12	)		(0.36	)
Year Ended February 29, 2016		10.11		0.25			0.08			0.33			(0.26	)		(0.08	)		(0.34	)
Year Ended February 28, 2015		9.98		0.27			0.18			0.45			(0.27	)		(0.05	)		(0.32	)
Class C
Year Ended February 28, 2019		9.42		0.16			0.08			0.24			(0.16	)		(0.05	)		(0.21	)
Year Ended February 28, 2018		9.61		0.17	(f)		(0.12	)		0.05			(0.17	)		(0.07	)		(0.24	)
Year Ended February 28, 2017		10.00		0.18			(0.26	)		(0.08	)		(0.19	)		(0.12	)		(0.31	)
Year Ended February 29, 2016		10.02		0.19			0.07			0.26			(0.20	)		(0.08	)		(0.28	)
Year Ended February 28, 2015		9.90		0.21			0.17			0.38			(0.21	)		(0.05	)		(0.26	)
Class I
Year Ended February 28, 2019		9.45		0.24			0.08			0.32			(0.24	)		(0.05	)		(0.29	)
Year Ended February 28, 2018		9.63		0.25	(f)		(0.11	)		0.14			(0.25	)		(0.07	)		(0.32	)
Year Ended February 28, 2017		10.03		0.26			(0.27	)		(0.01	)		(0.27	)		(0.12	)		(0.39	)
Year Ended February 29, 2016		10.04		0.28			0.07			0.35			(0.28	)		(0.08	)		(0.36	)
Year Ended February 28, 2015		9.92		0.29			0.17			0.46			(0.29	)		(0.05	)		(0.34	)
Class R6
Year Ended February 28, 2019		9.45		0.25			0.08			0.33			(0.25	)		(0.05	)		(0.30	)
November 6, 2017 (g) through February 28, 2018		9.74		0.08	(f)		(0.21	)		(0.13	)		(0.09	)		(0.07	)		(0.16	)

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

(b) Calculated based upon average shares outstanding.

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

(d) 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 the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including imputed interest) (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including imputed interest)			Portfolio turnover rate (c)
$	9.55		3.15	%	$	60,078		0.70	%		2.26	%		1.01	%		13	%
	9.52		1.16			66,258		0.69			2.33	(f)		1.01			21
	9.70		(0.40	)		76,684		0.77			2.39			1.00			15
	10.10		3.26			73,120		0.82			2.52			0.97			22
	10.11		4.47			68,003		0.86			2.65			0.97			9
	9.45		2.61			12,833		1.25			1.71			1.51			13
	9.42		0.51			15,138		1.24			1.78	(f)		1.51			21
	9.61		(0.87	)		17,137		1.34			1.83			1.50			15
	10.00		2.61			15,950		1.39			1.95			1.48			22
	10.02		3.81			14,462		1.44			2.07			1.47			9
	9.48		3.43			74,386		0.45			2.51			0.76			13
	9.45		1.42			71,161		0.44			2.57	(f)		0.74			21
	9.63		(0.16	)		176,990		0.53			2.64			0.72			15
	10.03		3.56			245,864		0.57			2.77			0.70			22
	10.04		4.66			255,153		0.61			2.91			0.71			9
	9.48		3.54			51,261		0.35			2.61			0.50			13
	9.45		(1.42	)		64,738		0.34			2.67	(f)		0.57			21

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Year Ended February 28, 2019	$	10.39	$	0.16	$	0.10		$	0.26		$	(0.16	)	$	—		$	(0.16	)
Year Ended February 28, 2018		10.48		0.12		(0.09	)		0.03			(0.12	)		—			(0.12	)
Year Ended February 28, 2017		10.71		0.10		(0.17	)		(0.07	)		(0.10	)		(0.06	)		(0.16	)
Year Ended February 29, 2016		10.62		0.08		0.09			0.17			(0.08	)		—			(0.08	)
Year Ended February 28, 2015		10.61		0.06		0.01			0.07			(0.06	)		—			(0.06	)
Class C
Year Ended February 28, 2019		10.48		0.11		0.11			0.22			(0.11	)		—			(0.11	)
Year Ended February 28, 2018		10.56		0.06		(0.08	)		(0.02	)		(0.06	)		—			(0.06	)
Year Ended February 28, 2017		10.80		0.04		(0.17	)		(0.13	)		(0.05	)		(0.06	)		(0.11	)
Year Ended February 29, 2016		10.70		0.02		0.10			0.12			(0.02	)		—			(0.02	)
Year Ended February 28, 2015		10.69		0.01		—	(f)		0.01			—	(f)		—			—	(f)
Class I
Year Ended February 28, 2019		10.44		0.21		0.11			0.32			(0.21	)		—			(0.21	)
Year Ended February 28, 2018		10.53		0.16		(0.09	)		0.07			(0.16	)		—			(0.16	)
Year Ended February 28, 2017		10.76		0.15		(0.17	)		(0.02	)		(0.15	)		(0.06	)		(0.21	)
Year Ended February 29, 2016		10.67		0.13		0.09			0.22			(0.13	)		—			(0.13	)
Year Ended February 28, 2015		10.66		0.11		0.01			0.12			(0.11	)		—			(0.11	)
Class R6
October 1, 2018 (g) through February 28, 2019		10.39		0.09		0.15			0.24			(0.09	)		—			(0.09	)

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

(b) Calculated based upon average shares outstanding.

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

(d) 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.

114 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.49		2.55	%	$	33,554		0.70	%		1.54	%		0.86	%		42	%
	10.39		0.26			32,373		0.69			1.10			0.86			73
	10.48		(0.69	)		30,535		0.73			0.91			0.88			31
	10.71		1.58			38,345		0.75			0.71			0.87			39
	10.62		0.64			40,468		0.74			0.55			0.87			53
	10.59		2.10			4,590		1.20			1.03			1.38			42
	10.48		(0.19	)		6,406		1.19			0.56			1.37			73
	10.56		(1.27	)		14,013		1.23			0.41			1.40			31
	10.80		1.14			17,709		1.25			0.21			1.40			39
	10.70		0.13			18,082		1.24			0.05			1.38			53
	10.55		3.09			573,350		0.25			1.97			0.61			42
	10.44		0.70			1,680,807		0.24			1.53			0.60			73
	10.53		(0.20	)		1,887,149		0.25			1.40			0.48			31
	10.76		2.09			2,453,419		0.25			1.21			0.47			39
	10.67		1.13			2,857,462		0.24			1.05			0.47			53
	10.54		2.31			866,630		0.19			2.19			0.37			42

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Free Bond Fund
Class A
Year Ended February 28, 2019	$	11.82	$	0.40	$	(0.05	)	$	0.35		$	(0.40	)	$	—		$	(0.40	)
Year Ended February 28, 2018		11.93		0.39		(0.11	)		0.28			(0.39	)		—			(0.39	)
Year Ended February 28, 2017		12.57		0.40		(0.40	)		—	(f)		(0.39	)		(0.25	)		(0.64	)
Year Ended February 29, 2016		12.70		0.45		(0.01	)		0.44			(0.47	)		(0.10	)		(0.57	)
Year Ended February 28, 2015		12.41		0.44		0.39			0.83			(0.44	)		(0.10	)		(0.54	)
Class C
Year Ended February 28, 2019		11.72		0.33		(0.05	)		0.28			(0.33	)		—			(0.33	)
Year Ended February 28, 2018		11.84		0.32		(0.12	)		0.20			(0.32	)		—			(0.32	)
Year Ended February 28, 2017		12.48		0.31		(0.39	)		(0.08	)		(0.31	)		(0.25	)		(0.56	)
Year Ended February 29, 2016		12.60		0.37		(0.01	)		0.36			(0.38	)		(0.10	)		(0.48	)
Year Ended February 28, 2015		12.33		0.35		0.38			0.73			(0.36	)		(0.10	)		(0.46	)
Class I
Year Ended February 28, 2019		11.77		0.42		(0.05	)		0.37			(0.42	)		—			(0.42	)
Year Ended February 28, 2018		11.88		0.42		(0.11	)		0.31			(0.42	)		—			(0.42	)
Year Ended February 28, 2017		12.53		0.42		(0.40	)		0.02			(0.42	)		(0.25	)		(0.67	)
Year Ended February 29, 2016		12.65		0.47		—	(f)		0.47			(0.49	)		(0.10	)		(0.59	)
Year Ended February 28, 2015		12.37		0.46		0.38			0.84			(0.46	)		(0.10	)		(0.56	)
Class R6
October 1, 2018 (g) through February 28, 2019		11.61		0.17		0.11			0.28			(0.17	)		—			(0.17	)

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

(b) Calculated based upon average shares outstanding.

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

(d) 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.

116 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	11.77		3.00	%	$	132,813		0.67	%		3.40	%		1.00	%		53	%
	11.82		2.36			130,462		0.66			3.27			0.98			39
	11.93		(0.03	)		148,987		0.66			3.16			1.00			73
	12.57		3.53			152,207		0.67			3.62			0.97			94
	12.70		6.83			166,359		0.74			3.49			0.98			90
	11.67		2.43			27,701		1.25			2.81			1.49			53
	11.72		1.70			25,172		1.24			2.69			1.48			39
	11.84		(0.66	)		32,052		1.31			2.50			1.50			73
	12.48		2.92			26,715		1.36			2.93			1.47			94
	12.60		5.99			27,579		1.43			2.81			1.48			90
	11.72		3.24			135,295		0.45			3.61			0.74			53
	11.77		2.60			160,391		0.44			3.49			0.72			39
	11.88		0.09			141,356		0.47			3.34			0.74			73
	12.53		3.82			126,091		0.50			3.79			0.71			94
	12.65		6.95			149,102		0.57			3.67			0.72			90
	11.72		2.44			86,790		0.40			3.61			0.51			53

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
										Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan Ultra-Short Municipal Fund
Class A
Year Ended February 28, 2019	$	10.01	$	0.13	$	—	(f)	$	0.13	$	(0.11	)
Year Ended February 28, 2018		10.02		0.07		(0.02	)		0.05		(0.06	)
May 31, 2016 (h) through February 28, 2017		10.00		0.06		(0.01	)		0.05		(0.03	)
Class I
Year Ended February 28, 2019		10.00		0.14		0.02			0.16		(0.14	)
Year Ended February 28, 2018		10.02		0.09		(0.03	)		0.06		(0.08	)
May 31, 2016 (h) through February 28, 2017		10.00		0.06		—	(f)		0.06		(0.04	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

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

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.03		1.33	%	$	67,256		0.44	%		1.32	%		0.77	%		50	%
	10.01		0.47			772		0.44	(g)		0.67	(g)		0.85	(g)		71
	10.02		0.52			519		0.44	(g)		0.81	(g)		2.56	(g)		80
	10.02		1.60			3,021,190		0.24			1.42			0.52			50
	10.00		0.63			2,064,297		0.24	(g)		0.90	(g)		0.56	(g)		71
	10.02		0.65			31,656		0.27	(g)		0.74	(g)		2.00	(g)		80

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

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

* Effective November 1, 2018, JPMorgan Tax Aware High Income Fund changed its name to JPMorgan High Yield Municipal Fund.

** Class R6 Shares commenced operations on November 1, 2018 and November 6, 2017 for JPMorgan High Yield Municipal Fund and JPMorgan Municipal Income Fund, respectively.

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

**** Class R6 Shares commenced operations on October 1, 2018 for JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund.

The investment objective of JPMorgan High Yield Municipal Fund (“High Yield Municipal Fund”) is to seek a high level of current income exempt from federal income taxes.

The investment objective of JPMorgan Municipal Income Fund (“Municipal Income Fund”) is to seek current income exempt from federal income taxes.

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

Tax Free Bond Fund acquired all the assets and liabilities of the JPMorgan Tax Aware Income Opportunities Fund (“Tax Aware Income Opportunities Fund”) in a reorganization on May 4, 2018. Please refer to Note 8 discussing the merger.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

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

120 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

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, including J.P. Morgan Funds, (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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

High Yield Municipal Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	—	$	—	$	19		$	19
Debt Securities
Municipal Bonds		—		145,011		—			145,011
Loan Assignments		—		1,446		—			1,446
Short-Term Investment
Investment Companies		12,206		—		—			12,206
Total Investments in Securities	$	12,206	$	146,457	$	19		$	158,682
Municipal Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Municipal Bonds
Oklahoma
Housing	$	—	$	423	$	—		$	423
Other Revenue		—		—		14			14
Total Oklahoma		—		423		14			437
Other Municipal Bonds		—		192,047		—			192,047
Total Municipal Bonds		—		192,470		14			192,484
Short-Term Investment
Investment Companies		14,034		—		—			14,034
Total Investments in Securities	$	14,034	$	192,470	$	14		$	206,518
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)	$	47,778	$	1,461,489	$	—		$	1,509,267
Tax Free Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Municipal Bonds	$	—	$	373,195	$	—		$	373,195
Warrants
Road & Rail		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		7,778		—		—			7,778
Total Investments in Securities	$	7,778	$	373,195	$	—		$	380,973
Appreciation in Other Financial Instruments
Futures Contracts	$	33	$	—	$	—		$	33

122 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

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)	$	106,738	$	3,037,143	$	—	$	3,143,881

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

(b) Value is zero.

There were no transfers into and out of level 3 for the year ended February 28, 2019 for the Funds.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of February 28, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.

C. Loan Assignments — The Funds may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which they acquired the assignment and the funds may be able to enforce their rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to 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.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on a Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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, 2019, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2019 are detailed on the SOIs.

The Funds did not have TBA purchase commitments outstanding as of February 28, 2019.

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

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended February 28, 2019 (amounts in thousands):

	Tax Free Bond Fund
Futures Contracts-Interest:
Average Notional Balance Short	$	8,237
Ending Notional Balance Short		17,561

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

G. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

124 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

The Funds did not lend out any securities during the period October 5, 2018 through February 28, 2019.

H. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Amounts in the tables below are in thousands.

High Yield Municipal Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (a)(b)	$	—	$	88,152	$	75,946	$	—	(c)	$	—	$	12,206		12,206	$	70	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		5,827		56,208		62,035		—			—		—		—		31		—
Total	$	5,827	$	144,360	$	137,981	$	—	(c)	$	—	$	12,206			$	101	$	—

Municipal Income Fund

	For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (a)(b)	$	—	$	64,612	$	50,578	$	—	(c)	$	—	$	14,034		14,034	$	66	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		4,335		22,268		26,603		—			—		—		—		31		—
Total	$	4,335	$	86,880	$	77,181	$	—	(c)	$	—	$	14,034			$	97	$	—

Short-Intermediate Municipal Bond Fund

	For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (a)(b)	$	—	$	652,100	$	604,322	$	—	(c)	$	—	$	47,778		47,780	$	792	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		11,128		169,164		180,292		—			—		—		—		87		—
Total	$	11,128	$	821,264	$	784,614	$	—	(c)	$	—	$	47,778			$	879	$	—

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Tax Free Bond Fund

	For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (a)(b)	$	—	$	139,551	$	131,773	$	—	(c)	$	—	$	7,778		7,778	$	169	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		9,885		77,824		87,709		—			—		—		—		51		—
Total	$	9,885	$	217,375	$	219,482	$	—	(c)	$	—	$	7,778			$	220	$	—

Ultra-Short Municipal Fund

	For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares,1.57% (a)(b)	$	—	$	1,785,536	$	1,678,794	$	(4	)	$	—	$	106,738		106,738	$	1,646	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		92,021		518,178		610,199		—			—		—		—		525		—
Total	$	92,021	$	2,303,714	$	2,288,993	$	(4	)	$	—	$	106,738			$	2,171	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of February 28, 2019.

(c) Amount rounds to less than one thousand.

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

J. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the 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.

126 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

Transfer agency fees are class-specific expenses. The amount of transfer agency fees charged to each class of the Funds for the year ended February 28, 2019 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R6			Total
High Yield Municipal Fund
Transfer agency fees	$	2	$	2	$	2		n/a		$	6
Municipal Income Fund
Transfer agency fees		3		1		3	$	1			8
Short-Intermediate Municipal Bond Fund
Transfer agency fees		1		1		15		—	(a)		17
Tax Free Bond Fund
Transfer agency fees		12		1		4		—	(a)		17
Ultra-Short Municipal Fund
Transfer agency fees		1		n/a		17		n/a			18

(a) Amount rounds to less than one thousand.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2019, 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.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their 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)
High Yield Municipal Fund	$	—	$	—	(a)	$	—	(a)
Municipal Income Fund		—		—	(a)		—	(a)
Tax Free Bond Fund		4,430		(16	)		(4,414	)

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to debt modifications, merger transaction 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:

High Yield Municipal Fund	0.35	%
Municipal Income Fund	0.30
Short-Intermediate Municipal Bond Fund	0.25
Tax Free Bond Fund	0.30
Ultra-Short Municipal Fund	0.15

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received 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, 2019, 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.

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

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

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

Class A	Class C
0.25%		0.75	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
High Yield Municipal Fund		$7	$	—
Municipal Income Fund		7		2
Short-Intermediate Municipal Bond Fund		1		—
Tax Free Bond Fund		11		—	(a)
Ultra-Short Municipal Fund		3		—

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, 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
High Yield Municipal Fund	0.25%		0.25	%		0.25	%
Municipal Income Fund	0.25		0.25			0.25
Short-Intermediate Municipal Bond Fund	0.25		0.25			0.25
Tax Free Bond Fund	0.25		0.25			0.25
Ultra-Short Municipal Fund	0.25		n/a			0.25

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the 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

128 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A	Class C			Class I			Class R6
High Yield Municipal Fund*	0.65%		1.15	%		0.55	%		0.45	%
Municipal Income Fund	0.70		1.25			0.45			0.35
Short-Intermediate Municipal Bond Fund	0.70		1.20			0.25			0.20	**
Tax Free Bond Fund	0.67		1.25			0.45			0.40	**
Ultra-Short Municipal Fund	0.45		n/a			0.25			n/a

* The expense limitation agreement for each class of High Yield Municipal Fund was in effect for the year ended February 28, 2019 and is in place until at least October 31, 2019.

** The expense limitation agreement was in effect for the year ended February 28, 2019 and is in place until at least September 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended February 28, 2019 and are in place until at least June 30, 2019.

For the year ended February 28, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursement
High Yield Municipal Fund	$	312	$	97	$	127	$	536	$	52
Municipal Income Fund		199		114		211		524		3
Short-Intermediate Municipal Bond Fund		1,529		1,018		2,827		5,374		—
Tax Free Bond Fund		427		223		393		1,043		—
Ultra-Short Municipal Fund		3,725		1,983		916		6,624		23

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

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended February 28, 2019 were as follows (amounts in thousands):

High Yield Municipal Fund	$	9
Municipal Income Fund		8
Short-Intermediate Municipal Bond Fund		60
Tax Free Bond Fund		18
Ultra-Short Municipal Fund		210

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

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

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

During the year ended February 28, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended February 28, 2019, 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.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

4. Investment Transactions

During the year ended February 28, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
High Yield Municipal Fund	$	195,590	$	148,157	$	5,742	$	5,733
Municipal Income Fund		24,291		41,376		—		—
Short-Intermediate Municipal Bond Fund		634,169		869,680		—		—
Tax Free Bond Fund		180,333		212,460		—		—
Ultra-Short Municipal Fund		2,074,037		1,035,805		—		—

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, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
High Yield Municipal Fund	$	156,254	$	3,162	$	734	$	2,428
Municipal Income Fund		202,991		4,547		1,020		3,527
Short-Intermediate Municipal Bond Fund		1,492,960		19,143		2,836		16,307
Tax Free Bond Fund		368,348		14,000		1,342		12,658
Ultra-Short Municipal Fund		3,141,564		4,900		2,583		2,317

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, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
High Yield Municipal Fund	$	431	$	—	$	3,595	$	4,026
Municipal Income Fund		86		1,003		4,765		5,854
Short-Intermediate Municipal Bond Fund		830		—		30,675		31,505
Tax Free Bond Fund		188		—		12,386		12,574
Ultra-Short Municipal Fund		1,967		—		33,159		35,126

* 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, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
High Yield Municipal Fund	$	385	$	2,191	$	—	$	2,576
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.

130 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

As of February 28, 2019, 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)
High Yield Municipal Fund	$	22	$	(417	)	$	2,428
Municipal Income Fund		17		—			3,527
Short-Intermediate Municipal Bond Fund		112		(15,546	)		16,307
Tax Free Bond Fund		39		(7,714	)		12,659
Ultra-Short Municipal Fund		159		(311	)		2,317

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

At February 28, 2019 the following Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward
	Short-Term		Long-Term
High Yield Municipal Fund	$	164	$	253
Short-Intermediate Municipal Bond Fund		14,453		1,093
Tax Free Bond Fund		4,382		3,332
Ultra-Short Municipal Fund		185		126

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2019, the following Funds deferred to March 1, 2019 the net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term			Long-Term
High Yield Municipal Fund	$	(5	)	$	9
Municipal Income Fund		—	(a)		112
Short-Intermediate Municipal Bond Fund		(721	)		1,220
Tax Free Bond Fund		65			268
Ultra-Short Municipal Fund		3			25

(a) Amount rounds to less than one thousand.

During the year ended February 28, 2019, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
High Yield Municipal Fund	$	25	$	94

6. Borrowings

The Funds 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 4, 2019.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 28, 2019. Average borrowings from the Facility during the year ended February 28, 2019, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Ultra-Short Municipal Fund	$	2,192		2.43	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

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

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 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2019.

7. Risks, Concentrations and Indemnifications

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

As of February 28, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
High Yield Municipal Fund		1		11.5	%		3		45.9	%
Municipal Income Fund		1		63.9			1		10
Short-Intermediate Municipal Bond Fund		1		90.9			—		—
Tax Free Bond Fund		1		56.6			—		—
Ultra-Short Municipal Fund		1		95.6			—		—

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

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

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, forward foreign currency exchange contracts, TBA securities and insurance linked securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as

132 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has been raising interest rates and may continue to do so, the Funds may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

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

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

8. Business Combinations

At a meeting held November 14-15, 2017, the Boards of the JPM I and JPM II approved the Plan of Reorganization of the Tax Aware Income Opportunities Fund (the “Target Fund”), a fund of JPM I, into Tax Free Bond Fund (the “Acquiring Fund”), a fund of JPM II. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on May 4, 2018. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C and Class I shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $102,702,000 and identified cost of approximately $103,125,000 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of May 4, 2018, the Target Fund had net capital loss carryforwards of $4,414,866.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Tax Aware Income Opportunities Fund							$	(424	)
Class A		2,145	$	21,528	$	10.04
Class C		635		6,298		9.92
Class I		7,654		76,798		10.03
Acquiring Fund
Tax Free Bond Fund							$	12,230
Class A		10,401	$	122,768	$	11.80
Class C		2,106		24,650		11.70
Class I		14,107		165,807		11.75
Post Reorganization
Tax Free Bond Fund							$	11,806
Class A		12,225	$	144,296	$	11.80
Class C		2,644		30,948		11.70
Class I		20,641		242,605		11.75

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Assuming the reorganization had been completed on March 1, 2018, the beginning of the annual reporting period, the pro forma results of operations for the year ended February 28, 2019, are as follows:

Net investment income (loss)	$	13,209
Net realized/unrealized gains (losses)		(1,761	)
Change in net assets resulting from operations	$	11,448

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included on the Statements of Operations since May 4, 2018.

9. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Funds’ net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

134 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan High Yield Municipal Fund, 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 High Yield Municipal Fund (formerly known as JPMorgan Tax Aware High Income Fund) (one of the funds constituting JPMorgan Trust I), 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, 2019, the related statements of operations for the year ended February 28, 2019, the statements of changes in net assets for each of the two years in the period ended February 28, 2019, 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, 2019, 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, 2019 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 physical inspection of securities owned as of February 28, 2019 and held by the custodian and confirmation of securities owned as of February 28, 2019 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and 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, 2019

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

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 135

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 and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	137	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).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	137	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	137	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
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).	137	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 (accounting firm) (serving in various roles 1984-2012).	137	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).	137	None

136 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

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)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	137	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); 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).	137	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).	137	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).	137	None
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).	137	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
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).	137	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
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).	137	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

(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 Boards of Trustees serve currently includes eleven registered investment companies (137 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 Boards 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 Boards have 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.

*** 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 277 Park Avenue, New York, NY 10172.

138 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
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 from 2010 to February 2014.
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.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 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.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
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 277 Park Avenue, New York, NY 10172.

    * 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, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 139

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, 2018, and continued to hold your shares at the end of the reporting period, February 28, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) 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, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan High Yield Municipal Fund
(formerly known as JPMorgan Tax Aware High Income Fund)
Class A
Actual*	$	1,000.00	$	1,019.50	$	3.25		0.65	%
Hypothetical*		1,000.00		1,021.57		3.26		0.65
Class C
Actual*		1,000.00		1,016.10		5.75		1.15
Hypothetical*		1,000.00		1,019.09		5.76		1.15
Class I
Actual*		1,000.00		1,019.10		2.75		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55
Class R6
Actual**		1,000.00		1,044.60		1.30		0.39
Hypothetical*		1,000.00		1,022.86		1.96		0.39
JPMorgan Municipal Income Fund
Class A
Actual*		1,000.00		1,022.00		3.51		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class C
Actual*		1,000.00		1,018.40		6.26		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class I
Actual*		1,000.00		1,023.50		2.26		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual*		1,000.00		1,024.00		1.76		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35

140 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Actual*	$	1,000.00	$	1,015.90	$	3.50		0.70	%
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class C
Actual*		1,000.00		1,014.20		5.99		1.20
Hypothetical*		1,000.00		1,018.84		6.01		1.20
Class I
Actual*		1,000.00		1,019.00		1.25		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
Class R6
Actual***		1,000.00		1,023.10		0.79		0.19
Hypothetical*		1,000.00		1,023.85		0.95		0.19
JPMorgan Tax Free Bond Fund
Class A
Actual*		1,000.00		1,015.60		3.35		0.67
Hypothetical*		1,000.00		1,021.47		3.36		0.67
Class C
Actual*		1,000.00		1,012.80		6.24		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class I
Actual*		1,000.00		1,016.80		2.25		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual***		1,000.00		1,024.40		1.66		0.40
Hypothetical*		1,000.00		1,022.81		2.01		0.40
JPMorgan Ultra-Short Municipal Fund
Class A
Actual*		1,000.00		1,008.60		2.19		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class I
Actual*		1,000.00		1,008.60		1.20		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’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 119/365 (to reflect the actual period). Commencement of operations was November 1, 2018.

*** Expenses are equal to the Class’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 150/365 (to reflect the actual period). Commencement of operations was October 1, 2018.

FEBRUARY 28, 2019 J.P. MORGAN MUNICIPAL BOND FUNDS 141

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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2019 (amounts in thousands):

	Long-Term Capital Gain Distribution
Municipal Income Fund	$	1,003

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, 2019 (amounts in thousands):

	Exempt Distributions Paid
High Yield Municipal Fund	$	3,595
Municipal Income Fund		4,766
Short-Intermediate Municipal Bond Fund		30,675
Tax Free Bond Fund		12,386
Ultra-Short Municipal Fund		33,159

Treasury Income

The 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, 2019:

	Income from U.S. Treasury Obligations
JPMorgan High Yield Municipal Fund		1.2	%

142 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 28, 2019

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. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. February 2019. AN-MUNIBOND-219

Annual Report

J.P. Morgan Money Market Funds

February 28, 2019

JPMorgan Prime Money Market Fund

JPMorgan Institutional Tax Free Money Market Fund

JPMorgan Securities Lending Money Market Fund

JPMorgan Liquid Assets Money Market Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Treasury Plus Money Market Fund

JPMorgan Federal Money Market Fund

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

JPMorgan Tax Free Money Market Fund

JPMorgan Municipal Money Market Fund

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

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

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

CONTENTS

CEO’s Letter	1
Fund Facts:
JPMorgan Prime Money Market Fund	2
JPMorgan Institutional Tax Free Money Market Fund	3
JPMorgan Securities Lending Money Market Fund	4
JPMorgan Liquid Assets Money Market Fund	5
JPMorgan U.S. Government Money Market Fund	6
JPMorgan U.S. Treasury Plus Money Market Fund	7
JPMorgan Federal Money Market Fund	8
JPMorgan 100% U.S. Treasury Securities Money Market Fund	9
JPMorgan Tax Free Money Market Fund	10
JPMorgan Municipal Money Market Fund	11
Schedules of Portfolio Investments	12
Financial Statements	80
Financial Highlights	108
Notes to Financial Statements	130
Report of Independent Registered Public Accounting Firm	143
Trustees	144
Officers	146
Schedule of Shareholder Expenses	147
Board Approval of Investment Advisory Agreements	152
Tax Letter	156
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 a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

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

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

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

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

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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

April 9, 2019 (Unaudited)

Dear Shareholders,

While the U.S. economy outpaced most other developed economies throughout 2018 and into early 2019, decelerating global growth prompted the U.S. Federal Reserve and certain other leading central banks to adopt a more neutral policy stance to support economic growth.

  “In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China.” — George C.W. Gatch

Despite a sharp sell-off in financial markets in the fourth quarter of 2018, U.S. equity and bond markets generally recorded a positive performance for the twelve months ended February 28, 2019. For most of the reporting period, U.S. equity and bond prices were supported by record high corporate profits and a surging domestic economy.

Growth in U.S. gross domestic product (GDP) swelled to 4.2% in the second quarter of 2018, then cooled to 3.4% and 2.2% in the third and fourth quarters, respectively. The unemployment rate in the U.S. remained at historic lows, ranging between 4.0% and 3.7% for the reporting period and ending at 3.8% in February 2019. Corporate earnings generally outperformed analysts’ expectations for most of the reporting period but investors and economists expected that trend to recede due to slowing global demand and the fading effects of federal tax cuts enacted at the end of 2017.

Meanwhile, investor uncertainty rose in late 2018 amid unresolved U.S.-China trade tensions, rising interest rates and a political impasse that led to the shutdown of large parts of the U.S. federal government. Equity prices plummeted in December sending the S&P 500 Index to its worst monthly performance since 1931. However, a budget agreement re-opened federal operations in January and the Fed responded to slowing growth by adopting a “patient” approach toward further interest rate increases. Financial markets quickly rebounded, with domestic equity prices generally returning to positive territory for the reporting period and bond prices generally rising.

Among other leading economies, manufacturing and export sectors slumped in the 19-nation Eurozone, as well as in South Korea and Taiwan, amid softening demand from China and the impact of reciprocal trade tariffs between the U.S. and leading trading partners. In response to stalling growth, the European Central Bank offered a new round of low-cost loans to banks and indicated it would not raise interest rates through the end of 2019. Meanwhile, Chinese authorities moved to counter

slowing domestic growth via tax cuts, infrastructure spending and increased bank lending. By the end of the period, U.S. and Chinese negotiators were working to resolve their trade dispute.

Notably, emerging market debt largely outperformed both equity and other bond markets in the second half of the reporting period. A decline in interest rates at the end of the period and investor expectations for improvement in trade tensions combined to generally bolster both sovereign and corporate bonds in emerging markets. In the U.S., equity market volatility increased in the second half of the reporting period and bond markets, which had lackluster performance for the first half of the reporting period, generally outperformed equity markets in the latter six months.

In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China. A pause in monetary tightening and a reduction in reciprocal trade tariffs could continue to support financial markets and global economic activity. The International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) have forecast 3.3% growth in global GDP for 2019, but the OECD has also warned of weakening economic prospects in the 20 largest economies, particularly in China, Eurozone countries and the U.K. The organization has cited “vulnerabilities” from slowing trade and manufacturing, as well as acute geo-political risks. The U.S. economy is forecast by IMF to grow by about 2.3% in 2019, slower than the previous year but still positive and on track to achieve its longest period of economic expansion on record.

We believe those investors who remain fully invested for the long term in a well-diversified portfolio may continue to benefit from available market opportunities. 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, 2019 J.P. MORGAN MONEY MARKET FUNDS 1

JPMorgan Prime Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve
Net Assets as of February 28, 2019	$47.1 Billion
Weighted Average Maturity^	30 calendar days
Weighted Average Life^^	82 calendar days

MATURITY SCHEDULE*^
1 calendar day	30.8	%
2–7 calendar days	11.9
8–30 calendar days	20.8
31–60 calendar days	15.9
61–90 calendar days	14.2
91–180 calendar days	5.7
181+ calendar days	0.7

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Class C Shares	1.75	%
Agency Shares	2.48
Capital Shares	2.56
IM Shares	2.58
Institutional Class Shares	2.53
Morgan Shares	2.22
Premier Shares	2.28
Reserve Shares	2.03

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

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽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 (1.91)%, 2.44%, 2.54%, 2.58%, 2.48%, 2.22%, 2.28% and 1.69% 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, 2019

JPMorgan Institutional Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Aims to provide current income, while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, IM and Institutional Class
Net Assets as of February 28, 2019	$943.3 Million
Weighted Average Maturity^	17 calendar days
Weighted Average Life^^	20 calendar days

MATURITY SCHEDULE*^
1 calendar day	16.1	%
2–7 calendar days	61.3
8–30 calendar days	3.9
31–60 calendar days	8.8
61–90 calendar days	5.6
91–180 calendar days	4.3

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency Shares	1.48	%
Capital Shares	1.56
IM Shares	1.58
Institutional Class Shares	1.53

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

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yields for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.45%, 1.54%, 1.57% and 1.49% for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares, respectively.

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

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 3

JPMorgan Securities Lending Money Market Fund

FUND FACTS

FOR THE PERIOD SEPTEMBER 19, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)

Objective†	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Agency SL
Net Assets as of February 28, 2019	$2.9 Billion
Weighted Average Maturity^	24 calendar days
Weighted Average Life^^	61 calendar days

MATURITY SCHEDULE*^
1 calendar day	51.6	%
2–7 calendar days	6.8
8–30 calendar days	12.0
31–60 calendar days	11.3
61–90 calendar days	11.3
91–180 calendar days	6.7
181+ calendar days	0.3

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency SL Shares	2.62	%

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

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yield for Agency SL Shares reflects the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yield would have been 2.48% for Agency SL Shares.

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

4 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Seeks current income with liquidity and stability of principal
Primary Investments	High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, E*Trade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2019	$5.3 Billion
Weighted Average Maturity^^	30 calendar days
Weighted Average Life^^^	72 calendar days

MATURITY SCHEDULE*^^
1 calendar day	35.1	%
2–7 calendar days	12.2
8–30 calendar days	16.0
31–60 calendar days	16.7
61–90 calendar days	14.0
91–180 calendar days	5.1
181+ calendar days	0.9

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Class C Shares	1.75	%
Agency Shares	2.47
Capital Shares	2.55
Institutional Class Shares	2.52
Investor Shares	2.21
Morgan Shares	2.13
Premier Shares	2.28
Reserve Shares	2.02

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

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

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.47%, 2.38%, 2.48%, 2.43%, 2.05%, 1.99%, 2.22% and 1.76% 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, 2019 J.P. MORGAN MONEY MARKET FUNDS 5

JPMorgan U.S. Government Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Seeks high current income with liquidity and stability of principal
Primary Investments	High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations
Suggested investment time frame	Short-term
Share classes offered	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, 2019	$145.4 Billion
Weighted Average Maturity^^	21 calendar days
Weighted Average Life^^^	113 calendar days

MATURITY SCHEDULE*^^
1 calendar day	44.5	%
2–7 calendar days	8.7
8–30 calendar days	24.6
31–60 calendar days	2.5
61–90 calendar days	15.7
91–180 calendar days	2.9
181+ calendar days	1.1

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency Shares	2.24	%
Capital Shares	2.33
Eagle Class Shares	1.80
Eagle Private Wealth Class Shares	2.20
E*Trade Shares	1.49
IM Shares	2.34
Institutional Class Shares	2.30
Investor Shares	1.99
Morgan Shares	1.91
Premier Shares	2.05
Reserve Shares	1.80
Service Shares	1.44

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

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

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽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 2.19%, 2.30%, 1.79%, 0.22%, 1.43%, 2.34%, 2.25%, 1.99%, 1.89%, 2.04%, 1.79% and 1.43% 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.

6 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Seeks current income with liquidity and stability of principal
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, Direct^, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2019	$29.7 Billion
Weighted Average Maturity^^	16 calendar days
Weighted Average Life^^^	113 calendar days

MATURITY SCHEDULE*^^
1 calendar day	70.6	%
2–7 calendar days	3.3
8–30 calendar days	12.4
31–60 calendar days	4.1
61–90 calendar days	2.8
91–180 calendar days	5.8
181+ calendar days	1.0

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Class C Shares	1.51	%
Agency Shares	2.23
Capital Shares	2.32
IM Shares	2.35
Institutional Class Shares	2.29
Investor Shares	1.98
Morgan Shares	1.90
Premier Shares	2.04
Reserve Shares	1.79

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

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

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.33%, 2.19%, 2.32%, 2.35%, 2.25%, 1.97%, 1.89%, 2.04% and 1.79% 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, 2019 J.P. MORGAN MONEY MARKET FUNDS 7

JPMorgan Federal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Aims to provide current income while still preserving capital and maintaining liquidity
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan and Premier Shares
Net Assets as of February 28, 2019	$3.7 Billion
Weighted Average Maturity^	37 calendar days
Weighted Average Life^^	103 calendar days

MATURITY SCHEDULE*^
1 calendar day	10.5	%
2–7 calendar days	6.0
8–30 calendar days	20.3
31–60 calendar days	39.3
61–90 calendar days	19.9
91–180 calendar days	4.0

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency Shares	2.22	%
Institutional Class Shares	2.27
Morgan Shares	1.88
Premier Shares	2.03

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

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 2.17%, 2.22%, 1.84% and 2.01% 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.

8 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

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

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2019	$49.6 Billion
Weighted Average Maturity^	37 calendar days
Weighted Average Life^^	108 calendar days

MATURITY SCHEDULE*^
1 calendar day	13.0	%
2–7 calendar days	5.8
8–30 calendar days	32.2
31–60 calendar days	29.9
61–90 calendar days	14.0
91–180 calendar days	5.1

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency Shares	2.22	%
Capital Shares	2.30
Institutional Class Shares	2.27
Morgan Shares	1.88
Premier Shares	2.02
Reserve Shares	1.77

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

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 2.15%, 2.25%, 2.20%, 1.84%, 1.99% and 1.74% 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, 2019 J.P. MORGAN MONEY MARKET FUNDS 9

JPMorgan Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2019	$16.6 Billion
Weighted Average Maturity^	16 calendar days
Weighted Average Life^^	16 calendar days

MATURITY SCHEDULE**^
1 calendar day	18.8	%
2–7 calendar days	67.2
8–30 calendar days	2.5
31–60 calendar days	2.8
61-90 calendar days	2.8
91–180 calendar days	4.1
181+ calendar days	1.8

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency Shares	1.50	%
Institutional Class Shares	1.55
Morgan Shares	1.17
Premier Shares	1.31
Reserve Shares	1.06

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

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made 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, 2019.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.45%, 1.50%, 0.80%, 1.30% and 1.05% 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.

10 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

JPMorgan Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

Objective†	Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Eagle Class, E*Trade^, Institutional Class, Morgan, Premier and Service Shares
Net Assets as of February 28, 2019	$3.1 Billion
Weighted Average Maturity^^	6 calendar days
Weighted Average Life^^^	6 calendar days

MATURITY SCHEDULE**^^
1 calendar day	10.7	%
2–7 calendar days	89.3

7-DAY SEC YIELD AS OF FEBRUARY 28, 2019(1)
Agency Shares	1.55	%
Eagle Class Shares	1.10
Institutional Class Shares	1.60
Morgan Shares	1.21
Premier Shares	1.36
Service Shares	0.75

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

^ E*Trade Shares had no assets from the close of business on 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, 2019.

⁽¹⁾  The yields for Agency Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.39%, 0.99%, 1.45%, 1.09%, 1.24% and 0.64% 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, 2019 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 22.0%
Barclays Capital, Inc., 2.59%, dated 2/28/2019, due 3/7/2019, repurchase price $190,096, collateralized by Asset-Backed Securities, 0.00% - 40.74%, due 9/20/2019 - 11/25/2048, with a value of $209,000.		190,000		190,000
Barclays Capital, Inc., 2.86%, dated 2/28/2019, due 4/4/2019, repurchase price $401,112, collateralized by Asset-Backed Securities, 0.00% - 9.54%, due 8/20/2023 - 7/20/2118, Collateralized Mortgage Obligations, 0.00% - 40.74%, due 10/25/2021 - 5/17/2061, and FNMA Connecticut Avenue Securities, 4.00% - 14.73%, due 7/25/2029 - 8/25/2056, with a value of $434,950.		400,000		400,000
BMO Capital Markets Corp., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $110,008, collateralized by Asset-Backed Securities, 1.59% - 6.24%, due 11/16/2020 - 11/25/2048, Collateralized Mortgage Obligations, 3.99%, due 6/25/2035, Corporate Bonds, 1.90% - 12.50%, due 8/6/2019 - 1/1/2049, Corporate Notes, 1.80% - 3.20%, due 11/5/2019 - 7/13/2021, FHLMC, 2.99% - 3.33%, due 10/25/2047, FNMA, 2.10%, due 4/25/2025, and Sovereign Government Securities, 1.63% - 5.00%, due 8/19/2019 - 6/15/2045, with a value of $117,242.		110,000		110,000
BMO Capital Markets Corp., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $502,035, collateralized by Asset-Backed Securities, 2.66% - 4.21%, due 4/18/2022 - 10/25/2056, Collateralized Mortgage Obligations, 3.35% - 4.21%, due 3/12/2046 - 9/17/2058, Corporate Bonds, 2.00% - 12.50%, due 9/25/2019 - 12/21/2065, Corporate Notes, 2.13% - 4.00%, due 9/11/2019 - 9/14/2048, FHLMC, 2.90% - 3.33%, due 3/25/2029 - 10/25/2047, and Sovereign Government Securities, 1.25% - 2.83%, due 4/4/2019 - 1/31/2022, with a value of $530,593.		502,000		502,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BMO Capital Markets Corp., 2.60%, dated 2/28/2019, due 3/7/2019, repurchase price $25,013, collateralized by Asset-Backed Securities, 2.31% - 3.90%, due 11/15/2021 - 7/15/2043, Collateralized Mortgage Obligations, 3.35%, due 3/12/2046, Corporate Bonds, 1.75% - 12.50%, due 11/7/2019 - 1/23/2049, Corporate Notes, 2.50% - 2.95%, due 1/8/2021 - 1/11/2025, FNMA, 2.94%, due 3/1/2027, GNMA, 3.50%, due 10/20/2048, and Sovereign Government Securities, 1.25% - 1.63%, due 9/20/2019 - 1/17/2020, with a value of $26,587.		25,000		25,000
BMO Capital Markets Corp., 2.60%, dated 2/28/2019, due 3/7/2019, repurchase price $300,152, collateralized by Asset-Backed Securities, 1.75% - 6.24%, due 8/16/2021 - 8/25/2055, Collateralized Mortgage Obligations, 2.87% - 8.50%, due 12/25/2031 - 3/12/2046, Corporate Bonds, 2.13% - 12.50%, due 5/15/2019 - 12/1/2095, Corporate Notes, 1.80% - 7.25%, due 4/20/2021 - 3/1/2029, FHLMC, 2.90% - 4.00%, due 3/25/2029 - 10/25/2047, GNMA, 2.85% - 3.50%, due 10/20/2048 - 2/20/2049, Municipal Debt Securities, 3.01%, due 8/25/2031, and Sovereign Government Securities, 1.25% - 5.00%, due 8/19/2019 - 6/15/2045, with a value of $320,740.		300,000		300,000
BNP Paribas SA, 2.55%, dated 2/28/2019, due 3/1/2019, repurchase price $235,017, collateralized by Asset-Backed Securities, 0.00% - 10.29%, due 4/20/2026 - 12/3/2037, Collateralized Mortgage Obligations, 6.18%, due 3/25/2036, Corporate Bonds, 2.38% - 10.75%, due 2/15/2020 - 7/15/2028, Corporate Notes, 2.25% - 4.63%, due 4/21/2020 - 5/22/2022, FNMA Connecticut Avenue Securities, 4.81% - 8.39%, due 7/25/2025 - 2/25/2049, Sovereign Government Securities, 2.50%, due 11/15/2027, and U.S. Treasury Securities, 0.00% - 7.50%, due 3/21/2019 - 2/28/2026, with a value of $248,054.		235,000		235,000

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Citigroup Global Markets Holdings, Inc., 3.22%, dated 2/28/2019, due 3/27/2019, repurchase price $227,748, collateralized by Asset-Backed Securities, 0.00% - 6.00%, due 3/17/2036 - 7/26/2045, Collateralized Mortgage Obligations, 5.00%, due 11/25/2033, and U.S. Treasury Securities, 2.00% - 3.63%, due 2/28/2021 - 2/15/2049 with a value of $233,741.		227,200		227,200
Citigroup Global Markets Holdings, Inc., 2.87%, dated 2/28/2019, due 4/22/2019, repurchase price $238,704, collateralized by Asset-Backed Securities, 3.15% - 3.72%, due 5/24/2034 - 4/6/2042, Collateralized Mortgage Obligations, 0.00% - 0.06%, due 9/25/2043 - 2/25/2059, Corporate Bonds, 5.63% - 8.25%, due 4/22/2021 - 9/11/2042, Corporate Notes, 3.70% - 5.75%, due 1/11/2022 - 2/15/2029, FFCB, 2.22%, due 10/9/2020, FNMA, 0.00% - 3.56%, due 9/25/2028 - 3/1/2049, GNMA, 5.00% - 5.00%, due 1/20/2049 - 2/20/2049, Municipal Debt Securities, 6.71% - 7.47%, due 6/1/2046 - 6/1/2047, and U.S. Treasury Securities, 0.00% - 3.13%, due 2/15/2025 - 2/15/2049, with a value of $246,756.		237,700		237,700
Credit Suisse Securities USA LLC, 2.60%, dated 2/28/2019, due 3/5/2019, repurchase price $75,027, collateralized by Asset-Backed Securities, 0.00% - 2.87%, due 10/20/2022 - 11/28/2046, and Collateralized Mortgage Obligations, 0.00% - 7.49%, due 8/15/2021 - 7/25/2058, with a value of $81,294.		75,000		75,000
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $1,300,093, collateralized by U.S. Treasury Securities, 0.63% - 2.75%, due 1/31/2020 - 8/15/2025, with a value of $1,326,000.		1,300,000		1,300,000
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $2,300,164, collateralized by U.S. Treasury Securities, 0.13% - 3.00%, due 4/15/2020 - 9/30/2025, with a value of $2,346,000.		2,300,000		2,300,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
HSBC Securities USA, Inc., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $20,001, collateralized by Asset-Backed Securities, 1.98% - 3.14%, due 4/15/2021 - 2/20/2024, and Municipal Debt Securities, 5.50%, due 8/1/2031, with a value of $21,202.		20,000		20,000
HSBC Securities USA, Inc., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $200,014, collateralized by Corporate Bonds, 1.85% - 8.63%, due 2/6/2020 - 9/30/2110, Corporate Notes, 1.88% - 6.00%, due 3/4/2019 - 7/21/2028, and Sovereign Government Securities, 1.88% - 5.10%, due 12/15/2020 - 4/23/2048, with a value of $210,015.		200,000		200,000
HSBC Securities USA, Inc., 2.65%, dated 2/28/2019, due 3/1/2019, repurchase price $106,008, collateralized by Corporate Bonds, 0.00% - 10.75%, due 9/15/2020 - 12/31/2099, and Municipal Debt Securities, 5.50%, due 8/1/2031, with a value of $114,488.		106,000		106,000
ING Financial Markets LLC, 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $70,005, collateralized by Corporate Bonds, 1.25% - 7.88%, due 5/15/2019 - 8/16/2077, Corporate Notes, 1.75% - 3.52%, due 6/17/2019 - 3/1/2029, and Sovereign Government Securities, 2.95%, due 1/11/2023, with a value of $73,505.		70,000		70,000
ING Financial Markets LLC, 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $80,006, collateralized by Corporate Bonds, 1.63% - 9.40%, due 6/18/2019 - 3/1/2068, Corporate Notes, 2.88% - 3.75%, due 9/15/2020 - 5/2/2023, Sovereign Government Securities, 5.50%, due 7/12/2020, and U.S. Treasury Securities, 0.00%, due 8/15/2019, with a value of $84,346.		80,000		80,000
ING Financial Markets LLC, 2.51%, dated 2/28/2019, due 3/1/2019, repurchase price $30,002, collateralized by Sovereign Government Securities, 5.50% - 7.39%, due 7/12/2020 - 12/2/2024, with a value of $31,720.		30,000		30,000
ING Financial Markets LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $5,000, collateralized by Corporate Bonds, 4.13% - 8.88%, due 10/7/2019 - 3/1/2097, and Corporate Notes, 4.25%, due 5/13/2019, with a value of $5,400.		5,000		5,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
ING Financial Markets LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $36,003, collateralized by Corporate Bonds, 4.45% - 5.50%, due 7/16/2020 - 10/1/2028, and Corporate Notes, 4.25%, due 5/13/2019, with a value of $38,883.		36,000		36,000
ING Financial Markets LLC, 2.51%, dated 2/28/2019, due 3/4/2019, repurchase price $55,015, collateralized by Corporate Bonds, 1.75% - 5.95%, due 9/29/2019 - 8/16/2077, Corporate Notes, 2.88% - 3.75%, due 4/23/2020 - 5/2/2023, and Sovereign Government Securities, 5.50%, due 7/12/2020, with a value of $58,060.		55,000		55,000
ING Financial Markets LLC, 2.65%, dated 2/28/2019, due 3/25/2019, repurchase price $100,184, collateralized by Corporate Bonds, 4.00% - 8.88%, due 10/7/2019 - 3/1/2097, and Corporate Notes, 4.25%, due 5/13/2019, with a value of $108,245.		100,000		100,000
ING Financial Markets LLC, 2.55%, dated 2/28/2019, due 3/27/2019, repurchase price $100,191, collateralized by Corporate Bonds, 1.25% - 6.88%, due 5/14/2019 - 1/25/2049, Corporate Notes, 1.75% - 3.38%, due 6/17/2019 - 3/1/2029, and Sovereign Government Securities, 2.50% - 5.50%, due 7/12/2020 - 3/1/2041, with a value of $105,330.		100,000		100,000
Merrill Lynch PFS, Inc., 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $175,013, collateralized by Asset-Backed Securities, 0.00% - 3.64%, due 5/8/2042 - 7/26/2066, and Collateralized Mortgage Obligations, 0.06% - 3.44%, due 8/13/2027 - 5/17/2061, with a value of $185,838.		175,000		175,000
Merrill Lynch PFS, Inc., 2.65%, dated 2/28/2019, due 3/1/2019, repurchase price $350,026, collateralized by Corporate Bonds, 0.00% - 14.05%, due 3/15/2019 - 12/31/2099, and Corporate Notes, 4.00% - 8.63%, due 4/15/2020 - 12/31/2099, with a value of $368,174.		350,000		350,000
Merrill Lynch PFS, Inc., 2.80%, dated 2/28/2019, due 4/4/2019, repurchase price $280,762, collateralized by Asset-Backed Securities, 2.88% - 5.17%, due 10/18/2024 - 7/25/2058, and Collateralized Mortgage Obligations, 0.28% - 5.50%, due 12/12/2030 - 12/17/2059, with a value of $300,085.		280,000		280,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Merrill Lynch PFS, Inc., 2.85%, dated 2/28/2019, due 4/4/2019, repurchase price $272,754, collateralized by Corporate Bonds, 0.00% - 11.00%, due 10/1/2021 - 1/1/2099, with a value of $293,760.		272,000		272,000
Societe Generale SA, 2.52%, dated 2/28/2019, due 3/1/2019, repurchase price $434,030, collateralized by Corporate Bonds, 2.10% - 9.25%, due 1/15/2020 - 6/19/2064, Corporate Notes, 1.63% - 6.25%, due 5/2/2019 - 5/15/2038, Sovereign Government Securities, 2.63% - 10.63%, due 1/27/2020 - 4/23/2048, and U.S. Treasury Securities, 0.88% - 2.50%, due 10/31/2020 - 1/15/2029, with a value of $455,697.		434,000		434,000
Societe Generale SA, 2.62%, dated 2/28/2019, due 3/1/2019, repurchase price $671,049, collateralized by Corporate Bonds, 2.00% - 11.25%, due 3/1/2020 - 6/5/2115, Corporate Notes, 3.90% - 13.88%, due 12/1/2021 - 1/1/2099, and Sovereign Government Securities, 2.00% - 10.13%, due 10/14/2019 - 2/15/2048, with a value of $723,884.		671,000		671,000
Societe Generale SA, 2.67%, dated 2/28/2019, due 3/1/2019, repurchase price $800,059, collateralized by Corporate Bonds, 2.63% - 11.50%, due 2/15/2020 - 6/5/2115, Corporate Notes, 2.90% - 9.38%, due 11/19/2019 - 8/1/2033, and Sovereign Government Securities, 2.00% - 10.13%, due 10/14/2019 - 2/17/2045, with a value of $863,017.		800,000		800,000
Societe Generale SA, 2.60%, dated 2/28/2019, due 4/1/2019, repurchase price $80,185, collateralized by Corporate Bonds, 2.00% - 8.50%, due 5/22/2019 - 10/15/2058, Corporate Notes, 2.20% - 6.13%, due 5/15/2019 - 11/20/2048, Sovereign Government Securities, 3.25% - 6.42%, due 1/27/2020 - 9/20/2028, and U.S. Treasury Securities, 0.00% - 1.75%, due 3/28/2019 - 5/15/2047, with a value of $84,288.		80,000		80,000
UBS AG, 2.60%, dated 2/28/2019, due 3/7/2019, repurchase price $300,152, collateralized by Corporate Bonds, 1.75% - 8.45%, due 9/27/2021 - 3/1/2048, Corporate Notes, 3.30% - 5.25%, due 8/30/2023 - 4/1/2044, FHLB, 0.00%, due 5/8/2019, Sovereign Government Securities, 0.00%, due 6/29/2037, and U.S. Treasury Securities, 0.00% - 3.63%, due 3/1/2019 - 2/15/2048 with a value of $308,714.		300,000		300,000

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Wells Fargo Securities LLC, 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $100,007, collateralized by Commercial Paper, 0.00%, due 3/21/2019 - 3/25/2019, with a value of $105,007.		100,000		100,000
Wells Fargo Securities LLC, 2.55%, dated 2/28/2019, due 3/5/2019, repurchase price $43,015, collateralized by Commercial Paper, 0.00%, due 3/28/2019 - 3/29/2019, with a value of $45,172.		43,000		43,000
Wells Fargo Securities LLC, 2.55%, dated 2/28/2019, due 3/6/2019, repurchase price $130,055, collateralized by Commercial Paper, 0.00%, due 3/22/2019 - 7/2/2019, with a value of $136,568.		130,000		130,000
Wells Fargo Securities LLC, 2.55%, dated 2/28/2019, due 3/7/2019, repurchase price $40,020, collateralized by Commercial Paper, 0.00%, due 3/25/2019 - 3/29/2019, with a value of $42,021.		40,000		40,000
Total Repurchase Agreements (Cost $10,378,900)				10,378,900
U.s. Treasury Obligations — 1.4%
U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 4/30/2019 (b) (Cost $649,739)		650,000		649,578
U.s. Government Agency Securities — 1.1%
FHLB DN, 2.41%, 4/16/2019 (c) (Cost $498,467)		500,000		498,460
Municipal Bonds — 0.3%
Alaska — 0.2%
Alaska Housing Finance Corp., State Capital Project Series A, Rev., VRDO, 2.41%, 3/7/2019 (d)		90,000		90,000
California — 0.1%
City and County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments Series H-3, Rev., VRDO, LOC:
Bank of China, 2.53%, 3/7/2019 (d) Series H-4, Rev., VRDO, LOC: Bank of China, 2.53%, 3/7/2019 (d)		15,190 24,190		15,190 24,190
				39,380
New York — 0.0% (e)
New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.54%, 3/1/2019 (d)		18,350		18,350
Total Municipal Bonds (Cost $147,730)				147,730

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Notes — 0.2%
Automobiles — 0.2%
Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.14%), 2.83%, 5/14/2019 (b) (Cost $117,084)		117,000		117,075
Short-Term Investments — 74.4%
Certificates of Deposit — 38.0%
ABN AMRO Bank NV (Netherlands) 2.72%, 6/5/2019 (c)		270,000		268,108
Banco Del Estado De Chile (Chile) 2.86%, 4/1/2019		100,000		100,038
Bank of Montreal (Canada) (ICE LIBOR USD 3 Month + 0.08%), 2.85%, 3/7/2019 (b)		150,000		150,031
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.74%, 3/4/2019 (b)		75,000		75,032
(ICE LIBOR USD 1 Month + 0.27%), 2.78%, 3/4/2019 (b)		75,000		74,997
(ICE LIBOR USD 1 Month + 0.32%), 2.80%, 3/19/2019 (b)		97,000		97,066
(ICE LIBOR USD 3 Month + 0.14%), 2.92%, 4/16/2019 (b)		185,000		185,189
3.00%, 9/11/2019		90,000		90,171
Barclays Bank plc (United Kingdom) 2.78%, 5/14/2019		75,000		75,009
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 0.11%), 2.89%, 3/13/2019 (b)		137,000		137,033
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/17/2019 (b)		80,000		80,029
(ICE LIBOR USD 1 Month + 0.18%), 2.70%, 4/9/2019 (b)		40,000		40,007
(ICE LIBOR USD 3 Month + 0.07%), 2.80%, 5/6/2019 (b)		100,000		100,006
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/4/2019 (b)		150,000		150,047
Chiba Bank Ltd. (Japan)
2.50%, 3/15/2019		17,440		17,440
2.91%, 3/15/2019		25,000		25,005
2.70%, 4/29/2019		50,000		50,005
2.69%, 5/15/2019		50,000		50,003
2.69%, 5/20/2019		35,000		35,002
China Construction Bank Corp. (China)
2.95%, 3/11/2019		99,000		99,015
3.00%, 3/15/2019		100,000		100,022
3.05%, 3/18/2019		67,980		67,999
3.05%, 3/19/2019		80,000		80,024
3.06%, 4/11/2019		125,000		125,070

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
3.06%, 4/12/2019		125,000		125,071
2.85%, 4/30/2019		85,000		85,029
2.74%, 5/24/2019		100,000		100,005
2.72%, 5/28/2019		100,000		99,998
2.71%, 5/30/2019		100,000		99,994
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.22%), 2.73%, 3/6/2019 (b)		50,000		49,998
(ICE LIBOR USD 3 Month + 0.25%), 3.06%, 4/3/2019 (b)		50,000		50,010
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 3 Month + 0.07%), 2.86%, 3/21/2019 (b)		219,000		219,057
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/23/2019 (b)		150,000		150,045
(ICE LIBOR USD 1 Month + 0.22%), 2.70%, 3/27/2019 (b)		200,000		200,000
(ICE LIBOR USD 3 Month + 0.08%), 2.83%, 4/30/2019 (b)		437,000		437,355
(ICE LIBOR USD 3 Month + 0.08%), 2.81%, 5/6/2019 (b)		200,000		199,999
2.89%, 5/20/2019 (c)		150,000		149,108
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.29%), 2.80%, 3/1/2019 (b)		46,000		46,000
(ICE LIBOR USD 1 Month + 0.31%), 2.82%, 3/7/2019 (b)		107,000		107,068
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/15/2019 (b)		450,000		450,066
(ICE LIBOR USD 1 Month + 0.32%), 2.81%, 3/30/2019 (b)		100,000		100,056
(ICE LIBOR USD 3 Month + 0.10%), 2.90%, 4/16/2019 (b)		150,000		150,073
(ICE LIBOR USD 3 Month + 0.07%), 2.72%, 5/23/2019 (b)		50,000		50,008
2.77%, 8/5/2019 (c)		235,000		232,347
2.74%, 8/12/2019 (c)		188,000		185,777
Credit Suisse AG (Switzerland)
(SOFR + 0.45%), 2.82%, 3/1/2019 (b)		100,000		100,085
(ICE LIBOR USD 1 Month + 0.20%), 2.69%, 3/25/2019 (b)		180,000		180,051
Dexia Credit Local SA (France) (ICE LIBOR USD 1 Month + 0.18%), 2.70%, 3/10/2019 (b)		30,000		30,007
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.07%), 2.87%, 3/31/2019 (b)		244,000		244,077
DZ Bank AG (Germany) 2.62%, 6/19/2019 (c)		220,000		218,242

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
HSBC Bank USA NA (ICE LIBOR USD 1 Month + 0.19%), 2.68%, 3/24/2019 (b)		140,000		140,039
Industrial & Commercial Bank of China Ltd. (China)
2.93%, 3/1/2019		190,500		190,502
2.95%, 3/1/2019		180,000		180,002
3.00%, 3/15/2019		125,000		125,027
3.10%, 4/1/2019		170,000		170,085
3.10%, 4/5/2019		127,000		127,069
2.92%, 4/15/2019		65,000		65,028
2.93%, 4/18/2019		65,000		65,030
2.72%, 5/21/2019		50,000		50,004
2.71%, 5/31/2019		437,600		437,594
ING Bank NV (Netherlands)
(ICE LIBOR USD 3 Month + 0.17%), 2.96%, 4/4/2019 (b)		60,000		60,023
(ICE LIBOR USD 3 Month + 0.18%), 2.91%, 5/3/2019 (b)		150,000		149,999
(ICE LIBOR USD 3 Month + 0.16%), 2.89%, 5/7/2019 (b)		375,000		374,998
(ICE LIBOR USD 3 Month + 0.11%), 2.81%, 5/9/2019 (b)		200,000		200,020
(ICE LIBOR USD 3 Month + 0.12%), 2.76%, 5/17/2019 (b)		150,000		150,021
KBC Bank NV (Belgium) 2.55%, 3/29/2019		228,000		228,023
Landesbank Hessen-Thueringen (Germany)
2.90%, 7/3/2019		75,000		75,083
2.81%, 7/15/2019		100,000		100,080
Mitsubishi UFJ Trust & Banking Corp. (United Kingdom) (ICE LIBOR USD 1 Month + 0.19%),
2.70%, 3/8/2019 (b)		195,000		195,012
2.77%, 4/18/2019 (c)		200,000		199,313
2.58%, 5/21/2019		80,000		79,998
2.58%, 5/22/2019		100,000		99,998
Mizuho Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/6/2019 (b)		190,000		190,009
(ICE LIBOR USD 1 Month + 0.19%), 2.67%, 3/19/2019 (b)		40,000		40,005
(ICE LIBOR USD 1 Month + 0.19%), 2.68%, 3/25/2019 (b)		200,000		200,032
(ICE LIBOR USD 1 Month + 0.19%), 2.68%, 3/28/2019 (b)		49,500		49,509
(ICE LIBOR USD 3 Month + 0.10%), 2.89%, 4/15/2019 (b)		240,000		240,086

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
2.72%, 4/30/2019 (c)		65,000		64,722
2.67%, 5/20/2019 (c)		50,000		49,709
2.67%, 5/20/2019 (c)		25,000		24,854
2.70%, 5/24/2019		110,000		110,031
2.69%, 6/14/2019 (c)		50,000		49,613
MUFG Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.33%), 2.84%, 3/8/2019 (b)		150,000		150,129
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/17/2019 (b)		150,000		150,059
(ICE LIBOR USD 1 Month + 0.29%), 2.77%, 3/19/2019 (b)		435,000		435,297
(ICE LIBOR USD 1 Month + 0.28%), 2.76%, 3/22/2019 (b)		50,000		50,032
2.71%, 4/30/2019 (c)		31,000		30,868
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.07%), 2.82%, 4/29/2019 (b)		275,000		275,011
Natixis SA (France)
(ICE LIBOR USD 3 Month + 0.18%), 2.85%, 3/6/2019 (b)		110,000		110,053
(ICE LIBOR USD 3 Month + 0.15%), 2.94%, 4/15/2019 (b)		300,000		300,181
(ICE LIBOR USD 3 Month + 0.10%), 2.78%, 5/17/2019 (b)		100,000		100,024
3.05%, 9/16/2019		183,000		183,409
Nordea Bank AB (Finland) (ICE LIBOR USD 1 Month + 0.17%), 2.67%, 3/15/2019 (b)		100,000		100,025
Norinchukin Bank (The) (Japan)
2.45%, 3/18/2019		40,000		40,000
2.55%, 3/28/2019		240,000		240,017
2.77%, 4/24/2019 (c)		80,000		79,690
2.65%, 4/29/2019		35,000		35,007
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.21%), 2.70%, 3/24/2019 (b)		100,000		100,031
Royal Bank of Canada (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.72%, 3/23/2019 (b)		75,000		75,025
(ICE LIBOR USD 1 Month + 0.25%), 2.74%, 3/24/2019 (b)		30,000		30,015
(ICE LIBOR USD 1 Month + 0.23%), 2.71%, 3/28/2019 (b)		10,000		10,004
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 5/2/2019 (b)		145,000		145,053

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
Shizuoka Bank Ltd. (The) (Japan)
2.70%, 4/29/2019		28,000		28,003
2.62%, 5/24/2019		40,000		39,999
Skandinaviska Enskilda Banken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.14%), 2.66%, 3/10/2019 (b)		75,000		75,014
(ICE LIBOR USD 1 Month + 0.19%), 2.67%, 3/19/2019 (b)		80,000		80,009
(ICE LIBOR USD 3 Month + 0.13%), 2.93%, 4/4/2019 (b)		100,000		100,069
(ICE LIBOR USD 3 Month + 0.01%), 2.76%, 4/29/2019 (b)		115,000		114,999
(ICE LIBOR USD 3 Month + 0.02%), 2.78%, 4/29/2019 (b)		35,000		35,002
2.58%, 6/25/2019		175,000		175,007
Societe Generale SA (France) (ICE LIBOR USD 3 Month + 0.16%), 2.92%, 4/23/2019 (b)		30,000		30,008
Standard Chartered Bank (United Kingdom)
(ICE LIBOR USD 1 Month + 0.20%), 2.69%, 3/24/2019 (b)		124,500		124,521
(ICE LIBOR USD 3 Month + 0.14%), 2.95%, 4/3/2019 (b)		125,000		125,012
(ICE LIBOR USD 3 Month + 0.07%), 2.85%, 4/23/2019 (b)		200,000		200,037
(ICE LIBOR USD 3 Month + 0.03%), 2.78%, 4/29/2019 (b)		200,000		200,007
State Street Bank and Trust Co. (ICE LIBOR USD 1 Month + 0.25%), 2.74%, 4/23/2019 (b)		120,000		120,017
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/3/2019 (b)		170,000		170,037
(ICE LIBOR USD 1 Month + 0.35%), 2.86%, 3/4/2019 (b)		175,000		175,142
(ICE LIBOR USD 1 Month + 0.17%), 2.68%, 3/7/2019 (b)		30,000		30,005
(ICE LIBOR USD 1 Month + 0.20%), 2.69%, 3/28/2019 (b)		150,000		150,028
(ICE LIBOR USD 3 Month + 0.15%), 2.92%, 4/23/2019 (b)		50,000		50,010
2.69%, 5/13/2019 (c)		100,000		99,475
2.80%, 6/3/2019		60,000		60,036
2.84%, 7/29/2019 (c)		103,000		101,884
Sumitomo Mitsui Trust Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.27%),
2.76%, 3/23/2019 (b)		65,000		65,015
2.69%, 4/30/2019 (c)		215,000		214,085
2.70%, 4/30/2019 (c)		125,000		124,468
2.73%, 5/2/2019		70,000		70,022

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 17

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.16%), 2.67%, 3/8/2019 (b)		100,000		100,006
(ICE LIBOR USD 1 Month + 0.17%), 2.67%, 3/15/2019 (b)		75,000		75,018
(ICE LIBOR USD 1 Month + 0.21%), 2.70%, 3/23/2019 (b)		135,000		135,030
(ICE LIBOR USD 3 Month + 0.07%), 2.88%, 3/28/2019 (b)		100,000		100,032
Swedbank AB (Sweden) (ICE LIBOR USD 1 Month + 0.18%), 2.67%, 3/25/2019 (b)		60,000		60,013
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 3 Month + 0.11%), 2.85%, 3/6/2019 (b)		125,000		125,022
(ICE LIBOR USD 1 Month + 0.23%), 2.75%, 3/9/2019 (b)		60,000		60,021
(ICE LIBOR USD 3 Month + 0.12%), 2.94%, 3/27/2019 (b)		100,000		100,044
3.00%, 9/9/2019		40,000		40,085
Wells Fargo Bank NA
(SOFR + 0.35%), 2.72%, 3/1/2019 (b)		84,250		84,312
(ICE LIBOR USD 1 Month + 0.37%), 2.88%, 3/6/2019 (b)		200,000		200,306
(ICE LIBOR USD 1 Month + 0.35%), 2.87%, 3/11/2019 (b)		100,000		100,063
(ICE LIBOR USD 1 Month + 0.28%), 2.76%, 3/28/2019 (b)		375,000		375,233
(ICE LIBOR USD 3 Month + 0.23%), 3.04%, 4/3/2019 (b)		90,000		90,147
Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.04%), 2.74%, 5/13/2019 (b)		35,000		35,000
Total Certificates of Deposit (Cost $17,885,432)				17,891,565
Commercial Paper — 27.2%
Alpine Securitization Ltd. (Switzerland)
2.82%, 4/22/2019 (f)		100,000		100,038
2.64%, 6/21/2019 (f)		162,000		161,972
Atlantic Asset Securitization LLC 2.79%, 5/13/2019 (c) (f)		31,000		30,838
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.19%), 2.84%, 5/26/2019 (b) (f)		100,000		100,138
Bank of China Ltd. (China)
2.94%, 3/1/2019 (c) (f)		166,000		165,989
2.90%, 4/18/2019 (c)		165,000		164,429

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
2.88%, 4/29/2019 (c)		170,000		169,266
2.81%, 5/14/2019 (c)		100,000		99,453
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.22%), 2.74%, 3/9/2019 (b) (f)		90,000		90,047
(ICE LIBOR USD 3 Month + 0.07%), 2.85%, 3/14/2019 (b) (f)		60,000		60,011
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/19/2019 (b) (f)		165,000		165,112
(ICE LIBOR USD 3 Month + 0.11%), 2.93%, 3/27/2019 (b) (f)		150,000		150,100
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 5/8/2019 (b) (f)		65,000		65,022
Barclays Bank plc (United Kingdom)
2.40%, 3/1/2019 (c) (f)		448,638		448,608
2.81%, 4/8/2019 (c) (f)		300,000		299,180
2.78%, 5/14/2019 (c) (f)		45,000		44,745
Bedford Row Funding Corp.
(ICE LIBOR USD 1 Month + 0.46%), 2.97%, 3/4/2019 (b) (f)		50,000		50,023
(ICE LIBOR USD 1 Month + 0.34%), 2.86%, 3/10/2019 (b) (f)		103,000		103,076
(ICE LIBOR USD 1 Month + 0.20%), 2.69%, 3/11/2019 (b) (f)		20,000		20,000
(ICE LIBOR USD 3 Month + 0.11%), 2.76%, 5/26/2019 (b) (f)		35,000		35,019
BNG Bank NV (Netherlands)
2.41%, 3/4/2019 (c) (f)		350,000		349,907
2.41%, 3/5/2019 (c) (f)		375,000		374,876
2.41%, 3/6/2019 (c) (f)		400,000		399,841
Caisse des Depots et Consignations (France) 2.59%, 4/3/2019 (c) (f)		500,000		498,851
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 1 Month + 0.32%), 2.83%, 3/1/2019 (b) (f)		50,000		50,055
(ICE LIBOR USD 1 Month + 0.33%), 2.84%, 3/3/2019 (b) (f)		100,000		100,094
China Construction Bank Corp. (China) 3.12%, 3/20/2019 (c) (f)		30,000		29,959
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.21%), 2.69%, 3/16/2019 (b) (f)		29,000		29,011
(ICE LIBOR USD 1 Month + 0.28%), 2.76%, 3/19/2019 (b) (f)		160,000		160,127
(ICE LIBOR USD 3 Month + 0.03%), 2.77%, 4/30/2019 (b) (f)		50,000		50,000

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
(ICE LIBOR USD 3 Month + 0.04%), 2.74%, 5/7/2019 (b) (f)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.05%), 2.74%, 5/7/2019 (b) (f)		40,000		40,000
(ICE LIBOR USD 3 Month + 0.05%), 2.73%, 5/10/2019 (b) (f)		100,000		100,009
Cooperative Centrale (ICE LIBOR USD 3 Month + 0.06%), 2.71%, 5/24/2019 (b)		35,000		35,005
Credit Agricole Corporate and Investment Bank (France) 2.39%, 3/1/2019 (c)		311,700		311,679
Credit Industriel et Commercial (France) 2.75%, 8/12/2019 (c)		100,000		98,817
DZ Bank AG (Germany) 2.77%, 3/7/2019 (c)		115,000		114,947
Erste Finance (De) Llc Corporate Commercial Paper (Austria) 2.40%, 3/1/2019 (c) (f)		103,969		103,961
Erste Finance Delaware LLC (Austria) 2.76%, 4/15/2019 (c) (f)		135,000		134,523
Fairway Finance Co. LLC
(ICE LIBOR USD 1 Month + 0.18%), 2.69%, 3/9/2019 (b) (f)		20,000		20,006
(ICE LIBOR USD 1 Month + 0.23%), 2.72%, 3/14/2019 (b) (f)		50,000		50,021
First Abu Dhabi Bank PJSC (United Arab Emirates)
2.82%, 3/6/2019 (c) (f)		620,000		619,750
2.81%, 4/5/2019 (c) (f)		183,000		182,533
2.77%, 4/22/2019 (c) (f)		35,000		34,864
2.66%, 5/17/2019 (c) (f)		125,000		124,265
HSBC Bank plc (United Kingdom)
(ICE LIBOR USD 1 Month + 0.19%), 2.71%, 3/9/2019 (b) (f)		100,000		100,027
(ICE LIBOR USD 1 Month + 0.20%), 2.70%, 3/13/2019 (b) (f)		113,000		113,035
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/19/2019 (b) (f)		100,000		100,068
(ICE LIBOR USD 3 Month + 0.04%), 2.74%, 5/13/2019 (b) (f)		300,000		299,999
(ICE LIBOR USD 3 Month + 0.04%), 2.73%, 5/20/2019 (b) (f)		130,000		130,000
ING US Funding LLC (Netherlands)
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 3/3/2019 (b)		50,000		50,008
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/15/2019 (b)		90,000		90,013
Kells Funding LLC
2.60%, 4/1/2019 (c) (f)		150,000		149,676
2.58%, 5/23/2019 (c) (f)		50,000		49,703

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
2.59%, 6/14/2019 (c) (f)		150,000		148,867
2.60%, 6/20/2019 (c) (f)		75,000		74,401
2.59%, 6/21/2019 (c) (f)		100,000		99,194
LMA-Americas LLC 2.91%, 5/9/2019 (c) (f)		125,000		124,381
Macquarie Bank Ltd. (Australia) 2.73%, 4/18/2019 (c) (f)		62,000		61,786
Matchpoint Finance plc (Ireland)
2.42%, 3/1/2019 (c) (f)		223,000		222,984
3.01%, 6/7/2019 (c)		25,000		24,815
Mitsubishi International Corp. 2.58%, 5/16/2019 (c)		100,000		99,449
Mitsubishi UFJ Trust & Banking Corp. (Japan)
2.87%, 3/22/2019 (c) (f)		31,000		30,954
2.88%, 3/25/2019 (c) (f)		100,000		99,830
Mitsubishi UFJ Trust and Banking Corp. (Japan)
2.75%, 5/15/2019 (c) (f)		50,000		49,728
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.31%), 2.83%, 3/11/2019 (b) (f)		80,000		80,044
(ICE LIBOR USD 1 Month + 0.17%), 2.67%, 3/15/2019 (b) (f)		100,000		100,025
(ICE LIBOR USD 1 Month + 0.37%), 2.85%, 3/17/2019 (b) (f)		123,000		123,210
(ICE LIBOR USD 1 Month + 0.23%), 2.71%, 3/28/2019 (b) (f)		75,000		75,031
Nationwide Building Society (United Kingdom)
2.78%, 5/17/2019 (c) (f)		95,000		94,442
2.72%, 5/24/2019 (c) (f)		76,000		75,508
Nederlandse Waterschapsbank NV (Netherlands) 2.50%, 3/11/2019 (c) (f)		306,000		305,770
Nieuw Amsterdam Receivables Corp. 2.55%, 4/5/2019 (c) (f)		30,000		29,926
Old Line Funding LLC
(ICE LIBOR USD 1 Month + 0.30%), 2.81%, 3/5/2019 (b) (f)		150,000		150,064
(ICE LIBOR USD 1 Month + 0.17%), 2.65%, 3/16/2019 (b) (f)		155,000		155,006
3.00%, 6/20/2019 (c) (f)		20,000		19,841
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.21%), 3.01%, 4/8/2019 (b)		100,000		100,150
(ICE LIBOR USD 3 Month + 0.16%), 2.96%, 4/15/2019 (b)		115,000		115,127
Sheffield Receivables Co. LLC 2.91%, 4/1/2019 (c) (f)		100,000		99,781

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Starbird Funding Corp. 2.92%, 5/9/2019 (c) (f)		110,000		109,445
Thunder Bay Funding LLC
(ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/3/2019 (b) (f)		250,000		250,086
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/16/2019 (b) (f)		90,000		90,035
2.57%, 3/22/2019 (c) (f)		39,500		39,440
(ICE LIBOR USD 1 Month + 0.17%), 2.65%, 3/22/2019 (b) (f)		70,000		70,001
(ICE LIBOR USD 1 Month + 0.24%), 2.72%, 3/27/2019 (b) (f)		150,000		150,000
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.37%), 2.89%, 3/11/2019 (b) (f)		200,000		200,134
(ICE LIBOR USD 1 Month + 0.21%), 2.71%, 3/15/2019 (b) (f)		60,000		60,021
(ICE LIBOR USD 1 Month + 0.37%), 2.86%, 3/20/2019 (b) (f)		200,000		200,330
(ICE LIBOR USD 3 Month + 0.27%), 3.09%, 3/26/2019 (b) (f)		130,000		130,021
(ICE LIBOR USD 3 Month + 0.07%), 2.81%, 5/2/2019 (b) (f)		175,000		175,021
(ICE LIBOR USD 3 Month + 0.06%), 2.71%, 5/24/2019 (b) (f)		130,000		130,014
Toyota Credit Canada, Inc. (Canada)
2.76%, 4/8/2019 (c)		50,000		49,871
2.76%, 4/9/2019 (c)		50,000		49,868
Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.15%), 2.93%, 3/13/2019 (b)		50,000		50,038
Toyota Motor Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.71%, 3/28/2019 (b)		70,000		70,022
(ICE LIBOR USD 3 Month + 0.10%), 2.90%, 4/15/2019 (b)		75,000		75,045
Toyota Motor Credit Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.71%, 3/28/2019 (b)		135,000		135,042
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 4/25/2019 (b)		35,000		35,006
Toyota Motor Finance Netherlands BV (Japan) (ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/31/2019 (b)		30,000		30,018
UBS AG (Switzerland) (ICE LIBOR USD 3 Month + 0.09%), 2.78%, 5/16/2019 (b) (f)		135,000		135,010
United Overseas Bank Ltd. (Singapore) 2.89%, 5/21/2019 (c)		50,000		49,713

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Versailles Commercial Paper LLC 2.62%, 6/4/2019 (c) (f)		50,000		49,653
Westpac Banking Corp. (Australia)
(ICE LIBOR USD 3 Month + 0.10%), 2.89%, 3/20/2019 (b) (f)		100,000		100,037
(ICE LIBOR USD 3 Month + 0.13%), 2.91%, 4/15/2019 (b) (f)		131,000		131,100
Total Commercial Paper (Cost $12,790,872)				12,793,981
Time Deposits — 6.1%
Australia & New Zealand Banking Group Ltd.
2.39%, 3/1/2019		250,000		250,000
2.44%, 3/1/2019		225,000		225,000
Citibank, NA 2.45%, 3/1/2019		300,000		300,000
Credit Agricole Corporate and Investment Bank 2.39%, 3/1/2019		273,506		273,506
Erste Group Bank AG 2.40%, 3/1/2019		25,000		25,000
First Abu Dhabi Bank PJSC 2.39%, 3/1/2019		330,000		330,000
KBC Bank NV 2.39%, 3/1/2019		500,000		500,000
Landesbank Hessen-Thuringen 2.40%, 3/6/2019		200,000		200,000
Mizuho Bank Ltd. 2.42%, 3/1/2019		80,000		80,000
National Australia Bank Ltd. 2.39%, 3/1/2019		391,378		391,378
Nordea Bank AB 2.39%, 3/6/2019		300,000		300,000
Total Time Deposits (Cost $2,874,884)				2,874,884
U.s. Treasury Obligations — 3.1%
U.S. Cash Management Bills 2.41%, 3/1/2019 (c)		900,000		900,000
U.S. Treasury Bills
0.00%, 4/2/2019 (c)		60,000		59,872
2.41%, 4/23/2019 (c)		500,000		498,241
Total U.s. Treasury Obligations (Cost $1,458,121)				1,458,113
Total Short-Term Investments (Cost $35,009,309)				35,018,543
Total Investments — 99.4% (Cost $46,801,229)				46,810,286
Other Assets Less Liabilities — 0.6%				271,563
NET ASSETS — 100.0%				47,081,849

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	The rate shown is the effective yield as of February 28, 2019.
(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 64.6%
Alabama — 0.4%
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series B, Rev., VRDO, LOC: Societe Generale, 1.78%, 3/7/2019 (b) (c)		3,785		3,785
Alaska — 0.5%
City of Valdez, Exxon Pipeline Co. Project Series B, Rev., VRDO, 1.67%, 3/1/2019 (b)		4,850		4,850
California — 0.5%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-26, Rev., VRDO, LOC: Royal Bank of Canada, 1.89%, 3/7/2019 (b) (c)		5,000		5,000
Colorado — 1.8%
City of Colorado Springs, Utilities Revenue System, Sub Lien Series A, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/7/2019 (b)		11,750		11,750
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 1.83%, 3/7/2019 (b) (c)		4,925		4,925
				16,675
Connecticut — 1.4%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series B, Subseries B-4, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		13,160		13,160
District of Columbia — 0.6%
District of Columbia Series 2017 B-1, Rev., VRDO, LOC: Bank of America NA, 1.75%, 3/7/2019 (b)		895		895
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0610, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		4,365		4,365
				5,260
Florida — 1.4%
Tender Option Bond Trust Receipts/Certificates
Series 2019-XF0749, Rev., VRDO, LIQ: Royal Bank of Canada, 1.79%, 3/7/2019 (b) (c)		7,735		7,735
Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 1.94%, 9/3/2019 (b) (c)		5,665		5,665
				13,400

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — 4.0%
Illinois Finance Authority, Northwestern Memorial Hospital
Series A-2, Rev., VRDO, LIQ: TD Bank NA, 1.67%, 3/1/2019 (b)		17,335		17,335
Series A-4, Rev., VRDO, LIQ: TD Bank NA, 1.72%, 3/1/2019 (b)		13,030		13,030
Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 (b)		930		930
Illinois Finance Authority, Youth Hostels Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.75%, 3/7/2019 (b)		2,830		2,830
Regional Transportation Authority Series SGC-55, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, 1.77%, 3/7/2019 (b) (c)		3,400		3,400
				37,525
Iowa — 0.8%
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Rev., VRDO, 1.80%, 3/7/2019 (b)		6,285		6,285
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		1,200		1,200
				7,485
Maine — 0.3%
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2749, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		2,630		2,630
Maryland — 4.7%
Montgomery County Revenue Authority Rev., VRDO, 1.81%, 3/1/2019 (b)		18,000		18,000
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-28, Rev., VRDO, LOC: Royal Bank of Canada, 1.94%, 3/7/2019 (b) (c)		7,615		7,615
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		1,460		1,460
Series 2018-XF2763, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		5,000		5,000
Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		3,350		3,350
Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 1.94%, 3/7/2019 (b) (c)		5,000		5,000
Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 1.78%, 3/7/2019 (b) (c)		3,750		3,750
				44,175

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Massachusetts — 1.0%
City of Lowell GO, BAN, 4.00%, 6/21/2019		2,170		2,184
Massachusetts State Health and Educational Facilities Authority, Capital Asset Program Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.78%, 3/7/2019 (b)		1,770		1,770
Rib Floater Trust Series 2019-004, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		5,000		5,000
				8,954
Michigan — 2.8%
Michigan Finance Authority, CHE Trinity Health Credit Group Series 2013MI-1, Rev., VRDO, 1.81%, 3/1/2019 (b)		18,000		18,000
Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.78%, 3/7/2019 (b)		4,555		4,555
Rib Floater Trust Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.78%, 3/7/2019 (b) (c)		4,000		4,000
				26,555
Minnesota — 1.1%
City of Rochester, Health Care Facilities, Mayo Clinic Series A, Rev., VRDO, 1.70%, 3/7/2019 (b)		10,200		10,200
Mississippi — 2.6%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series C, Rev., VRDO, 1.69%, 3/1/2019 (b)		13,240		13,240
Series D, Rev., VRDO, 1.69%, 3/1/2019 (b)		10,000		10,000
Series G, Rev., VRDO, 1.69%, 3/1/2019 (b)		1,140		1,140
				24,380
Missouri — 3.2%
Health and Educational Facilities Authority of the State of Missouri, Health Facilities, SSM Health Series F, Rev., VRDO, 1.73%, 3/1/2019 (b)		1,700		1,700
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Care Series G, Rev., VRDO, 1.70%, 3/7/2019 (b)		23,480		23,480
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b) (c)		5,000		5,000
				30,180

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nevada — 3.3%
City of Reno, Hospital, Renown Regional Medical Center Project Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		20,000		20,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF0612, GO, VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		6,840		6,840
Series 2019-G98, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		4,750		4,750
				31,590
New Jersey — 0.5%
Rib Floater Trust Series 2018-019, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		5,000		5,000
New York — 10.7%
City of New York, Fiscal Year 2013 Series A, Subseries A-3, GO, VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/1/2019 (b)		10,000		10,000
County of Nassau
Series A, GO, TAN, 4.00%, 3/15/2019		7,500		7,507
Series B, GO, BAN, 4.00%, 5/15/2019		5,000		5,022
Metropolitan Transportation Authority Series 2017C, Subseries 2017C-2F, Rev., BAN, 4.00%, 5/15/2019		1,950		1,959
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.77%, 3/7/2019 (b)		11,000		11,000
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series D, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		6,735		6,735
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/7/2019 (b)		15,000		15,000
New York State Housing Finance Agency, Manhattan West Residential Housing
Series A, Rev., VRDO, LOC: Bank of China, 1.76%, 3/1/2019 (b)		12,500		12,500
Series A, Rev., VRDO, LOC: Bank of China, 1.78%, 3/7/2019 (b)		650		650
Tender Option Bond Trust Receipts/Certificates
Series 2015-ZF0264, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		6,265		6,265
Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		4,015		4,015

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 23

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		4,000		4,000
Series 2018-XF0238, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		5,000		5,000
Series 2018-XF2757, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.76%, 3/7/2019 (b) (c)		3,000		3,000
Series 2016-XF2344, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		3,500		3,500
Series 2018-XF2529, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		2,625		2,625
Town of Colonie GO, BAN, 3.00%, 3/15/2019		1,765		1,766
				100,544
North Carolina — 1.5%
City of Charlotte, 2003 Governmental Facilities Projects Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		8,000		8,000
North Carolina Medical Care Commission, Moses Cone Health System Series A, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.70%, 3/7/2019 (b)		6,450		6,450
				14,450
Ohio — 0.6%
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZF0670, Rev., VRDO, LIQ: Bank of America NA, 1.77%, 3/7/2019 (b) (c)		2,000		2,000
Series 2018-XF2613-1, Rev., VRDO, LIQ: Citibank NA, 1.82%, 3/7/2019 (b) (c)		4,000		4,000
				6,000
Oregon — 0.7%
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		6,250		6,250
Pennsylvania — 1.1%
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 1.78%, 3/7/2019 (b) (c)		10,000		10,000
Rhode Island — 1.7%
Rhode Island Health & Educational Building Corp., Higher Education Facilities, Brown University Series A, Rev., VRDO, LIQ: HSBC Bank USA NA, 1.74%, 3/7/2019 (b)		2,185		2,185
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZF2712, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Morgan Stanley Bank, 1.78%, 3/7/2019 (b) (c)		3,700		3,700
Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 1.79%, 3/7/2019 (b) (c)		6,035		6,035

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Rhode Island — continued
Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 1.79%, 3/7/2019 (b) (c)		4,050		4,050
				15,970
South Carolina — 0.8%
Tender Option Bond Trust Receipts/Certificates Series 2019-BAML5004, Rev., VRDO, LIQ: Bank of America NA, 1.78%, 3/7/2019 (b) (c)		7,500		7,500
Tennessee — 1.5%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/1/2019 (b)		13,785		13,785
Greeneville Health and Educational Facilities Board, Ballad Health Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.72%, 3/7/2019 (b)		700		700
				14,485
Texas — 6.7%
City of Houston, Combined Utility System, First Lien Series B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.76%, 3/7/2019 (b)		17,250		17,250
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project
Series A-2, Rev., VRDO, 1.67%, 3/1/2019 (b)		1,170		1,170
Subseries A-3, Rev., VRDO, 1.67%, 3/1/2019 (b)		300		300
State of Texas, Veterans Bonds Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		10,320		10,320
Tarrant County Cultural Education Facilities Finance Corp.
Series 2017-B, Rev., VRDO, 1.75%, 3/7/2019 (b)		3,340		3,340
Series C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.78%, 3/7/2019 (b)		3,200		3,200
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2012-B, Rev., VRDO, 1.73%, 3/7/2019 (b)		150		150
Tender Option Bond Trust Receipts/Certificates
Series 2018-G-85, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		6,175		6,175
Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 1.77%, 3/7/2019 (b) (c)		4,000		4,000
Series 2018-XF0648, GO, VRDO, PSF-GTD, LIQ: TD Bank NA, 1.77%, 3/7/2019 (b) (c)		3,745		3,745
Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		5,995		5,995

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		3,840		3,840
Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		3,335		3,335
				62,820
Utah — 2.1%
County of Utah Hospital, IHC Health Services, Inc. Series C, Rev., VRDO, LIQ: TD Bank NA, 1.70%, 3/1/2019 (b)		11,400		11,400
County of Weber, IHC Health Services Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.72%, 3/7/2019 (b)		2,340		2,340
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.78%, 3/7/2019 (b) (c)		3,425		3,425
Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 1.80%, 3/7/2019 (b) (c)		3,000		3,000
				20,165
Virginia — 3.9%
County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute Series B, Rev., VRDO, 1.75%, 3/7/2019 (b)		2,205		2,205
Loudoun County Economic Development Authority Series A, Rev., VRDO, 1.73%, 3/7/2019 (b)		1,495		1,495
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 1.76%, 3/7/2019 (b) (c)		8,500		8,500
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		8,170		8,170
Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		7,500		7,500
Virginia Small Business Financing Authority, Carilion Clinic Obligated Group Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 3/7/2019 (b)		8,500		8,500
				36,370
Washington — 0.0% (d)
Washington State Housing Finance Commission Rev., VRDO, LOC: Wells Fargo Bank NA, 1.75%, 3/7/2019 (b)		320		320
Wisconsin — 0.8%
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2634, Rev., VRDO, LIQ: Credit Suisse AG, 1.77%, 3/7/2019 (b) (c)		2,000		2,000
Series 2018-XG0174, Rev., VRDO, LIQ: Bank of America NA, 1.79%, 3/7/2019 (b) (c)		4,000		4,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wisconsin — continued
Wisconsin Housing & Economic Development Authority, Home Ownership Series E, Rev., VRDO, LIQ: FHLMC, 1.76%, 3/7/2019 (b)		1,825		1,825
				7,825
Wyoming — 1.6%
County of Uinta Rev., VRDO, 1.69%, 3/1/2019 (b)		15,450		15,450
Total Municipal Bonds (Cost $608,952)				608,953
	SHARES (000)
Variable Rate Demand Preferred Shares — 4.2%
New York — 1.0%
Nuveen New York AMT-Free Quality Municipal Income Fund Series 3, LIQ: Citibank NA, 1.80%, 3/7/2019 # (c)		10,000		10,000
Other — 3.2%
Nuveen AMT-Free Quality Municipal Income Fund Series 4, LIQ: Barclays Bank plc, 1.82%, 3/7/2019 # (c)		30,000		30,000
Total Variable Rate Demand Preferred Shares (Cost $40,000)				40,000
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 33.0%
Commercial Paper — 33.0%
Alachua County Health Facilities Authority 1.65%, 3/5/2019		10,000		10,000
California Statewide Communities Development Authority, Kaiser Permanent 1.70%, 4/1/2019		1,000		1,000
City of Dallas 1.85%, 5/9/2019		7,200		7,200
City of Garland 1.78%, 4/24/2019		7,500		7,499
City of Garland, Electric Utility System
1.66%, 4/8/2019		11,000		10,998
1.66%, 4/8/2019		5,470		5,469
City of Rochester, Health Care Facilities, Mayo Clinic 1.65%, 4/3/2019		10,000		9,998
County of Harris
1.61%, 3/7/2019		6,195		6,195
1.61%, 3/7/2019		5,540		5,540
County of Hillsborough
1.60%, 3/14/2019		6,138		6,138
1.83%, 5/16/2019		5,000		5,000

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
County of York, National Rural Utilities Cooperative Finance Corp.
1.62%, 3/1/2019		15,950		15,950
1.62%, 3/1/2019		12,500		12,500
Dallas Area Rapid Transit, Senior Lien 1.70%, 5/2/2019		10,000		9,997
District of Columbia
1.95%, 3/4/2019		9,000		9,000
1.80%, 4/3/2019		20,000		20,000
Health and Educational Facilities Authority of the State of Missouri
1.84%, 3/13/2019		5,000		5,000
1.85%, 6/20/2019		5,000		4,999
Illinois Finance Authority 1.85%, 5/23/2019		6,000		6,000
Indiana State Finance Authority 1.62%, 3/18/2019		7,000		6,999
Las Vegas Valley Water District 1.62%, 3/5/2019		15,000		15,000
Omaha Public Power District, Electric System
1.66%, 3/6/2019		10,000		10,000
1.63%, 5/3/2019		8,700		8,696
Regents of the University of Michigan 1.63%, 4/3/2019		10,000		9,998
Regents of the University of Minnesota 1.62%, 3/6/2019		5,600		5,600
San Antonio Electric & Gas 1.75%, 6/5/2019		4,500		4,498
Southwestern Illinois Development Authority, Health Facilities 1.63%, 4/2/2019		10,000		9,998
State of Maryland, Health & Higher Educational Facilities Authority 1.59%, 3/7/2019		17,861		17,860
State of Texas, Public Finance Authority
1.60%, 3/7/2019		750		750
1.74%, 3/18/2019		10,000		10,000
State of Wisconsin
1.58%, 3/5/2019		9,415		9,415
1.65%, 3/5/2019		5,600		5,600
University of Massachusetts Building Authority 1.75%, 6/25/2019		7,000		6,997
University of Minnesota 1.64%, 3/5/2019		7,372		7,372
University of Texas System
1.60%, 4/16/2019		5,000		4,998
1.60%, 4/18/2019		5,000		4,998
1.66%, 5/6/2019		4,539		4,537

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
1.80%, 5/15/2019		5,000		4,999
1.70%, 6/6/2019		5,000		4,998
Total Commercial Paper (Cost $311,830)				311,796
Total Short-Term Investments (Cost $311,830)				311,796
Total Investments — 101.8% (Cost $960,782)				960,749
Liabilities in Excess of Other Assets — (1.8%)				(17,400	)
NET ASSETS — 100.0%				943,349

Percentages indicated are based on net assets.

Abbreviations

AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
CONS	Consolidated Bonds
COP	Certificate of Participation
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
PSF-GTD	Permanent School Fund Guaranteed
Rev.	Revenue
TAN	Tax Anticipation Note
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Amount rounds to less than 0.1% of net assets.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 7.7%
HSBC Securities USA, Inc., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $45,003, collateralized by Corporate Bonds, 2.63% - 5.15%, due 1/14/2020 - 9/15/2054, and Corporate Notes, 2.50% - 3.50%, due 1/8/2021 - 2/27/2029, with a value of $47,253.		45,000		45,000
HSBC Securities USA, Inc., 2.65%, dated 2/28/2019, due 3/1/2019, repurchase price $25,002, collateralized by Corporate Bonds, 3.50% - 8.38%, due 12/1/2021 - 12/31/2099, and Municipal Debt Securities, 5.35%, due 8/1/2031, with a value of $27,002.		25,000		25,000
ING Financial Markets LLC, 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $10,001, collateralized by Corporate Bonds, 1.25% - 7.88%, due 5/15/2019 - 3/1/2068, Corporate Notes, 2.88%, due 3/25/2023, and Sovereign Government Securities, 7.39%, due 12/2/2024, with a value of $10,501.		10,000		10,000
ING Financial Markets LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $15,001, collateralized by Corporate Bonds, 4.45% - 8.88%, due 5/10/2020 - 3/1/2068, with a value of $16,201.		15,000		15,000
ING Financial Markets LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $15,001, collateralized by Corporate Bonds, 4.13% - 8.88%, due 10/7/2019 - 11/15/2024, and Corporate Notes, 4.25%, due 5/13/2019, with a value of $16,202.		15,000		15,000
Societe Generale SA, 2.62%, dated 2/28/2019, due 3/1/2019, repurchase price $110,008, collateralized by Corporate Bonds, 2.80% - 11.50%, due 6/1/2020 - 1/1/2049, Corporate Notes, 2.45% - 7.25%, due 11/19/2019 - 8/1/2033, and Sovereign Government Securities, 2.00% - 10.63%, due 6/17/2019 - 4/16/2043, with a value of $118,423.		110,000		110,000
Total Repurchase Agreements (Cost $220,000)				220,000
Short-Term Investments — 96.8%
Commercial Paper — 45.6%
Agricultural Bank of China Ltd. (China) 2.72%, 6/3/2019 (b) (c)		25,000		24,823
Alpine Securitization Ltd. (Switzerland) 2.82%, 4/22/2019 (b)		700		700

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Autobahn Funding Co. LLC 2.40%, 3/1/2019 (b) (c)		25,000		24,998
Bank of China Ltd. (China)
2.94%, 3/1/2019 (b) (c)		17,000		16,999
2.90%, 4/18/2019 (c)		25,000		24,913
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.11%), 2.93%, 3/27/2019 (b) (d)		1,001		1,001
Barclays Bank plc (United Kingdom) 2.40%, 3/1/2019 (b) (c)		135,000		134,991
Barton Capital LLC 2.40%, 3/1/2019 (b) (c)		30,000		29,998
BNG Bank NV (Netherlands) 2.41%, 3/4/2019 (b) (c)		30,000		29,992
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 1 Month + 0.35%), 2.86%, 3/1/2019 (b) (d)		35,000		35,045
(ICE LIBOR USD 1 Month + 0.33%), 2.84%, 3/3/2019 (b) (d)		13,000		13,012
Cedar Springs Capital Co. LLC 2.48%, 3/1/2019 (b) (c)		140,000		139,990
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.21%), 2.69%, 3/16/2019 (b) (d)		1,000		1,000
(ICE LIBOR USD 3 Month + 0.03%), 2.77%, 4/30/2019 (b) (d)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.05%), 2.74%, 5/7/2019 (b) (d)		48,000		48,000
CRC Funding LLC 2.84%, 4/3/2019 (b) (c)		19,000		18,956
DBS Bank Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.14%), 2.62%, 3/21/2019 (b) (d)		500		500
DCAT LLC 2.51%, 3/11/2019 (c)		5,080		5,076
DZ Bank AG (Germany) 2.77%, 3/7/2019 (c)		35,000		34,984
Federation des Caisses Desjardins du Quebec (Canada) 3.03%, 8/9/2019 (b) (c)		6,000		5,929
First Abu Dhabi Bank PJSC (United Arab Emirates) 2.82%, 3/6/2019 (b) (c)		30,000		29,988
Gotham Funding Corp. 2.81%, 3/13/2019 (b) (c)		40,000		39,965
HSBC Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.04%), 2.73%, 5/20/2019 (b) (d)		25,000		25,000
Industrial & Commercial Bank of China Ltd. (China) 2.39%, 3/1/2019 (b) (c)		75,000		74,995
ING US Funding LLC (Netherlands) (ICE LIBOR USD 1 Month + 0.34%), 2.84%, 3/13/2019 (d)		30,000		30,028

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 27

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Intercontinental Exchange Inc.
2.51%, 3/6/2019 (b) (c)		13,000		12,995
2.51%, 3/11/2019 (b) (c)		12,000		11,992
Lloyds Bank plc (United Kingdom) (ICE LIBOR USD 1 Month + 0.12%), 2.92%, 4/11/2019 (d)		55,000		55,019
LMA-Americas LLC
2.63%, 4/1/2019 (b) (c)		748		748
2.91%, 5/9/2019 (b) (c)		10,000		9,951
Macquarie Bank Ltd. (Australia)
2.55%, 3/21/2019 (b) (c)		13,000		12,981
2.73%, 4/18/2019 (b) (c)		20,000		19,931
Matchpoint Finance plc (Ireland) 2.42%, 3/1/2019 (b) (c)		66,000		65,995
MUFG Bank Ltd. (Japan) 2.78%, 4/9/2019 (c)		18,000		17,950
Nationwide Building Society (United Kingdom)
2.72%, 5/24/2019 (b) (c)		24,000		23,844
2.67%, 6/12/2019 (b) (c)		10,000		9,920
Natixis SA (France) (ICE LIBOR USD 3 Month + 0.14%), 2.94%, 4/11/2019 (d)		48,000		48,025
Nieuw Amsterdam Receivables Corp. 2.43%, 3/1/2019 (b) (c)		3,895		3,895
Old Line Funding LLC 3.00%, 6/20/2019 (b) (c)		10,000		9,921
Oversea-Chinese Banking Corp. Ltd. (Singapore) 2.57%, 5/28/2019 (b) (c)		25,000		24,843
Pricoa Short Term Funding LLC 2.68%, 8/5/2019 (b) (c)		25,000		24,718
Starbird Funding Corp. 2.92%, 5/9/2019 (b) (c)		10,000		9,950
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.79%, 3/11/2019 (b) (c)		17,000		16,988
Suncorp-Metway Ltd. (Australia) 2.60%, 3/18/2019 (b) (c)		700		700
Thunder Bay Funding LLC 2.57%, 3/22/2019 (b) (c)		500		500
Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.15%), 2.93%, 3/13/2019 (d)		10,000		10,006
United Overseas Bank Ltd. (Singapore)
2.89%, 5/17/2019 (b) (c)		28,000		27,847
2.89%, 5/21/2019 (c)		9,000		8,948
2.93%, 5/28/2019 (b) (c)		12,000		11,925
Victory Receivables Corp.
2.40%, 3/1/2019 (b) (c)		15,000		14,999
2.55%, 3/11/2019 (b) (c)		15,000		14,989

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.32%), 2.83%, 3/10/2019 (b) (d)		36,000		36,041
Total Commercial Paper (Cost $1,306,273)				1,306,504
Time Deposits — 22.5%
China Construction Bank Corp. (China) 2.39%, 3/1/2019		85,000		85,000
Credit Agricole Corporate and Investment Bank (France) 2.39%, 3/1/2019		50,408		50,408
Erste Group Bank AG (Austria) 2.40%, 3/1/2019		140,000		140,000
First Abu Dhabi Bank PJSC 2.39%, 3/1/2019		100,000		100,000
Mizuho Bank Ltd. (Japan) 2.42%, 3/1/2019		85,000		85,000
National Australia Bank Ltd. (Australia) 2.39%, 3/1/2019		50,000		50,000
Swedbank AB 2.39%, 3/1/2019		135,000		135,000
Total Time Deposits (Cost $645,408)				645,408
Certificates of Deposit — 21.7%
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.34%), 2.85%, 3/5/2019 (d)		13,500		13,514
3.00%, 9/11/2019		5,000		5,010
Chiba Bank Ltd. (Japan)
2.70%, 5/14/2019		6,001		6,001
2.63%, 5/28/2019		10,000		10,000
2.63%, 5/31/2019		25,000		24,997
China Construction Bank Corp. (China)
2.93%, 3/1/2019		18,500		18,500
2.95%, 3/11/2019		6,001		6,001
3.00%, 3/15/2019		5,001		5,001
2.75%, 5/20/2019		20,001		20,001
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 3 Month + 0.07%), 2.86%, 3/21/2019 (d)		1,000		1,000
(ICE LIBOR USD 3 Month + 0.08%), 2.83%, 4/30/2019 (d)		28,000		28,022
Credit Industriel et Commercial (France)
2.78%, 3/1/2019 (c)		12,000		12,000
(ICE LIBOR USD 1 Month + 0.31%), 2.82%, 3/7/2019 (d)		15,000		15,010
(ICE LIBOR USD 3 Month + 0.10%), 2.90%, 4/16/2019 (d)		36,000		36,017
2.74%, 8/12/2019 (c)		12,000		11,858

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.07%), 2.87%, 3/31/2019 (d)		1,000		1,000
DZ Bank AG (Germany) (ICE LIBOR USD 3 Month + 0.05%), 2.69%, 5/27/2019 (d)		30,000		30,000
HSBC Bank USA NA (ICE LIBOR USD 1 Month + 0.19%), 2.68%, 3/24/2019 (d)		25,000		25,007
Industrial & Commercial Bank of China Ltd. (China)
2.93%, 3/1/2019		4,500		4,500
3.00%, 3/15/2019		5,001		5,001
2.89%, 4/23/2019		15,000		15,006
2.72%, 5/21/2019		20,000		20,002
2.73%, 5/24/2019		10,001		10,001
2.71%, 5/31/2019		7,400		7,400
Mizuho Bank Ltd. (Japan)
2.76%, 3/6/2019		8,000		8,000
(ICE LIBOR USD 1 Month + 0.29%), 2.81%, 3/11/2019 (d)		31,000		31,016
(ICE LIBOR USD 1 Month + 0.19%), 2.68%, 3/28/2019 (d)		500		500
2.67%, 5/20/2019 (c)		15,000		14,913
MUFG Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.28%), 2.76%, 3/22/2019 (d)		10,000		10,006
Natixis SA (France) (ICE LIBOR USD 3 Month + 0.18%), 2.85%, 3/6/2019 (d)		12,000		12,006
Skandinaviska Enskilda Banken AB (Sweden) 2.58%, 6/25/2019		25,001		25,001
Standard Chartered Bank (United Kingdom) (ICE LIBOR USD 1 Month + 0.35%),
2.86%, 3/10/2019 (d)		14,000		14,006
(ICE LIBOR USD 1 Month + 0.20%), 2.69%, 3/24/2019 (d)		500		500
Sumitomo Mitsui Banking Corp. (Japan)
2.73%, 3/1/2019		1,250		1,250
2.76%, 3/6/2019		8,500		8,500
(ICE LIBOR USD 1 Month + 0.17%), 2.68%, 3/7/2019 (d)		10,002		10,002
2.80%, 6/3/2019		55,000		55,033
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.80%, 3/13/2019		10,001		10,001
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/19/2019 (d)		39,000		39,032
(ICE LIBOR USD 3 Month + 0.07%), 2.88%, 3/28/2019 (d)		1,000		1,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 3 Month + 0.12%), 2.94%, 3/27/2019 (d)		1,000		1,000
3.00%, 9/9/2019		5,000		5,011
Wells Fargo Bank NA
(SOFR + 0.35%), 2.72%, 3/1/2019 (d)		751		751
(ICE LIBOR USD 1 Month + 0.36%), 2.87%, 3/6/2019 (d)		16,500		16,524
(ICE LIBOR USD 1 Month + 0.37%), 2.85%, 3/17/2019 (d)		27,000		27,041
Total Certificates of Deposit (Cost $621,664)				621,942
U.S. Treasury Obligations — 7.0%
U.S. Cash Management Bills 2.41%, 3/1/2019 (c)		100,000		100,000
U.S. Treasury Bills 0.00%, 4/2/2019 (c)		100,000		99,787
Total U.S. Treasury Obligations (Cost $199,813)				199,787
Total Short-term Investments (Cost $2,773,158)				2,773,641
Total Investments — 104.5% (Cost $2,993,158)				2,993,641
Liabilities in Excess of Other Assets — (4.5%)				(128,102	)
Net Assets — 100.0%				2,865,539

Percentages indicated are based on net assets.

Abbreviations

ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
PJSC	Public Joint Stock Company
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	The rate shown is the effective yield as of February 28, 2019.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 29

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 19.1%
Barclays Capital, Inc., 2.59%, dated 2/28/2019, due 3/7/2019, repurchase price $10,005, collateralized by Asset-Backed Securities, 0.00%, due 2/10/2029 - 1/10/2031, with a value of $11,000.		10,000		10,000
Barclays Capital, Inc., 2.86%, dated 2/28/2019, due 4/4/2019, repurchase price $30,083, collateralized by Asset-Backed Securities, 0.00%, due 2/10/2029 - 1/10/2031, with a value of $33,000.		30,000		30,000
BMO Capital Markets Corp., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $125,009, collateralized by Asset-Backed Securities, 0.00% - 4.08%, due 11/16/2020 - 4/25/2037, Corporate Bonds, 1.90% - 12.50%, due 9/9/2019 - 1/1/2049, Corporate Notes, 1.80% - 3.97%, due 3/15/2019 - 3/5/2029, FHLMC, 2.99%, due 10/25/2047, and Sovereign Government Securities, 1.50% - 3.13%, due 4/4/2019 - 9/25/2023, with a value of $131,828.		125,000		125,000
BMO Capital Markets Corp., 2.60%, dated 2/28/2019, due 3/7/2019, repurchase price $50,025, collateralized by Asset-Backed Securities, 2.70% - 3.55%, due 10/17/2022 - 2/25/2036, Corporate Bonds, 3.35% - 8.25%, due 10/22/2021 - 3/15/2049, Corporate Notes, 2.05%, due 8/17/2026, FNMA, 4.00%, due 2/25/2049, GNMA, 0.00% - 3.50%, due 1/20/2049 - 2/20/2049, and Sovereign Government Securities, 1.50%, due 4/4/2019, with a value of $52,773.		50,000		50,000
BNP Paribas SA, 2.55%, dated 2/28/2019, due 3/1/2019, repurchase price $25,002, collateralized by Asset-Backed Securities, 4.00%, due 12/15/2059,Corporate Bonds, 3.50% - 12.00%, due 5/15/2022 - 1/1/2049, and FNMA Connecticut Avenue Securities, 4.81%, due 10/26/2048, with a value of $27,010.		25,000		25,000
Credit Suisse Securities USA LLC, 2.60%, dated 2/28/2019, due 3/5/2019, repurchase price $25,009, collateralized by Asset-Backed Securities, 0.00% - 10.88%, due 3/15/2019 - 12/25/2046, Collateralized Mortgage Obligations, 0.00% - 6.50%, due 10/19/2026 - 7/25/2058, Corporate Bonds, 8.38% - 14.00%, due 2/13/2020 - 4/1/2022, and Corporate Notes, 6.75%, due 5/20/2036, with a value of $27,376.		25,000		25,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $200,014, collateralized by U.S. Treasury Securities, 0.00%, due 2/27/2020, with a value of $204,000.		200,000		200,000
HSBC Securities USA, Inc., 2.50%, dated 2/28/2019, due 3/1/2019, repurchase price $30,002, collateralized by Corporate Bonds, 2.95% - 4.25%, due 9/24/2020 - 12/15/2025, Corporate Notes, 3.58% - 3.70%, due 10/23/2024 - 5/22/2028, and Sovereign Government Securities, 2.75% - 5.25%, due 11/2/2027 - 4/23/2048, with a value of $31,502.		30,000		30,000
HSBC Securities USA, Inc., 2.65%, dated 2/28/2019, due 3/1/2019, repurchase price $44,003, collateralized by Asset-Backed Securities, 1.22%, due 12/18/2019, Corporate Bonds, 4.75% - 8.00%, due 5/15/2023 - 1/1/2099, and Municipal Debt Securities, 5.50%, due 8/1/2031, with a value of $47,523.		44,000		44,000
ING Financial Markets LLC, 2.51%, dated 2/28/2019, due 3/1/2019, repurchase price $20,001, collateralized by Corporate Bonds, 1.25% - 5.95%, due 5/15/2019 - 8/16/2077, Corporate Notes, 2.88% - 3.75%, due 3/25/2023 - 3/1/2029, and Sovereign Government Securities, 2.95%, due 1/11/2023, with a value of $21,001.		20,000		20,000
ING Financial Markets LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $15,001, collateralized by Corporate Bonds, 5.50% - 8.88%, due 7/16/2020 - 11/15/2024, with a value of $16,202.		15,000		15,000
ING Financial Markets LLC, 2.51%, dated 2/28/2019, due 3/4/2019, repurchase price $20,006, collateralized by Corporate Bonds, 1.25% - 5.95%, due 5/15/2019 - 8/16/2077, Corporate Notes, 2.88% - 3.75%, due 3/25/2023 - 3/1/2029, and Sovereign Government Securities, 2.95%, due 1/11/2023, with a value of $21,001.		20,000		20,000
Merrill Lynch PFS, Inc., 2.80%, dated 2/28/2019, due 4/4/2019, repurchase price $25,068, collateralized by FNMA Connecticut Avenue Securities, 3.68% - 6.74%, due 8/26/2024 - 9/25/2045, and Sovereign Government Securities, 3.24% - 8.00%, due 11/5/2020 - 4/20/2055, with a value of $26,723.		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Merrill Lynch PFS, Inc., 2.85%, dated 2/28/2019, due 4/4/2019, repurchase price $39,609, collateralized by Collateralized Mortgage Obligations, 2.62%, due 2/25/2037, Commercial Paper, 0.00%, due 5/10/2019, and Sovereign Government Securities, 0.00% - 7.13%, due 1/26/2022 - 7/6/2036, with a value of $42,644.		39,500		39,500
Societe Generale SA, 2.52%, dated 2/28/2019, due 3/1/2019, repurchase price $66,005, collateralized by Corporate Bonds, 2.20% - 6.50%, due 1/15/2021 - 1/1/2099, Corporate Notes, 2.20% - 4.45%, due 5/15/2019 - 9/19/2028, and Sovereign Government Securities, 3.70% - 5.10%, due 1/14/2029 - 4/23/2048, with a value of $69,305.		66,000		66,000
Societe Generale SA, 2.62%, dated 2/28/2019, due 3/1/2019, repurchase price $115,008, collateralized by Corporate Bonds, 3.75% - 10.63%, due 6/1/2020 - 3/1/2049, Corporate Notes, 2.90% - 6.72%, due 11/19/2019 - 12/1/2022, and Sovereign Government Securities, 2.00% - 10.13%, due 10/14/2019 - 7/6/2036, with a value of $124,040.		115,000		115,000
Societe Generale SA, 2.67%, dated 2/28/2019, due 3/1/2019, repurchase price $10,001, collateralized by Corporate Bonds, 1.75% - 10.75%, due 2/15/2020 - 12/18/2073, Corporate Notes, 3.50%, due 4/19/2026, and Sovereign Government Securities, 2.63% - 10.13%, due 10/14/2019 - 1/14/2041, with a value of $10,786.		10,000		10,000
Societe Generale SA, 2.60%, dated 2/28/2019, due 4/1/2019, repurchase price $20,046, collateralized by Corporate Bonds, 2.10% - 7.88%, due 5/14/2019 - 4/15/2049, Corporate Notes, 2.20% - 6.13%, due 5/15/2019 - 1/23/2030, Sovereign Government Securities, 4.00% - 8.75%, due 6/29/2020 - 1/13/2037, and U.S. Treasury Securities, 0.00% - 2.88%, due 6/27/2019 - 1/15/2029, with a value of $21,069.		20,000		20,000
Wells Fargo Securities LLC, 2.55%, dated 2/28/2019, due 3/5/2019, repurchase price $42,015, collateralized by Commercial Paper, 0.00%, due 8/16/2019, and Certificates of Deposit, 0.00% - 3.07%, due 3/20/2019 - 10/3/2025, with a value of $44,122.		42,000		42,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wells Fargo Securities LLC, 2.55%, dated 2/28/2019, due 3/6/2019, repurchase price $40,017, collateralized by Commercial Paper, 0.00%, due 5/28/2019 - 6/24/2019, with a value of $42,021.		40,000		40,000
Wells Fargo Securities LLC, 2.55%, dated 2/28/2019, due 3/7/2019, repurchase price $60,030, collateralized by Commercial Paper, 0.00%, due 6/24/2019 - 8/16/2019, with a value of $63,031.		60,000		60,000
Total Repurchase Agreements (Cost $1,011,500)				1,011,500
Municipal Bonds — 0.7%
Alaska — 0.4%
Alaska Housing Finance Corp., State Capital Project Bonds II Series B, Rev., VRDO, 2.42%, 3/7/2019 (b)		25,000		25,000
California — 0.1%
City and County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments
Series H-3, Rev., VRDO, LOC: Bank of China, 2.53%, 3/7/2019 (b)		2,000		2,000
Series H-4, Rev., VRDO, LOC: Bank of China, 2.53%, 3/7/2019 (b)		2,000		2,000
				4,000
New York — 0.2%
New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.54%, 3/1/2019 (b)		10,000		10,000
Total Municipal Bonds (Cost $39,000)				39,000
Short-Term Investments — 80.5%
Commercial Paper — 32.3%
Agricultural Bank of China Ltd. (China) 3.09%, 3/29/2019 (c)		3,500		3,492
Alpine Securitization Ltd. (Switzerland)
2.82%, 4/22/2019 (d)		25,000		25,000
2.64%, 6/21/2019 (d)		25,000		25,000
Atlantic Asset Securitization LLC
2.88%, 4/4/2019 (c) (d)		50,000		49,865
2.79%, 5/13/2019 (c) (d)		14,000		13,921
Banco Del Estado De Chile (Chile) 2.83%, 3/11/2019 (c) (d)		7,000		6,994
Bank of China Ltd. (China)
2.94%, 3/1/2019 (c) (d)		12,000		12,000
3.07%, 3/29/2019 (c)		10,000		9,976
2.88%, 4/29/2019 (c)		30,000		29,859

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.22%), 2.74%, 3/9/2019 (d) (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/19/2019 (d) (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.11%), 2.93%, 3/27/2019 (d) (e)		7,000		7,000
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 5/8/2019 (d) (e)		3,000		3,000
Banque et Caisse d’Epargne de l’Etat (Luxembourg) 2.62%, 4/16/2019 (c)		50,000		49,833
Barclays Bank plc (United Kingdom) 2.40%, 3/1/2019 (c) (d)		100,000		100,000
Bedford Row Funding Corp. (ICE LIBOR USD 3 Month + 0.11%), 2.76%, 5/26/2019 (d) (e)		10,000		10,000
BNG Bank NV (Netherlands)
2.41%, 3/4/2019 (c) (d)		50,000		49,990
2.41%, 3/6/2019 (c) (d)		100,000		99,966
BPCE SA (France) 2.53%, 3/4/2019 (c) (d)		1,500		1,500
Caisse des Depots et Consignations (France) 2.59%, 4/1/2019 (c) (d)		30,000		29,933
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.32%), 2.83%, 3/1/2019 (d) (e)		25,000		25,000
China Construction Bank Corp. (China) 3.12%, 3/20/2019 (c) (d)		10,000		9,984
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.28%), 2.76%, 3/19/2019 (d) (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.03%), 2.77%, 4/30/2019 (d) (e)		20,000		20,000
Cooperative Centrale (ICE LIBOR USD 3 Month + 0.06%), 2.71%, 5/24/2019 (e)		15,000		15,000
Credit Industriel et Commercial (France) 2.75%, 8/12/2019 (c)		25,000		24,691
DZ Bank AG (Germany) 2.77%, 3/7/2019 (c)		70,000		69,968
Erste Finance Delaware LLC (Austria) 2.76%, 4/15/2019 (c) (d)		13,000		12,955
First Abu Dhabi Bank PJSC (United Arab Emirates) 2.77%, 4/22/2019 (c) (d)		100,000		99,601
HSBC Bank plc (United Kingdom)
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/19/2019 (d) (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.04%), 2.74%, 5/13/2019 (d) (e)		72,000		72,000
(ICE LIBOR USD 3 Month + 0.04%), 2.73%, 5/20/2019 (d) (e)		25,000		25,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
ING US Funding LLC (Netherlands)
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 3/3/2019 (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/15/2019 (e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.08%), 2.73%, 5/24/2019 (e)		10,000		10,000
Kells Funding LLC
2.60%, 6/20/2019 (c) (d)		35,000		34,722
2.59%, 6/21/2019 (c) (d)		50,000		49,600
Kreditanstalt fuer Wiederaufbau (Germany) 2.58%, 4/4/2019 (c) (d)		25,000		24,939
Landesbank Baden-Wuerttemberg (Germany) 2.48%, 3/1/2019 (c)		48,000		48,000
LMA-Americas LLC
2.55%, 3/13/2019 (c) (d)		15,000		14,987
2.63%, 4/1/2019 (c) (d)		30,000		29,933
Mitsubishi UFJ Trust & Banking Corp. (Japan)
2.52%, 3/19/2019 (c) (d)		10,000		9,988
2.87%, 3/22/2019 (c) (d)		50,000		49,916
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.17%), 2.67%, 3/15/2019 (d) (e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.37%), 2.85%, 3/17/2019 (d) (e)		27,000		27,000
(ICE LIBOR USD 1 Month + 0.23%), 2.71%, 3/28/2019 (d) (e)		5,000		5,000
Old Line Funding LLC (ICE LIBOR USD 1 Month + 0.17%), 2.65%, 3/16/2019 (d) (e)		20,000		20,000
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.21%), 3.01%, 4/8/2019 (e)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.16%), 2.96%, 4/15/2019 (e)		10,000		10,000
Sheffield Receivables Co. LLC
2.91%, 4/1/2019 (c) (d)		35,000		34,912
2.60%, 6/3/2019 (c) (d)		10,000		9,933
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.87%, 4/5/2019 (c) (d)		40,000		39,889
Suncorp-Metway Ltd. (Australia) 2.70%, 4/15/2019 (c) (d)		20,000		19,933
Thunder Bay Funding LLC 2.57%, 3/22/2019 (c) (d)		5,000		4,993
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.37%), 2.89%, 3/11/2019 (d) (e)		16,000		16,000
(ICE LIBOR USD 1 Month + 0.21%), 2.71%, 3/15/2019 (d) (e)		15,000		15,000

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
(ICE LIBOR USD 1 Month + 0.37%), 2.86%, 3/20/2019 (d) (e)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.27%), 3.09%, 3/26/2019 (d) (e)		5,000		5,000
Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.15%), 2.93%, 3/13/2019 (e)		20,000		20,000
Toyota Motor Corp. (Japan) (ICE LIBOR USD 3 Month + 0.10%), 2.90%, 4/15/2019 (e)		50,000		50,000
Toyota Motor Credit Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.71%, 3/28/2019 (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 4/25/2019 (e)		5,000		5,000
Toyota Motor Finance Netherlands BV (Japan) (ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/31/2019 (e)		5,000		5,000
UBS AG (Switzerland)
(ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/5/2019 (d) (e)		7,000		7,000
(ICE LIBOR USD 3 Month + 0.09%), 2.78%, 5/16/2019 (d) (e)		15,000		15,000
United Overseas Bank Ltd. (Singapore) 2.60%, 4/5/2019 (c) (d)		5,000		4,987
Westpac Banking Corp. (Australia)
(ICE LIBOR USD 3 Month + 0.13%), 2.91%, 4/15/2019 (d) (e)		12,000		12,000
(ICE LIBOR USD 3 Month + 0.04%), 2.78%, 4/29/2019 (d) (e)		25,000		25,000
Total Commercial Paper (Cost $1,710,260)				1,710,260
Certificates of Deposit — 32.2%
Banco Del Estado De Chile 2.86%, 3/28/2019		25,000		25,000
Bank of Montreal (Canada)
(ICE LIBOR USD 1 Month + 0.17%), 2.68%, 3/2/2019 (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.08%), 2.85%, 3/7/2019 (e)		10,000		10,000
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.74%, 3/4/2019 (e)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.27%), 2.78%, 3/4/2019 (e)		5,000		5,000
(ICE LIBOR USD 3 Month + 0.14%), 2.92%, 4/16/2019 (e)		12,000		12,000
3.00%, 9/11/2019		5,000		5,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
Barclays Bank plc (United Kingdom) 2.78%, 5/14/2019		25,000		25,000
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 0.11%), 2.89%, 3/13/2019 (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.30%), 2.78%, 3/17/2019 (e)		20,000		20,000
(ICE LIBOR USD 3 Month + 0.07%), 2.80%, 5/6/2019 (e)		40,000		40,000
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/4/2019 (e)		5,000		5,000
Chiba Bank Ltd. (Japan)
2.91%, 3/15/2019		25,000		25,000
2.63%, 5/28/2019		25,000		25,000
China Construction Bank Corp. (China)
2.93%, 3/1/2019		12,000		12,000
2.95%, 3/11/2019		20,000		20,000
3.00%, 3/15/2019		20,000		20,000
3.05%, 3/18/2019		20		20
3.05%, 3/19/2019		20,000		20,000
2.75%, 5/20/2019		20,000		20,000
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 1 Month + 0.19%), 2.67%, 3/19/2019 (e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.22%), 2.70%, 3/27/2019 (e)		6,000		6,000
(ICE LIBOR USD 3 Month + 0.08%), 2.83%, 4/30/2019 (e)		55,000		55,000
(ICE LIBOR USD 3 Month + 0.08%), 2.81%, 5/6/2019 (e)		15,000		15,000
2.89%, 5/20/2019 (c)		20,000		19,873
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.31%), 2.82%, 3/7/2019 (e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.30%), 2.79%, 3/15/2019 (e)		20,000		20,000
(ICE LIBOR USD 3 Month + 0.08%), 2.88%, 4/7/2019 (e)		6,000		6,000
(ICE LIBOR USD 3 Month + 0.10%), 2.90%, 4/16/2019 (e)		30,000		30,000
Credit Suisse AG (Switzerland) (SOFR + 0.45%), 2.82%, 3/1/2019 (e)		25,000		25,000
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.07%), 2.87%, 3/31/2019 (e)		5,000		5,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 33

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
DZ Bank AG (Germany)
(ICE LIBOR USD 3 Month + 0.05%), 2.69%, 5/27/2019 (e)		40,000		40,000
2.62%, 6/19/2019 (c)		55,000		54,564
Industrial & Commercial Bank of China Ltd. (China)
2.93%, 3/1/2019		20,000		20,000
2.95%, 3/1/2019		20,000		20,000
3.00%, 3/15/2019		20,000		20,000
3.10%, 4/5/2019		15,000		15,000
2.92%, 4/15/2019		5,000		5,000
2.72%, 5/21/2019		20,000		20,000
2.73%, 5/24/2019		20		20
2.71%, 5/31/2019		20,000		20,000
ING Bank NV (Netherlands)
(ICE LIBOR USD 3 Month + 0.17%), 2.96%, 4/4/2019 (e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.18%), 2.91%, 5/3/2019 (e)		65,000		65,000
(ICE LIBOR USD 3 Month + 0.16%), 2.89%, 5/7/2019 (e)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.12%), 2.76%, 5/17/2019 (e)		10,000		10,000
Landesbank Hessen-Thueringen (Germany) 2.90%, 7/3/2019		25,000		25,000
Mitsubishi UFJ Trust & Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.19%), 2.70%, 3/5/2019 (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.19%), 2.70%, 3/8/2019 (e)		30,000		30,000
2.71%, 4/17/2019		12,000		12,000
2.58%, 5/21/2019		10,000		10,000
Mitsubishi UFJ Trust International Ltd. (United Kingdom) 2.70%, 5/7/2019 (c)		5,000		4,975
Mizuho Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.19%), 2.67%, 3/19/2019 (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.27%), 2.75%, 3/19/2019 (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.10%), 2.89%, 4/15/2019 (e)		5,000		5,000
(ICE LIBOR USD 3 Month + 0.07%), 2.85%, 4/18/2019 (e)		20,000		20,000
2.72%, 4/30/2019 (c)		25,000		24,887
2.67%, 5/20/2019 (c)		20,000		19,882
2.70%, 5/24/2019		5,000		5,000
2.67%, 6/26/2019 (c)		10,000		9,914

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
MUFG Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.30%),
2.79%, 3/17/2019 (e)		25,000		25,000
2.69%, 4/24/2019		5,000		5,000
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.07%), 2.82%, 4/29/2019 (e)		20,000		20,000
Natixis SA
(ICE LIBOR USD 3 Month + 0.18%), 2.85%, 3/6/2019 (e)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.15%), 2.94%, 4/15/2019 (e)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.10%), 2.78%, 5/17/2019 (e)		10,000		10,000
3.05%, 9/16/2019		20,000		20,000
Nordea Bank AB (Finland) (ICE LIBOR USD 1 Month + 0.17%), 2.67%, 3/15/2019 (e)		15,000		15,000
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.21%), 2.70%, 3/24/2019 (e)		20,000		20,000
Royal Bank of Canada (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.72%, 3/23/2019 (e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.25%), 2.74%, 3/24/2019 (e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.08%), 2.82%, 5/2/2019 (e)		15,000		15,000
Shizuoka Bank Ltd. (The) (Japan) 2.62%, 5/24/2019		20,000		20,000
Skandinaviska Enskilda Banken AB (Sweden) (ICE LIBOR USD 1 Month + 0.19%), 2.67%, 3/19/2019 (e)		20,000		20,000
Societe Generale SA (France) (ICE LIBOR USD 3 Month + 0.16%), 2.92%, 4/23/2019 (e)		10,000		10,000
Standard Chartered Bank (United Kingdom) (ICE LIBOR USD 3 Month + 0.14%), 2.95%, 4/3/2019 (e)		15,000		15,000
State Street Bank and Trust Co. (ICE LIBOR USD 1 Month + 0.25%), 2.74%, 4/23/2019 (e)		20,000		20,000
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 2.71%, 3/3/2019 (e)		30,000		30,000
(ICE LIBOR USD 1 Month + 0.20%), 2.69%, 3/28/2019 (e)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.15%), 2.92%, 4/23/2019 (e)		12,000		12,000
2.69%, 5/13/2019 (c)		30,000		29,837

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Sumitomo Mitsui Trust Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.27%),
2.76%, 3/23/2019 (e)		5,000		5,000
2.70%, 4/30/2019 (c)		25,000		24,888
2.73%, 8/22/2019 (c)		20,000		19,739
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.17%), 2.67%, 3/15/2019 (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.21%), 2.70%, 3/23/2019 (e)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.15%), 2.96%, 4/3/2019 (e)		40,000		40,000
Swedbank AB (Sweden) (ICE LIBOR USD 1 Month + 0.18%), 2.67%, 3/25/2019 (e)		5,000		5,000
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.75%, 3/9/2019 (e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.12%), 2.94%, 3/27/2019 (e)		3,000		3,000
3.00%, 9/9/2019		25,000		25,000
Wells Fargo Bank NA
(ICE LIBOR USD 1 Month + 0.28%), 2.76%, 3/28/2019 (e)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.33%), 2.82%, 3/29/2019 (e)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.23%), 3.04%, 4/3/2019 (e)		5,000		5,000
Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.04%), 2.74%, 5/13/2019 (e)		15,000		14,999
Total Certificates of Deposit (Cost $1,706,598)				1,706,598
Time Deposits — 14.1%
Australia & New Zealand Banking Group Ltd. (Australia) 2.44%, 3/1/2019		75,000		75,000
Credit Agricole Corporate and Investment Bank (France) 2.39%, 3/1/2019		148,267		148,267
Credit Suisse AG (Switzerland) 2.40%, 3/1/2019		150,000		150,000
Erste Group Bank AG (Austria) 2.40%, 3/1/2019		223,900		223,900
Interfund Lending 3.16%, 3/1/2019		3,272		3,272
Mizuho Bank Ltd. (Japan) 2.42%, 3/1/2019		150,000		150,000
Total Time Deposits (Cost $750,439)				750,439

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 1.9%
U.S. Cash Management Bills 2.40%, 3/1/2019 (c) (Cost $100,000)		100,000		100,000
Total Short-term Investments (Cost $4,267,297)				4,267,297
Total Investments — 100.3% (Cost $5,317,797)*				5,317,797
Liabilities in Excess of Other Assets — (0.3%)				(16,451	)
Net Assets — 100.0%				5,301,346

Percentages indicated are based on net assets.

Abbreviations

FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)	The rate shown is the effective yield as of February 28, 2019.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 47.8%
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.57% - 2.61%, dated 2/28/2019, due 3/1/2019, repurchase price $11,000,792.[1]		11,000,000		11,000,000
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 2.58% - 2.62%, dated 2/28/2019, due 3/1/2019, repurchase price $1,814,646.[2]		1,814,515		1,814,515
Bank of America Corp., 2.58%, dated 2/28/2019, due 3/1/2019, repurchase price $750,054, collateralized by GNMA, 3.00%, due 6/20/2046 - 7/20/2046, with a value of $765,000.		750,000		750,000
Bank of Nova Scotia (The), 2.58%, dated 2/28/2019, due 3/1/2019, repurchase price $1,750,125, collateralized by FHLMC, 2.50% - 5.00%, due 5/1/2026 - 2/1/2049, FNMA, 1.75% - 6.63%, due 9/12/2019 - 2/1/2049, GNMA, 3.00% - 5.00%, due 4/20/2047 - 2/20/2049, and U.S. Treasury Securities, 2.13% - 2.50%, due 9/30/2021 - 3/31/2023, with a value of $1,785,000.		1,750,000		1,750,000
Barclays Capital, Inc., 2.42%, dated 2/28/2019, due 3/1/2019, repurchase price $500,034, collateralized by U.S. Treasury Securities, 2.88% - 3.00%, due 9/30/2025 - 8/15/2028, with a value of $510,000.		500,000		500,000
Barclays Capital, Inc., 2.44%, dated 2/28/2019, due 3/21/2019, repurchase price $751,068, collateralized by U.S. Treasury Securities, 2.63% - 2.88%, due 2/28/2023 - 8/15/2028, with a value of $765,000.		750,000		750,000
BMO Capital Markets Corp., 2.45%, dated 2/28/2019, due 3/7/2019, repurchase price $500,238, collateralized by FFCB, 2.30%, due 12/11/2020, FHLB, 2.38%, due 3/30/2020, FHLMC, 2.50% - 4.50%, due 2/1/2025 - 2/15/2049, FNMA, 0.00% - 5.00%, due 12/1/2019 - 3/25/2059, and GNMA, 0.00% - 7.00%, due 7/20/2026 - 1/20/2069, with a value of $513,089.		500,000		500,000
BNP Paribas SA, 2.45%, dated 2/28/2019, due 3/7/2019, repurchase price $500,238, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 1/2/2020 - 5/15/2048, with a value of $511,041.		500,000		500,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BNP Paribas SA, 2.45%, dated 2/28/2019, due 3/7/2019, repurchase price $1,000,476, collateralized by FHLMC, 3.00% - 7.50%, due 3/1/2022 - 12/1/2048, FNMA, 3.00% - 5.50%, due 7/1/2025 - 2/1/2049, GNMA, 3.00% - 6.50%, due 7/15/2024 - 1/20/2049, and U.S. Treasury Securities, 0.00% - 6.25%, due 11/7/2019 - 2/15/2049, with a value of $1,024,234.		1,000,000		1,000,000
BNP Paribas SA, 2.45%, dated 2/28/2019, due 3/7/2019, repurchase price $2,000,953, collateralized by FFCB, 1.38% - 3.54%, due 6/12/2019 - 1/25/2038, FHLB, 4.00% - 4.25%, due 9/1/2028 - 8/17/2038, FHLMC, 0.00% - 7.00%, due 3/1/2022 - 2/15/2049, FNMA, 2.23% - 7.00%, due 3/25/2019 - 2/1/2049, GNMA, 2.50% - 6.00%, due 11/15/2023 - 12/20/2048, and U.S. Treasury Securities, 0.88% - 3.13%, due 3/31/2021 - 5/15/2048, with a value of $2,056,025.		2,000,000		2,000,000
BNP Paribas SA, 2.47%, dated 2/28/2019, due 3/7/2019, repurchase price $1,000,480, collateralized by FHLMC, 3.50% - 7.00%, due 10/1/2025 - 10/1/2048, FNMA, 2.91% - 6.00%, due 7/1/2019 - 2/1/2049, GNMA, 2.50% - 5.50%, due 10/15/2026 - 12/20/2048, and U.S. Treasury Securities, 0.00% - 3.63%, due 3/14/2019 - 11/15/2047, with a value of $1,026,299.		1,000,000		1,000,000
BNP Paribas SA, 2.49%, dated 2/28/2019, due 3/7/2019, repurchase price $1,000,484, collateralized by FFCB, 2.45%, due 10/3/2030, FHLMC, 3.00% - 6.50%, due 9/15/2031 - 10/1/2048, FNMA, 3.00% - 6.00%, due 5/1/2024 - 11/1/2048, GNMA, 3.00% - 6.50%, due 11/15/2032 - 10/20/2048, and U.S. Treasury Securities, 0.00% - 3.00%, due 3/26/2019 - 2/15/2048, with a value of $1,026,431.		1,000,000		1,000,000
BNP Paribas SA, 2.49%, dated 2/28/2019, due 3/7/2019, repurchase price $1,500,726, collateralized by FFCB, 1.38% - 2.50%, due 6/12/2019 - 3/1/2021, FHLB, 3.59%, due 3/16/2037, FHLMC, 2.00% - 7.50%, due 3/15/2019 - 2/15/2049, FNMA, 1.20% - 7.00%, due 4/1/2019 - 6/1/2051, GNMA, 2.50% - 7.00%, due 11/20/2023 - 1/20/2049, and U.S. Treasury Securities, 0.00% - 8.13%, due 3/28/2019 - 5/15/2048, with a value of $1,540,326.		1,500,000		1,500,000

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Credit Suisse AG, 2.40%, dated 2/28/2019, due 3/1/2019, repurchase price $750,050, collateralized by U.S. Treasury Securities, 0.63% - 2.88%, due 7/31/2020 - 8/15/2028, with a value of $765,051.		750,000		750,000
Daiwa Capital Markets America. Inc., 2.62%, dated 2/28/2019, due 3/1/2019, repurchase price $2,500,182, collateralized by FFCB, 3.22%, due 2/25/2026, FHLB, 2.65%, due 8/16/2032, FHLMC, 2.00% - 5.50%, due 8/24/2021 - 2/1/2049, FNMA, 2.00% - 6.00%, due 4/1/2019 - 2/1/2049, GNMA, 2.78% - 5.50%, due 7/20/2033 - 1/20/2065, and U.S. Treasury Securities, 0.00% - 2.75%, due 8/1/2019 - 5/15/2025, with a value of $2,551,960.		2,500,000		2,500,000
Daiwa Capital Markets America. Inc., 2.43%, dated 2/28/2019, due 3/6/2019, repurchase price $1,750,709, collateralized by FHLMC, 2.82% - 4.62%, due 5/1/2019 - 2/1/2049, FNMA, 2.37% - 9.75%, due 7/1/2019 - 3/1/2052, GNMA, 2.82% - 6.00%, due 7/20/2033 - 1/20/2065, and U.S. Treasury Securities, 0.00%, due 3/1/2019 - 8/15/2021, with a value of $1,786,395.		1,750,000		1,750,000
Deutsche Bank Securities, Inc., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $700,050, collateralized by U.S. Treasury Securities, 0.13% - 1.25%, due 4/15/2019 - 2/15/2049, with a value of $714,000.		700,000		700,000
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $5,500,393, collateralized by U.S. Treasury Securities, 0.13% - 3.00%, due 4/15/2019 - 5/15/2028, with a value of $5,610,000.		5,500,000		5,500,000
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $7,500,535, collateralized by U.S. Treasury Securities, 2.00% - 3.00%, due 12/31/2021 - 11/15/2044, with a value of $7,650,000.		7,500,000		7,500,000
HSBC Securities USA, Inc., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $500,036, collateralized by U.S. Treasury Securities, 0.00% - 2.75%, due 11/30/2019 - 5/15/2045, with a value of $510,036.		500,000		500,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
ING Financial Markets LLC, 2.46%, dated 2/28/2019, due 3/21/2019, repurchase price $500,718, collateralized by FHLMC, 2.25% - 5.50%, due 9/1/2029 - 11/1/2048, FNMA, 2.44% - 6.50%, due 12/1/2022 - 2/1/2049, and U.S. Treasury Securities, 0.00% - 3.13%, due 8/15/2019 - 8/15/2044, with a value of $511,220.		500,000		500,000
Mitsubishi UFJ Trust & Banking Corp., 2.56%, dated 2/28/2019, due 3/1/2019, repurchase price $800,057, collateralized by GNMA, 3.00% - 4.50%, due 8/20/2041 - 1/20/2049, with a value of $816,058.		800,000		800,000
Mitsubishi UFJ Trust & Banking Corp., 2.44%, dated 2/28/2019, due 3/6/2019, repurchase price $1,800,732, collateralized by U.S. Treasury Securities, 1.63% - 2.25%, due 8/31/2022 - 2/15/2027, with a value of $1,836,249.		1,800,000		1,800,000
Natixis SA, 2.56%, dated 2/28/2019, due 3/1/2019, repurchase price $1,000,071, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 5/9/2019 - 8/15/2047, with a value of $1,020,073.		1,000,000		1,000,000
Natixis SA, 2.58%, dated 2/28/2019, due 3/1/2019, repurchase price $1,000,072, collateralized by FFCB, 2.48% - 3.99%, due 10/19/2029 - 4/5/2038, FHLB, 3.37% - 4.08%, due 2/12/2030 - 4/30/2038, FHLMC, 0.00% - 6.00%, due 2/15/2024 - 2/1/2049, FNMA, 0.00% - 6.00%, due 9/1/2022 - 2/1/2049, GNMA, 2.40% - 6.84%, due 9/16/2031 - 8/16/2060, and U.S. Treasury Securities, 0.00% - 4.38%, due 5/9/2019 - 2/15/2045, with a value of $1,022,582.		1,000,000		1,000,000
Natwest Markets Securities Inc., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $2,500,178, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 3/5/2019 - 8/15/2048, with a value of $2,550,182.		2,500,000		2,500,000
Nomura Securities Co. Ltd., 2.59%, dated 2/28/2019, due 3/1/2019, repurchase price $6,200,446, collateralized by FHLMC, 2.00% - 9.00%, due 3/15/2019 - 2/1/2049, FNMA, 1.78% - 8.50%, due 3/25/2019 - 9/1/2057, GNMA, 2.10% - 9.50%, due 6/15/2019 - 12/20/2068, and U.S. Treasury Securities, 0.00% - 8.13%, due 3/5/2019 - 11/15/2046, with a value of $6,324,455.		6,200,000		6,200,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 3/4/2019, repurchase price $200,056, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,463.		200,000		200,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 3/11/2019, repurchase price $450,349, collateralized by U.S. Treasury Securities, 0.13% - 3.63%, due 4/15/2019 - 4/15/2028, with a value of $455,702.		450,000		450,000
Norinchukin Bank (The), 2.55%, dated 2/28/2019, due 3/14/2019, repurchase price $650,645, collateralized by U.S. Treasury Securities, 3.63%, due 4/15/2028, with a value of $655,889.		650,000		650,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 3/19/2019, repurchase price $250,335, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $253,076.		250,000		250,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 3/19/2019, repurchase price $300,402, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $305,874.		300,000		300,000
Norinchukin Bank (The), 2.52%, dated 2/28/2019, due 4/8/2019, repurchase price $250,683, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $254,899.		250,000		250,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 5/10/2019, repurchase price $452,254, collateralized by U.S. Treasury Securities, 1.13%, due 1/15/2021, with a value of $458,383.		450,000		450,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 5/15/2019, repurchase price $251,341, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $254,899.		250,000		250,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 5/17/2019, repurchase price $201,101, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,463.		200,000		200,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 5/22/2019, repurchase price $502,928, collateralized by U.S. Treasury Securities, 3.63%, due 4/15/2028, with a value of $504,531.		500,000		500,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
RBC Capital Markets LLC, 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $1,500,107, collateralized by FHLMC, 0.00% - 4.25%, due 8/25/2025 - 2/1/2049, FNMA, 2.50% - 4.50%, due 8/1/2021 - 3/25/2058, GNMA, 2.50% - 6.00%, due 12/20/2037 - 2/20/2049, and U.S. Treasury Securities, 0.13% - 4.38%, due 11/15/2019 - 2/15/2038, with a value of $1,531,047.		1,500,000		1,500,000
RBC Capital Markets LLC, 2.50%, dated 2/28/2019, due 3/6/2019, repurchase price $1,000,417, collateralized by FHLMC, 2.71% - 3.53%, due 12/25/2020 - 5/25/2038, FNMA, 7.50%, due 2/25/2042, and U.S. Treasury Securities, 1.38% - 2.88%, due 3/31/2020 - 11/15/2027, with a value of $1,023,558.		1,000,000		1,000,000
RBC Capital Markets LLC, 2.47%, dated 2/28/2019, due 3/7/2019, repurchase price $1,000,480, collateralized by FHLB, 4.00%, due 12/24/2030, FHLMC, 2.34% - 3.09%, due 2/25/2023 - 6/25/2038, and U.S. Treasury Securities, 0.50% - 2.63%, due 7/31/2020 - 1/15/2028, with a value of $1,025,130.		1,000,000		1,000,000
RBC Capital Markets LLC, 2.50%, dated 2/28/2019, due 3/7/2019, repurchase price $1,000,486, collateralized by FFCB, 2.35%, due 2/12/2021, FHLB, 4.00%, due 12/24/2030, FHLMC, 2.86% - 7.00%, due 1/25/2028 - 10/15/2058, FNMA, 2.81% - 5.50%, due 6/25/2033 - 10/25/2058, GNMA, 2.00% - 3.00%, due 6/20/2042 - 1/20/2049, Tennessee Valley Authority, 6.75%, due 11/1/2025, and U.S. Treasury Securities, 0.13% - 2.88%, due 8/31/2019 - 2/15/2028, with a value of $1,020,709.		1,000,000		1,000,000
Societe Generale SA, 2.46%, dated 2/28/2019, due 3/11/2019, repurchase price $500,376, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 3/14/2019 - 2/15/2048, with a value of $510,000.		500,000		500,000
Sumitomo Mitsui Banking Corp., 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $3,000,217, collateralized by GNMA, 3.00% - 4.00%, due 10/20/2042 - 5/20/2048, with a value of $3,070,548.		3,000,000		3,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.57% - 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $250,018.[3]		250,000		250,000
Wells Fargo Securities LLC, 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $600,043, collateralized by U.S. Treasury Securities, 0.13% - 8.75%, due 4/15/2019 - 11/15/2048, with a value of $612,044.		600,000		600,000
Total Repurchase Agreements (Cost $69,414,515)				69,414,515
U.S. Government Agency Securities — 37.3%
FFCB
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.48%, 3/1/2019 (b)		275,000		275,000
(Federal Reserve Bank Prime Loan Rate US - 2.93%), 2.58%, 3/1/2019 (b)		325,000		325,000
(ICE LIBOR USD 3 Month - 0.11%), 2.66%, 3/11/2019 (b)		400,000		400,000
(Federal Reserve Bank Prime Loan Rate US - 2.98%), 2.52%, 3/13/2019 (b)		225,000		225,000
(ICE LIBOR USD 1 Month - 0.07%), 2.42%, 3/17/2019 (b)		275,000		275,000
(ICE LIBOR USD 1 Month - 0.11%), 2.38%, 3/23/2019 (b)		300,000		300,000
(ICE LIBOR USD 1 Month - 0.06%), 2.43%, 3/23/2019 (b)		300,000		299,996
DN, 2.52%, 5/28/2019 (c)		20,000		19,878
DN, 2.54%, 6/10/2019 (c)		72,000		71,491
FHLB
(ICE LIBOR USD 1 Month - 0.09%), 2.42%, 3/1/2019 (b)		350,000		350,000
(ICE LIBOR USD 3 Month - 0.30%), 2.44%, 3/1/2019 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.10%), 2.41%, 3/2/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.23%), 2.51%, 3/3/2019 (b)		300,000		300,000
(ICE LIBOR USD 3 Month - 0.23%), 2.51%, 3/3/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.23%), 2.51%, 3/3/2019 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.30%), 2.46%, 3/5/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.23%), 2.52%, 3/5/2019 (b)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.09%), 2.42%, 3/6/2019 (b)		835,000		835,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
(ICE LIBOR USD 3 Month - 0.16%), 2.61%, 3/7/2019 (b)		250,000		250,027
(ICE LIBOR USD 1 Month - 0.06%), 2.45%, 3/8/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.20%), 2.57%, 3/11/2019 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.19%), 2.58%, 3/11/2019 (b)		300,000		300,000
(ICE LIBOR USD 1 Month - 0.09%), 2.41%, 3/12/2019 (b)		380,000		380,000
(ICE LIBOR USD 3 Month - 0.23%), 2.55%, 3/12/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.23%), 2.55%, 3/13/2019 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.12%), 2.37%, 3/14/2019 (b)		2,400,000		2,400,000
(ICE LIBOR USD 1 Month - 0.07%), 2.41%, 3/17/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.07%), 2.41%, 3/17/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.06%), 2.43%, 3/17/2019 (b)		3,250,000		3,250,000
(ICE LIBOR USD 3 Month - 0.30%), 2.51%, 3/19/2019 (b)		750,000		750,000
(ICE LIBOR USD 3 Month - 0.20%), 2.59%, 3/20/2019 (b)		700,000		700,000
(ICE LIBOR USD 1 Month - 0.04%), 2.46%, 3/21/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.07%), 2.43%, 3/24/2019 (b)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.12%), 2.37%, 3/25/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.09%), 2.40%, 3/25/2019 (b)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.11%), 2.38%, 3/26/2019 (b)		480,000		480,000
(ICE LIBOR USD 1 Month - 0.09%), 2.39%, 3/26/2019 (b)		975,000		975,000
(ICE LIBOR USD 1 Month - 0.06%), 2.42%, 3/26/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.04%), 2.46%, 3/28/2019 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.32%), 2.49%, 3/28/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.15%), 2.66%, 4/3/2019 (b)		200,000		199,972
(ICE LIBOR USD 3 Month - 0.32%), 2.48%, 4/5/2019 (b)		2,000,000		2,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued
(ICE LIBOR USD 3 Month - 0.32%), 2.46%, 4/10/2019 (b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.34%), 2.44%, 4/16/2019 (b)		100,000		100,000
2.49%, 5/6/2019		1,000,000		999,975
(ICE LIBOR USD 3 Month - 0.21%), 2.53%, 5/7/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.21%), 2.53%, 5/7/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.23%), 2.51%, 5/8/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.23%), 2.51%, 5/8/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.32%), 2.38%, 5/9/2019 (b)		2,000,000		2,000,000
DN, 2.49%, 5/10/2019 (c)		500,000		497,589
2.50%, 5/10/2019		500,000		499,991
(ICE LIBOR USD 3 Month - 0.26%), 2.44%, 5/12/2019 (b)		1,600,000		1,600,000
2.50%, 5/14/2019		425,000		424,980
(ICE LIBOR USD 3 Month - 0.23%), 2.51%, 5/15/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.26%), 2.44%, 5/16/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.26%), 2.44%, 5/16/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.25%), 2.45%, 5/16/2019 (b)		300,000		300,000
(ICE LIBOR USD 3 Month - 0.25%), 2.45%, 5/16/2019 (b)		750,000		750,000
(ICE LIBOR USD 3 Month - 0.25%), 2.45%, 5/16/2019 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.26%), 2.43%, 5/20/2019 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.25%), 2.44%, 5/20/2019 (b)		570,000		570,000
2.50%, 5/23/2019		400,000		399,956
(ICE LIBOR USD 3 Month - 0.26%), 2.40%, 5/24/2019 (b)		2,000,000		2,000,000
(SOFR + 0.02%), 2.39%, 5/27/2019 (b)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.19%), 2.44%, 5/28/2019 (b)		300,000		300,000
DN, 2.52%, 5/29/2019 (c)		500,000		496,910
DN, 2.53%, 6/4/2019 (c)		450,000		447,019
DN, 2.53%, 6/5/2019 (c)		450,000		446,988
DN, 2.52%, 6/6/2019 (c)		335,000		332,743
DN, 2.52%, 6/7/2019 (c)		350,000		347,618
DN, 2.46%, 6/28/2019 (c)		500,000		495,967
0.88%, 8/5/2019		124,400		123,457
DN, 2.49%, 8/30/2019 (c)		345,000		340,718

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC
(ICE LIBOR USD 3 Month - 0.22%), 2.55%, 3/7/2019 (b)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.22%), 2.55%, 3/10/2019 (b)		1,000,000		1,000,000
DN, 2.52%, 6/19/2019 (c)		1,800,000		1,786,250
FNMA
(SOFR + 0.04%), 2.41%, 3/1/2019 (b)		475,000		475,000
(SOFR + 0.07%), 2.44%, 3/1/2019 (b)		400,000		400,000
(SOFR + 0.10%), 2.47%, 3/1/2019 (b)		300,000		300,000
Total U.S. Government Agency Securities (Cost $54,296,525)				54,296,525
U.S. Treasury Obligations — 9.2%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 3/1/2019 (b)		125,000		124,968
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 3/1/2019 (b)		3,629,000		3,629,787
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 3/1/2019 (b)		4,839,000		4,838,269
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.47%, 3/1/2019 (b)		125,000		125,027
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 4/30/2019 (b)		3,450,000		3,449,153
U.S. Treasury Notes
1.25%, 8/31/2019		200,000		198,728
1.63%, 8/31/2019		1,000,000		995,431
Total U.S. Treasury Obligations (Cost $13,361,363)				13,361,363
Short-Term Investments — 1.9%
U.S. Treasury Obligations — 1.9%
U.S. Cash Management Bills 2.38%, 3/1/2019 (c)		700,000		700,000
U.S. Treasury Bills 2.27%, 3/7/2019 (c)		2,000,000		1,999,253
Total U.S. Treasury Obligations (Cost $2,699,253)				2,699,253
Total Short-term Investments (Cost $2,699,253)				2,699,253
Total Investments — 96.2% (Cost $139,771,656)*				139,771,656
Other Assets Less Liabilities — 3.8%				5,588,200
Net Assets — 100.0%				145,359,856

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	The rate shown is the effective yield as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At February 28, 2019, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of March 01, 2019, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$11,000,000	$	11,000,792	$	11,226,345

Repurchase Agreements — February 28, 2019, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
BNP Paribas SA		2.61	%	$	3,000,000
MUFG Securities Americas, Inc.		2.57	%		1,200,000
TD Securities (USA) LLC		2.57	%		800,000
Wells Fargo Securities LLC		2.59	%		6,000,000
Total				$	11,000,000

February 28, 2019, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLMC		2.00% - 8.00%		7/1/2019 - 2/1/2049
FNMA		2.00% -7.00%		4/1/2019 - 6/25/2057
GNMA		2.50% -6.00%		8/15/2020 - 3/20/2066
U.S. Treasury Securities		0.00% - 8.13%		3/31/2019 - 2/15/2048

^[2] Agency Joint Trading Account II — At February 28, 2019, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 01, 2019, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$1,814,515	$	1,814,646	$	1,850,917

Repurchase Agreements — At February 28, 2019, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
Citibank NA		2.62	%	$	226,814
Citigroup Global Markets Holdings, Inc.		2.62	%		252,016
Merrill Lynch PFS, Inc.		2.58	%		1,335,685
Total				$	1,814,515

At February 28, 2019, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLMC		2.50% - 7.50%		11/1/2022 - 2/1/2049
FNMA		2.23% - 5.50%		11/1/2021 - 6/1/2051
GNMA		3.33% - 4.97%		4/15/2053 - 2/20/2069
U.S. Treasury Securities		0.88% - 3.13%		1/31/2022 - 2/15/2047

^[3] Treasury Joint Trading Account I — At February 28, 2019, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 01, 2019, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$250,000	$	250,018	$	255,017

Repurchase Agreements — February 28, 2019, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
BNP Paribas SA		2.59	%	$	86,956
Citibank NA		2.60	%		10,870
Wells Fargo Securities LLC		2.57	%		152,174
Total				$	250,000

February 28, 2019, the Treasury Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.00% - 8.75%		3/7/2019 - 2/15/2049

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 65.8%
Barclays Capital, Inc., 2.44%, dated 2/28/2019, due 3/21/2019, repurchase price $250,356, collateralized by U.S. Treasury Securities, 2.50%, due 12/31/2020, with a value of $255,000.		250,000		250,000
BNP Paribas SA, 2.45%, dated 2/28/2019, due 3/7/2019, repurchase price $1,500,715, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 3/28/2019 - 8/15/2048, with a value of $1,533,124.		1,500,000		1,500,000
BNP Paribas SA, 2.48%, dated 2/28/2019, due 3/7/2019, repurchase price $1,000,482, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 3/31/2019 - 2/15/2047, with a value of $1,026,324.		1,000,000		1,000,000
Citigroup Global Markets Holdings, Inc., 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $100,007, collateralized by U.S. Treasury Securities, 1.50% - 3.00%, due 5/31/2020 - 5/15/2045, with a value of $102,000.		100,000		100,000
Citigroup Global Markets Holdings, Inc., 2.40%, dated 2/28/2019, due 3/6/2019, repurchase price $950,380, collateralized by U.S. Treasury Securities, 0.25% - 3.00%, due 11/30/2019 - 2/15/2045, with a value of $969,000.		950,000		950,000
Deutsche Bank Securities, Inc., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $298,249, collateralized by U.S. Treasury Securities, 0.00%, due 11/15/2034 - 2/15/2038, with a value of $304,193.		298,228		298,228
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $700,050, collateralized by U.S. Treasury Securities, 0.00% - 2.88%, due 2/27/2020 - 4/30/2025, with a value of $714,000.		700,000		700,000
Fixed Income Clearing Corp., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $2,000,143, collateralized by U.S. Treasury Securities, 1.13% - 2.75%, due 11/30/2020 - 2/15/2028, with a value of $2,040,000.		2,000,000		2,000,000
Goldman Sachs & Co. LLC, 2.40%, dated 2/28/2019, due 3/1/2019, repurchase price $1,000,067, collateralized by U.S. Treasury Securities, 0.00% - 2.88%, due 2/28/2023 - 2/15/2048, with a value of $1,020,000.		1,000,000		1,000,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
J.P. Morgan Securities LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $250,018, collateralized by U.S. Treasury Securities, 0.00% - 2.75%, due 4/30/2019 - 2/15/2026, with a value of $255,018.		250,000		250,000
Merrill Lynch PFS, Inc., 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $265,939, collateralized by U.S. Treasury Securities, 1.13% - 2.50%, due 2/29/2020 - 2/15/2046, with a value of $271,238.		265,920		265,920
Mizuho Securities USA LLC, 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $500,036, collateralized by U.S. Treasury Securities, 2.50%, due 8/15/2023, with a value of $510,000.		500,000		500,000
Natixis SA, 2.56%, dated 2/28/2019, due 3/1/2019, repurchase price $4,000,284, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 3/15/2019 - 8/15/2047, with a value of $4,080,290.		4,000,000		4,000,000
Norinchukin Bank (The), 2.54%, dated 2/28/2019, due 3/11/2019, repurchase price $150,116, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $151,850.		150,000		150,000
Norinchukin Bank (The), 2.55%, dated 2/28/2019, due 3/14/2019, repurchase price $200,198, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,463.		200,000		200,000
Norinchukin Bank (The), 2.52%, dated 2/28/2019, due 4/8/2019, repurchase price $250,683, collateralized by U.S. Treasury Securities, 0.13% - 2.63%, due 4/15/2020 - 11/15/2020, with a value of $254,274.		250,000		250,000
Societe Generale SA, 2.46%, dated 2/28/2019, due 3/11/2019, repurchase price $500,376, collateralized by U.S. Treasury Securities, 0.00% - 6.88%, due 3/28/2019 - 2/15/2046, with a value of $510,000.		500,000		500,000
Sumitomo Mitsui Banking Corp., 2.58%, dated 2/28/2019, due 3/1/2019, repurchase price $2,150,154, collateralized by U.S. Treasury Securities, 2.25% - 2.63%, due 2/28/2023 - 11/15/2024, with a value of $2,193,157.		2,150,000		2,150,000
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.57% - 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $2,000,143.[1]		2,000,000		2,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 2.57%, dated 2/28/2019, due 3/1/2019, repurchase price $985,784.[3]		985,714		985,714
UBS Securities LLC, 2.60%, dated 2/28/2019, due 3/1/2019, repurchase price $500,036, collateralized by U.S. Treasury Securities, 0.00% - 7.50%, due 4/15/2019 - 2/15/2049, with a value of $510,000.		500,000		500,000
Total Repurchase Agreements (Cost $19,549,862)				19,549,862
U.S. Treasury Obligations — 30.3%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.42%, 3/1/2019 (b)		990,000		989,924
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 3/1/2019 (b)		1,023,000		1,023,119
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 3/1/2019 (b)		770,000		769,990
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 3/1/2019 (b)		1,800,000		1,799,331
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.47%, 3/1/2019 (b)		52,000		52,000
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.48%, 3/1/2019 (b)		300,000		300,000
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 2.49%, 3/1/2019 (b)		828,000		828,040
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 4/30/2019 (b)		800,000		799,870
U.S. Treasury Notes
1.50%, 3/31/2019		100,000		99,922
1.63%, 3/31/2019		200,000		199,858
0.88%, 4/15/2019		233,000		232,549
1.13%, 5/31/2019		141,000		140,532
0.88%, 7/31/2019		100,000		99,276
1.38%, 7/31/2019		100,000		99,529
1.63%, 7/31/2019		500,000		497,943
0.75%, 8/15/2019		514,000		509,611
3.63%, 8/15/2019		250,000		251,195
1.25%, 8/31/2019		300,000		298,091
Total U.S. Treasury Obligations (Cost $8,990,780)				8,990,780

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 1.7%
U.S. Treasury Obligations — 1.7%
U.S. Treasury Bills
2.38%, 4/4/2019 (c)		400,000		399,112
2.48%, 8/15/2019 (c)		100,000		98,866
Total U.S. Treasury Obligations (Cost $497,978)				497,978
Total Short-term Investments (Cost $497,978)				497,978
Total Investments — 97.8% (Cost $29,038,620)*				29,038,620
Other Assets Less Liabilities — 2.2%				644,967
NET ASSETS — 100.0%				29,683,587

Percentages indicated are based on net assets.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	The rate shown is the effective yield as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Treasury Joint Trading Account I — At February 28, 2019, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 01, 2019, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$2,000,000	$	2,000,143	$	2,040,140

Repurchase Agreements — At February 28, 2019, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Treasury Plus Money Market Fund
BNP Paribas SA		2.59	%	$	695,652
Citibank NA		2.60	%		86,957
Wells Fargo Securities LLC		2.57	%		1,217,391
Total				$	2,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

At February 28, 2019, the Treasury Joint Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 8.75%		3/7/2019 - 2/15/2049

^[3] Treasury Joint Trading Account III — At February 28, 2019, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of March 01, 2019, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$985,714	$	985,784	$	1,005,428

Repurchase Agreements — At February 28, 2019, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account III were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Treasury Plus Money Market Fund
Credit Agricole Corporate and Investment Bank		2.57	%	$	591,428
Merrill Lynch PFS, Inc.		2.57	%		394,286
Total				$	985,714

At February 28, 2019, the Treasury Joint Account III was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.13% - 3.38%		4/15/2020 - 5/15/2044

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

Investments (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 77.0%
FFCB
(US Federal Funds Effective Rate (continuous series) + 0.10%), 2.50%, 3/1/2019 (b)		75,000		75,000
(US Federal Funds Effective Rate (continuous series) + 0.11%), 2.51%, 3/1/2019 (b)		42,000		41,993
(US Treasury 3 Month Bill Money Market Yield + 0.10%), 2.51%, 3/1/2019 (b)		25,000		24,999
(Federal Reserve Bank Prime Loan Rate US - 2.96%), 2.54%, 3/1/2019 (b)		50,000		50,000
(Federal Reserve Bank Prime Loan Rate US - 2.93%), 2.58%, 3/1/2019 (b)		25,000		25,000
(Federal Reserve Bank Prime Loan Rate US - 2.91%), 2.59%, 3/1/2019 (b)		25,000		24,998
DN, 2.42%, 4/8/2019 (c)		25,000		24,936
DN, 2.42%, 4/10/2019 (c)		50,000		49,866
(US Federal Funds Effective Rate (continuous series) + 0.13%), 2.53%, 5/1/2019 (b)		25,000		25,000
(ICE LIBOR USD 3 Month - 0.21%), 2.49%, 5/10/2019 (b)		33,000		33,000
FHLB
DN, 2.23%, 3/1/2019 (c)		100,000		100,000
(ICE LIBOR USD 1 Month - 0.12%), 2.39%, 3/1/2019 (b)		25,000		25,000
(3 Month Treasury Bill Rate + 0.07%), 2.53%, 3/4/2019 (b)		25,000		25,000
DN, 2.39%, 3/7/2019 (c)		100,000		99,960
DN, 2.41%, 3/8/2019 (c)		100,000		99,953
(ICE LIBOR USD 1 Month - 0.07%), 2.45%, 3/9/2019 (b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.09%), 2.41%, 3/12/2019 (b)		28,000		28,000
DN, 2.40%, 3/13/2019 (c)		100,000		99,920
(ICE LIBOR USD 1 Month - 0.09%), 2.39%, 3/16/2019 (b)		40,000		40,000
DN, 2.37%, 3/20/2019 (c)		100,000		99,875
DN, 2.40%, 3/21/2019 (c)		85,430		85,316
DN, 2.41%, 3/22/2019 (c)		100,000		99,860
(ICE LIBOR USD 1 Month - 0.07%), 2.42%, 3/22/2019 (b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.09%), 2.40%, 3/25/2019 (b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.10%), 2.38%, 3/27/2019 (b)		30,000		30,000
DN, 2.41%, 4/3/2019 (c)		100,000		99,780
DN, 2.40%, 4/11/2019 (c)		100,000		99,728
DN, 2.41%, 4/12/2019 (c)		71,000		70,801
DN, 2.41%, 4/15/2019 (c)		100,000		99,700
DN, 2.41%, 4/16/2019 (c)		100,000		99,693

Investments (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
DN, 2.40%, 4/17/2019 (c)		100,000		99,687
DN, 2.41%, 4/22/2019 (c)		132,350		131,892
DN, 2.42%, 4/24/2019 (c)		138,225		137,726
DN, 2.42%, 4/26/2019 (c)		156,000		155,416
DN, 2.41%, 5/1/2019 (c)		100,000		99,593
DN, 2.41%, 5/3/2019 (c)		100,000		99,580
DN, 2.49%, 5/10/2019 (c)		100,000		99,531
DN, 2.42%, 5/15/2019 (c)		50,000		49,749
(ICE LIBOR USD 3 Month - 0.25%), 2.44%, 5/20/2019 (b)		49,000		49,000
(SOFR + 0.02%), 2.39%, 5/27/2019 (b)		112,500		112,500
DN, 2.53%, 6/4/2019 (c)		50,000		49,669
DN, 2.53%, 6/5/2019 (c)		50,000		49,665
Total U.S. Government Agency Securities (Cost $2,886,386)				2,886,386
U.S. Treasury Obligations — 9.3%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 3/1/2019 (b)		25,000		24,999
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 4/30/2019 (b)		75,000		74,984
U.S. Treasury Notes
1.25%, 3/31/2019		100,000		99,900
1.25%, 4/30/2019		50,000		49,902
3.13%, 5/15/2019		50,000		50,061
1.13%, 5/31/2019		31,000		30,898
1.25%, 5/31/2019		19,000		18,943
Total U.S. Treasury Obligations (Cost $349,687)				349,687
Short-Term Investments — 13.3%
U.S. Treasury Obligations — 13.3%
U.S. Treasury Bills
2.38%, 3/5/2019 (c)		100,000		99,973
2.40%, 3/12/2019 (c)		100,000		99,927
2.40%, 4/9/2019 (c)		100,000		99,741
2.40%, 4/16/2019 (c)		100,000		99,694
2.41%, 4/23/2019 (c)		100,000		99,647
Total U.S. Treasury Obligations (Cost $498,982)				498,982
Total Short-Term Investments (Cost $498,982)				498,982
Total Investments — 99.6% (Cost $3,735,055)*				3,735,055
Other Assets Less Liabilities — 0.4%				14,775
NET ASSETS — 100.0%				3,749,830

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	The rate shown is the effective yield as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 25.9%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.42%, 3/1/2019 (b)		599,000		598,879
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 3/1/2019 (b)		1,108,400		1,108,355
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 3/1/2019 (b)		1,195,775		1,195,738
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.48%, 3/1/2019 (b)		875,002		875,002
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 2.49%, 3/1/2019 (b)		450,000		449,992
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 3/1/2019 (b)		2,000,000		1,999,878
1.25%, 3/31/2019		400,000		399,588
1.25%, 4/30/2019		1,152,000		1,149,709
1.63%, 4/30/2019		438,000		437,400
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 4/30/2019 (b)		1,700,000		1,699,826
0.88%, 5/15/2019		259,000		258,141
0.88%, 7/31/2019		300,000		297,825
1.63%, 7/31/2019		1,450,000		1,443,960
0.75%, 8/15/2019		401,000		397,552
3.63%, 8/15/2019		506,885		509,168
Total U.S. Treasury Obligations (Cost $12,821,013)				12,821,013
Short-Term Investments — 78.6%
U.S. Treasury Obligations — 78.6%
U.S. Treasury Bills
2.39%, 3/1/2019 (c)		500,000		500,000
2.39%, 3/5/2019 (c)		3,000,000		2,999,205
2.40%, 3/12/2019 (c)		3,000,000		2,997,809
2.39%, 3/14/2019 (c)		3,000,000		2,997,426
2.40%, 3/19/2019 (c)		3,000,000		2,996,421

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
2.39%, 3/21/2019 (c)		3,000,000		2,996,053
2.37%, 3/26/2019 (c)		3,700,000		3,693,921
2.41%, 3/28/2019 (c)		1,000,000		998,202
1.55%, 4/2/2019 (c)		3,400,000		3,393,081
2.36%, 4/4/2019 (c)		400,000		399,114
2.39%, 4/9/2019 (c)		2,300,000		2,294,062
2.40%, 4/16/2019 (c)		3,000,000		2,990,828
2.44%, 4/18/2019 (c)		500,000		498,396
2.41%, 4/23/2019 (c)		3,000,000		2,989,402
2.41%, 4/25/2019 (c)		2,550,000		2,540,684
0.00%, 4/30/2019 (c)		1,810,000		1,803,220
2.40%, 5/9/2019 (c)		1,650,000		1,642,461
2.50%, 5/16/2019 (c)		250,000		248,695
Total U.S. Treasury Obligations (Cost $38,978,980)				38,978,980
Total Short-Term Investments (Cost $38,978,980)				38,978,980
Total Investments — 104.5% (Cost $51,799,993)*				51,799,993
Liabilities in Excess of Other Assets — (4.5%)				(2,215,846	)
NET ASSETS — 100.0%				49,584,147

Percentages indicated are based on net assets.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)	The rate shown is the effective yield as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 77.6%
Alabama — 0.3%
East Alabama Health Care Authority Series B, Rev., VRDO, 1.75%, 3/7/2019 (b)		29,745		29,745
Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 1.67%, 3/1/2019 (b)		2,425		2,425
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project
Series A, Rev., VRDO, LOC: Bank of America NA, 1.76%, 3/7/2019 (b) (c)		6,970		6,970
Series B, Rev., VRDO, LOC: Societe Generale, 1.78%, 3/7/2019 (b) (c)		4,970		4,970
				44,110
Alaska — 1.3%
Alaska Housing Finance Corp., Home Mortgage
Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		31,480		31,480
Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		34,665		34,665
Series D, Rev., VRDO, LIQ: Bank of America NA, 1.71%, 3/7/2019 (b)		44,900		44,900
Series A, Rev., VRDO, LIQ: FHLMC, 1.72%, 3/7/2019 (b)		14,440		14,440
Series B, Rev., VRDO, LIQ: FHLMC, 1.72%, 3/7/2019 (b)		14,420		14,420
Alaska Housing Finance Corp., Various, Governmental Purpose Series A, Rev., VRDO, 1.70%, 3/7/2019 (b)		20,155		20,155
City of Valdez, Exxon Pipeline Co. Project
Series A, Rev., VRDO, 1.67%, 3/1/2019 (b)		29,540		29,540
Series B, Rev., VRDO, 1.67%, 3/1/2019 (b)		22,225		22,225
Rev., VRDO, 1.72%, 3/1/2019 (b)		9,550		9,550
				221,375
Arizona — 0.8%
Arizona Health Facilities Authority, Banner Health
Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.70%, 3/1/2019 (b)		24,040		24,040
Series H, Rev., VRDO, LOC: Northern Trust Co., 1.75%, 3/7/2019 (b)		37,000		37,000
Arizona Health Facilities Authority, Catholic Healthcare West Loan 2008 Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.74%, 3/7/2019 (b)		3,680		3,680
Arizona State University Series A, Rev., VRDO, 1.72%, 3/7/2019 (b)		15,350		15,350

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
Maricopa County Industrial Development Authority, Multifamily Housing, San Clemente Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		18,200		18,200
Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 3/7/2019 (b)		2,000		2,000
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 1.75%, 3/7/2019 (b)		34,655		34,655
				134,925
California — 2.1%
California Pollution Control Financing Authority, Solid Waste Disposal, Recology, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/7/2019 (b)		11,385		11,385
California Statewide Communities Development Authority, Kaiser Permanente Series M, Rev., VRDO, 1.68%, 3/7/2019 (b)		3,900		3,900
California Statewide Communities Development Authority, Multi-Family Housing, Bay Vista Meadow Park Series NN-1, Rev., VRDO, FNMA, LOC: FNMA, 1.72%, 3/7/2019 (b)		26,145		26,145
California Statewide Communities Development Authority, Multi-Family Housing, Canyon Creek Apartments Series 1995-C, Rev., VRDO, FNMA, LIQ: FNMA, 1.68%, 3/7/2019 (b)		19,800		19,800
City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments Series H-1, Rev., VRDO, LOC: Bank of China, 1.72%, 3/7/2019 (b)		85,940		85,940
City and County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.72%, 3/7/2019 (b)		52,565		52,565
City of San Jose, Multifamily Housing, Almaden Lake Village Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		8,500		8,500
County of Sacramento, Special Facilities Airport Rev., VRDO, LOC: Bank of America NA, 1.77%, 3/7/2019 (b)		5,800		5,800
San Diego Community College District Series 2016-ZF2382, GO, VRDO, LIQ: Citibank NA, 1.70%, 3/7/2019 (b) (c)		9,000		9,000

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
Tender Option Bond Trust Receipts/Certificates
Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America NA, 1.74%, 3/7/2019 (b) (c)		7,260		7,260
Series 2016-XM0230, Rev., VRDO, LIQ: Bank of America NA, 1.74%, 3/7/2019 (b) (c)		14,250		14,250
Series 2018-G-68, GO, VRDO, LOC: Royal Bank of Canada, 1.74%, 3/7/2019 (b) (c)		2,500		2,500
Series 2018-XF2577, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.74%, 3/7/2019 (b) (c)		2,000		2,000
Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.74%, 3/7/2019 (b) (c)		14,400		14,400
Series 2016-XF0431, GO, VRDO, LIQ: Bank of America NA, 1.75%, 3/7/2019 (b) (c)		48,260		48,260
Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 1.75%, 3/7/2019 (b) (c)		2,230		2,230
Series 2016-XF2281, Rev., VRDO, LIQ: Citibank NA, 1.76%, 3/7/2019 (b) (c)		4,580		4,580
Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.80%, 3/7/2019 (b) (c)		35,480		35,480
				353,995
Colorado — 3.1%
City of Colorado Springs, Utilities System Improvement
Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.71%, 3/7/2019 (b)		41,635		41,635
Series C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.74%, 3/7/2019 (b)		18,335		18,335
Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.80%, 3/7/2019 (b)		9,900		9,900
City of Colorado Springs, Utilities System, Sub Lien
Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.76%, 3/7/2019 (b)		88,280		88,280
Series A, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/7/2019 (b)		29,180		29,180
Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 1.78%, 3/7/2019 (b)		92,390		92,390

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — continued
Colorado Health Facilities Authority, SCL Health System Series A, Rev., VRDO, 1.75%, 3/7/2019 (b)		43,405		43,405
Colorado Housing and Finance Authority, Single Family Mortgage Series B-2, Class 1, Rev., VRDO, LIQ: Royal Bank of Canada, 1.76%, 3/7/2019 (b)		16,595		16,595
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.74%, 3/7/2019 (b)		14,135		14,135
State of Colorado Rev., TRAN, 4.00%, 6/26/2019		14,330		14,427
University of Colorado Hospital Authority
Series 2018-B, Rev., VRDO, LIQ: TD Bank NA, 1.69%, 3/7/2019 (b)		65,700		65,700
Series 2018-C, Rev., VRDO, LIQ: TD Bank NA, 1.69%, 3/7/2019 (b)		75,265		75,265
				509,247
Connecticut — 1.0%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds
Subseries B-3, Rev., VRDO, LIQ: Royal Bank of Canada, 1.74%, 3/7/2019 (b)		10,000		10,000
Subseries F-5, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.76%, 3/7/2019 (b)		48,200		48,200
Subseries C-3, Rev., VRDO, LIQ: TD Bank NA, 1.77%, 3/7/2019 (b)		20,000		20,000
Subseries A-3, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.78%, 3/7/2019 (b)		20,335		20,335
Series D, Subseries D-3, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.82%, 3/7/2019 (b)		28,300		28,300
State of Connecticut, Health and Educational Facility Authority Series D, Rev., VRDO, LOC: Bank of America NA, 1.76%, 3/7/2019 (b)		42,770		42,770
				169,605
Delaware — 0.3%
Delaware State Health Facilities Authority, Christiana Care Health Services Series B, Rev., VRDO, 1.73%, 3/7/2019 (b)		18,105		18,105
University of Delaware Series C, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 3/1/2019 (b)		36,940		36,940
				55,045

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — 2.2%
District of Columbia, Georgetown University Issue
Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.73%, 3/7/2019 (b)		22,525		22,525
Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.75%, 3/7/2019 (b)		33,055		33,055
District of Columbia, Medlantic/Helix Issue, Tranche II Series A, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		22,385		22,385
District of Columbia, Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		96,160		96,160
District of Columbia, Water and Sewer Authority, Public Utility Subordinated Lien Multimodal, Weekly Rate Period Series B, Subseries B-1, Rev., VRDO, LIQ: TD Bank NA, 1.73%, 3/7/2019 (b)		22,510		22,510
Metropolitan Washington Airports Authority
Series A, Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.77%, 3/7/2019 (b)		52,040		52,040
Series D, Subseries D-2, Rev., VRDO, LOC: TD Bank NA, 1.82%, 3/7/2019 (b)		17,310		17,310
Metropolitan Washington Airports Authority, Airport System Series D-1, Rev., VRDO, LOC: TD Bank NA, 1.76%, 3/7/2019 (b)		20,000		20,000
Metropolitan Washington Airports Authority, Remarketing Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.77%, 3/7/2019 (b)		30,770		30,770
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		50,000		50,000
				366,755
Florida — 1.7%
County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		5,000		5,000
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.74%, 3/7/2019 (b)		11,050		11,050
Florida Department of Environmental Protection Series A, Rev., VRDO, AGC, 1.76%, 3/7/2019 (b)		4,565		4,565
Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: BMO Harris Bank NA, 1.75%, 3/7/2019 (b)		16,575		16,575

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Florida Keys Aqueduct Authority Rev., VRDO, LOC: TD Bank NA, 1.73%, 3/7/2019 (b)		23,100		23,100
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group
Series 2012I, Rev., VRDO, 1.71%, 3/7/2019 (b)		30,200		30,200
Series I-1, Rev., VRDO, 1.73%, 3/7/2019 (b)		26,770		26,770
Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group
Series I-2, Rev., VRDO, 1.69%, 3/7/2019 (b)		49,100		49,100
Series A, Rev., VRDO, 1.71%, 3/7/2019 (b)		32,500		32,500
Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		2,845		2,845
JEA, Water and Sewer System Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 (b)		46,670		46,670
Orange County Housing Finance Authority, Multifamily, Post Fountains Project Rev., VRDO, FNMA, LIQ: FNMA, 1.70%, 3/7/2019 (b)		13,900		13,900
Osceola County Multi-Family Housing Finance Authority, Regatta Bay Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		10,400		10,400
Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		8,715		8,715
				281,390
Georgia — 0.4%
Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.87%, 3/7/2019 (b)		1,810		1,810
Henry County Water and Sewer Authority, EAGLE Series 2005-0008, Class A, Rev., VRDO, BHAC, FSA-CR, NATL-RE, LIQ: Citibank NA, 1.77%, 3/7/2019 (b)		5,940		5,940
Rib Floater Trust Series 2018-016, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		44,965		44,965

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Georgia — continued
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 1.78%, 3/7/2019 (b) (c)		7,500		7,500
				60,215
Hawaii — 0.1%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		20,000		20,000
Idaho — 0.0% (d)
Coeur d’Alene Tribe Rev., VRDO, LOC: Bank of America NA, 1.85%, 3/7/2019 (b)		4,275		4,275
Illinois — 4.5%
Chicago O’Hare International Airport, Third Lien
Series C, Rev., VRDO, LOC: Bank of America NA, 1.75%, 3/7/2019 (b)		20,700		20,700
Rev., VRDO, LOC: Barclays Bank plc, 1.77%, 3/7/2019 (b)		77,200		77,200
City of Chicago, Chicago Midway Airport Second Lien Series C-1, Rev., VRDO, LOC: Bank of Montreal, 1.80%, 3/7/2019 (b)		38,790		38,790
City of Galesburg, Knox College Project Series 1996, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		4,300		4,300
County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		9,400		9,400
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.80%, 3/7/2019 (b)		835		835
County of Lake, Multifamily Housing, Whispering Oaks Apartments Project Rev., VRDO, FHLMC, LIQ: FHLMC, 1.82%, 3/7/2019 (b)		21,500		21,500
County of Will, ExxonMobil Project Rev., VRDO, 1.72%, 3/1/2019 (b)		10,525		10,525
Illinois Educational Facilities Authority, Adler Planetarium Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.75%, 3/7/2019 (b)		8,000		8,000
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 1.74%, 3/7/2019 (b)		11,790		11,790
Illinois Finance Authority, Advocate Healthcare Network
Subseries C-3A, Rev., VRDO, LIQ: Northern Trust Co., 1.73%, 3/7/2019 (b)		17,150		17,150

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Subseries C-2A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.75%, 3/7/2019 (b)		48,730		48,730
Illinois Finance Authority, Bradley University
Series A, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		28,385		28,385
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		12,790		12,790
Illinois Finance Authority, Chicago Symphony Orchestra Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		83,015		83,015
Illinois Finance Authority, Elmhurst Memorial Healthcare Series D, Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/7/2019 (b)		25,500		25,500
Illinois Finance Authority, Hospital Sisters Services, Inc. Series 2012-G, Rev., VRDO, LOC: Bank of Montreal, 1.73%, 3/7/2019 (b)		20,945		20,945
Illinois Finance Authority, Mccormick Theological Seminary Project Series 2001-B, Rev., VRDO, LOC: Northern Trust Co., 1.73%, 3/7/2019 (b)		15,250		15,250
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 3/7/2019 (b)		12,300		12,300
Illinois Finance Authority, Northwestern Memorial Hospital Series A-4, Rev., VRDO, LIQ: TD Bank NA, 1.72%, 3/1/2019 (b)		4,185		4,185
Illinois Finance Authority, The University of Chicago Medical Center
Series 2009-E-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.67%, 3/1/2019 (b)		28,850		28,850
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.68%, 3/1/2019 (b)		5,955		5,955
Series D-1, Rev., VRDO, LOC: PNC Bank NA, 1.68%, 3/1/2019 (b)		19,300		19,300
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 (b)		38,820		38,820
Illinois Finance Authority, The Wbez Alliance, Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.75%, 3/7/2019 (b)		15,000		15,000
Illinois Finance Authority, University of Chicago Series B, Rev., VRDO, 1.73%, 3/7/2019 (b)		20,358		20,358
Illinois Housing Development Authority, Homeowner Mortgage
Series 2018-A-2, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLMC, 1.73%, 3/7/2019 (b)		12,500		12,500

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Series C-3, Rev., VRDO, LIQ: FHLMC, 1.85%, 3/7/2019 (b)		5,500		5,500
Illinois Housing Development Authority, Multifamily Housing, Prairie Station Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		17,900		17,900
Illinois State Toll Highway Authority Series A-1B, Rev., VRDO, LOC: Bank of America NA, 1.75%, 3/7/2019 (b)		20,000		20,000
Illinois State Toll Highway Authority, Variable Rate Senior Priority Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.78%, 3/7/2019 (b)		74,510		74,510
Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b)		21,300		21,300
				751,283
Indiana — 1.2%
City of Rockport, PCR, AEP Generating Co. Project Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.77%, 3/7/2019 (b)		9,100		9,100
Indiana Finance Authority, Ascention Health SR Credit Group Series E-8, Rev., VRDO, 1.77%, 3/7/2019 (b)		39,525		39,525
Indiana Finance Authority, Duke Energy Indiana, Inc., Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.77%, 3/7/2019 (b)		30,610		30,610
Indiana Finance Authority, Educational Facilities Series A, Rev., VRDO, LOC: Northern Trust Co., 1.72%, 3/7/2019 (b)		21,145		21,145
Indiana Finance Authority, Parkview Health System, Inc. Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 (b)		60,395		60,395
Indiana Health and Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		17,095		17,095
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.72%, 3/7/2019 (b)		13,975		13,975
				191,845

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Iowa — 0.4%
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 1.82%, 3/7/2019 (b)		27,635		27,635
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project
Series 2011, Rev., VRDO, LOC: U.S. Bank NA, 1.76%, 3/7/2019 (b)		6,370		6,370
Rev., VRDO, 1.80%, 3/7/2019 (b)		20,750		20,750
Iowa Finance Authority, Multi-Family Housing Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b)		11,130		11,130
Iowa Finance Authority, Trinity Health Series D, Rev., VRDO, 1.77%, 3/7/2019 (b)		7,230		7,230
				73,115
Kentucky — 1.2%
Boyle County, Centre College Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		34,035		34,035
County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project Series 2008-A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.82%, 3/7/2019 (b)		70,147		70,147
Louisville Regional Airport Authority, Special Facilities, BT-OH, LLC Project Series A, Rev., VRDO, 1.75%, 3/1/2019 (b)		42,600		42,600
Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.74%, 3/1/2019 (b)		40,200		40,200
Louisville Regional Airport Authority, UPS Worldwide Forwarding Series C, Rev., VRDO, 1.81%, 3/1/2019 (b)		10,800		10,800
				197,782
Louisiana — 0.9%
East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Gulf Opportunity Zone
Rev., VRDO, 1.70%, 3/1/2019 (b)		2,100		2,100
Series B, Rev., VRDO, 1.70%, 3/1/2019 (b)		2,900		2,900
Series A, Rev., VRDO, 1.72%, 3/1/2019 (b)		76,625		76,625
Louisiana Public Facilities Authority, Multifamily Housing, River View Rev., VRDO, FHLMC, 1.75%, 3/7/2019 (b)		11,200		11,200
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Rev., VRDO, 1.75%, 3/1/2019 (b)		50,000		50,000

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Louisiana — continued
State of Louisiana, Gas and Fuels Tax Series 2016-XG0035, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		7,240		7,240
				150,065
Maine — 0.2%
Maine State Housing Authority Series E-3, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b)		26,750		26,750
Maryland — 1.3%
County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.81%, 3/1/2019 (b)		26,000		26,000
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Barrington Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		5,265		5,265
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, MonteVerde Apartments Series E, Rev., VRDO, FHLMC, LOC: FHLMC, 1.82%, 3/7/2019 (b)		7,200		7,200
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Walker Mews Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.81%, 3/7/2019 (b)		11,700		11,700
Maryland Community Development Administration, Department of Housing and Community Development, Residential Series J, Rev., VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		19,575		19,575
Maryland Economic Development Corp., Howard Hughes Medical Institute Series B, Rev., VRDO, 1.75%, 3/7/2019 (b)		46,685		46,685
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program
Series B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		6,300		6,300
Series D, Rev., VRDO, LOC: Bank of America NA, 1.83%, 3/7/2019 (b)		1,354		1,354
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue Series D, Rev., VRDO, LOC: TD Bank NA, 1.68%, 3/1/2019 (b)		1,100		1,100

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — continued
Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Series 2007, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.73%, 3/7/2019 (b)		23,045		23,045
Montgomery County Housing Opportunities Commission, Oakfield Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.81%, 3/7/2019 (b)		2,000		2,000
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series B, Rev., VRDO, LOC: PNC Bank NA, 1.75%, 3/7/2019 (b)		8,450		8,450
Montgomery County Revenue Authority Rev., VRDO, 1.81%, 3/1/2019 (b)		29,455		29,455
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		18,000		18,000
				206,129
Massachusetts — 1.4%
Massachusetts Bay Transportation Authority, General Transportation System Series A-1, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 3/7/2019 (b)		27,260		27,260
Massachusetts Bay Transportation Authority, Senior Sales Tax Subseries A-1, Rev., VRDO, LIQ: State Street Bank & Trust, 1.75%, 3/7/2019 (b)		45,255		45,255
Massachusetts Department of Transportation, Metropolitan Highway System, Senior Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.74%, 3/7/2019 (b)		34,575		34,575
Massachusetts Development Finance Agency, Partners Healthcare System Series M-1, Rev., VRDO, LOC: U.S. Bank NA, 1.67%, 3/1/2019 (b)		14,150		14,150
Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Series A-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 3/1/2019 (b)		6,455		6,455
Massachusetts Health and Educational Facilities Authority, Partners Healthcare System Series F3, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		14,865		14,865
Massachusetts State Development Finance Agency, First Mortgage Brookhaven Series B, Rev., VRDO, LOC: Bank of America NA, 1.79%, 3/7/2019 (b)		1,600		1,600

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Massachusetts — continued
Massachusetts State Health and Educational Facilities Authority, Capital Asset Program
Series M-2, Rev., VRDO, LOC: Bank of America NA, 1.75%, 3/7/2019 (b)		15,520		15,520
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.78%, 3/7/2019 (b)		1,900		1,900
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 3/7/2019 (b)		22,000		22,000
Rib Floater Trust
Series 2018-012, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		11,870		11,870
Series 2019-004, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		33,000		33,000
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2692, Rev., VRDO, LIQ: Citibank NA, 1.76%, 3/7/2019 (b) (c)		4,190		4,190
				232,640
Michigan — 1.3%
Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.78%, 3/7/2019 (b)		1,140		1,140
MI Finance Co. Rev., VRDO, 1.81%, 3/1/2019 (b)		32,530		32,530
Michigan State Housing Development Authority, Rental Housing
Series C, Rev., VRDO, LIQ: Royal Bank of Canada, 1.78%, 3/7/2019 (b)		44,610		44,610
Series D, Rev., VRDO, LIQ: Bank of America NA, 1.80%, 3/7/2019 (b)		47,675		47,675
Michigan State Housing Development Authority, Single-Family Mortgage
Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.78%, 3/7/2019 (b)		11,555		11,555
Series B, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.81%, 3/7/2019 (b)		50,070		50,070
Tender Option Bond Trust Receipts/Certificates
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 1.76%, 3/7/2019 (b) (c)		21,540		21,540
Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 1.77%, 3/7/2019 (b) (c)		11,580		11,580
				220,700

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Minnesota — 1.3%
City of Oak Park Heights, Multi-Family Rev., VRDO, FHLMC, LIQ: FHLMC, 1.75%, 3/7/2019 (b)		21,900		21,900
City of Rochester, Health Care Facilities, Mayo Clinic
Series A, Rev., VRDO, 1.70%, 3/7/2019 (b)		10,395		10,395
Series B, Rev., VRDO, 1.70%, 3/7/2019 (b)		41,250		41,250
Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (b)		7,620		7,620
Minneapolis and St Paul Housing and Redevelopment Authority, Health Care System, Allina Health System
Series C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 3/7/2019 (b)		36,900		36,900
Series C-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.74%, 3/7/2019 (b)		42,875		42,875
Minnesota Housing Finance Agency, Residential Housing Finance
Series F, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 1.74%, 3/7/2019 (b)		37,800		37,800
Series F, Rev., VRDO, GNMA/FNMA/FHLMC COLL, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		23,000		23,000
				221,740
Mississippi — 2.8%
County of Jackson, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 1.69%, 3/1/2019 (b)		8,100		8,100
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.69%, 3/1/2019 (b)		17,925		17,925
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series D, Rev., VRDO, 1.68%, 3/1/2019 (b)		22,700		22,700
Series B, Rev., VRDO, 1.69%, 3/1/2019 (b)		11,605		11,605
Series C, Rev., VRDO, 1.69%, 3/1/2019 (b)		11,680		11,680
Series C, Rev., VRDO, 1.69%, 3/1/2019 (b)		2,820		2,820
Series G, Rev., VRDO, 1.69%, 3/1/2019 (b)		2,350		2,350

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Mississippi — continued
Series K, Rev., VRDO, 1.69%, 3/1/2019 (b)		72,150		72,150
Series L, Rev., VRDO, 1.69%, 3/1/2019 (b)		16,550		16,550
Series A, Rev., VRDO, 1.72%, 3/1/2019 (b)		50,000		50,000
Series E, Rev., VRDO, 1.72%, 3/1/2019 (b)		16,580		16,580
Series J, Rev., VRDO, 1.72%, 3/1/2019 (b)		60,790		60,790
Series A, Rev., VRDO, 1.77%, 3/7/2019 (b)		78,430		78,430
Mississippi Development Bank Special Obligation, Harrison County Coliseum Series B, Rev., VRDO, LOC: Bank of America NA, 1.77%, 3/7/2019 (b)		38,900		38,900
Mississippi Development Bank Special Obligation, Jackson County, Industrial Water System Project Series 2009, Rev., VRDO, 1.69%, 3/1/2019 (b)		10,850		10,850
Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services
Series 1, Rev., VRDO, 1.72%, 3/7/2019 (b)		33,962		33,962
Series 1997-1, Rev., VRDO, 1.73%, 3/7/2019 (b)		8,390		8,390
				463,782
Missouri — 3.0%
City of Kansas Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.76%, 3/7/2019 (b)		59,075		59,075
Health and Educational Facilities Authority of the State of Missouri, BJC Health System
Series C, Rev., VRDO, LIQ: BJC Health System, 1.69%, 3/7/2019 (b)		77,075		77,075
Series A, Rev., VRDO, LIQ: BJC Health System, 1.70%, 3/7/2019 (b)		31,500		31,500
Series D, Rev., VRDO, 1.70%, 3/7/2019 (b)		64,230		64,230
Series E, Rev., VRDO, 1.72%, 3/7/2019 (b)		38,295		38,295
Health and Educational Facilities Authority of the State of Missouri, Health Facilities, SSM Health
Series F, Rev., VRDO, 1.73%, 3/1/2019 (b)		32,755		32,755
Series E, Rev., VRDO, 1.70%, 3/7/2019 (b)		9,975		9,975
Series F, Rev., VRDO, 1.70%, 3/7/2019 (b)		49,750		49,750
Health and Educational Facilities Authority of the State of Missouri, Washington University Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.65%, 3/1/2019 (b)		11,165		11,165

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — continued
Kansas City IDA, Livers Bronze Co. Project Rev., VRDO, LOC: Bank of America NA, 1.96%, 3/1/2019 (b)		250		250
Missouri Development Finance Board, Cultural Facilities, Kauffman Center For The Performing Arts Project Series A, Rev., VRDO, LIQ: PNC Bank NA, 1.72%, 3/1/2019 (b)		23,650		23,650
Missouri Development Finance Board, Cultural Facilities, The Nelson Gallery Foundation Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.71%, 3/1/2019 (b)		14,740		14,740
Missouri State Health and Educational Facilities Authority, Health Facilities, BJC Health System Series B, Rev., VRDO, LIQ: BJC Health System, 1.70%, 3/7/2019 (b)		61,810		61,810
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Care Series G, Rev., VRDO, 1.70%, 3/7/2019 (b)		13,100		13,100
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0575, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		8,000		8,000
				495,370
Nebraska — 0.2%
County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (b)		26,645		26,645
Nevada — 1.9%
City of Reno, Hospital, Renown Regional Medical Center Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		32,925		32,925
Clark County, Nevada Airport System, Sub Lien
Series C-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.79%, 3/7/2019 (b)		9,175		9,175
Series C-1, Rev., VRDO, LOC: Bank of America NA, 1.80%, 3/7/2019 (b)		63,810		63,810
County of Clark, Airport Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		40,105		40,105
County of Clark, Department of Aviation, Nevada Airport System
Series B-2, Rev., VRDO, LOC: State Street Bank & Trust, 1.78%, 3/7/2019 (b)		32,235		32,235

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 55

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Nevada — continued
Series B-1, Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		69,800		69,800
County of Clark, Industrial Development, Southwest Gas Corporation Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/7/2019 (b)		16,555		16,555
County of Clark, Passenger Facility Charge, Mccarran International Airport Series F-2, Rev., VRDO, LOC: MUFG Union Bank NA, 1.74%, 3/7/2019 (b)		31,015		31,015
Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.82%, 3/7/2019 (b)		7,850		7,850
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2733, GO, VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		15,000		15,000
				318,470
New Jersey — 0.3%
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Series O, Rev., VRDO, LIQ: Barclays Bank plc, 1.84%, 3/7/2019 (b)		21,110		21,110
Rib Floater Trust
Series 2018-019, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		10,820		10,820
Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.79%, 3/7/2019 (b) (c)		17,495		17,495
				49,425
New Mexico — 0.1%
University of New Mexico, Subordinate Lien System Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/7/2019 (b)		14,205		14,205
New York — 19.6%
City of New York Subseries L-5, GO, VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		4,980		4,980
City of New York, Fiscal Year 2006
Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.66%, 3/1/2019 (b)		48,700		48,700
Series I, Subseries I-5, GO, VRDO, LOC: Bank of New York Mellon, 1.75%, 3/1/2019 (b)		26,880		26,880
Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.74%, 3/7/2019 (b)		36,400		36,400

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
City of New York, Fiscal Year 2008
Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 1.74%, 3/1/2019 (b)		55,310		55,310
Subseries D-3, GO, VRDO, LIQ: BMO Harris Bank NA, 1.74%, 3/7/2019 (b)		24,700		24,700
Subseries D-4, GO, VRDO, LIQ: BMO Harris Bank NA, 1.74%, 3/7/2019 (b)		40,100		40,100
City of New York, Fiscal Year 2012
Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.71%, 3/1/2019 (b)		32,250		32,250
Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 1.75%, 3/1/2019 (b)		49,155		49,155
City of New York, Fiscal Year 2013
Series A, Subseries A-2, GO, VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/1/2019 (b)		28,100		28,100
Series A, Subseries A-3, GO, VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/1/2019 (b)		3,400		3,400
City of New York, Fiscal Year 2014
Subseries D-4, GO, VRDO, LOC: TD Bank NA, 1.68%, 3/1/2019 (b)		62,775		62,775
Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		61,550		61,550
City of New York, Fiscal Year 2015
Subseries F-5, GO, VRDO, LIQ: Barclays Bank plc, 1.73%, 3/1/2019 (b)		6,125		6,125
Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.72%, 3/7/2019 (b)		14,200		14,200
City of New York, Fiscal Year 2016 Series I, Subseries I-6, GO, VRDO, LOC: Bank of New York Mellon, 1.75%, 3/1/2019 (b)		10,225		10,225
City of New York, Fiscal Year 2017 Series A, Subseries A-6, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 1.74%, 3/1/2019 (b)		35,345		35,345
City of New York, Fiscal Year 2018
Subseries E-5, GO, VRDO, LOC: TD Bank NA, 1.68%, 3/1/2019 (b)		13,005		13,005
Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 1.73%, 3/1/2019 (b)		8,000		8,000
City of New York, Housing Development Corp. Series A, Rev., VRDO, FNMA, LIQ: FNMA, 1.78%, 3/7/2019 (b)		19,400		19,400
County of Erie GO, RAN, 3.50%, 6/30/2019		29,255		29,403

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
County of Nassau
Series A, GO, TAN, 4.00%, 3/15/2019		66,500		66,556
Series B, GO, BAN, 4.00%, 5/15/2019		54,905		55,130
Series B, GO, TAN, 4.00%, 9/16/2019		48,575		49,104
Metropolitan Transportation Authority
Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 1.72%, 3/1/2019 (b)		1,615		1,615
Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		54,525		54,525
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		39,685		39,685
Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., VRDO, LIQ: TD Bank NA, 1.73%, 3/7/2019 (b)		19,350		19,350
Nassau Health Care Corp., Nassau County Guaranteed
Subseries B-1, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		9,345		9,345
Subseries B-2, Rev., VRDO, LOC: TD Bank NA, 1.73%, 3/7/2019 (b)		9,100		9,100
New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.81%, 3/7/2019 (b)		4,760		4,760
New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 3/7/2019 (b)		2,800		2,800
New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		13,600		13,600
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		10,630		10,630
New York City Municipal Water Finance Authority, Water and Sewer System Subseries B-3, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		31,920		31,920
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2003
Series F, Subseries F-2, Rev., VRDO, LOC: Citibank NA, 1.72%, 3/1/2019 (b)		23,975		23,975
Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 1.71%, 3/7/2019 (b)		13,780		13,780

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Subseries B-1A, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.74%, 3/7/2019 (b)		64,400		64,400
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012
Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.67%, 3/1/2019 (b)		6,225		6,225
Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.68%, 3/1/2019 (b)		14,555		14,555
Series B, Subseries B-4, Rev., VRDO, LIQ: State Street Bank & Trust, 1.72%, 3/1/2019 (b)		5,240		5,240
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 1.71%, 3/1/2019 (b)		33,665		33,665
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2015 Series 2015-BB-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.73%, 3/1/2019 (b)		82,555		82,555
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution
Series BB-2, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.70%, 3/1/2019 (b)		29,145		29,145
Subseries AA-4, Rev., VRDO, LIQ: Bank of Montreal, 1.70%, 3/1/2019 (b)		49,910		49,910
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/1/2019 (b)		32,250		32,250
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2008 Subseries BB-2, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		6,000		6,000
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011
Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 1.68%, 3/1/2019 (b)		64,450		64,450
Subseries FF-1, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		9,000		9,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 57

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.74%, 3/7/2019 (b)		37,700		37,700
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/1/2019 (b)		32,565		32,565
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016
Series AA-2, Rev., VRDO, LIQ: PNC Bank NA, 1.71%, 3/1/2019 (b)		50,000		50,000
Series 2016-AA-1, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		10,000		10,000
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017
Subseries BB-2, Rev., VRDO, LIQ: Bank of Montreal, 1.71%, 3/1/2019 (b)		10,420		10,420
Series BB-1B, Rev., VRDO, LIQ: State Street Bank & Trust, 1.72%, 3/1/2019 (b)		56,850		56,850
Subseries BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.74%, 3/7/2019 (b)		37,400		37,400
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.77%, 3/7/2019 (b)		24,300		24,300
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, LIQ: PNC Bank NA, 1.73%, 3/7/2019 (b)		50,510		50,510
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003
Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 1.66%, 3/1/2019 (b)		42,550		42,550
Subseries C4, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.71%, 3/1/2019 (b)		1,100		1,100
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.76%, 3/7/2019 (b)		41,340		41,340

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013
Subseries A-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.71%, 3/7/2019 (b)		35,735		35,735
Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.72%, 3/7/2019 (b)		32,300		32,300
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.78%, 3/1/2019 (b)		83,190		83,190
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015
Subseries E-4, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		7,000		7,000
Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.76%, 3/1/2019 (b)		76,365		76,365
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Subseries A-4, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 3/1/2019 (b)		51,270		51,270
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.74%, 3/7/2019 (b)		43,000		43,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019
Subseries B-5, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/1/2019 (b)		23,400		23,400
Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.71%, 3/1/2019 (b)		36,935		36,935
New York City Transitional Finance Authority, New York City Recovery
Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 (b)		9,110		9,110
Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 1.77%, 3/7/2019 (b)		1,445		1,445
Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.77%, 3/7/2019 (b)		12,070		12,070
New York City Transitional Finance Authority, Recovery Series 1, Subseries 1D, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.73%, 3/1/2019 (b)		6,795		6,795
New York Liberty Development Corp. Series 2015-XF2146, Rev., VRDO, LIQ: Citibank NA, 1.76%, 3/7/2019 (b) (c)		3,160		3,160

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York State Dormitory Authority
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 3/7/2019 (b)		37,045		37,045
Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		7,400		7,400
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series D, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		42,205		42,205
New York State Dormitory Authority, Court Facilities Lease Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.79%, 3/7/2019 (b)		69,525		69,525
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project
Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.74%, 3/7/2019 (b)		11,400		11,400
Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.78%, 3/7/2019 (b)		12,700		12,700
Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.82%, 3/7/2019 (b)		920		920
New York State Housing Finance Agency Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		46,900		46,900
New York State Housing Finance Agency, 10 Barclay Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		2,755		2,755
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.79%, 3/7/2019 (b)		23,250		23,250
New York State Housing Finance Agency, 240 East 39th Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		14,500		14,500
New York State Housing Finance Agency, 350 West 43rd Street Housing
Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/1/2019 (b)		60,000		60,000
Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/1/2019 (b)		17,200		17,200
New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		2,400		2,400
New York State Housing Finance Agency, 363 West 30th Street Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.78%, 3/7/2019 (b)		9,000		9,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York State Housing Finance Agency, 42nd and 10th Housing Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.77%, 3/7/2019 (b)		65,180		65,180
New York State Housing Finance Agency, 455 West 37th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/1/2019 (b)		65,005		65,005
New York State Housing Finance Agency, 505 West 37th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.73%, 3/1/2019 (b)		58,310		58,310
New York State Housing Finance Agency, 555 Tenth Avenue Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/7/2019 (b)		37,450		37,450
New York State Housing Finance Agency, 606 West 57th Street Housing Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		13,715		13,715
New York State Housing Finance Agency, Clinton Park Phase II Series A-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.73%, 3/7/2019 (b)		3,900		3,900
New York State Housing Finance Agency, Manhattan West Residential Housing Series A, Rev., VRDO, LOC: Bank of China, 1.78%, 3/7/2019 (b)		42,750		42,750
New York State Housing Finance Agency, North End Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 3/7/2019 (b)		7,050		7,050
New York State Housing Finance Agency, Service Contract Series M-1, Rev., VRDO, LOC: Bank of America NA, 1.73%, 3/7/2019 (b)		3,960		3,960
New York State Housing Finance Agency, Theater Row Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.80%, 3/7/2019 (b)		11,300		11,300
New York State Housing Finance Agency, Tribeca Landing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		1,800		1,800
New York State Housing Finance Agency, Union Square South Housing Series 1996-A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		41,950		41,950
New York State Housing Finance Agency, West 23rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		2,100		2,100
New York State Housing Finance Agency, Weyant Green Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		100		100

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 59

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		3,400		3,400
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-121, Rev., VRDO, LOC: Royal Bank of Canada, 1.75%, 3/1/2019 (b) (c)		28,600		28,600
Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		27,000		27,000
Tender Option Bond Trust Receipts/Certificates
Series E-118, GO, VRDO, LIQ: Royal Bank of Canada, 1.75%, 3/1/2019 (b) (c)		50,000		50,000
Series E-120, Rev., VRDO, LOC: Royal Bank of Canada, 1.75%, 3/1/2019 (b) (c)		12,200		12,200
Series 2018-XM0695, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.76%, 3/7/2019 (b) (c)		15,000		15,000
Series 2018-ZF2772, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.76%, 3/7/2019 (b) (c)		9,785		9,785
Series 2016-XG0018, Rev., VRDO, LIQ: Bank of America NA, 1.77%, 3/7/2019 (b) (c)		11,250		11,250
Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		35,000		35,000
Series 2018-E-129, Rev., VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		35,000		35,000
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 1.77%, 3/7/2019 (b) (c)		20,000		20,000
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series B-1, Rev., VRDO, LOC: Bank of America NA, 1.73%, 3/1/2019 (b)		33,855		33,855
Series A, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		25,460		25,460
				3,248,103
North Carolina — 2.8%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 3/7/2019 (b)		23,960		23,960
Charlotte-Mecklenburg Hospital Authority, Health Care Series F, Rev., VRDO, 1.73%, 3/7/2019 (b)		61,000		61,000
City of Charlotte, 2003 Governmental Facilities Projects Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		46,860		46,860

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — continued
City of Charlotte, Governmental Facilities Series F, COP, VRDO, LIQ: Bank of America NA, 1.76%, 3/7/2019 (b)		7,675		7,675
City of Greensboro, Combined Enterprise System Series A, Rev., VRDO, LIQ: Bank of America NA, 1.72%, 3/7/2019 (b)		30,660		30,660
City of Raleigh, Combined Enterprise System Series B, Rev., VRDO, LIQ: Bank of America NA, 1.74%, 3/7/2019 (b)		27,175		27,175
City of Raleigh, Downtown Improvement Projects
Series A, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.75%, 3/7/2019 (b)		40,900		40,900
Series B-1, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.75%, 3/7/2019 (b)		56,665		56,665
Series B-2, COP, VRDO, LIQ: PNC Bank NA, 1.75%, 3/7/2019 (b)		37,665		37,665
City of Raleigh, Enterprise System Series A, Rev., VRDO, LIQ: Bank of America NA, 1.74%, 3/7/2019 (b)		40,055		40,055
Forsyth County Series A, GO, VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/7/2019 (b)		5,145		5,145
North Carolina Capital Facilities Finance Agency, NCCU Real Estate Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.75%, 3/7/2019 (b)		14,600		14,600
North Carolina Medical Care Commission, Health Care Facilities, WakeMed Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.71%, 3/7/2019 (b)		12,385		12,385
North Carolina Medical Care Commission, Moses Cone Health System Series B, Rev., VRDO, LIQ: Bank of Montreal, 1.65%, 3/1/2019 (b)		5,650		5,650
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc. Series 2010, Rev., VRDO, LOC: Credit Industriel et Commercial, 1.84%, 3/7/2019 (b)		14,800		14,800
University of North Carolina, University Hospital at Chapel Hill
Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.70%, 3/1/2019 (b)		12,125		12,125
Series B, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.70%, 3/1/2019 (b)		17,545		17,545
Series A, Rev., VRDO, LIQ: TD Bank NA, 1.69%, 3/7/2019 (b)		9,275		9,275
				464,140

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Ohio — 1.0%
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.75%, 3/7/2019 (b)		300		300
City of Cleveland, Airport System Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (b)		5,175		5,175
Columbus Regional Airport Authority, Flightsafety International Inc., Project Series B, Rev., VRDO, 1.80%, 3/7/2019 (b)		22,170		22,170
County of Cleveland-Cuyahoga, Port Authority Cultural Facility, Museum of Art Project Series B, Rev., VRDO, LIQ: PNC Bank NA, 1.73%, 3/7/2019 (b)		20,000		20,000
County of Franklin, Hospital Facilities, OhioHealth Corp. Series C, Rev., VRDO, 1.72%, 3/7/2019 (b)		7,100		7,100
County of Hamilton, Hospital Facilities, Elizabeth Gamble Deaconess Home Association
Series A, Rev., VRDO, LOC: Northern Trust Co., 1.73%, 3/7/2019 (b)		14,550		14,550
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		10,500		10,500
County of Montgomery, Hospital Facilities, Premier Health Partners Obligated Group Series 2016-E, Rev., VRDO, LOC: Barclays Bank plc, 1.72%, 3/1/2019 (b)		18,915		18,915
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati Series 2018-Z, Rev., VRDO, 1.74%, 3/7/2019 (b)		20,000		20,000
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System
Series B-4, Rev., VRDO, LIQ: Barclays Bank plc, 1.69%, 3/1/2019 (b)		14,030		14,030
Series 2013-B-2, Rev., VRDO, LIQ: Bank of New York Mellon, 1.74%, 3/1/2019 (b)		6,550		6,550
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-119, Rev., VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		15,000		15,000
State of Ohio, University Hospitals Health System, Inc. Series 2018-B, Rev., VRDO, LOC: PNC Bank NA, 1.75%, 3/7/2019 (b)		12,245		12,245
				166,535
Oregon — 0.4%
Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 3/7/2019 (b)		15,450		15,450

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oregon — continued
Oregon Health and Science University
Series B-3, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/1/2019 (b)		7,500		7,500
Series C, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/1/2019 (b)		9,665		9,665
State of Oregon, Facilities Authority, PeaceHealth Series B, Rev., VRDO, LOC: TD Bank NA, 1.68%, 3/1/2019 (b)		24,450		24,450
				57,065
Other — 0.9%
FHLMC, Multi-Family Housing
Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		5,715		5,715
Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		33,471		33,471
Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		17,521		17,521
Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		46,325		46,325
Series M024, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		12,340		12,340
Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		19,975		19,975
Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		11,105		11,105
SunAmerica Taxable Trust Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.80%, 3/7/2019 (b)		1,520		1,520
				147,972
Pennsylvania — 3.1%
Allegheny County Higher Education Building Authority Series 2008-A, Rev., VRDO, LIQ: Bank of New York Mellon, 1.68%, 3/1/2019 (b)		3,450		3,450
Bucks County IDA, Grand View Hospital
Series A, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		400		400
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		20,300		20,300
City of Philadelphia, Gas Works, 1998 General Ordinance, Eight
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.73%, 3/7/2019 (b)		18,115		18,115
Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.73%, 3/7/2019 (b)		12,900		12,900
Series E, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		24,770		24,770

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 61

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
County of Allegheny
Series C, GO, VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		33,775		33,775
Series C-51, GO, VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		12,000		12,000
Fayette County Hospital Authority, Regional Health System Series A, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		25,895		25,895
Lackawanna County Multi-Purpose Stadium Authority, Hotel Room Rental Tax Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		15,540		15,540
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		18,910		18,910
Series A-T2, Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		1,390		1,390
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		17,080		17,080
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		2,400		2,400
Philadelphia Authority, Industrial Development Multi-Modal Lease Series B-3, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		28,305		28,305
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-110, Rev., VRDO, LOC: Royal Bank of Canada, 1.75%, 3/1/2019 (b) (c)		40,000		40,000
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 1.75%, 3/1/2019 (b) (c)		160,095		160,095
Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		72,250		72,250
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		5,070		5,070
				512,645
Rhode Island — 0.3%
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 1.81%, 3/7/2019 (b)		1,475		1,475

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Rhode Island — continued
Rhode Island Health and Educational Building Corp., Higher Education Facilities, Roger Williams University Issue Series 2008 B, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/7/2019 (b)		31,210		31,210
Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008 B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		7,045		7,045
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.81%, 3/7/2019 (b)		7,000		7,000
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 1.67%, 3/1/2019 (b)		450		450
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		9,000		9,000
				56,180
South Carolina — 0.4%
Greenville County School District Series C, GO, SCSDE, 5.00%, 6/1/2019		56,675		57,120
Tennessee — 1.1%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/1/2019 (b)		39,030		39,030
Greeneville Health and Educational Facilities Board, Ballad Health Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.72%, 3/7/2019 (b)		57,900		57,900
Metropolitan Government of Nashville and Davidson County Industrial Development Board, Multifamily Housing, Arbor Knoll Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		13,400		13,400
Tender Option Bond Trust Receipts/Certificates Series 2018-BAML5001, Rev., VRDO, LIQ: Bank of America NA, 1.78%, 3/7/2019 (b) (c)		72,830		72,830
				183,160
Texas — 8.0%
Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, FNMA, LOC: FNMA, 1.81%, 3/7/2019 (b)		8,300		8,300

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
City of Austin, Airport System Subseries 2005-4, Rev., VRDO, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.80%, 3/7/2019 (b)		21,760		21,760
City of Austin, Texas Hotel Occupancy Tax Series A, Rev., VRDO, LOC: Citibank NA, 1.74%, 3/7/2019 (b)		17,425		17,425
City of Austin, Water and Wastewater System Rev., VRDO, LOC: Barclays Bank plc, 1.75%, 3/7/2019 (b)		48,000		48,000
City of Houston, Combined Utility System, First Lien
Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.76%, 3/7/2019 (b)		10,600		10,600
Series B-2, Rev., VRDO, LOC: Citibank NA, 1.76%, 3/7/2019 (b)		21,000		21,000
Series B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.76%, 3/7/2019 (b)		24,450		24,450
County of Harris, Cultural Education Facilities Finance Corp., Hospital, Memorial Hermann Health System Rev., VRDO, 1.75%, 3/7/2019 (b)		25,000		25,000
County of Harris, Industrial Development Corp., Pollution Control Series A, Rev., VRDO, 1.72%, 3/1/2019 (b)		17,700		17,700
County of Harris, Industrial Development Corp., Pollution Control, Exxon Corp. Series B, Rev., VRDO, 1.72%, 3/1/2019 (b)		16,200		16,200
County of Jefferson, Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.82%, 3/7/2019 (b)		10,600		10,600
Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl LP Project Series 2003, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.84%, 3/7/2019 (b)		12,000		12,000
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project Rev., VRDO, 1.72%, 3/1/2019 (b)		1,780		1,780
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Rev., VRDO, 1.75%, 3/7/2019 (b)		26,865		26,865
Series D, Rev., VRDO, 1.75%, 3/7/2019 (b)		18,500		18,500
Lower Neches Valley Authority Industrial Development Corp., Exempt Facilities Subseries B-2, Rev., VRDO, 1.72%, 3/1/2019 (b)		6,700		6,700

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project
Series A, Rev., VRDO, 1.67%, 3/1/2019 (b)		25,030		25,030
Series A-2, Rev., VRDO, 1.67%, 3/1/2019 (b)		1,300		1,300
Subseries A-3, Rev., VRDO, 1.67%, 3/1/2019 (b)		100		100
Series B, Rev., VRDO, 1.72%, 3/1/2019 (b)		20,205		20,205
Rev., VRDO, 1.70%, 3/1/2019 (b)		4,250		4,250
Series 2011, Rev., VRDO, 1.73%, 3/1/2019 (b)		23,400		23,400
North Texas Tollway Authority Series 2016-XG0036, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		6,750		6,750
Port of Port Arthur Navigation District, Pollution Control Rev., VRDO, 1.72%, 3/1/2019 (b)		10,700		10,700
State of Texas
GO, VRDO, LIQ: FHLB, 1.75%, 3/7/2019 (b)		104,905		104,905
Series 2016, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 1.78%, 3/7/2019 (b)		43,495		43,495
Rev., TRAN, 4.00%, 8/29/2019		247,890		250,364
State of Texas, Veterans Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		13,520		13,520
State of Texas, Veterans Housing Assistance Program
Series 2008-B, GO, VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		27,705		27,705
Series 2001-C2, GO, VRDO, LIQ: State Street Bank & Trust, 1.83%, 3/7/2019 (b)		23,670		23,670
Series 2004-A, GO, VRDO, LIQ: State Street Bank & Trust, 1.83%, 3/7/2019 (b)		21,315		21,315
Series 2007-A, GO, VRDO, LIQ: State Street Bank & Trust, 1.83%, 3/7/2019 (b)		27,930		27,930
Series 2008-A, GO, VRDO, LIQ: State Street Bank & Trust, 1.83%, 3/7/2019 (b)		29,415		29,415
Tarrant County Cultural Education Facilities Finance Corp.
Series 2017-A, Rev., VRDO, 1.73%, 3/7/2019 (b)		18,000		18,000
Series 2017-B, Rev., VRDO, 1.75%, 3/7/2019 (b)		55,735		55,735

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 63

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Series C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.78%, 3/7/2019 (b)		20,200		20,200
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.68%, 3/1/2019 (b)		27,910		27,910
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System
Series 2008-C, Rev., VRDO, 1.73%, 3/7/2019 (b)		35,900		35,900
Series 2012-B, Rev., VRDO, 1.73%, 3/7/2019 (b)		34,000		34,000
Series A, Rev., VRDO, 1.73%, 3/7/2019 (b)		46,860		46,860
Tender Option Bond Trust Receipts/Certificates
Series 2018-XM0685, Rev., VRDO, LIQ: Citibank NA, 1.76%, 3/7/2019 (b) (c)		34,815		34,815
Series 2018-E-128, Rev., VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		25,000		25,000
Series 2018-XF2669, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		17,820		17,820
Series 2018-XG0193, Rev., VRDO, GNMA COLL, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		4,000		4,000
Series 2015-XM0071, Rev., VRDO, AGM, LIQ: Bank of America NA, 1.80%, 3/7/2019 (b) (c)		1,360		1,360
Texas Department of Housing and Community Affairs, Multi-Family Housing, Terraces at Cibolo Rev., VRDO, LOC: Citibank NA, 1.80%, 3/7/2019 (b)		4,600		4,600
Texas Department of Housing and Community Affairs, Multi-Family Housing, Timber Point Apartments Project Series A-1, Rev., VRDO, FHLMC, LOC: FHLMC, 1.80%, 3/7/2019 (b)		740		740
Texas Transportation Commission, State Highway Fund, First Tier Series B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.77%, 3/7/2019 (b)		18,090		18,090
University of Texas System Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co., 1.70%, 3/7/2019 (b)		59,960		59,960
				1,325,924

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utah — 1.4%
Central Utah Water Conservancy District Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.77%, 3/7/2019 (b)		23,700		23,700
City of Murray, IHC Health Services Series D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.70%, 3/1/2019 (b)		1,420		1,420
County of Utah Hospital, IHC Health Services, Inc.
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/7/2019 (b)		27,650		27,650
Series D, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/7/2019 (b)		31,235		31,235
Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.71%, 3/7/2019 (b)		8,625		8,625
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.71%, 3/7/2019 (b)		10,100		10,100
Series C, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.72%, 3/7/2019 (b)		95,440		95,440
Utah Housing Finance Agency, Single Family Mortgage
Series F-2, Class I, Rev., VRDO, LIQ: FHLMC, 1.76%, 3/7/2019 (b)		2,625		2,625
Series D-1, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		2,325		2,325
Series E-1, Class I, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		2,425		2,425
Utah Water Finance Agency Series B-2, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.77%, 3/7/2019 (b)		25,000		25,000
				230,545
Virginia — 1.2%
Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series A, Rev., VRDO, LIQ: TD Bank NA, 1.74%, 3/7/2019 (b)		15,880		15,880
County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute Series B, Rev., VRDO, 1.75%, 3/7/2019 (b)		300		300
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Rev., VRDO, 1.74%, 3/7/2019 (b)		25,000		25,000
Loudoun County Economic Development Authority
Series A, Rev., VRDO, 1.73%, 3/7/2019 (b)		6,750		6,750
Series C, Rev., VRDO, 1.75%, 3/7/2019 (b)		18,570		18,570

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Virginia — continued
Loudoun County IDA, Howard Hughes Medical Institute
Series D, Rev., VRDO, 1.75%, 3/7/2019 (b)		21,350		21,350
Series E, Rev., VRDO, 1.75%, 3/7/2019 (b)		20,500		20,500
Loudoun County Sanitation Authority, Water and Sewer System Rev., VRDO, LIQ: Bank of America NA, 1.72%, 3/7/2019 (b)		5,895		5,895
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		7,000		7,000
Virginia College Building Authority, Educational Facilities, University of Richmond Project Series 2004, Rev., VRDO, LIQ: U.S. Bank NA, 1.72%, 3/7/2019 (b)		9,975		9,975
Virginia Small Business Financing Authority, Carilion Clinic Obligated Group
Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 1.72%, 3/7/2019 (b)		40,000		40,000
Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 3/7/2019 (b)		30,000		30,000
				201,220
Washington — 1.1%
Chelan County Public Utility District No.1 Series B, Rev., VRDO, LIQ: Barclays Bank plc, 1.74%, 3/7/2019 (b)		17,000		17,000
County of King, Junior Lien, Sewer Series B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.74%, 3/7/2019 (b)		22,000		22,000
Port of Seattle, Subordinate Lien Series 1997, Rev., VRDO, LOC: Bank of America NA, 1.79%, 3/7/2019 (b)		7,330		7,330
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		8,800		8,800
Washington State Housing Finance Commission, Local 82 — JATC Educational Development Trust Project Rev., VRDO, LOC: U.S. Bank NA, 1.80%, 3/1/2019 (b)		1,375		1,375
Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.81%, 3/7/2019 (b)		9,985		9,985
Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens at University Village Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		23,540		23,540

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Washington — continued
Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		27,180		27,180
Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		13,375		13,375
Washington State Housing Finance Commission, Multi-Family Housing, The New Haven Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		17,400		17,400
Washington State Housing Finance Commission, Multi-Family Housing, Urban Center Apartments Project Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 3/7/2019 (b)		24,205		24,205
Washington State Housing Finance Commission, Vintage Spokane Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		15,095		15,095
				187,285
West Virginia — 0.1%
West Virginia Hospital Finance Authority, University Health System Series 2018-D, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		9,170		9,170
Wisconsin — 0.6%
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc. Series 2018B, Rev., VRDO, LOC: Barclays Bank plc, 1.74%, 3/7/2019 (b)		36,500		36,500
Wisconsin Health and Educational Facilities Authority, Medical College Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/1/2019 (b)		54,450		54,450
Wisconsin Housing and EDA, Home Ownership Series C, Rev., VRDO, LIQ: Royal Bank of Canada, 1.75%, 3/7/2019 (b)		11,205		11,205
				102,155
Wyoming — 0.3%
County of Sublette, Wyoming Pollution Control, Exxonmobile Project Rev., VRDO, 1.72%, 3/1/2019 (b)		33,700		33,700
Wyoming Community Development Authority
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 1.75%, 3/7/2019 (b)		9,750		9,750
Series 2, Rev., VRDO, LIQ: RBC Capital Markets, 1.78%, 3/7/2019 (b)		9,000		9,000
				52,450
Total Municipal Bonds (Cost $12,862,552)				12,862,552

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 65

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 7.8%
California — 1.9%
Nuveen California AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.74%, 3/7/2019 # (c)		26,500		26,500
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 # (c)		30,000		30,000
Nuveen California Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.83%, 3/7/2019 # (c)		26,800		26,800
Series 1, LIQ: Societe Generale, 1.88%, 3/7/2019 # (c)		59,200		59,200
Series 4, LIQ: Royal Bank of Canada, 1.88%, 3/7/2019 # (c)		58,500		58,500
Series 7, LIQ: Royal Bank of Canada, 1.88%, 3/7/2019 # (c)		21,000		21,000
Series 2, LIQ: Citibank NA, 1.89%, 3/7/2019 # (c)		27,500		27,500
Series 6, LIQ: Citibank NA, 1.89%, 3/7/2019 # (c)		67,600		67,600
				317,100
New York — 0.8%
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 5, LIQ: TD Bank NA, 1.78%, 3/7/2019 # (c)		40,000		40,000
Series 1, LIQ: Citibank NA, 1.80%, 3/7/2019 # (c)		28,600		28,600
Series 2, LIQ: Citibank NA, 1.80%, 3/7/2019 # (c)		47,400		47,400
Series 3, LIQ: Citibank NA, 1.80%, 3/7/2019 # (c)		8,500		8,500
				124,500
Other — 5.1%
Nuveen AMT-Free Municipal Credit Income Fund
Series 4, LIQ: Citibank NA, 1.82%, 3/7/2019 # (c)		106,000		106,000
Series 5, LIQ: Societe Generale, 1.82%, 3/7/2019 # (c)		147,000		147,000
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.82%, 3/7/2019 # (c)		133,300		133,300
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.79%, 3/7/2019 # (c)		153,500		153,500
Series 2, LIQ: Citibank NA, 1.82%, 3/7/2019 # (c)		92,000		92,000
Series 4, LIQ: Barclays Bank plc, 1.82%, 3/7/2019 # (c)		11,900		11,900

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Other — continued
Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.83%, 3/7/2019 # (c)		30,000		30,000
Nuveen Quality Municipal Income Fund
Series 1, LIQ: Barclays Bank plc, 1.89%, 3/7/2019 # (c)		26,600		26,600
Series 2, LIQ: Barclays Bank plc, 1.89%, 3/7/2019 # (c)		151,900		151,900
				852,200
Total Variable Rate Demand Preferred Shares (Cost $1,293,800)				1,293,800
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 14.8%
Commercial Paper — 14.8%
Alachua County Health Facilities Authority 1.65%, 3/5/2019		21,240		21,240
California Statewide Communities Development Authority
1.86%, 3/13/2019		48,750		48,750
1.86%, 3/13/2019		6,250		6,250
1.73%, 7/11/2019		25,000		25,000
1.73%, 7/11/2019		19,000		19,000
1.73%, 7/11/2019		23,000		23,000
California Statewide Communities Development Authority, Kaiser Permanent
1.77%, 6/5/2019		15,000		15,000
1.80%, 7/10/2019		20,000		20,000
City of Houston 1.75%, 3/13/2019		10,000		10,000
City of Memphis 1.61%, 3/5/2019		19,000		19,000
City of Rochester, Health Care Facilities, Mayo Clinic
1.65%, 3/5/2019		20,000		20,000
1.64%, 3/7/2019		68,000		68,000
1.65%, 4/3/2019		90,000		90,000
1.70%, 6/4/2019		50,000		50,000
County of Hillsborough 1.60%, 3/14/2019		10,000		10,000
County of Miami-Dade 1.87%, 5/2/2019		70,000		70,000
County of York, National Rural Utilities Cooperative Finance Corp.
1.62%, 3/1/2019		35,000		35,000
1.62%, 3/1/2019		22,500		22,500
1.62%, 3/1/2019		7,150		7,150
Curators of University of Missouri 1.67%, 5/6/2019		34,640		34,640

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
District of Columbia
1.95%, 3/4/2019		50,000		50,000
1.80%, 4/3/2019		100,000		100,000
Health and Educational Facilities Authority of the State of Missouri
1.84%, 3/13/2019		45,000		45,000
1.64%, 4/8/2019		50,000		50,000
1.85%, 6/20/2019		50,000		50,000
1.85%, 6/20/2019		45,000		45,000
Illinois Finance Authority
1.85%, 5/23/2019		10,000		10,000
1.85%, 5/23/2019		22,200		22,200
Indiana State Finance Authority 1.62%, 3/18/2019		86,570		86,570
Jacksonville Health Care Authority
1.53%, 3/6/2019		15,000		15,000
1.70%, 6/4/2019		105,000		105,000
Las Vegas Valley Water District 1.62%, 3/5/2019		135,000		135,000
Massachusetts Health & Educational Facilities Authority
1.67%, 5/2/2019		19,490		19,490
1.67%, 5/6/2019		19,585		19,585
Metropolitan Government of Nashville & Davidson County, Water & Sewer 1.63%, 4/5/2019		25,000		25,000
Michigan State Building Authority 1.64%, 6/13/2019		96,590		96,590
Omaha Public Power District, Electric System
1.60%, 3/18/2019		14,300		14,300
1.68%, 5/10/2019		15,000		15,000
Private Colleges & Universities Authority, Emory University 1.67%, 5/2/2019		18,811		18,811
Regents of the University of Michigan 1.63%, 4/3/2019		39,760		39,760
Regents of the University of Minnesota 1.62%, 3/6/2019		35,000		35,000
San Antonio Electric & Gas 1.75%, 6/5/2019		50,000		50,000
Southwestern Illinois Development Authority, Health Facilities 1.84%, 4/2/2019		39,870		39,870
State of Maryland, Health & Higher Educational Facilities Authority
1.60%, 3/4/2019		12,758		12,758
1.63%, 4/3/2019		19,000		19,000
State of Texas, Public Finance Authority
1.60%, 3/7/2019		38,750		38,750
1.74%, 3/18/2019		20,450		20,450

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
State of Wisconsin
1.58%, 3/5/2019		20,000		20,000
1.58%, 3/5/2019		10,636		10,636
1.65%, 3/5/2019		4,511		4,511
1.84%, 3/5/2019		18,230		18,230
University of Massachusetts Building Authority 1.85%, 3/13/2019		23,585		23,585
University of Minnesota
1.62%, 3/4/2019		22,750		22,750
1.64%, 3/5/2019		10,000		10,000
1.62%, 4/3/2019		24,800		24,800
1.62%, 4/3/2019		13,200		13,200
University of Texas System
1.62%, 3/4/2019		25,000		25,000
1.64%, 3/6/2019		25,000		25,000
1.63%, 3/7/2019		25,000		25,000
1.64%, 3/8/2019		22,520		22,520
1.64%, 3/8/2019		25,000		25,000
1.83%, 3/8/2019		25,000		25,000
1.57%, 3/15/2019		12,740		12,740
1.60%, 4/16/2019		20,000		20,000
1.60%, 4/17/2019		25,000		25,000
1.60%, 4/18/2019		20,000		20,000
1.61%, 5/2/2019		24,080		24,080
1.61%, 5/3/2019		25,000		25,000
1.61%, 5/3/2019		25,000		25,000
1.66%, 5/6/2019		15,500		15,500
1.68%, 5/7/2019		25,000		25,000
1.80%, 5/15/2019		17,000		17,000
1.80%, 5/16/2019		15,000		15,000
1.81%, 5/23/2019		25,000		25,000
1.70%, 5/29/2019		25,000		25,000
1.65%, 6/4/2019		25,000		24,997
1.70%, 6/4/2019		19,500		19,500
1.70%, 6/6/2019		20,000		20,000
1.70%, 7/8/2019		22,336		22,336
Total Commercial Paper (Cost $2,449,049)				2,449,049
Total Short-Term Investments (Cost $2,449,049)				2,449,049
Total Investments — 100.2% (Cost $16,605,401)*				16,605,401
Liabilities in Excess of Other Assets — (0.2%)				(37,591	)
NET ASSETS — 100.0%				16,567,810

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 67

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

Abbreviations
AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
BHAC	Insured by Berkshire Hathaway Assurance Corp.
COLL	Collateral
CONS	Consolidated Bonds
COP	Certificate of Participation
CR	Custodial Receipts
EAGLE	Earnings of accrual generated on local tax-exempt securities
EDA	Economic Development Authority
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FSA	Insured by Financial Security Assurance, Inc.
GNMA	Government National Mortgage Association
GO	General Obligation
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.

PCR	Pollution Control Revenue
RAN	Revenue Anticipation Note
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
TAN	Tax Anticipation Note
TRAN	Tax & Revenue Anticipation Note
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Amount rounds to less than 0.1% of net assets.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 91.5%
Alabama — 0.6%
Alabama Housing Finance Authority Series 2007-B, Rev., VRDO, LOC: U.S. Bank NA, 1.79%, 3/7/2019 (b)		5,360		5,360
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series B, Rev., VRDO, LOC: Societe Generale, 1.78%, 3/7/2019 (b) (c)		3,270		3,270
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2770, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		9,000		9,000
				17,630
Arizona — 0.3%
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZF2758, Rev., VRDO, LIQ: Barclays Bank plc, 1.80%, 3/7/2019 (b) (c)		3,125		3,125
Series 2018-ZM0615, Rev., VRDO, LIQ: Royal Bank of Canada, 1.82%, 3/7/2019 (b) (c)		7,500		7,500
				10,625
Arkansas — 2.1%
Arkansas Development Finance Authority, Solid Waste Disposal, Waste Management of Ark Project Rev., VRDO, LOC: Bank of America NA, 1.80%, 3/7/2019 (b)		15,000		15,000
City of Osceola, Solid Waste Disposal Rev., VRDO, LOC: Goldman Sachs Bank USA, 1.77%, 3/7/2019 (b)		49,700		49,700
				64,700
California — 1.5%
Alameda County IDA, Plyproperties Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.79%, 3/7/2019 (b)		3,705		3,705
California Pollution Control Financing Authority, Solid Waste Disposal, Recology Inc. Project Series 2018-A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b) (c)		16,250		16,250
City and County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.72%, 3/7/2019 (b)		11,300		11,300
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2724, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.79%, 3/7/2019 (b) (c)		12,000		12,000
Series 2017-ZM0473, Rev., VRDO, LIQ: Royal Bank of Canada, 1.80%, 3/7/2019 (b) (c)		2,600		2,600
				45,855

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — 2.6%
Colorado Housing and Finance Authority, Multi-Family Housing Rev., VRDO, LOC: U.S. Bank NA, 1.79%, 3/7/2019 (b)		11,205		11,205
Colorado Housing and Finance Authority, Single Family Mortgage Series B-3, Class 1, Rev., VRDO, FHLB, LIQ: FHLMC, 1.78%, 3/7/2019 (b)		680		680
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-24, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		12,500		12,500
Tender Option Bond Trust Receipts/Certificates
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 1.81%, 3/7/2019 (b) (c)		52,895		52,895
Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 1.81%, 3/7/2019 (b) (c)		3,250		3,250
				80,530
Connecticut — 1.9%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds
Subseries C-3, Rev., VRDO, LIQ: TD Bank NA, 1.77%, 3/7/2019 (b)		8,150		8,150
Subseries D-3, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 1.77%, 3/7/2019 (b)		7,000		7,000
Subseries D-3, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.79%, 3/7/2019 (b)		3,500		3,500
Series D, Subseries D-3, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.82%, 3/7/2019 (b)		5,900		5,900
Connecticut State Development Authority Rev., VRDO, LOC: Bank of Montreal, 1.77%, 3/7/2019 (b)		30,000		30,000
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		5,000		5,000
				59,550
Delaware — 1.2%
County of New Castle, Delaware Airport Facility Rev., VRDO, 1.78%, 3/7/2019 (b)		35,880		35,880
District of Columbia — 2.0%
District of Columbia, Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		10,200		10,200
Metropolitan Washington Airports Authority, Airport System Series C, Subseries C-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.81%, 3/7/2019 (b)		10,200		10,200

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 69

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — continued
Metropolitan Washington Airports Authority, Remarketing
Subseries A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.77%, 3/7/2019 (b)		9,755		9,755
Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.77%, 3/7/2019 (b)		15,000		15,000
Rib Floater Trust Series 2018-024, Rev., VRDO, LIQ: Barclays Bank plc, 1.80%, 3/7/2019 (b) (c)		9,475		9,475
Tender Option Bond Trust Receipts/Certificates
Series 2019-XF2794, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.79%, 3/7/2019 (b) (c)		3,100		3,100
Series 2017-ZM0554, Rev., VRDO, LIQ: Citibank NA, 1.80%, 3/7/2019 (b) (c)		2,500		2,500
				60,230
Florida — 5.8%
Alachua County Housing Finance Authority, Multi-Family Housing, Brookside Apartments Series A, Rev., VRDO, LOC: FNMA, 1.78%, 3/7/2019 (b)		5,885		5,885
Alachua County Housing Finance Authority, Multi-Family Housing, Santa Apartments Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		3,230		3,230
Collier County IDA, Allete, Inc. Project Series 2006, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.80%, 3/7/2019 (b)		26,300		26,300
Collier County IDA, Ave Maria Utility Co. Project Rev., VRDO, LOC: Northern Trust Co., 1.78%, 3/7/2019 (b)		13,665		13,665
Collier County, Housing Finance Authority Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.81%, 3/7/2019 (b)		2,570		2,570
County of Broward, Airtport Facility Series A, Rev., VRDO, LOC: Citibank NA, 1.84%, 3/7/2019 (b)		5,775		5,775
County of Miami-Dade, Seaport Department Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.84%, 3/7/2019 (b)		19,150		19,150
County of Okeechobee, Landfill, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.80%, 3/7/2019 (b)		15,000		15,000
County of Palm Beach, Florida Schood Board Class A, COP, VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		6,590		6,590

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
County of Palm Beach, Special Purpose Facilities, Flight Safety Project Rev., VRDO, 1.78%, 3/7/2019 (b)		18,000		18,000
Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		14,280		14,280
Florida Housing Finance Corp., Multi-Family Mortgage, Riverwalk Apartments Rev., VRDO, LOC: FHLMC, 1.76%, 3/7/2019 (b)		4,750		4,750
Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		3,195		3,195
Sumter County IDA, Solid Waste Disposal, American Cement Co., LLC Project Rev., VRDO, LOC: Bank of America NA, 1.90%, 3/7/2019 (b)		16,000		16,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XG0167, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		6,135		6,135
Series 2018-ZM0615, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		7,500		7,500
Series 2018-XL0091, Rev., VRDO, LIQ: Credit Suisse AG, 1.78%, 3/7/2019 (b) (c)		4,000		4,000
Series 2017-ZF2503, Rev., VRDO, LIQ: Citibank NA, 1.80%, 3/7/2019 (b) (c)		3,750		3,750
Series 2018-XM0701, Rev., VRDO, LIQ: Citibank NA, 1.80%, 3/7/2019 (b) (c)		3,400		3,400
				179,175
Georgia — 1.0%
Atkinson/Coffee Counties Joint Development Authority, Solid Waste Disposal, Langboard, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.78%, 3/7/2019 (b)		16,800		16,800
Richmond County Development Authority, Multifamily Housing, Stonegate Club Apartments Project Rev., VRDO, LOC: FNMA, 1.85%, 3/7/2019 (b)		6,925		6,925
Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 1.78%, 3/7/2019 (b) (c)		3,750		3,750
Valdosta-Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 1.85%, 3/7/2019 (b)		1,830		1,830
				29,305

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — 1.3%
Chicago Midway International Airport Series C-2, Rev., VRDO, LOC: Bank of Montreal, 1.80%, 3/7/2019 (b)		19,955		19,955
Illinois Educational Facilities Authority, Adler Planetarium Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.75%, 3/7/2019 (b)		10,000		10,000
Illinois State Toll Highway Authority, Variable Rate Senior Priority Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.78%, 3/7/2019 (b)		5,600		5,600
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0686, Rev., VRDO, LIQ: Bank of America NA, 1.81%, 3/7/2019 (b) (c)		4,160		4,160
				39,715
Indiana — 1.9%
City of Chicago, Gary International Airport Authority, Multi-Modal Special purpose Facility Rev., VRDO, LOC: BMO Harris Bank NA, 1.80%, 3/7/2019 (b)		5,975		5,975
City of Indianapolis, Economic Development, Pine Glen Apartments Project Rev., VRDO, LOC: FHLMC, 1.80%, 3/7/2019 (b)		5,865		5,865
City of Indianapolis, Multi-Family Housing, Nora Commons
Series 2004-A, Rev., VRDO, LOC: U.S. Bank NA, 1.79%, 3/1/2019 (b)		5,890		5,890
Class B, Rev., VRDO, LOC: U.S. Bank NA, 1.82%, 3/7/2019 (b)		630		630
Indiana Finance Authority, Parkview Health System Obligated Group
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 3/1/2019 (b)		10,130		10,130
Series D, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 3/1/2019 (b)		16,220		16,220
Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 3/7/2019 (b)		5,475		5,475
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Project Rev., VRDO, LOC: Bank of America NA, 1.84%, 3/7/2019 (b)		4,100		4,100
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 1.84%, 3/7/2019 (b)		1,860		1,860
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 1.78%, 3/7/2019 (b) (c)		2,500		2,500
				58,645

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Iowa — 3.3%
Iowa Finance Authority Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, 1.78%, 3/7/2019 (b)		45,800		45,800
Iowa Finance Authority, Industrial Development, Cone Entertainment Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.78%, 3/7/2019 (b)		4,655		4,655
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Rev., VRDO, 1.80%, 3/7/2019 (b)		30,800		30,800
Iowa Finance Authority, Multi-Family Housing
Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b)		7,230		7,230
Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.82%, 3/7/2019 (b)		3,250		3,250
Iowa Finance Authority, Wellness Facility, Community of MarshallTown Project Rev., VRDO, LOC: Northern Trust Co., 1.78%, 3/7/2019 (b)		7,725		7,725
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		2,550		2,550
				102,010
Kansas — 1.3%
City of Mission, Multi-Family Housing, The Falls Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 1.80%, 3/7/2019 (b)		7,750		7,750
City of Wichita, Kans Airport Facilities Series 2003, Rev., VRDO, 1.78%, 3/7/2019 (b)		20,780		20,780
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		12,500		12,500
				41,030
Kentucky — 2.6%
County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project
Series 2008-A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.82%, 3/7/2019 (b)		6,800		6,800
Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.85%, 3/7/2019 (b)		7,100		7,100
Kenton County Airport Board, Flight Safety International, Inc. Project Series A, Rev., VRDO, 1.78%, 3/7/2019 (b)		17,900		17,900
Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.74%, 3/1/2019 (b)		15,000		15,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 71

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kentucky — continued
Louisville Regional Airport Authority, UPS Worldwide Forwarding Series C, Rev., VRDO, 1.81%, 3/1/2019 (b)		28,400		28,400
Maysville Industrial Bldg., Green Tokai Co. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.84%, 3/7/2019 (b)		5,740		5,740
				80,940
Louisiana — 1.5%
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project
Rev., VRDO, 1.75%, 3/1/2019 (b)		8,700		8,700
Series A, Rev., VRDO, 1.75%, 3/1/2019 (b)		26,000		26,000
Tender Option Bond Trust Receipts/Certificates
Series 2019-BAML7003, Rev., VRDO, LOC: Bank of America NA, 1.78%, 3/7/2019 (b) (c)		13,125		13,125
				47,825
Maine — 0.9%
Maine State Housing Mortgage Authority
Series B2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.77%, 3/7/2019 (b)		10,570		10,570
Series G, Rev., VRDO, LIQ: State Street Bank & Trust, 1.83%, 3/7/2019 (b)		16,990		16,990
				27,560
Maryland — 4.8%
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.82%, 3/7/2019 (b) (c)		6,665		6,665
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Barrington Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.79%, 3/7/2019 (b)		34,500		34,500
Maryland Community Development Administration, Department of Housing and Community Development, Residential
Series J, Rev., VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		35,125		35,125
Series G, Rev., VRDO, LIQ: State Street Bank & Trust, 1.83%, 3/7/2019 (b)		19,270		19,270
Prince Georges County Housing Authority, Multi-Family, Allentowne Apartments Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.79%, 3/7/2019 (b)		13,900		13,900
State of Maryland, Transportation Authority Series 2012-C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b)		15,000		15,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — continued
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2763, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		10,000		10,000
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		7,500		7,500
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.77%, 3/7/2019 (b) (c)		4,000		4,000
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 1.79%, 3/7/2019 (b) (c)		3,300		3,300
				149,260
Massachusetts — 0.3%
Massachusetts State Development Finance Agency, Housing, Cordis Mills LLC Rev., VRDO, FNMA, LIQ: FNMA, 1.80%, 3/7/2019 (b)		9,850		9,850
Michigan — 3.8%
City of Grand Rapids, Industrial Development, Clipper Belt Lacer Co. Rev., VRDO, LOC: Bank of America NA, 1.81%, 3/7/2019 (b)		5,400		5,400
Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.78%, 3/7/2019 (b)		7,665		7,665
Michigan State Housing Development Authority, Multi-Family Housing, Jackson Project Rev., VRDO, LOC: FHLMC, 1.84%, 3/1/2019 (b)		9,635		9,635
Michigan State Housing Development Authority, Rental Housing
Series C, Rev., VRDO, LIQ: Royal Bank of Canada, 1.78%, 3/7/2019 (b)		11,455		11,455
Series D, Rev., VRDO, LIQ: Bank of America NA, 1.80%, 3/7/2019 (b)		4,525		4,525
Series A, Rev., VRDO, LIQ: Bank of America NA, 1.81%, 3/7/2019 (b)		5,045		5,045
Michigan State Housing Development Authority, Single-Family Mortgage
Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.78%, 3/7/2019 (b)		5,805		5,805
Series B, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.81%, 3/7/2019 (b)		50,780		50,780
Series D, Rev., VRDO, LIQ: Barclays Bank plc, 1.86%, 3/7/2019 (b)		4,950		4,950
Rib Floater Trust Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.78%, 3/7/2019 (b) (c)		6,000		6,000
Tender Option Bond Trust Receipts/Certificates
Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		3,000		3,000
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 1.77%, 3/7/2019 (b) (c)		4,075		4,075
				118,335

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Minnesota — 1.1%
Minnesota Housing Finance Agency, Residential Housing Finance Series 2017-C, Rev., VRDO, GNMA/FNMA/FHLMC COLL, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		13,200		13,200
Oakdale Multifamily, Housing Cottage Homesteads Rev., VRDO, FHLMC, LOC: FHLMC, 1.80%, 3/7/2019 (b)		7,000		7,000
Tender Option Bond Trust Receipts/Certificates Series 2019-YX1103, Rev., VRDO, LOC: Barclays Bank plc, 1.92%, 3/7/2019 (b) (c)		15,000		15,000
				35,200
Mississippi — 2.3%
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.69%, 3/1/2019 (b)		49,650		49,650
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series G, Rev., VRDO, 1.69%, 3/1/2019 (b)		9,775		9,775
Mississippi Development Bank Special Obligation, Jackson County, Industrial Water System Project Series 2009, Rev., VRDO, 1.69%, 3/1/2019 (b)		12,100		12,100
				71,525
Missouri — 3.1%
Rib Floater Trust Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 1.79%, 3/7/2019 (b) (c)		28,685		28,685
St. Charles County IDA, Country Club Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		25,000		25,000
St. Charles County IDA, Remington Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		11,400		11,400
Tender Option Bond Trust Receipts/Certificates Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 1.80%, 3/7/2019 (b) (c)		30,000		30,000
				95,085
Nebraska — 0.9%
Nebraska Investment Finance Authority, Multi-Family Housing Series A, Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2551, Rev., VRDO, LIQ: Citibank NA, 1.79%, 3/7/2019 (b) (c)		9,635		9,635
Series 2018-XF2558, Rev., VRDO, LIQ: Citibank NA, 1.79%, 3/7/2019 (b) (c)		8,000		8,000
				27,635

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nevada — 0.1%
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0633, GO, VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		4,100		4,100
New Jersey — 1.4%
Rib Floater Trust Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.79%, 3/7/2019 (b) (c)		30,000		30,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XX1091, Rev., VRDO, NATL-RE, LOC: Barclays Bank plc, 1.76%, 3/7/2019 (b) (c)		9,000		9,000
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 1.76%, 3/7/2019 (b) (c)		5,700		5,700
				44,700
New York — 11.9%
City of New York, Housing Development Corp., State Renaissance Court Series 2004-A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		31,350		31,350
Erie County Industrial Development Agency Series 2008, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.84%, 3/7/2019 (b)		11,670		11,670
Metropolitan Transportation Authority
Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		9,810		9,810
Subseries E-4, Rev., VRDO, LOC: PNC Bank NA, 1.73%, 3/7/2019 (b)		20,000		20,000
New York City Housing Development Corp., Multifamily Housing, Westport Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 3/7/2019 (b)		15,000		15,000
New York City Housing Development Corp., Multi-Family Mortgage, Boricua Village Apartments Site C Series C, Rev., VRDO, LOC: Citibank NA, 1.80%, 3/7/2019 (b)		6,665		6,665
New York City Housing Development Corp., Multi-Family Mortgage, Related-Upper East Series A, Rev., VRDO, LOC: Landesbank Baden-Wuerttemberg, 1.78%, 3/7/2019 (b)		30,000		30,000
New York City Industrial Development Agency, Special Facility, Air Express International Corp. Project Rev., VRDO, LOC: Citibank NA, 1.78%, 3/7/2019 (b)		19,000		19,000
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.77%, 3/7/2019 (b)		20,000		20,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 73

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York Liberty Development Corp. Series 2015-XF2023, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.79%, 3/7/2019 (b) (c)		10,000		10,000
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series D, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		4,425		4,425
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.79%, 3/7/2019 (b)		21,550		21,550
New York State Housing Finance Agency, 250 West 93rd Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.80%, 3/7/2019 (b)		30,000		30,000
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/7/2019 (b)		28,500		28,500
New York State Housing Finance Agency, 42nd and 10th Housing Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.77%, 3/7/2019 (b)		21,650		21,650
New York State Housing Finance Agency, 455 West 37th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 3/1/2019 (b)		20,005		20,005
Tender Option Bond Trust Receipts/Certificates
Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 1.75%, 3/1/2019 (b) (c)		20,000		20,000
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		4,000		4,000
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		4,300		4,300
Series 2018-XF0238, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 3/7/2019 (b) (c)		18,815		18,815
Series 2018-XF2757, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.76%, 3/7/2019 (b) (c)		8,000		8,000
Series 2017-XG0156, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		2,020		2,020
Series 2017-XF2488, Rev., VRDO, LIQ: Citibank NA, 1.79%, 3/7/2019 (b) (c)		2,500		2,500
Series 2018-XM0616, Rev., VRDO, LIQ: Citibank NA, 1.79%, 3/7/2019 (b) (c)		10,425		10,425
				369,685

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — 0.4%
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		3,000		3,000
Union County Industrial Facilities and Pollution Control Financing Authority Series 2007, Rev., VRDO, LOC: BB&T Corp., 1.80%, 3/7/2019 (b)		10,000		10,000
				13,000
North Dakota — 0.9%
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Series B, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b)		27,055		27,055
Ohio — 0.1%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		3,905		3,905
Oregon — 2.4%
Confederated Tribes of The Umatilla Indian Reservation, Tribal Infrastructure Rev., VRDO, LOC: Wells Fargo Bank NA, 2.48%, 3/7/2019 (b)		10,945		10,945
Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 1.79%, 3/7/2019 (b)		240		240
Port of Portland, Oregon International Airport, Multimodal Variable Rate Rev., VRDO, LOC: Industrial & Commercial Bank of China, 1.85%, 3/7/2019 (b)		30,755		30,755
Port of Portland, Oregon Portland International Airport Series 18B, Rev., VRDO, LOC: Industrial & Commercial Bank of China, 1.80%, 3/7/2019 (b)		32,320		32,320
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		1,250		1,250
				75,510
Other — 3.9%
FHLMC, Multi-Family Housing
Series M017, Class A, Rev., VRDO, LIQ: FHLMC, 1.78%, 3/7/2019 (b)		48,500		48,500
Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		15,510		15,510
Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 3/7/2019 (b)		12,065		12,065
Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		20,040		20,040
Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.80%, 3/7/2019 (b)		21,230		21,230

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other — continued
SunAmerica Taxable Trust Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.80%, 3/7/2019 (b)		2,830		2,830
				120,175
Pennsylvania — 2.1%
City of Philadelphia Pennsylvania Airport Subseries C-1, Rev., VRDO, LOC: TD Bank NA, 1.74%, 3/7/2019 (b)		22,015		22,015
City of Philadelphia, Water & Wastewater Series B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 3/7/2019 (b)		1,250		1,250
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 2005-89, Rev., VRDO, LIQ: TD Bank NA, 1.74%, 3/7/2019 (b)		11,200		11,200
Series 2006-93B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b)		10,035		10,035
Series 2007-98C, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.77%, 3/7/2019 (b)		9,400		9,400
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF0702, Rev., VRDO, LIQ: Bank of America NA, 1.72%, 3/7/2019 (b) (c)		2,000		2,000
Series 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 1.78%, 3/7/2019 (b) (c)		5,000		5,000
Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 1.80%, 3/7/2019 (b) (c)		4,490		4,490
				65,390
Rhode Island — 0.8%
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, University Heights Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.81%, 3/7/2019 (b)		25,500		25,500
South Carolina — 1.0%
South Carolina State Housing Finance and Development Authority, Rental Housing, Rocky Creek Rev., VRDO, LOC: Wells Fargo Bank NA, 1.80%, 3/7/2019 (b)		4,085		4,085
Tender Option Bond Trust Receipts/Certificates
Series 2018-XM0719, GO, VRDO, SCSDE, LIQ: Royal Bank of Canada, 1.78%, 3/7/2019 (b) (c)		4,000		4,000
Series 2019-BAML5004, Rev., VRDO, LIQ: Bank of America NA, 1.78%, 3/7/2019 (b) (c)		23,225		23,225
				31,310

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee — 2.5%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund
Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/1/2019 (b)		21,575		21,575
Rev., VRDO, LOC: Bank of America NA, 1.74%, 3/1/2019 (b)		3,800		3,800
Jackson Industrial Development Board, Industrial Development, General Cable Corp. Project Rev., VRDO, LOC: PNC Bank NA, 1.76%, 3/7/2019 (b)		9,000		9,000
Metropolitan Government of Nashville and Davidson County Industrial Development Board, Multifamily Housing, Arbor Crest Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 3/7/2019 (b)		12,750		12,750
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Multi-Family Housing, The Retreat at Dry Creek Farms Apartments Project Rev., VRDO, LOC: Citibank NA, 1.79%, 3/7/2019 (b)		10,750		10,750
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		15,390		15,390
Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 1.80%, 3/7/2019 (b) (c)		4,420		4,420
				77,685
Texas — 9.6%
Capital Area Housing Finance Corp., Cypress Creek At River Bend Apartments Rev., VRDO, LOC: Citibank NA, 1.80%, 3/7/2019 (b)		10,065		10,065
City of Austin, Airport System Subseries 2005-4, Rev., VRDO, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.80%, 3/7/2019 (b)		17,615		17,615
County of Brazos, Merey Sweeny, L.P. Project Series A, Rev., VRDO, LOC: Bank of Nova Scotia, 1.74%, 3/1/2019 (b)		12,500		12,500
County of Jefferson, Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.82%, 3/7/2019 (b)		7,825		7,825
Gulf Coast Waste Disposal Authority, Environmental Facilities, Exxonmobile Project
Rev., VRDO, 1.72%, 3/1/2019 (b)		14,300		14,300
Series A, Rev., VRDO, 1.72%, 3/1/2019 (b)		22,350		22,350
Harris County Industrial Development Corp., Pollution Control, Exxon Corp. Series 1987, Rev., VRDO, 1.72%, 3/1/2019 (b)		7,000		7,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 75

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes Rev., VRDO, LOC: Citibank NA, 1.81%, 3/7/2019 (b)		12,190		12,190
North Texas Tollway Authority Series 2016-XF2220, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		7,200		7,200
RBC Municipal Products, Inc. Trust, Floater Certificates
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		10,000		10,000
Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		3,000		3,000
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		5,400		5,400
Southeast Texas Housing Finance Corp., Wyndham Park Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.81%, 3/7/2019 (b)		8,000		8,000
State of Texas, Veterans Bonds
Series C, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 1.76%, 3/7/2019 (b)		19,665		19,665
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.79%, 3/7/2019 (b)		9,710		9,710
GO, VRDO, LIQ: State Street Bank & Trust, 1.85%, 3/7/2019 (b)		12,580		12,580
State of Texas, Veterans Housing Assistance Program Series 2007-B, GO, VRDO, LIQ: State Street Bank & Trust, 1.85%, 3/7/2019 (b)		29,245		29,245
Tender Option Bond Trust Receipts/Certificates
Series 2017-XF0599, Rev., VRDO, LIQ: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		9,000		9,000
Series 2017-XG0155, GO, VRDO, PSF-GTD, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		5,503		5,503
Series 2018-G-84, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		7,125		7,125
Series 2018-XG0166, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		3,307		3,307
Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 1.77%, 3/7/2019 (b) (c)		5,000		5,000
Series 2016-ZF0465, Rev., VRDO, LIQ: Royal Bank of Canada, 1.81%, 3/7/2019 (b) (c)		48,605		48,605
Texas Department of Housing and Community Affairs, Single Family Mortgage Series D, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 1.77%, 3/7/2019 (b)		8,890		8,890
				296,075

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utah — 0.5%
Utah Housing Corp., Single Family Mortgage
Series A-1, Class I, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		2,200		2,200
Series B, Class I, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		3,370		3,370
Series C-2, Class I, Rev., VRDO, FHA, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		4,040		4,040
Series D-2, Class I, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		4,150		4,150
Utah Housing Finance Agency, Single Family Mortgage Series A-2, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		1,755		1,755
				15,515
Virginia — 2.9%
Arlington County Industrial Development Authority, Multi-family Housing, Gates of Ballston Apartments Rev., VRDO, LOC: PNC Bank NA, 1.79%, 3/7/2019 (b)		15,525		15,525
County of King George, IDA, Birchwood Power Partners
Series A, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.72%, 3/1/2019 (b)		9,200		9,200
Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.72%, 3/1/2019 (b)		9,200		9,200
Hampton Industrial Development Authority, Waste of VA Landfills Rev., VRDO, LOC: Wells Fargo Bank NA, 1.83%, 3/7/2019 (b)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 1.76%, 3/7/2019 (b) (c)		5,415		5,415
Series 2018-XG0183, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		6,435		6,435
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.77%, 3/7/2019 (b) (c)		4,230		4,230
Series 2018-BAML0002, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.80%, 3/7/2019 (b) (c)		15,390		15,390
Series 2018-BAML0004, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.80%, 3/7/2019 (b) (c)		15,190		15,190
				90,585
Washington — 2.0%
Port Grays Harbor Industrial Development Corp., Murphy Co. Project Rev., VRDO, LOC: U.S. Bank NA, 1.79%, 3/7/2019 (b)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Washington — continued
Port of Seattle, Subordinate Lien Series 2008, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.79%, 3/7/2019 (b)		28,515		28,515
Tender Option Bond Trust Receipts/Certificates Series 2018-XF0658, Rev., VRDO, LIQ: Bank of America NA, 1.82%, 3/7/2019 (b) (c)		5,610		5,610
Washington Economic Development Finance Authority, Solid Waste Disposal, Le May Enterprise Project Series B, Rev., VRDO, LOC: Bank of America NA, 1.80%, 3/7/2019 (b)		11,600		11,600
Washington Health Care Facilities Authority, Providence Health and Services Series 2012-D, Rev., VRDO, LIQ: U.S. Bank NA, 1.75%, 3/7/2019 (b)		205		205
Washington State Housing Finance Commission, Multi-Family Housing, Alderwood Court Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.80%, 3/7/2019 (b)		5,350		5,350
				61,280
West Virginia — 0.3%
County of Harrison, Solid Waste Disposal, Waste Management of West Virginia, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.80%, 3/7/2019 (b)		8,120		8,120
Wisconsin — 0.2%
City of Appleton, Industrial Development Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.81%, 3/7/2019 (b)		1,300		1,300
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2541, Rev., VRDO, LIQ: Citibank NA, 1.77%, 3/7/2019 (b) (c)		3,400		3,400
				4,700
Wyoming — 0.4%
County of Laramie, Wyoming Industrial Development Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.78%, 3/7/2019 (b)		7,000		7,000
Wyoming Community Development Authority, Composite Reoffering Housing Series 6, Rev., VRDO, LIQ: FHLMC, 1.84%, 3/7/2019 (b)		4,900		4,900
				11,900
Total Municipal Bonds (Cost $2,834,285)				2,834,285

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 8.4%
California — 0.5%
Nuveen California Quality Municipal Income Fund
Series 4, LIQ: Royal Bank of Canada, 1.88%, 3/7/2019 # (c)		10,000		10,000
Series 6, LIQ: Citibank NA, 1.89%, 3/7/2019 # (c)		5,000		5,000
				15,000
New York — 1.1%
BlackRock MuniYield New York Quality Fund, Inc. LIQ: Citibank NA, 1.86%, 3/7/2019 # (c)		35,000		35,000
Other — 6.8%
BlackRock MuniYield Quality Fund III Inc. LIQ: Citibank NA, 1.89%, 3/7/2019 # (c)		30,000		30,000
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.79%, 3/7/2019 # (c)		25,000		25,000
Series 4, LIQ: Barclays Bank plc, 1.82%, 3/7/2019 # (c)		16,700		16,700
Nuveen Quality Municipal Income Fund
Series 1, LIQ: Barclays Bank plc, 1.89%, 3/7/2019 # (c)		96,400		96,400
Series 2, LIQ: Barclays Bank plc, 1.89%, 3/7/2019 # (c)		20,000		20,000
Series 3, LIQ: Barclays Bank plc, 1.89%, 3/7/2019 # (c)		24,200		24,200
				212,300
Total Variable Rate Demand Preferred Shares (Cost $262,300)				262,300
Total Investments — 99.9% (Cost $3,096,585)*				3,096,585
Other Assets Less Liabilities — 0.1%				1,648
Net Assets — 100.0%				3,098,233

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 77

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Amount rounds to less than 0.1% of net assets.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2019.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 79

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Securities Lending Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	36,431,386	$	960,749		$	2,773,641
Repurchase agreements, at value		10,378,900		—			220,000
Cash		400,001		14			—	(a)
Deferred offering cost (See Note 2.E.)		—		—	(a)		25
Receivables:
Interest from non-affiliates		57,225		2,138			2,288
Due from adviser		—		—			108
Total Assets		47,267,512		962,901			2,996,062
LIABILITIES:
Payables:
Distributions		61,511		1,291			5,290
Investment securities purchased		114,888		18,000			124,813
Accrued liabilities:
Investment advisory fees		2,918		21			—
Administration fees		2,227		32			—
Distribution fees		3		—			—
Service fees		2,276		20			—
Custodian and accounting fees		335		33			52
Trustees’ and Chief Compliance Officer’s fees		10		1			—
Printing and mailing cost		526		10			13
Other		969		144			355
Total Liabilities		185,663		19,552			130,523
Net Assets	$	47,081,849	$	943,349		$	2,865,539

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Securities Lending Money Market Fund
NET ASSETS:
Paid-in-Capital	$	47,073,468	$	943,378		$	2,865,055
Total distributable earnings (loss) (a)		8,381		(29	)		484
Total Net Assets	$	47,081,849	$	943,349		$	2,865,539
Net Assets:
Class C	$	1,218	$	—		$	—
Agency		2,474,137		17,148			—
Agency SL		—		—			2,865,539
Capital		26,725,832		72,933			—
IM		1,896,262		475,368			—
Institutional Class		11,691,618		377,900			—
Morgan		2,395,205		—			—
Premier		1,884,553		—			—
Reserve		13,024		—			—
Total	$	47,081,849	$	943,349		$	2,865,539
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		1,218		—			—
Agency		2,473,331		17,148			—
Agency SL		—		—			2,865,244
Capital		26,717,960		72,934			—
IM		1,895,668		475,385			—
Institutional Class		11,688,109		377,911			—
Morgan		2,394,504		—			—
Premier		1,883,971		—			—
Reserve		13,021		—			—
Net Asset Value offering and redemption price per share (all classes)	$	1.0003	$	1.0000		$	1.0001
Cost of investments in non-affiliates	$	36,422,329	$	960,782		$	2,773,158
Cost of repurchase agreements		10,378,900		—			220,000

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Liquid Assets Money Market Fund			JPMorgan U.S. Government Money Market Fund		JPMorgan U.S. Treasury Plus Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	4,306,297		$	70,357,141	$	9,488,758
Repurchase agreements, at value		1,011,500			69,414,515		19,549,862
Cash		—	(a)		4,420,388		650,000
Receivables:
Due from custodian		15,000			—		—
Investment securities sold		—			1,483,204		—
Fund shares sold		—			2,938		—
Interest from non-affiliates		6,020			181,490		25,287
Prepaid expenses		—			1,296		—
Total Assets		5,338,817			145,860,972		29,713,907
LIABILITIES:
Payables:
Distributions		6,551			130,423		24,364
Investment securities purchased		29,933			340,718		—
Fund shares redeemed		—			1,160		—
Accrued liabilities:
Investment advisory fees		178			8,670		1,835
Administration fees		148			6,608		1,398
Distribution fees		36			2,390		267
Service fees		502			6,580		1,598
Custodian and accounting fees		38			615		134
Trustees’ and Chief Compliance Officer’s fees		1			5		—
Printing and mailing cost		21			2,707		519
Other		63			1,240		205
Total Liabilities		37,471			501,116		30,320
Net Assets	$	5,301,346		$	145,359,856	$	29,683,587

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Liquid Assets Money Market Fund			JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
NET ASSETS:
Paid-in-Capital	$	5,301,561		$	145,365,447		$	29,684,346
Total distributable earnings (loss) (a)		(215	)		(5,591	)		(759	)
Total Net Assets	$	5,301,346		$	145,359,856		$	29,683,587
Net Assets:
Class C	$	22,073		$	—		$	375,230
Agency		542,003			11,112,454			2,013,982
Capital		558,492			73,390,258			6,425,187
Eagle Class		—			3,858,134			—
Eagle Private Wealth Class		—			20			—
E*Trade		—			274,993			—
IM		—			6,108,975			1,451,488
Institutional Class		2,717,544			41,868,607			17,766,429
Investor		8,147			1,127,675			28,583
Morgan		307,584			1,660,477			634,508
Premier		1,140,955			2,945,521			981,194
Reserve		4,548			19,468			6,986
Service		—			2,993,274			—
Total	$	5,301,346		$	145,359,856		$	29,683,587
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		22,074			—			375,234
Agency		542,006			11,112,909			2,014,019
Capital		558,492			73,393,534			6,425,227
Eagle Class		—			3,858,222			—
Eagle Private Wealth Class		—			20			—
E*Trade		—			274,997			—
IM		—			6,109,168			1,451,582
Institutional Class		2,717,565			41,869,927			17,766,984
Investor		8,147			1,127,711			28,584
Morgan		307,592			1,660,521			634,516
Premier		1,140,965			2,945,633			981,210
Reserve		4,549			19,468			6,986
Service		—			2,993,316			—
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00
Cost of investments in non-affiliates	$	4,306,297		$	70,357,141		$	9,488,758
Cost of repurchase agreements		1,011,500			69,414,515			19,549,862

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund		JPMorgan Tax Free Money Market Fund			JPMorgan Municipal Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	3,735,055		$	51,799,993	$	16,605,401		$	3,096,585
Cash		16,999			820,209		—			2
Receivables:
Investment securities sold		—			—		7,717			1,090
Investment securities sold — delayed delivery securities		—			—		2,720			350
Fund shares sold		3,005			—		—			—
Interest from non-affiliates		2,673			28,663		33,624			7,184
Prepaid expenses		—			—		—			170
Total Assets		3,757,732			52,648,865		16,649,462			3,105,381
LIABILITIES:
Payables:
Due to custodian		—			—		5			—
Distributions		4,439			54,506		15,839			906
Investment securities purchased		—			3,000,971		61,985			5,508
Fund shares redeemed		2,314			—		—			—
Accrued liabilities:
Investment advisory fees		190			2,315		976			39
Administration fees		148			1,830		748			44
Distribution fees		2			441		396			234
Service fees		220			2,994		1,359			320
Custodian and accounting fees		23			193		85			23
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—	(a)		—
Printing and mailing cost		430			57		61			17
Other		136			1,410		198			57
Total Liabilities		7,902			3,064,718		81,652			7,148
Net Assets	$	3,749,830		$	49,584,147	$	16,567,810		$	3,098,233

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund			JPMorgan Tax Free Money Market Fund		JPMorgan Municipal Money Market Fund
NET ASSETS:
Paid-in-Capital	$	3,750,017		$	49,584,965		$	16,567,762	$	3,098,200
Total distributable earnings (loss) (a)		(187	)		(818	)		48		33
Total Net Assets	$	3,749,830		$	49,584,147		$	16,567,810	$	3,098,233
Net Assets:
Agency	$	148,122		$	2,567,061		$	1,063,941	$	127,136
Capital		—			23,528,259			—		—
Eagle Class		—			—			—		565,483
Institutional Class		3,417,418			17,858,556			12,402,297		2,003,502
Morgan		29,289			2,009,129			9,884		15,899
Premier		155,001			2,059,307			1,062,712		129,260
Reserve		—			1,561,835			2,028,976		—
Service		—			—			—		256,953
Total	$	3,749,830		$	49,584,147		$	16,567,810	$	3,098,233
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		148,145			2,567,099			1,063,928		127,138
Capital		—			23,528,615			—		—
Eagle Class		—			—			—		565,458
Institutional Class		3,417,853			17,858,838			12,402,010		2,003,502
Morgan		29,293			2,009,154			9,884		15,898
Premier		155,020			2,059,328			1,062,637		129,259
Reserve		—			1,561,841			2,028,849		—
Service		—			—			—		256,935
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	$	3,735,055		$	51,799,993		$	16,605,401	$	3,096,585

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 85

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019

(Amounts in thousands)

	JPMorgan Prime Money Market Fund			JPMorgan Institutional Tax Free Money Market Fund  (a)			JPMorgan Securities Lending Money Market Fund (b)
INVESTMENT INCOME:
Interest income from non-affiliates	$	963,684		$	8,874		$	15,775
Interest income from affiliates		9,576			—			—
Total investment income		973,260			8,874			15,775
EXPENSES:
Investment advisory fees		33,600			470			486
Administration fees		28,121			387			381
Distribution fees (See Note 4)		67			—			—
Service fees (See Note 4)		35,057			151			—
Custodian and accounting fees		1,188			128			87
Interest expense to affiliates		—	(c)		1			—	(c)
Professional fees		502			58			57
Trustees’ and Chief Compliance Officer’s fees		102			25			8
Printing and mailing costs		77			19			13
Registration and filing fees		1,266			131			300
Transfer agency fees (See Note 2.G.)		1,500			245			26
Offering costs		—			119			19
Other		222			11			8
Total expenses		101,702			1,745			1,385
Less fees waived		(12,965	)		(329	)		(813	)
Less expense reimbursements		(26	)		(400	)		(207	)
Net expenses		88,711			1,016			365
Net investment income (loss)		884,549			7,858			15,410
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		131			14			1
Change in net unrealized appreciation/depreciation on investments in non-affiliates		8,894			(33	)		483
Net realized/unrealized gains (losses)		9,025			(19	)		484
Change in net assets resulting from operations	$	893,574		$	7,839		$	15,894

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

(b) Commencement of operations was September 19, 2018.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Liquid Assets Money Market Fund			JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	73,302		$	2,831,205		$	556,779
Interest income from affiliates		300			73,319			10,932
Income from interfund lending (net)		241			207			—
Total investment income		73,843			2,904,731			567,711
EXPENSES:
Investment advisory fees		2,484			112,485			21,651
Administration fees		2,060			94,339			18,087
Distribution fees (See Note 4)		363			21,786			3,252
Service fees (See Note 4)		5,023			127,239			25,627
Custodian and accounting fees		151			2,342			594
Interest expense to affiliates		1			—			—
Professional fees		79			1,632			354
Trustees’ and Chief Compliance Officer’s fees		37			558			125
Printing and mailing costs		28			430			49
Registration and filing fees		602			3,452			208
Transfer agency fees (See Note 2.G.)		133			2,911			544
Other		81			984			159
Total expenses		11,042			368,158			70,650
Less fees waived		(1,880	)		(42,396	)		(9,849	)
Less expense reimbursements		—			—	(a)		—
Net expenses		9,162			325,762			60,801
Net investment income (loss)		64,681			2,578,969			506,910
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		6			(3,877	)		(176	)
Change in net assets resulting from operations	$	64,687		$	2,575,092		$	506,734

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 87

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019 (continued)

(Amounts in thousands)

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund			JPMorgan Tax Free Money Market Fund			JPMorgan Municipal Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	65,304		$	824,734		$	245,041		$	45,432
Interest income from affiliates		422			19,175			—	(a)		—
Total investment income		65,726			843,909			245,041			45,432
EXPENSES:
Investment advisory fees		2,557			32,634			13,212			2,414
Administration fees		2,139			27,258			11,068			2,021
Distribution fees (See Note 4)		30			4,795			5,319			3,053
Service fees (See Note 4)		3,713			42,059			23,439			5,078
Custodian and accounting fees		89			816			392			112
Interest expense to affiliates		1			—			13			1
Professional fees		80			479			236			78
Trustees’ and Chief Compliance Officer’s fees		37			175			87			36
Printing and mailing costs		206			176			53			10
Registration and filing fees		18			2,510			548			719
Transfer agency fees (See Note 2.G.)		117			879			343			71
Other		58			329			104			28
Total expenses		9,045			112,110			54,814			13,621
Less fees waived		(1,700	)		(14,744	)		(6,599	)		(1,789	)
Less expense reimbursements		—			—			—	(a)		—
Net expenses		7,345			97,366			48,215			11,832
Net investment income (loss)		58,381			746,543			196,826			33,600
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		13			(222	)		1,154			255
Change in net assets resulting from operations	$	58,394		$	746,321		$	197,980		$	33,855

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	884,549		$	427,469		$	7,858
Net realized gain (loss)		131			5			14
Change in net unrealized appreciation/depreciation		8,894			(9,211	)		(33	)
Change in net assets resulting from operations		893,574			418,263			7,839
DISTRIBUTIONS TO SHAREHOLDERS: (b)
Class C		(21	)		(12	)		—
Agency		(40,387	)		(15,003	)		(83	)
Capital		(535,595	)		(283,020	)		(263	)
IM		(40,957	)		(24,838	)		(5,663	)
Institutional Class		(212,564	)		(89,680	)		(1,859	)
Morgan		(28,290	)		(5,425	)		—
Premier		(26,502	)		(8,924	)		—
Reserve		(346	)		(472	)		—
Total distributions to shareholders		(884,662	)		(427,374	)		(7,868	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,474,416			8,095,806			943,378
NET ASSETS:
Change in net assets		8,483,328			8,086,695			943,349
Beginning of period		38,598,521			30,511,826			—
End of period	$	47,081,849		$	38,598,521		$	943,349

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

(b) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Prime Money Market Fund
Class C
From net investment income	$	(12	)
From net realized gains		—	(c)
Agency
From net investment income		(15,003	)
From net realized gains		—	(c)
Capital
From net investment income		(283,012	)
From net realized gains		(8	)
IM
From net investment income		(24,837	)
From net realized gains		(1	)
Institutional Class
From net investment income		(89,677	)
From net realized gains		(3	)
Morgan
From net investment income		(5,425	)
From net realized gains		—	(c)
Premier
From net investment income		(8,924	)
From net realized gains		—	(c)
Reserve
From net investment income		(472	)
From net realized gains		—	(c)

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Securities Lending Money Market Fund			JPMorgan Liquid Assets Money Market Fund
	Period Ended February 28, 2019 (a)			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,410		$	64,681		$	13,971
Net realized gain (loss)		1			6			15
Change in net unrealized appreciation/depreciation		483			—			—
Change in net assets resulting from operations		15,894			64,687			13,986
DISTRIBUTIONS TO SHAREHOLDERS: (b)
Class C		—			(279	)		(102	)
Agency		—			(6,245	)		(1,408	)
Agency SL		(15,410	)		—			—
Capital		—			(5,669	)		(680	)
Institutional Class		—			(35,769	)		(8,026	)
Investor		—			(179	)		(43	)
Morgan		—			(3,399	)		(1,224	)
Premier		—			(13,059	)		(2,447	)
Reserve		—			(87	)		(48	)
Total distributions to shareholders		(15,410	)		(64,686	)		(13,978	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,865,055			3,508,402			1,019,947
NET ASSETS:
Change in net assets		2,865,539			3,508,403			1,019,955
Beginning of period		—			1,792,943			772,988
End of period	$	2,865,539		$	5,301,346		$	1,792,943

(a) Commencement of operations was September 19, 2018.

(b) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Liquid Assets Money Market Fund
Class C
From net investment income	$	(102	)
From net realized gains		—	(c)
Agency
From net investment income		(1,407	)
From net realized gains		(1	)
Capital
From net investment income		(679	)
From net realized gains		(1	)
Institutional Class
From net investment income		(8,018	)
From net realized gains		(8	)
Investor
From net investment income		(43	)
From net realized gains		—	(c)
Morgan
From net investment income		(1,223	)
From net realized gains		(1	)
Premier
From net investment income		(2,444	)
From net realized gains		(3	)
Reserve
From net investment income		(48	)
From net realized gains		—	(c)

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,578,969		$	1,185,670		$	506,910		$	179,112
Net realized gain (loss)		(3,877	)		(355	)		(176	)		(58	)
Change in net assets resulting from operations		2,575,092			1,185,315			506,734			179,054
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class C		—			—			(4,095	)		(641	)
Agency		(222,066	)		(100,268	)		(25,590	)		(8,443	)
Capital (c)		(1,466,420	)		(705,215	)		(103,670	)		(10,766	)
Direct (d)		—			(642	)		—			(82	)
Eagle Class (e)		(37,312	)		(4,353	)		—			—	(b)
Eagle Private Wealth Class (f)		—	(b)		—	(b)		—			—
E*Trade		(3,012	)		(277	)		—			—
IM		(89,246	)		(20,760	)		(48,958	)		(32,555	)
Institutional Class		(635,300	)		(299,976	)		(304,942	)		(121,099	)
Investor		(14,298	)		(3,995	)		(622	)		(292	)
Morgan		(21,441	)		(8,270	)		(6,356	)		(1,265	)
Premier		(67,583	)		(43,669	)		(12,497	)		(3,766	)
Reserve		(542	)		(355	)		(180	)		(215	)
Service (e)		(21,750	)		(1,229	)		—			—	(b)
Total distributions to shareholders		(2,578,970	)		(1,189,009	)		(506,910	)		(179,124	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(6,980,523	)		622,254			7,326,156			(2,393,355	)
NET ASSETS:
Change in net assets		(6,984,401	)		618,560			7,325,980			(2,393,425	)
Beginning of period		152,344,257			151,725,697			22,357,607			24,751,032
End of period	$	145,359,856		$	152,344,257		$	29,683,587		$	22,357,607

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
Class C
From net investment income	$	—			$ (641	)
From net realized gains		—			—	(b)
Agency
From net investment income		(99,978	)		(8,442	)
From net realized gains		(290	)		(1	)
Capital (c)
From net investment income		(703,390	)		(10,766	)
From net realized gains		(1,825	)		—	(b)
Direct (d)
From net investment income		(639	)		(82	)
From net realized gains		(3	)		—	(b)
Eagle Class (e)
From net investment income		(4,324	)		—	(b)
From net realized gains		(29	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
Eagle Private Wealth Class (f)
From net investment income		—	(b)		—
From net realized gains		—	(b)		—
E*Trade
From net investment income		(273	)		—
From net realized gains		(4	)		—
IM
From net investment income		(20,693	)		(32,552	)
From net realized gains		(67	)		(3	)
Institutional Class
From net investment income		(299,129	)		(121,085	)
From net realized gains		(847	)		(14	)
Investor
From net investment income		(3,978	)		(292	)
From net realized gains		(17	)		—	(b)
Morgan
From net investment income		(8,226	)		(1,265	)
From net realized gains		(44	)		—	(b)
Premier
From net investment income		(43,479	)		(3,765	)
From net realized gains		(190	)		(1	)
Reserve
From net investment income		(352	)		(215	)
From net realized gains		(3	)		—	(b)
Service (e)
From net investment income		(1,203	)		—	(b)
From net realized gains		(26	)		—

(b) Amount rounds to less than one thousand.

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

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	58,381		$	25,406		$	746,543		$	238,073
Net realized gain (loss)		13			36			(222	)		49
Change in net assets resulting from operations		58,394			25,442			746,321			238,122
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Agency		(2,217	)		(1,104	)		(41,806	)		(13,483	)
Capital		—			—			(376,988	)		(126,259	)
Institutional Class		(52,791	)		(23,281	)		(258,873	)		(86,375	)
Morgan		(433	)		(175	)		(27,970	)		(5,946	)
Premier		(2,945	)		(885	)		(24,668	)		(5,447	)
Reserve (c)		—			—	(b)		(16,269	)		(559	)
Service (d)		—			—			—			—	(b)
Total distributions to shareholders		(58,386	)		(25,445	)		(746,574	)		(238,069	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		691,739			(5,010	)		14,571,405			10,037,394
NET ASSETS:
Change in net assets		691,747			(5,013	)		14,571,152			10,037,447
Beginning of period		3,058,083			3,063,096			35,012,995			24,975,548
End of period	$	3,749,830		$	3,058,083		$	49,584,147		$	35,012,995

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
From net investment income	$	(1,103	)	$	(13,483	)
From net realized gains		(1	)		—	(b)
Capital
From net investment income		—			(126,256	)
From net realized gains		—			(3	)
Institutional Class
From net investment income		(23,244	)		(86,373	)
From net realized gains		(37	)		(2	)
Morgan
From net investment income		(175	)		(5,946	)
From net realized gains		—	(b)		—	(b)
Premier
From net investment income		(883	)		(5,447	)
From net realized gains		(2	)		—	(b)
Reserve (c)
From net investment income		—	(b)		(559	)
From net realized gains		—			—	(b)
Service (d)
From net investment income		—			—	(b)
From net realized gains		—			—

(b) Amount rounds to less than one thousand.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	196,826		$	98,155		$	33,600		$	9,459
Net realized gain (loss)		1,154			287			255			189
Change in net assets resulting from operations		197,980			98,442			33,855			9,648
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Agency		(12,956	)		(4,099	)		(2,215	)		(568	)
Direct (b)		—			—	(c)		—			—
Eagle Class		—			—			(4,615	)		(1,706	)
Institutional Class		(156,952	)		(81,014	)		(24,246	)		(6,373	)
Morgan		(96	)		(39	)		(157	)		(465	)
Premier		(10,954	)		(7,805	)		(1,365	)		(373	)
Reserve (d)		(16,694	)		(5,686	)		—			—	(c)
Service		—			—			(1,260	)		(199	)
Total distributions to shareholders		(197,652	)		(98,643	)		(33,858	)		(9,684	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(315,886	)		1,503,242			421,121			1,011,088
NET ASSETS:
Change in net assets		(315,558	)		1,503,041			421,118			1,011,052
Beginning of period		16,883,368			15,380,327			2,677,115			1,666,063
End of period	$	16,567,810		$	16,883,368		$	3,098,233		$	2,677,115

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Tax Free Money Market Fund			JPMorgan Municipal Money Market Fund
Agency
From net investment income	$	(4,078	)	$	(559	)
From net realized gains		(21	)		(9	)
Direct (b)
From net investment income		—	(c)		—
From net realized gains		—			—
Eagle Class
From net investment income		—			(1,643	)
From net realized gains		—			(63	)
Institutional Class
From net investment income		(80,666	)		(6,259	)
From net realized gains		(348	)		(114	)
Morgan
From net investment income		(39	)		(464	)
From net realized gains		—	(c)		(1	)
Premier
From net investment income		(7,756	)		(365	)
From net realized gains		(49	)		(8	)
Reserve (d)
From net investment income		(5,616	)		—	(c)
From net realized gains		(70	)		—
Service
From net investment income		—			(169	)
From net realized gains		—			(30	)

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

(c) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market  Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019 (a)
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	6		$	1		$	—
Distributions reinvested		21			12			—
Cost of shares redeemed		(821	)		(2,288	)		—
Change in net assets resulting from Class C capital transactions	$	(794	)	$	(2,275	)	$	—
Agency
Proceeds from shares issued	$	208,462,873		$	175,932,980		$	34,694
Distributions reinvested		5,212			1,165			1
Cost of shares redeemed		(207,488,850	)		(175,443,023	)		(17,546	)
Change in net assets resulting from Agency capital transactions	$	979,235		$	491,122		$	17,149
Capital
Proceeds from shares issued	$	192,273,369		$	150,433,736		$	113,212
Distributions reinvested		212,051			123,444			10
Cost of shares redeemed		(190,418,265	)		(145,987,910	)		(40,287	)
Change in net assets resulting from Capital capital transactions	$	2,067,155		$	4,569,270		$	72,935
IM
Proceeds from shares issued	$	10,849,841		$	11,688,910		$	4,979,384
Distributions reinvested		775			275			145
Cost of shares redeemed		(10,986,734	)		(11,667,120	)		(4,504,146	)
Change in net assets resulting from IM capital transactions	$	(136,118	)	$	22,065		$	475,383
Institutional Class
Proceeds from shares issued	$	55,247,913		$	58,317,191		$	835,339
Distributions reinvested		41,157			16,510			219
Cost of shares redeemed		(52,166,752	)		(55,846,075	)		(457,647	)
Change in net assets resulting from Institutional Class capital transactions	$	3,122,318		$	2,487,626		$	377,911
Morgan
Proceeds from shares issued	$	307,090,167		$	81,855,717		$	—
Distributions reinvested		3,741			2,180			—
Cost of shares redeemed		(305,439,466	)		(81,652,318	)		—
Change in net assets resulting from Morgan capital transactions	$	1,654,442		$	205,579		$	—
Premier
Proceeds from shares issued	$	40,290,030		$	38,226,415		$	—
Distributions reinvested		1,477			1,480			—
Cost of shares redeemed		(39,500,495	)		(37,821,906	)		—
Change in net assets resulting from Premier capital transactions	$	791,012		$	405,989		$	—
Reserve
Proceeds from shares issued	$	4,012,689		$	17,153,665		$	—
Distributions reinvested		73			50			—
Cost of shares redeemed		(4,015,596	)		(17,237,285	)		—
Change in net assets resulting from Reserve capital transactions	$	(2,834	)	$	(83,570	)	$	—
Total change in net assets resulting from capital transactions	$	8,474,416		$	8,095,806		$	943,378

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Period Ended February 28, 2019 (a)
SHARE TRANSACTIONS:
Class C
Issued		6			1			—
Reinvested		21			11			—
Redeemed		(821	)		(2,288	)		—
Change in Class C Shares		(794	)		(2,276	)		—
Agency
Issued		208,425,101			175,884,590			34,693
Reinvested		5,212			1,165			1
Redeemed		(207,450,783	)		(175,394,499	)		(17,546	)
Change in Agency Shares		979,530			491,256			17,148
Capital
Issued		192,248,217			150,399,180			113,211
Reinvested		212,014			123,415			10
Redeemed		(190,393,300	)		(145,955,068	)		(40,287	)
Change in Capital Shares		2,066,931			4,567,527			72,934
IM
Issued		10,848,505			11,685,923			4,979,388
Reinvested		775			275			145
Redeemed		(10,985,420	)		(11,664,181	)		(4,504,148	)
Change in IM Shares		(136,140	)		22,017			475,385
Institutional Class
Issued		55,241,965			58,302,140			835,334
Reinvested		41,149			16,505			219
Redeemed		(52,161,197	)		(55,831,823	)		(457,642	)
Change in Institutional Class Shares		3,121,917			2,486,822			377,911
Morgan
Issued		307,042,558			81,838,076			—
Reinvested		3,740			2,179			—
Redeemed		(305,391,593	)		(81,634,556	)		—
Change in Morgan Shares		1,654,705			205,699			—
Premier
Issued		40,284,169			38,215,250			—
Reinvested		1,477			1,480			—
Redeemed		(39,494,691	)		(37,810,799	)		—
Change in Premier Shares		790,955			405,931			—
Reserve
Issued		4,012,072			17,149,062			—
Reinvested		73			50			—
Redeemed		(4,014,969	)		(17,232,671	)		—
Change in Reserve Shares		(2,824	)		(83,559	)		—

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

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Securities Lending Money Market Fund			JPMorgan Liquid Assets Money Market Fund
	Period Ended February 28, 2019 (a)			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	17,379		$	11,298
Distributions reinvested		—			279			102
Cost of shares redeemed		—			(17,852	)		(22,238	)
Change in net assets resulting from Class C capital transactions	$	—		$	(194	)	$	(10,838	)
Agency
Proceeds from shares issued	$	—		$	946,895		$	353,640
Distributions reinvested		—			295			37
Cost of shares redeemed		—			(563,714	)		(231,257	)
Change in net assets resulting from Agency capital transactions	$	—		$	383,476		$	122,420
Agency SL
Proceeds from shares issued	$	7,082,500		$	—		$	—
Distributions reinvested		145			—			—
Cost of shares redeemed		(4,217,590	)		—			—
Change in net assets resulting from Agency SL capital transactions	$	2,865,055		$	—		$	—
Capital
Proceeds from shares issued	$	—		$	1,101,524		$	317,213
Distributions reinvested		—			660			15
Cost of shares redeemed		—			(642,507	)		(323,779	)
Change in net assets resulting from Capital capital transactions	$	—		$	459,677		$	(6,551	)
Institutional Class
Proceeds from shares issued	$	—		$	3,885,697		$	1,787,887
Distributions reinvested		—			12,958			1,955
Cost of shares redeemed		—			(2,169,444	)		(1,088,013	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	1,729,211		$	701,829
Investor
Proceeds from shares issued	$	—		$	19,039		$	7,156
Distributions reinvested		—			173			42
Cost of shares redeemed		—			(19,681	)		(2,516	)
Change in net assets resulting from Investor capital transactions	$	—		$	(469	)	$	4,682
Morgan
Proceeds from shares issued	$	—		$	316,847		$	112,914
Distributions reinvested		—			3,328			1,211
Cost of shares redeemed		—			(168,640	)		(102,246	)
Change in net assets resulting from Morgan capital transactions	$	—		$	151,535		$	11,879
Premier
Proceeds from shares issued	$	—		$	1,950,030		$	570,364
Distributions reinvested		—			141			85
Cost of shares redeemed		—			(1,163,026	)		(372,779	)
Change in net assets resulting from Premier capital transactions	$	—		$	787,145		$	197,670
Reserve
Proceeds from shares issued	$	—		$	1,161		$	1,031
Distributions reinvested		—			87			48
Cost of shares redeemed		—			(3,227	)		(2,223	)
Change in net assets resulting from Reserve capital transactions	$	—		$	(1,979	)	$	(1,144	)
Total change in net assets resulting from capital transactions	$	2,865,055		$	3,508,402		$	1,019,947

(a) Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Securities Lending Money Market Fund			JPMorgan Liquid Assets Money Market Fund
	Period Ended February 28, 2019 (a)			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class C
Issued		—			17,379			11,298
Reinvested		—			279			102
Redeemed		—			(17,852	)		(22,238	)
Change in Class C Shares		—			(194	)		(10,838	)
Agency
Issued		—			946,895			353,640
Reinvested		—			295			37
Redeemed		—			(563,714	)		(231,257	)
Change in Agency Shares		—			383,476			122,420
Agency SL
Issued		7,082,844			—			—
Reinvested		145			—			—
Redeemed		(4,217,745	)		—			—
Change in Agency SL Shares		2,865,244			—			—
Capital
Issued		—			1,101,524			317,205
Reinvested		—			660			15
Redeemed		—			(642,507	)		(323,771	)
Change in Capital Shares		—			459,677			(6,551	)
Institutional Class
Issued		—			3,885,697			1,787,882
Reinvested		—			12,958			1,955
Redeemed		—			(2,169,444	)		(1,088,010	)
Change in Institutional Class Shares		—			1,729,211			701,827
Investor
Issued		—			19,039			7,156
Reinvested		—			173			42
Redeemed		—			(19,681	)		(2,516	)
Change in Investor Shares		—			(469	)		4,682
Morgan
Issued		—			316,846			112,912
Reinvested		—			3,328			1,211
Redeemed		—			(168,639	)		(102,244	)
Change in Morgan Shares		—			151,535			11,879
Premier
Issued		—			1,950,030			570,364
Reinvested		—			141			85
Redeemed		—			(1,163,026	)		(372,777	)
Change in Premier Shares		—			787,145			197,672
Reserve
Issued		—			1,161			1,031
Reinvested		—			87			48
Redeemed		—			(3,227	)		(2,223	)
Change in Reserve Shares		—			(1,979	)		(1,144	)

(a) Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	178,940		$	243,273
Distributions reinvested		—			—			4,094			641
Cost of shares redeemed		—			—			(224,858	)		(405,435	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(41,824	)	$	(161,521	)
Agency
Proceeds from shares issued	$	1,353,183,882		$	1,332,839,837		$	124,453,173		$	102,127,895
Distributions reinvested		6,868			3,007			2,907			1,851
Cost of shares redeemed		(1,355,984,012	)		(1,331,824,427	)		(123,372,740	)		(102,036,811	)
Change in net assets resulting from Agency capital transactions	$	(2,793,262	)	$	1,018,417		$	1,083,340		$	92,935
Capital (a)
Proceeds from shares issued	$	1,198,580,018		$	1,105,967,727		$	54,777,524		$	8,532,208
Distributions reinvested		666,003			312,296			27,610			2,387
Cost of shares redeemed		(1,218,601,159	)		(1,099,730,645	)		(51,881,006	)		(5,033,496	)
Change in net assets resulting from Capital capital transactions	$	(19,355,138	)	$	6,549,378		$	2,924,128		$	3,501,099
Direct (b)
Proceeds from shares issued	$	—		$	274,510		$	—		$	131,883
Cost of shares redeemed		—			(468,347	)		—			(137,695	)
Change in net assets resulting from Direct capital transactions	$	—		$	(193,837	)	$	—		$	(5,812	)
Eagle Class (c)
Proceeds from shares issued	$	4,923,912		$	1,400,257		$	—		$	—
Distributions reinvested		36,954			4,308			—			—	(d)
Cost of shares redeemed		(2,275,477	)		(1,447,122	)		—			(20	)
Change in net assets resulting from Eagle Class capital transactions	$	2,685,389		$	(42,557	)	$	—		$	(20	)
Eagle Private Wealth Class (e)
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		—	(d)		—	(d)		—			—
Change in net assets resulting from Eagle Private Wealth Class capital transactions	$	—	(d)	$	20		$	—		$	—
E*Trade
Proceeds from shares issued	$	279,841		$	397,717		$	—		$	—
Distributions reinvested		3,012			277			—			—
Cost of shares redeemed		(299,680	)		(172,170	)		—			—
Change in net assets resulting from E*Trade capital transactions	$	(16,827	)	$	225,824		$	—		$	—
IM
Proceeds from shares issued	$	36,187,070		$	20,353,261		$	10,181,348		$	16,468,071
Distributions reinvested		40,933			14,398			28,953			17,166
Cost of shares redeemed		(32,612,636	)		(18,463,543	)		(11,810,374	)		(20,883,318	)
Change in net assets resulting from IM capital transactions	$	3,615,367		$	1,904,116		$	(1,600,073	)	$	(4,398,081	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	373,572,925		$	412,069,575		$	111,302,840		$	91,735,482
Distributions reinvested		324,296			108,654			190,534			61,952
Cost of shares redeemed		(364,571,713	)		(416,502,322	)		(107,227,739	)		(93,109,531	)
Change in net assets resulting from Institutional Class capital transactions	$	9,325,508		$	(4,324,093	)	$	4,265,635		$	(1,312,097	)
Investor
Proceeds from shares issued	$	990,064		$	515,838		$	133,947		$	212,805
Distributions reinvested		14,298			3,982			8			27
Cost of shares redeemed		(624,967	)		(691,101	)		(154,190	)		(235,317	)
Change in net assets resulting from Investor capital transactions	$	379,395		$	(171,281	)	$	(20,235	)	$	(22,485	)
Morgan
Proceeds from shares issued	$	208,722,801		$	202,793,121		$	80,166,283		$	36,942,807
Distributions reinvested		7,865			2,654			761			235
Cost of shares redeemed		(208,301,366	)		(204,024,871	)		(79,816,151	)		(36,904,251	)
Change in net assets resulting from Morgan capital transactions	$	429,300		$	(1,229,096	)	$	350,893		$	38,791
Premier
Proceeds from shares issued	$	164,890,575		$	200,367,318		$	15,269,775		$	10,216,013
Distributions reinvested		3,317			2,194			3,317			663
Cost of shares redeemed		(167,448,259	)		(202,634,298	)		(14,903,539	)		(10,245,612	)
Change in net assets resulting from Premier capital transactions	$	(2,554,367	)	$	(2,264,786	)	$	369,553		$	(28,936	)
Reserve
Proceeds from shares issued	$	1,561,266		$	10,773,546		$	1,360,549		$	16,088,298
Distributions reinvested		451			238			103			49
Cost of shares redeemed		(1,601,583	)		(10,833,988	)		(1,365,913	)		(16,185,555	)
Change in net assets resulting from Reserve capital transactions	$	(39,866	)	$	(60,204	)	$	(5,261	)	$	(97,208	)
Service (c)
Proceeds from shares issued	$	2,999,804		$	3,994,455		$	—		$	—
Distributions reinvested		21,750			1,228			—			—
Cost of shares redeemed		(1,677,576	)		(4,785,330	)		—			(20	)
Change in net assets resulting from Service capital transactions	$	1,343,978		$	(789,647	)	$	—		$	(20	)
Total change in net assets resulting from capital transactions	$	(6,980,523	)	$	622,254		$	7,326,156		$	(2,393,355	)

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

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

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

(d) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class C
Issued		—			—			178,940			243,273
Reinvested		—			—			4,094			641
Redeemed		—			—			(224,858	)		(405,435	)
Change in Class C Shares		—			—			(41,824	)		(161,521	)
Agency
Issued		1,353,183,800			1,332,839,837			124,453,173			102,127,895
Reinvested		6,868			3,007			2,907			1,851
Redeemed		(1,355,984,012	)		(1,331,824,427	)		(123,372,736	)		(102,036,811	)
Change in Agency Shares		(2,793,344	)		1,018,417			1,083,344			92,935
Capital (a)
Issued		1,198,580,023			1,105,967,727			54,777,524			8,532,208
Reinvested		666,003			312,296			27,610			2,387
Redeemed		(1,218,600,907	)		(1,099,730,645	)		(51,881,006	)		(5,033,496	)
Change in Capital Class Shares		(19,354,881	)		6,549,378			2,924,128			3,501,099
Direct (b)
Issued		—			274,510			—			131,883
Redeemed		—			(468,347	)		—			(137,695	)
Change in Direct Shares		—			(193,837	)		—			(5,812	)
Eagle Class (c)
Issued		4,923,910			1,400,257			—			—
Reinvested		36,954			4,308			—			—	(d)
Redeemed		(2,275,477	)		(1,447,122	)		—			(20	)
Change in Eagle Class Shares		2,685,387			(42,557	)		—			(20	)
Eagle Private Wealth Class (e)
Issued		—			20			—			—
Reinvested		—	(d)		—	(d)		—			—
Change in Eagle Private Wealth Class Shares		—	(d)		20			—			—
E*Trade
Issued		279,832			397,717			—			—
Reinvested		3,012			277			—			—
Redeemed		(299,680	)		(172,170	)		—			—
Change in E*Trade Shares		(16,836	)		225,824			—			—
IM
Issued		36,187,065			20,353,261			10,181,266			16,468,071
Reinvested		40,933			14,398			28,953			17,166
Redeemed		(32,612,636	)		(18,463,543	)		(11,810,374	)		(20,883,318	)
Change in IM Shares		3,615,362			1,904,116			(1,600,155	)		(4,398,081	)
Institutional Class
Issued		373,572,906			412,069,575			111,302,840			91,735,482
Reinvested		324,296			108,654			190,534			61,952
Redeemed		(364,571,713	)		(416,502,322	)		(107,227,661	)		(93,109,531	)
Change in Institutional Class Shares		9,325,489			(4,324,093	)		4,265,713			(1,312,097	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS: (continued)
Investor
Issued		990,065			515,838			133,947			212,805
Reinvested		14,298			3,982			8			27
Redeemed		(624,961	)		(691,101	)		(154,190	)		(235,317	)
Change in Investor Shares		379,402			(171,281	)		(20,235	)		(22,485	)
Morgan
Issued		208,722,785			202,793,121			80,166,283			36,942,807
Reinvested		7,865			2,654			761			235
Redeemed		(208,301,364	)		(204,024,871	)		(79,816,151	)		(36,904,251	)
Change in Morgan Shares		429,286			(1,229,096	)		350,893			38,791
Premier
Issued		164,890,457			200,367,318			15,269,775			10,216,013
Reinvested		3,317			2,194			3,317			663
Redeemed		(167,448,259	)		(202,634,298	)		(14,903,539	)		(10,245,612	)
Change in Premier Shares		(2,554,485	)		(2,264,786	)		369,553			(28,936	)
Reserve
Issued		1,561,264			10,773,546			1,360,549			16,088,298
Reinvested		451			238			103			49
Redeemed		(1,601,583	)		(10,833,988	)		(1,365,913	)		(16,185,555	)
Change in Reserve Shares		(39,868	)		(60,204	)		(5,261	)		(97,208	)
Service (c)
Issued		2,999,798			3,994,455			—			—
Reinvested		21,750			1,228			—			—
Redeemed		(1,677,576	)		(4,785,330	)		—			(20	)
Change in Service Shares		1,343,972			(789,647	)		—			(20	)

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

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

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

(d) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	1,456,233		$	2,358,284		$	290,643,445		$	189,633,479
Distributions reinvested		347			155			7,057			3,553
Cost of shares redeemed		(1,435,910	)		(2,364,215	)		(290,064,493	)		(189,504,709	)
Change in net assets resulting from Agency capital transactions	$	20,670		$	(5,776	)	$	586,009		$	132,323
Capital
Proceeds from shares issued	$	—		$	—		$	229,066,272		$	69,563,507
Distributions reinvested		—			—			188,850			75,067
Cost of shares redeemed		—			—			(224,935,268	)		(62,060,124	)
Change in net assets resulting from Capital capital transactions	$	—		$	—		$	4,319,854		$	7,578,450
Institutional Class
Proceeds from shares issued	$	10,425,426		$	10,114,086		$	61,988,985		$	37,650,859
Distributions reinvested		16,645			7,270			66,667			28,093
Cost of shares redeemed		(9,693,272	)		(10,220,012	)		(55,295,514	)		(35,995,237	)
Change in net assets resulting from Institutional Class capital transactions	$	748,799		$	(98,656	)	$	6,760,138		$	1,683,715
Morgan
Proceeds from shares issued	$	86,809		$	375,535		$	53,209,341		$	108,157,082
Distributions reinvested		389			120			20,549			2,930
Cost of shares redeemed		(90,133	)		(396,520	)		(52,838,733	)		(107,690,922	)
Change in net assets resulting from Morgan capital transactions	$	(2,935	)	$	(20,865	)	$	391,157		$	469,090
Premier
Proceeds from shares issued	$	822,795		$	705,346		$	21,201,215		$	22,204,004
Distributions reinvested		456			247			8,063			976
Cost of shares redeemed		(898,046	)		(585,080	)		(19,998,870	)		(22,213,956	)
Change in net assets resulting from Premier capital transactions	$	(74,795	)	$	120,513		$	1,210,408		$	(8,976	)
Reserve (a)
Proceeds from shares issued	$	—		$	1		$	9,672,898		$	1,219,652
Distributions reinvested		—			—	(b)		120			62
Cost of shares redeemed		—			(227	)		(8,369,179	)		(1,036,902	)
Change in net assets resulting from Reserve capital transactions	$	—		$	(226	)	$	1,303,839		$	182,812
Service (c)
Distributions reinvested		—			—			—			—	(b)
Cost of shares redeemed		—			—			—			(20	)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	—		$	(20	)
Total change in net assets resulting from capital transactions	$	691,739		$	(5,010	)	$	14,571,405		$	10,037,394

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

(b) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Agency
Issued		1,456,230			2,358,268			290,643,445			189,633,479
Reinvested		347			155			7,057			3,553
Redeemed		(1,435,900	)		(2,364,207	)		(290,064,493	)		(189,504,709	)
Change in Agency Shares		20,677			(5,784	)		586,009			132,323
Capital
Issued		—			—			229,066,272			69,563,507
Reinvested		—			—			188,850			75,067
Redeemed		—			—			(224,935,268	)		(62,060,124	)
Change in Capital Shares		—			—			4,319,854			7,578,450
Institutional Class
Issued		10,425,417			10,114,077			61,988,985			37,650,859
Reinvested		16,645			7,270			66,667			28,093
Redeemed		(9,693,266	)		(10,219,997	)		(55,295,514	)		(35,995,237	)
Change in Institutional Class Shares		748,796			(98,650	)		6,760,138			1,683,715
Morgan
Issued		86,804			375,529			53,209,341			108,157,082
Reinvested		389			120			20,549			2,930
Redeemed		(90,132	)		(396,514	)		(52,838,733	)		(107,690,922	)
Change in Morgan Shares		(2,939	)		(20,865	)		391,157			469,090
Premier
Issued		822,779			705,344			21,201,215			22,204,004
Reinvested		456			247			8,063			976
Redeemed		(898,030	)		(585,076	)		(19,998,870	)		(22,213,956	)
Change in Premier Shares		(74,795	)		120,515			1,210,408			(8,976	)
Reserve (a)
Issued		—			1			9,672,898			1,219,652
Reinvested		—			—	(b)		120			62
Redeemed		—			(227	)		(8,369,179	)		(1,036,902	)
Change in Reserve Shares		—			(226	)		1,303,839			182,812
Service (c)
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(20	)
Change in Service Shares		—			—			—			(20	)

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

(b) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	1,881,247		$	1,261,185		$	327,541		$	219,019
Distributions reinvested		926			249			205			7
Cost of shares redeemed		(1,649,384	)		(867,975	)		(341,416	)		(113,823	)
Change in net assets resulting from Agency capital transactions	$	232,789		$	393,459		$	(13,670	)	$	105,203
Direct (a)
Distributions reinvested		—			—	(b)		—			—
Cost of shares redeemed		—			(20	)		—			—
Change in net assets resulting from Direct capital transactions	$	—		$	(20	)	$	—		$	—
Eagle Class
Proceeds from shares issued	$	—		$	—		$	654,485		$	621,811
Distributions reinvested		—			—			4,571			1,695
Cost of shares redeemed		—			—			(642,629	)		(693,449	)
Change in net assets resulting from Eagle Class capital transactions	$	—		$	—		$	16,427		$	(69,943	)
Institutional Class
Proceeds from shares issued	$	47,004,898		$	36,962,830		$	12,422,726		$	4,115,619
Distributions reinvested		13,824			5,287			14,148			3,024
Cost of shares redeemed		(46,587,179	)		(35,565,002	)		(12,008,484	)		(2,846,718	)
Change in net assets resulting from Institutional Class capital transactions	$	431,543		$	1,403,115		$	428,390		$	1,271,925
Morgan
Proceeds from shares issued	$	8,505		$	6,169		$	16,338		$	238,782
Distributions reinvested		93			39			156			421
Cost of shares redeemed		(8,268	)		(8,121	)		(14,389	)		(538,210	)
Change in net assets resulting from Morgan capital transactions	$	330		$	(1,913	)	$	2,105		$	(299,007	)
Premier
Proceeds from shares issued	$	2,529,757		$	5,672,681		$	238,003		$	188,701
Distributions reinvested		111			109			39			25
Cost of shares redeemed		(3,027,490	)		(5,825,895	)		(225,100	)		(103,934	)
Change in net assets resulting from Premier capital transactions	$	(497,622	)	$	(153,105	)	$	12,942		$	84,792
Reserve (c)
Proceeds from shares issued	$	11,795,597		$	9,371,823		$	—		$	152
Distributions reinvested		27			15			—			—	(b)
Cost of shares redeemed		(12,278,550	)		(9,510,132	)		—			(304	)
Change in net assets resulting from Reserve capital transactions	$	(482,926	)	$	(138,294	)	$	—		$	(152	)
Service
Proceeds from shares issued	$	—		$	—		$	202,460		$	195,492
Distributions reinvested		—			—			1,260			199
Cost of shares redeemed		—			—			(228,793	)		(277,421	)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	(25,073	)	$	(81,730	)
Total change in net assets resulting from capital transactions	$	(315,886	)	$	1,503,242		$	421,121		$	1,011,088

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

(b) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Agency
Issued		1,881,247			1,261,185			327,541			219,017
Reinvested		926			249			205			7
Redeemed		(1,649,384	)		(867,975	)		(341,416	)		(113,823	)
Change in Agency Shares		232,789			393,459			(13,670	)		105,201
Direct (a)
Reinvested		—			—	(b)		—			—
Redeemed		—			(20	)		—			—
Change in Direct Shares		—			(20	)		—			—
Eagle Class
Issued		—			—			654,485			621,811
Reinvested		—			—			4,571			1,695
Redeemed		—			—			(642,629	)		(693,446	)
Change in Eagle Class Shares		—			—			16,427			(69,940	)
Institutional Class
Issued		47,004,898			36,962,830			12,422,726			4,115,584
Reinvested		13,824			5,287			14,148			3,024
Redeemed		(46,587,179	)		(35,565,002	)		(12,008,484	)		(2,846,718	)
Change in Institutional Class Shares		431,543			1,403,115			428,390			1,271,890
Morgan
Issued		8,505			6,169			16,338			238,782
Reinvested		93			39			156			421
Redeemed		(8,268	)		(8,121	)		(14,389	)		(538,182	)
Change in Morgan Shares		330			(1,913	)		2,105			(298,979	)
Premier
Issued		2,529,757			5,672,681			238,003			188,699
Reinvested		111			109			39			25
Redeemed		(3,027,490	)		(5,825,895	)		(225,100	)		(103,934	)
Change in Premier Shares		(497,622	)		(153,105	)		12,942			84,790
Reserve (c)
Issued		11,795,597			9,371,823			—			152
Reinvested		27			15			—			—	(b)
Redeemed		(12,278,550	)		(9,510,132	)		—			(304	)
Change in Reserve Shares		(482,926	)		(138,294	)		—			(152	)
Service
Issued		—			—			202,460			195,492
Reinvested		—			—			1,260			199
Redeemed		—			—			(228,793	)		(277,413	)
Change in Service Shares		—			—			(25,073	)		(81,722	)

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

(b) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

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FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Prime Money Market Fund*
Class C
Year Ended February 28, 2019	$	1.0001	$	0.0133		$	0.0002		$	0.0135		$	(0.0133	)	$	—	(b)	$	(0.0133	)
Year Ended February 28, 2018		1.0004		0.0039	(c)		—	(b)		0.0039			(0.0042	)		—	(b)		(0.0042	)
Year Ended February 28, 2017		1.0000		0.0001	(c)		0.0006			0.0007			(0.0003	)		—	(b)		(0.0003	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Agency
Year Ended February 28, 2019		1.0001		0.0204			0.0002			0.0206			(0.0204	)		—	(b)		(0.0204	)
Year Ended February 28, 2018		1.0004		0.0114	(c)		(0.0004	)		0.0110			(0.0113	)		—	(b)		(0.0113	)
Year Ended February 28, 2017		1.0000		0.0036	(c)		0.0016			0.0052			(0.0048	)		—	(b)		(0.0048	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Capital
Year Ended February 28, 2019		1.0001		0.0212			0.0002			0.0214			(0.0212	)		—	(b)		(0.0212	)
Year Ended February 28, 2018		1.0004		0.0122	(c)		(0.0004	)		0.0118			(0.0121	)		—	(b)		(0.0121	)
Year Ended February 28, 2017		1.0000		0.0047	(c)		0.0014			0.0061			(0.0057	)		—	(b)		(0.0057	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
IM
Year Ended February 28, 2019		1.0001		0.0215			0.0002			0.0217			(0.0215	)		—	(b)		(0.0215	)
Year Ended February 28, 2018		1.0004		0.0124	(c)		(0.0004	)		0.0120			(0.0123	)		—	(b)		(0.0123	)
Year Ended February 28, 2017		1.0000		0.0055	(c)		0.0007			0.0062			(0.0058	)		—	(b)		(0.0058	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Institutional Class
Year Ended February 28, 2019		1.0001		0.0209			0.0002			0.0211			(0.0209	)		—	(b)		(0.0209	)
Year Ended February 28, 2018		1.0004		0.0119	(c)		(0.0004	)		0.0115			(0.0118	)		—	(b)		(0.0118	)
Year Ended February 28, 2017		1.0000		0.0044	(c)		0.0014			0.0058			(0.0054	)		—	(b)		(0.0054	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Morgan
Year Ended February 28, 2019		1.0001		0.0179			0.0002			0.0181			(0.0179	)		—	(b)		(0.0179	)
Year Ended February 28, 2018		1.0004		0.0089	(c)		(0.0005	)		0.0084			(0.0087	)		—	(b)		(0.0087	)
Year Ended February 28, 2017		1.0000		0.0014	(c)		0.0012			0.0026			(0.0022	)		—	(b)		(0.0022	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Premier
Year Ended February 28, 2019		1.0001		0.0185			0.0002			0.0187			(0.0185	)		—	(b)		(0.0185	)
Year Ended February 28, 2018		1.0004		0.0096	(c)		(0.0005	)		0.0091			(0.0094	)		—	(b)		(0.0094	)
Year Ended February 28, 2017		1.0000		0.0020	(c)		0.0013			0.0033			(0.0029	)		—	(b)		(0.0029	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Reserve
Year Ended February 28, 2019		1.0001		0.0160			0.0002			0.0162			(0.0160	)		—	(b)		(0.0160	)
Year Ended February 28, 2018		1.0004		0.0062	(c)		0.0004			0.0066			(0.0069	)		—	(b)		(0.0069	)
Year Ended February 28, 2017		1.0000		0.0003	(c)		0.0013			0.0016			(0.0012	)		—	(b)		(0.0012	)
Year Ended February 29, 2016		1.00		—	(c)(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Year Ended February 28, 2015		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) Amount rounds to less than $0.00005.

(c) Calculated based upon average shares outstanding.

(d) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		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
$	1.0003		1.36	%	$	1,218		0.97	%		1.30	%		2.80	%
	1.0001		0.39			2,012		0.97			0.39			2.27
	1.0004		0.07			4,289		0.60			0.01			1.20
	1.00		0.01			39,558		0.34			0.01			1.18
	1.00		0.01			16,897		0.22			0.01			1.16
	1.0003		2.08			2,474,137		0.26			2.09			0.31
	1.0001		1.10			1,494,001		0.26			1.14			0.31
	1.0004		0.52			1,002,964		0.26			0.36			0.31
	1.00		0.07			8,141,439		0.26			0.07			0.31
	1.00		0.01			6,603,508		0.22			0.01			0.31
	1.0003		2.16			26,725,832		0.18			2.13			0.21
	1.0001		1.18			24,654,174		0.18			1.22			0.21
	1.0004		0.61			20,091,103		0.17			0.47			0.21
	1.00		0.14			64,690,852		0.18			0.14			0.21
	1.00		0.05			66,140,350		0.18			0.05			0.21
	1.0003		2.19			1,896,262		0.16			2.13			0.16
	1.0001		1.21			2,032,079		0.16			1.24			0.16
	1.0004		0.62			2,010,581		0.16			0.55			0.17
	1.00		0.17			2,628,508		0.16			0.16			0.16
	1.00		0.07			3,749,460		0.16			0.08			0.16
	1.0003		2.13			11,691,618		0.21			2.12			0.26
	1.0001		1.15			8,567,374		0.21			1.19			0.26
	1.0004		0.58			6,081,787		0.20			0.44			0.26
	1.00		0.11			20,011,248		0.21			0.10			0.26
	1.00		0.02			27,718,738		0.21			0.02			0.26
	1.0003		1.82			2,395,205		0.52			1.88			0.53
	1.0001		0.84			739,866		0.52			0.89			0.56
	1.0004		0.26			534,288		0.52			0.14			0.54
	1.00		0.01			1,877,099		0.31			0.01			0.52
	1.00		0.01			2,278,962		0.22			0.01			0.51
	1.0003		1.89			1,884,553		0.45			1.90			0.46
	1.0001		0.91			1,093,169		0.45			0.96			0.46
	1.0004		0.33			687,368		0.45			0.20			0.46
	1.00		0.02			2,030,985		0.30			0.02			0.46
	1.00		0.01			1,589,780		0.22			0.01			0.46
	1.0003		1.64			13,024		0.70			1.57			0.85
	1.0001		0.66			15,846		0.70			0.62			0.76
	1.0004		0.16			99,446		0.58			0.03			0.71
	1.00		0.01			930,188		0.31			0.01			0.71
	1.00		0.01			1,154,468		0.22			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Institutional Tax Free Money Market Fund
Agency
March 1, 2018 (e) through February 28, 2019	$	1.0000	$	0.0123	$	0.0000	(f)	$	0.0123	$	(0.0123	)	$	0.0000	(f)	$	(0.0123	)
Capital
March 1, 2018 (e) through February 28, 2019		1.0000		0.0131		0.0000	(f)		0.0131		(0.0131	)		0.0000	(f)		(0.0131	)
IM
March 1, 2018 (e) through February 28, 2019		1.0000		0.0133		0.0000	(f)		0.0133		(0.0133	)		0.0000	(f)		(0.0133	)
Institutional Class
March 1, 2018 (e) through February 28, 2019		1.0000		0.0128		0.0000	(f)		0.0128		(0.0128	)		0.0000	(f)		(0.0128	)

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

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

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

(d) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended February 28, 2019.

(e) Commencement of operations.

(f) Amount rounds to less than $0.00005.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
					Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses  (c)(d)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits (d)
$	1.0000		1.24	%	$	17,148		0.26	%		1.36	%		2.96	%
	1.0000		1.32			72,933		0.18			1.42			0.40
	1.0000		1.34			475,368		0.16			1.32			0.23
	1.0000		1.29			377,900		0.21			1.40			0.37

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Securities Lending Money Market Fund
Agency SL
September 19, 2018 (e) through February 28, 2019	$	1.0000	$	0.0109	$	0.0001	$	0.0110	$	(0.0109	)

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

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

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

(d) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended February 28, 2019.

(e) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplement data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)(d)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits (d)
$	1.0001		1.10	%	$	2,865,539		0.06	%		2.53	%		0.23	%

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Liquid Assets Money Market Fund
Class C
Year Ended February 28, 2019	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—	(e)	$	(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
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)
Institutional Class
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
					Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		1.34	%	$	22,073		0.97	%		1.34	%		1.19	%
	1.00		0.40			22,267		0.97			0.38			1.20
	1.00		0.04			33,104		0.55			0.01			1.18
	1.00		0.01			505,609		0.33			0.01			1.18
	1.00		0.01			704,276		0.24			0.01			1.17
	1.00		2.06			542,003		0.26			2.13			0.33
	1.00		1.11			158,527		0.26			1.16			0.34
	1.00		0.45			36,107		0.26			0.39			0.35
	1.00		0.08			71,741		0.26			0.07			0.33
	1.00		0.01			95,650		0.24			0.01			0.32
	1.00		2.14			558,492		0.18			2.16			0.23
	1.00		1.19			98,814		0.18			1.36			0.24
	1.00		0.53			105,366		0.18			0.38			0.22
	1.00		0.16			2,071,483		0.18			0.15			0.22
	1.00		0.07			2,889,536		0.18			0.06			0.22
	1.00		0.01			—		0.54			0.01			1.08
	1.00		0.01			1,758,478		0.30			0.01			1.07
	1.00		0.03			7,497,985		0.22			0.03			1.07
	1.00		2.11			2,717,544		0.21			2.17			0.28
	1.00		1.16			988,333		0.21			1.21			0.29
	1.00		0.50			286,502		0.21			0.37			0.28
	1.00		0.13			6,630,618		0.21			0.13			0.28
	1.00		0.04			6,692,633		0.21			0.04			0.27
	1.00		1.81			8,147		0.51			1.79			0.54
	1.00		0.86			8,616		0.51			0.89			0.55
	1.00		0.21			3,933		0.51			0.07			0.53
	1.00		0.02			117,816		0.32			0.01			0.53
	1.00		0.01			116,196		0.23			0.01			0.52
	1.00		1.73			307,584		0.59			1.76			0.68
	1.00		0.78			156,049		0.59			0.78			0.70
	1.00		0.16			144,168		0.54			0.04			0.64
	1.00		0.01			1,609,448		0.33			0.01			0.63
	1.00		0.01			1,684,561		0.24			0.01			0.62
	1.00		1.87			1,140,955		0.45			1.93			0.48
	1.00		0.92			353,810		0.45			0.95			0.49
	1.00		0.26			156,136		0.45			0.18			0.48
	1.00		0.02			132,337		0.32			0.02			0.48
	1.00		0.01			118,152		0.24			0.01			0.47
	1.00		1.61			4,548		0.70			1.59			0.74
	1.00		0.67			6,527		0.70			0.65			0.74
	1.00		0.12			7,672		0.55			0.02			0.73
	1.00		0.01			189,404		0.33			0.01			0.73
	1.00		0.01			172,653		0.24			0.01			0.72

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Government Money Market Fund
Agency
Year Ended February 28, 2019	$	1.00	$	0.02	(d)	$	—	(e)	$	0.02		$	(0.02	)	$	—		$	(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(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)
Eagle Class
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Private Wealth Class
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
August 18, 2017 (g) through February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 9, 2016 (g) through February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(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 JPMorgan U.S. Government Money Market Fund had no assets from the close of business on November 22, 2017.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		1.82	%	$	11,112,454		0.26	%		1.79	%		0.31	%
	1.00		0.81			13,906,062		0.26			0.80			0.31
	1.00		0.22			12,887,975		0.25			0.22			0.31
	1.00		0.02			7,594,151		0.15			0.02			0.31
	1.00		0.01			7,428,617		0.08			0.01			0.31
	1.00		1.90			73,390,258		0.18			1.87			0.21
	1.00		0.89			92,747,537		0.18			0.88			0.21
	1.00		0.33			86,200,153		0.14			0.35			0.21
	1.00		0.04			28,046,995		0.14			0.04			0.21
	1.00		0.01			32,973,407		0.07			0.01			0.21
	1.00		0.49			—		0.30			0.65			0.31
	1.00		0.19			193,840		0.29			0.16			0.31
	1.00		0.02			870,118		0.18			0.02			0.31
	1.00		0.01			294,989		0.07			0.01			0.31
	1.00		1.37			3,858,134		0.70			1.45			0.71
	1.00		0.37			1,172,819		0.70			0.36			0.71
	1.00		0.01			1,215,409		0.49			0.01			0.71
	1.00		0.01			437,372		0.18			0.01			0.71
	1.00		0.01			351,014		0.07			0.01			0.71
	1.00		1.77			20		0.30			1.76			1.11
	1.00		0.49			20		0.30			0.92			0.33
	1.00		1.07			274,993		1.00			1.04			1.06
	1.00		0.13			291,828		0.97			0.17			1.06
	1.00		0.02			66,010		0.56			0.01			1.07
	1.00		1.92			6,108,975		0.16			1.95			0.16
	1.00		0.91			2,493,731		0.16			0.96			0.16
	1.00		0.33			589,694		0.14			0.34			0.16
	1.00		0.05			648,289		0.13			0.05			0.16
	1.00		0.01			1,142,811		0.07			0.01			0.16
	1.00		1.87			41,868,607		0.21			1.88			0.26
	1.00		0.86			32,544,047		0.21			0.85			0.26
	1.00		0.30			36,869,073		0.17			0.33			0.26
	1.00		0.04			8,704,148		0.15			0.03			0.26
	1.00		0.01			8,279,641		0.07			0.01			0.26

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									`Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Government Money Market Fund (continued)
Investor
Year Ended February 28, 2019	$	1.00	$	0.02	(d)	$	—	(e)	$	0.02		$	(0.02	)	$	—		$	(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		1.57	%	$	1,127,675		0.50	%		1.60	%		0.50	%
	1.00		0.56			748,306		0.51			0.54			0.51
	1.00		0.03			919,604		0.42			0.02			0.51
	1.00		0.01			3,856,545		0.18			0.01			0.51
	1.00		0.01			3,066,013		0.07			0.01			0.51
	1.00		1.48			1,660,477		0.59			1.49			0.61
	1.00		0.48			1,231,217		0.59			0.44			0.61
	1.00		0.02			2,460,361		0.46			0.02			0.61
	1.00		0.01			2,229,161		0.17			0.01			0.61
	1.00		0.01			2,039,361		0.08			0.01			0.61
	1.00		1.62			2,945,521		0.45			1.59			0.46
	1.00		0.62			5,500,002		0.45			0.60			0.46
	1.00		0.06			7,765,009		0.42			0.06			0.46
	1.00		0.01			7,570,828		0.18			0.01			0.46
	1.00		0.01			3,441,795		0.07			0.01			0.46
	1.00		1.37			19,468		0.70			1.28			0.71
	1.00		0.37			59,334		0.70			0.33			0.71
	1.00		0.01			119,542		0.49			0.01			0.71
	1.00		0.01			16,298		0.12			0.01			0.71
	1.00		0.01			150,289		0.08			0.01			0.71
	1.00		1.02			2,993,274		1.05			1.08			1.05
	1.00		0.09			1,649,354		0.93			0.08			1.06
	1.00		0.01			2,439,027		0.50			0.01			1.06
	1.00		0.01			395,656		0.15			0.01			1.06
	1.00		0.01			913,521		0.07			0.01			1.06

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Year Ended February 28, 2019	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
September 22, 2017 (g) through February 28, 2018		1.00		0.01	(d)		(0.01	)		—	(e)		—	(e)		—	(e)		—	(e)
Direct (h)
For the period ended November 22, 2017		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

(g) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		1.11	%	$	375,230		0.97	%		1.09	%		1.16	%
	1.00		0.15			417,056		0.90			0.13			1.16
	1.00		0.00	(f)		578,579		0.48			0.00	(f)		1.16
	1.00		0.00	(f)		154,988		0.15			0.00	(f)		1.16
	1.00		0.00	(f)		168,863		0.07			0.00	(f)		1.16
	1.00		1.83			2,013,982		0.26			1.90			0.30
	1.00		0.81			930,654		0.26			0.82			0.31
	1.00		0.18			837,723		0.26			0.17			0.31
	1.00		0.01			956,921		0.15			0.01			0.31
	1.00		0.00	(f)		858,260		0.07			0.00	(f)		0.31
	1.00		1.91			6,425,187		0.18			1.92			0.20
	1.00		0.47			3,501,095		0.18			1.17			0.21
	1.00		0.48			—		0.30			0.71			0.31
	1.00		0.14			5,812		0.30			0.09			0.31
	1.00		0.01			672,625		0.13			0.00	(f)		0.31
	1.00		0.00	(f)		1,222,018		0.07			0.00	(f)		0.31
	1.00		1.93			1,451,488		0.15			1.87			0.15
	1.00		0.90			3,051,574		0.16			0.81			0.16
	1.00		0.28			7,449,646		0.16			0.29			0.16
	1.00		0.04			4,788,250		0.12			0.04			0.16
	1.00		0.00	(f)		3,045,746		0.07			0.00	(f)		0.16
	1.00		1.88			17,766,429		0.21			1.89			0.25
	1.00		0.86			13,500,900		0.21			0.84			0.26
	1.00		0.23			14,813,061		0.21			0.24			0.26
	1.00		0.02			8,736,623		0.13			0.02			0.26
	1.00		0.00	(f)		6,516,731		0.07			0.00	(f)		0.26
	1.00		1.58			28,583		0.51			1.57			0.51
	1.00		0.55			48,818		0.51			0.52			0.51
	1.00		0.02			71,303		0.42			0.02			0.51
	1.00		0.00	(f)		89,016		0.14			0.00	(f)		0.51
	1.00		0.00	(f)		181,909		0.07			0.00	(f)		0.51
	1.00		1.49			634,508		0.59			1.55			0.61
	1.00		0.47			283,619		0.59			0.48			0.62
	1.00		0.00	(f)		244,830		0.43			0.00	(f)		0.61
	1.00		0.00	(f)		706,209		0.15			0.00	(f)		0.61
	1.00		0.00	(f)		734,788		0.07			0.00	(f)		0.61
	1.00		1.63			981,194		0.45			1.68			0.45
	1.00		0.61			611,645		0.45			0.61			0.46
	1.00		0.03			640,584		0.41			0.04			0.46
	1.00		0.00	(f)		244,258		0.14			0.00	(f)		0.46
	1.00		0.00	(f)		383,019		0.07			0.00	(f)		0.46
	1.00		1.38			6,986		0.70			1.34			0.71
	1.00		0.37			12,246		0.70			0.28			0.71
	1.00		0.00	(f)		109,454		0.40			0.00	(f)		0.71
	1.00		0.00	(f)		679,587		0.15			0.00	(f)		0.71
	1.00		0.00	(f)		847,101		0.07			0.00	(f)		0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Federal Money Market Fund
Agency
Year Ended February 28, 2019	$	1.00	$	0.02	(b)	$	—	(c)	$	0.02		$	(0.02	)	$	—	(c)	$	(0.02	)
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)
Institutional Class
Year Ended February 28, 2019		1.00		0.02	(b)		—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
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)
Morgan
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)
Premier
Year Ended February 28, 2019		1.00		0.02	(b)		—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
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)

(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.

122 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		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		1.80	%	$	148,122		0.26	%		1.82	%		0.31	%
	1.00		0.80			127,451		0.26			0.77			0.33
	1.00		0.20			133,227		0.26			0.19			0.35
	1.00		0.02			233,955		0.16			0.02			0.33
	1.00		0.01			84,778		0.07			0.00	(d)		0.35
	1.00		1.85			3,417,418		0.21			1.85			0.26
	1.00		0.85			2,668,613		0.21			0.84			0.28
	1.00		0.25			2,767,271		0.21			0.25			0.30
	1.00		0.03			3,615,992		0.13			0.03			0.28
	1.00		0.01			3,995,934		0.06			0.01			0.30
	1.00		1.46			29,289		0.59			1.45			0.70
	1.00		0.46			32,224		0.59			0.44			0.69
	1.00		0.02			53,090		0.42			0.01			0.67
	1.00		0.01			131,723		0.16			0.01			0.65
	1.00		0.01			111,292		0.07			0.01			0.65
	1.00		1.60			155,001		0.45			1.54			0.47
	1.00		0.60			229,795		0.45			0.65			0.48
	1.00		0.04			109,282		0.41			0.04			0.50
	1.00		0.01			171,808		0.14			0.01			0.49
	1.00		0.01			219,792		0.06			0.01			0.50

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Year Ended February 28, 2019	$	1.00	$	0.02	(b)	$	—	(c)	$	0.02		$	(0.02	)	$	—	(c)	$	(0.02	)
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)
Capital
Year Ended February 28, 2019		1.00		0.02	(b)		—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
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)
Institutional Class
Year Ended February 28, 2019		1.00		0.02	(b)		—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
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)
Morgan
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)
Premier
Year Ended February 28, 2019		1.00		0.02	(b)		—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
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)
Reserve
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)

(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.

124 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		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		1.79	%	$	2,567,061		0.26	%		1.81	%		0.31	%
	1.00		0.79			1,981,066		0.26			0.80			0.31
	1.00		0.15			1,848,739		0.26			0.15			0.31
	1.00		0.01			1,895,744		0.10			0.01			0.31
	1.00		0.00	(d)		1,700,093		0.05			0.00			0.31
	1.00		1.88			23,528,259		0.18			1.88			0.21
	1.00		0.87			19,208,530		0.18			0.89			0.21
	1.00		0.23			11,630,048		0.18			0.23			0.21
	1.00		0.02			9,678,309		0.08			0.01			0.21
	1.00		0.00	(d)		8,717,551		0.04			0.00			0.21
	1.00		1.84			17,858,556		0.21			1.87			0.26
	1.00		0.84			11,098,506		0.21			0.83			0.26
	1.00		0.20			9,414,776		0.21			0.21			0.26
	1.00		0.01			7,378,773		0.08			0.01			0.26
	1.00		0.00	(d)		10,302,127		0.04			0.00			0.26
	1.00		1.46			2,009,129		0.59			1.45			0.61
	1.00		0.45			1,617,985		0.59			0.46			0.61
	1.00		0.00	(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		1.60			2,059,307		0.45			1.65			0.46
	1.00		0.59			848,906		0.45			0.59			0.46
	1.00		0.02			857,883		0.38			0.02			0.46
	1.00		0.00	(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		1.35			1,561,835		0.70			1.42			0.71
	1.00		0.35			258,002		0.70			0.41			0.71
	1.00		0.00	(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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Free Money Market Fund
Agency
Year Ended February 28, 2019	$	1.00	$	0.01	(b)	$	—	(c)	$	0.01		$	(0.01	)	$	—	(c)	$	(0.01	)
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)
Institutional Class
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)
Morgan
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)
Premier
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)
Reserve
Year Ended February 28, 2019		1.00		0.01	(b)		—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
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)

(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.

126 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		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		1.24	%	$	1,063,941		0.26	%		1.23	%		0.31	%
	1.00		0.68			831,137		0.26			0.70			0.31
	1.00		0.27			437,689		0.25			0.26			0.31
	1.00		0.03			344,578		0.05			0.01			0.31
	1.00		0.02			322,389		0.07			0.01			0.31
	1.00		1.29			12,402,297		0.21			1.27			0.26
	1.00		0.73			11,970,538		0.21			0.73			0.26
	1.00		0.32			10,567,571		0.20			0.31			0.26
	1.00		0.03			10,007,028		0.04			0.01			0.26
	1.00		0.02			11,663,024		0.07			0.01			0.26
	1.00		0.90			9,884		0.59			0.89			0.68
	1.00		0.35			9,555		0.59			0.34			0.66
	1.00		0.05			11,468		0.44			0.04			0.62
	1.00		0.03			111,381		0.04			0.01			0.62
	1.00		0.02			109,439		0.08			0.01			0.61
	1.00		1.04			1,062,712		0.45			1.03			0.46
	1.00		0.49			1,560,291		0.45			0.48			0.46
	1.00		0.12			1,713,414		0.38			0.10			0.46
	1.00		0.03			2,984,160		0.04			0.01			0.46
	1.00		0.02			2,593,113		0.07			0.01			0.46
	1.00		0.79			2,028,976		0.70			0.78			0.71
	1.00		0.24			2,511,847		0.70			0.23			0.71
	1.00		0.02			2,650,165		0.47			0.02			0.71
	1.00		0.03			4,220,927		0.04			0.01			0.71
	1.00		0.02			4,208,768		0.07			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Municipal Money Market Fund
Agency
Year Ended February 28, 2019	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—	(e)	$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Class
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
July 1, 2016 (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)
Institutional Class
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Year Ended February 28, 2019		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		1.26	%	$	127,136		0.26	%		1.25	%		0.33	%
	1.00		0.73			140,809		0.26			0.76			0.35
	1.00		0.33			35,608		0.23			0.20			0.33
	1.00		0.01			193,260		0.08			0.01			0.32
	1.00		0.01			81,196		0.12			0.01			0.32
	1.00		0.82			565,483		0.70			0.80			0.73
	1.00		0.29			549,053		0.70			0.27			0.75
	1.00		0.04			619,001		0.67			0.04			0.76
	1.00		0.01			—		0.41			0.01			1.07
	1.00		0.01			1,935,318		0.08			0.01			1.07
	1.00		0.01			2,000,898		0.13			0.01			1.07
	1.00		1.31			2,003,502		0.21			1.30			0.28
	1.00		0.78			1,575,116		0.21			0.83			0.31
	1.00		0.37			303,233		0.21			0.39			0.30
	1.00		0.01			132,605		0.08			0.01			0.27
	1.00		0.01			188,480		0.13			0.01			0.27
	1.00		0.93			15,899		0.59			0.92			0.65
	1.00		0.40			13,794		0.59			0.28			0.63
	1.00		0.08			312,787		0.49			0.07			0.64
	1.00		0.01			387,521		0.08			0.01			0.62
	1.00		0.01			353,483		0.13			0.01			0.62
	1.00		1.07			129,260		0.45			1.06			0.48
	1.00		0.54			116,319		0.45			0.57			0.51
	1.00		0.16			31,528		0.41			0.12			0.49
	1.00		0.01			28,451		0.08			0.01			0.47
	1.00		0.01			29,376		0.13			0.01			0.47
	1.00		0.47			256,953		1.05			0.46			1.08
	1.00		0.07			282,024		0.91			0.05			1.09
	1.00		0.03			363,754		0.54			0.01			1.09
	1.00		0.01			515,523		0.08			0.01			1.07
	1.00		0.01			397,469		0.12			0.01			1.07

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004, November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004, November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

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

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

    ^^ The JPMorgan Securities Lending Money Market Fund commenced operations on September 19, 2018.

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

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

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

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

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

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

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

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

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

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

130 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

adopted policies and procedures that allow the Boards of Trustees (the “Boards”) to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

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

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

Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the 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 transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards, which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund.

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

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

For the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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

• Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

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

Prime Money Market Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	46,810,286	$	—	$	46,810,286
Institutional Tax Free Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	960,749	$	—	$	960,749
Securities Lending Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	2,993,641	$	—	$	2,993,641
The following is a summary of the inputs used as of February 28, 2019, in valuing the Funds’ assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):
Liquid Assets Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	5,317,797	$	—	$	5,317,797
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)	$	—	$	139,771,656	$	—	$	139,771,656
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)	$	—	$	29,038,620	$	—	$	29,038,620
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)	$	—	$	3,735,055	$	—	$	3,735,055

132 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

100% U.S. Treasury Securities Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	51,799,993	$	—	$	51,799,993
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)	$	—	$	16,605,401	$	—	$	16,605,401
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)	$	—	$	3,096,585	$	—	$	3,096,585

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

There were no transfers into and out of level 3 for the year ended February 28, 2019.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset values of the Funds.

As of February 28, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.

C. Repurchase Agreements — The Funds may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. The Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds 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, 2019, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities.

E. Offering and Organization Costs — Total offering costs of $119,279 and $44,004 paid in connection with the offering of shares of Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, respectively, are amortized on a straight line basis over 12 months from

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

the date the fund commenced operations. Costs paid in connection with the organization of Institutional Tax Free Money Fund and Securities Lending Money Market Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees on the Statements of Operations. For the year ended February 28, 2019, total offering costs amortized were $118,952 and 19,289 for the Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, respectively.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the year ended February 28, 2019 are as follows (amounts in thousands):

	Prime Money Market Fund		Institutional Tax Free Money Market Fund		Securities Lending Money Market Fund		Liquid Assets Money Market Fund			U.S. Government Money Market Fund			U.S. Treasury Plus Money Market Fund		Federal Money Market Fund		100% U.S. Treasury Securities Money Market Fund		Tax Free Money Market Fund		Municipal Money Market Fund
Class C	$	27		n/a		n/a	$	2			n/a		$	9		n/a		n/a		n/a		n/a
Agency		69	$	158		n/a		7		$	266			23	$	3	$	49	$	22	$	4
Agency SL		n/a		n/a	$	26		n/a			n/a			n/a		n/a		n/a		n/a		n/a
Capital		594		25		n/a		—	(a)		1,618			127		n/a		410		n/a		n/a
Direct		n/a		n/a		n/a		n/a			n/a			n/a		n/a		n/a		n/a		n/a
Eagle Class		n/a		n/a		n/a		n/a			41			n/a		n/a		n/a		n/a		12
Eagle Private Wealth Class		n/a		n/a		n/a		n/a			—	(a)		n/a		n/a		n/a		n/a		n/a
E*Trade		n/a		n/a		n/a		n/a			7			n/a		n/a		n/a		n/a		n/a
IM		78		36		n/a		n/a			98			26		n/a		n/a		n/a		n/a
Institutional Class		289		26		n/a		2			652			314		79		280		241		41
Investor		n/a		n/a		n/a		1			9			1		n/a		n/a		n/a		n/a
Morgan		332		n/a		n/a		105			92			25		25		84		8		4
Premier		79		n/a		n/a		15			105			18		10		35		30		4
Reserve		32		n/a		n/a		1			2			1		n/a		21		42		n/a
Service		n/a		n/a		n/a		n/a			21			n/a		n/a		n/a		n/a		6
Total	$	1,500	$	245	$	26	$	133		$	2,911		$	544	$	117	$	879	$	343	$	71

(a) Amount rounds to less than one thousand.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2019, 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.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and generally paid monthly at an annual rate of 0.08% of each Fund’s average daily net assets.

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

134 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.10% of the first $100 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement and 0.05% of the average daily net assets in excess of $100 billion of all such funds. For the year ended February 28, 2019, 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 Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class C, Eagle Class, E*Trade, Morgan, Reserve and Service Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Agency, Capital, Direct, Eagle Private Wealth Class, IM, Institutional Class, Investor and Premier Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class C

Eagle Class

E*Trade

Morgan

Reserve

Service

Prime Money Market Fund

0.75

%

n/a

n/a

n/a

0.25

%

n/a

Institutional Tax Free Money Market Fund

n/a

n/a

n/a

n/a

n/a

n/a

Securities Lending Money Market Fund

n/a

n/a

n/a

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.75

n/a

0.60

%

0.10

%

0.25

n/a

U.S. Government Money Market Fund

n/a

0.25

%

0.60

0.10

0.25

0.60

%

U.S. Treasury Plus Money Market Fund

0.75

n/a

n/a

0.10

0.25

n/a

Federal Money Market Fund

n/a

n/a

n/a

0.10

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

n/a

n/a

0.10

0.25

n/a

Tax Free Money Market Fund

n/a

n/a

n/a

0.10

0.25

n/a

Municipal Money Market Fund

n/a

0.25

0.60

0.10

n/a

0.60

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

In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the year ended February 28, 2019, JPMDS retained the following amounts (in thousands):

	CDSC
Liquid Assets Money Market Fund	$—(a)

(a) Amount rounds to less than one thousand.

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

Class C

Agency

Capital

Direct

Eagle Class

Eagle Private Wealth Class

Prime Money Market Fund

0.25

%

0.15

%

0.05

%

n/a

n/a

n/a

Institutional Tax Free Money Market Fund

n/a

0.15

0.05

n/a

n/a

n/a

Securities Lending Money Market Fund

n/a

n/a

n/a

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.25

0.15

0.05

n/a

n/a

n/a

U.S. Government Money Market Fund

n/a

0.15

0.05

0.15

%

0.30

%

0.15

%

U.S. Treasury Plus Money Market Fund

0.25

0.15

0.05

0.15

n/a

n/a

Federal Money Market Fund

n/a

0.15

n/a

n/a

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.15

0.05

n/a

n/a

n/a

Tax Free Money Market Fund

n/a

0.15

n/a

n/a

n/a

n/a

Municipal Money Market Fund

n/a

0.15

n/a

n/a

0.30

n/a

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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

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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares of the Prime Money Market Fund, U.S. Government Money Market Fund and the U.S. Treasury Plus Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Class C

Agency

Agency SL

Capital

Direct

Eagle Class

Eagle Private Wealth Class

Prime Money Market Fund

0.97

%

0.26

%

n/a

0.18

%

n/a

n/a

n/a

Institutional Tax Free Money Market Fund

n/a

0.26

n/a

0.18

n/a

n/a

n/a

Securities Lending Money Market Fund

n/a

n/a

0.06

n/a

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.97

0.26

n/a

0.18

n/a

n/a

n/a

U.S. Government Money Market Fund

n/a

0.26

n/a

0.18

0.30

%

0.70

%

0.30

%

U.S. Treasury Plus Money Market Fund

0.97

0.26

n/a

0.18

0.30

n/a

n/a

Federal Money Market Fund

n/a

0.26

n/a

n/a

n/a

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.26

n/a

0.18

n/a

n/a

n/a

Tax Free Money Market Fund

n/a

0.26

n/a

n/a

n/a

n/a

n/a

Municipal Money Market Fund

n/a

0.26

n/a

n/a

n/a

0.70

n/a

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

136 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

The expense limitation agreements were in effect for the year ended February 28, 2019, and are in place until at least June 30, 2019, except the expense limitation agreement for Securities Lending Money Market Fund is in effect until at least September 30, 2019.

In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 28, 2019. 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, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Prime Money Market Fund	$	36	$	—	$	12,929	$	12,965	$	26
Institutional Tax Free Money Market Fund		150		104		75		329		400
Securities Lending Money Market Fund		471		342		—		813		207
Liquid Assets Money Market Fund		393		261		1,226		1,880		—
U.S. Government Money Market Fund		124		—		42,272		42,396		—	(a)
U.S. Treasury Plus Money Market Fund		21		—		9,828		9,849		—
Federal Money Market Fund		330		221		1,149		1,700		—
100% U.S. Treasury Securities Money Market Fund		2,277		1,499		10,968		14,744		—
Tax Free Money Market Fund		755		503		5,341		6,599		—	(a)
Municipal Money Market Fund		557		370		852		1,779		—

	Voluntary Waivers
	Distribution
Municipal Money Market Fund	$	10

(a) Amount rounds to less than one thousand.

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

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

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

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

During the year ended February 28, 2019, Prime Money Market Fund and Tax Free Money Market 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, 2019, 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, 2019, the Funds below engaged in such transactions in the following amounts (amounts in thousands):

	Purchases		Sales		Realized Gain (Loss)
Institutional Tax Free Money Market Fund	$	487,190	$	1,115,041	$	—
Tax Free Money Market Fund		1,574,662		693,599		—
Municipal Money Market Fund		367,981		654,520		—

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

4. Class Specific Expenses

The Funds’ class specific gross expenses for the year ended February 28, 2019 were as follows (amounts in thousands):

	Distribution		Service
Prime Money Market Fund
Class C	$	12	$	4
Agency		—		2,894
Capital		—		12,590
Institutional Class		—		10,042
Morgan		—		5,277
Premier		—		4,184
Reserve		55		66
	$	67	$	35,057
Institutional Tax Free Money Market Fund
Agency	$	—	$	9
Capital		—		9
Institutional Class		—		133
	$	—	$	151
Liquid Assets Money Market Fund
Class C	$	156	$	52
Agency		—		439
Capital		—		131
Institutional Class		—		1,645
Investor		—		35
Morgan		193		676
Premier		—		2,028
Reserve		14		17
	$	363	$	5,023
U.S. Government Money Market Fund
Agency	$	—	$	18,614
Capital		—		39,141
Eagle Class		6,427		7,712
Eagle Private Wealth Class		—		—	(a)
E*Trade		1,736		868
Institutional Class		—		33,852
Investor		—		3,122
Morgan		1,436		5,027
Premier		—		12,735
Reserve		106		127
Service		12,081		6,041
	$	21,786	$	127,239
U.S. Treasury Plus Money Market Fund
Class C	$	2,809	$	936
Agency		—		2,024
Capital		—		2,696
Institutional Class		—		16,122
Investor		—		139
Morgan		409		1,431
Premier		—		2,238
Reserve		34		41
	$	3,252	$	25,627

138 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	Distribution		Service
Federal Money Market Fund
Agency	$	—	$	182
Institutional Class		—		2,854
Morgan		30		105
Premier		—		572
	$	30	$	3,713
100% U.S. Treasury Securities Money Market Fund
Agency	$	—	$	3,471
Capital		—		10,012
Institutional Class		—		13,878
Morgan		1,933		6,767
Premier		—		4,497
Reserve		2,862		3,434
	$	4,795	$	42,059
Tax Free Money Market Fund
Agency	$	—	$	1,574
Institutional Class		—		12,269
Morgan		11		38
Premier		—		3,188
Reserve		5,308		6,370
	$	5,319	$	23,439
Municipal Money Market Fund
Agency	$	—	$	263
Eagle Class		1,422		1,706
Institutional Class		—		1,859
Morgan		17		59
Premier		—		384
Service		1,614		807
	$	3,053	$	5,078

(a) Amount rounds to less than one thousand.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	46,801,229	$	9,589	$	532	$	9,057
Institutional Tax Free Money Market Fund		960,782		3		36		(33	)
Securities Lending Money Market Fund		2,993,158		562		79		483
100% U.S. Treasury Securities Money Market Fund		51,800,046		710		763		(53	)

Estimated tax cost and unrealized appreciation (depreciation) in value of investments for funds not listed equals their books cost and unrealized appreciation (depreciation) in value of investments.

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

The tax character of distributions paid during the year ended February 28, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	884,662	$	—	$	—	$	884,662
Institutional Tax Free Money Market Fund		47		—		7,821		7,868
Securities Lending Money Market Fund		15,410		—		—		15,410
Liquid Assets Money Market Fund		64,686		—		—		64,686
U.S. Government Money Market Fund		2,578,970		—		—		2,578,970
U.S. Treasury Plus Money Market Fund		506,910		—		—		506,910
Federal Money Market Fund		58,386		—		—		58,386
100% U.S. Treasury Securities Money Market Fund		746,574		—		—		746,574
Tax Free Money Market Fund		1,060		326		196,266		197,652
Municipal Money Market Fund		57		206		33,595		33,858

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

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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.

As of February 28, 2019, 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)			Tax Exempt Income		Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	64,133	$	—		$	—	$	9,057
Institutional Tax Free Money Market Fund		4		—			1,298		(33	)
Securities Lending Money Market Fund		5,294		—			—		483
Liquid Assets Money Market Fund		6,734		—			—		—
U.S. Government Money Market Fund		130,505		(2,501	)		—		—
U.S. Treasury Plus Money Market Fund		24,371		(76	)		—		—
Federal Money Market Fund		4,454		—			—		—
100% U.S. Treasury Securities Money Market Fund		54,526		(118	)		—		(53	)
Tax Free Money Market Fund		—		327			16,201		—
Municipal Money Market Fund		10		34			993		—

The cumulative timing differences primarily consist of distributions payable.

As of February 28, 2019, the following Funds had the following net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
U.S. Government Money Market Fund	$	2,492	$	9
U.S. Treasury Plus Money Market Fund		76		—
100% U.S. Treasury Securities Money Market Fund		118		—

Net Capital Losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. As of February 28, 2019, the following Fund deferred to March 1, 2019 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term		Long-Term
U.S. Government Money Market Fund	$	1,749	$	(17	)
U.S. Treasury Plus Money Market Fund		242		(85	)
100% U.S. Treasury Securities Money Market Fund		94		(39	)

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including

140 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

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 4, 2019.

As of February 28, 2019, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the year ended February 28, 2019, were as follows (amounts in thousands, except number of days outstanding):

	Average Loans		Number of Days Outstanding		Interest Earned
Liquid Assets Money Market Fund	$	19,841		86	$	241
U.S. Government Money Market Fund		16,929		114		207

Interest earned as a result of lending money to another fund for the year ended February 28, 2019, 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, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of February 28, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Prime Money Market Fund		1		57.3	%		—		—
Institutional Tax Free Money Market Fund		1		99.7			—		—
Securities Lending Money Market Fund		—		—			1		100.0	%
Liquid Assets Money Market Fund		2		83.4			—		—
U.S. Government Money Market Fund		1		32.7			—		—
U.S. Treasury Plus Money Market Fund		1		26.7			2		42.4
Federal Money Market Fund		1		67.5			1		15.8
100% U.S. Treasury Securities Money Market Fund		1		38.9			1		11.2
Tax Free Money Market Fund		1		49.9			1		41.6
Municipal Money Market Fund		2		72.9			1		18.3

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

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

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

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

9. Subsequent Event

During the period February 28, 2019 through April 24, 2019, Institutional Tax Free Money Market Fund had net redemptions of $285,000,000. This amount represented 30% of the Fund’s net assets as of February 28, 2019.

142 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund 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, 100% U.S. Treasury Securities Money Market Fund and JPMorgan Tax Free Money Market Fund (four of the funds constituting JPMorgan Trust I), 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) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 28, 2019, the related statements of operations and 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, 2019, the results of each of their operations and the changes in each of their net assets for 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 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	Statement of operations for the year ended February 28, 2019 and statement of changes in net assets for the years ended February 28, 2019 and February 28, 2018
JPMorgan Institutional Tax Free Money Market Fund	Statement of operations and statement of changes in net assets for the period March 1, 2018 (commencement of operations) through February 28, 2019
JPMorgan Securities Lending Money Market Fund	Statement of operations and statement of changes in net assets for the period September 19, 2018 (commencement of operations) through February 28, 2019

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, 2019 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, 2019

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

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 143

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 and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	137	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).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	137	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
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).	137	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 (accounting firm) (1984-2012).	137	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).	137	None
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	137	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-2017; Advisory Board Member, Betterment for Business (2016-2017) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-2017) (index creator); Member, Russell Index Client Advisory Board (2001-2015); Advisory Board Member, State Street Global Advisors’ OCIO Board (2017-present).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	137	None

144 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

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)
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).	137	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).	137	None
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).	137	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
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).	137	Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Trout Unlimited (2017-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).	137	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

(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 (137 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.

*** 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 277 Park Avenue, New York, NY 10172.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 145

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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
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 from 2010 to February 2014.
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.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 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.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
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 277 Park Avenue, New York, NY 10172.

    * 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.

146 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2018, and continued to hold your shares at the end of the reporting period, February 28, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Prime Money Market Fund
Class C
Actual*	$	1,000.00	$	1,007.70	$	4.83		0.97	%
Hypothetical*		1,000.00		1,019.98		4.86		0.97
Agency
Actual*		1,000.00		1,011.30		1.30		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,011.70		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
IM
Actual*		1,000.00		1,011.80		0.80		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Institutional Class
Actual*		1,000.00		1,011.50		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,010.00		2.54		0.51
Hypothetical*		1,000.00		1,022.27		2.56		0.51
Premier
Actual*		1,000.00		1,010.30		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,009.10		3.49		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 147

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Institutional Tax Free Money Market Fund
Agency
Actual*	$	1,000.00	$	1,006.80	$	1.29		0.26	%
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,007.20		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
IM
Actual*		1,000.00		1,007.30		0.80		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Institutional Class
Actual*		1,000.00		1,007.00		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
JPMorgan Securities Lending Money Market Fund
Agency SL
Actual**		1,000.00		1,011.00		0.27		0.06
Hypothetical*		1,000.00		1,024.50		0.30		0.06
JPMorgan Liquid Assets Money Market Fund
Class C
Actual*		1,000.00		1,007.70		4.83		0.97
Hypothetical*		1,000.00		1,019.98		4.86		0.97
Agency
Actual*		1,000.00		1,011.30		1.30		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,011.70		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
Institutional Class
Actual*		1,000.00		1,011.50		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Investor
Actual*		1,000.00		1,010.00		2.54		0.51
Hypothetical*		1,000.00		1,022.27		2.56		0.51
Morgan
Actual*		1,000.00		1,009.60		2.94		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,010.30		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,009.10		3.49		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
JPMorgan U.S. Government Money Market Fund
Agency
Actual*		1,000.00		1,010.20		1.30		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,010.60		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
Eagle Class
Actual*		1,000.00		1,008.00		3.49		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Eagle Private Wealth Class
Actual*		1,000.00		1,009.90		1.50		0.30
Hypothetical*		1,000.00		1,023.31		1.51		0.30

148 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Government Money Market Fund (continued)
E*Trade
Actual*	$	1,000.00	$	1,006.50	$	4.98		1.00	%
Hypothetical*		1,000.00		1,019.84		5.01		1.00
IM
Actual*		1,000.00		1,010.70		0.80		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Institutional Class
Actual*		1,000.00		1,010.40		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Investor
Actual*		1,000.00		1,008.90		2.49		0.50
Hypothetical*		1,000.00		1,022.32		2.51		0.50
Morgan
Actual*		1,000.00		1,008.50		2.94		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,009.20		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,008.00		3.49		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Service
Actual*		1,000.00		1,006.20		5.22		1.05
Hypothetical*		1,000.00		1,019.59		5.26		1.05
JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Actual*		1,000.00		1,006.70		4.83		0.97
Hypothetical*		1,000.00		1,019.98		4.86		0.97
Agency
Actual*		1,000.00		1,010.20		1.30		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,010.60		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
IM
Actual*		1,000.00		1,010.80		0.75		0.15
Hypothetical*		1,000.00		1,024.05		0.75		0.15
Institutional Class
Actual*		1,000.00		1,010.50		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Investor
Actual*		1,000.00		1,009.00		2.49		0.50
Hypothetical*		1,000.00		1,022.32		2.51		0.50
Morgan
Actual*		1,000.00		1,008.60		2.94		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,009.30		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,008.00		3.49		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Federal Money Market Fund
Agency
Actual*	$	1,000.00	$	1,010.10	$	1.30		0.26	%
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Institutional Class
Actual*		1,000.00		1,010.30		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,008.40		2.94		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,009.10		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Actual*		1,000.00		1,010.10		1.30		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Capital
Actual*		1,000.00		1,010.50		0.90		0.18
Hypothetical*		1,000.00		1,023.90		0.90		0.18
Institutional Class
Actual*		1,000.00		1,010.30		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,008.40		2.94		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,009.10		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,007.90		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
JPMorgan Tax Free Money Market Fund
Agency
Actual*		1,000.00		1,006.70		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Institutional Class
Actual*		1,000.00		1,007.00		1.05		0.21
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,005.10		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,005.80		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Reserve
Actual*		1,000.00		1,004.50		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
JPMorgan Municipal Money Market Fund
Agency
Actual*		1,000.00		1,006.80		1.29		0.26
Hypothetical*		1,000.00		1,023.51		1.30		0.26
Eagle Class
Actual*		1,000.00		1,004.60		3.48		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70

150 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Municipal Money Market Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	1,007.10	$	1.05		0.21	%
Hypothetical*		1,000.00		1,023.75		1.05		0.21
Morgan
Actual*		1,000.00		1,005.20		2.93		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Premier
Actual*		1,000.00		1,005.90		2.24		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Service
Actual*		1,000.00		1,002.90		5.21		1.05
Hypothetical*		1,000.00		1,019.59		5.26		1.05

  * 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 163/365 (to reflect the one-half year period). Commencement of operations was September 19, 2018.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 151

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

For the JPMorgan Institutional Tax Free Money Market Fund Only

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering approvals of initial advisory agreements for new funds. At their November 2017 in-person meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial investment advisory agreement (the “New Advisory Agreement”) for the Fund.

In connection with the approval of the New Advisory Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreement, the Trustees reviewed the New Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreement. The Trustees also discussed the proposed New Advisory Agreement in an executive session with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the New Advisory Agreement is provided below.

The Trustees considered information provided with respect to the Fund and the approval of the New Advisory Agreement. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. After considering and weighing the factors and information they had received, the Trustees found that the proposed compensation to be received by the Adviser from the Fund under the New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of the New Advisory Agreement was in the best interests of the Fund and its potential shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex and the Trustees’ experience with the Adviser and its services. The

Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention to be given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy and investment process for the Fund, and the infrastructure supporting the portfolio management team, including personnel changes. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the J.P. Morgan Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the J.P. Morgan Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan Funds.

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

The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser, in its role as administrator, will earn fees from the Fund for providing shareholder and administrative services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services. The Trustees also considered that any fall-out benefits would be comparable to those related to the other actively managed funds in the complex and were consistent with the process of approving advisory agreements for new funds.

Fall-Out Benefits

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

152 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

Economies of Scale

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

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive position-

ing against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”) concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected Fee Caps proposed for the Fund, and the net advisory fee rate after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees noted that the Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering all of the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 153

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

For the JPMorgan Securities Lending Money Market Fund Only

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering approvals of initial advisory agreements for new funds. At their June 2018 in-person meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial investment advisory agreement (the “New Advisory Agreement”) for the Fund.

In connection with the approval of the New Advisory Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreement, the Trustees reviewed the New Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreement. The Trustees also discussed the proposed New Advisory Agreement in an executive session with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the New Advisory Agreement is provided below.

The Trustees considered information provided with respect to the Fund and the approval of the New Advisory Agreement. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. After considering and weighing the factors and information they had received, the Trustees found that the proposed compensation to be received by the Adviser from the Fund under the New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of the New Advisory Agreement was in the best interests of the Fund and its potential shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex and the Trustees’ experience with the Adviser and its services. The

Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention to be given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy and investment process for the Fund, and the infrastructure supporting the portfolio management team, including personnel changes. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the J.P. Morgan Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the J.P. Morgan Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan Funds.

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

The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser, in its role as administrator, will earn fees from the Fund for providing shareholder and administrative services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services. The Trustees also considered that any fall-out benefits would be comparable to those related to the other actively managed funds in the complex and were consistent with the process of approving advisory agreements for new funds.

Fall-Out Benefits

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

154 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2019

Economies of Scale

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

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive

positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”) concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected Fee Caps proposed for the Fund, and the net advisory fee rate after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees noted that the Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering all of the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory.

FEBRUARY 28, 2019 J.P. MORGAN MONEY MARKET FUNDS 155

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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 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, 2019 (amounts in thousands):

	Long-Term Capital Gain Distribution
Tax Free Money Market Fund	$	327
Municipal Money Market Fund		206

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, 2019 (amounts in thousands):

	Qualified Interest Income		Short-Term Gain
JPMorgan Prime Money Market Fund	$	533,803	$	115
JPMorgan Liquid Assets Money Market Fund		39,102		5
JPMorgan U.S. Government Money Market Fund		2,578,970		—
JPMorgan U.S. Treasury Plus Money Market Fund		506,910		—
JPMorgan Federal Money Market Fund		58,382		4
JPMorgan 100% U.S. Treasury Securities Money Market Fund		746,541		33

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, 2019 (amounts in thousands):

	Exempt Distributions Paid
JPMorgan Institutional Tax Free Money Market Fund	$	7,821
JPMorgan Tax Free Money Market Fund		196,266
JPMorgan Municipal Money Market Fund		33,595

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, 2019:

	Income from U.S. Treasury Obligations
JPMorgan Prime Money Market Fund		0.7	%
JPMorgan Securities Lending Money Market Fund		0.9
JPMorgan Liquid Assets Money Market Fund		0.5
JPMorgan U.S. Government Money Market Fund		15.2
JPMorgan U.S. Treasury Plus Money Market Fund		36.3
JPMorgan Federal Money Market Fund		24.3
JPMorgan 100% U.S. Treasury Securities Money Market Fund		97.7

156 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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. February 2019. AN-MMKT-219

Annual Report

J.P. Morgan Income Funds

February 28, 2019

JPMorgan Core Bond Fund

JPMorgan Core Plus Bond Fund

JPMorgan Government Bond Fund

JPMorgan High Yield Fund

JPMorgan Income 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

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

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

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

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 Income Fund	11
JPMorgan Inflation Managed Bond Fund	13
JPMorgan Limited Duration Bond Fund	15
JPMorgan Mortgage-Backed Securities Fund	17
JPMorgan Short Duration Bond Fund	19
JPMorgan Short Duration Core Plus Fund	21
Schedules of Portfolio Investments	23
Financial Statements	310
Financial Highlights	338
Notes to Financial Statements	358
Report of Independent Registered Public Accounting Firm	396
Trustees	397
Officers	400
Schedule of Shareholder Expenses	401
Tax Letter	405
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

April 9, 2019 (Unaudited)

Dear Shareholders,

While the U.S. economy outpaced most other developed economies throughout 2018 and into early 2019, decelerating global growth prompted the U.S. Federal Reserve and certain other leading central banks to adopt a more neutral policy stance to support economic growth.

  “In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China.” — George C.W. Gatch

Despite a sharp sell-off in financial markets in the fourth quarter of 2018, U.S. equity and bond markets generally recorded a positive performance for the twelve months ended February 28, 2019. For most of the reporting period, U.S. equity and bond prices were supported by record high corporate profits and a surging domestic economy.

Growth in U.S. gross domestic product (GDP) swelled to 4.2% in the second quarter of 2018, then cooled to 3.4% and 2.2% in the third and fourth quarters, respectively. The unemployment rate in the U.S. remained at historic lows, ranging between 4.0% and 3.7% for the reporting period and ending at 3.8% in February 2019. Corporate earnings generally outperformed analysts’ expectations for most of the reporting period but investors and economists expected that trend to recede due to slowing global demand and the fading effects of federal tax cuts enacted at the end of 2017.

Meanwhile, investor uncertainty rose in late 2018 amid unresolved U.S.-China trade tensions, rising interest rates and a political impasse that led to the shutdown of large parts of the U.S. federal government. Equity prices plummeted in December sending the S&P 500 Index to its worst monthly performance since 1931. However, a budget agreement re-opened federal operations in January and the Fed responded to slowing growth by adopting a “patient” approach toward further interest rate increases. Financial markets quickly rebounded, with domestic equity prices generally returning to positive territory for the reporting period and bond prices generally rising.

Among other leading economies, manufacturing and export sectors slumped in the 19-nation Eurozone, as well as in South Korea and Taiwan, amid softening demand from China and the impact of reciprocal trade tariffs between the U.S. and leading trading partners. In response to stalling growth, the European Central Bank offered a new round of low-cost loans to banks

and indicated it would not raise interest rates through the end of 2019. Meanwhile, Chinese authorities moved to counter slowing domestic growth via tax cuts, infrastructure spending and increased bank lending. By the end of the period, U.S. and Chinese negotiators were working to resolve their trade dispute.

Notably, emerging market debt largely outperformed both equity and other bond markets in the second half of the reporting period. A decline in interest rates at the end of the period and investor expectations for improvement in trade tensions combined to generally bolster both sovereign and corporate bonds in emerging markets. In the U.S., equity market volatility increased in the second half of the reporting period and bond markets, which had lackluster performance for the first half of the reporting period, generally outperformed equity markets in the latter six months.

In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China. A pause in monetary tightening and a reduction in reciprocal trade tariffs could continue to support financial markets and global economic activity. The International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) have forecast 3.3% growth in global GDP for 2019, but the OECD has also warned of weakening economic prospects in the 20 largest economies, particularly in China, Eurozone countries and the U.K. The organization has cited “vulnerabilities” from slowing trade and manufacturing, as well as acute geo-political risks. The U.S. economy is forecast by IMF to grow by about 2.3% in 2019, slower than the previous year but still positive and on track to achieve its longest period of economic expansion on record.

We believe those investors who remain fully invested for the long term in a well-diversified portfolio may continue to benefit from available market opportunities. 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, 2019 J.P. MORGAN INCOME FUNDS 1

J.P. Morgan Income Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

The performance of U.S. bond markets continued to lag behind gains in U.S. equity for most of the reporting period. Equity prices were generally supported by record corporate profits, low interest rates and the continued expansion of the U.S. economy. Conversely, investor expectations for accelerating inflation and future increases in interest rates weighed down prices for corporate debt and U.S. Treasury bonds for most of the reporting period.

Notably, investors sold off both equity and bonds in the fourth quarter of 2018 amid concerns about U.S.-China trade tensions, slowing economic growth in China and Europe and a political impasse in Washington, D.C. that led to the partial shutdown of the federal government.

However, prices for both equity and bonds rebounded somewhat in the first two months of 2019. A budget agreement re-opened federal government operations in January, and the U.S. Federal Reserve (the “Fed”) said it would take a “patient” approach toward future interest rate increases. At the same time, inflation remained below the Fed’s target level despite a tightening job market and emerging signs of wage growth in the U.S.

Overall, high yield bonds (also known as “junk bonds”) outperformed both investment grade corporate debt and U.S. Treasury bonds during the reporting period. For the twelve months ended February 28, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.17% and the Bloomberg Barclays High Yield Corporate Index returned 4.31%.

2 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Core Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.97%
Bloomberg Barclays U.S. Aggregate Bond Index		3.17%
Net Assets as of 2/28/2019 (In Thousands)	$	29,551,322
Duration as of 2/28/2019		5.8 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, 2019, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in agency mortgage pass-through securities was a leading detractor from performance during the reporting period. The Fund’s security selection in corporate bonds also modestly detracted from relative performance.

The Fund’s allocation to asset-backed securities, non-agency mortgage-backed securities and commercial mortgage-backed securities were leading contributors to relative performance amid investor demand for asset classes with relatively attractive yields. The Fund’s overweight position in the middle portion of the yield curve also contributed to relative performance as interest rates fell in the intermediate and longer portions of 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.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing dis-

crepancies 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 commercial mortgage-backed securities and asset-backed securities, relative to the Benchmark.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	28.9	%
Corporate Bonds	22.5
Mortgage-Backed Securities	15.2
Asset-Backed Securities	12.4
Collateralized Mortgage Obligations	8.7
Commercial Mortgage-Backed Securities	7.5
U.S. Government Agency Securities	2.1
Others (each less than 1.0%)	1.7
Short-Term Investments	1.0

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 3

JPMorgan Core Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			(1.13	)%		1.24	%		3.41	%
Without Sales Charge			2.71			2.01			3.80
CLASS C SHARES	March 22, 1999
With CDSC**			0.98			1.36			3.13
Without CDSC			1.98			1.36			3.13
CLASS I SHARES	June 1, 1991		2.97			2.22			3.99
CLASS R2 SHARES	November 3, 2008		2.27			1.72			3.53
CLASS R3 SHARES	September 9, 2016		2.63			1.89			3.69
CLASS R4 SHARES	September 9, 2016		2.78			2.13			3.94
CLASS R5 SHARES	May 15, 2006		2.94			2.31			4.11
CLASS R6 SHARES	February 22, 2005		3.03			2.39			4.19

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

Returns shown for 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 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 Bond Index and the Lipper Core Bond Funds Index from February 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of 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 Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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, 2019

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.30%
Bloomberg Barclays U.S. Aggregate Bond Index		3.17%
Net Assets as of 2/28/2019 (In Thousands)	$	14,021,758
Duration as of 2/28/2019		5.8 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, 2019, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”).

The Fund’s out-of-Benchmark allocation to high yield corporate bonds (also known as “junk bonds”) was a leading contributor to performance relative to the Benchmark. The Fund’s overweight positions and security selection in shorter duration securitized credit sectors, including asset-backed securities, commercial mortgage-backed securities and non-agency mortgage-backed securities also made a positive contribution to relative performance.

The Fund’s security selection within the agency mortgage-backed securities sector detracted from performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to take advantage of 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’s managers decreased the Fund’s overall duration to 5.79 years at February 28, 2019 from 6.01 years at February 28, 2018.

PORTFOLIO COMPOSITION***
Corporate Bonds	28.9	%
Asset-Backed Securities	17.5
Mortgage-Backed Securities	15.9
U.S. Treasury Obligations	14.3
Commercial Mortgage-Backed Securities	10.3
Collateralized Mortgage Obligations	4.6
U.S. Government Agency Securities	2.0
Foreign Government Securities	1.7
Investment of cash collateral from securities loaned	1.6
Others (each less than 1.0%)	0.4
Short-Term Investments	2.8

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 5

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge*			(0.92	)%		1.71	%		4.92	%
Without Sales Charge			3.00			2.49			5.31
CLASS C SHARES	May 30, 2000
With CDSC**			1.31			1.82			4.64
Without CDSC			2.31			1.82			4.64
CLASS I SHARES	March 5, 1993		3.30			2.70			5.50
CLASS L SHARES	June 19, 2009		3.26			2.75			5.60
CLASS R2 SHARES	November 3, 2008		2.59			2.07			4.90
CLASS R3 SHARES	September 9, 2016		2.85			2.32			5.17
CLASS R4 SHARES	September 9, 2016		2.99			2.56			5.42
CLASS R5 SHARES	September 9, 2016		3.27			2.69			5.49
CLASS R6 SHARES	February 22, 2005		3.23			2.83			5.69

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28//09 TO 2/28/19)

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

Returns shown for Class L, 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 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 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 Bond Index and the Lipper Core Plus Bond Funds Index from February 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of 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. Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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, 2019

JPMorgan Government Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.09%
Bloomberg Barclays U.S. Government Bond Index		3.21%
Net Assets as of 2/28/2019 (In Thousands)	$	1,713,644
Duration as of 2/28/2019		5.4 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, 2019, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Government Bond Index (“Benchmark”).

Relative to the Benchmark, the Fund’s allocation to U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted from performance as inflation expectations among investors receded during the reporting period.

The Fund’s allocation to agency mortgage-backed securities was a leading contributor to relative performance amid investor demand for asset classes with attractive yields. The Fund’s overweight position in the 10-year portion of the yield curve also contributed to relative performance as interest rates fell in the intermediate and longer portions of 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.

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 14.6% at the end of the reporting period from 12.8% at February 28, 2018. 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***
U.S. Treasury Obligations	26.3	%
Collateralized Mortgage Obligations	24.1
Mortgage-Backed Securities	16.2
U.S. Government Agency Securities	14.4
Commercial Mortgage-Backed Securities	8.8
Foreign Government Security	0.4
Short-Term Investments	9.8

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 7

JPMorgan Government Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge*			(1.14	)%		0.83	%		2.55	%
Without Sales Charge			2.71			1.60			2.94
CLASS C SHARES	March 22, 1999
With CDSC**			1.09			0.93			2.22
Without CDSC			2.09			0.93			2.22
CLASS I SHARES	February 8, 1993		3.09			1.89			3.21
CLASS R2 SHARES	November 3, 2008		2.36			1.32			2.66
CLASS R3 SHARES	September 9, 2016		2.62			1.52			2.84
CLASS R4 SHARES	September 9, 2016		2.88			1.74			3.08
CLASS R6 SHARES	August 1, 2016		3.12			1.93			3.24

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

Returns shown for 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 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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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, 2019

JPMorgan High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.86%
Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index		4.31%
Net Assets as of 2/28/2019 (In Thousands)	$	8,559,459
Duration as of 2/28/2019		3.6 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, 2019, 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, and lower rated bonds generally outperformed higher rated bonds.

Relative to the Benchmark, the Fund’s security selection in the energy and technology sectors was a leading detractor from performance. The Fund’s out-of-Benchmark position in bonds rated single-A and its underweight position in BB rated bonds also detracted from relative performance for the reporting period.

The Fund’s overweight position in the consumer non-cyclical sector and its security selection in the consumer cyclical sector were leading contributors to relative performance. The Fund’s overweight position in bonds rated BBB and its security selection in bonds rated CCC also made a positive contribution to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers sought to take specific, targeted credit risks 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 positioned the portfolio more aggressively during the twelve month period in response to strong fundamentals across most issuers and sectors.

PORTFOLIO COMPOSITION***
Corporate Bonds	88.3	%
Loan Assignments	5.7
Others (each less than 1.0%)	1.3
Short-Term Investments	4.7

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 9

JPMorgan High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 13, 1998
With Sales Charge*			(0.21	)%		2.70	%		9.10	%
Without Sales Charge			3.62			3.47			9.52
CLASS C SHARES	March 22, 1999
With CDSC**			1.95			2.91			8.91
Without CDSC			2.95			2.91			8.91
CLASS I SHARES	November 13, 1998		3.86			3.69			9.78
CLASS R2 SHARES	November 3, 2008		3.27			3.14			9.20
CLASS R3 SHARES	August 21, 2017		3.51			3.36			9.49
CLASS R4 SHARES	August 21, 2017		3.77			3.62			9.74
CLASS R5 SHARES	May 15, 2006		3.91			3.75			9.84
CLASS R6 SHARES	February 22, 2005		4.02			3.83			9.89

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 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 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 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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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, 2019

JPMorgan Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)* . . . . . . . . . . . . . . . . . . . .		4.91%
Bloomberg Barclays U.S. Aggregate Bond Index. . . . .		3.17%
Net Assets as of 2/28/2019 (In Thousands) . . . . . . . . . .	$	551,510
Duration as of 2/28/2019. . . . . . . . . . . . . . . . . . . . . . . . .		4.5 years

INVESTMENT OBJECTIVE**

The JPMorgan Income Fund (the “Fund”) seeks to provide income with a secondary objective of capital appreciation.

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

The Fund is flexible in its ability to invest in a wide variety of debt securities and financial instruments of any maturity and is not managed to an index. This allows the Fund to shift its allocations based on changing market conditions. For the twelve months ended February 28, 2019, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

Relative to the Index, the Fund’s allocations to high yield bonds (also known as “junk bonds”), which were not held in the Index, and its allocations to asset-backed securities, commercial mortgage-backed securities and non-agency mortgage-backed securities helped performance. The Fund’s duration positioning was shorter than that of the Index during the first half of the reporting period, which also contributed to relative performance as interest rates rose. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller price decline when interest rates rise.

The Fund’s underweight position in investment grade corporate debt was the leading detractor from performance relative to the Index.

During the reporting period, the Fund’s Class I Shares distributed approximately $0.041 per share each month.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund invested opportunistically among multiple debt markets and sectors that

the portfolio managers believed had a high potential to produce income. The Fund’s managers sought to manage risk through exposure to debt markets that they believed had low correlations to each other. During the reporting period, the Fund’s managers increased their allocation to asset-backed securities. The managers decreased the Fund’s exposure to emerging markets debt. The Fund’s overall duration increased to 4.48 years at February 28, 2019 from 3.76 years at February 28, 2018.

PORTFOLIO COMPOSITION***
Corporate Bonds	36.1	%
Asset-Backed Securities	28.5
Collateralized Mortgage Obligations	13.8
Commercial Mortgage-Backed Securities	10.4
Foreign Government Securities	4.9
Investment of cash collateral from securities loaned	2.1
U.S. Treasury Obligations	1.0
Others (each less than 1.0%)	1.1
Short-Term Investments	2.1

* 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, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 11

JPMorgan Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		June 2, 2014
With Sales Charge*				0.76	%		2.85	%
Without Sales Charge				4.63			3.69
CLASS C SHARES		June 2, 2014
With CDSC**				3.05			3.11
Without CDSC				4.05			3.11
CLASS I SHARES		June 2, 2014		4.91			3.91
CLASS R6 SHARES		June 2, 2014		4.92			3.98

* 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 (6/2/14 TO 2/28/19)

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

The Fund commenced operations on June 2, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of JPMorgan Income Fund, the Bloomberg Barclays U.S. Aggregate Bond Index and the Lipper Multi-Sector Income Funds Index from June 2, 2014 to February 28, 2019. The performance of the Lipper Multi-Sector Income Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Sector Income 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. Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable

and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Multi-Sector Income Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

12 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.28%
Bloomberg Barclays 1-10 Year U.S. TIPS Index	2.20%
Bloomberg Barclays U.S. Intermediate Aggregate Bond Index	3.36%
Inflation Managed Bond Composite Benchmark1	1.90%
Net Assets as of 2/28/2019 (In Thousands)	$1,104,129
Duration as of 2/28/2019	3.4 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, 2019, the Fund’s Class I Shares underperformed the Bloomberg Barclays 1-10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the “Index”), the Bloomberg Barclays U.S. Intermediate Bond Aggregate Index and the Inflation Managed Bond Composite Benchmark.

During the reporting period, U.S. inflation decelerated modestly amid falling energy prices. The Fund’s inflation hedge, which included CPI-U swaps and TIPS, detracted from absolute performance as inflation expectations declined during the reporting period.

Relative to the Index, the Fund’s shorter overall duration detracted from relative performance as interest rates fell. 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 increase in price when interest rates fall compared with bonds of longer duration.

The Fund’s out-of-Index allocation to asset-backed securities was the leading contributor to relative performance amid demand from investors seeking attractive yields and shorter duration.

HOW WAS THE FUND POSITIONED?

Among the Fund’s fixed income holdings, the Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

The Fund’s portfolio managers sought to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying core bonds 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 actual, realized inflation, as well as from 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 of All Urban Consumers, and decreases with deflation. At maturity, a TIPS investor is paid either the adjusted or the original principal, whichever is greater.

PORTFOLIO COMPOSITION***
Corporate Bonds	32.9	%
U.S. Treasury Obligations	20.0
Collateralized Mortgage Obligations	11.1
Mortgage-Backed Securities	10.7
Commercial Mortgage-Backed Securities	10.4
Asset-Backed Securities	8.3
U.S. Government Agency Securities	4 .3
Foreign Government Securities	0.3
Short-Term Investments	2.0

¹   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, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 13

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	March 31, 2010
With Sales Charge*			(2.71	)%		(0.01	)%		1.42	%
Without Sales Charge			1.13			0.76			1.85
CLASS C SHARES	March 31, 2010
With CDSC**			(0.62	)		0.10			1.18
Without CDSC			0.38			0.10			1.18
CLASS I SHARES	March 31, 2010		1.28			0.91			2.00
CLASS R5 SHARES	March 31, 2010		1.33			0.96			2.06
CLASS R6 SHARES	November 30, 2010		1.41			1.04			2.11

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (3/31/10 TO 2/28/19)

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

The Fund commenced operations on 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, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1–10 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.

14 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.59%
Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index		2.52%
Net Assets as of 2/28/2019 (In Thousands)	$	1,107,688
Duration as of 2/28/2019		1.4 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, 2019, the Fund’s Class I Shares outperformed the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”). Interest rates generally rose for most of the reporting period and lower quality bonds outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s shorter overall duration helped relative performance as interest rates rose in 2018. 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 decrease in price as interest rates rise, versus bonds with longer duration. The Fund’s out-of-Benchmark allocation to short duration structured credit securities, including asset-backed securities, commercial mortgage-backed securities and non-agency mortgage-backed securities, also contributed to relative performance.

The Fund’s underweight position in short duration corporate credit was leading detractor from relative performance. The Fund’s out-of-Benchmark allocation to agency mortgage-backed securities also detracted 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 1.41 years at February 28, 2019 from 1.21 years at February 28, 2018. 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	41.4	%
Asset-Backed Securities	28.8
Corporate Bonds	11.5
Commercial Mortgage-Backed Securities	7.0
Mortgage-Backed Securities	3.9
Short-Term Investments	7.4

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 15

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 10, 1993
With Sales Charge*			0.03	%		0.78	%		3.82	%
Without Sales Charge			2.34			1.24			4.06
CLASS C SHARES	November 1, 2001
With CDSC**			0.86			0.73			3.54
Without CDSC			1.86			0.73			3.54
CLASS I SHARES	February 2, 1993		2.59			1.48			4.32
CLASS R6 SHARES	February 22, 2005		2.79			1.68			4.53

* Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

The 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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1–3 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.

16 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.77%
Bloomberg Barclays U.S. MBS Index		3.58%
Net Assets as of 2/28/2019 (In Thousands)	$	2,193,072
Duration as of 2/28/2019		4.3 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, 2019, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. MBS Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in non-agency mortgage-backed securities, commercial mortgage-backed securities and mortgage-related asset-backed securities was a leading contributor to performance during the reporting period. The Fund’s overweight position in the 10-year portion of the yield curve also helped relative performance as that portion outperformed shorter and longer parts of 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.

The Fund’s allocations to short-term money market securities and U.S. Treasury bonds, which were used for liquidity and duration positioning, detracted from relative performance. 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 increase or decrease in price when interest rates fall or rise relative to longer

duration bonds. The Fund’s security selection in agency mortgage-backed pass-through securities also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

PORTFOLIO COMPOSITION***
Mortgage-Backed Securities	47.3	%
Collateralized Mortgage Obligations	20.4
Commercial Mortgage-Backed Securities	12.8
Asset-Backed Securities	11.4
U.S. Treasury Obligations	2.4
Short-Term Investments	5.7

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 17

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	August 18, 2000
With Sales Charge*			(0.39	)%		1.58	%		4.03	%
Without Sales Charge			3.50			2.36			4.44
CLASS C SHARES	July 2, 2012
With CDSC**			1.91			1.85			3.92
Without CDSC			2.91			1.85			3.92
CLASS I SHARES	August 18, 2000		3.77			2.61			4.71
CLASS R6 SHARES	February 22, 2005		3.83			2.75			4.85

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 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.

18 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.24%
Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index		2.52%
Net Assets as of 2/28/2019 (In Thousands)	$	3,164,196
Duration as of 2/28/2019		1.8 years

INVESTMENT OBJECTIVE**

The JPMorgan Short Duration Bond Fund (the “Fund”) seeks current income consistent with preservation of capital through investment in high- and medium-grade fixed income securities.

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

For the twelve months ended February 28, 2019, 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 non-government bonds was a leading detractor from performance as so-called risk assets, including non-government bonds, generally outperformed U.S. Treasury bonds during the reporting period.

The Fund’s security selection in non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities was a leading contributor to relative performance. The Fund’s allocation to bonds with maturities of three years or longer also helped relative performance as falling interest rates benefitted bonds with intermediate and longer maturities.

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 U.S. Treasury bonds and held out-of-Benchmark allocations to mortgage-backed securities and asset-backed securities.

PORTFOLIO COMPOSITION***
Corporate Bonds	31.4	%
U.S. Treasury Obligations	26.6
Asset-Backed Securities	23.4
Collateralized Mortgage Obligations	11.4
Mortgage-Backed Securities	4.7
U.S. Government Agency Securities	2.1
Others (each less than 1.0%)	0.2
Short-Term Investments	0.2

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 19

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(0.34	)%		0.16	%		1.09	%
Without Sales Charge			1.99			0.62			1.31
CLASS C SHARES	November 1, 2001
With CDSC**			0.56			0.13			0.81
Without CDSC			1.56			0.13			0.81
CLASS I SHARES	September 4, 1990		2.24			0.89			1.57
CLASS R6 SHARES	February 22, 2005		2.60			1.15			1.83

* Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

The 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 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1–3 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.

20 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Short Duration Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	2.90%
Bloomberg Barclays 1-5 Year Government/Credit Index	2.84%
Net Assets as of 2/28/2019 (In Thousands)	$275,721
Duration as of 2/28/2019	2.5 years

INVESTMENT OBJECTIVE**

The JPMorgan Short Duration Core Plus Fund (the “Fund”) seeks total return, consistent with preservation of capital.

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

For the twelve months ended February 28, 2019, the Fund outperformed the Bloomberg Barclays 1-5 Year Government/Credit Index (the “Benchmark”). During the reporting period, high yield bonds (also known as “junk bonds”) generally outperformed other sectors of the bond market, and lower rated bonds generally outperformed higher rated bonds.

Relative to the Benchmark, the Fund’s out-of-Benchmark allocations to high yield bonds, asset-backed securities, and agency mortgage-backed securities were leading contributors to relative performance. The Fund’s allocation to investment grade corporate debt was a small detractor from performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to take advantage of 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’s managers decreased the Fund’s overall duration to 2.54 years at February 28, 2019 from 2.69 years at February 28, 2018.

PORTFOLIO COMPOSITION***
Corporate Bonds	33.4	%
U.S. Treasury Obligations	26.4
Collateralized Mortgage Obligations	13.3
Commercial Mortgage-Backed Securities	9.2
Asset-Backed Securities	8.2
Mortgage-Backed Securities	5.1
Foreign Government Securities	1.5
Short-Term Investments	2.9

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 21

JPMorgan Short Duration Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	March 1, 2013
With Sales Charge*			0.21	%		2.03	%		2.36	%
Without Sales Charge			2.56			2.50			2.75
CLASS C SHARES	March 1, 2013
With CDSC**			1.15			1.99			2.24
Without CDSC			2.15			1.99			2.24
CLASS I SHARES	March 1, 2013		2.90			2.75			3.00
CLASS R6 SHARES	March 1, 2013		2.95			2.86			3.12

* 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 2/28/19)

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

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 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 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 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 portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. 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.

22 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 28.9%
U.S. Treasury Bonds 8.75%, 8/15/2020		54,785		59,592
8.13%, 5/15/2021		14,932		16,708
8.00%, 11/15/2021		9,475		10,823
5.38%, 2/15/2031		1,393		1,762
4.50%, 2/15/2036		25,002		30,600
4.25%, 5/15/2039		38,050		45,602
4.50%, 8/15/2039		71,284		88,222
4.38%, 11/15/2039		76,320		92,929
4.38%, 5/15/2040		134,780		164,126
2.75%, 11/15/2042		50,000		47,309
3.13%, 2/15/2043		50,610		51,084
2.88%, 5/15/2043		298,860		288,505
3.63%, 8/15/2043		228,240		249,905
3.75%, 11/15/2043		416,002		464,687
3.63%, 2/15/2044		222,265		243,502
2.50%, 2/15/2045		113,600		101,685
2.88%, 8/15/2045		101,060		97,262
3.00%, 11/15/2045		25,000		24,639
2.25%, 8/15/2046		125,000		105,522
3.00%, 2/15/2048		78,220		76,857
3.13%, 5/15/2048		61,353		61,777
U.S. Treasury Inflation Indexed Bonds 1.75%, 1/15/2028		2,100		2,725
3.63%, 4/15/2028		9,066		17,550
2.50%, 1/15/2029		3,587		4,876
U.S. Treasury Inflation Indexed Notes 0.13%, 4/15/2019		10,000		10,728
1.38%, 1/15/2020		2,584		3,025
0.13%, 1/15/2022		22,231		24,307
U.S. Treasury Notes 3.13%, 5/15/2019		43,518		43,576
0.75%, 8/15/2019		30,000		29,756
1.63%, 8/31/2019		25,000		24,884
1.25%, 2/29/2020		18,500		18,263
1.50%, 5/15/2020		50,000		49,375
1.38%, 5/31/2020		10,000		9,855
2.50%, 5/31/2020		5,941		5,936
2.63%, 8/15/2020		290,991		291,218
2.13%, 8/31/2020		10,000		9,935
1.75%, 10/31/2020		5,000		4,934
2.63%, 11/15/2020		34,504		34,540
2.00%, 11/30/2020		2,500		2,476
1.38%, 1/31/2021		8,295		8,114
3.63%, 2/15/2021		80,000		81,656
2.63%, 5/15/2021		69,679		69,824

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
2.88%, 10/15/2021		100,000		100,910
1.25%, 10/31/2021		50,000		48,383
1.75%, 2/28/2022		17,000		16,633
1.63%, 8/31/2022		150,000		145,564
2.00%, 10/31/2022		13,000		12,766
1.75%, 1/31/2023		70,000		67,996
1.50%, 2/28/2023		210,000		201,887
1.75%, 5/15/2023		133,400		129,289
2.75%, 5/31/2023		12,366		12,478
1.38%, 6/30/2023		40,000		38,122
1.38%, 8/31/2023		70,000		66,590
2.75%, 2/15/2024		25,000		25,249
2.13%, 2/29/2024		4,955		4,859
2.50%, 5/15/2024		2,000		1,995
2.13%, 9/30/2024		50,000		48,848
2.25%, 11/15/2024		3,021		2,968
2.00%, 2/15/2025		255,000		246,653
2.88%, 4/30/2025		4,925		5,002
2.13%, 5/15/2025		100,000		97,270
2.88%, 5/31/2025		40,158		40,787
2.00%, 8/15/2025		141,304		136,198
2.25%, 11/15/2025		116,184		113,534
1.63%, 2/15/2026		415		389
1.50%, 8/15/2026		2,550		2,353
U.S. Treasury STRIPS Bonds 2.05%, 2/15/2020 (a)		52,512		51,244
3.77%, 5/15/2020 (a)		108,001		104,719
2.88%, 8/15/2020 (a)		265,487		255,714
2.22%, 2/15/2021 (a)		212,665		202,316
1.99%, 5/15/2021 (a)		123,537		116,772
2.91%, 8/15/2021 (a)		108,421		101,780
3.27%, 11/15/2021 (a)		88,371		82,513
2.76%, 2/15/2022 (a)		229,956		213,192
2.57%, 5/15/2022 (a)		149,456		137,695
3.06%, 8/15/2022 (a)		71,995		65,839
2.83%, 11/15/2022 (a)		171,800		156,156
3.15%, 2/15/2023 (a)		254,322		229,642
2.92%, 5/15/2023 (a)		277,105		248,626
2.39%, 8/15/2023 (a)		152,910		136,233
2.31%, 11/15/2023 (a)		88,900		78,749
2.52%, 2/15/2024 (a)		59,076		51,968
2.80%, 5/15/2024 (a)		67,278		58,794
2.99%, 8/15/2024 (a) (b)		51,591		44,794
4.54%, 11/15/2024 (a)		33,200		28,591
6.05%, 2/15/2025 (a)		6,601		5,638

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 23

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
2.05%, 8/15/2025 (a)		10,990		9,238
4.90%, 2/15/2026 (a)		6,700		5,555
4.99%, 5/15/2026 (a)		24,999		20,588
3.95%, 11/15/2026 (a)		74,541		60,414
4.02%, 2/15/2027 (a)		25,684		20,638
3.16%, 5/15/2027 (a)		50,400		40,188
4.80%, 11/15/2027 (a)		31,028		24,359
3.94%, 5/15/2028 (a)		20,000		15,459
3.80%, 2/15/2029 (a)		81,052		61,276
3.33%, 5/15/2029 (a)		14,870		11,126
3.64%, 11/15/2029 (a)		59,956		44,208
5.81%, 2/15/2030 (a)		111,213		81,373
5.39%, 5/15/2030 (a)		44,636		32,377
4.29%, 8/15/2030 (a)		89,733		64,567
4.36%, 11/15/2030 (a)		57,436		40,940
3.60%, 5/15/2031 (a)		93,350		65,773
3.90%, 8/15/2031 (a) (b)		70,188		48,829
3.88%, 11/15/2031 (a)		98,421		67,934
3.37%, 2/15/2032 (a)		103,866		71,213
3.63%, 5/15/2032 (a)		196,297		133,436
3.22%, 8/15/2032 (a)		199,800		134,730
3.40%, 11/15/2032 (a)		172,788		115,568
3.70%, 2/15/2033 (a)		36,300		24,103
3.85%, 5/15/2033 (a)		108,105		71,134
5.28%, 8/15/2033 (a)		24,963		16,307
5.92%, 11/15/2033 (a)		33,709		21,856
3.10%, 2/15/2034 (a)		121,891		78,316
4.07%, 5/15/2034 (a)		28,525		18,184
2.99%, 11/15/2041 (a)		97,550		48,517
U.S. Treasury STRIPS Notes 1.71%, 2/15/2020 (a)		99,370		96,947
Total U.S. Treasury Obligations (Cost $8,564,675)				8,553,502
Corporate Bonds — 22.5%
Aerospace & Defense — 0.3%
Airbus Finance BV (France) 2.70%, 4/17/2023 (c)		3,267		3,204
Airbus SE (France) 3.15%, 4/10/2027 (c)		4,909		4,783
3.95%, 4/10/2047 (b) (c)		1,046		1,024
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (c)		2,107		2,124
3.80%, 10/7/2024 (c)		5,000		5,032
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (c)		2,500		2,867

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Aerospace & Defense — continued
Harris Corp. 3.83%, 4/27/2025		7,570		7,577
4.85%, 4/27/2035		1,918		1,980
Lockheed Martin Corp. 2.50%, 11/23/2020		897		890
4.50%, 5/15/2036		7,200		7,563
4.07%, 12/15/2042		3,082		3,014
Northrop Grumman Corp. 3.20%, 2/1/2027		5,364		5,171
3.25%, 1/15/2028		1,700		1,628
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		1,794		2,411
Precision Castparts Corp. 3.25%, 6/15/2025		5,751		5,819
Rockwell Collins, Inc. 3.20%, 3/15/2024		2,992		2,933
4.35%, 4/15/2047		1,161		1,095
United Technologies Corp. 3.65%, 8/16/2023		4,552		4,616
3.95%, 8/16/2025		9,385		9,566
6.70%, 8/1/2028		701		844
6.05%, 6/1/2036		4,095		4,715
4.45%, 11/16/2038		3,005		2,985
4.50%, 6/1/2042		6,022		5,952
4.15%, 5/15/2045		4,246		3,969
				91,762
Air Freight & Logistics — 0.0% (d)
FedEx Corp. 3.90%, 2/1/2035		2,465		2,276
Airlines — 0.0% (d)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		4,149		4,162
Automobiles — 0.1%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (c)		5,568		5,327
Daimler Finance North America LLC (Germany) 2.25%, 3/2/2020 (c)		2,089		2,072
2.00%, 7/6/2021 (c)		1,250		1,210
3.35%, 2/22/2023 (c)		5,000		4,968
3.30%, 5/19/2025 (c)		1,200		1,159
Hyundai Capital America 2.00%, 7/1/2019 (c)		2,560		2,549
3.00%, 3/18/2021 (c)		7,600		7,491
Kia Motors Corp. (South Korea) 2.63%, 4/21/2021 (c)		904		886

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Automobiles — continued
Nissan Motor Acceptance Corp. 3.15%, 3/15/2021 (c)		4,080		4,042
1.90%, 9/14/2021 (c)		3,520		3,362
				33,066
Banks — 4.8%
ABN AMRO Bank NV (Netherlands) 2.45%, 6/4/2020 (c)		9,759		9,693
4.75%, 7/28/2025 (c)		7,879		8,026
AIB Group plc (Ireland) 4.75%, 10/12/2023 (c)		13,710		13,758
ANZ New Zealand Int’l Ltd. (New Zealand) 2.60%, 9/23/2019 (c)		16,050		16,034
2.85%, 8/6/2020 (c)		3,016		3,010
2.75%, 1/22/2021 (c)		3,435		3,406
3.45%, 1/21/2028 (c)		2,000		1,944
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (c)		1,700		1,710
Australia & New Zealand Banking Group Ltd. (Australia) 4.88%, 1/12/2021 (c)		2,571		2,655
4.40%, 5/19/2026 (c)		1,834		1,819
Banco Santander SA (Spain) 3.13%, 2/23/2023		5,000		4,847
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021 (e)		2,530		2,505
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (e)		10,294		10,371
2.50%, 10/21/2022		6,212		6,076
3.30%, 1/11/2023		9,404		9,432
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (e)		6,248		6,217
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (e)		10,925		10,791
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e)		20,618		20,350
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (e)		1,890		1,897
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (e)		530		539
4.00%, 1/22/2025		18,371		18,401
Series L, 3.95%, 4/21/2025		8,782		8,776
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (e)		1,840		1,795
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (e)		5,215		5,129
4.45%, 3/3/2026		5,041		5,132

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
4.25%, 10/22/2026		6,055		6,083
3.25%, 10/21/2027		20,908		20,007
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (b) (e)		10,025		9,887
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (e)		27,187		26,230
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (e)		26,230		26,316
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (e)		22,913		22,990
Bank of Montreal (Canada) 2.35%, 9/11/2022		7,632		7,448
Series E, 3.30%, 2/5/2024		8,700		8,665
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (c)		6,160		6,146
Bank of Nova Scotia (The) (Canada) 2.50%, 1/8/2021		8,455		8,390
1.88%, 9/20/2021 (c)		4,470		4,357
2.70%, 3/7/2022		1,487		1,472
3.40%, 2/11/2024		11,380		11,381
4.50%, 12/16/2025		2,125		2,178
Banque Federative du Credit Mutuel SA (France) 2.00%, 4/12/2019 (c)		1,977		1,976
Barclays plc (United Kingdom) 3.68%, 1/10/2023		8,672		8,588
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024 (e)		14,993		14,977
3.65%, 3/16/2025 (b)		15,214		14,628
5.20%, 5/12/2026		3,000		3,018
BB&T Corp. 6.85%, 4/30/2019		1,480		1,489
5.25%, 11/1/2019		2,466		2,504
2.63%, 6/29/2020		6,000		5,975
2.05%, 5/10/2021		2,200		2,157
BNP Paribas SA (France) 3.50%, 3/1/2023 (c)		3,000		2,971
3.38%, 1/9/2025 (c)		6,025		5,829
BNZ International Funding Ltd. (New Zealand) 2.10%, 9/14/2021 (c)		4,300		4,168
2.65%, 11/3/2022 (c)		3,708		3,606
3.38%, 3/1/2023 (c)		4,500		4,489
Canadian Imperial Bank of Commerce (Canada) 1.60%, 9/6/2019		2,740		2,724
2.25%, 7/21/2020 (b) (c)		12,882		12,782
2.70%, 2/2/2021		3,000		2,990

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 25

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Capital One Bank USA NA 3.38%, 2/15/2023		9,474		9,341
Capital One NA 2.40%, 9/5/2019		4,190		4,178
Citigroup, Inc. 2.40%, 2/18/2020		5,000		4,975
2.65%, 10/26/2020		7,940		7,887
2.70%, 3/30/2021		8,395		8,357
2.35%, 8/2/2021		2,309		2,268
2.75%, 4/25/2022		12,240		12,083
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (e)		6,399		6,375
3.88%, 3/26/2025		3,077		3,058
4.40%, 6/10/2025		9,115		9,262
5.50%, 9/13/2025		4,296		4,640
3.70%, 1/12/2026		12,625		12,592
3.40%, 5/1/2026		6,100		5,934
4.30%, 11/20/2026		6,200		6,208
4.45%, 9/29/2027		1,491		1,496
6.63%, 1/15/2028		3,363		3,937
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (e)		8,000		7,835
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		5,000		4,830
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b) (e)		3,330		3,170
8.13%, 7/15/2039		1,424		2,072
5.88%, 1/30/2042		1,842		2,184
5.30%, 5/6/2044		698		739
4.75%, 5/18/2046		6,570		6,476
Citizens Bank NA 3.70%, 3/29/2023		9,645		9,762
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,590		1,557
Comerica, Inc. 2.13%, 5/23/2019		2,140		2,137
4.00%, 2/1/2029		8,910		8,995
Commonwealth Bank of Australia (Australia) 2.00%, 9/6/2021 (c)		4,035		3,922
3.45%, 3/16/2023 (b) (c)		8,740		8,786
4.50%, 12/9/2025 (c)		4,920		4,956
2.85%, 5/18/2026 (c)		7,040		6,690
Cooperatieve Rabobank UA (Netherlands) 2.50%, 1/19/2021		5,500		5,451
3.88%, 2/8/2022		11,498		11,744
4.38%, 8/4/2025 (b)		15,753		15,992
5.80%, 9/30/2110 (c)		3,139		3,755

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Credit Agricole SA (France) 3.75%, 4/24/2023 (c)		3,800		3,786
4.38%, 3/17/2025 (c)		4,405		4,386
4.13%, 1/10/2027 (c)		6,616		6,583
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 2.75%, 3/26/2020		1,764		1,757
3.80%, 6/9/2023		8,035		8,034
3.75%, 3/26/2025 (b)		5,499		5,434
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (c)		4,287		4,106
2.70%, 3/2/2022 (c)		4,254		4,100
Discover Bank 3.35%, 2/6/2023 (b)		2,185		2,158
4.20%, 8/8/2023		5,100		5,211
4.25%, 3/13/2026		8,109		8,017
Fifth Third Bancorp 3.65%, 1/25/2024 (b)		8,495		8,579
3.95%, 3/14/2028		6,740		6,775
Fifth Third Bank 2.38%, 4/25/2019		6,100		6,099
2.88%, 10/1/2021		2,846		2,822
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (c)		8,968		9,245
HSBC Holdings plc (United Kingdom) 2.65%, 1/5/2022		20,855		20,530
4.00%, 3/30/2022		6,779		6,949
3.60%, 5/25/2023		12,403		12,459
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (b) (e)		8,997		8,834
4.25%, 3/14/2024		6,038		6,114
4.25%, 8/18/2025		4,932		4,967
4.38%, 11/23/2026		3,162		3,180
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (e)		9,677		9,559
Huntington Bancshares, Inc. 3.15%, 3/14/2021		2,357		2,355
2.30%, 1/14/2022		10,169		9,925
Huntington National Bank (The) 2.88%, 8/20/2020		6,583		6,568
Industrial & Commercial Bank of China Ltd. (China) 2.45%, 10/20/2021		6,900		6,715
ING Groep NV (Netherlands) 4.10%, 10/2/2023 (b)		16,700		16,933
3.95%, 3/29/2027 (b)		2,572		2,525
KeyBank NA 3.18%, 5/22/2022		4,225		4,176

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
KeyCorp 2.90%, 9/15/2020		2,136		2,137
5.10%, 3/24/2021 (b)		2,200		2,288
4.15%, 10/29/2025 (b)		4,755		4,909
Lloyds Bank plc (United Kingdom) 2.40%, 3/17/2020		7,500		7,449
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%),
2.91%, 11/7/2023 (e)		6,788		6,572
4.45%, 5/8/2025		6,285		6,429
4.58%, 12/10/2025 (b)		4,700		4,639
4.38%, 3/22/2028		6,745		6,751
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.95%, 3/1/2021		3,453		3,437
3.00%, 2/22/2022		2,713		2,697
3.76%, 7/26/2023		10,000		10,145
2.53%, 9/13/2023		3,463		3,334
3.41%, 3/7/2024		13,065		13,067
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (c)		10,300		10,274
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (c)		3,167		3,164
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (c)		4,462		4,405
2.95%, 2/28/2022		1,449		1,434
3.17%, 9/11/2027		4,000		3,870
MUFG Bank Ltd. (Japan) 2.30%, 3/5/2020 (c)		1,000		995
MUFG Union Bank NA 2.25%, 5/6/2019		1,675		1,673
National Australia Bank Ltd. (Australia) 2.63%, 7/23/2020		4,000		3,987
2.50%, 1/12/2021		9,625		9,525
3.38%, 1/14/2026		13,717		13,473
Nordea Bank AB (Finland) 4.88%, 1/27/2020 (c)		8,450		8,601
4.25%, 9/21/2022 (c)		7,408		7,505
PNC Financial Services Group, Inc. (The) 6.70%, 6/10/2019		1,839		1,858
5.13%, 2/8/2020		7,391		7,543
4.38%, 8/11/2020		5,904		6,022
2.85%, 11/9/2022 (f)		5,000		4,934
3.90%, 4/29/2024		1,500		1,526
Regions Financial Corp. 3.20%, 2/8/2021		3,256		3,260
2.75%, 8/14/2022		3,338		3,270
3.80%, 8/14/2023		1,970		1,991

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Royal Bank of Canada (Canada) 1.88%, 2/5/2020		8,000		7,933
4.65%, 1/27/2026		5,585		5,840
Royal Bank of Scotland Group plc (United Kingdom)
3.88%, 9/12/2023		6,150		6,096
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (e)		2,780		2,801
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (e)		2,270		2,287
Santander UK Group Holdings plc (United Kingdom)
3.57%, 1/10/2023		6,200		6,110
4.75%, 9/15/2025 (b) (c)		6,200		6,029
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		6,414		6,414
Societe Generale SA (France) 2.50%, 4/8/2021 (c)		6,000		5,907
4.25%, 9/14/2023 (c)		1,800		1,816
4.25%, 4/14/2025 (b) (c)		5,280		5,193
SouthTrust Bank 7.69%, 5/15/2025		2,197		2,625
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (c)		10,603		10,527
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (c)		5,938		5,905
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%),
4.25%, 1/20/2023 (c) (e)		10,305		10,381
5.20%, 1/26/2024 (b) (c)		5,291		5,496
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (c) (e)		3,200		3,168
4.05%, 4/12/2026 (c)		8,631		8,500
(ICE LIBOR USD 3 Month + 1.97%), 4.87%, 3/15/2033 (c) (e)		2,000		1,973
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020		8,050		8,019
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.06%, 7/14/2021		4,262		4,157
2.44%, 10/19/2021		3,620		3,548
2.85%, 1/11/2022		8,755		8,664
2.78%, 10/18/2022 (b)		4,110		4,033
3.10%, 1/17/2023		9,971		9,884
3.94%, 10/16/2023		14,575		14,938
4.44%, 4/2/2024 (c)		1,246		1,264
2.63%, 7/14/2026		6,102		5,720
3.01%, 10/19/2026		2,517		2,415

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 27

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
SunTrust Banks, Inc. 2.90%, 3/3/2021		2,637		2,630
2.70%, 1/27/2022		3,062		3,027
4.00%, 5/1/2025 (b)		4,143		4,270
Swedbank AB (Sweden) 2.20%, 3/4/2020 (b) (c)		4,360		4,322
Toronto-Dominion Bank (The) (Canada) 2.13%, 7/2/2019		1,501		1,498
2.25%, 11/5/2019		4,063		4,052
2.13%, 4/7/2021		1,501		1,474
(USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (e)		5,021		4,849
UBS Group Funding Switzerland AG (Switzerland)
3.49%, 5/23/2023 (c)		7,735		7,712
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (c) (e)		2,156		2,108
4.13%, 9/24/2025 (c)		2,500		2,542
4.13%, 4/15/2026 (c)		6,471		6,566
United Overseas Bank Ltd. (Singapore) 3.20%, 4/23/2021 (c)		5,275		5,292
US Bancorp Series V, 2.63%, 1/24/2022 (b)		3,191		3,176
3.00%, 3/15/2022 (b)		3,289		3,290
3.38%, 2/5/2024		3,430		3,463
7.50%, 6/1/2026		1,256		1,541
Series V, 2.38%, 7/22/2026		13,566		12,733
Series X, 3.15%, 4/27/2027		1,924		1,894
US Bank NA 2.80%, 1/27/2025		6,833		6,662
Wells Fargo & Co. 3.50%, 3/8/2022		8,071		8,141
3.07%, 1/24/2023		27,889		27,704
3.75%, 1/24/2024		9,465		9,641
3.30%, 9/9/2024		10,308		10,254
3.00%, 2/19/2025		6,811		6,647
3.00%, 4/22/2026		3,843		3,681
4.10%, 6/3/2026		5,921		5,962
4.30%, 7/22/2027		2,925		2,978
5.38%, 11/2/2043		2,755		2,997
4.65%, 11/4/2044 (b)		6,442		6,408
Wells Fargo Bank NA 2.60%, 1/15/2021		4,150		4,121
5.85%, 2/1/2037		1,720		2,016
Westpac Banking Corp. (Australia) 4.88%, 11/19/2019		9,606		9,747
2.00%, 3/3/2020 (c)		6,405		6,349

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
2.50%, 6/28/2022		5,830		5,714
2.85%, 5/13/2026		7,700		7,319
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (e)		5,855		5,702
				1,402,548
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036 (c)		12,380		11,983
4.90%, 2/1/2046 (c)		8,194		7,888
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		11,165		11,656
4.38%, 4/15/2038		13,419		12,428
4.44%, 10/6/2048		7,433		6,662
4.75%, 4/15/2058		9,288		8,430
5.80%, 1/23/2059		1,155		1,232
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023 (b)		5,032		5,122
Constellation Brands, Inc. 4.40%, 11/15/2025		4,444		4,554
5.25%, 11/15/2048		3,091		3,131
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		2,493		2,557
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		4,484		5,198
Keurig Dr Pepper, Inc. 3.13%, 12/15/2023		6,900		6,677
4.42%, 5/25/2025 (b) (c)		2,714		2,762
3.43%, 6/15/2027		2,015		1,877
4.99%, 5/25/2038 (c)		3,920		3,837
PepsiCo, Inc. 4.45%, 4/14/2046		3,615		3,852
3.45%, 10/6/2046		3,150		2,883
				102,729
Biotechnology — 0.2%
AbbVie, Inc. 4.50%, 5/14/2035		15,614		14,653
Amgen, Inc. 3.63%, 5/15/2022		5,344		5,418
4.95%, 10/1/2041		4,336		4,412
4.66%, 6/15/2051		7,000		6,697
Baxalta, Inc. 3.60%, 6/23/2022		999		994
5.25%, 6/23/2045		327		338
Celgene Corp. 5.70%, 10/15/2040		4,195		4,411

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — continued
Gilead Sciences, Inc. 3.70%, 4/1/2024		5,713		5,814
3.50%, 2/1/2025		2,883		2,877
3.65%, 3/1/2026		3,850		3,827
4.60%, 9/1/2035		4,758		4,758
4.00%, 9/1/2036 (b)		1,725		1,608
				55,807
Building Products — 0.1%
Johnson Controls International plc 3.75%, 12/1/2021		4,124		4,161
5.25%, 12/1/2041		6,278		6,052
4.95%, 7/2/2064 (f)		3,676		3,243
Masco Corp. 6.50%, 8/15/2032		10,095		11,070
				24,526
Capital Markets — 2.4%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		8,146		7,749
Bank of New York Mellon Corp. (The) Series G, 2.20%, 5/15/2019		1,667		1,666
4.60%, 1/15/2020		3,363		3,416
2.60%, 8/17/2020		8,088		8,060
2.05%, 5/3/2021		2,020		1,984
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (e)		6,424		6,325
2.20%, 8/16/2023		3,110		2,986
3.25%, 9/11/2024		3,800		3,792
2.80%, 5/4/2026		1,043		1,002
BlackRock, Inc. Series 2, 5.00%, 12/10/2019		4,190		4,262
4.25%, 5/24/2021		4,145		4,271
3.50%, 3/18/2024		3,515		3,577
Blackstone Holdings Finance Co. LLC 5.88%, 3/15/2021 (c)		12,555		13,177
4.45%, 7/15/2045 (c)		3,107		2,875
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028		3,664		3,440
4.85%, 3/29/2029		11,225		11,234
4.70%, 9/20/2047		5,253		4,799
Carlyle Promissory Note 4.79%, 7/15/2019 ‡		372		371
CDP Financial, Inc. (Canada) 4.40%, 11/25/2019 (b) (c)		2,690		2,720
Charles Schwab Corp. (The) 3.23%, 9/1/2022		1,435		1,442
3.20%, 3/2/2027		5,710		5,591
3.20%, 1/25/2028		1,270		1,237

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
CME Group, Inc. 3.00%, 9/15/2022		9,865		9,903
3.00%, 3/15/2025		5,537		5,456
5.30%, 9/15/2043		1,004		1,197
Credit Suisse AG (Switzerland) 2.30%, 5/28/2019		3,733		3,730
3.00%, 10/29/2021		1,626		1,623
3.63%, 9/9/2024		2,700		2,698
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023 (c)		10,753		10,658
4.28%, 1/9/2028 (c)		9,016		8,979
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (c) (e)		2,991		2,877
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (c)		5,276		5,211
Deutsche Bank AG (Germany) 4.25%, 10/14/2021 (b)		13,886		13,799
3.30%, 11/16/2022 (b)		6,440		6,078
FMR LLC 6.45%, 11/15/2039 (c)		2,242		2,747
Goldman Sachs Group, Inc. (The) 5.38%, 3/15/2020		14,150		14,482
2.35%, 11/15/2021		33,026		32,339
3.00%, 4/26/2022		12,883		12,798
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (e)		16,417		16,171
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (e)		16,250		15,944
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (e)		11,501		11,263
3.50%, 1/23/2025		5,018		4,927
3.75%, 5/22/2025		22,195		22,088
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (e)		13,398		12,991
4.25%, 10/21/2025		10,573		10,616
3.50%, 11/16/2026		15,775		15,178
3.85%, 1/26/2027		18,677		18,305
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		13,876		13,437
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (e)		13,000		13,026
6.75%, 10/1/2037		1,435		1,707
ING Bank NV (Netherlands) 1.65%, 8/15/2019 (c)		6,000		5,972
2.50%, 10/1/2019 (c)		4,910		4,898
Intercontinental Exchange, Inc. 4.00%, 10/15/2023 (b)		5,021		5,227

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 29

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
Invesco Finance plc 4.00%, 1/30/2024		3,914		3,965
3.75%, 1/15/2026		2,510		2,474
Jefferies Group LLC 6.45%, 6/8/2027		3,725		3,944
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019 (c)		7,499		7,497
2.85%, 7/29/2020 (b) (c)		6,300		6,280
4.00%, 7/29/2025 (c)		6,300		6,305
Macquarie Group Ltd. (Australia) 6.00%, 1/14/2020 (c)		12,655		12,968
6.25%, 1/14/2021 (c)		9,649		10,124
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (c) (e)		10,050		9,529
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (c) (e)		22,700		23,261
Morgan Stanley 7.30%, 5/13/2019		7,533		7,597
2.65%, 1/27/2020		4,100		4,088
5.50%, 7/24/2020		3,130		3,231
5.75%, 1/25/2021		6,509		6,821
2.50%, 4/21/2021		7,500		7,407
5.50%, 7/28/2021		4,701		4,947
2.75%, 5/19/2022		2,000		1,971
3.13%, 1/23/2023		10,000		9,920
3.75%, 2/25/2023		13,243		13,460
4.10%, 5/22/2023		9,880		10,043
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (e)		12,752		12,863
3.70%, 10/23/2024		7,335		7,367
4.00%, 7/23/2025		21,227		21,563
5.00%, 11/24/2025		9,322		9,799
3.88%, 1/27/2026		10,005		10,037
3.13%, 7/27/2026		2,254		2,151
4.35%, 9/8/2026		1,640		1,647
3.63%, 1/20/2027		17,528		17,188
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (e)		13,333		12,945
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (e)		7,397		7,280
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020 (b)		2,610		2,703
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (e)		2,762		2,632
State Street Corp. 3.10%, 5/15/2023		3,191		3,176
3.70%, 11/20/2023		5,771		5,935
3.55%, 8/18/2025		17,629		18,037

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		2,279		2,278
UBS AG (Switzerland) 2.38%, 8/14/2019		6,665		6,656
				702,390
Chemicals — 0.4%
Air Liquide Finance SA (France) 2.25%, 9/27/2023 (c)		4,179		3,994
Albemarle Corp. 5.45%, 12/1/2044		3,800		3,810
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (c)		4,530		4,389
3.70%, 6/1/2028 (c)		8,300		8,254
Dow Chemical Co. (The) 3.00%, 11/15/2022		5,954		5,904
4.25%, 10/1/2034		1,206		1,119
DowDuPont, Inc. 4.49%, 11/15/2025 (b)		8,780		9,174
5.32%, 11/15/2038		3,778		3,981
Ecolab, Inc. 3.25%, 1/14/2023		3,636		3,655
3.25%, 12/1/2027		2,348		2,305
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		3,786		3,876
5.00%, 9/26/2048		4,346		4,334
Mosaic Co. (The) 5.45%, 11/15/2033		5,054		5,243
4.88%, 11/15/2041		449		413
5.63%, 11/15/2043		9,871		10,062
Nutrien Ltd. (Canada) 6.50%, 5/15/2019		3,408		3,433
3.38%, 3/15/2025		3,196		3,059
3.00%, 4/1/2025		2,326		2,182
4.13%, 3/15/2035		6,522		5,880
5.25%, 1/15/2045		4,962		4,938
Praxair, Inc. 2.65%, 2/5/2025		2,612		2,519
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		2,788		2,712
Union Carbide Corp. 7.50%, 6/1/2025		5,426		6,295
7.75%, 10/1/2096		5,919		7,007
Westlake Chemical Corp. 4.38%, 11/15/2047		2,758		2,333
				110,871
Commercial Services & Supplies — 0.0% (d)
Republic Services, Inc. 3.55%, 6/1/2022		4,309		4,369
2.90%, 7/1/2026		2,099		2,003
				6,372

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Communications Equipment — 0.1%
Cisco Systems, Inc. 3.00%, 6/15/2022 (b)		6,539		6,591
3.63%, 3/4/2024		4,500		4,658
5.90%, 2/15/2039		4,475		5,716
5.50%, 1/15/2040		4,179		5,126
				22,091
Construction & Engineering — 0.0% (d)
Mexico City Airport Trust (Mexico) 5.50%, 7/31/2047 (c)		1,048		901
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025 (c)		2,811		2,747
5.13%, 5/18/2045 (c)		6,052		5,788
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		5,785		5,382
				13,917
Consumer Finance — 0.6%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023 (b)		3,849		3,729
3.50%, 1/15/2025		3,800		3,585
American Express Co. 3.40%, 2/27/2023		4,100		4,127
American Express Credit Corp. 2.38%, 5/26/2020		7,590		7,542
2.25%, 5/5/2021		6,701		6,602
2.70%, 3/3/2022		4,250		4,224
American Honda Finance Corp. 2.25%, 8/15/2019		598		597
2.90%, 2/16/2024		5,285		5,209
2.30%, 9/9/2026		1,185		1,088
Capital One Financial Corp. 3.75%, 4/24/2024		5,797		5,800
3.20%, 2/5/2025		6,093		5,837
4.20%, 10/29/2025		3,000		2,990
3.75%, 7/28/2026		7,424		7,057
Caterpillar Financial Services Corp. 1.93%, 10/1/2021		3,879		3,776
2.85%, 6/1/2022 (b)		3,873		3,859
3.25%, 12/1/2024 (b)		2,070		2,071
2.40%, 8/9/2026		5,040		4,704
General Motors Financial Co., Inc. 3.45%, 1/14/2022		2,097		2,091
3.45%, 4/10/2022		7,227		7,175
3.70%, 5/9/2023 (b)		8,201		8,072
3.95%, 4/13/2024		12,220		11,882

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
3.50%, 11/7/2024		7,535		7,098
4.00%, 1/15/2025		7,665		7,362
4.35%, 4/9/2025 (b)		9,605		9,387
4.30%, 7/13/2025 (b)		5,275		5,151
4.35%, 1/17/2027		2,007		1,904
John Deere Capital Corp. 1.70%, 1/15/2020		1,073		1,063
Series 0014, 2.45%, 9/11/2020 (b)		2,915		2,899
3.15%, 10/15/2021		2,234		2,242
2.70%, 1/6/2023 (b)		11,738		11,644
2.80%, 1/27/2023		3,237		3,208
PACCAR Financial Corp. 1.30%, 5/10/2019		2,175		2,170
Synchrony Financial 3.70%, 8/4/2026		5,832		5,313
Toyota Motor Credit Corp. 1.90%, 4/8/2021		2,179		2,137
				163,595
Containers & Packaging — 0.1%
International Paper Co. 3.00%, 2/15/2027 (b)		5,111		4,776
5.00%, 9/15/2035		1,670		1,682
8.70%, 6/15/2038		2,650		3,535
7.30%, 11/15/2039		3,945		4,797
WRKCo, Inc. 3.00%, 9/15/2024		920		872
3.75%, 3/15/2025		7,570		7,425
				23,087
Diversified Consumer Services — 0.0% (d)
President & Fellows of Harvard College 3.30%, 7/15/2056		8,351		7,352
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc. 3.75%, 8/15/2021 (b)		5,254		5,379
3.00%, 2/11/2023		2,326		2,340
CK Hutchison International 16 Ltd. (Hong Kong) 2.75%, 10/3/2026 (c)		6,500		5,989
CK Hutchison International Ltd. (Hong Kong) 1.88%, 10/3/2021 (c)		4,160		4,010
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		44,099		43,354
3.37%, 11/15/2025		4,815		4,630
4.42%, 11/15/2035		44,907		40,563
GTP Acquisition Partners I LLC 2.35%, 6/15/2020 (c)		10,258		10,120
3.48%, 6/16/2025 (c)		11,667		11,597

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 31

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Financial Services — continued
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (b) (c)		3,907		3,881
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b) (c)		4,255		4,141
3.56%, 2/28/2024 (c)		8,350		8,348
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		2,585		2,560
3.40%, 2/7/2028		12,000		11,868
ORIX Corp. (Japan) 2.90%, 7/18/2022		3,775		3,723
3.70%, 7/18/2027		4,000		3,936
Private Export Funding Corp.
Series Z, 4.38%, 3/15/2019		8,428		8,435
Series EE, 2.80%, 5/15/2022		10,700		10,731
Series KK, 3.55%, 1/15/2024		12,505		12,998
Shell International Finance BV (Netherlands) 2.13%, 5/11/2020		8,042		7,985
4.13%, 5/11/2035		12,770		13,205
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (c)		4,371		4,335
3.13%, 3/16/2024 (c)		3,440		3,416
2.35%, 10/15/2026 (c)		6,000		5,527
4.40%, 5/27/2045 (c)		3,421		3,568
3.30%, 9/15/2046 (c)		3,050		2,677
Voya Financial, Inc. 3.13%, 7/15/2024		1,150		1,113
3.65%, 6/15/2026		4,230		4,075
				244,504
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 3.95%, 1/15/2025		7,298		7,320
4.13%, 2/17/2026		28,051		28,065
4.30%, 2/15/2030		38,426		37,698
4.50%, 5/15/2035		5,845		5,506
5.25%, 3/1/2037		3,500		3,534
4.90%, 8/15/2037		12,239		11,804
6.00%, 8/15/2040		11,179		12,012
5.35%, 9/1/2040		12,806		12,847
6.38%, 3/1/2041		2,861		3,174
4.30%, 12/15/2042		3,861		3,382
4.35%, 6/15/2045		4,439		3,878
5.15%, 11/15/2046		3,000		2,933

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
British Telecommunications plc (United Kingdom) 9.63%, 12/15/2030 (f)		879		1,228
Centel Capital Corp. 9.00%, 10/15/2019		4,036		4,171
Deutsche Telekom International Finance BV (Germany)
6.00%, 7/8/2019		1,816		1,836
2.82%, 1/19/2022 (c)		1,100		1,086
3.60%, 1/19/2027 (c)		4,724		4,539
4.88%, 3/6/2042 (c)		2,087		2,082
Qwest Corp. 6.75%, 12/1/2021		7,308		7,782
Telefonica Emisiones SA (Spain) 5.13%, 4/27/2020		4,358		4,452
5.46%, 2/16/2021		2,025		2,109
4.10%, 3/8/2027 (b)		2,784		2,738
4.67%, 3/6/2038		5,130		4,697
Verizon Communications, Inc. 3.38%, 2/15/2025		1,771		1,771
4.13%, 3/16/2027		6,080		6,224
4.33%, 9/21/2028		11,983		12,400
3.88%, 2/8/2029		2,840		2,838
4.02%, 12/3/2029 (c)		22,719		22,557
4.50%, 8/10/2033		12,088		12,382
4.40%, 11/1/2034		27,768		27,796
4.27%, 1/15/2036		3,373		3,305
5.25%, 3/16/2037		2,773		3,019
				261,165
Electric Utilities — 1.2%
Alabama Power Co. 6.13%, 5/15/2038		1,904		2,296
6.00%, 3/1/2039		769		922
4.10%, 1/15/2042		923		883
Appalachian Power Co. Series P, 6.70%, 8/15/2037		3,740		4,530
Arizona Public Service Co. 2.20%, 1/15/2020		748		744
5.05%, 9/1/2041		3,036		3,280
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		4,419		4,333
3.50%, 8/15/2046		3,755		3,335
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		5,049		4,955
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (c)		10,625		10,330

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Cleveland Electric Illuminating Co. (The) 3.50%, 4/1/2028 (c)		3,890		3,685
5.95%, 12/15/2036		840		946
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (c)		4,791		4,862
Commonwealth Edison Co. 3.65%, 6/15/2046		3,615		3,334
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		4,147		4,138
DTE Electric Co. 2.65%, 6/15/2022		1,687		1,656
Duke Energy Carolinas LLC 6.00%, 1/15/2038		1,397		1,706
4.25%, 12/15/2041		1,228		1,252
Duke Energy Corp. 3.55%, 9/15/2021		2,660		2,688
2.65%, 9/1/2026		1,382		1,287
Duke Energy Indiana LLC 3.75%, 7/15/2020		3,462		3,500
6.35%, 8/15/2038		1,972		2,525
6.45%, 4/1/2039		897		1,129
3.75%, 5/15/2046		4,500		4,217
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		3,297		3,046
Duke Energy Progress LLC 3.00%, 9/15/2021		3,230		3,245
2.80%, 5/15/2022		2,911		2,901
3.25%, 8/15/2025 (b)		2,985		2,993
4.10%, 5/15/2042 (b)		1,886		1,872
4.10%, 3/15/2043		1,569		1,557
4.15%, 12/1/2044		2,258		2,251
3.70%, 10/15/2046		1,616		1,507
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (c)		5,170		4,863
Electricite de France SA (France) 6.00%, 1/22/2114 (c)		6,600		6,667
Enel Finance International NV (Italy) 4.63%, 9/14/2025 (c)		3,310		3,312
3.63%, 5/25/2027 (c)		4,590		4,231
3.50%, 4/6/2028 (c)		4,500		4,026
6.00%, 10/7/2039 (b) (c)		897		932
Entergy Arkansas LLC 3.50%, 4/1/2026		2,631		2,621
Entergy Corp. 2.95%, 9/1/2026		2,469		2,313
Entergy Louisiana LLC 2.40%, 10/1/2026		4,979		4,580
3.25%, 4/1/2028		1,551		1,503
3.05%, 6/1/2031		4,606		4,252
4.00%, 3/15/2033		3,430		3,481

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Entergy Mississippi LLC 2.85%, 6/1/2028 (b)		3,688		3,459
Evergy, Inc. 4.85%, 6/1/2021		4,351		4,466
Exelon Corp. 3.50%, 6/1/2022 (f)		5,000		4,964
3.40%, 4/15/2026		1,177		1,141
FirstEnergy Corp. Series C, 4.85%, 7/15/2047 (b)		2,015		2,080
Florida Power & Light Co. 5.95%, 2/1/2038		897		1,115
3.95%, 3/1/2048		4,000		3,977
Fortis, Inc. (Canada) 2.10%, 10/4/2021		445		430
3.06%, 10/4/2026		20,000		18,675
Hydro-Quebec (Canada) 9.40%, 2/1/2021		1,614		1,808
Series HY, 8.40%, 1/15/2022		7,174		8,205
Series IO, 8.05%, 7/7/2024		2,642		3,275
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		8,609		8,571
ITC Holdings Corp. 2.70%, 11/15/2022		900		873
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (c)		4,240		4,327
6.15%, 6/1/2037		1,740		1,992
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		3,798		4,084
Kansas City Power & Light Co. 3.15%, 3/15/2023		3,255		3,204
5.30%, 10/1/2041		8,968		9,895
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (c)		2,906		2,891
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		2,759		2,739
Massachusetts Electric Co. 4.00%, 8/15/2046 (c)		4,957		4,631
MidAmerican Energy Co. 3.10%, 5/1/2027		464		454
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (c)		4,530		4,519
Nevada Power Co. Series N, 6.65%, 4/1/2036		700		883
5.38%, 9/15/2040		1,287		1,422
5.45%, 5/15/2041		3,354		3,748
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (c)		3,024		2,760
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		2,651		2,644
3.55%, 5/1/2027		2,239		2,185

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 33

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Niagara Mohawk Power Corp. 4.88%, 8/15/2019 (c)		1,457		1,470
3.51%, 10/1/2024 (c)		3,051		3,067
Northern States Power Co. 6.25%, 6/1/2036		2,242		2,811
Ohio Edison Co. 6.88%, 7/15/2036		780		970
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		1,076		1,258
PacifiCorp 2.95%, 2/1/2022		897		898
3.60%, 4/1/2024		2,765		2,822
4.15%, 2/15/2050		2,300		2,275
PECO Energy Co. 2.38%, 9/15/2022		5,022		4,910
Pennsylvania Electric Co. 3.25%, 3/15/2028 (c)		1,570		1,473
Pepco Holdings LLC 7.45%, 8/15/2032		3,507		4,412
Potomac Electric Power Co. 6.50%, 11/15/2037		1,184		1,486
PPL Capital Funding, Inc. 4.00%, 9/15/2047		2,148		1,926
PPL Electric Utilities Corp. 2.50%, 9/1/2022		1,543		1,507
Progress Energy, Inc. 4.40%, 1/15/2021		3,388		3,464
3.15%, 4/1/2022		3,380		3,365
7.75%, 3/1/2031		1,327		1,759
7.00%, 10/30/2031		2,600		3,303
Public Service Co. of Colorado 3.20%, 11/15/2020		1,040		1,044
3.55%, 6/15/2046		1,175		1,039
Public Service Co. of Oklahoma 5.15%, 12/1/2019		1,242		1,262
4.40%, 2/1/2021		1,761		1,799
Series G, 6.63%, 11/15/2037		3,901		4,832
Public Service Electric & Gas Co. Series I, 1.80%, 6/1/2019		740		738
3.00%, 5/15/2025		6,334		6,209
5.38%, 11/1/2039		1,021		1,169
Southern California Edison Co. 3.88%, 6/1/2021		886		891
1.85%, 2/1/2022		1,052		1,016
Series C, 3.50%, 10/1/2023		2,854		2,804
Series B, 3.65%, 3/1/2028 (b)		4,300		4,118
6.00%, 1/15/2034		895		987
6.05%, 3/15/2039		2,197		2,448
3.90%, 12/1/2041		3,408		2,995
Southern Co. (The) 3.25%, 7/1/2026		3,108		2,963
Southwestern Public Service Co. 4.50%, 8/15/2041		2,700		2,784

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
State Grid Overseas Investment Ltd. (China) 3.75%, 5/2/2023 (c)		2,000		2,020
Three Gorges Finance I Cayman Islands Ltd. (China) 3.15%, 6/2/2026 (c)		2,482		2,367
Toledo Edison Co. (The) 6.15%, 5/15/2037		5,800		6,849
Union Electric Co. 2.95%, 6/15/2027		2,862		2,763
4.00%, 4/1/2048		1,600		1,570
Virginia Electric & Power Co. 3.45%, 2/15/2024		1,280		1,294
Series A, 3.80%, 4/1/2028		4,865		4,924
Series A, 6.00%, 5/15/2037		2,100		2,517
Xcel Energy, Inc. 3.30%, 6/1/2025		2,600		2,574
6.50%, 7/1/2036		2,328		2,862
4.80%, 9/15/2041		829		844
				362,961
Electrical Equipment — 0.0% (d)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		2,092		2,085
4.38%, 5/8/2042		928		958
Eaton Corp. 7.63%, 4/1/2024		1,794		2,055
4.00%, 11/2/2032		1,247		1,242
				6,340
Electronic Equipment, Instruments & Components — 0.0% (d)
Arrow Electronics, Inc. 4.50%, 3/1/2023		1,595		1,606
3.25%, 9/8/2024		3,162		2,992
3.88%, 1/12/2028		3,541		3,308
				7,906
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		3,910		3,964
Halliburton Co. 3.50%, 8/1/2023		2,882		2,899
4.85%, 11/15/2035		3,583		3,630
7.45%, 9/15/2039		2,200		2,886
7.60%, 8/15/2096 (c)		2,242		2,848
Schlumberger Holdings Corp. 3.63%, 12/21/2022 (c)		6,120		6,218
3.75%, 5/1/2024 (c)		3,461		3,474
4.00%, 12/21/2025 (c)		740		746
Schlumberger Investment SA 3.30%, 9/14/2021 (b) (c)		2,931		2,938
				29,603

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Entertainment — 0.3%
21st Century Fox America, Inc. 8.88%, 4/26/2023		942		1,133
9.50%, 7/15/2024		1,525		1,960
7.30%, 4/30/2028		3,946		4,967
7.63%, 11/30/2028		2,690		3,492
6.65%, 11/15/2037		2,690		3,513
6.15%, 2/15/2041		2,337		2,943
NBCUniversal Media LLC 4.38%, 4/1/2021		6,080		6,252
5.95%, 4/1/2041		4,575		5,403
Viacom, Inc. 3.88%, 4/1/2024		5,562		5,561
6.88%, 4/30/2036		3,978		4,532
4.38%, 3/15/2043		6,243		5,380
Walt Disney Co. (The) 1.85%, 7/30/2026		3,829		3,486
3.00%, 7/30/2046		1,190		998
Warner Media LLC 4.75%, 3/29/2021		3,640		3,768
3.55%, 6/1/2024		5,385		5,363
3.60%, 7/15/2025		11,975		11,793
5.38%, 10/15/2041		1,573		1,597
				72,141
Equity Real Estate Investment Trusts (REITs) — 1.0%
Alexandria Real Estate Equities, Inc. 3.90%, 6/15/2023		900		911
American Tower Corp. 5.90%, 11/1/2021		260		276
3.50%, 1/31/2023		5,919		5,914
5.00%, 2/15/2024		4,305		4,563
3.38%, 10/15/2026		4,378		4,185
American Tower Trust #1 3.07%, 3/15/2023 (c)		6,220		6,170
AvalonBay Communities, Inc. 2.85%, 3/15/2023		8,971		8,783
3.90%, 10/15/2046 (b)		1,074		1,003
Boston Properties LP 3.13%, 9/1/2023		3,155		3,114
3.20%, 1/15/2025		4,331		4,212
3.65%, 2/1/2026		3,157		3,109
Brixmor Operating Partnership LP 3.65%, 6/15/2024		2,740		2,675
3.85%, 2/1/2025		5,585		5,458
Crown Castle International Corp. 4.88%, 4/15/2022		5,203		5,416
5.25%, 1/15/2023		2,900		3,062
4.00%, 3/1/2027		2,066		2,030

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Digital Realty Trust LP 3.70%, 8/15/2027		2,507		2,421
Duke Realty LP 3.25%, 6/30/2026		1,814		1,745
EPR Properties 5.25%, 7/15/2023		725		754
4.50%, 6/1/2027		4,787		4,730
4.95%, 4/15/2028 (b)		4,815		4,910
Equity Commonwealth 5.88%, 9/15/2020		9,592		9,806
ERP Operating LP 4.63%, 12/15/2021		2,255		2,342
3.00%, 4/15/2023		7,000		6,949
2.85%, 11/1/2026		3,210		3,060
3.50%, 3/1/2028		2,815		2,785
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (c)		7,843		7,428
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (c)		5,157		4,899
HCP, Inc. 4.20%, 3/1/2024		1,349		1,372
3.88%, 8/15/2024		14,719		14,768
3.40%, 2/1/2025		2,651		2,576
Liberty Property LP 3.25%, 10/1/2026		2,330		2,209
Mid-America Apartments LP 4.00%, 11/15/2025		8,830		8,935
National Retail Properties, Inc. 4.00%, 11/15/2025		5,043		5,059
3.60%, 12/15/2026		5,527		5,380
Office Properties Income Trust 3.75%, 8/15/2019		32,529		32,581
3.60%, 2/1/2020		15,925		15,940
4.00%, 7/15/2022		7,083		6,963
4.25%, 5/15/2024		11,000		10,336
Realty Income Corp. 3.88%, 4/15/2025		6,245		6,331
3.00%, 1/15/2027		2,243		2,115
4.65%, 3/15/2047		3,757		3,922
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (c)		9,910		9,740
Senior Housing Properties Trust 3.25%, 5/1/2019		6,655		6,645
6.75%, 4/15/2020		5,200		5,280
4.75%, 2/15/2028		7,060		6,331
Simon Property Group LP 4.38%, 3/1/2021 (b)		3,138		3,215
4.13%, 12/1/2021		3,838		3,937
3.75%, 2/1/2024		2,090		2,135
3.38%, 10/1/2024		3,410		3,421

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 35

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
SITE Centers Corp. 4.70%, 6/1/2027		2,361		2,390
UDR, Inc. 2.95%, 9/1/2026		3,831		3,596
3.50%, 1/15/2028		1,354		1,299
Ventas Realty LP 3.75%, 5/1/2024		4,032		4,048
3.50%, 2/1/2025		1,929		1,901
4.13%, 1/15/2026		2,746		2,757
3.85%, 4/1/2027		4,308		4,220
Vornado Realty LP 3.50%, 1/15/2025		4,810		4,648
Welltower, Inc. 4.50%, 1/15/2024		4,002		4,142
4.00%, 6/1/2025		5,000		5,044
				305,946
Food & Staples Retailing — 0.1%
CVS Pass-Through Trust 7.51%, 1/10/2032 (c)		5,620		6,577
4.70%, 1/10/2036 (c)		9,662		9,719
Kroger Co. (The) 7.50%, 4/1/2031		7,000		8,528
5.40%, 7/15/2040		829		820
Sysco Corp. 3.55%, 3/15/2025		3,795		3,781
3.75%, 10/1/2025		1,861		1,864
4.45%, 3/15/2048		2,300		2,234
Walgreen Co. 4.40%, 9/15/2042		3,435		3,088
Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		3,000		3,016
4.50%, 11/18/2034		2,517		2,431
				42,058
Food Products — 0.3%
Bunge Ltd. Finance Corp. 3.50%, 11/24/2020 (b)		1,281		1,279
Campbell Soup Co. 3.95%, 3/15/2025 (b)		9,330		9,127
Cargill, Inc. 3.30%, 3/1/2022 (c)		6,950		6,945
3.25%, 3/1/2023 (c)		1,990		1,991
Conagra Brands, Inc. 4.60%, 11/1/2025		4,260		4,324
5.30%, 11/1/2038		10,080		9,578
General Mills, Inc. 4.00%, 4/17/2025		6,475		6,544
4.20%, 4/17/2028 (b)		4,430		4,479
4.55%, 4/17/2038		1,970		1,866
Kellogg Co. 3.40%, 11/15/2027		2,494		2,335

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food Products — continued
Kraft Heinz Foods Co. 4.00%, 6/15/2023 (b)		1,215		1,228
6.75%, 3/15/2032 (f)		3,610		4,029
5.00%, 7/15/2035		7,329		6,991
6.88%, 1/26/2039		6,095		6,708
5.00%, 6/4/2042		4,392		3,992
McCormick & Co., Inc. 3.15%, 8/15/2024		2,094		2,039
3.40%, 8/15/2027		1,685		1,614
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		993		1,035
4.60%, 6/1/2044		955		982
Tyson Foods, Inc. 3.95%, 8/15/2024		4,951		4,987
4.88%, 8/15/2034		5,000		5,002
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025 (b)		4,100		4,118
				91,193
Gas Utilities — 0.2%
Atmos Energy Corp. 8.50%, 3/15/2019		619		620
4.15%, 1/15/2043		7,215		7,141
4.13%, 10/15/2044		1,750		1,719
4.13%, 3/15/2049		6,000		5,916
Boston Gas Co. 4.49%, 2/15/2042 (c)		2,201		2,200
Brooklyn Union Gas Co. (The) 3.87%, 3/4/2029 (c)		5,620		5,612
4.27%, 3/15/2048 (b) (c)		6,500		6,355
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021 (b)		1,372		1,401
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020 (b)		2,214		2,203
KeySpan Gas East Corp. 2.74%, 8/15/2026 (c)		4,242		3,974
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (c)		4,862		4,716
Southern Natural Gas Co. LLC 8.00%, 3/1/2032		2,103		2,707
4.80%, 3/15/2047 (c)		2,649		2,592
Southwest Gas Corp. 3.80%, 9/29/2046		3,595		3,248
				50,404
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 3.88%, 9/15/2025 (b)		5,609		5,766
Becton Dickinson and Co. 3.73%, 12/15/2024		710		710

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
Boston Scientific Corp. 3.75%, 3/1/2026		4,665		4,664
4.55%, 3/1/2039		4,415		4,403
Covidien International Finance SA 2.95%, 6/15/2023		1,826		1,816
Danaher Corp. 2.40%, 9/15/2020 (b)		2,500		2,480
Medtronic, Inc. 3.13%, 3/15/2022		2,676		2,690
3.15%, 3/15/2022		704		709
4.38%, 3/15/2035		6,075		6,397
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		2,694		2,680
				32,315
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		3,654		3,560
6.75%, 12/15/2037		2,959		3,529
4.50%, 5/15/2042		1,777		1,635
Anthem, Inc. 3.13%, 5/15/2022		4,004		3,995
3.30%, 1/15/2023		2,354		2,358
3.35%, 12/1/2024		6,000		5,949
4.10%, 3/1/2028		5,485		5,555
4.63%, 5/15/2042		3,477		3,468
4.65%, 1/15/2043		3,394		3,390
4.65%, 8/15/2044		4,149		4,138
CVS Health Corp. 4.00%, 12/5/2023		5,196		5,281
4.10%, 3/25/2025		37,097		37,605
3.88%, 7/20/2025		2,500		2,495
4.30%, 3/25/2028		9,692		9,699
4.88%, 7/20/2035		3,500		3,452
4.78%, 3/25/2038		14,326		13,936
5.05%, 3/25/2048		8,427		8,350
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (c)		1,324		1,278
Express Scripts Holding Co. 3.00%, 7/15/2023		3,693		3,620
3.50%, 6/15/2024		6,120		6,055
4.80%, 7/15/2046		1,904		1,862
HCA, Inc. 5.25%, 6/15/2026		11,400		12,021
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		3,409		3,392
Magellan Health, Inc. 4.40%, 9/22/2024		11,202		10,599
Mayo Clinic Series 2016, 4.13%, 11/15/2052		2,975		2,944

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		3,335		3,352
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		2,747		2,568
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		2,942		2,736
Quest Diagnostics, Inc. 3.45%, 6/1/2026		1,684		1,614
Texas Health Resources 4.33%, 11/15/2055		4,275		4,333
UnitedHealth Group, Inc. 3.38%, 11/15/2021		5,955		6,023
2.88%, 3/15/2023 (b)		2,690		2,676
4.63%, 7/15/2035		6,229		6,771
				190,239
Hotels, Restaurants & Leisure — 0.0% (d)
McDonald’s Corp. 4.70%, 12/9/2035		6,540		6,729
4.45%, 3/1/2047		3,210		3,131
				9,860
Household Products — 0.1%
Kimberly-Clark Corp. 2.40%, 3/1/2022		1,220		1,203
3.05%, 8/15/2025		2,842		2,794
Procter & Gamble Co. (The) 2.45%, 11/3/2026		7,800		7,430
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (c)		9,000		8,742
				20,169
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 3.40%, 3/15/2022		7,048		7,052
4.25%, 6/15/2022		2,730		2,793
6.25%, 10/1/2039		1,985		2,100
5.75%, 10/1/2041		1,665		1,646
PSEG Power LLC 4.15%, 9/15/2021		2,879		2,906
Southern Power Co. 5.15%, 9/15/2041		7,079		7,034
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		3,222		3,000
				26,531
Industrial Conglomerates — 0.1%
General Electric Co. 2.10%, 12/11/2019		1,318		1,308
5.50%, 1/8/2020		5,046		5,145
4.38%, 9/16/2020		3,698		3,750
5.30%, 2/11/2021		459		472

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 37

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Industrial Conglomerates — continued
4.65%, 10/17/2021		4,892		5,037
2.70%, 10/9/2022		1,523		1,472
3.45%, 5/15/2024		5,886		5,777
5.88%, 1/14/2038		720		754
Roper Technologies, Inc. 3.00%, 12/15/2020		1,261		1,257
				24,972
Insurance — 1.0%
AIA Group Ltd. (Hong Kong) 3.90%, 4/6/2028 (c)		7,190		7,174
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (c)		8,295		10,659
Allstate Corp. (The) 3.15%, 6/15/2023 (b)		3,650		3,654
American Financial Group, Inc. 3.50%, 8/15/2026		8,175		7,742
American International Group, Inc. 4.13%, 2/15/2024		5,758		5,862
3.75%, 7/10/2025		2,671		2,625
4.20%, 4/1/2028		4,783		4,707
3.88%, 1/15/2035		3,407		3,017
4.70%, 7/10/2035		7,065		6,815
Assurant, Inc. 4.20%, 9/27/2023		8,065		8,110
Athene Global Funding 2.75%, 4/20/2020 (c)		7,740		7,696
4.00%, 1/25/2022 (c)		3,689		3,745
Athene Holding Ltd. 4.13%, 1/12/2028		8,565		7,995
Berkshire Hathaway Finance Corp. 5.75%, 1/15/2040		1,166		1,410
4.40%, 5/15/2042 (b)		13,241		13,729
4.30%, 5/15/2043		2,795		2,856
Chubb INA Holdings, Inc. 2.30%, 11/3/2020		2,420		2,397
2.88%, 11/3/2022		3,418		3,425
CNA Financial Corp. 3.95%, 5/15/2024		2,633		2,631
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (c) (e) (g) (h)		9,929		9,502
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (c)		6,230		5,968
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b) (c)		1,663		1,670
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (c) (e)		13,980		13,980
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		7,410		7,121

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Jackson National Life Global Funding 3.05%, 4/29/2026 (c)		4,774		4,589
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (c)		1,000		1,150
Liberty Mutual Group, Inc. 4.57%, 2/1/2029 (c)		3,049		3,086
6.50%, 3/15/2035 (c)		6,000		7,030
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (c)		1,350		1,618
Lincoln National Corp. 4.20%, 3/15/2022		3,761		3,848
4.00%, 9/1/2023		2,753		2,821
3.80%, 3/1/2028 (b)		2,500		2,457
6.15%, 4/7/2036		111		130
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (e)		11,200		10,712
Marsh & McLennan Cos., Inc. 2.35%, 3/6/2020		5,001		4,977
Massachusetts Mutual Life Insurance Co. 8.88%, 6/1/2039 (c)		322		490
5.38%, 12/1/2041 (c)		1,767		1,954
MassMutual Global Funding II 2.50%, 10/17/2022 (c)		3,346		3,274
MetLife, Inc. 4.13%, 8/13/2042		2,027		1,953
4.88%, 11/13/2043		2,000		2,143
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (c)		12,858		13,110
New York Life Global Funding 1.95%, 2/11/2020 (c)		1,806		1,793
3.00%, 1/10/2028 (c)		4,854		4,687
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		8,660		8,744
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (c) (e)		2,975		2,652
Principal Financial Group, Inc. 3.13%, 5/15/2023		794		785
Principal Life Global Funding II 2.38%, 11/21/2021 (c)		1,200		1,174
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (g) (h)		5,240		5,201
Protective Life Global Funding 2.00%, 9/14/2021 (c)		9,040		8,762
Prudential Financial, Inc. 3.91%, 12/7/2047		9,236		8,505

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (c)		10,349		12,738
Reliance Standard Life Global Funding II 3.05%, 1/20/2021 (c)		2,597		2,588
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (c)		3,653		3,909
4.27%, 5/15/2047 (b) (c)		5,480		5,395
Torchmark Corp. 4.55%, 9/15/2028		6,840		7,027
				283,792
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc. 2.80%, 8/22/2024		10,800		10,716
4.80%, 12/5/2034		8,677		9,677
3.88%, 8/22/2037		9,440		9,415
4.25%, 8/22/2057		10,940		11,089
Booking Holdings, Inc. 2.75%, 3/15/2023		1,923		1,878
3.55%, 3/15/2028		2,870		2,763
				45,538
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		3,566		3,563
7.45%, 10/15/2029		2,170		2,644
IBM Credit LLC 2.65%, 2/5/2021 (b)		7,950		7,907
3.00%, 2/6/2023 (b)		10,400		10,339
Western Union Co. (The) 3.60%, 3/15/2022 (b)		9,000		9,078
6.20%, 6/21/2040		1,448		1,377
				34,908
Life Sciences Tools & Services — 0.0% (d)
Thermo Fisher Scientific, Inc. 3.15%, 1/15/2023 (b)		2,995		2,985
3.00%, 4/15/2023 (b)		2,501		2,465
4.15%, 2/1/2024		1,946		2,009
2.95%, 9/19/2026		3,564		3,360
				10,819
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		1,913		1,885
Illinois Tool Works, Inc. 4.88%, 9/15/2041		758		852
3.90%, 9/1/2042		11,630		11,679

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — continued
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		6,750		6,594
Parker-Hannifin Corp. 4.45%, 11/21/2044		3,759		3,837
4.10%, 3/1/2047		2,527		2,470
Xylem, Inc. 3.25%, 11/1/2026		1,420		1,361
				28,678
Media — 0.7%
CBS Corp. 3.70%, 8/15/2024		5,275		5,241
4.00%, 1/15/2026		4,293		4,247
4.90%, 8/15/2044		2,004		1,900
Charter Communications Operating LLC 4.91%, 7/23/2025		17,182		17,799
6.38%, 10/23/2035		4,374		4,687
5.38%, 4/1/2038		4,923		4,760
Comcast Cable Holdings LLC 10.13%, 4/15/2022		1,614		1,942
Comcast Corp. 3.60%, 3/1/2024		4,708		4,779
3.38%, 8/15/2025		2,773		2,767
3.95%, 10/15/2025		9,556		9,848
3.15%, 3/1/2026		10,162		9,959
3.55%, 5/1/2028		6,115		6,049
4.25%, 1/15/2033		10,484		10,716
4.20%, 8/15/2034 (b)		3,361		3,385
6.50%, 11/15/2035		17,907		21,934
4.60%, 10/15/2038 (b)		11,580		11,907
4.00%, 11/1/2049		5,553		5,157
4.05%, 11/1/2052		2,600		2,411
4.95%, 10/15/2058		14,685		15,584
Cox Communications, Inc. 3.25%, 12/15/2022 (c)		3,027		2,996
3.35%, 9/15/2026 (c)		3,046		2,876
4.80%, 2/1/2035 (c)		5,600		5,056
Discovery Communications LLC 4.38%, 6/15/2021		6,532		6,670
3.95%, 3/20/2028		2,647		2,520
6.35%, 6/1/2040		5,069		5,420
Fox Corp. 4.71%, 1/25/2029 (c)		6,445		6,681
5.58%, 1/25/2049 (c)		1,455		1,536
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		1,494		1,492
6.13%, 1/31/2046 (b)		1,332		1,428

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 39

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
Sky Ltd. (United Kingdom) 3.75%, 9/16/2024 (c)		1,654		1,680
TCI Communications, Inc. 7.13%, 2/15/2028		1,199		1,484
Time Warner Cable LLC 4.13%, 2/15/2021		1,928		1,947
6.55%, 5/1/2037		2,327		2,467
7.30%, 7/1/2038		2,197		2,479
6.75%, 6/15/2039		1,794		1,926
5.88%, 11/15/2040		4,125		4,093
5.50%, 9/1/2041		6,940		6,567
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		10,041		12,709
				217,099
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (b) (c)		3,283		3,190
4.50%, 3/15/2028 (c)		8,000		7,789
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		1,767		2,030
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		1,600		1,823
Glencore Funding LLC (Switzerland) 4.63%, 4/29/2024 (c)		1,967		2,001
Nucor Corp. 4.00%, 8/1/2023		3,284		3,382
6.40%, 12/1/2037		4,465		5,429
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		5,579		5,830
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026 (b)		1,682		1,777
6.88%, 11/21/2036 (b)		2,846		3,089
				36,340
Multiline Retail — 0.0% (d)
Dollar General Corp. 4.13%, 5/1/2028		5,750		5,715
Nordstrom, Inc. 4.00%, 10/15/2021		3,458		3,512
Target Corp. 2.50%, 4/15/2026		2,565		2,440
				11,667
Multi-Utilities — 0.3%
CMS Energy Corp. 3.88%, 3/1/2024		4,360		4,399
3.00%, 5/15/2026		3,458		3,302
2.95%, 2/15/2027		2,426		2,256
3.45%, 8/15/2027 (b)		1,250		1,221
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		2,760		3,206

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — continued
Series 2017, 3.88%, 6/15/2047 (b)		3,355		3,123
4.50%, 5/15/2058		1,724		1,705
Consumers Energy Co. 2.85%, 5/15/2022		1,343		1,338
3.25%, 8/15/2046		2,150		1,890
Delmarva Power & Light Co. 4.00%, 6/1/2042		1,478		1,409
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		3,973		3,904
Series D, 2.85%, 8/15/2026		1,927		1,797
Series F, 5.25%, 8/1/2033		5,067		5,517
7.00%, 6/15/2038		1,076		1,341
Series C, 4.90%, 8/1/2041		1,840		1,882
DTE Energy Co. Series F, 3.85%, 12/1/2023		1,400		1,420
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (c)		2,326		2,272
NiSource, Inc. 3.85%, 2/15/2023		2,457		2,482
6.25%, 12/15/2040		4,380		5,125
5.80%, 2/1/2042		6,726		7,404
San Diego Gas & Electric Co. 6.00%, 6/1/2026		1,852		2,050
Series FFF, 6.13%, 9/15/2037		973		1,113
3.95%, 11/15/2041		2,690		2,400
Sempra Energy 4.05%, 12/1/2023		2,348		2,353
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		4,609		4,625
2.45%, 10/1/2023		1,889		1,791
3.25%, 6/15/2026 (b)		1,690		1,598
5.88%, 3/15/2041		10,518		11,984
4.40%, 6/1/2043		1,392		1,339
3.95%, 10/1/2046		2,136		1,903
WEC Energy Group, Inc. 3.55%, 6/15/2025 (b)		7,009		7,019
				95,168
Oil, Gas & Consumable Fuels — 2.2%
Anadarko Finance Co. Series B, 7.50%, 5/1/2031		1,794		2,171
Anadarko Holding Co. 7.15%, 5/15/2028		1,480		1,681
Anadarko Petroleum Corp. 8.70%, 3/15/2019		3,226		3,232
Andeavor Logistics LP 5.25%, 1/15/2025		4,015		4,083
ANR Pipeline Co. 9.63%, 11/1/2021		2,933		3,392
Apache Corp. 3.25%, 4/15/2022		671		665
6.00%, 1/15/2037		1,584		1,642
4.75%, 4/15/2043		3,611		3,274

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025 (c)		2,000		2,008
4.25%, 7/15/2027 (c)		7,325		7,277
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (c)		1,552		1,682
BP Capital Markets America, Inc. 3.25%, 5/6/2022		2,273		2,289
3.22%, 4/14/2024 (b)		17,699		17,773
3.41%, 2/11/2026		8,485		8,469
3.02%, 1/16/2027		10,588		10,182
BP Capital Markets plc (United Kingdom) 2.24%, 5/10/2019		5,200		5,197
3.81%, 2/10/2024		7,135		7,323
3.51%, 3/17/2025		4,509		4,544
3.28%, 9/19/2027		2,479		2,432
Buckeye Partners LP 4.88%, 2/1/2021		2,500		2,544
3.95%, 12/1/2026		1,012		946
5.85%, 11/15/2043		11,805		11,111
5.60%, 10/15/2044		6,000		5,536
Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		3,463		3,473
7.20%, 1/15/2032		359		437
6.45%, 6/30/2033		6,527		7,567
5.85%, 2/1/2035		671		733
6.75%, 2/1/2039		1,794		2,159
Cenovus Energy, Inc. (Canada) 5.25%, 6/15/2037		2,048		1,907
6.75%, 11/15/2039		10,996		11,613
4.45%, 9/15/2042		1,000		834
Chevron Corp. 2.36%, 12/5/2022		2,725		2,677
2.57%, 5/16/2023		11,130		10,977
2.90%, 3/3/2024		5,912		5,892
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		11,698		11,605
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		11,233		11,570
Ecopetrol SA (Colombia) 5.88%, 9/18/2023		2,575		2,762
4.13%, 1/16/2025 (b)		3,333		3,310
5.38%, 6/26/2026 (b)		5,409		5,677
Enable Midstream Partners LP 4.40%, 3/15/2027		2,695		2,585
4.95%, 5/15/2028		4,315		4,300

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Enbridge, Inc. (Canada) 3.70%, 7/15/2027 (b)		2,692		2,642
4.50%, 6/10/2044		3,980		3,905
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (e)		6,000		5,902
Encana Corp. (Canada) 6.50%, 5/15/2019		2,090		2,104
8.13%, 9/15/2030		1,485		1,824
7.38%, 11/1/2031		4,761		5,648
6.50%, 8/15/2034		1,000		1,141
Energy Transfer Operating LP 3.60%, 2/1/2023		6,304		6,277
4.90%, 2/1/2024		2,440		2,538
4.05%, 3/15/2025		6,594		6,545
4.75%, 1/15/2026		3,400		3,463
7.50%, 7/1/2038		2,695		3,165
6.05%, 6/1/2041		4,475		4,562
6.50%, 2/1/2042		8,569		9,291
Eni SpA (Italy)
Series X-R, 4.00%, 9/12/2023 (c)		3,145		3,179
5.70%, 10/1/2040 (c)		4,843		4,985
Eni USA, Inc. (United Kingdom) 7.30%, 11/15/2027		4,040		4,792
EnLink Midstream Partners LP 2.70%, 4/1/2019		3,545		3,545
4.15%, 6/1/2025		7,000		6,667
Enterprise Products Operating LLC 3.90%, 2/15/2024		2,687		2,752
3.75%, 2/15/2025		2,600		2,633
3.70%, 2/15/2026		3,040		3,044
3.95%, 2/15/2027		2,705		2,747
Series D, 6.88%, 3/1/2033		2,376		2,896
Series H, 6.65%, 10/15/2034		515		628
Series J, 5.75%, 3/1/2035		2,509		2,699
7.55%, 4/15/2038		900		1,180
5.95%, 2/1/2041		1,259		1,441
5.10%, 2/15/2045		1,758		1,853
4.95%, 10/15/2054		1,189		1,192
EOG Resources, Inc. 4.10%, 2/1/2021		4,753		4,843
EQT Corp. 3.90%, 10/1/2027		4,517		4,097
Equinor ASA (Norway) 3.15%, 1/23/2022		3,320		3,350
2.45%, 1/17/2023		2,430		2,391
2.65%, 1/15/2024		5,765		5,671
3.25%, 11/10/2024		3,461		3,496

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 41

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Exxon Mobil Corp. 2.73%, 3/1/2023		2,000		1,990
4.11%, 3/1/2046		2,726		2,838
Husky Energy, Inc. (Canada) 6.15%, 6/15/2019		1,036		1,045
Kerr-McGee Corp. 6.95%, 7/1/2024		1,103		1,244
7.88%, 9/15/2031		8,707		10,763
Kinder Morgan, Inc. 4.30%, 3/1/2028		13,000		13,119
5.20%, 3/1/2048		6,000		6,073
Magellan Midstream Partners LP 3.20%, 3/15/2025		2,338		2,224
4.20%, 12/1/2042		2,987		2,627
5.15%, 10/15/2043		7,133		7,383
Marathon Oil Corp. 2.80%, 11/1/2022		5,517		5,364
Marathon Petroleum Corp. 3.63%, 9/15/2024		3,980		3,937
MPLX LP 4.88%, 12/1/2024		6,360		6,640
4.13%, 3/1/2027		3,626		3,554
4.80%, 2/15/2029		3,344		3,428
4.50%, 4/15/2038		2,033		1,871
5.20%, 3/1/2047		2,341		2,283
Noble Energy, Inc. 6.00%, 3/1/2041		4,810		4,994
Occidental Petroleum Corp. 4.20%, 3/15/2048		12,635		12,690
ONEOK Partners LP 8.63%, 3/1/2019		3,000		3,000
3.38%, 10/1/2022 (b)		1,164		1,164
5.00%, 9/15/2023		2,576		2,679
4.90%, 3/15/2025 (b)		13,625		14,175
6.65%, 10/1/2036		1,825		2,027
Petro-Canada (Canada) 6.80%, 5/15/2038		3,677		4,529
Petroleos Mexicanos (Mexico) 6.38%, 2/4/2021 (b)		4,385		4,511
4.63%, 9/21/2023 (b)		9,775		9,347
4.88%, 1/18/2024		2,165		2,069
6.50%, 3/13/2027		20,000		19,310
5.35%, 2/12/2028		2,547		2,268
6.63%, 6/15/2035		4,700		4,254
6.38%, 1/23/2045		4,650		3,911
6.75%, 9/21/2047 (b)		12,012		10,414
6.35%, 2/12/2048		6,491		5,377
Phillips 66 4.30%, 4/1/2022		1,181		1,221
3.90%, 3/15/2028 (b)		3,955		3,933
4.88%, 11/15/2044		665		693

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Phillips 66 Partners LP 3.55%, 10/1/2026		1,453		1,392
4.90%, 10/1/2046		3,078		3,044
Plains All American Pipeline LP 3.60%, 11/1/2024		7,000		6,827
4.65%, 10/15/2025		6,535		6,671
4.90%, 2/15/2045 (b)		1,221		1,121
Spectra Energy Partners LP 3.50%, 3/15/2025		4,750		4,682
5.95%, 9/25/2043		1,801		1,990
4.50%, 3/15/2045		1,866		1,816
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		11,584		13,165
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		600		618
5.95%, 12/1/2025		1,814		1,965
3.90%, 7/15/2026		4,366		4,234
6.10%, 2/15/2042		7,220		7,396
5.30%, 4/1/2044		1,840		1,726
5.35%, 5/15/2045		6,969		6,572
TC PipeLines LP 3.90%, 5/25/2027		2,870		2,758
Texas Eastern Transmission LP 2.80%, 10/15/2022 (c)		6,209		6,023
3.50%, 1/15/2028 (c)		908		870
Total Capital International SA (France) 2.75%, 6/19/2021		5,000		4,996
3.70%, 1/15/2024		5,675		5,815
3.75%, 4/10/2024 (b)		1,989		2,046
3.46%, 2/19/2029		3,040		3,032
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		4,155		4,391
6.20%, 10/15/2037		6,345		7,308
4.75%, 5/15/2038		7,750		7,841
Valero Energy Corp. 7.50%, 4/15/2032		1,545		1,920
Western Midstream Operating LP 4.00%, 7/1/2022		607		610
3.95%, 6/1/2025		1,228		1,188
4.50%, 3/1/2028		1,626		1,574
5.45%, 4/1/2044		1,855		1,708
5.30%, 3/1/2048		3,868		3,541
Williams Cos., Inc. (The) 3.90%, 1/15/2025		3,506		3,513
4.85%, 3/1/2048		5,487		5,250
				645,171

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — 0.3%
Allergan Funding SCS 3.45%, 3/15/2022		5,743		5,718
3.85%, 6/15/2024 (b)		3,041		3,029
Allergan, Inc. 3.38%, 9/15/2020		3,111		3,113
2.80%, 3/15/2023		3,954		3,811
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (c)		2,459		1,938
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (c)		2,991		2,978
Eli Lilly & Co. 4.15%, 3/15/2059		7,175		7,005
GlaxoSmithKline Capital plc (United Kingdom) 2.85%, 5/8/2022		2,780		2,772
GlaxoSmithKline Capital, Inc. (United Kingdom) 6.38%, 5/15/2038		1,883		2,391
Johnson & Johnson 4.38%, 12/5/2033		1,948		2,097
3.40%, 1/15/2038		7,129		6,798
Merck & Co., Inc. 2.80%, 5/18/2023		4,572		4,541
3.70%, 2/10/2045		2,100		2,000
Mylan NV 3.95%, 6/15/2026 (b)		4,153		3,873
Mylan, Inc. 3.13%, 1/15/2023 (c)		3,886		3,736
5.40%, 11/29/2043		1,800		1,590
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025 (b)		3,294		3,275
Pfizer, Inc. 3.00%, 12/15/2026		9,150		8,926
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		4,909		4,736
3.20%, 9/23/2026		12,821		12,022
Wyeth LLC 6.45%, 2/1/2024		708		817
				87,166
Real Estate Management & Development — 0.0% (d)
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (c)		6,257		6,208
3.88%, 3/20/2027 (c)		6,562		6,542
				12,750
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC 3.45%, 9/15/2021		1,865		1,884
3.05%, 3/15/2022		3,821		3,827
3.00%, 3/15/2023		1,794		1,792
3.75%, 4/1/2024		2,365		2,437

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Road & Rail — continued
6.70%, 8/1/2028		538		664
7.29%, 6/1/2036		1,166		1,550
5.75%, 5/1/2040		3,244		3,904
5.40%, 6/1/2041		9,266		10,668
4.40%, 3/15/2042 (b)		2,010		2,072
4.38%, 9/1/2042		4,018		4,141
5.15%, 9/1/2043		3,380		3,831
4.70%, 9/1/2045		3,150		3,395
Cie de Chemin de Fer Canadien Pacifique (Canada) 4.50%, 1/15/2022		4,200		4,316
7.13%, 10/15/2031		1,345		1,712
6.13%, 9/15/2115		4,888		5,684
CSX Corp. 4.25%, 3/15/2029		5,700		5,865
5.50%, 4/15/2041		3,498		3,889
4.75%, 5/30/2042		1,516		1,559
ERAC USA Finance LLC 5.25%, 10/1/2020 (c)		2,388		2,458
4.50%, 8/16/2021 (c)		3,474		3,561
2.60%, 12/1/2021 (c)		3,010		2,940
6.70%, 6/1/2034 (c)		4,417		5,263
7.00%, 10/15/2037 (c)		425		522
5.63%, 3/15/2042 (c)		3,104		3,353
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		8,420		8,396
Norfolk Southern Corp. 3.25%, 12/1/2021		4,957		4,962
2.90%, 2/15/2023		2,558		2,531
5.59%, 5/17/2025		51		57
3.95%, 10/1/2042		2,888		2,706
4.05%, 8/15/2052		5,192		4,806
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (c)		5,795		5,841
3.95%, 3/10/2025 (c)		3,095		3,052
4.20%, 4/1/2027 (c)		2,525		2,464
Ryder System, Inc.
2.50%, 5/11/2020		4,930		4,895
2.88%, 9/1/2020		3,451		3,441
Union Pacific Corp. 4.10%, 9/15/2067		1,962		1,693
				126,131
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 3.13%, 12/5/2023		2,317		2,268
4.50%, 12/5/2036		2,505		2,379

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 43

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
Broadcom Corp. 3.63%, 1/15/2024		14,519		14,110
3.88%, 1/15/2027		6,459		5,983
Intel Corp. 3.70%, 7/29/2025		4,598		4,730
3.15%, 5/11/2027 (b)		2,570		2,550
4.00%, 12/15/2032		8,173		8,682
3.73%, 12/8/2047		3,364		3,230
QUALCOMM, Inc. 2.60%, 1/30/2023		1,160		1,127
2.90%, 5/20/2024		1,400		1,354
3.25%, 5/20/2027		5,809		5,492
				51,905
Software — 0.5%
Microsoft Corp. 2.38%, 5/1/2023 (b)		3,808		3,758
2.88%, 2/6/2024		21,453		21,459
3.30%, 2/6/2027		7,198		7,239
3.50%, 2/12/2035		3,459		3,383
4.20%, 11/3/2035		3,974		4,206
4.10%, 2/6/2037		10,421		10,921
4.50%, 10/1/2040		1,089		1,185
4.00%, 2/12/2055		3,620		3,606
4.75%, 11/3/2055		4,348		4,920
4.50%, 2/6/2057		9,023		9,779
Oracle Corp. 2.50%, 5/15/2022		4,115		4,062
2.40%, 9/15/2023		7,023		6,825
2.95%, 11/15/2024		11,020		10,874
2.95%, 5/15/2025 (b)		14,625		14,359
4.30%, 7/8/2034 (b)		8,219		8,555
3.90%, 5/15/2035 (b)		4,170		4,091
3.85%, 7/15/2036		7,260		7,035
6.13%, 7/8/2039		2,300		2,847
4.38%, 5/15/2055		10,500		10,468
VMware, Inc. 2.95%, 8/21/2022		10,109		9,899
				149,471
Specialty Retail — 0.1%
Home Depot, Inc. (The) 2.63%, 6/1/2022		7,447		7,405
2.13%, 9/15/2026		5,242		4,847
4.20%, 4/1/2043		5,037		5,085
Lowe’s Cos., Inc. 3.38%, 9/15/2025		1,820		1,775
4.65%, 4/15/2042		3,901		3,772

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Specialty Retail — continued
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		4,715		4,573
				27,457
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc. 3.00%, 2/9/2024		15,808		15,839
2.85%, 5/11/2024		10,010		9,937
2.75%, 1/13/2025		8,545		8,388
3.20%, 5/13/2025		12,828		12,867
3.25%, 2/23/2026		798		799
2.45%, 8/4/2026 (b)		5,261		4,991
3.35%, 2/9/2027		10,231		10,228
3.20%, 5/11/2027		5,685		5,615
3.00%, 6/20/2027		2,880		2,805
2.90%, 9/12/2027 (b)		7,978		7,699
4.50%, 2/23/2036		4,257		4,581
3.45%, 2/9/2045		4,375		3,954
3.85%, 8/4/2046 (b)		3,512		3,381
3.75%, 9/12/2047		13,570		12,777
Dell International LLC 6.02%, 6/15/2026 (c)		13,908		14,749
				118,610
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 2.50%, 7/15/2019		1,085		1,082
4.63%, 7/11/2024 (c)		11,600		11,574
3.38%, 12/2/2026 (b)		4,230		4,087
Nationwide Building Society (United Kingdom) 6.25%, 2/25/2020 (c)		2,950		3,040
				19,783
Tobacco — 0.0% (d)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		7,130		5,951
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.25%, 3/1/2025		6,266		5,926
Aircastle Ltd. 4.40%, 9/25/2023		8,915		8,871
Aviation Capital Group LLC 3.88%, 5/1/2023 (c)		7,665		7,579
3.50%, 11/1/2027 (b) (c)		8,105		7,528
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (c)		3,000		2,894
International Lease Finance Corp. 8.63%, 1/15/2022 (b)		11,894		13,381
5.88%, 8/15/2022		3,867		4,111
WW Grainger, Inc. 4.60%, 6/15/2045		4,364		4,503
				54,793

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Corporate Bonds — continued
Water Utilities — 0.0% (d)
American Water Capital Corp. 3.40%, 3/1/2025		5,248			5,227
6.59%, 10/15/2037		3,354			4,261
4.00%, 12/1/2046		2,241			2,138
					11,626
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		3,250			3,234
6.13%, 3/30/2040		2,457			2,970
Sprint Spectrum Co. LLC 3.36%, 9/20/2021 (c) (f)		13,073			13,007
Vodafone Group plc (United Kingdom) 4.13%, 5/30/2025		7,003			7,024
5.00%, 5/30/2038		9,519			9,054
5.25%, 5/30/2048		7,449			7,113
					42,402
Total Corporate Bonds (Cost $6,705,874)					6,662,984
Mortgage-Backed Securities — 15.2%
FHLMC
Pool # 846489, ARM, 4.20%, 7/1/2019 (i)		—	(j)		—	(j)
Pool # 785618, ARM, 4.25%, 7/1/2026 (i)		31			31
Pool # 611141, ARM, 4.47%, 1/1/2027 (i)		52			53
Pool # 846812, ARM, 4.55%, 4/1/2030 (i)		13			14
Pool # 789758, ARM, 4.73%, 9/1/2032 (i)		42			44
Pool # 847621, ARM, 4.29%, 5/1/2033 (i)		1,459			1,533
Pool # 781087, ARM, 4.73%, 12/1/2033 (i)		193			203
Pool # 1B1665, ARM, 4.07%, 4/1/2034 (i)		222			232
Pool # 782870, ARM, 4.68%, 9/1/2034 (i)		879			927
Pool # 782980, ARM, 4.93%, 1/1/2035 (i)		453			476
Pool # 782979, ARM, 4.95%, 1/1/2035 (i)		1,082			1,137
Pool # 1G3591, ARM, 4.42%, 8/1/2035 (i)		54			56
Pool # 1Q0007, ARM, 4.79%, 12/1/2035 (i)		280			295
Pool # 1Q0025, ARM, 4.58%, 2/1/2036 (i)		160			167
Pool # 848431, ARM, 4.60%, 2/1/2036 (i)		646			678
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (i)		727			770
Pool # 1J1380, ARM, 5.26%, 3/1/2036 (i)		473			505
Pool # 1L1286, ARM, 4.12%, 5/1/2036 (i)		475			501
Pool # 1H2618, ARM, 4.18%, 5/1/2036 (i)		712			752
Pool # 1G2415, ARM, 4.69%, 5/1/2036 (i)		159			170
Pool # 1G2557, ARM, 4.32%, 6/1/2036 (i)		2,091			2,203
Pool # 848068, ARM, 4.57%, 6/1/2036 (i)		685			721
Pool # 1H2623, ARM, 4.35%, 7/1/2036 (i)		252			264

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 848365, ARM, 4.41%, 7/1/2036 (i)		380		400
Pool # 1A1082, ARM, 4.51%, 7/1/2036 (i)		355		369
Pool # 1N0206, ARM, 4.18%, 8/1/2036 (i)		1,576		1,636
Pool # 1A1085, ARM, 4.34%, 8/1/2036 (i)		418		435
Pool # 1N0189, ARM, 4.44%, 8/1/2036 (i)		36		38
Pool # 1Q0105, ARM, 4.48%, 9/1/2036 (i)		755		791
Pool # 1B7242, ARM, 4.51%, 9/1/2036 (i)		987		1,039
Pool # 1N0249, ARM, 4.25%, 10/1/2036 (i)		443		459
Pool # 1A1096, ARM, 4.26%, 10/1/2036 (i)		803		835
Pool # 1A1097, ARM, 4.29%, 10/1/2036 (i)		414		431
Pool # 1G2539, ARM, 4.34%, 10/1/2036 (i)		381		403
Pool # 1K0046, ARM, 4.73%, 10/1/2036 (i)		572		604
Pool # 1J1348, ARM, 5.02%, 10/1/2036 (i)		222		235
Pool # 1J1378, ARM, 4.52%, 11/1/2036 (i)		766		800
Pool # 1Q0737, ARM, 4.54%, 11/1/2036 (i)		454		476
Pool # 782760, ARM, 4.56%, 11/1/2036 (i)		1,295		1,363
Pool # 1G2671, ARM, 4.63%, 11/1/2036 (i)		148		155
Pool # 848115, ARM, 4.74%, 11/1/2036 (i)		389		409
Pool # 1J1419, ARM, 4.43%, 12/1/2036 (i)		2,366		2,465
Pool # 1J1634, ARM, 4.46%, 12/1/2036 (i)		1,486		1,552
Pool # 1J1418, ARM, 4.61%, 12/1/2036 (i)		61		64
Pool # 1G1386, ARM, 4.97%, 12/1/2036 (i)		1,069		1,130
Pool # 1J1399, ARM, 5.00%, 12/1/2036 (i)		18		19
Pool # 1N1511, ARM, 4.16%, 1/1/2037 (i)		133		138
Pool # 1G1478, ARM, 5.06%, 1/1/2037 (i)		313		331
Pool # 1J1516, ARM, 4.24%, 2/1/2037 (i)		84		88
Pool # 1J1543, ARM, 4.40%, 2/1/2037 (i)		98		104
Pool # 1G1554, ARM, 4.45%, 2/1/2037 (i)		457		480
Pool # 1N0353, ARM, 4.85%, 2/1/2037 (i)		751		790
Pool # 1J0282, ARM, 4.92%, 2/1/2037 (i)		42		44
Pool # 1J1526, ARM, 4.35%, 3/1/2037 (i)		111		116
Pool # 1Q0739, ARM, 4.61%, 3/1/2037 (i)		1,320		1,379
Pool # 1B7303, ARM, 4.87%, 3/1/2037 (i)		150		158
Pool # 1J1564, ARM, 4.08%, 4/1/2037 (i)		415		436
Pool # 1J0399, ARM, 4.91%, 4/1/2037 (i)		18		18
Pool # 1Q0697, ARM, 4.08%, 5/1/2037 (i)		731		755
Pool # 1Q0783, ARM, 4.42%, 5/1/2037 (i)		1,120		1,185
Pool # 1N1477, ARM, 4.51%, 5/1/2037 (i)		276		290
Pool # 1A1193, ARM, 4.55%, 5/1/2037 (i)		514		539
Pool # 1J1621, ARM, 4.56%, 5/1/2037 (i)		519		552
Pool # 1N1463, ARM, 4.64%, 5/1/2037 (i)		46		49
Pool # 1J1740, ARM, 4.83%, 6/1/2037 (i)		194		203
Pool # 1J0533, ARM, 4.52%, 7/1/2037 (i)		109		114
Pool # 1J2945, ARM, 4.50%, 11/1/2037 (i)		48		50
Pool # 1Q0722, ARM, 4.64%, 4/1/2038 (i)		459		486

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 45

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 1Q0789, ARM, 4.30%, 5/1/2038 (i)		277			293
Pool # 848699, ARM, 4.55%, 7/1/2040 (i)		519			543
FHLMC Gold Pools, 15 Year, Single Family
Pool # G11694, 6.50%, 9/1/2019		1			1
Pool # G11805, 5.50%, 12/1/2019		3			3
Pool # G13033, 6.00%, 2/1/2020		1			1
Pool # G11954, 5.50%, 4/1/2020		4			4
Pool # G11816, 5.50%, 6/1/2020		—	(j)		—	(j)
Pool # G11771, 6.00%, 6/1/2020		9			9
Pool # G11761, 6.00%, 8/1/2020		9			9
Pool # G12906, 6.00%, 7/1/2021		1			1
Pool # G13073, 6.00%, 7/1/2021		24			25
Pool # G13012, 6.00%, 3/1/2022		2			2
Pool # G12825, 6.50%, 3/1/2022		17			17
Pool # G13603, 5.50%, 2/1/2024		70			72
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91158, 6.50%, 1/1/2028		378			411
Pool # C91417, 3.50%, 1/1/2032		5,227			5,309
Pool # C91403, 3.50%, 3/1/2032		2,143			2,176
FHLMC Gold Pools, 30 Year, Single Family
Pool # A01047, 8.00%, 7/1/2020		—	(j)		—	(j)
Pool # G00245, 8.00%, 8/1/2024		5			5
Pool # C00376, 8.00%, 11/1/2024		3			3
Pool # C00414, 7.50%, 8/1/2025		9			10
Pool # C00452, 7.00%, 4/1/2026		11			12
Pool # G00981, 8.50%, 7/1/2028		24			28
Pool # G02210, 7.00%, 12/1/2028		395			445
Pool # C47315, 6.50%, 8/1/2029		767			848
Pool # G03029, 6.00%, 10/1/2029		122			133
Pool # A88871, 7.00%, 1/1/2031		319			352
Pool # C68485, 7.00%, 7/1/2032		29			32
Pool # G01448, 7.00%, 8/1/2032		45			51
Pool # C75791, 5.50%, 1/1/2033		720			782
Pool # A13625, 5.50%, 10/1/2033		362			396
Pool # A16107, 6.00%, 12/1/2033		113			121
Pool # G01864, 5.00%, 1/1/2034		272			291
Pool # A17537, 6.00%, 1/1/2034		247			273
Pool # A23139, 5.00%, 6/1/2034		758			811
Pool # A61572, 5.00%, 9/1/2034		758			812
Pool # A28796, 6.50%, 11/1/2034		95			108
Pool # G03369, 6.50%, 1/1/2035		849			945
Pool # A70350, 5.00%, 3/1/2035		330			352
Pool # A46987, 5.50%, 7/1/2035		776			842
Pool # G05713, 6.50%, 12/1/2035		571			645
Pool # G03777, 5.00%, 11/1/2036		693			741

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # C02660, 6.50%, 11/1/2036		215		246
Pool # G02427, 5.50%, 12/1/2036		338		368
Pool # A57681, 6.00%, 12/1/2036		75		82
Pool # G02682, 7.00%, 2/1/2037		72		83
Pool # G04949, 6.50%, 11/1/2037		381		429
Pool # G03666, 7.50%, 1/1/2038		574		671
Pool # G04952, 7.50%, 1/1/2038		347		406
Pool # G04077, 6.50%, 3/1/2038		512		582
Pool # G05671, 5.50%, 8/1/2038		706		768
Pool # G05190, 7.50%, 9/1/2038		279		314
Pool # C03466, 5.50%, 3/1/2040		237		256
Pool # A93383, 5.00%, 8/1/2040		3,155		3,382
Pool # A93511, 5.00%, 8/1/2040		12,329		13,217
Pool # G06493, 4.50%, 5/1/2041		17,808		18,728
Pool # V80351, 3.00%, 8/1/2043		25,959		25,523
Pool # Q57995, 5.00%, 8/1/2048		25,510		27,107
FHLMC Gold Pools, Other
Pool # G80341, 10.00%, 3/17/2026		21		21
Pool # P20570, 7.00%, 7/1/2029		8		9
Pool # G20027, 10.00%, 10/1/2030		254		268
Pool # B90491, 7.50%, 1/1/2032		853		936
Pool # U80192, 3.50%, 2/1/2033		1,433		1,451
Pool # L10151, 6.00%, 2/1/2033		107		109
Pool # U80342, 3.50%, 5/1/2033		1,915		1,945
Pool # U80345, 3.50%, 5/1/2033		7,264		7,375
Pool # L10221, 6.00%, 1/1/2034		204		219
Pool # P50523, 6.50%, 12/1/2035		242		258
Pool # H05030, 6.00%, 11/1/2036		80		86
Pool # L10291, 6.50%, 11/1/2036		2,095		2,304
Pool # P51353, 6.50%, 11/1/2036		978		1,084
Pool # P50595, 6.50%, 12/1/2036		2,444		2,756
Pool # P51361, 6.50%, 12/1/2036		1,006		1,115
Pool # G20028, 7.50%, 12/1/2036		2,827		3,087
Pool # P50531, 6.50%, 1/1/2037		163		174
Pool # P51251, 6.50%, 1/1/2037		55		56
Pool # P50536, 6.50%, 2/1/2037		147		152
Pool # P50556, 6.50%, 6/1/2037		120		127
Pool # U90690, 3.50%, 6/1/2042		26,043		26,178
Pool # U90975, 4.00%, 6/1/2042		21,435		22,008
Pool # T65101, 4.00%, 10/1/2042		921		931
Pool # U90402, 3.50%, 11/1/2042		946		950
Pool # U90673, 4.00%, 1/1/2043		2,440		2,505
Pool # U91192, 4.00%, 4/1/2043		5,252		5,393
Pool # U91488, 3.50%, 5/1/2043		2,660		2,674
Pool # U99051, 3.50%, 6/1/2043		9,667		9,717

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # U99134, 4.00%, 1/1/2046		66,620			68,398
Pool # U69030, 4.50%, 1/1/2046		28,823			30,189
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (i)		—	(j)		—	(j)
Pool # 470623, ARM, 3.30%, 3/1/2022 (i)		7,730			7,729
Pool # 54844, ARM, 2.73%, 9/1/2027 (i)		33			33
Pool # 303532, ARM, 4.03%, 3/1/2029 (i)		23			24
Pool # 555732, ARM, 4.28%, 8/1/2033 (i)		252			262
Pool # 658481, ARM, 4.24%, 9/1/2033 (i)		408			419
Pool # 746299, ARM, 4.69%, 9/1/2033 (i)		110			116
Pool # 743546, ARM, 4.39%, 11/1/2033 (i)		311			325
Pool # 766610, ARM, 4.61%, 1/1/2034 (i)		103			108
Pool # 777132, ARM, 4.29%, 6/1/2034 (i)		329			347
Pool # 782306, ARM, 4.48%, 7/1/2034 (i)		24			25
Pool # 800422, ARM, 4.07%, 8/1/2034 (i)		294			301
Pool # 790235, ARM, 4.39%, 8/1/2034 (i)		151			157
Pool # 793062, ARM, 4.50%, 8/1/2034 (i)		73			76
Pool # 790964, ARM, 4.38%, 9/1/2034 (i)		21			22
Pool # 794792, ARM, 4.24%, 10/1/2034 (i)		118			122
Pool # 896463, ARM, 4.62%, 10/1/2034 (i)		334			353
Pool # 781563, ARM, 4.47%, 11/1/2034 (i)		54			56
Pool # 799912, ARM, 4.57%, 11/1/2034 (i)		99			104
Pool # 810896, ARM, 4.15%, 1/1/2035 (i)		1,827			1,885
Pool # 809319, ARM, 4.62%, 1/1/2035 (i)		90			93
Pool # 816594, ARM, 4.41%, 2/1/2035 (i)		78			80
Pool # 820602, ARM, 4.08%, 3/1/2035 (i)		368			383
Pool # 745862, ARM, 4.39%, 4/1/2035 (i)		346			364
Pool # 821378, ARM, 3.93%, 5/1/2035 (i)		204			210
Pool # 823660, ARM, 4.12%, 5/1/2035 (i)		53			55
Pool # 888605, ARM, 4.22%, 7/1/2035 (i)		130			136
Pool # 838972, ARM, 4.14%, 8/1/2035 (i)		18			18
Pool # 832801, ARM, 4.36%, 9/1/2035 (i)		186			195
Pool # 851432, ARM, 4.48%, 10/1/2035 (i)		430			452
Pool # 849251, ARM, 4.29%, 1/1/2036 (i)		898			923
Pool # 745445, ARM, 4.64%, 1/1/2036 (i)		288			303
Pool # 920465, ARM, 5.38%, 1/1/2036 (i)		31			31
Pool # 920340, ARM, 5.05%, 2/1/2036 (i)		74			77
Pool # 920843, ARM, 5.21%, 3/1/2036 (i)		2,657			2,838
Pool # 868952, ARM, 4.21%, 5/1/2036 (i)		185			195
Pool # 872622, ARM, 4.17%, 6/1/2036 (i)		68			70
Pool # 872825, ARM, 4.55%, 6/1/2036 (i)		1,585			1,668
Pool # 884066, ARM, 4.61%, 6/1/2036 (i)		305			322
Pool # 892868, ARM, 4.52%, 7/1/2036 (i)		402			420
Pool # 884722, ARM, 4.27%, 8/1/2036 (i)		236			247
Pool # 745784, ARM, 4.50%, 8/1/2036 (i)		318			322

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 886558, ARM, 4.61%, 8/1/2036 (i)		536			564
Pool # 898179, ARM, 3.93%, 9/1/2036 (i)		1,282			1,315
Pool # 920547, ARM, 4.10%, 9/1/2036 (i)		298			309
Pool # 893580, ARM, 4.37%, 9/1/2036 (i)		427			444
Pool # 886772, ARM, 4.50%, 9/1/2036 (i)		1,135			1,191
Pool # 894452, ARM, 4.70%, 9/1/2036 (i)		329			345
Pool # 894239, ARM, 4.59%, 10/1/2036 (i)		260			271
Pool # 900191, ARM, 4.83%, 10/1/2036 (i)		591			626
Pool # 900197, ARM, 4.84%, 10/1/2036 (i)		653			689
Pool # 902818, ARM, 4.73%, 11/1/2036 (i)		62			65
Pool # 897470, ARM, 5.06%, 11/1/2036 (i)		162			171
Pool # 902955, ARM, 4.64%, 12/1/2036 (i)		902			946
Pool # 905189, ARM, 4.81%, 12/1/2036 (i)		199			209
Pool # 920954, ARM, 4.19%, 1/1/2037 (i)		515			531
Pool # 888184, ARM, 4.97%, 1/1/2037 (i)		290			306
Pool # 913984, ARM, 4.37%, 2/1/2037 (i)		516			533
Pool # 915645, ARM, 4.87%, 2/1/2037 (i)		454			479
Pool # 888307, ARM, 4.02%, 4/1/2037 (i)		1,012			1,060
Pool # 948208, ARM, 4.10%, 7/1/2037 (i)		645			661
Pool # 944096, ARM, 4.22%, 7/1/2037 (i)		71			74
Pool # 995919, ARM, 4.39%, 7/1/2037 (i)		1,363			1,426
Pool # 938346, ARM, 4.61%, 7/1/2037 (i)		307			324
Pool # 945032, ARM, 5.10%, 8/1/2037 (i)		523			556
Pool # 946362, ARM, 4.21%, 9/1/2037 (i)		329			344
Pool # 946450, ARM, 4.53%, 9/1/2037 (i)		89			90
Pool # 952835, ARM, 4.56%, 9/1/2037 (i)		133			141
Pool # 946260, ARM, 4.64%, 9/1/2037 (i)		258			267
Pool # AD0085, ARM, 4.17%, 11/1/2037 (i)		1,016			1,053
Pool # 995108, ARM, 4.33%, 11/1/2037 (i)		588			615
Pool # AD0179, ARM, 4.72%, 12/1/2037 (i)		1,020			1,073
Pool # 966946, ARM, 4.91%, 1/1/2038 (i)		159			164
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		2			2
Pool # 995913, 6.00%, 3/1/2019		—	(j)		—	(j)
Pool # 773815, 3.50%, 4/1/2019		4			4
Pool # 761326, 5.00%, 4/1/2019		4			4
Pool # 774432, 5.00%, 4/1/2019		—	(j)		—	(j)
Pool # 780956, 4.50%, 5/1/2019		1			2
Pool # 784021, 4.50%, 6/1/2019		12			12
Pool # 779735, 5.50%, 7/1/2019		17			17
Pool # 725767, 6.00%, 7/1/2019		—	(j)		—	(j)
Pool # 786699, 5.50%, 8/1/2019		22			22
Pool # 255358, 5.00%, 9/1/2019		1			1
Pool # 796668, 5.50%, 9/1/2019		38			39
Pool # 745048, 5.00%, 10/1/2019		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 47

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 735208, 6.00%, 10/1/2019		2		2
Pool # 735841, 4.50%, 11/1/2019		2		2
Pool # 789659, 4.50%, 11/1/2019		15		15
Pool # 801026, 4.50%, 11/1/2019		25		25
Pool # 735290, 4.50%, 12/1/2019		8		8
Pool # 735386, 5.50%, 1/1/2020		34		34
Pool # 888557, 5.50%, 3/1/2020		2		2
Pool # 811739, 6.00%, 3/1/2020		10		10
Pool # 889265, 5.50%, 6/1/2020		1		1
Pool # 889687, 5.50%, 6/1/2020		15		15
Pool # 889805, 5.50%, 7/1/2020		2		2
Pool # 735911, 6.50%, 8/1/2020		5		5
Pool # 745406, 6.00%, 3/1/2021		76		77
Pool # 745502, 6.00%, 4/1/2021		24		25
Pool # 995886, 6.00%, 4/1/2021		36		36
Pool # 938569, 6.00%, 7/1/2021		6		6
Pool # AD0142, 6.00%, 8/1/2021		138		140
Pool # 890129, 6.00%, 12/1/2021		70		71
Pool # 888834, 6.50%, 4/1/2022		93		94
Pool # 889634, 6.00%, 2/1/2023		1,051		1,084
Pool # AD0364, 5.00%, 5/1/2023		85		87
Pool # 995381, 6.00%, 1/1/2024		872		903
Pool # 995425, 6.00%, 1/1/2024		314		326
Pool # 995456, 6.50%, 2/1/2024		423		442
Pool # AE0081, 6.00%, 7/1/2024		220		229
Pool # AD0133, 5.00%, 8/1/2024		320		327
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		24		26
Pool # 555791, 6.50%, 12/1/2022		80		88
Pool # 889889, 6.50%, 7/1/2024		189		207
Pool # 888656, 6.50%, 4/1/2025		25		27
Pool # AE0096, 5.50%, 7/1/2025		451		478
Pool # 256311, 6.00%, 7/1/2026		277		297
Pool # 256352, 6.50%, 8/1/2026		484		531
Pool # 256803, 6.00%, 7/1/2027		366		393
Pool # 256962, 6.00%, 11/1/2027		169		182
Pool # 257007, 6.00%, 12/1/2027		508		546
Pool # 257048, 6.00%, 1/1/2028		863		928
Pool # 890222, 6.00%, 10/1/2028		658		708
Pool # AE0049, 6.00%, 9/1/2029		448		482
Pool # AO7761, 3.50%, 7/1/2032		1,230		1,249
Pool # MA1138, 3.50%, 8/1/2032		7,847		7,968
Pool # AL6238, 4.00%, 1/1/2035		18,617		19,263
FNMA, 30 Year, FHA/VA
Pool # 535183, 8.00%, 6/1/2028		32		34

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 252409, 6.50%, 3/1/2029		131			143
Pool # 653815, 7.00%, 2/1/2033		13			13
Pool # 752786, 6.00%, 9/1/2033		126			135
FNMA, 30 Year, Single Family
Pool # 70825, 8.00%, 3/1/2021		—	(j)		—	(j)
Pool # 189190, 7.50%, 11/1/2022		6			6
Pool # 50966, 7.00%, 1/1/2024		3			3
Pool # 479469, 10.00%, 2/1/2024		1			1
Pool # 250066, 8.00%, 5/1/2024		3			3
Pool # 250103, 8.50%, 7/1/2024		8			9
Pool # 303031, 7.50%, 10/1/2024		3			4
Pool # 308499, 8.50%, 5/1/2025		1			—	(j)
Pool # 399269, 7.00%, 4/1/2026		42			43
Pool # 689977, 8.00%, 3/1/2027		55			59
Pool # 695533, 8.00%, 6/1/2027		45			49
Pool # 313687, 7.00%, 9/1/2027		6			7
Pool # 457268, 9.50%, 7/1/2028		3			3
Pool # 756024, 8.00%, 9/1/2028		88			98
Pool # 755973, 8.00%, 11/1/2028		213			241
Pool # 455759, 6.00%, 12/1/2028		23			25
Pool # 252211, 6.00%, 1/1/2029		33			36
Pool # 459097, 7.00%, 1/1/2029		52			55
Pool # 889020, 6.50%, 11/1/2029		4,454			4,938
Pool # 598559, 6.50%, 8/1/2031		105			119
Pool # 679886, 6.50%, 2/1/2032		538			595
Pool # 649734, 7.00%, 6/1/2032		44			46
Pool # 649624, 7.00%, 8/1/2032		10			11
Pool # 682078, 5.50%, 11/1/2032		478			522
Pool # 675555, 6.00%, 12/1/2032		212			230
Pool # AL0045, 6.00%, 12/1/2032		1,363			1,501
Pool # 683351, 5.50%, 2/1/2033		17			18
Pool # 357363, 5.50%, 3/1/2033		709			773
Pool # 674349, 6.00%, 3/1/2033		64			69
Pool # 688625, 6.00%, 3/1/2033		37			40
Pool # 688655, 6.00%, 3/1/2033		35			37
Pool # 695584, 6.00%, 3/1/2033		20			21
Pool # 254693, 5.50%, 4/1/2033		481			520
Pool # 702901, 6.00%, 5/1/2033		188			207
Pool # 720576, 5.00%, 6/1/2033		140			150
Pool # 995656, 7.00%, 6/1/2033		821			943
Pool # 723852, 5.00%, 7/1/2033		169			180
Pool # 729296, 5.00%, 7/1/2033		140			149
Pool # 720155, 5.50%, 7/1/2033		122			132
Pool # 729379, 6.00%, 8/1/2033		53			57
Pool # AA0917, 5.50%, 9/1/2033		1,877			2,008

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 737825, 6.00%, 9/1/2033		94		102
Pool # 750977, 4.50%, 11/1/2033		154		162
Pool # 725027, 5.00%, 11/1/2033		401		428
Pool # 755109, 5.50%, 11/1/2033		32		34
Pool # 753174, 4.00%, 12/1/2033		476		486
Pool # 725017, 5.50%, 12/1/2033		732		799
Pool # 759424, 5.50%, 1/1/2034		69		75
Pool # 751341, 5.50%, 3/1/2034		71		77
Pool # 770405, 5.00%, 4/1/2034		906		974
Pool # 776708, 5.00%, 5/1/2034		311		333
Pool # AC1317, 4.50%, 9/1/2034		267		279
Pool # 888568, 5.00%, 12/1/2034		251		268
Pool # 810663, 5.00%, 1/1/2035		190		200
Pool # 995003, 7.50%, 1/1/2035		359		415
Pool # 995156, 7.50%, 3/1/2035		403		466
Pool # 735503, 6.00%, 4/1/2035		846		937
Pool # 827776, 5.00%, 7/1/2035		144		152
Pool # 820347, 5.00%, 9/1/2035		523		562
Pool # 745148, 5.00%, 1/1/2036		447		478
Pool # 888417, 6.50%, 1/1/2036		2,618		2,929
Pool # 745275, 5.00%, 2/1/2036		358		384
Pool # 833629, 7.00%, 3/1/2036		18		20
Pool # 745418, 5.50%, 4/1/2036		642		699
Pool # 888016, 5.50%, 5/1/2036		852		925
Pool # 888209, 5.50%, 5/1/2036		544		592
Pool # 870770, 6.50%, 7/1/2036		44		49
Pool # 976871, 6.50%, 8/1/2036		1,618		1,810
Pool # AA0922, 6.00%, 9/1/2036		3,149		3,467
Pool # 745948, 6.50%, 10/1/2036		355		401
Pool # AA1019, 6.00%, 11/1/2036		508		559
Pool # 888476, 7.50%, 5/1/2037		305		359
Pool # 928584, 6.50%, 8/1/2037		274		312
Pool # 945870, 6.50%, 8/1/2037		287		316
Pool # 986648, 6.00%, 9/1/2037		711		783
Pool # 928670, 7.00%, 9/1/2037		395		444
Pool # 888890, 6.50%, 10/1/2037		643		725
Pool # 888707, 7.50%, 10/1/2037		1,493		1,757
Pool # 888892, 7.50%, 11/1/2037		475		538
Pool # AL0662, 5.50%, 1/1/2038		1,275		1,388
Pool # 995505, 8.00%, 1/1/2038		51		58
Pool # 929331, 6.00%, 4/1/2038		229		246
Pool # 909236, 7.00%, 9/1/2038		472		562
Pool # 890268, 6.50%, 10/1/2038		774		876
Pool # 995149, 6.50%, 10/1/2038		3,008		3,410
Pool # 934591, 7.00%, 10/1/2038		862		1,007

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AB2869, 6.00%, 11/1/2038		583		641
Pool # 991908, 7.00%, 11/1/2038		594		695
Pool # 995504, 7.50%, 11/1/2038		383		450
Pool # 257510, 7.00%, 12/1/2038		1,454		1,726
Pool # AD0753, 7.00%, 1/1/2039		2,561		2,949
Pool # AD0780, 7.50%, 4/1/2039		1,405		1,608
Pool # AC2948, 5.00%, 9/1/2039		1,090		1,167
Pool # AC3740, 5.50%, 9/1/2039		835		891
Pool # AC7296, 5.50%, 12/1/2039		851		908
Pool # AD7790, 5.00%, 8/1/2040		6,119		6,551
Pool # AD9151, 5.00%, 8/1/2040		2,986		3,197
Pool # AL2059, 4.00%, 6/1/2042		13,955		14,482
Pool # AB9017, 3.00%, 4/1/2043		19,785		19,434
Pool # AT5891, 3.00%, 6/1/2043		22,885		22,479
Pool # AB9860, 3.00%, 7/1/2043		18,130		17,809
Pool # AL7527, 4.50%, 9/1/2043		11,711		12,301
Pool # AL7496, 3.50%, 5/1/2044		33,003		33,347
Pool # AL7380, 3.50%, 2/1/2045		19,438		19,641
Pool # AS6479, 3.50%, 1/1/2046		48,595		49,054
Pool # BM3500, 4.00%, 9/1/2047		79,426		81,617
Pool # BE8344, 4.00%, 11/1/2047		10,489		10,721
Pool # BJ7248, 4.00%, 12/1/2047		8,514		8,771
Pool # BE8349, 4.00%, 1/1/2048		9,650		9,858
Pool # BJ5756, 4.00%, 1/1/2048		15,622		15,959
Pool # BJ7310, 4.00%, 1/1/2048		14,787		15,217
Pool # BJ8237, 4.00%, 1/1/2048		10,032		10,311
Pool # BJ8264, 4.00%, 1/1/2048		6,468		6,645
Pool # BK1007, 4.00%, 2/1/2048		3,287		3,377
Pool # BK1134, 4.00%, 2/1/2048		18,453		18,848
Pool # BM3665, 4.00%, 3/1/2048		65,805		67,784
Pool # BE8366, 4.50%, 7/1/2048		18,640		19,528
Pool # BK7982, 5.00%, 7/1/2048		29,046		30,900
Pool # CA3029, 4.00%, 1/1/2049		9,205		9,381
FNMA, Other
Pool # 471233, 2.19%, 5/1/2019		7,772		7,755
Pool # AM0081, 1.94%, 7/1/2019		10,646		10,608
Pool # AM1719, 1.47%, 12/1/2019		6,522		6,470
Pool # AD0660, 4.48%, 12/1/2019		5,700		5,752
Pool # AD0852, 4.28%, 1/1/2020		3,875		3,911
Pool # AD0851, 4.37%, 2/1/2020		4,160		4,204
Pool # AE0134, 4.40%, 2/1/2020		6,083		6,153
Pool # AE1544, 4.00%, 4/1/2020		2		2
Pool # AE0136, 4.38%, 4/1/2020		11,472		11,647
Pool # AM3498, 2.01%, 6/1/2020		80,712		79,855
Pool # 465659, 3.74%, 7/1/2020		4,601		4,654

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 49

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 465578, 3.93%, 7/1/2020		12,072		12,240
Pool # 465491, 4.07%, 7/1/2020		25,649		26,048
Pool # 465769, 3.96%, 8/1/2020		8,066		8,189
Pool # 465973, 3.59%, 10/1/2020		8,098		8,163
Pool # 465738, 3.92%, 10/1/2020		5,718		5,813
Pool # AM1547, 2.00%, 12/1/2020		13,452		13,265
Pool # FN0022, 3.54%, 12/1/2020		2,450		2,476
Pool # 466854, 3.70%, 12/1/2020		3,052		3,098
Pool # 466840, 3.83%, 12/1/2020		7,315		7,442
Pool # AL4762, 3.56%, 1/1/2021		1,993		2,016
Pool # 466836, 3.87%, 1/1/2021		9,749		9,936
Pool # 466898, 4.05%, 1/1/2021		4,188		4,283
Pool # FN0003, 4.28%, 1/1/2021		4,579		4,700
Pool # 467264, 4.33%, 2/1/2021		4,092		4,209
Pool # 467755, 4.25%, 4/1/2021		8,968		9,194
Pool # 467944, 4.25%, 4/1/2021		6,816		7,007
Pool # 467630, 4.30%, 4/1/2021		2,459		2,534
Pool # 467757, 4.33%, 4/1/2021		5,943		6,087
Pool # 468021, 4.36%, 5/1/2021		12,519		12,905
Pool # 468243, 3.97%, 6/1/2021		5,211		5,336
Pool # 468237, 4.02%, 6/1/2021		6,009		6,164
Pool # 468381, 4.10%, 6/1/2021		5,585		5,734
Pool # 468242, 4.19%, 6/1/2021		4,504		4,632
Pool # AL0569, 4.26%, 6/1/2021		5,319		5,456
Pool # 468066, 4.30%, 6/1/2021		4,580		4,709
Pool # 468102, 4.34%, 6/1/2021		16,142		16,593
Pool # 468614, 3.86%, 7/1/2021		7,835		8,026
Pool # 468667, 3.94%, 7/1/2021		8,968		9,186
Pool # 468651, 3.99%, 7/1/2021		2,018		2,069
Pool # 468564, 4.06%, 7/1/2021		8,330		8,556
Pool # 468159, 4.26%, 7/1/2021		18,854		19,442
Pool # AL0602, 4.31%, 7/1/2021		6,034		6,209
Pool # 468699, 4.05%, 8/1/2021		1,407		1,445
Pool # 468896, 4.13%, 8/1/2021		6,401		6,586
Pool # 468542, 4.50%, 8/1/2021		24,662		25,603
Pool # AM6602, 2.63%, 9/1/2021		8,210		8,153
Pool # 468994, 3.85%, 9/1/2021		7,067		7,252
Pool # 468936, 3.92%, 9/1/2021		5,395		5,530
Pool # AL0905, 3.95%, 9/1/2021		8,365		8,566
Pool # 469254, 3.40%, 10/1/2021		2,851		2,897
Pool # AM7314, 2.63%, 11/1/2021		8,000		7,947
Pool # 469552, 3.43%, 11/1/2021		8,164		8,308
Pool # 469873, 3.03%, 12/1/2021		7,745		7,805
Pool # 469545, 3.31%, 12/1/2021		3,160		3,207
Pool # AM5706, 3.44%, 12/1/2021		3,864		3,914

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 469074, 3.83%, 12/1/2021		13,452		13,829
Pool # AM7739, 2.40%, 1/1/2022		9,207		9,083
Pool # 470269, 2.97%, 1/1/2022		6,214		6,245
Pool # 470324, 3.03%, 1/1/2022		6,952		7,006
Pool # 470280, 3.09%, 1/1/2022		10,875		10,962
Pool # 470181, 3.20%, 1/1/2022		6,934		7,012
Pool # 470359, 3.06%, 2/1/2022		7,497		7,558
Pool # 470202, 3.14%, 2/1/2022		3,903		3,942
Pool # 470622, 2.75%, 3/1/2022		1,423		1,420
Pool # 470826, 2.97%, 3/1/2022		5,381		5,412
Pool # 470555, 3.08%, 3/1/2022		3,415		3,443
Pool # 470539, 3.14%, 3/1/2022		2,430		2,455
Pool # 470779, 3.21%, 3/1/2022		2,690		2,724
Pool # 470474, 2.70%, 4/1/2022		12,886		12,839
Pool # 471033, 3.08%, 4/1/2022		8,326		8,400
Pool # 471718, 2.77%, 5/1/2022		13,891		13,869
Pool # 471274, 2.86%, 5/1/2022		11,800		11,812
Pool # 471177, 2.94%, 5/1/2022		8,642		8,684
Pool # 471151, 3.02%, 5/1/2022		5,483		5,523
Pool # 471190, 3.12%, 5/1/2022		7,888		7,968
Pool # 471599, 2.60%, 6/1/2022		6,919		6,884
Pool # 471747, 2.76%, 6/1/2022		13,945		13,881
Pool # AM0109, 2.61%, 7/1/2022		7,327		7,298
Pool # 471839, 2.67%, 7/1/2022		9,731		9,686
Pool # 471881, 2.67%, 7/1/2022		5,426		5,401
Pool # 471749, 2.69%, 7/1/2022		8,288		8,232
Pool # AM0177, 2.82%, 7/1/2022		8,909		8,909
Pool # 471284, 2.98%, 7/1/2022		19,180		19,308
Pool # 471828, 2.65%, 8/1/2022		8,968		8,920
Pool # AM1025, 2.39%, 10/1/2022		5,327		5,267
Pool # AM0810, 2.57%, 10/1/2022		5,015		4,988
Pool # AM0664, 2.64%, 10/1/2022		5,576		5,535
Pool # AM1196, 2.37%, 11/1/2022		3,941		3,894
Pool # AM0585, 2.38%, 11/1/2022		7,162		7,078
Pool # AM1437, 2.41%, 11/1/2022		4,951		4,898
Pool # AM1392, 2.44%, 11/1/2022		6,793		6,727
Pool # AM0806, 2.45%, 11/1/2022		12,174		12,057
Pool # AM1492, 2.47%, 11/1/2022		4,484		4,444
Pool # AM1385, 2.55%, 11/1/2022		10,383		10,320
Pool # AM1386, 2.55%, 11/1/2022		3,320		3,300
Pool # AM1779, 2.28%, 12/1/2022		8,505		8,374
Pool # AM1476, 2.32%, 12/1/2022		3,129		3,085
Pool # AM1619, 2.34%, 12/1/2022		19,628		19,326
Pool # AM1505, 2.39%, 12/1/2022		8,753		8,652
Pool # AM0811, 2.42%, 12/1/2022		9,719		9,616

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AM1922, 2.15%, 1/1/2023		4,026		3,945
Pool # AM1989, 2.33%, 1/1/2023		14,214		14,016
Pool # AM2111, 2.34%, 1/1/2023		11,341		11,188
Pool # AM2072, 2.37%, 1/1/2023		9,073		8,949
Pool # AM2123, 2.40%, 1/1/2023		12,233		12,094
Pool # AM2252, 2.44%, 1/1/2023		8,190		8,108
Pool # AM2223, 2.45%, 1/1/2023		6,084		6,025
Pool # AM1474, 2.51%, 1/1/2023		8,251		8,178
Pool # AM2149, 2.60%, 1/1/2023		6,406		6,378
Pool # AM2333, 2.45%, 2/1/2023		11,210		11,097
Pool # AM2695, 2.49%, 3/1/2023		6,661		6,604
Pool # AM2747, 2.50%, 4/1/2023		12,555		12,447
Pool # AM3069, 2.64%, 4/1/2023		2,954		2,931
Pool # AL3594, 2.71%, 4/1/2023		5,030		5,003
Pool # AM3244, 2.52%, 5/1/2023		28,698		28,377
Pool # AM3439, 2.54%, 5/1/2023		2,656		2,638
Pool # AM3577, 2.42%, 6/1/2023		7,446		7,352
Pool # AL3876, 2.77%, 6/1/2023		15,545		15,494
Pool # AM3589, 2.77%, 6/1/2023		7,986		7,961
Pool # AM3646, 2.64%, 7/1/2023		3,587		3,556
Pool # AM4011, 3.67%, 7/1/2023		42,150		43,557
Pool # AM3990, 3.74%, 7/1/2023		4,761		4,949
Pool # AM4170, 3.51%, 8/1/2023		9,000		9,318
Pool # AM4066, 3.59%, 8/1/2023		9,865		10,226
Pool # AM4716, 3.38%, 12/1/2023		2,994		3,058
Pool # AM4720, 3.45%, 1/1/2024		24,212		24,796
Pool # AM7024, 2.90%, 12/1/2024		8,200		8,167
Pool # AM7231, 2.92%, 12/1/2024		4,000		4,005
Pool # AM7290, 2.97%, 12/1/2024		24,220		24,316
Pool # AM7124, 3.11%, 12/1/2024		25,303		25,590
Pool # AM7682, 2.84%, 1/1/2025		34,780		34,533
Pool # AM7654, 2.86%, 1/1/2025		6,675		6,668
Pool # AM7795, 2.92%, 1/1/2025		33,000		32,905
Pool # AM7698, 2.96%, 1/1/2025		9,350		9,342
Pool # AM7664, 2.99%, 1/1/2025		10,624		10,678
Pool # AM7372, 3.05%, 1/1/2025		1,740		1,747
Pool # 470300, 3.64%, 1/1/2025		4,750		4,909
Pool # AM8251, 2.70%, 4/1/2025		9,849		9,704
Pool # AM8846, 2.68%, 5/1/2025		6,265		6,166
Pool # AM9149, 2.63%, 6/1/2025		6,200		6,076
Pool # AM9548, 3.17%, 8/1/2025		6,800		6,872
Pool # AN0029, 3.10%, 9/1/2025		9,941		10,034
Pool # AM4660, 3.77%, 12/1/2025		27,335		28,507
Pool # AN0767, 3.18%, 1/1/2026		8,587		8,682
Pool # AN1292, 2.84%, 4/1/2026		9,248		9,162

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AN1590, 2.40%, 5/1/2026		9,653		9,309
Pool # AN1413, 2.49%, 5/1/2026		21,968		21,261
Pool # AN1497, 2.61%, 6/1/2026		11,034		10,705
Pool # AN1243, 2.64%, 6/1/2026		7,998		7,775
Pool # AN1247, 2.64%, 6/1/2026		9,848		9,573
Pool # 468645, 4.54%, 7/1/2026		2,296		2,456
Pool # AN2367, 2.46%, 8/1/2026		6,448		6,228
Pool # AM6381, 3.29%, 8/1/2026		33,000		33,490
Pool # AM6392, 3.29%, 8/1/2026		11,500		11,708
Pool # 468574, 4.55%, 8/1/2026		8,054		8,640
Pool # 468573, 4.76%, 8/1/2026		8,732		9,490
Pool # 468927, 4.77%, 8/1/2026		5,558		6,041
Pool # AM6448, 3.25%, 9/1/2026		9,931		10,085
Pool # AN3076, 2.46%, 10/1/2026		25,000		23,972
Pool # AM7062, 3.44%, 10/1/2026		8,381		8,585
Pool # AM7117, 3.14%, 12/1/2026		20,069		20,239
Pool # AM7262, 3.19%, 12/1/2026		16,956		17,095
Pool # AM7011, 3.22%, 12/1/2026		2,896		2,935
Pool # AM7485, 3.24%, 12/1/2026		20,000		20,155
Pool # AM7390, 3.26%, 12/1/2026		7,712		7,837
Pool # AM7265, 3.30%, 12/1/2026		5,413		5,497
Pool # FN0029, 4.66%, 12/1/2026		9,501		10,141
Pool # AM8008, 2.94%, 2/1/2027		12,512		12,455
Pool # AM7515, 3.34%, 2/1/2027		16,000		16,218
Pool # AM8280, 2.91%, 3/1/2027		6,000		5,913
Pool # AM8529, 3.03%, 4/1/2027		16,000		15,888
Pool # AM8432, 2.79%, 5/1/2027		8,000		7,791
Pool # AM8745, 2.81%, 5/1/2027		9,871		9,660
Pool # AM8596, 2.83%, 5/1/2027		10,575		10,319
Pool # AM8597, 2.83%, 5/1/2027		10,725		10,465
Pool # AM8598, 2.83%, 5/1/2027		11,437		11,160
Pool # AM8784, 2.89%, 5/1/2027		8,260		8,157
Pool # AM8558, 2.68%, 6/1/2027		8,058		7,850
Pool # AM8803, 2.78%, 6/1/2027		4,158		4,061
Pool # AM8765, 2.83%, 6/1/2027		7,237		7,031
Pool # AM9087, 3.00%, 6/1/2027		16,500		16,301
Pool # AM9170, 3.00%, 6/1/2027		4,690		4,668
Pool # AM9345, 3.25%, 7/1/2027		7,820		7,918
Pool # AN6532, 2.92%, 9/1/2027		4,991		4,877
Pool # AM9723, 3.33%, 9/1/2027		9,787		9,903
Pool # AN7048, 2.90%, 10/1/2027		6,805		6,681
Pool # AM1469, 2.96%, 11/1/2027		3,977		3,917
Pool # AN7669, 2.83%, 12/1/2027		20,254		19,653
Pool # AN8114, 3.00%, 1/1/2028		8,160		8,062
Pool # AN8048, 3.08%, 1/1/2028		40,000		39,549

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 51

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AN7943, 3.10%, 1/1/2028		15,000		14,853
Pool # AN1600, 2.59%, 6/1/2028		7,653		7,287
Pool # AN9686, 3.52%, 6/1/2028		40,550		41,361
Pool # AN9486, 3.57%, 6/1/2028		26,476		27,112
Pool # AN2005, 2.73%, 7/1/2028		10,000		9,573
Pool # 387859, 3.53%, 8/1/2028		21,722		22,174
Pool # 387866, 3.53%, 8/1/2028		15,068		15,382
Pool # 387806, 3.55%, 8/1/2028		15,289		15,632
Pool # 387840, 3.65%, 8/1/2028		5,769		5,945
Pool # 387761, 3.78%, 8/1/2028		23,100		24,034
Pool # 109782, 3.55%, 9/1/2028		42,800		43,760
Pool # BL0919, 3.82%, 9/1/2028		19,807		20,656
Pool # BL0112, 3.66%, 10/1/2028		26,538		27,355
Pool # BL1040, 3.81%, 12/1/2028		42,090		43,838
Pool # BL0907, 3.88%, 12/1/2028		11,997		12,565
Pool # BL1435, 3.53%, 1/1/2029		23,495		23,922
Pool # AN4744, 3.30%, 3/1/2029		8,000		7,983
Pool # AN6106, 3.10%, 7/1/2029		5,700		5,589
Pool # AN6173, 3.12%, 7/1/2029		3,651		3,590
Pool # AN6846, 2.93%, 10/1/2029		13,300		12,797
Pool # AM7018, 3.63%, 10/1/2029		2,812		2,902
Pool # AM8123, 2.92%, 2/1/2030		8,218		7,936
Pool # AM7785, 3.17%, 2/1/2030		6,294		6,206
Pool # AM7516, 3.55%, 2/1/2030		13,000		13,256
Pool # AM8692, 3.03%, 4/1/2030		25,000		24,049
Pool # AM8544, 3.08%, 4/1/2030		15,640		15,293
Pool # AM8408, 3.13%, 4/1/2030		38,000		37,257
Pool # AM8321, 3.22%, 4/1/2030		10,616		10,517
Pool # AM8889, 2.92%, 5/1/2030		11,320		10,786
Pool # AM8151, 2.94%, 5/1/2030		12,000		11,457
Pool # AM8802, 3.10%, 5/1/2030		5,158		5,051
Pool # AM8807, 3.10%, 5/1/2030		15,413		15,101
Pool # AN9154, 3.64%, 5/1/2030		4,291		4,406
Pool # AM8666, 2.96%, 6/1/2030		9,628		9,335
Pool # AM9020, 2.97%, 6/1/2030		8,030		7,817
Pool # AM9012, 3.13%, 6/1/2030		9,234		8,977
Pool # AM9154, 3.18%, 6/1/2030		9,373		9,253
Pool # AM9296, 3.15%, 7/1/2030		9,119		8,974
Pool # AM9320, 3.30%, 7/1/2030		10,054		9,914
Pool # AN9594, 3.68%, 7/1/2030		25,000		25,590
Pool # AN9876, 3.80%, 7/1/2030		18,562		19,215
Pool # AN9988, 3.85%, 7/1/2030		9,643		10,028
Pool # AN9938, 3.70%, 8/1/2030		8,233		8,443
Pool # 387883, 3.78%, 8/1/2030		35,146		36,322
Pool # AM9219, 3.35%, 9/1/2030		11,307		11,316

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AM9676, 3.37%, 9/1/2030		7,577		7,594
Pool # BL0979, 4.05%, 12/1/2030		4,125		4,368
Pool # BL0853, 3.97%, 1/1/2031		16,700		17,560
Pool # AN1035, 3.21%, 3/1/2031		13,900		13,611
Pool # AH9683, 5.00%, 4/1/2031		1,178		1,251
Pool # AN1829, 2.90%, 6/1/2031		7,830		7,470
Pool # AN1372, 2.67%, 7/1/2031		15,975		14,823
Pool # AN1364, 2.81%, 8/1/2031		4,713		4,458
Pool # AN2625, 2.50%, 10/1/2031		10,000		9,101
Pool # AN5065, 3.34%, 4/1/2032		26,680		26,092
Pool # AN6155, 3.06%, 8/1/2032		15,000		14,217
Pool # AQ7084, 3.50%, 12/1/2032		3,007		3,033
Pool # 650236, 5.00%, 12/1/2032		6		6
Pool # AR7484, 3.50%, 2/1/2033		5,260		5,305
Pool # AT7117, 3.50%, 6/1/2033		2,069		2,087
Pool # AN9695, 3.67%, 7/1/2033		32,550		33,361
Pool # AN9950, 3.89%, 7/1/2033		9,895		10,322
Pool # 810997, 5.50%, 10/1/2034		278		289
Pool # AM7111, 3.57%, 11/1/2034		18,023		18,155
Pool # AM7122, 3.61%, 11/1/2034		8,828		8,960
Pool # AM8474, 3.45%, 4/1/2035		4,983		4,935
Pool # AM8475, 3.45%, 4/1/2035		2,021		2,002
Pool # AM9188, 3.12%, 6/1/2035		23,000		21,750
Pool # AM9532, 3.63%, 10/1/2035		3,734		3,764
Pool # AN0375, 3.76%, 12/1/2035		3,726		3,787
Pool # 256051, 5.50%, 12/1/2035		233		245
Pool # 256128, 6.00%, 2/1/2036		46		49
Pool # 880219, 7.00%, 2/1/2036		416		474
Pool # 868763, 6.50%, 4/1/2036		9		9
Pool # 907742, 7.00%, 12/1/2036		67		73
Pool # 920934, 6.50%, 1/1/2037		860		959
Pool # 888408, 6.00%, 3/1/2037		729		789
Pool # 888373, 7.00%, 3/1/2037		63		67
Pool # 888412, 7.00%, 4/1/2037		85		92
Pool # 918264, 6.50%, 5/1/2037		72		73
Pool # 995783, 8.00%, 11/1/2037		83		91
Pool # 257209, 5.50%, 5/1/2038		197		205
Pool # MA0127, 5.50%, 6/1/2039		162		169
Pool # AL2606, 4.00%, 3/1/2042		1,503		1,527
Pool # AO7225, 4.00%, 7/1/2042		4,340		4,453
Pool # AO9352, 4.00%, 7/1/2042		4,344		4,458
Pool # AO9353, 4.00%, 7/1/2042		3,671		3,765
Pool # MA1125, 4.00%, 7/1/2042		5,100		5,233
Pool # MA1178, 4.00%, 9/1/2042		25,833		26,514
Pool # MA1213, 3.50%, 10/1/2042		10,110		10,173

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # MA1251, 3.50%, 11/1/2042		26,718			26,885
Pool # MA1253, 4.00%, 11/1/2042		20,418			20,950
Pool # AR1397, 3.00%, 1/1/2043		14,191			13,940
Pool # MA1328, 3.50%, 1/1/2043		3,419			3,440
Pool # AQ9999, 3.00%, 2/1/2043		7,956			7,815
Pool # MA1373, 3.50%, 3/1/2043		5,289			5,322
Pool # MA1404, 3.50%, 4/1/2043		16,241			16,342
Pool # AB9096, 4.00%, 4/1/2043		2,689			2,758
Pool # AB9196, 3.50%, 5/1/2043		6,796			6,839
Pool # AT4051, 3.50%, 5/1/2043		1,789			1,800
Pool # MA1437, 3.50%, 5/1/2043		18,936			19,054
Pool # AT5914, 3.50%, 6/1/2043		9,841			9,902
Pool # MA1463, 3.50%, 6/1/2043		22,072			22,210
Pool # AB9704, 4.00%, 6/1/2043		5,396			5,537
Pool # MA1711, 4.50%, 12/1/2043		25,258			26,384
Pool # AL6167, 3.50%, 1/1/2044		11,989			12,063
Pool # MA1759, 4.00%, 1/1/2044		8,883			9,115
Pool # MA1760, 4.50%, 1/1/2044		8,354			8,729
Pool # AV9286, 4.00%, 2/1/2044		4,932			5,060
Pool # MA1800, 4.00%, 2/1/2044		4,331			4,443
Pool # MA1828, 4.50%, 3/1/2044		19,839			20,728
Pool # MA2429, 4.00%, 10/1/2045		5,227			5,364
Pool # MA2565, 4.00%, 3/1/2046		7,251			7,439
Pool # AD0523, 6.00%, 11/1/2048		361			376
GNMA I, 30 Year, Single Family
Pool # 286315, 9.00%, 2/15/2020		—	(j)		—	(j)
Pool # 313110, 7.50%, 11/15/2022		—	(j)		—	(j)
Pool # 345288, 7.50%, 3/15/2023		2			2
Pool # 352108, 7.00%, 8/15/2023		2			2
Pool # 363030, 7.00%, 9/15/2023		78			81
Pool # 352022, 7.00%, 11/15/2023		5			5
Pool # 366706, 6.50%, 1/15/2024		26			28
Pool # 371281, 7.00%, 2/15/2024		31			32
Pool # 782507, 9.50%, 10/15/2024		78			81
Pool # 780029, 9.00%, 11/15/2024		3			3
Pool # 780965, 9.50%, 12/15/2025		9			9
Pool # 442119, 7.50%, 11/15/2026		8			8
Pool # 411829, 7.50%, 7/15/2027		13			14
Pool # 554108, 6.50%, 3/15/2028		63			70
Pool # 481872, 7.50%, 7/15/2028		6			6
Pool # 468149, 8.00%, 8/15/2028		11			11
Pool # 468236, 6.50%, 9/15/2028		134			148
Pool # 486537, 7.50%, 9/15/2028		33			36
Pool # 486631, 6.50%, 10/15/2028		9			9
Pool # 466406, 6.00%, 11/15/2028		84			90

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 781328, 7.00%, 9/15/2031		725		831
Pool # 569568, 6.50%, 1/15/2032		549		621
Pool # 591882, 6.50%, 7/15/2032		21		23
Pool # 607645, 6.50%, 2/15/2033		92		101
Pool # 607724, 7.00%, 2/15/2033		50		55
Pool # 783123, 5.50%, 4/15/2033		2,463		2,698
Pool # 604209, 6.50%, 4/15/2033		53		59
Pool # 614546, 5.50%, 6/15/2033		29		31
Pool # 781614, 7.00%, 6/15/2033		165		191
Pool # 781689, 5.50%, 12/15/2033		98		107
Pool # 632415, 5.50%, 7/15/2034		61		67
Pool # 574710, 5.50%, 9/15/2034		136		146
Pool # 782615, 7.00%, 6/15/2035		1,904		2,162
Pool # 782025, 6.50%, 12/15/2035		644		723
Pool # 617486, 7.00%, 4/15/2037		300		336
Pool # 782212, 7.50%, 10/15/2037		336		397
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		2		2
Pool # 1989, 8.50%, 4/20/2025		13		14
Pool # 2006, 8.50%, 5/20/2025		29		31
Pool # 2141, 8.00%, 12/20/2025		5		5
Pool # 2234, 8.00%, 6/20/2026		12		13
Pool # 2270, 8.00%, 8/20/2026		9		11
Pool # 2285, 8.00%, 9/20/2026		11		12
Pool # 2324, 8.00%, 11/20/2026		9		10
Pool # 2499, 8.00%, 10/20/2027		21		24
Pool # 2512, 8.00%, 11/20/2027		19		20
Pool # 2525, 8.00%, 12/20/2027		9		9
Pool # 2549, 7.50%, 2/20/2028		12		13
Pool # 2562, 6.00%, 3/20/2028		56		62
Pool # 2606, 8.00%, 6/20/2028		5		5
Pool # 2633, 8.00%, 8/20/2028		1		1
Pool # 2646, 7.50%, 9/20/2028		41		45
Pool # 2647, 8.00%, 9/20/2028		3		3
Pool # 2781, 6.50%, 7/20/2029		639		713
Pool # 4224, 7.00%, 8/20/2038		247		278
Pool # 4245, 6.00%, 9/20/2038		4,370		4,754
Pool # 783389, 6.00%, 8/20/2039		2,290		2,526
Pool # 783444, 5.50%, 9/20/2039		1,376		1,460
Pool # 783967, 4.25%, 12/20/2044		6,897		7,247
Pool # AK8791, 3.75%, 7/20/2045		2,835		2,885
Pool # BD0481, 4.00%, 12/20/2047		4,035		4,157
Pool # BD0484, 4.50%, 12/20/2047		26,969		28,194
Pool # BE0207, 4.50%, 2/20/2048		6,782		7,168
Pool # BE0208, 4.50%, 2/20/2048		10,229		10,813

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 53

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BE5169, 4.50%, 2/20/2048		23,643		24,746
Pool # BF2333, 5.50%, 3/20/2048		1,913		2,070
Pool # BA7567, 4.50%, 5/20/2048		9,777		10,233
Pool # BF2574, 5.50%, 5/20/2048		1,392		1,484
Pool # BH2971, 5.00%, 6/20/2048		6,192		6,569
Pool # BI0728, 5.00%, 7/20/2048		12,401		13,187
Pool # BD0551, 4.50%, 8/20/2048		11,888		12,430
Pool # BI5288, 5.00%, 8/20/2048		15,550		16,570
Pool # BI5289, 5.00%, 8/20/2048		25,154		26,698
Pool # BI5290, 5.00%, 8/20/2048		7,516		7,985
Pool # AY2411, 4.25%, 9/20/2048		4,776		4,961
Pool # 784598, 5.00%, 9/20/2048		30,630		32,570
Pool # 784626, 4.50%, 10/20/2048		13,349		13,892
Pool # BK2586, 5.00%, 11/20/2048		15,408		16,267
Pool # BJ7082, 5.00%, 12/20/2048		1,169		1,237
Pool # BJ7085, 5.00%, 12/20/2048		9,977		10,532
Pool # BK7169, 5.00%, 12/20/2048		32,309		34,147
Pool # BK7189, 5.00%, 2/20/2049		30,000		31,707
GNMA II, Other
Pool # AD0858, 3.75%, 9/20/2038		866		888
Pool # 4285, 6.00%, 11/20/2038		49		51
Pool # AD0862, 3.75%, 1/20/2039		1,826		1,872
Pool # AC0973, 4.45%, 5/20/2063 (i)		3,058		3,102
Total Mortgage-Backed Securities (Cost $4,529,076)				4,491,281
Asset-Backed Securities — 12.4%
ABFC Trust Series 2005-AQ1, Class A4, 4.76%, 1/25/2034 ‡ (f)		2,577		2,625
Academic Loan Funding Trust Series 2013-1A, Class A, 3.29%, 12/26/2044 (c) (i)		2,804		2,795
Accelerated Assets LLC Series 2018-1, Class A, 3.87%, 12/2/2033 (c)		15,800		15,917
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (c)		10,867		10,927
Series 2015-1, Class A, 3.60%, 3/15/2027 (c)		4,751		4,634
Series 2017-1, Class AA, 3.30%, 1/15/2030 (c)		8,383		8,027
Series 2017-1, Class A, 3.55%, 1/15/2030 (c)		8,079		7,754
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		598		611
Series 2013-2, Class A, 4.95%, 1/15/2023		1,969		2,025
Series 2014-1, Class A, 3.70%, 10/1/2026		327		321
Series 2016-2, Class A, 3.65%, 6/15/2028		1,697		1,631

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-3, Class AA, 3.00%, 10/15/2028		20,012		18,919
Series 2017-1, Class AA, 3.65%, 2/15/2029		4,725		4,637
American Credit Acceptance Receivables Trust
Series 2016-2, Class C, 6.09%, 5/12/2022 (c)		5,000		5,068
Series 2016-4, Class C, 2.91%, 2/13/2023 (c)		4,695		4,693
Series 2017-1, Class C, 2.88%, 3/13/2023 (c)		8,607		8,607
Series 2018-1, Class C, 3.55%, 4/10/2024 (c)		9,054		9,089
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 ‡ (c)		16,974		16,961
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (c)		7,420		7,925
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (c)		11,586		11,766
Series 2014-SFR2, Class B, 4.29%, 10/17/2036 ‡ (c)		2,400		2,455
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (c)		8,100		8,509
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (c)		7,300		7,960
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (c)		9,256		9,353
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (c)		3,750		3,857
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (c)		16,970		18,658
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (c)		1,415		1,544
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class A3, 1.46%, 5/10/2021		1,708		1,705
Series 2017-2, Class D, 3.42%, 4/18/2023		13,550		13,544
Series 2017-4, Class C, 2.60%, 9/18/2023		18,856		18,662
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2003-13, Class AF6, 4.94%, 1/25/2034 ‡ (f)		10		12
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (c)		54,910		54,910
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021 (c)		2,222		2,216
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (c)		2,400		2,382

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-2, Class A, 3.34%, 11/15/2048 (c)		9,981		9,945
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.86%, 4/25/2036 ‡ (i)		111		110
BMW Vehicle Owner Trust Series 2018-A, Class A3, 2.35%, 4/25/2022		33,741		33,587
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (c)		8,843		8,866
Series 2018-1, Class A, 4.13%, 9/20/2031 (c)		14,122		14,077
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (c)		27,106		27,133
Series 2018-2, Class A, 4.45%, 6/15/2033 (c)		41,861		41,949
Series 2018-2, Class B, 5.44%, 6/15/2033 (c)		9,441		9,496
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (c)		1,334		1,331
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		5,757		5,713
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		40,421		40,333
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (c)		43,609		43,609
Capital Auto Receivables Asset Trust Series 2018-1, Class A3, 2.79%, 1/20/2022 (c)		35,295		35,300
Carnow Auto Receivables Trust
Series 2016-1A, Class C, 5.11%, 2/15/2021 (c)		7,214		7,221
Series 2017-1A, Class A, 2.92%, 9/15/2022 (c)		7,997		7,973
Series 2018-1A, Class C, 5.21%, 9/15/2023 (c)		14,000		14,133
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048 (c) (f)		15,689		15,722
Chase Funding Trust
Series 2003-4, Class 1A5, 5.20%, 5/25/2033 ‡ (f)		1,217		1,231
Series 2003-6, Class 1A5, 5.04%, 11/25/2034 ‡ (f)		1,756		1,814
Series 2003-6, Class 1A7, 5.04%, 11/25/2034 ‡ (f)		2,993		3,072

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023 (c)		6,586		6,556
Series 2019-1A, Class C, 3.82%, 8/15/2024 (c)		3,000		3,003
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		950		1,184
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95%, 4/25/2032 ‡ (c) (f)		124		123
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 3.25%, 12/25/2033 (i)		107		107
CLUB Credit Trust
Series 2017-P2, Class A, 2.61%, 1/15/2024 (c)		4,084		4,066
Series 2018-NP1, Class A, 2.99%, 5/15/2024 (c)		80		80
Series 2018-NP1, Class B, 3.67%, 5/15/2024 ‡ (c)		5,737		5,739
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (c)		7,458		7,336
Consumer Loan Underlying Bond Credit Trust Series 2018-P1, Class A, 3.39%, 7/15/2025 (c)		18,960		18,968
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		24		24
Series 2007-1, Class A, 5.98%, 4/19/2022		2,668		2,790
COOF Securitization Trust Ltd. Series 2014-1, Class A, IO, 3.00%, 6/25/2040 ‡ (c) (i)		8,000		711
CPS Auto Receivables Trust
Series 2014-B, Class C, 3.23%, 5/15/2020 (c)		1,981		1,982
Series 2014-C, Class C, 3.77%, 8/17/2020 (c)		2,398		2,402
Series 2016-B, Class B, 3.18%, 9/15/2020 (c)		475		475
Series 2014-D, Class C, 4.35%, 11/16/2020 (c)		3,086		3,101
Series 2015-A, Class C, 4.00%, 2/16/2021 (c)		2,900		2,918
Series 2015-B, Class C, 4.20%, 5/17/2021 (c)		16,500		16,622
Series 2015-C, Class D, 4.63%, 8/16/2021 (c)		5,849		5,920

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 55

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-A, Class B, 2.77%, 4/18/2022 (c)		5,675		5,650
Series 2016-C, Class C, 3.27%, 6/15/2022 (c)		7,840		7,846
Series 2018-B, Class B, 3.23%, 7/15/2022 (c)		11,435		11,441
Series 2017-D, Class C, 3.01%, 10/17/2022 (c)		7,027		6,998
Series 2018-A, Class C, 3.05%, 12/15/2023 (c)		2,094		2,086
CPS Auto Trust
Series 2017-A, Class C, 3.31%, 12/15/2022 (c)		5,383		5,390
Series 2017-A, Class D, 4.61%, 12/15/2022 (c)		3,060		3,106
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (c)		13,659		13,635
Series 2017-1A, Class B, 3.04%, 12/15/2025 (c)		5,989		5,969
Series 2017-1A, Class C, 3.48%, 2/17/2026 (c)		5,018		4,997
Series 2017-2A, Class C, 3.35%, 6/15/2026 (c)		5,343		5,320
Series 2018-1A, Class A, 3.01%, 2/16/2027 (c)		18,590		18,516
Series 2018-3A, Class B, 3.89%, 10/15/2027 (c)		18,903		19,082
Currency Capital Funding Trust Series 2018-1A, Class A, 6.74%, 3/17/2026 ‡ (c) (i)		51,591		51,462
CVS Pass-Through Trust 5.93%, 1/10/2034 (c)		5,216		5,644
CWABS, Inc. Asset-Backed Certificates
Series 2003-5, Class MF1, 5.15%, 1/25/2034 ‡ (i)		180		182
Series 2004-1, Class M1, 3.24%, 3/25/2034 ‡ (i)		317		318
Series 2004-1, Class M2, 3.31%, 3/25/2034 ‡ (i)		67		66
Series 2004-1, Class 3A, 3.05%, 4/25/2034 ‡ (i)		10		9
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.39%, 10/25/2034 (i)		159		157
Dell Equipment Finance Trust Series 2017-2, Class B, 2.47%, 10/24/2022 (c)		7,750		7,699
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		505		506
Series 2010-2, Class A, 4.95%, 5/23/2019		461		463
Series 2012-1, Class A, 4.75%, 5/7/2020		1,495		1,513

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diamond Resorts Owner Trust
Series 2017-1A, Class A, 3.27%, 10/22/2029 (c)		12,287		12,267
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (c)		4,322		4,328
Drive Auto Receivables Trust
Series 2016-AA, Class C, 3.91%, 5/17/2021 (c)		2,385		2,389
Series 2015-BA, Class D, 3.84%, 7/15/2021 (c)		7,968		7,982
Series 2017-BA, Class C, 2.61%, 8/16/2021 (c)		10,590		10,584
Series 2015-CA, Class D, 4.20%, 9/15/2021 (c)		3,942		3,957
Series 2017-1, Class C, 2.84%, 4/15/2022		20,786		20,781
Series 2017-3, Class C, 2.80%, 7/15/2022		15,725		15,717
Series 2015-AA, Class D, 4.12%, 7/15/2022 (c)		11,059		11,105
Series 2015-BA, Class E, 5.15%, 8/15/2022 (c)		14,750		14,841
Series 2017-BA, Class D, 3.72%, 10/17/2022 (c)		20,505		20,602
Series 2015-CA, Class E, 5.27%, 11/15/2022 (c)		10,000		10,059
Series 2015-DA, Class D, 4.59%, 1/17/2023 (c)		2,640		2,663
Series 2017-1, Class D, 3.84%, 3/15/2023		26,357		26,516
Series 2017-3, Class D, 3.53%, 12/15/2023 (c)		60,780		60,938
Series 2016-CA, Class D, 4.18%, 3/15/2024 (c)		23,204		23,377
Series 2018-2, Class C, 3.63%, 8/15/2024		22,745		22,876
Series 2018-3, Class D, 4.30%, 9/16/2024		31,281		31,811
Series 2019-1, Class D, 4.09%, 6/15/2026		15,350		15,564
DT Auto Owner Trust
Series 2015-2A, Class D, 4.25%, 2/15/2022 (c)		7,332		7,348
Series 2018-2A, Class B, 3.43%, 5/16/2022 (c)		28,158		28,199
Series 2016-4A, Class D, 3.77%, 10/17/2022 (c)		12,831		12,889
Series 2017-1A, Class C, 2.70%, 11/15/2022 (c)		11,570		11,556
Series 2017-2A, Class C, 3.03%, 1/17/2023 (c)		19,795		19,795
Series 2017-3A, Class D, 3.58%, 5/15/2023 (c)		10,458		10,463
Series 2017-4A, Class C, 2.86%, 7/17/2023 (c)		10,455		10,427

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-4A, Class D, 3.47%, 7/17/2023 (c)		19,583		19,563
Series 2018-1A, Class C, 3.47%, 12/15/2023 (c)		20,372		20,422
Series 2018-1A, Class D, 3.81%, 12/15/2023 (c)		14,372		14,397
Series 2018-2A, Class D, 4.15%, 3/15/2024 (c)		18,000		18,223
Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		9,800		9,817
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class B, 2.96%, 3/25/2030 (c)		6,619		6,490
Series 2017-A, Class C, 3.31%, 3/25/2030 (c)		4,468		4,391
Engs Commercial Finance Trust
Series 2016-1A, Class A2, 2.63%, 2/22/2022 (c)		2,121		2,112
Series 2018-1A, Class A2, 3.39%, 2/22/2023 (c)		18,066		18,113
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (c)		6,450		6,447
Series 2016-2A, Class B, 3.64%, 2/15/2022 (c)		3,051		3,056
Series 2016-3A, Class C, 4.22%, 6/15/2022 (c)		5,500		5,555
Series 2018-1A, Class C, 3.03%, 1/17/2023 (c)		14,015		13,997
Series 2017-3A, Class C, 3.68%, 7/17/2023 (c)		9,251		9,294
Series 2019-1A, Class C, 3.82%, 12/16/2024 (c)		8,170		8,215
Series 2019-1A, Class D, 4.13%, 12/16/2024 (c)		7,600		7,709
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		815		852
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021 (c)		2,933		2,951
Series 2017-1A, Class A2, 2.20%, 3/15/2022 (c)		6,528		6,503
Series 2017-1A, Class C, 2.95%, 4/17/2023 (c)		7,127		7,088
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (c)		59		59
Series 2016-1, Class A, 2.77%, 12/15/2020 (c)		1,113		1,113

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2014-2, Class C, 3.95%, 12/15/2020 (c)		2,455		2,460
Series 2015-3, Class B, 3.68%, 3/15/2022 (c)		5,299		5,315
Series 2015-3, Class C, 4.65%, 3/15/2022 (c)		5,163		5,237
Series 2016-2, Class B, 3.84%, 9/15/2022 (c)		3,150		3,163
Series 2016-2, Class C, 6.22%, 9/15/2022 (c)		21,080		21,857
Series 2018-2, Class A, 2.97%, 10/17/2022 (c)		25,381		25,378
Series 2017-R, Class A, 5.61%, 5/17/2023 (c)		2,290		2,291
6.05%, 10/18/2023		23,710		23,645
Ford Credit Auto Lease Trust Series 2017-B, Class A3, 2.03%, 12/15/2020		13,343		13,296
Ford Credit Auto Owner Trust Series 2016-B, Class A3, 1.33%, 10/15/2020		1,912		1,907
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024 (c)		15,253		15,260
Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (c)		6,000		6,042
Series 2018-2, Class A, 3.99%, 10/20/2025 (c)		10,314		10,337
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (i)		226		187
Genesis Sales Finance Master Trust Series 2019-AA, Class A, 4.68%, 8/20/2023 (c)		6,600		6,643
GLS Auto Receivables Issuer Trust Series 2019-1A, Class A, 3.37%, 1/17/2023 (c)		19,195		19,205
GLS Auto Receivables Trust
Series 2016-1A, Class C, 6.90%, 10/15/2021 (c)		10,500		10,807
Series 2018-2A, Class A, 3.25%, 4/18/2022 (c)		3,310		3,311
Series 2018-1A, Class A, 2.82%, 7/15/2022 (c)		2,622		2,617
GM Financial Automobile Leasing Trust Series 2018-1, Class A3, 2.61%, 1/20/2021		30,920		30,877
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (c) (f)		322		322
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (c)		3,048		3,032

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 57

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (c)		8,519		8,638
Goodgreen Trust
Series 2016-1A, Class A, 3.23%, 10/15/2052 (c)		21,741		21,535
Series 2017-1A, Class A, 3.74%, 10/15/2052 (c)		6,196		6,189
Series 2017-2A, Class A, 3.26%, 10/15/2053 (c)		28,117		27,711
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (c)		24,508		24,477
HERO Funding (Cayman Islands)
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (c)		26,368		26,871
Series 2018-1A, Class A2, 4.67%, 9/20/2048 (c)		33,786		34,875
HERO Funding II (Cayman Islands) Series 2016-3B, Class B,
5.24%, 9/20/2042 ‡ (c)		8,137		8,232
3.75%, 9/21/2044 ‡		12,768		11,955
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (c)		6,424		6,523
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (c)		10,872		10,733
Series 2016-4A, Class A1, 3.57%, 9/20/2047 (c)		3,039		3,052
Series 2016-4A, Class A2, 4.29%, 9/20/2047 (c)		6,332		6,526
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (c)		20,359		20,972
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042 (c)		10,610		10,556
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032 (c)		16,748		16,765
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.29%, 2/25/2024 (c)		23,659		23,356
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (c)		3,341		3,295
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.69%, 3/25/2036 ‡ (i)		334		328
Hyundai Auto Receivables Trust
Series 2016-A, Class A3, 1.56%, 9/15/2020		1,816		1,812
Series 2018-A, Class A3, 2.79%, 7/15/2022		10,456		10,460
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (c)		75,570		75,817

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (c)		23,690		23,918
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 1.54%, 9/25/2026 ‡ (c) (i)		4,510		64
Series 2014-1, Class A, IO, 1.40%, 10/25/2032 ‡ (c) (i)		23,840		832
Series 2012-4, Class A, IO, 0.97%, 9/25/2037 ‡ (c) (i)		54,471		1,417
Series 2012-2, Class A, IO, 0.89%, 8/25/2038 ‡ (c) (i)		35,829		856
Series 2013-2, Class A, IO, 1.68%, 3/25/2039 ‡ (c) (i)		29,892		1,219
Series 2012-6, Class A, IO, 0.62%, 5/25/2039 ‡ (c) (i)		24,941		384
Series 2014-2, Class A, IO, 2.91%, 4/25/2040 ‡ (c) (i)		7,225		586
Series 2015-2, Class A, IO, 2.69%, 7/25/2041 ‡ (c) (i)		9,423		995
LendingPoint Funding Trust Series 2018-1, Class A2, 6.49%, 11/15/2024 ‡ (c) (i)		34,407		34,407
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025 (c)		16,439		16,270
Series 2017-1A, Class B, 3.77%, 12/22/2025 ‡ (c)		2,200		2,193
Series 2017-2A, Class A, 2.80%, 5/20/2026 (c)		23,070		22,870
Long Beach Mortgage Loan Trust
Series 2004-1, Class M1, 3.24%, 2/25/2034 ‡ (i)		1,807		1,786
Series 2004-3, Class M1, 3.34%, 7/25/2034 ‡ (i)		345		342
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (c)		33,774		33,774
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (c)		12,319		12,319
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029 (c)		25,870		25,896
Series 2017-AA, Class B, 4.74%, 2/20/2029 ‡ (c)		7,750		7,834
Series 2017-AA, Class C, 6.73%, 2/20/2029 ‡ (c)		6,500		6,714
Series 2017-BA, Class A, 2.92%, 12/20/2029 (c)		7,415		7,338
Series 2017-BA, Class B, 3.48%, 12/20/2029 ‡ (c)		7,000		6,900

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-BA, Class C, 4.57%, 12/20/2029 ‡ (c)		12,200		12,018
MarketPlace Loan Trust Series 2017-BS1, Class A, 3.50%, 1/18/2022 (c)		8,581		8,543
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 3/15/2024 (c)		1,495		1,495
Series 2017-3A, Class B, 3.01%, 12/15/2024 (c)		9,500		9,458
Series 2018-1A, Class A, 2.61%, 3/15/2028 (c)		10,926		10,900
Series 2018-1A, Class B, 3.19%, 3/15/2028 ‡ (c)		8,926		8,881
Series 2018-2A, Class A, 3.06%, 7/17/2028 (c)		11,486		11,476
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (c)		6,495		7,020
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045 (c)		2,241		2,273
Series 2010-1, Class M, 5.25%, 12/15/2045 ‡ (c)		4,034		4,176
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.08%, 11/25/2033 ‡ (f)		1,597		1,612
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (c)		7,560		7,531
OL SP LLC
Series 2018, Class A, 4.16%, 2/9/2030		5,363		5,345
Series 2018, Class B, 4.61%, 2/9/2030 ‡		1,676		1,683
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (c)		16,601		16,660
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (c)		25,537		25,657
OneMain Financial Issuance Trust
Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (c)		224		224
Series 2015-1A, Class A, 3.19%, 3/18/2026 (c)		2,952		2,953
Series 2015-1A, Class B, 3.85%, 3/18/2026 (c)		10,800		10,831
Series 2016-1A, Class A, 3.66%, 2/20/2029 (c)		18,919		18,997
Series 2016-1A, Class C, 6.00%, 2/20/2029 (c)		12,500		12,788

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (c)		12,817		12,729
Oportun Funding VII LLC Series 2017-B, Class A, 3.22%, 10/10/2023 (c)		10,654		10,574
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (c)		35,735		35,646
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (c) (f)		28,255		28,444
Series 2019-NPL1, Class A1, 4.21%, 7/25/2060 (c) (f)		16,250		16,268
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (c)		26,313		26,069
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (c)		7,295		7,241
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (c)		16,110		16,029
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (c)		8,917		8,920
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (c)		32,330		32,181
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (c)		3,041		3,069
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (c)		4,000		4,045
Series 2017-SFR1, Class E, 4.26%, 8/17/2034 ‡ (c)		6,500		6,505
Series 2018-SFR1, Class E, 4.38%, 3/17/2035 ‡ (c)		12,400		12,407
Prosper Marketplace Issuance Trust
Series 2017-3A, Class A, 2.36%, 11/15/2023 (c)		4,029		4,025
Series 2018-1A, Class A, 3.11%, 6/17/2024 (c)		12,786		12,792
Series 2019-1A, Class A, 3.54%, 4/15/2025 (c)		6,745		6,752
Purchasing Power Funding LLC
Series 2018-A, Class B, 3.58%, 8/15/2022 ‡ (c)		6,845		6,835
Series 2018-A, Class C, 3.78%, 8/15/2022 ‡ (c)		6,795		6,786
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (c)		8,681		8,681
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (c)		20,770		20,660
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (f)		96		41

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 59

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (c)		8,089		8,142
RFLF 1 Issuer LLC Series 2018-1A, Class A, 5.25%, 6/12/2022 ‡ (c)		45,000		45,000
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (c)		33,185		33,153
Santander Drive Auto Receivables Trust
Series 2018-1, Class D, 3.32%, 3/15/2024		32,463		32,379
Series 2019-1, Class C, 3.42%, 4/15/2025		16,565		16,585
Santander Retail Auto Lease Trust
Series 2018-A, Class A2A, 2.71%, 10/20/2020 (c)		16,610		16,600
Series 2018-A, Class A3, 2.93%, 5/20/2021 (c)		28,354		28,354
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.64%, 6/25/2033 (f)		239		242
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.35%, 1/25/2036 ‡ (f)		553		476
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (c)		4,201		4,194
SoFi Professional Loan Program LLC Series 2018-A, Class A2A, 2.39%, 2/25/2042 (c)		3,968		3,939
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		4,140		4,001
Spirit Master Funding LLC
Series 2014-3A, Class A, 5.74%, 3/20/2042 (c)		19,840		20,638
Series 2017-1A, Class A, 4.36%, 12/20/2047 (c)		29,997		30,286
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (c)		6,294		6,296
Series 2015-AA, Class B, 3.62%, 11/15/2024 (c)		8,805		8,813
Series 2016-AA, Class B, 3.80%, 11/15/2029 (c)		16,735		16,732
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (c)		6,113		6,156
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2004-6XS, Class A5A, 6.03%, 3/25/2034 ‡ (f)		1,057		1,072
Series 2004-6XS, Class A5B, 6.05%, 3/25/2034 ‡ (f)		846		857

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032 ‡		292		285
Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		626		606
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		34,000		34,388
TCF Auto Receivables Owner Trust Series 2016-1A, Class A3, 1.71%, 4/15/2021 (c)		6,908		6,890
Tesla Auto Lease Trust Series 2018-A, Class A, 2.32%, 12/20/2019 (c)		4,745		4,738
Tricolor Auto Securitization Trust
Series 2018-1A, Class A, 5.05%, 12/15/2020 (c)		24,667		24,675
Series 2018-2A, Class A, 3.96%, 10/15/2021 (c)		11,686		11,696
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (c)		14,351		14,073
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		1,066		1,086
Series 2016-1, Class B, 3.65%, 1/7/2026		923		899
Series 2018-1, Class B, 4.60%, 3/1/2026		4,100		4,125
Series 2014-1, Class A, 4.00%, 4/11/2026		6,320		6,330
Series 2016-1, Class AA, 3.10%, 7/7/2028		2,670		2,565
Series 2016-1, Class A, 3.45%, 7/7/2028		6,330		6,076
Series 2018-1, Class AA, 3.50%, 3/1/2030		16,115		15,684
Series 2018-1, Class A, 3.70%, 3/1/2030		8,875		8,595
Series 2019-1, Class AA, 4.15%, 8/25/2031 (b)		16,825		17,207
Series 2019-1, Class A, 4.55%, 8/25/2031		15,200		15,407
US Auto Funding LLC Series 2018-1A, Class A, 5.50%, 7/15/2023 (c)		31,422		31,697
USASF Receivables LLC Series 2017-1, Class A, 5.75%, 9/15/2030 (c)		10,597		10,597
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 1/20/2021 (c)		798		796
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (c)		18,701		18,537
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (c)		5,173		5,165
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (c)		35,785		35,785
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (c) (f)		36,897		36,795

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (c) (f)		14,388		14,417
Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 ‡ (c) (f)		5,200		5,209
VOLT LXVI Series 2018-NPL2, Class A1, 4.34%, 5/25/2048 ‡ (c) (f)		25,607		25,624
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (c) (f)		15,062		15,066
VOLT LXVIII LLC
Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (c) (f)		18,758		18,789
Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048 ‡ (c) (f)		6,209		6,229
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (c) (f)		16,344		16,339
VOLT LXXI LLC Series 2018-NPL7, Class A1A, 3.97%, 9/25/2048 (c) (f)		17,480		17,408
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (c) (f)		52,330		52,019
VOLT LXXV LLC
Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (c) (f)		50,968		51,079
Series 2019-NPL1, Class A1B, 4.83%, 1/25/2049 (c) (f)		26,500		26,600
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 (i)		6,652		6,573
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (c)		8,715		8,649
Westlake Automobile Receivables Trust
Series 2016-3A, Class D, 3.58%, 1/18/2022 (c)		4,000		4,027
Series 2017-1A, Class C, 2.70%, 10/17/2022 (c)		8,210		8,190
Series 2017-1A, Class D, 3.46%, 10/17/2022 (c)		8,261		8,262
Series 2018-1A, Class C, 2.92%, 5/15/2023 (c)		3,370		3,357
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		34,790		34,862
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		18,475		18,485
Total Asset-Backed Securities (Cost $3,669,775)				3,670,674

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 8.7%
Acre 12/15/2020		42,290		42,290
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		5,430		5,662
Series 2005-J1, Class 1A4, IF, IO, 2.61%, 2/25/2035 ‡ (i)		609		9
Series 2005-1CB, Class 1A6, IF, IO, 4.61%, 3/25/2035 ‡ (i)		1,588		195
Series 2005-22T1, Class A2, IF, IO, 2.58%, 6/25/2035 ‡ (i)		6,068		579
Series 2005-20CB, Class 3A8, IF, IO, 2.26%, 7/25/2035 ‡ (i)		5,268		444
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		2,261		2,159
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		75		54
Series 2005-37T1, Class A2, IF, IO, 2.56%, 9/25/2035 ‡ (i)		19,698		1,969
Series 2005-54CB, Class 1A2, IF, IO, 2.36%, 11/25/2035 ‡ (i)		8,632		815
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		2,184		2,030
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		30		29
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		930		899
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (c) (i)		51		53
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (c)		32,592		32,553
Aqua Finance Trust Series 2017-A, Class A, 3.72%, 11/15/2035 (c)		18,558		18,314
ARIVO 9/15/2019 ‡		28,851		28,851
ASG Resecuritization Trust Series 2011-1, Class 2A35, 6.00%, 9/28/2036 (c)		1,868		1,373
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		12		11
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		356		332
Series 2005-9, Class CBIO, IO, 5.50%, 10/25/2035 ‡		1,101		242
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		259		221
Series 2004-2, Class 1CB1, 5.75%, 9/20/2034		374		396
Series 2004-C, Class 1A1, 4.97%, 12/20/2034 (i)		463		464

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 61

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-E, Class 4A1, 4.71%, 3/20/2035 (i)		261		263
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		254		242
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		254		212
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		85		64
Series 2006-1, Class XPO, PO, 1/25/2036 ‡		147		115
Banc of America Mortgage Trust
Series 2004-9, Class 3PO, PO, 9/25/2032 ‡		1		1
Series 2004-9, Class 3A1, 6.50%, 9/25/2032		198		204
Series 2003-C, Class 3A1, 4.19%, 4/25/2033 (i)		106		108
Series 2004-J, Class 3A1, 4.87%, 11/25/2034 (i)		421		422
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (c) (i)		922		943
Series 2010-RR7, Class 2A1, 3.86%, 7/26/2045 (c) (i)		4,913		4,884
Bear Stearns ALT-A Trust Series 2005-2, Class 1A1, 2.99%, 3/25/2035 (i)		106		106
Bear Stearns ARM Trust
Series 2003-2, Class A5, 4.72%, 1/25/2033 (c) (i)		994		1,016
Series 2003-7, Class 3A, 4.20%, 10/25/2033 (i)		87		87
Series 2004-2, Class 14A, 4.11%, 5/25/2034 (i)		543		539
Series 2006-1, Class A1, 4.91%, 2/25/2036 (i)		1,920		1,935
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates Series 2003-8, Class 1P, PO, 10/25/2033 ‡		138		130
Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates Series 2004-1, Class P, PO, 2/25/2034 ‡		58		53
Chase Mortgage Finance Trust
Series 2007-A1, Class 7A1, 4.26%, 2/25/2037 (i)		110		111
Series 2007-A1, Class 2A1, 4.48%, 2/25/2037 (i)		809		831
Series 2007-A1, Class 9A1, 4.51%, 2/25/2037 (i)		494		491
Series 2007-A1, Class 1A3, 4.62%, 2/25/2037 (i)		420		426
Series 2007-A2, Class 1A1, 4.26%, 7/25/2037 (i)		377		378

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-A2, Class 2A1, 4.51%, 7/25/2037 (i)		555		565
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		13		13
Series 2002-18, PO, 11/25/2032 ‡		111		102
Series 2004-3, Class A26, 5.50%, 4/25/2034		265		270
Series 2004-3, Class A4, 5.75%, 4/25/2034		180		183
Series 2004-HYB1, Class 2A, 4.20%, 5/20/2034 (i)		110		111
Series 2004-HYB3, Class 2A, 3.62%, 6/20/2034 (i)		777		781
Series 2004-7, Class 2A1, 4.06%, 6/25/2034 (i)		79		81
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		1,381		1,391
Series 2004-HYB6, Class A3, 4.27%, 11/20/2034 (i)		370		376
Series 2005-14, Class A2, 5.50%, 7/25/2035		212		197
Series 2005-16, Class A23, 5.50%, 9/25/2035		107		102
Series 2005-22, Class 2A1, 4.05%, 11/25/2035 (i)		1,588		1,392
Citicorp Mortgage Securities Trust
Series 2006-1, Class 2A1, 5.00%, 2/25/2021		37		38
Series 2006-4, Class 1A2, 6.00%, 8/25/2036		534		528
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		1		1
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (i)		619		625
Citigroup Mortgage Loan Trust
Series 2009-10, Class 1A1, 4.34%, 9/25/2033 (c) (i)		2,174		2,211
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (c) (i)		155		155
Series 2015-A, Class B2, 4.50%, 6/25/2058 (c) (i)		3,820		3,968
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		43		40
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		31		31
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		47		46

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		57			50
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		271			276
Series 2004-UST1, Class A6, 4.17%, 8/25/2034 (i)		243			237
Series 2005-1, Class 2A1A, 3.48%, 2/25/2035 (i)		236			204
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		1,093			1,119
Series 2005-5, Class 1A2, 4.00%, 8/25/2035 (i)		660			534
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (i) (k)		8,628			894
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 5P, PO, 8/25/2019 ‡		—	(j)		—	(j)
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		85			85
Series 1997-2, Class A, 7.50%, 6/25/2020 (c)		—	(j)		—	(j)
Series 2003-1, Class DB1, 6.71%, 2/25/2033 (i)		715			749
Series 2003-AR15, Class 3A1, 4.26%, 6/25/2033 (i)		233			233
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		555			572
Series 2003-23, Class 1P, PO, 10/25/2033 ‡		411			345
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		778			793
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		382			388
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		503			530
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		884			919
Series 2005-9, Class AP, PO, 10/25/2035 ‡		167			131
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 ‡		1,857			24
Series 2005-10, Class AP, PO, 11/25/2035 ‡		78			55
Csma Sfr A 4/25/2023 ‡		15,829			15,829
CSMC Series 2010-17R, Class 1A1, 4.43%, 6/26/2036 (c) (i)		418			420
CVS Pass-Through Trust 8.35%, 7/10/2031 (c)		5,864			7,133
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.35%, 2/25/2020 (i)		160			159

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2005-3, Class 1A1, 3.42%, 6/25/2020 (i)		350			343
DT Asset Trust 5.84%, 12/16/2022		21,900			21,891
FHLMC — GNMA
Series 8, Class ZA, 7.00%, 3/25/2023		68			71
Series 24, Class ZE, 6.25%, 11/25/2023		52			54
Series 29, Class L, 7.50%, 4/25/2024		358			384
FHLMC Reference REMIC
Series R006, Class ZA, 6.00%, 4/15/2036		3,031			3,379
Series R007, Class ZA, 6.00%, 5/15/2036		4,035			4,486
FHLMC REMIC
Series 2134, Class PI, IO, 6.50%, 3/15/2019		—	(j)		—	(j)
Series 2934, Class EC, PO, 2/15/2020		229			227
Series 2934, Class HI, IO, 5.00%, 2/15/2020		68			1
Series 2934, Class KI, IO, 5.00%, 2/15/2020		36			1
Series 2347, Class VP, 6.50%, 3/15/2020		7			7
Series 1807, Class G, 9.00%, 10/15/2020		1			1
Series 114, Class H, 6.95%, 1/15/2021		2			2
Series 85, Class C, 8.60%, 1/15/2021		—	(j)		—	(j)
Series 99, Class Z, 9.50%, 1/15/2021		—	(j)		—	(j)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(j)		—	(j)
Series 1065, Class J, 9.00%, 4/15/2021		1			1
Series 1084, Class F, 3.44%, 5/15/2021 (i)		1			1
Series 1079, Class S, HB, IF, 25.54%, 5/15/2021 (i)		—	(j)		—	(j)
Series 1084, Class S, HB, IF, 34.03%, 5/15/2021 (i)		—	(j)		—	(j)
Series 1116, Class I, 5.50%, 8/15/2021		1			1
Series 1144, Class KB, 8.50%, 9/15/2021		10			10
Series 3688, Class CU, 7.02%, 11/15/2021 (i)		245			249
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (i)		—	(j)		—	(j)
Series 3284, Class CB, 5.00%, 3/15/2022		670			672
Series 1206, Class IA, 7.00%, 3/15/2022		4			4
Series 1250, Class J, 7.00%, 5/15/2022		6			6
Series 1343, Class LB, 7.50%, 8/15/2022		8			9
Series 1343, Class LA, 8.00%, 8/15/2022		21			22
Series 1370, Class JA, 3.64%, 9/15/2022 (i)		14			14
Series 2512, Class PG, 5.50%, 10/15/2022		360			367
Series 1455, Class WB, IF, 3.43%, 12/15/2022 (i)		14			14
Series 2535, Class BK, 5.50%, 12/15/2022		119			121
Series 1470, Class F, 2.06%, 2/15/2023 (i)		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 63

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1466, Class PZ, 7.50%, 2/15/2023		120			127
Series 2586, Class HD, 5.50%, 3/15/2023		1,252			1,293
Series 1498, Class I, 3.64%, 4/15/2023 (i)		78			80
Series 2595, Class HC, 5.50%, 4/15/2023		1,273			1,326
Series 1502, Class PX, 7.00%, 4/15/2023		118			124
Series 1491, Class I, 7.50%, 4/15/2023		24			26
Series 1798, Class F, 5.00%, 5/15/2023		124			127
Series 1518, Class G, IF, 6.45%, 5/15/2023 (i)		55			58
Series 1505, Class Q, 7.00%, 5/15/2023		13			14
Series 204, Class E, HB, IF, 1,393.71%, 5/15/2023 (i)		—	(j)		—	(j)
Series 2033, Class J, 5.60%, 6/15/2023		246			255
Series 1541, Class O, 1.98%, 7/15/2023 (i)		52			51
Series 2638, Class DS, IF, 6.11%, 7/15/2023 (i)		78			80
Series 1541, Class M, HB, IF, 23.33%, 7/15/2023 (i)		11			13
Series 1570, Class F, 2.56%, 8/15/2023 (i)		3			3
Series 1608, Class L, 6.50%, 9/15/2023		347			367
Series 1573, Class PZ, 7.00%, 9/15/2023		89			94
Series 2571, Class SK, HB, IF, 23.77%, 9/15/2023 (i)		42			55
Series 1591, Class PV, 6.25%, 10/15/2023		54			56
Series 1602, Class SA, IF, 14.66%, 10/15/2023 (i)		43			49
Series 2709, Class PG, 5.00%, 11/15/2023		1,567			1,619
Series 2710, Class HB, 5.50%, 11/15/2023		368			377
Series 1642, Class PJ, 6.00%, 11/15/2023		133			138
Series 2720, Class PC, 5.00%, 12/15/2023		162			168
Series 1983, Class Z, 6.50%, 12/15/2023		82			87
Series 2283, Class K, 6.50%, 12/15/2023		122			128
Series 1658, Class GZ, 7.00%, 1/15/2024		47			50
Series 1700, Class GA, PO, 2/15/2024		41			40
Series 1865, Class D, PO, 2/15/2024		52			48
Series 1671, Class L, 7.00%, 2/15/2024		14			16
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (i)		19			23
Series 1686, Class SH, IF, 13.64%, 2/15/2024 (i)		6			7
Series 1709, Class FA, 1.90%, 3/15/2024 (i)		4			4
Series 1699, Class FC, 3.09%, 3/15/2024 (i)		9			9
Series 1695, Class EB, 7.00%, 3/15/2024		44			46
Series 1706, Class K, 7.00%, 3/15/2024		257			273

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2033, Class SN, HB, IF, 26.69%, 3/15/2024 (i)		29		6
Series 1720, Class PL, 7.50%, 4/15/2024		152		162
Series 2306, Class K, PO, 5/15/2024		36		34
Series 2306, Class SE, IF, IO, 7.85%, 5/15/2024 (i)		86		12
Series 1737, Class L, 6.00%, 6/15/2024		160		170
Series 1745, Class D, 7.50%, 8/15/2024		46		49
Series 3614, Class QB, 4.00%, 12/15/2024		1,794		1,835
Series 2903, Class Z, 5.00%, 12/15/2024		454		471
Series 2967, Class S, HB, IF, 20.14%, 4/15/2025 (i)		135		158
Series 3684, Class CY, 4.50%, 6/15/2025		6,278		6,506
Series 3022, Class SX, IF, 10.65%, 8/15/2025 (i)		65		72
Series 3051, Class DP, IF, 17.08%, 10/15/2025 (i)		167		210
Series 3793, Class AB, 3.50%, 1/15/2026		6,000		6,127
Series 3659, Class VE, 5.00%, 3/15/2026		1,988		2,005
Series 1829, Class ZB, 6.50%, 3/15/2026		21		22
Series 1863, Class Z, 6.50%, 7/15/2026		168		177
Series 1890, Class H, 7.50%, 9/15/2026		26		28
Series 1899, Class ZE, 8.00%, 9/15/2026		72		81
Series 1927, Class ZA, 6.50%, 1/15/2027		120		132
Series 1927, Class PH, 7.50%, 1/15/2027		170		189
Series 1963, Class Z, 7.50%, 1/15/2027		62		69
Series 1935, Class FL, 3.19%, 2/15/2027 (i)		5		5
Series 1981, Class Z, 6.00%, 5/15/2027		143		151
Series 1970, Class PG, 7.25%, 7/15/2027		8		8
Series 1987, Class PE, 7.50%, 9/15/2027		74		83
Series 2019, Class Z, 6.50%, 12/15/2027		82		89
Series 2038, Class PN, IO, 7.00%, 3/15/2028		103		18
Series 2040, Class PE, 7.50%, 3/15/2028		320		358
Series 2054, Class PV, 7.50%, 5/15/2028		111		124
Series 2063, Class PG, 6.50%, 6/15/2028		159		175
Series 2064, Class TE, 7.00%, 6/15/2028		20		22
Series 2070, Class C, 6.00%, 7/15/2028		78		84
Series 2075, Class PM, 6.25%, 8/15/2028		348		370
Series 2075, Class PH, 6.50%, 8/15/2028		325		354
Series 2086, Class GB, 6.00%, 9/15/2028		66		70
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		127		14
Series 2095, Class PE, 6.00%, 11/15/2028		284		306
Series 2106, Class ZD, 6.00%, 12/15/2028		568		611
Series 2388, Class FB, 3.09%, 1/15/2029 (i)		128		129

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2110, Class PG, 6.00%, 1/15/2029		747		810
Series 2125, Class JZ, 6.00%, 2/15/2029		164		174
Series 2126, Class CB, 6.25%, 2/15/2029		860		924
Series 2132, Class SB, IF, 19.68%, 3/15/2029 (i)		21		30
Series 2141, IO, 7.00%, 4/15/2029		11		1
Series 2169, Class TB, 7.00%, 6/15/2029		647		715
Series 2163, Class PC, IO, 7.50%, 6/15/2029		54		6
Series 2172, Class QC, 7.00%, 7/15/2029		336		375
Series 2176, Class OJ, 7.00%, 8/15/2029		168		187
Series 3800, Class AI, IO, 4.00%, 11/15/2029		1,094		60
Series 2196, Class TL, 7.50%, 11/15/2029		1		1
Series 2201, Class C, 8.00%, 11/15/2029		157		175
Series 2204, Class GB, IO, 8.00%, 12/20/2029 (i)		7		7
Series 2208, Class PG, 7.00%, 1/15/2030		320		359
Series 2209, Class TC, 8.00%, 1/15/2030		90		103
Series 2210, Class Z, 8.00%, 1/15/2030		317		366
Series 2224, Class CB, 8.00%, 3/15/2030		70		80
Series 3654, Class DC, 5.00%, 4/15/2030		6,098		6,587
Series 2230, Class Z, 8.00%, 4/15/2030		97		110
Series 2234, Class PZ, 7.50%, 5/15/2030		71		80
Series 2247, Class Z, 7.50%, 8/15/2030		75		84
Series 2256, Class MC, 7.25%, 9/15/2030		187		212
Series 2259, Class ZM, 7.00%, 10/15/2030		210		236
Series 2261, Class ZY, 7.50%, 10/15/2030		1		1
Series 2262, Class Z, 7.50%, 10/15/2030		21		24
Series 2271, Class PC, 7.25%, 12/15/2030		245		275
Series 2296, Class PD, 7.00%, 3/15/2031		137		153
Series 2313, Class LA, 6.50%, 5/15/2031		55		62
Series 2325, Class PM, 7.00%, 6/15/2031		114		128
Series 2359, Class ZB, 8.50%, 6/15/2031		267		310
Series 2333, Class HC, 6.00%, 7/15/2031		87		95
Series 2332, Class ZH, 7.00%, 7/15/2031		272		305
Series 2344, Class ZD, 6.50%, 8/15/2031		1,615		1,863
Series 2344, Class ZJ, 6.50%, 8/15/2031		166		181
Series 2345, Class NE, 6.50%, 8/15/2031		123		136
Series 2351, Class PZ, 6.50%, 8/15/2031		149		166
Series 2367, Class ME, 6.50%, 10/15/2031		136		149
Series 2399, Class OH, 6.50%, 1/15/2032		186		206
Series 2399, Class TH, 6.50%, 1/15/2032		240		266
Series 2418, Class FO, 3.39%, 2/15/2032 (i)		703		713
Series 2475, Class S, IF, IO, 5.51%, 2/15/2032 (i)		643		110

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2410, Class QX, IF, IO, 6.16%, 2/15/2032 (i)		141		28
Series 2410, Class OE, 6.38%, 2/15/2032		176		187
Series 2410, Class NG, 6.50%, 2/15/2032		290		321
Series 2420, Class XK, 6.50%, 2/15/2032		308		341
Series 2412, Class SP, IF, 11.12%, 2/15/2032 (i)		354		423
Series 2410, Class QS, IF, 13.03%, 2/15/2032 (i)		326		408
Series 2444, Class ES, IF, IO, 5.46%, 3/15/2032 (i)		273		46
Series 2450, Class SW, IF, IO, 5.51%, 3/15/2032 (i)		178		29
Series 2423, Class TB, 6.50%, 3/15/2032		398		438
Series 2430, Class WF, 6.50%, 3/15/2032		418		468
Series 2423, Class MC, 7.00%, 3/15/2032		251		281
Series 2423, Class MT, 7.00%, 3/15/2032		309		348
Series 2434, Class ZA, 6.50%, 4/15/2032		932		1,029
Series 2435, Class CJ, 6.50%, 4/15/2032		669		741
Series 2441, Class GF, 6.50%, 4/15/2032		100		111
Series 2434, Class TC, 7.00%, 4/15/2032		522		583
Series 2436, Class MC, 7.00%, 4/15/2032		181		199
Series 2455, Class GK, 6.50%, 5/15/2032		298		332
Series 2450, Class GZ, 7.00%, 5/15/2032		267		303
Series 2458, Class ZM, 6.50%, 6/15/2032		281		304
Series 2466, Class DH, 6.50%, 6/15/2032		193		213
Series 2466, Class PH, 6.50%, 6/15/2032		361		400
Series 2474, Class NR, 6.50%, 7/15/2032		313		349
Series 2484, Class LZ, 6.50%, 7/15/2032		426		482
Series 3393, Class JO, PO, 9/15/2032		1,052		937
Series 2500, Class MC, 6.00%, 9/15/2032		408		448
Series 2835, Class QO, PO, 12/15/2032		55		47
Series 2571, Class FY, 3.24%, 12/15/2032 (i)		402		410
Series 2543, Class YX, 6.00%, 12/15/2032		774		855
Series 2544, Class HC, 6.00%, 12/15/2032		430		472
Series 2571, Class SY, IF, 12.63%, 12/15/2032 (i)		237		297
Series 2552, Class ME, 6.00%, 1/15/2033		558		618
Series 2567, Class QD, 6.00%, 2/15/2033		417		462
Series 2575, Class ME, 6.00%, 2/15/2033		1,853		2,023
Series 2596, Class QG, 6.00%, 3/15/2033		322		338
Series 2586, Class WI, IO, 6.50%, 3/15/2033		211		48
Series 2631, Class SA, IF, 10.29%, 6/15/2033 (i)		738		873

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 65

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2653, Class PZ, 5.00%, 7/15/2033		5,084		5,483
Series 2642, Class SL, IF, 5.55%, 7/15/2033 (i)		4		4
Series 2692, Class SC, IF, 8.31%, 7/15/2033 (i)		234		267
Series 4238, Class WY, 3.00%, 8/15/2033		4,297		4,200
Series 2671, Class S, IF, 10.20%, 9/15/2033 (i)		211		249
Series 2733, Class SB, IF, 5.77%, 10/15/2033 (i)		5,930		6,283
Series 2780, Class SY, IF, 11.02%, 11/15/2033 (i)		101		126
Series 2722, Class PF, 3.09%, 12/15/2033 (i)		1,645		1,665
Series 3920, Class LP, 5.00%, 1/15/2034		2,602		2,806
Series 2744, Class PE, 5.50%, 2/15/2034		50		51
Series 2802, Class OH, 6.00%, 5/15/2034		1,439		1,548
Series 2990, Class SL, IF, 15.37%, 6/15/2034 (i)		496		560
Series 3611, PO, 7/15/2034		1,082		929
Series 3305, Class MG, IF, 4.71%, 7/15/2034 (i)		420		442
Series 2990, Class GO, PO, 2/15/2035		326		291
Series 2929, Class MS, IF, 17.21%, 2/15/2035 (i)		426		517
Series 3077, Class TO, PO, 4/15/2035		511		468
Series 2968, Class EH, 6.00%, 4/15/2035		9,187		10,133
Series 2981, Class FA, 2.89%, 5/15/2035 (i)		559		559
Series 2988, Class AF, 2.79%, 6/15/2035 (i)		677		674
Series 2990, Class WP, IF, 10.61%, 6/15/2035 (i)		20		24
Series 3014, Class OD, PO, 8/15/2035		66		59
Series 3085, Class WF, 3.29%, 8/15/2035 (i)		547		558
Series 3029, Class SO, PO, 9/15/2035		240		218
Series 3064, Class SG, IF, 11.70%, 11/15/2035 (i)		330		415
Series 3101, Class UZ, 6.00%, 1/15/2036		1,234		1,371
Series 3102, Class HS, IF, 15.44%, 1/15/2036 (i)		81		108
Series 3117, Class AO, PO, 2/15/2036		866		785
Series 3117, Class EO, PO, 2/15/2036		268		229
Series 3117, Class OG, PO, 2/15/2036		293		263
Series 3117, Class OK, PO, 2/15/2036		233		199
Series 3122, Class OH, PO, 3/15/2036		533		472

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3122, Class OP, PO, 3/15/2036		499		453
Series 3134, PO, 3/15/2036		67		59
Series 3122, Class ZB, 6.00%, 3/15/2036		21		29
Series 3138, PO, 4/15/2036		356		312
Series 3147, PO, 4/15/2036		1,039		944
Series 3607, Class AO, PO, 4/15/2036		648		548
Series 3607, Class BO, PO, 4/15/2036		1,187		1,020
Series 3137, Class XP, 6.00%, 4/15/2036		781		863
Series 3219, Class DI, IO, 6.00%, 4/15/2036		662		137
Series 3819, Class ZQ, 6.00%, 4/15/2036		6,577		7,327
Series 3149, Class SO, PO, 5/15/2036		124		97
Series 3151, PO, 5/15/2036		352		301
Series 3153, Class EO, PO, 5/15/2036		508		428
Series 3233, Class OP, PO, 5/15/2036		99		85
Series 3998, Class GF, 2.94%, 5/15/2036 (i)		4,551		4,561
Series 3710, Class FL, 2.99%, 5/15/2036 (i)		1,442		1,446
Series 3171, Class MO, PO, 6/15/2036		1,022		917
Series 3164, Class MG, 6.00%, 6/15/2036		219		238
Series 3523, Class SD, IF, 12.82%, 6/15/2036 (i)		203		253
Series 3179, Class OA, PO, 7/15/2036		249		217
Series 3194, Class SA, IF, IO, 4.61%, 7/15/2036 (i)		90		5
Series 3181, Class AZ, 6.50%, 7/15/2036		989		1,083
Series 3195, Class PD, 6.50%, 7/15/2036		750		827
Series 3200, PO, 8/15/2036		349		303
Series 3202, Class HI, IF, IO, 4.16%, 8/15/2036 (i)		5,324		712
Series 3200, Class AY, 5.50%, 8/15/2036		1,545		1,684
Series 3645, Class KZ, 5.50%, 8/15/2036		551		578
Series 3213, Class OA, PO, 9/15/2036		188		171
Series 3218, Class AO, PO, 9/15/2036		158		124
Series 3225, Class EO, PO, 10/15/2036		404		348
Series 3232, Class ST, IF, IO, 4.21%, 10/15/2036 (i)		547		81
Series 3704, Class DT, 7.50%, 11/15/2036		5,042		5,769
Series 3256, PO, 12/15/2036		199		170
Series 3704, Class CT, 7.00%, 12/15/2036		12,566		14,280
Series 3704, Class ET, 7.50%, 12/15/2036		4,393		5,140
Series 3261, Class OA, PO, 1/15/2037		211		180
Series 3260, Class CS, IF, IO, 3.65%, 1/15/2037 (i)		341		47
Series 3274, Class JO, PO, 2/15/2037		57		50
Series 3510, Class OD, PO, 2/15/2037		569		509

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3275, Class FL, 2.93%, 2/15/2037 (i)		367		368
Series 3274, Class B, 6.00%, 2/15/2037		667		723
Series 3286, PO, 3/15/2037		103		96
Series 3290, Class SB, IF, IO, 3.96%, 3/15/2037 (i)		593		75
Series 3443, Class SY, IF, 9.00%, 3/15/2037 (i)		194		225
Series 3373, Class TO, PO, 4/15/2037		256		218
Series 3302, Class UT, 6.00%, 4/15/2037		604		665
Series 3316, PO, 5/15/2037		400		360
Series 3318, Class AO, PO, 5/15/2037		14		12
Series 3607, PO, 5/15/2037		2,221		1,881
Series 3315, Class HZ, 6.00%, 5/15/2037		728		737
Series 3326, Class JO, PO, 6/15/2037		41		37
Series 3331, PO, 6/15/2037		215		191
Series 3607, Class OP, PO, 7/15/2037		1,849		1,599
Series 4032, Class TO, PO, 7/15/2037		3,022		2,686
Series 4048, Class FJ, 2.92%, 7/15/2037 (i)		8,629		8,605
Series 3344, Class SL, IF, IO, 4.11%, 7/15/2037 (i)		434		65
Series 3759, Class HI, IO, 4.00%, 8/15/2037		1,082		17
Series 3365, PO, 9/15/2037		318		291
Series 3371, Class FA, 3.09%, 9/15/2037 (i)		157		158
Series 3760, Class GI, IO, 4.00%, 10/15/2037		247		1
Series 3387, Class SA, IF, IO, 3.93%, 11/15/2037 (i)		2,330		223
Series 3383, Class SA, IF, IO, 3.96%, 11/15/2037 (i)		1,588		168
Series 3404, Class SC, IF, IO, 3.51%, 1/15/2038 (i)		3,101		368
Series 3422, Class SE, IF, 11.23%, 2/15/2038 (i)		111		125
Series 3423, Class PB, 5.50%, 3/15/2038		2,566		2,803
Series 3424, Class PI, IF, IO, 4.31%, 4/15/2038 (i)		1,267		165
Series 3453, Class B, 5.50%, 5/15/2038		405		429
Series 3455, Class SE, IF, IO, 3.71%, 6/15/2038 (i)		1,324		169
Series 3461, Class LZ, 6.00%, 6/15/2038		128		140
Series 3461, Class Z, 6.00%, 6/15/2038		3,470		3,745
Series 3481, Class SJ, IF, IO, 3.36%, 8/15/2038 (i)		2,206		294
Series 3895, Class WA, 5.72%, 10/15/2038 (i)		1,017		1,096

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3501, Class CB, 5.50%, 1/15/2039		1,806		1,963
Series 3511, Class SA, IF, IO, 3.51%, 2/15/2039 (i)		856		110
Series 3546, Class A, 4.17%, 2/15/2039 (i)		758		777
Series 4095, Class FB, 2.89%, 4/15/2039 (i)		3,480		3,500
Series 4087, Class FA, 2.94%, 5/15/2039 (i)		3,727		3,735
Series 3531, Class SM, IF, IO, 3.61%, 5/15/2039 (i)		211		11
Series 3531, Class SA, IF, IO, 3.81%, 5/15/2039 (i)		1,123		63
Series 3549, Class FA, 3.69%, 7/15/2039 (i)		304		311
Series 3680, Class MA, 4.50%, 7/15/2039		5,269		5,444
Series 4073, Class MF, 2.94%, 8/15/2039 (i)		946		950
Series 4219, Class JA, 3.50%, 8/15/2039		4,454		4,519
Series 3607, Class TO, PO, 10/15/2039		1,036		868
Series 3795, Class EI, IO, 5.00%, 10/15/2039		2,781		334
Series 3608, Class SC, IF, IO, 3.76%, 12/15/2039 (i)		1,014		122
Series 3621, Class BO, PO, 1/15/2040		1,000		866
Series 3802, Class LS, IF, IO, 1.39%, 1/15/2040 (i)		7,644		310
Series 3632, Class BS, IF, 9.20%, 2/15/2040 (i)		3,208		3,786
Series 3966, Class BF, 2.99%, 10/15/2040 (i)		1,377		1,384
Series 3740, Class SB, IF, IO, 3.51%, 10/15/2040 (i)		4,801		653
Series 3740, Class SC, IF, IO, 3.51%, 10/15/2040 (i)		3,397		412
Series 3801, Class GB, 4.50%, 11/15/2040		1,072		1,145
Series 3860, Class PZ, 5.00%, 5/15/2041		10,854		12,166
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (i)		2,441		2,480
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (i)		7,396		7,960
Series 4048, Class FB, 2.89%, 10/15/2041 (i)		6,818		6,828
Series 3957, Class B, 4.00%, 11/15/2041		5,501		5,656
Series 3966, Class NA, 4.00%, 12/15/2041		3,260		3,394
Series 4012, Class FN, 2.99%, 3/15/2042 (i)		7,749		7,764
Series 4077, Class FB, 2.99%, 7/15/2042 (i)		3,701		3,716

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 67

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 4217, Class KY, 3.00%, 6/15/2043		1,794			1,689
Series 4257, Class DZ, 2.50%, 10/15/2043		5,594			4,797
Series 4374, Class NC, 3.75%, 2/15/2046 (f)		6,521			6,577
Series 3688, Class GT, 7.35%, 11/15/2046 (i)		6,281			7,184
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		38			1
Series 243, Class 17, IO, 4.50%, 12/15/2020		30			1
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(j)		—	(j)
Series 197, PO, Zero Coupon, 4/1/2028		584			526
Series 233, Class 11, IO, 5.00%, 9/15/2035		1,204			222
Series 233, Class 12, IO, 5.00%, 9/15/2035		1,017			217
Series 233, Class 13, IO, 5.00%, 9/15/2035		1,902			386
Series 239, Class S30, IF, IO, 5.21%, 8/15/2036 (i)		3,510			580
Series 264, Class F1, 3.04%, 7/15/2042 (i)		19,461			19,529
Series 262, Class 35, 3.50%, 7/15/2042		40,284			40,679
Series 270, Class F1, 2.99%, 8/15/2042 (i)		7,727			7,749
Series 299, Class 300, 3.00%, 1/15/2043		4,361			4,338
Series 310, PO, Zero Coupon, 9/15/2043		8,826			7,089
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.46%, 7/25/2032 (i)		530			564
Series T-48, Class 1A, 4.97%, 7/25/2033 (i)		1,548			1,619
Series T-76, Class 2A, 2.48%, 10/25/2037 (i)		11,431			11,910
Series T-42, Class A5, 7.50%, 2/25/2042		2,120			2,467
Series T-51, Class 2A, 7.50%, 8/25/2042 (i)		358			422
Series T-54, Class 2A, 6.50%, 2/25/2043		2,165			2,474
Series T-54, Class 3A, 7.00%, 2/25/2043		705			803
Series T-56, Class A5, 5.23%, 5/25/2043		4,980			5,389
Series T-57, Class 1AP, PO, 7/25/2043		190			160
Series T-57, Class 1A3, 7.50%, 7/25/2043		506			597
Series T-58, Class APO, PO, 9/25/2043		216			172
Series T-58, Class 4A, 7.50%, 9/25/2043		2,757			3,160
Series T-59, Class 1AP, PO, 10/25/2043		246			125
Series T-59, Class 1A2, 7.00%, 10/25/2043		2,831			3,257
Series T-62, Class 1A1, 3.53%, 10/25/2044 (i)		4,254			4,302
First Horizon Alternative Mortgage Securities Trust
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		913			743

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2007-FA4, Class 1A2, IF, IO, 3.16%, 8/25/2037 ‡ (i)		7,618			1,201
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 4.54%, 2/25/2035 (i)		134			136
Series 2005-AR1, Class 2A2, 4.50%, 4/25/2035 (i)		606			615
FNMA Grantor Trust
Series 1999-T2, Class A1, 7.50%, 1/19/2039 (i)		675			726
Series 2001-T3, Class A1, 7.50%, 11/25/2040		1,076			1,196
Series 2002-T16, Class A2, 7.00%, 7/25/2042		1,116			1,269
Series 2004-T2, Class 2A, 4.57%, 7/25/2043 (i)		1,269			1,334
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		2,076			2,353
Series 2004-T1, Class 1A2, 6.50%, 1/25/2044		309			346
Series 2004-T3, Class PT1, 10.74%, 1/25/2044 (i)		253			297
Series 2004-T3, Class 1A2, 6.50%, 2/25/2044		3,074			3,425
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		1,293			1,464
FNMA REMIC
Series 1989-70, Class G, 8.00%, 10/25/2019		1			1
Series 2004-81, Class AC, 4.00%, 11/25/2019		—	(j)		—	(j)
Series 1989-83, Class H, 8.50%, 11/25/2019		1			1
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(j)		—	(j)
Series 1989-78, Class H, 9.40%, 11/25/2019		1			1
Series 1990-7, Class B, 8.50%, 1/25/2020		—	(j)		—	(j)
Series 1990-1, Class D, 8.80%, 1/25/2020		—	(j)		—	(j)
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(j)		—	(j)
Series 1990-63, Class H, 9.50%, 6/25/2020		1			1
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(j)		—	(j)
Series 1990-102, Class J, 6.50%, 8/25/2020		8			8
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(j)		—	(j)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(j)		—	(j)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1990-120, Class H, 9.00%, 10/25/2020		3			3
Series 1990-134, Class SC, IF, 17.87%, 11/25/2020 (i)		1			1
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(j)		—	(j)
Series 1991-7, Class K, HB, 908.50%, 2/25/2021		—	(j)		—	(j)
Series 1991-24, Class Z, 5.00%, 3/25/2021		1			1
Series 2001-4, Class PC, 7.00%, 3/25/2021		42			42
Series 1991-42, Class S, IF, 13.32%, 5/25/2021 (i)		1			1
Series G-14, Class L, 8.50%, 6/25/2021		1			1
Series G-18, Class Z, 8.75%, 6/25/2021		4			4
Series G-17, Class S, HB, 825.09%, 6/25/2021 (i)		—	(j)		—	(j)
Series 2001-48, Class Z, 6.50%, 9/25/2021		351			359
Series G-28, Class S, IF, 12.61%, 9/25/2021 (i)		—	(j)		—	(j)
Series G-35, Class M, 8.75%, 10/25/2021		6			6
Series G-51, Class SA, HB, IF, 22.55%, 12/25/2021 (i)		1			1
Series 2002-5, Class PK, 6.00%, 2/25/2022		354			362
Series 2002-1, Class HC, 6.50%, 2/25/2022		64			66
Series 2007-15, Class NO, PO, 3/25/2022		136			131
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		5			5
Series G92-35, Class E, 7.50%, 7/25/2022		62			64
Series 1992-117, Class MA, 8.00%, 7/25/2022		74			78
Series G92-44, Class ZQ, 8.00%, 7/25/2022		3			3
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(j)		—	(j)
Series 1992-136, Class PK, 6.00%, 8/25/2022		13			13
Series 1996-59, Class J, 6.50%, 8/25/2022		15			16
Series G92-52, Class FD, 2.51%, 9/25/2022 (i)		6			6
Series 1992-143, Class MA, 5.50%, 9/25/2022		8			8
Series 2002-54, Class PG, 6.00%, 9/25/2022		505			519
Series G92-54, Class ZQ, 7.50%, 9/25/2022		41			43
Series 1992-163, Class M, 7.75%, 9/25/2022		26			27
Series 1992-150, Class M, 8.00%, 9/25/2022		81			86

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series G92-62, Class B, PO, 10/25/2022		9		8
Series G92-59, Class F, 1.76%, 10/25/2022 (i)		5		5
Series G92-61, Class Z, 7.00%, 10/25/2022		14		14
Series 1992-188, Class PZ, 7.50%, 10/25/2022		46		49
Series G93-1, Class KA, 7.90%, 1/25/2023		46		49
Series G93-5, Class Z, 6.50%, 2/25/2023		21		22
Series 1997-61, Class ZC, 7.00%, 2/25/2023		213		224
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (i)		8		9
Series 2003-17, Class EQ, 5.50%, 3/25/2023		913		936
Series G93-14, Class J, 6.50%, 3/25/2023		16		17
Series 1993-37, Class PX, 7.00%, 3/25/2023		140		147
Series 1993-25, Class J, 7.50%, 3/25/2023		51		54
Series 1993-21, Class KA, 7.70%, 3/25/2023		20		21
Series 1998-4, Class C, PO, 4/25/2023		9		8
Series 2003-23, Class EQ, 5.50%, 4/25/2023		1,704		1,757
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (i)		33		35
Series 1993-54, Class Z, 7.00%, 4/25/2023		45		47
Series 1998-43, Class SA, IF, IO, 16.12%, 4/25/2023 (i)		42		9
Series 1993-62, Class SA, IF, 18.07%, 4/25/2023 (i)		21		25
Series 2003-39, Class LW, 5.50%, 5/25/2023		416		427
Series 1993-56, Class PZ, 7.00%, 5/25/2023		510		538
Series 2008-47, Class SI, IF, IO, 4.01%, 6/25/2023 (i)		206		6
Series 2008-61, Class BH, 4.50%, 7/25/2023		621		651
Series 1993-136, Class ZB, 6.00%, 7/25/2023 (i)		204		215
Series 1993-122, Class M, 6.50%, 7/25/2023		11		12
Series 1993-99, Class Z, 7.00%, 7/25/2023		255		268
Series 2002-1, Class G, 7.00%, 7/25/2023		159		167
Series G93-27, Class FD, 3.37%, 8/25/2023 (i)		27		28
Series 1999-38, Class SK, IF, IO, 5.56%, 8/25/2023 (i)		8		1

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 69

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2002-83, Class CS, 6.88%, 8/25/2023		234		245
Series 1993-141, Class Z, 7.00%, 8/25/2023		413		435
Series 1996-14, Class SE, IF, IO, 8.00%, 8/25/2023 (i)		212		26
Series 1993-205, Class H, PO, 9/25/2023		19		18
Series G93-37, Class H, PO, 9/25/2023		8		7
Series 2008-76, Class GF, 3.14%, 9/25/2023 (i)		9		9
Series 1993-178, Class PK, 6.50%, 9/25/2023		22		23
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (i)		15		17
Series 1993-165, Class SD, IF, 12.62%, 9/25/2023 (i)		12		13
Series 1993-183, Class KA, 6.50%, 10/25/2023		325		344
Series 1993-189, Class PL, 6.50%, 10/25/2023		129		136
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (i)		7		8
Series 1999-52, Class NS, IF, 16.41%, 10/25/2023 (i)		20		24
Series 1993-179, Class SB, HB, IF, 25.13%, 10/25/2023 (i)		11		13
Series 1994-9, Class E, PO, 11/25/2023		2		2
Series 1995-19, Class Z, 6.50%, 11/25/2023		124		136
Series 1993-230, Class FA, 3.09%, 12/25/2023 (i)		10		10
Series 1993-247, Class FE, 3.49%, 12/25/2023 (i)		27		27
Series 1993-225, Class UB, 6.50%, 12/25/2023		34		36
Series 1993-247, Class SU, IF, 11.89%, 12/25/2023 (i)		12		14
Series 2002-1, Class UD, IF, 15.79%, 12/25/2023 (i)		27		32
Series 1993-247, Class SA, HB, IF, 26.33%, 12/25/2023 (i)		33		40
Series 2009-9, IO, 5.00%, 2/25/2024		168		4
Series 2009-15, Class MI, IO, 5.00%, 3/25/2024		24		—	(j)
Series 2009-18, IO, 5.00%, 3/25/2024		31		1
Series 1994-37, Class L, 6.50%, 3/25/2024		104		109
Series 1994-40, Class Z, 6.50%, 3/25/2024		610		647
Series 1994-62, Class PK, 7.00%, 4/25/2024		934		986

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1994-63, Class PK, 7.00%, 4/25/2024		394		422
Series 2004-53, Class NC, 5.50%, 7/25/2024		108		111
Series 2004-65, Class EY, 5.50%, 8/25/2024		1,073		1,113
Series 2004-81, Class JG, 5.00%, 11/25/2024		1,670		1,729
Series 1995-2, Class Z, 8.50%, 1/25/2025		23		26
Series G95-1, Class C, 8.80%, 1/25/2025		28		32
Series 2005-67, Class EY, 5.50%, 8/25/2025		1,073		1,127
Series 2005-121, Class DX, 5.50%, 1/25/2026		712		739
Series 2006-94, Class GK, HB, IF, 20.80%, 10/25/2026 (i)		153		194
Series 1996-48, Class Z, 7.00%, 11/25/2026		226		242
Series 1997-20, IO, 1.84%, 3/25/2027 (i)		98		2
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (i)		31		1
Series 1997-27, Class J, 7.50%, 4/18/2027		42		47
Series 1997-29, Class J, 7.50%, 4/20/2027		63		71
Series 1997-32, Class PG, 6.50%, 4/25/2027		146		160
Series 1997-39, Class PD, 7.50%, 5/20/2027		276		309
Series 1997-42, Class ZC, 6.50%, 7/18/2027		13		15
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		69		7
Series 1998-36, Class ZB, 6.00%, 7/18/2028		86		93
Series 2008-55, Class S, IF, IO, 5.11%, 7/25/2028 (i)		2,228		230
Series 1998-66, Class SB, IF, IO, 5.66%, 12/25/2028 (i)		70		4
Series 2009-11, Class NB, 5.00%, 3/25/2029		1,919		1,996
Series 1999-18, Class Z, 5.50%, 4/18/2029		137		146
Series 1999-17, Class C, 6.35%, 4/25/2029		50		53
Series 1999-62, Class PB, 7.50%, 12/18/2029		76		85
Series 2000-2, Class ZE, 7.50%, 2/25/2030		440		494
Series 2000-20, Class SA, IF, IO, 6.61%, 7/25/2030 (i)		140		17
Series 2000-52, IO, 8.50%, 1/25/2031		20		4
Series 2001-7, Class PF, 7.00%, 3/25/2031		46		52

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-31, Class DB, 3.50%, 4/25/2031		9,416		9,639
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		272		57
Series 2001-30, Class PM, 7.00%, 7/25/2031		156		177
Series 2001-36, Class DE, 7.00%, 8/25/2031		327		364
Series 2001-49, Class Z, 6.50%, 9/25/2031		71		79
Series 2001-44, Class MY, 7.00%, 9/25/2031		441		498
Series 2001-44, Class PD, 7.00%, 9/25/2031		83		93
Series 2001-44, Class PU, 7.00%, 9/25/2031		86		97
Series 2001-60, Class QS, IF, 15.79%, 9/25/2031 (i)		202		261
Series 2001-52, Class KB, 6.50%, 10/25/2031		50		54
Series 2003-52, Class SX, IF, 15.48%, 10/25/2031 (i)		135		180
Series 2001-60, Class PX, 6.00%, 11/25/2031		503		551
Series 2001-61, Class Z, 7.00%, 11/25/2031		537		607
Series 2004-74, Class SW, IF, 10.54%, 11/25/2031 (i)		151		186
Series 2001-72, Class SX, IF, 11.67%, 12/25/2031 (i)		15		18
Series 2001-81, Class LO, PO, 1/25/2032		20		18
Series 2002-1, Class SA, IF, 17.10%, 2/25/2032 (i)		37		49
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (i)		492		22
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (i)		7		9
Series 2002-21, Class LO, PO, 4/25/2032		16		14
Series 2002-15, Class ZA, 6.00%, 4/25/2032		1,208		1,309
Series 2002-21, Class PE, 6.50%, 4/25/2032		230		255
Series 2002-28, Class PK, 6.50%, 5/25/2032		475		525
Series 2002-37, Class Z, 6.50%, 6/25/2032		196		217
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		882		132
Series 2002-48, Class GH, 6.50%, 8/25/2032		555		616

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-79, Class S, IF, 12.95%, 8/25/2032 (i)		65		65
Series 2002-71, Class AP, 5.00%, 11/25/2032		132		138
Series 2011-39, Class ZA, 6.00%, 11/25/2032		3,682		4,073
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (i)		170		188
Series 2004-61, Class SH, IF, 14.03%, 11/25/2032 (i)		63		82
Series 2004-59, Class BG, PO, 12/25/2032		108		93
Series 2002-78, Class Z, 5.50%, 12/25/2032		1,185		1,288
Series 2002-77, Class S, IF, 9.92%, 12/25/2032 (i)		89		103
Series 2003-9, Class NZ, 6.50%, 2/25/2033		189		205
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		213		22
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,933		1,999
Series 2003-35, Class EA, PO, 5/25/2033		55		46
Series 2003-42, Class GB, 4.00%, 5/25/2033		113		117
Series 2003-34, Class AX, 6.00%, 5/25/2033		363		400
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,488		1,571
Series 2003-34, Class GE, 6.00%, 5/25/2033		805		865
Series 2003-39, IO, 6.00%, 5/25/2033 (i)		88		19
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		833		185
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		1,468		182
Series 2004-4, Class QI, IF, IO, 4.61%, 6/25/2033 (i)		613		25
Series 2003-47, Class PE, 5.75%, 6/25/2033		554		603
Series 2004-4, Class QM, IF, 9.22%, 6/25/2033 (i)		456		489
Series 2003-64, Class SX, IF, 7.48%, 7/25/2033 (i)		241		268
Series 2004-36, Class SN, IF, 9.22%, 7/25/2033 (i)		79		79
Series 2003-132, Class OA, PO, 8/25/2033		45		41
Series 2003-71, Class DS, IF, 4.12%, 8/25/2033 (i)		815		810
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		2,038		347

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 71

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-73, Class HC, 5.50%, 8/25/2033		982		1,068
Series 2003-74, Class SH, IF, 5.69%, 8/25/2033 (i)		81		90
Series 2005-56, Class TP, IF, 10.68%, 8/25/2033 (i)		306		339
Series 2003-91, Class SD, IF, 8.35%, 9/25/2033 (i)		150		172
Series 2013-100, Class WB, 3.00%, 10/25/2033		7,887		7,605
Series 2003-105, Class AZ, 5.50%, 10/25/2033		7,107		7,715
Series 2003-116, Class SB, IF, IO, 5.11%, 11/25/2033 (i)		1,073		171
Series 2006-44, Class P, PO, 12/25/2033		831		709
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		5,894		6,486
Series 2003-130, Class CS, IF, 9.12%, 12/25/2033 (i)		64		65
Series 2004-87, Class F, 3.24%, 1/25/2034 (i)		1,258		1,280
Series 2003-130, Class SX, IF, 7.79%, 1/25/2034 (i)		41		46
Series 2003-131, Class SK, IF, 11.22%, 1/25/2034 (i)		117		128
Series 2004-36, Class PC, 5.50%, 2/25/2034		6		6
Series 2004-10, Class SC, IF, 18.64%, 2/25/2034 (i)		42		43
Series 2004-46, Class EP, PO, 3/25/2034		975		893
Series 2004-28, Class PF, 2.89%, 3/25/2034 (i)		894		896
Series 2004-17, Class H, 5.50%, 4/25/2034		2,087		2,293
Series 2004-25, Class SA, IF, 12.68%, 4/25/2034 (i)		514		641
Series 2004-36, Class FA, 2.89%, 5/25/2034 (i)		2,301		2,308
Series 2004-46, Class SK, IF, 9.65%, 5/25/2034 (i)		136		158
Series 2004-36, Class SA, IF, 12.68%, 5/25/2034 (i)		984		1,294
Series 2004-46, Class QB, IF, 14.04%, 5/25/2034 (i)		212		265
Series 2004-50, Class VZ, 5.50%, 7/25/2034		3,779		4,036
Series 2004-51, Class SY, IF, 9.26%, 7/25/2034 (i)		139		160
Series 2005-93, Class MF, 2.74%, 8/25/2034 (i)		564		565

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-79, Class SP, IF, 12.95%, 11/25/2034 (i)		99		104
Series 2005-57, Class CD, IF, 15.79%, 1/25/2035 (i)		23		23
Series 2006-60, Class DO, PO, 4/25/2035		360		352
Series 2005-25, Class PF, 2.84%, 4/25/2035 (i)		1,041		1,044
Series 2005-42, Class PS, IF, 10.78%, 5/25/2035 (i)		67		74
Series 2005-74, Class CS, IF, 13.17%, 5/25/2035 (i)		1,079		1,259
Series 2005-74, Class SK, IF, 13.28%, 5/25/2035 (i)		741		871
Series 2005-74, Class CP, IF, 15.62%, 5/25/2035 (i)		248		288
Series 2005-68, Class UC, 5.00%, 6/25/2035		129		129
Series 2005-59, Class SU, IF, 13.05%, 6/25/2035 (i)		306		413
Series 2005-56, Class S, IF, IO, 4.22%, 7/25/2035 (i)		753		96
Series 2005-66, Class SG, IF, 11.15%, 7/25/2035 (i)		280		352
Series 2005-68, Class PG, 5.50%, 8/25/2035		1,009		1,086
Series 2005-73, Class ZB, 5.50%, 8/25/2035		5,623		5,652
Series 2005-73, Class PS, IF, 10.48%, 8/25/2035 (i)		360		423
Series 2005-72, Class SB, IF, 10.65%, 8/25/2035 (i)		382		451
Series 2005-90, PO, 9/25/2035		131		123
Series 2005-75, Class SV, IF, 14.24%, 9/25/2035 (i)		101		124
Series 2010-39, Class OT, PO, 10/25/2035		230		204
Series 2005-84, Class XM, 5.75%, 10/25/2035		906		980
Series 2005-90, Class ES, IF, 10.65%, 10/25/2035 (i)		405		489
Series 2005-106, Class US, IF, 15.44%, 11/25/2035 (i)		1,933		2,539
Series 2005-110, Class GL, 5.50%, 12/25/2035		4,748		5,190
Series 2006-46, Class UC, 5.50%, 12/25/2035		504		530
Series 2005-109, Class PC, 6.00%, 12/25/2035		167		179
Series 2006-15, Class OT, PO, 1/25/2036		45		44

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-39, Class WC, 5.50%, 1/25/2036		325		343
Series 2006-16, Class OA, PO, 3/25/2036		191		164
Series 2006-8, Class WQ, PO, 3/25/2036		1,707		1,397
Series 2006-8, Class WN, IF, IO, 4.21%, 3/25/2036 (i)		6,258		1,074
Series 2006-12, Class BZ, 5.50%, 3/25/2036		2,181		2,369
Series 2006-16, Class HZ, 5.50%, 3/25/2036		666		716
Series 2006-8, Class JZ, 5.50%, 3/25/2036		2,445		2,666
Series 2006-11, Class PS, IF, 15.44%, 3/25/2036 (i)		160		229
Series 2006-22, Class AO, PO, 4/25/2036		603		520
Series 2006-23, Class KO, PO, 4/25/2036		241		217
Series 2006-27, Class OH, PO, 4/25/2036		502		447
Series 2006-23, Class FK, 2.74%, 4/25/2036 (i)		783		779
Series 2006-33, Class LS, IF, 18.95%, 5/25/2036 (i)		188		269
Series 2006-43, PO, 6/25/2036		158		141
Series 2006-43, Class DO, PO, 6/25/2036		480		433
Series 2006-44, Class GO, PO, 6/25/2036		313		268
Series 2006-50, Class JO, PO, 6/25/2036		1,096		922
Series 2006-50, Class PS, PO, 6/25/2036		1,342		1,188
Series 2006-46, Class FW, 2.89%, 6/25/2036 (i)		378		375
Series 2006-53, Class US, IF, IO, 4.09%, 6/25/2036 (i)		1,329		209
Series 2006-46, Class SW, IF, 15.07%, 6/25/2036 (i)		60		84
Series 2007-101, Class A2, 2.74%, 6/27/2036 (i)		3,936		3,862
Series 2006-113, PO, 7/25/2036		152		147
Series 2006-58, PO, 7/25/2036		193		166
Series 2006-58, Class AP, PO, 7/25/2036		97		85
Series 2006-65, Class QO, PO, 7/25/2036		362		312
Series 2006-56, Class FC, 2.78%, 7/25/2036 (i)		2,982		2,977
Series 2006-58, Class FL, 2.95%, 7/25/2036 (i)		312		313
Series 2006-58, Class IG, IF, IO, 4.03%, 7/25/2036 (i)		504		50
Series 2006-71, Class ZL, 6.00%, 7/25/2036		4,165		4,567
Series 2006-63, Class ZH, 6.50%, 7/25/2036		1,811		2,044

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2011-19, Class ZY, 6.50%, 7/25/2036		2,400		2,700
Series 2006-60, Class AK, IF, 18.84%, 7/25/2036 (i)		181		267
Series 2006-62, Class PS, HB, IF, 24.96%, 7/25/2036 (i)		138		226
Series 2006-72, Class TO, PO, 8/25/2036		126		114
Series 2006-79, Class DO, PO, 8/25/2036		266		236
Series 2006-79, Class OP, PO, 8/25/2036		373		338
Series 2006-79, Class DF, 2.84%, 8/25/2036 (i)		1,122		1,122
Series 2007-7, Class SG, IF, IO, 4.01%, 8/25/2036 (i)		810		171
Series 2006-77, Class PC, 6.50%, 8/25/2036		1,311		1,443
Series 2006-78, Class BZ, 6.50%, 8/25/2036		336		367
Series 2006-86, Class OB, PO, 9/25/2036		380		326
Series 2006-90, Class AO, PO, 9/25/2036		326		291
Series 2008-42, Class AO, PO, 9/25/2036		149		133
Series 2006-85, Class MZ, 6.50%, 9/25/2036		131		143
Series 2009-19, Class PW, 4.50%, 10/25/2036		1,656		1,729
Series 2006-95, Class SG, IF, 16.24%, 10/25/2036 (i)		207		287
Series 2006-109, PO, 11/25/2036		90		78
Series 2006-110, PO, 11/25/2036		563		477
Series 2006-111, Class EO, PO, 11/25/2036		257		224
Series 2006-115, Class OK, PO, 12/25/2036		313		262
Series 2006-119, PO, 12/25/2036		127		111
Series 2006-118, Class A1, 2.57%, 12/25/2036 (i)		662		658
Series 2006-118, Class A2, 2.57%, 12/25/2036 (i)		3,058		3,024
Series 2006-117, Class GS, IF, IO, 4.16%, 12/25/2036 (i)		1,214		186
Series 2006-115, Class ES, IF, 16.60%, 12/25/2036 (i)		55		72
Series 2006-128, PO, 1/25/2037		304		255
Series 2009-70, Class CO, PO, 1/25/2037		868		727
Series 2006-128, Class BP, 5.50%, 1/25/2037		285		299
Series 2007-10, Class FD, 2.74%, 2/25/2037 (i)		873		874
Series 2007-1, Class SD, HB, IF, 24.06%, 2/25/2037 (i)		73		182
Series 2007-14, Class OP, PO, 3/25/2037		250		220

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 73

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-77, Class FG, 2.99%, 3/25/2037 (i)		604		607
Series 2007-16, Class FC, 3.24%, 3/25/2037 (i)		439		456
Series 2007-22, Class SC, IF, IO, 3.59%, 3/25/2037 (i)		56		3
Series 2007-14, Class ES, IF, IO, 3.95%, 3/25/2037 (i)		2,165		344
Series 2009-63, Class P, 5.00%, 3/25/2037		62		65
Series 2007-18, Class MZ, 6.00%, 3/25/2037		675		721
Series 2007-28, Class EO, PO, 4/25/2037		836		753
Series 2007-35, Class SI, IF, IO, 3.61%, 4/25/2037 (i)		499		38
Series 2007-29, Class SG, IF, 14.37%, 4/25/2037 (i)		432		573
Series 2007-43, Class FL, 2.79%, 5/25/2037 (i)		394		393
Series 2007-42, Class B, 6.00%, 5/25/2037		1,546		1,683
Series 2007-54, Class FA, 2.89%, 6/25/2037 (i)		2,390		2,404
Series 2007-98, Class FB, 2.94%, 6/25/2037 (i)		199		208
Series 2007-92, Class YS, IF, IO, 3.29%, 6/25/2037 (i)		400		45
Series 2007-53, Class SH, IF, IO, 3.61%, 6/25/2037 (i)		1,426		180
Series 2007-54, Class WI, IF, IO, 3.61%, 6/25/2037 (i)		491		65
Series 2007-92, Class YA, 6.50%, 6/25/2037		240		261
Series 2007-67, PO, 7/25/2037		587		526
Series 2007-64, Class FB, 2.86%, 7/25/2037 (i)		544		545
Series 2007-97, Class FC, 2.99%, 7/25/2037 (i)		335		337
Series 2007-72, Class EK, IF, IO, 3.91%, 7/25/2037 (i)		3,733		510
Series 2007-65, Class KI, IF, IO, 4.13%, 7/25/2037 (i)		1,411		163
Series 2007-60, Class AX, IF, IO, 4.66%, 7/25/2037 (i)		5,978		1,141
Series 2007-70, Class Z, 5.50%, 7/25/2037		1,490		1,619
Series 2007-62, Class SE, IF, 10.28%, 7/25/2037 (i)		328		374
Series 2012-14, Class FB, 2.94%, 8/25/2037 (i)		1,273		1,278
Series 2007-76, Class AZ, 5.50%, 8/25/2037		405		437

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-76, Class ZG, 6.00%, 8/25/2037		534		588
Series 2007-78, Class CB, 6.00%, 8/25/2037		181		201
Series 2007-78, Class PE, 6.00%, 8/25/2037		845		922
Series 2007-81, Class GE, 6.00%, 8/25/2037		808		868
Series 2007-79, Class SB, IF, 14.89%, 8/25/2037 (i)		510		692
Series 2012-87, Class KF, 2.94%, 9/25/2037 (i)		2,875		2,881
Series 2007-88, Class VI, IF, IO, 4.05%, 9/25/2037 (i)		1,993		319
Series 2007-85, Class SL, IF, 9.93%, 9/25/2037 (i)		131		153
Series 2009-86, Class OT, PO, 10/25/2037		5,251		4,665
Series 2007-100, Class SM, IF, IO, 3.96%, 10/25/2037 (i)		1,644		233
Series 2007-91, Class ES, IF, IO, 3.97%, 10/25/2037 (i)		2,106		329
Series 2007-106, Class A7, 6.11%, 10/25/2037 (i)		554		601
Series 2007-108, Class SA, IF, IO, 3.87%, 12/25/2037 (i)		63		7
Series 2007-109, Class AI, IF, IO, 3.91%, 12/25/2037 (i)		1,853		202
Series 2007-112, Class SA, IF, IO, 3.96%, 12/25/2037 (i)		1,994		272
Series 2007-112, Class MJ, 6.50%, 12/25/2037		1,495		1,699
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038 (i)		3,952		145
Series 2008-1, Class BI, IF, IO, 3.42%, 2/25/2038 (i)		1,814		240
Series 2008-4, Class SD, IF, IO, 3.51%, 2/25/2038 (i)		3,697		426
Series 2008-18, Class FA, 3.39%, 3/25/2038 (i)		414		424
Series 2008-16, Class IS, IF, IO, 3.71%, 3/25/2038 (i)		434		56
Series 2008-10, Class XI, IF, IO, 3.74%, 3/25/2038 (i)		566		55
Series 2008-20, Class SA, IF, IO, 4.50%, 3/25/2038 (i)		928		169
Series 2008-18, Class SP, IF, 9.02%, 3/25/2038 (i)		206		226
Series 2008-32, Class SA, IF, IO, 4.36%, 4/25/2038 (i)		424		41

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2008-27, Class SN, IF, IO, 4.41%, 4/25/2038 (i)		635		76
Series 2011-22, Class MA, 6.50%, 4/25/2038		381		394
Series 2008-28, Class QS, IF, 13.23%, 4/25/2038 (i)		257		308
Series 2008-44, PO, 5/25/2038		19		16
Series 2008-46, Class HI, IO, 1.75%, 6/25/2038 (i)		1,603		90
Series 2008-53, Class CI, IF, IO, 4.71%, 7/25/2038 (i)		489		69
Series 2008-56, Class AC, 5.00%, 7/25/2038		444		469
Series 2008-60, Class JC, 5.00%, 7/25/2038		460		493
Series 2011-47, Class ZA, 5.50%, 7/25/2038		1,893		2,058
Series 2008-80, Class SA, IF, IO, 3.36%, 9/25/2038 (i)		1,703		227
Series 2008-81, Class SB, IF, IO, 3.36%, 9/25/2038 (i)		1,179		89
Series 2011-111, Class DF, 2.89%, 12/25/2038 (i)		296		297
Series 2010-148, Class MA, 4.00%, 2/25/2039		916		926
Series 2009-6, Class GS, IF, IO, 4.06%, 2/25/2039 (i)		1,286		200
Series 2009-4, Class BD, 4.50%, 2/25/2039		77		81
Series 2009-17, Class QS, IF, IO, 4.16%, 3/25/2039 (i)		605		89
Series 2012-89, Class FD, 2.94%, 4/25/2039 (i)		2,320		2,324
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		847		157
Series 2009-47, Class MT, 7.00%, 7/25/2039		28		31
Series 2009-59, Class HB, 5.00%, 8/25/2039		3,262		3,484
Series 2009-60, Class HT, 6.00%, 8/25/2039		3,748		4,138
Series 2009-65, Class MT, 5.00%, 9/25/2039		1,938		1,976
Series 2009-69, Class WA, 6.04%, 9/25/2039 (i)		1,606		1,768
Series 2009-84, Class WS, IF, IO, 3.41%, 10/25/2039 (i)		514		53
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		1,895		343

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-99, Class SC, IF, IO, 3.69%, 12/25/2039 (i)		674		76
Series 2009-103, Class MB, 4.32%, 12/25/2039 (i)		1,946		2,075
Series 2009-99, Class WA, 6.30%, 12/25/2039 (i)		2,895		3,177
Series 2009-113, Class AO, PO, 1/25/2040		464		393
Series 2009-112, Class ST, IF, IO, 3.76%, 1/25/2040 (i)		1,347		169
Series 2010-1, Class WA, 6.24%, 2/25/2040 (i)		635		699
Series 2010-16, Class WB, 6.21%, 3/25/2040 (i)		2,051		2,295
Series 2010-16, Class WA, 6.44%, 3/25/2040 (i)		2,218		2,494
Series 2010-49, Class SC, IF, 7.68%, 3/25/2040 (i)		2,961		3,273
Series 2010-40, Class FJ, 3.09%, 4/25/2040 (i)		650		655
Series 2010-35, Class SB, IF, IO, 3.93%, 4/25/2040 (i)		892		113
Series 2010-35, Class SJ, IF, 9.37%, 4/25/2040 (i)		1,378		1,652
Series 2010-43, Class FD, 3.09%, 5/25/2040 (i)		845		855
Series 2010-42, Class S, IF, IO, 3.91%, 5/25/2040 (i)		597		84
Series 2010-63, Class AP, PO, 6/25/2040		774		654
Series 2010-64, Class DM, 5.00%, 6/25/2040		6,351		6,708
Series 2010-58, Class MB, 5.50%, 6/25/2040		8,753		9,353
Series 2010-71, Class HJ, 5.50%, 7/25/2040		3,615		3,974
Series 2010-102, Class PN, 5.00%, 9/25/2040		1,794		1,955
Series 2010-111, Class AM, 5.50%, 10/25/2040		14,124		15,749
Series 2010-125, Class SA, IF, IO, 1.95%, 11/25/2040 (i)		6,752		395
Series 2011-101, Class FM, 3.04%, 1/25/2041 (i)		1,553		1,563
Series 2010-147, Class SA, IF, IO, 4.04%, 1/25/2041 (i)		6,487		1,205
Series 2011-30, Class LS, IO, 1.32%, 4/25/2041 (i)		7,108		360
Series 2011-149, Class EF, 2.99%, 7/25/2041 (i)		663		665

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 75

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-75, Class FA, 3.04%, 8/25/2041 (i)		1,777		1,793
Series 2011-149, Class MF, 2.99%, 11/25/2041 (i)		2,462		2,474
Series 2011-118, Class LB, 7.00%, 11/25/2041		10,320		11,789
Series 2011-118, Class MT, 7.00%, 11/25/2041		12,898		14,747
Series 2011-118, Class NT, 7.00%, 11/25/2041		11,532		12,990
Series 2002-90, Class A1, 6.50%, 6/25/2042		541		605
Series 2012-99, Class FA, 2.94%, 9/25/2042 (i)		3,187		3,183
Series 2012-101, Class FC, 2.99%, 9/25/2042 (i)		1,963		1,973
Series 2012-97, Class FB, 2.99%, 9/25/2042 (i)		7,025		7,052
Series 2012-108, Class F, 2.99%, 10/25/2042 (i)		5,874		5,896
Series 2013-81, Class TA, 3.00%, 2/25/2043		6,000		5,669
Series 2013-4, Class AJ, 3.50%, 2/25/2043		3,938		3,963
Series 2013-92, PO, 9/25/2043		11,714		9,231
Series 2013-101, Class DO, PO, 10/25/2043		9,314		7,236
Series 2013-128, PO, 12/25/2043		19,376		15,546
Series 2013-135, PO, 1/25/2044		7,610		5,875
Series 2010-103, Class SB, IF, IO, 3.61%, 11/25/2049 (i)		819		63
Series 2011-2, Class WA, 5.82%, 2/25/2051 (i)		1,070		1,136
Series 2011-58, Class WA, 5.43%, 7/25/2051 (i)		270		292
FNMA REMIC Trust
Series 2004-W10, Class A6, 5.75%, 8/25/2034		6,084		6,583
Series 2006-72, Class GO, PO, 8/25/2036		652		580
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		278		303
Series 2007-42, Class AO, PO, 5/25/2037		115		104
Series 2007-W5, PO, 6/25/2037		284		249
Series 2007-W7, Class 1A4, HB, IF, 24.24%, 7/25/2037 (i)		200		310
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (i)		133		148
Series 2003-W1, Class 1A1, 5.37%, 12/25/2042 (i)		965		1,015
Series 2003-W1, Class 2A, 5.89%, 12/25/2042 (i)		260		279

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		791		893
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,370		1,547
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		1,166		1,305
Series 2007-W10, Class 2A, 6.34%, 8/25/2047 (i)		142		153
Series 2009-W1, Class A, 6.00%, 12/25/2049		5,289		5,871
FNMA STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		3		—	(j)
Series 218, Class 2, IO, 7.50%, 4/25/2023		6		1
Series 265, Class 2, 9.00%, 3/25/2024		5		6
Series 300, Class 1, PO, 9/25/2024		505		475
Series 329, Class 1, PO, 1/25/2033		87		77
Series 345, Class 6, IO, 5.00%, 12/25/2033 (i)		117		22
Series 365, Class 8, IO, 5.50%, 5/25/2036		449		104
Series 374, Class 5, IO, 5.50%, 8/25/2036		299		63
Series 393, Class 6, IO, 5.50%, 4/25/2037		136		23
Series 383, Class 33, IO, 6.00%, 1/25/2038		293		60
Series 412, Class F2, 2.99%, 8/25/2042 (i)		6,609		6,627
Series 411, Class F1, 3.04%, 8/25/2042 (i)		16,586		16,683
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		2,262		2,589
Series 2003-W8, Class 3F1, 2.89%, 5/25/2042 (i)		309		306
Series 2003-W2, Class 2A9, 5.90%, 7/25/2042		543		593
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		906		1,000
Series 2003-W6, Class 2A4, 5.20%, 9/25/2042		3,674		3,908
Series 2003-W6, Class 3A, 6.50%, 9/25/2042		1,427		1,584
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		1,618		1,834
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		470		526
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		475		540
Series 2004-W15, Class 2AF, 2.74%, 8/25/2044 (i)		1,314		1,307
Series 2005-W3, Class 2AF, 2.71%, 3/25/2045 (i)		10,674		10,631

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		583		637
Series 2006-W2, Class 2A, 4.17%, 11/25/2045 (i)		1,564		1,651
Series 2006-W2, Class 1AF1, 2.71%, 2/25/2046 (i)		5,007		5,006
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 2.75%, 11/25/2046 (i)		9,074		8,939
G2 4.50%, 2/20/2049 (l)		15,150		15,832
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 2A4, 4.80%, 12/19/2033 (i)		1,608		1,618
Series 2003-J8, Class A, 5.25%, 12/25/2033		71		72
Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (i)		872		851
GNMA
Series 2008-36, Class AY, 5.00%, 4/16/2023		343		342
Series 1994-7, Class PQ, 6.50%, 10/16/2024		802		801
Series 1999-4, Class ZB, 6.00%, 2/20/2029		878		877
Series 1999-30, Class S, IF, IO, 6.12%, 8/16/2029 (i)		103		1
Series 2000-31, Class Z, 9.00%, 10/20/2030		171		199
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		11		—	(j)
Series 2000-35, Class ZA, 9.00%, 11/20/2030		109		128
Series 2001-6, Class SD, IF, IO, 6.07%, 3/16/2031 (i)		55		—	(j)
Series 2001-22, Class PS, IF, 14.56%, 3/17/2031 (i)		462		473
Series 2001-35, Class SA, IF, IO, 5.77%, 8/16/2031 (i)		134		2
Series 2002-24, Class AG, IF, IO, 5.47%, 4/16/2032 (i)		454		5
Series 2002-24, Class SB, IF, 8.20%, 4/16/2032 (i)		44		45
Series 2002-41, Class SV, IF, 9.00%, 6/16/2032 (i)		15		17
Series 2002-45, Class QE, 6.50%, 6/20/2032		1,840		1,843
Series 2002-47, Class PG, 6.50%, 7/16/2032		544		546
Series 2002-47, Class PY, 6.00%, 7/20/2032		185		185

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2002-47, Class ZA, 6.50%, 7/20/2032		948		950
Series 2002-52, Class GH, 6.50%, 7/20/2032		639		640
Series 2003-114, Class SH, IF, 10.15%, 11/17/2032 (i)		121		131
Series 2002-75, Class PB, 6.00%, 11/20/2032		1,265		1,332
Series 2010-14, Class AO, PO, 12/20/2032		439		428
Series 2011-43, Class ZQ, 5.50%, 1/16/2033		3,570		3,848
Series 2003-58, Class BE, 6.50%, 1/20/2033		951		1,049
Series 2003-11, Class SK, IF, IO, 5.22%, 2/16/2033 (i)		399		36
Series 2008-29, PO, 2/17/2033		197		192
Series 2003-12, Class SP, IF, IO, 5.22%, 2/20/2033 (i)		213		37
Series 2003-24, PO, 3/16/2033		71		65
Series 2004-87, Class SB, IF, 4.81%, 3/17/2033 (i)		22		22
Series 2003-40, Class TJ, 6.50%, 3/20/2033		1,814		1,992
Series 2003-46, Class TC, 6.50%, 3/20/2033		532		574
Series 2003-25, Class PZ, 5.50%, 4/20/2033		2,025		2,158
Series 2003-46, Class MG, 6.50%, 5/20/2033		698		767
Series 2003-52, Class AP, PO, 6/16/2033		360		307
Series 2003-75, Class ZX, 6.00%, 9/16/2033		1,139		1,241
Series 2003-90, PO, 10/20/2033		57		51
Series 2010-41, Class WA, 5.82%, 10/20/2033 (i)		1,340		1,475
Series 2003-97, Class SA, IF, IO, 4.07%, 11/16/2033 (i)		768		82
Series 2003-112, Class SA, IF, IO, 4.07%, 12/16/2033 (i)		734		97
Series 2004-28, Class S, IF, 12.84%, 4/16/2034 (i)		367		488
Series 2005-7, Class JM, IF, 11.26%, 5/18/2034 (i)		39		44
Series 2004-46, PO, 6/20/2034		646		579
Series 2004-49, Class Z, 6.00%, 6/20/2034		2,441		2,653
Series 2004-73, Class AE, IF, 9.74%, 8/17/2034 (i)		267		288

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 77

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-103, Class WA, 5.72%, 8/20/2034 (i)		723		787
Series 2004-73, Class JL, IF, IO, 4.07%, 9/16/2034 (i)		2,529		355
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034 (i)		285		302
Series 2004-71, Class SB, IF, 17.26%, 9/20/2034 (i)		285		389
Series 2004-83, Class AP, IF, 8.90%, 10/16/2034 (i)		37		39
Series 2004-89, Class LS, IF, 15.28%, 10/16/2034 (i)		246		321
Series 2004-90, Class SI, IF, IO, 3.62%, 10/20/2034 (i)		3,710		470
Series 2005-44, Class SP, IF, 7.23%, 10/20/2034 (i)		38		38
Series 2004-96, Class SC, IF, IO, 3.60%, 11/20/2034 (i)		1,935		75
Series 2005-3, Class SK, IF, IO, 4.27%, 1/20/2035 (i)		2,574		291
Series 2005-68, Class DP, IF, 10.45%, 6/17/2035 (i)		956		1,078
Series 2008-79, Class CS, IF, 4.32%, 6/20/2035 (i)		1,342		1,385
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		267		59
Series 2005-66, Class SP, IF, 12.56%, 8/16/2035 (i)		144		196
Series 2010-14, Class CO, PO, 8/20/2035		1,571		1,328
Series 2005-65, Class SA, IF, 13.32%, 8/20/2035 (i)		27		28
Series 2005-68, Class KI, IF, IO, 3.82%, 9/20/2035 (i)		5,289		662
Series 2005-72, Class AZ, 5.50%, 9/20/2035		1,610		1,714
Series 2005-82, PO, 10/20/2035		333		285
Series 2010-14, Class BO, PO, 11/20/2035		488		421
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		510		98
Series 2006-20, Class QA, 5.75%, 2/20/2036		296		309
Series 2006-16, Class OP, PO, 3/20/2036		424		383
Series 2006-22, Class AO, PO, 5/20/2036		585		529
Series 2006-38, Class SW, IF, IO, 4.02%, 6/20/2036 (i)		73		4
Series 2006-34, PO, 7/20/2036		84		75
Series 2006-33, Class Z, 6.50%, 7/20/2036		2,373		2,671
Series 2006-38, Class ZK, 6.50%, 8/20/2036		3,229		3,553

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-59, Class SD, IF, IO, 4.22%, 10/20/2036 (i)		813		127
Series 2006-57, Class PZ, 5.56%, 10/20/2036		1,460		1,540
Series 2006-65, Class SA, IF, IO, 4.32%, 11/20/2036 (i)		1,282		164
Series 2011-22, Class WA, 5.88%, 2/20/2037 (i)		479		532
Series 2007-57, PO, 3/20/2037		1,528		1,378
Series 2007-9, Class CI, IF, IO, 3.72%, 3/20/2037 (i)		1,371		169
Series 2007-17, Class JO, PO, 4/16/2037		755		620
Series 2007-17, Class JI, IF, IO, 4.33%, 4/16/2037 (i)		1,946		303
Series 2007-19, Class SD, IF, IO, 3.72%, 4/20/2037 (i)		762		74
Series 2010-129, Class AW, 6.02%, 4/20/2037 (i)		930		1,011
Series 2007-25, Class FN, 2.78%, 5/16/2037 (i)		555		554
Series 2007-28, Class BO, PO, 5/20/2037		123		105
Series 2007-26, Class SC, IF, IO, 3.72%, 5/20/2037 (i)		1,555		167
Series 2007-27, Class SD, IF, IO, 3.72%, 5/20/2037 (i)		1,526		146
Series 2007-35, PO, 6/16/2037		2,248		1,944
Series 2007-36, Class HO, PO, 6/16/2037		244		201
Series 2007-36, Class SE, IF, IO, 3.99%, 6/16/2037 (i)		1,044		127
Series 2007-36, Class SJ, IF, IO, 3.77%, 6/20/2037 (i)		1,222		116
Series 2007-45, Class QA, IF, IO, 4.16%, 7/20/2037 (i)		1,737		200
Series 2007-40, Class SN, IF, IO, 4.20%, 7/20/2037 (i)		1,729		213
Series 2007-40, Class SD, IF, IO, 4.27%, 7/20/2037 (i)		1,186		152
Series 2007-50, Class AI, IF, IO, 4.29%, 8/20/2037 (i)		435		46
Series 2008-20, PO, 9/20/2037		211		202
Series 2007-53, Class ES, IF, IO, 4.07%, 9/20/2037 (i)		1,173		149
Series 2007-53, Class SW, IF, 12.75%, 9/20/2037 (i)		306		368
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		1,720		186
Series 2008-7, Class SP, IF, 8.43%, 10/20/2037 (i)		210		228

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-79, Class OK, PO, 11/16/2037		2,420		2,108
Series 2007-74, Class SL, IF, IO, 4.06%, 11/16/2037 (i)		1,336		135
Series 2007-73, Class MI, IF, IO, 3.52%, 11/20/2037 (i)		1,355		152
Series 2007-76, Class SB, IF, IO, 4.02%, 11/20/2037 (i)		2,608		305
Series 2007-67, Class SI, IF, IO, 4.03%, 11/20/2037 (i)		1,503		164
Series 2007-72, Class US, IF, IO, 4.07%, 11/20/2037 (i)		1,186		140
Series 2008-7, Class SK, IF, 12.50%, 11/20/2037 (i)		148		188
Series 2007-79, Class SY, IF, IO, 4.07%, 12/20/2037 (i)		1,828		233
Series 2008-1, PO, 1/20/2038		86		73
Series 2015-137, Class WA, 5.48%, 1/20/2038 (i)		4,843		5,333
Series 2009-106, Class ST, IF, IO, 3.52%, 2/20/2038 (i)		11,941		1,641
Series 2008-17, IO, 5.50%, 2/20/2038		295		45
Series 2008-33, Class XS, IF, IO, 5.22%, 4/16/2038 (i)		697		106
Series 2008-36, Class SH, IF, IO, 3.82%, 4/20/2038 (i)		1,866		224
Series 2008-40, Class SA, IF, IO, 3.92%, 5/16/2038 (i)		6,212		883
Series 2008-55, Class SA, IF, IO, 3.72%, 6/20/2038 (i)		450		46
Series 2008-50, Class KB, 6.00%, 6/20/2038		931		1,040
Series 2008-60, Class CS, IF, IO, 3.67%, 7/20/2038 (i)		1,607		161
Series 2008-69, Class QD, 5.75%, 7/20/2038		1,570		1,638
Series 2008-71, Class SC, IF, IO, 3.52%, 8/20/2038 (i)		576		49
Series 2012-59, Class WA, 5.57%, 8/20/2038 (i)		2,303		2,557
Series 2008-76, Class US, IF, IO, 3.42%, 9/20/2038 (i)		1,921		236
Series 2008-81, Class S, IF, IO, 3.72%, 9/20/2038 (i)		3,926		377
Series 2009-25, Class SE, IF, IO, 5.12%, 9/20/2038 (i)		831		113
Series 2011-97, Class WA, 6.13%, 11/20/2038 (i)		1,555		1,729
Series 2009-35, Class SN, IF, IO, 3.92%, 12/16/2038 (i)		127		1

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-93, Class AS, IF, IO, 3.22%, 12/20/2038 (i)		1,972		176
Series 2008-96, Class SL, IF, IO, 3.52%, 12/20/2038 (i)		1,086		91
Series 2008-95, Class DS, IF, IO, 4.82%, 12/20/2038 (i)		3,472		440
Series 2011-163, Class WA, 5.86%, 12/20/2038 (i)		5,315		5,888
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		452		38
Series 2014-6, Class W, 5.41%, 1/20/2039 (i)		4,303		4,619
Series 2009-6, Class SA, IF, IO, 3.62%, 2/16/2039 (i)		944		111
Series 2009-11, Class SC, IF, IO, 3.67%, 2/16/2039 (i)		1,425		119
Series 2009-10, Class SA, IF, IO, 3.47%, 2/20/2039 (i)		1,597		165
Series 2009-6, Class SH, IF, IO, 3.56%, 2/20/2039 (i)		975		82
Series 2009-24, Class DS, IF, IO, 3.82%, 3/20/2039 (i)		281		4
Series 2009-31, Class TS, IF, IO, 3.82%, 3/20/2039 (i)		1,544		106
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		497		108
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		1,141		291
Series 2009-22, Class SA, IF, IO, 3.79%, 4/20/2039 (i)		2,856		279
Series 2009-35, Class ZB, 5.50%, 5/16/2039		13,576		14,840
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		342		66
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		468		111
Series 2009-102, Class SM, IF, IO, 3.92%, 6/16/2039 (i)		1,350		41
Series 2009-43, Class SA, IF, IO, 3.47%, 6/20/2039 (i)		1,546		170
Series 2009-42, Class SC, IF, IO, 3.60%, 6/20/2039 (i)		2,188		235
Series 2009-64, Class SN, IF, IO, 3.62%, 7/16/2039 (i)		2,501		240
Series 2009-72, Class SM, IF, IO, 3.77%, 8/16/2039 (i)		2,413		300
Series 2009-104, Class AB, 7.00%, 8/16/2039		1,342		1,460

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 79

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-81, Class SB, IF, IO, 3.61%, 9/20/2039 (i)		3,798		371
Series 2009-75, Class MN, 5.50%, 9/20/2039		2,753		3,164
Series 2009-106, Class AS, IF, IO, 3.92%, 11/16/2039 (i)		3,078		358
Series 2013-147, Class BE, 4.00%, 12/20/2039		3,874		4,030
Series 2015-91, Class W, 5.24%, 5/20/2040 (i)		4,382		4,742
Series 2013-75, Class WA, 5.18%, 6/20/2040 (i)		1,233		1,317
Series 2011-137, Class WA, 5.56%, 7/20/2040 (i)		2,237		2,460
Series 2010-130, Class CP, 7.00%, 10/16/2040		4,419		5,012
Series 2010-157, Class OP, PO, 12/20/2040		5,916		4,844
Series 2011-75, Class SM, IF, IO, 4.12%, 5/20/2041 (i)		2,982		435
Series 2013-26, Class AK, 4.67%, 9/20/2041 (i)		3,383		3,571
Series 2014-188, Class W, 4.60%, 10/20/2041 (i)		3,627		3,817
Series 2012-141, Class WA, 4.53%, 11/16/2041 (i)		3,534		3,766
Series 2011-157, Class UY, 3.00%, 12/20/2041		1,500		1,461
Series 2012-141, Class WC, 3.72%, 1/20/2042 (i)		3,735		3,839
Series 2012-141, Class WB, 3.98%, 9/16/2042 (i)		2,227		2,300
Series 2014-41, Class W, 4.64%, 10/20/2042 (i)		3,680		3,862
Series 2013-54, Class WA, 4.75%, 11/20/2042 (i)		1,964		2,079
Series 2013-91, Class WA, 4.50%, 4/20/2043 (i)		2,165		2,229
Series 2012-H24, Class FA, 2.96%, 3/20/2060 (i)		175		174
Series 2012-H24, Class FG, 2.94%, 4/20/2060 (i)		1,947		1,945
Series 2013-H03, Class FA, 2.81%, 8/20/2060 (i)		113		113
Series 2011-H05, Class FB, 3.01%, 12/20/2060 (i)		1,962		1,964
Series 2012-H22, Class FD, 2.98%, 1/20/2061 (i)		6,533		6,535
Series 2011-H06, Class FA, 2.96%, 2/20/2061 (i)		2,574		2,573

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-H21, Class CF, 3.21%, 5/20/2061 (i)		1,127		1,130
Series 2011-H19, Class FA, 2.98%, 8/20/2061 (i)		2,809		2,810
Series 2012-H26, Class JA, 3.06%, 10/20/2061 (i)		1,581		1,582
Series 2012-H10, Class FA, 3.06%, 12/20/2061 (i)		50,535		50,631
Series 2012-H08, Class FB, 3.11%, 3/20/2062 (i)		8,614		8,639
Series 2013-H07, Class MA, 3.06%, 4/20/2062 (i)		916		916
Series 2012-H08, Class FS, 3.21%, 4/20/2062 (i)		6,390		6,440
Series 2012-H15, Class FA, 2.96%, 5/20/2062 (i)		428		428
Series 2012-H26, Class MA, 3.06%, 7/20/2062 (i)		754		755
Series 2012-H18, Class NA, 3.03%, 8/20/2062 (i)		1,930		1,933
Series 2012-H28, Class FA, 3.09%, 9/20/2062 (i)		6,571		6,576
Series 2012-H24, Class FD, 3.10%, 9/20/2062 (i)		489		489
Series 2012-H27, Class FB, 3.01%, 10/20/2062 (i)		624		624
Series 2012-H29, Class FA, 3.02%, 10/20/2062 (i)		23,194		23,218
Series 2012-H24, Class FE, 3.11%, 10/20/2062 (i)		2,044		2,046
Series 2013-H02, Class HF, 2.81%, 11/20/2062 (i)		275		275
Series 2013-H01, Class FA, 1.65%, 1/20/2063		17,009		16,804
Series 2013-H01, Class JA, 2.83%, 1/20/2063 (i)		10,292		10,257
Series 2013-H04, Class SA, 2.93%, 2/20/2063 (i)		1,999		1,995
Series 2013-H08, Class FC, 2.96%, 2/20/2063 (i)		11,715		11,710
Series 2013-H07, Class HA, 2.92%, 3/20/2063 (i)		8,734		8,722
Series 2013-H09, Class HA, 1.65%, 4/20/2063		7,913		7,783
Series 2013-H14, Class FG, 2.98%, 5/20/2063 (i)		2,337		2,337
Series 2013-H14, Class FC, 2.98%, 6/20/2063 (i)		2,504		2,505

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2014-H01, Class FD, 3.16%, 1/20/2064 (i)		17,383		17,466
Series 2014-H05, Class FA, 3.20%, 2/20/2064 (i)		11,558		11,657
Series 2014-H06, Class HB, 3.16%, 3/20/2064 (i)		3,895		3,912
Series 2014-H09, Class TA, 3.11%, 4/20/2064 (i)		12,498		12,541
Series 2014-H10, Class TA, 3.11%, 4/20/2064 (i)		17,999		18,090
Series 2014-H11, Class VA, 3.01%, 6/20/2064 (i)		21,105		21,132
Series 2014-H15, Class FA, 3.01%, 7/20/2064 (i)		19,883		19,908
Series 2014-H17, Class FC, 3.01%, 7/20/2064 (i)		15,119		15,138
Series 2014-H19, Class FE, 2.98%, 9/20/2064 (i)		19,432		19,434
Series 2014-H20, Class LF, 3.11%, 10/20/2064 (i)		7,888		7,888
Series 2015-H02, Class FB, 3.01%, 12/20/2064 (i)		9,609		9,618
Series 2015-H03, Class FA, 3.01%, 12/20/2064 (i)		9,383		9,391
Series 2015-H07, Class ES, 2.82%, 2/20/2065 (i)		13,482		13,483
Series 2015-H05, Class FC, 2.99%, 2/20/2065 (i)		32,680		32,696
Series 2015-H06, Class FA, 2.99%, 2/20/2065 (i)		19,335		19,344
Series 2015-H08, Class FC, 2.99%, 3/20/2065 (i)		47,071		47,093
Series 2015-H10, Class FC, 2.99%, 4/20/2065 (i)		37,931		37,949
Series 2015-H12, Class FA, 2.99%, 5/20/2065 (i)		23,015		23,025
Series 2015-H15, Class FD, 2.95%, 6/20/2065 (i)		11,211		11,199
Series 2015-H15, Class FJ, 2.95%, 6/20/2065 (i)		16,198		16,181
Series 2015-H18, Class FA, 2.96%, 6/20/2065 (i)		16,336		16,329
Series 2015-H16, Class FG, 2.95%, 7/20/2065 (i)		19,553		19,533
Series 2015-H16, Class FL, 2.95%, 7/20/2065 (i)		25,896		25,868
Series 2015-H20, Class FA, 2.98%, 8/20/2065 (i)		16,630		16,632

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-H26, Class FG, 3.03%, 10/20/2065 (i)		4,993		5,003
Series 2015-H32, Class FH, 3.17%, 12/20/2065 (i)		11,121		11,206
Series 2016-H07, Class FA, 3.26%, 3/20/2066 (i)		48,857		49,401
Series 2016-H07, Class FB, 3.26%, 3/20/2066 (i)		12,327		12,465
Series 2016-H11, Class FD, 3.06%, 5/20/2066 (i)		23,963		24,112
Series 2016-H26, Class FC, 3.51%, 12/20/2066 (i)		17,278		17,570
Series 2017-H08, Class XI, IO, 2.22%, 3/20/2067 (i)		79,200		9,647
Series 2017-H14, Class XI, IO, 1.61%, 6/20/2067 (i)		63,079		5,942
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		49,000		47,863
GSMPS Mortgage Loan Trust
Series 2004-4, Class 1AF, 2.89%, 6/25/2034 (c) (i)		500		480
Series 2005-RP2, Class 1AF, 2.84%, 3/25/2035 (c) (i)		910		852
Series 2005-RP3, Class 1AS, IO, 2.00%, 9/25/2035 ‡ (c) (i)		4,197		356
Series 2005-RP3, Class 1AF, 2.84%, 9/25/2035 (c) (i)		5,693		5,095
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 2.89%, 9/25/2032 (i)		44		44
Series 2003-3F, Class 4A3, 5.75%, 4/25/2033		202		208
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		855		872
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		521		553
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		604		619
Series 2005-5F, Class 8A3, 2.99%, 6/25/2035 (i)		244		232
Series 2005-AR6, Class 3A1, 4.12%, 9/25/2035 (i)		71		71
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		1,074		1,122
Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		549		641
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		3,042		2,513

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 81

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (c) (f)		38,825		38,390
4.25%, 6/25/2023 (i)		18,838		18,795
Impac CMB Trust Series 2005-4, Class 2A1, 3.09%, 5/25/2035 (i)		1,035		1,019
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 8/25/2033		673		697
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.84%, 5/25/2036 (i)		3,360		3,305
Series 2006-2, Class 2A1, 2.84%, 8/25/2036 (i)		3,448		3,351
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.62%, 11/25/2033 (i)		2,928		3,002
Series 2004-A3, Class 4A1, 4.54%, 7/25/2034 (i)		174		178
Series 2006-A3, Class 6A1, 4.06%, 8/25/2034 (i)		718		713
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (i)		5,583		5,736
Series 2004-A4, Class 1A1, 4.64%, 9/25/2034 (i)		403		413
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		67		67
Series 2005-A1, Class 3A4, 4.54%, 2/25/2035 (i)		943		967
Series 2007-A1, Class 5A1, 4.69%, 7/25/2035 (i)		654		671
Series 2007-A1, Class 5A2, 4.69%, 7/25/2035 (i)		262		269
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.80%, 4/25/2036 (i)		479		430
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		323		300
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		2,937		2,016
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (i)		1,284		1,318
Series 2004-3, Class 4A2, 3.97%, 4/25/2034 (i)		356		333
Series 2004-15, Class 3A1, 4.86%, 12/25/2034 (i)		341		328
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		15		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		20			20
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		284			271
Series 2003-9, Class 2A1, 6.00%, 12/25/2033		274			282
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		222			227
Series 2004-3, Class 3A1, 6.00%, 4/25/2034		1,748			1,824
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		422			443
Series 2004-6, Class 30PO, PO, 7/25/2034 ‡		260			217
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		168			172
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		211			177
MASTR Asset Securitization Trust
Series 2003-11, Class 3A1, 4.50%, 12/25/2018		2			2
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		—	(j)		—	(j)
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		1			1
Series 2004-8, PO, 8/25/2019 ‡		2			2
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		4			3
Series 2004-9, Class 5A1, 5.25%, 9/25/2019		15			15
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		32			29
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		90			90
Series 2004-4, Class 1A6, 5.25%, 12/26/2033		469			480
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (c)		208			207
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		19			16
MASTR Reperforming Loan Trust
Series 2005-2, Class 1A1F, 2.84%, 5/25/2035 (c) (i)		7,828			6,157
Series 2006-2, Class 1A1, 4.39%, 5/25/2036 (c) (i)		944			899
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (c)		239			196
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 3.11%, 10/25/2028 (i)		805			801
Series 2003-F, Class A1, 3.13%, 10/25/2028 (i)		1,761			1,740

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-A, Class A1, 2.95%, 4/25/2029 (i)		328			322
Series 2004-C, Class A2, 3.51%, 7/25/2029 (i)		584			576
Series 2003-A5, Class 2A6, 4.50%, 8/25/2033 (i)		392			405
Series 2004-A4, Class A2, 4.07%, 8/25/2034 (i)		781			800
Series 2004-1, Class 2A1, 4.28%, 12/25/2034 (i)		788			787
Series 2005-A2, Class A1, 4.46%, 2/25/2035 (i)		1,180			1,194
Merrill Lynch Mortgage-Backed Securities Trust Series 2007-3, Class 1A3, 3.62%, 6/25/2037 (i)		792			783
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		1			1
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 4A, 3.23%, 10/25/2019 (i)		158			149
Series 2004-3, Class 4A, 5.63%, 4/25/2034 (i)		1,760			1,860
MRFC Mortgage Pass-Through Trust
Series 2000-TBC2, Class A1, 2.97%, 6/15/2030 (i)		2,083			2,057
Series 2000-TBC3, Class A1, 2.93%, 12/15/2030 (i)		471			456
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (c) (i)		518			508
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		795			794
Series 2010-R3, Class 1A, 3.07%, 12/8/2020 (i)		10,980			11,005
New Residential Mortgage Loan Trust Series 2019-RPL1, Class A1, 4.33%, 2/26/2024 (c) (f)		24,000			24,001
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		69			72
Series 2003-A1, Class A1, 5.50%, 5/25/2033		78			79
Series 2003-A1, Class A2, 6.00%, 5/25/2033		177			179
PaineWebber CMO Trust Series P, Class 4, 8.50%, 8/1/2019		—	(j)		—	(j)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		693		728
Prog 2018-jpm 7/24/2023 ‡		50,000		50,000
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 4.44%, 5/25/2035 (i)		176		173
RALI Trust
Series 2002-QS16, Class A3, IF, 11.37%, 10/25/2017 (i)		1		1
Series 2003-QS9, Class A3, IF, IO, 5.04%, 5/25/2018 ‡ (i)		9		—	(j)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		1		—	(j)
Series 2003-QS12, Class A2A, IF, IO, 5.09%, 6/25/2018 ‡ (i)		2		—	(j)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		10		10
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		12		12
Series 2005-QA6, Class A32, 5.00%, 5/25/2035 (i)		1,080		838
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		150		138
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.48%, 11/25/2033 (c) (i)		1,955		2,006
Series 2009-1, Class 1A1, 6.50%, 2/26/2036 (c) (i)		1,899		1,968
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035 ‡ (c)		67		57
Residential Asset Securitization Trust
Series 2003-A8, Class A5, 4.25%, 10/25/2018		30		30
Series 2005-A2, Class A4, IF, IO, 2.56%, 3/25/2035 ‡ (i)		6,466		411
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		624		597
RFMSI Trust Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (i)		339		306
SART
4.75%, 7/15/2024		71,028		71,461
4.76%, 6/15/2025		79,864		80,313
Seasoned Loans Structured Transaction Series 2018-1, Class A1, 3.50%, 6/25/2028		18,753		18,860
Sequoia Mortgage Trust
Series 2004-8, Class A1, 3.18%, 9/20/2034 (i)		941		925

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 83

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-8, Class A2, 3.49%, 9/20/2034 (i)		1,325		1,316
Series 2004-10, Class A1A, 3.10%, 11/20/2034 (i)		396		392
Series 2004-11, Class A1, 3.08%, 12/20/2034 (i)		1,155		1,135
Series 2004-12, Class A3, 3.20%, 1/20/2035 (i)		1,015		950
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 3.14%, 10/19/2034 (i)		1,205		1,188
Series 2005-AR5, Class A3, 2.73%, 7/19/2035 (i)		4,360		4,295
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 4.43%, 12/25/2033 (i)		1,311		1,316
Series 2004-4XS, Class 1A5, 5.23%, 2/25/2034 (f)		1,844		1,876
Series 2005-RF3, Class 1A, 2.84%, 6/25/2035 (c) (i)		681		612
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3, 4.26%, 11/25/2033 (i)		362		363
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 3.13%, 9/25/2043 (i)		2,781		2,761
Series 2004-4, Class 3A, 4.07%, 12/25/2044 (i)		2,337		2,344
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		1,874		1,999
Series 1994-1, Class 1, 5.35%, 2/15/2024 (i)		597		621
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		1,528		1,615
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		917		1,004
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		424		463
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		1,376		1,512
Series 1998-1, Class 2E, 7.00%, 3/15/2028		877		972
WaMu Mortgage Pass-Through Certificates
Series 2003-S4, Class 2A10, IF, 10.62%, 6/25/2033 (i)		190		216
Series 2004-RS2, Class A4, 5.00%, 11/25/2033		463		467
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 5A, 5.00%, 7/25/2019		13		13
Series 2004-CB2, Class 7A, 5.50%, 8/25/2019		22		22

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-S1, Class A5, 5.50%, 4/25/2033		726		747
Series 2003-AR7, Class A7, 4.15%, 8/25/2033 (i)		642		660
Series 2003-AR9, Class 1A6, 4.34%, 9/25/2033 (i)		3,831		3,914
Series 2003-AR9, Class 2A, 4.38%, 9/25/2033 (i)		672		683
Series 2003-S9, Class P, PO, 10/25/2033 ‡		29		26
Series 2003-AR11, Class A6, 4.31%, 10/25/2033 (i)		2,227		2,247
Series 2003-S9, Class A8, 5.25%, 10/25/2033		2,819		2,848
Series 2004-AR3, Class A1, 3.97%, 6/25/2034 (i)		995		1,012
Series 2004-AR3, Class A2, 3.97%, 6/25/2034 (i)		1,279		1,300
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		2,808		2,924
Series 2004-S3, Class 1A5, 5.00%, 7/25/2034		380		381
Series 2006-AR10, Class 2P, 3.97%, 9/25/2036 ‡ (i)		97		84
Series 2006-AR8, Class 1A2, 3.90%, 8/25/2046 (i)		567		535
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-1, Class CP, PO, 3/25/2035 ‡		102		81
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		828		820
Series 2005-2, Class 2A3, IF, IO, 2.51%, 4/25/2035 ‡ (i)		2,086		206
Series 2005-2, Class 1A4, IF, IO, 2.56%, 4/25/2035 ‡ (i)		6,387		588
Series 2005-4, Class CB7, 5.50%, 6/25/2035		2,322		2,217
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		2,279		432
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		428		408
Series 2006-1, Class 3A2, 5.75%, 2/25/2036		166		155
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033 ‡		4		3
Wells Fargo Alternative Loan Trust
Series 2003-1, Class APO, PO, 9/25/2033 ‡		79		72
Series 2007-PA3, Class 1A2, 5.75%, 7/25/2037		188		173

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (i)		1,373		1,396
Series 2003-K, Class 1A2, 4.68%, 11/25/2033 (i)		53		54
Series 2003-L, Class 2A1, 4.78%, 11/25/2033 (i)		202		201
Series 2004-B, Class A1, 4.94%, 2/25/2034 (i)		451		455
Series 2004-4, Class A9, 5.50%, 5/25/2034		343		347
Series 2004-I, Class 1A1, 4.81%, 7/25/2034 (i)		2,031		2,080
Series 2004-S, Class A1, 4.61%, 9/25/2034 (i)		1,769		1,814
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (i)		4,604		4,732
Series 2004-V, Class 1A1, 4.64%, 10/25/2034 (i)		714		727
Series 2004-V, Class 1A2, 4.64%, 10/25/2034 (i)		916		947
Series 2004-EE, Class 2A1, 4.53%, 12/25/2034 (i)		881		900
Series 2004-EE, Class 2A2, 4.53%, 12/25/2034 (i)		599		618
Series 2004-EE, Class 3A1, 4.63%, 12/25/2034 (i)		1,234		1,280
Series 2004-EE, Class 3A2, 4.63%, 12/25/2034 (i)		403		418
Series 2005-AR3, Class 1A1, 4.55%, 3/25/2035 (i)		7,862		8,094
Series 2005-AR8, Class 2A1, 4.81%, 6/25/2035 (i)		913		941
Series 2005-14, Class 2APO, PO, 12/25/2035 ‡		76		68
Series 2005-14, Class 1A1, 5.50%, 12/25/2035		548		566
Series 2007-7, Class A7, 6.00%, 6/25/2037		186		186
Series 2007-11, Class A14, 6.00%, 8/25/2037		1,110		1,104
Total Collateralized Mortgage Obligations (Cost $2,557,846)				2,572,020
Commercial Mortgage-Backed Securities — 7.5%
20 Times Square Trust
Series 2018-20TS, Class D, 3.10%, 5/15/2035 ‡ (c) (i)		21,000		20,052
Series 2018-20TS, Class E, 3.10%, 5/15/2035 ‡ (c) (i)		13,399		12,560

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (c)		7,026		7,038
Series 2014-520M, Class C, 4.21%, 8/15/2046 ‡ (c) (i)		7,700		7,037
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.94%, 5/27/2021 (c) (i)		27,564		25,852
Series 2014-FRR5, Class AK30, PO, 6/27/2045 (c)		3,200		2,584
Series 2016-FR13, Class A, 1.65%, 8/27/2045 (c) (i)		9,619		8,633
Series 2015-FR11, Class AK25, 2.67%, 9/27/2045 (c) (i)		7,484		7,055
Series 2014-FRR5, Class A714, PO, 1/27/2047 (c)		16,252		15,047
Banc of America Commercial Mortgage Trust Series 2006-5, Class XC, IO, 0.87%, 9/10/2047 ‡ (c) (i)		1,432		—	(j)
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2005-5, Class XC, IO, 0.03%, 10/10/2045 ‡ (c) (i)		21,514		—	(j)
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (c)		4,949		4,910
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (c)		46,923		46,928
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class X1, IO, 0.34%, 12/11/2038 ‡ (c) (i)		5,573		16
Series 2007-T26, Class X1, IO, 0.01%, 1/12/2045 ‡ (c) (i)		105,909		51
BXMT Ltd. Series 2017-FL1, Class D, 5.19%, 6/15/2035 ‡ (c) (i)		20,740		20,714
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.78%, 12/11/2049 ‡ (c) (i)		680		7
CD Mortgage Trust Series 2006-CD3, Class XS, IO, 0.61%, 10/15/2048 ‡ (c) (i)		24,241		222
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 0.87%, 8/15/2048 ‡ (i)		5,812		94
Commercial Mortgage Trust
Series 2014-PAT, Class A, 3.30%, 8/13/2027 (c) (i)		7,748		7,745
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (c)		4,484		4,720
Series 2014-TWC, Class A, 3.35%, 2/13/2032 (c) (i)		10,196		10,202

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 85

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2014-TWC, Class B, 4.10%, 2/13/2032 ‡ (c) (i)		2,850		2,857
Series 2018-HOME, Class A, 3.82%, 4/10/2033 (c) (i)		53,745		54,294
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (c) (i)		6,150		6,104
Series 2006-GG7, Class AM, 5.69%, 7/10/2038 (i)		734		736
Series 2012-CR2, Class XA, IO, 1.65%, 8/15/2045 ‡ (i)		24,127		1,114
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		13,800		14,211
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		9,250		9,429
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		17,593		17,978
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class AX, IO, 0.05%, 1/15/2049 ‡ (c) (i)		17,185		—	(j)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESA, 4.03%, 10/15/2032 (c)		29,490		29,833
Series 2017-CX10, Class UESC, 4.24%, 10/15/2032 ‡ (c) (i)		4,929		4,906
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (c)		2,600		2,642
Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (c)		16,830		15,914
DBUBS Mortgage Trust Series 2011-LC2A, Class XA, IO, 1.05%, 7/10/2044 ‡ (c) (i)		20,141		373
DBWF Mortgage Trust Series 2015-LCM, Class A2, 3.42%, 6/10/2034 (c) (i)		4,000		3,900
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		1,887		1,879
Series KJ09, Class A2, 2.84%, 9/25/2022		21,382		21,405
Series KS01, Class A2, 2.52%, 1/25/2023		14,000		13,802
Series KSMC, Class A2, 2.62%, 1/25/2023		41,500		41,101
Series K038, Class A2, 3.39%, 3/25/2024		20,914		21,365
Series K731, Class AM, 3.60%, 2/25/2025 (i)		32,000		32,763
Series KPLB, Class A, 2.77%, 5/25/2025		2,314		2,274
Series KJ17, Class A2, 2.98%, 11/25/2025		30,043		29,914
Series K052, Class A2, 3.15%, 11/25/2025		23,597		23,729
Series K061, Class AM, 3.44%, 11/25/2026 (i)		20,000		20,328
Series K065, Class A2, 3.24%, 4/25/2027		21,719		21,799

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series K065, Class AM, 3.33%, 5/25/2027		11,657		11,720
Series K066, Class A2, 3.12%, 6/25/2027		8,171		8,132
Series K069, Class A2, 3.19%, 9/25/2027 (i)		48,115		48,048
Series K070, Class A2, 3.30%, 11/25/2027 (i)		17,323		17,420
Series K072, Class A2, 3.44%, 12/25/2027		14,689		14,925
Series K072, Class AM, 3.50%, 12/25/2027 (i)		19,000		19,307
Series K073, Class A2, 3.35%, 1/25/2028		33,492		33,763
Series W5FX, Class AFX, 3.34%, 4/25/2028 (i)		21,769		21,599
Series K077, Class A2, 3.85%, 5/25/2028 (i)		33,800		35,353
Series K082, Class A2, 3.92%, 9/25/2028 (i)		29,701		31,253
Series K082, Class AM, 3.92%, 9/25/2028 (i)		12,035		12,608
Series K087, Class A2, 3.77%, 12/25/2028		26,740		27,798
Series K081, Class A2, 3.90%, 9/25/2051 (i)		36,095		37,919
FNMA ACES
Series 2012-M11, Class FA, 3.00%, 8/25/2019 (i)		686		685
Series 2010-M1, Class A2, 4.45%, 9/25/2019		7,572		7,602
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (i)		3,065		3,092
Series 2010-M7, Class A2, 3.66%, 11/25/2020		1,897		1,911
Series 2011-M1, Class A3, 3.76%, 6/25/2021		6,156		6,253
Series 2011-M8, Class A2, 2.92%, 8/25/2021		5,187		5,201
Series 2013-M9, Class A2, 2.39%, 1/25/2023 (i)		9,116		8,959
Series 2013-M13, Class A2, 2.63%, 4/25/2023 (i)		2,673		2,641
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (i)		16,481		16,897
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (i)		24,000		24,535
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (i)		3,280		3,298
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (i)		11,740		11,787
Series 2015-M1, Class A2, 2.53%, 9/25/2024		12,039		11,777

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2015-M3, Class A2, 2.72%, 10/25/2024		30,000		29,611
Series 2015-M7, Class A2, 2.59%, 12/25/2024		7,298		7,151
Series 2015-M2, Class A3, 3.04%, 12/25/2024 (i)		11,528		11,585
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (i)		10,000		9,948
Series 2016-M1, Class A2, 2.94%, 1/25/2026 (i)		64,822		64,231
Series 2016-M11, Class A2, 2.37%, 7/25/2026 (i)		96,850		91,830
Series 2017-M3, Class A2, 2.49%, 12/25/2026 (i)		57,625		54,928
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (i)		57,555		57,003
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (i)		33,600		33,170
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (i)		44,413		44,007
Series 2017-M15, Class A2, 2.96%, 9/25/2027 (i)		10,000		9,836
Series 2018-M2, Class A2, 2.90%, 1/25/2028 (i)		22,000		21,447
Series 2018-M4, Class A2, 3.04%, 3/25/2028 (i)		25,707		25,297
Series 2018-M9, Class APT2, 3.12%, 4/25/2028 (i)		97,843		96,608
Series 2018-M8, Class A2, 3.33%, 6/25/2028 (i)		35,260		35,576
Series 2018-M10, Class A2, 3.38%, 7/25/2028 (i)		45,168		45,665
Series 2019-M1, Class A2, 3.55%, 9/25/2028 (i)		34,615		35,353
Series 2019-M2, Class A2, 3.63%, 11/25/2028 (i)		54,000		55,482
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (i)		8,018		7,874
Series 2017-M11, Class A2, 2.98%, 8/25/2029		14,669		14,129
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (i)		17,874		17,505
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		47,089		45,796
FREMF Mortgage Trust
Series 2017-K727, Class B, 3.74%, 7/25/2024 (c) (i)		27,500		27,500
Series 2015-K44, Class B, 3.68%, 1/25/2048 (c) (i)		2,500		2,450

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-K45, Class B, 3.59%, 4/25/2048 (c) (i)		11,025		10,786
Series 2015-K47, Class B, 3.59%, 6/25/2048 (c) (i)		5,000		4,844
Series 2015-K51, Class B, 3.95%, 10/25/2048 (c) (i)		10,000		9,911
Series 2016-K56, Class B, 3.94%, 6/25/2049 (c) (i)		8,451		8,428
Series 2016-K722, Class B, 3.84%, 7/25/2049 (c) (i)		21,565		21,503
Series 2017-K67, Class B, 3.94%, 9/25/2049 (c) (i)		8,500		8,317
Series 2017-K729, Class B, 3.67%, 11/25/2049 (c) (i)		8,000		7,889
Series 2017-K63, Class B, 3.87%, 2/25/2050 (c) (i)		20,000		19,360
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (c)		9,829		9,803
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class XA, IO, 1.30%, 6/5/2031 ‡ (c) (i)		67,725		7
GS Mortgage Securities Trust
Series 2006-GG8, Class X, IO, 0.87%, 11/10/2039 ‡ (c) (i)		13,787		100
Series 2011-GC5, Class D, 5.39%, 8/10/2044 ‡ (c) (i)		825		797
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (c)		36,250		36,844
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.02%, 8/12/2037 ‡ (c) (i)		57,552		11
Series 2006-CB15, Class X1, IO, 0.37%, 6/12/2043 ‡ (i)		30,044		37
Series 2005-LDP5, Class X1, IO, 0.00%, 12/15/2044 ‡ (c) (i)		4,237		—	(j)
Series 2006-LDP9, Class A3SF, 2.64%, 5/15/2047 (i)		436		438
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		3,587		3,309
Series 2007-LD12, Class X, IO, 0.00%, 2/15/2051 ‡ (i)		12,810		—	(j)
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.24%, 12/27/2046 (c) (i)		14,000		12,651
Series 2014-FRR1, Class BK10, 2.50%, 11/27/2049 ‡ (c) (i)		2,900		2,820

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 87

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (c)		8,924		9,115
LB-UBS Commercial Mortgage Trust Series 2007-C2, Class XW, IO, 0.31%, 2/15/2040 ‡ (i)		3,570		1
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.78%, 12/12/2049 ‡ (c) (i)		6,031		—	(j)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		15,274		15,413
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.63%, 12/15/2043 ‡ (c) (i)		7,587		—	(j)
Series 2007-HQ11, Class X, IO, 0.33%, 2/12/2044 ‡ (c) (i)		3,748		1
Series 2007-IQ13, Class X, IO, 0.52%, 3/15/2044 ‡ (c) (i)		6,025		31
Series 2007-HQ13, Class X1, IO, 12/15/2044 ‡ (c) (i)		4,038		—	(j)
Series 2012-C4, Class A3, 2.99%, 3/15/2045		3,345		3,344
Series 2011-C3, Class A3, 4.05%, 7/15/2049		3,907		3,916
PFP Ltd. (Cayman Islands)
Series 2017-3, Class B, 4.24%, 1/14/2035 ‡ (c) (i)		3,462		3,460
Series 2017-3, Class C, 4.99%, 1/14/2035 ‡ (c) (i)		4,000		3,998
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (c)		4,450		4,425
Series RR Trust Series 2014-1, Class B, PO, 5/25/2047 (c)		8,260		5,907
TPG Real Estate Finance Ltd. (Cayman Islands)
Series 2018-FL1, Class AS, 3.44%, 2/15/2035 (c) (i)		9,000		8,921
Series 2018-FL1, Class C, 4.39%, 2/15/2035 ‡ (c) (i)		13,000		12,927
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.07%, 5/10/2045 (c) (i)		13,910		719
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (c)		15,527		15,665
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		2,357		2,368
Series 2012-C2, Class XA, IO, 1.32%, 5/10/2063 ‡ (c) (i)		46,754		1,740

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-C2, Class A4, 3.53%, 5/10/2063		9,327		9,449
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (c)		30,750		31,124
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (c)		11,148		11,122
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Class XC, IO, 0.08%, 3/15/2045 ‡ (c) (i)		35,243		—	(j)
Wells Fargo Commercial Mortgage Trust
Series 2013-120B, Class A, 2.71%, 3/18/2028 (c) (i)		13,452		13,377
Series 2015-C30, Class A4, 3.66%, 9/15/2058		8,751		8,895
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class AK20, PO, 5/27/2045 (c)		8,000		6,900
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (c)		9,206		9,420
Series 2013-C11, Class D, 4.27%, 3/15/2045 ‡ (c) (i)		2,500		2,412
Series 2012-C6, Class A4, 3.44%, 4/15/2045		9,327		9,421
Total Commercial Mortgage-Backed Securities (Cost $2,215,449)				2,216,508
U.S. Government Agency Securities — 2.1%
FHLB 5.50%, 7/15/2036		9,865		12,602
FNMA 1.86%, 10/9/2019 (a)		57,500		56,607
DN, 4.03%, 5/15/2030 (a)		8,071		5,572
Government Trust Certificate 2.63%, 4/1/2019 (a)		11,944		11,918
Resolution Funding Corp. STRIPS
1.71%, 10/15/2019 (a)		108,649		106,901
1.96%, 7/15/2020 (a)		225,211		217,279
2.00%, 10/15/2020 (a)		50,759		48,629
1.61%, 1/15/2021 (a)		47,400		45,112
DN, 3.02%, 1/15/2026 (a)		12,675		10,378
DN, 2.79%, 10/15/2027 (a)		11,275		8,660
DN, 2.97%, 1/15/2030 (a)		30,700		21,624
DN, 3.19%, 4/15/2030 (a)		18,250		12,750
Tennessee Valley Authority
5.88%, 4/1/2036		21,937		28,376
5.50%, 6/15/2038		493		626
4.63%, 9/15/2060		4,157		4,986
4.25%, 9/15/2065		2,604		2,926

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued
Tennessee Valley Authority STRIPS 4.82%, 5/1/2019 (a)		10,762		10,713
DN, 3.91%, 11/1/2025 (a)		17,495		14,313
DN, 5.21%, 7/15/2028 (a)		3,119		2,286
DN, 3.52%, 12/15/2028 (a)		3,500		2,523
DN, 4.70%, 6/15/2035 (a)		2,242		1,250
Total U.S. Government Agency Securities (Cost $631,675)				626,031
Foreign Government Securities — 0.9%
Israel Government AID Bond (Israel)
Zero Coupon, 11/1/2019 (a)		3,000		2,946
Zero Coupon, 11/1/2023 (a)		3,587		3,148
Zero Coupon, 12/4/2023		7,240		8,150
Zero Coupon, 8/15/2024 (a)		3,305		2,824
Zero Coupon, 11/1/2024 (a)		5,000		4,242
Zero Coupon, 11/1/2024 (a)		68,521		58,202
Zero Coupon, 11/1/2024 (a)		21,968		18,626
Zero Coupon, 11/15/2024 (a)		2,517		2,135
Zero Coupon, 5/15/2025 (a)		14,763		12,303
Zero Coupon, 8/15/2025 (a)		23,876		19,701
Zero Coupon, 11/15/2025 (a)		4,000		3,270
Zero Coupon, 11/15/2025 (a)		14,275		11,669
Zero Coupon, 8/15/2026 (a)		17,300		13,741
Zero Coupon, 11/15/2026 (a)		2,242		1,767
Zero Coupon, 9/18/2033		6,771		8,518
Republic of Colombia (Colombia)
4.00%, 2/26/2024		6,987		7,057
4.50%, 1/28/2026 (b)		3,811		3,921
7.38%, 9/18/2037		1,400		1,765
5.63%, 2/26/2044		941		1,020
5.00%, 6/15/2045		3,979		4,003
5.20%, 5/15/2049		1,179		1,212
Republic of Panama (Panama) 4.50%, 4/16/2050		5,100		5,101
Republic of Peru (Peru) 5.63%, 11/18/2050 (b)		737		903
Republic of South Africa (South Africa) 5.88%, 9/16/2025 (b)		3,502		3,673
United Mexican States (Mexico)
3.60%, 1/30/2025 (b)		7,166		7,008
4.13%, 1/21/2026		5,155		5,147
3.75%, 1/11/2028		22,959		21,972
4.75%, 3/8/2044		3,906		3,697
5.55%, 1/21/2045		12,227		12,906
4.60%, 1/23/2046		2,862		2,650

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
4.35%, 1/15/2047		4,228		3,793
4.60%, 2/10/2048 (b)		1,928		1,790
5.75%, 10/12/2110 (b)		5,118		5,041
Total Foreign Government Securities (Cost $266,883)				263,901
Municipal Bonds — 0.3% (m)
California — 0.0% (d)
General Obligation — 0.0% (d)
State of California, Various Purpose GO, 7.30%, 10/1/2039		2,400		3,350
Transportation — 0.0% (d)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		3,060		3,845
Total California				7,195
New York — 0.2%
Other Revenue — 0.0% (d)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		2,240		2,670
Transportation — 0.2%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		10,965		13,406
Series 165, Rev., 5.65%, 11/1/2040		3,780		4,625
Series 174, Rev., 4.46%, 10/1/2062		17,925		18,879
				36,910
Total New York				39,580
Ohio — 0.1%
Education — 0.0% (d)
Ohio State University, General Receipts
Series A, Rev., 4.05%, 12/1/2056		3,478		3,304
Series A, Rev., 4.80%, 6/1/2111		9,576		10,051
Rev., 5.59%, 12/1/2114		1,000		1,112
				14,467
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		11,725		16,763
Total Ohio				31,230
Total Municipal Bonds (Cost $68,240)				78,005

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 89

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Supranational — 0.1%
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $24,309)		23,640		24,331
	SHARES (000)
Short-Term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (n) (o) (Cost $280,627)		280,595		280,679
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.59% (n) (o)		101,004		101,014
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (n) (o)		32,462		32,462
Total Investment of Cash Collateral from Securities Loaned (Cost $133,476)				133,476
Total Investments — 100.1% (Cost $29,647,905)				29,573,392
Liabilities in Excess of Other Assets — (0.1%)				(22,070	)
NET ASSETS — 100.0%				29,551,322

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
CMBS	Commercial Mortgage-Backed Security
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
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
GS	Goldman Sachs
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

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, 2019. 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.
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.
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

USD	United States Dollar
VA	Veterans Administration
(a)	The rate shown is the effective yield as of February 28, 2019.
(b)	The security or a portion of this security is on loan at February 28, 2019. The total value of securities on loan at February 28, 2019 is approximately $129,336,000.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(g)	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, 2019.

(h)	Security is an interest bearing note with preferred security characteristics.
(i)	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, 2019.
(j)	Amount rounds to less than one thousand.
(k)	Defaulted security.
(l)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(m)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(n)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(o)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 91

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 29.2%
Aerospace & Defense — 0.5%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		589		578
Airbus SE (France)
3.15%, 4/10/2027 (a)		655		638
3.95%, 4/10/2047 (a)		150		147
Arconic, Inc.
5.40%, 4/15/2021		1,581		1,626
5.87%, 2/23/2022		4,080		4,259
5.13%, 10/1/2024 (b)		8,520		8,435
5.90%, 2/1/2027 (b)		1,350		1,343
6.75%, 1/15/2028 (b)		3,265		3,306
5.95%, 2/1/2037		1,432		1,371
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (a)		145		146
BWX Technologies, Inc. 5.38%, 7/15/2026 (a)		2,750		2,805
General Dynamics Corp.
3.00%, 5/11/2021		9,730		9,768
1.88%, 8/15/2023		308		294
3.50%, 5/15/2025		10,885		11,075
Lockheed Martin Corp.
4.07%, 12/15/2042		1,311		1,282
3.80%, 3/1/2045		600		562
Precision Castparts Corp. 3.25%, 6/15/2025		2,017		2,041
Rockwell Collins, Inc. 4.35%, 4/15/2047		4,986		4,703
TransDigm, Inc. 6.25%, 3/15/2026 (a)		4,733		4,851
United Technologies Corp.
3.95%, 8/16/2025		4,215		4,296
4.13%, 11/16/2028		9,500		9,649
4.50%, 6/1/2042		2,471		2,442
				75,617
Air Freight & Logistics — 0.1%
United Parcel Service of America, Inc. 8.38%, 4/1/2030 (c)		235		311
United Parcel Service, Inc. 2.80%, 11/15/2024		1,700		1,674
XPO Logistics, Inc.
6.13%, 9/1/2023 (a) (b)		5,426		5,413
6.75%, 8/15/2024 (a)		2,277		2,291
				9,689
Airlines — 0.1%
American Airlines Group, Inc. 5.50%, 10/1/2019 (a)		1,375		1,385

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Airlines — continued
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		4,704		4,718
United Continental Holdings, Inc.
4.25%, 10/1/2022 (b)		1,287		1,284
5.00%, 2/1/2024 (b)		6,124		6,155
				13,542
Auto Components — 0.3%
Allison Transmission, Inc.
5.00%, 10/1/2024 (a)		3,616		3,639
4.75%, 10/1/2027 (a)		610		584
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022 (b)		1,980		2,027
6.25%, 4/1/2025 (b)		1,460		1,456
6.25%, 3/15/2026 (b)		1,714		1,675
Dana Financing Luxembourg SARL 5.75%, 4/15/2025 (a)		1,352		1,343
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023 (b)		2,512		2,506
5.00%, 5/31/2026 (b)		3,251		3,084
4.88%, 3/15/2027 (b)		1,504		1,384
Icahn Enterprises LP
6.25%, 2/1/2022		600		618
6.75%, 2/1/2024 (b)		5,627		5,887
6.38%, 12/15/2025 (b)		6,975		7,176
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023 (a) (d)		3,697		3,578
Tenneco, Inc. 5.38%, 12/15/2024		2,085		1,921
				36,878
Automobiles — 0.1%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021 (a)		1,750		1,698
Daimler Finance North America LLC (Germany)
2.70%, 8/3/2020 (a)		1,000		992
2.88%, 3/10/2021 (a)		1,500		1,485
3.35%, 5/4/2021 (a)		3,000		2,996
3.30%, 5/19/2025 (a)		500		483
8.50%, 1/18/2031		195		266
Fiat Chrysler Automobiles NV (United Kingdom)
4.50%, 4/15/2020 (b)		1,000		1,006
5.25%, 4/15/2023 (b)		3,398		3,453
General Motors Co. 7.70%, 4/15/2016‡(e)		2,500		—	(f)

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Automobiles — continued
Hyundai Capital America 3.45%, 3/12/2021 (a)		2,000		1,992
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027 (a) (b)		3,607		2,804
Nissan Motor Acceptance Corp.
2.13%, 3/3/2020 (a)		538		532
3.15%, 3/15/2021 (a)		1,200		1,189
				18,896
Banks — 4.6%
ABN AMRO Bank NV (Netherlands)
2.65%, 1/19/2021 (a)		3,500		3,472
4.75%, 7/28/2025 (a)		15,301		15,587
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (a)		2,200		2,198
2.75%, 1/22/2021 (a)		2,200		2,181
2.88%, 1/25/2022 (a) (b)		1,200		1,187
3.45%, 7/17/2027 (a)		889		866
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (a)		1,200		1,207
Australia & New Zealand Banking Group Ltd. (Australia) 2.25%, 12/19/2019 (a)		1,000		996
Banco Mercantil del Norte SA (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (a) (g) (h) (i)		534		526
Banco Nacional de Comercio Exterior SNC (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (a) (h)		200		194
Banco Santander SA (Spain)
3.13%, 2/23/2023 (b)		1,600		1,551
4.38%, 4/12/2028 (b)		5,800		5,706
Bank of America Corp. (ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (h)		2,425		2,443
2.50%, 10/21/2022		1,025		1,003
3.30%, 1/11/2023		86		86
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (h)		57		57
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (h)		1,805		1,783
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (h)		29,213		28,833
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (h)		5,000		5,081
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (g) (h) (i)		4,480		4,738

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
4.00%, 1/22/2025		7,677		7,689
Series L, 3.95%, 4/21/2025 (b)		1,326		1,325
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (h)		519		506
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (h)		6,000		5,901
(ICE LIBOR USD 3 Month + 0.77%), 3.50%, 2/5/2026 (h)		6,915		6,734
4.45%, 3/3/2026		1,294		1,318
4.25%, 10/22/2026		473		475
3.25%, 10/21/2027		12,200		11,674
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (h)		1,000		986
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (h)		467		451
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (h)		13,000		13,043
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (h)		9,125		9,156
6.98%, 3/7/2037		1,500		1,814
Bank of America NA (ICE LIBOR USD 3 Month + 0.65%), 3.34%, 1/25/2023 (h)		745		749
Bank of Montreal (Canada)
1.50%, 7/18/2019		653		650
2.10%, 12/12/2019		1,137		1,132
Series D, 3.10%, 4/13/2021		1,300		1,303
1.75%, 6/15/2021 (a) (b)		2,000		1,950
Series E, 3.30%, 2/5/2024		2,500		2,490
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)		1,235		1,232
Bank of Nova Scotia (The) (Canada)
1.65%, 6/14/2019		1,000		998
1.85%, 4/14/2020		1,725		1,707
2.50%, 1/8/2021		2,700		2,679
3.13%, 4/20/2021		18,850		18,936
1.88%, 9/20/2021 (a)		500		487
2.45%, 9/19/2022		1,000		978
Banque Centrale de Tunisie International Bond (Tunisia) 6.75%, 10/31/2023 (a)	EUR	1,870		2,087
Barclays Bank plc (United Kingdom) 7.63%, 11/21/2022		8,433		9,097
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024 (h)		800		799
4.38%, 9/11/2024		1,150		1,129
5.20%, 5/12/2026 (b)		4,803		4,833

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 93

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
4.84%, 5/9/2028		2,687		2,592
BB&T Corp.
6.85%, 4/30/2019		150		151
5.25%, 11/1/2019		500		508
2.63%, 6/29/2020		1,500		1,494
2.05%, 5/10/2021		500		490
3.75%, 12/6/2023 (b)		1,600		1,639
2.85%, 10/26/2024		800		783
BNP Paribas SA (France)
3.80%, 1/10/2024 (a)		2,000		1,995
3.38%, 1/9/2025 (a)		980		948
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (a)		1,000		969
2.90%, 2/21/2022 (a)		1,000		988
Caixa Economica Federal (Brazil) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 7/23/2024 (h) (j)		1,350		1,375
Canadian Imperial Bank of Commerce (Canada)
2.25%, 7/21/2020 (a)		3,319		3,293
2.70%, 2/2/2021		1,000		997
3.50%, 9/13/2023 (b)		750		760
Capital One Bank USA NA 3.38%, 2/15/2023		1,400		1,380
CIT Group, Inc.
5.00%, 8/1/2023		2,694		2,792
4.75%, 2/16/2024		4,418		4,506
5.25%, 3/7/2025 (b)		1,774		1,854
6.13%, 3/9/2028 (b)		1,295		1,402
Citibank NA
3.05%, 5/1/2020		600		601
3.40%, 7/23/2021		15,480		15,608
3.65%, 1/23/2024 (b)		600		610
Citigroup, Inc.
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020 (g) (h) (i)		2,062		2,085
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 8/15/2020 (b) (g) (h) (i)		1,545		1,564
2.90%, 12/8/2021		1,500		1,492
2.75%, 4/25/2022		2,000		1,975
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (g) (h) (i)		581		593

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (g) (h) (i)		813		827
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (g) (h) (i)		2,315		2,332
6.88%, 6/1/2025		645		740
7.00%, 12/1/2025		1,115		1,298
3.70%, 1/12/2026		970		968
4.30%, 11/20/2026		2,500		2,503
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (h)		2,000		1,992
6.63%, 1/15/2028		838		981
Citizens Bank NA 3.70%, 3/29/2023		2,090		2,115
Comerica, Inc. 4.00%, 2/1/2029		1,500		1,514
Commonwealth Bank of Australia (Australia)
2.50%, 9/18/2022 (a)		1,070		1,045
3.45%, 3/16/2023 (a) (b)		1,200		1,206
Cooperatieve Rabobank UA (Netherlands)
2.50%, 1/19/2021		2,000		1,982
2.75%, 1/10/2023 (b)		1,500		1,474
3.88%, 9/26/2023 (a)		840		853
4.63%, 12/1/2023		1,650		1,700
Credit Agricole SA (France)
2.38%, 7/1/2021 (a)		26,697		26,178
3.75%, 4/24/2023 (a)		1,200		1,196
4.38%, 3/17/2025 (a)		5,765		5,740
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (g) (h) (i)		6,591		7,351
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 2.75%, 3/26/2020		519		517
Danske Bank A/S (Denmark)
2.80%, 3/10/2021 (a)		1,675		1,645
2.00%, 9/8/2021 (a)		7,000		6,704
2.70%, 3/2/2022 (a)		619		597
(EUR Swap Annual 7 Year + 5.47%), 5.88%, 4/6/2022 (g) (h) (i) (j)		EUR  3,700		4,280
DNB Bank ASA (Norway) 2.13%, 10/2/2020 (a)		520		513
Fifth Third Bancorp
3.65%, 1/25/2024		755		763
3.95%, 3/14/2028		1,000		1,005
Fifth Third Bank
3.95%, 7/28/2025		500		514
3.85%, 3/15/2026		234		233
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (a)		1,045		1,077

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
HSBC Holdings plc (United Kingdom)
3.40%, 3/8/2021		15,869		15,952
5.10%, 4/5/2021		1,300		1,354
2.65%, 1/5/2022		3,840		3,780
4.00%, 3/30/2022		716		734
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (h)		11,285		11,197
3.60%, 5/25/2023		1,250		1,256
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (h)		1,725		1,694
4.25%, 3/14/2024		9,200		9,316
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (g) (h) (i)		6,427		6,556
4.25%, 8/18/2025		1,333		1,342
4.30%, 3/8/2026		3,581		3,645
3.90%, 5/25/2026		506		503
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (h)		6,263		6,186
HSBC USA, Inc. 2.35%, 3/5/2020		1,100		1,094
Huntington Bancshares, Inc.
3.15%, 3/14/2021		846		845
2.30%, 1/14/2022		1,084		1,058
Huntington National Bank (The) 2.88%, 8/20/2020		1,155		1,152
Industrial & Commercial Bank of China Ltd. (China)
2.45%, 10/20/2021		400		389
2.96%, 11/8/2022		350		343
ING Groep NV (Netherlands)
3.15%, 3/29/2022		1,200		1,196
(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (g) (h) (i) (j)		2,957		3,074
4.10%, 10/2/2023		1,320		1,338
KeyBank NA 3.18%, 5/22/2022		1,621		1,602
KeyCorp
2.90%, 9/15/2020		605		605
4.15%, 10/29/2025 (b)		260		269
Lloyds Bank plc (United Kingdom)
2.40%, 3/17/2020		2,000		1,986
6.50%, 9/14/2020 (a)		1,700		1,766
Lloyds Banking Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (h)		2,650		2,566
4.38%, 3/22/2028		633		633
(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028 (h)		8,805		8,292

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
M&T Bank Corp. 3.55%, 7/26/2023		2,000		2,029
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.54%, 7/26/2021 (b)		1,600		1,610
3.00%, 2/22/2022		413		411
2.67%, 7/25/2022 (b)		2,150		2,105
3.76%, 7/26/2023		3,000		3,044
2.53%, 9/13/2023		423		407
3.74%, 3/7/2029		1,335		1,336
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (a)		2,300		2,294
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.00%),
3.92%, 9/11/2024 (h)		2,000		2,034
3.17%, 9/11/2027		2,000		1,935
MUFG Bank Ltd. (Japan)
2.30%, 3/5/2020 (a)		15,000		14,919
2.75%, 9/14/2020 (a) (b)		6,256		6,221
MUFG Union Bank NA 2.25%, 5/6/2019		1,500		1,499
National Australia Bank Ltd. (Australia)
2.63%, 7/23/2020 (b)		1,100		1,096
2.50%, 1/12/2021		4,000		3,959
3.70%, 11/4/2021		600		608
3.38%, 1/14/2026		3,248		3,190
2.50%, 7/12/2026		448		416
Nordea Bank AB (Finland)
4.88%, 1/27/2020 (a)		3,000		3,054
2.50%, 9/17/2020 (a)		3,000		2,979
4.88%, 5/13/2021 (a)		600		614
4.25%, 9/21/2022 (a)		886		897
3.75%, 8/30/2023 (a)		1,250		1,249
PNC Bank NA 2.15%, 4/29/2021		655		643
PNC Financial Services Group, Inc. (The) 4.38%, 8/11/2020		1,057		1,078
Regions Bank 2.75%, 4/1/2021		2,000		1,981
Royal Bank of Canada (Canada)
1.88%, 2/5/2020		2,960		2,935
2.15%, 3/6/2020		1,380		1,372
3.70%, 10/5/2023		1,480		1,506
4.65%, 1/27/2026 (b)		423		442
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020 (b) (g) (h) (i)		2,080		2,129
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (g) (h) (i)		955		1,024

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 95

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
3.88%, 9/12/2023		14,000		13,877
Russian Agricultural Bank OJSC (Russia) 8.50%, 10/16/2023 (j)		591		609
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		1,697		1,697
Societe Generale SA (France) (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (g) (h) (i)		3,045		3,152
4.25%, 9/14/2023 (a)		500		504
5.00%, 1/17/2024 (a)		5,000		5,121
4.25%, 4/14/2025 (a) (b)		800		787
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (a) (b) (g) (h) (i)		2,613		2,757
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (a)		1,545		1,534
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (a)		2,600		2,586
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (h)		800		806
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (h)		1,200		1,188
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020		2,200		2,192
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 1/11/2022		1,200		1,187
2.78%, 7/12/2022		3,550		3,493
2.78%, 10/18/2022		1,644		1,613
3.10%, 1/17/2023		3,099		3,072
3.75%, 7/19/2023		1,250		1,267
3.94%, 10/16/2023		1,200		1,230
4.44%, 4/2/2024 (a)		1,200		1,217
SunTrust Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (h)		1,240		1,235
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (h)		1,030		1,037
SunTrust Banks, Inc. 4.00%, 5/1/2025		1,857		1,914
Toronto-Dominion Bank (The) (Canada)
2.13%, 7/2/2019		712		711
2.25%, 11/5/2019		453		452
2.55%, 1/25/2021		2,000		1,986
3.50%, 7/19/2023		1,200		1,219
(USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (h)		372		359
UBS Group Funding Switzerland AG (Switzerland) (EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (g) (h) (i) (j)		EUR11,400		14,157

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (h)		1,303		1,274
United Overseas Bank Ltd. (Singapore) 3.20%, 4/23/2021 (a) (b)		3,100		3,110
US Bancorp
3.38%, 2/5/2024		1,900		1,918
7.50%, 6/1/2026		2,000		2,453
Series V, 2.38%, 7/22/2026		4,948		4,644
Series X, 3.15%, 4/27/2027		1,660		1,635
Wachovia Corp.
6.61%, 10/1/2025		1,650		1,891
7.57%, 8/1/2026 (c)		515		616
Wells Fargo & Co.
2.50%, 3/4/2021		1,607		1,591
2.63%, 7/22/2022 (b)		2,000		1,962
3.07%, 1/24/2023		3,813		3,788
3.75%, 1/24/2024		1,350		1,375
3.30%, 9/9/2024		7,565		7,525
3.00%, 2/19/2025		2,000		1,952
4.10%, 6/3/2026		403		406
3.00%, 10/23/2026		10,235		9,759
4.30%, 7/22/2027		173		176
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b) (h)		4,475		4,416
5.38%, 11/2/2043		853		928
4.75%, 12/7/2046		6,372		6,433
Wells Fargo Bank NA
2.60%, 1/15/2021		5,000		4,965
(ICE LIBOR USD 3 Month + 0.49%), 3.33%, 7/23/2021 (h)		3,000		3,007
3.63%, 10/22/2021		5,000		5,062
Westpac Banking Corp. (Australia)
1.60%, 8/19/2019		356		354
4.88%, 11/19/2019		942		956
2.00%, 3/3/2020 (a)		1,281		1,270
2.50%, 6/28/2022		1,800		1,764
2.75%, 1/11/2023		2,500		2,453
2.85%, 5/13/2026		500		475
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (h)		1,000		974
				646,120
Beverages — 0.5%
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046 (a)		5,415		5,213

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — continued
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.90%, 1/23/2031		7,460		7,810
4.38%, 4/15/2038		5,000		4,631
5.55%, 1/23/2049		8,905		9,353
Coca-Cola Co. (The) 2.25%, 9/1/2026		1,000		928
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		365		423
Keurig Dr Pepper, Inc.
3.55%, 5/25/2021 (a)		30,000		30,167
2.55%, 9/15/2026 (b)		507		448
3.43%, 6/15/2027		225		210
PepsiCo, Inc.
3.10%, 7/17/2022		572		578
3.50%, 7/17/2025		1,845		1,887
2.38%, 10/6/2026		850		795
4.45%, 4/14/2046		730		778
				63,221
Biotechnology — 0.1%
AbbVie, Inc. 3.20%, 5/14/2026		600		566
Amgen, Inc.
3.63%, 5/15/2022		640		649
4.66%, 6/15/2051		1,000		956
Biogen, Inc. 2.90%, 9/15/2020		300		300
Gilead Sciences, Inc.
1.85%, 9/20/2019		500		498
3.25%, 9/1/2022		1,700		1,708
3.70%, 4/1/2024		4,547		4,628
3.50%, 2/1/2025		680		678
3.65%, 3/1/2026		1,546		1,537
4.60%, 9/1/2035		1,200		1,200
4.15%, 3/1/2047		4,850		4,444
				17,164
Building Products — 0.2%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (a)		200		186
Johnson Controls International plc
3.62%, 7/2/2024 (b) (c)		323		318
3.90%, 2/14/2026		453		446
5.70%, 3/1/2041		1,390		1,418
4.95%, 7/2/2064 (c)		904		798
Masonite International Corp. 5.75%, 9/15/2026 (a)		2,109		2,109
Owens Corning 4.30%, 7/15/2047		6,180		4,805

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Building Products — continued
Standard Industries, Inc.
5.38%, 11/15/2024 (a)		2,785		2,827
6.00%, 10/15/2025 (a) (b)		4,760		4,968
4.75%, 1/15/2028 (a)		3,335		3,118
Summit Materials LLC 5.13%, 6/1/2025 (a)		2,240		2,139
Votorantim Cimentos International SA (Brazil) 7.25%, 4/5/2041 (j)		737		807
				23,939
Capital Markets — 1.8%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		508		483
Bank of New York Mellon Corp. (The)
2.20%, 3/4/2019		510		510
4.60%, 1/15/2020		530		538
2.60%, 8/17/2020		1,291		1,287
2.45%, 11/27/2020		940		934
2.60%, 2/7/2022		1,930		1,913
2.95%, 1/29/2023		2,500		2,489
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (h)		500		492
3.95%, 11/18/2025		996		1,034
3.25%, 5/16/2027		1,200		1,183
BlackRock, Inc.
Series 2, 5.00%, 12/10/2019		493		501
4.25%, 5/24/2021		485		500
3.50%, 3/18/2024		315		321
Blackstone Holdings Finance Co. LLC
5.88%, 3/15/2021 (a)		1,000		1,050
4.45%, 7/15/2045 (a)		159		147
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		1,265		1,188
4.85%, 3/29/2029		610		610
4.70%, 9/20/2047		645		589
Carlyle Promissory Note 4.79%, 7/15/2019 ‡		75		75
Charles Schwab Corp. (The)
3.23%, 9/1/2022		750		754
3.55%, 2/1/2024		1,240		1,260
CME Group, Inc. 3.00%, 9/15/2022		950		954
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		3,775		3,768
3.63%, 9/9/2024 (b)		15,535		15,527
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (a) (g) (h) (i)		12,300		13,155

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 97

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
4.28%, 1/9/2028 (a)		8,000		7,967
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (a) (b) (h)		831		799
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		1,098		1,084
Deutsche Bank AG (Germany) 4.25%, 10/14/2021 (b)		1,850		1,838
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 5/10/2019 (g) (h) (i)		1,500		1,500
5.38%, 3/15/2020		1,104		1,130
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (g) (h) (i)		1,170		1,179
2.35%, 11/15/2021		2,909		2,849
3.00%, 4/26/2022		3,293		3,271
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (h)		1,000		985
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (g) (h) (i)		17,635		16,224
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (h)		11,142		10,932
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (h)		3,592		3,518
3.50%, 1/23/2025		2,566		2,520
3.75%, 5/22/2025		4,789		4,766
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (h)		1,612		1,563
4.25%, 10/21/2025		364		365
3.50%, 11/16/2026		15,000		14,433
3.85%, 1/26/2027 (b)		1,664		1,631
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (h)		977		946
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (h)		6,830		6,648
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (h)		5,740		5,751
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (h)		5,610		5,190
Invesco Finance plc
4.00%, 1/30/2024		1,162		1,177
3.75%, 1/15/2026		390		385
Jefferies Group LLC
6.45%, 6/8/2027		104		110
6.25%, 1/15/2036		950		938
Legg Mason, Inc. 5.63%, 1/15/2044		275		268

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Lehman Brothers Holdings, Inc.
3.60%, 3/13/2009 (e)		235		5
8.50%, 2/1/2016 (e)		295		6
0.00%, 5/17/2049 (e)		1,000		19
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (a)		3,000		3,074
6.25%, 1/14/2021 (a)		3,709		3,892
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (h)		3,335		3,162
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (h)		800		820
Morgan Stanley
2.65%, 1/27/2020		1,932		1,926
5.50%, 7/24/2020		113		117
5.75%, 1/25/2021		1,050		1,100
5.50%, 7/28/2021		3,779		3,977
2.75%, 5/19/2022		1,200		1,183
3.13%, 1/23/2023		2,500		2,480
4.10%, 5/22/2023		750		762
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (h)		310		313
Series F, 3.88%, 4/29/2024		1,692		1,715
3.70%, 10/23/2024		5,979		6,005
4.00%, 7/23/2025		2,677		2,719
5.00%, 11/24/2025		1,617		1,700
3.88%, 1/27/2026		4,268		4,282
3.13%, 7/27/2026		5,285		5,043
3.63%, 1/20/2027		3,282		3,218
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (h)		6,667		6,473
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (h)		11,433		11,253
MSCI, Inc.
5.25%, 11/15/2024 (a) (b)		965		989
5.75%, 8/15/2025 (a)		3,640		3,786
5.38%, 5/15/2027 (a)		1,227		1,267
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		193		200
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (h)		1,000		953
Nuveen LLC 4.00%, 11/1/2028 (a)		710		738
State Street Corp.
3.10%, 5/15/2023		459		457
3.70%, 11/20/2023		935		962
(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (h)		650		666

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
3.55%, 8/18/2025		1,364		1,395
2.65%, 5/19/2026		700		666
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		953		952
UBS AG (Switzerland)
2.38%, 8/14/2019 (b)		11,200		11,184
2.45%, 12/1/2020 (a) (b)		17,354		17,168
				257,856
Chemicals — 0.4%
Air Liquide Finance SA (France)
1.75%, 9/27/2021 (a)		1,325		1,281
2.25%, 9/27/2023 (a)		14,795		14,140
Ashland LLC 4.75%, 8/15/2022 (c)		1,233		1,267
Axalta Coating Systems LLC 4.88%, 8/15/2024 (a)		1,391		1,381
Blue Cube Spinco LLC 10.00%, 10/15/2025		2,695		3,086
CF Industries, Inc. 4.95%, 6/1/2043		5,895		4,930
Chemours Co. (The)
6.63%, 5/15/2023 (b)		753		781
7.00%, 5/15/2025		3,955		4,123
Chevron Phillips Chemical Co. LLC 3.70%, 6/1/2028 (a)		2,200		2,188
CVR Partners LP 9.25%, 6/15/2023 (a)		2,267		2,391
Dow Chemical Co. (The) 3.00%, 11/15/2022		121		120
Ecolab, Inc.
2.25%, 1/12/2020		892		888
3.25%, 1/14/2023		1,027		1,032
Ingevity Corp. 4.50%, 2/1/2026 (a)		2,154		2,062
Koppers, Inc. 6.00%, 2/15/2025 (a)		1,905		1,667
Mosaic Co. (The)
5.45%, 11/15/2033		364		377
4.88%, 11/15/2041		429		395
Nutrien Ltd. (Canada) 4.13%, 3/15/2035		511		461
OCI NV (Netherlands) 6.63%, 4/15/2023 (a)		1,653		1,711
OCP SA (Morocco) 5.63%, 4/25/2024 (j)		3,200		3,348
PolyOne Corp. 5.25%, 3/15/2023 (b)		2,056		2,102
Praxair, Inc. 2.65%, 2/5/2025		685		661
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		1,729		1,781
5.25%, 12/15/2026		1,893		1,808
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		2,577		2,422

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
Union Carbide Corp. 7.75%, 10/1/2096		1,305		1,545
Valvoline, Inc. 4.38%, 8/15/2025		2,847		2,697
				60,645
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 5.25%, 12/15/2024 (a)		2,227		2,188
ADT Security Corp. (The)
4.13%, 6/15/2023 (b)		11,575		11,358
4.88%, 7/15/2032 (a)		3,400		2,864
Aramark Services, Inc.
5.13%, 1/15/2024		2,093		2,138
5.00%, 2/1/2028 (a) (b)		3,570		3,525
Brambles USA, Inc. (Australia) 5.35%, 4/1/2020 (a)		1,200		1,225
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		3,670		3,496
Covanta Holding Corp. 5.88%, 3/1/2024 (b)		2,852		2,913
Garda World Security Corp. (Canada) 8.75%, 5/15/2025 (a)		1,325		1,269
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 4.55%, 12/21/2065 (a) (h)		5,334		4,065
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (a)		790		797
5.00%, 2/1/2025 (a) (b)		1,480		1,461
Nielsen Finance LLC 5.00%, 4/15/2022 (a) (b)		1,552		1,548
Pitney Bowes, Inc.
4.95%, 4/1/2023 (c)		3,772		3,545
4.63%, 3/15/2024		96		88
Republic Services, Inc.
3.55%, 6/1/2022		348		353
4.75%, 5/15/2023		190		200
2.90%, 7/1/2026		245		233
				43,266
Communications Equipment — 0.2%
Avaya, Inc. 7.00%, 4/1/2019 ‡ (e)		9,495		1
Cisco Systems, Inc.
3.00%, 6/15/2022 (b)		3,751		3,781
5.90%, 2/15/2039		375		479
5.50%, 1/15/2040		500		613
CommScope Finance LLC
5.50%, 3/1/2024 (a)		1,547		1,574
6.00%, 3/1/2026 (a)		1,934		1,980
CommScope Technologies LLC
6.00%, 6/15/2025 (a)		3,335		3,144

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 99

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Communications Equipment — continued
5.00%, 3/15/2027 (a)		3,370		3,017
CommScope, Inc. 5.50%, 6/15/2024 (a)		3,050		2,928
Goodman Networks, Inc. 8.00%, 5/11/2022		614		301
Nokia OYJ (Finland)
5.38%, 5/15/2019		239		240
3.38%, 6/12/2022 (b)		1,260		1,234
4.38%, 6/12/2027 (b)		1,955		1,921
6.63%, 5/15/2039 (b)		2,046		2,148
Plantronics, Inc. 5.50%, 5/31/2023 (a)		2,369		2,360
				25,721
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		3,641		3,454
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048 (a)		2,820		2,991
MasTec, Inc. 4.88%, 3/15/2023 (b)		4,852		4,864
Tutor Perini Corp. 6.88%, 5/1/2025 (a) (b)		3,518		3,492
				14,801
Construction Materials — 0.1%
Cemex SAB de CV (Mexico)
5.70%, 1/11/2025 (a)		1,265		1,289
6.13%, 5/5/2025 (a)		1,515		1,536
7.75%, 4/16/2026 (a) (b)		6,993		7,600
CRH America, Inc. (Ireland) 5.13%, 5/18/2045 (a)		1,249		1,194
				11,619
Consumer Finance — 0.9%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023		390		378
Ally Financial, Inc.
5.13%, 9/30/2024		2,690		2,824
4.63%, 3/30/2025 (b)		8,277		8,430
8.00%, 11/1/2031		7,510		9,205
American Express Co.
3.70%, 11/5/2021		1,320		1,340
3.40%, 2/27/2023		3,000		3,020
3.63%, 12/5/2024		276		279
American Express Credit Corp.
2.13%, 3/18/2019		1,448		1,448
2.25%, 8/15/2019		1,001		999
2.38%, 5/26/2020		999		993
Series F, 2.60%, 9/14/2020		1,452		1,445
2.25%, 5/5/2021		250		246
2.70%, 3/3/2022		155		154

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
American Honda Finance Corp.
2.60%, 11/16/2022		1,000		981
3.45%, 7/14/2023 (b)		500		507
2.90%, 2/16/2024 (b)		500		493
2.30%, 9/9/2026		320		294
Capital One Financial Corp.
3.90%, 1/29/2024		1,185		1,191
3.75%, 4/24/2024		333		333
3.20%, 2/5/2025		200		192
4.20%, 10/29/2025		1,356		1,352
3.75%, 7/28/2026		840		798
Caterpillar Financial Services Corp.
2.10%, 6/9/2019 (b)		1,242		1,240
1.70%, 8/9/2021		8,725		8,478
1.93%, 10/1/2021		2,850		2,774
2.85%, 6/1/2022 (b)		581		579
2.55%, 11/29/2022		13,965		13,736
3.65%, 12/7/2023		1,220		1,253
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		3,288		2,817
FirstCash, Inc. 5.38%, 6/1/2024 (a)		906		918
General Motors Financial Co., Inc.
3.70%, 5/9/2023		171		168
3.95%, 4/13/2024		1,000		972
3.50%, 11/7/2024		580		546
4.00%, 1/15/2025		420		404
4.30%, 7/13/2025		1,000		977
4.35%, 1/17/2027		6,665		6,324
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 4.80%, 12/21/2065 (a) (h)		2,235		1,745
John Deere Capital Corp.
1.70%, 1/15/2020		290		287
2.05%, 3/10/2020		870		864
1.95%, 6/22/2020 (b)		1,500		1,483
Series 0014, 2.45%, 9/11/2020		610		607
2.70%, 1/6/2023		17,780		17,638
3.35%, 6/12/2024		1,559		1,582
2.65%, 6/24/2024 (b)		500		487
2.65%, 6/10/2026		1,000		959
PACCAR Financial Corp. 2.80%, 3/1/2021		455		454
Springleaf Finance Corp.
6.13%, 5/15/2022		3,306		3,430
6.13%, 3/15/2024		5,260		5,319

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
7.13%, 3/15/2026		14,104		14,280
Toyota Motor Credit Corp.
1.55%, 10/18/2019		400		397
2.95%, 4/13/2021		1,600		1,604
				129,224
Containers & Packaging — 0.2%
Ardagh Packaging Finance plc (Ireland)
4.25%, 9/15/2022 (a)		3,597		3,591
4.63%, 5/15/2023 (a)		3,068		3,091
6.00%, 2/15/2025 (a) (b)		1,000		987
Ball Corp.
5.00%, 3/15/2022		1,150		1,192
4.00%, 11/15/2023		800		802
5.25%, 7/1/2025		3,690		3,875
Berry Global, Inc. 4.50%, 2/15/2026 (a)		1,225		1,159
Cascades, Inc. (Canada)
5.50%, 7/15/2022 (a)		256		256
5.75%, 7/15/2023 (a)		368		361
Crown Americas LLC
4.75%, 2/1/2026 (b)		855		859
4.25%, 9/30/2026		1,750		1,684
Graphic Packaging International LLC 4.88%, 11/15/2022		815		829
Greif, Inc. 6.50%, 3/1/2027 (a)		2,110		2,150
OI European Group BV 4.00%, 3/15/2023 (a) (b)		643		629
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		2,917		2,923
Sealed Air Corp.
4.88%, 12/1/2022 (a)		1,000		1,019
5.25%, 4/1/2023 (a)		625		643
5.13%, 12/1/2024 (a)		2,365		2,432
5.50%, 9/15/2025 (a)		2,300		2,398
				30,880
Diversified Consumer Services — 0.1%
Graham Holdings Co. 5.75%, 6/1/2026 (a)		1,218		1,254
President & Fellows of Harvard College 3.30%, 7/15/2056		429		378
Service Corp. International
8.00%, 11/15/2021 (b)		2,300		2,490
5.38%, 5/15/2024		1,605		1,641
				5,763

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — 0.6%
ACE Cash Express, Inc. 12.00%, 12/15/2022 (a)		2,844		2,705
AIG Global Funding 1.90%, 10/6/2021 (a)		900		867
Berkshire Hathaway, Inc. 3.00%, 2/11/2023		475		478
CK Hutchison International Ltd. (Hong Kong) 2.88%, 4/5/2022 (a)		800		786
CNG Holdings, Inc. 9.38%, 5/15/2020 (a) (b)		6,635		6,511
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a)		16,465		16,071
Federation des Caisses Desjardins du Quebec (Canada) 2.25%, 10/30/2020 (a)		2,000		1,976
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		5,480		5,269
4.42%, 11/15/2035		9,260		8,365
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		2,400		2,386
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (a) (b)		257		255
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (a)		200		195
3.96%, 9/19/2023 (a)		1,215		1,232
3.56%, 2/28/2024 (a)		1,900		1,899
National Rural Utilities Cooperative Finance Corp.
2.95%, 2/7/2024		350		347
3.40%, 2/7/2028		4,675		4,624
3.90%, 11/1/2028		800		820
3.70%, 3/15/2029 (b)		250		252
ORIX Corp. (Japan)
2.90%, 7/18/2022		906		894
4.05%, 1/16/2024		300		305
3.25%, 12/4/2024		2,850		2,780
Shell International Finance BV (Netherlands)
4.30%, 9/22/2019		2,500		2,523
2.13%, 5/11/2020		2,545		2,527
3.50%, 11/13/2023		3,280		3,351
3.25%, 5/11/2025		1,098		1,101
2.88%, 5/10/2026		246		239
4.13%, 5/11/2035		656		678
3.63%, 8/21/2042 (b)		2,600		2,441

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 101

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Financial Services — continued
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (a)		756		750
2.00%, 9/15/2023 (a)		2,150		2,042
2.35%, 10/15/2026 (a)		14,900		13,725
				88,394
Diversified Telecommunication Services — 1.1%
AT&T, Inc.
3.95%, 1/15/2025		4,202		4,215
4.13%, 2/17/2026		828		829
4.30%, 2/15/2030		399		392
6.88%, 10/15/2031		2,025		2,307
4.50%, 5/15/2035		925		871
5.25%, 3/1/2037		2,000		2,019
4.90%, 8/15/2037		562		542
6.00%, 8/15/2040		580		623
5.35%, 9/1/2040		1,030		1,033
4.30%, 12/15/2042		611		535
4.80%, 6/15/2044		4,200		3,943
4.35%, 6/15/2045		466		407
CCO Holdings LLC
5.25%, 3/15/2021		576		578
5.13%, 5/1/2023 (a)		1,000		1,018
5.75%, 9/1/2023		1,527		1,556
5.88%, 4/1/2024 (a)		8,559		8,912
5.38%, 5/1/2025 (a) (b)		3,951		4,045
5.75%, 2/15/2026 (a)		5,330		5,523
5.50%, 5/1/2026 (a)		3,245		3,309
5.13%, 5/1/2027 (a)		4,211		4,132
5.88%, 5/1/2027 (a) (b)		212		218
5.00%, 2/1/2028 (a)		1,435		1,381
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		1,535		1,595
Series T, 5.80%, 3/15/2022 (b)		3,015		3,094
Series W, 6.75%, 12/1/2023 (b)		1,000		1,038
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (a) (b)		1,938		1,754
8.00%, 10/15/2025 (a)		1,750		1,584
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a)		508		488
Embarq Corp. 8.00%, 6/1/2036		16,477		15,900
Frontier Communications Corp. 6.88%, 1/15/2025		15,200		8,208
Intelsat Jackson Holdings SA (Luxembourg) 5.50%, 8/1/2023		3,265		2,996

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021 (b)		4,000		3,900
8.13%, 6/1/2023 (b)		1,800		1,503
Level 3 Financing, Inc.
5.63%, 2/1/2023		5,909		5,953
5.38%, 1/15/2024		3,837		3,861
5.38%, 5/1/2025		2,170		2,165
5.25%, 3/15/2026		5,112		5,016
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		1,908		1,665
Sprint Capital Corp. 8.75%, 3/15/2032		3,840		4,162
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		4,471		4,203
6.00%, 9/30/2034		5,378		4,840
7.72%, 6/4/2038 (b)		1,416		1,462
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		645		630
Telefonica Emisiones SA (Spain) 4.10%, 3/8/2027		542		533
Verizon Communications, Inc.
3.38%, 2/15/2025		79		79
4.33%, 9/21/2028		2,156		2,231
4.02%, 12/3/2029 (a)		9,863		9,845
4.40%, 11/1/2034		558		559
5.25%, 3/16/2037		3,677		4,003
Virgin Media Finance plc (United Kingdom) 5.75%, 1/15/2025 (a)		550		547
Virgin Media Secured Finance plc (United Kingdom) 5.25%, 1/15/2026 (a)		1,952		1,958
Windstream Services LLC
9.00%, 6/30/2025 (a) (b)		10,594		6,303
8.63%, 10/31/2025 (a) (b)		1,895		1,767
				152,230
Electric Utilities — 1.1%
AEP Texas, Inc. Series E, 6.65%, 2/15/2033		750		933
Alabama Power Co.
6.13%, 5/15/2038		891		1,075
5.50%, 3/15/2041		1,250		1,402
Series A, 4.30%, 7/15/2048 (b)		350		353
Arizona Public Service Co.
2.20%, 1/15/2020		589		586
4.70%, 1/15/2044		150		152
4.25%, 3/1/2049		1,415		1,401

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Atlantic City Electric Co. 4.00%, 10/15/2028		1,200		1,236
Baltimore Gas & Electric Co.
2.80%, 8/15/2022		1,016		996
4.25%, 9/15/2048		1,400		1,404
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		1,024		1,005
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		720		700
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024		200		217
Commonwealth Edison Co. 4.00%, 3/1/2048		300		294
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		886		884
DTE Electric Co.
3.90%, 6/1/2021		340		346
3.95%, 6/15/2042		381		366
Duke Energy Carolinas LLC
6.05%, 4/15/2038		1,100		1,361
3.95%, 3/15/2048		1,000		976
Duke Energy Corp. 2.65%, 9/1/2026		361		336
Duke Energy Florida LLC
3.80%, 7/15/2028		600		614
5.90%, 3/1/2033		412		497
Duke Energy Indiana LLC 3.75%, 7/15/2020		280		283
Duke Energy Ohio, Inc. 4.30%, 2/1/2049 (b)		1,470		1,497
Duke Energy Progress LLC
2.80%, 5/15/2022		607		605
3.25%, 8/15/2025		200		200
6.30%, 4/1/2038		500		623
4.10%, 5/15/2042		305		303
3.70%, 10/15/2046		200		187
Enel Finance International NV (Italy)
2.88%, 5/25/2022 (a)		690		669
2.75%, 4/6/2023 (a) (b)		2,248		2,135
3.50%, 4/6/2028 (a)		10,000		8,946
Entergy Louisiana LLC
3.12%, 9/1/2027		750		724
3.05%, 6/1/2031		6,500		6,000
4.00%, 3/15/2033		10,435		10,590
Eskom Holdings SOC Ltd. (South Africa)
5.75%, 1/26/2021 (j)		1,300		1,293

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
6.75%, 8/6/2023 (j)		200		201
7.13%, 2/11/2025 (j)		300		302
Exelon Corp. 4.95%, 6/15/2035		123		126
Florida Power & Light Co.
5.40%, 9/1/2035		600		683
3.70%, 12/1/2047		1,000		952
3.95%, 3/1/2048		665		661
Hydro-Quebec (Canada)
9.40%, 2/1/2021		1,028		1,152
Series HY, 8.40%, 1/15/2022		842		963
Series HK, 9.38%, 4/15/2030		1,000		1,528
Indiana Michigan Power Co. 4.25%, 8/15/2048		550		546
Interstate Power & Light Co. 4.10%, 9/26/2028		800		815
ITC Holdings Corp. 3.65%, 6/15/2024		576		573
Jersey Central Power & Light Co. 6.15%, 6/1/2037		800		916
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		434		466
Kansas City Power & Light Co. 4.20%, 6/15/2047		735		709
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (a)		200		199
Massachusetts Electric Co. 5.90%, 11/15/2039 (a) (b)		988		1,165
MidAmerican Energy Co.
3.50%, 10/15/2024		1,046		1,068
3.10%, 5/1/2027		657		642
3.65%, 8/1/2048		2,000		1,859
Minejesa Capital BV (Indonesia) 4.63%, 8/10/2030 (a)		1,465		1,375
Monongahela Power Co. 4.10%, 4/15/2024 (a)		8,000		8,262
Nevada Power Co.
7.13%, 3/15/2019		600		601
Series BB, 2.75%, 4/15/2020		8,315		8,320
Series CC, 3.70%, 5/1/2029		1,700		1,712
5.38%, 9/15/2040		626		692
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		2,788		2,544
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		398		397
3.55%, 5/1/2027		537		524
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (a)		979		962

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 103

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
4.50%, 9/15/2027 (a)		1,091		1,036
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (a)		300		303
4.28%, 12/15/2028 (a)		650		674
Northern States Power Co.
6.25%, 6/1/2036		765		959
6.20%, 7/1/2037		173		219
Oncor Electric Delivery Co. LLC 7.25%, 1/15/2033		550		735
PacifiCorp
2.95%, 2/1/2022		700		701
7.24%, 8/16/2023		250		283
5.75%, 4/1/2037		880		1,044
4.13%, 1/15/2049		1,655		1,633
PECO Energy Co. 2.38%, 9/15/2022		880		860
Pepco Holdings LLC 7.45%, 8/15/2032		1,000		1,258
Perusahaan Listrik Negara PT (Indonesia) 5.25%, 5/15/2047 (j)		500		475
Potomac Electric Power Co. 6.50%, 11/15/2037		360		452
PPL Electric Utilities Corp. 2.50%, 9/1/2022		929		907
Public Service Co. of Colorado 3.20%, 11/15/2020		198		199
Public Service Co. of New Hampshire 3.50%, 11/1/2023 (b)		202		206
Public Service Co. of Oklahoma
5.15%, 12/1/2019		88		90
Series G, 6.63%, 11/15/2037		1,100		1,362
Public Service Electric & Gas Co. Series I,
1.80%, 6/1/2019		155		155
2.25%, 9/15/2026		989		912
5.80%, 5/1/2037		850		1,019
5.38%, 11/1/2039		416		476
Southern California Edison Co.
1.85%, 2/1/2022		368		355
Series D, 3.40%, 6/1/2023 (b)		1,100		1,080
Series E, 3.70%, 8/1/2025		6,300		6,172
Series B, 3.65%, 3/1/2028		1,000		958
Series 06-E, 5.55%, 1/15/2037 (b)		450		481
Series 08-A, 5.95%, 2/1/2038		285		316
Series C, 4.13%, 3/1/2048 (b)		4,170		3,838
Southwestern Electric Power Co.
3.55%, 2/15/2022		250		251
Series M, 4.10%, 9/15/2028 (b)		400		405
Series J, 3.90%, 4/1/2045		842		762

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Southwestern Public Service Co. Series 6, 4.40%, 11/15/2048		3,000		3,104
State Grid Overseas Investment Ltd. (China) 3.75%, 5/2/2023 (a)		2,000		2,020
Terraform Global Operating LLC 6.13%, 3/1/2026 (a)		1,674		1,611
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020 ‡ (e)		6,233		18
Tucson Electric Power Co.
3.05%, 3/15/2025		600		583
4.85%, 12/1/2048		600		636
Union Electric Co.
2.95%, 6/15/2027		644		622
8.45%, 3/15/2039		120		178
4.00%, 4/1/2048		2,050		2,012
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		900		886
3.45%, 2/15/2024		490		495
Series A, 3.80%, 4/1/2028		5,700		5,769
6.35%, 11/30/2037		235		291
8.88%, 11/15/2038		670		1,022
4.60%, 12/1/2048 (b)		700		734
Vistra Operations Co. LLC 5.50%, 9/1/2026 (a) (b)		10,988		11,400
Wisconsin Electric Power Co. 4.30%, 10/15/2048 (b)		1,250		1,289
Wisconsin Power & Light Co. 3.05%, 10/15/2027		600		579
Xcel Energy, Inc. 3.30%, 6/1/2025		985		975
				156,904
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland)
2.80%, 4/3/2020		5,587		5,585
2.88%, 5/8/2022		303		302
4.38%, 5/8/2042		326		337
Eaton Corp. 2.75%, 11/2/2022		900		888
EnerSys 5.00%, 4/30/2023 (a)		3,197		3,181
Sensata Technologies BV
4.88%, 10/15/2023 (a) (b)		2,800		2,877
5.63%, 11/1/2024 (a)		1,533		1,610
5.00%, 10/1/2025 (a)		554		559
Vertiv Group Corp. 9.25%, 10/15/2024 (a) (b)		2,145		2,148
				17,487

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 5.50%, 3/1/2023		2,686		2,777
Arrow Electronics, Inc.
4.00%, 4/1/2025		653		632
3.88%, 1/12/2028		221		206
CDW LLC
5.00%, 9/1/2023		1,000		1,010
5.50%, 12/1/2024		500		521
5.00%, 9/1/2025		3,960		4,005
				9,151
Energy Equipment & Services — 0.3%
Baker Hughes a GE Co. LLC
5.13%, 9/15/2040		903		915
4.08%, 12/15/2047		4,230		3,737
Bristow Group, Inc. 6.25%, 10/15/2022		722		217
Halliburton Co.
8.75%, 2/15/2021		700		774
3.80%, 11/15/2025		700		703
7.45%, 9/15/2039		250		328
7.60%, 8/15/2096 (a)		275		350
KCA Deutag UK Finance plc (United Kingdom) 7.25%, 5/15/2021 (a) (b)		3,898		3,099
Nabors Industries, Inc.
5.50%, 1/15/2023 (b)		4,378		4,104
5.10%, 9/15/2023		193		171
5.75%, 2/1/2025 (b)		1,042		920
Precision Drilling Corp. (Canada)
5.25%, 11/15/2024		403		367
7.13%, 1/15/2026 (a)		1,051		1,032
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (a)		505		507
4.00%, 12/21/2025 (a)		8,880		8,955
Schlumberger Investment SA
3.30%, 9/14/2021 (a)		219		219
2.40%, 8/1/2022 (a)		640		626
Telford Offshore Ltd. (United Arab Emirates) Series B, 14.00%(Blend (cash 1.00% + PIK 13.00%)), 2/12/2024 (d)		667		323
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		1,154		1,165
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) (b)		452		464
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a) (b)		2,910		2,969
Transocean, Inc. 6.80%, 3/15/2038		2,816		2,126

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Energy Equipment & Services — continued
Unit Corp. 6.63%, 5/15/2021		2,972		2,913
Weatherford International LLC 9.88%, 3/1/2025 (b)		1,180		841
Weatherford International Ltd.
4.50%, 4/15/2022		1,910		1,313
8.25%, 6/15/2023 (b)		1,310		934
6.75%, 9/15/2040		1,465		879
5.95%, 4/15/2042		996		590
				41,541
Entertainment — 0.3%
21st Century Fox America, Inc.
8.88%, 4/26/2023		147		177
7.75%, 1/20/2024		800		947
6.55%, 3/15/2033		500		640
Carmike Cinemas, Inc. 6.00%, 6/15/2023 (a)		2,079		2,121
Cinemark USA, Inc.
5.13%, 12/15/2022		410		416
4.88%, 6/1/2023		2,759		2,762
NBCUniversal Media LLC
5.15%, 4/30/2020		1,626		1,668
5.95%, 4/1/2041		810		956
Netflix, Inc.
5.50%, 2/15/2022		1,500		1,571
5.75%, 3/1/2024		3,797		4,031
5.88%, 2/15/2025 (b)		1,332		1,412
4.38%, 11/15/2026 (b)		2,750		2,638
4.88%, 4/15/2028		1,200		1,169
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (h)		6,823		6,737
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b) (h)		3,204		3,186
Walt Disney Co. (The) 1.85%, 7/30/2026		2,189		1,993
Warner Media LLC 5.38%, 10/15/2041		182		185
WMG Acquisition Corp.
5.63%, 4/15/2022 (a)		602		609
4.88%, 11/1/2024 (a)		2,718		2,697
5.50%, 4/15/2026 (a) (b)		2,556		2,572
				38,487
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp. 4.00%, 6/1/2025		500		505
American Tower Trust #1 3.07%, 3/15/2023 (a)		3,135		3,110

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 105

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
AvalonBay Communities, Inc.
3.50%, 11/15/2025		323		322
2.90%, 10/15/2026		385		366
3.20%, 1/15/2028		900		866
4.15%, 7/1/2047		400		392
Boston Properties LP
5.63%, 11/15/2020		800		829
3.80%, 2/1/2024		1,302		1,312
CyrusOne LP
5.00%, 3/15/2024		3,604		3,667
5.38%, 3/15/2027		1,232		1,254
Duke Realty LP 3.25%, 6/30/2026		180		173
EPR Properties 4.50%, 6/1/2027 (b)		849		839
Equinix, Inc.
5.38%, 1/1/2022 (b)		208		214
5.75%, 1/1/2025 (b)		5,445		5,670
5.88%, 1/15/2026		6,262		6,559
Equity Commonwealth 5.88%, 9/15/2020		1,865		1,906
ERP Operating LP
2.85%, 11/1/2026		735		701
3.50%, 3/1/2028		8,813		8,720
4.15%, 12/1/2028		800		831
ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		3,060		3,045
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		599		569
HCP, Inc. 3.88%, 8/15/2024		1,064		1,067
Iron Mountain, Inc.
5.75%, 8/15/2024 (b)		5,890		5,905
4.88%, 9/15/2027 (a)		2,370		2,242
5.25%, 3/15/2028 (a)		1,935		1,853
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		5,554		5,679
5.75%, 2/1/2027 (a)		1,061		1,086
National Retail Properties, Inc. 3.60%, 12/15/2026		948		923
Office Properties Income Trust 3.75%, 8/15/2019		3,700		3,706
Prologis LP 3.75%, 11/1/2025		1,236		1,266
Realty Income Corp.
3.88%, 7/15/2024		2,018		2,046
3.88%, 4/15/2025		840		852
4.65%, 3/15/2047		601		627
Scentre Group Trust 1 (Australia)
2.38%, 11/5/2019 (a)		4,395		4,372

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
3.50%, 2/12/2025 (a)		1,420		1,396
Senior Housing Properties Trust
3.25%, 5/1/2019		1,000		999
6.75%, 4/15/2020		1,200		1,218
Simon Property Group LP
4.38%, 3/1/2021		492		504
2.50%, 7/15/2021		2,328		2,302
2.75%, 6/1/2023		26,900		26,399
3.30%, 1/15/2026		1,600		1,574
6.75%, 2/1/2040 (b)		415		543
Ventas Realty LP
3.75%, 5/1/2024		588		590
3.50%, 2/1/2025		448		442
4.13%, 1/15/2026		304		305
3.85%, 4/1/2027		618		605
				110,351
Food & Staples Retailing — 0.2%
Albertsons Cos. LLC 6.63%, 6/15/2024		2,880		2,880
Kroger Co. (The)
Series B, 7.70%, 6/1/2029		900		1,075
7.50%, 4/1/2031		1,162		1,416
New Albertsons LP 8.00%, 5/1/2031		1,980		1,777
Sysco Corp.
2.50%, 7/15/2021		575		567
2.60%, 6/12/2022 (b)		1,517		1,481
Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		424		426
Walmart, Inc.
2.55%, 4/11/2023		300		297
3.55%, 6/26/2025		250		257
3.70%, 6/26/2028		20,060		20,629
3.63%, 12/15/2047		1,500		1,405
				32,210
Food Products — 0.3%
Archer-Daniels-Midland Co. 2.50%, 8/11/2026 (b)		1,650		1,554
Bunge Ltd. Finance Corp. 3.50%, 11/24/2020 (b)		305		304
Cargill, Inc.
3.30%, 3/1/2022 (a)		800		800
3.25%, 3/1/2023 (a)		230		230
4.76%, 11/23/2045 (a)		470		507
Conagra Brands, Inc. 3.80%, 10/22/2021		2,000		2,017
General Mills, Inc. 3.20%, 4/16/2021 (b)		1,200		1,203

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — continued
JBS USA LUX SA
7.25%, 6/1/2021 (a)		7,058		7,111
5.88%, 7/15/2024 (a)		3,093		3,180
5.75%, 6/15/2025 (a)		3,788		3,828
6.75%, 2/15/2028 (a)		3,263		3,375
Kraft Heinz Foods Co.
5.00%, 7/15/2035		601		573
6.88%, 1/26/2039		262		289
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (a)		1,274		1,280
4.88%, 11/1/2026 (a) (b)		1,279		1,281
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025 (b)		497		518
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (a)		3,671		3,671
5.88%, 9/30/2027 (a)		1,266		1,244
Tyson Foods, Inc. 3.95%, 8/15/2024		700		705
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		1,100		1,105
				34,775
Gas Utilities — 0.2%
AmeriGas Partners LP
5.63%, 5/20/2024		2,982		3,012
5.50%, 5/20/2025		1,201		1,189
5.88%, 8/20/2026		1,475		1,478
5.75%, 5/20/2027 (b)		586		574
Atmos Energy Corp.
5.50%, 6/15/2041		860		1,002
4.15%, 1/15/2043		582		576
4.30%, 10/1/2048 (b)		1,250		1,277
Boston Gas Co. 4.49%, 2/15/2042 (a)		369		369
Brooklyn Union Gas Co. (The)
3.87%, 3/4/2029 (a)		7,800		7,789
4.27%, 3/15/2048 (a)		1,000		978
CenterPoint Energy Resources Corp. 3.55%, 4/1/2023		975		980
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		470		468
KeySpan Gas East Corp. 2.74%, 8/15/2026 (a)		793		743
ONE Gas, Inc. 4.50%, 11/1/2048		809		853
Southern California Gas Co.
Series TT, 2.60%, 6/15/2026		1,100		1,024

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Gas Utilities — continued
Series VV, 4.30%, 1/15/2049		660		673
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		350		450
4.80%, 3/15/2047 (a)		204		200
				23,635
Health Care Equipment & Supplies — 0.3%
Becton Dickinson and Co. 6.00%, 5/15/2039		400		435
Boston Scientific Corp.
4.00%, 3/1/2029		4,740		4,741
4.70%, 3/1/2049		11,630		11,673
Covidien International Finance SA 4.20%, 6/15/2020		1,600		1,630
Hologic, Inc.
4.38%, 10/15/2025 (a) (b)		2,444		2,401
4.63%, 2/1/2028 (a)		1,143		1,106
Medtronic, Inc.
3.63%, 3/15/2024		10,000		10,257
3.50%, 3/15/2025		5,500		5,587
4.38%, 3/15/2035		2,001		2,107
4.63%, 3/15/2045		217		238
Teleflex, Inc.
5.25%, 6/15/2024		1,755		1,792
4.88%, 6/1/2026 (b)		1,114		1,129
4.63%, 11/15/2027		1,294		1,285
				44,381
Health Care Providers & Services — 1.0%
Aetna, Inc.
2.80%, 6/15/2023		546		532
4.50%, 5/15/2042		224		206
Anthem, Inc.
3.13%, 5/15/2022		577		576
3.30%, 1/15/2023		1,505		1,507
Ascension Health 3.95%, 11/15/2046		687		673
Centene Corp.
5.63%, 2/15/2021		1,845		1,870
4.75%, 5/15/2022		3,399		3,463
6.13%, 2/15/2024		4,527		4,736
5.38%, 6/1/2026 (a)		6,390		6,630
Community Health Systems, Inc.
6.25%, 3/31/2023		4,012		3,861
8.63%, 1/15/2024 (a)		937		963
8.13%, 6/30/2024 (a) (b)		4,639		3,862

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 107

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
8.00%, 3/15/2026 (a)		2,525		2,492
CVS Health Corp.
2.80%, 7/20/2020		2,460		2,447
3.70%, 3/9/2023		19,115		19,233
4.00%, 12/5/2023		1,659		1,686
4.10%, 3/25/2025		1,582		1,604
4.30%, 3/25/2028		362		362
4.78%, 3/25/2038		9,045		8,799
5.05%, 3/25/2048		299		296
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) (b)		1,817		1,640
Express Scripts Holding Co.
3.50%, 6/15/2024		1,250		1,237
4.50%, 2/25/2026		1,000		1,023
HCA, Inc.
5.88%, 5/1/2023		7,924		8,380
5.38%, 2/1/2025		3,078		3,192
5.38%, 9/1/2026 (b)		11,440		11,747
5.63%, 9/1/2028		473		489
5.88%, 2/1/2029		6,362		6,672
Kaiser Foundation Hospitals 3.50%, 4/1/2022		400		405
Magellan Health, Inc. 4.40%, 9/22/2024		1,250		1,183
Memorial Sloan-Kettering Cancer Center
4.13%, 7/1/2052		225		224
Series 2015, 4.20%, 7/1/2055		785		789
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		666		623
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		363		338
Tenet Healthcare Corp.
4.75%, 6/1/2020		210		212
6.00%, 10/1/2020		1,017		1,049
4.50%, 4/1/2021		4,963		5,025
4.38%, 10/1/2021		5,713		5,785
4.63%, 7/15/2024		5,072		5,040
5.13%, 5/1/2025 (b)		1,100		1,090
Texas Health Resources 4.33%, 11/15/2055		1,075		1,089
UnitedHealth Group, Inc.
3.38%, 11/15/2021		806		815
2.88%, 12/15/2021		1,500		1,500
2.75%, 2/15/2023		125		124
3.50%, 2/15/2024 (b)		1,380		1,399
3.75%, 7/15/2025 (b)		10,000		10,267

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
4.63%, 7/15/2035		98		107
3.95%, 10/15/2042		615		596
WellCare Health Plans, Inc. 5.25%, 4/1/2025		5,525		5,641
				143,479
Health Care Technology — 0.0% (k)
IQVIA, Inc.
4.88%, 5/15/2023 (a)		865		878
5.00%, 10/15/2026 (a)		2,575		2,620
				3,498
Hotels, Restaurants & Leisure — 0.6%
1011778 BC ULC (Canada) 4.25%, 5/15/2024 (a) (b)		2,374		2,312
Boyd Gaming Corp. 6.00%, 8/15/2026		3,172		3,253
Boyne USA, Inc. 7.25%, 5/1/2025 (a)		2,277		2,436
CCM Merger, Inc. 6.00%, 3/15/2022 (a)		3,646		3,723
Cedar Fair LP 5.38%, 4/15/2027		703		704
Chukchansi Economic Development Authority 9.75%, 5/30/2020 (a) (e)		548		301
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		4,015		4,085
Eldorado Resorts, Inc.
7.00%, 8/1/2023		1,500		1,571
6.00%, 4/1/2025		1,118		1,136
6.00%, 9/15/2026 (a)		558		568
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		5,151		5,190
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		1,800		1,773
5.13%, 5/1/2026 (a)		115		116
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,997		3,087
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		1,136		1,130
International Game Technology plc
6.25%, 2/15/2022 (a)		4,226		4,416
6.50%, 2/15/2025 (a) (b)		4,802		5,108
Jack Ohio Finance LLC 6.75%, 11/15/2021 (a)		3,419		3,522
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (a)		3,631		3,749
McDonald’s Corp. 2.75%, 12/9/2020		3,600		3,594
MGM Resorts International
6.00%, 3/15/2023		3,306		3,459

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
5.75%, 6/15/2025		2,233		2,278
NCL Corp. Ltd. 4.75%, 12/15/2021 (a)		2,374		2,415
Sabre GLBL, Inc.
5.38%, 4/15/2023 (a)		2,998		3,058
5.25%, 11/15/2023 (a)		1,050		1,071
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		6,692		6,483
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		3,336		3,286
Speedway Motorsports, Inc. 5.13%, 2/1/2023		420		420
Starbucks Corp. 3.10%, 3/1/2023		1,010		1,007
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)		1,890		1,838
Wyndham Destinations, Inc.
5.40%, 4/1/2024 (c)		4,240		4,261
6.35%, 10/1/2025 (c)		399		414
5.75%, 4/1/2027 (b) (c)		923		916
				82,680
Household Durables — 0.1%
Lennar Corp.
4.50%, 4/30/2024		667		662
5.88%, 11/15/2024		1,793		1,883
4.75%, 5/30/2025		2,305		2,311
5.25%, 6/1/2026		3,550		3,563
M/I Homes, Inc. 6.75%, 1/15/2021		1,030		1,046
PulteGroup, Inc.
5.50%, 3/1/2026		1,665		1,677
5.00%, 1/15/2027		435		417
Tempur Sealy International, Inc.
5.63%, 10/15/2023 (b)		2,000		2,020
5.50%, 6/15/2026 (b)		851		849
Toll Brothers Finance Corp.
5.88%, 2/15/2022		524		550
4.38%, 4/15/2023		420		421
5.63%, 1/15/2024		130		135
4.88%, 11/15/2025 (b)		860		857
4.88%, 3/15/2027		830		814
				17,205
Household Products — 0.2%
Colgate-Palmolive Co. 2.25%, 11/15/2022		1,000		982
Kimberly-Clark Corp. 2.40%, 6/1/2023		600		584
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		228		242

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Products — continued
Procter & Gamble Co. (The) 2.45%, 11/3/2026		2,255		2,148
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.75%, 6/26/2024 (a)		19,530		18,899
Spectrum Brands, Inc.
6.13%, 12/15/2024		1,409		1,388
5.75%, 7/15/2025		2,874		2,813
				27,056
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.
4.50%, 3/15/2023		1,220		1,229
5.50%, 4/15/2025		3,340		3,444
6.00%, 5/15/2026		3,044		3,204
Calpine Corp. 5.25%, 6/1/2026 (a)		5,500		5,383
Cemig Geracao e Transmissao SA (Brazil) 9.25%, 12/5/2024 (a)		1,100		1,221
Clearway Energy Operating LLC
5.38%, 8/15/2024		555		544
5.00%, 9/15/2026		4,842		4,515
Cometa Energia SA de CV (Mexico) 6.38%, 4/24/2035 (a)		2,606		2,482
Exelon Generation Co. LLC 6.25%, 10/1/2039		200		212
NRG Energy, Inc.
7.25%, 5/15/2026		4,171		4,520
6.63%, 1/15/2027 (b)		4,812		5,125
5.75%, 1/15/2028		826		848
Talen Energy Supply LLC 6.50%, 6/1/2025		3,614		3,220
				35,947
Industrial Conglomerates — 0.0% (k)
General Electric Co. Series 15BR, 2.22%, 11/20/2020	JPY	100,000		906
Insurance — 0.8%
Aflac, Inc. 4.75%, 1/15/2049		1,900		2,007
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)		505		491
3.90%, 4/6/2028 (a)		2,495		2,490
Allstate Corp. (The) 3.15%, 6/15/2023 (b)		651		652
American Financial Group, Inc. 3.50%, 8/15/2026		1,600		1,515
American International Group, Inc.
2.30%, 7/16/2019		1,500		1,497
3.88%, 1/15/2035		2,041		1,808
4.70%, 7/10/2035		1,200		1,157

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 109

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Aon Corp. 6.25%, 9/30/2040		240		287
Athene Global Funding
2.75%, 4/20/2020 (a)		1,407		1,399
4.00%, 1/25/2022 (a)		883		896
3.00%, 7/1/2022 (a)		1,482		1,460
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		500		604
4.25%, 1/15/2049		910		923
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		2,067		2,071
3.15%, 3/15/2025		1,000		991
Cincinnati Financial Corp. 6.13%, 11/1/2034		1,100		1,296
CNA Financial Corp. 3.95%, 5/15/2024		373		373
CNO Financial Group, Inc. 5.25%, 5/30/2025		4,225		4,331
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (a)		2,829		2,783
Great-West Lifeco Finance 2018 LP (Canada) 4.58%, 5/17/2048 (a)		406		415
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (a)		1,844		1,766
Guardian Life Global Funding
2.50%, 5/8/2022 (a)		900		878
3.40%, 4/25/2023 (a)		16,285		16,340
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		271		272
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (a) (h)		1,200		1,200
Jackson National Life Global Funding
2.20%, 1/30/2020 (a)		400		398
3.30%, 2/1/2022 (a)		700		703
2.50%, 6/27/2022 (a)		4,000		3,895
3.25%, 1/30/2024 (a)		575		570
3.88%, 6/11/2025 (a)		12,637		12,863
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (a)		2,550		2,933
Liberty Mutual Group, Inc.
7.00%, 3/15/2034 (a)		100		122
7.80%, 3/15/2037 (a)		920		1,049
6.50%, 5/1/2042 (a)		375		448
Lincoln National Corp. 3.35%, 3/9/2025		1,100		1,078
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		2,684		2,763

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Marsh & McLennan Cos., Inc.
2.35%, 3/6/2020		1,271		1,265
2.75%, 1/30/2022		433		428
Massachusetts Mutual Life Insurance Co. 5.38%, 12/1/2041 (a)		152		168
MassMutual Global Funding II
2.50%, 10/17/2022 (a)		2,085		2,040
2.75%, 6/22/2024 (a)		2,000		1,950
2.95%, 1/11/2025 (a)		1,200		1,174
MetLife, Inc.
3.00%, 3/1/2025		535		524
6.50%, 12/15/2032		700		886
4.13%, 8/13/2042		869		838
Metropolitan Life Global Funding I
2.30%, 4/10/2019 (a)		400		400
1.55%, 9/13/2019 (a)		924		918
1.95%, 9/15/2021 (a)		4,398		4,271
3.88%, 4/11/2022 (a)		649		662
3.00%, 1/10/2023 (a)		1,820		1,810
3.60%, 1/11/2024 (a)		1,250		1,266
Metropolitan Life Insurance Co. 7.80%, 11/1/2025 (a)		1,650		2,016
New York Life Global Funding
2.15%, 6/18/2019 (a)		2,039		2,036
1.95%, 2/11/2020 (a)		968		961
1.70%, 9/14/2021 (a)		1,600		1,549
3.00%, 1/10/2028 (a)		2,831		2,734
New York Life Insurance Co. 6.75%, 11/15/2039 (a)		303		402
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		800		808
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (h)		397		354
Pricoa Global Funding I 2.20%, 6/3/2021 (a)		1,337		1,309
Principal Life Global Funding II 3.00%, 4/18/2026 (a)		586		568
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (g) (h) (i)		600		595
Protective Life Corp. 4.30%, 9/30/2028 (a)		700		698
Prudential Financial, Inc.
5.38%, 6/21/2020		205		212
3.91%, 12/7/2047		2,259		2,080

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		185
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		1,420		1,419
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (a)		500		535
4.27%, 5/15/2047 (a) (b)		800		788
Torchmark Corp. 4.55%, 9/15/2028		600		616
Travelers Property Casualty Corp. 7.75%, 4/15/2026		700		885
				116,074
Interactive Media & Services — 0.0% (k)
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (a) (b)		850		744
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.30%, 12/5/2021 (b)		500		508
2.80%, 8/22/2024		612		607
3.15%, 8/22/2027		2,000		1,971
4.80%, 12/5/2034		1,523		1,699
4.25%, 8/22/2057		900		912
Booking Holdings, Inc. 2.75%, 3/15/2023		357		349
				6,046
IT Services — 0.2%
Alliance Data Systems Corp. 5.38%, 8/1/2022 (a)		6,769		6,870
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (a)		1,874		1,815
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (a)		1,061		1,064
DXC Technology Co. 4.25%, 4/15/2024		517		517
Gartner, Inc. 5.13%, 4/1/2025 (a)		1,753		1,766
IBM Credit LLC
2.65%, 2/5/2021		1,000		995
3.00%, 2/6/2023 (b)		2,000		1,988
VeriSign, Inc.
5.25%, 4/1/2025		120		125
4.75%, 7/15/2027		1,156		1,141
Visa, Inc.
2.80%, 12/14/2022		1,350		1,350
4.15%, 12/14/2035		760		797
Western Union Co. (The)
3.60%, 3/15/2022		1,200		1,211
6.20%, 6/21/2040		300		285
				19,924

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Leisure Products — 0.0% (k)
Mattel, Inc.
3.15%, 3/15/2023		1,100		971
6.75%, 12/31/2025 (a)		1,045		1,029
				2,000
Machinery — 0.1%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		2,053		2,121
Briggs & Stratton Corp. 6.88%, 12/15/2020		3,087		3,168
Caterpillar, Inc.
2.60%, 6/26/2022		198		195
3.80%, 8/15/2042 (b)		680		652
Colfax Corp. 6.00%, 2/15/2024 (a)		5,295		5,480
Illinois Tool Works, Inc.
4.88%, 9/15/2041		105		118
3.90%, 9/1/2042		1,999		2,008
Ingersoll-Rand Co. 7.20%, 6/1/2025		105		116
Parker-Hannifin Corp.
3.30%, 11/21/2024		438		435
6.25%, 5/15/2038		440		543
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)		1,015		1,035
Tennant Co. 5.63%, 5/1/2025		3,671		3,648
				19,519
Media — 1.5%
Altice Luxembourg SA (Luxembourg) 7.63%, 2/15/2025 (a)		3,975		3,511
AMC Networks, Inc.
5.00%, 4/1/2024		2,596		2,576
4.75%, 8/1/2025		1,693		1,646
Charter Communications Operating LLC 4.91%, 7/23/2025		14,431		14,949
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022		3,223		3,296
9.25%, 2/15/2024 (a)		1,648		1,728
Comcast Corp.
3.45%, 10/1/2021		10,845		10,971
3.60%, 3/1/2024		240		244
3.38%, 2/15/2025		9,000		8,998
3.38%, 8/15/2025		15,381		15,346
3.95%, 10/15/2025		712		734
3.15%, 3/1/2026		758		743
3.15%, 2/15/2028		3,500		3,367
3.55%, 5/1/2028		1,772		1,753
4.15%, 10/15/2028		9,600		9,888

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 111

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
4.20%, 8/15/2034		4,389		4,420
6.50%, 11/15/2035		435		533
3.90%, 3/1/2038		7,489		7,083
4.60%, 10/15/2038		865		889
4.60%, 8/15/2045		2,405		2,428
3.40%, 7/15/2046		5,000		4,209
3.97%, 11/1/2047		111		103
4.70%, 10/15/2048		5,140		5,351
4.00%, 11/1/2049		135		125
4.95%, 10/15/2058		4,090		4,340
CSC Holdings LLC
5.38%, 7/15/2023 (a) (b)		4,725		4,856
5.25%, 6/1/2024		4,373		4,372
6.63%, 10/15/2025 (a)		4,895		5,164
10.88%, 10/15/2025 (a)		3,471		4,026
5.50%, 5/15/2026 (a)		5,177		5,255
5.50%, 4/15/2027 (a) (b)		3,352		3,369
5.38%, 2/1/2028 (a)		795		781
6.50%, 2/1/2029 (a)		289		302
DISH DBS Corp.
5.13%, 5/1/2020		1,500		1,518
6.75%, 6/1/2021		1,569		1,604
5.88%, 7/15/2022		5,187		4,954
5.00%, 3/15/2023 (b)		3,372		2,980
5.88%, 11/15/2024		3,954		3,330
7.75%, 7/1/2026 (b)		8,542		7,389
Gray Television, Inc. 5.13%, 10/15/2024 (a)		1,200		1,196
iHeartCommunications, Inc. 9.00%, 12/15/2019 (e)		10,505		7,301
Lamar Media Corp.
5.00%, 5/1/2023		1,250		1,272
5.38%, 1/15/2024		2,680		2,754
5.75%, 2/1/2026 (b)		2,267		2,372
5.75%, 2/1/2026 (a)		650		680
Liberty Interactive LLC 8.25%, 2/1/2030 (b)		470		481
Outfront Media Capital LLC
5.25%, 2/15/2022		1,500		1,523
5.63%, 2/15/2024		500		512
5.88%, 3/15/2025		1,000		1,025
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (a)		3,380		3,418
6.00%, 7/15/2024 (a)		2,750		2,850

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
5.38%, 4/15/2025 (a)		2,645		2,696
5.38%, 7/15/2026 (a)		1,360		1,363
5.00%, 8/1/2027 (a)		790		772
TEGNA, Inc.
6.38%, 10/15/2023 (b)		3,375		3,476
5.50%, 9/15/2024 (a) (b)		1,435		1,422
Time Warner Cable LLC 7.30%, 7/1/2038		335		378
Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (a)		1,520		1,573
Unitymedia Hessen GmbH & Co. KG (Germany) 5.00%, 1/15/2025 (a)		3,665		3,752
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (a)		1,760		1,805
Videotron Ltd. (Canada)
5.00%, 7/15/2022		700		716
5.38%, 6/15/2024 (a)		3,057		3,180
5.13%, 4/15/2027 (a) (b)		1,298		1,317
Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		3,330		3,213
				210,178
Metals & Mining — 0.5%
AK Steel Corp. 7.00%, 3/15/2027 (b)		470		395
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (a)		1,784		1,884
7.00%, 9/30/2026 (a)		2,150		2,300
6.13%, 5/15/2028 (a)		700		717
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		1,000		1,139
Carpenter Technology Corp. 4.45%, 3/1/2023		1,770		1,758
Cleveland-Cliffs, Inc. 4.88%, 1/15/2024 (a)		1,420		1,416
Commercial Metals Co.
4.88%, 5/15/2023 (b)		2,566		2,515
5.38%, 7/15/2027		813		761
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		2,004		2,004
5.13%, 3/15/2023 (a)		325		324
5.13%, 5/15/2024 (a) (b)		1,453		1,439
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		3,120		3,120
3.55%, 3/1/2022		3,086		3,051
3.88%, 3/15/2023		12,950		12,762
4.55%, 11/14/2024 (b)		1,470		1,456
5.40%, 11/14/2034		1,395		1,273

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Metals & Mining — continued
5.45%, 3/15/2043		3,165		2,777
Glencore Finance Canada Ltd. (Switzerland) 6.90%, 11/15/2037 (a)		100		109
Glencore Funding LLC (Switzerland) 4.63%, 4/29/2024 (a)		300		305
Indonesia Asahan Aluminium Persero PT (Indonesia)
5.71%, 11/15/2023 (a)		4,130		4,361
6.53%, 11/15/2028 (a)		1,200		1,315
6.76%, 11/15/2048 (a)		2,400		2,609
Kaiser Aluminum Corp. 5.88%, 5/15/2024		916		937
Nexa Resources Peru SAA (Peru) 4.63%, 3/28/2023 (j)		200		200
Northwest Acquisitions ULC 7.13%, 11/1/2022 (a)		1,350		1,245
Nucor Corp.
4.00%, 8/1/2023		1,000		1,030
6.40%, 12/1/2037		1,910		2,322
Steel Dynamics, Inc.
5.13%, 10/1/2021		567		570
5.25%, 4/15/2023		420		427
5.50%, 10/1/2024		870		894
4.13%, 9/15/2025		3,721		3,618
5.00%, 12/15/2026		885		901
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		10,401		10,957
6.00%, 8/15/2040		1,239		1,273
5.40%, 2/1/2043		105		101
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		700		732
				74,997
Multiline Retail — 0.0% (k)
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (a)		10,120		5,262
Multi-Utilities — 0.2%
Berkshire Hathaway Energy Co.
2.80%, 1/15/2023		8,215		8,149
3.50%, 2/1/2025		1,037		1,047
3.25%, 4/15/2028		800		776
6.13%, 4/1/2036		1,349		1,637
3.80%, 7/15/2048 (b)		6,195		5,651
CMS Energy Corp. 3.88%, 3/1/2024		1,000		1,009
Consolidated Edison Co. of New York, Inc.
Series 06-E, 5.70%, 12/1/2036		400		455

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — continued
Series 09-C, 5.50%, 12/1/2039		300		340
Series 2017, 3.88%, 6/15/2047 (b)		1,000		931
Series E, 4.65%, 12/1/2048		1,700		1,788
4.50%, 5/15/2058		808		799
Consumers Energy Co.
4.05%, 5/15/2048 (b)		400		404
4.35%, 4/15/2049		500		529
4.35%, 8/31/2064		491		497
Dominion Energy, Inc.
Series C, 2.00%, 8/15/2021		803		779
Series F, 5.25%, 8/1/2033		785		855
7.00%, 6/15/2038		400		498
Series C, 4.90%, 8/1/2041		46		47
NiSource, Inc. 6.25%, 12/15/2040		1,721		2,014
Puget Sound Energy, Inc. 5.76%, 7/15/2040		900		1,075
San Diego Gas & Electric Co.
6.00%, 6/1/2026		685		758
6.00%, 6/1/2039		500		568
4.50%, 8/15/2040		249		246
				30,852
Oil, Gas & Consumable Fuels — 2.9%
Aker BP ASA (Norway)
6.00%, 7/1/2022 (a) (b)		1,550		1,589
5.88%, 3/31/2025 (a) (b)		1,822		1,868
Anadarko Holding Co. 7.15%, 5/15/2028		278		316
Anadarko Petroleum Corp.
8.70%, 3/15/2019		225		225
6.95%, 6/15/2019		350		354
7.95%, 6/15/2039		100		123
ANR Pipeline Co. 9.63%, 11/1/2021		250		289
Antero Resources Corp.
5.38%, 11/1/2021		3,403		3,416
5.13%, 12/1/2022 (b)		7,660		7,672
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		610		606
BG Energy Capital plc (United Kingdom) 4.00%, 10/15/2021 (a)		2,000		2,036
BP Capital Markets America, Inc.
3.25%, 5/6/2022		385		388
3.22%, 4/14/2024 (b)		4,235		4,252
3.80%, 9/21/2025		1,500		1,534
3.41%, 2/11/2026		1,750		1,747
3.02%, 1/16/2027		1,325		1,274

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 113

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.23%, 11/6/2028		13,770		14,477
BP Capital Markets plc (United Kingdom)
4.75%, 3/10/2019		515		515
3.99%, 9/26/2023		11,930		12,326
3.81%, 2/10/2024		612		628
3.54%, 11/4/2024		1,800		1,827
3.28%, 9/19/2027		727		713
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (h)		2,716		2,356
California Resources Corp. 8.00%, 12/15/2022 (a) (b)		2,342		1,871
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		830		962
Cenovus Energy, Inc. (Canada)
4.45%, 9/15/2042		294		245
5.20%, 9/15/2043		4,000		3,659
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		2,295		2,542
5.88%, 3/31/2025		5,729		6,101
5.13%, 6/30/2027 (b)		2,540		2,591
Cheniere Energy Partners LP
5.25%, 10/1/2025		3,611		3,656
5.63%, 10/1/2026 (a)		2,648		2,698
Chevron Corp.
2.36%, 12/5/2022		540		531
2.57%, 5/16/2023		2,500		2,466
2.90%, 3/3/2024		21,445		21,372
2.95%, 5/16/2026		3,050		2,998
CNOOC Finance 2013 Ltd. (China) 3.00%, 5/9/2023		4,100		4,011
CNOOC Finance 2015 USA LLC (China) 3.50%, 5/5/2025		1,243		1,232
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024 (b)		1,026		1,057
ConocoPhillips 5.90%, 5/15/2038		2,000		2,431
DCP Midstream Operating LP
4.75%, 9/30/2021 (a)		1,116		1,135
4.95%, 4/1/2022		522		534
3.88%, 3/15/2023 (b)		6,684		6,634
5.38%, 7/15/2025		1,055		1,097
6.75%, 9/15/2037 (a)		1,080		1,102
Diamondback Energy, Inc.
4.75%, 11/1/2024 (a)		4,349		4,398
4.75%, 11/1/2024		1,161		1,174

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		3,550		3,807
5.38%, 6/26/2026		735		772
Empresa Nacional del Petroleo (Chile) 5.25%, 11/6/2029 (a)		1,950		2,061
Enbridge, Inc. (Canada) 4.50%, 6/10/2044		125		123
Encana Corp. (Canada)
6.50%, 5/15/2019		150		151
7.38%, 11/1/2031		175		208
6.50%, 8/15/2034		1,000		1,141
6.63%, 8/15/2037		148		168
Energy Transfer LP
4.25%, 3/15/2023		4,752		4,813
5.88%, 1/15/2024		4,900		5,255
5.50%, 6/1/2027		3,840		4,032
Energy Transfer Operating LP
3.60%, 2/1/2023		1,146		1,141
4.90%, 2/1/2024		200		208
4.75%, 1/15/2026 (b)		7,346		7,481
7.50%, 7/1/2038		300		352
6.05%, 6/1/2041		1,566		1,597
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		1,210		1,245
Eni USA, Inc. (United Kingdom) 7.30%, 11/15/2027		500		593
EnLink Midstream Partners LP
2.70%, 4/1/2019		841		841
4.40%, 4/1/2024 (b)		2,149		2,087
4.15%, 6/1/2025		2,701		2,573
4.85%, 7/15/2026 (b)		1,665		1,630
5.60%, 4/1/2044		1,930		1,703
Enterprise Products Operating LLC
3.35%, 3/15/2023		1,252		1,254
3.75%, 2/15/2025		582		589
3.70%, 2/15/2026		1,026		1,027
Series J, 5.75%, 3/1/2035		800		861
6.45%, 9/1/2040		375		455
5.95%, 2/1/2041		333		381
4.95%, 10/15/2054		330		331
EOG Resources, Inc. 4.10%, 2/1/2021		1,700		1,732
EP Energy LLC
9.38%, 5/1/2024 (a)		4,855		2,270
8.00%, 11/29/2024 (a) (b)		1,280		902
7.75%, 5/15/2026 (a) (b)		1,894		1,679

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Equinor ASA (Norway)
3.15%, 1/23/2022		790		797
2.45%, 1/17/2023		263		259
2.65%, 1/15/2024		2,179		2,144
7.15%, 11/15/2025		585		709
Gulfport Energy Corp.
6.38%, 5/15/2025		1,000		895
6.38%, 1/15/2026		1,018		891
Hilcorp Energy I LP
5.00%, 12/1/2024 (a)		2,038		1,956
6.25%, 11/1/2028 (a)		1,950		1,911
KazMunayGas National Co. JSC (Kazakhstan)
3.88%, 4/19/2022 (j)		5,270		5,270
6.38%, 10/24/2048 (a)		1,190		1,286
Kerr-McGee Corp. 7.88%, 9/15/2031		800		989
Marathon Oil Corp. 6.80%, 3/15/2032		500		571
MPLX LP
4.13%, 3/1/2027		7,150		7,007
5.20%, 3/1/2047		323		315
Murphy Oil Corp. 4.45%, 12/1/2022 (b) (c)		2,303		2,292
Newfield Exploration Co.
5.75%, 1/30/2022		3,508		3,692
5.38%, 1/1/2026		1,311		1,383
NGPL PipeCo LLC
4.38%, 8/15/2022 (a)		2,285		2,308
4.88%, 8/15/2027 (a)		1,835		1,846
Noble Energy, Inc. 5.25%, 11/15/2043		6,250		5,875
NuStar Logistics LP
6.75%, 2/1/2021		1,046		1,088
4.75%, 2/1/2022		2,278		2,292
5.63%, 4/28/2027		1,003		1,005
Oasis Petroleum, Inc.
6.88%, 3/15/2022 (b)		1,226		1,224
6.88%, 1/15/2023		1,166		1,159
Occidental Petroleum Corp.
2.70%, 2/15/2023		504		497
3.40%, 4/15/2026		2,300		2,302
4.20%, 3/15/2048 (b)		2,500		2,511
Oil and Gas Holding Co. BSCC (The) (Bahrain) 7.63%, 11/7/2024 (a)		2,500		2,709
ONEOK Partners LP 6.65%, 10/1/2036		1,465		1,627
ONEOK, Inc. 7.50%, 9/1/2023		3,050		3,466
PBF Holding Co. LLC
7.00%, 11/15/2023		533		545

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
7.25%, 6/15/2025		1,431		1,468
Peabody Energy Corp.
6.00%, 3/31/2022 (a)		1,370		1,382
6.38%, 3/31/2025 (a)		1,390		1,368
Pertamina Persero PT (Indonesia)
5.25%, 5/23/2021 (j)		2,700		2,777
6.45%, 5/30/2044 (j)		2,200		2,439
Petrobras Global Finance BV (Brazil) 6.00%, 1/27/2028		2,650		2,663
Petro-Canada (Canada)
7.88%, 6/15/2026		1,937		2,298
6.80%, 5/15/2038		1,215		1,496
Petroleos del Peru SA (Peru)
4.75%, 6/19/2032 (a)		1,670		1,645
5.63%, 6/19/2047 (a)		1,760		1,789
5.63%, 6/19/2047 (j)		800		813
Petroleos Mexicanos (Mexico)
(ICE LIBOR USD 3 Month + 3.65%), 6.42%, 3/11/2022 (h)		2,607		2,663
6.50%, 3/13/2027		1,020		985
6.50%, 1/23/2029		1,310		1,246
5.63%, 1/23/2046		1,100		861
6.75%, 9/21/2047		1,295		1,123
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago) 9.75%, 8/14/2019 (j)		750		735
Phillips 66
3.90%, 3/15/2028		500		497
4.65%, 11/15/2034		1,000		1,034
QEP Resources, Inc.
6.88%, 3/1/2021		978		1,011
5.38%, 10/1/2022		2,494		2,450
5.25%, 5/1/2023		2,196		2,114
5.63%, 3/1/2026 (b)		673		631
Range Resources Corp.
5.75%, 6/1/2021		1,253		1,269
5.00%, 8/15/2022 (b)		2,778		2,740
5.00%, 3/15/2023 (b)		1,658		1,602
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (a)		3,243		3,121
SM Energy Co.
6.13%, 11/15/2022		1,898		1,888
6.75%, 9/15/2026 (b)		2,489		2,383
6.63%, 1/15/2027 (b)		1,293		1,232

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 115

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Southwestern Energy Co. 7.50%, 4/1/2026 (b)		4,934		5,131
Spectra Energy Partners LP 4.50%, 3/15/2045		1,140		1,109
Suncor Energy, Inc. (Canada) 7.15%, 2/1/2032		148		185
Sunoco Logistics Partners Operations LP
5.95%, 12/1/2025		464		503
5.35%, 5/15/2045		2,000		1,886
Sunoco LP
4.88%, 1/15/2023		3,293		3,334
5.50%, 2/15/2026		1,861		1,848
5.88%, 3/15/2028		1,428		1,407
Tallgrass Energy Partners LP
4.75%, 10/1/2023 (a)		965		963
5.50%, 9/15/2024 (a)		1,808		1,847
5.50%, 1/15/2028 (a)		1,975		1,970
Targa Resources Partners LP
5.25%, 5/1/2023		2,485		2,519
4.25%, 11/15/2023		3,426		3,383
5.13%, 2/1/2025		3,895		3,915
5.88%, 4/15/2026 (a)		1,345		1,399
5.38%, 2/1/2027		535		538
6.50%, 7/15/2027 (a)		1,730		1,829
5.00%, 1/15/2028		870		845
TC PipeLines LP 3.90%, 5/25/2027		422		406
TerraForm Power Operating LLC
4.25%, 1/31/2023 (a)		1,872		1,855
6.63%, 6/15/2025 (a) (c)		188		197
5.00%, 1/31/2028 (a)		1,468		1,395
Texas Eastern Transmission LP 3.50%, 1/15/2028 (a)		375		359
Total Capital International SA (France)
2.75%, 6/19/2021		3,165		3,162
3.70%, 1/15/2024		21,800		22,338
3.75%, 4/10/2024		450		463
3.46%, 2/19/2029		8,215		8,194
TransCanada PipeLines Ltd. (Canada)
2.50%, 8/1/2022		285		279
3.75%, 10/16/2023		1,840		1,872
4.25%, 5/15/2028		1,000		1,021
5.85%, 3/15/2036		1,192		1,314
6.20%, 10/15/2037		1,000		1,152
4.75%, 5/15/2038		1,000		1,012

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
TransMontaigne Partners LP 6.13%, 2/15/2026		966		891
Ultra Resources, Inc. 9.00%, 7/12/2024		18,034		11,632
Western Midstream Operating LP 4.00%, 7/1/2022		446		448
Whiting Petroleum Corp. 6.63%, 1/15/2026 (b)		1,488		1,458
Williams Cos., Inc. (The) 4.00%, 9/15/2025		4,139		4,157
WPX Energy, Inc. 5.75%, 6/1/2026		1,806		1,813
				405,064
Paper & Forest Products — 0.0% (k)
Clearwater Paper Corp.
4.50%, 2/1/2023 (b)		2,434		2,312
5.38%, 2/1/2025 (a) (b)		1,888		1,780
				4,092
Pharmaceuticals — 0.8%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024		3,593		3,422
Allergan, Inc. 2.80%, 3/15/2023		500		482
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (a)		2,599		2,693
7.00%, 3/15/2024 (a)		9,063		9,550
5.50%, 11/1/2025 (a)		7,822		7,890
5.75%, 8/15/2027 (a)		305		308
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (a)		705		556
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (a)		1,100		1,095
Eli Lilly & Co.
2.75%, 6/1/2025		18,140		17,756
3.38%, 3/15/2029 (b)		2,475		2,475
3.88%, 3/15/2039		4,160		4,097
3.95%, 3/15/2049		4,040		3,958
4.15%, 3/15/2059		665		649
Endo Dac 5.88%, 10/15/2024 (a) (b)		1,586		1,586
GlaxoSmithKline Capital, Inc. (United Kingdom)
3.63%, 5/15/2025		8,590		8,742
3.88%, 5/15/2028		20,000		20,552
5.38%, 4/15/2034		400		461
6.38%, 5/15/2038		920		1,168
Johnson & Johnson
2.45%, 3/1/2026		2,000		1,909
3.40%, 1/15/2038		926		883

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — continued
Merck & Co., Inc. 2.80%, 5/18/2023		562		558
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		2,705		2,690
Pfizer, Inc.
2.75%, 6/3/2026		1,500		1,449
4.10%, 9/15/2038		2,000		2,037
Pharmacia LLC 6.60%, 12/1/2028 (c)		745		915
Roche Holdings, Inc. (Switzerland) 2.25%, 9/30/2019 (a) (b)		450		449
Sanofi (France) 4.00%, 3/29/2021 (b)		13,773		14,106
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		500		469
				112,905
Professional Services — 0.1%
AMN Healthcare, Inc. 5.13%, 10/1/2024 (a)		5,614		5,544
Real Estate Management & Development — 0.0% (k)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,545		1,520
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (a)		579		575
3.88%, 3/20/2027 (a)		603		601
4.13%, 2/1/2029 (a)		1,055		1,078
				3,774
Road & Rail — 0.4%
Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a) (b)		3,424		3,253
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (a)		150		154
5.13%, 10/1/2023 (a)		540		545
5.25%, 5/15/2024 (a)		1,726		1,769
Burlington Northern Santa Fe LLC
3.05%, 9/1/2022		2,500		2,506
3.00%, 3/15/2023		162		162
6.70%, 8/1/2028		1,150		1,419
7.08%, 5/13/2029		100		126
6.15%, 5/1/2037		750		920
4.38%, 9/1/2042		510		526
4.70%, 9/1/2045		6,630		7,146
Cie de Chemin de Fer Canadien Pacifique (Canada)
7.25%, 5/15/2019		165		167
9.45%, 8/1/2021		280		318
4.50%, 1/15/2022		1,680		1,727
6.13%, 9/15/2115		1,456		1,693

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Road & Rail — continued
CSX Corp. 3.25%, 6/1/2027		583		560
DAE Funding LLC (United Arab Emirates)
5.75%, 11/15/2023 (a)		2,750		2,803
5.00%, 8/1/2024 (a) (b)		2,253		2,208
ERAC USA Finance LLC
3.30%, 10/15/2022 (a)		200		198
2.70%, 11/1/2023 (a)		470		448
6.70%, 6/1/2034 (a)		800		953
7.00%, 10/15/2037 (a)		291		358
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		460		464
Kazakhstan Temir Zholy National Co. JSC (Kazakhstan) 4.85%, 11/17/2027 (a)		521		531
Norfolk Southern Corp.
3.25%, 12/1/2021		1,415		1,416
2.90%, 2/15/2023		462		457
4.05%, 8/15/2052		500		463
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a) (b)		4,927		5,044
4.50%, 3/15/2023 (a)		5,668		5,625
5.50%, 2/15/2024 (a)		6,489		6,708
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,767		1,781
Ryder System, Inc.
2.45%, 9/3/2019		325		324
2.65%, 3/2/2020		840		837
3.50%, 6/1/2021		555		557
SMBC Aviation Capital Finance DAC (Ireland)
3.00%, 7/15/2022 (a)		650		635
4.13%, 7/15/2023 (a)		1,100		1,114
				55,915
Semiconductors & Semiconductor Equipment — 0.1%
Analog Devices, Inc. 4.50%, 12/5/2036		563		535
Applied Materials, Inc. 5.10%, 10/1/2035		600		658
Broadcom Corp. 3.63%, 1/15/2024		2,108		2,049
Entegris, Inc. 4.63%, 2/10/2026 (a)		1,240		1,218
Intel Corp.
3.10%, 7/29/2022		605		612
2.88%, 5/11/2024		565		560
3.70%, 7/29/2025		326		335
2.60%, 5/19/2026		825		790
3.73%, 12/8/2047		1,115		1,071
Qorvo, Inc. 5.50%, 7/15/2026 (a)		4,972		5,071

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 117

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		2,328		2,456
Texas Instruments, Inc.
2.90%, 11/3/2027		1,000		963
4.15%, 5/15/2048		300		307
				16,625
Software — 0.7%
Fair Isaac Corp. 5.25%, 5/15/2026 (a)		2,330		2,353
j2 Cloud Services LLC 6.00%, 7/15/2025 (a)		2,018		2,072
Microsoft Corp.
2.38%, 2/12/2022		25		25
2.65%, 11/3/2022		5,265		5,249
2.38%, 5/1/2023		11		11
2.88%, 2/6/2024		1,045		1,045
3.13%, 11/3/2025		3,000		3,017
2.40%, 8/8/2026		5,000		4,745
3.30%, 2/6/2027		446		449
3.50%, 2/12/2035		4,989		4,879
4.20%, 11/3/2035		435		460
3.45%, 8/8/2036		2,000		1,941
4.10%, 2/6/2037		870		912
4.50%, 10/1/2040		2,595		2,825
4.50%, 2/6/2057		3,762		4,077
Nuance Communications, Inc. 5.63%, 12/15/2026		7,206		7,350
Open Text Corp. (Canada)
5.63%, 1/15/2023 (a)		787		807
5.88%, 6/1/2026 (a)		5,966		6,277
Oracle Corp.
2.50%, 5/15/2022		787		777
2.50%, 10/15/2022		1,821		1,794
2.63%, 2/15/2023		20,150		19,853
2.40%, 9/15/2023		495		481
2.95%, 11/15/2024		1,000		987
4.30%, 7/8/2034		4,818		5,015
3.90%, 5/15/2035 (b)		1,500		1,472
5.38%, 7/15/2040		241		277
4.00%, 7/15/2046		9,500		9,103
4.38%, 5/15/2055		5,215		5,199
salesforce.com, Inc. 3.70%, 4/11/2028		1,100		1,127
Symantec Corp. 5.00%, 4/15/2025 (a)		7,191		7,164
				101,743

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Specialty Retail — 0.5%
Caleres, Inc. 6.25%, 8/15/2023		2,535		2,627
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (a)		6,610		6,594
Home Depot, Inc. (The)
2.63%, 6/1/2022		734		730
2.13%, 9/15/2026		10,480		9,689
2.80%, 9/14/2027		1,000		963
3.90%, 12/6/2028		2,400		2,487
3.50%, 9/15/2056		7,000		6,170
L Brands, Inc.
5.25%, 2/1/2028 (b)		769		665
6.88%, 11/1/2035		963		831
6.75%, 7/1/2036		1,625		1,373
Lowe’s Cos., Inc.
3.13%, 9/15/2024		665		646
3.38%, 9/15/2025		1,262		1,231
2.50%, 4/15/2026		13,060		11,933
3.70%, 4/15/2046		5,000		4,227
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		185		179
Party City Holdings, Inc. 6.63%, 8/1/2026 (a) (b)		1,824		1,797
Penske Automotive Group, Inc. 5.50%, 5/15/2026 (b)		2,069		2,030
PetSmart, Inc.
7.13%, 3/15/2023 (a)		1,025		695
5.88%, 6/1/2025 (a)		2,780		2,210
8.88%, 6/1/2025 (a)		2,535		1,711
Sally Holdings LLC
5.50%, 11/1/2023		250		252
5.63%, 12/1/2025		967		949
Staples, Inc. 8.50%, 9/15/2025 (a) (b)		1,833		1,796
TJX Cos., Inc. (The) 2.25%, 9/15/2026		5,000		4,615
				66,400
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.70%, 5/13/2022 (b)		2,580		2,571
3.00%, 2/9/2024		2,702		2,707
2.85%, 5/11/2024		703		698
2.75%, 1/13/2025 (b)		3,000		2,945
2.50%, 2/9/2025		1,000		967
3.25%, 2/23/2026		372		372
3.35%, 2/9/2027		18,811		18,805
3.20%, 5/11/2027		1,143		1,129
3.00%, 6/20/2027		1,875		1,826

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
2.90%, 9/12/2027		1,742		1,681
4.50%, 2/23/2036		1,123		1,209
3.75%, 9/12/2047		6,500		6,120
Dell International LLC
5.88%, 6/15/2021 (a)		3,206		3,269
7.13%, 6/15/2024 (a) (b)		6,236		6,617
6.02%, 6/15/2026 (a)		1,189		1,261
EMC Corp. 3.38%, 6/1/2023 (b)		9,388		9,015
Western Digital Corp. 4.75%, 2/15/2026 (b)		7,981		7,542
Xerox Corp. 3.62%, 3/15/2023 (c)		4,500		4,416
				73,150
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc.
4.63%, 5/15/2024 (a)		2,774		2,771
4.88%, 5/15/2026 (a) (b)		1,774		1,747
Levi Strauss & Co. 5.00%, 5/1/2025		1,219		1,244
William Carter Co. (The) 5.63%, 3/15/2027 (a) (l)		1,645		1,645
				7,407
Thrifts & Mortgage Finance — 0.3%
BPCE SA (France)
2.50%, 7/15/2019		2,000		1,995
2.75%, 12/2/2021		2,073		2,044
2.75%, 1/11/2023 (a)		18,570		18,034
5.70%, 10/22/2023 (a)		2,000		2,098
5.15%, 7/21/2024 (a)		2,950		3,026
3.38%, 12/2/2026		250		242
3.50%, 10/23/2027 (a)		1,100		1,029
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022 (a)		1,815		1,842
5.25%, 10/1/2025 (a)		1,313		1,234
Nationwide Building Society (United Kingdom) 6.25%, 2/25/2020 (a)		2,000		2,061
Quicken Loans, Inc.
5.75%, 5/1/2025 (a)		6,280		6,198
5.25%, 1/15/2028 (a)		3,604		3,284
Radian Group, Inc. 4.50%, 10/1/2024		3,751		3,648
				46,735
Tobacco — 0.4%
Altria Group, Inc.
2.63%, 1/14/2020		7,500		7,477
4.50%, 5/2/2043		3,530		2,922

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tobacco — continued
3.88%, 9/16/2046		9,585		7,264
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027 (b)		5,000		4,569
4.39%, 8/15/2037		11,345		9,469
Philip Morris International, Inc.
3.60%, 11/15/2023		3,183		3,241
3.38%, 8/11/2025		6,600		6,585
2.75%, 2/25/2026 (b)		6,310		5,936
4.38%, 11/15/2041		8,053		7,459
4.13%, 3/4/2043		5,000		4,496
				59,418
Trading Companies & Distributors — 0.3%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		2,013		1,857
Air Lease Corp. 3.25%, 3/1/2025		242		229
Aviation Capital Group LLC
2.88%, 1/20/2022 (a) (b)		1,000		976
4.13%, 8/1/2025 (a)		770		752
3.50%, 11/1/2027 (a) (b)		2,000		1,858
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021 (a)		300		290
2.75%, 9/18/2022 (a)		600		579
International Lease Finance Corp. 8.63%, 1/15/2022		1,000		1,125
United Rentals North America, Inc.
4.63%, 7/15/2023		2,178		2,220
5.75%, 11/15/2024		1,715		1,767
5.50%, 7/15/2025		305		312
4.63%, 10/15/2025		2,475		2,407
5.88%, 9/15/2026		7,260		7,432
6.50%, 12/15/2026		2,790		2,912
5.50%, 5/15/2027		4,545		4,545
4.88%, 1/15/2028		745		711
WESCO Distribution, Inc. 5.38%, 6/15/2024		3,197		3,205
WW Grainger, Inc. 4.60%, 6/15/2045		520		537
				33,714
Water Utilities — 0.0% (k)
American Water Capital Corp.
3.85%, 3/1/2024 (b)		680		696
3.40%, 3/1/2025		622		620
				1,316
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		1,266		1,259

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 119

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
6.13%, 3/30/2040		300		363
Crown Castle Towers LLC
3.72%, 7/15/2023 (a)		250		250
3.66%, 5/15/2025 (a)		2,805		2,801
Hughes Satellite Systems Corp. 5.25%, 8/1/2026		2,397		2,343
Inmarsat Finance plc (United Kingdom)
4.88%, 5/15/2022 (a)		545		545
6.50%, 10/1/2024 (a)		1,935		1,925
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023 (a) (b)		5,175		5,007
Sprint Communications, Inc.
7.00%, 3/1/2020 (a)		1,022		1,055
7.00%, 8/15/2020		1,246		1,299
Sprint Corp.
7.13%, 6/15/2024		5,952		6,150
7.63%, 3/1/2026		880		913
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		1,522		–	(f)
T-Mobile USA, Inc.
6.50%, 1/15/2024		906		940
6.50%, 1/15/2024 ‡		906		–	(f)
6.00%, 4/15/2024 (b)		418		434
6.38%, 3/1/2025		5,105		5,312
6.38%, 3/1/2025 ‡		1,460		–	(f)
5.13%, 4/15/2025 (b)		14,351		14,714
5.13%, 4/15/2025 ‡ (b)		9,752		–	(f)
6.50%, 1/15/2026		4,391		4,688
6.50%, 1/15/2026 ‡		4,391		–	(f)
4.50%, 2/1/2026		1,522		1,501
4.75%, 2/1/2028		1,522		1,473
4.75%, 2/1/2028 ‡		1,522		–	(f)
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		11,450		11,411
4.13%, 5/30/2025		270		271
Wind Tre SpA (Italy) 5.00%, 1/20/2026 (a)		1,373		1,184
				65,838
Total Corporate Bonds (Cost $4,119,847)				4,090,394
Asset-Backed Securities — 17.7%
ACC Trust
Series 2018-1, Class A, 3.70%, 12/21/2020 (a)		4,020		4,025
Series 2019-1, Class A, 3.75%, 5/20/2022 (a)		15,000		15,001

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		4,673		4,699
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		3,593		3,505
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		967		958
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		2,157		2,066
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		1,171		1,124
Ajax Mortgage Loan Trust Series 2017-A, Class A, 3.47%, 4/25/2057 ‡ (a) (c)		5,981		5,944
Ally Auto Receivables Trust
Series 2015-2, Class D, 3.01%, 3/15/2022 (a)		6,000		5,977
Series 2018-1, Class A3, 2.35%, 6/15/2022		30,091		29,971
Series 2016-1, Class D, 2.84%, 9/15/2022		5,700		5,696
Series 2017-3, Class C, 2.37%, 10/17/2022		4,038		4,007
Series 2018-2, Class A3, 2.92%, 11/15/2022		26,698		26,763
American Airlines Pass-Through Trust
Series 2014-1, Class A, 3.70%, 10/1/2026		194		191
Series 2015-1, Class A, 3.38%, 5/1/2027		3,644		3,515
Series 2016-2, Class AA, 3.20%, 6/15/2028		900		859
Series 2016-2, Class A, 3.65%, 6/15/2028		949		912
Series 2016-3, Class AA, 3.00%, 10/15/2028		377		357
Series 2017-1, Class AA, 3.65%, 2/15/2029		2,301		2,258
American Credit Acceptance Receivables Trust
Series 2016-2, Class C, 6.09%, 5/12/2022 (a)		10,000		10,136
Series 2016-3, Class C, 4.26%, 8/12/2022 (a)		6,975		7,026
Series 2016-4, Class C, 2.91%, 2/13/2023 (a)		4,473		4,471
Series 2017-2, Class C, 2.86%, 6/12/2023 (a)		10,834		10,820
Series 2017-2, Class D, 3.69%, 6/12/2023 (a)		7,321		7,320

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
American Express Credit Account Master Trust Series 2017-1, Class A, 1.93%, 9/15/2022		23,121		22,942
American Homes 4 Rent Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (a)		1,250		1,335
American Homes 4 Rent Trust
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 ‡ (a)		5,000		5,231
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		17,745		19,510
Series 2015-SFR2, Class D, 5.04%, 10/17/2052 ‡ (a)		2,250		2,370
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (a)		18,630		20,322
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class B, 1.80%, 10/8/2021		5,317		5,279
Series 2017-2, Class D, 3.42%, 4/18/2023		11,300		11,295
Series 2017-4, Class D, 3.08%, 12/18/2023		20,124		19,947
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-5, Class A6, 4.17%, 4/25/2033 ‡ (c)		71		71
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2003-13, Class AF6, 4.94%, 1/25/2034 ‡ (c)		11		13
Anchor Assets IX LLC
Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (a)		11,254		11,254
Series 2016-1, Class B, 6.25%, 2/15/2020 ‡ (a)		10,250		10,250
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (a)		943		936
Series 2016-1, Class A, 2.57%, 6/15/2049 (a)		3,357		3,304
BankBoston Home Equity Loan Trust Series 1998-1, Class A6, 6.35%, 7/25/2028 ‡		1		1
BCC Funding XIII LLC Series 2016-1, Class A2, 2.20%, 12/20/2021 (a)		707		706
Bear Stearns Asset-Backed Securities Trust
Series 2006-SD1, Class A, 2.86%, 4/25/2036 ‡ (m)		108		108
Series 2003-SD2, Class 2A, 4.57%, 6/25/2043 ‡ (m)		231		231

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BMW Vehicle Lease Trust Series 2017-2, Class A3, 2.07%, 10/20/2020		15,734		15,670
BMW Vehicle Owner Trust Series 2018-A, Class A3, 2.35%, 4/25/2022		16,365		16,290
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		792		795
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		2,357		2,349
Burlington Northern and Santa Fe Railway Co. Pass-Through Trust Series 2000-2, 7.91%, 1/15/2020		13		13
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		16,223		16,239
Series 2018-1, Class C, 7.75%, 2/15/2033 (a)		1,742		1,771
Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		16,593		16,628
Series 2018-2, Class C, 6.66%, 6/15/2033 (a)		4,556		4,564
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		224		223
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		9,697		9,676
Series 2017-SFR1, Class A, 5.50%, 6/5/2027 (a)		21,633		21,633
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (a)		19,843		19,843
Capital Auto Receivables Asset Trust
Series 2018-1, Class A2A, 2.54%, 10/20/2020 (a)		4,204		4,201
Series 2018-1, Class A3, 2.79%, 1/20/2022 (a)		25,380		25,384
CarFinance Capital Auto Trust
Series 2014-2A, Class C, 3.24%, 11/16/2020 (a)		2,151		2,151
Series 2014-2A, Class D, 4.28%, 11/16/2020 (a)		4,000		4,001
Series 2015-1A, Class C, 3.58%, 6/15/2021 (a)		3,900		3,903
Series 2015-1A, Class D, 4.66%, 6/15/2021 (a)		5,400		5,411
Series 2015-1A, Class E, 5.49%, 1/18/2022 (a)		1,070		1,076
CarMax Auto Owner Trust
Series 2018-2, Class A2, 2.73%, 8/16/2021		15,959		15,955

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 121

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-1, Class C, 2.84%, 10/17/2022		3,011		2,997
Series 2017-1, Class D, 3.43%, 7/17/2023		4,929		4,911
Series 2018-1, Class D, 3.37%, 7/15/2024		2,732		2,710
Carnow Auto Receivables Trust
Series 2016-1A, Class C, 5.11%, 2/15/2021 (a)		5,223		5,228
Series 2017-1A, Class B, 4.35%, 9/15/2022 (a)		7,800		7,808
Series 2018-1A, Class C, 5.21%, 9/15/2023 (a)		5,960		6,016
Centex Home Equity Loan Trust Series 2001-B, Class A6, 6.36%, 7/25/2032 ‡		55		56
CIG Auto Receivables Trust Series 2017-1A, Class C, 5.33%, 12/16/2024 (a)		2,000		2,001
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		1,372		1,711
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95%, 4/25/2032 ‡ (a) (c)		97		96
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023 (a)		4,409		4,429
Series 2018-NP1, Class C, 4.74%, 5/15/2024 ‡ (a)		15,000		15,015
Colony American Finance Ltd. (Cayman Islands)
Series 2016-1, Class A, 2.54%, 6/15/2048 (a)		1,223		1,203
Series 2016-2, Class A, 2.55%, 11/15/2048 (a)		7,347		7,186
Conix Mortgage Asset Trust Series 2013-1, Class M1, 5.07%, 12/25/2047 ‡ (a) (e) (m)		5,000		–	(f)
Consumer Loan Underlying Bond Credit Trust Series 2017-NP2, Class B, 3.50%, 1/16/2024 ‡ (a)		3,656		3,659
Continental Airlines Pass-Through Trust
Series 2004-ERJ1, 9.56%, 9/1/2019		31		31
Series 2012-1, Class A, 4.15%, 4/11/2024		146		147
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (a)		448		452
COOF Securitization Trust Ltd. Series 2014-1, Class A, IO, 3.00%, 6/25/2040 ‡ (a) (m)		6,038		537

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CPS Auto Receivables Trust
Series 2016-B, Class B, 3.18%, 9/15/2020 (a)		406		406
Series 2017-B, Class C, 2.92%, 2/15/2022 (a)		2,884		2,869
Series 2016-C, Class C, 3.27%, 6/15/2022 (a)		12,600		12,609
Series 2018-B, Class C, 3.58%, 3/15/2023 (a)		13,003		13,055
Series 2017-B, Class D, 3.95%, 3/15/2023 (a)		6,975		7,009
Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		2,161		2,154
Series 2018-D, Class D, 4.34%, 9/16/2024 (a)		2,303		2,327
CPS Auto Trust
Series 2017-A, Class C, 3.31%, 12/15/2022 (a)		1,470		1,472
Series 2017-A, Class D, 4.61%, 12/15/2022 (a)		840		852
Credit Acceptance Auto Loan Trust
Series 2016-3A, Class C, 3.60%, 4/15/2025 (a)		6,048		6,045
Series 2017-1A, Class A, 2.56%, 10/15/2025 (a)		3,973		3,966
Series 2017-1A, Class B, 3.04%, 12/15/2025 (a)		1,742		1,736
Series 2017-1A, Class C, 3.48%, 2/17/2026 (a)		1,460		1,454
Series 2017-3A, Class A, 2.65%, 6/15/2026 (a)		30,933		30,730
Series 2017-2A, Class C, 3.35%, 6/15/2026 (a)		1,621		1,614
Series 2018-1A, Class B, 3.60%, 4/15/2027 (a)		40,547		40,715
Series 2018-2A, Class B, 3.94%, 7/15/2027 (a)		20,950		21,166
Series 2018-3A, Class C, 4.04%, 12/15/2027 (a)		11,249		11,314
Currency Capital Funding Trust Series 2018-1A, Class B, 7.99%, 3/17/2026 ‡ (a) (m)		5,896		5,875
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 3.24%, 3/25/2034 ‡ (m)		162		162
Series 2004-1, Class M2, 3.31%, 3/25/2034 ‡ (m)		34		33
Series 2004-1, Class 3A, 3.05%, 4/25/2034 ‡ (m)		297		284

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.39%, 10/25/2034 (m)		450		444
Delta Air Lines Pass-Through Trust
Series 2012-1, Class B, 6.88%, 5/7/2019 (a)		132		132
Series 2012-1, Class A, 4.75%, 5/7/2020		127		129
Series 2007-1, Class A, 6.82%, 8/10/2022		1,488		1,617
Series 2015-1, Class AA, 3.63%, 7/30/2027		2,253		2,229
Diamond Resorts Owner Trust
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (a)		1,976		1,978
Series 2018-1, Class D, 5.90%, 1/21/2031 ‡ (a)		2,412		2,429
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022 ‡ (a) (c)		33,800		33,800
Drive Auto Receivables Trust
Series 2017-BA, Class C, 2.61%, 8/16/2021 (a)		3,081		3,079
Series 2017-AA, Class C, 2.98%, 1/18/2022 (a)		1,847		1,847
Series 2017-1, Class C, 2.84%, 4/15/2022		6,346		6,345
Series 2017-3, Class C, 2.80%, 7/15/2022		17,295		17,286
Series 2015-AA, Class D, 4.12%, 7/15/2022 (a)		2,698		2,709
Series 2015-BA, Class E, 5.15%, 8/15/2022 (a)		7,000		7,043
Series 2017-BA, Class D, 3.72%, 10/17/2022 (a)		5,970		5,998
Series 2015-CA, Class E, 5.27%, 11/15/2022 (a)		4,500		4,527
Series 2015-DA, Class D, 4.59%, 1/17/2023 (a)		5,900		5,951
Series 2017-1, Class D, 3.84%, 3/15/2023		8,047		8,096
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		22,000		22,057
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		5,829		5,872
Series 2017-AA, Class D, 4.16%, 5/15/2024 (a)		3,217		3,251
Series 2017-BA, Class E, 5.30%, 7/15/2024 (a)		15,290		15,662

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-2, Class D, 4.14%, 8/15/2024		32,890		33,259
Series 2018-3, Class D, 4.30%, 9/16/2024		14,563		14,810
DT Auto Owner Trust
Series 2016-3A, Class C, 3.15%, 3/15/2022 (a)		754		754
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		2,962		2,976
Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		3,551		3,559
Series 2016-1A, Class D, 4.66%, 12/15/2022 (a)		4,419		4,460
Series 2017-2A, Class C, 3.03%, 1/17/2023 (a)		5,885		5,885
Series 2016-3A, Class D, 4.52%, 6/15/2023 (a)		16,520		16,640
Series 2017-4A, Class C, 2.86%, 7/17/2023 (a)		4,423		4,411
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		8,285		8,277
Series 2018-1A, Class C, 3.47%, 12/15/2023 (a)		8,578		8,599
Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		6,053		6,063
Series 2017-2A, Class E, 6.03%, 1/15/2024 (a)		8,750		9,051
Series 2017-1A, Class E, 5.79%, 2/15/2024 (a)		14,000		14,370
Series 2017-3A, Class E, 5.60%, 8/15/2024 (a)		8,295		8,486
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A, 2.69%, 3/25/2030 (a)		18,967		18,757
Engs Commercial Finance Trust Series 2018-1A, Class A1, 2.97%, 2/22/2021 (a)		4,151		4,144
Equity One Mortgage Pass-Through Trust Series 2003-2, Class M1, 5.05%, 9/25/2033 ‡ (m)		251		254
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (a)		2,793		2,792
Series 2015-3A, Class C, 4.83%, 8/16/2021 (a)		5,900		5,926
Series 2016-1A, Class C, 5.52%, 10/15/2021 (a)		445		450
Series 2017-1A, Class B, 3.00%, 12/15/2021 (a)		4,423		4,423

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 123

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-2A, Class B, 2.82%, 5/16/2022 (a)		3,465		3,456
Series 2015-2A, Class D, 5.79%, 5/16/2022 (a)		2,150		2,184
Series 2017-1A, Class C, 3.95%, 12/15/2022 (a)		1,885		1,898
Series 2017-2A, Class C, 3.93%, 4/17/2023 (a)		9,065		9,133
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		8,221		8,259
Series 2016-3A, Class D, 6.40%, 7/17/2023 (a)		9,400		9,694
Series 2018-1A, Class D, 3.53%, 11/15/2023 (a)		14,215		14,173
Series 2017-2A, Class D, 6.39%, 2/15/2024 (a)		8,000		8,308
Series 2018-3A, Class D, 4.35%, 6/17/2024 (a)		22,280		22,672
Series 2018-4A, Class D, 4.35%, 9/16/2024 (a)		21,800		22,188
Series 2018-2A, Class E, 5.33%, 5/15/2025 (a)		7,000		7,151
First Investors Auto Owner Trust
Series 2016-2A, Class B, 2.21%, 7/15/2022 (a)		5,000		4,957
Series 2016-2A, Class C, 2.53%, 7/15/2022 (a)		5,000		4,949
Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		3,500		3,484
Series 2017-3A, Class B, 2.72%, 4/17/2023 (a)		3,454		3,430
Series 2017-3A, Class C, 3.00%, 1/16/2024 (a)		5,458		5,421
Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		5,096		5,078
Series 2017-3A, Class E, 4.92%, 8/15/2024 (a)		1,300		1,304
Flagship Credit Auto Trust
Series 2014-2, Class C, 3.95%, 12/15/2020 (a)		2,690		2,695
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		6,000		6,221
Series 2017-4, Class B, 2.66%, 10/17/2022 (a)		5,872		5,814
Series 2015-3, Class D, 7.12%, 11/15/2022 (a)		6,695		6,883
Series 2017-1, Class B, 2.83%, 3/15/2023 (a)		4,183		4,179

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-1, Class C, 3.22%, 5/15/2023 (a)		2,704		2,708
Series 2017-1, Class D, 4.23%, 5/15/2023 (a)		1,313		1,331
Series 2017-R, Class B, 8.00%, 5/17/2023 (a)		1,282		1,289
8.24%, 10/18/2023		17,218		17,171
Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		5,720		5,653
Series 2017-1, Class E, 6.46%, 12/15/2023 (a)		3,500		3,620
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		2,630		2,622
Series 2017-2, Class E, 5.55%, 7/15/2024 (a)		3,630		3,695
Ford Credit Auto Lease Trust Series 2017-B, Class A3, 2.03%, 12/15/2020		4,348		4,333
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		11,065		11,089
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class A6, 6.70%, 4/25/2029 ‡ (m)		397		422
GLS Auto Receivables Trust
Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		6,000		6,175
Series 2018-1A, Class A, 2.82%, 7/15/2022 (a)		2,622		2,617
Series 2017-1A, Class D, 5.50%, 6/17/2024 (a)		4,000		4,046
GM Financial Automobile Leasing Trust Series 2018-1, Class A3, 2.61%, 1/20/2021		12,975		12,957
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		19,830		19,840
GMAT Trust
Series 2013-1A, Class M, 5.00%, 11/25/2043 ‡ (a) (m)		5,000		3,358
Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (a) (c)		43		43
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (a)		2,235		2,266
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (m)		10,463		10,546
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		1,845		1,842

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2016-1A, Class B, 5.24%, 10/15/2052 ‡ (a)		1,401		1,419
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		11,895		11,723
HERO Funding (Cayman Islands)
Series 2017-3A, Class A1, 3.19%, 9/20/2048 (a)		7,223		7,175
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		5,948		6,062
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (a)		992		1,004
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (a)		7,145		7,255
HERO Funding Trust (Cayman Islands)
Series 2015-3A, Class A, 4.28%, 9/20/2041 (a)		4,704		4,867
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		2,140		2,112
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		6,060		6,243
Series 2017-2A, Class A2, 4.07%, 9/20/2048 (a)		6,919		6,952
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042 (a)		5,498		5,470
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032 (a)		7,539		7,547
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.29%, 2/25/2024 (a)		12,344		12,186
Honda Auto Receivables Owner Trust Series 2018-2, Class A3, 3.01%, 5/18/2022		14,823		14,888
Hyundai Auto Receivables Trust Series 2018-A, Class A3, 2.79%, 7/15/2022		8,105		8,108
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (a)		12,000		12,039
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (a)		6,415		6,477
Series 2017-1, Class C, 8.00%, 3/15/2022 ‡ (a)		10,000		10,188
KGS-Alpha SBA COOF Trust
Series 2012-4, Class A, IO, 0.97%, 9/25/2037 ‡ (a) (m)		11,544		300
Series 2012-2, Class A, IO, 0.89%, 8/25/2038 ‡ (a) (m)		9,901		237

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-2, Class A, IO, 1.68%, 3/25/2039 ‡ (a) (m)		8,836		360
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023 ‡ (a)		2,263		2,271
LendingPoint Funding Trust Series 2018-1, Class A2, 6.49%, 11/15/2024 ‡ (a) (m)		13,000		13,000
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025 (a)		5,819		5,759
Series 2017-2A, Class B, 3.38%, 5/20/2026 ‡ (a)		3,000		2,967
Series 2017-2A, Class C, 4.33%, 5/20/2026 ‡ (a)		4,300		4,318
Series 2018-1A, Class D, 6.25%, 12/21/2026 ‡ (a)		7,750		7,861
Series 2018-2A, Class D, 6.78%, 4/20/2027 (a)		8,970		9,030
Long Beach Mortgage Loan Trust Series 2004-1, Class M3, 3.54%, 2/25/2034 ‡ (m)		58		57
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		11,258		11,258
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		13,172		13,172
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029 (a)		12,303		12,316
Series 2018-AA, Class D, 6.57%, 11/20/2030 (a)		10,000		10,175
Marlette Funding Trust
Series 2016-1A, Class B, 4.78%, 1/17/2023 (a)		1,433		1,435
Series 2017-1A, Class A, 2.83%, 3/15/2024 (a)		301		301
Series 2017-3A, Class A, 2.36%, 12/15/2024 (a)		5,868		5,855
Series 2018-1A, Class A, 2.61%, 3/15/2028 (a)		4,886		4,874
Series 2018-1A, Class C, 3.69%, 3/15/2028 (a)		4,250		4,233
Series 2018-2A, Class A, 3.06%, 7/17/2028 (a)		5,631		5,626
Mercedes-Benz Auto Lease Trust Series 2018-A, Class A3, 2.41%, 2/16/2021		7,669		7,649
Mid-State Capital Corp. Trust
Series 2005-1, Class A, 5.75%, 1/15/2040		121		130

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 125

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2005-1, Class M1, 6.11%, 1/15/2040 ‡		2,886		3,107
Series 2006-1, Class A, 5.79%, 10/15/2040 (a)		1,494		1,598
Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		1,813		1,959
Series 2006-1, Class M2, 6.74%, 10/15/2040 ‡ (a)		724		801
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 4.74%, 3/25/2033 ‡ (m)		263		251
New Century Home Equity Loan Trust
Series 2003-5, Class AI6, 5.08%, 11/25/2033 ‡ (c)		445		449
Series 2005-1, Class M1, 3.16%, 3/25/2035 ‡ (m)		556		555
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (a)		5,000		4,980
Nissan Auto Receivables Owner Trust Series 2017-C, Class A3, 2.12%, 4/18/2022		9,483		9,412
Ocwen Master Advance Receivables Trust Series 2016-T2, Class DT2, 4.45%, 8/16/2049 ‡ (a)		6,725		6,725
OL SP LLC
Series 2018, Class A, 4.16%, 2/9/2030		5,363		5,345
Series 2018, Class C, 4.25%, 2/9/2030 ‡		1,453		1,368
Series 2018, Class B, 4.61%, 2/9/2030 ‡		1,676		1,683
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		7,250		7,276
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class D, 3.42%, 10/15/2024 (a)		7,062		7,014
Series 2018-1A, Class C, 3.85%, 10/14/2025 (a)		15,882		15,977
OneMain Financial Issuance Trust
Series 2015-2A, Class C, 4.32%, 7/18/2025 ‡ (a)		6,120		6,126
Series 2015-1A, Class A, 3.19%, 3/18/2026 (a)		720		721
Series 2015-1A, Class C, 5.12%, 3/18/2026 ‡ (a)		7,435		7,518
Series 2016-1A, Class A, 3.66%, 2/20/2029 (a)		4,384		4,402
Series 2016-1A, Class B, 4.57%, 2/20/2029 ‡ (a)		4,000		4,051

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-1A, Class C, 6.00%, 2/20/2029 (a)		7,400		7,570
Series 2019-1A, Class E, 5.69%, 2/14/2031 ‡ (a)		16,475		16,508
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (a)		3,915		3,888
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		10,408		10,382
Prestige Auto Receivables Trust Series 2016-2A, Class D, 3.91%, 11/15/2022 (a)		4,452		4,473
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (a)		10,665		10,566
Series 2015-SFR2, Class D, 3.68%, 6/12/2032 ‡ (a)		5,000		4,972
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (a)		3,602		3,603
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (a)		3,154		3,183
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (a)		5,580		5,643
Series 2017-SFR2, Class D, 3.60%, 12/17/2034 ‡ (a)		1,529		1,503
Series 2017-SFR2, Class E, 4.14%, 12/17/2034 ‡ (a)		7,851		7,827
Series 2017-SFR2, Class F, 4.84%, 12/17/2034 ‡ (a)		4,133		4,115
Series 2018-SFR1, Class F, 4.78%, 3/17/2035 ‡ (a)		3,655		3,636
Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (a)		10,490		10,718
Prosper Marketplace Issuance Trust
Series 2017-3A, Class B, 3.36%, 11/15/2023 (a)		16,866		16,852
Series 2018-1A, Class A, 3.11%, 6/17/2024 (a)		5,540		5,543
Purchasing Power Funding LLC Series 2018-A, Class D, 4.66%, 8/15/2022 ‡ (a)		6,610		6,598
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (a)		2,592		2,592
RCO Trust Series 2016-SFR1, Class M1, 4.50%, 11/25/2051 ‡ (a) (m)		3,843		3,824
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		2,408		2,424
Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a)		3,496		3,555

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-2A, Class A, 3.22%, 9/22/2053 (a)		27,835		27,629
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (a)		8,945		8,936
Santander Drive Auto Receivables Trust
Series 2017-1, Class B, 2.10%, 6/15/2021		5,709		5,704
Series 2017-1, Class C, 2.58%, 5/16/2022		7,916		7,892
Series 2017-1, Class D, 3.17%, 4/17/2023		10,148		10,115
Series 2018-1, Class D, 3.32%, 3/15/2024		13,804		13,768
Series 2019-1, Class C, 3.42%, 4/15/2025		9,150		9,161
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class E, 5.04%, 9/15/2025 (a)		7,121		7,179
Santander Retail Auto Lease Trust
Series 2018-A, Class A2A, 2.71%, 10/20/2020 (a)		6,993		6,988
Series 2018-A, Class A3, 2.93%, 5/20/2021 (a)		11,980		11,980
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.35%, 1/25/2036 ‡ (c)		201		172
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (a)		903		902
SoFi Professional Loan Program LLC Series 2018-A, Class A2A, 2.39%, 2/25/2042 (a)		1,688		1,675
Soundview Home Loan Trust Series 2007-OPT1, Class 2A1, 2.57%, 6/25/2037 ‡ (m)		1,152		793
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		788		762
Spirit Master Funding LLC
Series 2014-4A, Class A2, 4.63%, 1/20/2045 (a)		21,607		21,710
Series 2017-1A, Class A, 4.36%, 12/20/2047 (a)		11,197		11,304
Springleaf Funding Trust
Series 2015-AA, Class C, 5.04%, 11/15/2024 ‡ (a)		5,808		5,832
Series 2015-AA, Class D, 6.31%, 11/15/2024 ‡ (a)		5,800		5,842
Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (a)		11,450		11,443

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-AA, Class C, 4.72%, 11/15/2029 (a)		14,000		13,952
Spruce ABS Trust Series 2016-E1, Class B, 6.90%, 6/15/2028 ‡ (a)		9,290		9,432
TCF Auto Receivables Owner Trust Series 2016-1A, Class A3, 1.71%, 4/15/2021 (a)		2,938		2,930
Tesla Auto Lease Trust Series 2018-A, Class A, 2.32%, 12/20/2019 (a)		1,582		1,579
Tidewater Auto Receivables Trust
Series 2018-AA, Class D, 4.30%, 11/15/2024 (a)		2,214		2,228
T-Mobile USA, Inc. 6.00%, 4/15/2024 ‡		418		—
Tricolor Auto Securitization Trust
Series 2018-1A, Class A, 5.05%, 12/15/2020 (a)		10,627		10,630
Series 2018-1A, Class B, 7.30%, 2/16/2021 (a)		8,600		8,600
Series 2018-2A, Class D, 7.98%, 8/15/2022 (a)		15,210		15,126
Tricon American Homes Trust Series 2016-SFR1, Class C, 3.49%, 11/17/2033 ‡ (a)		3,083		3,058
UAL Pass-Through Trust
Series 2007-1, 7.34%, 7/2/2019		296		300
Series 2007-1, 6.64%, 7/2/2022		914		953
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		544		555
Series 2014-1, Class A, 4.00%, 4/11/2026		3,015		3,020
Series 2014-2, Class A, 3.75%, 9/3/2026		481		475
Series 2016-1, Class AA, 3.10%, 7/7/2028		309		297
Series 2016-1, Class A, 3.45%, 7/7/2028		320		308
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,705		1,602
Series 2018-1, Class AA, 3.50%, 3/1/2030		17,682		17,209
Series 2018-1, Class A, 3.70%, 3/1/2030		1,268		1,228
Series 2019-1, Class AA, 4.15%, 8/25/2031		1,680		1,718
Series 2019-1, Class A, 4.55%, 8/25/2031		2,000		2,027
United Auto Credit Securitization Trust Series 2016-2, Class E, 5.50%, 1/10/2023 (a)		3,000		3,002
Upstart Securitization Trust Series 2017-2, Class A, 2.51%, 3/20/2025 (a)		1,445		1,443

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
US Airways Pass-Through Trust
Series 2012-1, Class A, 5.90%, 10/1/2024		1,919		2,048
Series 2013-1, Class A, 3.95%, 11/15/2025		2,873		2,872
US Auto Funding LLC Series 2018-1A, Class B, 7.50%, 7/15/2023 (a)		4,355		4,396
USASF Receivables LLC Series 2017-1, Class B, 7.63%, 9/15/2030 (a)		3,385		3,385
Verizon Owner Trust
Series 2016-2A, Class A, 1.68%, 5/20/2021 (a)		5,254		5,235
Series 2017-2A, Class A, 1.92%, 12/20/2021 (a)		12,976		12,891
Series 2018-1A, Class A1A, 2.82%, 9/20/2022 (a)		31,246		31,249
Veros Automobile Receivables Trust
Series 2017-1, Class A, 2.84%, 4/17/2023 (a)		1,383		1,381
Series 2017-1, Class B, 3.98%, 4/17/2023 (a)		9,920		9,842
Series 2018-1, Class D, 5.74%, 8/15/2025 (a)		6,700		6,745
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (a)		10,432		10,432
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (a) (c)		15,618		15,575
VOLT LXIX LLC
Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 ‡ (a) (c)		6,933		6,946
Series 2018-NPL5, Class A2, 5.80%, 8/25/2048 ‡ (a) (c)		6,530		6,549
VOLT LXVI Series 2018-NPL2, Class A1, 4.34%, 5/25/2048 ‡ (a) (c)		11,653		11,660
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (a) (c)		11,473		11,476
VOLT LXVIII LLC
Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048 ‡ (a) (c)		8,278		8,306
Series 2018-NPL4, Class A2, 5.93%, 7/27/2048 ‡ (a) (c)		5,000		5,017
VOLT LXXII LLC Series 2018-NPL8, Class A1B, 4.65%, 10/26/2048 ‡ (a) (c)		30,100		29,842
VOLT LXXIII LLC
Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048 ‡ (a) (c)		4,800		4,793
Series 2018-NPL9, Class A1B, 4.95%, 10/25/2048 (a) (c)		26,500		26,467

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
VOLT LXXIV LLC Series 2018-NP10, Class A1A, 4.58%, 11/25/2048 ‡ (a) (c)		29,350		29,464
VOLT LXXV LLC
Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (a) (c)		21,569		21,616
Series 2019-NPL1, Class A1B, 4.83%, 1/25/2049 (a) (c)		14,000		14,053
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 (m)		2,877		2,843
Westgate Resorts LLC
Series 2018-1A, Class A, 3.38%, 12/20/2031 (a)		12,581		12,570
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (a)		9,429		9,386
Westlake Automobile Receivables Trust
Series 2016-2A, Class C, 2.83%, 5/17/2021 (a)		1,320		1,320
Series 2016-1A, Class E, 6.52%, 6/15/2022 (a)		3,260		3,278
Series 2017-1A, Class D, 3.46%, 10/17/2022 (a)		2,402		2,402
Series 2018-1A, Class D, 3.41%, 5/15/2023 (a)		3,150		3,145
Series 2017-1A, Class E, 5.05%, 8/15/2024 (a)		4,750		4,814
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		16,200		16,234
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		40,000		40,022
World Omni Automobile Lease Securitization Trust
Series 2018-A, Class A3, 2.83%, 7/15/2021		11,571		11,569
Series 2018-A, Class A4, 2.94%, 5/15/2023		6,825		6,826
Total Asset-backed Securities (Cost $2,483,610)				2,480,803
Mortgage-Backed Securities — 16.0%
FHLMC
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (m)		58		61
Pool # 1J1380, ARM, 5.26%, 3/1/2036 (m)		71		75
Pool # 1J1393, ARM, 4.31%, 10/1/2036 (m)		77		80
Pool # 1J1657, ARM, 3.96%, 5/1/2037 (m)		24		25

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 1Q0476, ARM, 4.56%, 10/1/2037 (m)		159		168
FHLMC Gold Pools, 15 Year, Single Family
Pool # J05944, 5.50%, 1/1/2021		51		51
Pool # G13821, 6.00%, 11/1/2021		14		14
Pool # G13385, 5.50%, 11/1/2023		45		47
Pool # G13603, 5.50%, 2/1/2024		23		24
Pool # G13805, 5.50%, 12/1/2024		131		135
Pool # G14252, 5.50%, 12/1/2024		128		132
Pool # J14494, 4.00%, 2/1/2026		965		992
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91025, 7.00%, 1/1/2027		122		128
Pool # G30591, 6.00%, 2/1/2028		709		764
Pool # D98914, 4.00%, 1/1/2032		4,040		4,166
FHLMC Gold Pools, 30 Year, Single Family
Pool # C80091, 6.50%, 1/1/2024		29		32
Pool # C80161, 7.50%, 6/1/2024		1		1
Pool # G00271, 7.00%, 9/1/2024		22		22
Pool # C80245, 7.50%, 10/1/2024		4		4
Pool # G00278, 7.00%, 11/1/2024		11		12
Pool # C00496, 7.50%, 2/1/2027		1		1
Pool # D81734, 7.00%, 8/1/2027		21		21
Pool # G00747, 8.00%, 8/1/2027		36		42
Pool # D86005, 7.00%, 2/1/2028		3		3
Pool # G02210, 7.00%, 12/1/2028		94		106
Pool # C21930, 6.00%, 2/1/2029		8		8
Pool # C00785, 6.50%, 6/1/2029		18		20
Pool # C30263, 7.00%, 8/1/2029		4		4
Pool # A27201, 6.50%, 3/1/2032		71		78
Pool # A13067, 4.00%, 9/1/2033		33		33
Pool # G60154, 5.00%, 2/1/2034		16,779		17,950
Pool # G60214, 5.00%, 7/1/2035		15,466		16,524
Pool # C02641, 7.00%, 10/1/2036		45		50
Pool # C02660, 6.50%, 11/1/2036		102		117
Pool # G06172, 5.50%, 12/1/2038		1,760		1,907
Pool # G06576, 5.00%, 9/1/2040		7,906		8,476
Pool # A96733, 4.50%, 2/1/2041		14,054		14,820
Pool # G06493, 4.50%, 5/1/2041		707		743
Pool # Q05956, 4.50%, 2/1/2042		1,819		1,904
Pool # Q11285, 3.50%, 9/1/2042		5,761		5,814
Pool # Q12174, 3.50%, 10/1/2042		6,314		6,372
Pool # G07239, 3.00%, 12/1/2042		5,451		5,360
Pool # Q13796, 3.50%, 12/1/2042		7,840		7,912
Pool # Q15767, 3.00%, 2/1/2043		5,237		5,149
Pool # Q33869, 4.00%, 6/1/2045		5,069		5,190

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # G61462, 4.00%, 7/1/2045		28,937		29,755
Pool # Q37784, 3.50%, 12/1/2045		3,574		3,589
Pool # Q39092, 4.00%, 2/1/2046		6,565		6,732
Pool # Q39412, 3.50%, 3/1/2046		2,358		2,368
Pool # Q40797, 3.50%, 5/1/2046		6,851		6,880
Pool # Q40905, 3.50%, 6/1/2046		916		920
Pool # Q40922, 3.50%, 6/1/2046		3,552		3,565
Pool # Q41602, 3.50%, 7/1/2046		1,846		1,852
Pool # Q42079, 3.50%, 7/1/2046		1,298		1,303
Pool # Q42657, 3.50%, 8/1/2046		12,125		12,168
Pool # Q42656, 4.00%, 8/1/2046		1,190		1,218
Pool # Q43241, 3.50%, 9/1/2046		13,408		13,452
Pool # Q43237, 4.00%, 9/1/2046		2,143		2,193
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		17		18
Pool # B90491, 7.50%, 1/1/2032		260		285
Pool # U89009, 3.50%, 9/1/2032		969		983
Pool # U80074, 3.50%, 10/1/2032		3,551		3,606
Pool # G20028, 7.50%, 12/1/2036		368		402
Pool # U90690, 3.50%, 6/1/2042		2,980		2,996
Pool # U90975, 4.00%, 6/1/2042		763		783
Pool # U90230, 4.50%, 9/1/2042		2,866		3,007
Pool # U90281, 4.00%, 10/1/2042		2,156		2,213
Pool # U92021, 5.00%, 9/1/2043		3,033		3,261
Pool # U99076, 4.50%, 12/1/2043		6,207		6,512
Pool # U99084, 4.50%, 2/1/2044		5,142		5,395
Pool # U92996, 3.50%, 6/1/2045		663		665
Pool # U93026, 3.50%, 7/1/2045		1,404		1,409
Pool # U99134, 4.00%, 1/1/2046		5,675		5,826
Pool # U93155, 3.50%, 5/1/2046		979		982
Pool # U93158, 3.50%, 6/1/2046		1,352		1,357
Pool # U93167, 3.50%, 7/1/2046		986		988
Pool # U93172, 3.50%, 7/1/2046		1,179		1,183
FNMA
Pool # AM2292, ARM, 2.85%, 1/1/2023 (m)		2,333		2,333
Pool # 750285, ARM, 4.75%, 10/1/2033 (m)		19		19
Pool # 766610, ARM, 4.61%, 1/1/2034 (m)		77		80
Pool # 823660, ARM, 4.12%, 5/1/2035 (m)		88		92
Pool # 910181, ARM, 4.55%, 3/1/2037 (m)		68		71
Pool # 888304, ARM, 3.46%, 4/1/2037 (m)		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 888750, ARM, 4.31%, 4/1/2037 (m)		98			102
Pool # 948208, ARM, 4.10%, 7/1/2037 (m)		55			57
Pool # 888620, ARM, 4.50%, 7/1/2037 (m)		68			71
FNMA, 10 Year, Single Family Pool # AD0672, 4.50%, 1/1/2020		18			19
FNMA, 15 Year, Single Family
Pool # 725993, 6.00%, 9/1/2019		—	(f)		—	(f)
Pool # 890129, 6.00%, 12/1/2021		22			22
Pool # 949379, 6.00%, 8/1/2022		31			32
Pool # 890231, 5.00%, 7/1/2025		222			227
FNMA, 20 Year, Single Family Pool # MA0602, 3.50%, 12/1/2030		317			319
FNMA, 30 Year, Single Family
Pool # 50617, 8.00%, 8/1/2022		—	(f)		—	(f)
Pool # 250228, 9.00%, 4/1/2025		1			1
Pool # 328066, 8.50%, 10/1/2025		—	(f)		—	(f)
Pool # 313692, 8.50%, 12/1/2025		6			7
Pool # 365997, 7.50%, 10/1/2026		3			3
Pool # 250854, 7.50%, 3/1/2027		1			1
Pool # 251569, 7.00%, 3/1/2028		1			1
Pool # 420165, 6.50%, 4/1/2028		43			47
Pool # 455598, 5.50%, 12/1/2028		26			28
Pool # 517656, 5.50%, 7/1/2029		20			21
Pool # 252570, 6.50%, 7/1/2029		21			23
Pool # 517679, 6.50%, 7/1/2029		76			83
Pool # 323866, 6.50%, 8/1/2029		17			18
Pool # 995656, 7.00%, 6/1/2033		217			249
Pool # AL6168, 5.00%, 9/1/2033		7,756			8,252
Pool # 725229, 6.00%, 3/1/2034		1,249			1,375
Pool # AA0918, 5.50%, 9/1/2034		238			256
Pool # 735503, 6.00%, 4/1/2035		123			136
Pool # 745948, 6.50%, 10/1/2036		20			22
Pool # AL0379, 8.00%, 12/1/2036		1,547			1,792
Pool # AA8502, 6.00%, 8/1/2037		57			61
Pool # 995149, 6.50%, 10/1/2038		61			69
Pool # 995504, 7.50%, 11/1/2038		85			100
Pool # AC3237, 5.00%, 10/1/2039		768			822
Pool # AC4467, 4.50%, 12/1/2039		1,951			2,049
Pool # AE1526, 4.50%, 9/1/2040		3,886			4,082
Pool # AE3095, 4.50%, 9/1/2040		1,934			2,032
Pool # AE0681, 4.50%, 12/1/2040		6,659			6,995
Pool # AL0038, 5.00%, 2/1/2041		7,097			7,598
Pool # AX5292, 5.00%, 1/1/2042		25,554			27,504

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # BM1065, 5.50%, 2/1/2042		11,271		12,253
Pool # AL2059, 4.00%, 6/1/2042		19,029		19,746
Pool # AB7575, 3.00%, 1/1/2043		5,492		5,395
Pool # AR6380, 3.00%, 2/1/2043		5,171		5,080
Pool # 890564, 3.00%, 6/1/2043		6,653		6,535
Pool # AT5907, 4.00%, 6/1/2043		11,535		11,979
Pool # AS0214, 3.50%, 8/1/2043		11,953		12,078
Pool # AL6848, 5.00%, 6/1/2044		3,380		3,618
Pool # BA2343, 4.00%, 9/1/2045		7,498		7,675
Pool # BA1210, 3.50%, 5/1/2046		2,042		2,050
Pool # BA7485, 3.50%, 6/1/2046		1,265		1,270
Pool # BC2969, 3.50%, 6/1/2046		1,028		1,033
Pool # BD1371, 3.50%, 6/1/2046		2,551		2,560
Pool # BA7492, 4.00%, 6/1/2046		1,900		1,944
Pool # BC9368, 4.00%, 6/1/2046		6,011		6,146
Pool # BD1372, 4.00%, 6/1/2046		3,028		3,099
Pool # BD2956, 3.50%, 7/1/2046		9,938		9,972
Pool # BD5456, 3.50%, 8/1/2046		5,665		5,684
Pool # BM1169, 4.00%, 9/1/2046		20,066		20,852
Pool # BE0280, 3.50%, 10/1/2046		5,970		5,989
Pool # AS8335, 4.50%, 11/1/2046		14,882		15,530
Pool # BM1906, 4.00%, 5/1/2047		15,308		15,703
Pool # AS9811, 5.00%, 6/1/2047		7,681		8,178
Pool # BH7565, 4.00%, 8/1/2047		25,751		26,334
Pool # BM3500, 4.00%, 9/1/2047		12,138		12,473
Pool # BH6687, 4.00%, 11/1/2047		12,059		12,323
Pool # BE8347, 4.00%, 12/1/2047		7,201		7,358
Pool # BJ5254, 4.00%, 12/1/2047		13,736		14,039
Pool # BM3499, 4.00%, 12/1/2047		93,770		96,357
Pool # BJ5777, 4.50%, 12/1/2047		1,293		1,351
Pool # BH6689, 4.00%, 1/1/2048		20,917		21,365
Pool # BJ7311, 4.00%, 1/1/2048		51,248		52,368
Pool # BJ8238, 4.00%, 1/1/2048		16,920		17,293
Pool # BJ8265, 4.00%, 1/1/2048		11,279		11,525
Pool # BK1008, 4.00%, 1/1/2048		3,101		3,176
Pool # BJ4617, 4.00%, 2/1/2048		10,868		11,155
Pool # BJ5772, 4.00%, 2/1/2048		15,508		15,840
Pool # BK1581, 4.00%, 2/1/2048		2,004		2,047
Pool # BJ5803, 4.00%, 3/1/2048		11,189		11,425
Pool # BK1963, 4.00%, 3/1/2048		7,999		8,208
Pool # BM3665, 4.00%, 3/1/2048		29,027		29,900
Pool # BJ5789, 4.50%, 3/1/2048		5,642		5,895
Pool # BE2789, 4.00%, 4/1/2048		7,207		7,359
Pool # BJ5781, 4.50%, 4/1/2048		27,381		28,609
Pool # BK5943, 5.00%, 6/1/2048		8,350		8,884

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BK4130, 4.50%, 7/1/2048		2,999		3,106
Pool # BK6562, 4.50%, 7/1/2048		9,580		10,010
Pool # BK6589, 4.50%, 7/1/2048		3,150		3,291
Pool # BN0133, 4.00%, 8/1/2048		13,471		13,756
Pool # CA2171, 4.00%, 8/1/2048		25,684		26,283
Pool # BK9292, 5.00%, 8/1/2048		17,043		18,131
Pool # BN1312, 4.00%, 9/1/2048		25,708		26,250
Pool # 890863, 5.00%, 9/1/2048		43,251		46,335
Pool # BN0234, 5.00%, 9/1/2048		10,940		11,638
Pool # BN0861, 5.00%, 10/1/2048		4,967		5,281
FNMA, Other
Pool # AD0851, 4.37%, 2/1/2020		966		977
Pool # AE0134, 4.40%, 2/1/2020		331		335
Pool # 465973, 3.59%, 10/1/2020		939		947
Pool # 466430, 3.37%, 11/1/2020		1,652		1,667
Pool # 467950, 4.34%, 6/1/2021		5,649		5,826
Pool # 468564, 4.06%, 7/1/2021		1,225		1,258
Pool # 469612, 3.66%, 12/1/2021		1,450		1,485
Pool # 470622, 2.75%, 3/1/2022		244		243
Pool # AM2285, 2.41%, 1/1/2023		3,554		3,515
Pool # AM2255, 2.51%, 1/1/2023		3,726		3,698
Pool # AM2452, 2.44%, 2/1/2023		6,963		6,892
Pool # AM2859, 2.65%, 3/1/2023		3,900		3,871
Pool # AL3876, 2.77%, 6/1/2023		3,886		3,873
Pool # AM4170, 3.51%, 8/1/2023		15,000		15,530
Pool # AM5032, 3.64%, 12/1/2023		4,739		4,884
Pool # AM5079, 3.45%, 1/1/2024		5,003		5,123
Pool # AM5473, 3.76%, 3/1/2024		5,300		5,506
Pool # AN2363, 2.23%, 4/1/2024		3,838		3,733
Pool # AM6795, 3.05%, 9/1/2024		10,975		11,062
Pool # AM7551, 2.97%, 12/1/2024		13,405		13,455
Pool # AM7552, 2.97%, 12/1/2024		18,190		18,258
Pool # AM7290, 2.97%, 12/1/2024		4,110		4,126
Pool # AL6260, 3.09%, 12/1/2024		4,157		4,210
Pool # AM7682, 2.84%, 1/1/2025		5,890		5,848
Pool # AM7795, 2.92%, 1/1/2025		10,000		9,971
Pool # AN1302, 2.93%, 1/1/2025		4,129		4,121
Pool # AM8090, 2.48%, 2/1/2025		9,676		9,475
Pool # AM7514, 3.07%, 2/1/2025		29,120		29,226
Pool # AM8702, 2.73%, 4/1/2025		18,325		18,063
Pool # AM8674, 2.81%, 4/1/2025		18,640		18,447
Pool # AM8691, 2.64%, 6/1/2025		18,777		18,400
Pool # AN0287, 2.95%, 11/1/2025		5,000		4,986
Pool # AN0707, 3.13%, 2/1/2026		8,720		8,791
Pool # AN1222, 2.78%, 4/1/2026		7,000		6,896

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AN1413, 2.49%, 5/1/2026		10,000		9,678
Pool # AN1503, 2.62%, 5/1/2026		5,730		5,599
Pool # AN1221, 2.81%, 5/1/2026		4,000		3,947
Pool # AN1497, 2.61%, 6/1/2026		10,122		9,820
Pool # AN2193, 2.53%, 7/1/2026		5,942		5,771
Pool # AN2689, 2.20%, 10/1/2026		6,464		6,123
Pool # AN4000, 3.00%, 12/1/2026		2,381		2,371
Pool # AL6937, 3.92%, 12/1/2026		4,984		5,237
Pool # AN4917, 3.13%, 3/1/2027		13,674		13,638
Pool # AM8854, 2.88%, 7/1/2027		11,707		11,466
Pool # AN6318, 3.18%, 8/1/2027		8,500		8,442
Pool # BL0497, 3.84%, 10/1/2027		4,816		4,991
Pool # AN1449, 2.97%, 4/1/2028		6,801		6,674
Pool # AN9696, 3.50%, 6/1/2028		34,500		35,143
Pool # AN2005, 2.73%, 7/1/2028		10,620		10,166
Pool # 387807, 3.55%, 8/1/2028		11,451		11,708
Pool # 387845, 3.64%, 8/1/2028		5,265		5,419
Pool # AN2497, 2.60%, 9/1/2028		4,225		4,013
Pool # 387823, 3.56%, 9/1/2028		13,419		13,954
Pool # AN2956, 2.44%, 10/1/2028		7,112		6,652
Pool # AN3080, 2.61%, 11/1/2028		14,080		13,265
Pool # AN3685, 2.69%, 12/1/2028		15,076		14,283
Pool # AN4004, 3.27%, 12/1/2028		8,615		8,586
Pool # BL1040, 3.81%, 12/1/2028		16,000		16,665
Pool # AN4154, 3.17%, 1/1/2029		16,836		16,624
Pool # AN4349, 3.35%, 1/1/2029		8,606		8,629
Pool # AN4344, 3.37%, 1/1/2029		17,469		17,640
Pool # BL1455, 3.75%, 1/1/2029		8,691		9,021
Pool # BL1351, 3.58%, 2/1/2029		43,655		44,614
Pool # BL1339, 3.66%, 2/1/2029		4,111		4,229
Pool # AN1872, 2.90%, 5/1/2029		3,846		3,717
Pool # AN5677, 3.25%, 6/1/2029		9,825		9,775
Pool # 387883, 3.78%, 8/1/2030		16,369		16,917
Pool # 387827, 3.80%, 8/1/2030		7,918		8,198
Pool # AN0198, 3.34%, 11/1/2030		4,124		4,121
Pool # BL0853, 3.97%, 1/1/2031		9,941		10,453
Pool # AN1676, 2.99%, 5/1/2031		3,657		3,497
Pool # AN1953, 3.01%, 6/1/2031		1,958		1,887
Pool # AN1683, 3.03%, 6/1/2031		5,000		4,797
Pool # AN2308, 2.87%, 8/1/2031		9,246		8,894
Pool # AN2625, 2.50%, 10/1/2031		12,340		11,231
Pool # AN4118, 3.24%, 2/1/2032		9,190		8,977
Pool # AO7654, 3.50%, 5/1/2032		4,070		4,106
Pool # AO5230, 3.50%, 6/1/2032		2,894		2,920
Pool # AO7057, 3.50%, 6/1/2032		1,703		1,718

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 131

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AO7746, 3.50%, 6/1/2032		249			252
Pool # AO8038, 3.50%, 7/1/2032		4,040			4,075
Pool # AP0645, 3.50%, 7/1/2032		4,356			4,394
Pool # AP0682, 3.50%, 7/1/2032		5,062			5,106
Pool # AP1314, 3.50%, 8/1/2032		4,236			4,273
Pool # AQ1534, 3.50%, 10/1/2032		1,232			1,243
Pool # AQ1607, 3.50%, 11/1/2032		989			998
Pool # 650236, 5.00%, 12/1/2032		12			12
Pool # AR7961, 3.50%, 3/1/2033		1,147			1,157
Pool # 868763, 6.50%, 4/1/2036		6			6
Pool # 886320, 6.50%, 7/1/2036		26			27
Pool # AO6757, 4.00%, 6/1/2042		4,453			4,569
Pool # MA1125, 4.00%, 7/1/2042		4,069			4,175
Pool # MA1213, 3.50%, 10/1/2042		14,686			14,778
Pool # MA1283, 3.50%, 12/1/2042		2,028			2,040
Pool # MA1328, 3.50%, 1/1/2043		7,173			7,218
Pool # MA1404, 3.50%, 4/1/2043		3,732			3,756
Pool # MA1462, 3.50%, 6/1/2043		2,112			2,129
Pool # MA1463, 3.50%, 6/1/2043		5,190			5,222
Pool # MA1510, 4.00%, 7/1/2043		4,275			4,386
Pool # MA1546, 3.50%, 8/1/2043		7,937			7,987
Pool # AU8840, 4.50%, 11/1/2043		2,423			2,531
Pool # AV2613, 4.50%, 11/1/2043		5,709			5,963
Pool # MA1711, 4.50%, 12/1/2043		3,952			4,128
Pool # AL6167, 3.50%, 1/1/2044		29,375			29,558
Pool # MA2346, 3.50%, 6/1/2045		1,186			1,189
Pool # MA2462, 4.00%, 11/1/2045		6,502			6,671
Pool # MA2482, 4.00%, 12/1/2045		6,348			6,512
Pool # MA2519, 4.00%, 1/1/2046		5,903			6,057
Pool # BC0784, 3.50%, 4/1/2046		876			879
Pool # MA2593, 4.00%, 4/1/2046		14,470			14,846
Pool # MA2631, 4.00%, 5/1/2046		16,773			17,201
Pool # MA2658, 3.50%, 6/1/2046		3,939			3,952
Pool # MA2690, 3.50%, 7/1/2046		9,204			9,233
GNMA I, 15 Year, Single Family Pool # 782933, 6.50%, 10/15/2023		63			66
GNMA I, 30 Year, Single Family
Pool # 299559, 10.00%, 11/15/2020		—	(f)		—	(f)
Pool # 314497, 7.25%, 1/15/2022		14			14
Pool # 316247, 9.00%, 1/15/2022		5			5
Pool # 297656, 7.50%, 10/15/2022		4			4
Pool # 376855, 7.00%, 2/15/2024		21			21
Pool # 380930, 7.00%, 4/15/2024		1			1
Pool # 780029, 9.00%, 11/15/2024		3			3
Pool # 405529, 8.50%, 11/15/2025		—	(f)		—	(f)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 430999, 7.50%, 7/15/2026		13		13
Pool # 780481, 7.00%, 12/15/2026		4		4
Pool # 442422, 7.50%, 2/15/2027		2		3
Pool # 460982, 7.00%, 11/15/2027		2		2
Pool # 427295, 7.25%, 1/15/2028		13		13
Pool # 460759, 6.50%, 2/15/2028		61		67
Pool # 781118, 6.50%, 10/15/2029		43		49
Pool # 783867, 6.00%, 8/15/2036		4,076		4,564
Pool # AS4934, 4.50%, 5/15/2046		2,448		2,586
Pool # AT7538, 4.00%, 7/15/2046		10,120		10,491
Pool # AT7652, 4.00%, 8/15/2046		6,715		6,961
GNMA II, 30 Year, Single Family
Pool # 2056, 7.50%, 8/20/2025		3		3
Pool # 2270, 8.00%, 8/20/2026		2		3
Pool # 2285, 8.00%, 9/20/2026		28		32
Pool # 2379, 8.00%, 2/20/2027		2		2
Pool # 2397, 8.00%, 3/20/2027		1		1
Pool # 2445, 8.00%, 6/20/2027		11		12
Pool # 2457, 7.50%, 7/20/2027		27		31
Pool # 2538, 8.00%, 1/20/2028		6		7
Pool # 2581, 8.00%, 4/20/2028		1		1
Pool # 2606, 8.00%, 6/20/2028		1		1
Pool # 2619, 8.00%, 7/20/2028		2		2
Pool # 2633, 8.00%, 8/20/2028		6		6
Pool # 2714, 6.50%, 2/20/2029		5		6
Pool # 4901, 8.00%, 9/20/2031		311		353
Pool # 5020, 7.50%, 5/20/2032		147		162
Pool # 738210, 7.00%, 6/20/2032		288		314
Pool # 738062, 6.00%, 11/20/2032		521		560
Pool # 738059, 6.00%, 10/20/2033		163		174
Pool # 738049, 6.00%, 3/20/2035		499		533
Pool # 737987, 6.00%, 4/20/2036		567		609
Pool # 737975, 6.00%, 9/20/2036		81		86
Pool # 5034, 7.00%, 8/20/2038		140		155
Pool # 4245, 6.00%, 9/20/2038		124		135
Pool # 4930, 7.00%, 10/20/2038		472		543
Pool # 4964, 7.00%, 12/20/2038		88		94
Pool # 4872, 7.00%, 1/20/2039		499		562
Pool # 5072, 6.50%, 10/20/2039		164		180
Pool # 5218, 6.50%, 10/20/2039		236		263
Pool # AS8103, 3.50%, 6/20/2046		2,305		2,326
Pool # AS8104, 3.75%, 6/20/2046		1,973		2,008
Pool # AS8105, 4.00%, 6/20/2046		1,397		1,437
Pool # AS8106, 3.50%, 7/20/2046		2,948		2,974
Pool # AS8107, 3.75%, 7/20/2046		3,832		3,903

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BB8791, 4.00%, 12/20/2047		9,639		9,981
Pool # BD6195, 4.00%, 1/20/2048		23,528		24,221
Pool # BE9507, 4.50%, 3/20/2048		4,510		4,766
Pool # BG2382, 4.50%, 3/20/2048		3,602		3,781
Pool # BA7568, 4.50%, 4/20/2048		29,934		31,323
Pool # BD0512, 5.00%, 4/20/2048		20,427		21,578
Pool # BD0532, 5.00%, 6/20/2048		19,014		20,091
Pool # BH2970, 5.00%, 6/20/2048		12,876		13,662
Pool # BG3833, 4.50%, 7/20/2048		43,688		45,729
Pool # BD0549, 5.00%, 8/20/2048		18,559		19,616
Pool # BH9109, 4.50%, 10/20/2048		20,710		21,679
Pool # BJ7085, 5.00%, 12/20/2048		24,490		25,853
Pool # BK7188, 4.50%, 2/20/2049		15,000		15,682
Pool # BK7189, 5.00%, 2/20/2049		14,000		14,797
Total Mortgage-Backed Securities (Cost $2,280,983)				2,246,114
U.S. Treasury Obligations — 14.4%
U.S. Treasury Bonds
7.88%, 2/15/2021		2,625		2,891
8.13%, 5/15/2021		13,600		15,217
8.13%, 8/15/2021		10,000		11,321
8.00%, 11/15/2021		7,920		9,047
5.50%, 8/15/2028		59,164		72,806
5.25%, 2/15/2029		2,500		3,046
4.50%, 2/15/2036		51,659		63,225
4.50%, 5/15/2038		3,890		4,814
3.50%, 2/15/2039		85		92
4.38%, 5/15/2040		8,674		10,563
4.75%, 2/15/2041		8,270		10,586
4.38%, 5/15/2041		37,318		45,508
2.75%, 11/15/2042		92,162		87,201
3.63%, 8/15/2043		17,780		19,468
3.75%, 11/15/2043		79,172		88,437
2.50%, 2/15/2045		71,908		64,366
3.00%, 5/15/2045		9,760		9,622
2.88%, 8/15/2045		50,000		48,121
3.00%, 11/15/2045		155,278		153,034
2.50%, 5/15/2046		129,445		115,343
2.75%, 11/15/2047		80,800		75,532
U.S. Treasury Inflation Indexed Bonds 3.63%, 4/15/2028		1,000		1,936
U.S. Treasury Notes
2.13%, 8/15/2021		2,000		1,981
2.88%, 10/15/2021		1,000		1,009
1.75%, 5/31/2022		305,885		298,704

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
1.75%, 6/30/2022		112,372		109,699
2.13%, 6/30/2022 (n)		160,000		158,075
1.75%, 5/15/2023		1,735		1,681
2.00%, 8/15/2025		11,953		11,521
1.63%, 5/15/2026		10,909		10,189
2.88%, 5/15/2028		1,394		1,413
U.S. Treasury STRIPS Bonds
2.54%, 8/15/2019 (o)		45		44
3.47%, 8/15/2019 (o)		85		84
1.58%, 2/15/2020 (o)		25		24
3.01%, 5/15/2020 (o)		4,716		4,573
1.56%, 8/15/2020 (o)		1,050		1,011
2.37%, 2/15/2021 (o)		6,495		6,179
2.49%, 5/15/2021 (o)		15,000		14,179
3.95%, 11/15/2021 (o)		14,610		13,642
2.74%, 2/15/2022 (o)		640		593
2.39%, 5/15/2022 (o)		7,390		6,809
4.08%, 8/15/2022 (o)		3,400		3,109
4.23%, 11/15/2022 (o)		5,000		4,545
2.94%, 2/15/2023 (o)		225		203
2.09%, 8/15/2023 (o)		15		13
5.73%, 2/15/2028 (o)		2,615		2,037
3.24%, 5/15/2028 (o)		80,000		61,835
1.91%, 8/15/2028 (o)		48,829		37,424
3.26%, 11/15/2028 (o)		45,000		34,218
2.17%, 5/15/2029 (o)		67,000		50,130
3.14%, 8/15/2031 (o)		55,000		38,263
2.38%, 5/15/2032 (o)		16,318		11,093
3.24%, 5/15/2033 (o)		60,162		39,587
4.91%, 11/15/2033 (o)		42,000		27,231
3.46%, 11/15/2038 (o)		10,387		5,715
3.09%, 11/15/2039 (o)		22,425		11,876
2.86%, 8/15/2040 (o)		60,000		30,807
3.40%, 8/15/2041 (o)		48,775		24,097
3.18%, 2/15/2042 (o)		26,000		12,787
3.38%, 2/15/2042 (o)		24,400		11,813
3.18%, 5/15/2042 (o)		100,000		48,709
3.21%, 11/15/2042 (o)		21,800		10,314
U.S. Treasury STRIPS Notes 1.71%, 2/15/2020 (o)		3,115		3,039
Total U.S. Treasury Obligations (Cost $2,053,147)				2,022,431
Commercial Mortgage-Backed Securities — 10.4%
20 Times Square Trust Series 2018-20TS, Class F, 3.10%, 5/15/2035 ‡ (a) (m)		24,120		22,410

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 133

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed securities — continued
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		2,985		2,991
Series 2016-FR14, Class A, 3.01%, 2/27/2048 (a) (m)		8,400		8,021
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.94%, 5/27/2021 (a) (m)		5,750		5,393
Series 2013-FRR2, Class B, PO, 9/26/2022 (a)		8,992		7,526
Series 2014-FRR4, Class BK29, PO, 4/27/2023 (a)		8,600		6,258
Series 2013-FRR3, Class A, PO, 6/26/2023 (a)		14,650		11,812
Series 2016-FR13, Class A, 1.65%, 8/27/2045 (a) (m)		16,500		14,809
Series 2014-FRR5, Class A714, PO, 1/27/2047 (a)		3,050		2,824
Series 2014-FRR5, Class AK37, 2.63%, 1/27/2047 (a) (m)		15,000		13,512
Series 2014-FRR8, Class A, 2.19%, 11/26/2047 (a) (m)		12,000		10,220
BBCCRE Trust Series 2015-GTP, Class A, 3.97%, 8/10/2033 (a)		9,400		9,615
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		972		964
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		13,922		13,923
Series 2012-SHOW, Class E, 4.03%, 11/5/2036 (a) (m)		12,692		12,229
BCRR Trust
Series 2014-FRR1, Class A716, PO, 8/26/2047 (a)		21,000		18,712
Series 2014-FRR1, Class B716, PO, 8/26/2047 ‡ (a)		14,335		12,378
BWAY Mortgage Trust Series 2013-1515, Class F, 3.93%, 3/10/2033 ‡ (a) (m)		5,000		4,665
BXMT Ltd. Series 2017-FL1, Class D, 5.19%, 6/15/2035 ‡ (a) (m)		8,500		8,489
Capmark Mortgage Securities, Inc. Series 1998-C2, Class X, IO, 1.14%, 5/15/2035 ‡ (m)		7,247		1
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.78%, 12/11/2049 ‡ (a) (m)		271		3
CFCRE Commercial Mortgage Trust Series 2011-C2, Class D, 5.76%, 12/15/2047 ‡ (a) (m)		5,000		5,180

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage Trust
Series 2013-WWP, Class A2, 3.42%, 3/10/2031 (a)		6,100		6,210
Series 2018-HOME, Class A, 3.82%, 4/10/2033 (a) (m)		23,900		24,144
Series 2006-GG7, Class AM, 5.69%, 7/10/2038 (m)		2,020		2,024
Series 2013-CR9, Class D, 4.26%, 7/10/2045 ‡ (a) (m)		7,000		6,135
Series 2012-CR2, Class XA, IO, 1.65%, 8/15/2045 ‡ (m)		21,117		975
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		8,032		8,188
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		6,856		7,006
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class AX, IO, 0.05%, 1/15/2049 ‡ (a) (m)		10,192		—	(f)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESC, 4.24%, 10/15/2032 ‡ (a) (m)		19,159		19,068
Series 2015-C3, Class A4, 3.72%, 8/15/2048		12,304		12,523
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (a)		15,200		14,373
DBRR Re-REMIC Trust Series 2015-FRR1, Class B711, PO, 8/28/2045 (a)		7,715		7,537
DBUBS Mortgage Trust Series 2011-LC2A, Class XA, IO, 1.05%, 7/10/2044 ‡ (a) (m)		10,327		191
Exantas Capital Corp. Ltd. (Cayman Islands)
Series 2018-RSO6, Class C, 4.34%, 6/15/2035 ‡ (a) (m)		4,808		4,791
Series 2018-RSO6, Class D, 4.99%, 6/15/2035 ‡ (a) (m)		4,000		3,978
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ13, Class A2, 2.86%, 8/25/2022		13,930		13,975
Series KJ18, Class A2, 3.07%, 8/25/2022		8,633		8,701
Series KJ09, Class A2, 2.84%, 9/25/2022		5,121		5,127
Series KJ07, Class A2, 2.31%, 12/25/2022		20,000		19,650
Series KJ06, Class A, 2.27%, 1/25/2023		25,000		24,376
Series K037, Class A2, 3.49%, 1/25/2024		15,000		15,357
Series K038, Class A2, 3.39%, 3/25/2024		3,429		3,503
Series K727, Class AM, 3.04%, 7/25/2024		10,471		10,495

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed securities — continued
Series K048, Class A2, 3.28%, 6/25/2025 (m)		13,500		13,716
Series KC02, Class A2, 3.37%, 7/25/2025		31,000		31,299
Series KS07, Class A2, 2.74%, 9/25/2025		21,600		21,103
Series KJ17, Class A2, 2.98%, 11/25/2025		12,710		12,655
Series K052, Class A2, 3.15%, 11/25/2025		3,791		3,812
Series KS06, Class A2, 2.72%, 7/25/2026		10,080		9,756
Series K058, Class AM, 2.72%, 8/25/2026 (m)		20,000		19,384
Series K061, Class AM, 3.44%, 11/25/2026 (m)		10,012		10,176
Series K063, Class AM, 3.51%, 1/25/2027 (m)		25,610		26,110
Series K065, Class A2, 3.24%, 4/25/2027		6,633		6,658
Series K065, Class AM, 3.33%, 5/25/2027		3,557		3,576
Series K069, Class A2, 3.19%, 9/25/2027 (m)		20,340		20,312
Series K070, Class A2, 3.30%, 11/25/2027 (m)		6,045		6,079
Series K073, Class A2, 3.35%, 1/25/2028		14,087		14,201
Series W5FX, Class AFX, 3.34%, 4/25/2028 (m)		9,910		9,832
Series K157, Class A1, 3.99%, 6/25/2030		18,314		19,211
Series K152, Class A2, 3.08%, 1/25/2031		8,843		8,528
Series K081, Class A2, 3.90%, 9/25/2051 (m)		17,845		18,747
FNMA ACES
Series 2011-M8, Class A2, 2.92%, 8/25/2021		533		534
Series 2013-M7, Class A2, 2.28%, 12/27/2022		2,837		2,778
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (m)		8,935		9,134
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (m)		8,909		8,944
Series 2015-M1, Class A2, 2.53%, 9/25/2024		12,965		12,683
Series 2015-M3, Class A2, 2.72%, 10/25/2024		10,000		9,871

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-M7, Class A2, 2.59%, 12/25/2024		12,398		12,148
Series 2015-M2, Class A3, 3.04%, 12/25/2024 (m)		19,066		19,159
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (m)		11,700		11,639
Series 2015-M5, Class A1, 2.87%, 3/25/2025 (m)		19,945		19,810
Series 2015-M13, Class A2, 2.71%, 6/25/2025 (m)		1,808		1,779
Series 2016-M6, Class A2, 2.49%, 5/25/2026		9,100		8,725
Series 2016-M7, Class A2, 2.50%, 9/25/2026		10,328		9,911
Series 2017-M1, Class A2, 2.42%, 10/25/2026 (m)		10,660		10,137
Series 2017-M3, Class A2, 2.49%, 12/25/2026 (m)		17,000		16,204
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (m)		8,528		8,446
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (m)		10,260		10,129
Series 2018-M2, Class A2, 2.90%, 1/25/2028 (m)		30,000		29,247
Series 2018-M4, Class A2, 3.04%, 3/25/2028 (m)		11,282		11,102
Series 2018-M7, Class A2, 3.05%, 3/25/2028 (m)		30,256		29,721
Series 2018-M9, Class APT2, 3.12%, 4/25/2028 (m)		36,000		35,546
Series 2018-M10, Class A2, 3.38%, 7/25/2028 (m)		20,853		21,082
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (m)		20,089		20,604
Series 2019-M1, Class A2, 3.55%, 9/25/2028 (m)		57,380		58,603
Series 2019-M2, Class A2, 3.63%, 11/25/2028 (m)		39,845		40,939
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (m)		30,277		29,734
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (m)		7,528		7,373
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		37,887		36,846
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.39%, 7/25/2022 (a) (m)		11,227		11,250
Series 2015-K720, Class C, 3.39%, 7/25/2022 (a) (m)		11,500		11,440

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 135

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed securities — continued
Series 2017-K727, Class C, 3.74%, 7/25/2024 (a) (m)		3,200		3,094
Series 2013-K25, Class C, 3.62%, 11/25/2045 (a) (m)		4,156		4,152
Series 2014-K38, Class C, 4.63%, 6/25/2047 (a) (m)		4,750		4,813
Series 2014-K39, Class C, 4.16%, 8/25/2047 (a) (m)		7,000		6,908
Series 2015-K721, Class B, 3.56%, 11/25/2047 (a) (m)		2,585		2,582
Series 2014-K40, Class C, 4.07%, 11/25/2047 (a) (m)		8,542		8,392
Series 2015-K718, Class C, 3.54%, 2/25/2048 (a) (m)		4,000		3,991
Series 2015-K45, Class B, 3.59%, 4/25/2048 (a) (m)		8,920		8,727
Series 2015-K46, Class C, 3.69%, 4/25/2048 (a) (m)		3,545		3,385
Series 2015-K48, Class B, 3.64%, 8/25/2048 (a) (m)		16,085		15,686
Series 2015-K51, Class B, 3.95%, 10/25/2048 (a) (m)		2,750		2,726
Series 2016-K55, Class B, 4.16%, 4/25/2049 (a) (m)		10,000		9,993
Series 2016-K56, Class B, 3.94%, 6/25/2049 (a) (m)		3,549		3,539
Series 2016-K722, Class B, 3.84%, 7/25/2049 (a) (m)		8,010		7,987
Series 2017-K68, Class B, 3.84%, 10/25/2049 (a) (m)		9,423		9,095
Series 2016-K59, Class B, 3.58%, 11/25/2049 (a) (m)		4,714		4,528
Series 2017-K63, Class B, 3.87%, 2/25/2050 (a) (m)		11,895		11,515
Series 2018-K74, Class B, 4.09%, 2/25/2051 (a) (m)		10,000		10,006
FRR Re-REMIC Trust
Series 2018-C1, Class A720, 3.01%, 8/27/2047 (a)		6,500		6,096
Series 2018-C1, Class AK43, 3.05%, 2/27/2048 (a)		5,000		4,427
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class XA, IO, 1.30%, 6/5/2031 ‡ (a) (m)		20,000		2
GS Mortgage Securities Trust
Series 2011-GC5, Class D, 5.39%, 8/10/2044 ‡ (a) (m)		2,579		2,491
Series 2019-GC38, Class A4, 3.97%, 2/10/2052 (m)		31,100		31,980

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		16,270		16,537
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.02%, 8/12/2037 ‡ (a) (m)		20,583		4
Series 2006-CB15, Class X1, IO, 0.37%, 6/12/2043 ‡ (m)		6,700		8
Series 2010-C2, Class XA, IO, 1.53%, 11/15/2043 ‡ (a) (m)		4,506		82
Series 2005-LDP5, Class X1, IO, 12/15/2044 ‡ (a) (m)		2,039		–	(f)
Series 2006-LDP8, Class X, IO, 0.29%, 5/15/2045 ‡ (m)		435		1
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		2,000		1,845
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.24%, 12/27/2046 (a) (m)		5,000		4,518
Series 2015-FRR2, Class AK39, 2.94%, 8/27/2047 (a) (m)		7,000		6,209
Series 2014-FRR1, Class BK10, 2.50%, 11/27/2049 ‡ (a) (m)		6,875		6,684
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.78%, 12/12/2049 ‡ (a) (m)		1,819		–	(f)
Morgan Stanley Capital I Trust
Series 2007-HQ11, Class X, IO, 0.33%, 2/12/2044 ‡ (a) (m)		882		–	(f)
Series 2011-C3, Class A3, 4.05%, 7/15/2049		499		500
PFP Ltd. (Cayman Islands) Series 2017-3, Class D, 5.99%, 1/14/2035 ‡ (a) (m)		6,500		6,502
Series RR Trust Series 2015-1, Class A, PO, 4/26/2048 (a)		3,000		2,152
TPG Real Estate Finance Ltd. (Cayman Islands) Series 2018-FL1, Class D, 5.19%, 2/15/2035 ‡ (a) (m)		7,750		7,745
UBS Commercial Mortgage Trust
Series 2012-C1, Class XA, IO, 2.07%, 5/10/2045 (a) (m)		7,267		376
Series 2012-C1, Class D, 5.54%, 5/10/2045 ‡ (a) (m)		6,180		6,118
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,191		2,211
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA, IO, 1.32%, 5/10/2063 ‡ (a) (m)		12,235		456
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,560		1,580

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed securities — continued
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		5,291		5,279
Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class XC, IO, 0.42%, 12/15/2043 ‡ (a) (m)		1,217		—	(f)
Wells Fargo Commercial Mortgage Trust Series 2015-C30, Class A4, 3.66%, 9/15/2058		7,598		7,723
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class AK16, PO, 12/27/2043 (a)		12,000		10,738
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		2,500		2,558
Series 2013-C11, Class D, 4.27%, 3/15/2045 ‡ (a) (m)		6,640		6,405
Worldwide Plaza Trust Series 2017-WWP, Class A, 3.53%, 11/10/2036 (a)		12,837		12,759
Total Commercial Mortgage-Backed Securities (Cost $1,451,898)				1,456,040
Collateralized Mortgage Obligations — 4.6%
Acre
12/15/2020		17,350		17,350
Series 2017-B, 12/15/2020		12,400		12,400
Adjustable Rate Mortgage Trust Series 2005-5, Class 6A21, 2.72%, 9/25/2035 (m)		19		19
Alternative Loan Trust
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		27		26
Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		38		39
Series 2004-22CB, Class 1A1, 6.00%, 10/25/2034		609		632
Series 2005-23CB, Class A2, 5.50%, 7/25/2035		312		307
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,440		1,338
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		563		481
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		157		125
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (m)		23		24
Angel Oak Mortgage Trust LLC Series 2017-1, Class A3, 3.64%, 1/25/2047 (a) (m)		398		397

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Antler Mortgage Trust Series 2018-RTL1, Class A2, 4.70%, 7/25/2022 (a)		7,000			7,007
Aqua Finance Trust Series 2017-A, Class A, 3.72%, 11/15/2035 (a)		7,602			7,502
ARIVO 9/15/2019 ‡		8,125			8,125
Banc of America Alternative Loan Trust Series 2004-6, Class 4A1, 5.00%, 7/25/2019		18			18
Banc of America Funding Trust
Series 2005-E, Class 4A1, 4.71%, 3/20/2035 (m)		165			166
Series 2005-5, Class 3A5, 5.50%, 8/25/2035		1,500			1,500
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		73			61
Banc of America Mortgage Trust
Series 2005-11, Class 15PO, PO, 12/25/2020 ‡		8			8
Series 2004-2, Class 2A4, 5.50%, 3/25/2034		47			47
Series 2004-F, Class 1A1, 4.49%, 7/25/2034 (m)		164			167
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (m)		41			42
Bear Stearns ARM Trust Series 2003-7, Class 3A, 4.20%, 10/25/2033 (m)		65			65
Bear Stearns Mortgage Securities, Inc. Series 1997-6, Class 1A, 6.29%, 3/25/2031 (m)		1			1
Chase Mortgage Finance Trust Series 2007-A2, Class 2A1, 4.51%, 7/25/2037 (m)		1,052			1,072
CHL Mortgage Pass-Through Trust
Series 2004-J1, Class 2A1, 4.75%, 1/25/2019		—	(f)		–	(f)
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		4			4
Series 2004-J7, Class 2A2, 4.50%, 8/25/2019		64			65
Series 2004-3, Class A25, 5.75%, 4/25/2034		162			160
Series 2004-5, Class 2A9, 5.25%, 5/25/2034		233			233
Series 2005-22, Class 2A1, 4.05%, 11/25/2035 (m)		347			304
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		18			19

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 137

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Citigroup Mortgage Loan Trust Series 2009-3, Class 5A2, 6.00%, 2/25/2037 (a) (m)		544			555
Citigroup Mortgage Loan Trust, Inc.
Series 2004-UST1, Class A3, 4.58%, 8/25/2034 (m)		75			77
Series 2004-HYB4, Class AA, 2.82%, 12/25/2034 (m)		84			80
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-7, Class 5A1, 4.75%, 8/25/2020		4			4
Series 2005-1, Class 1A16, 5.50%, 2/25/2035		147			147
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 6A13, 5.50%, 11/25/2035		326			259
Series 2005-10, Class 10A4, 6.00%, 11/25/2035		229			116
CVS Pass-Through Trust
8.35%, 7/10/2031 (a)		304			369
5.77%, 1/10/2033 (a)		383			409
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 4APO, PO, 6/25/2035 ‡		38			33
DLJ Mortgage Acceptance Corp. Series 1993-19, Class A7, 6.75%, 1/25/2024		190			189
DT Asset Trust 5.84%, 12/16/2022		9,000			8,996
FHLMC — GNMA
Series 24, Class J, 6.25%, 11/25/2023		242			254
Series 23, Class KZ, 6.50%, 11/25/2023		35			37
Series 31, Class Z, 8.00%, 4/25/2024		36			38
FHLMC REMIC
Series 38, Class D, 9.50%, 5/15/2020		—	(f)		—	(f)
Series 84, Class F, 9.20%, 10/15/2020		—	(f)		—	(f)
Series 81, Class A, 8.13%, 11/15/2020		—	(f)		—	(f)
Series 109, Class I, 9.10%, 1/15/2021		—	(f)		—	(f)
Series 1316, Class Z, 8.00%, 6/15/2022		20			22
Series 1343, Class LB, 7.50%, 8/15/2022		7			7
Series 1351, Class TF, HB, 1,010.00%, 8/15/2022		—	(f)		2
Series 198, Class Z, 8.50%, 9/15/2022		—	(f)		—	(f)
Series 1456, Class Z, 7.50%, 1/15/2023		14			15
Series 1543, Class VN, 7.00%, 7/15/2023		103			109

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1911, Class SD, IF, IO, 10.17%, 7/15/2023 (m)		39		5
Series 2033, Class K, 6.05%, 8/15/2023		139		146
Series 1577, Class PV, 6.50%, 9/15/2023		92		97
Series 1608, Class L, 6.50%, 9/15/2023		179		189
Series 3890, Class ET, 5.50%, 11/15/2023		148		154
Series 1630, Class PK, 6.00%, 11/15/2023		69		72
Series 1611, Class Z, 6.50%, 11/15/2023		175		186
Series 1628, Class LZ, 6.50%, 12/15/2023		142		149
Series 2756, Class NA, 5.00%, 2/15/2024		123		127
Series 1671, Class I, 7.00%, 2/15/2024		149		153
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (m)		16		19
Series 1695, Class G, HB, IF, 26.69%, 3/15/2024 (m)		14		18
Series 1710, Class GB, HB, IF, 40.21%, 4/15/2024 (m)		9		12
Series 2989, Class TG, 5.00%, 6/15/2025		236		242
Series 3005, Class ED, 5.00%, 7/15/2025		404		420
Series 4030, Class IL, IO, 3.50%, 4/15/2027		1,842		164
Series 4060, Class TB, 2.50%, 6/15/2027		4,000		3,775
Series 2022, Class PE, 6.50%, 1/15/2028		22		24
Series 2036, Class PG, 6.50%, 1/15/2028		130		141
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		24		3
Series 2091, Class PG, 6.00%, 11/15/2028		396		428
Series 2116, Class ZA, 6.00%, 1/15/2029		91		99
Series 2148, Class ZA, 6.00%, 4/15/2029		26		28
Series 2995, Class FT, 2.74%, 5/15/2029 (m)		125		124
Series 2530, Class SK, IF, IO, 5.61%, 6/15/2029 (m)		400		59
Series 2201, Class C, 8.00%, 11/15/2029		79		89

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3648, Class CY, 4.50%, 3/15/2030		777		820
Series 3737, Class DG, 5.00%, 10/15/2030		291		303
Series 2261, Class ZY, 7.50%, 10/15/2030		2		2
Series 2293, Class ZA, 6.00%, 3/15/2031		144		159
Series 2310, Class Z, 6.00%, 4/15/2031		20		21
Series 2313, Class LA, 6.50%, 5/15/2031		8		9
Series 2325, Class JO, PO, 6/15/2031		68		62
Series 2330, Class PE, 6.50%, 6/15/2031		207		229
Series 2410, Class QB, 6.25%, 2/15/2032		300		336
Series 2534, Class SI, IF, 14.59%, 2/15/2032 (m)		45		61
Series 2427, Class GE, 6.00%, 3/15/2032		780		852
Series 2430, Class WF, 6.50%, 3/15/2032		601		672
Series 2594, Class IV, IO, 7.00%, 3/15/2032		103		12
Series 2643, Class SA, HB, IF, 29.32%, 3/15/2032 (m)		21		36
Series 2466, Class DH, 6.50%, 6/15/2032		108		119
Series 4146, Class KI, IO, 3.00%, 12/15/2032		5,814		756
Series 2543, Class YX, 6.00%, 12/15/2032		316		349
Series 2557, Class HL, 5.30%, 1/15/2033		202		219
Series 2994, Class SC, IF, IO, 3.11%, 2/15/2033 (m)		62		—(f)
Series 2586, IO, 6.50%, 3/15/2033		375		41
Series 2610, Class UI, IO, 6.50%, 5/15/2033		244		52
Series 2764, Class S, IF, 7.53%, 7/15/2033 (m)		44		49
Series 2656, Class AC, 6.00%, 8/15/2033		150		167
Series 2733, Class SB, IF, 5.77%, 10/15/2033 (m)		444		470
Series 3005, Class PV, IF, 8.82%, 10/15/2033 (m)		10		11
Series 2699, Class W, 5.50%, 11/15/2033		330		361

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2990, Class SL, IF, 15.37%, 6/15/2034 (m)		41		47
Series 3611, PO, 7/15/2034		81		69
Series 2845, Class QH, 5.00%, 8/15/2034		268		284
Series 2864, Class NS, IF, IO, 4.61%, 9/15/2034 (m)		175		5
Series 2912, Class EH, 5.50%, 1/15/2035		1,155		1,267
Series 3059, Class B, 5.00%, 2/15/2035		16		16
Series 2980, Class QB, 6.50%, 5/15/2035		32		36
Series 3031, Class BN, IF, 11.99%, 8/15/2035 (m)		309		383
Series 3117, Class EO, PO, 2/15/2036		150		128
Series 3134, PO, 3/15/2036		46		41
Series 3152, Class MO, PO, 3/15/2036		288		248
Series 3184, Class YO, PO, 3/15/2036		448		405
Series 3138, PO, 4/15/2036		52		46
Series 3187, Class Z, 5.00%, 7/15/2036		1,380		1,477
Series 3542, Class TN, IF, 6.00%, 7/15/2036 (m)		28		32
Series 3201, Class IN, IF, IO, 3.76%, 8/15/2036 (m)		216		19
Series 3202, Class HI, IF, IO, 4.16%, 8/15/2036 (m)		1,113		149
Series 3855, Class AM, 6.50%, 11/15/2036		274		301
Series 3274, Class B, 6.00%, 2/15/2037		181		197
Series 3292, Class DO, PO, 3/15/2037		102		96
Series 3305, Class IW, IF, IO, 3.96%, 4/15/2037 (m)		357		32
Series 3306, Class TC, IF, 4.70%, 4/15/2037 (m)		26		27
Series 3306, Class TB, IF, 5.24%, 4/15/2037 (m)		29		31
Series 3331, PO, 6/15/2037		60		53
Series 3605, Class NC, 5.50%, 6/15/2037		819		894
Series 3383, Class OP, PO, 11/15/2037		112		96
Series 3409, Class DB, 6.00%, 1/15/2038		803		863
Series 3546, Class A, 4.17%, 2/15/2039 (m)		115		118
Series 3531, Class SM, IF, IO, 3.61%, 5/15/2039 (m)		47		2
Series 3827, Class BD, 4.00%, 8/15/2039		179		180

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 139

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3572, Class JS, IF, IO, 4.31%, 9/15/2039 (m)		182		20
Series 3592, Class BZ, 5.00%, 10/15/2039		4,033		4,315
Series 3609, Class SA, IF, IO, 3.85%, 12/15/2039 (m)		766		98
Series 3610, Class CA, 4.50%, 12/15/2039		309		327
Series 3653, Class HJ, 5.00%, 4/15/2040		179		192
Series 3677, Class PB, 4.50%, 5/15/2040		2,894		3,094
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (m)		401		431
Series 4374, Class NC, 3.75%, 2/15/2046 (c)		2,280		2,300
FHLMC STRIPS
Series 186, PO, 8/1/2027		160		146
Series 262, Class 35, 3.50%, 7/15/2042		5,040		5,089
Series 279, Class 35, 3.50%, 9/15/2042		1,765		1,777
Series 323, Class 300, 3.00%, 1/15/2044		6,047		5,927
Series 334, Class 300, 3.00%, 8/15/2044		4,911		4,815
FHLMC Structured Pass-Through Securities Certificates Series T-76, Class 2A, 2.48%, 10/25/2037 (m)		418		436
First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1, 4.39%, 9/25/2034 (m)		242		240
First Horizon Mortgage Pass-Through Trust
Series 2004-AR6, Class 2A1, 4.70%, 12/25/2034 (m)		194		200
Series 2004-AR7, Class 2A2, 4.54%, 2/25/2035 (m)		75		76
FNMA Grantor Trust
Series 2001-T12, IO, 0.51%, 8/25/2041 (m)		16,827		296
Series 2002-T4, IO, 0.40%, 12/25/2041 (m)		34,007		242
Series 2002-T4, Class A2, 7.00%, 12/25/2041		391		437
Series 2002-T4, Class A4, 9.50%, 12/25/2041		649		768
Series 2002-T19, Class A1, 6.50%, 7/25/2042		532		602
Series 2002-T16, Class A2, 7.00%, 7/25/2042		608		692

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2004-T2, Class 1A3, 7.00%, 11/25/2043		232			263
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		263			298
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		331			364
Series 2004-T3, Class 1IO4, IO, 0.57%, 2/25/2044 (m)		4,957			52
FNMA REMIC
Series 1989-72, Class E, 9.35%, 10/25/2019		1			1
Series 1990-1, Class D, 8.80%, 1/25/2020		—	(f)		—	(f)
Series 1990-110, Class H, 8.75%, 9/25/2020		—	(f)		—	(f)
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(f)		—	(f)
Series 2001-4, Class PC, 7.00%, 3/25/2021		35			35
Series G-29, Class O, 8.50%, 9/25/2021		4			4
Series 1991-141, Class PZ, 8.00%, 10/25/2021		8			9
Series 1992-31, Class M, 7.75%, 3/25/2022		5			5
Series G92-30, Class Z, 7.00%, 6/25/2022		1			1
Series 1992-101, Class J, 7.50%, 6/25/2022		6			6
Series 1992-79, Class Z, 9.00%, 6/25/2022		5			5
Series G92-62, Class B, PO, 10/25/2022		5			5
Series 1995-4, Class Z, 7.50%, 10/25/2022		64			67
Series 1992-200, Class SK, HB, IF, 22.93%, 11/25/2022 (m)		59			69
Series 1997-37, Class SM, IF, IO, 5.51%, 12/25/2022 (m)		108			4
Series 2003-17, Class EQ, 5.50%, 3/25/2023		224			230
Series 1993-23, Class PZ, 7.50%, 3/25/2023		5			5
Series 1993-56, Class PZ, 7.00%, 5/25/2023		36			38
Series 1993-60, Class Z, 7.00%, 5/25/2023		20			21
Series 1993-79, Class PL, 7.00%, 6/25/2023		34			36
Series 1993-141, Class Z, 7.00%, 8/25/2023		69			73

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1993-149, Class M, 7.00%, 8/25/2023		31		33
Series 1993-205, Class H, PO, 9/25/2023		1		1
Series 1993-160, Class ZA, 6.50%, 9/25/2023		62		64
Series 1993-165, Class SA, IF, 13.42%, 9/25/2023 (m)		12		14
Series 1995-19, Class Z, 6.50%, 11/25/2023		240		263
Series 1993-255, Class E, 7.10%, 12/25/2023		12		13
Series 1993-247, Class SM, HB, IF, 26.17%, 12/25/2023 (m)		11		12
Series 1994-29, Class Z, 6.50%, 2/25/2024		111		118
Series 2009-17, Class AI, IO, 5.00%, 3/25/2024		7		—	(f)
Series 1994-65, Class PK, PO, 4/25/2024		18		17
Series 2009-23, Class MI, IO, 4.50%, 4/25/2024		45		1
Series 1997-20, Class D, 7.00%, 3/17/2027		107		116
Series 1997-11, Class E, 7.00%, 3/18/2027		24		26
Series 1997-27, Class J, 7.50%, 4/18/2027		11		12
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		2,610		257
Series 1997-42, Class EG, 8.00%, 7/18/2027		160		178
Series 1997-63, Class ZA, 6.50%, 9/18/2027		117		129
Series 2013-13, Class IK, IO, 2.50%, 3/25/2028		9,038		659
Series 1998-66, Class FB, 2.84%, 12/25/2028 (m)		112		112
Series 1999-47, Class JZ, 8.00%, 9/18/2029		263		298
Series 2000-8, Class Z, 7.50%, 2/20/2030		126		141
Series 2001-36, Class ST, IF, IO, 6.01%, 11/25/2030 (m)		148		30
Series 2001-14, Class Z, 6.00%, 5/25/2031		111		118
Series 2001-16, Class Z, 6.00%, 5/25/2031		154		167
Series 2001-72, Class SB, IF, IO, 5.01%, 12/25/2031 (m)		360		55

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2001-81, Class HE, 6.50%, 1/25/2032		692		771
Series 2002-19, Class SC, IF, 9.83%, 3/17/2032 (m)		62		71
Series 2002-56, Class PE, 6.00%, 9/25/2032		770		846
Series 2002-86, Class PG, 6.00%, 12/25/2032		592		654
Series 2012-148, Class IE, IO, 3.00%, 1/25/2033		6,703		813
Series 2003-25, Class KP, 5.00%, 4/25/2033		1,817		1,939
Series 2003-22, Class Z, 6.00%, 4/25/2033		368		402
Series 2003-47, Class PE, 5.75%, 6/25/2033		455		495
Series 2003-64, Class SX, IF, 7.48%, 7/25/2033 (m)		36		40
Series 2003-91, Class SD, IF, 8.35%, 9/25/2033 (m)		8		9
Series 2003-130, Class HZ, 6.00%, 1/25/2034		12,316		13,791
Series 2004-72, Class F, 2.99%, 9/25/2034 (m)		155		156
Series 2005-19, Class PB, 5.50%, 3/25/2035		3,000		3,327
Series 2009-89, Class A1, 5.41%, 5/25/2035		877		895
Series 2005-42, Class PS, IF, 10.78%, 5/25/2035 (m)		13		14
Series 2005-51, Class MO, PO, 6/25/2035		16		16
Series 2005-53, Class CS, IF, IO, 4.21%, 6/25/2035 (m)		686		59
Series 2005-65, Class KO, PO, 8/25/2035		101		86
Series 2005-72, Class WS, IF, IO, 4.26%, 8/25/2035 (m)		373		41
Series 2005-84, Class XM, 5.75%, 10/25/2035		168		182
Series 2005-90, Class ES, IF, 10.65%, 10/25/2035 (m)		73		89
Series 2005-106, Class US, IF, 15.44%, 11/25/2035 (m)		72		95
Series 2006-9, Class KZ, 6.00%, 3/25/2036		309		337
Series 2006-22, Class AO, PO, 4/25/2036		187		161
Series 2006-27, Class OB, PO, 4/25/2036		1,095		904
Series 2006-27, Class OH, PO, 4/25/2036		79		71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 141

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-20, Class IB, IF, IO, 4.10%, 4/25/2036 (m)		309		50
Series 2011-19, Class ZY, 6.50%, 7/25/2036		282		318
Series 2006-77, Class PC, 6.50%, 8/25/2036		348		383
Series 2006-110, PO, 11/25/2036		170		144
Series 2006-128, PO, 1/25/2037		154		129
Series 2007-10, Class Z, 6.00%, 2/25/2037		91		99
Series 2007-22, Class SC, IF, IO, 3.59%, 3/25/2037 (m)		75		4
Series 2007-54, Class IB, IF, IO, 3.92%, 6/25/2037 (m)		5,098		815
Series 2008-93, Class AM, 5.50%, 6/25/2037		84		86
Series 2007-68, Class IA, IO, 6.50%, 6/25/2037		37		4
Series 2007-109, Class YI, IF, IO, 3.96%, 12/25/2037 (m)		2,625		401
Series 2008-91, Class SI, IF, IO, 3.51%, 3/25/2038 (m)		1,074		114
Series 2010-70, Class SA, IF, IO, 6.00%, 4/25/2038 (m)		1,038		204
Series 2011-22, Class MA, 6.50%, 4/25/2038		280		290
Series 2008-62, Class SM, IF, IO, 3.71%, 7/25/2038 (m)		755		108
Series 2009-29, Class LA, 1.51%, 5/25/2039 (m)		415		377
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		370		68
Series 2009-112, Class ST, IF, IO, 3.76%, 1/25/2040 (m)		579		72
Series 2009-112, Class SW, IF, IO, 3.76%, 1/25/2040 (m)		381		46
Series 2010-10, Class NT, 5.00%, 2/25/2040		1,332		1,432
Series 2010-49, Class SC, IF, 7.68%, 3/25/2040 (m)		290		321
Series 2010-35, Class SB, IF, IO, 3.93%, 4/25/2040 (m)		573		73
Series 2010-129, Class PZ, 4.50%, 11/25/2040		3,147		3,277
Series 2011-126, Class KB, 4.00%, 12/25/2041		11,439		11,982
Series 2016-33, Class JA, 3.00%, 7/25/2045		19,240		19,190

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-38, Class NA, 3.00%, 1/25/2046		14,270		14,149
Series 2007-71, Class GZ, 6.00%, 7/25/2047		185		193
FNMA REMIC Trust
Series 2002-W7, Class IO1, IO, 0.90%, 6/25/2029 (m)		6,605		170
Series 2001-W3, Class A, 6.06%, 9/25/2041 (m)		265		283
Series 2002-W10, IO, 0.90%, 8/25/2042 (m)		2,953		69
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (m)		105		117
Series 2004-W11, Class 1IO1, IO, 0.36%, 5/25/2044 (m)		14,487		182
FNMA STRIPS
Series 356, Class 42, IO, 5.50%, 12/25/2019		12		—	(f)
Series 203, Class 2, IO, 8.00%, 2/25/2023		514		57
Series 266, Class 2, IO, 7.50%, 8/25/2024		93		12
Series 313, Class 1, PO, 6/25/2031		756		667
Series 380, Class S36, IF, IO, 5.41%, 7/25/2037 (m)		186		37
Series 383, Class 68, IO, 6.50%, 9/25/2037		108		22
Series 383, Class 86, IO, 7.00%, 9/25/2037 (m)		64		13
Series 383, Class 69, IO, 6.50%, 10/25/2037 (m)		156		31
FNMA Trust
Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		15		16
Series 2003-W6, Class 1A41, 5.40%, 10/25/2042		184		198
Series 2004-W2, Class 1A, 6.00%, 2/25/2044		238		258
Series 2004-W9, Class 1A3, 6.05%, 2/25/2044		444		481
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		70		79
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		178		202
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		280		306
GLS Funding III LLC
6/15/2020 ‡		9,942		9,944
0.00%, 6/15/2020 ‡		28,921		28,932

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
GMACM Mortgage Loan Trust
Series 2003-J10, Class A1, 4.75%, 1/25/2019		13		13
Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (m)		102		100
GNMA
Series 1997-7, Class ZA, 9.00%, 5/16/2027		47		47
Series 2014-60, Class W, 4.28%, 2/20/2029 (m)		1,785		1,812
Series 2002-13, Class QA, IF, IO, 5.57%, 2/16/2032 (m)		441		5
Series 2002-47, Class HM, 6.00%, 7/16/2032		13		13
Series 2002-84, Class PH, 6.00%, 11/16/2032		665		723
Series 2008-29, PO, 2/17/2033		31		30
Series 2003-18, Class PG, 5.50%, 3/20/2033		704		762
Series 2003-52, Class SB, IF, 7.21%, 6/16/2033 (m)		84		92
Series 2003-101, Class SK, IF, IO, 4.08%, 10/17/2033 (m)		1,216		148
Series 2004-2, Class SA, IF, 11.33%, 1/16/2034 (m)		239		327
Series 2004-19, Class KE, 5.00%, 3/16/2034		2,770		2,967
Series 2004-73, Class AE, IF, 9.74%, 8/17/2034 (m)		10		11
Series 2004-86, Class SP, IF, IO, 3.62%, 9/20/2034 (m)		615		60
Series 2004-90, Class SI, IF, IO, 3.62%, 10/20/2034 (m)		496		63
Series 2010-31, Class SK, IF, IO, 3.62%, 11/20/2034 (m)		324		37
Series 2004-105, Class SN, IF, IO, 3.62%, 12/20/2034 (m)		1,092		89
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		80		18
Series 2006-23, Class S, IF, IO, 4.02%, 1/20/2036 (m)		380		5
Series 2006-26, Class S, IF, IO, 4.02%, 6/20/2036 (m)		826		109
Series 2006-33, Class PK, 6.00%, 7/20/2036		255		281
Series 2009-81, Class A, 5.75%, 9/20/2036		156		169
Series 2007-7, Class EI, IF, IO, 3.72%, 2/20/2037 (m)		1,214		160

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-9, Class CI, IF, IO, 3.72%, 3/20/2037 (m)		655		81
Series 2007-17, Class JO, PO, 4/16/2037		78		64
Series 2007-16, Class KU, IF, IO, 4.17%, 4/20/2037 (m)		887		105
Series 2007-22, Class PK, 5.50%, 4/20/2037		1,041		1,151
Series 2007-26, Class SC, IF, IO, 3.72%, 5/20/2037 (m)		272		29
Series 2007-24, Class SA, IF, IO, 4.03%, 5/20/2037 (m)		1,198		149
Series 2009-16, Class SJ, IF, IO, 4.32%, 5/20/2037 (m)		1,162		141
Series 2008-34, Class OC, PO, 6/20/2037		226		189
Series 2009-106, Class XL, IF, IO, 4.27%, 6/20/2037 (m)		442		36
Series 2009-79, Class OK, PO, 11/16/2037		197		171
Series 2007-67, Class SI, IF, IO, 4.03%, 11/20/2037 (m)		235		26
Series 2008-40, Class SA, IF, IO, 3.92%, 5/16/2038 (m)		916		130
Series 2008-40, Class PS, IF, IO, 4.02%, 5/16/2038 (m)		429		46
Series 2009-77, Class CS, IF, IO, 4.52%, 6/16/2038 (m)		444		29
Series 2008-50, Class SA, IF, IO, 3.75%, 6/20/2038 (m)		1,782		171
Series 2008-49, Class PH, 5.25%, 6/20/2038		1,258		1,335
Series 2008-55, Class PL, 5.50%, 6/20/2038		1,161		1,275
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		510		95
Series 2009-75, Class IY, IO, 5.50%, 6/20/2039		293		52
Series 2009-72, Class SM, IF, IO, 3.77%, 8/16/2039 (m)		470		58
Series 2010-4, Class SB, IF, IO, 4.02%, 8/16/2039 (m)		188		4
Series 2010-157, Class OP, PO, 12/20/2040		482		395
Series 2015-157, Class GA, 3.00%, 1/20/2045		1,142		1,132
Series 2012-H11, Class FA, 3.21%, 2/20/2062 (m)		7,615		7,655
Series 2012-H18, Class FA, 3.06%, 8/20/2062 (m)		1,867		1,871

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 143

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2013-H04, Class BA, 1.65%, 2/20/2063		2,746		2,712
Series 2013-H20, Class FB, 3.51%, 8/20/2063 (m)		6,715		6,788
Series 2013-H23, Class FA, 3.81%, 9/20/2063 (m)		8,307		8,458
Series 2015-H02, Class HA, 2.50%, 1/20/2065		5,174		4,998
Series 2015-H04, Class FL, 2.98%, 2/20/2065 (m)		8,856		8,857
Series 2015-H23, Class FB, 3.03%, 9/20/2065 (m)		7,403		7,418
Series 2015-H32, Class FH, 3.17%, 12/20/2065 (m)		6,620		6,671
Series 2016-H16, Class FD, 3.10%, 6/20/2066 (m)		11,636		11,699
Series 2016-H17, Class FC, 3.34%, 8/20/2066 (m)		7,150		7,218
Series 2016-H23, Class F, 3.26%, 10/20/2066 (m)		18,528		18,644
Series 2016-H26, Class FC, 3.51%, 12/20/2066 (m)		17,937		18,240
Series 2017-H08, Class XI, IO, 2.22%, 3/20/2067 (m)		23,554		2,869
Series 2017-H08, Class FC, 3.11%, 3/20/2067 (m)		27,900		28,031
Series 2017-H11, Class XI, IO, 1.89%, 5/20/2067 (m)		63,667		7,239
Series 2017-H14, Class XI, IO, 1.61%, 6/20/2067 (m)		24,261		2,285
Series 2017-H14, Class AI, IO, 1.98%, 6/20/2067 (m)		35,593		4,033
Series 2017-H23, Class FA, 2.99%, 10/20/2067 (m)		33,650		33,667
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		20,070		19,605
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		102		105
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		174		177
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		162		172
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		65		67
Series 2005-5F, Class 8A1, 2.99%, 6/25/2035 (m)		28		27
Series 2005-5F, Class 8A3, 2.99%, 6/25/2035 (m)		16		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-2F, Class 2A7, 5.75%, 2/25/2037		108		130
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (a) (c)		11,950		11,816
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043 (a)		8,409		8,429
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		26,750		26,750
Impac CMB Trust
Series 2004-10, Class 3A1, 3.19%, 3/25/2035 (m)		570		534
Series 2004-10, Class 3A2, 3.29%, 3/25/2035 (m)		355		330
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 8/25/2033		9		9
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		104		98
Series 2006-A2, Class 5A3, 4.62%, 11/25/2033 (m)		178		182
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (m)		257		264
Series 2004-S1, Class 3A1, 5.50%, 9/25/2034		207		207
Series 2004-S2, Class 4A5, 6.00%, 11/25/2034		468		460
Series 2007-A1, Class 5A2, 4.69%, 7/25/2035 (m)		73		75
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (m)		53		55
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		23		23
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		7		7
Series 2004-11, Class 8A3, 5.50%, 10/25/2019		6		6
Series 2005-1, Class 5A1, 5.50%, 1/25/2020		1		1
Series 2003-7, Class 4A3, 8.00%, 11/25/2033		1		1
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		44		45
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		375		383

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-6, Class 6A1, 6.50%, 7/25/2034		460			473
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		45			38
Series 2004-7, Class 3A1, 6.50%, 8/25/2034		35			37
MASTR Asset Securitization Trust
Series 2003-11, Class 3A1, 4.50%, 12/25/2018		1			1
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		—	(f)		—	(f)
Series 2004-6, Class 4A1, 5.00%, 7/25/2019		1			1
Series 2004-6, Class 3A1, 5.25%, 7/25/2019		2			2
Series 2004-8, PO, 8/25/2019 ‡		1			1
Series 2004-10, Class 1A1, 4.50%, 10/25/2019		—	(f)		—	(f)
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (a)		87			87
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (a)		30			25
Merrill Lynch Mortgage Investors Trust
Series 2004-C, Class A2, 3.51%, 7/25/2029 (m)		149			146
Series 2004-D, Class A3, 4.52%, 9/25/2029 (m)		85			85
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.63%, 4/25/2034 (m)		314			332
Series 2004-7AR, Class 2A6, 4.50%, 9/25/2034 (m)		120			121
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (m)		143			140
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		41			41
New Residential Mortgage Loan Trust Series 2019-RPL1, Class A1, 4.33%, 2/26/2024 (a) (c)		11,040			11,040
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		92			92
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		140			148
RALI Trust
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		2			2

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		9		9
Series 2005-QS5, Class A4, 5.75%, 4/25/2035		1,915		1,785
RCO Trust Series 2017-INV1, Class A, 3.20%, 11/25/2052 (a) (m)		16,437		16,187
Residential Asset Securitization Trust
Series 2003-A8, Class A1, 3.75%, 10/25/2018		20		19
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		126		104
RFMSI Trust
Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (m)		94		85
Series 2006-S1, Class 1A8, 5.75%, 1/25/2036		1,030		963
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		31		31
SART
4.75%, 7/15/2024		33,457		33,660
4.76%, 6/15/2025		45,129		45,383
Sequoia Mortgage Trust Series 2004-8, Class A2, 3.49%, 9/20/2034 (m)		502		499
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A, 4.22%, 10/25/2034 (m)		250		250
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 4.43%, 12/25/2033 (m)		119		119
Series 2003-37A, Class 1A, 4.61%, 12/25/2033 (m)		1,161		1,154
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5, 4.55%, 9/25/2033 (m)		1,161		1,168
Vendee Mortgage Trust
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		341		372
Series 1998-1, Class 2E, 7.00%, 3/15/2028		908		1,006
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		131		144
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 7A, 5.50%, 8/25/2019		5		5
Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 145

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-AR8, Class A, 4.23%, 8/25/2033 (m)		190		193
Series 2003-AR9, Class 1A6, 4.34%, 9/25/2033 (m)		127		130
Series 2004-AR3, Class A1, 3.97%, 6/25/2034 (m)		55		56
Series 2004-AR3, Class A2, 3.97%, 6/25/2034 (m)		512		521
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		564		587
Series 2004-AR11, Class A, 4.17%, 10/25/2034 (m)		430		431
Series 2005-AR2, Class 2A21, 2.82%, 1/25/2045 (m)		65		65
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		615		587
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA1, Class 2A, 7.00%, 3/25/2034		356		384
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-D, Class A1, 4.83%, 2/25/2033 (m)		287		287
Series 2003-M, Class A1, 4.90%, 12/25/2033 (m)		101		103
Series 2004-B, Class A1, 4.94%, 2/25/2034 (m)		60		61
Series 2005-AR16, Class 2A1, 5.02%, 2/25/2034 (m)		315		324
Series 2004-K, Class 1A2, 4.48%, 7/25/2034 (m)		183		187
Series 2004-Q, Class 2A2, 4.70%, 9/25/2034 (m)		78		78
Series 2004-Q, Class 1A3, 4.72%, 9/25/2034 (m)		22		22
Series 2004-U, Class A1, 4.69%, 10/25/2034 (m)		343		345
Series 2004-EE, Class 3A1, 4.63%, 12/25/2034 (m)		75		78
Series 2004-EE, Class 3A2, 4.63%, 12/25/2034 (m)		103		107
Series 2004-DD, Class 2A8, 5.04%, 1/25/2035 (m)		44		45
Series 2005-AR3, Class 1A1, 4.55%, 3/25/2035 (m)		1,470		1,513

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-9, Class 2A10, 5.25%, 10/25/2035		2,011		1,995
Total Collateralized Mortgage Obligations (Cost $650,313)				649,764
U.s. Government Agency Securities — 2.0%
FFCB
3.35%, 11/13/2025		8,000		8,218
3.00%, 2/10/2027		17,115		16,767
2.50%, 7/12/2027		13,000		12,268
2.99%, 3/29/2030		7,750		7,425
FHLB
3.13%, 12/12/2025		12,000		12,199
3.25%, 6/9/2028		41,250		41,873
2.75%, 7/11/2031		7,550		6,901
3.32%, 11/13/2035		19,000		18,607
5.63%, 3/14/2036		19,000		24,461
3.74%, 6/12/2043		38,000		38,058
FHLMC DN, 3.56%, 3/15/2031 (o)		14,976		10,003
FNMA 5.63%, 7/15/2037		1,500		1,969
Resolution Funding Corp. STRIPS
2.05%, 7/15/2020 (o)		29,438		28,401
DN, 3.33%, 4/15/2030 (o)		43,000		30,042
3.39%, 4/15/2030 (o)		20,500		14,322
Tennessee Valley Authority 5.88%, 4/1/2036		11,713		15,151
Total U.S. Government agency Securities (Cost $284,218)				286,665
Foreign Government Securities — 1.7%
Abu Dhabi Government Bond (United Arab Emirates) 4.13%, 10/11/2047 (j)		2,450		2,422
Arab Republic of Egypt (Egypt) 7.90%, 2/21/2048 (j)		3,392		3,316
Export Credit Bank of Turkey (Turkey) 8.25%, 1/24/2024 (a) (b)		1,340		1,390
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024 (j)		4,344		4,366
Federal Republic of Nigeria (Nigeria)
6.75%, 1/28/2021 (j)		1,550		1,608
7.63%, 11/21/2025 (a)		3,630		3,848
6.50%, 11/28/2027 (a)		1,030		1,013
8.75%, 1/21/2031 (a)		5,040		5,506
Gabonese Republic (Gabon) 6.38%, 12/12/2024 (j)		2,500		2,409
Government of Bermuda (Bermuda)
3.72%, 1/25/2027 (j)		2,900		2,829
4.75%, 2/15/2029 (a)		4,820		5,041

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Government of Dominican Republic (Dominican Republic)
6.88%, 1/29/2026 (j)		5,680		6,151
5.95%, 1/25/2027 (j)		1,700		1,765
6.85%, 1/27/2045 (j)		2,178		2,269
Jamaica Government International Bond (Jamaica)
6.75%, 4/28/2028		2,480		2,735
7.88%, 7/28/2045		2,700		3,206
Kingdom of Saudi Arabia (Saudi Arabia)
5.00%, 4/17/2049 (j)		2,400		2,439
5.25%, 1/16/2050 (a)		2,450		2,565
Mongolia Government International Bond (Mongolia)
10.88%, 4/6/2021 (j)		4,803		5,325
5.63%, 5/1/2023 (a)		440		441
Oman Government International Bond (Oman)
5.38%, 3/8/2027 (j)		2,400		2,244
5.63%, 1/17/2028 (j)		2,850		2,690
6.75%, 1/17/2048 (j)		7,604		6,872
Paraguay Government International Bond (Paraguay)
4.70%, 3/27/2027 (j)		700		718
5.40%, 3/30/2050 (a)		660		670
Province of Alberta (Canada) 3.30%, 3/15/2028		24,500		24,727
Province of Manitoba (Canada) 2.13%, 6/22/2026		1,250		1,172
Province of Nova Scotia (Canada) 9.25%, 3/1/2020		655		695
Province of Quebec (Canada)
7.13%, 2/9/2024		2,220		2,627
6.35%, 1/30/2026		300		353
Provincia de Buenos Aires (Argentina) 9.95%, 6/9/2021 (j)		1,996		1,946
Republic of Albania (Albania) 3.50%, 10/9/2025 (a)	EUR	251		292
Republic of Angola (Angola)
7.00%, 8/17/2019 (j)		31		31
9.38%, 5/8/2048 (j)		2,500		2,666
Republic of Argentina (Argentina)
6.88%, 4/22/2021		2,800		2,655
6.63%, 7/6/2028		5,100		4,115
8.28%, 12/31/2033		943		805
7.63%, 4/22/2046		1,000		802

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Republic of Azerbaijan (Azerbaijan)
4.75%, 3/18/2024 (j)		584		596
3.50%, 9/1/2032 (j)		6,610		5,759
Republic of Belarus (Belarus)
6.88%, 2/28/2023 (j)		598		620
7.63%, 6/29/2027 (j)		1,995		2,142
Republic of Colombia (Colombia)
2.63%, 3/15/2023		2,700		2,593
4.50%, 3/15/2029		694		709
10.38%, 1/28/2033		370		562
5.00%, 6/15/2045		4,850		4,879
Republic of Costa Rica (Costa Rica)
4.38%, 4/30/2025 (j)		2,336		2,133
7.00%, 4/4/2044 (j)		1,134		1,076
7.16%, 3/12/2045 (j)		200		191
Republic of Cote d’Ivoire (Ivory Coast) 6.13%, 6/15/2033 (j)		3,016		2,786
Republic of Croatia (Croatia) 6.00%, 1/26/2024 (j)		1,486		1,642
Republic of El Salvador (El Salvador)
7.38%, 12/1/2019 (j)		1,341		1,358
7.75%, 1/24/2023 (j)		1,210		1,272
7.63%, 2/1/2041 (j)		2,692		2,719
Republic of Ghana (Ghana) 7.63%, 5/16/2029 (j)		2,400		2,325
Republic of Honduras (Honduras)
7.50%, 3/15/2024 (j)		2,150		2,328
6.25%, 1/19/2027 (j)		5,100		5,276
Republic of Hungary (Hungary)
5.75%, 11/22/2023		4,080		4,460
5.38%, 3/25/2024		1,970		2,135
Republic of Kenya (Kenya) 7.25%, 2/28/2028 (j)		2,457		2,485
Republic of Lebanon (Lebanon)
6.38%, 3/9/2020		3,750		3,638
6.85%, 3/23/2027 (j)		2,463		2,090
6.65%, 11/3/2028 (j)		2,627		2,171
6.65%, 2/26/2030 (j)		1,230		1,001
Republic of Macedonia (Macedonia, the Former Yugoslav Republic of)
2.75%, 1/18/2025 (j)	EUR	1,050		1,218
2.75%, 1/18/2025 (a)	EUR	423		491
Republic of Pakistan (Pakistan) 7.25%, 4/15/2019 (j)		2,108		2,111
Republic of Panama (Panama)
8.88%, 9/30/2027		420		570

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 147

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
9.38%, 4/1/2029		226		323
6.70%, 1/26/2036		430		546
Republic of Paraguay (Paraguay)
4.63%, 1/25/2023 (j)		2,700		2,754
5.00%, 4/15/2026 (j)		1,500		1,554
6.10%, 8/11/2044 (j)		3,523		3,867
Republic of Peru (Peru) 5.94%, 2/12/2029 (j)	PEN	2,150		674
Republic of Romania (Romania)
6.75%, 2/7/2022 (j)		2,040		2,211
5.13%, 6/15/2048 (j)		1,100		1,083
Republic of Senegal (Senegal) 6.75%, 3/13/2048 (a)		867		788
Republic of Serbia (Serbia)
4.88%, 2/25/2020 (j)		600		606
7.25%, 9/28/2021 (j)		2,200		2,384
Republic of South Africa (South Africa)
4.88%, 4/14/2026		1,130		1,119
4.30%, 10/12/2028		2,200		2,041
5.38%, 7/24/2044		400		372
5.65%, 9/27/2047		1,500		1,417
Republic of Sri Lanka (Sri Lanka)
6.25%, 10/4/2020 (j)		3,750		3,750
6.75%, 4/18/2028 (j)		3,683		3,494
Republic of Turkey (Turkey) 5.13%, 2/17/2028		3,750		3,347
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019 (j)		3,441		3,444
7.38%, 9/25/2032 (j)		2,863		2,473
Republic of Uruguay (Uruguay)
5.10%, 6/18/2050		2,851		2,931
4.98%, 4/20/2055 (b)		3,080		3,095
Republic of Uzbekistan Bond (Uzbekistan) 5.38%, 2/20/2029 (a)		1,025		1,017
Republic of Zambia (Zambia) 8.97%, 7/30/2027 (j)		2,450		1,975
Russian Federation (Russia) 5.88%, 9/16/2043 (j)		3,200		3,568
State of Qatar (Qatar) 5.10%, 4/23/2048 (j)		2,450		2,637
United Mexican States (Mexico) 3.75%, 1/11/2028		376		360
Total Foreign Government Securities (Cost $231,312)				233,890

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — 0.2% (p)
Containers & Packaging — 0.0% (k)
Berry Global, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 2.00%), 4.61%, 10/1/2022 (h)		600		598
Diversified Telecommunication Services — 0.0% (k)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 10/2/2024 (h)		811		804
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 11/1/2024 (h) (q)		1,585		1,575
				2,379
Food & Staples Retailing — 0.1%
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 6/22/2023 (h)		1,410		1,401
Albertson’s LLC, 1st Lien Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.49%, 11/17/2025 (h)		711		706
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.80%, 12/5/2023 (h)		4,114		2,351
				4,458
Hotels, Restaurants & Leisure — 0.1%
MGM Resorts International, 1st Lien Term Loan A (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 4/23/2021 (h) (q)		5,500		5,438
MotorCity Casino aka CCM Merger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 8/6/2021 (h) (q)		3,362		3,344
				8,782
IT Services — 0.0% (k)
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.74%, 11/3/2023 (h)		4,129		3,928
Leisure Products — 0.0% (k)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.68%, 2/15/2022 ‡ (h)		174		173
Media — 0.0% (k)
iHeartCommunications, Inc., Term Loan D (ICE LIBOR USD 1 Month + 6.75%), 9.05%, 1/30/2021 (h)		749		522
iHeartCommunications, Inc., Tranche E Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.80%, 7/30/2019 (h)		596		415

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Media — continued
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 1/31/2025 (h)		2,199		2,198
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.49%, 12/27/2020 (h)		160		160
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 6/1/2023 (h)		669		664
				3,959
Oil, Gas & Consumable Fuels — 0.0% (k)
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 7.87%, 8/25/2023 (h)		945		754
MEG Energy Corp., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 3.50%, 4.55% Floor), 6.00%, 12/31/2023 (h)		3,000		2,987
				3,741
Pharmaceuticals — 0.0% (k)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 8.02%, 9/6/2024 (h)		335		318
Specialty Retail — 0.0% (k)
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (h) (q)		784		1,176
Harbor Freight Tools USA, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 8/18/2023 (h)		1,326		1,307
				2,483
Transportation Infrastructure — 0.0% (k)
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 9.50%), 12.23%, 8/3/2026 (h)		2,400		2,064
Total Loan Assignments (Cost $33,101)				32,883
Municipal Bonds — 0.1% (r)
California — 0.1%
Education — 0.0% (k)
University of California Series AD, Rev., 4.86%, 5/15/2112		774		796
General Obligation — 0.1%
State of California, Various Purpose GO, 7.35%, 11/1/2039		1,980		2,781

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.0% (k)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		1,000		1,257
Utility — 0.0% (k)
Alameda County Joint Powers Authority, Multiple Capital Projects Series 2010A, Rev., 7.05%, 12/1/2044		200		284
Total California				5,118
District of Columbia — 0.0% (k)
Water & Sewer — 0.0% (k)
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series A, Rev., 4.81%, 10/1/2114		345		373
New York — 0.0% (k)
Other Revenue — 0.0% (k)
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series H, Rev., 5.29%, 3/15/2033		560		624
Series H, Rev., 5.39%, 3/15/2040		1,165		1,378
				2,002
Transportation — 0.0% (k)
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,450		1,773
Series 165, Rev., 5.65%, 11/1/2040		155		190
Series 174, Rev., 4.46%, 10/1/2062		740		779
				2,742
Total New York				4,744
Ohio — 0.0% (k)
Education — 0.0% (k)
Ohio State University, General Receipts Series A, Rev., 4.80%, 6/1/2111		1,563		1,640
Utility — 0.0% (k)
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,040		1,487
Total Ohio				3,127
Total Municipal Bonds (Cost $12,044)				13,362
	SHARES (000)
Common Stocks — 0.1%
Aerospace & Defense — 0.0% (k)
Remington Outdoor Co., Inc. * ‡		15		27

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 149

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Communications Equipment — 0.0% (k)
Goodman Networks, Inc. * ‡		39		—	(f)
Diversified Financial Services — 0.0% (k)
ACC Claims Holdings LLC * ‡ (b)		1,551		16
Energy Equipment & Services — 0.0% (k)
Telford Offshore Holdings Ltd. (Cayman Islands) * ‡		34		42
Independent Power and Renewable Electricity Producers — 0.0% (k)
Vistra Energy Corp. * (b)		3		68
Oil, Gas & Consumable Fuels — 0.0% (k)
Penn Virginia Corp. * (b)		22		1,178
Pharmaceuticals — 0.1%
Advanz Pharma Corp. (Canada) *		26		507
Concordia International private placement (Canada) * ‡		274		4,899
				5,406
Software — 0.0% (k)
Avaya Holdings Corp. * (b)		121		1,879
Specialty Retail — 0.0% (k)
Claire’s Stores, Inc. * ‡		2		1,528
Wireless Telecommunication Services — 0.0% (k)
NII Holdings, Inc. * (b)		68		264
Total Common Stocks (Cost $9,413)				10,408
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.0% (k)
Media — 0.0% (k)
DISH Network Corp. 3.38%, 8/15/2026 (Cost $2,048)		2,030		1,744
	SHARES (000)
Preferred Stocks — 0.0% (k)
Automobiles — 0.0% (k)
General Motors Co.
6.25%, 7/15/2033 ‡		385		—	(f)
7.25%, 4/15/2041 ‡		21		—	(f)
7.38%, 5/15/2048 ‡		55		—	(f)
7.38%, 10/1/2051 ‡		1		—
7.25%, 2/15/2052 ‡		42		—	(f)
Motors Liquidation Co. 7.25%, 7/15/2041 ‡		1		—
				—	(f)

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.0% (k)
Goodman Networks, Inc. (Preference) * ‡		46		—	(f)
Specialty Retail — 0.0% (k)
Claire’s Stores, Inc. * ‡		1		1,711
Total Preferred Stocks (Cost $795)				1,711
	PRINCIPAL AMOUNT ($000)
Supranational — 0.0% (k)
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $1,028)		1,000		1,029
	NO. OF WARRANTS (000)
Warrants — 0.0% (k)
Oil, Gas & Consumable Fuels — 0.0% (k)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 (Canada) * (Cost $—)		268		94
	NO. OF RIGHTS (000)
Rights — 0.0% (k)
Independent Power and Renewable Electricity Producers — 0.0% (k)
Vistra Energy Corp., expiring 12/31/2049 * ‡ (Cost $—)		103		80
	PRINCIPAL AMOUNT ($000)
Convertible Preferred Stocks — 0.0% (k)
Automobiles — 0.0% (k)
General Motors Co. 5.25%, 3/6/2032 ‡ (Cost $—)		120		—	(f)
	SHARES (000)
Short-Term Investments — 2.9%
Investment companies — 2.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (s) (t) (Cost $400,436)		400,433		400,553
Investment of Cash Collateral From Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.59% (s) (t)		169,022		169,038

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral From Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (s) (t)		57,912		57,912
Total Investment of Cash Collateral From Securities loaned (Cost $226,926)				226,950
Total Investments — 100.9% (Cost $14,241,119)				14,154,915
Liabilities in Excess of Other Assets — (0.9%)				(133,157	)
NET ASSETS — 100.0%				14,021,758

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
EUR	Euro
ESOP	Employee Stock Ownership Program
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GS	Goldman Sachs
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
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, 2019. 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
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate

OJSC	Open Joint Stock Company
OYJ	Public Limited Company
PEN	Peruvian Nuevo Sol
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.
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
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.
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	The security or a portion of this security is on loan at February 28, 2019. The total value of securities on loan at February 28, 2019 is approximately $215,888,000.
(c)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(d)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 151

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(e)	Defaulted security.
(f)	Amount rounds to less than one thousand.
(g)	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, 2019.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(k)	Amount rounds to less than 0.1% of net assets.
(l)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(m)	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, 2019.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(o)	The rate shown is the effective yield as of February 28, 2019.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	All or a portion of this security is unsettled as of February 28, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(r)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(s)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(t)	The rate shown is the current yield as of February 28, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of February 28, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note		1,873		06/2019		USD		228,418			(427	)
U.S. Treasury 2 Year Note		1,516		06/2019		USD		321,676			(51	)
U.S. Treasury 5 Year Note		6,941		06/2019		USD		795,016			(665	)
U.S. Treasury Ultra Bond		1,675		06/2019		USD		267,529			(4,649	)
											(5,792	)
Short Contracts
U.S. Treasury 10 Year Note		(388)		06/2019		USD		(47,318	)		90
U.S. Treasury 10 Year Ultra Note		(3,126)		06/2019		USD		(404,524	)		1,030
U.S. Treasury 5 Year Note		(358)		06/2019		USD		(41,005	)		13
U.S. Treasury Long Bond		(692)		06/2019		USD		(99,994	)		1,008
U.S. Treasury Ultra Bond		(46)		06/2019		USD		(7,347	)		56
											2,197
											(3,595	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Forward foreign currency exchange contracts outstanding as of February 28, 2019 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	656	USD	743	State Street Corp.		3/5/2019		2
USD	18,864	EUR	16,512	Goldman Sachs International		3/5/2019		81
USD	247	EUR	215	Merrill Lynch International		3/5/2019		3
EUR	123	USD	139	Societe Generale		3/29/2019		1
USD	3,602	EUR	3,153	HSBC Bank, NA		3/29/2019		9
USD	302	EUR	264	Union Bank of Switzerland AG		3/29/2019		1
USD	1,503	ZAR	20,850	Barclays Bank plc		3/29/2019		28
ZAR	36,147	USD	2,487	Goldman Sachs International		3/29/2019		70
USD	18,471	EUR	16,088	Barclays Bank plc		6/5/2019		26
USD	932	JPY	102,500	State Street Corp.		6/5/2019		6
Total unrealized appreciation								227
EUR	109	USD	125	Australia & New Zealand Banking Group Ltd.		3/5/2019		(1	)
EUR	16,088	USD	18,330	Barclays Bank plc		3/5/2019		(30	)
JPY	107,030	USD	967	State Street Corp.		3/5/2019		(7	)
USD	141	EUR	125	Morgan Stanley		3/5/2019		—	(a)
USD	950	JPY	107,030	HSBC Bank, NA		3/5/2019		(10	)
USD	258	EUR	227	Union Bank of Switzerland AG		3/29/2019		(1	)
USD	1,080	ZAR	15,297	Standard Chartered Bank		3/29/2019		(3	)
Total unrealized depreciation								(52	)
Net unrealized appreciation								175

Abbreviations

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar
ZAR	South African Rand

^(a)  Amount rounds to less than one thousand.

Centrally Cleared Credit default swap contracts outstanding — buy protection (1) as of February 28, 2019 (amounts in thousands):
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		6/20/2021		0.79		USD 50,000		1,914		(2,226	)		(312	)
											1,914		(2,226	)		(312	)

⁽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).

Abbreviations

CDX	Credit Default Swap Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 153

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 27.0%
U.S. Treasury Bonds
8.00%, 11/15/2021		3,635		4,152
7.25%, 8/15/2022		3,935		4,545
7.13%, 2/15/2023		2,500		2,930
5.25%, 11/15/2028		20,000		24,280
3.75%, 11/15/2043		45,000		50,266
3.00%, 5/15/2045		31,000		30,560
2.75%, 11/15/2047		25,000		23,370
U.S. Treasury Inflation Indexed Bonds 1.38%, 2/15/2044		27,500		31,279
U.S. Treasury Notes
1.13%, 4/30/2020		50,000		49,187
2.63%, 11/15/2020		30,000		30,032
2.75%, 8/15/2021		10,000		10,056
2.00%, 11/30/2022		25,000		24,538
2.13%, 11/30/2023		40,000		39,277
2.25%, 11/15/2024		10,000		9,826
2.13%, 5/15/2025		10,000		9,727
2.00%, 8/15/2025		20,000		19,277
1.63%, 2/15/2026		20,000		18,726
2.25%, 8/15/2027		10,000		9,673
U.S. Treasury STRIPS Bonds 2.18%, 5/15/2020 (a)		72,500		70,297
Total U.S. Treasury Obligations (Cost $461,952)				461,998
Collateralized Mortgage Obligations — 24.7%
FHLMC REMIC
Series 2773, Class TB, 4.00%, 4/15/2019		17		17
Series 2841, Class AT, 4.00%, 8/15/2019		60		60
Series 2931, Class QD, 4.50%, 2/15/2020		177		178
Series 1343, Class LA, 8.00%, 8/15/2022		13		14
Series 1367, Class K, 5.50%, 9/15/2022		86		90
Series 2688, Class DG, 4.50%, 10/15/2023		262		266
Series 1785, Class A, 6.00%, 10/15/2023		840		874
Series 1591, Class E, 10.00%, 10/15/2023		16		17
Series 1633, Class Z, 6.50%, 12/15/2023		140		146
Series 1694, Class PK, 6.50%, 3/15/2024		93		98
Series 3798, Class AY, 3.50%, 1/15/2026		3,736		3,778
Series 3809, Class BC, 3.50%, 2/15/2026		3,088		3,127
Series 4181, Class VA, 3.00%, 5/15/2026		2,388		2,378
Series 3188, Class GE, 6.00%, 7/15/2026		1,152		1,249
Series 3926, Class MW, 4.50%, 9/15/2026		6,351		6,664
Series 1999, Class PU, 7.00%, 10/15/2027		58		62
Series 2031, Class PG, 7.00%, 2/15/2028		118		131
Series 2035, Class PC, 6.95%, 3/15/2028		364		396

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2064, Class PD, 6.50%, 6/15/2028		231		254
Series 2095, Class PE, 6.00%, 11/15/2028		187		201
Series 4066, Class VB, 3.50%, 1/15/2029		4,651		4,727
Series 4050, Class VE, 4.00%, 1/15/2029		5,000		5,154
Series 4314, Class DY, 3.50%, 3/15/2029		1,450		1,457
Series 4336, Class YB, 3.00%, 5/15/2029		2,624		2,582
Series 2152, Class BD, 6.50%, 5/15/2029		94		101
Series 2162, Class TH, 6.00%, 6/15/2029		433		466
Series 4002, Class MV, 4.00%, 1/15/2030		11,893		11,902
Series 3737, Class DG, 5.00%, 10/15/2030		2,331		2,431
Series 3981, Class PA, 3.00%, 4/15/2031		10,895		10,767
Series 2367, Class ME, 6.50%, 10/15/2031		257		282
Series 2647, Class A, 3.25%, 4/15/2032		128		129
Series 2480, Class EJ, 6.00%, 8/15/2032		317		335
Series 4156, Class SB, IF, 2.45%, 1/15/2033 (b)		1,692		1,521
Series 4170, Class TS, IF, 2.27%, 2/15/2033 (b)		3,868		3,340
Series 4186, Class JE, 2.00%, 3/15/2033		14,333		14,046
Series 4188, Class JG, 2.00%, 4/15/2033		9,213		8,958
Series 4206, Class DA, 2.00%, 5/15/2033		6,867		6,625
Series 2611, Class QZ, 5.00%, 5/15/2033		4,377		4,714
Series 2882, Class QD, 4.50%, 7/15/2034		464		474
Series 2927, Class GA, 5.50%, 10/15/2034		348		357
Series 4429, Class HB, 3.00%, 1/15/2035		6,293		5,963
Series 2915, Class MU, 5.00%, 1/15/2035		2,361		2,556
Series 4448, Class DY, 3.00%, 3/15/2035		5,542		5,268
Series 4458, Class BW, 3.00%, 4/15/2035		10,000		9,605
Series 3085, Class VS, IF, 18.76%, 12/15/2035 (b)		371		546
Series 3181, Class OP, PO, 7/15/2036		1,239		1,044
Series 4867, Class WF, 2.89%, 4/15/2037 (b)		16,190		16,135
Series 3413, Class B, 5.50%, 4/15/2037		349		369
Series 3325, Class JL, 5.50%, 6/15/2037		3,534		3,840
Series 3341, Class PE, 6.00%, 7/15/2037		2,607		2,836
Series 4365, Class HZ, 3.00%, 1/15/2040		6,330		6,088
Series 3699, Class QH, 5.50%, 7/15/2040		3,535		3,713
Series 4047, Class PB, 3.50%, 1/15/2041		12,000		12,203
Series 3927, Class PC, 4.50%, 9/15/2041		3,970		4,360
Series 4039, Class SA, IF, IO, 4.01%, 5/15/2042 (b)		8,394		1,299
Series 4062, Class GY, 4.00%, 6/15/2042		6,109		6,402
Series 4394, Class PL, 3.50%, 10/15/2044		5,000		4,964
Series 4594, Class GN, 2.50%, 2/15/2045		4,072		4,007

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
FHLMC STRIPS
Series 155, IO, 7.00%, 11/1/2023		15		2
Series 264, Class 30, 3.00%, 7/15/2042		11,543		11,295
Series 267, Class 30, 3.00%, 8/15/2042		6,697		6,505
FHLMC Structured Pass-Through Securities Certificates
Series T-54, Class 2A, 6.50%, 2/25/2043		1,394		1,592
Series T-56, Class APO, PO, 5/25/2043		714		633
Series T-51, Class 1A, 6.50%, 9/25/2043 (b)		1,226		1,389
FNMA Grantor Trust Series 2004-T1, Class 1A2, 6.50%, 1/25/2044		425		475
FNMA REMIC
Series G92-35, Class EB, 7.50%, 7/25/2022		3		3
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1		1
Series 1993-146, Class E, PO, 5/25/2023		33		32
Series 1993-110, Class H, 6.50%, 5/25/2023		44		46
Series 1993-217, Class H, PO, 8/25/2023		9		8
Series 2012-63, Class VA, 4.00%, 8/25/2023		11,992		12,113
Series 1993-205, Class H, PO, 9/25/2023		6		6
Series 1993-228, Class G, PO, 9/25/2023		8		7
Series 1993-155, Class PJ, 7.00%, 9/25/2023		615		655
Series 2003-128, Class DY, 4.50%, 1/25/2024		1,138		1,164
Series 1994-51, Class PV, 6.00%, 3/25/2024		727		759
Series 1994-37, Class L, 6.50%, 3/25/2024		186		195
Series 2010-117, Class DY, 4.50%, 10/25/2025		5,000		5,200
Series 2010-155, Class B, 3.50%, 1/25/2026		4,274		4,365
Series 1998-58, Class PC, 6.50%, 10/25/2028		437		475
Series 2000-8, Class Z, 7.50%, 2/20/2030		168		188
Series 2002-92, Class FB, 3.14%, 4/25/2030 (b)		362		367
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		237		49
Series 2003-67, Class SA, HB, IF, 29.32%, 10/25/2031 (b)		83		107
Series 2011-145, Class PB, 3.50%, 1/25/2032		11,500		11,636
Series 2012-100, Class AY, 3.00%, 9/25/2032		5,750		5,604

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-21, Class PZ, 4.50%, 3/25/2033		2,101		2,154
Series 2013-106, Class PY, 3.00%, 10/25/2033		5,300		5,178
Series 2013-130, Class GY, 3.50%, 1/25/2034		3,699		3,727
Series 2014-2, Class QB, 3.00%, 2/25/2034		2,745		2,633
Series 2004-46, Class QD, IF, 14.04%, 3/25/2034 (b)		529		607
Series 2004-54, Class FL, 2.89%, 7/25/2034 (b)		922		924
Series 2015-11, Class AQ, 3.00%, 3/25/2035		6,000		5,704
Series 2005-22, Class EH, 5.00%, 4/25/2035		3,969		4,274
Series 2015-28, Class GB, 3.50%, 5/25/2035		4,000		3,987
Series 2009-89, Class A1, 5.41%, 5/25/2035		351		358
Series 2015-41, Class AY, 3.00%, 6/25/2035		4,653		4,451
Series 2015-51, Class LY, 3.00%, 7/25/2035		4,429		4,246
Series 2006-3, Class SB, IF, IO, 4.21%, 7/25/2035 (b)		2,201		193
Series 2005-58, Class EP, 5.50%, 7/25/2035		535		570
Series 2015-59, Class EB, 3.00%, 8/25/2035		5,879		5,621
Series 2005-83, Class LA, 5.50%, 10/25/2035		748		804
Series 2005-116, Class PC, 6.00%, 1/25/2036		3,309		3,566
Series 2006-51, Class FP, 2.84%, 3/25/2036 (b)		3,810		3,812
Series 2016-28, Class DW, 3.50%, 5/25/2036		4,491		4,511
Series 2006-81, Class FA, 2.84%, 9/25/2036 (b)		50		50
Series 2006-110, PO, 11/25/2036		523		444
Series 2007-76, Class PE, 6.00%, 8/25/2037		1,543		1,728
Series 2012-47, Class QE, 4.00%, 5/25/2038		4,260		4,280
Series 2010-47, Class MB, 5.00%, 9/25/2039		3,911		4,202
Series 2010-68, Class EP, 4.50%, 12/25/2039		2,371		2,457

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 155

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-11, Class CB, 4.50%, 2/25/2040		373		387
Series 2010-4, Class SL, IF, 5.99%, 2/25/2040 (b)		46		53
Series 2012-60, Class EP, 3.00%, 4/25/2042		3,918		3,882
Series 2012-50, Class HY, 4.00%, 5/25/2042		5,566		5,699
Series 2012-141, Class PB, 2.50%, 12/25/2042		1,400		1,250
Series 2012-139, Class JA, 3.50%, 12/25/2042		6,686		6,801
Series 2015-48, Class DE, 3.00%, 10/25/2044		11,897		11,568
Series 2016-45, Class PC, 3.00%, 9/25/2045		12,217		12,156
Series 2016-38, Class NA, 3.00%, 1/25/2046		14,071		13,951
FNMA REMIC Trust
Series 1999-W4, Class A9, 6.25%, 2/25/2029		95		100
Series 2002-W7, Class A4, 6.00%, 6/25/2029		1,105		1,206
Series 2003-W1, Class 1A1, 5.37%, 12/25/2042 (b)		528		555
Series 2003-W1, Class 2A, 5.89%, 12/25/2042 (b)		288		308
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,724		1,947
Series 2009-W1, Class A, 6.00%, 12/25/2049		878		975
FNMA STRIPS
Series 278, Class 3, 3.21%, 11/25/2023 (b)		247		250
Series 278, Class 1, 3.18%, 8/25/2025 (b)		812		826
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034		3,285		3,508
Series 2008-15, Class NB, 4.50%, 2/20/2038		513		538
Series 2008-40, Class SA, IF, IO, 3.92%, 5/16/2038 (b)		3,038		432
Series 2009-42, Class TX, 4.50%, 6/20/2039		9,943		10,495
Series 2009-69, Class WM, 5.50%, 8/20/2039		2,616		2,842
Series 2011-29, Class Z, 5.00%, 5/20/2040		14,906		16,499
Total Collateralized Mortgage Obligations (Cost $428,224)				423,146

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — 16.5%
FHLMC
Pool # 420166, ARM, 5.43%, 1/1/2020 (b)		—	(c)		—	(c)
Pool # 611141, ARM, 4.47%, 1/1/2027 (b)		70			73
Pool # 846812, ARM, 4.55%, 4/1/2030 (b)		5			5
Pool # 390257, ARM, 2.26%, 7/1/2030 (b)		1			1
Pool # 1G2627, ARM, 4.27%, 3/1/2037 (b)		547			569
FHLMC Gold Pools, 20 Year, Single Family Pool # C90830, 4.50%, 5/1/2024		104			107
FHLMC Gold Pools, 30 Year, Single Family
Pool # A00948, 9.00%, 1/1/2021		—	(c)		—	(c)
Pool # A01017, 9.00%, 6/1/2021		—	(c)		—	(c)
Pool # A01093, 9.00%, 7/1/2021		—	(c)		—	(c)
Pool # C00078, 9.00%, 11/1/2021		—	(c)		—	(c)
Pool # C80091, 6.50%, 1/1/2024		29			32
Pool # G00229, 8.50%, 5/1/2024		14			15
Pool # C00354, 8.50%, 7/1/2024		13			14
Pool # D56307, 7.50%, 9/1/2024		2			2
Pool # C00376, 8.00%, 11/1/2024		11			12
Pool # C00418, 7.00%, 8/1/2025		5			5
Pool # C00414, 7.50%, 8/1/2025		12			14
Pool # D63303, 7.00%, 9/1/2025		5			5
Pool # G00981, 8.50%, 7/1/2028		20			22
Pool # C22459, 6.50%, 2/1/2029		6			7
Pool # C00742, 6.50%, 4/1/2029		125			139
Pool # C00785, 6.50%, 6/1/2029		38			42
Pool # C47318, 7.00%, 9/1/2029		336			361
Pool # C01292, 6.00%, 2/1/2032		47			51
Pool # A16155, 5.50%, 11/1/2033		83			88
Pool # C03589, 4.50%, 10/1/2040		765			804
Pool # G61334, 4.00%, 3/1/2047		6,618			6,852
Pool # Q54950, 4.00%, 3/1/2048		10,123			10,393
Pool # Q59727, 4.00%, 11/1/2048		14,938			15,378
FNMA
Pool # 66384, ARM, 6.11%, 4/1/2019 (b)		—	(c)		—	(c)
Pool # 111024, ARM, 2.21%, 6/1/2020 (b)		—	(c)		—	(c)
Pool # 620061, ARM, 2.31%, 11/1/2027 (b)		23			23
Pool # 89406, ARM, 2.27%, 6/1/2029 (b)		9			9
Pool # 563497, ARM, 2.31%, 11/1/2040 (b)		20			20
FNMA, 15 Year, Single Family
Pool # 742085, 4.00%, 4/1/2019		10			11
Pool # MA0512, 4.00%, 9/1/2025		1,144			1,173
FNMA, 20 Year, Single Family Pool # 762498, 5.00%, 11/1/2023		168			177

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
FNMA, 30 Year, Single Family
Pool # 50318, 10.00%, 7/1/2020		—	(c)		—	(c)
Pool # 190257, 7.00%, 2/1/2024		20			22
Pool # 315500, 7.00%, 8/1/2025		30			32
Pool # 250575, 6.50%, 6/1/2026		18			20
Pool # 483802, 5.50%, 2/1/2029		223			242
Pool # 524949, 7.50%, 3/1/2030		16			16
Pool # 545639, 6.50%, 4/1/2032		193			218
Pool # 702435, 5.50%, 5/1/2033		928			1,006
Pool # 709441, 5.50%, 7/1/2033		456			497
Pool # 730711, 5.50%, 8/1/2033		536			584
Pool # 743127, 5.50%, 10/1/2033		468			511
Pool # 747628, 5.00%, 11/1/2033		1,035			1,112
Pool # 753662, 5.50%, 12/1/2033		703			767
Pool # 755615, 5.50%, 1/1/2034		787			858
Pool # 811755, 7.00%, 3/1/2035		1,586			1,859
Pool # 845834, 5.50%, 10/1/2035		454			487
Pool # 888201, 5.50%, 2/1/2036		201			219
Pool # 831409, 5.50%, 4/1/2036		813			885
Pool # 867420, 5.50%, 5/1/2036		432			470
Pool # 745802, 6.00%, 7/1/2036		889			984
Pool # 969708, 4.50%, 3/1/2038		157			164
Pool # AE1216, 3.50%, 1/1/2041		1,398			1,409
Pool # AE1260, 3.50%, 8/1/2041		702			708
Pool # AB5378, 3.50%, 5/1/2042		2,739			2,762
Pool # AO6710, 4.00%, 6/1/2042		4,646			4,803
Pool # AR5147, 3.00%, 3/1/2043		2,635			2,588
Pool # AT8192, 4.00%, 6/1/2043		3,427			3,524
Pool # AS1112, 4.00%, 11/1/2043		6,152			6,328
Pool # BM1109, 4.00%, 10/1/2044		5,318			5,518
Pool # AS4073, 4.00%, 12/1/2044		2,493			2,564
Pool # AL8660, 4.00%, 6/1/2045		7,980			8,292
Pool # AS5648, 3.50%, 7/1/2045		2,924			2,937
Pool # AS6208, 3.50%, 10/1/2045		1,801			1,816
Pool # AS6344, 3.50%, 12/1/2045		3,546			3,562
Pool # AL8030, 4.00%, 2/1/2046		5,328			5,505
Pool # AX5520, 3.00%, 5/1/2046		1,190			1,164
Pool # AX5546, 3.00%, 9/1/2046		1,725			1,687
Pool # AX5547, 3.50%, 9/1/2046		2,884			2,894
Pool # BM3744, 4.00%, 3/1/2047		16,651			17,247
Pool # CA0411, 4.00%, 9/1/2047		10,692			11,079
Pool # CA0861, 3.50%, 11/1/2047		5,573			5,593
Pool # BJ1666, 4.00%, 12/1/2047		12,019			12,325
Pool # BM3477, 4.00%, 1/1/2048		9,082			9,301
Pool # CA1006, 4.00%, 1/1/2048		11,779			12,119

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # CA1361, 3.50%, 2/1/2048		4,379			4,394
Pool # BD9074, 3.50%, 3/1/2048		1,847			1,854
Pool # BJ4640, 4.00%, 3/1/2048		5,195			5,326
Pool # BD9078, 4.00%, 4/1/2048		2,961			3,049
Pool # BD9077, 3.50%, 5/1/2048		1,371			1,375
Pool # BD9083, 4.00%, 7/1/2048		3,740			3,851
FNMA, Other
Pool # AL1463, 3.12%, 1/1/2022		6,371			6,449
Pool # AL1353, 3.26%, 1/1/2022		7,633			7,763
Pool # AM8674, 2.81%, 4/1/2025		6,500			6,433
Pool # AM4660, 3.77%, 12/1/2025		4,325			4,510
Pool # AN0571, 3.10%, 1/1/2026		6,500			6,540
Pool # AL8963, 2.97%, 5/1/2026		4,751			4,748
Pool # AN2493, 2.36%, 8/1/2026		4,000			3,832
Pool # AM7199, 3.30%, 11/1/2026		3,000			3,047
Pool # AL9769, 2.63%, 12/1/2026		6,814			6,658
Pool # AN4635, 3.01%, 2/1/2027		6,832			6,777
Pool # FN0040, 2.97%, 6/1/2027		5,200			5,103
Pool # AN6800, 2.97%, 9/1/2027		3,450			3,387
Pool # AN6825, 2.80%, 10/1/2027		4,000			3,874
Pool # AN9486, 3.57%, 6/1/2028		12,449			12,748
Pool # 405220, 6.00%, 9/1/2028		21			22
Pool # BL0550, 3.77%, 11/1/2028		2,660			2,760
Pool # AN8493, 3.30%, 2/1/2030		5,000			4,990
GNMA I, 30 Year, Single Family
Pool # 306081, 9.00%, 8/15/2021		59			61
Pool # 780284, 9.00%, 12/15/2021		6			6
Pool # 321560, 8.00%, 7/15/2022		3			3
Pool # 337141, 7.50%, 8/15/2022		7			7
Pool # 339969, 7.00%, 12/15/2022		—	(c)		—	(c)
Pool # 332022, 7.00%, 1/15/2023		3			3
Pool # 346214, 7.00%, 1/15/2023		1			1
Pool # 346572, 7.00%, 5/15/2023		1			2
Pool # 348677, 6.50%, 6/15/2023		1			1
Pool # 349788, 6.50%, 6/15/2023		1			1
Pool # 358801, 7.50%, 6/15/2023		15			15
Pool # 359588, 7.50%, 6/15/2023		10			10
Pool # 322200, 6.50%, 7/15/2023		10			11
Pool # 346673, 7.00%, 7/15/2023		6			7
Pool # 354538, 7.00%, 7/15/2023		—	(c)		—	(c)
Pool # 357782, 7.00%, 7/15/2023		2			2
Pool # 360889, 7.00%, 7/15/2023		2			2
Pool # 344505, 6.50%, 8/15/2023		6			6
Pool # 356717, 6.50%, 8/15/2023		3			4
Pool # 345375, 6.50%, 9/15/2023		18			20

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 157

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 345391, 6.50%, 10/15/2023		4			4
Pool # 354681, 8.00%, 10/15/2023		11			11
Pool # 369356, 6.50%, 11/15/2023		2			2
Pool # 370927, 6.50%, 11/15/2023		—	(c)		—	(c)
Pool # 346944, 6.50%, 12/15/2023		1			1
Pool # 349265, 6.50%, 12/15/2023		9			10
Pool # 365740, 6.50%, 12/15/2023		1			2
Pool # 369830, 6.50%, 12/15/2023		2			2
Pool # 370289, 6.50%, 12/15/2023		1			1
Pool # 354747, 6.50%, 2/15/2024		118			130
Pool # 362341, 6.50%, 2/15/2024		28			31
Pool # 370338, 6.50%, 2/15/2024		1			1
Pool # 380818, 6.50%, 2/15/2024		—	(c)		—	(c)
Pool # 379328, 7.00%, 3/15/2024		5			5
Pool # 391552, 7.00%, 3/15/2024		44			44
Pool # 379001, 7.00%, 4/15/2024		35			37
Pool # 403212, 8.00%, 9/15/2024		8			8
Pool # 780029, 9.00%, 11/15/2024		9			9
Pool # 401860, 7.50%, 6/15/2025		1			1
Pool # 377557, 8.00%, 7/15/2025		8			9
Pool # 422308, 7.50%, 3/15/2026		19			19
Pool # 412644, 8.00%, 7/15/2026		27			29
Pool # 436445, 8.00%, 8/15/2026		—	(c)		—	(c)
Pool # 432398, 7.50%, 3/15/2027		15			15
Pool # 462562, 7.50%, 2/15/2028		68			70
Pool # 472679, 7.00%, 6/15/2028		1			1
GNMA II, 30 Year, Single Family
Pool # 2324, 8.00%, 11/20/2026		16			18
Pool # 2344, 8.00%, 12/20/2026		26			30
Pool # 2512, 8.00%, 11/20/2027		57			63
Total Mortgage-backed Securities (Cost $283,248)					283,287
U.S. Government Agency Securities — 14.8%
FFCB
5.75%, 5/11/2026		10,000			11,869
5.75%, 12/7/2028		12,824			15,719
FNMA
10.84%, 10/9/2019 (a)		30,000			29,534
6.25%, 5/15/2029		10,000			12,758
DN, 4.84%, 5/15/2030 (a)		10,000			6,904
FNMA STRIPS
15.93%, 5/29/2026 (a)		9,200			7,349
2.51%, 10/8/2027 (a)		8,000			6,083

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Resolution Funding Corp. STRIPS
3.76%, 10/15/2019 (a)		60,673		59,697
2.27%, 7/15/2020 (a)		57,000		54,992
2.06%, 10/15/2020 (a)		18,300		17,532
2.44%, 1/15/2021 (a)		5,000		4,759
DN, 18.11%, 4/15/2028 (a)		15,000		11,282
DN, 5.39%, 1/15/2030 (a)		15,700		11,059
DN, 17.49%, 4/15/2030 (a)		5,000		3,493
Total U.S. Government Agency Securities (Cost $241,392)				253,030
Commercial Mortgage-Backed Securities — 9.0%
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ14, Class A2, 2.81%, 9/25/2024		5,145		5,095
Series K046, Class A2, 3.21%, 3/25/2025		6,026		6,092
Series K048, Class A2, 3.28%, 6/25/2025 (b)		6,500		6,604
Series K049, Class A2, 3.01%, 7/25/2025		3,519		3,515
Series K052, Class A2, 3.15%, 11/25/2025		6,716		6,753
Series K067, Class A2, 3.19%, 7/25/2027		6,558		6,551
Series K069, Class A2, 3.19%, 9/25/2027 (b)		3,000		2,996
Series K087, Class A1, 3.59%, 10/25/2027		5,548		5,692
Series W5FX, Class AFX, 3.34%, 4/25/2028 (b)		3,436		3,409
Series K078, Class A2, 3.85%, 6/25/2028		5,779		6,047
Series K086, Class A2, 3.86%, 11/25/2028 (b)		7,320		7,669
Series K081, Class A2, 3.90%, 9/25/2051 (b)		9,055		9,513
Series K086, Class A1, 3.67%, 11/25/2051		2,827		2,907
FNMA ACES
Series 2015-M13, Class A2, 2.71%, 6/25/2025 (b)		4,464		4,392
Series 2016-M1, Class A2, 2.94%, 1/25/2026 (b)		19,357		19,180
Series 2017-M3, Class A2, 2.49%, 12/25/2026 (b)		6,000		5,719
Series 2017-M4, Class A2, 2.60%, 12/25/2026 (b)		6,387		6,138
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (b)		4,394		4,310
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (b)		12,000		11,846
Series 2019-M1, Class A2, 3.55%, 9/25/2028 (b)		5,615		5,735
Series 2019-M2, Class A2, 3.63%, 11/25/2028 (b)		13,500		13,871

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		10,523		10,233
Total Commercial Mortgage-Backed Securities (Cost $155,663)				154,267
Foreign Government Securities — 0.4%
Israel Government AID Bond (Israel) Zero Coupon, 9/15/2019 (Cost $7,430)		7,527		7,418
	SHARES (000)
Short-Term Investments — 10.0%
Investment Companies — 10.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (d) (e) (Cost $171,369)		171,369		171,369
Total Investments — 102.4% (Cost $1,749,278)				1,754,515
Liabilities in Excess of Other Assets — (2.4%)				(40,871	)
Net Assets — 100.0%				1,713,644

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of February 28, 2019. 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.
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.
REMIC	Real Estate Mortgage Investment Conduit
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.
(a)	The rate shown is the effective yield as of February 28, 2019.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)	Amount rounds to less than one thousand.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 159

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 88.3%
Aerospace & Defense — 2.4%
Arconic, Inc.
5.13%, 10/1/2024		12,295		12,172
5.90%, 2/1/2027		8,641		8,598
6.75%, 1/15/2028		10,659		10,792
5.95%, 2/1/2037		7,024		6,726
Bombardier, Inc. (Canada)
8.75%, 12/1/2021 (a)		27,460		30,206
6.00%, 10/15/2022 (a)		17,317		17,403
6.13%, 1/15/2023 (a)		18,005		18,140
7.50%, 12/1/2024 (a)		8,730		8,905
7.50%, 3/15/2025 (a)		21,013		21,039
7.88%, 4/15/2027 (a)		19,377		19,231
TransDigm, Inc.
6.50%, 7/15/2024		26,410		26,674
6.25%, 3/15/2026 (a)		27,309		27,992
				207,878
Air Freight & Logistics — 0.3%
XPO Logistics, Inc.
6.13%, 9/1/2023 (a)		17,750		17,706
6.75%, 8/15/2024 (a)		6,785		6,827
				24,533
Airlines — 0.1%
United Continental Holdings, Inc. 5.00%, 2/1/2024		11,685		11,743
Auto Components — 2.0%
Allison Transmission, Inc. 4.75%, 10/1/2027 (a)		9,665		9,254
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		43,066		42,963
6.25%, 3/15/2026		9,058		8,852
6.50%, 4/1/2027		26,915		26,579
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		22,570		21,413
4.88%, 3/15/2027		25,501		23,461
Icahn Enterprises LP
5.88%, 2/1/2022		14,627		14,792
6.25%, 2/1/2022		4,999		5,148
6.75%, 2/1/2024		7,819		8,181
6.38%, 12/15/2025		8,920		9,176
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)		4,348		4,272
				174,091

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Automobiles — 0.2%
General Motors Co.
7.70%, 4/15/2016 ‡ (b)		25,800		—	(c)
7.40%, 9/1/2025 ‡ (b)		9,300		—	(c)
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027 (a)		23,821		18,518
Motors Liquidation Co.
8.25%, 7/15/2023 ‡ (b)		20,000		—	(c)
0.00%, 6/15/2024 ‡ (b)		12,550		—	(c)
6.75%, 5/1/2028 ‡ (b) (d)		10,255		—	(c)
0.00%, 7/15/2033 ‡ (b)		34,006		—	(c)
7.75%, 3/15/2036 ‡ (b)		3,415		—	(c)
7.38%, 5/23/2048 ‡ (b)		6,000		—	(c)
				18,518
Banks — 1.9%
Bank of America Corp. Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (g)		12,527		13,316
Barclays Bank plc (United Kingdom) 7.63%, 11/21/2022		12,285		13,252
Barclays plc (United Kingdom)
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (e) (f) (g)		6,252		6,237
4.38%, 9/11/2024		3,035		2,978
5.20%, 5/12/2026		13,815		13,900
4.84%, 5/9/2028		7,420		7,159
CIT Group, Inc.
4.75%, 2/16/2024		4,330		4,416
5.25%, 3/7/2025		7,619		7,962
6.13%, 3/9/2028		3,577		3,872
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (e) (f) (g)		8,965		9,133
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (e) (f) (g)		7,565		7,952
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (e) (f) (g)		9,417		10,503
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020 (e) (f) (g)		14,572		14,914
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (e) (f) (g)		4,790		5,136
6.13%, 12/15/2022		25,364		26,759
6.00%, 12/19/2023		4,697		4,936

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Societe Generale SA (France) (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (e) (f) (g)		8,360		8,653
				161,078
Building Products — 0.6%
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (a)		8,676		8,936
Standard Industries, Inc.
6.00%, 10/15/2025 (a)		17,125		17,874
5.00%, 2/15/2027 (a)		4,555		4,339
4.75%, 1/15/2028 (a)		7,965		7,447
Summit Materials LLC
6.13%, 7/15/2023		7,867		8,064
5.13%, 6/1/2025 (a)		4,325		4,130
				50,790
Capital Markets — 0.3%
Lions Gate Capital Holdings LLC 6.38%, 2/1/2024 (a)		5,042		5,131
LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		12,077		12,213
MSCI, Inc.
5.75%, 8/15/2025 (a)		1,700		1,768
5.38%, 5/15/2027 (a)		3,905		4,032
				23,144
Chemicals — 1.8%
Chemours Co. (The) 7.00%, 5/15/2025		11,941		12,448
CVR Partners LP 9.25%, 6/15/2023 (a)		58,284		61,484
FXI Holdings, Inc. 7.88%, 11/1/2024 (a)		11,320		10,839
Ingevity Corp. 4.50%, 2/1/2026 (a)		4,582		4,387
Koppers, Inc. 6.00%, 2/15/2025 (a)		7,100		6,213
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)		7,690		7,446
5.00%, 5/1/2025 (a)		10,035		9,583
5.25%, 6/1/2027 (a)		6,906		6,492
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		16,613		15,616
Tronox Finance plc 5.75%, 10/1/2025 (a)		12,955		12,048
Tronox, Inc. 6.50%, 4/15/2026 (a)		5,307		5,022
				151,578
Commercial Services & Supplies — 2.4%
ADT Security Corp. (The) 4.13%, 6/15/2023		29,466		28,914
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		8,440		8,039
Covanta Holding Corp.
5.88%, 3/1/2024		5,940		6,066
5.88%, 7/1/2025		2,642		2,636

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Services & Supplies — continued
Garda World Security Corp. (Canada)
7.25%, 11/15/2021 (a)		3,003		3,003
8.75%, 5/15/2025 (a)		63,771		61,061
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (a)		3,000		2,797
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 4.55%, 12/21/2065 (a) (f)		10,594		8,073
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (a)		4,000		4,035
5.00%, 2/1/2025 (a)		16,435		16,230
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		15,067		15,029
Pitney Bowes, Inc.
4.95%, 4/1/2023 (h)		8,356		7,854
4.63%, 3/15/2024		1,085		993
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (a)		37,325		39,359
Quad/Graphics, Inc. 7.00%, 5/1/2022		3,650		3,643
				207,732
Communications Equipment — 1.1%
Avaya, Inc. 7.00%, 4/1/2019 ‡ (b)		23,379		2
CommScope Finance LLC
5.50%, 3/1/2024 (a)		7,552		7,684
6.00%, 3/1/2026 (a)		9,440		9,665
8.25%, 3/1/2027 (a)		11,215		11,636
CommScope Technologies LLC
6.00%, 6/15/2025 (a)		14,206		13,389
5.00%, 3/15/2027 (a)		7,470		6,688
CommScope, Inc.
5.00%, 6/15/2021 (a)		5,880		5,895
5.50%, 6/15/2024 (a)		9,665		9,278
Goodman Networks, Inc. 8.00%, 5/11/2022		4,776		2,340
Nokia OYJ (Finland)
3.38%, 6/12/2022		3,713		3,637
4.38%, 6/12/2027		6,523		6,410
6.63%, 5/15/2039		3,179		3,338
Plantronics, Inc. 5.50%, 5/31/2023 (a)		12,610		12,563
				92,525
Construction & Engineering — 0.7%
AECOM 5.13%, 3/15/2027		17,998		17,076
MasTec, Inc. 4.88%, 3/15/2023		23,062		23,120
Tutor Perini Corp. 6.88%, 5/1/2025 (a)		24,459		24,275
				64,471

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 161

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Construction Materials — 1.0%
Cemex SAB de CV (Mexico)
6.13%, 5/5/2025 (a)		28,730		29,125
7.75%, 4/16/2026 (a)		49,975		54,313
				83,438
Consumer Finance — 1.5%
Ally Financial, Inc.
4.63%, 3/30/2025		3,656		3,723
5.75%, 11/20/2025		12,389		13,132
8.00%, 11/1/2031		8,769		10,830
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		16,308		13,972
FirstCash, Inc. 5.38%, 6/1/2024 (a)		6,313		6,394
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 4.80%, 12/21/2065 (a) (f)		26,236		20,481
Springleaf Finance Corp.
7.75%, 10/1/2021		4,017		4,312
6.13%, 5/15/2022		10,500		10,893
5.63%, 3/15/2023		25,658		26,043
6.88%, 3/15/2025		6,990		7,165
7.13%, 3/15/2026		14,719		14,903
				131,848
Containers & Packaging — 1.7%
Ardagh Packaging Finance plc (Ireland)
4.25%, 9/15/2022 (a)		1,877		1,874
4.63%, 5/15/2023 (a)		6,873		6,925
7.25%, 5/15/2024 (a)		20,500		21,371
6.00%, 2/15/2025 (a)		25,575		25,255
Berry Global, Inc. 5.13%, 7/15/2023		8,950		8,961
BWAY Holding Co. 5.50%, 4/15/2024 (a)		8,759		8,636
Crown Americas LLC
4.75%, 2/1/2026		3,250		3,266
4.25%, 9/30/2026		7,310		7,036
Flex Acquisition Co., Inc. 6.88%, 1/15/2025 (a)		4,046		3,823
Greif, Inc. 6.50%, 3/1/2027 (a)		16,025		16,325
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026 (a)		5,924		5,968
OI European Group BV 4.00%, 3/15/2023 (a)		5,307		5,188
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (a)		2,890		2,973
5.88%, 8/15/2023 (a)		7,360		7,746
5.38%, 1/15/2025 (a)		7,150		7,293

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Containers & Packaging — continued
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		4,361		4,370
6.87%, 2/15/2021 (h)		728		731
Sealed Air Corp.
5.25%, 4/1/2023 (a)		2,094		2,154
5.13%, 12/1/2024 (a)		4,517		4,646
5.50%, 9/15/2025 (a)		1,686		1,758
				146,299
Distributors — 0.3%
Global Partners LP
6.25%, 7/15/2022		7,245		7,100
7.00%, 6/15/2023		11,990		11,855
Univar USA, Inc. 6.75%, 7/15/2023 (a)		8,580		8,816
				27,771
Diversified Consumer Services — 0.4%
Graham Holdings Co. 5.75%, 6/1/2026 (a)		4,883		5,030
Service Corp. International
8.00%, 11/15/2021		10,675		11,556
5.38%, 5/15/2024		1,625		1,661
Sotheby’s 4.88%, 12/15/2025 (a)		12,775		12,328
				30,575
Diversified Financial Services — 0.7%
ACE Cash Express, Inc. 12.00%, 12/15/2022 (a)		14,183		13,492
CNG Holdings, Inc. 9.38%, 5/15/2020 (a)		26,446		25,950
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (a)		4,002		4,042
8.25%, 11/15/2026 (a)		5,285		5,171
Travelport Corporate Finance plc 6.00%, 3/15/2026 (a)		4,839		5,148
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)		8,814		9,012
				62,815
Diversified Telecommunication Services — 7.0%
Altice France SA (France)
6.25%, 5/15/2024 (a)		8,302		8,302
7.38%, 5/1/2026 (a)		21,602		21,243
8.13%, 2/1/2027 (a)		10,001		10,051
CCO Holdings LLC
5.13%, 2/15/2023		1,550		1,575
5.88%, 4/1/2024 (a)		66,733		69,486
5.75%, 2/15/2026 (a)		44,185		45,788
5.50%, 5/1/2026 (a)		12,428		12,673

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
5.13%, 5/1/2027 (a)		6,511		6,389
5.00%, 2/1/2028 (a)		4,080		3,927
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		3,805		3,953
Series T, 5.80%, 3/15/2022		14,680		15,065
Series W, 6.75%, 12/1/2023		7,213		7,490
Series Y, 7.50%, 4/1/2024		7,240		7,659
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (a)		21,863		19,786
8.00%, 10/15/2025 (a)		4,529		4,099
DKT Finance ApS (Denmark) 9.38%, 6/17/2023 (a)		14,740		15,809
Embarq Corp. 8.00%, 6/1/2036		74,475		71,868
Frontier Communications Corp.
10.50%, 9/15/2022		11,179		7,993
7.13%, 1/15/2023		3,700		2,183
11.00%, 9/15/2025		23,604		15,077
8.50%, 4/1/2026 (a)		9,420		8,761
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		31,208		28,633
8.00%, 2/15/2024 (a)		23,895		24,866
8.50%, 10/15/2024 (a)		37,204		37,565
9.75%, 7/15/2025 (a)		12,059		12,511
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021		1,873		1,826
8.13%, 6/1/2023		11,606		9,691
Level 3 Financing, Inc.
5.63%, 2/1/2023		3,886		3,915
5.13%, 5/1/2023		6,713		6,756
5.38%, 1/15/2024		4,985		5,016
5.38%, 5/1/2025		15,262		15,224
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		3,485		3,041
Sprint Capital Corp.
6.90%, 5/1/2019		2,465		2,471
8.75%, 3/15/2032		24,597		26,660
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		14,126		13,278
6.00%, 9/30/2034		6,495		5,846
7.20%, 7/18/2036		3,391		3,399
7.72%, 6/4/2038		1,627		1,679
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		4,345		4,247
Virgin Media Finance plc (United Kingdom) 5.25%, 2/15/2022 ‡		8,595		8,531

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 1/15/2025 (a)		1,645		1,669
5.25%, 1/15/2026 (a)		12,374		12,411
Windstream Services LLC 9.00%, 6/30/2025 (a)		22,580		13,435
				601,847
Electric Utilities — 0.4%
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (a)		7,448		7,318
4.50%, 9/15/2027 (a)		1,828		1,736
Terraform Global Operating LLC 6.13%, 3/1/2026 (a)		8,975		8,638
Texas Competitive Electric Holdings Co. LLC
8.50%, 5/1/2020 ‡ (b)		153,570		426
11.50%, 10/1/2020 ‡ (b)		15,375		100
Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		12,717		13,194
				31,412
Electrical Equipment — 0.7%
Sensata Technologies BV 4.88%, 10/15/2023 (a)		10,483		10,771
Vertiv Group Corp. 9.25%, 10/15/2024 (a)		49,156		49,220
				59,991
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC
5.00%, 9/1/2023		1,603		1,619
5.50%, 12/1/2024		3,001		3,129
5.00%, 9/1/2025		1,788		1,808
				6,556
Energy Equipment & Services — 3.0%
Bristow Group, Inc. 6.25%, 10/15/2022		3,385		1,015
CSI Compressco LP 7.50%, 4/1/2025 (a)		10,182		9,876
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		11,278		10,658
Ensco plc
8.00%, 1/31/2024		3,346		2,995
5.20%, 3/15/2025		5,502		4,223
7.75%, 2/1/2026		1,925		1,617
5.75%, 10/1/2044		11,646		7,482
KCA Deutag UK Finance plc (United Kingdom)
7.25%, 5/15/2021 (a)		3,413		2,713
9.63%, 4/1/2023 (a)		2,010		1,533

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 163

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Energy Equipment & Services — continued
Nabors Industries, Inc. 5.75%, 2/1/2025		10,120		8,931
Noble Holding International Ltd.
7.95%, 4/1/2025 (h)		1,667		1,459
7.88%, 2/1/2026 (a)		9,791		9,155
6.20%, 8/1/2040		6,316		4,042
5.25%, 3/15/2042		4,925		3,053
Precision Drilling Corp. (Canada)
5.25%, 11/15/2024		1,292		1,176
7.13%, 1/15/2026 (a)		2,057		2,021
SESI LLC
7.13%, 12/15/2021		1,158		1,071
7.75%, 9/15/2024		7,522		6,394
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (a)		35,418		33,824
Telford Offshore Ltd. (United Arab Emirates) Series B, 14.00% (Blend (cash 1.00% + PIK 13.00%)), 2/12/2024 (i)		7,187		3,478
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (a)		3,662		3,855
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		12,251		12,373
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)		5,974		6,138
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		2,644		2,697
Transocean, Inc.
9.00%, 7/15/2023 (a)		14,686		15,494
7.25%, 11/1/2025 (a)		6,518		6,225
7.50%, 1/15/2026 (a)		30,398		29,334
7.50%, 4/15/2031		9,411		7,787
6.80%, 3/15/2038		15,532		11,727
9.35%, 12/15/2041 (h)		13,749		12,649
Unit Corp. 6.63%, 5/15/2021		14,056		13,775
USA Compression Partners LP
6.88%, 4/1/2026		3,310		3,368
6.88%, 9/1/2027 (a)		1,248		1,273
Weatherford International LLC
9.88%, 3/1/2025		3,425		2,441
6.80%, 6/15/2037		64		38
Weatherford International Ltd.
8.25%, 6/15/2023		1,100		784
6.50%, 8/1/2036		1,510		898
7.00%, 3/15/2038		828		495
6.75%, 9/15/2040		2,774		1,664
5.95%, 4/15/2042		10,067		5,965
				255,696

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Entertainment — 1.6%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		15,908		14,675
5.88%, 11/15/2026		7,249		6,525
6.13%, 5/15/2027		8,896		7,973
Cinemark USA, Inc. 4.88%, 6/1/2023		10,807		10,818
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024 (a)		9,947		10,544
Netflix, Inc.
5.50%, 2/15/2022		2,800		2,933
5.75%, 3/1/2024		611		649
5.88%, 2/15/2025		4,128		4,375
4.38%, 11/15/2026		1,716		1,646
4.88%, 4/15/2028		5,445		5,302
5.88%, 11/15/2028 (a)		16,769		17,466
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)		20,825		20,562
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		12,465		12,395
WMG Acquisition Corp.
4.88%, 11/1/2024 (a)		3,014		2,991
5.50%, 4/15/2026 (a)		15,586		15,684
				134,538
Equity Real Estate Investment Trusts (REITs) — 1.1%
CyrusOne LP
5.00%, 3/15/2024		2,499		2,542
5.38%, 3/15/2027		1,993		2,028
Equinix, Inc.
5.38%, 1/1/2022		4,415		4,539
5.38%, 4/1/2023		14,333		14,584
5.75%, 1/1/2025		4,171		4,343
5.88%, 1/15/2026		1,656		1,735
ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		8,192		8,151
Iron Mountain, Inc.
5.75%, 8/15/2024		18,906		18,953
4.88%, 9/15/2027 (a)		10,717		10,141
5.25%, 3/15/2028 (a)		8,573		8,209
MGM Growth Properties Operating Partnership LP 5.75%, 2/1/2027 (a)		7,738		7,922
SBA Communications Corp.
4.88%, 7/15/2022		1,404		1,420
4.00%, 10/1/2022		1,951		1,931
4.88%, 9/1/2024		7,451		7,442
				93,940

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food & Staples Retailing — 1.4%
Albertsons Cos. LLC
6.63%, 6/15/2024		47,225		47,225
5.75%, 3/15/2025		21,380		20,365
7.50%, 3/15/2026 (a)		12,564		12,941
New Albertsons LP
7.75%, 6/15/2026		1,778		1,618
6.63%, 6/1/2028		3,704		3,000
7.45%, 8/1/2029		6,155		5,418
8.70%, 5/1/2030		13,409		12,336
8.00%, 5/1/2031		16,139		14,485
				117,388
Food Products — 2.2%
B&G Foods, Inc. 5.25%, 4/1/2025		8,248		7,892
Dean Foods Co. 6.50%, 3/15/2023 (a)		9,024		6,836
Dole Food Co., Inc. 7.25%, 6/15/2025 (a)		16,796		15,110
JBS USA LUX SA
7.25%, 6/1/2021 (a)		59,946		60,395
5.88%, 7/15/2024 (a)		27,785		28,563
5.75%, 6/15/2025 (a)		3,670		3,709
6.75%, 2/15/2028 (a)		18,098		18,719
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (a)		26,385		26,385
5.88%, 9/30/2027 (a)		10,700		10,513
Post Holdings, Inc. 5.00%, 8/15/2026 (a)		8,370		8,046
				186,168
Gas Utilities — 0.2%
AmeriGas Partners LP
5.50%, 5/20/2025		9,132		9,041
5.88%, 8/20/2026		4,381		4,390
5.75%, 5/20/2027		7,858		7,701
				21,132
Health Care Equipment & Supplies — 0.2%
Hologic, Inc. 4.38%, 10/15/2025 (a)		4,562		4,482
Mallinckrodt International Finance SA 5.50%, 4/15/2025 (a)		9,330		7,604
Teleflex, Inc. 4.88%, 6/1/2026		3,750		3,802
				15,888
Health Care Providers & Services — 6.5%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		8,281		8,219
6.50%, 3/1/2024		8,830		8,786

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Centene Corp.
4.75%, 5/15/2022		2,630		2,679
6.13%, 2/15/2024		13,415		14,036
4.75%, 1/15/2025		16,681		16,785
5.38%, 6/1/2026 (a)		4,659		4,834
Community Health Systems, Inc.
5.13%, 8/1/2021		9,612		9,432
6.25%, 3/31/2023		25,441		24,487
8.63%, 1/15/2024 (a)		15,869		16,305
8.13%, 6/30/2024 (a)		28,322		23,578
8.00%, 3/15/2026 (a)		10,400		10,263
DaVita, Inc.
5.75%, 8/15/2022		2,500		2,545
5.13%, 7/15/2024		31,633		31,317
5.00%, 5/1/2025		9,965		9,613
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		23,035		20,789
HCA Healthcare, Inc. 6.25%, 2/15/2021		11,585		12,139
HCA, Inc.
7.50%, 2/15/2022		18,718		20,520
5.88%, 3/15/2022		5,140		5,469
5.88%, 5/1/2023		27,295		28,864
5.00%, 3/15/2024		3,371		3,526
5.38%, 2/1/2025		46,185		47,903
5.88%, 2/15/2026		19,145		20,222
5.63%, 9/1/2028		1,794		1,855
5.88%, 2/1/2029		6,475		6,791
5.50%, 6/15/2047		8,556		8,828
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		32,829		32,706
NVA Holdings, Inc. 6.88%, 4/1/2026 (a)		9,011		8,696
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (i)		15,861		15,658
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)		32,813		26,045
Tenet Healthcare Corp.
6.00%, 10/1/2020		4,995		5,151
4.50%, 4/1/2021		14,531		14,713
4.38%, 10/1/2021		13,138		13,302
8.13%, 4/1/2022		14,661		15,651
4.63%, 7/15/2024		16,012		15,912
5.13%, 5/1/2025		27,491		27,250
6.25%, 2/1/2027 (a)		13,967		14,377
WellCare Health Plans, Inc. 5.25%, 4/1/2025		9,886		10,093
				559,339

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 165

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Technology — 0.1%
IQVIA, Inc.
4.88%, 5/15/2023 (a)		3,335		3,385
5.00%, 10/15/2026 (a)		1,660		1,689
				5,074
Hotels, Restaurants & Leisure — 4.4%
1011778 BC ULC (Canada) 4.25%, 5/15/2024 (a)		11,108		10,816
Boyd Gaming Corp.
6.88%, 5/15/2023		5,363		5,604
6.38%, 4/1/2026		9,745		10,159
6.00%, 8/15/2026		8,872		9,100
Boyne USA, Inc. 7.25%, 5/1/2025 (a)		15,085		16,141
CCM Merger, Inc. 6.00%, 3/15/2022 (a)		5,513		5,630
Chukchansi Economic Development Authority 9.75%, 5/30/2020 (a) (b)		20,268		11,147
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)		11,269		10,790
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		27,881		28,369
Eldorado Resorts, Inc.
7.00%, 8/1/2023		3,340		3,498
6.00%, 4/1/2025		18,441		18,741
6.00%, 9/15/2026 (a)		5,360		5,454
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		26,458		26,657
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024 (a)		24,132		25,097
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		9,414		9,696
International Game Technology plc 6.50%, 2/15/2025 (a)		15,678		16,678
IRB Holding Corp. 6.75%, 2/15/2026 (a)		28,065		26,522
Jack Ohio Finance LLC
6.75%, 11/15/2021 (a)		12,805		13,189
10.25%, 11/15/2022 (a)		7,490		8,071
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (a)		13,164		13,592
MGM Resorts International
6.00%, 3/15/2023		7,495		7,841
5.75%, 6/15/2025		8,237		8,402
Sabre GLBL, Inc. 5.38%, 4/15/2023 (a)		6,386		6,514
Scientific Games International, Inc.
10.00%, 12/1/2022		23,534		24,740
5.00%, 10/15/2025 (a)		19,127		18,529

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hotels, Restaurants & Leisure — continued
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		7,631		7,809
Station Casinos LLC 5.00%, 10/1/2025 (a)		8,579		8,332
Viking Cruises Ltd.
6.25%, 5/15/2025 (a)		3,298		3,323
5.88%, 9/15/2027 (a)		3,454		3,332
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)		5,004		4,866
Wyndham Destinations, Inc.
4.25%, 3/1/2022		857		853
5.40%, 4/1/2024 (h)		3,713		3,732
6.35%, 10/1/2025 (h)		3,151		3,269
5.75%, 4/1/2027 (h)		3,662		3,634
				380,127
Household Durables — 1.1%
Lennar Corp.
5.88%, 11/15/2024		21,775		22,864
4.75%, 5/30/2025		6,275		6,293
5.25%, 6/1/2026		5,948		5,970
Mattamy Group Corp. (Canada) 6.88%, 12/15/2023 (a)		8,448		8,416
New Home Co., Inc. (The) 7.25%, 4/1/2022		13,445		12,378
Tempur Sealy International, Inc.
5.63%, 10/15/2023		21,613		21,829
5.50%, 6/15/2026		5,871		5,856
Toll Brothers Finance Corp.
5.63%, 1/15/2024		5,085		5,295
4.88%, 11/15/2025		2,530		2,520
4.35%, 2/15/2028		915		859
				92,280
Household Products — 0.4%
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023 (a)		9,456		8,085
Spectrum Brands, Inc.
6.13%, 12/15/2024		12,694		12,503
5.75%, 7/15/2025		11,345		11,104
				31,692
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp.
5.88%, 1/15/2024 (a)		3,000		3,060
5.50%, 2/1/2024		5,015		4,827
5.75%, 1/15/2025		14,721		14,077
5.25%, 6/1/2026 (a)		20,308		19,876

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Clearway Energy Operating LLC
5.75%, 10/15/2025 (a)		3,850		3,783
5.00%, 9/15/2026		10,543		9,831
NRG Energy, Inc.
7.25%, 5/15/2026		7,630		8,269
6.63%, 1/15/2027		12,220		13,015
5.75%, 1/15/2028		7,934		8,142
Talen Energy Supply LLC 6.50%, 6/1/2025		16,470		14,675
Vistra Energy Corp. 5.88%, 6/1/2023		12,040		12,371
				111,926
Insurance — 0.4%
CNO Financial Group, Inc. 5.25%, 5/30/2025		12,933		13,256
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (a)		9,007		8,861
Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (a)		7,307		8,330
				30,447
Interactive Media & Services — 0.2%
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (a)		19,627		17,174
IT Services — 1.5%
Alliance Data Systems Corp.
5.88%, 11/1/2021 (a)		4,475		4,553
5.38%, 8/1/2022 (a)		22,168		22,501
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (a)		21,192		20,530
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (a)		7,863		7,883
Exela Intermediate LLC 10.00%, 7/15/2023 (a)		27,457		28,006
First Data Corp.
5.00%, 1/15/2024 (a)		5,497		5,641
5.75%, 1/15/2024 (a)		15,615		16,116
Zayo Group LLC
6.00%, 4/1/2023		8,791		8,901
6.38%, 5/15/2025		6,040		5,995
5.75%, 1/15/2027 (a)		6,925		6,717
				126,843
Leisure Products — 0.3%
Mattel, Inc.
3.15%, 3/15/2023		5,095		4,496
6.75%, 12/31/2025 (a)		22,159		21,827
				26,323

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — 0.8%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		7,647		7,898
Colfax Corp.
6.00%, 2/15/2024 (a)		14,375		14,878
6.38%, 2/15/2026 (a)		2,443		2,550
Novelis Corp.
6.25%, 8/15/2024 (a)		8,435		8,496
5.88%, 9/30/2026 (a)		20,425		19,914
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)		5,154		5,257
Tennant Co. 5.63%, 5/1/2025		9,503		9,444
				68,437
Media — 7.2%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023 (a)		11,572		11,890
7.50%, 5/15/2026 (a)		17,610		17,038
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022 (a)		19,013		18,894
7.63%, 2/15/2025 (a)		11,597		10,243
AMC Networks, Inc.
5.00%, 4/1/2024		8,820		8,751
4.75%, 8/1/2025		7,443		7,239
Cablevision Systems Corp.
8.00%, 4/15/2020		24,654		25,832
5.88%, 9/15/2022		3,635		3,750
CBS Radio, Inc. 7.25%, 11/1/2024 (a)		10,265		10,175
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		2,650		2,651
Series B, 7.63%, 3/15/2020		31,873		31,889
Series A, 6.50%, 11/15/2022		20,665		21,104
Series B, 6.50%, 11/15/2022		24,700		25,256
9.25%, 2/15/2024 (a)		40,513		42,488
CSC Holdings LLC
6.75%, 11/15/2021		10,435		11,113
5.38%, 7/15/2023 (a)		20,203		20,763
5.25%, 6/1/2024		10,306		10,302
7.75%, 7/15/2025 (a)		2,545		2,717
6.63%, 10/15/2025 (a)		17,175		18,120
5.50%, 5/15/2026 (a)		23,333		23,683
5.50%, 4/15/2027 (a)		17,930		18,020
5.38%, 2/1/2028 (a)		6,840		6,720
7.50%, 4/1/2028 (a)		16,235		17,128
6.50%, 2/1/2029 (a)		1,622		1,697

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 167

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
DISH DBS Corp.
5.13%, 5/1/2020		2,480		2,510
6.75%, 6/1/2021		43,945		44,934
5.88%, 7/15/2022		4,689		4,478
5.00%, 3/15/2023		5,599		4,948
7.75%, 7/1/2026		10,632		9,196
EW Scripps Co. (The) 5.13%, 5/15/2025 (a)		2,141		2,061
Getty Images, Inc. 9.75%, 3/1/2027 (a)		1,622		1,634
Gray Television, Inc.
5.13%, 10/15/2024 (a)		7,380		7,352
5.88%, 7/15/2026 (a)		8,360		8,444
7.00%, 5/15/2027 (a)		8,122		8,589
iHeartCommunications, Inc. 9.00%, 12/15/2019 (b)		4,957		3,445
Liberty Interactive LLC 8.25%, 2/1/2030		9,255		9,463
Nexstar Broadcasting, Inc.
5.88%, 11/15/2022		5,169		5,285
5.63%, 8/1/2024 (a)		2,690		2,670
Outfront Media Capital LLC
5.25%, 2/15/2022		5,184		5,263
5.63%, 2/15/2024		3,651		3,738
5.88%, 3/15/2025		10,319		10,580
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		5,365		5,558
Sinclair Television Group, Inc. 5.63%, 8/1/2024 (a)		10,478		10,583
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (a)		8,799		8,898
6.00%, 7/15/2024 (a)		3,490		3,616
5.38%, 4/15/2025 (a)		16,355		16,667
5.38%, 7/15/2026 (a)		5,035		5,048
5.00%, 8/1/2027 (a)		7,738		7,564
TEGNA, Inc. 6.38%, 10/15/2023		12,135		12,499
Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (a)		5,202		5,384
Univision Communications, Inc.
5.13%, 5/15/2023 (a)		4,380		3,975
5.13%, 2/15/2025 (a)		6,060		5,272
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (a)		8,642		8,865
Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)		7,067		7,351
Ziggo Bond Co. BV (Netherlands) 5.88%, 1/15/2025 (a)		14,520		14,116
Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		2,775		2,678
				620,127

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — 2.6%
AK Steel Corp.
6.38%, 10/15/2025		11,954		9,922
7.00%, 3/15/2027		11,923		10,015
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (a)		9,912		10,470
Allegheny Technologies, Inc. 5.95%, 1/15/2021		4,755		4,887
Big River Steel LLC 7.25%, 9/1/2025 (a)		7,540		7,813
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (a)		4,720		4,708
5.75%, 3/1/2025		8,360		8,172
Coeur Mining, Inc. 5.88%, 6/1/2024		4,717		4,552
Commercial Metals Co.
4.88%, 5/15/2023		5,918		5,800
5.38%, 7/15/2027		4,415		4,133
Constellium NV
5.75%, 5/15/2024 (a)		855		838
5.88%, 2/15/2026 (a)		3,490		3,394
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		8,395		8,395
5.13%, 5/15/2024 (a)		4,365		4,321
Freeport-McMoRan, Inc.
3.55%, 3/1/2022		12,530		12,389
3.88%, 3/15/2023		30,940		30,491
4.55%, 11/14/2024		5,710		5,653
5.40%, 11/14/2034		4,841		4,417
Hecla Mining Co. 6.88%, 5/1/2021		15,716		15,716
Hudbay Minerals, Inc. (Canada)
7.25%, 1/15/2023 (a)		2,360		2,431
7.63%, 1/15/2025 (a)		4,620		4,787
Kaiser Aluminum Corp. 5.88%, 5/15/2024		4,155		4,249
Northwest Acquisitions ULC 7.13%, 11/1/2022 (a)		4,291		3,958
Steel Dynamics, Inc.
5.25%, 4/15/2023		2,505		2,549
4.13%, 9/15/2025		9,440		9,179
5.00%, 12/15/2026		6,100		6,207
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		10,358		10,912
6.00%, 8/15/2040		5,560		5,712
United States Steel Corp.
6.88%, 8/15/2025		2,327		2,292
6.25%, 3/15/2026		13,791		13,050
				221,412

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multiline Retail — 0.2%
Cumberland Farms, Inc. 6.75%, 5/1/2025 (a)		3,761		3,897
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (a)		21,677		11,272
				15,169
Oil, Gas & Consumable Fuels — 10.0%
Aker BP ASA (Norway)
6.00%, 7/1/2022 (a)		1,916		1,964
5.88%, 3/31/2025 (a)		10,135		10,390
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023 (e) (f) (g)		16,059		15,577
Antero Resources Corp.
5.13%, 12/1/2022		8,251		8,264
5.63%, 6/1/2023		2,288		2,294
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024 (a)		2,694		2,418
Bruin E&P Partners LLC 8.88%, 8/1/2023 (a)		5,583		5,457
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (f)		17,475		15,160
California Resources Corp.
5.50%, 9/15/2021		1,969		1,575
8.00%, 12/15/2022 (a)		16,991		13,572
Callon Petroleum Co. 6.13%, 10/1/2024		5,448		5,489
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		13,153		12,972
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		13,135		14,547
5.88%, 3/31/2025		9,955		10,602
Cheniere Energy Partners LP
5.25%, 10/1/2025		6,240		6,318
5.63%, 10/1/2026 (a)		6,500		6,622
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 6.04%, 4/15/2019 (f)		5,941		5,948
7.00%, 10/1/2024		7,983		7,883
8.00%, 1/15/2025		10,766		10,941
8.00%, 6/15/2027		26,449		26,194
CITGO Petroleum Corp. 6.25%, 8/15/2022 (a)		6,717		6,692
CNX Midstream Partners LP 6.50%, 3/15/2026 (a)		3,481		3,420
Comstock Resources, Inc. 9.75%, 8/15/2026 (a)		4,167		3,862
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (h)		3,385		3,475
5.75%, 4/1/2025		9,449		9,511

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (e) (f) (g)		13,520		13,007
DCP Midstream Operating LP
3.88%, 3/15/2023		20,210		20,059
6.75%, 9/15/2037 (a)		10,266		10,471
Delek Logistics Partners LP 6.75%, 5/15/2025		18,721		17,972
Denbury Resources, Inc.
9.25%, 3/31/2022 (a)		8,243		8,264
7.50%, 2/15/2024 (a)		7,717		6,887
Energy Transfer LP
4.25%, 3/15/2023		5,648		5,720
5.88%, 1/15/2024		21,806		23,387
5.50%, 6/1/2027		1,800		1,890
Energy Transfer Operating LP Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (g)		14,579		13,267
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (g)		14,202		11,539
4.40%, 4/1/2024		6,212		6,034
4.15%, 6/1/2025		7,808		7,437
4.85%, 7/15/2026		3,700		3,621
5.60%, 4/1/2044		5,165		4,558
Enterprise Products Operating LLC
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (f)		5,108		4,625
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (f)		9,502		8,318
EP Energy LLC
9.38%, 5/1/2024 (a)		2,085		975
8.00%, 11/29/2024 (a)		12,697		8,951
8.00%, 2/15/2025 (a)		15,015		6,607
7.75%, 5/15/2026 (a)		20,165		17,871
Extraction Oil & Gas, Inc.
7.38%, 5/15/2024 (a)		896		802
5.63%, 2/1/2026 (a)		1,344		1,116
Genesis Energy LP
6.75%, 8/1/2022		5,275		5,367
6.00%, 5/15/2023		7,230		7,248
5.63%, 6/15/2024		7,665		7,135
Gulfport Energy Corp. 6.00%, 10/15/2024		4,119		3,728
Hilcorp Energy I LP
5.00%, 12/1/2024 (a)		6,540		6,278
6.25%, 11/1/2028 (a)		9,002		8,822

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 169

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Holly Energy Partners LP 6.00%, 8/1/2024 (a)		9,241		9,472
Martin Midstream Partners LP 7.25%, 2/15/2021		17,907		17,437
Matador Resources Co. 5.88%, 9/15/2026		9,722		9,673
MEG Energy Corp. (Canada)
6.38%, 1/30/2023 (a)		4,521		4,125
7.00%, 3/31/2024 (a)		4,958		4,537
Northern Oil and Gas, Inc. 9.50% (Blend (cash 8.50% + PIK 1.00%)), 5/15/2023 (i)		15,044		15,415
NuStar Logistics LP 5.63%, 4/28/2027		11,719		11,748
Oasis Petroleum, Inc.
6.88%, 3/15/2022		8,110		8,100
6.25%, 5/1/2026 (a)		14,403		13,719
PBF Holding Co. LLC
7.00%, 11/15/2023		4,224		4,319
7.25%, 6/15/2025		16,205		16,618
PBF Logistics LP 6.88%, 5/15/2023		6,058		6,166
Peabody Energy Corp.
6.00%, 3/31/2022 (a)		5,828		5,879
6.38%, 3/31/2025 (a)		2,490		2,451
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (f) (g)		14,435		13,346
QEP Resources, Inc.
5.38%, 10/1/2022		4,520		4,441
5.25%, 5/1/2023		4,482		4,314
5.63%, 3/1/2026		7,275		6,820
SemGroup Corp.
5.63%, 7/15/2022		11,605		11,300
5.63%, 11/15/2023		7,817		7,309
7.25%, 3/15/2026		9,339		9,036
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (a)		8,363		8,049
SM Energy Co.
6.75%, 9/15/2026		6,688		6,404
6.63%, 1/15/2027		7,195		6,853
Southwestern Energy Co.
6.20%, 1/23/2025 (h)		2,078		2,057
7.50%, 4/1/2026		4,874		5,069
Summit Midstream Holdings LLC
5.50%, 8/15/2022		4,249		4,237
5.75%, 4/15/2025		12,188		11,640
Sunoco LP
4.88%, 1/15/2023		7,282		7,373
5.50%, 2/15/2026		5,151		5,116

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
5.88%, 3/15/2028		2,342		2,307
Tallgrass Energy Partners LP 5.50%, 9/15/2024 (a)		10,615		10,844
Targa Resources Partners LP
4.25%, 11/15/2023		1,857		1,834
5.13%, 2/1/2025		20,242		20,343
5.88%, 4/15/2026 (a)		3,771		3,922
5.38%, 2/1/2027		5,550		5,578
6.50%, 7/15/2027 (a)		5,050		5,340
5.00%, 1/15/2028		5,180		5,031
TerraForm Power Operating LLC
4.25%, 1/31/2023 (a)		6,240		6,182
6.63%, 6/15/2025 (a) (h)		2,300		2,415
5.00%, 1/31/2028 (a)		12,579		11,950
TransMontaigne Partners LP 6.13%, 2/15/2026		5,535		5,106
Tullow Oil plc (Ghana) 7.00%, 3/1/2025 (a)		20,000		19,750
Ultra Resources, Inc. 9.00%, 7/12/2024		41,054		26,480
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)		16,573		16,407
Whiting Petroleum Corp.
6.25%, 4/1/2023		2,561		2,574
6.63%, 1/15/2026		7,824		7,667
WPX Energy, Inc. 5.75%, 6/1/2026		3,728		3,742
				853,598
Paper & Forest Products — 0.2%
Clearwater Paper Corp.
4.50%, 2/1/2023		9,437		8,965
5.38%, 2/1/2025 (a)		13,231		12,470
				21,435
Personal Products — 0.1%
Revlon Consumer Products Corp. 6.25%, 8/1/2024		14,738		8,511
Pharmaceuticals — 2.6%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024		13,968		13,305
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		7,522		8,105
8.50%, 1/31/2027 (a)		8,402		8,701
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (a)		5,959		6,175
5.50%, 3/1/2023 (a)		3,444		3,427
5.88%, 5/15/2023 (a)		65,497		65,169
7.00%, 3/15/2024 (a)		14,801		15,597
6.13%, 4/15/2025 (a)		8,475		8,157

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — continued
9.00%, 12/15/2025 (a)		30,067		32,238
5.75%, 8/15/2027 (a)		943		951
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (a)		12,875		12,746
Endo Dac
6.00%, 7/15/2023 (a)		19,050		15,788
5.88%, 10/15/2024 (a)		6,003		6,003
6.00%, 2/1/2025 (a) (h)		8,650		6,660
Endo Finance LLC
5.75%, 1/15/2022 (a)		7,451		6,985
7.25%, 1/15/2022 (a) (h)		6,085		5,840
5.38%, 1/15/2023 (a) (h)		5,000		4,150
				219,997
Real Estate Management & Development — 0.2%
Highland Ranch 6.70%, 9/1/2020 ‡		5,864		5,863
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		9,041		8,894
				14,757
Road & Rail — 1.3%
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (a)		6,626		6,758
5.25%, 3/15/2025 (a)		16,424		15,603
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (a)		2,253		2,310
5.13%, 10/1/2023 (a)		14,984		15,134
5.25%, 5/15/2024 (a)		6,131		6,284
DAE Funding LLC (United Arab Emirates)
4.50%, 8/1/2022 (a)		6,404		6,332
5.00%, 8/1/2024 (a)		10,535		10,324
Hertz Corp. (The)
7.38%, 1/15/2021		7,802		7,802
7.63%, 6/1/2022 (a)		2,689		2,750
5.50%, 10/15/2024 (a)		7,532		6,402
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		4,192		4,291
4.50%, 3/15/2023 (a)		8,213		8,152
5.50%, 2/15/2024 (a)		17,686		18,283
				110,425
Semiconductors & Semiconductor Equipment — 0.3%
Entegris, Inc. 4.63%, 2/10/2026 (a)		5,308		5,215
NXP BV (Netherlands) 4.13%, 6/1/2021 (a)		4,027		4,056
Qorvo, Inc. 5.50%, 7/15/2026 (a)		13,057		13,318

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		3,282		3,463
				26,052
Software — 1.5%
Camelot Finance SA 7.88%, 10/15/2024 (a)		15,624		16,312
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (a)		17,288		18,887
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (a) (i)		9,676		9,715
Infor US, Inc. 6.50%, 5/15/2022		16,882		17,216
Informatica LLC 7.13%, 7/15/2023 (a)		4,320		4,374
Nuance Communications, Inc.
5.38%, 8/15/2020 (a)		3,022		3,022
5.63%, 12/15/2026		13,474		13,743
Open Text Corp. (Canada)
5.63%, 1/15/2023 (a)		7,385		7,579
5.88%, 6/1/2026 (a)		11,578		12,181
Solera LLC 10.50%, 3/1/2024 (a)		12,528		13,577
Symantec Corp. 5.00%, 4/15/2025 (a)		13,448		13,397
				130,003
Specialty Retail — 0.9%
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (a)		8,500		8,479
L Brands, Inc. 6.88%, 11/1/2035		5,030		4,338
Party City Holdings, Inc. 6.63%, 8/1/2026 (a)		12,000		11,820
Penske Automotive Group, Inc. 5.50%, 5/15/2026		20,790		20,399
PetSmart, Inc.
7.13%, 3/15/2023 (a)		3,692		2,501
5.88%, 6/1/2025 (a)		10,758		8,553
Staples, Inc. 8.50%, 9/15/2025 (a)		26,088		25,566
				81,656
Technology Hardware, Storage & Peripherals — 0.9%
Dell International LLC
5.88%, 6/15/2021 (a)		13,016		13,273
7.13%, 6/15/2024 (a)		8,871		9,413
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		23,247		19,760
EMC Corp.
2.65%, 6/1/2020		4,616		4,569
3.38%, 6/1/2023		3,806		3,655
Western Digital Corp. 4.75%, 2/15/2026		14,029		13,257
Xerox Corp. 3.62%, 3/15/2023 (h)		12,957		12,714
				76,641

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 171

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Textiles, Apparel & Luxury Goods — 0.2%
Hanesbrands, Inc. 4.88%, 5/15/2026 (a)		12,550		12,362
William Carter Co. (The) 5.63%, 3/15/2027 (a) (j)		5,685		5,685
				18,047
Thrifts & Mortgage Finance — 1.1%
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022 (a)		7,696		7,811
5.25%, 10/1/2025 (a)		5,686		5,345
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (a)		5,495		5,591
9.13%, 7/15/2026 (a)		9,636		9,853
Nationstar Mortgage LLC
6.50%, 7/1/2021		6,244		6,262
6.50%, 6/1/2022		8,935		8,866
Quicken Loans, Inc.
5.75%, 5/1/2025 (a)		23,293		22,990
5.25%, 1/15/2028 (a)		14,925		13,601
Radian Group, Inc. 4.50%, 10/1/2024		13,235		12,871
				93,190
Trading Companies & Distributors — 1.3%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		18,360		16,937
H&E Equipment Services, Inc. 5.63%, 9/1/2025		8,415		8,331
United Rentals North America, Inc.
5.75%, 11/15/2024		13,875		14,291
5.50%, 7/15/2025		7,950		8,129
4.63%, 10/15/2025		14,770		14,364
5.88%, 9/15/2026		18,704		19,148
6.50%, 12/15/2026		18,609		19,423
WESCO Distribution, Inc. 5.38%, 6/15/2024		11,289		11,317
				111,940
Wireless Telecommunication Services — 3.4%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		5,982		5,847
6.63%, 8/1/2026		8,886		8,742
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023 (a)		28,160		27,245
Sprint Communications, Inc.
7.00%, 3/1/2020 (a)		6,776		6,996
7.00%, 8/15/2020		5,217		5,438
11.50%, 11/15/2021		5,758		6,707
9.25%, 4/15/2022		4,305		5,005
6.00%, 11/15/2022		6,540		6,635

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services  — continued
Sprint Corp.
7.25%, 9/15/2021		7,629		8,058
7.88%, 9/15/2023		22,387		23,926
7.13%, 6/15/2024		34,914		36,074
7.63%, 2/15/2025		35,130		36,799
7.63%, 3/1/2026		18,036		18,712
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		6,472		—	(c)
T-Mobile USA, Inc.
6.50%, 1/15/2024		5,562		5,771
6.50%, 1/15/2024 ‡		5,562		—	(c)
6.00%, 4/15/2024		15,863		16,478
6.00%, 4/15/2024 ‡		17,049		—	(c)
6.38%, 3/1/2025		16,845		17,529
6.38%, 3/1/2025 ‡		16,845		—	(c)
5.13%, 4/15/2025		5,475		5,614
5.13%, 4/15/2025 ‡		4,296		—	(c)
6.50%, 1/15/2026		7,296		7,788
6.50%, 1/15/2026 ‡		7,296		—	(c)
4.50%, 2/1/2026		20,704		20,419
4.75%, 2/1/2028		10,104		9,776
4.75%, 2/1/2028 ‡		6,603		—	(c)
Wind Tre SpA (Italy) 5.00%, 1/20/2026 (a)		8,860		7,638
				287,197
Total Corporate Bonds (Cost $7,592,372)				7,555,202
Loan Assignments — 5.7% (k)
Aerospace & Defense — 0.2%
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 5/30/2025 (f) (l)		3,055		3,009
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 6/9/2023 (f) (l)		8,065		7,964
TransDigm Group, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 8/22/2024 (f) (l)		6,110		6,021
				16,994
Auto Components — 0.0% (m)
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 4/6/2024 (f)		1,317		1,289
Automobiles — 0.1%
Scientific Games International, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 5.31%, 8/14/2024 (f) (l)		8,500		8,420

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Commercial Services & Supplies — 0.2%
Prime Security Services Borrower LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 5/2/2022 (f) (l)		15,318		15,267
Communications Equipment — 0.1%
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 2 Month + 4.25%), 6.78%, 12/15/2024 (f)		9,761		9,744
Containers & Packaging — 0.1%
Berry Global, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 1.75%), 4.27%, 2/8/2020 (f)		734		733
(ICE LIBOR USD 2 Month + 2.00%), 4.61%, 10/1/2022 (f)		3,750		3,737
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 6.05%, 1/30/2021 (f)		7,201		6,985
				11,455
Diversified Telecommunication Services — 0.4%
Altice France SA, 1st Lien Term loan B-13 (ICE LIBOR USD 1 Month + 4.00%), 6.49%, 8/14/2026 (f) (l)		7,250		7,042
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 10/2/2024 (f)		9,150		9,072
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 7.06%, 2/19/2026 (f) (l)		3,347		3,338
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 11/1/2024 (f)		12,033		11,957
Securus Technologies Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.74%, 11/1/2025 (f)		1,825		1,776
Windstream Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 6.49%, 3/29/2021 (f) (l)		3,818		3,692
				36,877
Electrical Equipment — 0.1%
Cortes NP Acquisition Corp., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.63%, 11/30/2023 (f)		8,373		8,100
Food & Staples Retailing — 0.4%
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 6/22/2023 (f)		5,884		5,850

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — continued
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.80%, 12/5/2023 (f)		32,768		18,727
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.74%, 10/22/2025 (f)		9,320		8,239
				32,816
Food Products — 0.2%
JBS USA SA, Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 5.26%, 10/30/2022 (f) (l)		15,020		14,973
Health Care Providers & Services — 0.1%
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.55%, 6/7/2023 (f) (l)		10,550		10,434
Hotels, Restaurants & Leisure — 0.2%
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 10/4/2023 (f) (l)		10,252		10,201
MotorCity Casino aka CCM Merger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 8/6/2021 (f) (l)		4,000		3,978
				14,179
IT Services — 0.1%
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 4/26/2024 (f)		10,685		10,669
Leisure Products — 0.0% (m)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.68%, 2/15/2022 ‡ (f)		4,510		4,487
Media — 0.7%
iHeartCommunications, Inc., Term Loan D (ICE LIBOR USD 1 Month + 6.75%), 9.05%, 1/30/2021 (f)		37,355		26,039
iHeartCommunications, Inc., Tranche E Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.80%, 7/30/2019 (f)		20,104		13,997
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.49%, 12/27/2020 (f)		1,872		1,870
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 6/1/2023 (f)		3,504		3,477
Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 8/18/2023 (f) (l)		8,940		8,938

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 173

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Media — continued
Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.99%, 8/18/2024 (f)		2,420		2,439
				56,760
Multiline Retail — 0.1%
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.76%, 10/25/2020 (f)		10,021		9,189
Oil, Gas & Consumable Fuels — 2.0%
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.87%, 12/31/2021 (f)		65,947		69,121
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.24%, 12/31/2022 (f)		64,249		63,178
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.24%, 10/29/2025 (f)		9,656		9,366
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 7.87%, 8/25/2023 (f)		10,023		7,993
MEG Energy Corp., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 3.50%), 6.00%, 12/31/2023 (f) (l)		11,570		11,521
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.48%, 4/12/2024 (f)		11,227		10,026
				171,205
Personal Products — 0.1%
Revlon Consumer Products Corp., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.13%, 9/7/2023 (f)		8,053		5,999
Pharmaceuticals — 0.1%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 8.02%, 9/6/2024 (f)		12,894		12,221
Software — 0.1%
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 12/1/2023 (f)		4,945		4,887
Specialty Retail — 0.2%
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (f) (l) (n)		6,858		10,287
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.52%, 3/11/2022 (f)		5,878		5,004
				15,291

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 0.0% (m)
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.50%, 9/7/2023 (f) (l)		1,500		1,494
Wireless Telecommunication Services — 0.2%
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.49%, 3/9/2023 (f)		14,477		13,658
Total Loan Assignments (Cost $514,773)				486,408
	SHARES (000)
Common Stocks — 1.0%
Aerospace & Defense — 0.0% (m)
Remington Outdoor Co., Inc. * ‡		399		698
Communications Equipment — 0.0% (m)
Goodman Networks, Inc. * ‡		300		–	(c)
Diversified Financial Services — 0.0% (m)
ACC Claims Holdings LLC * ‡		7,076		71
Adelphia Recovery Trust * ‡		9,055		–	(c)
				71
Energy Equipment & Services — 0.0% (m)
Telford Offshore Holdings Ltd. (Cayman Islands) * ‡		368		460
Independent Power and Renewable Electricity Producers — 0.3%
Vistra Energy Corp. *		962		25,050
Oil, Gas & Consumable Fuels — 0.1%
Penn Virginia Corp. *		95		5,072
Ultra Petroleum Corp. *		195		131
				5,203
Pharmaceuticals — 0.2%
Advanz Pharma Corp. (Canada) *		91		1,762
Concordia International private placement (Canada) * ‡		952		17,013
				18,775
Software — 0.2%
Avaya Holdings Corp. *		998		15,462
Specialty Retail — 0.1%
Claire’s Stores, Inc. * ‡		17		13,280
Wireless Telecommunication Services — 0.1%
NII Holdings, Inc. *		1,491		5,799
Total Common Stocks (Cost $93,603)				84,798

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Preferred Stocks — 0.2%
Automobiles — 0.0% (m)
General Motors Co.
6.25%, 7/15/2033 ‡		953		—	(c)
7.25%, 4/15/2041 ‡		246		—	(c)
7.38%, 5/15/2048 ‡		404		—	(c)
0.68%, 6/1/2049 ‡		50		—	(c)
7.38%, 10/1/2051 ‡		47		—	(c)
7.25%, 2/15/2052 ‡		548		—	(c)
Motors Liquidation Co. 7.25%, 7/15/2041 ‡		284		—	(c)
				—	(c)
Banks — 0.1%
GMAC Capital Trust I Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.47%, 2/15/2040 ($25 par value) (f)		260		6,757
Communications Equipment — 0.0% (m)
Goodman Networks, Inc. (Preference) * ‡		358		4
Specialty Retail — 0.1%
Claire’s Stores, Inc. * ‡		10		14,877
Total Preferred Stocks (Cost $13,327)				21,638
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.1%
Media — 0.1%
Liberty Interactive LLC
4.00%, 11/15/2029		2,570		1,751
3.75%, 2/15/2030		4,448		2,958
Total Convertible Bonds (Cost $4,509)				4,709
	NO. OF RIGHTS ($000)
Rights — 0.0% (m)
Independent Power and Renewable Electricity Producers — 0.0% (m)
Vistra Energy Corp., expiring 12/31/2049 * ‡ (Cost $—)		2,797		2,168
	NO. OF WARRANTS (000)
Warrants — 0.0% (m)
Oil, Gas & Consumable Fuels — 0.0% (m)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 (Canada) * (Cost $—)		818		286

INVESTMENTS	SHARES		VALUE ($000)
Convertible Preferred Stocks — 0.0% (m)
Automobiles — 0.0% (m)
General Motors Co. 3/6/2032 * ‡ (Cost $—)		973		—	(c)
	PRINCIPAL AMOUNT ($000)
Asset-Backed Securities — 0.0% (m)
T-Mobile USA, Inc. 6.00%, 4/15/2024 ‡ (Cost $—)		17,049		—	(c)
	SHARES (000)
Short-Term Investments — 4.7%
Investment Companies — 4.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (o) (p) (Cost $394,426)		394,426		394,426
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 2.48%, 5/9/2019 (q) (r) (Cost $9,791)		9,837		9,792
Total Short-Term Investments (Cost $404,217)				404,218
Total Investments — 100.0% (Cost $8,622,801)				8,559,427
Other Assets Less Liabilities — 0.0% (m)				32
Net Assets — 100.0%				8,559,459

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 175

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

Abbreviations
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Defaulted security.
(c)	Amount rounds to less than one thousand.
(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(e)	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, 2019.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(g)	Security is an interest bearing note with preferred security characteristics.

(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(i)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(j)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(l)	All or a portion of this security is unsettled as of February 28, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(m)	Amount rounds to less than 0.1% of net assets.
(n)	Fund is subject to legal or contractual restrictions on the resale of the security.
(o)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(p)	The rate shown is the current yield as of February 28, 2019.
(q)	The rate shown is the effective yield as of February 28, 2019.
(r)	All or a portion of this security is deposited with the broker as initial margin for swaps contracts.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Centrally Cleared Credit default swap contracts outstanding — sell protection (1) as of February 28, 2019 (amounts in thousands):

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.NA.HY.31-V3

5.00

Quarterly

12/20/2023

3.46

USD 192,000

13,496

125

13,621

13,496

125

13,621

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

⁽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.

176 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CORPORATE BONDS — 37.4%
Aerospace & Defense — 0.6%
Arconic, Inc.
5.13%, 10/1/2024		98		97
5.90%, 2/1/2027		503		501
6.75%, 1/15/2028 (a)		28		28
5.95%, 2/1/2037		300		287
Bombardier, Inc. (Canada)
8.75%, 12/1/2021 (b)		350		385
6.00%, 10/15/2022 (a) (b)		338		339
7.50%, 12/1/2024 (b)		385		393
7.50%, 3/15/2025 (b)		229		229
7.88%, 4/15/2027 (b)		198		197
TransDigm, Inc.
5.50%, 10/15/2020		100		100
6.00%, 7/15/2022		126		128
6.50%, 7/15/2024		340		343
6.25%, 3/15/2026 (b)		262		269
Triumph Group, Inc.
4.88%, 4/1/2021		90		89
5.25%, 6/1/2022		50		48
7.75%, 8/15/2025		30		29
				3,462
Air Freight & Logistics — 0.2%
XPO Logistics, Inc.
6.13%, 9/1/2023 (b)		915		913
6.75%, 8/15/2024 (b)		130		131
				1,044
Airlines — 0.0% (c)
United Continental Holdings, Inc.
4.25%, 10/1/2022		55		55
5.00%, 2/1/2024		65		65
				120
Auto Components — 1.0%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (b)		450		344
Allison Transmission, Inc.
5.00%, 10/1/2024 (b)		300		302
4.75%, 10/1/2027 (b)		100		96
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		220		225
6.25%, 4/1/2025 (a)		1,180		1,177
6.25%, 3/15/2026		24		24
6.50%, 4/1/2027		100		99

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Auto Components — continued
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (b)		380		341
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (b)		500		510
Delphi Technologies plc 5.00%, 10/1/2025 (b)		480		428
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		95		95
5.00%, 5/31/2026 (a)		474		449
4.88%, 3/15/2027		53		49
Icahn Enterprises LP
6.25%, 2/1/2022		55		57
6.75%, 2/1/2024		180		188
6.38%, 12/15/2025		237		244
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023 (b) (d)		450		435
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (b)		82		80
Tenneco, Inc.
5.38%, 12/15/2024		200		184
5.00%, 7/15/2026		265		227
				5,554
Automobiles — 0.1%
General Motors Co. 6.25%, 10/2/2043		220		217
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027 (a) (b)		237		184
				401
Banks — 1.4%
Australia & New Zealand Banking Group Ltd. (Australia) (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (b) (e) (f) (g)		900		945
Bank of America Corp.
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (g)		282		300
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (f) (g)		34		37
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (f) (g)		500		489
Barclays plc (United Kingdom)
4.38%, 9/11/2024		200		196
4.84%, 5/9/2028		320		309
CIT Group, Inc. 5.25%, 3/7/2025		214		224
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (e) (f) (g)		43		44
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (g)		125		128

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 177

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (f) (g)		700		712
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (b) (e) (f) (g)		200		223
HSBC Holdings plc (United Kingdom) (USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (e) (f) (g)		800		816
ING Groep NV (Netherlands) (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (e) (f) (g) (h)		900		936
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (e) (f) (g)		500		536
6.00%, 12/19/2023		440		463
Skandinaviska Enskilda Banken AB (Sweden) (USD Swap Semi 5 Year + 3.49%), 5.63%, 5/13/2022 (e) (f) (g) (h)		400		389
Societe Generale SA (France) (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (b) (e) (f) (g)		200		211
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022 (b) (e) (f) (g)		500		522
State Savings Bank of Ukraine (Ukraine) 9.38%, 3/10/2023 (h) (i)		200		200
UBS Group Funding Switzerland AG (Switzerland) (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (e) (f) (g) (h)		250		265
				7,945
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.60%, 4/15/2048		400		368
Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025 (b)		110		109
				477
Building Products — 0.3%
American Woodmark Corp. 4.88%, 3/15/2026 (b)		260		254
James Hardie International Finance DAC (Ireland) 5.00%, 1/15/2028 (b)		300		278
JELD-WEN, Inc.
4.63%, 12/15/2025 (b)		125		118
4.88%, 12/15/2027 (b)		100		92
Masonite International Corp. 5.75%, 9/15/2026 (b)		200		200
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (b)		79		81

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Building Products — continued
Standard Industries, Inc.
6.00%, 10/15/2025 (b)		160		167
4.75%, 1/15/2028 (b)		477		446
Summit Materials LLC 5.13%, 6/1/2025 (b)		45		43
				1,679
Capital Markets — 0.5%
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (b) (e) (f) (g)		1,000		1,069
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (b) (e) (f) (g)		250		251
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (e) (f) (g)		95		96
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (e) (f) (g)		1,000		920
LPL Holdings, Inc. 5.75%, 9/15/2025 (b)		190		192
				2,528
Chemicals — 0.9%
Ashland LLC 4.75%, 8/15/2022 (i)		210		216
Axalta Coating Systems LLC 4.88%, 8/15/2024 (b)		300		298
Chemours Co. (The)
6.63%, 5/15/2023 (a)		165		171
7.00%, 5/15/2025		130		136
CVR Partners LP 9.25%, 6/15/2023 (b)		684		721
FXI Holdings, Inc. 7.88%, 11/1/2024 (a) (b)		96		92
Gates Global LLC 6.00%, 7/15/2022 (b)		280		281
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (b)		255		257
Huntsman International LLC
4.88%, 11/15/2020		65		67
5.13%, 11/15/2022 (a)		200		209
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (b)		450		436
Ingevity Corp. 4.50%, 2/1/2026 (b)		92		88
Koppers, Inc. 6.00%, 2/15/2025 (b)		65		57
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (b)		310		300
5.25%, 6/1/2027 (b)		270		254
Rain CII Carbon LLC 7.25%, 4/1/2025 (b)		150		130
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		135		139
5.25%, 12/15/2026		305		291

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
Starfruit Finco BV (Netherlands) 8.00%, 10/1/2026 (a) (b)		250		249
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (b)		472		444
Tronox Finance plc 5.75%, 10/1/2025 (b)		109		101
Tronox, Inc. 6.50%, 4/15/2026 (b)		204		193
Valvoline, Inc. 4.38%, 8/15/2025		15		14
				5,144
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 5.25%, 12/15/2024 (b)		482		473
ADT Security Corp. (The) 4.13%, 6/15/2023		246		241
Aramark Services, Inc. 5.00%, 2/1/2028 (b)		386		381
Brink’s Co. (The) 4.63%, 10/15/2027 (b)		85		81
Covanta Holding Corp. 5.88%, 3/1/2024		80		82
Garda World Security Corp. (Canada) 8.75%, 5/15/2025 (b)		606		580
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (b)		185		187
5.00%, 2/1/2025 (b)		235		232
Nielsen Finance LLC 5.00%, 4/15/2022 (b)		70		70
Pitney Bowes, Inc. 4.95%, 4/1/2023 (i)		87		82
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (b)		455		480
				2,889
Communications Equipment — 0.5%
CommScope Finance LLC
5.50%, 3/1/2024 (b)		170		173
6.00%, 3/1/2026 (b)		345		353
8.25%, 3/1/2027 (b)		170		177
CommScope Technologies LLC 6.00%, 6/15/2025 (b)		1,104		1,041
CommScope, Inc. 5.50%, 6/15/2024 (b)		156		150
Nokia OYJ (Finland)
4.38%, 6/12/2027		330		324
6.63%, 5/15/2039		45		47
Plantronics, Inc. 5.50%, 5/31/2023 (b)		555		553
ViaSat, Inc. 5.63%, 9/15/2025 (b)		25		24
				2,842
Construction & Engineering — 0.1%
MasTec, Inc. 4.88%, 3/15/2023		255		256
Tutor Perini Corp. 6.88%, 5/1/2025 (a) (b)		258		256
				512

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Construction Materials — 0.2%
Cemex SAB de CV (Mexico) 7.75%, 4/16/2026 (b)		825		897
Martin Marietta Materials, Inc. 4.25%, 12/15/2047		310		258
				1,155
Consumer Finance — 0.7%
Ally Financial, Inc.
4.13%, 2/13/2022		35		35
5.13%, 9/30/2024		128		134
4.63%, 3/30/2025		310		316
5.75%, 11/20/2025 (a)		780		827
8.00%, 11/1/2031		33		41
Curo Group Holdings Corp. 8.25%, 9/1/2025 (b)		441		378
FirstCash, Inc. 5.38%, 6/1/2024 (b)		20		20
Ford Motor Credit Co. LLC 4.69%, 6/9/2025		450		425
General Motors Financial Co., Inc. 5.25%, 3/1/2026		270		274
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 4.80%, 12/21/2065 (b) (f)		505		394
Lincoln Finance Ltd. (Netherlands) 7.38%, 4/15/2021 (b)		250		254
Springleaf Finance Corp.
6.13%, 5/15/2022		75		78
5.63%, 3/15/2023		272		276
6.88%, 3/15/2025		205		210
7.13%, 3/15/2026		77		78
				3,740
Containers & Packaging — 0.7%
Ardagh Packaging Finance plc (Ireland)
4.63%, 5/15/2023 (b)		200		202
7.25%, 5/15/2024 (b)		850		886
6.00%, 2/15/2025 (b)		825		815
Ball Corp. 4.00%, 11/15/2023		40		40
Berry Global, Inc.
5.13%, 7/15/2023		87		87
4.50%, 2/15/2026 (b)		25		24
BWAY Holding Co. 5.50%, 4/15/2024 (b)		480		473
Crown Americas LLC 4.75%, 2/1/2026		36		36
Greif, Inc. 6.50%, 3/1/2027 (b)		225		229
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026 (b)		32		32
OI European Group BV 4.00%, 3/15/2023 (b)		14		14
Owens-Brockway Glass Container, Inc. 5.38%, 1/15/2025 (b)		106		108

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 179

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Containers & Packaging — continued
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		775		777
Sealed Air Corp.
5.13%, 12/1/2024 (b)		100		103
5.50%, 9/15/2025 (b)		55		57
				3,883
Distributors — 0.1%
Global Partners LP
6.25%, 7/15/2022		70		68
7.00%, 6/15/2023		119		118
Univar USA, Inc. 6.75%, 7/15/2023 (a) (b)		180		185
				371
Diversified Consumer Services — 0.2%
Service Corp. International
5.38%, 1/15/2022		125		126
5.38%, 5/15/2024		300		307
7.50%, 4/1/2027		200		221
Sotheby’s 4.88%, 12/15/2025 (b)		128		124
				778
Diversified Financial Services — 0.5%
ACE Cash Express, Inc. 12.00%, 12/15/2022 (b)		162		154
CNG Holdings, Inc. 9.38%, 5/15/2020 (b)		168		165
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		1,595		1,440
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (b)		484		489
8.25%, 11/15/2026 (b)		86		84
Travelport Corporate Finance plc 6.00%, 3/15/2026 (b)		75		80
Vantiv LLC 4.38%, 11/15/2025 (b)		200		193
Verscend Escrow Corp. 9.75%, 8/15/2026 (b)		84		86
				2,691
Diversified Telecommunication Services — 3.2%
Altice France SA (France) 7.38%, 5/1/2026 (b)		900		885
AT&T, Inc.
5.25%, 3/1/2037		370		373
4.90%, 8/15/2037		610		588
4.75%, 5/15/2046		550		511
CCO Holdings LLC
5.88%, 4/1/2024 (b)		740		770
5.38%, 5/1/2025 (b)		265		271
5.75%, 2/15/2026 (b)		631		654
5.50%, 5/1/2026 (b)		182		186

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
5.13%, 5/1/2027 (b)		2,785		2,733
5.00%, 2/1/2028 (b)		677		652
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		15		16
Series T, 5.80%, 3/15/2022		330		339
Series W, 6.75%, 12/1/2023 (a)		388		403
Series Y, 7.50%, 4/1/2024		27		28
5.63%, 4/1/2025		75		71
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (a) (b)		585		530
8.00%, 10/15/2025 (b)		175		158
Cogent Communications Finance, Inc. 5.63%, 4/15/2021 (b)		120		121
Consolidated Communications, Inc. 6.50%, 10/1/2022		51		47
DKT Finance ApS (Denmark) 9.38%, 6/17/2023 (b)		650		697
Embarq Corp. 8.00%, 6/1/2036		463		447
Frontier Communications Corp.
10.50%, 9/15/2022		81		58
11.00%, 9/15/2025		109		70
8.50%, 4/1/2026 (b)		452		420
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		398		365
8.00%, 2/15/2024 (b)		355		369
8.50%, 10/15/2024 (b)		369		373
9.75%, 7/15/2025 (b)		635		659
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021		8		8
8.13%, 6/1/2023		67		56
Level 3 Financing, Inc.
5.63%, 2/1/2023		152		153
5.38%, 1/15/2024		225		226
5.38%, 5/1/2025		115		115
5.25%, 3/15/2026		48		47
Level 3 Parent LLC 5.75%, 12/1/2022		155		157
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		39		34
Qwest Corp. 7.13%, 11/15/2043		58		57
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044 (b)		110		95
Sprint Capital Corp.
6.88%, 11/15/2028		48		47
8.75%, 3/15/2032		1,206		1,307

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		500		470
6.00%, 9/30/2034		56		51
7.20%, 7/18/2036		18		18
7.72%, 6/4/2038		227		234
Verizon Communications, Inc. 4.67%, 3/15/2055		270		263
Virgin Media Finance plc (United Kingdom) 6.00%, 10/15/2024 (b)		300		308
Virgin Media Secured Finance plc (United Kingdom)
5.25%, 1/15/2026 (b)		200		200
5.50%, 8/15/2026 (b)		400		398
Windstream Services LLC
9.00%, 6/30/2025 (a) (b)		461		274
8.63%, 10/31/2025 (b)		95		89
				17,401
Electric Utilities — 0.4%
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021 (h)		1,000		995
Light Servicos de Eletricidade SA (Brazil) 7.25%, 5/3/2023 (h)		500		506
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (b)		17		17
4.50%, 9/15/2027 (b)		71		67
Terraform Global Operating LLC 6.13%, 3/1/2026 (b)		100		96
Vistra Operations Co. LLC 5.50%, 9/1/2026 (b)		231		240
				1,921
Electrical Equipment — 0.2%
Sensata Technologies BV
4.88%, 10/15/2023 (b)		255		262
5.63%, 11/1/2024 (b)		200		210
Vertiv Group Corp. 9.25%, 10/15/2024 (b)		622		623
				1,095
Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 6.00%, 12/1/2025 (b)		275		285
CDW LLC
5.00%, 9/1/2023		101		102
5.00%, 9/1/2025		273		276
				663
Energy Equipment & Services — 0.5%
Bristow Group, Inc. 6.25%, 10/15/2022		31		9
CSI Compressco LP 7.50%, 4/1/2025 (b)		85		82

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Energy Equipment & Services — continued
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025 (a)		82		77
Ensco plc
8.00%, 1/31/2024		26		23
5.20%, 3/15/2025		44		34
7.75%, 2/1/2026		32		27
Nabors Industries, Inc.
5.50%, 1/15/2023		47		44
5.75%, 2/1/2025		298		263
Noble Holding International Ltd.
7.95%, 4/1/2025 (i)		59		52
7.88%, 2/1/2026 (b)		140		131
5.25%, 3/15/2042		41		25
Precision Drilling Corp. (Canada)
6.50%, 12/15/2021 (a)		14		14
7.75%, 12/15/2023		75		76
7.13%, 1/15/2026 (b)		26		25
Rowan Cos., Inc. 7.38%, 6/15/2025		81		70
SESI LLC
7.13%, 12/15/2021		49		45
7.75%, 9/15/2024		23		20
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (b)		360		344
Transocean Pontus Ltd. 6.13%, 8/1/2025 (b)		535		540
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (b)		34		35
Transocean Proteus Ltd. 6.25%, 12/1/2024 (b)		102		104
Transocean, Inc.
9.00%, 7/15/2023 (b)		106		112
7.25%, 11/1/2025 (b)		119		114
7.50%, 1/15/2026 (b)		221		213
7.50%, 4/15/2031		53		44
6.80%, 3/15/2038		101		76
9.35%, 12/15/2041 (i)		97		89
USA Compression Partners LP
6.88%, 4/1/2026		30		31
6.88%, 9/1/2027 (b)		13		13
Weatherford International LLC 9.88%, 3/1/2025		53		38
Weatherford International Ltd.
4.50%, 4/15/2022		16		11
8.25%, 6/15/2023 (a)		34		24
9.88%, 2/15/2024		48		35
7.00%, 3/15/2038		2		1
5.95%, 4/15/2042		89		53
				2,894

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 181

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Entertainment — 0.4%
AMC Entertainment Holdings, Inc.
5.88%, 2/15/2022		45		45
5.75%, 6/15/2025		228		210
5.88%, 11/15/2026		55		50
6.13%, 5/15/2027		76		68
Cinemark USA, Inc. 4.88%, 6/1/2023		81		81
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (b)		345		343
Netflix, Inc.
5.88%, 2/15/2025		50		53
4.88%, 4/15/2028		550		536
5.88%, 11/15/2028 (b)		50		52
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)		385		380
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		9		9
WMG Acquisition Corp.
4.88%, 11/1/2024 (b)		100		99
5.50%, 4/15/2026 (b)		325		327
				2,253
Equity Real Estate Investment Trusts (REITs) — 0.8%
CoreCivic, Inc.
5.00%, 10/15/2022		55		54
4.63%, 5/1/2023		30		29
CyrusOne LP
5.00%, 3/15/2024		3		3
5.38%, 3/15/2027		118		120
Equinix, Inc.
5.38%, 4/1/2023		63		64
5.75%, 1/1/2025		175		182
5.88%, 1/15/2026		243		255
5.38%, 5/15/2027		168		174
ESH Hospitality, Inc. 5.25%, 5/1/2025 (b)		350		348
GEO Group, Inc. (The) 5.88%, 10/15/2024		250		237
GLP Capital LP
5.25%, 6/1/2025		225		233
5.75%, 6/1/2028		250		259
Iron Mountain, Inc.
5.75%, 8/15/2024		50		50
4.88%, 9/15/2027 (b)		391		370
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		240		246
5.75%, 2/1/2027 (b)		56		57

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
RHP Hotel Properties LP 5.00%, 4/15/2023		270		271
SBA Communications Corp. 4.88%, 9/1/2024		230		230
Uniti Group LP
6.00%, 4/15/2023 (a) (b)		100		93
8.25%, 10/15/2023 (a)		175		152
7.13%, 12/15/2024 (a) (b)		235		195
VICI Properties 1 LLC 8.00%, 10/15/2023		824		900
				4,522
Food & Staples Retailing — 0.4%
Albertsons Cos. LLC
6.63%, 6/15/2024		467		467
5.75%, 3/15/2025		481		458
7.50%, 3/15/2026 (b)		163		168
New Albertsons LP
8.70%, 5/1/2030		127		117
8.00%, 5/1/2031		255		229
Rite Aid Corp. 6.13%, 4/1/2023 (b)		450		384
Tesco plc (United Kingdom) 6.15%, 11/15/2037 (b)		320		334
				2,157
Food Products — 0.8%
B&G Foods, Inc. 5.25%, 4/1/2025 (a)		188		180
Dean Foods Co. 6.50%, 3/15/2023 (b)		39		29
Dole Food Co., Inc. 7.25%, 6/15/2025 (b)		191		172
FAGE International SA (Luxembourg) 5.63%, 8/15/2026 (b)		250		204
JBS USA LUX SA
7.25%, 6/1/2021 (b)		329		331
5.88%, 7/15/2024 (b)		534		549
5.75%, 6/15/2025 (b)		209		211
6.75%, 2/15/2028 (b)		52		54
Kraft Heinz Foods Co. 5.00%, 7/15/2035		870		830
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (b)		373		373
5.88%, 9/30/2027 (b)		14		14
Post Holdings, Inc.
5.50%, 3/1/2025 (b)		180		180
5.00%, 8/15/2026 (b)		45		43
5.75%, 3/1/2027 (b)		382		377
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026 (b)		550		505
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (b)		320		330
				4,382

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		51		52
5.50%, 5/20/2025		87		86
5.88%, 8/20/2026		503		504
5.75%, 5/20/2027		27		26
				668
Health Care Equipment & Supplies — 0.2%
Avantor, Inc. 6.00%, 10/1/2024 (b)		325		331
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023 (b)		305		314
Hologic, Inc. 4.38%, 10/15/2025 (b)		305		300
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (b)		69		60
5.50%, 4/15/2025 (b)		225		184
Sotera Health Holdings LLC 6.50%, 5/15/2023 (b)		65		65
				1,254
Health Care Providers & Services — 2.4%
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		26		26
5.13%, 7/1/2022		165		162
6.50%, 3/1/2024		91		91
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (a) (b)		375		319
Centene Corp.
5.63%, 2/15/2021		32		32
6.13%, 2/15/2024		176		184
4.75%, 1/15/2025		156		157
5.38%, 6/1/2026 (b)		47		49
Community Health Systems, Inc.
5.13%, 8/1/2021 (a)		177		174
6.25%, 3/31/2023		278		268
8.63%, 1/15/2024 (b)		447		459
8.13%, 6/30/2024 (a) (b)		215		179
8.00%, 3/15/2026 (b)		138		136
CVS Health Corp. 5.05%, 3/25/2048		342		339
DaVita, Inc.
5.13%, 7/15/2024		150		149
5.00%, 5/1/2025		703		678
Encompass Health Corp. 5.75%, 9/15/2025		355		358
Envision Healthcare Corp. 8.75%, 10/15/2026 (b)		623		562
HCA, Inc.
5.88%, 5/1/2023		146		154
5.38%, 2/1/2025		1,524		1,581
5.88%, 2/15/2026		2,615		2,762

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
5.25%, 6/15/2026		225		237
5.63%, 9/1/2028		14		14
5.88%, 2/1/2029		52		55
5.50%, 6/15/2047		82		85
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (b)		591		589
NVA Holdings, Inc. 6.88%, 4/1/2026 (b)		102		98
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (b) (d)		170		167
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a) (b)		312		248
Tenet Healthcare Corp.
4.50%, 4/1/2021		213		216
4.38%, 10/1/2021		150		152
8.13%, 4/1/2022		571		609
6.75%, 6/15/2023 (a)		1,190		1,220
4.63%, 7/15/2024		147		146
5.13%, 5/1/2025		171		169
6.25%, 2/1/2027 (b)		333		343
WellCare Health Plans, Inc. 5.25%, 4/1/2025		122		125
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (b)		92		86
				13,378
Health Care Technology — 0.1%
IQVIA, Inc. 5.00%, 10/15/2026 (b)		447		455
Hotels, Restaurants & Leisure — 1.8%
1011778 BC ULC (Canada) 4.25%, 5/15/2024 (b)		214		208
Boyd Gaming Corp.
6.88%, 5/15/2023		120		125
6.38%, 4/1/2026		325		339
6.00%, 8/15/2026		103		106
Boyne USA, Inc. 7.25%, 5/1/2025 (b)		160		171
CCM Merger, Inc. 6.00%, 3/15/2022 (b)		52		53
Cirsa Finance International SARL (Spain) 7.88%, 12/20/2023 (b)		200		205
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (b)		131		126
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (b)		362		368
Eldorado Resorts, Inc.
6.00%, 4/1/2025		362		368
6.00%, 9/15/2026 (b)		121		123
Enterprise Development Authority (The) 12.00%, 7/15/2024 (b)		250		252
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024 (b)		305		317

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 183

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Grupo Posadas SAB de CV (Mexico) 7.88%, 6/30/2022 (h)		300		304
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026 (b)		30		30
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		296		305
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		15		15
4.88%, 4/1/2027		345		343
International Game Technology plc 6.50%, 2/15/2025 (b)		400		426
IRB Holding Corp. 6.75%, 2/15/2026 (b)		259		245
Jack Ohio Finance LLC
6.75%, 11/15/2021 (b)		458		472
10.25%, 11/15/2022 (b)		40		43
LTF Merger Sub, Inc. 8.50%, 6/15/2023 (b)		150		153
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (b)		562		580
Merlin Entertainments plc (United Kingdom) 5.75%, 6/15/2026 (b)		450		466
MGM Resorts International
6.00%, 3/15/2023		745		779
5.75%, 6/15/2025		125		128
4.63%, 9/1/2026		1,205		1,145
Sabre GLBL, Inc. 5.38%, 4/15/2023 (b)		110		112
Scientific Games International, Inc.
10.00%, 12/1/2022		150		158
5.00%, 10/15/2025 (b)		529		512
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (b)		218		223
Station Casinos LLC 5.00%, 10/1/2025 (b)		68		66
VOC Escrow Ltd. 5.00%, 2/15/2028 (b)		185		180
Wyndham Destinations, Inc.
4.25%, 3/1/2022		8		8
5.40%, 4/1/2024 (i)		30		30
6.35%, 10/1/2025 (i)		18		19
5.75%, 4/1/2027 (i)		85		84
Wynn Las Vegas LLC 5.50%, 3/1/2025 (b)		400		398
				9,985
Household Durables — 0.2%
Lennar Corp.
5.88%, 11/15/2024		117		123
5.25%, 6/1/2026		224		225
Mattamy Group Corp. (Canada)
6.88%, 12/15/2023 (b)		37		37
6.50%, 10/1/2025 (b)		50		48

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Durables — continued
New Home Co., Inc. (The) 7.25%, 4/1/2022		105		97
Tempur Sealy International, Inc.
5.63%, 10/15/2023		342		345
5.50%, 6/15/2026		370		369
Toll Brothers Finance Corp. 4.88%, 11/15/2025		80		80
				1,324
Household Products — 0.4%
Central Garden & Pet Co. 5.13%, 2/1/2028		570		527
Energizer Holdings, Inc. 5.50%, 6/15/2025 (b)		460		449
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023 (b)		133		114
Spectrum Brands, Inc.
6.13%, 12/15/2024		331		326
5.75%, 7/15/2025		533		522
				1,938
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp. 5.50%, 4/15/2025		71		73
Calpine Corp.
5.88%, 1/15/2024 (b)		125		127
5.25%, 6/1/2026 (b)		346		339
Cemig Geracao e Transmissao SA (Brazil) 9.25%, 12/5/2024 (h)		400		444
Clearway Energy Operating LLC
5.38%, 8/15/2024		84		83
5.75%, 10/15/2025 (b)		55		54
5.00%, 9/15/2026		251		234
Cometa Energia SA de CV (Mexico) 6.38%, 4/24/2035 (b)		1,165		1,110
NRG Energy, Inc.
6.25%, 5/1/2024		269		278
6.63%, 1/15/2027		165		176
5.75%, 1/15/2028		19		19
Talen Energy Supply LLC 6.50%, 6/1/2025		173		154
Vistra Energy Corp.
7.38%, 11/1/2022		126		131
7.63%, 11/1/2024		114		121
				3,343
Industrial Conglomerates — 0.2%
General Electric Co. 4.50%, 3/11/2044		360		322
Grupo KUO SAB de CV (Mexico) 5.75%, 7/7/2027 (b)		500		486
				808

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — 0.2%
AmWINS Group, Inc. 7.75%, 7/1/2026 (b)		75		77
CNO Financial Group, Inc. 5.25%, 5/30/2025		120		123
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (b)		145		143
Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (b)		91		104
MetLife, Inc. 6.40%, 12/15/2036		250		265
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (f)		250		259
USIS Merger Sub, Inc. 6.88%, 5/1/2025 (b)		58		56
				1,027
Interactive Media & Services — 0.0% (c)
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (b)		248		217
IT Services — 0.7%
Alliance Data Systems Corp. 5.38%, 8/1/2022 (b)		285		289
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (b)		208		202
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (b)		97		97
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (b)		80		81
Exela Intermediate LLC 10.00%, 7/15/2023 (b)		287		293
First Data Corp.
5.38%, 8/15/2023 (b)		700		716
5.75%, 1/15/2024 (b)		1,025		1,058
Gartner, Inc. 5.13%, 4/1/2025 (b)		261		263
GCI LLC
6.75%, 6/1/2021		160		161
6.88%, 4/15/2025		25		26
VeriSign, Inc. 4.75%, 7/15/2027		5		5
Zayo Group LLC
6.00%, 4/1/2023		215		218
6.38%, 5/15/2025		428		425
5.75%, 1/15/2027 (b)		81		78
				3,912
Leisure Products — 0.2%
Mattel, Inc.
3.15%, 3/15/2023		71		62
6.75%, 12/31/2025 (b)		618		609
Vista Outdoor, Inc. 5.88%, 10/1/2023		350		329
				1,000
Machinery — 0.6%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (b)		530		547
Colfax Corp.
6.00%, 2/15/2024 (b)		125		129
6.38%, 2/15/2026 (b)		23		24

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — continued
EnPro Industries, Inc. 5.75%, 10/15/2026 (b)		265		267
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (b)		130		112
Novelis Corp.
6.25%, 8/15/2024 (b)		355		358
5.88%, 9/30/2026 (b)		307		299
RBS Global, Inc. 4.88%, 12/15/2025 (b)		45		44
SPX FLOW, Inc.
5.63%, 8/15/2024 (b)		135		135
5.88%, 8/15/2026 (b)		100		100
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (b)		69		70
Tennant Co. 5.63%, 5/1/2025		450		447
Terex Corp. 5.63%, 2/1/2025 (b)		325		316
Wabash National Corp. 5.50%, 10/1/2025 (b)		97		90
Welbilt, Inc. 9.50%, 2/15/2024		295		318
				3,256
Media — 3.8%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023 (b)		400		411
7.50%, 5/15/2026 (b)		400		387
Altice Luxembourg SA (Luxembourg) 7.75%, 5/15/2022 (a) (b)		900		894
AMC Networks, Inc.
5.00%, 4/1/2024		10		10
4.75%, 8/1/2025		270		263
Cablevision Systems Corp. 8.00%, 4/15/2020		69		72
CBS Radio, Inc. 7.25%, 11/1/2024 (a) (b)		245		243
Charter Communications Operating LLC
4.91%, 7/23/2025		30		31
6.38%, 10/23/2035		86		92
5.38%, 4/1/2038		1,760		1,702
6.48%, 10/23/2045		230		247
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		510		510
Series B, 7.63%, 3/15/2020		804		804
Series A, 6.50%, 11/15/2022		545		557
Series B, 6.50%, 11/15/2022		1,588		1,624
9.25%, 2/15/2024 (b)		801		840
CSC Holdings LLC
6.75%, 11/15/2021		115		122
5.38%, 7/15/2023 (b)		200		206
5.25%, 6/1/2024		223		223
7.75%, 7/15/2025 (b)		200		213
6.63%, 10/15/2025 (b)		600		633
10.88%, 10/15/2025 (b)		735		853

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 185

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
5.50%, 5/15/2026 (b)		200		203
5.50%, 4/15/2027 (b)		400		402
DISH DBS Corp.
6.75%, 6/1/2021		255		261
5.88%, 7/15/2022		235		224
5.00%, 3/15/2023		59		52
5.88%, 11/15/2024		1,607		1,353
7.75%, 7/1/2026		1,299		1,124
Getty Images, Inc. 9.75%, 3/1/2027 (a) (b)		22		22
Gray Television, Inc.
5.13%, 10/15/2024 (b)		109		108
5.88%, 7/15/2026 (b)		107		108
7.00%, 5/15/2027 (b)		257		272
iHeartCommunications, Inc. 9.00%, 12/15/2019 (j)		221		154
Lamar Media Corp.
5.00%, 5/1/2023		15		15
5.75%, 2/1/2026		75		79
Meredith Corp. 6.88%, 2/1/2026 (b)		215		222
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (b)		303		308
5.63%, 8/1/2024 (b)		95		94
Outfront Media Capital LLC
5.25%, 2/15/2022		25		26
5.88%, 3/15/2025		125		128
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220		228
Sinclair Television Group, Inc.
6.13%, 10/1/2022		140		143
5.63%, 8/1/2024 (b)		95		96
5.88%, 3/15/2026 (b)		184		181
5.13%, 2/15/2027 (b)		250		234
Sirius XM Radio, Inc.
6.00%, 7/15/2024 (b)		1,105		1,145
5.38%, 4/15/2025 (b)		220		224
5.00%, 8/1/2027 (b)		72		71
TEGNA, Inc. 6.38%, 10/15/2023		414		426
Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (b)		300		311
Univision Communications, Inc.
5.13%, 5/15/2023 (b)		111		101
5.13%, 2/15/2025 (b)		60		52
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (b)		200		205

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Videotron Ltd. (Canada)
5.38%, 6/15/2024 (b)		190		198
5.13%, 4/15/2027 (b)		300		304
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027 (b)		705		668
				20,679
Metals & Mining — 1.1%
AK Steel Corp.
7.50%, 7/15/2023		135		139
7.00%, 3/15/2027		145		122
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (b)		800		845
Allegheny Technologies, Inc. 5.95%, 1/15/2021		80		82
ArcelorMittal (Luxembourg) 7.00%, 10/15/2039 (i)		200		219
Big River Steel LLC 7.25%, 9/1/2025 (b)		75		78
Cleveland-Cliffs, Inc. 4.88%, 1/15/2024 (b)		104		104
Commercial Metals Co.
4.88%, 5/15/2023		40		39
5.38%, 7/15/2027		74		69
Constellium NV 6.63%, 3/1/2025 (a) (b)		250		252
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (b)		59		59
5.13%, 5/15/2024 (b)		129		128
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		31		31
3.55%, 3/1/2022		31		31
3.88%, 3/15/2023		441		435
4.55%, 11/14/2024		485		480
5.40%, 11/14/2034		98		89
5.45%, 3/15/2043		87		76
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041 (b)		685		686
Hecla Mining Co. 6.88%, 5/1/2021		181		181
Hudbay Minerals, Inc. (Canada)
7.25%, 1/15/2023 (b)		45		46
7.63%, 1/15/2025 (b)		35		36
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.76%, 11/15/2048 (h)		900		977
Kaiser Aluminum Corp. 5.88%, 5/15/2024		39		40
Steel Dynamics, Inc. 4.13%, 9/15/2025		204		198
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		83		87
6.00%, 8/15/2040		24		25
5.40%, 2/1/2043		9		9

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Metals & Mining — continued
United States Steel Corp.
6.88%, 8/15/2025		60		59
6.25%, 3/15/2026		176		167
				5,789
Multiline Retail — 0.0% (c)
JC Penney Corp., Inc. 6.38%, 10/15/2036		164		61
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (b)		97		50
				111
Oil, Gas & Consumable Fuels — 4.0%
Aker BP ASA (Norway) 5.88%, 3/31/2025 (a) (b)		150		154
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023 (e) (f) (g)		93		90
Antero Resources Corp.
5.13%, 12/1/2022		442		443
5.63%, 6/1/2023		85		85
Blue Racer Midstream LLC
6.13%, 11/15/2022 (b)		240		243
6.63%, 7/15/2026 (b)		100		102
Bruin E&P Partners LLC 8.88%, 8/1/2023 (b)		23		22
Buckeye Partners LP
5.60%, 10/15/2044		400		369
(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (f)		197		171
California Resources Corp. 8.00%, 12/15/2022 (a) (b)		84		67
Callon Petroleum Co. 6.13%, 10/1/2024		102		103
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023 (a)		171		169
Cenovus Energy, Inc. (Canada)
5.25%, 6/15/2037		410		382
5.40%, 6/15/2047		410		389
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		514		547
Cheniere Energy Partners LP
5.25%, 10/1/2025		83		84
5.63%, 10/1/2026 (b)		32		33
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%),
6.04%, 4/15/2019 (a) (f)		391		391
7.00%, 10/1/2024		254		251
8.00%, 1/15/2025 (a)		585		595
8.00%, 6/15/2027 (a)		335		332
CITGO Petroleum Corp. 6.25%, 8/15/2022 (b)		92		92

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
CNX Midstream Partners LP 6.50%, 3/15/2026 (b)		47		46
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		60		61
5.75%, 4/1/2025		134		135
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (e) (f) (g)		115		111
DCP Midstream Operating LP
3.88%, 3/15/2023		213		211
6.75%, 9/15/2037 (b)		124		127
5.60%, 4/1/2044		25		23
Delek Logistics Partners LP 6.75%, 5/15/2025		127		122
Denbury Resources, Inc. 7.50%, 2/15/2024 (b)		78		70
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		1,155		1,165
Energy Transfer LP
4.25%, 3/15/2023		37		37
5.88%, 1/15/2024		203		218
5.50%, 6/1/2027		15		16
Energy Transfer Operating LP Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (g)		121		110
EnLink Midstream Partners LP
4.40%, 4/1/2024		94		91
4.15%, 6/1/2025		97		93
4.85%, 7/15/2026		95		93
Enterprise Products Operating LLC (ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (f)		194		170
EP Energy LLC
9.38%, 5/1/2024 (b)		447		209
8.00%, 11/29/2024 (a) (b)		171		120
7.75%, 5/15/2026 (b)		909		806
Extraction Oil & Gas, Inc.
7.38%, 5/15/2024 (b)		8		7
5.63%, 2/1/2026 (b)		12		10
Genesis Energy LP
6.75%, 8/1/2022		114		116
5.63%, 6/15/2024		85		79
Gulfport Energy Corp.
6.00%, 10/15/2024		109		99
6.38%, 1/15/2026		27		23
Halcon Resources Corp. 6.75%, 2/15/2025		110		82
Hilcorp Energy I LP
5.00%, 12/1/2024 (b)		56		54
6.25%, 11/1/2028 (b)		129		126
Holly Energy Partners LP 6.00%, 8/1/2024 (b)		80		82

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 187

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Martin Midstream Partners LP 7.25%, 2/15/2021		175		170
Matador Resources Co. 5.88%, 9/15/2026		74		74
MEG Energy Corp. (Canada)
6.38%, 1/30/2023 (b)		462		422
7.00%, 3/31/2024 (b)		46		42
6.50%, 1/15/2025 (b)		290		285
Newfield Exploration Co. 5.38%, 1/1/2026		100		106
Northern Oil and Gas, Inc. 9.50% (Blend (Cash 8.50% + PIK 1.00%) , 5/15/2023 (d)		231		237
NuStar Logistics LP 5.63%, 4/28/2027		116		116
Oasis Petroleum, Inc.
6.88%, 3/15/2022		84		84
6.88%, 1/15/2023		340		338
6.25%, 5/1/2026 (a) (b)		342		326
Oil and Gas Holding Co. BSCC (The) (Bahrain) 7.63%, 11/7/2024 (b)		400		433
Parsley Energy LLC
6.25%, 6/1/2024 (b)		35		36
5.25%, 8/15/2025 (b)		150		148
PBF Holding Co. LLC
7.00%, 11/15/2023		26		26
7.25%, 6/15/2025		66		68
PBF Logistics LP 6.88%, 5/15/2023		80		81
Peabody Energy Corp.
6.00%, 3/31/2022 (b)		50		50
6.38%, 3/31/2025 (b)		36		36
Petroamazonas EP (Ecuador) 4.63%, 2/16/2020 (h)		1,000		985
Petrobras Global Finance BV (Brazil) 5.75%, 2/1/2029		1,350		1,343
Petroleos Mexicanos (Mexico)
5.38%, 3/13/2022		300		300
5.63%, 1/23/2046		500		391
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago) 9.75%, 8/14/2019 (h)		1,000		980
QEP Resources, Inc.
5.38%, 10/1/2022		135		133
5.63%, 3/1/2026		79		74
Range Resources Corp. 4.88%, 5/15/2025 (a)		395		362
SemGroup Corp.
5.63%, 7/15/2022		55		54
5.63%, 11/15/2023		135		126
7.25%, 3/15/2026		83		80
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (b)		84		81

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
SM Energy Co.
5.00%, 1/15/2024		38		36
6.75%, 9/15/2026		179		171
6.63%, 1/15/2027		79		75
Southwestern Energy Co.
6.20%, 1/23/2025 (a) (i)		275		272
7.50%, 4/1/2026		22		23
Summit Midstream Holdings LLC
5.50%, 8/15/2022		40		40
5.75%, 4/15/2025		41		39
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		740		698
Sunoco LP
4.88%, 1/15/2023		63		64
5.50%, 2/15/2026		58		57
5.88%, 3/15/2028		19		19
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (b)		109		111
5.50%, 1/15/2028 (b)		15		15
Targa Resources Partners LP
5.25%, 5/1/2023		28		28
4.25%, 11/15/2023		175		173
6.75%, 3/15/2024		550		576
5.13%, 2/1/2025		170		171
6.50%, 7/15/2027 (b)		446		472
5.00%, 1/15/2028		15		14
TerraForm Power Operating LLC
4.25%, 1/31/2023 (b)		86		85
6.63%, 6/15/2025 (b) (i)		65		68
5.00%, 1/31/2028 (b)		70		67
TransMontaigne Partners LP 6.13%, 2/15/2026		38		35
Ultra Resources, Inc. 9.00%, 7/12/2024		214		138
W&T Offshore, Inc. 9.75%, 11/1/2023 (b)		167		165
Whiting Petroleum Corp.
5.75%, 3/15/2021		45		45
6.25%, 4/1/2023 (a)		200		201
6.63%, 1/15/2026		214		210
WPX Energy, Inc.
6.00%, 1/15/2022		11		12
8.25%, 8/1/2023		150		168
5.75%, 6/1/2026		93		93
				22,154

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Paper & Forest Products — 0.1%
Clearwater Paper Corp.
4.50%, 2/1/2023 (a)		143		136
5.38%, 2/1/2025 (a) (b)		87		82
Suzano Austria GmbH (Brazil) 7.00%, 3/16/2047 (h)		450		493
				711
Personal Products — 0.1%
Coty, Inc. 6.50%, 4/15/2026 (a) (b)		280		270
Edgewell Personal Care Co. 4.70%, 5/19/2021		10		10
Prestige Brands, Inc. 6.38%, 3/1/2024 (a) (b)		285		286
Revlon Consumer Products Corp. 6.25%, 8/1/2024		102		59
				625
Pharmaceuticals — 1.0%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024		175		167
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (b)		50		54
8.50%, 1/31/2027 (b)		844		874
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (b)		256		265
5.50%, 3/1/2023 (b)		40		40
5.88%, 5/15/2023 (b)		483		481
7.00%, 3/15/2024 (b)		534		563
6.13%, 4/15/2025 (b)		1,830		1,761
5.50%, 11/1/2025 (b)		57		58
9.00%, 12/15/2025 (b)		198		212
5.75%, 8/15/2027 (b)		9		9
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (b)		50		49
Endo Dac 5.88%, 10/15/2024 (a) (b)		500		500
Endo Finance LLC 5.75%, 1/15/2022 (b)		489		458
Teva Pharmaceutical Finance Netherlands III BV (Israel) 4.10%, 10/1/2046		260		188
				5,679
Professional Services — 0.0% (c)
AMN Healthcare, Inc. 5.13%, 10/1/2024 (b)		85		84
Real Estate Management & Development — 0.0% (c)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		54		53
Road & Rail — 0.6%
Ashtead Capital, Inc. (United Kingdom) 4.38%, 8/15/2027 (b)		300		288
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (a) (b)		646		659
5.25%, 3/15/2025 (b)		177		168

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Road & Rail — continued
Avolon Holdings Funding Ltd. (Ireland) 5.13%, 10/1/2023 (b)		160		162
DAE Funding LLC (United Arab Emirates)
4.50%, 8/1/2022 (b)		10		10
5.00%, 8/1/2024 (b)		165		162
Herc Rentals, Inc. 7.75%, 6/1/2024 (a) (b)		253		270
Hertz Corp. (The)
7.38%, 1/15/2021		156		156
7.63%, 6/1/2022 (b)		323		330
6.25%, 10/15/2022		185		174
5.50%, 10/15/2024 (b)		605		514
Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023 (b)		350		347
				3,240
Semiconductors & Semiconductor Equipment — 0.3%
Amkor Technology, Inc. 6.38%, 10/1/2022		360		363
Entegris, Inc. 4.63%, 2/10/2026 (b)		250		245
NXP BV (Netherlands) 4.63%, 6/1/2023 (b)		200		204
Qorvo, Inc. 5.50%, 7/15/2026 (b)		164		167
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (b)		400		422
				1,401
Software — 0.4%
Camelot Finance SA 7.88%, 10/15/2024 (b)		235		245
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (b)		185		202
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (b) (d)		259		260
Infor US, Inc. 6.50%, 5/15/2022		540		551
Informatica LLC 7.13%, 7/15/2023 (b)		373		378
Nuance Communications, Inc. 5.63%, 12/15/2026		200		204
Open Text Corp. (Canada) 5.88%, 6/1/2026 (b)		108		114
Solera LLC 10.50%, 3/1/2024 (b)		81		88
Symantec Corp. 5.00%, 4/15/2025 (b)		133		132
				2,174
Specialty Retail — 0.3%
L Brands, Inc.
5.25%, 2/1/2028		57		49
6.75%, 7/1/2036		311		263
Party City Holdings, Inc. 6.63%, 8/1/2026 (a) (b)		149		147
Penske Automotive Group, Inc. 5.50%, 5/15/2026		208		204
PetSmart, Inc.
7.13%, 3/15/2023 (b)		60		41

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 189

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Specialty Retail — continued
5.88%, 6/1/2025 (b)		431		343
8.88%, 6/1/2025 (b)		18		12
Staples, Inc. 8.50%, 9/15/2025 (b)		785		769
				1,828
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC
5.88%, 6/15/2021 (b)		150		153
7.13%, 6/15/2024 (b)		247		262
6.02%, 6/15/2026 (b)		270		286
8.35%, 7/15/2046 (b)		180		211
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		164		139
EMC Corp. 3.38%, 6/1/2023		100		96
Western Digital Corp. 4.75%, 2/15/2026		277		262
Xerox Corp. 3.62%, 3/15/2023 (i)		127		125
				1,534
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc.
4.63%, 5/15/2024 (b)		35		35
4.88%, 5/15/2026 (b)		591		582
William Carter Co. (The) 5.63%, 3/15/2027 (b) (k)		55		55
				672
Thrifts & Mortgage Finance — 0.2%
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (b)		140		132
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (b)		150		152
9.13%, 7/15/2026 (b)		35		36
Nationstar Mortgage LLC 6.50%, 6/1/2022		227		225
Quicken Loans, Inc. 5.75%, 5/1/2025 (b)		313		309
Radian Group, Inc. 4.50%, 10/1/2024		125		122
				976
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
4.39%, 8/15/2037		480		401
4.54%, 8/15/2047		910		738
				1,139
Trading Companies & Distributors — 0.4%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (b)		227		209
H&E Equipment Services, Inc. 5.63%, 9/1/2025		165		163
United Rentals North America, Inc.
5.75%, 11/15/2024		170		175
5.50%, 7/15/2025		10		10

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Trading Companies & Distributors — continued
4.63%, 10/15/2025		905		880
6.50%, 12/15/2026		64		67
5.50%, 5/15/2027		700		700
WESCO Distribution, Inc. 5.38%, 6/15/2024		200		201
				2,405
Wireless Telecommunication Services — 1.4%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		140		137
6.63%, 8/1/2026		189		186
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023 (a) (b)		244		236
Sprint Communications, Inc.
7.00%, 3/1/2020 (b)		156		161
6.00%, 11/15/2022		24		24
Sprint Corp.
7.88%, 9/15/2023		594		635
7.13%, 6/15/2024		838		866
7.63%, 2/15/2025		2,210		2,315
7.63%, 3/1/2026		80		83
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		18		—
T-Mobile USA, Inc.
6.00%, 3/1/2023		200		206
6.00%, 3/1/2023 ‡		200		—
6.50%, 1/15/2024		115		119
6.50%, 1/15/2024 ‡		115		—
6.38%, 3/1/2025		135		141
6.38%, 3/1/2025 ‡		135		—
5.13%, 4/15/2025		75		77
6.50%, 1/15/2026		1,410		1,505
6.50%, 1/15/2026 ‡		560		—
4.50%, 2/1/2026		426		420
4.75%, 2/1/2028		33		32
4.75%, 2/1/2028 ‡		33		—
United States Cellular Corp. 6.70%, 12/15/2033		305		323
Wind Tre SpA (Italy) 5.00%, 1/20/2026 (b)		425		366
				7,832
Total Corporate Bonds (Cost $206,152)				206,154
Asset-Backed securities — 29.6%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022 ‡ (b)		1,500		1,500
ABFC Trust Series 2002-OPT1, Class M1, 3.58%, 5/25/2032 ‡ (l)		298		294

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed securities — continued
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021 (b)		1,445		1,450
Series 2019-1, Class A, 3.75%, 5/20/2022 (b)		350		350
Series 2019-1, Class B, 4.47%, 10/20/2022 (b)		3,523		3,526
Series 2018-1, Class C, 6.81%, 2/21/2023 (b)		1,510		1,527
Series 2019-1, Class C, 6.41%, 2/20/2024 (b)		510		511
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033 ‡ (b)		527		529
Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (b)		1,141		1,160
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023 (b)		150		150
Series 2017-2, Class E, 5.52%, 3/12/2024 (b)		980		993
Series 2018-3, Class E, 5.17%, 10/15/2024 (b)		1,000		1,007
Series 2018-1, Class F, 6.55%, 12/10/2024 (b)		1,630		1,647
Series 2018-3, Class F, 6.44%, 6/12/2025 (b)		1,690		1,712
Series 2018-4, Class F, 6.94%, 10/13/2025 (b)		1,000		1,010
Ameriquest Mortgage Securities, Asset-Backed Pass-Through Certificates Series 2003-12, Class M2, 4.98%, 1/25/2034 ‡ (l)		206		207
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates
Series 2003-1, Class M2, 5.22%, 2/25/2033 ‡ (l)		103		104
Series 2003-11, Class M2, 4.75%, 12/25/2033 ‡ (l)		462		454
Series 2003-13, Class AF5, 4.94%, 1/25/2034 ‡ (i)		58		64
Series 2003-13, Class AF6, 4.94%, 1/25/2034 ‡ (i)		46		55
Anchor Assets IX LLC Series 2016-1, Class B, 6.25%, 2/15/2020 ‡ (b)		425		425
Apidos CLO (Cayman Islands) Series XXXA, Class C, 5.42%, 10/18/2031 ‡ (b) (l)		340		329
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W5, Class M4, 8.11%, 10/25/2033 ‡ (l)		61		65
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class C, 4.73%, 9/20/2024 (b)		560		564
Benefit Street Partners CLO XI (Cayman Islands) Series 2017-11A, Class A2A, 4.54%, 4/15/2029 (b) (l)		400		398
BlueMountain CLO Ltd. (Cayman Islands)
Series 2012-2A, Class DR2, 5.54%, 11/20/2028 (b) (l)		1,100		1,076
Series 2014-2A, Class DR2, 5.86%, 10/20/2030 ‡ (b) (l)		570		547
Series 2018-3A, Class D, 6.02%, 10/25/2030 ‡ (b) (l)		985		955

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		482		482
Series 2018-1, Class B, 6.05%, 2/15/2033 ‡ (b)		1,614		1,655
Series 2018-2, Class C, 6.66%, 6/15/2033 (b)		1,636		1,639
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027 (b)		981		981
CarFinance Capital Auto Trust Series 2015-1A, Class E, 5.49%, 1/18/2022 (b)		350		352
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032 ‡ (i)		147		149
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class D, 6.26%, 4/23/2029 ‡ (b) (l)		1,420		1,405
Series 2014-5A, Class BR2, 4.57%, 10/17/2031 ‡ (b) (l)		930		929
Series 2014-5A, Class DR2, 6.17%, 10/17/2031 ‡ (b) (l)		675		662
CIG Auto Receivables Trust
Series 2017-1A, Class B, 3.81%, 5/15/2023 (b)		75		74
Series 2017-1A, Class C, 5.33%, 12/16/2024 (b)		500		500
Series 2019-1A, Class D, 4.85%, 5/15/2026 (b)		1,660		1,662
Citi Held For Asset Issuance Series 2015-PM2, Class C, 5.96%, 3/15/2022 ‡ (b)		443		444
CLUB Credit Trust
Series 2017-P2, Class B, 3.56%, 1/15/2024 ‡ (b)		790		788
Series 2018-NP1, Class C, 4.74%, 5/15/2024 ‡ (b)		1,000		1,001
Conn’s Receivables Funding LLC Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (b)		259		260
CPS Auto Receivables Trust
Series 2014-B, Class D, 4.62%, 5/15/2020 (b)		434		435
Series 2018-A, Class D, 3.66%, 12/15/2023 (b)		400		399
Series 2019-A, Class D, 4.35%, 12/16/2024 (b)		1,190		1,203
CWABS, Inc. Asset-Backed Certificates Series 2003-5, Class AF5, 5.15%, 2/25/2034 ‡ (i)		201		201
Diamond Resorts Owner Trust Series 2018-1, Class D, 5.90%, 1/21/2031 ‡ (b)		1,608		1,619
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022 ‡ (b) (i)		3,500		3,500
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		380		382
Series 2018-3, Class D, 4.30%, 9/16/2024		1,456		1,481
Series 2019-1, Class D, 4.09%, 6/15/2026		1,290		1,308

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 191

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
DT Auto Owner Trust
Series 2016-1A, Class D, 4.66%, 12/15/2022 (b)		155		156
Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		750		750
Series 2016-3A, Class D, 4.52%, 6/15/2023 (b)		750		755
Series 2017-4A, Class D, 3.47%, 7/17/2023 (b)		83		83
Series 2017-2A, Class E, 6.03%, 1/15/2024 (b)		500		517
Series 2018-3A, Class D, 4.19%, 7/15/2024 (b)		1,230		1,244
Series 2017-3A, Class E, 5.60%, 8/15/2024 (b)		905		926
Series 2019-1A, Class D, 3.87%, 11/15/2024 (b)		2,990		2,995
Series 2017-4A, Class E, 5.15%, 11/15/2024 (b)		1,925		1,958
Series 2018-1A, Class E, 5.42%, 3/17/2025 (b)		1,055		1,072
Series 2018-2A, Class E, 5.54%, 6/16/2025 (b)		1,200		1,226
Series 2018-3A, Class E, 5.33%, 11/17/2025 (b)		1,340		1,362
Series 2019-1A, Class E, 4.94%, 2/17/2026 (b)		2,735		2,745
Engs Commercial Finance Trust
Series 2018-1A, Class C, 4.05%, 2/22/2023 ‡ (b)		370		373
Series 2018-1A, Class D, 4.69%, 6/22/2023 ‡ (b)		290		293
Equity One Mortgage Pass-Through Trust
Series 2003-2, Class M2, 5.24%, 9/25/2033 ‡ (l)		131		127
Series 2004-2, Class M1, 5.69%, 7/25/2034 ‡ (i)		95		97
Exeter Automobile Receivables Trust
Series 2015-2A, Class D, 5.79%, 5/16/2022 (b)		350		355
Series 2015-3A, Class D, 6.55%, 10/17/2022 (b)		770		789
Series 2016-2A, Class D, 8.25%, 4/17/2023 (b)		1,445		1,546
Series 2018-3A, Class C, 3.71%, 6/15/2023 (b)		738		743
Series 2017-3A, Class C, 3.68%, 7/17/2023 (b)		773		777
Series 2016-3A, Class D, 6.40%, 7/17/2023 (b)		750		773
Series 2018-3A, Class D, 4.35%, 6/17/2024 (b)		1,515		1,542
Series 2018-3A, Class E, 5.43%, 8/15/2024 (b)		650		662
Series 2018-1A, Class E, 4.64%, 10/15/2024 (b)		1,760		1,751
Series 2019-1A, Class D, 4.13%, 12/16/2024 (b)		1,775		1,800
Series 2018-2A, Class E, 5.33%, 5/15/2025 (b)		1,100		1,124
Series 2018-4A, Class E, 5.38%, 7/15/2025 (b)		810		824
Series 2018-3A, Class F, 6.55%, 8/25/2025 (b)		650		658
Series 2019-1A, Class E, 5.20%, 1/15/2026 (b)		2,585		2,611

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Flagship Credit Auto Trust Series 2017-R, Class B,
8.00%, 5/17/2023 (b)		92		92
8.24%, 10/18/2023		1,408		1,405
Series 2017-4, Class D, 3.58%, 1/15/2024 (b)		175		174
Series 2017-2, Class E, 5.55%, 7/15/2024 (b)		530		540
Series 2019-1, Class D, 4.08%, 2/18/2025 (b)		833		836
FREED ABS Trust Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (b)		600		604
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class C, 3.87%, 12/16/2024 (b)		1,140		1,143
Series 2019-1A, Class D, 4.94%, 12/15/2025 (b)		830		832
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025 (b)		680		691
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (b)		1,459		1,480
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (b)		992		1,004
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (b)		642		652
Hertz Fleet Lease Funding LP Series 2018-1, Class E, 5.55%, 5/10/2032 (b)		1,340		1,347
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class A2R, 4.45%, 7/29/2028 (b) (l)		250		249
Kabbage Asset Securitization LLC Series 2017-1, Class C, 8.00%, 3/15/2022 ‡ (b)		330		336
KREF Ltd. Series 2018-FL1, Class D, 5.04%, 6/15/2036 ‡ (b) (l)		1,680		1,685
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023 ‡ (b)		163		164
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025 (b)		2,000		1,980
Series 2017-1A, Class C, 5.41%, 12/22/2025 ‡ (b)		1,000		1,021
Series 2017-2A, Class B, 3.38%, 5/20/2026 ‡ (b)		540		534
Series 2017-2A, Class C, 4.33%, 5/20/2026 ‡ (b)		1,050		1,054
Series 2018-1A, Class B, 4.09%, 12/21/2026 ‡ (b)		790		796
Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (b)		1,305		1,318
Series 2018-2A, Class D, 6.78%, 4/20/2027 (b)		2,500		2,517
Long Beach Mortgage Loan Trust Series 2003-4, Class M2, 5.11%, 8/25/2033 ‡ (l)		130		133

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		251		251
Magnetite VIII Ltd. (Cayman Islands) Series 2014-8A, Class DR2, 5.69%, 4/15/2031 ‡ (b) (l)		1,220		1,177
Mariner Finance Issuance Trust Series 2017-AA, Class C, 6.73%, 2/20/2029 ‡ (b)		750		775
Marlette Funding Trust
Series 2017-3A, Class B, 3.01%, 12/15/2024 (b)		295		294
Series 2017-3A, Class C, 4.01%, 12/15/2024 ‡ (b)		295		295
MFA LLC Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (b) (i)		256		257
MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (b) (i)		324		321
New Residential Mortgage LLC Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (b)		274		275
Oak Hill Advisors Residential Loan Trust Series 2017-NPL2, Class A1, 3.00%, 7/25/2057 ‡ (b) (i)		233		228
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (b)		540		539
OneMain Direct Auto Receivables Trust Series 2018-1A, Class D, 4.40%, 1/14/2028 (b)		910		923
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026 ‡ (b)		250		253
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (b)		745		746
Series 2017-1A, Class D, 4.52%, 9/14/2032 ‡ (b)		1,100		1,084
Series 2018-2A, Class D, 4.29%, 3/14/2033 ‡ (b)		1,500		1,480
Oportun Funding VI LLC Series 2017-A, Class B, 3.97%, 6/8/2023 ‡ (b) (l)		293		291
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.84%, 4/25/2023 (b) (l)		550		550
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 5.11%, 7/25/2035 ‡ (i)		274		268
Prestige Auto Receivables Trust Series 2018-1A, Class E, 5.03%, 1/15/2026 (b)		720		732
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (b) (i)		515		518
Series 2018-NPL4, Class A2, 6.05%, 9/25/2058 (b) (i)		900		900

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-NPL1, Class A1, 4.21%, 7/25/2060 (b) (i)		1,000		1,001
Progress Residential Trust
Series 2019-SFR1, Class E, 4.47%, 8/17/2035 (b)		2,000		2,008
Series 2018-SFR3, Class D, 4.43%, 10/17/2035 ‡ (b)		1,047		1,055
Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (b)		524		535
RAMP Trust Series 2002-RS2, Class AI5, 5.94%, 3/25/2032 ‡ (l)		121		122
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (b)		252		252
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		1,800		1,790
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (i)		161		150
Series 2005-2, Class M1, 5.05%, 8/25/2035 ‡ (i)		645		655
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (b)		380		387
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		744		745
Series 2019-1, Class D, 3.65%, 4/15/2025		1,410		1,411
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025 (b)		1,044		1,059
Saxon Asset Securities Trust Series 2002-2, Class AF5, 6.49%, 1/25/2031 ‡ (i)		297		298
Security National Mortgage Loan Trust Series 2004-2A, Class AF3, 5.77%, 11/25/2034 ‡ (b) (l)		234		234
Shackleton CLO Ltd. (Cayman Islands)
Series 2014-6RA, Class B, 4.50%, 7/17/2028 (b) (l)		1,280		1,274
Series 2013-4RA, Class A2A, 4.40%, 4/13/2031 (b) (l)		1,070		1,056
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026 ‡ (b)		100		100
Series 2017-6, Class C, 4.02%, 11/25/2026 ‡ (b)		100		99
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027 (b)		450		449
Series 2018-1, Class C, 3.97%, 2/25/2027 ‡ (b)		450		447
Spirit Master Funding LLC Series 2014-3A, Class A, 5.74%, 3/20/2042 (b)		1,732		1,801

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 193

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Springleaf Funding Trust
Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (b)		900		899
Series 2016-AA, Class B, 3.80%, 11/15/2029 (b)		750		750
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 3.46%, 9/25/2034 ‡ (l)		218		211
Tricolor Auto Securitization Trust Series 2018-1A, Class B, 7.30%, 2/16/2021 (b)		2,700		2,700
United Auto Credit Securitization Trust Series 2018-1, Class D, 3.52%, 11/10/2022 (b)		540		540
US Auto Funding LLC Series 2018-1A, Class B, 7.50%, 7/15/2023 (b)		2,818		2,845
USASF Receivables LLC Series 2017-1, Class B, 7.63%, 9/15/2030 (b)		540		540
Veros Automobile Receivables Trust Series 2018-1, Class D, 5.74%, 8/15/2025 (b)		2,500		2,517
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047 ‡ (b) (i)		64		64
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (b) (i)		84		84
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (b) (i)		231		231
Series 2018-NPL5, Class A2, 5.80%, 8/25/2048 ‡ (b) (i)		519		521
VOLT LXVIII LLC
Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (b) (i)		281		282
Series 2018-NPL4, Class A2, 5.93%, 7/27/2048 ‡ (b) (i)		400		401
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (b) (i)		587		587
VOLT LXXII LLC Series 2018-NPL8, Class A1B, 4.65%, 10/26/2048 ‡ (b) (i)		3,500		3,470
VOLT LXXIII LLC Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048 ‡ (b) (i)		500		499
VOLT LXXV LLC Series 2019-NPL1, Class A1B, 4.83%, 1/25/2049 (b) (i)		2,500		2,509
Voya CLO Ltd. (Cayman Islands)
Series 2019-1A, Class A, 4/15/2029 (b) (k) (l)		411		411
Series 2019-1A, Class D, 4/15/2029 (b) (k) (l)		720		720
Series 2016-3A, Class CR, 6.03%, 10/18/2031 ‡ (b) (l)		935		920
Westlake Automobile Receivables Trust
Series 2016-1A, Class E, 6.52%, 6/15/2022 (b)		350		352
Series 2018-1A, Class D, 3.41%, 5/15/2023 (b)		380		379

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-3A, Class E, 4.90%, 12/15/2023 (b)		670		678
Series 2018-2A, Class E, 4.86%, 1/16/2024 (b)		450		454
Series 2019-1A, Class D, 3.67%, 3/15/2024 (b)		970		971
Series 2019-1A, Class E, 4.49%, 7/15/2024 (b)		950		951
Series 2018-1A, Class F, 5.60%, 7/15/2024 (b)		2,000		2,002
Series 2018-2A, Class F, 6.04%, 1/15/2025 (b)		1,320		1,335
Series 2018-3A, Class F, 6.02%, 2/18/2025 (b)		2,030		2,052
Series 2019-1A, Class F, 5.67%, 2/17/2026 (b)		1,769		1,770
Total Asset-Backed Securities (Cost $162,464)				163,071
Collateralized Mortgage Obligations — 14.3%
Acre Series 2017-B, 12/15/2020		500		500
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		43		45
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		28		28
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		37		36
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		101		102
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		741		717
Series 2005-J14, Class A3, 5.50%, 12/25/2035		436		372
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		776		641
Angel Oak Mortgage Trust I LLC Series 2018-PB1, Class A, 4.00%, 8/25/2021 (b)		390		393
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (b)		1,705		1,703
Series 2018-RTL1, Class M, 7.39%, 5/25/2023 ‡ (b) (i)		1,700		1,700
ARIVO 9/15/2019 ‡		589		589
Banc of America Alternative Loan Trust Series 2005-3, Class 2A1, 5.50%, 4/25/2020		45		45
Banc of America Funding Trust Series 2007-5, Class 4A1, 2.86%, 7/25/2037 (l)		573		389
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 4.37%, 8/25/2034 (l)		209		212
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033 ‡ (i)		151		142
Bellemeade Re Ltd. (Bermuda)
Series 2018-3A, Class M1B, 4.34%, 10/25/2027 ‡ (b) (l)		1,135		1,133

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2018-3A, Class M2, 5.24%, 10/25/2027 ‡ (b) (l)		1,140		1,143
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 5.24%, 5/25/2023 (b) (l)		340		342
Series 2018-GT1, Class B, 5.99%, 5/25/2023 ‡ (b) (l)		850		855
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		74		71
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019		12		12
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		168		167
Civic Mortgage LLC Series 2018-2, Class A2, 5.32%, 11/25/2022 (b) (i)		519		519
Connecticut Avenue Securities Trust
Series 2019-R01, Class 2M2, 4.94%, 7/25/2031 (b) (l)		1,000		1,002
Series 2019-R01, Class 2B1, 6.84%, 7/25/2031 (b) (l)		1,000		1,001
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 3.04%, 6/25/2035 (l)		356		296
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033 (i)		192		196
DT Asset Trust 5.84%, 12/16/2022		500		500
FHLMC REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,833		314
Series 3782, Class PI, IO, 4.00%, 11/15/2028		828		3
Series 4120, Class JS, IF, IO, 3.71%, 10/15/2032 (l)		800		111
Series 4149, IO, 3.00%, 1/15/2033		675		82
Series 4160, IO, 3.00%, 1/15/2033		2,231		285
Series 4212, Class MI, IO, 3.00%, 6/15/2033		2,826		367
Series 2916, Class S, IF, IO, 4.76%, 1/15/2035 (l)		3,781		645
Series 3145, Class GI, IF, IO, 4.11%, 4/15/2036 (l)		3,138		511
Series 4116, Class LS, IF, IO, 3.71%, 10/15/2042 (l)		500		88
Series 4495, Class PI, IO, 4.00%, 9/15/2043		865		139
Series 4321, Class PI, IO, 4.50%, 1/15/2044		686		136
Series 4670, Class TI, IO, 4.50%, 1/15/2044		1,233		199
Series 4535, Class PI, IO, 4.00%, 3/15/2044		610		101
Series 4550, Class DI, IO, 4.00%, 3/15/2044		616		101
Series 4570, Class PI, IO, 4.00%, 3/15/2044		581		89

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 4612, Class QI, IO, 3.50%, 5/15/2044		932		124
Series 4612, Class PI, IO, 3.50%, 6/15/2044		75		11
Series 4657, Class QI, IO, 4.00%, 9/15/2044		980		153
Series 4585, Class JI, IO, 4.00%, 5/15/2045		573		100
Series 4628, Class PI, IO, 4.00%, 7/15/2045		596		105
Series 4599, Class SA, IF, IO, 3.51%, 7/15/2046 (l)		465		84
Series 4628, Class I, IO, 4.00%, 11/15/2046		520		108
Series 4643, Class SA, IF, IO, 3.51%, 1/15/2047 (l)		7,605		1,355
Series 4681, Class SD, IF, IO, 3.66%, 5/15/2047 (l)		1,225		217
Series 4694, Class SA, IF, IO, 3.61%, 6/15/2047 (l)		1,713		330
Series 4689, Class SD, IF, IO, 3.66%, 6/15/2047 (l)		1,761		326
Series 4707, Class SA, IF, IO, 3.66%, 8/15/2047 (l)		1,362		267
Series 4709, Class SE, IF, IO, 3.66%, 8/15/2047 (l)		1,178		211
Series 4714, Class SA, IF, IO, 3.66%, 8/15/2047 (l)		1,321		242
Series 4746, Class SC, IF, IO, 3.66%, 1/15/2048 (l)		7,451		1,413
FHLMC Stacr Trust
Series 2018-HQA2, Class M2, 4.79%, 10/25/2048 (b) (l)		1,000		994
Series 2018-HQA2, Class B1, 6.74%, 10/25/2048 (b) (l)		500		495
FHLMC STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		566		38
Series 311, Class S1, IF, IO, 3.46%, 8/15/2043 (l)		2,114		363
Series 326, Class S2, IF, IO, 3.46%, 3/15/2044 (l)		13,460		2,170
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.79%, 9/25/2030 (l)		890		890
FNMA REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,633		169
Series 2012-93, Class FS, IF, IO, 3.66%, 9/25/2032 (l)		5,170		742
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		4,752		590
Series 2003-76, Class SB, IF, IO, 4.56%, 8/25/2033 (l)		3,572		598
Series 2006-42, Class LI, IF, IO, 4.07%, 6/25/2036 (l)		3,230		510

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 195

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations —continued
Series 2011-79, Class SD, IF, IO, 3.41%, 8/25/2041 (l)		9,261		1,350
Series 2011-78, Class JS, IF, IO, 3.51%, 8/25/2041 (l)		4,205		631
Series 2012-127, Class AI, IO, 4.00%, 11/25/2042		988		192
Series 2012-133, Class HS, IF, IO, 3.66%, 12/25/2042 (l)		448		83
Series 2012-133, Class NS, IF, IO, 3.66%, 12/25/2042 (l)		2,100		374
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		796		124
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		659		115
Series 2016-63, Class AS, IF, IO, 3.51%, 9/25/2046 (l)		234		39
Series 2016-75, Class SC, IF, IO, 3.61%, 10/25/2046 (l)		5,799		830
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		856		142
Series 2016-95, Class ES, IF, IO, 3.51%, 12/25/2046 (l)		3,889		721
Series 2017-6, Class SB, IF, IO, 3.56%, 2/25/2047 (l)		291		51
Series 2017-13, Class AS, IF, IO, 3.56%, 2/25/2047 (l)		1,432		267
Series 2017-31, Class SG, IF, IO, 3.61%, 5/25/2047 (l)		5,348		956
Series 2017-39, Class ST, IF, IO, 3.61%, 5/25/2047 (l)		3,394		578
Series 2017-70, Class SA, IF, IO, 3.66%, 9/25/2047 (l)		2,217		398
Series 2017-69, Class SH, IF, IO, 3.71%, 9/25/2047 (l)		2,031		384
Series 2017-90, Class SP, IF, IO, 3.66%, 11/25/2047 (l)		5,900		1,088
Series 2017-102, Class IJ, IO, 3.50%, 12/25/2047		2,543		473
Series 2017-112, Class SC, IF, IO, 3.66%, 1/25/2048 (l)		6,888		1,270
Series 2018-16, Class SN, IF, IO, 3.76%, 3/25/2048 (l)		5,553		1,042
Series 2018-27, Class SE, IF, IO, 3.71%, 5/25/2048 (l)		6,837		1,280
Series 2017-57, Class SA, IF, IO, 3.61%, 8/25/2057 (l)		1,719		277
FNMA STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		547		40
Series 421, Class C3, IO, 4.00%, 7/25/2030		817		98

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA, Connecticut Avenue Securities
Series 2018-C03, Class 1M2, 4.64%, 10/25/2030 (l)		400		401
Series 2018-C05, Class 1M2, 4.84%, 1/25/2031 (l)		1,456		1,467
Series 2018-C05, Class 1B1, 6.74%, 1/25/2031 (l)		550		558
Series 2018-C06, Class 1M2, 4.49%, 3/25/2031 (l)		520		516
Series 2018-C06, Class 2M2, 4.59%, 3/25/2031 (l)		1,370		1,357
Series 2018-C06, Class 1B1, 6.24%, 3/25/2031 (l)		650		635
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		82		84
GNMA
Series 2016-83, Class SA, IF, IO, 3.62%, 6/20/2046 (l)		5,562		952
Series 2016-108, Class SM, IF, IO, 3.62%, 8/20/2046 (l)		6,097		1,102
Series 2016-146, Class NS, IF, IO, 3.62%, 10/20/2046 (l)		8,528		1,754
Series 2017-68, Class SA, IF, IO, 3.67%, 5/20/2047 (l)		6,465		1,148
Series 2017-155, Class KS, IF, IO, 3.72%, 10/20/2047 (l)		11,157		1,885
Series 2017-161, Class DS, IF, IO, 3.77%, 10/20/2047 (l)		7,211		1,348
Series 2017-180, Class SD, IF, IO, 3.72%, 12/20/2047 (l)		11,466		1,969
Series 2018-7, Class DS, IF, IO, 3.22%, 1/20/2048 (l)		7,725		1,182
Series 2018-36, Class SG, IF, IO, 3.72%, 3/20/2048 (l)		6,984		1,284
Series 2015-H13, Class GI, IO, 1.61%, 4/20/2065 (l)		3,431		160
Series 2017-H14, Class FG, 3.53%, 6/20/2067 (l)		611		626
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		569		556
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (b) (l)		194		133
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 4.52%, 9/25/2035 (l)		304		309
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		1,500		1,500
Impac CMB Trust Series 2005-1, Class 1A2, 3.11%, 4/25/2035 (l)		450		436

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
JP Morgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		80		84
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.93%, 8/25/2033 ‡ (l)		81		79
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		74		75
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 4.50%, 8/25/2033 (l)		131		135
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 5.34%, 2/25/2023 (b) (l)		3,485		3,488
Series 2018-GT2, Class A, 5.14%, 8/25/2025 (b) (l)		670		671
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (b) (i)		2,669		2,682
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034		135		140
SART
4.75%, 7/15/2024		826		831
4.76%, 6/15/2025		1,920		1,931
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.18%, 7/25/2056 (l)		32,542		60
STACR Trust Series 2018-DNA3, Class B1, 6.39%, 9/25/2048 ‡ (b) (l)		1,000		979
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (b) (i)		940		931
Verus Securitization Trust Series 2018-2, Class A1, 3.68%, 6/1/2058 (b) (l)		741		744
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		178		180
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.23%, 8/25/2033 (l)		243		247
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		207		216
Series 2005-AR7, Class A3, 4.09%, 8/25/2035 (l)		154		155
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR4, Class 2A2, 4.85%, 4/25/2035 (l)		198		200
Series 2005-14, Class 1A1, 5.50%, 12/25/2035		53		54
Series 2007-14, Class 1A1, 6.00%, 10/25/2037		14		14
Total Collateralized Mortgage Obligations (Cost $78,431)				78,688

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 10.8%
20 Times Square Trust Series 2018-20TS, Class F, 3.10%, 5/15/2035 ‡ (b) (l)		600		557
Banc of America Commercial Mortgage Trust
Series 2006-1, Class E, 6.01%, 9/10/2045 ‡ (b) (l)		25		26
Series 2007-1, Class AMFX, 5.48%, 1/15/2049 (l)		28		28
Series 2017-BNK3, Class D, 3.25%, 2/15/2050 (b)		500		423
Series 2007-5, Class AJ, 6.17%, 2/10/2051 (l)		304		306
BANK
Series 2017-BNK8, Class D, 2.60%, 11/15/2050 (b)		1,000		795
Series 2019-BN16, Class E, 3.00%, 2/15/2052 (b)		1,682		1,251
Series 2017-BNK9, Class D, 2.80%, 11/15/2054 (b)		1,440		1,139
Series 2017-BNK6, Class D, 3.10%, 7/15/2060 ‡ (b)		470		383
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class B, 5.66%, 9/11/2041 ‡ (b) (l)		7		7
Series 2005-T20, Class D, 5.11%, 10/12/2042 ‡ (l)		188		189
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.19%, 11/15/2035 ‡ (b) (l)		941		943
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class G, 5.74%, 12/15/2037 (b) (l)		1,000		1,006
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (b)		266		223
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2024 (b) (l)		790		810
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (b)		285		250
Series 2016-C1, Class D, 4.95%, 5/10/2049 (b) (l)		2,000		1,956
Series 2016-P5, Class C, 4.32%, 10/10/2049 ‡ (l)		430		424
Commercial Mortgage Pass-Through Certificates Series 2016-CR28, Class D, 3.90%, 2/10/2049 (l)		1,250		1,183
Commercial Mortgage Trust
Series 2015-CR23, Class CME, 3.68%, 5/10/2048 (b) (l)		645		640
Series 2015-LC21, Class D, 4.30%, 7/10/2048 ‡ (l)		1,000		920

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 197

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		1		1
CSAIL Commercial Mortgage Trust Series 2017-C8, Class C, 4.32%, 6/15/2050 ‡		320		314
FHLMC Multifamily Structured Pass-Through Certificates
Series K016, Class X1, IO, 1.48%, 10/25/2021 (l)		16,244		549
Series K721, Class X1, IO, 0.33%, 8/25/2022 (l)		65,236		692
Series K721, Class X3, IO, 1.30%, 9/25/2022 (l)		12,550		532
Series K033, Class X1, IO, 0.30%, 7/25/2023 (l)		6,823		84
Series K729, Class X1, IO, 0.37%, 10/25/2024 (l)		18,917		333
Series KC03, Class X1, IO, 11/25/2024 (l)		35,000		908
Series K731, Class X3, IO, 2.09%, 5/25/2025 (l)		11,529		1,257
Series K064, Class X3, IO, 2.13%, 5/25/2027 (l)		11,000		1,561
Series K075, Class X3, IO, 2.13%, 5/25/2028 (l)		5,471		831
Series K087, Class X3, IO, 2.32%, 4/25/2029		4,250		758
Series K723, Class X3, IO, 1.92%, 10/25/2034 (l)		6,850		537
Series K153, Class X3, IO, 3.77%, 4/25/2035 (l)		4,450		1,499
Series K036, Class X3, IO, 2.11%, 12/25/2041 (l)		3,253		289
Series K038, Class X3, IO, 2.49%, 6/25/2042 (l)		2,100		233
Series K720, Class X3, IO, 1.33%, 8/25/2042 (l)		16,800		676
Series K041, Class X3, IO, 1.64%, 11/25/2042 (l)		4,580		373
Series K042, Class X3, IO, 1.60%, 1/25/2043 (l)		3,805		303
Series K718, Class X3, IO, 1.43%, 2/25/2043 (l)		6,035		246
Series K045, Class X3, IO, 1.50%, 4/25/2043 (l)		4,530		347
Series K046, Class X3, IO, 1.51%, 4/25/2043 (l)		3,450		270
Series K054, Class X3, IO, 1.60%, 4/25/2043 (l)		2,745		256
Series K047, Class X3, IO, 1.49%, 6/25/2043 (l)		3,400		269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series K050, Class X3, IO, 1.55%, 10/25/2043 (l)		5,232		446
Series K051, Class X3, IO, 1.61%, 10/25/2043 (l)		4,995		458
Series K052, Class X3, IO, 1.61%, 1/25/2044 (l)		2,915		273
Series K726, Class X3, IO, 2.13%, 7/25/2044 (l)		21,130		2,012
Series K067, Class X3, IO, 2.11%, 9/25/2044 (l)		1,190		172
Series K068, Class X3, IO, 2.06%, 10/25/2044 (l)		4,250		596
Series K059, Class X3, IO, 1.92%, 11/25/2044 (l)		8,000		978
Series K729, Class X3, IO, 1.97%, 11/25/2044 (l)		10,890		1,048
Series K724, Class X3, IO, 1.87%, 12/25/2044 (l)		4,930		387
Series K070, Class X3, IO, 2.04%, 12/25/2044 (l)		1,315		185
Series K062, Class X3, IO, 2.08%, 1/25/2045 (l)		4,000		529
Series K730, Class X3, IO, 2.04%, 2/25/2045 (l)		5,750		590
Series K065, Class X3, IO, 2.04%, 7/25/2045 (l)		13,305		1,953
Series K072, Class X3, IO, 2.14%, 12/25/2045 (l)		5,250		791
Series K081, Class X3, IO, 2.23%, 9/25/2046 (l)		7,345		1,241
Series K078, Class X3, IO, 2.21%, 6/25/2051 (l)		2,680		444
FNMA ACES Series 2014-M3, Class X2, IO, 0.06%, 1/25/2024 (l)		10,559		30
FREMF Mortgage Trust
Series 2017-KF29, Class B, 6.06%, 2/25/2024 (b) (l)		370		383
Series 2017-KF31, Class B, 5.41%, 4/25/2024 (b) (l)		1,311		1,331
Series 2017-KF32, Class B, 5.06%, 5/25/2024 (b) (l)		729		733
Series 2017-KF36, Class B, 5.16%, 8/25/2024 (b) (l)		713		718
Series 2017-KF35, Class B, 5.26%, 8/25/2024 (b) (l)		419		421
Series 2017-KF38, Class B, 5.01%, 9/25/2024 (b) (l)		706		711
Series 2017-KF41, Class B, 5.01%, 11/25/2024 (b) (l)		245		246

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2018-KF49, Class B, 4.41%, 6/25/2025 (b) (l)		988		978
Series 2019-KF58, Class B, 4.66%, 1/25/2026 (b) (l)		1,000		1,000
Series 2016-KF24, Class B, 7.51%, 10/25/2026 (b) (l)		199		209
Series 2017-KF33, Class B, 5.06%, 6/25/2027 (b) (l)		540		546
Series 2017-KF40, Class B, 5.21%, 11/25/2027 (b) (l)		368		374
Series 2018-KF50, Class B, 4.39%, 7/25/2028 (b) (l)		430		430
Series 2018-KF56, Class B, 4.96%, 11/25/2028 (b) (l)		1,050		1,061
Series 2016-K53, Class B, 4.02%, 3/25/2049 (b) (l)		69		69
Series 2017-K67, Class B, 3.94%, 9/25/2049 (b) (l)		145		142
Series 2017-K67, Class C, 3.94%, 9/25/2049 (b) (l)		2,010		1,889
Series 2017-K728, Class B, 3.65%, 11/25/2050 (b) (l)		250		246
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (l)		105		101
GNMA
Series 2012-44, IO, 0.43%, 3/16/2049 (l)		9,858		126
Series 2012-89, IO, 0.75%, 12/16/2053 (l)		4,010		109
Series 2013-48, IO, 0.62%, 7/16/2054 (l)		10,616		451
Series 2014-186, IO, 0.76%, 8/16/2054 (l)		10,547		488
Series 2014-130, Class IB, IO, 0.88%, 8/16/2054 (l)		2,470		106
Series 2015-115, IO, 0.56%, 7/16/2057 (l)		4,859		212
Series 2017-23, IO, 0.73%, 5/16/2059 (l)		2,069		126
Series 2017-86, IO, 0.77%, 5/16/2059 (l)		10,430		682
Series 2017-69, IO, 0.80%, 7/16/2059 (l)		17,823		1,175
GS Mortgage Securities Trust Series 2012-GCJ9, Class D, 4.75%, 11/10/2045 ‡ (b) (l)		400		398
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (l)		64		64
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (l)		161		111
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 4.91%, 4/15/2047 ‡ (b) (l)		1,000		1,012
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (b) (l)		1,000		980

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (l)		2		2
Series 2018-H4, Class D, 3.00%, 12/15/2051 (b)		625		488
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (b) (l)		250		254
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (b) (l)		446		455
Wachovia Bank Commercial Mortgage Trust
Series 2005-C21, Class D, 5.24%, 10/15/2044 ‡ (l)		412		409
Series 2007-C34, Class B, 6.41%, 5/15/2046 ‡ (l)		250		252
Series 2007-C33, Class AJ, 5.77%, 2/15/2051 (l)		400		344
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 3.90%, 9/15/2057 (b) (l)		1,130		903
Total Commercial Mortgage-Backed Securities (Cost $59,381)				59,445
Foreign Government Securities — 5.0%
Arab Republic of Egypt (Egypt) 5.75%, 4/29/2020 (h)		700		709
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024 (h)		900		904
Federal Republic of Nigeria (Nigeria)
7.14%, 2/23/2030 (h)		800		799
9.25%, 1/21/2049 (b)		630		699
Gabonese Republic (Gabon) 6.95%, 6/16/2025 (h)		1,400		1,351
Government of Dominican Republic (Dominican Republic) 6.88%, 1/29/2026 (h)		400		433
Instituto Costarricense de Electricidad (Costa Rica) 6.38%, 5/15/2043 (h)		490		392
Jamaica Government International Bond (Jamaica) 8.00%, 3/15/2039		500		595
Mongolia Government International Bond (Mongolia) 10.88%, 4/6/2021 (h)		900		998
Paraguay Government International Bond (Paraguay) 5.40%, 3/30/2050 (b)		1,370		1,391
Provincia de Buenos Aires (Argentina)
5.75%, 6/15/2019 (h)		900		900
6.50%, 2/15/2023 (h)		1,000		850
9.63%, 4/18/2028 (h)		700		618
Republic of Angola (Angola)
8.25%, 5/9/2028 (h)		800		831
8.25%, 5/9/2028 (b)		1,000		1,039
9.38%, 5/8/2048 (b)		770		821

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 199

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Republic of Argentina (Argentina) 5.88%, 1/11/2028		900		701
Republic of Belarus (Belarus)
6.88%, 2/28/2023 (b)		400		415
6.88%, 2/28/2023 (h)		400		415
Republic of Cote d’Ivoire (Ivory Coast) 6.38%, 3/3/2028 (h)		1,250		1,222
Republic of Ecuador (Ecuador) 7.88%, 1/23/2028 (h)		300		283
Republic of El Salvador (El Salvador)
7.38%, 12/1/2019 (b)		300		304
7.75%, 1/24/2023 (h)		620		652
8.25%, 4/10/2032 (h)		640		682
7.65%, 6/15/2035 (h)		176		180
7.63%, 2/1/2041 (h)		550		555
Republic of Ghana (Ghana) 8.63%, 6/16/2049 (h)		800		759
Republic of Honduras (Honduras) 6.25%, 1/19/2027 (h)		1,000		1,034
Republic of Iraq (Iraq) 5.80%, 1/15/2028 (h)		500		482
Republic of Kenya (Kenya) 6.88%, 6/24/2024 (h)		1,300		1,332
Republic of Lebanon (Lebanon)
5.45%, 11/28/2019 (h)		450		441
6.38%, 3/9/2020		500		485
Republic of Pakistan (Pakistan) 7.25%, 4/15/2019 (h)		500		501
Republic of Paraguay (Paraguay) 6.10%, 8/11/2044 (h)		875		960
Republic of Sri Lanka (Sri Lanka) 6.20%, 5/11/2027 (h)		650		603
Republic of Ukraine (Ukraine) 7.75%, 9/1/2019 (h)		700		701
Republic of Uzbekistan Bond (Uzbekistan) 5.38%, 2/20/2029 (b)		900		893
Republic of Zambia (Zambia) 8.97%, 7/30/2027 (h)		700		564
Ukreximbank Via Biz Finance plc (Ukraine) 9.63%, 4/27/2022 (h)		300		301
Total Foreign Government Securities (Cost $27,455)				27,795
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 2.75%, 11/30/2020 (Cost $5,603)		5,600		5,618
Mortgage-backed Securities — 0.6%
FHLMC Gold Pools, 15 Year, Single Family Pool # G16352, 2.50%, 9/1/2032 (Cost $3,019)		3,160		3,103

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — 0.3% (m)
Aerospace & Defense — 0.0% (c)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.25%, 10/4/2024 (f)		5		4
Commercial Services & Supplies — 0.0% (c)
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.24%, 5/24/2024 (f)		84		83
Prime Security Services Borrower LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 5/2/2022 (f)		98		98
				181
Containers & Packaging — 0.0% (c)
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 6.05%, 1/30/2021 (f)		98		95
Diversified Telecommunication Services — 0.1%
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 10/2/2024 (f)		174		172
Intelsat Jackson Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 11/27/2023 (f)		50		50
				222
Electric Utilities — 0.0% (c)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.24%, 1/30/2024 (f)		45		44
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.24%, 1/30/2024 (f)		2		2
				46
Food & Staples Retailing — 0.0% (c)
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.80%, 12/5/2023 (f)		302		173
Food Products — 0.0% (c)
Mastronardi Produce Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.76%, 5/1/2025 (f)		19		19
Hotels, Restaurants & Leisure — 0.0% (c)
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 10/4/2023 (f)		5		5
Household Durables — 0.0% (c)
American Greetings Corp., Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 4/6/2024 (f)		31		31

SEE NOTES TO FINANCIAL STATEMENTS.

200 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
IT Services — 0.1%
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 7/8/2022 (f)		126		126
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.74%, 11/3/2023 (f)		147		140
				266
Leisure Products — 0.0% (c)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.68%, 2/15/2022 ‡ (f)		53		53
Oil, Gas & Consumable Fuels — 0.1%
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.24%, 12/31/2022 (f)		220		216
CITGO Petroleum Corp., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.30%, 7/29/2021 (f)		98		95
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 7.87%, 8/25/2023 (f)		187		150
				461
Software — 0.0% (c)
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 12/1/2023 (f)		98		97
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 2/1/2022 (f)		74		73
				170
Specialty Retail — 0.0% (c)
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (f) (n)		3		5
Wireless Telecommunication Services — 0.0% (c)
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.49%, 3/9/2023 (f)		205		193
Total Loan Assignments (Cost $2,022)				1,924
Municipal Bonds — 0.3% (o)
California — 0.2%
Education — 0.0% (c)
Regents of the University of California Series R, Rev., 5.77%, 5/15/2043		140		170
University of California Series J, Rev., 4.13%, 5/15/2045		100		99
				269

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
General Obligation — 0.0% (c)
Los Angeles Community College District Series E, GO, 6.75%, 8/1/2049		100			144
Hospital — 0.1%
University of California, Medical Center Series F, Rev., 6.58%, 5/15/2049		255			337
Water & Sewer — 0.1%
County of Orange, Water District Series B, Rev., 4.06%, 8/15/2041		290			294
Total California					1,044
Colorado — 0.0% (c)
Hospital — 0.0% (c)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175			173
Illinois — 0.0% (c)
Education — 0.0% (c)
Illinois Finance Authority Series A, Rev., 4.00%, 10/1/2049		25			25
Indiana — 0.1%
Other Revenue — 0.1%
Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series B-2, Rev., 6.12%, 1/15/2040		240			294
New Jersey — 0.0% (c)
Transportation — 0.0% (c)
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 5.00%, 6/15/2042		25			26
Texas — 0.0% (c)
Transportation — 0.0% (c)
North Texas Tollway Authority System Series B, Rev., 6.72%, 1/1/2049		131			184
Total Municipal Bonds (Cost $1,749)					1,746
	SHARES (000)
Common Stocks — 0.0% (c)
Aerospace & Defense — 0.0% (c)
Remington Outdoor Co., Inc. * ‡		5			9
Capital Markets — 0.0% (c)
UCI Holdings LLC (New Zealand) * ‡		2			30
Specialty Retail — 0.0% (c)
Claire’s Stores, Inc. * ‡		—	(p)		7
Total Common Stocks (Cost $81)					46

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 201

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Preferred Stocks — 0.0% (c)
Specialty Retail — 0.0% (c)
Claire’s Stores, Inc. * ‡ (Cost $3)		—	(p)		6
	NO. OF WARRANTS (000)
Warrants — 0.0%
Road & Rail — 0.0%
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 * ‡ (Cost $—)		—	(p)		—
	SHARES (000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (q) (r) (Cost $11,988)		11,985			11,989
Investment of Cash Collateral from Securities Loaned — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (q) (r) (Cost $11,758)		11,758			11,758
Total Investments — 103.6% (Cost $570,106)					571,343
Liabilities in Excess of Other Assets — (3.6%)					(19,833	)
NET ASSETS — 100.0%					551,510

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
CIFC	Commercial Industrial Finance Corp.
CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GS	Goldman Sachs
ICE	Intercontinental Exchange
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, 2019. 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.
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PT	Limited liability company
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
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.
USD	United States Dollar
(a)	The security or a portion of this security is on loan at February 28, 2019. The total value of securities on loan at February 28, 2019 is approximately $11,313,000.
(b)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(e)	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, 2019.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(i)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(j)	Defaulted security.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	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, 2019.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	All or a portion of this security is unsettled as of February 28, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(p)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

202 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

(q) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(r)	The rate shown is the current yield as of February 28, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of February 28, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note		935			06/2019		USD		114,026			(213	)
U.S. Treasury Long Bond		15			06/2019		USD		2,168			(22	)
U.S. Treasury Ultra Bond		4			06/2019		USD		639			(6	)
												(241	)
Short Contracts
U.S. Treasury 2 Year Note		(385	)		06/2019		USD		(81,692	)		4
U.S. Treasury 5 Year Note		(517	)		06/2019		USD		(59,217	)		27
U.S. Treasury 10 Year Note		(336	)		06/2019		USD		(40,976	)		76
U.S. Treasury Ultra Bond		(22	)		06/2019		USD		(3,514	)		61
												168
												(73	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 203

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 33.0%
Aerospace & Defense — 1.0%
Boeing Co. (The)
4.88%, 2/15/2020		540		551
7.95%, 8/15/2024		500		619
General Dynamics Corp. 2.25%, 11/15/2022		2,000		1,961
Harris Corp. 4.85%, 4/27/2035		500		516
Lockheed Martin Corp.
2.50%, 11/23/2020		850		844
3.35%, 9/15/2021		380		384
Northrop Grumman Corp.
5.05%, 8/1/2019		325		328
2.93%, 1/15/2025		800		775
Precision Castparts Corp.
2.50%, 1/15/2023		1,500		1,479
3.25%, 6/15/2025		800		809
Raytheon Co. 3.15%, 12/15/2024		476		476
Rockwell Collins, Inc. 3.20%, 3/15/2024		300		294
United Technologies Corp.
1.95%, 11/1/2021		500		487
3.95%, 8/16/2025		1,250		1,274
				10,797
Air Freight & Logistics — 0.3%
FedEx Corp. 3.20%, 2/1/2025		796		783
United Parcel Service, Inc.
5.13%, 4/1/2019		425		426
3.13%, 1/15/2021		1,600		1,612
				2,821
Airlines — 0.0% (a)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		222		223
Automobiles — 0.4%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021 (b)		250		243
Daimler Finance North America LLC (Germany)
2.30%, 1/6/2020 (b)		2,100		2,087
2.25%, 3/2/2020 (b)		153		152
Ford Motor Co. 6.63%, 10/1/2028		250		255
General Motors Co.
5.00%, 10/1/2028		550		539
6.60%, 4/1/2036		600		619
				3,895

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — 5.2%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021 (b)		450		446
ANZ New Zealand Int’l Ltd. (New Zealand) 2.75%, 1/22/2021 (b)		700		694
Australia & New Zealand Banking Group Ltd. (Australia) 2.63%, 11/9/2022		750		736
Bank of America Corp.
3.30%, 1/11/2023		32		32
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		21		21
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (c)		780		771
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		3,745		3,696
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		737		740
4.00%, 1/22/2025		1,154		1,156
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (c)		1,500		1,475
4.45%, 3/3/2026		556		566
Bank of Montreal (Canada) 2.35%, 9/11/2022		100		98
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (b)		380		379
Bank of Nova Scotia (The) (Canada) 2.80%, 7/21/2021		630		627
Barclays plc (United Kingdom) 3.65%, 3/16/2025		1,255		1,207
BB&T Corp.
2.45%, 1/15/2020		166		165
2.63%, 6/29/2020		500		498
BNP Paribas SA (France) 3.38%, 1/9/2025 (b)		300		290
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (b) (c)		500		515
Capital One Bank USA NA 3.38%, 2/15/2023		1,860		1,834
Citibank NA 2.85%, 2/12/2021		350		350
Citigroup, Inc.
2.65%, 10/26/2020		2,000		1,986
3.40%, 5/1/2026		650		632
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (c)		1,000		996
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		2,000		1,904
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025 (b)		778		784
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		903		922

SEE NOTES TO FINANCIAL STATEMENTS.

204 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Credit Agricole SA (France) 3.75%, 4/24/2023 (b)		775		772
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 4.55%, 4/17/2026		500		512
Discover Bank 4.20%, 8/8/2023		447		457
Fifth Third Bank
2.38%, 4/25/2019		250		250
2.88%, 10/1/2021		425		421
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		800		810
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		600		606
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (c)		1,250		1,265
Huntington Bancshares, Inc. 3.15%, 3/14/2021		352		352
Huntington National Bank (The) 2.50%, 8/7/2022		500		490
ING Groep NV (Netherlands) 3.95%, 3/29/2027		406		398
KeyCorp 5.10%, 3/24/2021		1,657		1,723
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		500		500
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		869		837
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		221		220
3.76%, 7/26/2023		1,000		1,014
3.78%, 3/2/2025		1,000		1,014
3.85%, 3/1/2026		350		355
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (b)		909		908
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		580		574
2.60%, 9/11/2022		300		292
National Australia Bank Ltd. (Australia) 2.50%, 1/12/2021		1,050		1,039
National City Corp. 6.88%, 5/15/2019		100		101
Nordea Bank AB (Finland) 4.25%, 9/21/2022 (b)		591		599
PNC Bank NA 2.45%, 11/5/2020		356		353
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		363		367
4.38%, 8/11/2020		362		369
Regions Financial Corp. 2.75%, 8/14/2022		402		394
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		597		624
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		635		640
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		250		248

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		799		799
Societe Generale SA (France) 4.25%, 9/14/2023 (b)		1,200		1,211
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (b)		442		440
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (b)		1,200		1,246
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.10%, 1/17/2023		482		478
SunTrust Bank 2.75%, 5/1/2023		1,500		1,470
Toronto-Dominion Bank (The) (Canada) 3.15%, 9/17/2020		1,000		1,004
UBS Group Funding Switzerland AG (Switzerland) 4.13%, 4/15/2026 (b)		449		456
US Bancorp
2.20%, 4/25/2019		500		500
Series V, 2.63%, 1/24/2022		732		729
3.60%, 9/11/2024		215		218
Wachovia Corp. 7.57%, 8/1/2026 (d)		1,700		2,033
Wells Fargo & Co.
2.50%, 3/4/2021		428		424
3.00%, 2/19/2025		368		359
3.00%, 4/22/2026		800		766
4.30%, 7/22/2027		2,000		2,036
Westpac Banking Corp. (Australia)
2.00%, 3/3/2020 (b)		506		502
2.50%, 6/28/2022		1,100		1,078
				57,773
Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		1,395		1,456
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		1,000		999
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025 (b)		745		758
Molson Coors Brewing Co. 2.25%, 3/15/2020		400		397
PepsiCo, Inc. 2.38%, 10/6/2026		200		187
				3,797
Biotechnology — 0.3%
Amgen, Inc. 3.63%, 5/15/2022		1,850		1,875
Baxalta, Inc. 3.60%, 6/23/2022		35		35
Biogen, Inc. 3.63%, 9/15/2022		212		215
Celgene Corp.
3.95%, 10/15/2020		700		708
3.25%, 8/15/2022		600		597

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 205

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — continued
Gilead Sciences, Inc.
2.55%, 9/1/2020		300		299
3.70%, 4/1/2024		56		57
3.50%, 2/1/2025		35		35
				3,821
Building Products — 0.1%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (b)		222		206
Johnson Controls International plc
4.25%, 3/1/2021		1,135		1,152
3.62%, 7/2/2024 (d)		138		136
				1,494
Capital Markets — 2.7%
Ameriprise Financial, Inc. 4.00%, 10/15/2023		550		566
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		155		157
2.60%, 8/17/2020		92		92
4.15%, 2/1/2021		440		451
3.40%, 1/29/2028		1,500		1,498
BlackRock, Inc. 3.20%, 3/15/2027		400		393
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023 (b)		470		492
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026		650		640
CDP Financial, Inc. (Canada) 4.40%, 11/25/2019 (b)		500		505
Charles Schwab Corp. (The) 3.20%, 3/2/2027		250		245
CME Group, Inc. 3.00%, 9/15/2022		1,666		1,672
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		520		520
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		600		596
3.95%, 2/27/2023		500		483
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		900		921
2.35%, 11/15/2021		3,195		3,129
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		500		492
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		196		192
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		403		391
4.25%, 10/21/2025		92		92
3.50%, 11/16/2026		1,200		1,155
3.85%, 1/26/2027		1,000		980

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		384		372
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		1,502		1,564
Invesco Finance plc 3.75%, 1/15/2026		436		430
Jefferies Group LLC 6.88%, 4/15/2021		400		423
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019 (b)		481		481
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021 (b)		800		839
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (c)		200		205
Morgan Stanley
7.30%, 5/13/2019		1,700		1,714
2.65%, 1/27/2020		600		598
5.50%, 7/24/2020		154		159
5.75%, 1/25/2021		687		720
2.75%, 5/19/2022		400		394
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		2,500		2,522
5.00%, 11/24/2025		622		654
4.35%, 9/8/2026		880		884
State Street Corp.
3.10%, 5/15/2023		1,724		1,716
3.70%, 11/20/2023		554		570
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		219		219
UBS AG (Switzerland) 2.45%, 12/1/2020 (b)		200		198
				30,324
Chemicals — 0.8%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (b)		400		398
Dow Chemical Co. (The)
4.13%, 11/15/2021		52		53
3.00%, 11/15/2022		594		589
3.50%, 10/1/2024		800		789
Ecolab, Inc.
2.25%, 1/12/2020		167		166
3.25%, 1/14/2023		330		332
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		93		95
Mosaic Co. (The) 3.25%, 11/15/2022		2,243		2,223
Nutrien Ltd. (Canada)
6.50%, 5/15/2019		1,050		1,058
3.38%, 3/15/2025		168		161
Praxair, Inc. 2.20%, 8/15/2022		1,250		1,217

SEE NOTES TO FINANCIAL STATEMENTS.

206 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
Rohm & Haas Co. 7.85%, 7/15/2029		315		394
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		225		217
3.45%, 6/1/2027		170		162
Westlake Chemical Corp. 3.60%, 8/15/2026		1,150		1,086
				8,940
Commercial Services & Supplies — 0.2%
Republic Services, Inc.
5.50%, 9/15/2019		1,200		1,216
3.55%, 6/1/2022		417		423
				1,639
Communications Equipment — 0.1%
Cisco Systems, Inc.
4.45%, 1/15/2020		90		91
2.45%, 6/15/2020		90		90
2.90%, 3/4/2021		181		181
2.95%, 2/28/2026		1,000		985
				1,347
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025 (b)		250		244
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		260		242
3.50%, 12/15/2027		300		278
				764
Consumer Finance — 1.1%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		1,200		1,163
3.65%, 7/21/2027		594		535
American Express Co. 3.38%, 5/17/2021		1,000		1,008
American Honda Finance Corp. 2.25%, 8/15/2019		250		249
Caterpillar Financial Services Corp.
2.25%, 12/1/2019		176		175
2.75%, 8/20/2021		510		508
2.85%, 6/1/2022		900		897
Ford Motor Credit Co. LLC
2.02%, 5/3/2019		484		483
3.34%, 3/28/2022		619		594
3.81%, 1/9/2024		200		186
General Motors Financial Co., Inc.
3.70%, 5/9/2023		615		605
4.25%, 5/15/2023		770		772

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
4.00%, 10/6/2026		280		261
4.35%, 1/17/2027		400		380
3.85%, 1/5/2028		500		453
John Deere Capital Corp.
1.70%, 1/15/2020		65		65
3.15%, 10/15/2021		650		652
2.70%, 1/6/2023		298		296
3.45%, 3/13/2025		500		509
PACCAR Financial Corp. 2.20%, 9/15/2019		1,400		1,394
Synchrony Financial 4.25%, 8/15/2024		350		343
Toyota Motor Credit Corp. 2.63%, 1/10/2023		800		788
				12,316
Containers & Packaging — 0.1%
International Paper Co. 3.80%, 1/15/2026		350		349
WRKCo, Inc.
3.00%, 9/15/2024		350		332
4.90%, 3/15/2029		150		157
				838
Diversified Financial Services — 0.7%
AIG Global Funding 2.15%, 7/2/2020 (b)		550		544
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		3,238		3,183
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (b)		490		487
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.96%, 9/19/2023 (b)		820		831
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		1,250		1,236
ORIX Corp. (Japan) 2.90%, 7/18/2022		277		273
Shell International Finance BV (Netherlands)
3.40%, 8/12/2023		150		153
2.88%, 5/10/2026		788		765
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024 (b)		400		397
				7,869
Diversified Telecommunication Services — 0.6%
AT&T, Inc.
3.95%, 1/15/2025		1,183		1,186
4.10%, 2/15/2028		800		788
4.35%, 3/1/2029		500		498
4.30%, 2/15/2030		1,282		1,258
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		409		418
5.46%, 2/16/2021		114		119

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 207

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Verizon Communications, Inc.
4.33%, 9/21/2028		1,508		1,561
4.02%, 12/3/2029 (b)		533		530
4.40%, 11/1/2034		350		350
5.25%, 3/16/2037		320		349
				7,057
Electric Utilities — 2.5%
Appalachian Power Co. 4.60%, 3/30/2021		800		822
Arizona Public Service Co. 3.35%, 6/15/2024		372		371
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		1,595		1,564
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)		476		451
4.55%, 11/15/2030 (b)		290		295
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (b)		237		240
Connecticut Light & Power Co. (The) Series A, 3.20%, 3/15/2027		700		682
DTE Electric Co.
3.90%, 6/1/2021		200		203
2.65%, 6/15/2022		197		193
3.65%, 3/15/2024		500		510
3.38%, 3/1/2025		1,000		1,002
Duke Energy Carolinas LLC
3.90%, 6/15/2021		1,250		1,274
6.45%, 10/15/2032		50		62
Duke Energy Corp. 3.55%, 9/15/2021		233		235
Duke Energy Indiana LLC 3.75%, 7/15/2020		160		162
Duke Energy Progress LLC 2.80%, 5/15/2022		461		459
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (b)		425		425
3.63%, 5/25/2027 (b)		450		415
Entergy Arkansas LLC
3.05%, 6/1/2023		765		756
3.50%, 4/1/2026		260		259
Entergy Mississippi LLC 2.85%, 6/1/2028		269		252
Evergy, Inc. 4.85%, 6/1/2021		1,663		1,707
Fortis, Inc. (Canada) 3.06%, 10/4/2026		550		514
Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		1,000		1,144
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		100		100
Interstate Power & Light Co. 4.10%, 9/26/2028		1,000		1,019
Kentucky Utilities Co. 3.30%, 10/1/2025		200		197
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		94		93

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Nevada Power Co. 7.13%, 3/15/2019		1,000		1,001
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		518		517
2.70%, 9/15/2019		1,539		1,536
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (b)		938		943
NSTAR Electric Co. 2.38%, 10/15/2022		300		292
Ohio Power Co. Series M, 5.38%, 10/1/2021		1,200		1,273
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		300		351
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		256		240
PPL Capital Funding, Inc. 4.20%, 6/15/2022		752		766
PPL Electric Utilities Corp. 2.50%, 9/1/2022		224		219
Progress Energy, Inc. 4.40%, 1/15/2021		260		266
Public Service Co. of Colorado 3.20%, 11/15/2020		74		74
Public Service Co. of New Hampshire 3.50%, 11/1/2023		283		288
Public Service Co. of Oklahoma 4.40%, 2/1/2021		220		225
Public Service Electric & Gas Co. 2.00%, 8/15/2019		1,100		1,096
Southern California Edison Co. 3.88%, 6/1/2021		958		964
Virginia Electric & Power Co.
2.95%, 1/15/2022		1,099		1,092
Series C, 2.75%, 3/15/2023		1,600		1,575
				28,124
Electrical Equipment — 0.0% (a)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		350		349
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028		926		865
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		400		394
Halliburton Co.
8.75%, 2/15/2021		750		830
3.50%, 8/1/2023		350		352
Schlumberger Holdings Corp. 3.75%, 5/1/2024 (b)		460		462
Schlumberger Investment SA 3.30%, 9/14/2021 (b)		233		233
				2,271

SEE NOTES TO FINANCIAL STATEMENTS.

208 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Entertainment — 0.3%
21st Century Fox America, Inc. 7.43%, 10/1/2026		600		739
NBCUniversal Enterprise, Inc. 1.97%, 4/15/2019 (b)		400		400
Viacom, Inc. 3.88%, 4/1/2024		1,309		1,309
Warner Media LLC 3.55%, 6/1/2024		600		597
				3,045
Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc.
4.60%, 4/1/2022		100		103
3.95%, 1/15/2027		285		281
American Tower Corp. 3.50%, 1/31/2023		360		360
American Tower Trust #1 3.07%, 3/15/2023 (b)		500		496
AvalonBay Communities, Inc. 3.20%, 1/15/2028		300		289
Boston Properties LP 3.80%, 2/1/2024		909		916
Brixmor Operating Partnership LP 3.85%, 2/1/2025		375		366
Crown Castle International Corp. 4.45%, 2/15/2026		600		612
Duke Realty LP 3.63%, 4/15/2023		672		676
EPR Properties 4.50%, 6/1/2027		207		205
ERP Operating LP
4.63%, 12/15/2021		1,047		1,087
3.50%, 3/1/2028		1,228		1,215
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)		163		155
HCP, Inc. 3.88%, 8/15/2024		2,098		2,105
Liberty Property LP 4.40%, 2/15/2024		150		155
National Retail Properties, Inc. 3.60%, 12/15/2026		247		240
Office Properties Income Trust 3.60%, 2/1/2020		300		300
Realty Income Corp.
3.25%, 10/15/2022		600		602
3.88%, 7/15/2024		400		405
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		400		393
Senior Housing Properties Trust 4.75%, 2/15/2028		300		269
Simon Property Group LP 2.50%, 9/1/2020		1,200		1,193
UDR, Inc. 2.95%, 9/1/2026		106		100
Ventas Realty LP
3.75%, 5/1/2024		470		472
3.50%, 2/1/2025		90		89
4.13%, 1/15/2026		158		158
Welltower, Inc. 4.50%, 1/15/2024		900		932
				14,174

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — 0.4%
Costco Wholesale Corp. 2.75%, 5/18/2024		1,094		1,085
Kroger Co. (The)
3.30%, 1/15/2021		700		703
5.40%, 7/15/2040		92		91
Sysco Corp.
3.75%, 10/1/2025		208		208
3.25%, 7/15/2027		200		192
Walmart, Inc.
2.55%, 4/11/2023		1,650		1,635
3.30%, 4/22/2024		200		204
				4,118
Food Products — 0.6%
Campbell Soup Co. 3.95%, 3/15/2025		450		440
Cargill, Inc. 3.30%, 3/1/2022 (b)		900		899
Conagra Brands, Inc. 4.60%, 11/1/2025		115		117
General Mills, Inc. 4.00%, 4/17/2025		1,200		1,213
Kraft Heinz Foods Co.
3.50%, 6/6/2022		719		716
4.00%, 6/15/2023		310		313
3.95%, 7/15/2025		700		693
6.88%, 1/26/2039		193		213
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		89		93
Nestle Holdings, Inc. 3.50%, 9/24/2025 (b)		1,000		1,016
Tyson Foods, Inc.
2.65%, 8/15/2019		171		171
2.25%, 8/23/2021		313		305
3.90%, 9/28/2023		500		507
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		200		201
				6,897
Gas Utilities — 0.2%
Atmos Energy Corp. 8.50%, 3/15/2019		1,365		1,367
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		843		861
				2,228
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories
3.88%, 9/15/2025		484		498
3.75%, 11/30/2026		150		152
Becton Dickinson and Co.
2.68%, 12/15/2019		215		214
3.36%, 6/6/2024		100		98

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 209

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
Boston Scientific Corp. 3.75%, 3/1/2026		500		500
Medtronic, Inc. 3.50%, 3/15/2025		2,400		2,438
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		174		173
3.55%, 4/1/2025		530		515
				4,588
Health Care Providers & Services — 0.7%
Anthem, Inc. 3.30%, 1/15/2023		700		701
CVS Health Corp.
2.75%, 12/1/2022		1,100		1,074
4.00%, 12/5/2023		257		261
4.10%, 3/25/2025		3,534		3,582
Express Scripts Holding Co. 3.50%, 6/15/2024		400		396
Laboratory Corp. of America Holdings 3.25%, 9/1/2024		300		291
UnitedHealth Group, Inc.
4.70%, 2/15/2021		255		263
3.38%, 11/15/2021		187		189
2.75%, 2/15/2023		365		361
2.88%, 3/15/2023		645		642
				7,760
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp.
3.38%, 5/26/2025		1,250		1,244
3.80%, 4/1/2028		440		439
Starbucks Corp. 2.70%, 6/15/2022		326		323
				2,006
Household Products — 0.2%
Kimberly-Clark Corp.
2.40%, 3/1/2022		200		197
2.40%, 6/1/2023		1,800		1,752
				1,949
Independent Power and Renewable Electricity Producers — 0.0% (a)
Exelon Generation Co. LLC
3.40%, 3/15/2022		90		90
4.25%, 6/15/2022		90		92
				182
Industrial Conglomerates — 0.4%
General Electric Co.
2.10%, 12/11/2019		200		198
5.50%, 1/8/2020		529		539
4.38%, 9/16/2020		125		127

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Conglomerates — continued
5.30%, 2/11/2021		95		98
4.65%, 10/17/2021		1,919		1,976
5.88%, 1/14/2038		70		73
Honeywell International, Inc. 4.25%, 3/1/2021		1,200		1,233
Roper Technologies, Inc.
3.00%, 12/15/2020		208		207
3.80%, 12/15/2026		274		271
				4,722
Insurance — 1.9%
Allstate Corp. (The) 3.15%, 6/15/2023		651		652
Alterra Finance LLC 6.25%, 9/30/2020		200		208
American International Group, Inc. 3.75%, 7/10/2025		818		804
Assurant, Inc. 4.20%, 9/27/2023		145		146
Athene Global Funding 2.75%, 4/20/2020 (b)		422		420
Athene Holding Ltd. 4.13%, 1/12/2028		230		215
Chubb INA Holdings, Inc. 2.70%, 3/13/2023		1,900		1,872
CNA Financial Corp.
3.95%, 5/15/2024		499		499
4.50%, 3/1/2026		364		372
Guardian Life Global Funding
2.50%, 5/8/2022 (b)		500		487
3.40%, 4/25/2023 (b)		230		231
Jackson National Life Global Funding 3.05%, 4/29/2026 (b)		1,135		1,091
Liberty Mutual Group, Inc.
4.25%, 6/15/2023 (b)		210		213
4.57%, 2/1/2029 (b)		1,640		1,660
Lincoln National Corp. 4.20%, 3/15/2022		864		884
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		1,000		1,029
Markel Corp. 5.35%, 6/1/2021		440		457
Marsh & McLennan Cos., Inc. 2.35%, 3/6/2020		824		820
MassMutual Global Funding II 2.35%, 4/9/2019 (b)		1,216		1,216
Metropolitan Life Global Funding I
3.88%, 4/11/2022 (b)		426		434
3.00%, 1/10/2023 (b)		1,600		1,591
New York Life Global Funding
2.15%, 6/18/2019 (b)		1,024		1,022
1.95%, 2/11/2020 (b)		323		321
2.35%, 7/14/2026 (b)		953		892
Principal Financial Group, Inc. 3.13%, 5/15/2023		471		466

SEE NOTES TO FINANCIAL STATEMENTS.

210 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Protective Life Global Funding 2.62%, 8/22/2022 (b)		400		391
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		650		800
Reliance Standard Life Global Funding II
2.50%, 1/15/2020 (b)		650		647
3.05%, 1/20/2021 (b)		373		371
Torchmark Corp. 4.55%, 9/15/2028		335		344
				20,555
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
2.80%, 8/22/2024		1,217		1,208
4.80%, 12/5/2034		150		167
3.88%, 8/22/2037		350		349
				1,724
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		151		151
International Business Machines Corp.
1.80%, 5/17/2019		252		251
2.25%, 2/19/2021		1,150		1,135
Western Union Co. (The) 3.60%, 3/15/2022		100		101
				1,638
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		441		440
3.20%, 8/15/2027		350		332
				772
Machinery — 0.3%
Deere & Co. 4.38%, 10/16/2019		700		707
Illinois Tool Works, Inc. 3.50%, 3/1/2024		1,400		1,426
Parker-Hannifin Corp. 3.30%, 11/21/2024		228		227
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		900		897
Xylem, Inc. 3.25%, 11/1/2026		111		106
				3,363
Media — 0.7%
CBS Corp. 3.70%, 8/15/2024		1,019		1,012
Charter Communications Operating LLC 4.91%, 7/23/2025		260		269
Comcast Corp.
3.00%, 2/1/2024		1,168		1,156
3.38%, 2/15/2025		1,226		1,226
3.95%, 10/15/2025		209		215

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
3.15%, 3/1/2026		221		217
3.90%, 3/1/2038		1,136		1,074
Cox Communications, Inc. 3.50%, 8/15/2027 (b)		615		585
Discovery Communications LLC 4.38%, 6/15/2021		422		431
Fox Corp. 4.71%, 1/25/2029 (b)		110		114
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		285		285
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		500		633
				7,217
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028 (b)		1,000		974
Nucor Corp. 4.00%, 8/1/2023		305		314
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		306		323
				1,611
Multiline Retail — 0.1%
Nordstrom, Inc. 4.00%, 10/15/2021		175		178
Target Corp. 3.50%, 7/1/2024		868		890
				1,068
Multi-Utilities — 0.5%
CMS Energy Corp. 2.95%, 2/15/2027		170		158
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		690		705
Consumers Energy Co.
5.65%, 4/15/2020		1,060		1,094
2.85%, 5/15/2022		137		137
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		350		341
DTE Energy Co. Series F, 3.85%, 12/1/2023		784		795
NiSource, Inc.
2.65%, 11/17/2022		184		179
3.85%, 2/15/2023		300		303
3.95%, 3/30/2048		100		90
Sempra Energy 4.05%, 12/1/2023		192		192
Southern Co. Gas Capital Corp.
5.25%, 8/15/2019		550		555
3.50%, 9/15/2021		939		942
				5,491
Oil, Gas & Consumable Fuels — 3.0%
Anadarko Petroleum Corp. 8.70%, 3/15/2019		1,025		1,027
Andeavor Logistics LP 4.25%, 12/1/2027		118		116

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 211

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		122		121
BP Capital Markets America, Inc.
3.25%, 5/6/2022		712		717
3.22%, 4/14/2024		1,317		1,323
Buckeye Partners LP
4.35%, 10/15/2024		300		299
3.95%, 12/1/2026		355		332
Cenovus Energy, Inc. (Canada) 3.80%, 9/15/2023		1,200		1,184
Chevron Corp.
2.36%, 12/5/2022		1,000		982
3.19%, 6/24/2023		285		288
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		833		858
Ecopetrol SA (Colombia)
4.13%, 1/16/2025		467		464
5.38%, 6/26/2026		773		811
Energy Transfer Operating LP
3.60%, 2/1/2023		267		266
4.90%, 2/1/2024		570		593
4.05%, 3/15/2025		182		180
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (b)		1,145		1,157
Enterprise Products Operating LLC
3.35%, 3/15/2023		225		225
3.90%, 2/15/2024		263		270
3.75%, 2/15/2025		150		152
3.70%, 2/15/2026		651		652
3.95%, 2/15/2027		596		605
EOG Resources, Inc. 2.63%, 3/15/2023		240		235
Equinor ASA (Norway) 2.65%, 1/15/2024		1,179		1,160
Exxon Mobil Corp. 2.71%, 3/6/2025		1,200		1,183
Magellan Midstream Partners LP 4.25%, 2/1/2021		1,294		1,318
Marathon Petroleum Corp. 3.63%, 9/15/2024		964		954
MPLX LP 4.13%, 3/1/2027		518		508
Noble Energy, Inc. 3.85%, 1/15/2028		350		331
Occidental Petroleum Corp. 2.70%, 2/15/2023		441		435
ONEOK Partners LP 4.90%, 3/15/2025		1,800		1,873
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		466		479
4.88%, 1/18/2024		270		258
6.88%, 8/4/2026		731		730
5.35%, 2/12/2028		395		352

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Phillips 66
4.30%, 4/1/2022		173		179
3.90%, 3/15/2028		320		318
Plains All American Pipeline LP
3.65%, 6/1/2022		705		701
3.85%, 10/15/2023		400		398
Suncor Energy, Inc. (Canada)
3.60%, 12/1/2024		350		352
5.95%, 12/1/2034		1,000		1,136
Sunoco Logistics Partners Operations LP
5.50%, 2/15/2020		700		712
5.95%, 12/1/2025		506		548
TC PipeLines LP 3.90%, 5/25/2027		141		135
Texas Eastern Transmission LP 2.80%, 10/15/2022 (b)		1,153		1,118
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		821		811
Total Capital International SA (France)
2.70%, 1/25/2023		200		198
3.75%, 4/10/2024		1,003		1,032
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		2,345		2,386
Williams Cos., Inc. (The) 3.90%, 1/15/2025		262		262
				32,724
Pharmaceuticals — 0.6%
Bristol-Myers Squibb Co. 2.00%, 8/1/2022		1,210		1,171
Eli Lilly & Co. 3.38%, 3/15/2029		600		600
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		1,875		1,856
Mylan, Inc. 3.13%, 1/15/2023 (b)		600		577
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		1,153		1,146
Pfizer, Inc. 3.20%, 9/15/2023		1,000		1,014
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		700		656
				7,020
Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (b)		219		219
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (b)		325		324
				543

SEE NOTES TO FINANCIAL STATEMENTS.

212 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — 1.1%
Burlington Northern Santa Fe LLC
3.60%, 9/1/2020		125		126
4.10%, 6/1/2021		2,000		2,052
Cie de Chemin de Fer Canadien Pacifique (Canada)
7.25%, 5/15/2019		600		605
4.50%, 1/15/2022		1,146		1,178
CSX Corp. 3.25%, 6/1/2027		1,068		1,026
ERAC USA Finance LLC
4.50%, 8/16/2021 (b)		315		323
3.85%, 11/15/2024 (b)		650		649
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		399
Norfolk Southern Corp.
3.25%, 12/1/2021		829		830
2.90%, 2/15/2023		562		556
3.85%, 1/15/2024		750		766
Penske Truck Leasing Co. LP
2.50%, 6/15/2019 (b)		263		262
4.20%, 4/1/2027 (b)		1,250		1,220
Ryder System, Inc. 2.45%, 9/3/2019		555		554
Union Pacific Corp.
3.75%, 3/15/2024		1,200		1,224
3.25%, 1/15/2025		850		842
				12,612
Semiconductors & Semiconductor Equipment — 0.4%
Analog Devices, Inc.
2.95%, 1/12/2021		600		597
3.13%, 12/5/2023		122		120
Broadcom Corp. 3.63%, 1/15/2024		1,054		1,024
Intel Corp.
3.10%, 7/29/2022		728		736
2.88%, 5/11/2024		987		978
QUALCOMM, Inc. 3.25%, 5/20/2027		313		296
Texas Instruments, Inc. 2.75%, 3/12/2021		790		788
				4,539
Software — 0.7%
Microsoft Corp.
4.20%, 6/1/2019		1,500		1,505
2.38%, 5/1/2023		181		179
2.88%, 2/6/2024		1,508		1,508
3.13%, 11/3/2025		800		805

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Software — continued
Oracle Corp.
2.50%, 5/15/2022		540		533
2.50%, 10/15/2022		1,285		1,266
2.95%, 11/15/2024		1,000		987
2.65%, 7/15/2026		600		570
6.50%, 4/15/2038		50		64
				7,417
Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		250		257
Home Depot, Inc. (The)
2.00%, 6/15/2019		531		530
2.70%, 4/1/2023		450		449
3.75%, 2/15/2024		986		1,023
Lowe’s Cos., Inc.
3.13%, 9/15/2024		1,004		976
3.38%, 9/15/2025		238		232
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300		292
3.60%, 9/1/2027		463		449
				4,208
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
3.00%, 2/9/2024		1,054		1,056
2.75%, 1/13/2025		700		687
3.20%, 5/13/2025		1,154		1,158
3.25%, 2/23/2026		800		801
3.35%, 2/9/2027		226		226
2.90%, 9/12/2027		224		216
				4,144
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000		963
Philip Morris International, Inc. 3.38%, 8/11/2025		850		848
				1,811
Trading Companies & Distributors — 0.2%
Air Lease Corp.
3.88%, 7/3/2023		400		398
3.63%, 4/1/2027		240		219
Aircastle Ltd. 4.40%, 9/25/2023		550		547
Aviation Capital Group LLC
3.88%, 5/1/2023 (b)		390		386

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 213

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Corporate Bonds — continued
Trading Companies & Distributors — continued
4.38%, 1/30/2024 (b)		200			201
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (b)		500			484
					2,235
Water Utilities — 0.2%
American Water Capital Corp.
3.85%, 3/1/2024		1,400			1,433
3.40%, 3/1/2025		364			363
					1,796
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		379			377
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		608			607
Sprint Spectrum Co. LLC 3.36%, 9/20/2021 (b) (d)		269			267
Vodafone Group plc (United Kingdom) 2.95%, 2/19/2023		1,400			1,369
					2,620
Total Corporate Bonds (Cost $365,132)					364,101
U.S. Treasury Obligations — 20.1%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2020 (e)		34,319			36,536
1.25%, 7/15/2020		15,074			17,593
0.13%, 4/15/2022		32,366			32,843
0.13%, 7/15/2024		107,907			111,537
0.38%, 1/15/2027		23,043			23,291
Total U.S. Treasury Obligations (Cost $220,034)					221,800
Collateralized Mortgage Obligations — 11.1%
Bear Stearns ALT-A Trust Series 2004-6, Class 1A, 3.13%, 7/25/2034 (f)		216			214
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		—	(g)		—	(g)
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033		15			15
Series 2004-HYB4, Class WA, 4.86%, 12/25/2034 ‡ (f)		36			37
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033		29			29
FHLMC REMIC
Series 2828, Class JE, 4.50%, 7/15/2019		3			3
Series 2875, Class HB, 4.00%, 10/15/2019		6			6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2899, Class HB, 4.00%, 12/15/2019		29		29
Series 2920, Class KT, 4.50%, 1/15/2020		2		2
Series 2929, Class KG, 4.50%, 2/15/2020		5		5
Series 3874, Class DW, 3.50%, 6/15/2021		1,726		1,739
Series 3294, Class DB, 4.50%, 3/15/2022		171		171
Series 3372, Class BD, 4.50%, 10/15/2022		5		5
Series 2595, Class HJ, 5.00%, 3/15/2023		2		2
Series 2626, Class JC, 5.00%, 6/15/2023		656		675
Series 2649, Class WB, 3.50%, 7/15/2023		227		227
Series 1578, Class K, 6.90%, 9/15/2023		13		14
Series 2685, Class DT, 5.00%, 10/15/2023		513		530
Series 2687, Class JH, 5.00%, 10/15/2023		117		120
Series 2701, Class AC, 5.00%, 11/15/2023		764		789
Series 3521, Class B, 4.00%, 4/15/2024		588		597
Series 3544, Class BC, 4.00%, 6/15/2024		55		56
Series 3546, Class NB, 4.00%, 6/15/2024		2,585		2,657
Series 3562, Class JC, 4.00%, 8/15/2024		1,189		1,221
Series 3563, Class BD, 4.00%, 8/15/2024		794		824
Series 3571, Class MY, 4.00%, 9/15/2024		265		270
Series 3575, Class EB, 4.00%, 9/15/2024		823		854
Series 3577, Class B, 4.00%, 9/15/2024		1,297		1,325
Series 3578, Class KB, 4.00%, 9/15/2024		203		208
Series 2989, Class TG, 5.00%, 6/15/2025		702		721
Series 2988, Class TY, 5.50%, 6/15/2025		30		31
Series 3816, Class HA, 3.50%, 11/15/2025		1,661		1,694
Series 3087, Class KX, 5.50%, 12/15/2025		78		80
Series 3787, Class AY, 3.50%, 1/15/2026		1,017		1,031
Series 3794, Class LB, 3.50%, 1/15/2026		889		899
Series 3102, Class CE, 5.50%, 1/15/2026		1,066		1,090
Series 3123, Class HT, 5.00%, 3/15/2026		105		110
Series 3121, Class JD, 5.50%, 3/15/2026		31		33
Series 3150, Class EQ, 5.00%, 5/15/2026		405		421
Series 3898, Class KH, 3.50%, 6/15/2026		821		834
Series 3885, Class AC, 4.00%, 6/15/2026		883		898
Series 3911, Class B, 3.50%, 8/15/2026		1,311		1,331
Series 3959, Class PB, 3.00%, 11/15/2026		2,500		2,509
Series 4337, Class VJ, 3.50%, 6/15/2027		2,059		2,119
Series 3337, Class MD, 5.50%, 6/15/2027		56		59
Series 2110, Class PG, 6.00%, 1/15/2029		139		150
Series 3755, Class ML, 5.50%, 6/15/2029		26		26
Series 3563, Class LB, 4.00%, 8/15/2029		35		36
Series 3653, Class B, 4.50%, 4/15/2030		193		203
Series 3824, Class EY, 3.50%, 3/15/2031		500		515
Series 2525, Class AM, 4.50%, 4/15/2032		769		808
Series 2441, Class GF, 6.50%, 4/15/2032		28		31

SEE NOTES TO FINANCIAL STATEMENTS.

214 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2436, Class MC, 7.00%, 4/15/2032		21			23
Series 2760, Class KT, 4.50%, 9/15/2032		106			108
Series 2505, Class D, 5.50%, 9/15/2032		161			175
Series 2544, Class KE, 5.50%, 12/15/2032		80			87
Series 2557, Class HL, 5.30%, 1/15/2033		200			217
Series 2575, Class PE, 5.50%, 2/15/2033		62			68
Series 2586, Class WG, 4.00%, 3/15/2033		261			270
Series 2596, Class QD, 4.00%, 3/15/2033		218			225
Series 2621, Class QH, 5.00%, 5/15/2033		231			249
Series 2649, Class PJ, 3.50%, 6/15/2033		20			20
Series 2624, Class QH, 5.00%, 6/15/2033		315			342
Series 2648, Class BK, 5.00%, 7/15/2033		19			20
Series 4238, Class UY, 3.00%, 8/15/2033		3,650			3,571
Series 2673, Class PE, 5.50%, 9/15/2033		528			580
Series 2696, Class DG, 5.50%, 10/15/2033		426			467
Series 2725, Class TA, 4.50%, 12/15/2033		284			304
Series 2733, Class ME, 5.00%, 1/15/2034		472			509
Series 2768, Class PK, 5.00%, 3/15/2034		261			277
Series 3659, Class VG, 5.00%, 9/15/2034		530			552
Series 3017, Class MK, 5.00%, 12/15/2034		—	(g)		—	(g)
Series 2934, Class KG, 5.00%, 2/15/2035		326			353
Series 3077, Class TO, PO, 4/15/2035		23			21
Series 2960, Class JH, 5.50%, 4/15/2035		962			1,044
Series 3082, Class PW, 5.50%, 12/15/2035		67			74
Series 3084, Class BH, 5.50%, 12/15/2035		1,522			1,661
Series 3098, Class KG, 5.50%, 1/15/2036		1,352			1,491
Series 3136, Class CO, PO, 4/15/2036		49			44
Series 3145, Class AJ, 5.50%, 4/15/2036		49			54
Series 3819, Class ZQ, 6.00%, 4/15/2036		929			1,035
Series 3200, PO, 8/15/2036		91			79
Series 3659, Class BD, 5.00%, 1/15/2037		10			10
Series 3270, Class AT, 5.50%, 1/15/2037		44			48
Series 3272, Class PA, 6.00%, 2/15/2037		10			11
Series 3348, Class HT, 6.00%, 7/15/2037		73			82
Series 3747, Class PA, 4.00%, 4/15/2038		268			271
Series 3740, Class BP, 4.50%, 4/15/2038		197			199
Series 4085, Class FB, 2.89%, 1/15/2039 (f)		348			350
Series 3501, Class A, 4.50%, 1/15/2039		249			254
Series 3508, Class PK, 4.00%, 2/15/2039		6			6
Series 3513, Class A, 4.50%, 2/15/2039		25			26
Series 4219, Class JA, 3.50%, 8/15/2039		1,862			1,889
Series 3797, Class PA, 4.50%, 8/15/2039		48			48
Series 3827, Class BM, 5.50%, 8/15/2039		437			449
Series 3653, Class HJ, 5.00%, 4/15/2040		1,198			1,288
Series 3677, Class KB, 4.50%, 5/15/2040		2,054			2,161

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3677, Class PB, 4.50%, 5/15/2040		1,243			1,329
Series 3904, Class EC, 2.00%, 8/15/2040		397			392
Series 3715, Class PC, 4.50%, 8/15/2040		260			273
Series 3955, Class HB, 3.00%, 12/15/2040		319			319
Series 3828, Class PU, 4.50%, 3/15/2041		153			157
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f)		561			604
Series 3956, Class EB, 3.25%, 11/15/2041		2,396			2,399
Series 3963, Class JB, 4.50%, 11/15/2041		1,650			1,796
Series 4026, Class MQ, 4.00%, 4/15/2042		156			164
Series 4616, Class HP, 3.00%, 9/15/2046		2,583			2,556
Series 3688, Class GT, 7.35%, 11/15/2046 (f)		51			58
FHLMC STRIPS Series 262, Class 35, 3.50%, 7/15/2042		1,260			1,272
FNMA REMIC
Series 2009-78, Class J, 5.00%, 9/25/2019		—	(g)		—	(g)
Series 2010-103, Class GB, 4.00%, 9/25/2020		1,109			1,111
Series 2010-135, Class HE, 3.00%, 1/25/2021		75			75
Series 2011-75, Class BL, 3.50%, 8/25/2021		1,604			1,612
Series 2007-113, Class DB, 4.50%, 12/25/2022		18			18
Series 2003-5, Class EQ, 5.50%, 2/25/2023		53			55
Series 2003-48, Class TC, 5.00%, 6/25/2023		64			66
Series 2003-55, Class HY, 5.00%, 6/25/2023		57			59
Series 2008-70, Class BY, 4.00%, 8/25/2023		82			82
Series 2006-22, Class CE, 4.50%, 8/25/2023		195			197
Series 2008-65, Class CD, 4.50%, 8/25/2023		25			25
Series 2004-44, Class KT, 6.00%, 6/25/2024		245			251
Series 2004-53, Class NC, 5.50%, 7/25/2024		86			88
Series 2009-71, Class MB, 4.50%, 9/25/2024		57			58
Series 2004-70, Class EB, 5.00%, 10/25/2024		169			173
Series 2010-49, Class KB, 4.00%, 5/25/2025		1,007			1,016
Series 2010-41, Class DC, 4.50%, 5/25/2025		348			354
Series 1997-57, Class PN, 5.00%, 9/18/2027		180			189
Series 2009-39, Class LB, 4.50%, 6/25/2029		138			144
Series 2009-96, Class DB, 4.00%, 11/25/2029		195			204
Series 2010-28, Class DE, 5.00%, 4/25/2030		423			451
Series 2001-63, Class TC, 6.00%, 12/25/2031		80			88
Series 2001-81, Class HE, 6.50%, 1/25/2032		203			226
Series 2002-75, Class GB, 5.50%, 11/25/2032		124			126

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 215

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-39, Class ZA, 6.00%, 11/25/2032		821		908
Series 2002-85, Class PE, 5.50%, 12/25/2032		69		76
Series 2003-21, Class OU, 5.50%, 3/25/2033		47		51
Series 2003-26, Class EB, 3.50%, 4/25/2033		800		792
Series 2003-23, Class CH, 5.00%, 4/25/2033		55		59
Series 2003-134, Class MH, 5.00%, 6/25/2033		4		4
Series 2003-63, Class YB, 5.00%, 7/25/2033		162		176
Series 2003-69, Class N, 5.00%, 7/25/2033		295		319
Series 2003-80, Class QG, 5.00%, 8/25/2033		432		465
Series 2003-85, Class QD, 5.50%, 9/25/2033		192		209
Series 2003-94, Class CE, 5.00%, 10/25/2033		49		51
Series 2005-5, Class CK, 5.00%, 1/25/2035		333		355
Series 2005-29, Class WC, 4.75%, 4/25/2035		667		696
Series 2005-48, Class TD, 5.50%, 6/25/2035		294		327
Series 2005-53, Class MJ, 5.50%, 6/25/2035		466		508
Series 2005-62, Class CP, 4.75%, 7/25/2035		43		44
Series 2005-58, Class EP, 5.50%, 7/25/2035		49		52
Series 2005-68, Class BE, 5.25%, 8/25/2035		250		273
Series 2005-68, Class PG, 5.50%, 8/25/2035		204		220
Series 2005-110, Class MB, 5.50%, 9/25/2035		8		8
Series 2005-102, Class PG, 5.00%, 11/25/2035		620		671
Series 2005-110, Class GL, 5.50%, 12/25/2035		715		781
Series 2006-49, Class PA, 6.00%, 6/25/2036		79		88
Series 2009-19, Class PW, 4.50%, 10/25/2036		462		482
Series 2006-114, Class HE, 5.50%, 12/25/2036		510		558
Series 2007-33, Class HE, 5.50%, 4/25/2037		41		45
Series 2007-65, Class KI, IF, IO, 4.13%, 7/25/2037 (f)		10		1
Series 2007-71, Class KP, 5.50%, 7/25/2037		79		84
Series 2007-71, Class GB, 6.00%, 7/25/2037		305		338
Series 2009-86, Class OT, PO, 10/25/2037		57		51
Series 2013-83, Class CA, 3.50%, 10/25/2037		759		765
Series 2010-9, Class MD, 5.00%, 2/25/2038		120		125
Series 2011-22, Class MA, 6.50%, 4/25/2038		195		202
Series 2008-72, Class BX, 5.50%, 8/25/2038		28		31
Series 2008-74, Class B, 5.50%, 9/25/2038		12		13
Series 2009-62, Class HJ, 6.00%, 5/25/2039		424		450

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-37, Class KI, IF, IO, 3.51%, 6/25/2039 (f)		14		1
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		19		3
Series 2009-92, Class AD, 6.00%, 11/25/2039		1,159		1,245
Series 2009-112, Class ST, IF, IO, 3.76%, 1/25/2040 (f)		136		17
Series 2010-22, Class PE, 5.00%, 3/25/2040		3,141		3,316
Series 2010-35, Class SB, IF, IO, 3.93%, 4/25/2040 (f)		50		6
Series 2010-37, Class CY, 5.00%, 4/25/2040		1,789		1,907
Series 2010-54, Class EA, 4.50%, 6/25/2040		70		72
Series 2010-64, Class DM, 5.00%, 6/25/2040		12		12
Series 2010-71, Class HJ, 5.50%, 7/25/2040		242		266
Series 2010-123, Class BP, 4.50%, 11/25/2040		4,384		4,631
Series 2011-5, Class CP, 4.50%, 11/25/2040		329		337
Series 2011-41, Class KL, 4.00%, 5/25/2041		1,006		1,018
Series 2011-50, Class LP, 4.00%, 6/25/2041		500		517
Series 2012-137, Class CF, 2.79%, 8/25/2041 (f)		778		775
Series 2012-103, Class DA, 3.50%, 10/25/2041		335		339
Series 2012-14, Class DE, 3.50%, 3/25/2042		1,000		997
Series 2012-139, Class JA, 3.50%, 12/25/2042		692		704
Series 2013-104, Class CY, 5.00%, 10/25/2043		2,250		2,472
Series 2009-96, Class CB, 4.00%, 11/25/2049		33		34
FNMA STRIPS
Series 293, Class 1, PO, 12/25/2024		25		24
Series 314, Class 1, PO, 7/25/2031		57		51
GNMA
Series 2002-44, Class JC, 6.00%, 7/20/2032		36		38
Series 2002-79, Class KL, 5.50%, 11/20/2032		357		377
Series 2003-10, Class KJ, 5.50%, 2/20/2033		96		104
Series 2003-29, Class PD, 5.50%, 4/16/2033		349		375
Series 2003-33, Class NE, 5.50%, 4/16/2033		211		224
Series 2003-65, Class AP, 5.50%, 8/20/2033		130		142
Series 2003-77, Class TK, 5.00%, 9/16/2033		467		492
Series 2004-16, Class GC, 5.50%, 2/20/2034		1,349		1,484
Series 2004-54, Class BG, 5.50%, 7/20/2034		29		32
Series 2004-93, Class PD, 5.00%, 11/16/2034		856		929

SEE NOTES TO FINANCIAL STATEMENTS.

216 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-101, Class BE, 5.00%, 11/20/2034		710		768
Series 2005-11, Class PL, 5.00%, 2/20/2035		327		354
Series 2005-26, Class XY, 5.50%, 3/20/2035		1,231		1,355
Series 2005-33, Class AY, 5.50%, 4/16/2035		314		340
Series 2005-49, Class B, 5.50%, 6/20/2035		107		118
Series 2005-51, Class DC, 5.00%, 7/20/2035		265		286
Series 2005-56, Class BD, 5.00%, 7/20/2035		41		44
Series 2006-7, Class ND, 5.50%, 8/20/2035		40		44
Series 2007-37, Class LB, 5.50%, 6/16/2037		295		323
Series 2008-58, Class PD, 5.50%, 8/16/2037		133		134
Series 2007-79, Class BL, 5.75%, 8/20/2037		222		242
Series 2009-106, Class ST, IF, IO, 3.52%, 2/20/2038 (f)		206		28
Series 2008-7, Class PQ, 5.00%, 2/20/2038		450		492
Series 2008-9, Class PW, 5.25%, 2/20/2038		695		756
Series 2008-23, Class YA, 5.25%, 3/20/2038		160		175
Series 2008-35, Class NF, 5.00%, 4/20/2038		160		171
Series 2008-34, Class PG, 5.25%, 4/20/2038		189		203
Series 2008-33, Class PB, 5.50%, 4/20/2038		591		642
Series 2008-38, Class BG, 5.00%, 5/16/2038		910		990
Series 2008-43, Class NB, 5.50%, 5/20/2038		257		283
Series 2010-7, Class EA, 5.00%, 6/16/2038		126		129
Series 2008-56, Class PX, 5.50%, 6/20/2038		507		554
Series 2008-58, Class PE, 5.50%, 7/16/2038		1,247		1,387
Series 2008-62, Class SA, IF, IO, 3.67%, 7/20/2038 (f)		4		—	(g)
Series 2008-76, Class US, IF, IO, 3.42%, 9/20/2038 (f)		115		14
Series 2011-97, Class WA, 6.13%, 11/20/2038 (f)		1,301		1,446
Series 2008-95, Class DS, IF, IO, 4.82%, 12/20/2038 (f)		108		14
Series 2009-15, Class NA, 5.00%, 12/20/2038		9		9
Series 2009-14, Class AG, 4.50%, 3/20/2039		182		191
Series 2009-72, Class SM, IF, IO, 3.77%, 8/16/2039 (f)		270		34
Series 2009-61, Class AP, 4.00%, 8/20/2039		25		25
Series 2010-130, Class BD, 4.00%, 12/20/2039		360		364
Series 2010-157, Class OP, PO, 12/20/2040		235		192
Series 2014-H11, Class VA, 3.01%, 6/20/2064 (f)		1,649		1,651
Series 2015-H20, Class FA, 2.98%, 8/20/2065 (f)		2,278		2,278
Series 2015-H26, Class FG, 3.03%, 10/20/2065 (f)		1,644		1,648

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		167			171
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.62%, 11/25/2033 (f)		388			398
Series 2007-A1, Class 5A5, 4.69%, 7/25/2035 (f)		80			83
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (f)		95			98
MASTR Alternative Loan Trust Series 2004-5, Class 5A1, 4.75%, 6/25/2019		—	(g)		—	(g)
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		79			80
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 3.13%, 10/25/2028 (f)		164			162
Series 2004-B, Class A1, 2.99%, 5/25/2029 (f)		227			222
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.63%, 4/25/2034 (f)		47			50
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		17			17
Prime Mortgage Trust Series 2004-2, Class A2, 4.75%, 11/25/2019		1			1
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		1			1
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		880			885
Sequoia Mortgage Trust Series 2004-11, Class A1, 3.08%, 12/20/2034 (f)		374			367
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 3.18%, 1/19/2034 (f)		171			166
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 4.07%, 12/25/2044 (f)		325			326
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		783			840
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 4.31%, 10/25/2033 (f)		171			173
Wells Fargo Mortgage-Backed Securities Trust Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (f)		454			466
Total Collateralized Mortgage Obligations (Cost $123,320)					122,661

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 217

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — 10.7%
FHLMC Gold Pools, 15 Year, Single Family Pool # G13603, 5.50%, 2/1/2024		12			12
FHLMC Gold Pools, 20 Year, Single Family Pool # C91030, 5.50%, 5/1/2027		82			87
FHLMC Gold Pools, 30 Year, Single Family
Pool # A15232, 5.00%, 10/1/2033		183			196
Pool # A57681, 6.00%, 12/1/2036		2			2
Pool # G06493, 4.50%, 5/1/2041		1,110			1,167
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042		1,274			1,280
FNMA Pool # AM2292, ARM, 2.85%, 1/1/2023 (f)		1,575			1,575
FNMA, 15 Year, Single Family
Pool # 735208, 6.00%, 10/1/2019		—	(g)		—	(g)
Pool # 995381, 6.00%, 1/1/2024		5			5
FNMA, 20 Year, Single Family Pool # MA1138, 3.50%, 8/1/2032		994			1,010
FNMA, 30 Year, Single Family
Pool # AL0045, 6.00%, 12/1/2032		380			418
Pool # 735503, 6.00%, 4/1/2035		94			104
Pool # 888460, 6.50%, 10/1/2036		564			644
Pool # 888890, 6.50%, 10/1/2037		14			16
Pool # 949320, 7.00%, 10/1/2037		45			47
Pool # 995149, 6.50%, 10/1/2038		33			38
Pool # 994410, 7.00%, 11/1/2038		292			345
Pool # AD9151, 5.00%, 8/1/2040		706			756
Pool # AE0681, 4.50%, 12/1/2040		1,336			1,404
Pool # BM3500, 4.00%, 9/1/2047		2,392			2,458
Pool # BM3499, 4.00%, 12/1/2047		2,625			2,698
Pool # BE8354, 4.00%, 3/1/2048		2,319			2,369
FNMA, Other
Pool # AM0081, 1.94%, 7/1/2019		1,826			1,820
Pool # AD0851, 4.37%, 2/1/2020		309			313
Pool # AM3370, 1.74%, 5/1/2020		2,269			2,248
Pool # AM3498, 2.01%, 6/1/2020		4,800			4,749
Pool # AM3165, 3.05%, 10/1/2020		1,837			1,839
Pool # 465973, 3.59%, 10/1/2020		1,043			1,051
Pool # 465721, 4.04%, 10/1/2020		1,000			1,019
Pool # 466430, 3.37%, 11/1/2020		1,416			1,429
Pool # 467757, 4.33%, 4/1/2021		1,767			1,810
Pool # 468066, 4.30%, 6/1/2021		3,114			3,202
Pool # 468614, 3.86%, 7/1/2021		1,136			1,163
Pool # 468159, 4.26%, 7/1/2021		963			993
Pool # AM6602, 2.63%, 9/1/2021		1,310			1,301
Pool # 469384, 3.11%, 10/1/2021		1,280			1,292
Pool # 469873, 3.03%, 12/1/2021		1,209			1,218
Pool # AM7739, 2.40%, 1/1/2022		1,476			1,456
Pool # AL2044, 3.82%, 5/1/2022		1,690			1,730

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 471513, 2.90%, 6/1/2022		1,044		1,048
Pool # 471881, 2.67%, 7/1/2022		2,000		1,991
Pool # 471828, 2.65%, 8/1/2022		2,000		1,989
Pool # AM1804, 2.19%, 12/1/2022		875		859
Pool # AM1619, 2.34%, 12/1/2022		2,412		2,375
Pool # AM2285, 2.41%, 1/1/2023		3,554		3,515
Pool # AM2697, 2.53%, 3/1/2023		1,956		1,942
Pool # AL3594, 2.71%, 4/1/2023		2,373		2,360
Pool # AM3301, 2.35%, 5/1/2023		2,250		2,218
Pool # AM3244, 2.52%, 5/1/2023		3,000		2,966
Pool # AM3432, 2.40%, 7/1/2023		3,063		3,024
Pool # AM4628, 3.69%, 11/1/2023		1,146		1,184
Pool # AM4716, 3.38%, 12/1/2023		1,473		1,504
Pool # AM8674, 2.81%, 4/1/2025		2,200		2,177
Pool # AM8846, 2.68%, 5/1/2025		1,964		1,933
Pool # AN0029, 3.10%, 9/1/2025		2,485		2,509
Pool # AN1413, 2.49%, 5/1/2026		850		823
Pool # AN1497, 2.61%, 6/1/2026		860		834
Pool # AN1243, 2.64%, 6/1/2026		1,600		1,555
Pool # AN1247, 2.64%, 6/1/2026		1,576		1,532
Pool # AN3076, 2.46%, 10/1/2026		1,700		1,630
Pool # BL1211, 4.01%, 2/1/2027		602		637
Pool # AM8529, 3.03%, 4/1/2027		2,400		2,383
Pool # AN6732, 2.83%, 5/1/2027		1,200		1,166
Pool # AN6733, 2.83%, 5/1/2027		1,200		1,166
Pool # AN7338, 3.06%, 11/1/2027		1,000		988
Pool # AN7943, 3.10%, 1/1/2028		2,500		2,475
Pool # AN9486, 3.57%, 6/1/2028		3,716		3,805
Pool # AN2069, 2.35%, 8/1/2028		1,440		1,348
Pool # AN2466, 2.57%, 8/1/2028		2,400		2,275
Pool # AM4410, 4.25%, 10/1/2028		1,660		1,789
Pool # BL0907, 3.88%, 12/1/2028		700		733
Pool # AN6158, 2.99%, 7/1/2029		500		486
Pool # AN6099, 3.04%, 7/1/2029		500		488
Pool # AN5998, 3.06%, 7/1/2029		487		480
Pool # BM4162, 3.20%, 10/1/2029		498		491
Pool # 109707, 3.80%, 9/1/2033		874		898
Pool # MA1125, 4.00%, 7/1/2042		2,176		2,233
Pool # MA1437, 3.50%, 5/1/2043		2,244		2,258
Pool # MA1463, 3.50%, 6/1/2043		2,028		2,041
GNMA II, 30 Year, Single Family
Pool # 4245, 6.00%, 9/20/2038		170		186
Pool # BA7567, 4.50%, 5/20/2048		3,911		4,093
Pool # BI0416, 4.50%, 11/20/2048		398		417
Total Mortgage-Backed Securities (Cost $119,069)				118,068

SEE NOTES TO FINANCIAL STATEMENTS.

218 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 10.4%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (b) (f)		1,162		1,152
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		1,400		1,400
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		101		101
Series KJ08, Class A2, 2.36%, 8/25/2022		399		393
Series KJ18, Class A2, 3.07%, 8/25/2022		1,208		1,218
Series KF12, Class A, 3.21%, 9/25/2022 (f)		327		328
Series KSMC, Class A2, 2.62%, 1/25/2023		5,000		4,952
Series KJ11, Class A2, 2.93%, 1/25/2023		1,692		1,703
Series K029, Class A2, 3.32%, 2/25/2023 (f)		2,045		2,083
Series K037, Class A2, 3.49%, 1/25/2024		4,000		4,095
Series K038, Class A2, 3.39%, 3/25/2024		1,000		1,022
Series K727, Class AM, 3.04%, 7/25/2024		1,400		1,403
Series J22F, Class A2, 4.09%, 9/25/2024		356		373
Series K729, Class A2, 3.14%, 10/25/2024		1,219		1,228
Series K046, Class A2, 3.21%, 3/25/2025		2,503		2,531
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (f)		2,000		2,041
Series KPLB, Class A, 2.77%, 5/25/2025		1,750		1,720
Series K048, Class A2, 3.28%, 6/25/2025 (f)		2,000		2,032
Series K049, Class A2, 3.01%, 7/25/2025		469		468
Series K060, Class A2, 3.30%, 10/25/2026		2,000		2,022
Series K066, Class A2, 3.12%, 6/25/2027		1,362		1,355
Series K067, Class A2, 3.19%, 7/25/2027		1,686		1,684
Series K069, Class A2, 3.19%, 9/25/2027 (f)		3,500		3,495
Series K070, Class A2, 3.30%, 11/25/2027 (f)		910		915
Series K072, Class A2, 3.44%, 12/25/2027		473		481
Series K073, Class A2, 3.35%, 1/25/2028		2,759		2,781
Series K077, Class A2, 3.85%, 5/25/2028 (f)		1,690		1,768
Series K078, Class A2, 3.85%, 6/25/2028		1,541		1,612
Series K079, Class A2, 3.93%, 6/25/2028		3,600		3,794
Series K083, Class A2, 4.05%, 9/25/2028 (f)		594		631
Series K081, Class A1, 3.88%, 9/25/2051		1,304		1,357
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,635		1,601
Series 2013-M13, Class A2, 2.63%, 4/25/2023 (f)		2,566		2,535
Series 2014-M1, Class A2, 3.21%, 7/25/2023 (f)		3,225		3,274
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)		3,035		3,112

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (f)		3,100		3,169
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (f)		4,756		4,782
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (f)		1,973		1,981
Series 2015-M1, Class A2, 2.53%, 9/25/2024		4,631		4,530
Series 2015-M3, Class A2, 2.72%, 10/25/2024		4,500		4,442
Series 2016-M6, Class A2, 2.49%, 5/25/2026		800		767
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)		1,400		1,387
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)		1,500		1,481
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (f)		1,345		1,333
Series 2017-M13, Class A2, 2.94%, 9/25/2027 (f)		472		462
Series 2018-M2, Class A2, 2.90%, 1/25/2028 (f)		3,400		3,315
Series 2018-M4, Class A2, 3.04%, 3/25/2028 (f)		2,415		2,376
Series 2018-M9, Class APT2, 3.12%, 4/25/2028 (f)		3,600		3,554
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (f)		400		410
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (f)		3,500		3,437
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (f)		1,384		1,355
Series 2018-M13, Class A1, 3.70%, 3/25/2030 (f)		748		783
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.68%, 1/25/2048 (b) (f)		1,500		1,470
Series 2016-K722, Class B, 3.84%, 7/25/2049 (b) (f)		735		733
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.78%, 12/12/2049 ‡ (b) (f)		550		—	(g)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		1,867		1,884
Morgan Stanley Capital I Trust
Series 2007-HQ11, Class X, IO, 0.33%, 2/12/2044 ‡ (b) (f)		563		—	(g)
Series 2011-C3, Class A3, 4.05%, 7/15/2049		412		413
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		866		874

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 219

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		1,486		1,493
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,040		1,053
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		2,750		2,783
WFRBS Commercial Mortgage Trust Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,800		1,818
Total Commercial Mortgage-Backed Securities (Cost $114,579)				114,745
Asset-Backed Securities — 8.3%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		488		491
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		209		200
Ally Auto Receivables Trust
Series 2016-2, Class A3, 1.35%, 5/15/2020		16		16
Series 2017-2, Class A3, 1.78%, 8/16/2021		499		497
Series 2017-3, Class A3, 1.74%, 9/15/2021		564		560
Series 2018-1, Class A3, 2.35%, 6/15/2022		856		853
Series 2018-2, Class A3, 2.92%, 11/15/2022		1,826		1,830
Series 2019-1, Class A3, 2.91%, 9/15/2023		522		523
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		43		44
Series 2013-2, Class A, 4.95%, 1/15/2023		527		542
Series 2016-2, Class A, 3.65%, 6/15/2028		113		109
Series 2016-3, Class AA, 3.00%, 10/15/2028		188		178
Series 2017-1, Class AA, 3.65%, 2/15/2029		254		249
American Credit Acceptance Receivables Trust
Series 2018-1, Class A, 2.72%, 3/10/2021 (b)		172		172
Series 2018-3, Class B, 3.49%, 6/13/2022 (b)		364		365
American Express Credit Account Master Trust
Series 2017-1, Class A, 1.93%, 9/15/2022		600		595
Series 2019-1, Class A, 2.87%, 10/15/2024		1,120		1,122
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class A3, 1.87%, 8/18/2021		86		86
Series 2017-2, Class A3, 1.98%, 12/20/2021		217		216
Series 2017-3, Class A3, 1.90%, 3/18/2022		292		290
Series 2017-4, Class A3, 2.04%, 7/18/2022		217		215
Series 2018-1, Class A3, 3.07%, 12/19/2022		1,194		1,198
Series 2018-2, Class A3, 3.15%, 3/20/2023		1,158		1,162
Series 2018-3, Class A3, 3.38%, 7/18/2023		1,000		1,010
Ascentium Equipment Receivables Trust Series 2017-1A, Class A3, 2.29%, 6/10/2021 (b)		193		192

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021 (b)		222		222
B2R Mortgage Trust Series 2015-1, Class A1, 2.52%, 5/15/2048 (b)		156		155
BMW Vehicle Lease Trust
Series 2016-2, Class A3, 1.43%, 9/20/2019		4		4
Series 2017-1, Class A3, 1.98%, 5/20/2020		244		244
Series 2017-2, Class A3, 2.07%, 10/20/2020		260		259
Series 2018-1, Class A3, 3.26%, 7/20/2021		175		176
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		1,088		1,089
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		463		459
CarMax Auto Owner Trust
Series 2016-1, Class A3, 1.61%, 11/16/2020		88		88
Series 2016-2, Class A3, 1.52%, 2/16/2021		256		255
Series 2016-4, Class A3, 1.40%, 8/15/2021		365		362
Series 2017-1, Class A3, 1.98%, 11/15/2021		1,184		1,177
Series 2017-3, Class A3, 1.97%, 4/15/2022		425		422
Series 2017-4, Class A3, 2.11%, 10/17/2022		182		180
Series 2018-1, Class A3, 2.48%, 11/15/2022		511		508
Series 2018-2, Class A3, 2.98%, 1/17/2023		1,132		1,136
Series 2018-3, Class A3, 3.13%, 6/15/2023		1,948		1,961
Series 2018-4, Class A3, 3.36%, 9/15/2023		277		281
Series 2019-1, Class A3, 3.05%, 3/15/2024		800		803
Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		1,120		1,113
CNH Equipment Trust
Series 2017-A, Class A3, 2.07%, 5/16/2022		411		408
Series 2017-B, Class A3, 1.86%, 9/15/2022		375		372
Series 2017-C, Class A3, 2.08%, 2/15/2023		267		264
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		274		286
CPS Auto Receivables Trust
Series 2017-C, Class B, 2.30%, 7/15/2021 (b)		479		478
Series 2018-D, Class A, 3.06%, 1/17/2022 (b)		493		492
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021 (b)		583		582
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026 (b)		308		306
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		538		536

SEE NOTES TO FINANCIAL STATEMENTS.

220 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-2A, Class A, 3.47%, 5/17/2027 (b)		1,295		1,299
Dell Equipment Finance Trust Series 2017-1, Class A3, 2.14%, 4/22/2022 (b)		124		124
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		38		38
Series 2010-2, Class A, 4.95%, 5/23/2019		7		7
Series 2012-1, Class A, 4.75%, 5/7/2020		227		230
Drive Auto Receivables Trust
Series 2017-3, Class B, 2.30%, 5/17/2021		69		69
Series 2018-3, Class A3, 3.01%, 11/15/2021		885		886
Series 2018-5, Class A3, 3.34%, 10/15/2022		700		703
Series 2019-1, Class A3, 3.18%, 10/17/2022		835		836
Series 2018-4, Class B, 3.36%, 10/17/2022		1,155		1,157
Series 2018-2, Class C, 3.63%, 8/15/2024		1,200		1,207
DT Auto Owner Trust
Series 2017-3A, Class B, 2.40%, 5/17/2021 (b)		171		171
Series 2018-1A, Class A, 2.59%, 5/17/2021 (b)		349		349
Series 2018-2A, Class A, 2.84%, 9/15/2021 (b)		879		878
Series 2018-3A, Class A, 3.02%, 2/15/2022 (b)		808		808
Series 2019-1A, Class A, 3.08%, 9/15/2022 (b)		765		765
Exeter Automobile Receivables Trust
Series 2018-1A, Class A, 2.21%, 5/17/2021 (b)		124		124
Series 2018-3A, Class A, 2.90%, 1/18/2022 (b)		760		760
First Investors Auto Owner Trust
Series 2017-2A, Class A2, 2.27%, 7/15/2022 (b)		349		347
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (b)		568		570
Flagship Credit Auto Trust
Series 2017-3, Class A, 1.88%, 10/15/2021 (b)		322		321
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		1,262		1,262
Series 2018-3, Class A, 3.07%, 2/15/2023 (b)		684		685
Series 2017-2, Class B, 2.57%, 4/15/2023 (b)		285		283
Ford Credit Auto Lease Trust
Series 2017-A, Class A3, 1.88%, 4/15/2020		260		260
Series 2017-B, Class A3, 2.03%, 12/15/2020		229		228

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-B, Class A4, 3.30%, 2/15/2022		819		823
Series 2019-A, Class A3, 2.90%, 5/15/2022		1,005		1,005
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		92		92
Series 2017-A, Class A3, 1.67%, 6/15/2021		596		593
Series 2018-B, Class A4, 3.38%, 3/15/2024		340		345
GM Financial Automobile Leasing Trust
Series 2017-1, Class A3, 2.06%, 5/20/2020		349		349
Series 2017-3, Class A3, 2.01%, 11/20/2020		138		137
Series 2018-2, Class A3, 3.06%, 6/21/2021		1,016		1,018
Series 2018-3, Class A3, 3.18%, 6/21/2021		1,067		1,072
Series 2018-1, Class A4, 2.68%, 12/20/2021		757		754
Series 2019-1, Class A3, 2.98%, 12/20/2021		800		801
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021 (b)		355		353
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class A3, 2.32%, 7/18/2022		216		215
Series 2018-2, Class A3, 2.81%, 12/16/2022		1,140		1,140
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (b) (d)		63		64
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		393		400
Honda Auto Receivables Owner Trust
Series 2016-1, Class A3, 1.22%, 12/18/2019		16		16
Series 2016-3, Class A3, 1.16%, 5/18/2020		93		92
Series 2017-3, Class A3, 1.79%, 9/20/2021		270		268
Series 2018-2, Class A3, 3.01%, 5/18/2022		1,105		1,110
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022 (b)		1,275		1,280
Series 2019-A, Class A3, 2.98%, 7/15/2022 (b)		1,185		1,184
Hyundai Auto Receivables Trust
Series 2017-A, Class A3, 1.76%, 8/16/2021		518		514
Series 2017-B, Class A3, 1.77%, 1/18/2022		640		634
Series 2018-A, Class A3, 2.79%, 7/15/2022		843		843
Series 2018-B, Class A3, 3.20%, 12/15/2022		655		659
John Deere Owner Trust
Series 2017-B, Class A3, 1.82%, 10/15/2021		226		224
Series 2018-B, Class A3, 3.08%, 11/15/2022		1,492		1,499
Mercedes-Benz Auto Lease Trust
Series 2018-A, Class A3, 2.41%, 2/16/2021		429		428
Series 2018-B, Class A3, 3.21%, 9/15/2021		585		588
Series 2019-A, Class A3, 3.10%, 11/15/2021		255		256

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 221

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A3, 1.26%, 2/16/2021		147		146
NextGear Floorplan Master Owner Trust Series 2017-1A, Class A2, 2.54%, 4/18/2022 (b)		416		414
Nissan Auto Lease Trust
Series 2017-A, Class A3, 1.91%, 4/15/2020		379		379
Series 2017-B, Class A3, 2.05%, 9/15/2020		473		471
Nissan Auto Receivables Owner Trust
Series 2015-C, Class A3, 1.37%, 5/15/2020		103		102
Series 2016-B, Class A3, 1.32%, 1/15/2021		131		130
Series 2017-C, Class A3, 2.12%, 4/18/2022		296		294
Series 2018-C, Class A3, 3.22%, 6/15/2023		980		988
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (b)		1,606		1,617
OneMain Financial Issuance Trust Series 2015-1A, Class A, 3.19%, 3/18/2026 (b)		133		133
Santander Drive Auto Receivables Trust
Series 2018-1, Class A3, 2.32%, 8/16/2021		518		517
Series 2018-3, Class A3, 3.03%, 2/15/2022		527		528
Series 2018-4, Class A3, 3.01%, 3/15/2022		391		391
Series 2019-1, Class A3, 3.00%, 12/15/2022		380		380
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021 (b)		1,198		1,198
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.64%, 6/25/2033 (d)		44		45
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		135		135
SoFi Professional Loan Program LLC Series 2017-B, Class A1FX, 1.83%, 5/25/2040 (b)		45		45
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		146		141
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,630
Tesla Auto Lease Trust Series 2018-B, Class A, 3.71%, 8/20/2021 (b)		1,017		1,027
Toyota Auto Receivables Owner Trust
Series 2016-A, Class A3, 1.25%, 3/16/2020		62		62
Series 2016-B, Class A3, 1.30%, 4/15/2020		59		59
Series 2016-D, Class A3, 1.23%, 10/15/2020		317		315
Series 2017-A, Class A3, 1.73%, 2/16/2021		163		162
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,289		1,238
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,326		1,246

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-1, Class AA, 3.50%, 3/1/2030		806		784
Series 2018-1, Class A, 3.70%, 3/1/2030		761		737
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		1,040		1,048
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (b) (d)		730		731
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (b) (d)		1,093		1,093
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (b) (d)		891		892
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (b) (d)		821		821
VOLT LXXIV LLC Series 2018-NP10, Class A1A, 4.58%, 11/25/2048 ‡ (b) (d)		676		679
Westlake Automobile Receivables Trust
Series 2017-2A, Class A2A, 1.80%, 7/15/2020 (b)		53		53
Series 2018-1A, Class A2A, 2.24%, 12/15/2020 (b)		418		418
World Financial Network Credit Card Master Trust
Series 2017-A, Class A, 2.12%, 3/15/2024		746		738
Series 2018-A, Class A, 3.07%, 12/16/2024		2,677		2,682
Series 2018-B, Class A, 3.46%, 7/15/2025		1,564		1,583
World Omni Auto Receivables Trust
Series 2015-B, Class A3, 1.49%, 12/15/2020		118		118
Series 2017-B, Class A3, 1.95%, 2/15/2023		327		323
Series 2018-C, Class A3, 3.13%, 11/15/2023		2,085		2,100
World Omni Automobile Lease Securitization Trust
Series 2017-A, Class A3, 2.13%, 4/15/2020		500		499
Series 2018-A, Class A3, 2.83%, 7/15/2021		890		890
Series 2018-B, Class A3, 3.19%, 12/15/2021		894		897
Total Asset-Backed Securities (Cost $92,278)				92,335
U.S. Government Agency Securities — 4.3%
FNMA
2.63%, 9/6/2024		21,959		21,941
2.13%, 4/24/2026		11,335		10,815
1.88%, 9/24/2026		15,000		13,998
Resolution Funding Corp. STRIPS 1.78%, 7/15/2020 (h)		800		772
Total U.S. Government Agency Securities (Cost $47,424)				47,526
Foreign Government Securities — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		300		378
Republic of Panama (Panama) 4.00%, 9/22/2024		347		357

SEE NOTES TO FINANCIAL STATEMENTS.

222 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
United Mexican States (Mexico)
3.63%, 3/15/2022		568		571
4.00%, 10/2/2023		694		700
3.60%, 1/30/2025		1,076		1,052
4.13%, 1/21/2026		332		332
Total Foreign Government Securities (Cost $3,399)				3,390
	Shares (000)
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (i) (j) (k) (Cost $22,091)		22,087		22,094
Total Investments — 100.2% (Cost $1,107,326)				1,106,720
Liabilities in Excess of Other Assets — (0.2%)				(2,591	)
NET ASSETS — 100.0%				1,104,129

Percentages indicated are based on net assets.

Abbreviations

ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
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, 2019. 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.
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.
REMIC	Real Estate Mortgage Investment Conduit

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.
USD	United States Dollar
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(e)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(f)	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, 2019.
(g)	Amount rounds to less than one thousand.
(h)	The rate shown is the effective yield as of February 28, 2019.
(i)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	Approximately $6,269,000 of this investment is restricted as collateral for swaps to various brokers.
(k)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 223

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

Futures contracts outstanding as of February 28, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		751			06/2019		USD		159,353			(154	)
												(154	)
Short Contracts
U.S. Treasury 10 Year Note		(369	)		06/2019		USD		(45,001	)		86
												86
												(68	)

Abbreviations

USD United States Dollar

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of February 28, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

CPI-U at termination

2.11% at termination

Receive

Citibank, NA

3/6/2020

USD

8,000

(52

)

CPI-U at termination

2.13% at termination

Receive

Union Bank of Switzerland AG

3/2/2020

USD

44,292

(289

)

CPI-U at termination

2.14% at termination

Receive

Barclays Bank plc

3/2/2020

USD

18,000

(119

)

CPI-U at termination

2.14% at termination

Receive

Citibank, NA

3/2/2020

USD

11,300

(76

)

CPI-U at termination

2.18% at termination

Receive

Barclays Bank plc

10/16/2027

USD

24,000

(118

)

CPI-U at termination

2.31% at termination

Receive

Barclays Bank plc

3/9/2026

USD

30,000

(667

)

CPI-U at termination

2.31% at termination

Receive

Deutsche Bank AG

3/9/2026

USD

10,000

(223

)

CPI-U at termination

2.32% at termination

Receive

Bank of America NA

7/31/2024

USD

8,200

(188

)

CPI-U at termination

2.32% at termination

Receive

Credit Suisse International

7/15/2020

USD

50,000

(2,838

)

CPI-U at termination

2.33% at termination

Receive

Royal Bank of Scotland

8/9/2024

USD

35,000

(810

)

CPI-U at termination

2.34% at termination

Receive

Bank of America NA

2/6/2028

USD

25,000

(629

)

CPI-U at termination

2.34% at termination

Receive

Barclays Bank plc

8/20/2028

USD

4,000

(102

)

CPI-U at termination

2.36% at termination

Receive

Bank of America NA

1/15/2027

USD

21,000

(586

)

CPI-U at termination

2.46% at termination

Receive

Citibank, NA

5/21/2024

USD

13,000

(998

)

CPI-U at termination

2.48% at termination

Receive

Deutsche Bank AG

2/21/2024

USD

10,000

(779

)

CPI-U at termination

2.48% at termination

Receive

Royal Bank of Scotland

3/17/2024

USD

2,000

(155

)

CPI-U at termination

2.50% at termination

Receive

Morgan Stanley

2/4/2024

USD

15,000

(1,205

)

(9,834

)

(9,834

)

SEE NOTES TO FINANCIAL STATEMENTS.

224 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Centrally Cleared Inflation-linked swap contracts outstanding as of February 28, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	1.11% at termination		Receive		1/14/2020	USD	66,093		127
CPI-U at termination	1.22% at termination		Receive		1/15/2020	USD	64,585		58
CPI-U at termination	1.81% at termination		Receive		1/8/2024	USD	13,500		56
CPI-U at termination	1.82% at termination		Receive		1/8/2024	USD	25,000		97
CPI-U at termination	1.89% at termination		Receive		1/10/2024	USD	31,500		20
CPI-U at termination	1.89% at termination		Receive		1/10/2024	USD	107,000		49
CPI-U at termination	1.95% at termination		Receive		1/7/2029	USD	40,000		545
									952
CPI-U at termination	1.93% at termination		Receive		1/11/2024	USD	58,300		(78	)
CPI-U at termination	2.05% at termination		Receive		12/11/2023	USD	37,600		(244	)
CPI-U at termination	2.25% at termination		Receive		10/26/2025	USD	11,000		(188	)
CPI-U at termination	2.26% at termination		Receive		10/23/2023	USD	15,000		(253	)
CPI-U at termination	2.26% at termination		Receive		10/25/2025	USD	8,930		(157	)
CPI-U at termination	2.31% at termination		Receive		10/12/2023	USD	37,000		(732	)
CPI-U at termination	2.34% at termination		Receive		9/4/2026	USD	20,000		(520	)
									(2,172	)
									(1,220	)

Centrally Cleared Interest rate swap contracts outstanding as of February 28, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
3 month LIBOR quarterly	2.57% semi-annually		Receive		3/15/2021		USD 171,856		—		76
									—		76

(a) Value of floating rate index at February 28, 2019 was as follows:

FLOATING RATE INDEX	VALUE
CPI-U	2.53%
3 month LIBOR	2.62%

There are no upfront payments (receipts) on the swap contracts listed above.

Abbreviations

CPI-U	Consumer Price Index for All Urban Consumers
LIBOR	London Interbank Offered Rate
USD	United States Dollar

Summary of total swap contracts outstanding as of February 28, 2019 (amounts in thousands):

	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Liabilities
OTC Inflation linked swaps outstanding		—		(9,834	)
Total OTC swap contracts outstanding		—		(9,834	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 225

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — 41.2%
Alternative Loan Trust
Series 2004-J4, Class 1A6, 5.40%, 6/25/2034 (a)		4			4
Series 2004-33, Class 3A3, 4.28%, 12/25/2034 (b)		326			324
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (c)		4,527			4,522
Banc of America Funding Trust
Series 2005-E, Class 5A1, 4.19%, 5/20/2035 (b)		40			40
Series 2006-1, Class 2A1, 5.50%, 1/25/2036		250			243
Banc of America Mortgage Trust
Series 2004-D, Class 2A2, 4.19%, 5/25/2034 (b)		330			333
Series 2005-A, Class 3A1, 5.00%, 2/25/2035 (b)		16			16
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 3.49%, 11/25/2034 ‡ (b)		338			79
CHL Mortgage Pass-Through Trust
Series 2004-HYB8, Class 1A1, 3.18%, 1/20/2035 (b)		51			48
Series 2005-1, Class 1A2, 3.02%, 3/25/2035 (b) (d)		47			4
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-5, Class 1A1, 5.00%, 7/25/2020		48			48
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		585			597
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 4.64%, 10/25/2033 (b)		546			543
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.35%, 2/25/2020 (b)		111			111
FHLMC — GNMA Series 1, Class S, IF, IO, 6.47%, 10/25/2022 (b)		35			1
FHLMC REMIC
Series 1071, Class F, 3.44%, 4/15/2021 (b)		—	(e)		—	(e)
Series 3952, Class MA, 3.00%, 11/15/2021		672			674
Series 1343, Class LA, 8.00%, 8/15/2022		5			5
Series 1370, Class JA, 3.64%, 9/15/2022 (b)		4			4
Series 1379, Class W, 2.53%, 10/15/2022 (b)		4			4
Series 1508, Class KA, 1.66%, 5/15/2023 (b)		1			1

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1689, Class M, PO, 3/15/2024		68		64
Series 2033, Class PR, PO, 3/15/2024		36		34
Series 1771, Class PK, 8.00%, 2/15/2025		40		44
Series 1981, Class Z, 6.00%, 5/15/2027		12		12
Series 1974, Class ZA, 7.00%, 7/15/2027		66		72
Series 2338, Class FN, 2.99%, 8/15/2028 (b)		22		22
Series 3737, Class DG, 5.00%, 10/15/2030		777		810
Series 2261, Class ZY, 7.50%, 10/15/2030		1		1
Series 2477, Class FZ, 3.04%, 6/15/2031 (b)		8		8
Series 2416, Class SA, IF, 10.80%, 2/15/2032 (b)		46		55
Series 2416, Class SH, IF, 11.04%, 2/17/2032 (b)		32		37
Series 4120, Class KI, IO, 3.00%, 10/15/2032		2,887		246
Series 4150, Class GE, 2.00%, 1/15/2033		10,559		10,241
Series 4206, Class DA, 2.00%, 5/15/2033		3,662		3,534
Series 3300, Class FA, 2.79%, 8/15/2035 (b)		297		296
Series 3085, Class VS, IF, 18.76%, 12/15/2035 (b)		254		374
Series 4867, Class WF, 2.89%, 4/15/2037 (b)		30,000		29,899
Series 4350, Class AF, 2.87%, 12/15/2037 (b)		6,958		6,895
Series 4350, Class FK, 2.87%, 6/15/2038 (b)		6,609		6,565
Series 4515, Class FA, 2.89%, 8/15/2038 (b)		3,844		3,835
Series 3841, Class JF, 2.89%, 10/15/2038 (b)		55		55
Series 4350, Class KF, 2.87%, 1/15/2039 (b)		816		804
Series 4111, Class FA, 2.84%, 8/15/2039 (b)		2,818		2,818
Series 3832, Class PL, 5.00%, 8/15/2039		739		752
Series 4448, Class TF, 2.84%, 5/15/2040 (b)		7,744		7,680
Series 4480, Class FM, 2.87%, 6/15/2040 (b)		6,871		6,859
Series 3860, Class FP, 2.89%, 6/15/2040 (b)		2,833		2,838
Series 4457, Class KF, 2.87%, 10/15/2040 (b)		14,003		13,988
Series 4363, Class FA, 2.89%, 9/15/2041 (b)		6,660		6,620

SEE NOTES TO FINANCIAL STATEMENTS.

226 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 4413, Class WF, 2.87%, 10/15/2041 (b)		5,494			5,445
Series 4559, Class AF, 3.02%, 3/15/2042 (b)		3,645			3,648
Series 4074, Class FE, 2.89%, 7/15/2042 (b)		5,063			5,067
Series 4150, Class F, 2.86%, 1/15/2043 (b)		9,971			9,930
Series 4161, Class YF, 2.86%, 2/15/2043 (b)		7,448			7,417
Series 4281, Class FB, 3.04%, 12/15/2043 (b)		7,630			7,678
Series 4606, Class FL, 2.99%, 12/15/2044 (b)		9,866			9,901
Series 4594, Class GN, 2.50%, 2/15/2045		4,072			4,007
FHLMC STRIPS Series 328, Class S4, IF, IO, 1.59%, 2/15/2038 (b)		10,966			672
FHLMC Structured Pass-Through Securities Certificates
Series T-51, Class 1APO, PO, 9/25/2042		55			48
Series T-54, Class 4A, 4.13%, 2/25/2043 (b)		2,080			2,060
First Horizon Alternative Mortgage Securities Trust Series 2005-FA10, Class 2A1, 5.25%, 12/25/2020		65			62
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.70%, 12/25/2034 (b)		324			334
Flagstar Mortgage Trust Series 2018-5, Class A2, 4.00%, 9/25/2048 (b) (c)		3,308			3,308
FNMA Grantor Trust
Series 2002-T6, Class A4, 4.66%, 3/25/2041 (b)		854			873
Series 2001-T8, Class A1, 7.50%, 7/25/2041		292			331
FNMA REMIC
Series 1989-77, Class J, 8.75%, 11/25/2019		—	(e)		—	(e)
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(e)		—	(e)
Series 1990-64, Class Z, 10.00%, 6/25/2020		4			4
Series 1990-145, Class A, 3.27%, 12/25/2020 (b)		2			1
Series 1991-142, Class PL, 8.00%, 10/25/2021		20			21
Series 1991-156, Class F, 3.79%, 11/25/2021 (b)		18			18
Series 1992-91, Class SQ, HB, IF, 7,020.12%, 5/25/2022 (b)		—	(e)		1

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1992-112, Class GB, 7.00%, 7/25/2022		33			35
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(e)		—	(e)
Series 1992-154, Class SA, IF, IO, 5.40%, 8/25/2022 (b)		1			—	(e)
Series 1992-200, Class FK, 2.36%, 11/25/2022 (b)		16			16
Series 1993-27, Class S, IF, 6.02%, 2/25/2023 (b)		17			18
Series 1993-146, Class E, PO, 5/25/2023		36			34
Series 1993-110, Class H, 6.50%, 5/25/2023		38			40
Series 1993-119, Class H, 6.50%, 7/25/2023		4			4
Series 1993-165, Class FH, 3.64%, 9/25/2023 (b)		18			18
Series 1993-179, Class FM, 2.31%, 10/25/2023 (b)		88			89
Series G94-9, Class PJ, 6.50%, 8/17/2024		259			274
Series 2012-114, Class VE, 3.50%, 10/25/2025		3,059			3,077
Series 2013-26, Class AV, 3.50%, 4/25/2026		3,422			3,438
Series 1997-74, Class E, 7.50%, 10/20/2027		21			24
Series 2001-9, Class F, 2.73%, 2/17/2031 (b)		101			101
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		51			11
Series 2013-15, Class DC, 2.00%, 3/25/2033		3,431			3,297
Series 2003-21, Class FK, 2.89%, 3/25/2033 (b)		17			17
Series 2013-43, Class YH, 2.50%, 5/25/2033		2,153			2,116
Series 2004-17, Class BF, 2.84%, 1/25/2034 (b)		452			453
Series 2006-3, Class SB, IF, IO, 4.21%, 7/25/2035 (b)		629			55
Series 2006-16, Class HZ, 5.50%, 3/25/2036		446			479
Series 2006-124, Class FC, 2.84%, 1/25/2037 (b)		1,628			1,622
Series 2012-38, Class PA, 2.00%, 9/25/2041		2,421			2,343
Series 2013-54, Class HF, 2.69%, 10/25/2041 (b)		6,196			6,197
Series 2012-93, Class ME, 2.50%, 1/25/2042		3,887			3,819

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 227

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2013-23, Class KJ, 2.25%, 5/25/2042		3,853		3,730
Series 2012-119, Class FB, 2.84%, 11/25/2042 (b)		8,934		8,887
Series 2012-139, Class JA, 3.50%, 12/25/2042		4,796		4,878
Series 2013-6, Class FL, 2.89%, 2/25/2043 (b)		1,761		1,758
Series 2014-49, Class AF, 2.84%, 8/25/2044 (b)		350		349
Series 2015-42, Class BF, 2.83%, 6/25/2045 (b)		9,096		9,047
Series 2016-25, Class LA, 3.00%, 7/25/2045		15,836		15,831
Series 2016-33, Class JA, 3.00%, 7/25/2045		5,702		5,687
Series 2015-91, Class AF, 2.89%, 12/25/2045 (b)		7,966		7,911
Series 2016-58, Class SA, IO, 1.47%, 8/25/2046 (b)		41,732		1,529
Series 2017-108, Class PA, 3.00%, 6/25/2047		4,498		4,489
Series 2017-104, Class LA, 3.00%, 11/25/2047		4,174		4,148
Series 2014-66, Class WF, 2.87%, 10/25/2054 (b)		3,988		3,973
FNMA REMIC Trust
Series 2003-W4, Class 5A, 4.29%, 10/25/2042 (b)		900		903
Series 2003-W15, Class 3A, 4.45%, 12/25/2042 (b)		1,092		1,149
Series 2003-W1, Class 2A, 5.89%, 12/25/2042 (b)		206		221
Series 2009-W1, Class A, 6.00%, 12/25/2049		460		510
FNMA Trust Series 2004-W2, Class 4A, 4.28%, 2/25/2044 (b)		337		345
FNMA, Connecticut Avenue Securities
Series 2014-C01, Class M1, 4.09%, 1/25/2024 ‡ (b)		287		287
Series 2014-C02, Class 1M1, 3.44%, 5/25/2024 ‡ (b)		492		493
Series 2017-C01, Class 1M1, 3.79%, 7/25/2029 (b)		1,829		1,836
GNMA
Series 2000-35, Class F, 3.03%, 12/16/2025 (b)		6		6
Series 2011-158, Class EB, 4.00%, 12/20/2026		2,358		2,425

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2010-166, Class GP, 3.00%, 4/20/2039		2,500		2,495
Series 2012-61, Class FM, 2.88%, 5/16/2042 (b)		5,485		5,493
Series 2012-H21, Class FA, 3.01%, 7/20/2062 (b)		2,788		2,790
Series 2013-H16, Class FA, 3.05%, 7/20/2063 (b)		13,852		13,875
Series 2014-H07, Class FC, 3.11%, 5/20/2064 (b)		14,782		14,860
Series 2014-H11, Class JA, 3.01%, 6/20/2064 (b)		4,597		4,603
Series 2014-H17, Class FM, 2.83%, 8/20/2064 (b)		12,386		12,392
Series 2015-H03, Class FD, 3.15%, 1/20/2065 (b)		6,925		6,970
Series 2015-H04, Class FL, 2.98%, 2/20/2065 (b)		13,404		13,405
Series 2015-H12, Class FJ, 2.94%, 5/20/2065 (b)		15,150		15,137
Series 2015-H14, Class FB, 2.94%, 5/20/2065 (b)		18,777		18,761
Series 2015-H12, Class FA, 2.99%, 5/20/2065 (b)		7,671		7,675
Series 2015-H19, Class FN, 2.95%, 7/20/2065 (b)		13,116		13,102
Series 2015-H23, Class TA, 2.98%, 9/20/2065 (b)		16,391		16,393
GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034		685		702
GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034		252		254
Impac CMB Trust
Series 2004-3, Class 3A, 3.13%, 3/25/2034 (b)		10		10
Series 2004-6, Class 1A2, 3.27%, 10/25/2034 (b)		174		169
Series 2005-5, Class A1, 3.13%, 8/25/2035 (b)		878		856
IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 4.15%, 3/25/2037 (b)		497		475
JP Morgan Mortgage Trust Series 2003-A1, Class 1A1, 4.18%, 10/25/2033 (b)		67		68
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (b)		171		176
Series 2004-13, Class 3A7B, 4.57%, 11/21/2034 (b)		582		592

SEE NOTES TO FINANCIAL STATEMENTS.

228 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 2.89%, 2/25/2033 (b)		69		63
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
Series 2002-TBC1, Class B1, 3.49%, 9/15/2030 ‡ (b)		61		60
Series 2002-TBC1, Class B2, 3.89%, 9/15/2030 ‡ (b)		31		30
Series 2001-TBC1, Class B1, 3.37%, 11/15/2031 ‡ (b)		230		226
Merrill Lynch Mortgage Investors Trust
Series 2004-D, Class A1, 3.15%, 9/25/2029 (b)		312		308
Series 2004-1, Class 2A3, 4.28%, 12/25/2034 (b)		216		216
Metlife Securitization Trust
Series 2017-1A, Class A, 3.00%, 4/25/2055 (b) (c)		2,020		1,982
Series 2018-1A, Class A, 3.75%, 3/25/2057 (b) (c)		5,256		5,270
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		1		1
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2003-HYB1, Class A4, 3.95%, 3/25/2033 (b)		169		166
Series 2003-HYB1, Class B1, 3.95%, 3/25/2033 ‡ (b)		109		75
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.63%, 4/25/2034 (b)		1,570		1,659
Series 2004-5AR, Class 3A3, 4.17%, 7/25/2034 (b)		190		176
Series 2004-5AR, Class 3A5, 4.17%, 7/25/2034 (b)		1,071		1,066
Series 2004-11AR, Class 1A2A, 2.80%, 1/25/2035 (b)		455		445
MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 3.34%, 8/15/2032 ‡ (b)		119		113
NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 2.94%, 2/25/2035 (b) (c)		980		872
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A3, Class A1, 5.50%, 8/25/2033 (a)		302		315
Series 2004-AR1, Class 5A1, 3.25%, 8/25/2034 (b)		7		7

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prime Mortgage Trust Series 2005-2, Class 2A1, 6.56%, 10/25/2032 (b)		424		433
RAIT Trust Series 2017-FL7, Class A, 3.44%, 6/15/2037 (b)		303		300
RALI Trust Series 2003-QS16, Class A1, 5.00%, 8/25/2018		13		13
RFMSI Trust
Series 2005-SA2, Class 2A2, 4.31%, 6/25/2035 (b)		1,611		1,538
Series 2006-SA4, Class 2A1, 5.33%, 11/25/2036 (b)		480		454
Sequoia Mortgage Trust
Series 11, Class A, 3.38%, 12/20/2032 (b)		29		28
Series 2003-3, Class A2, 3.58%, 7/20/2033 (b)		128		122
Series 2004-11, Class A2, 3.50%, 12/20/2034 (b)		958		926
Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 3.18%, 3/19/2034 (b)		76		75
Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 3.23%, 7/19/2032 (b)		549		463
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-24A, Class 2A, 4.53%, 7/25/2033 (b)		1,227		1,225
Series 2003-40A, Class 4A, 4.58%, 1/25/2034 (b)		581		574
Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 3.77%, 12/25/2044 (b)		2,428		2,401
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR3, Class A1, 3.97%, 6/25/2034 (b)		794		808
Series 2004-AR11, Class A, 4.17%, 10/25/2034 (b)		397		398
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-17, Class A1, 5.50%, 11/25/2021		31		31
Series 2007-3, Class 3A1, 5.50%, 4/25/2022		42		43
Series 2003-K, Class 1A2, 4.68%, 11/25/2033 (b)		189		193
Series 2005-AR16, Class 3A2, 4.76%, 3/25/2035 (b)		239		242
Total Collateralized Mortgage Obligations (Cost $458,790)				456,424

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 229

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — 28.6%
Accredited Mortgage Loan Trust Series 2003-3, Class A1, 5.21%, 1/25/2034 ‡ (a)		954		976
American Credit Acceptance Receivables Trust Series 2018-3, Class B, 3.49%, 6/13/2022 (c)		911		912
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		4,265		4,273
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 3.76%, 8/25/2033 ‡ (b)		200		198
Amortizing Residential Collateral Trust
Series 2002-BC6, Class M1, 3.61%, 8/25/2032 ‡ (b)		304		295
Series 2002-BC9, Class M1, 4.14%, 12/25/2032 ‡ (b)		1,885		1,854
AMRESCO Residential Securities Corp. Mortgage Loan Trust
Series 1998-1, Class M1A, 3.13%, 1/25/2028 ‡ (b)		175		175
Series 1998-3, Class M1A, 3.12%, 9/25/2028 ‡ (b)		286		290
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE7, Class M2, 4.00%, 12/15/2033 ‡ (b)		244		243
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class A, 3.45%, 3/20/2023 (c)		1,429		1,435
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (c)		273		271
Series 2015-2, Class A, 3.34%, 11/15/2048 (c)		1,267		1,262
Bank of The West Auto Trust Series 2017-1, Class A3, 2.11%, 1/15/2023 (c)		1,700		1,679
Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 3.73%, 1/25/2035 ‡ (b)		1,357		1,358
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 3.39%, 12/25/2033 ‡ (b)		570		564
Business Jet Securities LLC Series 2018-2, Class A, 4.45%, 6/15/2033 (c)		4,425		4,435
BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034 (c)		3,287		3,331
Cabela’s Credit Card Master Note Trust Series 2016-1, Class A1, 1.78%, 6/15/2022		4,034		4,023

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CarMax Auto Owner Trust Series 2015-4, Class A3, 1.56%, 11/16/2020		773		771
Centex Home Equity Loan Trust Series 2002-A, Class MV1, 3.34%, 1/25/2032 ‡ (b)		183		178
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023 (c)		413		411
Series 2019-1A, Class A, 3.30%, 8/15/2024 (c)		4,060		4,058
CLUB Credit Trust Series 2017-P2, Class A, 2.61%, 1/15/2024 (c)		1,197		1,192
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (c)		1,423		1,399
Countrywide Asset-Backed Certificates
Series 2002-1, Class A, 3.05%, 8/25/2032 ‡ (b)		70		64
Series 2003-BC2, Class 2A1, 3.09%, 6/25/2033 ‡ (b)		113		108
Series 2003-BC5, Class M1, 3.54%, 9/25/2033 ‡ (b)		382		379
Series 2004-2, Class M4, 3.99%, 3/25/2034 ‡ (b)		23		23
Series 2004-S1, Class M2, 5.58%, 2/25/2035 ‡ (a)		56		55
Countrywide Home Equity Loan Trust Series 2004-A, Class A, 2.71%, 4/15/2030 ‡ (b)		34		34
CPS Auto Receivables Trust
Series 2016-B, Class B, 3.18%, 9/15/2020 (c)		285		285
Series 2017-B, Class B, 2.33%, 5/17/2021 (c)		4,204		4,197
Series 2017-D, Class B, 2.43%, 1/18/2022 (c)		2,517		2,505
Credit Acceptance Auto Loan Trust Series 2017-2A, Class B, 3.02%, 4/15/2026 (c)		5,489		5,451
CWHEQ Revolving Home Equity Loan Trust
Series 2005-E, Class 2A, 2.71%, 11/15/2035 ‡ (b)		171		164
Series 2005-M, Class A1, 2.73%, 2/15/2036 ‡ (b)		758		733
Diamond Resorts Owner Trust Series 2018-1, Class A, 3.70%, 1/21/2031 (c)		1,927		1,944
Discover Card Execution Note Trust Series 2019-A1, Class A1, 3.04%, 7/15/2024		3,160		3,180

SEE NOTES TO FINANCIAL STATEMENTS.

230 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Drive Auto Receivables Trust
Series 2017-1, Class C, 2.84%, 4/15/2022		1,880		1,879
Series 2018-3, Class B, 3.37%, 9/15/2022		3,206		3,211
Series 2019-1, Class A3, 3.18%, 10/17/2022		3,690		3,695
Series 2018-4, Class B, 3.36%, 10/17/2022		2,626		2,632
DT Auto Owner Trust
Series 2017-4A, Class B, 2.44%, 1/15/2021 (c)		1,299		1,299
Series 2017-3A, Class B, 2.40%, 5/17/2021 (c)		1,027		1,026
Engs Commercial Finance Trust Series 2018-1A, Class A2, 3.39%, 2/22/2023 (c)		1,223		1,226
Exeter Automobile Receivables Trust
Series 2018-2A, Class B, 3.27%, 5/16/2022 (c)		2,045		2,047
Series 2017-3A, Class B, 2.81%, 9/15/2022 (c)		5,000		4,976
Series 2019-1A, Class C, 3.82%, 12/16/2024 (c)		2,365		2,378
First Franklin Mortgage Loan Trust
Series 2002-FF1, Class M1, 3.54%, 4/25/2032 ‡ (b)		98		88
Series 2002-FF4, Class M1, 4.06%, 2/25/2033 ‡ (b)		578		439
Series 2003-FFH1, Class M2, 5.11%, 9/25/2033 ‡ (b)		265		234
Series 2004-FF8, Class M4, 4.10%, 10/25/2034 ‡ (b)		409		252
First Investors Auto Owner Trust Series 2016-2A, Class A2, 1.87%, 11/15/2021 (c)		1,752		1,746
Flagship Credit Auto Trust Series 2017-2, Class B, 2.57%, 4/15/2023 (c)		2,260		2,248
Ford Credit Auto Lease Trust Series 2017-B, Class A4, 2.17%, 2/15/2021		1,870		1,857
Ford Credit Auto Owner Trust Series 2016-B, Class A3, 1.33%, 10/15/2020		345		344
FORT CRE LLC Series 2018-1A, Class A1, 3.87%, 10/21/2023 (b) (c)		5,000		5,000
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (c)		3,952		3,961
Fremont Home Loan Trust Series 2005-C, Class M2, 3.22%, 7/25/2035 ‡ (b)		3,580		3,558
GLS Auto Receivables Issuer Trust Series 2019-1A, Class A, 3.37%, 1/17/2023 (c)		2,100		2,101

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GLS Auto Receivables Trust
Series 2018-1A, Class A, 2.82%, 7/15/2022 (c)		4,143		4,135
Series 2018-3A, Class A, 3.35%, 8/15/2022 (c)		2,671		2,674
Series 2018-2A, Class B, 3.71%, 3/15/2023 (c)		2,105		2,115
GM Financial Automobile Leasing Trust Series 2018-1, Class A4, 2.68%, 12/20/2021		1,666		1,659
GM Financial Consumer Automobile Receivables Trust Series 2019-1, Class A3, 3.46%, 11/16/2023		3,345		3,354
Goodgreen (Cayman Islands)
Series 2018-1A, Class A, 3.93%, 10/15/2053 (b) (c)		4,983		5,022
Series 2019-1A, Class A, 3.86%, 10/15/2054 (c)		3,372		3,379
Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053 (c)		3,079		3,034
GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 2.67%, 9/15/2030 ‡ (b)		38		35
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (c)		2,701		2,753
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032 (c)		1,603		1,605
Hertz Vehicle Financing II LP Series 2017-2A, Class A, 3.29%, 10/25/2023 (c)		2,601		2,577
Hertz Vehicle Financing LLC Series 2018-2A, Class A, 3.65%, 6/27/2022 (c)		4,132		4,151
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 2/25/2032 (c)		1,677		1,689
Irwin Home Equity Loan Trust Series 2004-1, Class 1A1, 2.81%, 12/25/2024 ‡ (b)		18		18
Kabbage Asset Securitization LLC Series 2017-1, Class A, 4.57%, 3/15/2022 (c)		3,600		3,612
Lehman Home Equity Loan Trust Series 1998-1, Class A1, 7.00%, 5/25/2028‡		6		1
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025 (c)		2,174		2,152
Series 2017-2A, Class A, 2.80%, 5/20/2026 (c)		1,735		1,720
Long Beach Mortgage Loan Trust Series 2004-1, Class M3, 3.54%, 2/25/2034 ‡ (b)		130		129

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 231

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Marlette Funding Trust
Series 2017-2A, Class A, 2.39%, 7/15/2024 (c)		242		242
Series 2018-2A, Class A, 3.06%, 7/17/2028 (c)		1,129		1,128
Series 2019-1A, Class A, 3.44%, 4/16/2029 (c)		3,324		3,329
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4, 3.25%, 10/15/2024		840		843
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-WMC4, Class M5, 3.46%, 4/25/2035 ‡ (b)		5,731		5,781
Nationstar HECM Loan Trust Series 2017-2A, Class A1, 2.04%, 9/25/2027 (b) (c)		624		622
New Century Home Equity Loan Trust Series 2003-5, Class AII, 3.29%, 11/25/2033 ‡ (b)		233		207
New Residential Mortgage Loan Trust Series 2018-4A, Class A1S, 3.24%, 1/25/2048 (b) (c)		5,179		5,135
Nissan Auto Lease Trust
Series 2017-B, Class A4, 2.17%, 12/15/2021		1,612		1,603
Series 2018-A, Class A4, 3.35%, 9/15/2023		2,685		2,698
Ocwen Master Advance Receivables Trust Series 2018-T1, Class AT1, 3.30%, 8/15/2049 (c)		2,671		2,671
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (c)		2,076		2,083
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class B, 2.55%, 11/14/2023 (c)		5,152		5,112
Series 2018-1A, Class A, 3.43%, 12/16/2024 (c)		3,277		3,300
OneMain Financial Issuance Trust Series 2015-1A, Class A, 3.19%, 3/18/2026 (c)		295		295
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (c)		2,750		2,731
Oportun Funding VII LLC Series 2017-B, Class A, 3.22%, 10/10/2023 (c)		2,130		2,114
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (c)		2,503		2,525
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (a) (c)		4,765		4,796

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (c)		3,235		3,205
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (c)		5,463		5,438
Series 2017-SFR1, Class A, 2.77%, 8/17/2034 (c)		997		976
Series 2018-SFR1, Class A, 3.26%, 3/17/2035 (c)		2,795		2,778
Series 2019-SFR1, Class A, 3.42%, 8/17/2035 (c)		9,500		9,500
Series 2018-SFR2, Class A, 3.71%, 8/17/2035 ‡ (c)		5,525		5,568
Series 2018-SFR3, Class A, 3.88%, 10/17/2035 (c)		5,000		5,092
Prosper Marketplace Issuance Trust
Series 2017-3A, Class A, 2.36%, 11/15/2023 (c)		328		328
Series 2019-1A, Class A, 3.54%, 4/15/2025 (c)		1,180		1,181
RASC Trust Series 2003-KS4, Class MI2, 5.51%, 6/25/2033 ‡ (a)		523		454
SoFi Consumer Loan Program LLC
Series 2016-1, Class A, 3.26%, 8/25/2025 (c)		977		976
Series 2016-3, Class A, 3.05%, 12/26/2025 (c)		546		546
Series 2017-1, Class A, 3.28%, 1/26/2026 (c)		572		572
Series 2017-3, Class A, 2.77%, 5/25/2026 (c)		653		651
Series 2017-4, Class A, 2.50%, 5/26/2026 (c)		861		853
Series 2017-5, Class A2, 2.78%, 9/25/2026 (c)		3,445		3,413
SoFi Consumer Loan Program Trust
Series 2018-3, Class A2, 3.67%, 8/25/2027 (c)		5,250		5,274
Series 2019-1, Class A, 3.24%, 2/25/2028 (c)		2,207		2,208
SoFi Professional Loan Program LLC
Series 2014-B, Class A1, 3.74%, 8/25/2032 (b) (c)		163		164
Series 2015-A, Class A1, 3.69%, 3/25/2033 (b) (c)		360		361
Series 2016-B, Class A1, 3.69%, 6/25/2033 (b) (c)		859		869
Series 2015-B, Class A1, 3.54%, 4/25/2035 (b) (c)		702		708

SEE NOTES TO FINANCIAL STATEMENTS.

232 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-C, Class A1, 3.54%, 8/27/2035 (b) (c)		508		511
Series 2017-E, Class A1, 2.99%, 11/26/2040 (b) (c)		1,177		1,177
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX, 3.34%, 8/25/2047 (c)		4,574		4,573
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 4/25/2029 (c)		643		641
Structured Asset Investment Loan Trust Series 2003-BC2, Class A3, 3.19%, 4/25/2033 ‡ (b)		70		69
Synchrony Credit Card Master Note Trust Series 2017-2, Class A, 2.62%, 10/15/2025		3,077		3,041
Tesla Auto Lease Trust
Series 2018-A, Class A, 2.32%, 12/20/2019 (c)		3,160		3,155
Series 2018-B, Class A, 3.71%, 8/20/2021 (c)		4,205		4,248
Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058 ‡ (b) (c)		7,126		6,948
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (c)		4,409		4,324
Verizon Owner Trust
Series 2017-3A, Class A1B, 2.75%, 4/20/2022 (b) (c)		3,500		3,502
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,424
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (a) (c)		4,154		4,142
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (a) (c)		2,303		2,308
VOLT LXVI Series 2018-NPL2, Class A1, 4.34%, 5/25/2048 ‡ (a) (c)		3,272		3,274
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (a) (c)		2,732		2,733
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (a) (c)		2,485		2,489
VOLT LXXI LLC Series 2018-NPL7, Class A1A, 3.97%, 9/25/2048 (a) (c)		2,384		2,374
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (a) (c)		5,749		5,715
VOLT LXXIV LLC Series 2018-NP10, Class A1A, 4.58%, 11/25/2048 ‡ (a) (c)		4,831		4,850
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (a) (c)		4,148		4,157

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Westgate Resorts LLC Series 2016-1A, Class A, 3.50%, 12/20/2028 (c)		1,763		1,761
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		3,610		3,654
Total Asset-Backed Securities (Cost $317,386)				317,116
Corporate Bonds — 11.5%
Automobiles — 0.3%
Nissan Motor Acceptance Corp. (ICE LIBOR USD 3 Month + 0.52%), 3.30%, 9/13/2019 (c) (f)		3,000		3,000
Banks — 3.4%
Bank of America Corp. (ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (f)		1,724		1,702
Barclays plc (United Kingdom) 2.88%, 6/8/2020		3,169		3,148
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 3 Month + 0.66%), 3.44%, 9/13/2023 (f)		3,000		2,996
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.79%), 3.57%, 1/10/2020 (f)		3,000		3,013
(ICE LIBOR USD 3 Month + 1.07%), 3.84%, 12/8/2021 (f)		4,000		4,045
Mitsubishi UFJ Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.06%), 3.84%, 9/13/2021 (f)		3,000		3,028
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.14%), 3.92%, 9/13/2021 (f)		3,000		3,033
(ICE LIBOR USD 3 Month + 0.94%), 3.57%, 2/28/2022 (f)		4,000		4,021
Sumitomo Mitsui Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 0.97%), 3.77%, 1/11/2022 (f)		3,000		3,019
US Bank NA (ICE LIBOR USD 3 Month + 0.32%), 3.10%, 1/24/2020 (f)		4,000		4,008
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.51%), 3.27%, 10/22/2021 (f)		6,000		6,002
				38,015
Capital Markets — 0.4%
Carlyle Promissory Note 4.79%, 7/15/2019 ‡		57		57
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (f)		1,000		981

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 233

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
Morgan Stanley 2.50%, 4/21/2021		2,925		2,889
				3,927
Chemicals — 0.2%
Mosaic Co. (The) 3.25%, 11/15/2022		2,559		2,536
Consumer Finance — 2.6%
American Express Credit Corp. (ICE LIBOR USD 3 Month + 0.55%), 3.35%, 3/18/2019 (f)		3,000		3,001
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.61%), 3.38%, 9/9/2021 (f)		3,000		3,012
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.45%), 3.20%, 10/30/2020 (f)		5,000		4,994
Caterpillar Financial Services Corp. (ICE LIBOR USD 3 Month + 0.51%), 3.29%, 1/10/2020 (f)		3,000		3,011
Ford Motor Credit Co. LLC
Series 1, (ICE LIBOR USD 3 Month + 0.83%), 3.61%, 3/12/2019 (f)		4,000		4,000
(ICE LIBOR USD 3 Month + 1.00%), 3.80%, 1/9/2020 (f)		3,000		2,995
General Motors Financial Co., Inc. (ICE LIBOR USD 3 Month + 1.55%), 4.35%, 1/14/2022 (f)		4,000		3,996
Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.69%), 3.49%, 1/11/2022 (f)		4,000		4,022
				29,031
Diversified Financial Services — 0.8%
Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.33%), 3.08%, 10/30/2020 (c) (f)		5,000		4,998
Shell International Finance BV (Netherlands) (ICE LIBOR USD 3 Month + 0.45%), 3.15%, 5/11/2020 (f)		4,000		4,019
				9,017
Diversified Telecommunication Services — 0.1%
AT&T, Inc. 2.45%, 6/30/2020		1,314		1,305
Entertainment — 0.4%
Walt Disney Co. (The) (ICE LIBOR USD 3 Month + 0.31%), 2.94%, 5/30/2019 (f)		4,000		4,003
Health Care Providers & Services — 0.3%
CVS Health Corp. (ICE LIBOR USD 3 Month + 0.72%), 3.49%, 3/9/2021 (f)		3,500		3,508
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 2.95%, 1/15/2020		870		869

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — 0.7%
Chubb INA Holdings, Inc. 2.30%, 11/3/2020		880		872
Metropolitan Life Global Funding I (SOFRRATE + 0.57%), 2.94%, 9/7/2020 (c) (f)		6,000		5,997
New York Life Global Funding 2.00%, 4/13/2021 (c)		1,234		1,209
				8,078
IT Services — 0.4%
Western Union Co. (The) 3.60%, 3/15/2022		3,700		3,732
Media — 0.3%
Comcast Corp. (ICE LIBOR USD 3 Month + 0.44%), 3.24%, 10/1/2021 (f)		2,550		2,550
Discovery Communications LLC 2.20%, 9/20/2019		984		979
				3,529
Oil, Gas & Consumable Fuels — 0.6%
Buckeye Partners LP 4.88%, 2/1/2021		1,810		1,841
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		2,882		2,859
Plains All American Pipeline LP 2.60%, 12/15/2019		1,628		1,621
				6,321
Road & Rail — 0.2%
Ryder System, Inc. 2.50%, 5/11/2020		2,210		2,194
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom Corp. 2.38%, 1/15/2020		2,064		2,049
Texas Instruments, Inc. 1.75%, 5/1/2020		2,753		2,722
				4,771
Wireless Telecommunication Services — 0.3%
Vodafone Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.99%), 3.77%, 1/16/2024 (f)		3,600		3,562
Total Corporate Bonds (Cost $127,373)				127,398
Commercial Mortgage-Backed Securities — 7.0%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (b) (c)		3,291		3,263
A10 Term Asset Financing LLC Series 2017-1A, Class A2, 2.65%, 3/15/2036 (c)		1,917		1,897
AREIT Trust Series 2018-CRE1, Class A, 3.34%, 2/14/2035 (b) (c)		2,527		2,511
BAMLL Commercial Mortgage Securities Trust
Series 2015-200P, Class A, 3.22%, 4/14/2033 (c)		3,500		3,482

SEE NOTES TO FINANCIAL STATEMENTS.

234 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2018-DSNY, Class A, 3.34%, 9/15/2034 (b) (c)		6,000		5,973
Bayview Commercial Asset Trust
Series 2004-3, Class A2, 3.12%, 1/25/2035 (b) (c)		218		215
Series 2005-2A, Class A2, 2.84%, 8/25/2035 (b) (c)		828		787
Series 2005-2A, Class M1, 2.92%, 8/25/2035 ‡ (b) (c)		165		158
Series 2007-3, Class A2, 2.78%, 7/25/2037 (b) (c)		810		763
BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036 (c)		2,152		2,083
BHMS ATLS Series 2018-ATLS, Class A, 3.74%, 7/15/2035 (b) (c)		6,000		5,990
BX Commercial Mortgage Trust Series 2018-IND, Class A, 3.24%, 11/15/2035 (b) (c)		3,921		3,916
BXMT Ltd. Series 2017-FL1, Class A, 3.36%, 6/15/2035 (b) (c)		3,291		3,287
Commercial Mortgage Trust
Series 2014-PAT, Class A, 3.30%, 8/13/2027 (b) (c)		1,319		1,319
Series 2014-TWC, Class A, 3.35%, 2/13/2032 (b) (c)		3,774		3,776
Exantas Capital Corp. Ltd. (Cayman Islands) Series 2018-RSO6, Class A, 3.32%, 6/15/2035 (b) (c)		2,444		2,417
FHLMC Multifamily Structured Pass-Through Certificates
Series KL3W, Class AFLW, 2.96%, 8/25/2025 (b)		10,000		10,024
Series K086, Class A1, 3.67%, 11/25/2051		1,881		1,934
FNMA ACES Series 2017-M15, Class ATS1, 2.99%, 11/25/2027		4,369		4,373
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (c)		5,000		5,082
UBS Commercial Mortgage Trust
Series 2018-C10, Class A1, 3.18%, 5/15/2051		6,179		6,220
Series 2018-C14, Class A2, 4.26%, 12/15/2051		6,346		6,627
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (c)		1,155		1,165
Total Commercial Mortgage-Backed Securities (Cost $77,188)				77,262

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — 3.8%
FHLMC
Pool # 846489, ARM, 4.20%, 7/1/2019 (b)		—	(e)		—	(e)
Pool # 645083, ARM, 3.60%, 12/1/2021 (b)		6			6
Pool # 846013, ARM, 4.34%, 6/1/2022 (b)		2			3
Pool # 611203, ARM, 3.97%, 1/1/2023 (b)		4			4
Pool # 611299, ARM, 4.19%, 1/1/2023 (b)		101			104
Pool # 845297, ARM, 4.78%, 2/1/2023 (b)		11			11
Pool # 846144, ARM, 4.88%, 6/1/2025 (b)		6			6
Pool # 785586, ARM, 4.62%, 6/1/2026 (b)		7			8
Pool # 755248, ARM, 4.54%, 12/1/2026 (b)		131			134
Pool # 785866, ARM, 4.70%, 12/1/2026 (b)		14			14
Pool # 611141, ARM, 4.47%, 1/1/2027 (b)		30			31
Pool # 788688, ARM, 4.54%, 8/1/2027 (b)		94			96
Pool # 788665, ARM, 4.53%, 11/1/2027 (b)		17			17
Pool # 846774, ARM, 4.50%, 12/1/2027 (b)		57			59
Pool # 788664, ARM, 4.44%, 7/1/2028 (b)		24			24
Pool # 786902, ARM, 4.58%, 10/1/2029 (b)		10			10
Pool # 846716, ARM, 4.63%, 12/1/2029 (b)		3			4
Pool # 645242, ARM, 4.60%, 1/1/2030 (b)		11			11
Pool # 846812, ARM, 4.55%, 4/1/2030 (b)		11			12
Pool # 611278, ARM, 4.30%, 7/1/2030 (b)		149			155
Pool # 847263, ARM, 4.52%, 4/1/2032 (b)		108			112
FHLMC Gold Pools, 30 Year, Single Family
Pool # C00387, 9.00%, 2/1/2025		7			7
Pool # C35263, 7.50%, 5/1/2028		3			3
Pool # G00981, 8.50%, 7/1/2028		10			12
FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028		3,713			3,711
FNMA
Pool # 90031, ARM, 6.00%, 1/1/2020 (b)		3			3
Pool # 133558, ARM, 4.53%, 7/1/2020 (b)		1			1
Pool # 116590, ARM, 4.22%, 12/1/2020 (b)		1			1
Pool # 124510, ARM, 4.33%, 11/1/2021 (b)		1			1
Pool # 241828, ARM, 4.75%, 11/1/2023 (b)		8			8
Pool # 276617, ARM, 3.95%, 4/1/2024 (b)		9			9
Pool # 323269, ARM, 4.70%, 1/1/2025 (b)		160			165
Pool # 326092, ARM, 4.86%, 7/1/2025 (b)		3			3

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 235

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 313555, ARM, 5.10%, 6/1/2026 (b)		1		1
Pool # 423291, ARM, 4.75%, 8/1/2026 (b)		56		58
Pool # 70179, ARM, 4.33%, 7/1/2027 (b)		7		7
Pool # 535984, ARM, 4.27%, 12/1/2028 (b)		22		23
Pool # 576757, ARM, 5.04%, 3/1/2029 (b)		22		22
Pool # 323798, ARM, 4.69%, 5/1/2029 (b)		4		4
Pool # 540206, ARM, 3.90%, 5/1/2030 (b)		26		26
Pool # 594577, ARM, 4.58%, 11/1/2030 (b)		35		35
Pool # 124945, ARM, 4.52%, 1/1/2031 (b)		4		4
Pool # 555563, ARM, 4.59%, 5/1/2033 (b)		137		143
Pool # 725111, ARM, 4.79%, 9/1/2033 (b)		67		69
Pool # 788301, ARM, 4.76%, 2/1/2034 (b)		68		72
Pool # 545182, ARM, 4.52%, 3/1/2038 (b)		9		10
FNMA, 15 Year, Single Family Pool # AD1969, 4.00%, 2/1/2025		1,547		1,588
FNMA, 20 Year, Single Family
Pool # 254911, 5.00%, 10/1/2023		1,095		1,148
Pool # MA1338, 3.00%, 2/1/2033		2,497		2,481
Pool # MA1401, 3.00%, 4/1/2033		978		971
Pool # MA1490, 3.00%, 7/1/2033		3,174		3,153
FNMA, 30 Year, FHA/VA
Pool # 345876, 8.50%, 10/1/2024		8		8
Pool # 595470, 7.00%, 3/1/2027		10		11
Pool # 421016, 8.00%, 11/1/2027		9		9
FNMA, 30 Year, Single Family
Pool # 50748, 7.50%, 6/1/2023		1		1
Pool # 331955, 7.50%, 11/1/2024		14		14
Pool # 567874, 7.50%, 10/1/2030		30		30
Pool # 995724, 6.00%, 4/1/2039		400		440
Pool # AD0588, 5.00%, 12/1/2039		1,813		1,950
Pool # AD9721, 5.50%, 8/1/2040		527		560
Pool # BM3048, 4.00%, 10/1/2042		6,770		7,025
Pool # AS4592, 4.00%, 2/1/2045		8,646		8,893
Pool # CA0411, 4.00%, 9/1/2047		7,952		8,241
FNMA, Other Pool # 570566, 12.00%, 11/1/2030		51		54
GNMA I, 15 Year, Single Family Pool # 723171, 4.50%, 10/15/2024		852		882
GNMA I, 30 Year, Single Family
Pool # 378315, 7.00%, 6/15/2024		5		5
Pool # 780029, 9.00%, 11/15/2024		2		1
Pool # 781090, 9.50%, 7/15/2025		13		14
Pool # 412336, 8.00%, 10/15/2027		9		10

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GNMA II, 30 Year, Single Family
Pool # 314478, 7.85%, 12/20/2021		7		6
Pool # 314483, 7.40%, 2/20/2022		9		9
Pool # 314500, 7.40%, 3/20/2022		9		9
Pool # 334396, 7.25%, 8/20/2022		12		12
Pool # 1429, 7.50%, 10/20/2023		3		4
Pool # 2036, 8.00%, 7/20/2025		11		12
Pool # 2270, 8.00%, 8/20/2026		15		16
Total Mortgage-backed Securities (Cost $43,452)				42,776
	SHARES (000)
Short-Term Investments — 7.4%
Investment Companies — 7.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52%(g) (h) (Cost $81,706)		81,698		81,722
Total Investments — 99.5% (Cost $1,105,895)				1,102,698
Other Assets Less Liabilities — 0.5%				4,990
NET ASSETS — 100.0%				1,107,688

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

236 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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
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, 2019. 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.
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.

REMIC	Real Estate Mortgage Investment Conduit
SOFRRATE	SOFR Secured Overnight Financing Rate
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.
USD	United States Dollar
VA	Veterans Administration
(a)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Defaulted security.
(e)	Amount rounds to less than one thousand.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(g)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 237

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — 47.4%
FHLMC
Pool # 645242, ARM, 4.60%, 1/1/2030 (a)		7		7
Pool # 781087, ARM, 4.73%, 12/1/2033 (a)		68		72
Pool # 1B1665, ARM, 4.07%, 4/1/2034 (a)		51		53
Pool # 782979, ARM, 4.95%, 1/1/2035 (a)		86		91
Pool # 1B2844, ARM, 4.02%, 3/1/2035 (a)		41		43
Pool # 1Q0007, ARM, 4.79%, 12/1/2035 (a)		59		62
Pool # 972200, ARM, 4.50%, 3/1/2036 (a)		65		68
Pool # 1J1380, ARM, 5.26%, 3/1/2036 (a)		63		67
Pool # 1H2618, ARM, 4.18%, 5/1/2036 (a)		71		75
Pool # 1G2557, ARM, 4.32%, 6/1/2036 (a)		179		189
Pool # 1A1085, ARM, 4.34%, 8/1/2036 (a)		78		81
Pool # 1Q0105, ARM, 4.48%, 9/1/2036 (a)		73		77
Pool # 1N0249, ARM, 4.25%, 10/1/2036 (a)		23		24
Pool # 1A1096, ARM, 4.26%, 10/1/2036 (a)		149		155
Pool # 1B7163, ARM, 4.94%, 10/1/2036 (a)		3		3
Pool # 1J1348, ARM, 5.02%, 10/1/2036 (a)		119		126
Pool # 1J1378, ARM, 4.52%, 11/1/2036 (a)		128		134
Pool # 1Q0737, ARM, 4.54%, 11/1/2036 (a)		101		106
Pool # 782760, ARM, 4.56%, 11/1/2036 (a)		206		217
Pool # 1G2671, ARM, 4.63%, 11/1/2036 (a)		73		76
Pool # 1G1386, ARM, 4.97%, 12/1/2036 (a)		64		68
Pool # 1J1516, ARM, 4.24%, 2/1/2037 (a)		23		24
Pool # 1J1543, ARM, 4.40%, 2/1/2037 (a)		23		25
Pool # 1G1555, ARM, 4.70%, 2/1/2037 (a)		36		38
Pool # 1J0282, ARM, 4.92%, 2/1/2037 (a)		46		49
Pool # 1Q0739, ARM, 4.61%, 3/1/2037 (a)		181		189
Pool # 1Q0697, ARM, 4.08%, 5/1/2037 (a)		82		84
Pool # 1B3485, ARM, 4.66%, 7/1/2037 (a)		37		38
Pool # 1G2229, ARM, 4.57%, 9/1/2037 (a)		47		49
Pool # 1K0134, ARM, 4.64%, 10/1/2037 (a)		23		24
Pool # 1Q0722, ARM, 4.64%, 4/1/2038 (a)		60		64
Pool # 1Q0789, ARM, 4.30%, 5/1/2038 (a)		37		39
FHLMC Gold Pools, 15 Year, Single Family
Pool # G13753, 5.50%, 2/1/2021		8		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # G13073, 6.00%, 7/1/2021		8		8
Pool # G13012, 6.00%, 3/1/2022		1		1
Pool # G12825, 6.50%, 3/1/2022		19		19
Pool # G12978, 5.50%, 12/1/2022		118		121
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91042, 5.50%, 5/1/2027		418		443
Pool # C91158, 6.50%, 1/1/2028		289		315
Pool # C91180, 5.50%, 3/1/2028		152		161
Pool # D98938, 4.00%, 2/1/2032		945		966
FHLMC Gold Pools, 30 Year, Single Family
Pool # D53146, 6.50%, 5/1/2024		2		2
Pool # C18115, 6.00%, 11/1/2028		1		1
Pool # C00701, 6.50%, 1/1/2029		33		36
Pool # G03029, 6.00%, 10/1/2029		68		74
Pool # C68485, 7.00%, 7/1/2032		21		23
Pool # G01448, 7.00%, 8/1/2032		44		49
Pool # C75791, 5.50%, 1/1/2033		184		200
Pool # C01735, 4.00%, 10/1/2033		82		84
Pool # A13625, 5.50%, 10/1/2033		332		363
Pool # A16253, 6.00%, 11/1/2033		44		48
Pool # A16843, 6.00%, 12/1/2033		112		123
Pool # A24712, 6.50%, 7/1/2034		57		62
Pool # A28796, 6.50%, 11/1/2034		181		207
Pool # A46417, 7.00%, 4/1/2035		272		314
Pool # A46987, 5.50%, 7/1/2035		677		735
Pool # A80290, 5.00%, 11/1/2035		721		778
Pool # G05713, 6.50%, 12/1/2035		637		719
Pool # A54679, 6.50%, 6/1/2036		43		48
Pool # C02637, 7.00%, 10/1/2036		183		205
Pool # C02660, 6.50%, 11/1/2036		131		150
Pool # G04077, 6.50%, 3/1/2038		197		223
Pool # G05190, 7.50%, 9/1/2038		30		33
Pool # C03466, 5.50%, 3/1/2040		176		191
Pool # A93511, 5.00%, 8/1/2040		1,941		2,081
Pool # G06493, 4.50%, 5/1/2041		2,467		2,594
Pool # G60039, 3.00%, 4/1/2043		7,754		7,624
Pool # G60105, 5.00%, 6/1/2044		3,992		4,280
Pool # Q37784, 3.50%, 12/1/2045		2,304		2,313
Pool # Q39412, 3.50%, 3/1/2046		1,557		1,564
Pool # Q40797, 3.50%, 5/1/2046		2,943		2,956
Pool # Q40922, 3.50%, 6/1/2046		1,544		1,550
Pool # Q42079, 3.50%, 7/1/2046		2,024		2,031
Pool # Q61709, 4.50%, 2/1/2049		5,350		5,545
FHLMC Gold Pools, Other
Pool # G80208, 10.50%, 7/20/2021		3		3

SEE NOTES TO FINANCIAL STATEMENTS.

238 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # G20027, 10.00%, 10/1/2030		34			36
Pool # B90491, 7.50%, 1/1/2032		190			208
Pool # U80047, 4.00%, 9/1/2032		1,001			1,037
Pool # U80068, 3.50%, 10/1/2032		1,084			1,101
Pool # U80125, 3.50%, 1/1/2033		2,105			2,138
Pool # U80173, 3.50%, 1/1/2033		2,301			2,337
Pool # L10151, 6.00%, 2/1/2033		32			32
Pool # U80265, 3.50%, 4/1/2033		2,640			2,681
Pool # L10221, 6.00%, 1/1/2034		171			183
Pool # L10224, 6.00%, 12/1/2034		128			132
Pool # H00068, 5.50%, 11/1/2035		67			69
Pool # H00158, 6.00%, 4/1/2036		306			318
Pool # L10291, 6.50%, 11/1/2036		414			455
Pool # P51353, 6.50%, 11/1/2036		131			145
Pool # P50595, 6.50%, 12/1/2036		580			654
Pool # P51361, 6.50%, 12/1/2036		124			137
Pool # G20028, 7.50%, 12/1/2036		236			258
Pool # G80365, 6.50%, 10/17/2038		198			217
Pool # U90690, 3.50%, 6/1/2042		7,642			7,682
Pool # U90975, 4.00%, 6/1/2042		5,085			5,221
Pool # T65101, 4.00%, 10/1/2042		1,231			1,244
Pool # U90542, 4.00%, 12/1/2042		3,115			3,198
Pool # U99051, 3.50%, 6/1/2043		1,236			1,243
Pool # U99134, 4.00%, 1/1/2046		2,997			3,077
Pool # U69030, 4.50%, 1/1/2046		2,599			2,722
Pool # U69039, 4.00%, 2/1/2046		5,301			5,434
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (a)		—	(b)		—	(b)
Pool # 470623, ARM, 3.30%, 3/1/2022 (a)		3,448			3,447
Pool # 54844, ARM, 2.73%, 9/1/2027 (a)		4			4
Pool # 303532, ARM, 4.03%, 3/1/2029 (a)		12			12
Pool # 555258, ARM, 4.16%, 1/1/2033 (a)		117			120
Pool # 722421, ARM, 4.18%, 7/1/2033 (a)		29			29
Pool # 686040, ARM, 4.36%, 7/1/2033 (a)		172			180
Pool # 746299, ARM, 4.69%, 9/1/2033 (a)		84			89
Pool # 743546, ARM, 4.39%, 11/1/2033 (a)		173			181
Pool # 749923, ARM, 4.65%, 11/1/2033 (a)		9			9
Pool # 766610, ARM, 4.61%, 1/1/2034 (a)		53			55
Pool # 735648, ARM, 4.54%, 2/1/2034 (a)		109			115
Pool # 770377, ARM, 3.73%, 4/1/2034 (a)		65			67
Pool # 751531, ARM, 4.21%, 5/1/2034 (a)		86			91
Pool # 778908, ARM, 4.18%, 6/1/2034 (a)		61			63
Pool # 800422, ARM, 4.07%, 8/1/2034 (a)		309			316

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 735332, ARM, 4.34%, 8/1/2034 (a)		108		113
Pool # 793062, ARM, 4.50%, 8/1/2034 (a)		68		71
Pool # 790964, ARM, 4.38%, 9/1/2034 (a)		46		49
Pool # 794797, ARM, 4.08%, 10/1/2034 (a)		82		84
Pool # 735740, ARM, 4.26%, 10/1/2034 (a)		158		166
Pool # 803599, ARM, 4.37%, 10/1/2034 (a)		166		173
Pool # 803594, ARM, 4.39%, 10/1/2034 (a)		56		58
Pool # 896463, ARM, 4.62%, 10/1/2034 (a)		186		197
Pool # 810896, ARM, 4.15%, 1/1/2035 (a)		785		810
Pool # 735513, ARM, 4.39%, 2/1/2035 (a)		49		51
Pool # 816594, ARM, 4.41%, 2/1/2035 (a)		43		45
Pool # 745862, ARM, 4.39%, 4/1/2035 (a)		144		151
Pool # 735539, ARM, 4.69%, 4/1/2035 (a)		329		345
Pool # 821378, ARM, 3.93%, 5/1/2035 (a)		178		183
Pool # 821179, ARM, 4.05%, 5/1/2035 (a)		24		25
Pool # 823660, ARM, 4.12%, 5/1/2035 (a)		51		53
Pool # 745766, ARM, 4.44%, 6/1/2035 (a)		60		63
Pool # 832801, ARM, 4.36%, 9/1/2035 (a)		64		67
Pool # 849251, ARM, 4.29%, 1/1/2036 (a)		70		72
Pool # 920843, ARM, 5.21%, 3/1/2036 (a)		1,119		1,196
Pool # 872825, ARM, 4.55%, 6/1/2036 (a)		236		248
Pool # 892868, ARM, 4.52%, 7/1/2036 (a)		90		94
Pool # 886558, ARM, 4.61%, 8/1/2036 (a)		55		58
Pool # 920547, ARM, 4.10%, 9/1/2036 (a)		166		172
Pool # 894239, ARM, 4.59%, 10/1/2036 (a)		50		52
Pool # 900191, ARM, 4.83%, 10/1/2036 (a)		65		69
Pool # 902818, ARM, 4.73%, 11/1/2036 (a)		14		14
Pool # 902955, ARM, 4.64%, 12/1/2036 (a)		75		79
Pool # 905189, ARM, 4.81%, 12/1/2036 (a)		24		25
Pool # 995919, ARM, 4.39%, 7/1/2037 (a)		173		181
Pool # 938346, ARM, 4.61%, 7/1/2037 (a)		29		30
Pool # AD0085, ARM, 4.17%, 11/1/2037 (a)		91		94
Pool # AD0179, ARM, 4.72%, 12/1/2037 (a)		92		96
Pool # 966946, ARM, 4.91%, 1/1/2038 (a)		17		18

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 239

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		1			1
Pool # 782612, 6.00%, 7/1/2019		1			1
Pool # 725810, 6.00%, 8/1/2019		—	(b)		—	(b)
Pool # 796668, 5.50%, 9/1/2019		6			6
Pool # 735439, 6.00%, 9/1/2019		1			1
Pool # 805063, 5.00%, 1/1/2020		10			10
Pool # 888557, 5.50%, 3/1/2020		1			1
Pool # 889265, 5.50%, 6/1/2020		—	(b)		—	(b)
Pool # 826493, 5.00%, 7/1/2020		13			13
Pool # 889805, 5.50%, 7/1/2020		1			1
Pool # 735911, 6.50%, 8/1/2020		5			6
Pool # 995886, 6.00%, 4/1/2021		3			3
Pool # 938569, 6.00%, 7/1/2021		7			7
Pool # AD0142, 6.00%, 8/1/2021		8			8
Pool # 888834, 6.50%, 4/1/2022		21			21
Pool # 995428, 5.50%, 11/1/2023		75			77
Pool # 995456, 6.50%, 2/1/2024		118			123
Pool # AD0133, 5.00%, 8/1/2024		103			105
FNMA, 20 Year, Single Family
Pool # 254002, 7.50%, 9/1/2021		5			5
Pool # 254305, 6.50%, 5/1/2022		45			50
Pool # 555791, 6.50%, 12/1/2022		60			65
Pool # 889889, 6.50%, 7/1/2024		43			47
Pool # 257055, 6.50%, 12/1/2027		128			140
Pool # AE0049, 6.00%, 9/1/2029		128			138
Pool # MA0602, 3.50%, 12/1/2030		1,426			1,436
Pool # AP3582, 3.50%, 8/1/2032		2,343			2,380
Pool # AL6238, 4.00%, 1/1/2035		2,294			2,373
FNMA, 30 Year, FHA/VA
Pool # 544983, 9.00%, 11/1/2024		1			1
Pool # 547543, 9.00%, 10/1/2025		1			1
Pool # 535183, 8.00%, 6/1/2028		25			27
Pool # 252155, 7.00%, 10/1/2028		51			56
Pool # 252334, 6.50%, 2/1/2029		127			139
Pool # 252409, 6.50%, 3/1/2029		114			125
Pool # 253275, 8.50%, 3/1/2030		2			2
Pool # 535442, 8.50%, 6/1/2030		3			3
Pool # 787741, 9.00%, 8/1/2030		26			27
Pool # 736113, 9.00%, 6/1/2031		1			1
Pool # 653815, 7.00%, 2/1/2033		22			23
Pool # 752786, 6.00%, 9/1/2033		42			44
Pool # 954255, 6.50%, 8/1/2037		822			911
Pool # 931717, 6.50%, 8/1/2039		358			393

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA, 30 Year, Single Family
Pool # 479469, 10.00%, 2/1/2024		1		1
Pool # 689977, 8.00%, 3/1/2027		31		34
Pool # 695533, 8.00%, 6/1/2027		15		16
Pool # 756020, 8.50%, 12/1/2027		14		14
Pool # 756015, 8.00%, 7/1/2028		4		4
Pool # 457268, 9.50%, 7/1/2028		1		1
Pool # 527285, 7.00%, 11/1/2028		9		9
Pool # 755973, 8.00%, 11/1/2028		132		149
Pool # 455759, 6.00%, 12/1/2028		23		25
Pool # 776702, 4.50%, 5/1/2029		16		16
Pool # 889020, 6.50%, 11/1/2029		153		169
Pool # 567036, 8.50%, 2/1/2030		38		39
Pool # 598559, 6.50%, 8/1/2031		40		46
Pool # 613000, 7.00%, 11/1/2031		28		28
Pool # 610591, 7.00%, 1/1/2032		55		60
Pool # 788150, 6.00%, 3/1/2032		38		41
Pool # 644694, 7.00%, 5/1/2032		17		17
Pool # 649734, 7.00%, 6/1/2032		32		34
Pool # 649624, 7.00%, 8/1/2032		9		9
Pool # 668825, 7.00%, 8/1/2032		12		12
Pool # 682078, 5.50%, 11/1/2032		267		291
Pool # 668562, 6.00%, 12/1/2032		53		57
Pool # 675555, 6.00%, 12/1/2032		28		30
Pool # AL0045, 6.00%, 12/1/2032		317		349
Pool # 357363, 5.50%, 3/1/2033		456		497
Pool # 674349, 6.00%, 3/1/2033		22		24
Pool # 688625, 6.00%, 3/1/2033		38		41
Pool # 688655, 6.00%, 3/1/2033		32		35
Pool # 695584, 6.00%, 3/1/2033		19		21
Pool # 702901, 6.00%, 5/1/2033		287		316
Pool # 695403, 5.00%, 6/1/2033		166		178
Pool # 995656, 7.00%, 6/1/2033		246		283
Pool # 723852, 5.00%, 7/1/2033		83		88
Pool # 729296, 5.00%, 7/1/2033		192		206
Pool # 726912, 4.00%, 8/1/2033		9		9
Pool # 753696, 4.00%, 8/1/2033		29		30
Pool # 729379, 6.00%, 8/1/2033		41		44
Pool # 726914, 6.50%, 8/1/2033		50		55
Pool # 737825, 6.00%, 9/1/2033		52		57
Pool # AA7943, 4.00%, 10/1/2033		463		477
Pool # 750977, 4.50%, 11/1/2033		67		70
Pool # 725017, 5.50%, 12/1/2033		392		428
Pool # 759424, 5.50%, 1/1/2034		91		99
Pool # 751182, 5.50%, 3/1/2034		77		84

SEE NOTES TO FINANCIAL STATEMENTS.

240 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 751341, 5.50%, 3/1/2034		25		26
Pool # 767378, 5.50%, 3/1/2034		45		48
Pool # 776565, 4.00%, 4/1/2034		425		435
Pool # AC1317, 4.50%, 9/1/2034		395		414
Pool # 820347, 5.00%, 9/1/2035		73		78
Pool # 745281, 6.00%, 1/1/2036		59		65
Pool # 888417, 6.50%, 1/1/2036		128		143
Pool # 833629, 7.00%, 3/1/2036		41		45
Pool # 893268, 6.50%, 8/1/2036		73		80
Pool # 833657, 7.50%, 8/1/2036		23		25
Pool # AA0922, 6.00%, 9/1/2036		364		401
Pool # 878225, 6.50%, 10/1/2036		147		168
Pool # 985683, 8.00%, 10/1/2036		98		111
Pool # 888476, 7.50%, 5/1/2037		75		88
Pool # 945870, 6.50%, 8/1/2037		73		80
Pool # 946338, 7.00%, 9/1/2037		60		66
Pool # 888707, 7.50%, 10/1/2037		166		196
Pool # 889883, 6.50%, 3/1/2038		154		172
Pool # AC9081, 6.50%, 9/1/2038		186		210
Pool # 909236, 7.00%, 9/1/2038		430		512
Pool # 934591, 7.00%, 10/1/2038		96		112
Pool # AB2869, 6.00%, 11/1/2038		369		407
Pool # 995504, 7.50%, 11/1/2038		47		55
Pool # 257510, 7.00%, 12/1/2038		203		241
Pool # AD0753, 7.00%, 1/1/2039		425		489
Pool # 890661, 7.00%, 2/1/2039		2,074		2,362
Pool # AD0780, 7.50%, 4/1/2039		720		825
Pool # AD6377, 5.50%, 5/1/2040		245		265
Pool # AL6839, 5.00%, 4/1/2042		2,598		2,782
Pool # AR8128, 3.50%, 3/1/2043		2,322		2,341
Pool # AB9944, 3.00%, 7/1/2043		4,486		4,398
Pool # AL8256, 3.00%, 8/1/2043		4,713		4,630
Pool # AZ8089, 4.00%, 7/1/2045		2,869		2,937
Pool # BA2343, 4.00%, 9/1/2045		5,648		5,781
Pool # BC9441, 3.50%, 4/1/2046		619		621
Pool # BC6982, 4.00%, 4/1/2046		4,015		4,110
Pool # BD0299, 3.50%, 5/1/2046		858		862
Pool # BC1249, 3.50%, 6/1/2046		867		869
Pool # BD1243, 3.50%, 6/1/2046		936		940
Pool # BD3066, 3.50%, 7/1/2046		2,943		2,954
Pool # BD3088, 3.50%, 7/1/2046		1,037		1,040
Pool # BD7764, 3.50%, 9/1/2046		2,315		2,323
Pool # BE5870, 3.50%, 1/1/2047		5,542		5,549
Pool # BH4665, 4.00%, 6/1/2047		3,305		3,380
Pool # BH7626, 4.00%, 8/1/2047		3,545		3,626

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # BM3500, 4.00%, 9/1/2047		4,306			4,425
Pool # BJ1778, 4.50%, 10/1/2047		2,529			2,642
Pool # BE8351, 4.00%, 2/1/2048		3,617			3,694
Pool # BK7006, 4.50%, 6/1/2048		2,625			2,736
Pool # BD9084, 4.50%, 7/1/2048		2,288			2,408
Pool # BN1829, 4.50%, 10/1/2048		4,474			4,674
Pool # BN4960, 5.00%, 12/1/2048		2,097			2,201
Pool # BN5013, 5.00%, 1/1/2049		4,600			4,934
Pool # BN6788, 4.50%, 2/1/2049		2,908			3,011
FNMA, Other
Pool # AE0134, 4.40%, 2/1/2020		731			739
Pool # AE0136, 4.38%, 4/1/2020		2,150			2,182
Pool # 465659, 3.74%, 7/1/2020		1,283			1,297
Pool # 465578, 3.93%, 7/1/2020		1,436			1,456
Pool # 465491, 4.07%, 7/1/2020		7,150			7,261
Pool # 465769, 3.96%, 8/1/2020		2,698			2,739
Pool # 100120, 11.00%, 8/20/2020		—	(b)		—	(b)
Pool # 466090, 3.28%, 10/1/2020		2,662			2,676
Pool # FN0008, 3.38%, 10/1/2020		380			383
Pool # 465721, 4.04%, 10/1/2020		1,600			1,630
Pool # 466430, 3.37%, 11/1/2020		3,399			3,429
Pool # FN0022, 3.54%, 12/1/2020		1,366			1,381
Pool # 466689, 3.59%, 12/1/2020		682			691
Pool # 466836, 3.87%, 1/1/2021		2,861			2,916
Pool # FN0003, 4.28%, 1/1/2021		567			582
Pool # 467264, 4.33%, 2/1/2021		1,369			1,408
Pool # 467278, 4.35%, 2/1/2021		1,826			1,878
Pool # 467344, 4.48%, 2/1/2021		1,769			1,824
Pool # 467944, 4.25%, 4/1/2021		2,000			2,056
Pool # 467630, 4.30%, 4/1/2021		1,371			1,413
Pool # 468243, 3.97%, 6/1/2021		2,235			2,289
Pool # 468237, 4.02%, 6/1/2021		3,000			3,078
Pool # 468066, 4.30%, 6/1/2021		1,374			1,413
Pool # 468043, 4.31%, 6/1/2021		7,033			7,267
Pool # 468102, 4.34%, 6/1/2021		9,000			9,251
Pool # 458063, 9.73%, 6/15/2021		—	(b)		—	(b)
Pool # 468614, 3.86%, 7/1/2021		2,184			2,237
Pool # 468667, 3.94%, 7/1/2021		4,000			4,097
Pool # 468665, 3.97%, 7/1/2021		3,103			3,180
Pool # 468651, 3.99%, 7/1/2021		964			989
Pool # 468564, 4.06%, 7/1/2021		7,687			7,896
Pool # 468128, 4.33%, 7/1/2021		1,162			1,200
Pool # 468699, 4.05%, 8/1/2021		2,923			3,002
Pool # AM6602, 2.63%, 9/1/2021		600			596
Pool # AM7314, 2.63%, 11/1/2021		2,000			1,987

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 241

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 469552, 3.43%, 11/1/2021		2,287		2,327
Pool # 469873, 3.03%, 12/1/2021		7,125		7,180
Pool # 469074, 3.83%, 12/1/2021		6,200		6,374
Pool # AM7739, 2.40%, 1/1/2022		666		658
Pool # 470324, 3.03%, 1/1/2022		4,061		4,092
Pool # 470166, 3.09%, 1/1/2022		6,691		6,754
Pool # 470302, 3.13%, 1/1/2022		1,737		1,753
Pool # 470350, 3.24%, 1/1/2022		4,602		4,658
Pool # 470546, 2.99%, 2/1/2022		2,121		2,133
Pool # 470202, 3.14%, 2/1/2022		2,611		2,637
Pool # 470251, 3.20%, 2/1/2022		3,612		3,655
Pool # 470622, 2.75%, 3/1/2022		793		791
Pool # 923803, 5.00%, 4/1/2022		10		10
Pool # 471274, 2.86%, 5/1/2022		3,509		3,512
Pool # 471177, 2.94%, 5/1/2022		3,503		3,520
Pool # 471199, 3.00%, 5/1/2022		2,799		2,818
Pool # 471151, 3.02%, 5/1/2022		4,434		4,466
Pool # 471313, 3.08%, 5/1/2022		2,193		2,213
Pool # 471190, 3.12%, 5/1/2022		3,342		3,376
Pool # 471599, 2.60%, 6/1/2022		4,715		4,690
Pool # 471747, 2.76%, 6/1/2022		7,000		6,968
Pool # 471674, 2.79%, 6/1/2022		1,982		1,980
Pool # 471735, 2.79%, 6/1/2022		2,341		2,339
Pool # 471256, 2.98%, 6/1/2022		3,000		3,020
Pool # 471839, 2.67%, 7/1/2022		5,208		5,184
Pool # 471947, 2.75%, 7/1/2022		1,681		1,681
Pool # 471893, 2.83%, 7/1/2022		5,101		5,103
Pool # 471828, 2.65%, 8/1/2022		8,320		8,276
Pool # 471871, 2.86%, 8/1/2022		3,963		3,969
Pool # 471901, 2.90%, 9/1/2022		2,808		2,820
Pool # AM0903, 2.53%, 10/1/2022		3,879		3,853
Pool # AM0904, 2.53%, 10/1/2022		4,885		4,852
Pool # AM1196, 2.37%, 11/1/2022		4,078		4,029
Pool # AM0585, 2.38%, 11/1/2022		1,775		1,754
Pool # AM1492, 2.47%, 11/1/2022		1,500		1,487
Pool # AM1619, 2.34%, 12/1/2022		4,284		4,218
Pool # AM0811, 2.42%, 12/1/2022		3,093		3,060
Pool # AM1835, 2.53%, 12/1/2022		2,000		1,986
Pool # AM1922, 2.15%, 1/1/2023		3,827		3,750
Pool # AM2111, 2.34%, 1/1/2023		3,289		3,244
Pool # AM2859, 2.65%, 3/1/2023		2,000		1,985
Pool # AM3069, 2.64%, 4/1/2023		1,817		1,803
Pool # AM3563, 2.51%, 6/1/2023		889		882
Pool # AM3990, 3.74%, 7/1/2023		965		1,003
Pool # AM4066, 3.59%, 8/1/2023		3,000		3,110

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AM4044, 3.49%, 9/1/2023		6,175		6,363
Pool # AM4716, 3.38%, 12/1/2023		1,473		1,504
Pool # AM7024, 2.90%, 12/1/2024		1,000		996
Pool # AM7589, 2.95%, 12/1/2024		1,961		1,967
Pool # AM7290, 2.97%, 12/1/2024		1,165		1,170
Pool # AM7576, 3.04%, 12/1/2024		2,000		2,015
Pool # AM7124, 3.11%, 12/1/2024		4,000		4,045
Pool # AM7682, 2.84%, 1/1/2025		1,670		1,658
Pool # AM7571, 2.89%, 1/1/2025		1,510		1,503
Pool # AN0029, 3.10%, 9/1/2025		2,381		2,403
Pool # AN0287, 2.95%, 11/1/2025		4,500		4,487
Pool # AM4660, 3.77%, 12/1/2025		4,988		5,202
Pool # AM6381, 3.29%, 8/1/2026		5,000		5,074
Pool # 468574, 4.55%, 8/1/2026		2,869		3,077
Pool # 468573, 4.76%, 8/1/2026		2,656		2,886
Pool # AM6808, 3.24%, 10/1/2026		2,035		2,064
Pool # AM7321, 3.12%, 11/1/2026		980		984
Pool # 469615, 4.08%, 11/1/2026		10,105		10,682
Pool # AM7118, 3.14%, 12/1/2026		1,849		1,864
Pool # AN4571, 3.07%, 2/1/2027		1,786		1,787
Pool # AN4363, 3.25%, 2/1/2027		4,344		4,384
Pool # AN4917, 3.13%, 3/1/2027		4,100		4,089
Pool # AM8529, 3.03%, 4/1/2027		1,000		993
Pool # 470893, 3.46%, 4/1/2027		2,194		2,235
Pool # AM8745, 2.81%, 5/1/2027		1,708		1,671
Pool # AM8595, 2.83%, 5/1/2027		4,000		3,903
Pool # AM8987, 2.79%, 6/1/2027		935		917
Pool # AM9169, 3.08%, 6/1/2027		2,393		2,386
Pool # AN6318, 3.18%, 8/1/2027		3,000		2,979
Pool # AM0414, 2.87%, 9/1/2027		1,300		1,266
Pool # AN9656, 3.57%, 7/1/2028		2,424		2,482
Pool # AM3894, 3.85%, 7/1/2028		1,097		1,149
Pool # AN2216, 2.64%, 8/1/2028		2,500		2,379
Pool # AN9699, 3.53%, 8/1/2028		5,350		5,461
Pool # AN2497, 2.60%, 9/1/2028		4,000		3,799
Pool # 109421, 3.75%, 9/1/2028		1,991		2,066
Pool # AN9248, 3.81%, 9/1/2028		5,250		5,394
Pool # BL0920, 3.82%, 9/1/2028		2,547		2,656
Pool # AN2905, 2.55%, 10/1/2028		2,000		1,888
Pool # AN3244, 2.59%, 10/1/2028		2,000		1,880
Pool # AN3570, 2.71%, 11/1/2028		10,000		9,555
Pool # BL0418, 3.85%, 11/1/2028		5,300		5,538
Pool # AN3828, 2.67%, 12/1/2028		3,716		3,547
Pool # AN3685, 2.69%, 12/1/2028		4,020		3,809
Pool # BL0985, 3.89%, 12/1/2028		4,988		5,231

SEE NOTES TO FINANCIAL STATEMENTS.

242 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BL0819, 3.95%, 12/1/2028		5,075		5,346
Pool # AN4154, 3.17%, 1/1/2029		6,060		5,984
Pool # AN4349, 3.35%, 1/1/2029		2,970		2,978
Pool # BL1435, 3.53%, 1/1/2029		8,000		8,146
Pool # BL1430, 3.85%, 1/1/2029		3,000		3,140
Pool # AN4697, 3.22%, 2/1/2029		5,000		4,985
Pool # BL1450, 3.56%, 2/1/2029		5,250		5,372
Pool # BL1339, 3.66%, 2/1/2029		6,110		6,286
Pool # AN4975, 3.21%, 3/1/2029		2,065		2,057
Pool # AN5279, 3.34%, 4/1/2029		4,471		4,503
Pool # AN6158, 2.99%, 7/1/2029		2,400		2,331
Pool # AN6214, 3.03%, 7/1/2029		5,824		5,678
Pool # AN5989, 3.21%, 7/1/2029		3,000		2,960
Pool # AN6019, 3.10%, 8/1/2029		4,500		4,411
Pool # AM7018, 3.63%, 10/1/2029		1,875		1,934
Pool # AM7013, 3.39%, 12/1/2029		1,449		1,456
Pool # AN7947, 3.16%, 1/1/2030		2,000		1,964
Pool # AN7812, 3.03%, 2/1/2030		11,805		11,527
Pool # AN8154, 3.17%, 2/1/2030		6,375		6,265
Pool # AN8514, 3.27%, 2/1/2030		2,000		1,985
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,039
Pool # AM8692, 3.03%, 4/1/2030		3,000		2,886
Pool # AN6878, 3.11%, 4/1/2030		940		923
Pool # AM8408, 3.13%, 4/1/2030		6,000		5,883
Pool # AM8889, 2.92%, 5/1/2030		3,000		2,859
Pool # AM8666, 2.96%, 6/1/2030		1,926		1,867
Pool # AM8958, 2.97%, 6/1/2030		3,000		2,868
Pool # AM9012, 3.13%, 6/1/2030		1,000		972
Pool # AM9014, 3.20%, 6/1/2030		1,500		1,480
Pool # AN9588, 3.88%, 6/1/2030		2,362		2,462
Pool # AM9320, 3.30%, 7/1/2030		1,005		991
Pool # AN9928, 3.80%, 7/1/2030		5,030		5,207
Pool # AN9888, 3.85%, 7/1/2030		11,000		11,436
Pool # AM9755, 3.32%, 8/1/2030		2,398		2,389
Pool # 387961, 3.61%, 8/1/2030		5,420		5,516
Pool # AM9676, 3.37%, 9/1/2030		1,421		1,424
Pool # AM9218, 3.39%, 9/1/2030		2,545		2,556
Pool # AN0099, 3.28%, 11/1/2030		7,175		7,080
Pool # 467096, 4.97%, 2/1/2031		3,252		3,529
Pool # AN1676, 2.99%, 5/1/2031		3,850		3,682
Pool # AI2479, 5.00%, 5/1/2031		676		715
Pool # AN1683, 3.03%, 6/1/2031		5,268		5,054
Pool # AN3620, 2.75%, 11/1/2031		6,275		5,885
Pool # AN4187, 3.49%, 1/1/2032		2,034		2,044
Pool # AN4118, 3.24%, 2/1/2032		8,000		7,815

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AN4964, 3.32%, 4/1/2032		1,944		1,922
Pool # AN6123, 3.06%, 8/1/2032		800		757
Pool # AN6651, 2.94%, 10/1/2032		684		651
Pool # AD8548, 5.50%, 1/1/2033		244		255
Pool # AR7484, 3.50%, 2/1/2033		1,952		1,969
Pool # AT7117, 3.50%, 6/1/2033		2,308		2,328
Pool # 754922, 5.50%, 9/1/2033		72		76
Pool # 762520, 4.00%, 11/1/2033		376		382
Pool # BL1425, 4.06%, 1/1/2034		2,996		3,174
Pool # AM7111, 3.57%, 11/1/2034		2,343		2,360
Pool # AM7122, 3.61%, 11/1/2034		2,323		2,358
Pool # AM9188, 3.12%, 6/1/2035		2,000		1,891
Pool # 847108, 6.50%, 10/1/2035		79		84
Pool # 881628, 5.00%, 1/1/2036		25		25
Pool # 256128, 6.00%, 2/1/2036		24		26
Pool # 868763, 6.50%, 4/1/2036		8		8
Pool # 872740, 6.50%, 6/1/2036		65		70
Pool # 907742, 7.00%, 12/1/2036		37		40
Pool # 256651, 6.00%, 3/1/2037		38		39
Pool # 888408, 6.00%, 3/1/2037		102		110
Pool # 888373, 7.00%, 3/1/2037		68		73
Pool # 888796, 6.00%, 9/1/2037		209		228
Pool # 888698, 7.00%, 10/1/2037		188		215
Pool # 953501, 7.00%, 11/1/2037		148		159
Pool # 257172, 5.50%, 4/1/2038		45		47
Pool # AD0810, 6.00%, 11/1/2039		1		1
Pool # AB1830, 3.50%, 11/1/2040		1,042		1,050
Pool # AL2606, 4.00%, 3/1/2042		894		908
Pool # AO6757, 4.00%, 6/1/2042		2,644		2,713
Pool # AO7225, 4.00%, 7/1/2042		1,936		1,986
Pool # AO9352, 4.00%, 7/1/2042		1,077		1,105
Pool # AO9353, 4.00%, 7/1/2042		982		1,008
Pool # AP0838, 4.00%, 7/1/2042		9,510		9,757
Pool # MA1125, 4.00%, 7/1/2042		907		930
Pool # MA1177, 3.50%, 9/1/2042		1,039		1,045
Pool # MA1178, 4.00%, 9/1/2042		2,384		2,447
Pool # MA1213, 3.50%, 10/1/2042		4,993		5,024
Pool # AR1397, 3.00%, 1/1/2043		1,758		1,727
Pool # AB8517, 3.00%, 2/1/2043		1,096		1,077
Pool # MA1373, 3.50%, 3/1/2043		4,718		4,748
Pool # MA1437, 3.50%, 5/1/2043		1,477		1,486
Pool # MA1442, 4.00%, 5/1/2043		3,743		3,841
Pool # MA1463, 3.50%, 6/1/2043		2,386		2,401
Pool # MA1552, 3.00%, 8/1/2043		1,239		1,217
Pool # MA1582, 3.50%, 9/1/2043		314		316

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 243

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # MA2434, 3.50%, 9/1/2045		1,457			1,462
Pool # MA2493, 3.50%, 12/1/2045		414			415
Pool # BC1157, 3.50%, 1/1/2046		1,138			1,141
Pool # MA2545, 3.50%, 2/1/2046		703			705
Pool # BC4832, 3.50%, 3/1/2046		798			801
Pool # AS6970, 3.50%, 4/1/2046		4,542			4,557
Pool # BC8400, 3.50%, 5/1/2046		1,056			1,059
Pool # AS7424, 3.50%, 6/1/2046		1,960			1,966
Pool # MA2658, 3.50%, 6/1/2046		6,280			6,300
GNMA I, 30 Year, Single Family
Pool # 608665, 6.50%, 8/15/2022		106			110
Pool # 313110, 7.50%, 11/15/2022		—	(b)		—	(b)
Pool # 554105, 6.50%, 3/15/2023		22			23
Pool # 345288, 7.50%, 3/15/2023		4			4
Pool # 623185, 7.00%, 8/15/2023		19			19
Pool # 628407, 6.50%, 11/15/2023		21			22
Pool # 782507, 9.50%, 10/15/2024		25			26
Pool # 441957, 6.38%, 8/15/2026		43			47
Pool # 780653, 6.50%, 10/15/2027		456			501
Pool # 450038, 7.50%, 7/15/2028		6			6
Pool # 486537, 7.50%, 9/15/2028		6			7
Pool # 486631, 6.50%, 10/15/2028		2			2
Pool # 556255, 6.50%, 10/15/2031		37			41
Pool # 569568, 6.50%, 1/15/2032		245			277
Pool # 611453, 7.00%, 4/15/2032		11			11
Pool # 569423, 7.00%, 5/15/2032		68			74
Pool # 591882, 6.50%, 7/15/2032		21			23
Pool # 552665, 7.00%, 7/15/2032		57			62
Pool # 782032, 7.00%, 10/15/2032		172			194
Pool # 591420, 7.50%, 1/15/2033		20			20
Pool # 607645, 6.50%, 2/15/2033		22			24
Pool # 604168, 6.50%, 4/15/2033		39			43
Pool # 615786, 7.00%, 5/15/2033		52			57
Pool # 781614, 7.00%, 6/15/2033		52			60
Pool # 638733, 7.00%, 3/15/2037		168			177
Pool # AT7652, 4.00%, 8/15/2046		3,052			3,164
Pool # BI6468, 5.00%, 12/15/2048		8,389			8,898
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		2			2
Pool # 2006, 8.50%, 5/20/2025		4			4
Pool # 2234, 8.00%, 6/20/2026		2			2
Pool # 2270, 8.00%, 8/20/2026		3			3
Pool # 2324, 8.00%, 11/20/2026		2			2
Pool # 2499, 8.00%, 10/20/2027		5			6
Pool # 2549, 7.50%, 2/20/2028		2			2

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 2646, 7.50%, 9/20/2028		6		6
Pool # 737076, 6.50%, 10/20/2033		281		300
Pool # 616732, 6.50%, 9/20/2034		185		198
Pool # 748766, 6.50%, 1/20/2039		135		145
Pool # 752496, 6.50%, 1/20/2039		182		204
Pool # 783389, 6.00%, 8/20/2039		1,277		1,408
Pool # 783444, 5.50%, 9/20/2039		279		296
Pool # AJ9020, 4.50%, 10/20/2044		990		1,017
Pool # 783967, 4.25%, 12/20/2044		2,138		2,247
Pool # AK8803, 4.00%, 3/20/2046		1,830		1,884
Pool # AS8110, 3.75%, 8/20/2046		3,024		3,079
Pool # AY2381, 4.25%, 7/20/2047		1,548		1,591
Pool # AY2388, 4.25%, 9/20/2047		4,231		4,395
Pool # AY2392, 4.25%, 11/20/2047		4,488		4,710
Pool # AY2395, 4.25%, 1/20/2048		4,069		4,262
Pool # AY2404, 4.25%, 5/20/2048		5,502		5,716
Pool # BF2645, 5.50%, 5/20/2048		2,981		3,226
Pool # AY2405, 4.25%, 6/20/2048		6,776		7,039
Pool # BD0531, 5.00%, 6/20/2048		4,459		4,712
Pool # BD0532, 5.00%, 6/20/2048		3,413		3,606
Pool # BF2971, 5.00%, 6/20/2048		4,000		4,259
Pool # AY2407, 4.25%, 7/20/2048		2,700		2,805
Pool # AY2408, 4.50%, 7/20/2048		1,718		1,802
Pool # BG7397, 4.50%, 7/20/2048		1,988		2,081
Pool # BF3017, 5.00%, 7/20/2048		2,179		2,296
Pool # BI0730, 5.00%, 7/20/2048		4,741		5,031
Pool # AY2409, 4.25%, 8/20/2048		2,039		2,118
Pool # AY2410, 4.50%, 8/20/2048		1,622		1,701
Pool # BD0550, 5.00%, 8/20/2048		5,547		5,862
Pool # BG7389, 5.00%, 8/20/2048		2,244		2,387
Pool # BG7391, 5.00%, 8/20/2048		2,980		3,173
Pool # AY2412, 4.50%, 9/20/2048		6,480		6,796
Pool # 784626, 4.50%, 10/20/2048		4,988		5,190
Pool # BI4488, 4.50%, 11/20/2048		2,690		2,816
Pool # BK2584, 5.00%, 11/20/2048		1,524		1,609
Pool # BK2585, 5.00%, 11/20/2048		4,591		4,847
Pool # BK2586, 5.00%, 11/20/2048		4,983		5,261
Pool # BI6431, 4.50%, 12/20/2048		4,463		4,671
Pool # BI6669, 4.50%, 12/20/2048		3,757		3,932
Pool # BJ9819, 4.75%, 12/20/2048		6,162		6,494
Pool # BJ7083, 5.00%, 12/20/2048		1,635		1,727
Pool # BJ7084, 5.00%, 12/20/2048		4,641		4,931
Pool # BK7169, 5.00%, 12/20/2048		4,988		5,272
Pool # BJ9821, 4.75%, 1/20/2049		5,993		6,305
Pool # BJ1334, 5.00%, 1/20/2049		6,613		7,013

SEE NOTES TO FINANCIAL STATEMENTS.

244 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BJ9637, 5.00%, 1/20/2049		2,004		2,133
Pool # BJ9641, 5.00%, 1/20/2049		3,497		3,722
Pool # BJ9642, 5.00%, 1/20/2049		1,998		2,127
Pool # BJ9824, 4.50%, 2/20/2049		2,653		2,782
Pool # BJ9825, 4.50%, 2/20/2049		1,585		1,662
Pool # BK7188, 4.50%, 2/20/2049		7,000		7,318
Pool # BJ9630, 5.00%, 2/20/2049		1,853		1,973
Pool # BJ9633, 5.00%, 2/20/2049		2,353		2,505
Pool # BJ9830, 5.00%, 2/20/2049		1,693		1,803
Pool # BK7189, 5.00%, 2/20/2049		6,000		6,341
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		1,401		1,419
Pool # 4285, 6.00%, 11/20/2038		68		72
Pool # AC0979, 4.44%, 4/20/2063 (a)		2,087		2,122
Pool # AC0977, 4.42%, 5/20/2063 (a)		2,080		2,111
Pool # AC0973, 4.45%, 5/20/2063 (a)		1,364		1,384
Total Mortgage-Backed Securities (Cost $1,045,071)				1,039,759
Collateralized Mortgage Obligations — 20.5%
Acre, 0.00%, 12/15/2020		3,315		3,315
Alternative Loan Trust
Series 2004-J3, Class 4A1, 4.75%, 4/25/2019		7		7
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		876		914
Series 2005-J1, Class 1A4, IF, IO, 2.61%, 2/25/2035 ‡ (a)		229		3
Series 2005-1CB, Class 1A6, IF, IO, 4.61%, 3/25/2035 ‡ (a)		506		62
Series 2005-22T1, Class A2, IF, IO, 2.58%, 6/25/2035 ‡ (a)		2,317		221
Series 2005-20CB, Class 3A8, IF, IO, 2.26%, 7/25/2035 ‡ (a)		2,670		225
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		91		65
Series 2005-37T1, Class A2, IF, IO, 2.56%, 9/25/2035 ‡ (a)		4,043		404
Series 2005-54CB, Class 1A2, IF, IO, 2.36%, 11/25/2035 ‡ (a)		3,208		303
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		538		500
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		17		16
Series 2005-57CB, Class 3A2, IF, IO, 2.61%, 12/25/2035 ‡ (a)		347		32
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		278		270

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		351		300
Series 2006-7CB, Class 1A2, IF, IO, 2.81%, 5/25/2036 ‡ (a)		10,862		1,703
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		408		325
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (c)		23		23
Angel Oak Mortgage Trust LLC Series 2017-1, Class A3, 3.64%, 1/25/2047 (a) (c)		284		283
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (c)		3,621		3,617
ASG Resecuritization Trust Series 2011-1, Class 2A35, 6.00%, 9/28/2036 (c)		229		168
Banc of America Alternative Loan Trust
Series 2005-1, Class CBIO, IO, 5.50%, 2/25/2035 ‡		1,062		190
Series 2005-12, Class CBIO, IO, 5.75%, 1/25/2036 ‡		913		144
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		77		66
Series 2004-3, Class 1A1, 5.50%, 10/25/2034		171		178
Series 2004-C, Class 1A1, 4.97%, 12/20/2034 (a)		209		209
Series 2005-1, Class 30IO, IO, 5.50%, 2/25/2035 ‡		310		53
Series 2005-E, Class 4A1, 4.71%, 3/20/2035 (a)		260		262
Series 2005-4, Class 30PO, PO, 8/25/2035 ‡		37		34
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		164		157
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		24		20
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		92		70
Banc of America Mortgage Trust
Series 2004-9, Class 3A1, 6.50%, 9/25/2032		17		18
Series 2003-C, Class 3A1, 4.19%, 4/25/2033 (a)		80		81
Series 2003-J, Class 3A2, 4.76%, 11/25/2033 (a)		403		406
Series 2004-C, Class 2A2, 4.17%, 4/25/2034 (a)		238		240
Series 2004-J, Class 3A1, 4.87%, 11/25/2034 (a)		224		225

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 245

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (c)		191		195
Series 2010-RR7, Class 2A1, 3.86%, 7/26/2045 (a) (c)		1,308		1,301
Bear Stearns ALT-A Trust Series 2005-2, Class 1A1, 2.99%, 3/25/2035 (a)		17		17
Bear Stearns ARM Trust
Series 2003-4, Class 3A1, 4.46%, 7/25/2033 (a)		162		164
Series 2003-7, Class 3A, 4.20%, 10/25/2033 (a)		74		74
Series 2004-1, Class 12A1, 4.41%, 4/25/2034 (a)		271		271
Series 2004-2, Class 14A, 4.11%, 5/25/2034 (a)		121		120
Series 2006-1, Class A1, 4.91%, 2/25/2036 (a)		586		591
Bear Stearns Asset-Backed Securities Trust Series 2003-AC5, Class A1, 5.75%, 10/25/2033 (d)		345		358
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates Series 2003-9, Class 1P, PO, 11/25/2033 ‡		27		25
Chase Mortgage Finance Trust
Series 2007-A1, Class 7A1, 4.26%, 2/25/2037 (a)		119		120
Series 2007-A1, Class 2A1, 4.48%, 2/25/2037 (a)		106		109
Series 2007-A1, Class 9A1, 4.51%, 2/25/2037 (a)		320		318
Series 2007-A1, Class 1A3, 4.62%, 2/25/2037 (a)		1,263		1,282
Series 2007-A2, Class 2A1, 4.51%, 7/25/2037 (a)		309		315
CHL Mortgage Pass-Through Trust
Series 2004-3, PO, 4/25/2034 ‡		23		21
Series 2004-3, Class A26, 5.50%, 4/25/2034		167		171
Series 2004-HYB1, Class 2A, 4.20%, 5/20/2034 (a)		69		69
Series 2004-HYB3, Class 2A, 3.62%, 6/20/2034 (a)		453		456
Series 2004-7, Class 2A1, 4.06%, 6/25/2034 (a)		60		62
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		539		543
Series 2004-13, Class 1A4, 5.50%, 8/25/2034		301		308

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-HYB6, Class A3, 4.27%, 11/20/2034 (a)		229		233
Series 2005-16, Class A23, 5.50%, 9/25/2035		140		132
Series 2005-22, Class 2A1, 4.05%, 11/25/2035 (a)		693		607
Series 2007-4, Class 1A52, IF, IO, 2.91%, 5/25/2037 ‡ (a)		2,220		304
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-6, Class APO, PO, 9/25/2035 ‡		39		33
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		1		—	(b)
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (a)		140		142
Citigroup Mortgage Loan Trust
Series 2009-10, Class 1A1, 4.34%, 9/25/2033 (a) (c)		352		358
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (a) (c)		32		33
Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (c)		681		707
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class WPO2, PO, 6/25/2031 ‡		7		7
Series 2003-1, Class WA2, 6.50%, 6/25/2031 ‡		7		7
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		37		35
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		8		8
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		65		67
Series 2004-UST1, Class A6, 4.17%, 8/25/2034 (a)		94		92
Series 2004-UST1, Class A3, 4.58%, 8/25/2034 (a)		84		86
Series 2005-1, Class 2A1A, 3.48%, 2/25/2035 (a)		158		136
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		366		374
Series 2005-5, Class 1A2, 4.00%, 8/25/2035 (a)		446		361
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (a) (e)		1,618		168
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		33		33

SEE NOTES TO FINANCIAL STATEMENTS.

246 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-1, Class DB1, 6.71%, 2/25/2033 (a)		518			543
Series 2003-AR15, Class 3A1, 4.26%, 6/25/2033 (a)		259			260
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		142			147
Series 2004-AR2, Class 2A1, 4.70%, 3/25/2034 (a)		454			460
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		482			491
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		289			294
Series 2003-29, Class 1A1, 6.50%, 12/25/2033		302			315
Series 2003-29, Class 5A1, 7.00%, 12/25/2033		209			225
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		225			236
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		282			293
Series 2005-4, Class 2X, IO, 5.50%, 6/25/2035 ‡ (a)		848			101
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 ‡		621			8
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.35%, 2/25/2020 (a)		67			67
FHLMC REMIC
Series 2934, Class EC, PO, 2/15/2020		54			54
Series 2934, Class HI, IO, 5.00%, 2/15/2020		57			1
Series 2934, Class KI, IO, 5.00%, 2/15/2020		28			—	(b)
Series 2347, Class VP, 6.50%, 3/15/2020		5			5
Series 2967, Class JI, IO, 5.00%, 4/15/2020		19			—	(b)
Series 77, Class H, 8.50%, 9/15/2020		—	(b)		—	(b)
Series 1807, Class G, 9.00%, 10/15/2020		—	(b)		—	(b)
Series 84, Class F, 9.20%, 10/15/2020		—	(b)		—	(b)
Series 81, Class A, 8.13%, 11/15/2020		—	(b)		—	(b)
Series 99, Class Z, 9.50%, 1/15/2021		—	(b)		—	(b)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(b)		—	(b)
Series 1065, Class J, 9.00%, 4/15/2021		—	(b)		1
Series 1084, Class F, 3.44%, 5/15/2021 (a)		—	(b)		—	(b)
Series 1079, Class S, HB, IF, 25.54%, 5/15/2021 (a)		—	(b)		—	(b)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1084, Class S, HB, IF, 34.03%, 5/15/2021 (a)		—	(b)		—	(b)
Series 1082, Class D, HB, 1,007.78%, 5/15/2021		—	(b)		—	(b)
Series 186, Class I, HB, 1,009.50%, 8/15/2021		—	(b)		—	(b)
Series 1133, Class H, 7.00%, 9/15/2021		1			1
Series 1144, Class KB, 8.50%, 9/15/2021		3			3
Series 180, Class J, HB, 1,010.00%, 9/15/2021		—	(b)		—	(b)
Series 189, Class K, HB, 1,009.50%, 10/15/2021		—	(b)		—	(b)
Series 3688, Class CU, 7.02%, 11/15/2021 (a)		66			67
Series 3511, IO, 5.00%, 12/15/2021		25			1
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (a)		—	(b)		—	(b)
Series 3282, Class YD, 5.50%, 2/15/2022		734			751
Series 2462, Class NB, 6.50%, 6/15/2022		58			59
Series 1343, Class LB, 7.50%, 8/15/2022		3			4
Series 1343, Class LA, 8.00%, 8/15/2022		7			7
Series 1395, Class G, 6.00%, 10/15/2022		3			3
Series 1374, Class Z, 7.00%, 10/15/2022		10			10
Series 1401, Class J, 7.00%, 10/15/2022		22			23
Series 2535, Class BK, 5.50%, 12/15/2022		30			30
Series 1470, Class F, 2.06%, 2/15/2023 (a)		1			1
Series 3422, Class LI, IO, 5.00%, 2/15/2023		1			—	(b)
Series 1466, Class PZ, 7.50%, 2/15/2023		39			41
Series 1798, Class F, 5.00%, 5/15/2023		19			19
Series 1518, Class G, IF, 6.45%, 5/15/2023 (a)		13			13
Series 1505, Class QB, IF, 14.96%, 5/15/2023 (a)		1			2
Series 204, Class E, HB, IF, 1,393.71%, 5/15/2023 (a)		—	(b)		—	(b)
Series 2033, Class J, 5.60%, 6/15/2023		69			71
Series 1526, Class L, 6.50%, 6/15/2023		7			7
Series 1541, Class O, 1.98%, 7/15/2023 (a)		15			14
Series 1677, Class Z, 7.50%, 7/15/2023		51			54
Series 1570, Class F, 2.56%, 8/15/2023 (a)		3			3
Series 1552, Class IA, IF, 16.03%, 8/15/2023 (a)		129			154
Series 1570, Class SA, HB, IF, 22.69%, 8/15/2023 (a)		8			10
Series 1578, Class K, 6.90%, 9/15/2023		35			37

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 247

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1578, Class V, IO, 7.00%, 9/15/2023		4		—	(b)
Series 2571, Class SK, HB, IF, 23.77%, 9/15/2023 (a)		21		28
Series 1591, Class PV, 6.25%, 10/15/2023		69		73
Series 1602, Class SA, IF, 14.66%, 10/15/2023 (a)		14		16
Series 1813, Class I, PO, 11/15/2023		147		139
Series 1813, Class J, IF, IO, 3.50%, 11/15/2023 (a)		568		33
Series 2720, Class PC, 5.00%, 12/15/2023		167		173
Series 1628, Class LZ, 6.50%, 12/15/2023		90		94
Series 1638, Class H, 6.50%, 12/15/2023		95		100
Series 2283, Class K, 6.50%, 12/15/2023		24		25
Series 1644, Class K, 6.75%, 12/15/2023		47		49
Series 1658, Class GZ, 7.00%, 1/15/2024		105		112
Series 1865, Class D, PO, 2/15/2024		6		6
Series 1760, Class ZD, 2.25%, 2/15/2024 (a)		157		155
Series 2756, Class NA, 5.00%, 2/15/2024		48		49
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (a)		6		7
Series 1686, Class SH, IF, 13.64%, 2/15/2024 (a)		3		3
Series 1699, Class FC, 3.09%, 3/15/2024 (a)		6		6
Series 1695, Class EB, 7.00%, 3/15/2024		45		48
Series 2033, Class SN, HB, IF, 26.69%, 3/15/2024 (a)		4		1
Series 2306, Class K, PO, 5/15/2024		10		9
Series 2306, Class SE, IF, IO, 7.85%, 5/15/2024 (a)		24		3
Series 1745, Class D, 7.50%, 8/15/2024		16		17
Series 3614, Class QB, 4.00%, 12/15/2024		1,700		1,739
Series 2967, Class S, HB, IF, 20.14%, 4/15/2025 (a)		36		42
Series 3022, Class SX, IF, 10.65%, 8/15/2025 (a)		51		56
Series 1829, Class ZB, 6.50%, 3/15/2026		27		29
Series 1863, Class Z, 6.50%, 7/15/2026		60		63
Series 1899, Class ZE, 8.00%, 9/15/2026		28		31
Series 1963, Class Z, 7.50%, 1/15/2027		25		28
Series 2470, Class SL, IF, 9.00%, 1/15/2027 (a)		12		13
Series 1985, Class PR, IO, 8.00%, 7/15/2027		9		1
Series 2065, Class PX, IO, 0.75%, 8/17/2027		4,189		69

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1987, Class PE, 7.50%, 9/15/2027		13		15
Series 2038, Class PN, IO, 7.00%, 3/15/2028		7		1
Series 2042, Class T, 7.00%, 3/15/2028		6		6
Series 2040, Class PE, 7.50%, 3/15/2028		62		70
Series 2060, Class Z, 6.50%, 5/15/2028		22		25
Series 2061, Class DC, IO, 6.50%, 6/15/2028		51		6
Series 2075, Class PH, 6.50%, 8/15/2028		134		147
Series 2086, Class GB, 6.00%, 9/15/2028		23		24
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		10		1
Series 2111, Class SB, IF, IO, 5.01%, 1/15/2029 (a)		123		14
Series 2110, Class PG, 6.00%, 1/15/2029		89		96
Series 2125, Class JZ, 6.00%, 2/15/2029		33		35
Series 2130, Class QS, 6.00%, 3/15/2029		74		79
Series 2132, Class ZL, 6.50%, 3/15/2029		20		22
Series 2132, Class SB, IF, 19.68%, 3/15/2029 (a)		14		20
Series 2141, IO, 7.00%, 4/15/2029		3		—	(b)
Series 2303, Class ZN, 8.50%, 4/15/2029		196		219
Series 2163, Class PC, IO, 7.50%, 6/15/2029		10		1
Series 2178, Class PB, 7.00%, 8/15/2029		21		23
Series 2201, Class C, 8.00%, 11/15/2029		33		37
Series 2204, Class GB, IO, 8.00%, 12/20/2029 (a)		3		3
Series 2209, Class TC, 8.00%, 1/15/2030		115		132
Series 2210, Class Z, 8.00%, 1/15/2030		65		75
Series 2224, Class CB, 8.00%, 3/15/2030		19		22
Series 2247, Class Z, 7.50%, 8/15/2030		16		17
Series 2256, Class MC, 7.25%, 9/15/2030		71		81
Series 2254, Class Z, 9.00%, 9/15/2030		122		146
Series 2259, Class ZM, 7.00%, 10/15/2030		72		81
Series 2271, Class PC, 7.25%, 12/15/2030		96		108
Series 2296, Class PD, 7.00%, 3/15/2031		30		33
Series 2303, Class ZD, 7.00%, 4/15/2031		433		488
Series 2694, Class BA, 4.00%, 6/15/2031		29		29
Series 2359, Class ZB, 8.50%, 6/15/2031		66		77
Series 2388, Class UZ, 8.50%, 6/15/2031		25		28
Series 2344, Class ZD, 6.50%, 8/15/2031		188		217
Series 2344, Class ZJ, 6.50%, 8/15/2031		20		22
Series 2345, Class NE, 6.50%, 8/15/2031		12		14
Series 2372, Class F, 2.99%, 10/15/2031 (a)		15		15

SEE NOTES TO FINANCIAL STATEMENTS.

248 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2367, Class ZK, 6.00%, 10/15/2031		252		276
Series 2368, Class AS, IF, 14.46%, 10/15/2031 (a)		7		9
Series 2383, Class FD, 2.99%, 11/15/2031 (a)		14		14
Series 2399, Class TH, 6.50%, 1/15/2032		211		234
Series 2494, Class SX, IF, IO, 4.51%, 2/15/2032 (a)		517		69
Series 2410, Class QX, IF, IO, 6.16%, 2/15/2032 (a)		39		8
Series 2410, Class OE, 6.38%, 2/15/2032		46		49
Series 2410, Class QS, IF, 13.03%, 2/15/2032 (a)		47		59
Series 2433, Class SA, IF, 14.46%, 2/15/2032 (a)		104		136
Series 2431, Class F, 2.99%, 3/15/2032 (a)		694		698
Series 2464, Class FE, 3.49%, 3/15/2032 (a)		162		166
Series 2444, Class ES, IF, IO, 5.46%, 3/15/2032 (a)		44		7
Series 2450, Class SW, IF, IO, 5.51%, 3/15/2032 (a)		50		8
Series 2423, Class MC, 7.00%, 3/15/2032		56		63
Series 2423, Class MT, 7.00%, 3/15/2032		67		75
Series 3688, Class NI, IO, 5.00%, 4/15/2032		270		4
Series 2434, Class TC, 7.00%, 4/15/2032		69		77
Series 2436, Class MC, 7.00%, 4/15/2032		108		119
Series 2450, Class GZ, 7.00%, 5/15/2032		54		61
Series 3393, Class JO, PO, 9/15/2032		196		174
Series 2513, Class ZC, 5.50%, 10/15/2032		152		165
Series 2517, Class Z, 5.50%, 10/15/2032		125		130
Series 2835, Class QO, PO, 12/15/2032		61		52
Series 2552, Class FP, 3.49%, 1/15/2033 (a)		900		925
Series 2557, Class HL, 5.30%, 1/15/2033		577		626
Series 2994, Class FC, 2.89%, 2/15/2033 (a)		31		31
Series 2586, Class WI, IO, 6.50%, 3/15/2033		170		38
Series 2611, Class SQ, IF, 8.02%, 5/15/2033 (a)		40		46
Series 2631, Class SA, IF, 10.29%, 6/15/2033 (a)		30		35
Series 2692, Class SC, IF, 8.31%, 7/15/2033 (a)		98		111
Series 2671, Class S, IF, 10.20%, 9/15/2033 (a)		50		59

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2725, Class SC, IF, 5.31%, 11/15/2033 (a)		143		148
Series 2722, Class PF, 3.09%, 12/15/2033 (a)		1,182		1,196
Series 2763, Class ZA, 6.00%, 3/15/2034		3,052		3,433
Series 2779, Class ZC, 6.00%, 4/15/2034		2,369		2,622
Series 2802, Class ZY, 6.00%, 5/15/2034		247		257
Series 3318, Class BT, IF, 7.00%, 5/15/2034 (a)		1,483		1,594
Series 2990, Class SL, IF, 15.37%, 6/15/2034 (a)		69		78
Series 3611, PO, 7/15/2034		248		213
Series 3305, Class MB, IF, 4.97%, 7/15/2034 (a)		85		90
Series 3659, Class VG, 5.00%, 9/15/2034		5,900		6,141
Series 2949, Class YZ, 5.50%, 3/15/2035		7,838		8,535
Series 3077, Class TO, PO, 4/15/2035		190		174
Series 2990, Class WP, IF, 10.61%, 6/15/2035 (a)		3		4
Series 3035, Class Z, 5.85%, 9/15/2035		1,064		1,182
Series 3117, Class EO, PO, 2/15/2036		154		131
Series 3117, Class OG, PO, 2/15/2036		190		170
Series 3117, Class OK, PO, 2/15/2036		156		133
Series 3143, Class BC, 5.50%, 2/15/2036		289		316
Series 3122, Class OH, PO, 3/15/2036		32		28
Series 3134, PO, 3/15/2036		23		20
Series 3152, Class MO, PO, 3/15/2036		288		248
Series 3122, Class ZB, 6.00%, 3/15/2036		24		32
Series 3138, PO, 4/15/2036		95		84
Series 3607, Class AO, PO, 4/15/2036		201		170
Series 3607, Class BO, PO, 4/15/2036		201		173
Series 3137, Class XP, 6.00%, 4/15/2036		870		962
Series 3219, Class DI, IO, 6.00%, 4/15/2036		137		28
Series 3149, Class SO, PO, 5/15/2036		61		47
Series 3151, PO, 5/15/2036		246		210
Series 3153, Class EO, PO, 5/15/2036		138		116
Series 3210, PO, 5/15/2036		183		176
Series 3604, PO, 5/15/2036		212		190
Series 3998, Class GF, 2.94%, 5/15/2036 (a)		1,160		1,163
Series 3171, Class MO, PO, 6/15/2036		145		130
Series 3179, Class OA, PO, 7/15/2036		112		98
Series 3194, Class SA, IF, IO, 4.61%, 7/15/2036 (a)		56		3
Series 3200, PO, 8/15/2036		183		159

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 249

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3232, Class ST, IF, IO, 4.21%, 10/15/2036 (a)		192		28
Series 3237, Class AO, PO, 11/15/2036		249		214
Series 3704, Class DT, 7.50%, 11/15/2036		1,078		1,233
Series 3704, Class ET, 7.50%, 12/15/2036		811		949
Series 3260, Class CS, IF, IO, 3.65%, 1/15/2037 (a)		130		18
Series 3262, Class SG, IF, IO, 3.91%, 1/15/2037 (a)		42		5
Series 3274, Class JO, PO, 2/15/2037		39		35
Series 3274, Class MO, PO, 2/15/2037		84		75
Series 3275, Class FL, 2.93%, 2/15/2037 (a)		41		41
Series 3288, Class GS, IF, 2.90%, 3/15/2037 (a)		35		35
Series 3290, Class SB, IF, IO, 3.96%, 3/15/2037 (a)		356		45
Series 3373, Class TO, PO, 4/15/2037		186		158
Series 3316, Class JO, PO, 5/15/2037		24		21
Series 3607, PO, 5/15/2037		511		433
Series 3322, Class NS, IF, 7.00%, 5/15/2037 (a)		951		1,063
Series 3759, Class HI, IO, 4.00%, 8/15/2037		224		4
Series 3371, Class FA, 3.09%, 9/15/2037 (a)		58		59
Series 3760, Class GI, IO, 4.00%, 10/15/2037		47		—	(b)
Series 3385, Class SN, IF, IO, 3.51%, 11/15/2037 (a)		138		12
Series 3387, Class SA, IF, IO, 3.93%, 11/15/2037 (a)		245		24
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (d)		977		7
Series 3404, Class SC, IF, IO, 3.51%, 1/15/2038 (a)		380		45
Series 3451, Class SA, IF, IO, 3.56%, 5/15/2038 (a)		83		9
Series 3537, Class MI, IO, 5.00%, 6/15/2038		653		106
Series 3461, Class LZ, 6.00%, 6/15/2038		125		138
Series 3481, Class SJ, IF, IO, 3.36%, 8/15/2038 (a)		512		68
Series 3895, Class WA, 5.72%, 10/15/2038 (a)		320		345
Series 3511, Class SA, IF, IO, 3.51%, 2/15/2039 (a)		116		15
Series 3546, Class A, 4.17%, 2/15/2039 (a)		77		79

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3531, Class SA, IF, IO, 3.81%, 5/15/2039 (a)		385			22
Series 3549, Class FA, 3.69%, 7/15/2039 (a)		63			64
Series 4580, Class PT, 7.04%, 8/15/2039 (a)		2,357			2,596
Series 3572, Class JS, IF, IO, 4.31%, 9/15/2039 (a)		474			53
Series 3795, Class EI, IO, 5.00%, 10/15/2039		969			116
Series 3621, PO, 1/15/2040		349			300
Series 3621, Class BO, PO, 1/15/2040		252			219
Series 3623, Class LO, PO, 1/15/2040		340			299
Series 3632, Class BS, IF, 9.20%, 2/15/2040 (a)		1,044			1,233
Series 3714, Class IP, IO, 5.00%, 8/15/2040		1,667			282
Series 3966, Class BF, 2.99%, 10/15/2040 (a)		1,097			1,103
Series 3740, Class SC, IF, IO, 3.51%, 10/15/2040 (a)		816			99
Series 3747, Class PY, 4.00%, 10/15/2040		1,500			1,547
Series 3747, Class CY, 4.50%, 10/15/2040		2,373			2,568
Series 3753, PO, 11/15/2040		2,342			1,920
Series 3789, Class EZ, 4.00%, 11/15/2040		414			422
Series 3770, Class PY, 5.00%, 12/15/2040		1,655			1,855
Series 3860, Class PZ, 5.00%, 5/15/2041		2,944			3,300
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (a)		166			169
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (a)		330			355
Series 3966, Class NA, 4.00%, 12/15/2041		2,313			2,408
Series 4015, Class MY, 3.50%, 3/15/2042		1,000			995
Series 4126, Class JB, 2.50%, 11/15/2042		321			292
Series 4177, Class MQ, 2.50%, 3/15/2043		1,000			908
Series 4274, Class EM, 4.00%, 11/15/2043		1,000			1,025
Series 4280, Class EO, PO, 12/15/2043		1,824			1,448
Series 4281, Class OB, PO, 12/15/2043		2,035			1,592
FHLMC STRIPS
Series 16, Class B, IO, 10.00%, 6/1/2020		—	(b)		—	(b)
Series 243, Class 16, IO, 4.50%, 11/15/2020		10			—	(b)
Series 243, Class 17, IO, 4.50%, 12/15/2020		20			—	(b)
Series 134, Class B, IO, 9.00%, 4/1/2022		1			—	(b)
Series 191, IO, 8.00%, 1/1/2028		650			130
Series 197, PO, Zero Coupon, 4/1/2028		261			235

SEE NOTES TO FINANCIAL STATEMENTS.

250 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 233, Class 11, IO, 5.00%, 9/15/2035		313		58
Series 233, Class 12, IO, 5.00%, 9/15/2035		181		39
Series 233, Class 13, IO, 5.00%, 9/15/2035		424		86
Series 239, Class S30, IF, IO, 5.21%, 8/15/2036 (a)		590		98
Series 262, Class 35, 3.50%, 7/15/2042		17,389		17,559
Series 299, Class 300, 3.00%, 1/15/2043		973		967
Series 310, PO, Zero Coupon, 9/15/2043		2,258		1,814
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.46%, 7/25/2032 (a)		209		223
Series T-76, Class 2A, 2.48%, 10/25/2037 (a)		2,549		2,656
Series T-42, Class A5, 7.50%, 2/25/2042		734		854
Series T-51, Class 2A, 7.50%, 8/25/2042 (a)		58		68
Series T-54, Class 2A, 6.50%, 2/25/2043		1,286		1,470
Series T-54, Class 3A, 7.00%, 2/25/2043		600		684
Series T-56, Class A5, 5.23%, 5/25/2043		1,111		1,202
Series T-58, Class APO, PO, 9/25/2043		92		74
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)		48		54
Series T-59, Class 1AP, PO, 10/25/2043		91		47
Series T-62, Class 1A1, 3.53%, 10/25/2044 (a)		1,202		1,215
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 4.22%, 10/25/2034 (a)		333		329
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		279		227
Series 2007-FA4, Class 1A2, IF, IO, 3.16%, 8/25/2037 ‡ (a)		4,045		638
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 4.54%, 2/25/2035 (a)		129		130
Series 2005-AR1, Class 2A2, 4.50%, 4/25/2035 (a)		158		160
FN 3.42%, 3/1/2027 (f)		3,336		3,370
FNMA Grantor Trust
Series 2001-T7, Class A1, 7.50%, 2/25/2041		415		472
Series 2001-T12, Class A2, 7.50%, 8/25/2041		301		343
Series 2001-T10, PO, 12/25/2041		19		17
Series 2002-T4, Class A2, 7.00%, 12/25/2041		176		197

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2002-T4, Class A3, 7.50%, 12/25/2041		404			459
Series 2002-T16, Class A2, 7.00%, 7/25/2042		149			170
Series 2002-T19, Class A2, 7.00%, 7/25/2042		329			371
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		346			379
Series 2004-T3, Class PT1, 10.74%, 1/25/2044 (a)		228			268
FNMA REMIC
Series 1989-27, Class Y, 6.90%, 6/25/2019		—	(b)		—	(b)
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(b)		—	(b)
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(b)		—	(b)
Series 1989-78, Class H, 9.40%, 11/25/2019		—	(b)		—	(b)
Series 1999-57, Class Z, 7.50%, 12/25/2019		4			4
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(b)		—	(b)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(b)		—	(b)
Series 1990-102, Class J, 6.50%, 8/25/2020		4			4
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(b)		—	(b)
Series 1990-134, Class SC, IF, 17.87%, 11/25/2020 (a)		—	(b)		—	(b)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(b)		—	(b)
Series 1991-7, Class K, HB, 908.50%, 2/25/2021		—	(b)		—	(b)
Series 1991-44, Class G, 8.50%, 5/25/2021		5			6
Series 1991-60, Class PM, HB, 1,009.00%, 6/25/2021		—	(b)		—	(b)
Series G92-7, Class JQ, 8.50%, 1/25/2022		9			9
Series G92-14, Class Z, 7.00%, 2/25/2022		1			1
Series G92-12, Class B, 7.70%, 2/25/2022		—	(b)		—	(b)
Series 2007-15, Class NO, PO, 3/25/2022		36			35
Series 1992-101, Class J, 7.50%, 6/25/2022		2			2
Series G92-42, Class Z, 7.00%, 7/25/2022		2			2
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			1
Series 1996-59, Class J, 6.50%, 8/25/2022		2			2
Series G92-54, Class ZQ, 7.50%, 9/25/2022		8			8

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 251

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series G92-62, Class B, PO, 10/25/2022		3			3
Series G92-61, Class Z, 7.00%, 10/25/2022		30			31
Series G93-1, Class KA, 7.90%, 1/25/2023		19			21
Series 1993-108, Class D, PO, 2/25/2023		—	(b)		—	(b)
Series 1993-27, Class S, IF, 6.02%, 2/25/2023 (a)		16			16
Series 1993-25, Class J, 7.50%, 3/25/2023		37			39
Series 1993-31, Class K, 7.50%, 3/25/2023		6			6
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (a)		14			14
Series 1993-54, Class Z, 7.00%, 4/25/2023		71			74
Series 1998-43, Class SA, IF, IO, 16.12%, 4/25/2023 (a)		32			7
Series 1993-62, Class SA, IF, 18.07%, 4/25/2023 (a)		4			4
Series 1993-97, Class FA, 3.74%, 5/25/2023 (a)		4			4
Series 2008-47, Class SI, IF, IO, 4.01%, 6/25/2023 (a)		135			4
Series 1993-162, Class F, 3.44%, 8/25/2023 (a)		9			9
Series 1996-14, Class SE, IF, IO, 8.00%, 8/25/2023 (a)		51			6
Series 1993-228, Class G, PO, 9/25/2023		3			3
Series 2008-76, Class GF, 3.14%, 9/25/2023 (a)		3			3
Series 1993-165, Class SD, IF, 12.62%, 9/25/2023 (a)		2			2
Series 2000-18, Class EC, PO, 10/25/2023		97			91
Series 1993-179, Class SB, HB, IF, 25.13%, 10/25/2023 (a)		16			19
Series 1993-230, Class FA, 3.09%, 12/25/2023 (a)		3			3
Series 2002-1, Class UD, IF, 15.79%, 12/25/2023 (a)		22			27
Series 1994-26, Class J, PO, 1/25/2024		218			205
Series 2009-9, IO, 5.00%, 2/25/2024		82			2
Series 2009-12, IO, 4.50%, 3/25/2024		8			—	(b)
Series 1994-37, Class L, 6.50%, 3/25/2024		21			22
Series G94-7, Class PJ, 7.50%, 5/17/2024		129			138
Series 2004-53, Class NC, 5.50%, 7/25/2024		133			137
Series 1995-2, Class Z, 8.50%, 1/25/2025		8			9
Series 2006-72, Class HO, PO, 8/25/2026		85			79
Series 2006-94, Class GI, IF, IO, 4.16%, 10/25/2026 (a)		979			78

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-94, Class GK, HB, IF, 20.80%, 10/25/2026 (a)		41		52
Series G97-2, Class ZA, 8.50%, 2/17/2027		31		35
Series 1997-20, IO, 1.84%, 3/25/2027 (a)		10		—	(b)
Series 1997-27, Class J, 7.50%, 4/18/2027		6		6
Series 1997-24, Class Z, 8.00%, 4/18/2027		7		8
Series 1997-46, Class Z, 7.50%, 6/17/2027		158		173
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		5		1
Series 1998-30, Class ZA, 6.50%, 5/20/2028		350		380
Series 1998-36, Class ZB, 6.00%, 7/18/2028		49		53
Series 2002-7, Class FD, 3.19%, 4/25/2029 (a)		98		99
Series 1999-62, Class PB, 7.50%, 12/18/2029		39		44
Series 2000-52, IO, 8.50%, 1/25/2031		7		1
Series 2002-60, Class FA, 3.24%, 2/25/2031 (a)		329		333
Series 2002-60, Class FB, 3.24%, 2/25/2031 (a)		329		333
Series 2001-4, Class ZA, 6.50%, 3/25/2031		310		340
Series 2001-7, Class PF, 7.00%, 3/25/2031		24		27
Series 2002-50, Class ZA, 6.00%, 5/25/2031		494		533
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		37		8
Series 2001-49, Class LZ, 8.50%, 7/25/2031		72		81
Series 2001-38, Class FB, 2.99%, 8/25/2031 (a)		117		118
Series 2001-36, Class DE, 7.00%, 8/25/2031		64		71
Series 2001-44, Class PD, 7.00%, 9/25/2031		27		30
Series 2001-44, Class PU, 7.00%, 9/25/2031		71		80
Series 2001-53, Class FX, 2.84%, 10/25/2031 (a)		278		279
Series 2003-52, Class SX, IF, 15.48%, 10/25/2031 (a)		16		22
Series 2001-61, Class Z, 7.00%, 11/25/2031		158		179
Series 2001-72, Class SX, IF, 11.67%, 12/25/2031 (a)		15		19
Series 2002-1, Class SA, IF, 17.10%, 2/25/2032 (a)		8		11

SEE NOTES TO FINANCIAL STATEMENTS.

252 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (a)		190		9
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (a)		10		13
Series 2002-30, Class Z, 6.00%, 5/25/2032		274		299
Series 2002-37, Class Z, 6.50%, 6/25/2032		17		19
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		383		57
Series 2004-61, Class FH, 3.29%, 11/25/2032 (a)		1,510		1,525
Series 2011-39, Class ZA, 6.00%, 11/25/2032		1,642		1,817
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (a)		60		67
Series 2004-59, Class BG, PO, 12/25/2032		90		78
Series 2002-77, Class S, IF, 9.92%, 12/25/2032 (a)		43		49
Series 2003-2, Class F, 3.24%, 2/25/2033 (a)		658		670
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		364		38
Series 2003-22, Class UD, 4.00%, 4/25/2033		491		508
Series 2003-39, IO, 6.00%, 5/25/2033 (a)		27		6
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		591		131
Series 2004-4, Class QI, IF, IO, 4.61%, 6/25/2033 (a)		230		9
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		764		181
Series 2004-4, Class QM, IF, 9.22%, 6/25/2033 (a)		57		62
Series 2004-36, Class SN, IF, 9.22%, 7/25/2033 (a)		15		15
Series 2003-132, Class OA, PO, 8/25/2033		29		26
Series 2003-132, Class PI, IO, 5.50%, 8/25/2033		75		8
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		267		45
Series 2003-74, Class SH, IF, 5.69%, 8/25/2033 (a)		27		30
Series 2003-86, Class ZA, 5.50%, 9/25/2033		281		301
Series 2003-91, Class SD, IF, 8.35%, 9/25/2033 (a)		42		48
Series 2003-105, Class AZ, 5.50%, 10/25/2033		1,651		1,792
Series 2003-116, Class SB, IF, IO, 5.11%, 11/25/2033 (a)		310		49

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-44, Class P, PO, 12/25/2033		593		506
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		1,785		1,964
Series 2004-87, Class F, 3.24%, 1/25/2034 (a)		240		245
Series 2003-130, Class SX, IF, 7.79%, 1/25/2034 (a)		21		23
Series 2003-131, Class SK, IF, 11.22%, 1/25/2034 (a)		39		43
Series 2004-10, Class SC, IF, 18.64%, 2/25/2034 (a)		14		14
Series 2004-46, Class EP, PO, 3/25/2034		198		181
Series 2004-28, Class PF, 2.89%, 3/25/2034 (a)		494		495
Series 2004-17, Class H, 5.50%, 4/25/2034		465		511
Series 2004-25, Class SA, IF, 12.68%, 4/25/2034 (a)		135		169
Series 2004-46, Class SK, IF, 9.65%, 5/25/2034 (a)		58		68
Series 2004-36, Class SA, IF, 12.68%, 5/25/2034 (a)		206		271
Series 2004-46, Class QB, IF, 14.04%, 5/25/2034 (a)		98		123
Series 2004-50, Class VZ, 5.50%, 7/25/2034		2,107		2,250
Series 2004-51, Class SY, IF, 9.26%, 7/25/2034 (a)		26		30
Series 2014-44, Class B, 2.50%, 8/25/2034		928		868
Series 2005-67, Class HG, 5.50%, 1/25/2035		100		102
Series 2005-7, Class LO, PO, 2/25/2035		650		576
Series 2005-15, Class MO, PO, 3/25/2035		127		117
Series 2005-13, Class FL, 2.89%, 3/25/2035 (a)		122		122
Series 2006-60, Class DO, PO, 4/25/2035		60		59
Series 2005-74, Class SK, IF, 13.28%, 5/25/2035 (a)		310		364
Series 2005-56, Class S, IF, IO, 4.22%, 7/25/2035 (a)		420		54
Series 2005-66, Class SV, IF, IO, 4.26%, 7/25/2035 (a)		497		38
Series 2005-103, Class SC, IF, 6.60%, 7/25/2035 (a)		297		328
Series 2005-66, Class SG, IF, 11.15%, 7/25/2035 (a)		135		170
Series 2005-68, Class PG, 5.50%, 8/25/2035		385		415

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 253

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-73, Class PS, IF, 10.48%, 8/25/2035 (a)		100		118
Series 2005-90, PO, 9/25/2035		183		171
Series 2005-90, Class AO, PO, 10/25/2035		60		55
Series 2010-39, Class OT, PO, 10/25/2035		197		175
Series 2005-84, Class XM, 5.75%, 10/25/2035		231		249
Series 2005-90, Class ES, IF, 10.65%, 10/25/2035 (a)		377		454
Series 2005-106, Class US, IF, 15.44%, 11/25/2035 (a)		240		316
Series 2006-15, Class OT, PO, 1/25/2036		15		14
Series 2006-8, Class WQ, PO, 3/25/2036		565		462
Series 2006-8, Class WN, IF, IO, 4.21%, 3/25/2036 (a)		2,073		356
Series 2006-16, Class HZ, 5.50%, 3/25/2036		223		240
Series 2006-23, Class KO, PO, 4/25/2036		101		91
Series 2006-27, Class OH, PO, 4/25/2036		230		205
Series 2006-44, Class GO, PO, 6/25/2036		239		204
Series 2006-50, Class JO, PO, 6/25/2036		140		117
Series 2006-50, Class PS, PO, 6/25/2036		202		179
Series 2006-53, Class US, IF, IO, 4.09%, 6/25/2036 (a)		375		59
Series 2007-101, Class A2, 2.74%, 6/27/2036 (a)		348		342
Series 2006-113, PO, 7/25/2036		72		70
Series 2006-58, PO, 7/25/2036		246		211
Series 2006-58, Class AP, PO, 7/25/2036		82		72
Series 2006-65, Class QO, PO, 7/25/2036		97		84
Series 2006-56, Class FT, 3.24%, 7/25/2036 (a)		925		1,000
Series 2006-63, Class ZH, 6.50%, 7/25/2036		289		326
Series 2006-72, Class TO, PO, 8/25/2036		113		101
Series 2006-79, Class DO, PO, 8/25/2036		158		140
Series 2007-7, Class SG, IF, IO, 4.01%, 8/25/2036 (a)		254		54
Series 2006-77, Class PC, 6.50%, 8/25/2036		953		1,049
Series 2006-78, Class BZ, 6.50%, 8/25/2036		249		272
Series 2006-86, Class OB, PO, 9/25/2036		212		182
Series 2006-90, Class AO, PO, 9/25/2036		182		162
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,154		216
Series 2006-110, PO, 11/25/2036		120		102

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-111, Class EO, PO, 11/25/2036		69		60
Series 2006-105, Class ME, 5.50%, 11/25/2036		1,171		1,272
Series 2006-115, Class OK, PO, 12/25/2036		249		209
Series 2006-119, PO, 12/25/2036		71		62
Series 2006-118, Class A2, 2.57%, 12/25/2036 (a)		157		156
Series 2006-120, Class PF, 2.74%, 12/25/2036 (a)		240		240
Series 2006-117, Class GS, IF, IO, 4.16%, 12/25/2036 (a)		250		38
Series 2006-120, IO, 6.50%, 12/25/2036		438		90
Series 2015-91, Class AC, 7.50%, 12/25/2036 (a)		2,995		3,511
Series 2006-126, Class AO, PO, 1/25/2037		433		388
Series 2007-1, Class SD, HB, IF, 24.06%, 2/25/2037 (a)		33		81
Series 2007-14, Class OP, PO, 3/25/2037		140		123
Series 2007-16, Class FC, 3.24%, 3/25/2037 (a)		64		66
Series 2007-22, Class SC, IF, IO, 3.59%, 3/25/2037 (a)		62		3
Series 2007-14, Class ES, IF, IO, 3.95%, 3/25/2037 (a)		575		91
Series 2009-63, Class P, 5.00%, 3/25/2037		41		44
Series 2007-18, Class MZ, 6.00%, 3/25/2037		485		518
Series 2007-39, Class EF, 2.74%, 5/25/2037 (a)		51		50
Series 2007-46, Class ZK, 5.50%, 5/25/2037		900		931
Series 2007-54, Class FA, 2.89%, 6/25/2037 (a)		187		188
Series 2007-54, Class WI, IF, IO, 3.61%, 6/25/2037 (a)		548		73
Series 2007-64, Class FB, 2.86%, 7/25/2037 (a)		243		243
Series 2007-72, Class EK, IF, IO, 3.91%, 7/25/2037 (a)		1,236		169
Series 2007-65, Class KI, IF, IO, 4.13%, 7/25/2037 (a)		286		33
Series 2007-60, Class AX, IF, IO, 4.66%, 7/25/2037 (a)		422		80
Series 2007-76, Class ZG, 6.00%, 8/25/2037		397		437
Series 2007-78, Class CB, 6.00%, 8/25/2037		152		168

SEE NOTES TO FINANCIAL STATEMENTS.

254 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-79, Class SB, IF, 14.89%, 8/25/2037 (a)		43		58
Series 2007-88, Class VI, IF, IO, 4.05%, 9/25/2037 (a)		198		32
Series 2009-86, Class OT, PO, 10/25/2037		659		586
Series 2007-100, Class SM, IF, IO, 3.96%, 10/25/2037 (a)		506		72
Series 2007-91, Class ES, IF, IO, 3.97%, 10/25/2037 (a)		640		100
Series 2007-106, Class A7, 6.11%, 10/25/2037 (a)		86		93
Series 2007-112, Class SA, IF, IO, 3.96%, 12/25/2037 (a)		1,160		159
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038 (a)		1,135		42
Series 2008-1, Class BI, IF, IO, 3.42%, 2/25/2038 (a)		397		52
Series 2008-12, Class CO, PO, 3/25/2038		806		685
Series 2008-16, Class IS, IF, IO, 3.71%, 3/25/2038 (a)		185		24
Series 2008-10, Class XI, IF, IO, 3.74%, 3/25/2038 (a)		175		17
Series 2008-20, Class SA, IF, IO, 4.50%, 3/25/2038 (a)		352		64
Series 2009-79, Class UA, 7.00%, 3/25/2038		46		52
Series 2008-32, Class SA, IF, IO, 4.36%, 4/25/2038 (a)		63		6
Series 2008-27, Class SN, IF, IO, 4.41%, 4/25/2038 (a)		98		12
Series 2008-44, PO, 5/25/2038		21		18
Series 2008-53, Class CI, IF, IO, 4.71%, 7/25/2038 (a)		166		24
Series 2011-47, Class ZA, 5.50%, 7/25/2038		633		688
Series 2008-80, Class SA, IF, IO, 3.36%, 9/25/2038 (a)		313		42
Series 2008-81, Class SB, IF, IO, 3.36%, 9/25/2038 (a)		194		15
Series 2008-80, Class GP, 6.25%, 9/25/2038		30		32
Series 2010-148, Class MA, 4.00%, 2/25/2039		183		185
Series 2009-6, Class GS, IF, IO, 4.06%, 2/25/2039 (a)		169		26
Series 2009-4, Class BD, 4.50%, 2/25/2039		44		46
Series 2009-17, Class QS, IF, IO, 4.16%, 3/25/2039 (a)		225		33

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-62, Class HJ, 6.00%, 5/25/2039		212		225
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		433		80
Series 2009-47, Class MT, 7.00%, 7/25/2039		31		35
Series 2009-69, PO, 9/25/2039		159		144
Series 2009-84, Class WS, IF, IO, 3.41%, 10/25/2039 (a)		145		15
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		271		49
Series 2009-92, Class AD, 6.00%, 11/25/2039		290		311
Series 2009-99, Class SC, IF, IO, 3.69%, 12/25/2039 (a)		116		13
Series 2009-103, Class MB, 4.32%, 12/25/2039 (a)		920		982
Series 2009-99, Class WA, 6.30%, 12/25/2039 (a)		561		616
Series 2009-113, Class FB, 3.04%, 1/25/2040 (a)		152		154
Series 2009-112, Class ST, IF, IO, 3.76%, 1/25/2040 (a)		339		42
Series 2010-23, Class KS, IF, IO, 4.61%, 2/25/2040 (a)		307		49
Series 2010-1, Class WA, 6.24%, 2/25/2040 (a)		1,274		1,403
Series 2010-16, Class WB, 6.21%, 3/25/2040 (a)		1,984		2,221
Series 2010-16, Class WA, 6.44%, 3/25/2040 (a)		1,007		1,132
Series 2010-49, Class SC, IF, 7.68%, 3/25/2040 (a)		513		567
Series 2010-40, Class FJ, 3.09%, 4/25/2040 (a)		272		274
Series 2010-35, Class SB, IF, IO, 3.93%, 4/25/2040 (a)		259		33
Series 2010-43, Class FD, 3.09%, 5/25/2040 (a)		565		572
Series 2010-42, Class S, IF, IO, 3.91%, 5/25/2040 (a)		123		17
Series 2010-61, Class WA, 5.98%, 6/25/2040 (a)		382		420
Series 2010-68, Class SA, IF, IO, 2.51%, 7/25/2040 (a)		1,361		143
Series 2010-103, Class ME, 4.00%, 9/25/2040		1,085		1,117
Series 2010-111, Class AM, 5.50%, 10/25/2040		1,615		1,801

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 255

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-125, Class SA, IF, IO, 1.95%, 11/25/2040 (a)		1,507		88
Series 2010-123, Class FL, 2.92%, 11/25/2040 (a)		127		127
Series 2010-130, Class CY, 4.50%, 11/25/2040		2,721		2,911
Series 2010-147, Class SA, IF, IO, 4.04%, 1/25/2041 (a)		2,893		537
Series 2011-20, Class MW, 5.00%, 3/25/2041		1,674		1,815
Series 2011-30, Class LS, IO, 1.32%, 4/25/2041 (a)		859		43
Series 2011-75, Class FA, 3.04%, 8/25/2041 (a)		203		204
Series 2011-118, Class LB, 7.00%, 11/25/2041		1,202		1,373
Series 2011-118, Class MT, 7.00%, 11/25/2041		2,012		2,300
Series 2011-118, Class NT, 7.00%, 11/25/2041		2,057		2,317
Series 2012-99, Class BY, 2.50%, 9/25/2042		2,563		2,323
Series 2003-7, Class A1, 6.50%, 12/25/2042		251		277
Series 2013-2, Class LZ, 3.00%, 2/25/2043		544		500
Series 2013-4, Class AJ, 3.50%, 2/25/2043		3,903		3,929
Series 2013-92, PO, 9/25/2043		2,322		1,830
Series 2013-101, Class DO, PO, 10/25/2043		2,387		1,855
Series 2013-135, PO, 1/25/2044		3,926		3,031
Series 2015-85, Class HD, 3.00%, 11/25/2045		775		704
Series 2010-103, Class SB, IF, IO, 3.61%, 11/25/2049 (a)		868		67
Series 2011-2, Class WA, 5.82%, 2/25/2051 (a)		235		249
Series 2011-43, Class WA, 5.76%, 5/25/2051 (a)		313		339
Series 2011-58, Class WA, 5.43%, 7/25/2051 (a)		582		629
Series 2012-21, Class WA, 5.62%, 3/25/2052 (a)		1,108		1,208
FNMA REMIC Trust
Series 2004-W4, Class A7, 5.50%, 6/25/2034		958		1,038
Series 2006-72, Class GO, PO, 8/25/2036		173		154
Series 2007-W2, Class 1A1, 2.81%, 3/25/2037 (a)		278		278

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		145		158
Series 2007-W7, Class 1A4, HB, IF, 24.24%, 7/25/2037 (a)		24		37
Series 2001-W3, Class A, 6.06%, 9/25/2041 (a)		560		596
Series 2002-W10, IO, 0.90%, 8/25/2042 (a)		2,081		49
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (a)		31		34
Series 2003-W1, Class 1A1, 5.37%, 12/25/2042 (a)		230		242
Series 2003-W1, Class 2A, 5.89%, 12/25/2042 (a)		149		160
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		529		598
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		224		251
Series 2006-W3, Class 1AF1, 2.73%, 10/25/2046 (a)		174		173
Series 2009-W1, Class A, 6.00%, 12/25/2049		1,255		1,393
FNMA STRIPS
Series 356, Class 39, IO, 5.00%, 1/25/2020		34		—	(b)
Series 368, Class 3, IO, 4.50%, 11/25/2020		4		—	(b)
Series 213, Class 2, IO, 8.00%, 3/25/2023		81		10
Series 218, Class 2, IO, 7.50%, 4/25/2023		104		12
Series 265, Class 2, 9.00%, 3/25/2024		3		3
Series 300, Class 1, PO, 9/25/2024		109		102
Series 293, Class 1, PO, 12/25/2024		219		208
Series 285, Class 1, PO, 2/25/2027		6		6
Series 331, Class 13, IO, 7.00%, 11/25/2032		173		37
Series 345, Class 6, IO, 5.00%, 12/25/2033 (a)		87		17
Series 351, Class 7, IO, 5.00%, 4/25/2034 (a)		193		36
Series 356, Class 3, IO, 5.00%, 1/25/2035		241		45
Series 365, Class 8, IO, 5.50%, 5/25/2036		308		72
Series 373, Class 1, PO, 7/25/2036		1,909		1,644
Series 374, Class 5, IO, 5.50%, 8/25/2036		111		23
Series 393, Class 6, IO, 5.50%, 4/25/2037		56		10
Series 383, Class 32, IO, 6.00%, 1/25/2038		258		59
FNMA Trust
Series 2003-W17, Class 1A7, 5.75%, 8/25/2033		4,558		4,926
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		315		361

SEE NOTES TO FINANCIAL STATEMENTS.

256 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-W8, Class 3F1, 2.89%, 5/25/2042 (a)		207		205
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		249		276
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		201		227
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		253		283
Series 2005-W3, Class 2AF, 2.71%, 3/25/2045 (a)		514		512
Series 2005-W4, Class 3A, 4.25%, 6/25/2045 (a)		1,324		1,398
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		195		213
Series 2006-W2, Class 1AF1, 2.71%, 2/25/2046 (a)		279		279
G2
5.00%, 12/20/2048 (f)		5,000		5,300
4.50%, 2/20/2049 (f)		5,000		5,225
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 2A4, 4.80%, 12/19/2033 (a)		575		578
Series 2003-J8, Class A, 5.25%, 12/25/2033		26		27
Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (a)		666		650
GNMA
Series 2002-33, Class SY, IF, 9.00%, 2/26/2023 (a)		9		10
Series 2008-36, Class AY, 5.00%, 4/16/2023		96		95
Series 1994-7, Class PQ, 6.50%, 10/16/2024		241		241
Series 1999-4, Class ZB, 6.00%, 2/20/2029		100		99
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		7		—	(b)
Series 2000-36, Class HC, 7.33%, 11/20/2030		18		18
Series 2001-21, Class PE, 6.50%, 5/16/2031		348		382
Series 2001-35, Class SA, IF, IO, 5.77%, 8/16/2031 (a)		59		1
Series 2002-24, Class AG, IF, IO, 5.47%, 4/16/2032 (a)		191		2
Series 2002-24, Class SB, IF, 8.20%, 4/16/2032 (a)		55		56
Series 2002-24, Class Z, 8.50%, 4/16/2032		165		192
Series 2002-41, Class LS, IF, 9.00%, 6/16/2032 (a)		38		43

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2002-45, Class QE, 6.50%, 6/20/2032		70		70
Series 2002-47, Class PG, 6.50%, 7/16/2032		85		85
Series 2010-14, Class AO, PO, 12/20/2032		49		48
Series 2003-11, Class SK, IF, IO, 5.22%, 2/16/2033 (a)		329		30
Series 2008-29, PO, 2/17/2033		67		65
Series 2003-24, PO, 3/16/2033		9		9
Series 2003-41, Class ID, IO, 5.50%, 5/20/2033		327		56
Series 2003-90, PO, 10/20/2033		25		22
Series 2010-41, Class WA, 5.82%, 10/20/2033 (a)		1,149		1,265
Series 2003-112, Class SA, IF, IO, 4.07%, 12/16/2033 (a)		378		50
Series 2005-24, Class ST, IF, 7.50%, 1/17/2034 (a)		52		53
Series 2004-28, Class S, IF, 12.84%, 4/16/2034 (a)		97		129
Series 2004-46, Class AO, PO, 6/20/2034		131		112
Series 2004-73, Class AE, IF, 9.74%, 8/17/2034 (a)		49		53
Series 2010-103, Class WA, 5.72%, 8/20/2034 (a)		605		658
Series 2004-73, Class JL, IF, IO, 4.07%, 9/16/2034 (a)		1,269		178
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034 (a)		32		34
Series 2004-90, Class SI, IF, IO, 3.62%, 10/20/2034 (a)		405		51
Series 2005-68, Class DP, IF, 10.45%, 6/17/2035 (a)		129		146
Series 2010-14, Class CO, PO, 8/20/2035		973		822
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (a)		1,280		245
Series 2005-68, Class KI, IF, IO, 3.82%, 9/20/2035 (a)		775		97
Series 2005-72, Class AZ, 5.50%, 9/20/2035		897		955
Series 2005-85, IO, 5.50%, 11/16/2035		317		69
Series 2010-14, Class BO, PO, 11/20/2035		148		128
Series 2006-16, Class OP, PO, 3/20/2036		135		122
Series 2006-22, Class AO, PO, 5/20/2036		91		82
Series 2006-38, Class SW, IF, IO, 4.02%, 6/20/2036 (a)		218		11
Series 2006-34, PO, 7/20/2036		80		71
Series 2006-59, Class SD, IF, IO, 4.22%, 10/20/2036 (a)		121		19

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 257

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-22, Class WA, 5.88%, 2/20/2037 (a)		1,603		1,780
Series 2007-57, PO, 3/20/2037		368		332
Series 2007-17, Class JO, PO, 4/16/2037		98		81
Series 2007-17, Class JI, IF, IO, 4.33%, 4/16/2037 (a)		713		111
Series 2010-129, Class AW, 6.02%, 4/20/2037 (a)		623		677
Series 2007-31, Class AO, PO, 5/16/2037		462		418
Series 2007-25, Class FN, 2.78%, 5/16/2037 (a)		77		77
Series 2007-28, Class BO, PO, 5/20/2037		18		16
Series 2007-26, Class SC, IF, IO, 3.72%, 5/20/2037 (a)		382		41
Series 2007-36, Class HO, PO, 6/16/2037		19		16
Series 2007-36, Class SE, IF, IO, 3.99%, 6/16/2037 (a)		388		47
Series 2007-36, Class SG, IF, IO, 3.99%, 6/20/2037 (a)		538		78
Series 2007-45, Class QA, IF, IO, 4.16%, 7/20/2037 (a)		155		18
Series 2007-40, Class SD, IF, IO, 4.27%, 7/20/2037 (a)		378		48
Series 2007-42, Class SB, IF, IO, 4.27%, 7/20/2037 (a)		372		60
Series 2007-50, Class AI, IF, IO, 4.29%, 8/20/2037 (a)		255		27
Series 2008-20, PO, 9/20/2037		77		73
Series 2007-53, Class SW, IF, 12.75%, 9/20/2037 (a)		51		62
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		290		31
Series 2009-79, Class OK, PO, 11/16/2037		262		228
Series 2007-74, Class SL, IF, IO, 4.06%, 11/16/2037 (a)		993		100
Series 2007-76, Class SA, IF, IO, 4.05%, 11/20/2037 (a)		298		36
Series 2007-79, Class SY, IF, IO, 4.07%, 12/20/2037 (a)		425		54
Series 2008-2, Class MS, IF, IO, 4.68%, 1/16/2038 (a)		220		32
Series 2008-1, PO, 1/20/2038		55		46
Series 2015-137, Class WA, 5.48%, 1/20/2038 (a)		489		539
Series 2008-13, Class PI, IO, 5.50%, 2/16/2038		727		149
Series 2008-10, Class S, IF, IO, 3.35%, 2/20/2038 (a)		169		18

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-106, Class ST, IF, IO, 3.52%, 2/20/2038 (a)		1,032		142
Series 2008-33, Class XS, IF, IO, 5.22%, 4/16/2038 (a)		155		24
Series 2008-36, Class SH, IF, IO, 3.82%, 4/20/2038 (a)		378		45
Series 2012-52, Class WA, 6.15%, 4/20/2038 (a)		4,061		4,552
Series 2008-40, Class SA, IF, IO, 3.92%, 5/16/2038 (a)		1,458		207
Series 2008-55, Class SA, IF, IO, 3.72%, 6/20/2038 (a)		186		19
Series 2008-62, Class SA, IF, IO, 3.67%, 7/20/2038 (a)		1,233		162
Series 2008-71, Class SC, IF, IO, 3.52%, 8/20/2038 (a)		71		6
Series 2012-59, Class WA, 5.57%, 8/20/2038 (a)		759		843
Series 2009-25, Class SE, IF, IO, 5.12%, 9/20/2038 (a)		180		25
Series 2011-97, Class WA, 6.13%, 11/20/2038 (a)		1,822		2,025
Series 2008-93, Class AS, IF, IO, 3.22%, 12/20/2038 (a)		280		25
Series 2008-96, Class SL, IF, IO, 3.52%, 12/20/2038 (a)		202		17
Series 2008-95, Class DS, IF, IO, 4.82%, 12/20/2038 (a)		717		91
Series 2011-163, Class WA, 5.86%, 12/20/2038 (a)		1,798		1,992
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		88		7
Series 2009-6, Class SA, IF, IO, 3.62%, 2/16/2039 (a)		251		29
Series 2009-10, Class SA, IF, IO, 3.47%, 2/20/2039 (a)		409		42
Series 2009-24, Class DS, IF, IO, 3.82%, 3/20/2039 (a)		60		1
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		1,288		241
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		249		54
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		303		77
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		95		18
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		220		52
Series 2009-102, Class SM, IF, IO, 3.92%, 6/16/2039 (a)		301		9

SEE NOTES TO FINANCIAL STATEMENTS.

258 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-43, Class SA, IF, IO, 3.47%, 6/20/2039 (a)		269		30
Series 2009-42, Class SC, IF, IO, 3.60%, 6/20/2039 (a)		514		55
Series 2009-64, Class SN, IF, IO, 3.62%, 7/16/2039 (a)		457		44
Series 2009-54, Class JZ, 5.50%, 7/20/2039		1,781		1,960
Series 2009-67, Class SA, IF, IO, 3.57%, 8/16/2039 (a)		385		40
Series 2009-72, Class SM, IF, IO, 3.77%, 8/16/2039 (a)		711		89
Series 2009-104, Class AB, 7.00%, 8/16/2039		641		698
Series 2009-106, Class AS, IF, IO, 3.92%, 11/16/2039 (a)		780		91
Series 2015-91, Class W, 5.24%, 5/20/2040 (a)		1,461		1,581
Series 2013-75, Class WA, 5.18%, 6/20/2040 (a)		733		783
Series 2011-137, Class WA, 5.56%, 7/20/2040 (a)		2,495		2,743
Series 2010-130, Class CP, 7.00%, 10/16/2040		548		621
Series 2010-157, Class OP, PO, 12/20/2040		1,612		1,320
Series 2011-100, Class MY, 4.00%, 7/20/2041		2,000		2,084
Series 2012-24, Class WA, 5.57%, 7/20/2041 (a)		3,595		3,977
Series 2013-26, Class AK, 4.67%, 9/20/2041 (a)		1,886		1,991
Series 2014-188, Class W, 4.60%, 10/20/2041 (a)		1,934		2,036
Series 2012-141, Class WA, 4.53%, 11/16/2041 (a)		5,374		5,726
Series 2012-141, Class WC, 3.72%, 1/20/2042 (a)		3,331		3,425
Series 2012-141, Class WB, 3.98%, 9/16/2042 (a)		4,612		4,762
Series 2012-138, Class PT, 3.98%, 11/16/2042 (a)		4,678		4,823
Series 2013-54, Class WA, 4.75%, 11/20/2042 (a)		2,628		2,782
Series 2017-99, Class PT, 6.01%, 8/20/2044 (a)		1,730		1,929
Series 2016-90, Class LI, IO, 4.00%, 7/20/2046		7,610		1,453
Series 2012-H24, Class FG, 2.94%, 4/20/2060 (a)		447		447

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-H03, Class FA, 2.81%, 8/20/2060 (a)		84		84
Series 2013-H05, Class FB, 2.91%, 2/20/2062 (a)		122		121
Series 2013-H07, Class MA, 3.06%, 4/20/2062 (a)		706		707
Series 2013-H02, Class HF, 2.81%, 11/20/2062 (a)		102		102
Series 2013-H01, Class JA, 2.83%, 1/20/2063 (a)		4,051		4,037
Series 2013-H04, Class SA, 2.93%, 2/20/2063 (a)		2,452		2,448
Series 2013-H08, Class FC, 2.96%, 2/20/2063 (a)		3,562		3,561
Series 2013-H08, Class BF, 2.91%, 3/20/2063 (a)		1,775		1,770
Series 2013-H07, Class HA, 2.92%, 3/20/2063 (a)		4,870		4,864
Series 2013-H09, Class HA, 1.65%, 4/20/2063		3,781		3,719
Series 2014-H17, Class FC, 3.01%, 7/20/2064 (a)		904		906
Series 2015-H32, Class FH, 3.17%, 12/20/2065 (a)		4,017		4,048
Series 2016-H13, Class FD, 3.04%, 5/20/2066 (a)		7,004		7,000
Series 2016-H11, Class FD, 3.06%, 5/20/2066 (a)		2,160		2,174
Series 2016-H13, Class FT, 3.09%, 5/20/2066 (a)		4,605		4,613
Series 2016-H16, Class FC, 3.10%, 7/20/2066 (a)		7,515		7,555
Series 2016-H26, Class FC, 3.51%, 12/20/2066 (a)		1,686		1,715
Series 2017-H08, Class XI, IO, 2.22%, 3/20/2067 (a)		6,978		850
Series 2017-H11, Class XI, IO, 1.89%, 5/20/2067 (a)		18,865		2,145
Series 2017-H14, Class XI, IO, 1.61%, 6/20/2067 (a)		8,249		777
Series 2017-H14, Class AI, IO, 1.98%, 6/20/2067 (a)		9,865		1,118
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		3,832		3,743
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (c)		316		307
Series 2004-4, Class 1AF, 2.89%, 6/25/2034 (a) (c)		148		142

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 259

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-RP2, Class 1AF, 2.84%, 3/25/2035 (a) (c)		293		274
Series 2005-RP3, Class 1AS, IO, 2.00%, 9/25/2035 ‡ (a) (c)		816		69
Series 2005-RP3, Class 1AF, 2.84%, 9/25/2035 (a) (c)		1,796		1,607
Series 2006-RP2, Class 1AS2, IF, IO, 3.57%, 4/25/2036 ‡ (a) (c)		1,675		206
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 2.89%, 9/25/2032 (a)		12		12
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		271		278
Series 2003-13, Class 1A1, 4.30%, 10/25/2033 (a)		59		61
Series 2004-3F, Class 3A8, 13.50%, 2/25/2034		27		32
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		457		466
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		353		362
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		211		216
Series 2005-5F, Class 8A3, 2.99%, 6/25/2035 (a)		68		65
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		653		682
Series 2006-1F, Class 1AP, PO, 2/25/2036 ‡		136		113
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		2,375		1,961
Headlands Residential LLC Series 2017-RPL1, Class A,
3.88%, 8/25/2022 (c) (d)		3,325		3,288
4.25%, 6/25/2023 (a)		3,570		3,562
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043 (c)		1,766		1,770
Impac CMB Trust Series 2005-2, Class 2M1, 3.27%, 4/25/2035 ‡ (a)		72		68
Impac Secured Assets CMN Owner Trust Series 2001-8, Class A6, 6.44%, 1/25/2032		459		473
Impac Secured Assets Trust Series 2006-2, Class 2A1, 2.84%, 8/25/2036 (a)		502		488
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A, 3.91%, 3/25/2036 (a)		131		118

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A2, 4.62%, 11/25/2033 (a)		326		334
Series 2006-A2, Class 5A3, 4.62%, 11/25/2033 (a)		590		605
Series 2004-A3, Class 4A1, 4.54%, 7/25/2034 (a)		83		85
Series 2006-A3, Class 6A1, 4.06%, 8/25/2034 (a)		140		139
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (a)		436		448
Series 2004-A4, Class 1A1, 4.64%, 9/25/2034 (a)		98		100
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		14		14
Series 2005-A1, Class 3A4, 4.54%, 2/25/2035 (a)		279		286
Series 2007-A1, Class 5A2, 4.69%, 7/25/2035 (a)		182		188
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.80%, 4/25/2036 (a)		267		240
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		144		134
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		491		337
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (a)		103		106
Series 2004-3, Class 4A2, 3.97%, 4/25/2034 (a)		61		57
Series 2004-4, Class 2A1, 3.95%, 5/25/2034 (a)		21		19
Series 2004-13, Class 3A7, 4.44%, 11/21/2034 (a)		542		556
Series 2004-15, Class 3A1, 4.86%, 12/25/2034 (a)		157		152
MASTR Alternative Loan Trust
Series 2003-8, Class 5A1, 5.00%, 11/25/2018		1		1
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		11		11
Series 2003-4, Class 2A1, 6.25%, 6/25/2033		229		236
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		68		70
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		80		82

SEE NOTES TO FINANCIAL STATEMENTS.

260 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		59			52
Series 2004-3, Class 30PO, PO, 4/25/2034 ‡		131			111
Series 2004-3, Class 30X1, IO, 6.00%, 4/25/2034 ‡		89			18
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		209			219
Series 2004-5, Class 30PO, PO, 6/25/2034 ‡		171			155
Series 2004-5, Class 30X1, IO, 6.00%, 6/25/2034 ‡		53			9
Series 2004-6, Class 30X1, IO, 5.50%, 7/25/2034 ‡		68			14
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		642			656
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		47			39
Series 2004-7, Class AX1, IO, 5.50%, 8/25/2034 ‡		217			34
Series 2005-3, Class AX2, IO, 6.00%, 4/25/2035 ‡		1,284			228
MASTR Asset Securitization Trust
Series 2003-11, Class 15PO, PO, 12/25/2018 ‡		—	(b)		—	(b)
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		—	(b)		—	(b)
Series 2004-8, PO, 8/25/2019 ‡		2			1
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		1			1
Series 2004-9, Class 5A1, 5.25%, 9/25/2019		2			2
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		50			50
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (c)		104			104
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		10			8
Series 2004-3, PO, 3/25/2034 ‡		11			10
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.84%, 5/25/2035 (a) (c)		1,637			1,287
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (c)		133			109
Merrill Lynch Mortgage Investors Trust
Series 2003-A, Class 2A2, 3.52%, 3/25/2028 (a)		146			147
Series 2003-E, Class A1, 3.11%, 10/25/2028 (a)		539			536
Series 2003-F, Class A1, 3.13%, 10/25/2028 (a)		911			900
Series 2004-D, Class A2, 3.42%, 9/25/2029 (a)		391			379

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2004-E, Class A2A, 3.29%, 11/25/2029 (a)		182			181
Series 2003-A5, Class 2A6, 4.50%, 8/25/2033 (a)		218			226
Series 2004-A4, Class A2, 4.07%, 8/25/2034 (a)		348			357
Series 2004-1, Class 2A1, 4.28%, 12/25/2034 (a)		275			274
Series 2005-A1, Class 3A, 4.60%, 12/25/2034 (a)		38			39
Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4, Class 2A, 4.43%, 7/25/2033 (a)		101			99
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		—	(b)		—	(b)
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.63%, 4/25/2034 (a)		392			415
MortgageIT Trust Series 2005-5, Class A1, 2.75%, 12/25/2035 (a)		97			96
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (c)		320			314
New Residential Mortgage Loan Trust Series 2019-RPL1, Class A1, 4.33%, 2/26/2024 (c) (d)		3,000			3,000
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		23			24
Series 2003-A1, Class A1, 5.50%, 5/25/2033		22			22
Series 2003-A1, Class A2, 6.00%, 5/25/2033		36			36
Prime Mortgage Trust
Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		309			325
Series 2004-1, Class 2A3, 5.25%, 8/25/2034		12			11
Series 2005-4, Class 2PO, PO, 10/25/2035 ‡		144			79
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 4.44%, 5/25/2035 (a)		118			116
RALI Trust
Series 2002-QS16, Class A3, IF, 11.37%, 10/25/2017 (a)		—	(b)		—	(b)
Series 2003-QS9, Class A3, IF, IO, 5.04%, 5/25/2018 ‡ (a)		2			—	(b)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(b)		—	(b)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 261

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-QS12, Class A2A, IF, IO, 5.09%, 6/25/2018 ‡ (a)		1		—	(b)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		3		3
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		8		8
Series 2004-QA4, Class NB3, 5.46%, 9/25/2034 ‡ (a)		378		383
Series 2004-QA6, Class NB2, 4.35%, 12/26/2034 (a)		125		109
Series 2005-QA6, Class A32, 5.00%, 5/25/2035 (a)		803		623
Series 2005-QA10, Class A31, 4.79%, 9/25/2035 (a)		113		98
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		213		196
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.48%, 11/25/2033 (a) (c)		234		240
Series 2009-1, Class 1A1, 6.50%, 2/26/2036 (a) (c)		370		383
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052 (a) (c)		3,142		3,094
Series 2017-INV1, Class M1, 3.90%, 11/25/2052 ‡ (a) (c)		3,272		3,282
Residential Asset Securitization Trust
Series 2003-A5, Class A1, 5.50%, 6/25/2033		149		149
Series 2004-IP2, Class 1A1, 4.52%, 12/25/2034 (a)		377		384
Series 2005-A2, Class A4, IF, IO, 2.56%, 3/25/2035 ‡ (a)		2,403		153
Series 2005-A16, Class AX, IO, 5.75%, 2/25/2036 ‡		958		209
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		368		352
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		251		208
RFMSI Trust Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (a)		162		146
Seasoned Credit Risk Transfer Trust Series 2017-4, Class MT, 3.50%, 6/25/2057		2,669		2,652
Sequoia Mortgage Trust
Series 2003-1, Class 1A, 3.24%, 4/20/2033 (a)		367		360
Series 2004-8, Class A1, 3.18%, 9/20/2034 (a)		630		619

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-8, Class A2, 3.49%, 9/20/2034 (a)		591		587
Series 2004-9, Class A1, 3.16%, 10/20/2034 (a)		1,326		1,294
Series 2004-10, Class A1A, 3.10%, 11/20/2034 (a)		486		481
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 3.14%, 10/19/2034 (a)		711		701
Series 2005-AR5, Class A3, 2.73%, 7/19/2035 (a)		1,193		1,175
Structured Asset Securities Corp. Series 2003-37A, Class 2A, 4.43%, 12/25/2033 (a)		885		888
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3, 4.26%, 11/25/2033 (a)		226		226
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 3.13%, 9/25/2043 (a)		50		50
Series 2004-1, Class II2A, 3.03%, 3/25/2044 ‡ (a)		51		50
Vendee Mortgage Trust
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		1,217		1,286
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		234		256
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		129		142
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		278		306
Series 1998-1, Class 2E, 7.00%, 3/15/2028		196		217
VOLT LXXI LLC Series 2018-NPL7, Class A1B, 4.26%, 9/25/2048 ‡ (c) (d)		4,475		4,396
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 5A, 5.00%, 7/25/2019		8		8
Series 2004-CB2, Class 7A, 5.50%, 8/25/2019		4		4
Series 2004-CB3, Class 4A, 6.00%, 10/25/2019		12		12
Series 2003-S1, Class A5, 5.50%, 4/25/2033		283		291
Series 2003-S3, Class 1A4, 5.50%, 6/25/2033		85		87
Series 2003-AR7, Class A7, 4.15%, 8/25/2033 (a)		269		276
Series 2003-AR8, Class A, 4.23%, 8/25/2033 (a)		240		244
Series 2003-AR9, Class 1A6, 4.34%, 9/25/2033 (a)		850		869

SEE NOTES TO FINANCIAL STATEMENTS.

262 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-AR9, Class 2A, 4.38%, 9/25/2033 (a)		191			194
Series 2003-S9, Class P, PO, 10/25/2033 ‡		10			9
Series 2003-AR11, Class A6, 4.31%, 10/25/2033 (a)		628			634
Series 2003-S9, Class A8, 5.25%, 10/25/2033		674			681
Series 2004-AR3, Class A1, 3.97%, 6/25/2034 (a)		55			56
Series 2004-AR3, Class A2, 3.97%, 6/25/2034 (a)		376			382
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		1,105			1,151
Series 2006-AR10, Class 2P, 3.97%, 9/25/2036 ‡ (a)		74			64
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020 ‡		43			35
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		69			69
Series 2005-2, Class 1A4, IF, IO, 2.56%, 4/25/2035 ‡ (a)		3,623			333
Series 2005-4, Class CB7, 5.50%, 6/25/2035		482			460
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		392			374
Series 2005-11, Class A4, IF, IO, 2.46%, 1/25/2036 ‡ (a)		5,428			496
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2004-RA4, Class 1P, PO, 4/25/2019 ‡		—	(b)		1
Series 2004-RA2, Class 2A, 7.00%, 7/25/2033		296			324
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-G, Class A1, 4.46%, 6/25/2033 (a)		552			559
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (a)		98			99
Series 2003-K, Class 1A2, 4.68%, 11/25/2033 (a)		27			27
Series 2004-B, Class A1, 4.94%, 2/25/2034 (a)		54			54
Series 2005-AR16, Class 2A1, 5.02%, 2/25/2034 (a)		143			147
Series 2004-I, Class 1A1, 4.81%, 7/25/2034 (a)		590			604
Series 2004-S, Class A1, 4.61%, 9/25/2034 (a)		823			844

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (a)		966		992
Series 2004-Q, Class 1A3, 4.72%, 9/25/2034 (a)		31		32
Series 2004-V, Class 1A1, 4.64%, 10/25/2034 (a)		229		233
Series 2004-U, Class A1, 4.69%, 10/25/2034 (a)		795		801
Series 2004-EE, Class 2A1, 4.53%, 12/25/2034 (a)		267		273
Series 2004-EE, Class 2A2, 4.53%, 12/25/2034 (a)		33		35
Series 2004-EE, Class 3A1, 4.63%, 12/25/2034 (a)		199		206
Series 2005-AR8, Class 2A1, 4.81%, 6/25/2035 (a)		210		216
Series 2005-9, Class 1APO, PO, 10/25/2035 ‡		49		46
Series 2007-7, Class A7, 6.00%, 6/25/2037		294		295
Series 2007-11, Class A14, 6.00%, 8/25/2037		206		205
Total Collateralized Mortgage Obligations (Cost $443,157)				448,916
Commercial Mortgage-Backed Securities — 12.8%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (c)		7,578		7,592
Series 2014-520M, Class A, 4.18%, 8/15/2046 (a) (c)		1,000		1,020
Series 2014-520M, Class C, 4.21%, 8/15/2046 ‡ (a) (c)		2,500		2,285
Series 2016-FR14, Class A, 3.01%, 2/27/2048 (a) (c)		5,185		4,951
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.94%, 5/27/2021 (a) (c)		1,985		1,862
Series 2014-FRR5, Class AK30, PO, 6/27/2045 (c)		4,500		3,633
Series 2016-FR13, Class A, 1.65%, 8/27/2045 (a) (c)		6,365		5,713
Series 2015-FR11, Class AK25, 2.67%, 9/27/2045 (a) (c)		4,500		4,242
Series 2014-FRR5, Class A714, PO, 1/27/2047 (c)		3,000		2,778
Series 2014-FRR8, Class A, 2.19%, 11/26/2047 (a) (c)		3,585		3,053

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 263

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (c)		966		958
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (c)		4,100		4,100
Series 2012-SHOW, Class E, 4.03%, 11/5/2036 (a) (c)		3,575		3,445
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (c)		1,500		1,579
Series 2014-TWC, Class A, 3.35%, 2/13/2032 (a) (c)		2,500		2,501
Series 2018-HOME, Class A, 3.82%, 4/10/2033 (a) (c)		3,570		3,606
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (a) (c)		1,247		1,238
Series 2006-GG7, Class AM, 5.69%, 7/10/2038 (a)		191		191
Series 2013-CR9, Class XB, IO, 0.22%, 7/10/2045 ‡ (a) (c)		140,330		1,291
Series 2012-CR2, Class XA, IO, 1.65%, 8/15/2045 ‡ (a)		4,868		225
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		1,500		1,545
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		1,542		1,572
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		1,562		1,596
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESB, 4.24%, 10/15/2032 ‡ (a) (c)		7,969		7,973
Series 2017-CX10, Class UESC, 4.24%, 10/15/2032 ‡ (a) (c)		2,900		2,886
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (c)		1,700		1,608
DBWF Mortgage Trust Series 2015-LCM, Class A1, 3.00%, 6/10/2034 (c)		1,417		1,388
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		169		168
Series KJ09, Class A2, 2.84%, 9/25/2022		2,069		2,071
Series KJ07, Class A2, 2.31%, 12/25/2022		4,358		4,282
Series KS01, Class A2, 2.52%, 1/25/2023		2,000		1,972
Series KPLB, Class A, 2.77%, 5/25/2025		321		315
Series K065, Class A2, 3.24%, 4/25/2027		1,848		1,855
Series K065, Class AM, 3.33%, 5/25/2027		993		998
Series K070, Class A2, 3.30%, 11/25/2027 (a)		1,529		1,537

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series K077, Class AM, 3.85%, 5/25/2028 (a)		4,025		4,189
Series K082, Class A2, 3.92%, 9/25/2028 (a)		6,707		7,057
Series K083, Class A2, 4.05%, 9/25/2028 (a)		2,155		2,289
Series K087, Class A2, 3.77%, 12/25/2028		1,910		1,986
Series K081, Class A2, 3.90%, 9/25/2051 (a)		2,645		2,779
FNMA ACES
Series 2010-M1, Class A2, 4.45%, 9/25/2019		1,571		1,577
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		5,000		4,888
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (a)		2,500		2,556
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (a)		1,640		1,649
Series 2015-M3, Class A2, 2.72%, 10/25/2024		3,000		2,961
Series 2015-M7, Class A2, 2.59%, 12/25/2024		1,230		1,205
Series 2015-M2, Class A3, 3.04%, 12/25/2024 (a)		2,217		2,228
Series 2015-M13, Class A2, 2.71%, 6/25/2025 (a)		3,091		3,041
Series 2016-M6, Class A2, 2.49%, 5/25/2026		4,500		4,315
Series 2017-M3, Class A2, 2.49%, 12/25/2026 (a)		10,000		9,532
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (a)		7,777		7,703
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (a)		2,860		2,823
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (a)		5,122		5,075
Series 2017-M15, Class A2, 2.96%, 9/25/2027 (a)		5,000		4,918
Series 2018-M7, Class A2, 3.05%, 3/25/2028 (a)		4,377		4,300
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (a)		4,000		4,103
Series 2019-M1, Class A2, 3.55%, 9/25/2028 (a)		4,615		4,713
Series 2019-M2, Class A2, 3.63%, 11/25/2028 (a)		5,625		5,779
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (a)		9,889		9,712
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (a)		1,255		1,229

SEE NOTES TO FINANCIAL STATEMENTS.

264 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		3,871		3,765
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.39%, 7/25/2022 (a) (c)		6,000		6,012
Series 2014-K39, Class C, 4.16%, 8/25/2047 (a) (c)		3,099		3,058
Series 2014-K41, Class C, 3.83%, 11/25/2047 (a) (c)		1,830		1,770
Series 2014-K40, Class C, 4.07%, 11/25/2047 (a) (c)		1,626		1,598
Series 2015-K44, Class B, 3.68%, 1/25/2048 (a) (c)		2,510		2,460
Series 2015-K45, Class B, 3.59%, 4/25/2048 (a) (c)		5,075		4,965
Series 2015-K46, Class C, 3.69%, 4/25/2048 (a) (c)		3,000		2,865
Series 2015-K48, Class B, 3.64%, 8/25/2048 (a) (c)		5,545		5,407
Series 2015-K48, Class C, 3.64%, 8/25/2048 (a) (c)		5,000		4,699
Series 2015-K49, Class C, 3.72%, 10/25/2048 (a) (c)		3,000		2,886
Series 2015-K50, Class B, 3.78%, 10/25/2048 (a) (c)		2,100		2,062
Series 2015-K51, Class B, 3.95%, 10/25/2048 (a) (c)		1,000		991
Series 2016-K722, Class B, 3.84%, 7/25/2049 (a) (c)		5,250		5,235
Series 2016-K59, Class B, 3.58%, 11/25/2049 (a) (c)		1,902		1,827
Series 2019-K87, Class B, 4.32%, 1/25/2051 (a) (c)		5,434		5,354
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (c)		2,383		2,376
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class XA, IO, 1.30%, 6/5/2031 ‡ (a) (c)		20,000		2
GS Mortgage Securities Trust Series 2006-GG8, Class X, IO, 0.87%, 11/10/2039 ‡ (a) (c)		2,537		18
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-CB15, Class X1, IO, 0.37%, 6/12/2043 ‡ (a)		7,705		9
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		600		554

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.24%, 12/27/2046 (a) (c)		3,500		3,163
Series 2014-FRR1, Class BK10, 2.50%, 11/27/2049 ‡ (a) (c)		3,500		3,403
Series 2014-FRR1, Class AK10, 4.29%, 11/27/2049 (c)		456		451
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (c)		2,686		2,744
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class XCL, IO, 0.38%, 2/15/2041 ‡ (a) (c)		2,582		—	(b)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		849		856
Morgan Stanley Capital I Trust
Series 2012-C4, Class A3, 2.99%, 3/15/2045		699		699
Series 2011-C3, Class A3, 4.05%, 7/15/2049		865		867
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (c)		2,123		2,111
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.07%, 5/10/2045 (a) (c)		6,204		321
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (c)		3,015		3,042
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		861
Series 2012-C2, Class XA, IO, 1.32%, 5/10/2063 ‡ (a) (c)		10,637		396
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,300		1,317
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (c)		2,500		2,530
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (c)		2,991		2,985
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Class XC, IO, 0.08%, 3/15/2045 ‡ (a) (c)		5,441		—	(b)
Wells Fargo Commercial Mortgage Trust
Series 2013-120B, Class A, 2.71%, 3/18/2028 (a) (c)		3,000		2,983
Series 2015-C30, Class A4, 3.66%, 9/15/2058		1,458		1,482

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 265

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (c)		1,250		1,279
Series 2013-C11, Class D, 4.27%, 3/15/2045 ‡ (a) (c)		750		724
Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,200		1,212
Total Commercial Mortgage-Backed Securities (Cost $280,054)				281,975
Asset-Backed Securities — 11.4%
ABFC Trust Series 2005-AQ1, Class A4, 4.76%, 1/25/2034 ‡ (d)		426		434
Accelerated Assets LLC Series 2018-1, Class B, 4.51%, 12/2/2033 ‡ (c)		3,336		3,348
Ajax Mortgage Loan Trust Series 2017-A, Class A, 3.47%, 4/25/2057 ‡ (c) (d)		1,684		1,674
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 ‡ (c)		1,860		1,859
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 ‡ (c)		4,390		4,452
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (c)		3,975		4,245
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (c)		3,184		3,233
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (c)		4,085		4,291
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (c)		1,500		1,636
Series 2014-SFR3, Class B, 4.20%, 12/17/2036 ‡ (c)		5,850		5,968
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (c)		1,570		1,615
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 ‡ (c)		3,650		3,818
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (c)		3,172		3,487
Series 2015-SFR2, Class A, 3.73%, 10/17/2052 (c)		1,887		1,911
Series 2015-SFR2, Class D, 5.04%, 10/17/2052 ‡ (c)		3,100		3,266
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (c)		3,600		3,927
Anchor Assets IX LLC
Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (c)		6,363		6,363
Series 2016-1, Class B, 6.25%, 2/15/2020 ‡ (c)		5,725		5,725

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (c)		1,411		1,401
Series 2015-2, Class A, 3.34%, 11/15/2048 (c)		2,027		2,019
Series 2016-1, Class A, 2.57%, 6/15/2049 (c)		2,238		2,203
Series 2016-1, Class B, 3.87%, 6/15/2049 ‡ (c)		2,000		1,991
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.86%, 4/25/2036 ‡ (a)		31		31
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (c)		358		357
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		3,911		3,903
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (c)		2,863		2,863
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048 (c) (d)		2,296		2,301
Chase Funding Trust
Series 2002-3, Class 1A5, 5.91%, 6/25/2032 ‡ (d)		1,007		986
Series 2003-4, Class 1A5, 5.20%, 5/25/2033 ‡ (d)		517		523
Series 2003-6, Class 1A7, 5.04%, 11/25/2034 ‡ (d)		391		401
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95%, 4/25/2032 ‡ (c) (d)		28		27
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 3.25%, 12/25/2033 (a)		21		21
Colony American Finance Ltd. (Cayman Islands)
Series 2016-1, Class A, 2.54%, 6/15/2048 (c)		672		661
Series 2016-2, Class A, 2.55%, 11/15/2048 (c)		1,585		1,550
CoreVest American Finance Trust Series 2017-2, Class M, 5.62%, 12/25/2027 ‡ (c)		2,200		2,221
Diamond Resorts Owner Trust
Series 2016-1, Class A, 3.08%, 11/20/2028 (c)		2,702		2,692
Series 2017-1A, Class A, 3.27%, 10/22/2029 (c)		1,087		1,085

SEE NOTES TO FINANCIAL STATEMENTS.

266 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (c)		741		742
Series 2018-1, Class B, 4.19%, 1/21/2031 ‡ (c)		4,604		4,619
FNMA REMIC Trust Series 2001-W4, Class AF6, 5.61%, 1/25/2032 (d)		78		81
FORT CRE LLC Series 2018-1A, Class C, 5.31%, 12/21/2023 (a) (c)		900		909
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (c)		1,591		1,613
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (c)		546		545
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (c)		2,062		2,102
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (c)		3,473		3,514
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (c)		3,212		3,261
HERO Funding Trust
Series 2015-1A, Class A, 3.84%, 9/21/2040 (c)		53		56
Series 2016-2A, Class A, 3.75%, 9/20/2041 (c)		2,132		2,161
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (c)		1,426		1,408
Series 2016-4A, Class A1, 3.57%, 9/20/2047 (c)		4,192		4,210
Series 2016-4A, Class A2, 4.29%, 9/20/2047 (c)		4,192		4,320
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (c)		1,792		1,846
Series 2017-2A, Class A1, 3.28%, 9/20/2048 (c)		2,865		2,798
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042 (c)		1,495		1,487
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.69%, 3/25/2036 ‡ (a)		87		85
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 1.54%, 9/25/2026 ‡ (a) (c)		1,046		15
Series 2012-4, Class A, IO, 0.97%, 9/25/2037 ‡ (a) (c)		11,544		300
Series 2012-6, Class A, IO, 0.62%, 5/25/2039 ‡ (a) (c)		8,058		124
Series 2015-2, Class A, IO, 2.69%, 7/25/2041 ‡ (a) (c)		1,885		199

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Beach Mortgage Loan Trust Series 2004-1, Class M1, 3.24%, 2/25/2034 ‡ (a)		791		782
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (c)		3,096		3,096
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (c)		1,240		1,240
Madison Avenue Manufactured Housing Contract Trust Series 2002-A, IO, 0.30%, 3/25/2032 ‡		73,899		505
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (c)		1,811		1,957
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045 (c)		625		634
Series 2010-1, Class M, 5.25%, 12/15/2045 ‡ (c)		963		997
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.08%, 11/25/2033 ‡ (d)		312		315
New Residential Advance Receivables Trust Advance Receivables Backed Notes
Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (c)		1,175		1,170
Series 2016-T2, Class DT2, 4.01%, 10/15/2049 ‡ (c)		3,053		3,036
Ocwen Master Advance Receivables Trust
Series 2018-T1, Class DT1, 4.24%, 8/15/2049 ‡ (c)		2,705		2,705
Series 2016-T2, Class BT2, 3.26%, 8/16/2049 ‡ (c)		1,522		1,520
Series 2016-T2, Class DT2, 4.45%, 8/16/2049 ‡ (c)		3,025		3,025
Series 2018-T2, Class DT2, 4.53%, 8/15/2050 ‡ (c)		2,902		2,911
Pretium Mortgage Credit Partners I LLC Series 2019-NPL1, Class A1, 4.21%, 7/25/2060 (c) (d)		5,300		5,306
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (c)		7,174		7,108
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (c)		1,761		1,748
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (c)		3,745		3,726
Series 2015-SFR2, Class D, 3.68%, 6/12/2032 ‡ (c)		6,000		5,966
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (c)		2,070		2,071

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 267

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (c)		5,820		5,794
Series 2015-SFR3, Class C, 4.33%, 11/12/2032 (c)		2,000		2,018
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (c)		2,093		2,112
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (c)		4,350		4,399
Series 2017-SFR2, Class C, 3.40%, 12/17/2034 ‡ (c)		2,320		2,285
Series 2019-SFR1, Class E, 4.47%, 8/17/2035 (c)		6,400		6,426
RCO Trust Series 2016-SFR1, Class M1, 4.50%, 11/25/2051 ‡ (a) (c)		2,547		2,534
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (d)		479		203
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052 (c)		712		717
Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (c)		2,007		2,041
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (c)		3,236		3,233
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.64%, 6/25/2033 (d)		67		67
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.35%, 1/25/2036 ‡ (d)		80		69
Sierra Timeshare Receivables Funding LLC Series 2018-3A, Class C, 4.17%, 9/20/2035 ‡ (c)		970		982
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes Series 2018-T1, 4.50%, 10/17/2050 (c)		2,100		2,104
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032 ‡		194		189
Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		465		450
Tricon American Homes Trust Series 2016-SFR1, Class C, 3.49%, 11/17/2033 ‡ (c)		1,247		1,237
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (c)		3,085		3,085
VOLT LXIX LLC Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 ‡ (c) (d)		1,733		1,736

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (c) (d)		1,093		1,093
VOLT LXVIII LLC Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048 ‡ (c) (d)		2,070		2,077
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (c) (d)		1,953		1,953
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (c) (d)		4,714		4,686
VOLT LXXIII LLC Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048 ‡ (c) (d)		3,800		3,794
VOLT LXXIV LLC Series 2018-NP10, Class A1A, 4.58%, 11/25/2048 ‡ (c) (d)		4,227		4,244
VOLT LXXV LLC
Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (c) (d)		4,148		4,157
Series 2019-NPL1, Class A1B, 4.83%, 1/25/2049 (c) (d)		5,000		5,019
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 (a)		480		474
VSE Voi Mortgage LLC Series 2018-A, Class A, 3.56%, 2/20/2036 (c)		1,315		1,326
Westgate Resorts LLC
Series 2015-2A, Class A, 3.20%, 7/20/2028 (c)		1,035		1,033
Series 2015-2A, Class B, 4.00%, 7/20/2028 (c)		1,122		1,119
Series 2016-1A, Class B, 4.50%, 12/20/2028 (c)		2,954		2,940
Total Asset-backed Securities (Cost $249,206)				250,297
U.S. Treasury Obligations — 2.4%
U.S. Treasury Bonds
4.38%, 2/15/2038		200		243
4.50%, 5/15/2038		200		247
4.63%, 2/15/2040		5,000		6,288
3.63%, 8/15/2043		7,300		7,993
3.75%, 11/15/2043		11,865		13,254
U.S. Treasury Notes 1.50%, 5/15/2020		12,000		11,850
U.S. Treasury STRIPS Bonds
6.71%, 11/15/2030 (g)		150		107
3.80%, 8/15/2031 (g)		300		209
3.25%, 2/15/2033 (g)		2,750		1,826
2.91%, 5/15/2033 (g)		15,000		9,870
Total U.S. Treasury Obligations (Cost $51,724)				51,887

SEE NOTES TO FINANCIAL STATEMENTS.

268 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 5.7%
Investment Companies — 5.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (h) (i) (Cost $125,374)		125,361		125,399
Total Investments — 100.2% (Cost $2,194,586)				2,198,233
Liabilities in Excess of Other Assets — (0.2%)				(5,161	)
NET ASSETS — 100.0%				2,193,072

Percentages indicated are based on net assets.

Abbreviations

ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
CSMC	Credit Suisse Mortgage Trust
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GS	Goldman Sachs
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of February 28, 2019. 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.
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.

REMIC	Real Estate Mortgage Investment Conduit
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.
VA	Veterans Administration
(a)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(b)	Amount rounds to less than one thousand.
(c)	Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(e)	Defaulted security.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	The rate shown is the effective yield as of February 28, 2019.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 269

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 31.1%
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (a)		2,903		2,926
Precision Castparts Corp. 2.25%, 6/15/2020		2,000		1,983
Textron, Inc. 5.95%, 9/21/2021		1,300		1,362
United Technologies Corp. 3.65%, 8/16/2023		1,000		1,014
				7,285
Auto Components — 0.0% (b)
Aptiv plc 3.15%, 11/19/2020		1,000		995
Automobiles — 0.6%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021 (a)		1,826		1,772
Daimler Finance North America LLC (Germany)
2.25%, 9/3/2019 (a)		1,750		1,743
2.25%, 3/2/2020 (a)		5,000		4,959
2.85%, 1/6/2022 (a)		1,178		1,159
Hyundai Capital America 2.00%, 7/1/2019 (a)		859		855
Nissan Motor Acceptance Corp.
2.35%, 3/4/2019 (a)		2,280		2,280
2.55%, 3/8/2021 (a)		2,620		2,569
Volkswagen Group of America Finance LLC (Germany) 4.00%, 11/12/2021 (a)		2,700		2,735
				18,072
Banks — 9.6%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020 (a)		3,125		3,104
3.40%, 8/27/2021 (a)		3,700		3,721
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		1,915		1,922
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (a)		250		250
2.88%, 1/25/2022 (a)		3,000		2,967
Australia & New Zealand Banking Group Ltd. (Australia)
4.88%, 1/12/2021 (a)		1,000		1,033
2.63%, 11/9/2022		1,500		1,472
Bank of America Corp.
7.63%, 6/1/2019		6,590		6,666
5.63%, 7/1/2020		1,440		1,490
5.00%, 5/13/2021		8,605		8,952
(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021 (c)		7,951		7,872
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (c)		6,000		6,045
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		5,370		5,343

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Bank of Montreal (Canada)
2.10%, 6/15/2020		2,000		1,984
1.90%, 8/27/2021		1,570		1,531
Series E, 3.30%, 2/5/2024		1,495		1,489
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)		2,370		2,365
Bank of Nova Scotia (The) (Canada)
2.45%, 3/22/2021		5,107		5,060
3.13%, 4/20/2021		1,500		1,507
Banque Federative du Credit Mutuel SA (France) 2.20%, 7/20/2020 (a)		2,031		2,006
Barclays Bank plc (United Kingdom)
5.14%, 10/14/2020		1,310		1,337
10.18%, 6/12/2021 (a)		2,080		2,350
Barclays plc (United Kingdom) 3.68%, 1/10/2023		2,835		2,808
BB&T Corp.
5.25%, 11/1/2019		1,878		1,907
2.05%, 5/10/2021		2,500		2,451
BNP Paribas SA (France) 3.50%, 3/1/2023 (a)		2,100		2,080
BNZ International Funding Ltd. (New Zealand)
2.35%, 3/4/2019 (a)		1,684		1,684
2.90%, 2/21/2022 (a)		1,000		988
Branch Banking & Trust Co. 2.85%, 4/1/2021		300		299
Canadian Imperial Bank of Commerce (Canada) 2.70%, 2/2/2021		3,615		3,603
Capital One NA 2.35%, 1/31/2020		3,000		2,982
Citibank NA 2.13%, 10/20/2020		1,850		1,825
Citigroup, Inc.
2.50%, 7/29/2019		4,000		3,995
2.40%, 2/18/2020		6,866		6,831
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		11,924		11,879
Citizens Bank NA 2.55%, 5/13/2021		3,640		3,594
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,420		1,391
Comerica, Inc. 3.70%, 7/31/2023		2,780		2,816
Commonwealth Bank of Australia (Australia)
2.30%, 3/12/2020		2,050		2,038
2.75%, 3/10/2022 (a)		3,450		3,405
Compass Bank
2.75%, 9/29/2019		1,564		1,564
3.50%, 6/11/2021		2,820		2,814
2.88%, 6/29/2022		2,260		2,205

SEE NOTES TO FINANCIAL STATEMENTS.

270 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Cooperatieve Rabobank UA (Netherlands)
2.75%, 1/10/2022		500		496
3.88%, 2/8/2022		2,000		2,043
3.88%, 9/26/2023 (a)		1,165		1,183
Credit Agricole SA (France) 3.75%, 4/24/2023 (a)		2,885		2,875
Danske Bank A/S (Denmark)
1.65%, 9/6/2019 (a)		4,400		4,365
2.70%, 3/2/2022 (a)		800		771
Discover Bank 3.20%, 8/9/2021		3,000		2,989
Fifth Third Bancorp
3.50%, 3/15/2022		1,000		1,007
2.60%, 6/15/2022		750		735
3.65%, 1/25/2024		830		838
First Horizon National Corp. 3.50%, 12/15/2020		470		471
First Tennessee Bank NA 2.95%, 12/1/2019		700		699
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (a)		4,520		4,660
HSBC Holdings plc (United Kingdom) 2.65%, 1/5/2022		16,460		16,203
Huntington Bancshares, Inc.
7.00%, 12/15/2020		1,815		1,931
3.15%, 3/14/2021		803		802
ING Groep NV (Netherlands) 4.10%, 10/2/2023		1,400		1,420
KeyBank NA 2.50%, 11/22/2021		750		738
KeyCorp 2.90%, 9/15/2020		4,000		4,001
Lloyds Bank plc (United Kingdom)
2.70%, 8/17/2020		4,800		4,773
3.30%, 5/7/2021		1,300		1,301
Lloyds Banking Group plc (United Kingdom) 3.00%, 1/11/2022		200		197
Manufacturers & Traders Trust Co.
2.25%, 7/25/2019		1,000		998
2.10%, 2/6/2020		1,295		1,286
2.63%, 1/25/2021		2,000		1,988
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.54%, 7/26/2021		1,600		1,610
3.22%, 3/7/2022		1,400		1,401
2.67%, 7/25/2022		3,535		3,462
Mizuho Financial Group, Inc. (Japan)
2.63%, 4/12/2021 (a)		1,189		1,174
2.95%, 2/28/2022		1,600		1,583
2.60%, 9/11/2022		536		521

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
MUFG Bank Ltd. (Japan) 2.30%, 3/10/2019 (a)		1,800		1,800
MUFG Union Bank NA 2.25%, 5/6/2019		1,000		999
National Australia Bank Ltd. (Australia) 3.70%, 11/4/2021		1,423		1,443
National City Corp. 6.88%, 5/15/2019		4,425		4,461
Nordea Bank AB (Finland)
2.50%, 9/17/2020 (a)		1,500		1,490
4.88%, 5/13/2021 (a)		700		716
4.25%, 9/21/2022 (a)		870		881
3.75%, 8/30/2023 (a)		1,115		1,114
PNC Bank NA
2.30%, 6/1/2020		1,315		1,306
2.60%, 7/21/2020		1,000		996
2.50%, 1/22/2021		7,278		7,201
Regions Bank 2.75%, 4/1/2021		2,000		1,981
Regions Financial Corp. 3.80%, 8/14/2023		2,270		2,295
Royal Bank of Canada (Canada) 3.20%, 4/30/2021		2,000		2,011
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		5,000		4,965
2.88%, 8/5/2021		5,100		5,017
Santander UK plc (United Kingdom) 2.13%, 11/3/2020		1,000		981
Skandinaviska Enskilda Banken AB (Sweden) 2.63%, 11/17/2020 (a)		850		842
Societe Generale SA (France) 4.25%, 9/14/2023 (a)		2,850		2,876
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (c)		1,400		1,410
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.44%, 10/19/2021		900		882
2.78%, 7/12/2022		3,010		2,962
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.95%, 9/19/2019 (a)		2,390		2,379
SunTrust Bank
(ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (c)		1,605		1,599
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (c)		1,610		1,621
SunTrust Banks, Inc. 2.90%, 3/3/2021		3,125		3,117
Svenska Handelsbanken AB (Sweden) 2.45%, 3/30/2021		1,000		989

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 271

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Toronto-Dominion Bank (The) (Canada)
3.00%, 6/11/2020 (d)		2,030		2,032
2.55%, 1/25/2021		3,000		2,979
2.13%, 4/7/2021		1,396		1,371
UBS Group Funding Switzerland AG (Switzerland)
3.00%, 4/15/2021 (a)		2,871		2,861
2.65%, 2/1/2022 (a)		3,626		3,553
US Bancorp 3.38%, 2/5/2024		1,000		1,010
Wells Fargo & Co.
Series N, 2.15%, 1/30/2020		7,648		7,598
2.50%, 3/4/2021		7,634		7,557
2.10%, 7/26/2021		8,248		8,077
2.63%, 7/22/2022		600		588
Wells Fargo Bank NA 3.63%, 10/22/2021		3,300		3,341
Westpac Banking Corp. (Australia) 2.00%, 8/19/2021		4,000		3,896
				305,343
Beverages — 0.2%
Coca-Cola European Partners plc (United Kingdom)
3.50%, 9/15/2020		1,460		1,465
3.25%, 8/19/2021		350		347
Constellation Brands, Inc. 3.75%, 5/1/2021		2,000		2,013
Keurig Dr Pepper, Inc. 2.53%, 11/15/2021		1,255		1,227
Pernod Ricard SA (France)
5.75%, 4/7/2021 (a)		850		892
4.45%, 1/15/2022 (a)		600		617
				6,561
Biotechnology — 0.4%
AbbVie, Inc. 2.50%, 5/14/2020		9,065		9,005
Celgene Corp. 2.75%, 2/15/2023		1,500		1,463
Gilead Sciences, Inc. 2.05%, 4/1/2019		2,073		2,072
				12,540
Building Products — 0.1%
Johnson Controls International plc 5.00%, 3/30/2020		1,015		1,032
Masco Corp. 3.50%, 4/1/2021		815		816
				1,848
Capital Markets — 4.4%
Brookfield Finance LLC (Canada) 4.00%, 4/1/2024		1,630		1,632
Credit Suisse AG (Switzerland) 2.30%, 5/28/2019		1,250		1,249

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023 (a)		7,311		7,247
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		12,000		11,711
3.15%, 1/22/2021		1,325		1,294
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		20,314		20,790
2.88%, 2/25/2021		1,000		996
2.35%, 11/15/2021		1,200		1,175
3.00%, 4/26/2022		2,375		2,359
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		18,799		18,517
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		6,825		6,697
ING Bank NV (Netherlands) 2.45%, 3/16/2020 (a)		3,772		3,755
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019 (a)		7,574		7,571
Macquarie Group Ltd. (Australia) 7.63%, 8/13/2019 (a)		446		455
Morgan Stanley
7.30%, 5/13/2019		4,861		4,903
5.50%, 1/26/2020		5,400		5,520
2.65%, 1/27/2020		15,319		15,275
5.50%, 7/24/2020		4,115		4,248
5.75%, 1/25/2021		4,236		4,439
3.75%, 2/25/2023		6,706		6,816
Nomura Holdings, Inc. (Japan)
2.75%, 3/19/2019		1,005		1,005
6.70%, 3/4/2020		1,650		1,709
State Street Corp. 1.95%, 5/19/2021		1,991		1,949
TD Ameritrade Holding Corp. 5.60%, 12/1/2019		500		510
UBS AG (Switzerland) 2.20%, 6/8/2020 (a)		8,000		7,919
				139,741
Chemicals — 0.6%
Air Liquide Finance SA (France) 1.38%, 9/27/2019 (a)		2,648		2,625
Dow Chemical Co. (The) 3.00%, 11/15/2022		2,437		2,416
DowDuPont, Inc. 3.77%, 11/15/2020		640		648
Eastman Chemical Co. 3.50%, 12/1/2021		2,025		2,041
International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		651		654
Mosaic Co. (The)
3.75%, 11/15/2021		200		201
3.25%, 11/15/2022		2,882		2,856

SEE NOTES TO FINANCIAL STATEMENTS.

272 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
Nutrien Ltd. (Canada) 3.50%, 6/1/2023		2,000		1,975
RPM International, Inc. 6.13%, 10/15/2019		2,025		2,060
Sherwin-Williams Co. (The) 2.75%, 6/1/2022		2,146		2,108
				17,584
Commercial Services & Supplies — 0.0% (b)
Republic Services, Inc. 5.50%, 9/15/2019		840		851
Consumer Finance — 2.0%
AerCap Ireland Capital DAC (Ireland)
3.75%, 5/15/2019		1,717		1,721
3.95%, 2/1/2022		1,105		1,110
3.50%, 5/26/2022		1,625		1,602
4.63%, 7/1/2022		3,812		3,854
3.30%, 1/23/2023		500		485
American Express Co.
8.13%, 5/20/2019		1,395		1,411
3.00%, 2/22/2021		1,000		1,000
2.50%, 8/1/2022		2,200		2,154
3.40%, 2/27/2023		1,450		1,460
American Express Credit Corp. 2.38%, 5/26/2020		1,000		994
American Honda Finance Corp.
Series A, 2.15%, 3/13/2020		2,000		1,988
1.95%, 7/20/2020		2,095		2,065
Capital One Financial Corp.
3.05%, 3/9/2022		5,340		5,314
3.90%, 1/29/2024		975		980
Caterpillar Financial Services Corp. 1.93%, 10/1/2021		1,952		1,900
Ford Motor Credit Co. LLC
3.34%, 3/18/2021		13,226		12,979
3.34%, 3/28/2022		6,146		5,896
General Motors Financial Co., Inc.
4.20%, 3/1/2021		11,821		11,955
3.45%, 1/14/2022		5,944		5,928
				64,796
Diversified Financial Services — 0.7%
AIG Global Funding
3.35%, 6/25/2021 (a)		1,685		1,690
2.70%, 12/15/2021 (a)		1,700		1,660
CK Hutchison International II Ltd. (Hong Kong) 2.25%, 9/29/2020 (a)		513		505
CK Hutchison International Ltd. (Hong Kong) 2.88%, 4/5/2022 (a)		1,200		1,180

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — continued
EDP Finance BV (Portugal) 4.13%, 1/15/2020 (a)		1,112		1,116
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		10,419		10,243
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.41%, 2/28/2022 (a)		685		687
National Rural Utilities Cooperative Finance Corp. 2.35%, 6/15/2020		1,115		1,108
ORIX Corp. (Japan)
2.90%, 7/18/2022		908		895
4.05%, 1/16/2024		1,350		1,374
Siemens Financieringsmaatschappij NV (Germany) 2.90%, 5/27/2022 (a)		610		605
Synchrony Bank 3.00%, 6/15/2022		2,145		2,080
				23,143
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
3.80%, 3/15/2022		4,754		4,827
3.00%, 6/30/2022		8,000		7,933
British Telecommunications plc (United Kingdom) 4.50%, 12/4/2023		2,375		2,449
Orange SA (France) 5.38%, 7/8/2019		1,893		1,909
				17,118
Electric Utilities — 0.8%
Arizona Public Service Co.
8.75%, 3/1/2019		400		400
2.20%, 1/15/2020		1,000		995
Emera US Finance LP (Canada) 2.70%, 6/15/2021		1,930		1,894
Enel Finance International NV (Italy)
2.88%, 5/25/2022 (a)		3,100		3,005
4.25%, 9/14/2023 (a)		2,850		2,870
Entergy Corp. 5.13%, 9/15/2020		444		452
Entergy Louisiana LLC 4.80%, 5/1/2021		310		319
Exelon Corp. 3.50%, 6/1/2022 (e)		850		844
Fortis, Inc. (Canada) 2.10%, 10/4/2021		575		556
Kentucky Utilities Co. 3.25%, 11/1/2020		530		533
NextEra Energy Capital Holdings, Inc. 2.70%, 9/15/2019		224		224
Niagara Mohawk Power Corp. 4.88%, 8/15/2019 (a)		631		637
Oncor Electric Delivery Co. LLC 2.15%, 6/1/2019		380		379
Progress Energy, Inc. 4.40%, 1/15/2021		6,135		6,272

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 273

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Public Service Co. of Oklahoma 5.15%, 12/1/2019		510		518
Southern California Edison Co. 1.85%, 2/1/2022		712		688
Southern Co. (The) 2.75%, 6/15/2020		2,610		2,603
Xcel Energy, Inc. 2.60%, 3/15/2022		1,300		1,278
				24,467
Electronic Equipment, Instruments & Components — 0.0% (b)
Arrow Electronics, Inc. 6.00%, 4/1/2020 (d)		664		679
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC
3.20%, 8/15/2021		826		829
2.77%, 12/15/2022		1,190		1,171
National Oilwell Varco, Inc. 2.60%, 12/1/2022		1,275		1,235
Schlumberger Investment SA 3.30%, 9/14/2021 (a)		2,320		2,326
				5,561
Entertainment — 0.2%
21st Century Fox America, Inc. 4.50%, 2/15/2021		2,655		2,725
NBCUniversal Media LLC 5.15%, 4/30/2020		2,000		2,052
Warner Media LLC 4.00%, 1/15/2022		2,540		2,589
				7,366
Equity Real Estate Investment Trusts (REITs) — 1.5%
Alexandria Real Estate Equities, Inc.
2.75%, 1/15/2020		585		582
4.60%, 4/1/2022		2,540		2,622
American Campus Communities Operating Partnership LP 3.35%, 10/1/2020		3,000		2,999
American Tower Corp.
5.05%, 9/1/2020		1,152		1,183
3.30%, 2/15/2021		2,190		2,191
2.25%, 1/15/2022		1,000		966
3.00%, 6/15/2023		2,140		2,092
Boston Properties LP 4.13%, 5/15/2021		2,548		2,597
Crown Castle International Corp. 2.25%, 9/1/2021		6,091		5,945
Digital Realty Trust LP 3.40%, 10/1/2020		1,755		1,760
Duke Realty LP 3.88%, 2/15/2021		965		976
ERP Operating LP 2.38%, 7/1/2019		1,000		998
HCP, Inc. 2.63%, 2/1/2020		5,410		5,396
Liberty Property LP 4.75%, 10/1/2020		1,800		1,835

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Office Properties Income Trust
4.15%, 2/1/2022		1,433		1,419
4.00%, 7/15/2022		3,423		3,365
Realty Income Corp. 3.25%, 10/15/2022		1,995		2,001
Simon Property Group LP 4.13%, 12/1/2021		1,896		1,945
VEREIT Operating Partnership LP 4.13%, 6/1/2021		1,208		1,216
WEA Finance LLC (France) 3.25%, 10/5/2020 (a)		1,000		1,002
Welltower, Inc.
6.13%, 4/15/2020		1,200		1,242
4.95%, 1/15/2021		1,870		1,919
				46,251
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.35%, 12/13/2019 (a)		1,095		1,089
Kroger Co. (The)
3.40%, 4/15/2022		455		456
2.80%, 8/1/2022		2,810		2,757
				4,302
Food Products — 0.8%
Cargill, Inc. 3.25%, 11/15/2021 (a)		2,775		2,779
Conagra Brands, Inc.
3.80%, 10/22/2021		2,715		2,738
3.25%, 9/15/2022		2,800		2,750
Kraft Heinz Foods Co. 3.50%, 6/6/2022		3,650		3,636
Mead Johnson Nutrition Co. (United Kingdom) 4.90%, 11/1/2019		2,665		2,700
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021 (a)		1,200		1,161
Mondelez International, Inc. 3.00%, 5/7/2020		1,500		1,500
Smithfield Foods, Inc.
2.70%, 1/31/2020 (a)		800		793
3.35%, 2/1/2022 (a)		2,341		2,254
Tyson Foods, Inc.
2.65%, 8/15/2019		3,000		2,995
3.90%, 9/28/2023		800		812
				24,118
Gas Utilities — 0.3%
Atmos Energy Corp. 8.50%, 3/15/2019		314		315
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		2,400		2,450

SEE NOTES TO FINANCIAL STATEMENTS.

274 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Gas Utilities — continued
Dominion Energy Gas Holdings LLC
2.50%, 12/15/2019		675		673
2.80%, 11/15/2020		7,023		6,987
				10,425
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co.
2.13%, 6/6/2019		530		529
2.40%, 6/5/2020		960		950
Boston Scientific Corp.
6.00%, 1/15/2020		820		841
3.45%, 3/1/2024		435		436
Zimmer Biomet Holdings, Inc. 2.70%, 4/1/2020		2,702		2,690
				5,446
Health Care Providers & Services — 0.8%
Aetna, Inc. 2.20%, 3/15/2019		2,640		2,640
Allergan Sales LLC 5.00%, 12/15/2021 (a)		420		434
AmerisourceBergen Corp. 3.50%, 11/15/2021		845		849
Anthem, Inc.
4.35%, 8/15/2020		815		830
2.50%, 11/21/2020		833		825
Coventry Health Care, Inc. 5.45%, 6/15/2021		1,765		1,835
CVS Health Corp. 3.70%, 3/9/2023		8,745		8,799
Laboratory Corp. of America Holdings 2.63%, 2/1/2020		3,250		3,238
Medco Health Solutions, Inc. 4.13%, 9/15/2020		3,014		3,057
Quest Diagnostics, Inc. 4.75%, 1/30/2020		1,340		1,362
UnitedHealth Group, Inc. 2.88%, 3/15/2023		900		895
				24,764
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 3.35%, 4/1/2023		1,610		1,623
Royal Caribbean Cruises Ltd. 2.65%, 11/28/2020		1,095		1,083
				2,706
Household Products — 0.0% (b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		800		777
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
5.20%, 10/1/2019		260		263
3.40%, 3/15/2022		1,798		1,799
				2,062

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Conglomerates — 0.2%
Eaton Electric Holdings LLC 3.88%, 12/15/2020		1,600		1,612
General Electric Co.
2.10%, 12/11/2019		1,090		1,081
5.30%, 2/11/2021		1,325		1,363
Roper Technologies, Inc. 3.00%, 12/15/2020		830		827
				4,883
Insurance — 1.8%
Alterra Finance LLC 6.25%, 9/30/2020		1,490		1,549
American International Group, Inc. 3.30%, 3/1/2021		4,015		4,020
Athene Global Funding
2.75%, 4/20/2020 (a)		2,905		2,888
4.00%, 1/25/2022 (a)		600		609
3.00%, 7/1/2022 (a)		2,863		2,821
AXIS Specialty Finance LLC 5.88%, 6/1/2020		1,180		1,215
CNA Financial Corp. 5.88%, 8/15/2020		2,000		2,073
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/2020		1,150		1,181
5.13%, 4/15/2022		1,000		1,053
Jackson National Life Global Funding
2.30%, 4/16/2019 (a)		4,500		4,499
3.30%, 6/11/2021 (a)		1,400		1,405
3.30%, 2/1/2022 (a)		1,295		1,301
Liberty Mutual Group, Inc.
5.00%, 6/1/2021 (a)		800		824
4.95%, 5/1/2022 (a)		500		521
Lincoln National Corp. 6.25%, 2/15/2020		470		484
Marsh & McLennan Cos., Inc.
2.35%, 9/10/2019		1,500		1,496
3.50%, 12/29/2020		565		570
MassMutual Global Funding II 2.00%, 4/15/2021 (a)		2,272		2,224
Metropolitan Life Global Funding I
2.30%, 4/10/2019 (a)		4,000		3,998
3.38%, 1/11/2022 (a)		1,500		1,508
Nationwide Financial Services, Inc. 5.38%, 3/25/2021 (a)		707		732
New York Life Global Funding
2.15%, 6/18/2019 (a)		4,000		3,994
3.25%, 8/6/2021 (a)		1,200		1,205
Pricoa Global Funding I
2.55%, 11/24/2020 (a)		4,417		4,377
3.45%, 9/1/2023 (a)		466		472

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 275

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Principal Life Global Funding II 1.50%, 4/18/2019 (a)		1,000		999
Protective Life Global Funding 1.56%, 9/13/2019 (a)		2,344		2,328
Reliance Standard Life Global Funding II 3.05%, 1/20/2021 (a)		1,388		1,383
Suncorp-Metway Ltd. (Australia) 2.38%, 11/9/2020 (a)		4,170		4,117
WR Berkley Corp.
5.38%, 9/15/2020		500		513
4.63%, 3/15/2022		655		672
				57,031
IT Services — 0.1%
Western Union Co. (The) 3.60%, 3/15/2022		3,435		3,465
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 4.70%, 5/1/2020		2,930		2,987
Media — 0.3%
Charter Communications Operating LLC 3.58%, 7/23/2020		3,770		3,787
Comcast Corp. 3.45%, 10/1/2021		2,273		2,300
Discovery Communications LLC
2.20%, 9/20/2019		248		247
2.75%, 11/15/2019 (a)		1,177		1,173
Sky Ltd. (United Kingdom) 2.63%, 9/16/2019 (a)		556		555
Time Warner Cable LLC 5.00%, 2/1/2020		1,391		1,412
				9,474
Multi-Utilities — 0.1%
Ameren Corp. 2.70%, 11/15/2020		552		547
Berkshire Hathaway Energy Co. 2.40%, 2/1/2020		1,015		1,011
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		500		502
TECO Finance, Inc. 5.15%, 3/15/2020		475		485
				2,545
Oil, Gas & Consumable Fuels — 1.9%
Anadarko Petroleum Corp. 6.95%, 6/15/2019		1,195		1,209
Apache Corp. 3.25%, 4/15/2022		800		793
BG Energy Capital plc (United Kingdom) 4.00%, 10/15/2021 (a)		1,990		2,025
BP Capital Markets America, Inc.
4.50%, 10/1/2020		470		482
4.74%, 3/11/2021		1,820		1,884

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
BP Capital Markets plc (United Kingdom) 2.32%, 2/13/2020		2,499		2,488
Buckeye Partners LP 4.15%, 7/1/2023		1,694		1,684
Canadian Natural Resources Ltd. (Canada) 2.95%, 1/15/2023		1,900		1,859
Cenovus Energy, Inc. (Canada) 5.70%, 10/15/2019		2,419		2,454
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,376		1,365
Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		515		516
Enbridge Energy Partners LP
5.20%, 3/15/2020		400		409
4.20%, 9/15/2021		750		763
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		400		394
Encana Corp. (Canada)
6.50%, 5/15/2019		670		674
3.90%, 11/15/2021		2,300		2,323
Energy Transfer Operating LP 9.00%, 4/15/2019		730		735
Energy Transfer Partners LP 4.50%, 11/1/2023		1,000		1,026
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (a)		1,020		1,031
EnLink Midstream Partners LP 2.70%, 4/1/2019		3,875		3,875
Enterprise Products Operating LLC 5.25%, 1/31/2020		2,135		2,177
EOG Resources, Inc.
5.63%, 6/1/2019		3,450		3,471
4.40%, 6/1/2020		930		945
EQT Corp. 4.88%, 11/15/2021		928		953
Equinor ASA (Norway) 2.25%, 11/8/2019		2,480		2,472
Husky Energy, Inc. (Canada) 7.25%, 12/15/2019		2,660		2,744
Kinder Morgan Energy Partners LP 6.50%, 4/1/2020		640		662
Magellan Midstream Partners LP 4.25%, 2/1/2021		800		815
Marathon Oil Corp. 2.70%, 6/1/2020		1,763		1,746
Marathon Petroleum Corp. 3.40%, 12/15/2020		1,350		1,356
ONEOK Partners LP 8.63%, 3/1/2019		446		446
Pioneer Natural Resources Co. 3.45%, 1/15/2021		425		425
Plains All American Pipeline LP
2.60%, 12/15/2019		1,001		997
5.75%, 1/15/2020		1,755		1,791

SEE NOTES TO FINANCIAL STATEMENTS.

276 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Sabine Pass Liquefaction LLC 5.63%, 2/1/2021 (e)		1,250		1,293
Sunoco Logistics Partners Operations LP 5.50%, 2/15/2020		3,350		3,408
Texas Gas Transmission LLC 4.50%, 2/1/2021 (a)		1,100		1,111
TransCanada PipeLines Ltd. (Canada) 3.80%, 10/1/2020		715		723
Western Midstream Operating LP 4.00%, 7/1/2022		450		452
Williams Cos., Inc. (The)
5.25%, 3/15/2020		525		536
3.60%, 3/15/2022		2,717		2,731
				59,243
Pharmaceuticals — 0.3%
EMD Finance LLC (Germany) 2.40%, 3/19/2020 (a)		1,280		1,272
Mylan NV
2.50%, 6/7/2019		830		829
3.15%, 6/15/2021		1,610		1,592
Shire Acquisitions Investments Ireland DAC
1.90%, 9/23/2019		2,040		2,026
2.40%, 9/23/2021		3,970		3,879
Teva Pharmaceutical Finance IV LLC (Israel) 2.25%, 3/18/2020		850		836
				10,434
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		3,000		2,977
Road & Rail — 0.5%
Burlington Northern Santa Fe LLC 8.13%, 4/15/2020		465		492
Cie de Chemin de Fer Canadien Pacifique (Canada) 7.25%, 5/15/2019		1,000		1,008
Norfolk Southern Railway Co. 9.75%, 6/15/2020		1,200		1,301
Penske Truck Leasing Co. LP 2.50%, 6/15/2019 (a)		2,047		2,043
Ryder System, Inc.
2.45%, 9/3/2019		1,865		1,860
2.50%, 5/11/2020		1,320		1,311
3.50%, 6/1/2021		645		648
3.65%, 3/18/2024		1,305		1,302
SMBC Aviation Capital Finance DAC (Ireland) 3.00%, 7/15/2022 (a)		5,600		5,468
				15,433

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom Corp. 3.00%, 1/15/2022		5,052		4,958
Software — 0.1%
VMware, Inc. 2.30%, 8/21/2020		2,295		2,268
Specialty Retail — 0.1%
Advance Auto Parts, Inc. 4.50%, 1/15/2022		1,200		1,221
AutoZone, Inc. 2.50%, 4/15/2021		1,000		986
O’Reilly Automotive, Inc.
4.63%, 9/15/2021		1,290		1,331
3.80%, 9/1/2022		725		737
				4,275
Technology Hardware, Storage & Peripherals — 0.0% (b)
Dell International LLC 4.42%, 6/15/2021 (a)		500		509
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
2.75%, 12/2/2021		500		493
3.00%, 5/22/2022 (a)		5,850		5,726
				6,219
Tobacco — 0.1%
BAT International Finance plc (United Kingdom) 2.75%, 6/15/2020 (a)		2,130		2,114
Trading Companies & Distributors — 0.5%
Air Lease Corp. 2.75%, 1/15/2023		4,305		4,121
Aircastle Ltd. 4.40%, 9/25/2023		1,955		1,945
Aviation Capital Group LLC 2.88%, 1/20/2022 (a)		4,280		4,179
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (a)		1,900		1,841
International Lease Finance Corp.
5.88%, 4/1/2019		3,025		3,030
8.25%, 12/15/2020		1,700		1,834
				16,950
Wireless Telecommunication Services — 0.1%
Sprint Spectrum Co. LLC 3.36%, 9/20/2021 (a) (e)		1,733		1,724
Vodafone Group plc (United Kingdom) 3.75%, 1/16/2024		1,315		1,310
				3,034
Total Corporate Bonds (Cost $988,626)				983,600

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 277

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 26.3%
U.S. Treasury Notes
1.38%, 10/31/2020		40,000		39,228
1.75%, 11/15/2020		50,000		49,332
1.38%, 1/31/2021		118,000		115,419
1.13%, 2/28/2021		130,000		126,440
2.00%, 2/28/2021		25,000		24,737
1.25%, 3/31/2021		35,000		34,111
2.38%, 4/15/2021		30,000		29,906
1.38%, 4/30/2021		60,000		58,554
2.25%, 4/30/2021		15,000		14,913
3.13%, 5/15/2021		20,000		20,255
1.38%, 5/31/2021		85,925		83,780
2.13%, 6/30/2021		15,000		14,868
2.25%, 7/31/2021		3,285		3,265
2.75%, 8/15/2021		64,700		65,062
1.13%, 8/31/2021		10,000		9,665
2.00%, 8/31/2021		22,235		21,958
2.75%, 9/15/2021		10,000		10,059
2.13%, 9/30/2021		10,000		9,904
1.25%, 10/31/2021		10,000		9,677
2.00%, 10/31/2021		9,000		8,883
1.75%, 11/30/2021		48,000		47,040
2.63%, 12/15/2021		25,000		25,084
2.50%, 1/15/2022		11,000		10,998
Total U.S. Treasury Obligations (Cost $833,965)				833,138
Asset-Backed Securities — 23.3%
American Credit Acceptance Receivables Trust
Series 2018-2, Class A, 2.94%, 1/10/2022 (a)		1,850		1,851
Series 2016-3, Class C, 4.26%, 8/12/2022 (a)		2,246		2,262
Series 2017-4, Class C, 2.94%, 1/10/2024 (a)		1,150		1,147
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class A3, 1.87%, 8/18/2021		1,174		1,170
Series 2016-4, Class B, 1.83%, 12/8/2021		12,300		12,187
Series 2017-2, Class A3, 1.98%, 12/20/2021		1,134		1,129
Series 2017-3, Class A3, 1.90%, 3/18/2022		3,967		3,936
Series 2018-2, Class A3, 3.15%, 3/20/2023		4,631		4,647
Series 2017-3, Class B, 2.24%, 6/19/2023		5,405		5,346
Series 2018-2, Class B, 3.45%, 6/18/2024		3,000		3,012

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Amortizing Residential Collateral Trust Series 2002-BC6, Class M1, 3.61%, 8/25/2032 ‡ (f)		21		21
Ascentium Equipment Receivables Trust
Series 2017-2A, Class A2, 2.00%, 5/11/2020 (a)		959		956
Series 2018-1A, Class A2, 2.92%, 12/10/2020 (a)		5,867		5,869
Bear Stearns Asset-Backed Securities Trust
Series 2006-SD1, Class A, 2.86%, 4/25/2036 ‡ (f)		76		75
Series 2003-SD2, Class 2A, 4.57%, 6/25/2043 ‡ (f)		221		221
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		448		446
California Republic Auto Receivables Trust Series 2016-2, Class A4, 1.83%, 12/15/2021		843		838
Capital Auto Receivables Asset Trust Series 2015-4, Class B, 2.39%, 11/20/2020		5,305		5,299
CarMax Auto Owner Trust
Series 2016-3, Class A3, 1.39%, 5/17/2021		541		537
Series 2018-2, Class A2, 2.73%, 8/16/2021		1,941		1,941
Series 2017-3, Class A3, 1.97%, 4/15/2022		2,072		2,056
Series 2017-4, Class A3, 2.11%, 10/17/2022		1,272		1,258
Series 2018-3, Class A3, 3.13%, 6/15/2023		3,000		3,020
Series 2019-1, Class A3, 3.05%, 3/15/2024		14,720		14,786
Carnow Auto Receivables Trust
Series 2018-1A, Class A, 3.61%, 10/15/2021 (a)		3,605		3,603
Series 2017-1A, Class A, 2.92%, 9/15/2022 (a)		1,099		1,095
Chrysler Capital Auto Receivables Trust
Series 2016-AA, Class A4, 1.96%, 1/18/2022 (a)		2,407		2,404
Series 2015-AA, Class D, 3.15%, 1/18/2022 (a)		2,430		2,431
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023 (a)		503		500
Series 2019-1A, Class A, 3.30%, 8/15/2024 (a)		2,985		2,984

SEE NOTES TO FINANCIAL STATEMENTS.

278 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023 (a)		11,350		11,402
Series 2017-P2, Class A, 2.61%, 1/15/2024 (a)		1,502		1,495
Series 2018-NP1, Class B, 3.67%, 5/15/2024 ‡ (a)		3,600		3,602
CNH Equipment Trust
Series 2016-B, Class A3, 1.63%, 8/15/2021		508		505
Series 2017-B, Class A3, 1.86%, 9/15/2022		1,875		1,857
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (a)		2,605		2,562
Consumer Loan Underlying Bond Credit Trust Series 2018-P1, Class A, 3.39%, 7/15/2025 (a)		1,548		1,549
Continental Airlines Pass-Through Trust
Series 2009-2, Class A, 7.25%, 11/10/2019		412		421
Series 2000-1, Class A-1, 8.05%, 11/1/2020		1,376		1,416
Series 2007-1, Class A, 5.98%, 4/19/2022		676		707
CPS Auto Receivables Trust
Series 2017-C, Class A, 1.78%, 9/15/2020 (a)		228		228
Series 2017-D, Class A, 1.87%, 3/15/2021 (a)		496		496
Series 2017-C, Class B, 2.30%, 7/15/2021 (a)		1,839		1,834
Series 2018-B, Class A, 2.72%, 9/15/2021 (a)		1,591		1,590
Series 2019-A, Class A, 3.18%, 6/15/2022 (a)		2,405		2,408
Series 2019-A, Class B, 3.58%, 12/16/2024 (a)		3,060		3,071
CPS Auto Trust
Series 2018-C, Class A, 2.87%, 9/15/2021 (a)		1,340		1,340
Series 2018-C, Class B, 3.43%, 7/15/2022 (a)		1,235		1,237
Credit Acceptance Auto Loan Trust
Series 2016-2A, Class A, 2.42%, 11/15/2023 (a)		479		479
Series 2017-1A, Class A, 2.56%, 10/15/2025 (a)		3,684		3,678
Series 2017-2A, Class A, 2.55%, 2/17/2026 (a)		14,693		14,603

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-3A, Class A, 2.65%, 6/15/2026 (a)		5,431		5,395
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		3,677		3,662
Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		5,520		5,539
Series 2018-3A, Class A, 3.55%, 8/15/2027 (a)		7,178		7,240
Series 2019-1A, Class A, 3.33%, 2/15/2028 (a)		10,000		10,012
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.39%, 10/25/2034 (f)		263		259
Delta Air Lines Pass-Through Trust
Series 2007-1, Class A, 6.82%, 8/10/2022		1,046		1,136
Series 2002-1, Class G-1, 6.72%, 1/2/2023		1,591		1,689
Drive Auto Receivables Trust
Series 2018-3, Class B, 3.37%, 9/15/2022		1,429		1,431
Series 2019-1, Class A3, 3.18%, 10/17/2022		6,020		6,027
Series 2018-4, Class B, 3.36%, 10/17/2022		2,553		2,559
Series 2018-1, Class C, 3.22%, 3/15/2023		5,263		5,268
Series 2019-1, Class B, 3.41%, 6/15/2023		3,400		3,408
Series 2018-2, Class D, 4.14%, 8/15/2024		5,125		5,183
DT Auto Owner Trust
Series 2017-3A, Class B, 2.40%, 5/17/2021 (a)		1,707		1,706
Series 2018-2A, Class A, 2.84%, 9/15/2021 (a)		2,281		2,278
Series 2018-1A, Class B, 3.04%, 1/18/2022 (a)		5,275		5,270
Series 2018-3A, Class A, 3.02%, 2/15/2022 (a)		3,058		3,057
Series 2018-2A, Class B, 3.43%, 5/16/2022 (a)		3,058		3,062
Series 2019-1A, Class A, 3.08%, 9/15/2022 (a)		6,285		6,287
Series 2018-3A, Class B, 3.56%, 9/15/2022 (a)		2,000		2,011
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		1,010		1,015
Series 2019-1A, Class B, 3.41%, 4/17/2023 (a)		3,675		3,678
Exeter Automobile Receivables Trust
Series 2018-1A, Class A, 2.21%, 5/17/2021 (a)		1,224		1,223
Series 2018-2A, Class A, 2.79%, 7/15/2021 (a)		756		756

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 279

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2016-3A, Class B, 2.84%, 8/16/2021 (a)		3,852		3,851
Series 2017-3A, Class A, 2.05%, 12/15/2021 (a)		591		589
Series 2018-4A, Class A, 3.05%, 12/15/2021 (a)		4,227		4,229
Series 2018-3A, Class A, 2.90%, 1/18/2022 (a)		1,380		1,380
Series 2019-1A, Class A, 3.20%, 4/15/2022 (a)		9,596		9,611
Series 2017-2A, Class B, 2.82%, 5/16/2022 (a)		6,140		6,124
Series 2015-3A, Class D, 6.55%, 10/17/2022 (a)		3,250		3,331
Series 2017-1A, Class C, 3.95%, 12/15/2022 (a)		4,385		4,415
Series 2018-1A, Class C, 3.03%, 1/17/2023 (a)		580		579
Series 2019-1A, Class B, 3.45%, 2/15/2023 (a)		3,925		3,935
FHLMC Structured Pass-Through Securities Certificates Series T-20, Class A6, 7.49%, 9/25/2029 (e)		3		3
First Investors Auto Owner Trust
Series 2016-1A, Class A2, 2.26%, 4/15/2021 (a)		304		304
Series 2017-2A, Class A1, 1.86%, 10/15/2021 (a)		730		728
Series 2017-1A, Class A2, 2.20%, 3/15/2022 (a)		3,185		3,173
Series 2016-1A, Class C, 3.41%, 4/18/2022 (a)		6,500		6,511
Series 2018-1A, Class A1, 2.84%, 5/16/2022 (a)		1,278		1,277
Series 2016-2A, Class B, 2.21%, 7/15/2022 (a)		3,440		3,411
Series 2017-3A, Class A2, 2.41%, 12/15/2022 (a)		1,877		1,867
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		4,750		4,764
Series 2017-3A, Class B, 2.72%, 4/17/2023 (a)		1,085		1,077
Series 2017-3A, Class C, 3.00%, 1/16/2024 (a)		2,000		1,986
Flagship Credit Auto Trust
Series 2015-1, Class C, 3.76%, 6/15/2021 (a)		6,330		6,357
Series 2017-2, Class A, 1.85%, 7/15/2021 (a)		1,009		1,007

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-4, Class B, 2.41%, 10/15/2021 (a)		1,610		1,603
Series 2017-1, Class A, 1.93%, 12/15/2021 (a)		240		240
Series 2015-2, Class C, 4.08%, 12/15/2021 (a)		3,250		3,274
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		1,000		1,014
Series 2017-4, Class A, 2.07%, 4/15/2022 (a)		2,560		2,545
Series 2018-1, Class A, 2.59%, 6/15/2022 (a)		2,723		2,713
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		7,958		7,964
Series 2017-1, Class B, 2.83%, 3/15/2023 (a)		2,415		2,413
Series 2018-4, Class A, 3.41%, 5/15/2023 (a)		3,885		3,898
Series 2019-1, Class A, 3.11%, 8/15/2023 (a)		7,138		7,146
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		494		493
Series 2016-1, Class A, 2.31%, 8/15/2027 (a)		2,700		2,665
GLS Auto Receivables Issuer Trust Series 2019-1A, Class A, 3.37%, 1/17/2023 (a)		3,570		3,572
GLS Auto Receivables Trust
Series 2017-1A, Class A2, 2.67%, 4/15/2021 (a)		1,283		1,282
Series 2018-2A, Class A, 3.25%, 4/18/2022 (a)		3,505		3,506
Series 2018-1A, Class A, 2.82%, 7/15/2022 (a)		2,622		2,617
Series 2018-3A, Class A, 3.35%, 8/15/2022 (a)		2,683		2,686
GM Financial Automobile Leasing Trust
Series 2016-3, Class A4, 1.78%, 5/20/2020		3,697		3,694
Series 2017-1, Class A3, 2.06%, 5/20/2020		2,215		2,211
Series 2017-3, Class A3, 2.01%, 11/20/2020		790		787
Series 2018-2, Class A3, 3.06%, 6/21/2021		1,449		1,452
Series 2017-3, Class A4, 2.12%, 9/20/2021		797		792

SEE NOTES TO FINANCIAL STATEMENTS.

280 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
GM Financial Consumer Automobile Receivables Trust Series 2019-1, Class A3, 3.46%, 11/16/2023		6,065		6,082
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (a) (e)		145		146
Hyundai Auto Lease Securitization Trust Series 2017-B, Class A3, 1.97%, 7/15/2020 (a)		850		848
Hyundai Auto Receivables Trust Series 2015-B, Class A4, 1.48%, 6/15/2021		846		845
Lendmark Funding Trust Series 2017-2A, Class A, 2.80%, 5/20/2026 (a)		2,986		2,960
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		17,591		17,591
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029 (a)		4,312		4,316
Series 2017-BA, Class A, 2.92%, 12/20/2029 (a)		1,325		1,311
Series 2018-AA, Class A, 4.20%, 11/20/2030 (a)		9,700		9,812
Marlette Funding Trust
Series 2017-1A, Class B, 4.11%, 3/15/2024 ‡ (a)		1,000		1,003
Series 2017-2A, Class B, 3.19%, 7/15/2024 (a)		4,250		4,247
Series 2018-1A, Class A, 2.61%, 3/15/2028 (a)		5,078		5,066
Series 2018-2A, Class A, 3.06%, 7/17/2028 (a)		8,869		8,862
Series 2018-3A, Class A, 3.20%, 9/15/2028 (a)		9,048		9,051
Series 2018-4A, Class A, 3.71%, 12/15/2028 (a)		2,641		2,654
Series 2019-1A, Class A, 3.44%, 4/16/2029 (a)		9,546		9,561
Mercedes-Benz Auto Lease Trust
Series 2017-A, Class A3, 1.79%, 4/15/2020		3,641		3,635
Series 2019-A, Class A4, 3.25%, 10/15/2024		1,500		1,505
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A4, 1.46%, 12/15/2022		2,000		1,970
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 4.74%, 3/25/2033 ‡ (f)		260		248
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 2.86%, 12/7/2020 (f)		2,710		2,713

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nissan Auto Receivables Owner Trust
Series 2015-B, Class A3, 1.34%, 3/16/2020		3		3
Series 2016-B, Class A3, 1.32%, 1/15/2021		1,343		1,336
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 8/15/2050 (a)		2,208		2,215
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class A, 2.31%, 12/14/2021 (a)		5,603		5,583
Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		3,507		3,532
OneMain Financial Issuance Trust
Series 2019-1A, Class A, 3.48%, 2/14/2031 (a)		9,130		9,169
Series 2017-1A, Class A1, 2.37%, 9/14/2032 (a)		1,894		1,869
Progress Residential Trust Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (a)		10,483		10,386
Prosper Marketplace Issuance Trust
Series 2017-3A, Class B, 3.36%, 11/15/2023 (a)		1,000		999
Series 2018-1A, Class A, 3.11%, 6/17/2024 (a)		1,279		1,280
Series 2018-2A, Class A, 3.35%, 10/15/2024 (a)		10,242		10,253
Series 2019-1A, Class A, 3.54%, 4/15/2025 (a)		3,035		3,038
RASC Trust Series 2001-KS1, Class AI6, 6.35%, 3/25/2032 ‡		6		6
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		2,713		2,699
Santander Drive Auto Receivables Trust
Series 2018-3, Class A2A, 2.78%, 3/15/2021		2,536		2,535
Series 2018-1, Class A3, 2.32%, 8/16/2021		1,516		1,514
Series 2015-5, Class C, 2.74%, 12/15/2021		711		711
Series 2017-1, Class C, 2.58%, 5/16/2022		2,310		2,303
Series 2018-1, Class B, 2.63%, 7/15/2022		4,615		4,598
Series 2018-2, Class B, 3.03%, 9/15/2022		2,936		2,938
Series 2017-3, Class C, 2.76%, 12/15/2022		1,000		997
Series 2018-4, Class B, 3.27%, 1/17/2023		7,826		7,845
Santander Retail Auto Lease Trust
Series 2017-A, Class A3, 2.22%, 1/20/2021 (a)		11,100		11,035
Series 2018-A, Class A3, 2.93%, 5/20/2021 (a)		1,893		1,893

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 281

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Sierra Timeshare Receivables Funding LLC Series 2018-3A, Class A, 3.69%, 9/20/2035 (a)		2,155		2,171
Sofi Consumer Loan Program LLC Series 2016-5, Class A, 3.06%, 9/25/2028 (a)		814		812
SoFi Consumer Loan Program LLC
Series 2016-3, Class A, 3.05%, 12/26/2025 (a)		4,300		4,293
Series 2017-3, Class A, 2.77%, 5/25/2026 (a)		8,258		8,228
Series 2017-6, Class A1, 2.20%, 11/25/2026 (a)		434		433
SoFi Consumer Loan Program Trust
Series 2018-1, Class A1, 2.55%, 2/25/2027 (a)		1,384		1,380
Series 2018-2, Class A1, 2.93%, 4/26/2027 (a)		853		852
Series 2018-3, Class A1, 3.20%, 8/25/2027 (a)		1,760		1,760
Series 2019-1, Class A, 3.24%, 2/25/2028 (a)		4,414		4,416
SoFi Professional Loan Program LLC Series 2017-F, Class A1FX, 2.05%, 1/25/2041 (a)		1,068		1,060
Synchrony Credit Card Master Note Trust
Series 2016-2, Class A, 2.21%, 5/15/2024		2,538		2,501
Series 2017-2, Class A, 2.62%, 10/15/2025		3,839		3,794
TCF Auto Receivables Owner Trust Series 2016-1A, Class A3, 1.71%, 4/15/2021 (a)		2,164		2,158
Tesla Auto Lease Trust Series 2018-B, Class A, 3.71%, 8/20/2021 (a)		9,214		9,307
Tidewater Auto Receivables Trust Series 2018-AA, Class A2, 3.12%, 7/15/2022 (a)		1,087		1,087
Toyota Auto Receivables Owner Trust Series 2017-C, Class A3, 1.78%, 11/15/2021		3,125		3,096
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (a)		6,299		6,177
United Auto Credit Securitization Trust Series 2018-2, Class A, 2.89%, 3/10/2021 (a)		2,000		1,999
Upgrade Receivables Trust Series 2019-1A, Class A, 3.48%, 3/15/2025 (a)		4,240		4,242

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 1/20/2021 (a)		412		411
Series 2016-2A, Class A, 1.68%, 5/20/2021 (a)		2,090		2,082
Series 2017-2A, Class B, 2.22%, 12/20/2021 ‡ (a)		10,526		10,415
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (a)		2,137		2,118
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,865		2,888
Veros Automobile Receivables Trust Series 2018-1, Class A, 3.63%, 5/15/2023 (a)		6,504		6,516
Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A4, 3.15%, 7/22/2024		3,450		3,479
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (a) (e)		3,454		3,461
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (a) (e)		2,186		2,186
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (a) (e)		3,751		3,757
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (a) (e)		3,633		3,631
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (a) (e)		9,582		9,525
VOLT LXXIV LLC Series 2018-NP10, Class A1A, 4.58%, 11/25/2048 ‡ (a) (e)		9,663		9,700
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (a) (e)		8,708		8,727
Westlake Automobile Receivables Trust
Series 2017-2A, Class A2A, 1.80%, 7/15/2020 (a)		530		529
Series 2018-1A, Class A2A, 2.24%, 12/15/2020 (a)		1,276		1,275
Series 2017-2A, Class B, 2.25%, 12/15/2020 (a)		8,824		8,798
Series 2018-1A, Class B, 2.67%, 5/17/2021 (a)		6,540		6,515
Series 2018-2A, Class A2A, 2.84%, 9/15/2021 (a)		1,339		1,339
Series 2019-1A, Class A2A, 3.06%, 5/16/2022 (a)		2,200		2,202
Series 2017-1A, Class C, 2.70%, 10/17/2022 (a)		1,911		1,906
Series 2018-3A, Class C, 3.61%, 10/16/2023 (a)		1,360		1,366

SEE NOTES TO FINANCIAL STATEMENTS.

282 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
World Financial Network Credit Card Master Trust
Series 2012-D, Class A, 2.15%, 4/17/2023		3,900		3,893
Series 2017-A, Class A, 2.12%, 3/15/2024		3,385		3,351
Series 2015-B, Class A, 2.55%, 6/17/2024		1,494		1,485
Series 2018-A, Class A, 3.07%, 12/16/2024		10,351		10,369
Series 2016-A, Class A, 2.03%, 4/15/2025		8,830		8,625
World Omni Auto Receivables Trust
Series 2016-B, Class A3, 1.30%, 2/15/2022		6,437		6,379
Series 2017-B, Class A3, 1.95%, 2/15/2023		1,586		1,568
Series 2019-A, Class A3, 3.04%, 5/15/2024		3,590		3,601
Total Asset-Backed Securities (Cost $736,368)				736,760
Collateralized Mortgage Obligations — 11.3%
Alternative Loan Trust Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		22		23
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (a)		7,243		7,234
Bear Stearns ARM Trust Series 2003-7, Class 3A, 4.20%, 10/25/2033 (f)		65		65
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		2
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		72		73
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A1, 7.00%, 9/25/2033		41		41
Series 2004-UST1, Class A6, 4.17%, 8/25/2034 (f)		650		635
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-23, Class 8A1, 5.00%, 9/25/2018		69		69
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 6A1, 4.50%, 12/25/2019		88		88
CSMC Mortgage-Backed Trust Series 2007-5, Class 5A5, 5.41%, 4/1/2037 (f)		574		310
FHLMC — GNMA
Series 31, Class Z, 8.00%, 4/25/2024		194		207
Series 56, Class Z, 7.50%, 9/20/2026		49		55
FHLMC REMIC
Series 3648, Class AH, 2.50%, 2/15/2020		274		273
Series 2979, Class BC, 5.00%, 4/15/2020		339		340

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 4305, Class EA, 1.75%, 9/15/2020		211			209
Series 3750, Class GB, 2.50%, 10/15/2020		151			151
Series 1807, Class G, 9.00%, 10/15/2020		—	(g)		—	(g)
Series 81, Class A, 8.13%, 11/15/2020		—	(g)		—	(g)
Series 85, Class C, 8.60%, 1/15/2021		1			1
Series 99, Class Z, 9.50%, 1/15/2021		—	(g)		—	(g)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(g)		—	(g)
Series 1056, Class KZ, 6.50%, 3/15/2021		1			1
Series 1053, Class G, 7.00%, 3/15/2021		—	(g)		—	(g)
Series 1074, Class H, 8.50%, 5/15/2021		—	(g)		—	(g)
Series 1082, Class C, 9.00%, 5/15/2021		1			1
Series 1087, Class I, 8.50%, 6/15/2021		1			1
Series 1125, Class Z, 8.25%, 8/15/2021		5			5
Series 159, Class H, 4.50%, 9/15/2021		—	(g)		—	(g)
Series 189, Class D, 6.50%, 10/15/2021		—	(g)		—	(g)
Series 1142, Class IA, 7.00%, 10/15/2021		3			3
Series 1169, Class G, 7.00%, 11/15/2021		—	(g)		—	(g)
Series 3872, Class ND, 2.00%, 12/15/2021		243			241
Series 2418, Class MF, 6.00%, 2/15/2022		116			118
Series 1343, Class LA, 8.00%, 8/15/2022		7			7
Series 1424, Class F, 1.61%, 11/15/2022 (f)		1			1
Series 1480, Class LZ, 7.50%, 3/15/2023		33			35
Series 3784, Class F, 2.89%, 7/15/2023 (f)		1,237			1,237
Series 3784, Class S, IF, IO, 4.11%, 7/15/2023 (f)		1,328			82
Series 3229, Class AF, 2.74%, 8/15/2023 (f)		645			643
Series 1560, Class Z, 7.00%, 8/15/2023		80			84
Series 2682, Class JG, 4.50%, 10/15/2023		1,618			1,658
Series 2686, Class GC, 5.00%, 10/15/2023		1,941			2,003
Series 2790, Class TN, 4.00%, 5/15/2024		211			214
Series 1754, Class Z, 8.50%, 9/15/2024		34			38
Series 1779, Class Z, 8.50%, 4/15/2025		85			95
Series 3763, Class NE, 2.50%, 5/15/2025		441			438
Series 4303, Class VA, 3.50%, 5/15/2025		609			614
Series 2989, Class TG, 5.00%, 6/15/2025		2,810			2,883
Series 2997, Class BC, 5.00%, 6/15/2025		3,659			3,793
Series 3005, Class ED, 5.00%, 7/15/2025		1,489			1,547
Series 3973, Class MA, 3.00%, 8/15/2025		419			419
Series 3810, Class NV, 4.00%, 9/15/2025		585			586
Series 3955, Class WA, 2.50%, 11/15/2025		216			215
Series 3815, Class EA, 4.00%, 12/15/2025		243			245
Series 3945, Class CA, 3.00%, 3/15/2026		1,058			1,059
Series 3864, Class PG, 3.50%, 5/15/2026		197			199

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 283

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3887, Class GM, 4.00%, 7/15/2026 (e)		231		244
Series 3909, Class HG, 4.00%, 8/15/2026 (e)		643		663
Series 1888, Class Z, 7.00%, 8/15/2026		132		143
Series 3946, Class BU, 3.00%, 10/15/2026		459		461
Series 4015, Class GL, 2.25%, 3/15/2027		377		373
Series 4020, Class N, 3.00%, 3/15/2027		203		203
Series 4097, Class HJ, 1.50%, 8/15/2027		2,105		2,007
Series 4361, Class CA, 2.50%, 9/15/2027		1,448		1,431
Series 4257, Class A, 2.50%, 10/15/2027		336		332
Series 4131, Class BC, 1.25%, 11/15/2027		356		337
Series 4141, Class BI, IO, 2.50%, 12/15/2027		9,695		693
Series 4207, Class JD, 1.50%, 5/15/2028		551		532
Series 2090, Class F, 2.69%, 10/15/2028 (f)		237		235
Series 3523, Class MX, 4.50%, 4/15/2029		243		253
Series 2995, Class FT, 2.74%, 5/15/2029 (f)		256		256
Series 3976, Class AE, 2.50%, 8/15/2029		287		286
Series 3977, Class AB, 3.00%, 9/15/2029		1,477		1,478
Series 3984, Class EA, 3.50%, 11/15/2029		357		359
Series 3721, Class DG, 2.75%, 9/15/2030		578		572
Series 3775, Class DB, 4.00%, 12/15/2030		876		905
Series 2303, Class FY, 2.79%, 4/15/2031 (f)		240		238
Series 2326, Class ZQ, 6.50%, 6/15/2031		303		331
Series 4252, Class MD, 3.00%, 7/15/2031		262		262
Series 2362, Class F, 2.89%, 9/15/2031 (f)		298		297
Series 2500, Class FD, 2.99%, 3/15/2032 (f)		323		323
Series 4170, Class QE, 2.00%, 5/15/2032		435		425
Series 4094, Class BF, 2.89%, 8/15/2032 (f)		984		990
Series 2492, Class GH, 6.00%, 8/15/2032		462		508
Series 4142, Class PG, 2.00%, 12/15/2032		292		285
Series 2711, Class FC, 3.39%, 2/15/2033 (f)		2,079		2,128
Series 2638, Class JG, 5.00%, 2/15/2033		264		265
Series 2602, Class FH, 2.80%, 4/15/2033 (f)		396		393
Series 2617, Class Z, 5.50%, 5/15/2033		186		202
Series 2662, Class MT, 4.50%, 8/15/2033		221		229
Series 2693, Class Z, 5.50%, 10/15/2033		337		368
Series 3005, Class PV, IF, 8.82%, 10/15/2033 (f)		19		21

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 4235, Class AB, 2.00%, 1/15/2034		389		387
Series 2806, Class FA, 3.49%, 2/15/2034 (f)		573		582
Series 2922, Class GA, 5.50%, 5/15/2034		160		162
Series 2989, Class MU, IF, IO, 4.51%, 7/15/2034 (f)		2,712		412
Series 3204, Class ZM, 5.00%, 8/15/2034		1,182		1,267
Series 2953, Class MF, 2.79%, 12/15/2034 (f)		268		268
Series 2898, Class PG, 5.00%, 12/15/2034		1,437		1,540
Series 3003, Class LD, 5.00%, 12/15/2034		282		305
Series 2933, Class EM, 5.50%, 1/15/2035		172		184
Series 2929, Class PG, 5.00%, 2/15/2035		186		202
Series 2953, Class PG, 5.50%, 3/15/2035		645		707
Series 2976, Class HZ, 4.50%, 5/15/2035		568		579
Series 3002, Class BN, 5.00%, 7/15/2035		531		559
Series 3036, Class NE, 5.00%, 9/15/2035		238		255
Series 3101, Class UZ, 6.00%, 1/15/2036		410		456
Series 3174, Class LF, 2.84%, 5/15/2036 (f)		572		572
Series 3710, Class FL, 2.99%, 5/15/2036 (f)		216		217
Series 3662, Class ZB, 5.50%, 8/15/2036		322		356
Series 3855, Class AM, 6.50%, 11/15/2036		4,600		5,066
Series 3258, Class PM, 5.50%, 12/15/2036		1,023		1,107
Series 4655, Class CA, 3.00%, 1/15/2037		733		725
Series 3305, Class IW, IF, IO, 3.96%, 4/15/2037 (f)		596		53
Series 3318, Class HF, 2.75%, 5/15/2037 (f)		985		972
Series 3326, Class FG, 2.84%, 6/15/2037 (f)		1,345		1,331
Series 4182, Class C, 3.00%, 6/15/2037		760		760
Series 3724, Class CM, 5.50%, 6/15/2037		701		769
Series 3351, Class ZC, 5.50%, 7/15/2037		2,641		2,879
Series 3420, Class EI, IO, 1.12%, 8/15/2037 (e)		7,967		316
Series 3805, Class PA, 4.50%, 10/15/2037		412		419
Series 4305, Class KA, 3.00%, 3/15/2038		3,344		3,343
Series 3429, Class S, IF, IO, 4.33%, 3/15/2038 (f)		1,002		100
Series 3459, Class MB, 5.00%, 6/15/2038		243		261
Series 4290, Class CA, 3.50%, 12/15/2038		710		718
Series 4085, Class FB, 2.89%, 1/15/2039 (f)		244		245
Series 3546, Class A, 4.17%, 2/15/2039 (f)		1,097		1,124

SEE NOTES TO FINANCIAL STATEMENTS.

284 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 4061, Class CF, 2.84%, 3/15/2039 (f)		497			496
Series 3540, Class A, 5.00%, 5/15/2039		751			793
Series 4346, Class A, 3.50%, 7/15/2039		228			232
Series 3597, Class HM, 4.50%, 8/15/2039		671			698
Series 4209, Class A, 4.00%, 9/15/2039		772			785
Series 3572, Class JS, IF, IO, 4.31%, 9/15/2039 (f)		1,091			123
Series 3962, Class FB, 2.99%, 10/15/2039 (f)		191			193
Series 3585, Class KW, 4.50%, 10/15/2039		3,845			4,012
Series 3609, Class SA, IF, IO, 3.85%, 12/15/2039 (f)		4,407			566
Series 3910, Class CT, 4.00%, 12/15/2039		362			371
Series 4327, Class A, 4.00%, 2/15/2040		522			529
Series 3632, Class PK, 5.00%, 2/15/2040		1,000			1,060
Series 3656, Class PM, 5.00%, 4/15/2040		5,652			6,075
Series 3819, Class G, 4.00%, 6/15/2040		215			221
Series 3786, Class NA, 4.50%, 7/15/2040		343			355
Series 3960, Class FJ, 2.84%, 8/15/2040 (f)		259			259
Series 3726, Class PA, 3.00%, 8/15/2040		942			943
Series 4088, Class LE, 4.00%, 10/15/2040		2,035			2,029
Series 3803, Class FY, 2.89%, 1/15/2041 (f)		473			472
Series 3864, Class KL, 2.75%, 2/15/2041		320			319
Series 3844, Class FA, 2.94%, 4/15/2041 (f)		513			510
Series 3862, Class GA, 4.00%, 4/15/2041		559			580
Series 4229, Class MA, 3.50%, 5/15/2041		16,191			16,400
Series 3939, Class BZ, 4.50%, 6/15/2041		6,764			7,100
Series 4150, Class FN, 2.79%, 7/15/2041 (f)		1,055			1,055
Series 4150, Class FY, 2.79%, 8/15/2041 (f)		1,050			1,045
Series 4215, Class NA, 3.00%, 4/15/2042		425			423
Series 4314, Class LP, 3.50%, 7/15/2043		315			320
Series 4374, Class NC, 3.75%, 2/15/2046 (e)		6,062			6,115
FHLMC STRIPS Series 302, Class 350, 3.50%, 2/15/2028		584			594
First Horizon Mortgage Pass-Through Trust Series 2004-7, Class 2A1, 4.75%, 12/25/2019		56			56
FNMA REMIC
Series 1989-27, Class Y, 6.90%, 6/25/2019		—	(g)		—	(g)
Series 2009-70, Class IN, IO, 4.50%, 8/25/2019		2			—	(g)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1989-54, Class E, 8.40%, 8/25/2019		—	(g)		—	(g)
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(g)		—	(g)
Series 1989-72, Class E, 9.35%, 10/25/2019		1			1
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(g)		—	(g)
Series 1989-96, Class H, 9.00%, 12/25/2019		—	(g)		—	(g)
Series 1990-7, Class B, 8.50%, 1/25/2020		1			1
Series 1990-12, Class G, 4.50%, 2/25/2020		—	(g)		—	(g)
Series 1990-19, Class G, 9.75%, 2/25/2020		1			1
Series 1990-58, Class J, 7.00%, 5/25/2020		1			1
Series 2010-60, IO, 4.00%, 6/25/2020		358			7
Series 1990-61, Class H, 7.00%, 6/25/2020		2			2
Series 1990-109, Class J, 7.00%, 9/25/2020		1			1
Series 1990-106, Class J, 8.50%, 9/25/2020		1			1
Series 1990-111, Class Z, 8.75%, 9/25/2020		—	(g)		1
Series 1990-123, Class G, 7.00%, 10/25/2020		1			1
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(g)		—	(g)
Series 1990-132, Class Z, 7.00%, 11/25/2020		1			1
Series 1990-137, Class X, 9.00%, 12/25/2020		15			15
Series 2011-17, Class CJ, 2.75%, 3/25/2021		190			190
Series 1991-53, Class J, 7.00%, 5/25/2021		—	(g)		—	(g)
Series G-11, Class Z, 8.50%, 5/25/2021		—	(g)		—	(g)
Series 2011-67, Class EJ, 2.50%, 7/25/2021		129			129
Series 2011-66, Class QA, 3.50%, 7/25/2021		178			179
Series 1991-130, Class C, 9.00%, 9/25/2021		—	(g)		—	(g)
Series 2011-104, Class DC, 1.50%, 10/25/2021		828			817
Series G92-19, Class M, 8.50%, 4/25/2022		39			41
Series 1992-96, Class B, PO, 5/25/2022		—	(g)		—	(g)
Series 2012-94, Class E, 3.00%, 6/25/2022		274			274
Series G92-40, Class ZC, 7.00%, 7/25/2022		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 285

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series G92-35, Class E, 7.50%, 7/25/2022		4			4
Series G92-35, Class EA, 8.00%, 7/25/2022		112			118
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(g)		—	(g)
Series 1992-131, Class KB, 8.00%, 8/25/2022		251			267
Series G92-54, Class ZQ, 7.50%, 9/25/2022		2			2
Series 1992-185, Class L, 8.00%, 10/25/2022		274			291
Series G92-64, Class J, 8.00%, 11/25/2022		677			713
Series G92-66, Class K, 8.00%, 12/25/2022		300			316
Series 2011-116, Class VA, 3.50%, 2/25/2023		792			798
Series 1997-44, Class N, PO, 6/25/2023		159			150
Series 1993-216, Class E, PO, 8/25/2023		88			83
Series 1993-235, Class G, PO, 9/25/2023		7			7
Series 1993-165, Class SN, IF, 11.47%, 9/25/2023 (f)		1			1
Series 1993-226, Class PK, 6.00%, 12/25/2023		230			241
Series 1994-15, Class ZK, 5.50%, 2/25/2024		567			586
Series 1994-43, Class PK, 6.35%, 2/25/2024		280			292
Series 2001-40, PO, 4/25/2024		108			101
Series G94-6, Class PJ, 8.00%, 5/17/2024		262			280
Series 2013-52, Class PV, 3.00%, 10/25/2024		2,664			2,668
Series 2011-26, Class EG, 3.00%, 6/25/2025		2,425			2,423
Series 2011-17, Class GD, 3.50%, 2/25/2026		290			292
Series 2011-48, Class CN, 4.00%, 6/25/2026 (e)		197			206
Series 2012-32, Class DE, 3.00%, 12/25/2026		578			577
Series 2015-96, Class EA, 3.00%, 12/25/2026		649			648
Series 2012-26, Class CA, 2.50%, 3/25/2027		214			211
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		16,703			1,642
Series 2013-5, Class DA, 1.50%, 2/25/2028		1,099			1,053
Series 2014-26, Class HC, 2.50%, 2/25/2028		497			490
Series 2013-13, Class KD, 1.50%, 3/25/2028		714			684

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-72, IO, 5.00%, 8/25/2028		137		11
Series 2011-36, Class QC, 3.00%, 12/25/2028		637		636
Series 2009-15, Class AC, 5.50%, 3/25/2029		1,652		1,755
Series 2010-14, Class AC, 4.00%, 3/25/2030		531		548
Series 2013-101, Class HA, 3.00%, 10/25/2030		376		376
Series 2012-14, Class EA, 2.50%, 12/25/2030		175		173
Series 2015-89, Class KE, 2.00%, 11/25/2031		276		267
Series 2001-81, Class HE, 6.50%, 1/25/2032		4,121		4,587
Series 2002-34, Class FA, 2.98%, 5/18/2032 (f)		260		260
Series 2002-64, Class PG, 5.50%, 10/25/2032		3,569		3,869
Series 2004-61, Class FH, 3.29%, 11/25/2032 (f)		1,761		1,779
Series 2002-77, Class TF, 3.48%, 12/18/2032 (f)		341		343
Series 2002-77, Class QG, 5.50%, 12/25/2032		880		957
Series 2002-84, Class DZ, 5.50%, 12/25/2032		515		555
Series 2002-94, Class BZ, 5.50%, 1/25/2033		1,882		2,047
Series 2003-42, Class CI, IO, 6.50%, 5/25/2033		337		73
Series 2003-49, IO, 6.50%, 6/25/2033		479		113
Series 2003-58, Class GL, 3.50%, 7/25/2033		201		203
Series 2003-84, Class PZ, 5.00%, 9/25/2033		148		159
Series 2003-107, Class ZD, 6.00%, 11/25/2033		2,784		3,047
Series 2014-19, Class VK, 4.50%, 4/25/2034		2,000		2,105
Series 2004-60, Class LB, 5.00%, 4/25/2034		245		251
Series 2005-19, Class PA, 5.50%, 7/25/2034		785		794
Series 2004-72, Class F, 2.99%, 9/25/2034 (f)		310		312
Series 2004-91, Class BR, 5.50%, 12/25/2034		136		150
Series 2004-101, Class AR, 5.50%, 1/25/2035		33		35

SEE NOTES TO FINANCIAL STATEMENTS.

286 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-27, Class HZ, 5.00%, 4/25/2035		3,854		4,114
Series 2005-38, Class FK, 2.79%, 5/25/2035 (f)		966		965
Series 2005-66, Class PF, 2.74%, 7/25/2035 (f)		393		392
Series 2005-64, Class PL, 5.50%, 7/25/2035		179		193
Series 2006-4, Class PB, 6.00%, 9/25/2035		1,967		2,068
Series 2005-88, Class ZC, 5.00%, 10/25/2035		4,492		4,794
Series 2007-109, Class VZ, 5.00%, 10/25/2035		3,951		4,212
Series 2005-84, Class MB, 5.75%, 10/25/2035		44		47
Series 2013-114, Class JA, 3.00%, 11/25/2035		442		442
Series 2005-99, Class AF, 2.84%, 12/25/2035 (f)		211		211
Series 2014-88, Class ER, 2.50%, 2/25/2036		200		197
Series 2006-16, Class FC, 2.79%, 3/25/2036 (f)		240		240
Series 2006-14, Class DB, 5.50%, 3/25/2036		804		876
Series 2006-27, Class BF, 2.79%, 4/25/2036 (f)		497		497
Series 2006-46, Class FW, 2.89%, 6/25/2036 (f)		656		651
Series 2006-50, Class PE, 5.00%, 6/25/2036		773		838
Series 2009-71, Class JT, 6.00%, 6/25/2036		411		454
Series 2006-101, Class FC, 2.79%, 7/25/2036 (f)		533		528
Series 2006-101, Class FD, 2.79%, 7/25/2036 (f)		341		337
Series 2006-56, Class DC, 3.14%, 7/25/2036 (f)		544		549
Series 2006-58, Class ST, IF, IO, 4.66%, 7/25/2036 (f)		355		52
Series 2014-23, Class PA, 3.50%, 8/25/2036		9,812		9,925
Series 2007-1, Class NF, 2.74%, 2/25/2037 (f)		840		840
Series 2007-16, Class FC, 3.24%, 3/25/2037 (f)		39		41
Series 2007-22, Class SC, IF, IO, 3.59%, 3/25/2037 (f)		81		4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-33, Class MS, IF, IO, 4.10%, 4/25/2037 (f)		2,527		313
Series 2011-71, Class FB, 2.99%, 5/25/2037 (f)		915		916
Series 2007-57, Class ZE, 4.75%, 5/25/2037		1,149		1,194
Series 2007-54, Class FA, 2.89%, 6/25/2037 (f)		311		313
Series 2013-55, Class BA, 3.00%, 6/25/2037		1,946		1,942
Series 2007-B2, Class ZA, 5.50%, 6/25/2037		4,470		4,883
Series 2008-93, Class AM, 5.50%, 6/25/2037		373		380
Series 2008-5, Class PE, 5.00%, 8/25/2037		212		227
Series 2007-85, Class SH, IF, IO, 4.01%, 9/25/2037 (f)		1,910		130
Series 2013-74, Class HP, 3.00%, 10/25/2037		369		365
Series 2013-83, Class CA, 3.50%, 10/25/2037		7,209		7,262
Series 2010-68, Class DA, 4.50%, 10/25/2037		218		222
Series 2007-106, Class A7, 6.11%, 10/25/2037 (f)		360		390
Series 2007-117, Class FM, 3.19%, 1/25/2038 (f)		338		343
Series 2007-117, Class MF, 3.19%, 1/25/2038 (f)		486		493
Series 2008-24, Class PF, 3.14%, 2/25/2038 (f)		301		303
Series 2008-18, Class SE, IF, IO, 3.78%, 3/25/2038 (f)		180		21
Series 2008-25, Class DZ, 5.75%, 4/25/2038		759		824
Series 2013-139, Class EA, 3.00%, 8/25/2038		2,153		2,154
Series 2008-83, Class CA, 6.00%, 9/25/2038		1,022		1,132
Series 2011-48, Class HC, 3.00%, 10/25/2038		638		637
Series 2013-92, Class A, 3.50%, 12/25/2038		6,209		6,264
Series 2010-58, Class MA, 5.50%, 12/25/2038		19		19
Series 2011-36, Class PA, 4.00%, 2/25/2039		41		40
Series 2011-104, Class KE, 2.50%, 3/25/2039		120		119

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 287

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2013-15, Class EF, 2.84%, 3/25/2039 (f)		347		349
Series 2012-56, Class FG, 2.99%, 3/25/2039 (f)		617		619
Series 2011-104, Class KY, 4.00%, 3/25/2039		468		477
Series 2012-89, Class FD, 2.94%, 4/25/2039 (f)		517		518
Series 2009-29, Class LA, 1.51%, 5/25/2039 (f)		1,830		1,664
Series 2009-62, Class HJ, 6.00%, 5/25/2039		758		803
Series 2012-73, Class LF, 2.94%, 6/25/2039 (f)		878		880
Series 2012-14, Class DA, 2.00%, 7/25/2039		142		140
Series 2009-70, Class FA, 3.69%, 9/25/2039 (f)		259		261
Series 2009-73, Class HJ, 6.00%, 9/25/2039		276		304
Series 2010-118, Class EF, 2.94%, 10/25/2039 (f)		461		463
Series 2009-86, Class PE, 5.00%, 10/25/2039		6,772		7,277
Series 2009-87, Class B, 4.50%, 11/25/2039		3,937		4,112
Series 2009-112, Class SW, IF, IO, 3.76%, 1/25/2040 (f)		5,186		626
Series 2013-1, Class BA, 3.00%, 2/25/2040		3,788		3,738
Series 2010-35, Class KF, 2.99%, 4/25/2040 (f)		1,079		1,085
Series 2010-37, Class CY, 5.00%, 4/25/2040		125		133
Series 2011-61, Class ZA, 5.00%, 4/25/2040		2,334		2,501
Series 2010-43, Class HJ, 5.50%, 5/25/2040		373		410
Series 2010-58, Class FA, 3.04%, 6/25/2040 (f)		732		738
Series 2010-58, Class FY, 3.22%, 6/25/2040 (f)		334		338
Series 2012-63, Class MA, 4.00%, 6/25/2040		482		495
Series 2010-64, Class DM, 5.00%, 6/25/2040		2,327		2,459
Series 2012-44, Class LA, 3.50%, 9/25/2040		540		543
Series 2012-9, Class YF, 2.89%, 11/25/2040 (f)		478		479

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2010-126, Class LI, IO, 4.00%, 11/25/2040		3,258			232
Series 2015-44, Class J, 3.50%, 12/25/2040		150			151
Series 2013-96, Class CA, 4.00%, 4/25/2041		2,135			2,202
Series 2011-53, Class FT, 3.07%, 6/25/2041 (f)		274			276
Series 2011-52, Class GB, 5.00%, 6/25/2041		233			251
Series 2012-16, Class WH, 4.00%, 7/25/2041		416			428
Series 2011-128, Class KP, 4.50%, 7/25/2041		240			251
Series 2013-126, Class CA, 4.00%, 9/25/2041		947			989
Series 2001-50, Class BA, 7.00%, 10/25/2041		157			174
Series 2012-100, Class TL, 4.00%, 4/25/2042		745			767
Series 2013-9, Class CB, 5.50%, 4/25/2042		6,395			6,955
Series 2013-72, Class AF, 2.74%, 11/25/2042 (f)		250			250
Series 2013-58, Class FP, 2.74%, 2/25/2043 (f)		2,156			2,144
Series 2013-66, Class LB, 1.50%, 4/25/2043		225			215
Series 2018-38, Class EC, 4.00%, 4/25/2043		221			227
Series 2016-100, Class P, 3.50%, 11/25/2044		267			270
Series 2016-2, Class GA, 3.00%, 2/25/2046		4,318			4,282
Series 2017-10, Class FA, 2.89%, 3/25/2047 (f)		650			650
FNMA REMIC Trust Series 1995-W3, Class A, 9.00%, 4/25/2025		—	(g)		—	(g)
FNMA STRIPS
Series 351, Class 28, IO, 5.00%, 4/25/2019 (f)		—	(g)		—	(g)
Series 268, Class 2, IO, 9.00%, 2/25/2023		—	(g)		—	(g)
Series 289, Class 1, PO, 11/25/2027		213			192
Series 334, Class 17, IO, 6.50%, 2/25/2033 (f)		295			62
Series 334, Class 9, IO, 6.00%, 3/25/2033		657			140
Series 334, Class 13, IO, 6.00%, 3/25/2033 (f)		258			51
Series 356, Class 16, IO, 5.50%, 6/25/2035 (f)		205			41

SEE NOTES TO FINANCIAL STATEMENTS.

288 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 359, Class 16, IO, 5.50%, 10/25/2035 (f)		193		38
Series 369, Class 19, IO, 6.00%, 10/25/2036 (f)		249		50
Series 369, Class 26, IO, 6.50%, 10/25/2036 (f)		155		36
Series 386, Class 20, IO, 6.50%, 8/25/2038 (f)		325		63
Series 394, Class C3, IO, 6.50%, 9/25/2038		631		128
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 2.75%, 11/25/2046 (f)		2,887		2,844
GNMA
Series 2011-155, Class A, 3.00%, 11/20/2026		263		264
Series 2011-158, Class AB, 3.00%, 11/20/2026		912		912
Series 2012-3, Class AK, 3.00%, 1/16/2027		4,088		4,106
Series 2012-32, Class EG, 3.00%, 3/16/2027		2,002		2,007
Series 2002-45, Class FA, 2.88%, 6/16/2032 (f)		378		378
Series 2003-11, Class FC, 2.98%, 2/16/2033 (f)		358		359
Series 2003-50, Class F, 2.78%, 5/16/2033 (f)		294		294
Series 2004-39, Class IN, IO, 5.50%, 6/20/2033		366		46
Series 2006-23, Class S, IF, IO, 4.02%, 1/20/2036 (f)		1,587		22
Series 2006-26, Class S, IF, IO, 4.02%, 6/20/2036 (f)		7,855		1,040
Series 2012-38, Class TF, 2.78%, 12/16/2036 (f)		299		299
Series 2007-16, Class KU, IF, IO, 4.17%, 4/20/2037 (f)		4,943		585
Series 2009-106, Class XL, IF, IO, 4.27%, 6/20/2037 (f)		4,601		374
Series 2010-143, Class PH, 3.00%, 11/16/2037		394		395
Series 2008-75, Class SP, IF, IO, 4.99%, 8/20/2038 (f)		1,536		205
Series 2009-108, Class WG, 4.00%, 9/20/2038		285		287
Series 2009-14, Class SA, IF, IO, 3.60%, 3/20/2039 (f)		4,506		399
Series 2009-14, Class KS, IF, IO, 3.82%, 3/20/2039 (f)		1,868		194
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		576		147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-75, Class NB, 4.50%, 6/20/2039		351		365
Series 2011-48, Class QA, 5.00%, 8/16/2039		1,106		1,119
Series 2010-144, Class DA, 4.00%, 9/16/2039		232		236
Series 2011-26, Class PA, 4.00%, 7/20/2040		218		223
Series 2013-71, Class NA, 2.50%, 8/20/2041		220		216
Series 2012-96, Class WP, 6.50%, 8/16/2042		6,010		6,691
Series 2015-80, Class CP, 4.50%, 6/20/2045		1,385		1,432
Series 2010-H26, Class LF, 2.86%, 8/20/2058 (f)		435		434
Series 2010-H03, Class FA, 3.05%, 3/20/2060 (f)		5,935		5,946
Series 2011-H11, Class FB, 3.01%, 4/20/2061 (f)		735		736
Series 2011-H21, Class FA, 3.11%, 10/20/2061 (f)		492		493
Series 2013-H05, Class FB, 2.91%, 2/20/2062 (f)		1,824		1,820
Series 2012-H14, Class FK, 3.09%, 7/20/2062 (f)		697		699
Series 2012-H18, Class NA, 3.03%, 8/20/2062 (f)		522		522
Series 2012-H20, Class BA, 3.07%, 9/20/2062 (f)		1,408		1,411
Series 2012-H29, Class FA, 3.02%, 10/20/2062 (f)		292		292
Series 2012-H23, Class WA, 3.03%, 10/20/2062 (f)		611		612
Series 2012-H30, Class GA, 2.86%, 12/20/2062 (f)		393		392
Series 2013-H08, Class FA, 2.86%, 3/20/2063 (f)		1,125		1,122
Series 2013-H11, Class FA, 2.96%, 4/20/2063 (f)		620		620
Series 2013-H14, Class FG, 2.98%, 5/20/2063 (f)		266		266
Series 2014-H05, Class FB, 3.11%, 12/20/2063 (f)		946		949
Series 2014-H16, Class FL, 2.82%, 7/20/2064 (f)		856		861
Series 2014-H14, Class GF, 2.98%, 7/20/2064 (f)		568		568

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 289

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2014-H21, Class FA, 3.16%, 10/20/2064 (f)		470			471
Series 2015-H04, Class FL, 2.98%, 2/20/2065 (f)		315			315
Series 2015-H13, Class FG, 2.91%, 4/20/2065 (f)		852			851
Series 2015-H09, Class FA, 3.13%, 4/20/2065 (f)		643			643
Series 2015-H14, Class FB, 2.94%, 5/20/2065 (f)		330			330
Series 2015-H14, Class FA, 3.08%, 6/20/2065 (f)		2,490			2,488
Series 2015-H27, Class FA, 3.26%, 9/20/2065 (f)		557			561
Series 2017-H07, Class FG, 2.97%, 2/20/2067 (f)		962			962
Series 2017-H14, Class FD, 2.98%, 6/20/2067 (f)		966			966
Series 2017-H16, Class CF, 2.98%, 7/20/2067 (f)		1,244			1,244
Series 2017-H15, Class FN, 3.01%, 7/20/2067 (f)		895			896
Series 2018-H04, Class FG, 2.79%, 2/20/2068 (f)		692			688
Series 2018-H07, Class FE, 2.86%, 2/20/2068 (f)		441			440
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		611			575
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (f)		1,324			1,360
MASTR Alternative Loan Trust
Series 2004-8, Class 7A1, 5.00%, 9/25/2019		39			40
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		2			2
MASTR Asset Securitization Trust Series 2004-6, Class 6A1, 4.50%, 7/25/2019		1			1
ML Trust XLIV Series 44, Class G, 9.00%, 8/20/2020 ‡		—	(g)		—	(g)
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		1,017			1,015
Series 2010-R3, Class 1A, 3.07%, 12/8/2020 (f)		7,192			7,208
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR6, Class 4A1, 2.75%, 12/25/2035 (f)		1,499			598

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Prime Mortgage Trust Series 2005-2, Class 1A1, 4.75%, 7/25/2020		41			41
Vendee Mortgage Trust Series 1994-3C, Class 3, 9.78%, 3/15/2021		—	(g)		—	(g)
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (f)		461			469
Series 2003-K, Class 1A2, 4.68%, 11/25/2033 (f)		7			7
Series 2003-M, Class A1, 4.90%, 12/25/2033 (f)		1,323			1,356
Series 2004-O, Class A1, 4.68%, 8/25/2034 (f)		499			514
Series 2004-EE, Class 2A2, 4.53%, 12/25/2034 (f)		326			336
Series 2004-EE, Class 3A2, 4.63%, 12/25/2034 (f)		606			628
Total Collateralized Mortgage Obligations (Cost $361,219)					358,877
Mortgage-Backed Securities — 4.7%
FHLMC
Pool # 611141, ARM, 4.47%, 1/1/2027 (f)		28			29
Pool # 786211, ARM, 5.75%, 1/1/2027 (f)		1			2
Pool # 846774, ARM, 4.50%, 12/1/2027 (f)		30			31
Pool # 1B2844, ARM, 4.02%, 3/1/2035 (f)		70			73
Pool # 1L1380, ARM, 5.10%, 3/1/2035 (f)		1,931			2,044
Pool # 1L1379, ARM, 4.94%, 10/1/2035 (f)		978			1,042
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (f)		616			652
Pool # 1J1380, ARM, 5.26%, 3/1/2036 (f)		735			784
Pool # 1J1313, ARM, 4.19%, 6/1/2036 (f)		133			138
Pool # 1G1028, ARM, 4.55%, 7/1/2036 (f)		51			53
Pool # 1N0273, ARM, 4.59%, 8/1/2036 (f)		318			331
Pool # 1K0035, ARM, 4.61%, 8/1/2036 (f)		501			529
Pool # 1J1393, ARM, 4.31%, 10/1/2036 (f)		1,082			1,126
Pool # 1J1378, ARM, 4.52%, 11/1/2036 (f)		391			408
Pool # 1N0346, ARM, 4.27%, 12/1/2036 (f)		386			400
Pool # 1J1418, ARM, 4.61%, 12/1/2036 (f)		127			134
Pool # 1J1467, ARM, 4.61%, 12/1/2036 (f)		226			236
Pool # 1J1541, ARM, 4.68%, 1/1/2037 (f)		915			959
Pool # 1J1516, ARM, 4.24%, 2/1/2037 (f)		82			86
Pool # 1J1543, ARM, 4.40%, 2/1/2037 (f)		207			220
Pool # 1J1635, ARM, 3.78%, 3/1/2037 (f)		247			256
Pool # 1N1458, ARM, 4.17%, 3/1/2037 (f)		454			469
Pool # 1J1522, ARM, 4.52%, 3/1/2037 (f)		351			373

SEE NOTES TO FINANCIAL STATEMENTS.

290 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 1Q0339, ARM, 4.55%, 4/1/2037 (f)		52			54
Pool # 1Q0697, ARM, 4.08%, 5/1/2037 (f)		1,018			1,051
Pool # 1J1681, ARM, 4.61%, 6/1/2037 (f)		1,532			1,608
Pool # 1J1685, ARM, 4.62%, 6/1/2037 (f)		1,075			1,136
Pool # 847871, ARM, 3.58%, 8/1/2037 (f)		125			130
Pool # 1J2834, ARM, 4.65%, 8/1/2037 (f)		252			265
Pool # 1B3605, ARM, 5.04%, 8/1/2037 (f)		236			245
Pool # 1Q0476, ARM, 4.56%, 10/1/2037 (f)		270			285
Pool # 1J2945, ARM, 4.50%, 11/1/2037 (f)		59			61
Pool # 1Q0894, ARM, 4.66%, 1/1/2038 (f)		576			614
Pool # 1Q0722, ARM, 4.64%, 4/1/2038 (f)		512			542
FHLMC Gold Pools, 15 Year, Single Family
Pool # B13747, 5.00%, 4/1/2019		4			4
Pool # B13978, 4.00%, 5/1/2019		5			5
Pool # G12656, 4.00%, 7/1/2019		6			6
Pool # G11596, 5.50%, 8/1/2019		14			14
Pool # G11652, 6.00%, 1/1/2020		23			23
Pool # G12859, 6.00%, 6/1/2020		1			1
Pool # G13056, 5.50%, 12/1/2020		37			37
Pool # G12880, 5.00%, 1/1/2021		66			66
Pool # G13621, 6.50%, 8/1/2021		4			4
Pool # J03447, 6.00%, 9/1/2021		42			43
Pool # G13821, 6.00%, 11/1/2021		138			140
Pool # J10285, 5.50%, 4/1/2022		52			52
Pool # G14702, 2.50%, 3/1/2023		95			94
Pool # J24206, 2.00%, 6/1/2023		226			223
Pool # G13274, 5.50%, 10/1/2023		1,027			1,061
Pool # G13301, 5.50%, 10/1/2023		2,630			2,725
Pool # J10284, 6.00%, 12/1/2023		62			63
Pool # G13433, 5.50%, 1/1/2024		365			380
Pool # G15542, 2.50%, 8/1/2025		564			559
Pool # J14494, 4.00%, 2/1/2026		6,737			6,924
Pool # J14783, 4.00%, 3/1/2026		181			187
Pool # J15974, 4.00%, 6/1/2026		2,377			2,444
Pool # G14643, 4.00%, 8/1/2026		213			220
Pool # J18745, 3.00%, 4/1/2027		1,701			1,705
Pool # J20463, 2.50%, 9/1/2027		324			319
Pool # G18462, 2.00%, 4/1/2028		1,598			1,550
Pool # G14973, 4.00%, 12/1/2028		197			204
Pool # G16386, 2.00%, 3/1/2030		682			661
Pool # J31731, 3.00%, 5/1/2030		943			945
FHLMC Gold Pools, 20 Year, Single Family
Pool # D93630, 6.50%, 6/1/2019		—	(g)		—	(g)
Pool # G30195, 6.50%, 5/1/2021		1			1

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # G30262, 6.00%, 10/1/2024		232			250
Pool # C91261, 4.50%, 8/1/2029		317			330
Pool # C91349, 4.50%, 12/1/2030		291			304
Pool # G30565, 4.50%, 10/1/2031		558			582
Pool # G30701, 5.00%, 11/1/2031		236			248
Pool # C91447, 3.50%, 5/1/2032		457			464
FHLMC Gold Pools, 30 Year, Single Family
Pool # A30588, 6.00%, 7/1/2032		145			156
Pool # G01665, 5.50%, 3/1/2034		3,617			3,934
Pool # G05046, 5.00%, 11/1/2036		211			226
Pool # G03073, 5.50%, 7/1/2037		1,834			1,976
Pool # G04772, 7.00%, 8/1/2038		190			213
Pool # G05798, 5.50%, 1/1/2040		432			469
Pool # G08729, 4.50%, 9/1/2046		1,874			1,945
FHLMC Gold Pools, Other
Pool # T40143, 2.50%, 7/1/2028		2,067			2,021
Pool # U79019, 3.00%, 7/1/2028		359			359
Pool # G20027, 10.00%, 10/1/2030		203			213
Pool # G20028, 7.50%, 12/1/2036		4,529			4,945
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (f)		—	(g)		—	(g)
Pool # 326088, ARM, 4.45%, 5/1/2025 (f)		1			1
Pool # 325081, ARM, 5.10%, 10/1/2025 (f)		5			5
Pool # 409902, ARM, 4.08%, 6/1/2027 (f)		13			13
Pool # 52597, ARM, 2.64%, 7/1/2027 (f)		4			4
Pool # 725902, ARM, 4.39%, 9/1/2034 (f)		117			123
Pool # 810896, ARM, 4.15%, 1/1/2035 (f)		66			69
Pool # 865095, ARM, 5.15%, 10/1/2035 (f)		1,001			1,071
Pool # 848757, ARM, 4.25%, 12/1/2035 (f)		181			187
Pool # AD0295, ARM, 4.81%, 3/1/2036 (f)		1,291			1,373
Pool # 877009, ARM, 5.10%, 3/1/2036 (f)		1,642			1,758
Pool # 894571, ARM, 5.27%, 3/1/2036 (f)		1,377			1,474
Pool # 871502, ARM, 3.96%, 4/1/2036 (f)		55			56
Pool # 895687, ARM, 4.26%, 5/1/2036 (f)		211			220
Pool # 886952, ARM, 4.55%, 6/1/2036 (f)		3			3
Pool # 882099, ARM, 4.03%, 7/1/2036 (f)		233			245
Pool # 884722, ARM, 4.27%, 8/1/2036 (f)		345			361
Pool # 745858, ARM, 4.47%, 8/1/2036 (f)		132			138
Pool # 745762, ARM, 4.52%, 8/1/2036 (f)		1			1
Pool # 886558, ARM, 4.61%, 8/1/2036 (f)		249			263
Pool # 887714, ARM, 4.66%, 8/1/2036 (f)		221			233
Pool # 882241, ARM, 4.41%, 10/1/2036 (f)		232			243

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 291

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 894271, ARM, 4.50%, 10/1/2036 (f)		192			202
Pool # AD0296, ARM, 4.43%, 12/1/2036 (f)		880			919
Pool # 870920, ARM, 4.54%, 12/1/2036 (f)		32			33
Pool # 905593, ARM, 4.61%, 12/1/2036 (f)		84			88
Pool # 905196, ARM, 4.92%, 12/1/2036 (f)		131			139
Pool # 920954, ARM, 4.19%, 1/1/2037 (f)		1,064			1,098
Pool # 888143, ARM, 4.65%, 1/1/2037 (f)		62			64
Pool # 913984, ARM, 4.37%, 2/1/2037 (f)		498			513
Pool # 910178, ARM, 4.79%, 3/1/2037 (f)		836			877
Pool # 936588, ARM, 3.77%, 4/1/2037 (f)		191			195
Pool # 888750, ARM, 4.31%, 4/1/2037 (f)		166			174
Pool # 944105, ARM, 3.99%, 7/1/2037 (f)		16			17
Pool # 948208, ARM, 4.10%, 7/1/2037 (f)		1,039			1,066
Pool # 888620, ARM, 4.50%, 7/1/2037 (f)		113			118
Pool # 950385, ARM, 3.79%, 8/1/2037 (f)		22			22
Pool # 950382, ARM, 3.95%, 8/1/2037 (f)		1,447			1,473
Pool # AD0081, ARM, 4.31%, 11/1/2037 (f)		586			613
Pool # 995108, ARM, 4.33%, 11/1/2037 (f)		1,184			1,239
Pool # 952182, ARM, 4.57%, 11/1/2037 (f)		372			390
Pool # 966911, ARM, 4.74%, 12/1/2037 (f)		198			207
Pool # 914219, ARM, 4.08%, 3/1/2047 (f)		266			274
FNMA, 10 Year, Single Family
Pool # MA2233, 2.50%, 4/1/2025		221			218
Pool # BM1023, 2.50%, 5/1/2026		274			271
FNMA, 15 Year, Single Family
Pool # 725352, 4.50%, 4/1/2019		1			1
Pool # 255227, 4.50%, 5/1/2019		2			2
Pool # 725793, 5.50%, 9/1/2019		8			8
Pool # 725993, 6.00%, 9/1/2019		—	(g)		—	(g)
Pool # 735439, 6.00%, 9/1/2019		9			9
Pool # 735208, 6.00%, 10/1/2019		5			5
Pool # 785595, 5.00%, 12/1/2019		10			11
Pool # 735370, 5.50%, 1/1/2020		2			2
Pool # 745014, 6.00%, 5/1/2020		3			3
Pool # 888601, 5.50%, 6/1/2020		42			42
Pool # 889265, 5.50%, 6/1/2020		—	(g)		—	(g)
Pool # 735742, 5.00%, 7/1/2020		23			24

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 995886, 6.00%, 4/1/2021		14			14
Pool # AD0452, 6.00%, 4/1/2021		106			107
Pool # 897937, 6.00%, 8/1/2021		331			339
Pool # 890129, 6.00%, 12/1/2021		161			164
Pool # 889094, 6.50%, 1/1/2023		348			363
Pool # 995286, 6.50%, 3/1/2023		23			23
Pool # AL0229, 5.50%, 9/1/2023		692			709
Pool # AA1035, 6.00%, 12/1/2023		119			121
Pool # AD0471, 5.50%, 1/1/2024		1,051			1,076
Pool # 995381, 6.00%, 1/1/2024		246			255
Pool # AE0081, 6.00%, 7/1/2024		957			998
Pool # 931730, 5.00%, 8/1/2024		262			273
Pool # AD0365, 5.50%, 9/1/2024		397			409
Pool # AD0662, 5.50%, 1/1/2025		2,061			2,136
Pool # AL2193, 5.50%, 7/1/2025		2,668			2,764
Pool # AJ5336, 3.00%, 11/1/2026		202			203
Pool # AK0971, 3.00%, 2/1/2027		195			195
Pool # AK7766, 2.50%, 3/1/2027		1,152			1,137
Pool # AO0800, 3.00%, 4/1/2027		251			252
Pool # AP7842, 3.00%, 9/1/2027		191			192
Pool # AL3439, 4.00%, 9/1/2027		195			201
Pool # AL2656, 2.50%, 10/1/2027		1,911			1,885
Pool # 890782, 2.00%, 5/1/2028		460			446
Pool # AU6018, 3.00%, 9/1/2028		479			479
Pool # AL6105, 4.00%, 12/1/2029		178			183
FNMA, 20 Year, Single Family
Pool # 252442, 6.50%, 5/1/2019		—	(g)		—	(g)
Pool # 252575, 6.00%, 7/1/2019		—	(g)		—	(g)
Pool # 252642, 6.50%, 8/1/2019		—	(g)		1
Pool # 535519, 7.00%, 8/1/2020		29			30
Pool # 253946, 7.00%, 8/1/2021		11			11
Pool # 254344, 6.50%, 6/1/2022		397			435
Pool # 745763, 6.50%, 3/1/2025		216			237
Pool # 256714, 5.50%, 5/1/2027		369			391
Pool # MA0214, 5.00%, 10/1/2029		2,025			2,134
Pool # AD5474, 5.00%, 5/1/2030 (h)		633			669
Pool # MA0534, 4.00%, 10/1/2030		278			286
Pool # AL4165, 4.50%, 1/1/2031		1,579			1,647
Pool # MA0804, 4.00%, 7/1/2031		273			282
Pool # MA0792, 4.50%, 7/1/2031		2,300			2,403
Pool # MA3894, 4.00%, 9/1/2031		407			420
Pool # 890653, 4.50%, 1/1/2032		1,051			1,097
Pool # AL1722, 4.50%, 4/1/2032		202			211
Pool # AL3190, 4.00%, 12/1/2032		957			986
Pool # AL5373, 4.50%, 5/1/2034		1,074			1,122

SEE NOTES TO FINANCIAL STATEMENTS.

292 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
FNMA, 30 Year, FHA/VA
Pool # 415460, 8.50%, 3/1/2027		8		8
Pool # 801357, 5.50%, 8/1/2034		83		88
FNMA, 30 Year, Single Family
Pool # 545334, 8.50%, 9/1/2021		1		1
Pool # 479469, 10.00%, 2/1/2024		1		1
Pool # 250511, 6.50%, 3/1/2026		3		4
Pool # 457268, 9.50%, 7/1/2028		4		4
Pool # 555889, 8.00%, 12/1/2030		29		31
Pool # 254548, 5.50%, 12/1/2032		1,990		2,136
Pool # 555458, 5.50%, 5/1/2033		3,209		3,501
Pool # AB0054, 4.50%, 12/1/2034		5,129		5,377
Pool # 735503, 6.00%, 4/1/2035		2,475		2,742
Pool # 889118, 5.50%, 4/1/2036		5,096		5,516
Pool # 889209, 5.00%, 5/1/2036		272		291
Pool # 745948, 6.50%, 10/1/2036		393		443
Pool # 889494, 5.50%, 1/1/2037		379		412
Pool # AD0249, 5.50%, 4/1/2037		3,519		3,794
Pool # 995024, 5.50%, 8/1/2037		552		599
Pool # 950302, 7.00%, 8/1/2037		754		880
Pool # 888890, 6.50%, 10/1/2037		1,141		1,286
Pool # 929005, 6.00%, 1/1/2038		662		722
Pool # 890268, 6.50%, 10/1/2038		2,004		2,269
Pool # 995149, 6.50%, 10/1/2038		1,221		1,384
Pool # AL7521, 5.00%, 6/1/2039		699		749
Pool # AC3237, 5.00%, 10/1/2039		317		339
Pool # AB2025, 5.00%, 1/1/2040		1,646		1,761
Pool # AD6431, 4.50%, 6/1/2040		428		450
FNMA, Other
Pool # 745321, 4.50%, 12/1/2019		13		13
Pool # AM8263, 2.42%, 4/1/2022		1,000		985
GNMA I, 15 Year, Single Family
Pool # 782933, 6.50%, 10/15/2023		341		355
Pool # 783929, 4.00%, 5/15/2026		288		295
GNMA I, 30 Year, Single Family
Pool # 293363, 9.50%, 7/15/2020		5		5
Pool # 780010, 9.50%, 3/15/2023		1		1
Pool # 403964, 9.00%, 9/15/2024		3		3
Pool # 780831, 9.50%, 12/15/2024		8		9
Pool # 780115, 8.50%, 4/15/2025		5		5
Pool # 780965, 9.50%, 12/15/2025		28		29
Pool # 423946, 9.00%, 10/15/2026		1		1
Pool # 687926, 6.50%, 9/15/2038		2,453		2,870

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GNMA II
Pool # 8642, ARM, 3.75%, 5/20/2020 (f)		2		2
Pool # 8785, ARM, 3.62%, 5/20/2021 (f)		1		1
Pool # 8807, ARM, 3.75%, 7/20/2021 (f)		6		7
Pool # 8938, ARM, 3.38%, 3/20/2022 (f)		5		5
Pool # 8046, ARM, 3.75%, 9/20/2022 (f)		14		14
Pool # 8746, ARM, 4.12%, 11/20/2025 (f)		40		41
Pool # 8790, ARM, 3.38%, 1/20/2026 (f)		15		15
Pool # 80053, ARM, 3.38%, 3/20/2027 (f)		1		1
Pool # 80152, ARM, 3.38%, 1/20/2028 (f)		1		1
GNMA II, 15 Year, Single Family
Pool # 5136, 4.00%, 8/20/2026		181		186
Pool # 5277, 3.50%, 1/20/2027		557		566
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		5		6
Pool # 1989, 8.50%, 4/20/2025		10		10
Pool # 2285, 8.00%, 9/20/2026		11		13
Pool # 2499, 8.00%, 10/20/2027		3		4
Pool # 2525, 8.00%, 12/20/2027		1		1
Pool # 2646, 7.50%, 9/20/2028		7		8
Pool # 4224, 7.00%, 8/20/2038		1,795		2,025
Pool # 4245, 6.00%, 9/20/2038		1,756		1,910
Pool # 4247, 7.00%, 9/20/2038		2,187		2,527
Total Mortgage-Backed Securities (Cost $147,113)				147,807
U.S. Government Agency Securities — 2.1%
FNMA 2.00%, 1/5/2022		33,500		32,973
Resolution Funding Corp. STRIPS 1.51%, 10/15/2019 (i)		32,690		32,164
Total U.S. Government Agency Securities (Cost $65,892)				65,137
Commercial Mortgage-Backed Securities — 0.1%
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		3,000		2,767
Series 2006-LDP9, Class AM, 5.37%, 5/15/2047		779		782
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ, 5.48%, 8/15/2039 (f)		1,342		1,345
Total Commercial Mortgage-Backed Securities (Cost $5,179)				4,894

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 293

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (j) (k) (Cost $5,286)		5,286		5,286
Investment of Cash Collateral from Securities Loaned — 0.0% (b)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (j) (k) (Cost $274)		274		274
Total Investments — 99.1% (Cost $3,143,922)				3,135,773
Other Assets Less Liabilities — 0.9%				28,423
NET ASSETS — 100.0%				3,164,196

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2019.
CSMC	Credit Suisse Mortgage Trust
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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
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, 2019. 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.
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.

REMIC	Real Estate Mortgage Investment Conduit
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.
USD	United States Dollar
VA	Veterans Administration
(a)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(d)	The security or a portion of this security is on loan at February 28, 2019. The total value of securities on loan at February 28, 2019 is approximately $264,000.
(e)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(f)	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, 2019.
(g)	Amount rounds to less than one thousand.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	The rate shown is the effective yield as of February 28, 2019.
(j)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

294 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 33.9%
Aerospace & Defense — 0.5%
Arconic, Inc. 5.13%, 10/1/2024		130		129
Bombardier, Inc. (Canada) 6.00%, 10/15/2022 (a)		300		302
Rockwell Collins, Inc. 3.10%, 11/15/2021		100		99
TransDigm, Inc. 6.50%, 7/15/2024		125		126
United Technologies Corp.
3.10%, 6/1/2022		250		249
3.65%, 8/16/2023		365		370
				1,275
Air Freight & Logistics — 0.0% (b)
XPO Logistics, Inc.
6.50%, 6/15/2022 (a)		50		51
6.13%, 9/1/2023 (a)		83		83
				134
Airlines — 0.1%
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		75		75
United Continental Holdings, Inc. 5.00%, 2/1/2024		100		101
				176
Auto Components — 0.2%
American Axle & Manufacturing, Inc. 6.63%, 10/15/2022		375		384
Icahn Enterprises LP 6.25%, 2/1/2022		175		180
				564
Automobiles — 0.6%
BMW US Capital LLC (Germany) 3.10%, 4/12/2021 (a)		180		180
Daimler Finance North America LLC (Germany)
3.40%, 2/22/2022 (a)		540		539
3.35%, 2/22/2023 (a)		150		149
Volkswagen Group of America Finance LLC (Germany)
4.00%, 11/12/2021 (a)		255		258
4.25%, 11/13/2023 (a)		605		616
				1,742
Banks — 8.5%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020 (a)		200		199
2.65%, 1/19/2021 (a)		200		198
3.40%, 8/27/2021 (a)		400		402

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
ANZ New Zealand Int’l Ltd. (New Zealand)
2.20%, 7/17/2020 (a)		200		199
2.75%, 1/22/2021 (a)		200		198
Australia & New Zealand Banking Group Ltd. (Australia) 2.13%, 8/19/2020		250		247
Bank of America Corp.
2.15%, 11/9/2020		200		197
(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021 (c)		650		644
(ICE LIBOR USD 3 Month + 0.65%), 3.47%, 6/25/2022 (c)		215		215
2.50%, 10/21/2022		360		352
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		320		318
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		340		336
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (c)		240		244
Bank of Montreal (Canada)
2.35%, 9/11/2022		65		63
Series E, 3.30%, 2/5/2024		550		548
Bank of Nova Scotia (The) (Canada)
3.13%, 4/20/2021		160		161
3.40%, 2/11/2024		555		555
Banque Federative du Credit Mutuel SA (France) 2.70%, 7/20/2022 (a)		230		225
Capital One Bank USA NA 3.38%, 2/15/2023		500		493
Citibank NA (ICE LIBOR USD 3 Month + 0.53%), 3.16%, 2/19/2022 (c)		835		835
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		630		628
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (c)		930		916
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (c)		145		148
Citizens Bank NA 3.25%, 2/14/2022		525		525
Commonwealth Bank of Australia (Australia) 1.75%, 11/7/2019 (a)		400		397
Compass Bank 3.50%, 6/11/2021		250		250
Cooperatieve Rabobank UA (Netherlands) 3.88%, 9/26/2023 (a)		250		254
Credit Agricole SA (France)
2.75%, 6/10/2020 (a)		250		249
3.75%, 4/24/2023 (a)		500		498

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 295

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Danske Bank A/S (Denmark)
2.20%, 3/2/2020 (a)		285		282
5.00%, 1/12/2022 (a)		250		255
Discover Bank 3.10%, 6/4/2020		250		250
Fifth Third Bancorp
2.60%, 6/15/2022		100		98
3.65%, 1/25/2024		130		131
HSBC Bank plc (United Kingdom) 4.13%, 8/12/2020 (a)		380		385
HSBC Holdings plc (United Kingdom)
2.95%, 5/25/2021		200		199
(ICE LIBOR USD 3 Month + 0.65%), 3.43%, 9/11/2021 (c)		300		300
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (c)		200		198
HSBC USA, Inc. 2.75%, 8/7/2020		250		249
Huntington Bancshares, Inc. 2.30%, 1/14/2022		165		161
Huntington National Bank (The)
3.13%, 4/1/2022		400		400
2.50%, 8/7/2022		250		245
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		200		200
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 3.41%, 7/26/2021 (c)		85		85
3.54%, 7/26/2021		145		146
3.22%, 3/7/2022		825		825
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (a)		400		395
National Australia Bank Ltd. (Australia)
2.50%, 1/12/2021		500		495
3.70%, 11/4/2021		250		253
National Bank of Canada (Canada) 2.15%, 6/12/2020		250		247
Nordea Bank AB (Finland) 2.50%, 9/17/2020 (a)		200		199
PNC Financial Services Group, Inc. (The) 3.50%, 1/23/2024		120		121
Regions Financial Corp.
3.20%, 2/8/2021		100		100
3.80%, 8/14/2023		50		51
Royal Bank of Canada (Canada) 3.70%, 10/5/2023		140		142

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		870		858
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		200		201
Santander UK plc (United Kingdom)
2.13%, 11/3/2020		400		393
2.50%, 1/5/2021		385		381
3.40%, 6/1/2021		200		200
Skandinaviska Enskilda Banken AB (Sweden) 2.45%, 5/27/2020 (a)		200		199
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (c)		200		202
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.93%, 3/9/2021		100		100
2.85%, 1/11/2022		830		821
2.78%, 10/18/2022		65		64
3.10%, 1/17/2023		75		74
SunTrust Bank (ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (c)		285		287
SunTrust Banks, Inc. 2.90%, 3/3/2021		200		200
Svenska Handelsbanken AB (Sweden)
5.13%, 3/30/2020 (a)		250		255
3.35%, 5/24/2021		250		252
UBS Group Funding Switzerland AG (Switzerland) (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		600		587
Wells Fargo & Co.
3.07%, 1/24/2023		375		372
3.75%, 1/24/2024		260		265
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.49%), 3.33%, 7/23/2021 (c)		650		652
Westpac Banking Corp. (Australia) 2.60%, 11/23/2020		150		149
				23,418
Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.15%, 1/23/2025		415		428
Constellation Brands, Inc.
2.70%, 5/9/2022		50		49
2.65%, 11/7/2022		65		63
Keurig Dr Pepper, Inc. 3.55%, 5/25/2021 (a)		270		272
Molson Coors Brewing Co. 2.10%, 7/15/2021		75		73
				885

SEE NOTES TO FINANCIAL STATEMENTS.

296 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — 0.0% (b)
Celgene Corp. 2.75%, 2/15/2023		145		141
Building Products — 0.1%
Standard Industries, Inc. 6.00%, 10/15/2025 (a)		200		209
Capital Markets — 1.8%
Credit Suisse AG (Switzerland) 3.00%, 10/29/2021		250		249
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023 (a)		250		248
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (c)		250		251
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		670		656
3.00%, 4/26/2022		475		472
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		310		305
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		245		241
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		190		186
ING Bank NV (Netherlands)
2.45%, 3/16/2020 (a)		200		199
2.70%, 8/17/2020 (a)		200		199
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (a) (c)		505		492
Morgan Stanley
3.13%, 1/23/2023		375		372
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		780		787
UBS AG (Switzerland) 2.45%, 12/1/2020 (a)		200		198
				4,855
Chemicals — 0.5%
Air Liquide Finance SA (France) 1.75%, 9/27/2021 (a)		200		193
CF Industries, Inc. 3.40%, 12/1/2021 (a)		185		184
Chemours Co. (The) 7.00%, 5/15/2025		400		417
Chevron Phillips Chemical Co. LLC
2.45%, 5/1/2020 (a)		200		198
3.30%, 5/1/2023 (a)		60		60
CVR Partners LP 9.25%, 6/15/2023 (a)		250		264
DowDuPont, Inc. 3.77%, 11/15/2020		120		121
				1,437

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Services & Supplies — 0.5%
ADT Security Corp. (The) 4.13%, 6/15/2023		315		309
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)		240		241
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		310		296
Garda World Security Corp. (Canada) 7.25%, 11/15/2021 (a)		175		175
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		300		299
Pitney Bowes, Inc. 4.95%, 4/1/2023 (d)		130		122
				1,442
Communications Equipment — 0.0% (b)
Plantronics, Inc. 5.50%, 5/31/2023 (a)		65		65
Construction & Engineering — 0.1%
MasTec, Inc. 4.88%, 3/15/2023		250		251
Tutor Perini Corp. 6.88%, 5/1/2025 (a)		75		74
				325
Construction Materials — 0.0% (b)
Union Andina de Cementos SAA (Peru) 5.88%, 10/30/2021 (e)		71		72
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		415		409
3.30%, 1/23/2023		300		291
3.50%, 1/15/2025		155		146
American Express Co.
2.20%, 10/30/2020		550		543
3.40%, 2/27/2023		265		267
(ICE LIBOR USD 3 Month + 0.75%), 3.49%, 8/3/2023 (c)		35		35
3.70%, 8/3/2023		35		35
3.40%, 2/22/2024		540		541
Capital One Financial Corp. 2.50%, 5/12/2020		150		149
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.28%), 3.05%, 9/7/2021 (c)		100		100
3.45%, 5/15/2023		75		76
John Deere Capital Corp. (ICE LIBOR USD 3 Month + 0.26%), 3.03%, 9/10/2021 (c)		225		224
Springleaf Finance Corp.
7.75%, 10/1/2021		205		220
6.13%, 5/15/2022		570		592
				3,628

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 297

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Containers & Packaging — 0.2%
OI European Group BV 4.00%, 3/15/2023 (a)		12		12
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		291		291
(ICE LIBOR USD 3 Month + 3.50%), 6.29%, 7/15/2021 (a) (c)		200		201
				504
Distributors — 0.1%
Global Partners LP 6.25%, 7/15/2022		200		196
Diversified Financial Services — 0.6%
AIG Global Funding 2.70%, 12/15/2021 (a)		748		730
Federation des Caisses Desjardins du Quebec (Canada) 2.25%, 10/30/2020 (a)		200		198
GTP Acquisition Partners I LLC 2.35%, 6/15/2020 (a)		600		592
National Rural Utilities Cooperative Finance Corp. 2.90%, 3/15/2021		100		100
				1,620
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
3.80%, 3/15/2022		150		153
3.40%, 5/15/2025		420		409
CCO Holdings LLC 5.88%, 4/1/2024 (a)		500		521
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		130		132
Series S, 6.45%, 6/15/2021		50		52
Series T, 5.80%, 3/15/2022		50		51
Series W, 6.75%, 12/1/2023		45		47
Series Y, 7.50%, 4/1/2024		250		264
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		270		244
Deutsche Telekom International Finance BV (Germany) 2.23%, 1/17/2020 (a)		150		149
DKT Finance ApS (Denmark) 9.38%, 6/17/2023 (a)		200		214
Level 3 Financing, Inc.
5.63%, 2/1/2023		210		211
5.38%, 5/1/2025		80		80
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.10%), 3.78%, 5/15/2025 (c)		115		115
				2,642
Electric Utilities — 2.0%
American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021		145		147
American Transmission Systems, Inc. 5.25%, 1/15/2022 (a)		200		210

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Ausgrid Finance Pty. Ltd. (Australia) 3.85%, 5/1/2023 (a)		487		489
Duke Energy Corp. 1.80%, 9/1/2021		850		823
Duke Energy Florida LLC 3.10%, 8/15/2021		100		100
Emera US Finance LP (Canada) 2.70%, 6/15/2021		575		564
Enel Finance International NV (Italy)
2.88%, 5/25/2022 (a)		200		194
4.25%, 9/14/2023 (a)		610		614
Eversource Energy Series K, 2.75%, 3/15/2022		150		148
Exelon Corp. 3.50%, 6/1/2022 (d)		375		372
Fortis, Inc. (Canada) 2.10%, 10/4/2021		380		367
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20		20
ITC Holdings Corp. 2.70%, 11/15/2022		305		296
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		230		235
LG&E & KU Energy LLC 3.75%, 11/15/2020		122		123
PNM Resources, Inc. 3.25%, 3/9/2021		69		69
PPL Capital Funding, Inc. 3.50%, 12/1/2022		100		99
Southern California Edison Co.
Series B, 2.40%, 2/1/2022		100		96
Series D, 3.40%, 6/1/2023		70		69
Terraform Global Operating LLC 6.13%, 3/1/2026 (a)		337		324
Xcel Energy, Inc. 4.70%, 5/15/2020		150		152
				5,511
Energy Equipment & Services — 0.5%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		470		463
Nabors Industries, Inc. 4.63%, 9/15/2021		275		269
Noble Holding International Ltd. 7.88%, 2/1/2026 (a)		100		93
Schlumberger Holdings Corp.
3.63%, 12/21/2022 (a)		75		76
3.75%, 5/1/2024 (a)		220		221
Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		38		38
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		88		89
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		240		245
				1,494
Entertainment — 0.2%
AMC Entertainment Holdings, Inc. 5.88%, 2/15/2022		285		288
Carmike Cinemas, Inc. 6.00%, 6/15/2023 (a)		195		199
				487

SEE NOTES TO FINANCIAL STATEMENTS.

298 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.
5.90%, 11/1/2021		75		80
3.50%, 1/31/2023		305		305
3.00%, 6/15/2023		110		107
Crown Castle International Corp. 4.88%, 4/15/2022		100		104
HCP, Inc. 4.00%, 12/1/2022		75		76
Iron Mountain, Inc. 5.75%, 8/15/2024		65		65
Ventas Realty LP
4.25%, 3/1/2022		147		151
3.50%, 4/15/2024		710		707
Welltower, Inc. 4.95%, 1/15/2021		150		154
				1,749
Food & Staples Retailing — 0.3%
Safeway, Inc. 3.95%, 8/15/2020		475		470
Seven & i Holdings Co. Ltd. (Japan) 3.35%, 9/17/2021 (a)		408		411
				881
Food Products — 0.9%
Bunge Ltd. Finance Corp. 3.00%, 9/25/2022		100		97
Campbell Soup Co. 3.65%, 3/15/2023		1,310		1,301
Cargill, Inc.
3.05%, 4/19/2021 (a)		105		105
3.25%, 3/1/2023 (a)		20		20
Conagra Brands, Inc. 3.80%, 10/22/2021		195		197
JBS USA LUX SA 5.88%, 7/15/2024 (a)		350		360
McCormick & Co., Inc. 2.70%, 8/15/2022		50		49
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		400		400
				2,529
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co.
(ICE LIBOR USD 3 Month + 0.88%), 3.68%, 12/29/2020 (c)		149		149
2.89%, 6/6/2022		150		148
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		20		20
				317
Health Care Providers & Services — 1.1%
Aetna, Inc.
2.75%, 11/15/2022		223		218
2.80%, 6/15/2023		60		58

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Anthem, Inc.
2.95%, 12/1/2022		75		75
3.30%, 1/15/2023		160		160
Cigna Corp.
3.20%, 9/17/2020 (a)		255		255
3.40%, 9/17/2021 (a)		62		63
Community Health Systems, Inc. 5.13%, 8/1/2021		50		49
CVS Health Corp.
3.70%, 3/9/2023		700		704
4.10%, 3/25/2025		68		69
DaVita, Inc.
5.75%, 8/15/2022		100		102
5.13%, 7/15/2024		75		74
HCA, Inc. 5.38%, 2/1/2025		200		208
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		525		523
Tenet Healthcare Corp.
4.38%, 10/1/2021		350		354
8.13%, 4/1/2022		75		80
				2,992
Hotels, Restaurants & Leisure — 0.8%
Boyd Gaming Corp. 6.88%, 5/15/2023		200		209
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		271		276
Eldorado Resorts, Inc.
7.00%, 8/1/2023		100		105
6.00%, 9/15/2026 (a)		425		432
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		65		65
Jack Ohio Finance LLC 6.75%, 11/15/2021 (a)		250		258
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		569		551
Wyndham Destinations, Inc. 3.90%, 3/1/2023		285		277
				2,173
Household Durables — 0.2%
Lennar Corp.
4.88%, 12/15/2023		150		152
5.25%, 6/1/2026		75		76
Tempur Sealy International, Inc. 5.63%, 10/15/2023		250		252
				480

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 299

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Household Products — 0.2%
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		400		388
Spectrum Brands, Inc. 5.75%, 7/15/2025		250		245
				633
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp. 6.00%, 1/15/2022 (a)		400		405
Exelon Generation Co. LLC
2.95%, 1/15/2020		300		300
3.40%, 3/15/2022		380		380
				1,085
Insurance — 1.2%
Athene Global Funding 3.00%, 7/1/2022 (a)		165		163
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (a)		223		219
Jackson National Life Global Funding
2.25%, 4/29/2021 (a)		115		113
3.30%, 6/11/2021 (a)		250		251
3.30%, 2/1/2022 (a)		970		974
MassMutual Global Funding II 2.35%, 4/9/2019 (a)		285		285
Metropolitan Life Global Funding I
2.65%, 4/8/2022 (a)		200		197
3.00%, 1/10/2023 (a)		100		100
Pricoa Global Funding I 3.45%, 9/1/2023 (a)		150		152
Protective Life Global Funding
2.16%, 9/25/2020 (a)		150		148
(ICE LIBOR USD 3 Month + 0.52%), 3.33%, 6/28/2021 (a) (c)		150		149
Reliance Standard Life Global Funding II
2.50%, 4/24/2019 (a)		295		295
3.85%, 9/19/2023 (a)		45		45
Suncorp-Metway Ltd. (Australia) 2.38%, 11/9/2020 (a)		105		104
				3,195
IT Services — 0.2%
Alliance Data Systems Corp. 5.88%, 11/1/2021 (a)		450		458
Machinery — 0.2%
Briggs & Stratton Corp. 6.88%, 12/15/2020		155		159
Colfax Corp.
6.00%, 2/15/2024 (a)		53		55
6.38%, 2/15/2026 (a)		9		9
Novelis Corp. 6.25%, 8/15/2024 (a)		20		20
Tennant Co. 5.63%, 5/1/2025		250		249
				492

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — 1.1%
Charter Communications Operating LLC 4.50%, 2/1/2024		110		113
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022		250		256
9.25%, 2/15/2024 (a)		146		153
Comcast Corp.
3.00%, 2/1/2024		210		208
3.60%, 3/1/2024		40		41
3.70%, 4/15/2024		145		148
CSC Holdings LLC
5.13%, 12/15/2021 (a)		200		201
5.25%, 6/1/2024		260		260
5.38%, 2/1/2028 (a)		200		196
DISH DBS Corp.
7.88%, 9/1/2019		100		102
5.13%, 5/1/2020		100		101
5.00%, 3/15/2023		250		221
Fox Corp.
3.67%, 1/25/2022 (a)		45		45
4.03%, 1/25/2024 (a)		46		47
Interpublic Group of Cos., Inc. (The)
3.50%, 10/1/2020		65		65
3.75%, 10/1/2021		90		91
Sirius XM Radio, Inc. 5.38%, 7/15/2026 (a)		80		80
TEGNA, Inc.
4.88%, 9/15/2021 (a)		200		201
5.50%, 9/15/2024 (a)		500		495
				3,024
Metals & Mining — 0.3%
AK Steel Corp. 7.63%, 10/1/2021		200		201
Allegheny Technologies, Inc. 5.95%, 1/15/2021		20		21
Cleveland-Cliffs, Inc. 5.75%, 3/1/2025		200		196
Commercial Metals Co. 4.88%, 5/15/2023		75		73
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		215		215
				706
Multi-Utilities — 0.7%
Ameren Corp. 2.70%, 11/15/2020		573		568
Berkshire Hathaway Energy Co. 2.40%, 2/1/2020		100		100
CenterPoint Energy, Inc. 3.60%, 11/1/2021		395		398
CMS Energy Corp. 5.05%, 3/15/2022		100		104
NiSource, Inc. 2.65%, 11/17/2022		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

300 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multi-Utilities — continued
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		75		73
Sempra Energy
2.40%, 3/15/2020		350		347
(ICE LIBOR USD 3 Month + 0.45%), 3.24%, 3/15/2021 (c)		195		193
2.90%, 2/1/2023		40		39
WEC Energy Group, Inc. 3.38%, 6/15/2021		100		100
				1,932
Oil, Gas & Consumable Fuels — 1.8%
Boardwalk Pipelines LP 4.95%, 12/15/2024		50		51
BP Capital Markets America, Inc.
2.52%, 9/19/2022		300		295
2.75%, 5/10/2023		110		108
Buckeye Partners LP
4.35%, 10/15/2024		50		50
4.13%, 12/1/2027		455		416
California Resources Corp. 8.00%, 12/15/2022 (a)		150		120
Canadian Natural Resources Ltd. (Canada) 2.95%, 1/15/2023		340		333
Chesapeake Energy Corp. 6.63%, 8/15/2020		5		5
Delek Logistics Partners LP 6.75%, 5/15/2025		200		192
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		75		74
Energy Transfer Operating LP 5.20%, 2/1/2022		265		276
EnLink Midstream Partners LP 2.70%, 4/1/2019		245		245
EP Energy LLC 7.75%, 5/15/2026 (a)		145		128
EQT Corp. 2.50%, 10/1/2020		125		123
Martin Midstream Partners LP 7.25%, 2/15/2021		150		146
MPLX LP 4.88%, 12/1/2024		50		52
Oasis Petroleum, Inc. 6.88%, 1/15/2023		125		124
PBF Logistics LP 6.88%, 5/15/2023		200		204
Peabody Energy Corp. 6.00%, 3/31/2022 (a)		60		60
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago) 9.75%, 8/14/2019 (e)		550		539
QEP Resources, Inc. 5.25%, 5/1/2023		150		144
SemGroup Corp. 5.63%, 7/15/2022		200		195
Summit Midstream Holdings LLC 5.50%, 8/15/2022		200		199
Sunoco Logistics Partners Operations LP
4.65%, 2/15/2022		150		155
4.25%, 4/1/2024		95		96
Sunoco LP 5.50%, 2/15/2026		65		65

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
TerraForm Power Operating LLC 4.25%, 1/31/2023 (a)		149		148
Ultra Resources, Inc. 9.00%, 7/12/2024		180		116
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)		122		121
Williams Cos., Inc. (The) 4.50%, 11/15/2023		100		103
				4,883
Paper & Forest Products — 0.0% (b)
Clearwater Paper Corp. 4.50%, 2/1/2023		150		142
Pharmaceuticals — 1.3%
Allergan Funding SCS 3.45%, 3/15/2022		300		299
Bausch Health Cos., Inc.
5.63%, 12/1/2021 (a)		200		200
5.88%, 5/15/2023 (a)		300		299
5.50%, 11/1/2025 (a)		225		227
Bayer US Finance II LLC (Germany) 3.50%, 6/25/2021 (a)		400		399
Elanco Animal Health, Inc. 3.91%, 8/27/2021 (a)		75		76
EMD Finance LLC (Germany)
2.40%, 3/19/2020 (a)		150		149
2.95%, 3/19/2022 (a)		150		148
Mylan NV 2.50%, 6/7/2019		110		110
Shire Acquisitions Investments Ireland DAC
2.40%, 9/23/2021		1,100		1,075
2.88%, 9/23/2023		155		149
Zoetis, Inc.
(ICE LIBOR USD 3 Month + 0.44%), 3.08%, 8/20/2021 (c)		185		183
3.25%, 8/20/2021		240		240
				3,554
Road & Rail — 0.5%
Hertz Corp. (The) 7.38%, 1/15/2021		285		285
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		550		548
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (a)		570		584
Ryder System, Inc. 3.50%, 6/1/2021		15		15
				1,432
Semiconductors & Semiconductor Equipment — 0.0% (b)
Analog Devices, Inc. 2.50%, 12/5/2021		75		74
QUALCOMM, Inc. 2.90%, 5/20/2024		50		48
				122

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 301

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Specialty Retail — 0.1%
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (a)		200		200
Technology Hardware, Storage & Peripherals — 0.3%
EMC Corp. 3.38%, 6/1/2023		500		480
Western Digital Corp. 4.75%, 2/15/2026		200		189
Xerox Corp. 3.62%, 3/15/2023 (d)		65		64
				733
Thrifts & Mortgage Finance — 0.7%
BPCE SA (France)
2.65%, 2/3/2021		500		495
2.75%, 1/11/2023 (a)		420		408
(ICE LIBOR USD 3 Month + 1.24%), 4.02%, 9/12/2023 (a) (c)		250		248
Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022 (a)		210		213
Nationstar Mortgage LLC 6.50%, 7/1/2021		525		527
				1,891
Tobacco — 0.7%
Altria Group, Inc.
2.85%, 8/9/2022		175		172
2.95%, 5/2/2023		100		98
BAT Capital Corp. (United Kingdom) 2.76%, 8/15/2022		720		700
Imperial Brands Finance plc (United Kingdom)
2.95%, 7/21/2020 (a)		200		199
3.75%, 7/21/2022 (a)		200		200
Philip Morris International, Inc.
2.38%, 8/17/2022		425		414
2.50%, 8/22/2022		80		78
Reynolds American, Inc. (United Kingdom) 4.00%, 6/12/2022		150		152
				2,013
Trading Companies & Distributors — 0.7%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		65		60
Air Lease Corp.
2.50%, 3/1/2021		160		157
3.75%, 2/1/2022		419		420
2.63%, 7/1/2022		635		611
3.00%, 9/15/2023		515		494
United Rentals North America, Inc. 6.50%, 12/15/2026		260		271
				2,013

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — 0.4%
Sprint Communications, Inc. 6.00%, 11/15/2022		175		177
Sprint Corp.
7.25%, 9/15/2021		250		264
7.63%, 3/1/2026		280		291
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		78		—
T-Mobile USA, Inc.
6.50%, 1/15/2024 ‡		100		—
4.50%, 2/1/2026		78		77
4.75%, 2/1/2028		156		75
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		75		75
4.13%, 5/30/2025		45		45
				1,004
Total Corporate Bonds (Cost $92,894)				93,455
U.S. Treasury Obligations — 26.8%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2019		1,020		1,094
0.13%, 1/15/2023		8,000		8,536
U.S. Treasury Notes
2.50%, 1/31/2021		620		620
2.50%, 2/28/2021		175		175
2.38%, 4/15/2021		426		425
2.63%, 5/15/2021		4,285		4,294
2.63%, 6/15/2021		7,495		7,513
2.63%, 7/15/2021		6,160		6,176
2.75%, 8/15/2021		4,775		4,802
2.75%, 9/15/2021		7,825		7,871
2.88%, 10/15/2021		6,640		6,700
2.88%, 11/15/2021		9,150		9,236
2.63%, 12/15/2021		3,665		3,678
2.50%, 1/15/2022		10,603		10,601
2.50%, 2/15/2022		1,300		1,300
2.50%, 1/31/2024		175		175
2.38%, 2/29/2024		565		561
Total U.S. Treasury Obligations (Cost $73,358)				73,757
Collateralized Mortgage Obligations — 13.4%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		326		324
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		313		313

SEE NOTES TO FINANCIAL STATEMENTS.

302 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1, 3.67%, 7/27/2048 (a) (f)		420		420
Arroyo Mortgage Trust Series 2019-1, Class A1, 3.80%, 1/25/2049 (a) (f)		400		400
CHL Mortgage Pass-Through Trust
Series 2005-J2, Class 3A8, 5.50%, 8/25/2035		1,014		881
Series 2006-HYB2, Class 2A1B, 4.19%, 4/20/2036 (f)		244		224
Civic Mortgage LLC Series 2018-2, Class A1, 4.35%, 11/25/2022 (a) (d)		386		386
COLT Mortgage Loan Trust
Series 2018-4, Class A1, 4.01%, 12/28/2048 (a) (f)		949		952
Series 2019-1, Class A1, 3.71%, 3/25/2049 (a) (f)		297		297
FHLMC REMIC
Series 3558, Class G, 4.00%, 8/15/2024		347		353
Series 4533, Class KA, 3.00%, 11/15/2026		609		612
Series 3703, Class DY, 4.00%, 8/15/2030		300		310
Series 4120, Class JS, IF, IO, 3.71%, 10/15/2032 (f)		957		133
Series 3036, Class NE, 5.00%, 9/15/2035		264		283
Series 3294, Class NE, 5.50%, 3/15/2037		437		480
Series 4284, Class EJ, 3.00%, 10/15/2038		272		271
Series 3820, Class GJ, 3.50%, 12/15/2039		180		182
Series 3904, Class EC, 2.00%, 8/15/2040		113		112
Series 3877, Class BG, 3.00%, 11/15/2040		564		565
Series 4012, Class JD, 1.75%, 12/15/2040		235		232
Series 4091, Class TA, 3.00%, 5/15/2041		180		181
Series 4048, Class CA, 2.00%, 9/15/2041		511		499
Series 4537, Class HA, 3.50%, 9/15/2041		198		200
Series 4454, Class B, 3.00%, 10/15/2041		97		96
Series 4467, Class DA, 3.00%, 11/15/2041		373		372
Series 4183, Class PA, 3.50%, 1/15/2043		948		960
Series 4239, Class LD, 3.00%, 8/15/2043		173		172
Series 4480, Class QA, 3.00%, 11/15/2043		214		214
Series 4711, Class HA, 3.00%, 12/15/2043		142		141
Series 4623, Class EB, 2.50%, 12/15/2044		409		398
Series 4681, Class SD, IF, IO, 3.66%, 5/15/2047 (f)		945		167
FHLMC STRIPS Series 306, Class 250, 2.50%, 5/15/2028		220		218
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA3, Class M1, 3.24%, 3/25/2030 (f)		227		226
Series 2017-DNA3, Class M2, 4.99%, 3/25/2030 (f)		250		258

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-HQA1, Class M2, 4.79%, 9/25/2030 (f)		400		400
FNMA REMIC
Series 2013-40, Class VA, 3.50%, 5/25/2026		1,149		1,167
Series 2014-3, Class AM, 2.50%, 1/25/2032		2,655		2,622
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		2,679		333
Series 2015-80, Class CA, 3.00%, 4/25/2040		839		836
Series 2014-84, Class KA, 3.00%, 11/25/2040		909		910
Series 2016-11, Class LA, 3.50%, 5/25/2042		2,919		2,954
Series 2015-55, Class QA, 3.50%, 10/25/2042		375		377
Series 2018-18, Class P, 3.50%, 4/25/2043		1,830		1,858
Series 2015-2, Class PA, 2.25%, 3/25/2044		246		240
Series 2016-63, Class JA, 2.50%, 12/25/2044		489		485
Series 2017-14, Class DA, 3.00%, 2/25/2045		1,295		1,281
Series 2015-54, Class FA, 2.84%, 7/25/2045 (f)		148		147
Series 2016-40, Class FA, 3.14%, 7/25/2046 (f)		43		44
Series 2017-13, Class AS, IF, IO, 3.56%, 2/25/2047 (f)		960		179
Series 2017-47, Class ST, IF, IO, 3.61%, 6/25/2047 (f)		905		177
Series 2017-69, Class SH, IF, IO, 3.71%, 9/25/2047 (f)		975		184
Series 2018-27, Class SE, IF, IO, 3.71%, 5/25/2048 (f)		1,858		348
Series 2017-46, Class LB, 3.50%, 12/25/2052		797		806
Series 2017-49, Class JA, 4.00%, 7/25/2053		2,775		2,846
Series 2017-96, Class KA, 3.00%, 1/25/2055		840		837
GNMA
Series 2013-180, Class VM, 3.00%, 8/16/2036		1,000		994
Series 2010-101, Class LE, 3.00%, 8/20/2039		215		215
Series 2010-166, Class SD, IF, IO, 3.54%, 12/20/2040 (f)		1,524		259
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042		603		132
Series 2016-108, Class SM, IF, IO, 3.62%, 8/20/2046 (f)		1,694		306
Series 2016-146, Class NS, IF, IO, 3.62%, 10/20/2046 (f)		2,192		451

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 303

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2017-117, Class SB, IF, IO, 3.72%, 8/20/2047 (f)		1,325		265
Series 2017-155, Class KS, IF, IO, 3.72%, 10/20/2047 (f)		2,286		386
Series 2017-180, Class SD, IF, IO, 3.72%, 12/20/2047 (f)		2,340		402
Series 2018-36, Class SG, IF, IO, 3.72%, 3/20/2048 (f)		1,880		346
LSTAR Securities Investment Ltd. (Cayman Islands) Series 2017-7, Class A, 4.26%, 10/1/2022 (a) (f)		19		19
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A1, 3.99%, 11/25/2048 (a) (f)		943		950
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (a) (f)		691		688
RALI Trust Series 2003-QS12, Class A4, 3.35%, 6/25/2018		18		18
Verus Securitization Trust Series 2019-1, Class A1, 3.84%, 2/25/2059 (a) (f)		530		530
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 3.91%, 5/25/2035 (f)		222		225
Total Collateralized Mortgage Obligations (Cost $37,031)				37,049
Commercial Mortgage-Backed Securities — 9.3%
Ashford Hospitality Trust Series 2018-KEYS, Class B, 3.79%, 5/15/2035 ‡ (a) (f)		600		600
BHMS ATLS Series 2018-ATLS, Class A, 3.74%, 7/15/2035 (a) (f)		500		499
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.19%, 11/15/2035 ‡ (a) (f)		343		344
BXMT Ltd.
Series 2017-FL1, Class B, 3.99%, 6/15/2035 ‡ (a) (f)		500		499
Series 2017-FL1, Class D, 5.19%, 6/15/2035 ‡ (a) (f)		300		300
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class C, 3.54%, 7/15/2032 ‡ (a) (f)		400		397
Citigroup Commercial Mortgage Trust Series 2019-SMRT, Class D, 4.74%, 1/10/2024 (a) (f)		400		410
Cold Storage Trust Series 2017-ICE3, Class A, 3.49%, 4/15/2036 (a) (f)		700		698
Commercial Mortgage Trust Series 2015-CR23, Class CME, 3.68%, 5/10/2048 (a) (f)		477		473

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Core Industrial Trust
Series 2015-CALW, Class B, 3.25%, 2/10/2034 ‡ (a)		200		200
Series 2015-TEXW, Class B, 3.33%, 2/10/2034 ‡ (a)		200		200
CSMC Trust Series 2015-GLPB, Class C, 3.81%, 11/15/2034 ‡ (a) (f)		200		202
DBGS Mortgage Trust Series 2018-5BP, Class D, 3.84%, 6/15/2033 ‡ (a) (f)		300		295
DBUBS Mortgage Trust Series 2011-LC1A, Class C, 5.70%, 11/10/2046 (a) (f)		245		256
FHLMC Multifamily Structured Pass-Through Certificates
Series K018, Class X1, IO, 1.35%, 1/25/2022 (f)		5,724		176
Series K721, Class X3, IO, 1.30%, 9/25/2022 (f)		6,071		257
Series K027, Class X1, IO, 0.78%, 1/25/2023 (f)		10,970		273
Series K033, Class X1, IO, 0.30%, 7/25/2023 (f)		53,005		653
Series KC03, Class X1, IO, 11/25/2024 (f)		19,000		493
Series K084, Class A1, 3.78%, 8/25/2028		1,294		1,340
Series K087, Class X3, IO, 2.32%, 4/25/2029		2,750		491
Series K723, Class X3, IO, 1.92%, 10/25/2034 (f)		7,410		581
Series K025, Class X3, IO, 1.75%, 11/25/2040 (f)		3,360		202
Series K042, Class X3, IO, 1.60%, 1/25/2043 (f)		6,375		508
Series K054, Class X3, IO, 1.60%, 4/25/2043 (f)		3,700		345
Series K068, Class X3, IO, 2.06%, 10/25/2044 (f)		3,368		472
Series K059, Class X3, IO, 1.92%, 11/25/2044 (f)		5,700		696
Series K061, Class X3, IO, 1.97%, 12/25/2044 (f)		2,775		355
Series K070, Class X3, IO, 2.04%, 12/25/2044 (f)		2,537		356
Series K072, Class X3, IO, 2.14%, 12/25/2045 (f)		1,200		181
Series K078, Class X1, IO, 0.09%, 6/25/2051 (f)		49,970		533
FREMF Series 2018-KF46, Class B, 4.46%, 3/25/2028 (a) (f)		500		496

SEE NOTES TO FINANCIAL STATEMENTS.

304 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FREMF Mortgage Trust
Series 2017-KF36, Class B, 5.16%, 8/25/2024 (a) (f)		291		293
Series 2017-KF38, Class B, 5.01%, 9/25/2024 (a) (f)		244		245
Series 2017-KF39, Class B, 5.01%, 11/25/2024 (a) (f)		246		247
Series 2018-KF42, Class B, 4.71%, 12/25/2024 (a) (f)		295		298
Series 2010-K8, Class B, 5.28%, 9/25/2043 (a) (f)		1,050		1,076
Series 2011-K15, Class B, 4.95%, 8/25/2044 (a) (f)		135		140
Series 2012-K17, Class B, 4.34%, 12/25/2044 (a) (f)		280		289
Series 2012-K18, Class B, 4.26%, 1/25/2045 (a) (f)		385		396
Series 2012-K709, Class B, 3.70%, 4/25/2045 (a) (f)		325		325
Series 2012-K19, Class B, 4.03%, 5/25/2045 (a) (f)		300		308
Series 2012-K21, Class B, 3.94%, 7/25/2045 (a) (f)		530		542
Series 2012-K22, Class B, 3.69%, 8/25/2045 (a) (f)		190		193
Series 2011-K12, Class B, 4.34%, 1/25/2046 (a) (f)		500		510
Series 2011-K14, Class B, 5.18%, 2/25/2047 (a) (f)		1,100		1,143
Series 2014-K716, Class B, 3.95%, 8/25/2047 (a) (f)		250		254
Series 2014-K503, Class B, 3.01%, 10/25/2047 (a) (f)		1,100		1,099
Series 2011-K13, Class B, 4.61%, 1/25/2048 (a) (f)		600		615
Series 2011-K11, Class B, 4.42%, 12/25/2048 (a) (f)		305		311
Series 2017-K729, Class B, 3.67%, 11/25/2049 (a) (f)		200		197
GNMA
Series 2015-115, IO, 0.56%, 7/16/2057 (f)		2,952		129
Series 2017-23, IO, 0.73%, 5/16/2059 (f)		3,643		222
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class A, 3.38%, 11/21/2035 (a) (f)		297		296
GRACE Mortgage Trust Series 2014-GRCE, Class B, 3.52%, 6/10/2028 ‡ (a)		500		502
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-CBX, Class C, 5.07%, 1/12/2037 (f)		182		183

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.29%, 7/15/2040 (f)		300		302
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class C, 4.91%, 4/15/2047 (f)		300		310
Morgan Stanley Capital I Trust
Series 2014-MP, Class B, 3.69%, 8/11/2033 (a)		400		406
Series 2018-SUN, Class B, 3.69%, 7/15/2035 (a) (f)		250		249
Nationslink Funding Corp. Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (a)		500		509
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ, 5.77%, 2/15/2051 (f)		116		100
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B, 3.71%, 3/15/2045 ‡ (f)		150		151
Series 2013-C12, Class B, 3.86%, 3/15/2048 (f)		150		150
Total Commercial Mortgage-Backed Securities (Cost $25,898)				25,771
Asset-Backed Securities — 8.3%
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023 (a)		600		602
Series 2017-2, Class D, 3.69%, 6/12/2023 (a)		600		600
Series 2017-3, Class D, 3.43%, 10/10/2023 (a)		1,000		999
Series 2018-3, Class C, 3.75%, 10/15/2024 (a)		500		501
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		160		160
Series 2017-3, Class D, 3.18%, 7/18/2023		500		495
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		154		154
Citi Held For Asset Issuance Series 2015-PM1, Class C, 5.01%, 12/15/2021 ‡ (a)		85		85
CLUB Credit Trust
Series 2017-P2, Class A, 2.61%, 1/15/2024 (a)		85		85
Series 2017-P2, Class B, 3.56%, 1/15/2024 ‡ (a)		250		249
CNH Equipment Trust Series 2018-A, Class A2, 2.78%, 8/16/2021		348		348

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 305

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Consumer Loan Underlying Bond Credit Trust Series 2017-P1, Class B, 3.56%, 9/15/2023 (a)		500		501
Continental Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		73		74
CPS Auto Receivables Trust Series 2017-D, Class C, 3.01%, 10/17/2022 (a)		500		498
CPS Auto Trust
Series 2016-D, Class D, 4.53%, 1/17/2023 (a)		130		132
Series 2018-C, Class D, 4.40%, 6/17/2024 (a)		500		505
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		350		353
Series 2018-3A, Class C, 4.04%, 12/15/2027 (a)		350		352
Dell Equipment Finance Trust Series 2017-2, Class A3, 2.19%, 10/24/2022 (a)		273		272
Delta Air Lines Pass-Through Trust Series 2015-1, Class B, 4.25%, 7/30/2023		115		116
Drive Auto Receivables Trust
Series 2017-3, Class C, 2.80%, 7/15/2022		500		500
Series 2018-3, Class D, 4.30%, 9/16/2024		500		508
Series 2018-4, Class D, 4.09%, 1/15/2026		500		506
Series 2019-1, Class D, 4.09%, 6/15/2026		500		507
DT Auto Owner Trust
Series 2015-3A, Class D, 4.53%, 10/17/2022 (a)		293		295
Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		350		350
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		300		300
Series 2018-3A, Class D, 4.19%, 7/15/2024 (a)		800		809
Exeter Automobile Receivables Trust Series 2018-3A, Class C, 3.71%, 6/15/2023 (a)		540		543
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		629		629
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		300		299
Ford Credit Auto Owner Trust Series 2016-B, Class A3, 1.33%, 10/15/2020		150		149
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024 (a)		109		110

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (a)		200		201
GLS Auto Receivables Trust Series 2018-2A, Class C, 4.17%, 4/15/2024 (a)		300		303
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023 ‡ (a)		126		126
Lendmark Funding Trust
Series 2017-2A, Class A, 2.80%, 5/20/2026 (a)		250		248
Series 2017-2A, Class B, 3.38%, 5/20/2026 ‡ (a)		400		396
Series 2017-2A, Class C, 4.33%, 5/20/2026 ‡ (a)		150		150
Marlette Funding Trust
Series 2017-3A, Class A, 2.36%, 12/15/2024 (a)		69		69
Series 2017-3A, Class B, 3.01%, 12/15/2024 (a)		250		249
Series 2017-3A, Class C, 4.01%, 12/15/2024 ‡ (a)		200		200
MFA LLC Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (a) (d)		473		467
MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (a) (d)		406		402
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 3.29%, 8/25/2034 ‡ (f)		757		756
Oak Hill Advisors Residential Loan Trust Series 2017-NPL2, Class A1, 3.00%, 7/25/2057 ‡ (a) (d)		184		180
Prestige Auto Receivables Trust
Series 2018-1A, Class C, 3.75%, 10/15/2024 (a)		500		506
Series 2018-1A, Class D, 4.14%, 10/15/2024 (a)		500		507
Pretium Mortgage Credit Partners I LLC Series 2018-NPL3, Class A1, 4.12%, 8/25/2033 ‡ (a) (d)		511		508
Prosper Marketplace Issuance Trust
Series 2017-3A, Class A, 2.36%, 11/15/2023 (a)		43		43
Series 2017-3A, Class B, 3.36%, 11/15/2023 (a)		300		300
RASC Trust Series 2006-KS4, Class A4, 2.73%, 6/25/2036 ‡ (f)		821		817
Santander Drive Auto Receivables Trust Series 2018-4, Class D, 3.98%, 12/15/2025		500		504

SEE NOTES TO FINANCIAL STATEMENTS.

306 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026 ‡ (a)		192		192
Series 2017-6, Class C, 4.02%, 11/25/2026 ‡ (a)		300		299
Springleaf Funding Trust Series 2016-AA, Class B, 3.80%, 11/15/2029 (a)		500		500
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		27		27
Series 2019-1, Class AA, 4.15%, 8/25/2031		500		511
US Airways Pass-Through Trust Series 2012-2, Class A, 4.63%, 6/3/2025		98		101
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (a)		71		71
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (a) (d)		595		597
Westlake Automobile Receivables Trust
Series 2016-2A, Class D, 4.10%, 6/15/2021 (a)		500		503
Series 2018-3A, Class D, 4.00%, 10/16/2023 (a)		500		505
Total Asset-Backed Securities (Cost $22,787)				22,824
Mortgage-Backed Securities — 5.2%
FHLMC Gold Pools, 15 Year, Single Family
Pool # J16679, 3.00%, 9/1/2026		181		181
Pool # J17232, 3.00%, 11/1/2026		262		263
Pool # J17506, 3.00%, 12/1/2026		131		131
Pool # G14700, 3.00%, 1/1/2028		262		263
Pool # J24740, 3.00%, 7/1/2028		114		114
Pool # G15655, 3.00%, 10/1/2028		294		295
Pool # G15147, 3.00%, 8/1/2029		1,583		1,587
Pool # G15561, 3.00%, 9/1/2030		1,137		1,138
Pool # G16255, 2.50%, 7/1/2032		572		562
Pool # G16407, 2.50%, 1/1/2033		365		359
FHLMC Gold Pools, 20 Year, Single Family Pool # C91649, 3.00%, 4/1/2033		81		80
FNMA, 15 Year, Single Family
Pool # 890395, 3.50%, 2/1/2026		218		221
Pool # AL9552, 3.50%, 8/1/2031		761		775
Pool # AL9994, 2.50%, 4/1/2032		1,994		1,960
Pool # AS9697, 3.50%, 5/1/2032		315		320
FNMA, 20 Year, Single Family
Pool # MA1446, 3.50%, 5/1/2033		407		414
Pool # MA1527, 3.00%, 8/1/2033		253		251

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GNMA II, 30 Year, Single Family
Pool # MA5597, 5.00%, 11/20/2048		3,058		3,192
Pool # MA5653, 5.00%, 12/20/2048		2,183		2,282
Total Mortgage-backed Securities (Cost $14,350)				14,388
Foreign Government Securities — 1.5%
Arab Republic of Egypt (Egypt) 5.88%, 6/11/2025 (e)		200		198
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024 (e)		200		201
Federal Republic of Nigeria (Nigeria) 6.38%, 7/12/2023 (e)		400		412
Gabonese Republic (Gabon) 6.38%, 12/12/2024 (e)		400		386
Instituto Costarricense de Electricidad (Costa Rica) 6.95%, 11/10/2021 (e)		200		199
Provincia de Buenos Aires (Argentina)
5.75%, 6/15/2019 (e)		200		200
10.88%, 1/26/2021 (e)		200		199
Republic of Cote d’Ivoire (Ivory Coast) 5.38%, 7/23/2024 (e)		400		388
Republic of Ecuador (Ecuador) 8.75%, 6/2/2023 (e)		300		309
Republic of El Salvador (El Salvador) 7.38%, 12/1/2019 (e)		350		355
Republic of Kenya (Kenya) 6.88%, 6/24/2024 (e)		400		410
Republic of Lebanon (Lebanon) 6.65%, 4/22/2024 (e)		350		308
Republic of Pakistan (Pakistan) 7.25%, 4/15/2019 (e)		300		300
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019 (e)		100		100
7.75%, 9/1/2020 (e)		100		99
Ukreximbank Via Biz Finance plc (Ukraine) 9.63%, 4/27/2022 (e)		150		150
Total Foreign Government Securities (Cost $4,177)				4,214
	SHARES (000)
Short-Term Investments — 2.9%
Investment Companies — 2.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (g) (h) (Cost $7,481)		7,481		7,481

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 307

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
U.S. Treasury Obligations — 0.2%
U.S. Treasury Bills 2.45%, 5/9/2019 (i) (j) (Cost $493)		495		493
Total Short-Term Investments (cost $7,974)				7,974
Total Investments — 101.3% (Cost $278,469)				279,432
Liabilities in Excess of Other Assets — (1.3%)				(3,711	)
NET ASSETS — 100.0%				275,721

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
CSMC	Credit Suisse Mortgage Trust
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
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, 2019. 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.
LIBOR	London Interbank Offered Rate
REMIC	Real Estate Mortgage Investment Conduit
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.
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.

(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(e)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(f)	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, 2019.
(g)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of February 28, 2019.
(i)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(j)	The rate shown is the effective yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

308 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Futures contracts outstanding as of February 28, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note		4			06/2019		USD		488			(1	)
U.S. Treasury 10 Year Ultra Note		8			06/2019		USD		1,035			(3	)
U.S. Treasury 2 Year Note		262			06/2019		USD		55,592			(15	)
U.S. Treasury 5 Year Note		3			06/2019		USD		344			—	(a)
U.S. Treasury Ultra Bond		1			06/2019		USD		160			(3	)
												(22	)
Short Contracts
U.S. Treasury 10 Year Note		(102	)		06/2019		USD		(12,439	)		27
U.S. Treasury 10 Year Ultra Note		(50	)		06/2019		USD		(6,470	)		16
U.S. Treasury 5 Year Note		(67	)		06/2019		USD		(7,674	)		6
												49
												27

Abbreviations

USD	United States Dollar
(a)	Amount rounds to less than one thousand.

Centrally Cleared Interest rate swap contracts outstanding as of February 28, 2019 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
3 month LIBOR quarterly	2.59 semi-annually		Receive		3/15/2021		USD 16,683		—		4
									—		4

Abbreviations

LIBOR	London Interbank Offered Rate
USD	United States Dollar
(a)	Value of floating rate index at February 28, 2019 was 2.62%.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 309

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Core Bond Fund		JPMorgan Core Plus Bond Fund		JPMorgan Government Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	29,159,237	$	13,527,412	$	1,583,146
Investments in affiliates, at value		280,679		400,553		171,369
Investment of cash collateral received from securities loaned, at value (Note 2.H.)		133,476		226,950		—
Cash		—		3,874		—
Foreign currency, at value		—		303		—
Deposits at broker for futures contracts		—		1,655		—
Receivables:
Investment securities sold		7,647		43,477		5
Fund shares sold		116,790		38,587		3,242
Interest and dividends from non-affiliates		132,914		84,681		5,278
Dividends from affiliates		794		1,103		195
Securities lending income (Note 2.H.)		17		67		—
Variation margin on centrally cleared swaps (net upfront payments of $0, $1,914 and $0, respectively)		—		2,366		—
Unrealized appreciation on forward foreign currency exchange contracts		—		227		—
Total Assets		29,831,554		14,331,255		1,763,235
LIABILITIES:
Payables:
Due to custodian		466		—		—	(a)
Distributions		7		—		—
Investment securities purchased		68,220		64,317		21,995
Investment securities purchased — delayed delivery securities		15,832		1,645		24,491
Collateral received on securities loaned (Note 2.H.)		133,476		226,950		—
Fund shares redeemed		53,075		9,813		2,488
Variation margin on futures contracts		—		2,233		—
Unrealized depreciation on forward foreign currency exchange contracts		—		52		—
Accrued liabilities:
Investment advisory fees		5,477		2,715		246
Administration fees		321		437		26
Distribution fees		699		350		110
Service fees		1,180		226		127
Custodian and accounting fees		257		216		18
Collateral management fees		—		19		—
Deferred foreign capital gains tax		—		3		—
Other		1,222		521		90
Total Liabilities		280,232		309,497		49,591
Net Assets	$	29,551,322	$	14,021,758	$	1,713,644

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

310 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund			JPMorgan Government Bond Fund
NET ASSETS:
Paid-in-Capital	$	29,665,608		$	14,215,864		$	1,711,033
Total distributable earnings (loss) (a)		(114,286	)		(194,106	)		2,611
Total Net Assets	$	29,551,322		$	14,021,758		$	1,713,644
Net Assets:
Class A	$	1,877,469		$	1,258,207		$	378,477
Class C		524,049			174,310			33,288
Class I		7,302,212			1,765,753			892,985
Class L		—			331,602			—
Class R2		88,087			20,410			41,890
Class R3		10,001			4,976			14,896
Class R4		5,521			3,461			4,367
Class R5		251,174			15,665			—
Class R6		19,492,809			10,447,374			347,741
Total	$	29,551,322		$	14,021,758		$	1,713,644
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		165,747			155,307			36,667
Class C		45,953			21,389			3,235
Class I		645,148			218,058			86,567
Class L		—			40,892			—
Class R2		7,788			2,520			4,062
Class R3		885			615			1,444
Class R4		488			428			423
Class R5		22,219			1,934			—
Class R6		1,720,050			1,289,040			33,719
Net Asset Value (b):
Class A — Redemption price per share	$	11.33		$	8.10		$	10.32
Class C — Offering price per share (c)		11.40			8.15			10.29
Class I — Offering and redemption price per share		11.32			8.10			10.32
Class L — Offering and redemption price per share		—			8.11			—
Class R2 — Offering and redemption price per share		11.31			8.10			10.31
Class R3 — Offering and redemption price per share		11.30			8.09			10.32
Class R4 — Offering and redemption price per share		11.30			8.09			10.31
Class R5 — Offering and redemption price per share		11.30			8.10			—
Class R6 — Offering and redemption price per share		11.33			8.10			10.31
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		$	8.42		$	10.72
Cost of investments in non-affiliates	$	29,233,802		$	13,613,757		$	1,577,909
Cost of investments in affiliates		280,627			400,436			171,369
Cost of foreign currency		—			306			—
Investment securities on loan, at value		129,336			215,888			—
Cost of investment of cash collateral		133,476			226,926			—

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 311

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan High Yield Fund		JPMorgan Income Fund			JPMorgan Inflation Managed Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	8,165,001	$	547,596		$	1,084,626
Investments in affiliates, at value		394,426		11,989			15,825
Investments in affiliates — restricted, at value		—		—			6,269
Investment of cash collateral received from securities loaned, at value (Note 2.H.)		—		11,758			—
Restricted cash for OTC derivatives		—		—			4,611
Cash		582		—			—
Foreign currency, at value		688		—			—
Deposits at broker for futures contracts		—		2,060			—
Receivables:
Due from custodian		—		1,667			—
Investment securities sold		22,277		830			28
Investment securities sold — delayed delivery securities		227		—			—
Fund shares sold		7,243		2,772			255
Interest and dividends from non-affiliates		134,396		5,224			5,405
Dividends from affiliates		840		23			48
Tax reclaims		—		—	(a)		—
Securities lending income (Note 2.H.)		—		6			—
Variation margin on futures contracts		—		219			101
Variation margin on centrally cleared swaps		—		—			283
Other assets		—		22			—
Total Assets		8,725,680		584,166			1,117,451
LIABILITIES:
Payables:
Due to custodian		—		—			664
Distributions		—		39			—
Investment securities purchased		150,107		18,056			1,299
Investment securities purchased — delayed delivery securities		5,685		1,186			—
Collateral received on securities loaned (Note 2.H.)		—		11,758			—
Fund shares redeemed		5,986		1,103			828
Variation margin on centrally cleared swaps (net upfront payments of $13,496, $0 and $0, respectively)		4		—			—
Outstanding OTC swap contracts, at value		—		—			9,834
Accrued liabilities:
Investment advisory fees		2,661		86			293
Administration fees		—		—			62
Distribution fees		180		89			8
Service fees		336		2			17
Custodian and accounting fees		131		23			44
Collateral management fees		13		13			20
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)		—
Other		1,117		301			253
Total Liabilities		166,221		32,656			13,322
Net Assets	$	8,559,459	$	551,510		$	1,104,129

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

312 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan High Yield Fund			JPMorgan Income Fund			JPMorgan Inflation Managed Bond Fund
NET ASSETS:
Paid-in-Capital	$	9,119,356		$	552,266		$	1,183,569
Total distributable earnings (loss) (a)		(559,897	)		(756	)		(79,440	)
Total Net Assets	$	8,559,459		$	551,510		$	1,104,129
Net Assets:
Class A	$	550,227		$	280,513		$	25,681
Class C		129,121			74,767			6,004
Class I		3,482,173			113,854			199,425
Class R2		6,679			—			—
Class R3		316			—			—
Class R4		53			—			—
Class R5		55,422			—			13,938
Class R6		4,335,468			82,376			859,081
Total	$	8,559,459		$	551,510		$	1,104,129
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		77,216			30,111			2,558
Class C		18,083			8,025			601
Class I		485,835			12,233			19,870
Class R2		939			—			—
Class R3		44			—			—
Class R4		7			—			—
Class R5		7,719			—			1,383
Class R6		604,707			8,852			85,462
Net Asset Value (b):
Class A — Redemption price per share	$	7.13		$	9.32		$	10.04
Class C — Offering price per share (c)		7.14			9.32			9.98
Class I — Offering and redemption price per share		7.17			9.31			10.04
Class R2 — Offering and redemption price per share		7.12			—			—
Class R3 — Offering and redemption price per share		7.17			—			—
Class R4 — Offering and redemption price per share		7.17			—			—
Class R5 — Offering and redemption price per share		7.18			—			10.08
Class R6 — Offering and redemption price per share		7.17			9.31			10.05
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)]	$	7.41		$	9.68		$	10.43
Cost of investments in non-affiliates	$	8,228,375		$	546,360		$	1,085,235
Cost of investments in affiliates		394,426			11,988			15,822
Cost of investments in affiliates — restricted		—			—			6,269
Cost of foreign currency		727			—			—
Investment securities on loan, at value		—			11,313			—
Cost of investment of cash collateral		—			11,758			—

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 313

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Limited Duration Bond Fund		JPMorgan Mortgage- Backed Securities Fund			JPMorgan Short Duration Bond Fund			JPMorgan Short Duration Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	1,020,976	$	2,072,834		$	3,130,213		$	271,951
Investments in affiliates, at value		81,722		125,399			5,286			7,481
Investment of cash collateral received from securities loaned, at value (Note 2.H.)		—		—			274			—
Cash		11		—			6			—
Foreign currency, at value		—		—			—			1
Receivables:
Due from custodian		—		—			2,010			1,082
Investment securities sold		20		92			504			2,793
Investment securities sold — delayed delivery securities		—		—			—			59
Fund shares sold		3,484		2,796			23,225			1,347
Interest and dividends from non-affiliates		2,492		7,184			14,543			1,710
Dividends from affiliates		224		269			37			7
Tax reclaims		—		—			—			16
Securities lending income (Note 2.H.)		—		—			—	(a)		—
Variation margin on futures contracts		—		—			—			75
Variation margin on centrally cleared swaps		—		—			—			13
Due from adviser		—		—			—			19
Other assets		—		1			—			—
Total Assets		1,108,929		2,208,575			3,176,098			286,554
LIABILITIES:
Payables:
Due to custodian		—		34			—			—
Investment securities purchased		—		35			6,194			9,983
Investment securities purchased — delayed delivery securities		—		13,895			670			—
Collateral received on securities loaned (Note 2.H.)		—		—			274			—
Fund shares redeemed		979		1,033			3,629			716
Accrued liabilities:
Investment advisory fees		111		241			512			—
Administration fees		10		—			123			—
Distribution fees		41		26			76			21
Service fees		65		118			207			6
Custodian and accounting fees		32		51			48			14
Collateral management fees		—		—			—			5
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—	(a)		—
Other		3		70			169			88
Total Liabilities		1,241		15,503			11,902			10,833
Net Assets	$	1,107,688	$	2,193,072		$	3,164,196		$	275,721

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

314 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Limited Duration Bond Fund			JPMorgan Mortgage- Backed Securities Fund			JPMorgan Short Duration Bond Fund			JPMorgan Short Duration Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	1,122,890		$	2,190,001		$	3,203,484		$	290,667
Total distributable earnings (loss) (a)		(15,202	)		3,071			(39,288	)		(14,946	)
Total Net Assets	$	1,107,688		$	2,193,072		$	3,164,196		$	275,721
Net Assets:
Class A	$	152,859		$	105,957		$	296,927		$	100,349
Class C		20,632			10,062			29,415			5,019
Class I		281,354			960,112			738,371			125,030
Class R6		652,843			1,116,941			2,099,483			45,323
Total	$	1,107,688		$	2,193,072		$	3,164,196		$	275,721
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		15,291			9,370			27,688			10,668
Class C		2,087			916			2,724			535
Class I		28,148			87,161			68,756			13,295
Class R6		65,211			101,428			195,543			4,819
Net Asset Value (b):
Class A — Redemption price per share	$	10.00		$	11.31		$	10.72		$	9.41
Class C — Offering price per share (c)		9.89			10.99			10.80			9.39
Class I — Offering and redemption price per share		10.00			11.02			10.74			9.40
Class R6 — Offering and redemption price per share		10.01			11.01			10.74			9.40
Class A maximum sales charge		2.25	%		3.75	%		2.25	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.23		$	11.75		$	10.97		$	9.63
Cost of investments in non-affiliates	$	1,024,189		$	2,069,212		$	3,138,362		$	270,988
Cost of investments in affiliates		81,706			125,374			5,286			7,481
Cost of foreign currency		—			—			—			1
Investment securities on loan, at value		—			—			264			—
Cost of investment of cash collateral		—			—			274			—

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 315

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019

(Amounts in thousands)

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund			JPMorgan Government Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	950,119		$	471,183		$	39,596
Interest income from affiliates		6			9			—	(a)
Dividend income from non-affiliates		—			123			—
Dividend income from affiliates		8,808			16,492			1,342
Income from securities lending (net)		50			222			—
Foreign taxes withheld		—			(94	)		—
Total investment income		958,983			487,935			40,938
EXPENSES:
Investment advisory fees		86,328			40,409			4,148
Administration fees		21,886			10,639			1,106
Distribution fees:
Class A		4,651			3,071			991
Class C		4,255			1,409			273
Class R2		480			104			229
Class R3		13			14			22
Service fees:
Class A		4,651			3,071			991
Class C		1,418			470			91
Class I		17,682			3,620			1,577
Class L		—			390			—
Class R2		240			52			115
Class R3		13			14			21
Class R4		15			5			8
Class R5		367			7			—
Custodian and accounting fees		1,076			961			82
Interest expense to affiliates		2			2			—
Professional fees		407			261			79
Collateral management fees		—			46			—
Trustees’ and Chief Compliance Officer’s fees		132			74			30
Printing and mailing costs		3,192			1,590			160
Registration and filing fees		444			308			129
Transfer agency fees (See Note 2.K.)		387			239			86
Other		378			222			30
Total expenses		148,017			66,978			10,168
Less fees waived		(23,280	)		(7,335	)		(2,292	)
Less expense reimbursements		(169	)		(8	)		(8	)
Net expenses		124,568			59,635			7,868
Net investment income (loss)		834,415			428,300			33,070

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

316 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund			JPMorgan Government Bond Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(47,558	)	$	(82,389	)(a)	$	(574	)
Investments in affiliates		3			73			—
Options purchased		—			(3,807	)		—
Futures contracts		—			7,094			—
Foreign currency transactions		—			(134	)		—
Forward foreign currency exchange contracts		—			3,697			—
Options written		—			851			—
Swaps		—			(1,408	)		—
Net realized gain (loss)		(47,555	)		(76,023	)		(574	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		46,621			86,662	(b)		8,006
Investments in affiliates		82			135			—
Options purchased		—			240			—
Futures contracts		—			(5,040	)		—
Foreign currency translations		—			38			—
Forward foreign currency exchange contracts		—			(264	)		—
Options written		—			(80	)		—
Swaps		—			969			—
Change in net unrealized appreciation/depreciation		46,703			82,660			8,006
Net realized/unrealized gains (losses)		(852	)		6,637			7,432
Change in net assets resulting from operations	$	833,563		$	434,937		$	40,502

(a) Net of foreign capital gains tax of approximately $(4,000).

(b) Net of change in foreign capital gains tax of approximately $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 317

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019 (continued)

(Amounts in thousands)

	JPMorgan High Yield Fund			JPMorgan Income Fund			JPMorgan Inflation Managed Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	563,194		$	18,301		$	36,610
Interest income from affiliates		3			1			42
Dividend income from non-affiliates		2,036			35			—
Dividend income from affiliates		6,031			210			331
Income from securities lending (net)		—			21			—
Total investment income		571,264			18,568			36,983
EXPENSES:
Investment advisory fees		52,638			1,122			4,414
Administration fees		7,034			255			1,012
Distribution fees:
Class A		1,561			413			64
Class C		1,071			281			44
Class R2		35			—			—
Class R3		—	(a)		—			—
Service fees:
Class A		1,561			413			64
Class C		357			93			15
Class I		8,265			104			515
Class R2		17			—			—
Class R3		1			—			—
Class R4		—	(a)		—			—
Class R5		64			—			13
Custodian and accounting fees		471			108			212
Interest expense to affiliates		3			1			6
Professional fees		207			123			119
Collateral management fees		32			31			47
Trustees’ and Chief Compliance Officer’s fees		59			26			29
Printing and mailing costs		1,703			33			11
Registration and filing fees		217			143			82
Transfer agency fees (See Note 2.K.)		1,398			10			15
Other		136			12			31
Total expenses		76,830			3,168			6,693
Less fees waived		(15,912	)		(1,182	)		(354	)
Less expense reimbursements		(28	)		(8	)		—	(a)
Net expenses		60,890			1,978			6,339
Net investment income (loss)		510,374			16,590			30,644

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

318 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan High Yield Fund			JPMorgan Income Fund			JPMorgan Inflation Managed Bond Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(146,571	)	$	(2,646	)	$	(10,558	)
Investments in affiliates		—			1			(2	)
Options purchased		—			(298	)		—
Futures contracts		—			1,933			(249	)
Securities sold short		—			(1	)		—
Foreign currency transactions		(7	)		—	(a)		—
Options written		—			63			—
Swaps		7,917			814			(6,624	)
Net realized gain (loss)		(138,661	)		(134	)		(17,433	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(61,955	)		3,074			10,285
Investments in affiliates		—			—	(a)		10
Options purchased		—			61			—
Futures contracts		—			(60	)		(68	)
Foreign currency translations		(53	)		—	(a)		—
Options written		—			(1	)		—
Swaps		(352	)		53			(7,875	)
Change in net unrealized appreciation/depreciation		(62,360	)		3,127			2,352
Net realized/unrealized gains (losses)		(201,021	)		2,993			(15,081	)
Change in net assets resulting from operations	$	309,353		$	19,583		$	15,563

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 319

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019 (continued)

(Amounts in thousands)

	JPMorgan Limited Duration Bond Fund			JPMorgan Mortgage- Backed Securities Fund			JPMorgan Short Duration Bond Fund			JPMorgan Short Duration Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	27,265		$	70,214		$	80,560		$	5,899
Interest income from affiliates		—			1			—	(a)		—	(a)
Dividend income from non-affiliates		—			—			—			5
Dividend income from affiliates		1,829			1,290			384			100
Income from securities lending (net)		—			—			—	(a)		—
Total investment income		29,094			71,505			80,944			6,004
EXPENSES:
Investment advisory fees		2,582			6,915			8,471			454
Administration fees		827			1,581			2,717			145
Distribution fees:
Class A		346			271			650			167
Class C		132			79			234			23
Service fees:
Class A		346			271			650			167
Class C		44			26			78			8
Class I		577			2,262			2,111			199
Custodian and accounting fees		124			232			198			69
Interest expense to affiliates		—			1			—	(a)		—
Professional fees		78			99			101			112
Collateral management fees		—			—			—			13
Trustees’ and Chief Compliance Officer’s fees		29			33			38			26
Printing and mailing costs		52			161			72			74
Registration and filing fees		106			92			106			76
Transfer agency fees (See Note 2.K.)		39			34			43			17
Other		24			39			84			7
Total expenses		5,306			12,096			15,553			1,557
Less fees waived		(1,638	)		(5,369	)		(1,692	)		(669	)
Less expense reimbursements		—			—			(15	)		(18	)
Net expenses		3,668			6,727			13,846			870
Net investment income (loss)		25,426			64,778			67,098			5,134
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		84			1,127			(19,093	)		(601	)
Investments in affiliates		(2	)		1			—			—
Futures contracts		—			—			—			(336	)
Foreign currency transactions		—			—			—			—	(a)
Swaps		—			—			—			(111	)
Net realized gain (loss)		82			1,128			(19,093	)		(1,048	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,825			7,039			31,405			2,367
Investments in affiliates		26			26			—			—
Futures contracts		—			—			—			56
Foreign currency translations		—			—			—			—	(a)
Swaps		—			—			—			4
Change in net unrealized appreciation/depreciation		1,851			7,065			31,405			2,427
Net realized/unrealized gains (losses)		1,933			8,193			12,312			1,379
Change in net assets resulting from operations	$	27,359		$	72,971		$	79,410		$	6,513

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

320 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Core Bond Fund						JPMorgan Core Plus Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	834,415		$	724,323		$	428,300		$	291,422
Net realized gain (loss)		(47,555	)		80,280			(76,023	)		(27,321	)
Change in net unrealized appreciation/depreciation		46,703			(566,677	)		82,660			(178,253	)
Change in net assets resulting from operations		833,563			237,926			434,937			85,848
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(49,369	)		(60,599	)		(35,091	)		(26,539	)
Class C		(11,509	)		(15,361	)		(4,006	)		(4,616	)
Class I		(207,109	)		(264,509	)		(46,108	)		(38,229	)
Class L		—			—			(11,886	)		(28,652	)
Class R2		(2,230	)		(2,503	)		(505	)		(635	)
Class R3		(138	)		(62	)		(150	)		(104	)
Class R4		(168	)		(23	)		(64	)		(7	)
Class R5		(10,780	)		(12,607	)		(244	)		(21	)
Class R6		(579,928	)		(428,141	)		(325,291	)		(187,871	)
Total distributions to shareholders		(861,231	)		(783,805	)		(423,345	)		(286,674	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,074,248			1,509,821			2,085,776			3,690,087
NET ASSETS:
Change in net assets		1,046,580			963,942			2,097,368			3,489,261
Beginning of period		28,504,742			27,540,800			11,924,390			8,435,129
End of period	$	29,551,322		$	28,504,742		$	14,021,758		$	11,924,390

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund
Class A
From net investment income		$(55,454)			$(26,539)
From net realized gains		(5,145)			—
Class C
From net investment income		(13,800)			(4,616)
From net realized gains		(1,561)			—
Class I
From net investment income		(247,346)			(38,229)
From net realized gains		(17,163)			—
Class L
From net investment income		—			(28,652)
Class R2
From net investment income		(2,262)			(635)
From net realized gains		(241)			—
Class R3
From net investment income		(55)			(104)
From net realized gains		(7)			—
Class R4
From net investment income		(23)			(7)
From net realized gains		—	(b)		—
Class R5
From net investment income		(11,649)			(21)
From net realized gains		(958)			—
Class R6
From net investment income		(391,520)			(187,871)
From net realized gains		(36,621)			—

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 321

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Government Bond Fund						JPMorgan High Yield Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	33,070		$	29,828		$	510,374		$	587,002
Net realized gain (loss)		(574	)		(993	)		(138,661	)		47,479
Change in net unrealized appreciation/depreciation		8,006			(31,645	)		(62,360	)		(283,089	)
Change in net assets resulting from operations		40,502			(2,810	)		309,353			351,392
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(8,654	)		(10,347	)		(34,884	)		(40,012	)
Class C		(574	)		(859	)		(7,225	)		(9,159	)
Class I		(15,803	)		(15,518	)		(191,263	)		(257,922	)
Class R2		(847	)		(1,037	)		(366	)		(425	)
Class R3 (b)		(184	)		(44	)		(11	)		—	(c)
Class R4 (b)		(75	)		(7	)		(2	)		(1	)
Class R5		—			—			(3,740	)		(4,166	)
Class R6		(6,826	)		(3,199	)		(275,004	)		(277,660	)
Total distributions to shareholders		(32,963	)		(31,011	)		(512,495	)		(589,345	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		391,699			(11,713	)		(260,357	)		(4,001,136	)
NET ASSETS:
Change in net assets		399,238			(45,534	)		(463,499	)		(4,239,089	)
Beginning of period		1,314,406			1,359,940			9,022,958			13,262,047
End of period	$	1,713,644		$	1,314,406		$	8,559,459		$	9,022,958

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Government Bond Fund			JPMorgan High Yield Fund
Class A
From net investment income	$	(9,935	)	$	(40,012	)
From net realized gains		(412	)		—
Class C
From net investment income		(814	)		(9,159	)
From net realized gains		(45	)		—
Class I
From net investment income		(14,978	)		(257,922	)
From net realized gains		(540	)		—
Class R2
From net investment income		(988	)		(425	)
From net realized gains		(49	)		—
Class R3 (b)
From net investment income		(41	)		—	(c)
From net realized gains		(3	)		—
Class R4 (b)
From net investment income		(7	)		(1	)
From net realized gains		—	(c)		—
Class R5
From net investment income		—			(4,166	)
Class R6
From net investment income		(3,037	)		(277,660	)
From net realized gains		(162	)		—

(b) Commencement of offering of class of shares effective August 21, 2017 for JPMorgan High Yield Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

322 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Income Fund						JPMorgan Inflation Managed Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,590		$	6,636		$	30,644		$	30,547
Net realized gain (loss)		(134	)		(338	)		(17,433	)		(23,382	)
Distributions of capital gains received from investment company affiliates		—	(a)		—	(a)		—			—
Change in net unrealized appreciation/depreciation		3,127			(2,897	)		2,352			(2,822	)
Change in net assets resulting from operations		19,583			3,401			15,563			4,343
DISTRIBUTIONS TO SHAREHOLDERS: (b)
Class A		(8,417	)		(2,290	)		(561	)		(445	)
Class C		(1,701	)		(379	)		(93	)		(76	)
Class I		(2,241	)		(918	)		(4,918	)		(8,015	)
Class R5		—			—			(304	)		(116	)
Class R6		(4,099	)		(2,985	)		(24,907	)		(23,048	)
Total distributions to shareholders		(16,458	)		(6,572	)		(30,783	)		(31,700	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		358,580			133,415			(321,627	)		21,110
NET ASSETS:
Change in net assets		361,705			130,244			(336,847	)		(6,247	)
Beginning of period		189,805			59,561			1,440,976			1,447,223
End of period	$	551,510		$	189,805		$	1,104,129		$	1,440,976

(a) Amount rounds to less than one thousand.

(b) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Income Fund		JPMorgan Inflation Managed Bond Fund
Class A
From net investment income		$(2,290)		$(445)
Class C
From net investment income		(379)		(76)
Class I
From net investment income		(918)		(8,015)
Class R5
From net investment income		—		(116)
Class R6
From net investment income		(2,985)		(23,048)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 323

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Limited Duration Bond Fund						JPMorgan Mortgage-Backed Securities Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	25,426		$	18,616		$	64,778		$	70,793
Net realized gain (loss)		82			(794	)		1,128			1,109
Change in net unrealized appreciation/depreciation		1,851			(94	)		7,065			(37,784	)
Change in net assets resulting from operations		27,359			17,728			72,971			34,118
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(2,980	)		(1,755	)		(3,159	)		(3,490	)
Class C		(292	)		(252	)		(261	)		(361	)
Class I		(5,526	)		(3,531	)		(29,384	)		(31,048	)
Class R6		(16,466	)		(12,873	)		(32,459	)		(35,793	)
Total distributions to shareholders		(25,264	)		(18,411	)		(65,263	)		(70,692	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		93,742			(174,107	)		220,489			(363,352	)
NET ASSETS:
Change in net assets		95,837			(174,790	)		228,197			(399,926	)
Beginning of period		1,011,851			1,186,641			1,964,875			2,364,801
End of period	$	1,107,688		$	1,011,851		$	2,193,072		$	1,964,875

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Limited Duration Bond Fund		JPMorgan Mortgage-Backed Securities Fund
Class A
From net investment income		$(1,755)		$(3,490)
Class C
From net investment income		(252)		(361)
Class I
From net investment income		(3,531)		(31,048)
Class R6
From net investment income		(12,873)		(35,793)

SEE NOTES TO FINANCIAL STATEMENTS.

324 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Short Duration Bond Fund						JPMorgan Short Duration Core Plus Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	67,098		$	59,497		$	5,134		$	5,041
Net realized gain (loss)		(19,093	)		(8,457	)		(1,048	)		(267	)
Change in net unrealized appreciation/depreciation		31,405			(41,606	)		2,427			(1,995	)
Change in net assets resulting from operations		79,410			9,434			6,513			2,779
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(4,154	)		(5,073	)		(1,798	)		(152	)
Class C		(333	)		(321	)		(64	)		(35	)
Class I		(15,278	)		(17,124	)		(2,308	)		(3,753	)
Class R6		(47,152	)		(36,776	)		(931	)		(1,153	)
Total distributions to shareholders		(66,917	)		(59,294	)		(5,101	)		(5,093	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(506,145	)		(2,347,777	)		177,188			(65,946	)
NET ASSETS:
Change in net assets		(493,652	)		(2,397,637	)		178,600			(68,260	)
Beginning of period		3,657,848			6,055,485			97,121			165,381
End of period	$	3,164,196		$	3,657,848		$	275,721		$	97,121

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Short Duration Bond Fund		JPMorgan Short Duration Core Plus Fund
Class A
From net investment income		$(5,073)		$(152)
Class C
From net investment income		(321)		(35)
Class I
From net investment income		(17,124)		(3,753)
Class R6
From net investment income		(36,776)		(1,153)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 325

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Core Bond Fund						JPMorgan Core Plus Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	697,404		$	601,278		$	757,112		$	390,059
Distributions reinvested		46,635			56,966			34,150			25,576
Cost of shares redeemed		(1,009,154	)		(1,038,857	)		(550,141	)		(457,792	)
Change in net assets resulting from Class A capital transactions	$	(265,115	)	$	(380,613	)	$	241,121		$	(42,157	)
Class C
Proceeds from shares issued	$	41,213		$	57,458		$	22,825		$	34,177
Distributions reinvested		10,862			14,457			3,865			4,393
Cost of shares redeemed		(165,271	)		(336,760	)		(61,213	)		(103,367	)
Change in net assets resulting from Class C capital transactions	$	(113,196	)	$	(264,845	)	$	(34,523	)	$	(64,797	)
Class I
Proceeds from shares issued	$	2,913,769		$	3,245,608		$	1,086,188		$	1,069,484
Distributions reinvested		195,599			235,522			42,096			34,800
Cost of shares redeemed		(3,010,989	)		(8,219,690	)		(546,496	)		(1,109,416	)
Change in net assets resulting from Class I capital transactions	$	98,379		$	(4,738,560	)	$	581,788		$	(5,132	)
Class L
Proceeds from shares issued	$	—		$	—		$	67,348		$	581,420
Distributions reinvested		—			—			11,126			27,822
Cost of shares redeemed		—			—			(189,695	)		(1,490,783	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(111,221	)	$	(881,541	)
Class R2
Proceeds from shares issued	$	14,700		$	32,001		$	6,987		$	9,182
Distributions reinvested		2,041			2,276			330			356
Cost of shares redeemed		(30,831	)		(42,276	)		(9,470	)		(21,086	)
Change in net assets resulting from Class R2 capital transactions	$	(14,090	)	$	(7,999	)	$	(2,153	)	$	(11,548	)
Class R3
Proceeds from shares issued	$	7,481		$	3,638		$	3,890		$	8,942
Distributions reinvested		100			57			143			104
Cost of shares redeemed		(1,028	)		(604	)		(6,720	)		(1,185	)
Change in net assets resulting from Class R3 capital transactions	$	6,553		$	3,091		$	(2,687	)	$	7,861
Class R4
Proceeds from shares issued	$	1,123		$	5,755		$	3,068		$	785
Distributions reinvested		168			23			64			7
Cost of shares redeemed		(1,406	)		(82	)		(464	)		(27	)
Change in net assets resulting from Class R4 capital transactions	$	(115	)	$	5,696		$	2,668		$	765
Class R5
Proceeds from shares issued	$	69,536		$	116,105		$	15,373		$	1,839
Distributions reinvested		7,841			9,784			244			21
Cost of shares redeemed		(216,674	)		(165,257	)		(1,897	)		(36	)
Change in net assets resulting from Class R5 capital transactions	$	(139,297	)	$	(39,368	)	$	13,720		$	1,824
Class R6
Proceeds from shares issued	$	4,804,062		$	8,830,212		$	3,345,250		$	5,323,174
Distributions reinvested		565,981			408,744			324,755			186,415
Cost of shares redeemed		(3,868,914	)		(2,306,537	)		(2,272,942	)		(824,777	)
Change in net assets resulting from Class R6 capital transactions	$	1,501,129		$	6,932,419		$	1,397,063		$	4,684,812
Total change in net assets resulting from capital transactions	$	1,074,248		$	1,509,821		$	2,085,776		$	3,690,087

SEE NOTES TO FINANCIAL STATEMENTS.

326 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Core Bond Fund						JPMorgan Core Plus Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		61,911			51,890			94,011			47,221
Reinvested		4,146			4,916			4,254			3,100
Redeemed		(89,709	)		(89,666	)		(68,513	)		(55,544	)
Change in Class A Shares		(23,652	)		(32,860	)		29,752			(5,223	)
Class C
Issued		3,636			4,922			2,822			4,116
Reinvested		959			1,239			479			529
Redeemed		(14,593	)		(28,831	)		(7,573	)		(12,436	)
Change in Class C Shares		(9,998	)		(22,670	)		(4,272	)		(7,791	)
Class I
Issued		259,141			280,349			135,208			129,670
Reinvested		17,408			20,327			5,248			4,217
Redeemed		(267,990	)		(707,461	)		(68,174	)		(133,062	)
Change in Class I Shares		8,559			(406,785	)		72,282			825
Class L
Issued		—			—			8,366			70,347
Reinvested		—			—			1,385			3,365
Redeemed		—			—			(23,600	)		(178,227	)
Change in Class L Shares		—			—			(13,849	)		(104,515	)
Class R2
Issued		1,308			2,758			870			1,113
Reinvested		182			197			41			43
Redeemed		(2,744	)		(3,649	)		(1,178	)		(2,554	)
Change in Class R2 Shares		(1,254	)		(694	)		(267	)		(1,398	)
Class R3
Issued		663			315			483			1,080
Reinvested		9			5			18			13
Redeemed		(92	)		(53	)		(837	)		(144	)
Change in Class R3 Shares		580			267			(336	)		949
Class R4
Issued		100			501			382			96
Reinvested		15			2			8			1
Redeemed		(125	)		(7	)		(58	)		(3	)
Change in Class R4 Shares		(10	)		496			332			94
Class R5
Issued		6,191			10,054			1,916			223
Reinvested		699			846			30			3
Redeemed		(19,218	)		(14,287	)		(236	)		(4	)
Change in Class R5 Shares		(12,328	)		(3,387	)		1,710			222
Class R6
Issued		425,400			760,815			415,089			640,779
Reinvested		50,307			35,286			40,434			22,599
Redeemed		(344,355	)		(199,142	)		(283,365	)		(99,842	)
Change in Class R6 Shares		131,352			596,959			172,158			563,536

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 327

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Government Bond Fund						JPMorgan High Yield Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	133,776		$	131,688		$	360,123		$	242,743
Distributions reinvested		4,798			5,428			34,482			38,738
Cost of shares redeemed		(193,721	)		(220,828	)		(459,838	)		(610,140	)
Change in net assets resulting from Class A capital transactions	$	(55,147	)	$	(83,712	)	$	(65,233	)	$	(328,659	)
Class C
Proceeds from shares issued	$	6,491		$	6,572		$	12,771		$	16,721
Distributions reinvested		514			747			6,764			8,612
Cost of shares redeemed		(16,447	)		(30,815	)		(45,425	)		(75,122	)
Change in net assets resulting from Class C capital transactions	$	(9,442	)	$	(23,496	)	$	(25,890	)	$	(49,789	)
Class I
Proceeds from shares issued	$	491,847		$	265,451		$	2,043,979		$	1,761,361
Distributions reinvested		12,478			12,951			146,798			174,005
Cost of shares redeemed		(196,212	)		(324,723	)		(1,953,565	)		(4,955,589	)
Change in net assets resulting from Class I capital transactions	$	308,113		$	(46,321	)	$	237,212		$	(3,020,223	)
Class R2
Proceeds from shares issued	$	12,420		$	18,557		$	1,634		$	2,771
Distributions reinvested		554			630			295			308
Cost of shares redeemed		(22,018	)		(24,913	)		(2,886	)		(3,696	)
Change in net assets resulting from Class R2 capital transactions	$	(9,044	)	$	(5,726	)	$	(957	)	$	(617	)
Class R3 (a)
Proceeds from shares issued	$	14,551		$	3,788		$	309		$	20
Distributions reinvested		71			34			11			—	(b)
Cost of shares redeemed		(3,564	)		(534	)		(23	)		—
Change in net assets resulting from Class R3 capital transactions	$	11,058		$	3,288		$	297		$	20
Class R4 (a)
Proceeds from shares issued	$	4,694		$	801		$	24		$	27
Distributions reinvested		75			7			2			1
Cost of shares redeemed		(1,206	)		(70	)		—	(b)		—	(b)
Change in net assets resulting from Class R4 capital transactions	$	3,563		$	738		$	26		$	28
Class R5
Proceeds from shares issued	$	—		$	—		$	19,648		$	26,062
Distributions reinvested		—			—			3,530			3,920
Cost of shares redeemed		—			—			(38,624	)		(26,127	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(15,446	)	$	3,855
Class R6
Proceeds from shares issued	$	215,955		$	190,833		$	1,064,563		$	2,427,255
Distributions reinvested		6,081			3,152			271,304			261,716
Cost of shares redeemed		(79,438	)		(50,469	)		(1,726,233	)		(3,294,722	)
Change in net assets resulting from Class R6 capital transactions	$	142,598		$	143,516		$	(390,366	)	$	(605,751	)
Total change in net assets resulting from capital transactions	$	391,699		$	(11,713	)	$	(260,357	)	$	(4,001,136	)

(a) Commencement of offering of class of shares effective August 21, 2017 for JPMorgan High Yield Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

328 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Government Bond Fund						JPMorgan High Yield Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		13,052			12,507			50,682			32,741
Reinvested		469			516			4,864			5,234
Redeemed		(18,922	)		(20,982	)		(65,112	)		(82,507	)
Change in Class A Shares		(5,401	)		(7,959	)		(9,566	)		(44,532	)
Class C
Issued		635			627			1,780			2,251
Reinvested		51			71			952			1,162
Redeemed		(1,612	)		(2,940	)		(6,368	)		(10,117	)
Change in Class C Shares		(926	)		(2,242	)		(3,636	)		(6,704	)
Class I
Issued		47,876			25,273			285,913			236,228
Reinvested		1,220			1,231			20,570			23,389
Redeemed		(19,175	)		(30,728	)		(274,360	)		(666,140	)
Change in Class I Shares		29,921			(4,224	)		32,123			(406,523	)
Class R2
Issued		1,213			1,764			230			373
Reinvested		54			60			42			42
Redeemed		(2,153	)		(2,371	)		(404	)		(500	)
Change in Class R2 Shares		(886	)		(547	)		(132	)		(85	)
Class R3 (a)
Issued		1,426			360			43			3
Reinvested		7			3			1			—	(b)
Redeemed		(349	)		(51	)		(3	)		—
Change in Class R3 Shares		1,084			312			41			3
Class R4 (a)
Issued		460			77			3			4
Reinvested		7			1			—	(b)		—	(b)
Redeemed		(118	)		(7	)		—	(b)		—	(b)
Change in Class R4 Shares		349			71			3			4
Class R5
Issued		—			—			2,725			3,490
Reinvested		—			—			494			526
Redeemed		—			—			(5,365	)		(3,508	)
Change in Class R5 Shares		—			—			(2,146	)		508
Class R6
Issued		21,108			18,004			148,209			324,517
Reinvested		595			301			38,034			35,190
Redeemed		(7,773	)		(4,817	)		(240,906	)		(443,295	)
Change in Class R6 Shares		13,930			13,488			(54,663	)		(83,588	)

(a) Commencement of offering of class of shares effective August 21, 2017 for JPMorgan High Yield Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 329

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Income Fund						JPMorgan Inflation Managed Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	244,228		$	74,035		$	10,964		$	11,323
Distributions reinvested		8,407			2,278			547			439
Cost of shares redeemed		(53,818	)		(17,728	)		(8,314	)		(15,432	)
Change in net assets resulting from Class A capital transactions	$	198,817		$	58,585		$	3,197		$	(3,670	)
Class C
Proceeds from shares issued	$	66,205		$	19,240		$	1,929		$	1,742
Distributions reinvested		1,682			362			93			76
Cost of shares redeemed		(12,143	)		(2,810	)		(1,598	)		(1,874	)
Change in net assets resulting from Class C capital transactions	$	55,744		$	16,792		$	424		$	(56	)
Class I
Proceeds from shares issued	$	111,203		$	23,957		$	116,341		$	119,209
Distributions reinvested		2,230			819			4,712			4,304
Cost of shares redeemed		(20,128	)		(39,705	)		(126,341	)		(468,786	)
Change in net assets resulting from Class I capital transactions	$	93,305		$	(14,929	)	$	(5,288	)	$	(345,273	)
Class R5
Proceeds from shares issued	$	—		$	—		$	11,894		$	5,859
Distributions reinvested		—			—			53			32
Cost of shares redeemed		—			—			(3,800	)		(559	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	8,147		$	5,332
Class R6
Proceeds from shares issued	$	25,877		$	70,000		$	180,473		$	514,485
Distributions reinvested		3,816			2,985			24,903			20,987
Cost of shares redeemed		(18,979	)		(18	)		(533,483	)		(170,695	)
Change in net assets resulting from Class R6 capital transactions	$	10,714		$	72,967		$	(328,107	)	$	364,777
Total change in net assets resulting from capital transactions	$	358,580		$	133,415		$	(321,627	)	$	21,110

SEE NOTES TO FINANCIAL STATEMENTS.

330 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Income Fund						JPMorgan Inflation Managed Bond Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		26,495			7,794			1,086			1,103
Reinvested		912			240			54			43
Redeemed		(5,852	)		(1,868	)		(828	)		(1,504	)
Change in Class A Shares		21,555			6,166			312			(358	)
Class C
Issued		7,173			2,025			193			170
Reinvested		183			38			9			8
Redeemed		(1,315	)		(298	)		(160	)		(183	)
Change in Class C Shares		6,041			1,765			42			(5	)
Class I
Issued		12,104			2,526			11,546			11,616
Reinvested		242			86			469			419
Redeemed		(2,179	)		(4,184	)		(12,546	)		(45,648	)
Change in Class I Shares		10,167			(1,572	)		(531	)		(33,613	)
Class R5
Issued		—			—			1,170			567
Reinvested		—			—			5			3
Redeemed		—			—			(375	)		(55	)
Change in Class R5 Shares		—			—			800			515
Class R6
Issued		2,821			7,370			17,799			50,085
Reinvested		414			315			2,473			2,042
Redeemed		(2,068	)		(2	)		(52,870	)		(16,656	)
Change in Class R6 Shares		1,167			7,683			(32,598	)		35,471

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 331

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Limited Duration Bond Fund						JPMorgan Mortgage-Backed Securities Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	117,622		$	59,846		$	51,040		$	41,158
Distributions reinvested		2,880			1,681			3,116			3,352
Cost of shares redeemed		(89,191	)		(90,060	)		(57,511	)		(76,049	)
Change in net assets resulting from Class A capital transactions	$	31,311		$	(28,533	)	$	(3,355	)	$	(31,539	)
Class C
Proceeds from shares issued	$	10,259		$	3,939		$	2,180		$	1,406
Distributions reinvested		272			243			252			345
Cost of shares redeemed		(7,476	)		(27,709	)		(4,245	)		(7,751	)
Change in net assets resulting from Class C capital transactions	$	3,055		$	(23,527	)	$	(1,813	)	$	(6,000	)
Class I
Proceeds from shares issued	$	259,894		$	79,389		$	403,520		$	354,744
Distributions reinvested		4,913			2,544			24,015			24,627
Cost of shares redeemed		(199,054	)		(105,446	)		(359,488	)		(496,184	)
Change in net assets resulting from Class I capital transactions	$	65,753		$	(23,513	)	$	68,047		$	(116,813	)
Class R6
Proceeds from shares issued	$	103,708		$	86,371		$	325,167		$	176,644
Distributions reinvested		16,439			12,720			30,989			33,762
Cost of shares redeemed		(126,524	)		(197,625	)		(198,546	)		(419,406	)
Change in net assets resulting from Class R6 capital transactions	$	(6,377	)	$	(98,534	)	$	157,610		$	(209,000	)
Total change in net assets resulting from capital transactions	$	93,742		$	(174,107	)	$	220,489		$	(363,352	)

SEE NOTES TO FINANCIAL STATEMENTS.

332 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Limited Duration Bond Fund						JPMorgan Mortgage-Backed Securities Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		11,792			5,972			4,543			3,587
Reinvested		289			168			278			292
Redeemed		(8,941	)		(8,998	)		(5,139	)		(6,638	)
Change in Class A Shares		3,140			(2,858	)		(318	)		(2,759	)
Class C
Issued		1,041			397			200			125
Reinvested		27			25			23			31
Redeemed		(757	)		(2,796	)		(389	)		(694	)
Change in Class C Shares		311			(2,374	)		(166	)		(538	)
Class I
Issued		26,065			7,936			36,865			31,674
Reinvested		493			254			2,199			2,203
Redeemed		(19,954	)		(10,527	)		(32,887	)		(44,294	)
Change in Class I Shares		6,604			(2,337	)		6,177			(10,417	)
Class R6
Issued		10,379			8,601			29,697			15,715
Reinvested		1,647			1,269			2,839			3,020
Redeemed		(12,667	)		(19,725	)		(18,198	)		(37,471	)
Change in Class R6 Shares		(641	)		(9,855	)		14,338			(18,736	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 333

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Short Duration Bond Fund						JPMorgan Short Duration Core Plus Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	314,348		$	112,705		$	126,531		$	8,924
Distributions reinvested		4,028			4,986			1,797			152
Cost of shares redeemed		(409,462	)		(260,753	)		(38,418	)		(3,323	)
Change in net assets resulting from Class A capital transactions	$	(91,086	)	$	(143,062	)	$	89,910		$	5,753
Class C
Proceeds from shares issued	$	9,780		$	4,556		$	4,579		$	627
Distributions reinvested		319			306			64			35
Cost of shares redeemed		(15,728	)		(58,967	)		(852	)		(717	)
Change in net assets resulting from Class C capital transactions	$	(5,629	)	$	(54,105	)	$	3,791		$	(55	)
Class I
Proceeds from shares issued	$	185,855		$	502,029		$	100,030		$	25,601
Distributions reinvested		14,939			9,195			2,306			1,477
Cost of shares redeemed		(475,658	)		(2,354,349	)		(34,415	)		(94,353	)
Change in net assets resulting from Class I capital transactions	$	(274,864	)	$	(1,843,125	)	$	67,921		$	(67,275	)
Class R6
Proceeds from shares issued	$	1,064,504		$	1,581,425		$	23,304		$	2,826
Distributions reinvested		39,725			22,300			931			266
Cost of shares redeemed		(1,238,795	)		(1,911,210	)		(8,669	)		(7,461	)
Change in net assets resulting from Class R6 capital transactions	$	(134,566	)	$	(307,485	)	$	15,566		$	(4,369	)
Total change in net assets resulting from capital transactions	$	(506,145	)	$	(2,347,777	)	$	177,188		$	(65,946	)

SEE NOTES TO FINANCIAL STATEMENTS.

334 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	JPMorgan Short Duration Bond Fund						JPMorgan Short Duration Core Plus Fund
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		29,473			10,444			13,537			943
Reinvested		377			462			192			16
Redeemed		(38,365	)		(24,203	)		(4,115	)		(348	)
Change in Class A Shares		(8,515	)		(13,297	)		9,614			611
Class C
Issued		910			420			491			65
Reinvested		30			28			7			4
Redeemed		(1,464	)		(5,430	)		(91	)		(75	)
Change in Class C Shares		(524	)		(4,982	)		407			(6	)
Class I
Issued		17,394			46,497			10,718			2,680
Reinvested		1,399			853			247			155
Redeemed		(44,518	)		(217,644	)		(3,678	)		(9,905	)
Change in Class I Shares		(25,725	)		(170,294	)		7,287			(7,070	)
Class R6
Issued		99,661			146,199			2,496			296
Reinvested		3,720			2,068			100			28
Redeemed		(115,965	)		(176,910	)		(926	)		(776	)
Change in Class R6 Shares		(12,584	)		(28,643	)		1,670			(452	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 335

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED FEBRUARY 28, 2019

(Amounts in thousands)

	JPMorgan Income Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	19,583
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(525,525	)
Proceeds from disposition of investment securities		174,096
Covers on investment securities sold short		(27,085	)
Proceeds from investment securities sold short		27,084
Purchases of short-term investments — affiliates, net		(23,746	)
Change in unrealized (appreciation)/depreciation on investments		(3,074	)
Change in unrealized (appreciation)/depreciation on options purchased		(61	)
Net realized (gain)/loss on investments in non-affiliates		2,646
Net realized (gain)/loss on investments in affiliates		(1	)
Net realized (gain)/loss on options purchased		298
Net realized (gain)/loss on securities sold short		1
Net amortization (accretion) of income		5,574
Increase in interest and dividends receivable from non-affiliates		(3,158	)
Increase in dividends receivable from affiliates		(20	)
Increase in securities lending income		(6	)
Increase in variation margin receivable		(219	)
Increase in other assets		(22	)
Increase in due from custodian		(1,667	)
Increase in collateral received on securities loaned		11,758
Decrease in outstanding swap contracts, at value, net		(869	)
Decrease in variation margin payable		(124	)
Decrease in investment advisory fees payable		(179	)
Increase in distribution fees payable		64
Increase in service fees payable		2
Increase in custodian and accounting fees payable		14
Increase in collateral management fees payable		9
Increase in other accrued expenses payable		286
Decrease in outstanding options written, at value		(4	)
Net cash provided (used) by operating activities		(344,345	)
Cash flows provided (used) by financing activities:
Proceeds from shares issued		449,407
Payment for shares redeemed		(104,320	)
Cash distributions paid to shareholders (net of reinvestments of $16,135)		(286	)
Net cash provided (used) by financing activities		344,801
Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		456
Restricted and unrestricted cash and deposits at broker at beginning of period		1,604
Restricted and unrestricted cash and deposits at broker at end of period	$	2,060

Supplemental disclosure of cash flow information:

For the year ended February 28, 2019 the Fund paid approximately $1,000 in interest expenses 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.

336 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Reconciliation of restricted and unrestricted cash and deposit at broker at the end of period to the Statements of Assets and Liabilities:

	February 28, 2018		February 28, 2019
Cash	$	962	$	—
Deposits at broker:
Futures contracts		367		2,060
Centrally cleared swaps		275		—
	$	1,604	$	2,060

	JPMorgan Mortgage-Backed Securities Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	72,971
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(559,982	)
Proceeds from disposition of investment securities		438,098
Purchase of short-term investments—affiliates, net		(100,642	)
Change in unrealized (appreciation)/depreciation on investments		(7,065	)
Net realized (gain)/loss on investments in non-affiliates		(1,127	)
Net realized (gain)/loss on investments in affiliates		(1	)
Net amortization (accretion) of income		4,948
Increase in interest and dividends receivable from non-affiliates		(507	)
Increase in dividends receivable from affiliates		(243	)
Decrease in investment advisory fees payable		(35	)
Decrease in distribution fees payable		(2	)
Decrease in service fees payable		(9	)
Decrease in custodian and accounting fees payable		(5	)
Decrease in other accrued expenses payable		(66	)
Net cash provided (used) by operating activities		(153,667	)
Cash flows provided (used) by financing activities:
Increase in due to custodian		34
Proceeds from shares issued		780,643
Payment for shares redeemed		(620,161	)
Cash distributions paid to shareholders (net of reinvestments of $58,372)		(6,891	)
Net cash provided (used) by financing activities		153,625
Cash:
Net increase (decrease) in unrestricted and restricted cash		(42	)
Restricted and unrestricted cash at beginning of period		42
Restricted and unrestricted cash at end of period	$	—

Supplemental disclosure of cash flow information:

For the year ended February 28, 2019, the Fund paid approximately $1,000 in interest expenses 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.

Reconciliation of restricted and unrestricted cash at the end of period to the Statements of Assets and Liabilities:

	February 28, 2018		February 28, 2019
Cash	$	42	$	—

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 337

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Core Bond Fund
Class A
Year Ended February 28, 2019	$	11.33	$	0.29	$	0.01		$	0.30		$	(0.29	)	$	(0.01	)	$	(0.30	)
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	)
Class C
Year Ended February 28, 2019		11.41		0.22		—	(f)		0.22			(0.22	)		(0.01	)		(0.23	)
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	)
Class I
Year Ended February 28, 2019		11.32		0.32		0.01			0.33			(0.32	)		(0.01	)		(0.33	)
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	)
Class R2
Year Ended February 28, 2019		11.32		0.25		—	(f)		0.25			(0.25	)		(0.01	)		(0.26	)
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	)
Class R3
Year Ended February 28, 2019		11.30		0.28		0.01			0.29			(0.28	)		(0.01	)		(0.29	)
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, 2019		11.31		0.31		—	(f)		0.31			(0.31	)		(0.01	)		(0.32	)
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, 2019		11.31		0.32		—	(f)		0.32			(0.32	)		(0.01	)		(0.33	)
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	)
Class R6
Year Ended February 28, 2019		11.34		0.34		—	(f)		0.34			(0.34	)		(0.01	)		(0.35	)
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	)

(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.

338 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	11.33		2.71	%	$	1,877,469		0.75	%		2.58	%		0.90	%		23	%
	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
	11.40		1.98			524,049		1.35			1.98			1.40			23
	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
	11.32		2.97			7,302,212		0.50			2.84			0.65			23
	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
	11.31		2.27			88,087		1.10			2.23			1.16			23
	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
	11.30		2.63			10,001		0.85			2.50			0.90			23
	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
	11.30		2.78			5,521		0.60			2.74			0.65			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
	11.30		2.94			251,174		0.45			2.88			0.50			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
	11.33		3.03			19,492,809		0.35			2.99			0.40			23
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 339

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Core Plus Bond Fund
Class A
Year Ended February 28, 2019	$	8.09	$	0.23	$	0.01		$	0.24		$	(0.23	)	$	—		$	(0.23	)
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	)
Class C
Year Ended February 28, 2019		8.14		0.18		—	(f)		0.18			(0.17	)		—			(0.17	)
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	)
Class I
Year Ended February 28, 2019		8.09		0.26		—	(f)		0.26			(0.25	)		—			(0.25	)
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	)
Class L
Year Ended February 28, 2019		8.10		0.25		0.01			0.26			(0.25	)		—			(0.25	)
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	)
Class R2
Year Ended February 28, 2019		8.09		0.20		0.01			0.21			(0.20	)		—			(0.20	)
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	)
Class R3
Year Ended February 28, 2019		8.08		0.22		0.01			0.23			(0.22	)		—			(0.22	)
Year Ended February 28, 2018		8.21		0.20		(0.12	)		0.08			(0.21	)		—			(0.21	)
September 9, 2016 (g) through February 28, 2017		8.39		0.09		(0.18	)		(0.09	)		(0.09	)		—			(0.09	)
Class R4
Year Ended February 28, 2019		8.09		0.24		—	(f)		0.24			(0.24	)		—			(0.24	)
Year Ended February 28, 2018		8.21		0.23		(0.13	)		0.10			(0.22	)		—			(0.22	)
September 9, 2016 (g) through February 28, 2017		8.39		0.10		(0.18	)		(0.08	)		(0.10	)		—			(0.10	)
Class R5
Year Ended February 28, 2019		8.09		0.26		—	(f)		0.26			(0.25	)		—			(0.25	)
Year Ended February 28, 2018		8.22		0.24		(0.14	)		0.10			(0.23	)		—			(0.23	)
September 9, 2016 (g) through February 28, 2017		8.39		0.10		(0.16	)		(0.06	)		(0.11	)		—			(0.11	)
Class R6
Year Ended February 28, 2019		8.10		0.26		—	(f)		0.26			(0.26	)		—			(0.26	)
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	)

(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.

340 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	8.10		3.00	%	$	1,258,207		0.74	%		2.88	%		0.91	%		51	%
	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
	8.15		2.31			174,310		1.39			2.22			1.41			51
	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
	8.10		3.30			1,765,753		0.45			3.19			0.66			51
	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
	8.11		3.26			331,602		0.48			3.13			0.50			51
	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
	8.10		2.59			20,410		1.14			2.48			1.19			51
	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
	8.09		2.85			4,976		0.89			2.70			0.91			51
	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		2.99			3,461		0.64			3.05			0.66			51
	8.09		1.21			773		0.64			2.76			0.87			42
	8.21		(0.95	)		20		0.68			2.46			0.70			59
	8.10		3.27			15,665		0.48			3.22			0.51			51
	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		3.23			10,447,374		0.39			3.24			0.41			51
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 341

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Government Bond Fund
Class A
Year Ended February 28, 2019	$	10.27	$	0.23	(e)	$	0.04		$	0.27		$	(0.22	)	$	—		$	(0.22	)
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	)
Class C
Year Ended February 28, 2019		10.24		0.17	(e)		0.04			0.21			(0.16	)		—			(0.16	)
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	)
Class I
Year Ended February 28, 2019		10.26		0.25	(e)		0.06			0.31			(0.25	)		—			(0.25	)
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	)
Class R2
Year Ended February 28, 2019		10.26		0.19	(e)		0.05			0.24			(0.19	)		—			(0.19	)
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	)
Class R3
Year Ended February 28, 2019		10.27		0.22	(e)		0.05			0.27			(0.22	)		—			(0.22	)
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, 2019		10.26		0.24	(e)		0.05			0.29			(0.24	)		—			(0.24	)
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, 2019		10.26		0.27	(e)		0.05			0.32			(0.27	)		—			(0.27	)
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.

342 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		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)
$	10.32		2.71	%	$	378,477		0.74	%		2.22	%		0.93	%		10	%
	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
	10.29		2.09			33,288		1.35			1.62			1.42			10
	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
	10.32		3.09			892,985		0.47			2.49			0.67			10
	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
	10.31		2.36			41,890		1.09			1.87			1.19			10
	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
	10.32		2.62			14,896		0.84			2.11			0.92			10
	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
	10.31		2.88			4,367		0.59			2.37			0.67			10
	10.26		(0.27	)		757		0.59			2.25			1.01			15
	10.53		(2.09	)		33		0.64			2.01			0.72			15
	10.31		3.12			347,741		0.34			2.62			0.42			10
	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, 2019 J.P. MORGAN INCOME FUNDS 343

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan High Yield Fund
Class A
Year Ended February 28, 2019	$	7.28	$	0.39	$	(0.14	)	$	0.25		$	(0.40	)	$	—		$	(0.40	)
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	)
Class C
Year Ended February 28, 2019		7.30		0.36		(0.16	)		0.20			(0.36	)		—			(0.36	)
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	)
Class I
Year Ended February 28, 2019		7.32		0.41		(0.14	)		0.27			(0.42	)		—			(0.42	)
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	)
Class R2
Year Ended February 28, 2019		7.27		0.37		(0.14	)		0.23			(0.38	)		—			(0.38	)
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	)
Class R3
Year Ended February 28, 2019		7.32		0.39		(0.15	)		0.24			(0.39	)		—			(0.39	)
August 21, 2017 (g) through February 28, 2018		7.45		0.20		(0.10	)		0.10			(0.23	)		—			(0.23	)
Class R4
Year Ended February 28, 2019		7.32		0.41		(0.15	)		0.26			(0.41	)		—			(0.41	)
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, 2019		7.33		0.42		(0.15	)		0.27			(0.42	)		—			(0.42	)
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	)
Class R6
Year Ended February 28, 2019		7.32		0.43		(0.15	)		0.28			(0.43	)		—			(0.43	)
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	)

(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.

344 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	7.13		3.62	%	$	550,227		0.99	%		5.52	%		1.22	%		47	%
	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
	7.14		2.95			129,121		1.49			5.01			1.72			47
	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
	7.17		3.86			3,482,173		0.74			5.77			1.00			47
	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
	7.12		3.27			6,679		1.34			5.16			1.58			47
	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
	7.17		3.51			316		1.09			5.50			1.30			47
	7.32		1.34			20		1.09			5.20			1.25			47
	7.17		3.77			53		0.84			5.70			1.37			47
	7.32		1.49			27		0.84			5.47			1.01			47
	7.18		3.91			55,422		0.69			5.80			0.82			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
	7.17		4.02			4,335,468		0.59			5.92			0.71			47
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 345

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 asset value, end of period		Total return (excludes sales charge) (b)(c)
JPMorgan Income Fund
Class A
Year Ended February 28, 2019	$	9.36	$	0.47	(f)	$	(0.04	)	$	0.43		$	(0.47	)	$	9.32		4.74	%
Year Ended February 28, 2018		9.54		0.50	(f)		(0.19	)		0.31			(0.49	)		9.36		3.25
Year Ended February 28, 2017		9.10		0.49	(f)		0.44			0.93			(0.49	)		9.54		10.36
Year Ended February 29, 2016		9.86		0.51	(f)		(0.77	)		(0.26	)		(0.50	)		9.10		(2.76	)
June 2, 2014 (h) through February 28, 2015		10.00		0.39			(0.15	)		0.24			(0.38	)		9.86		2.42
Class C
Year Ended February 28, 2019		9.36		0.42	(f)		(0.04	)		0.38			(0.42	)		9.32		4.16
Year Ended February 28, 2018		9.54		0.44	(f)		(0.19	)		0.25			(0.43	)		9.36		2.69
Year Ended February 28, 2017		9.10		0.45	(f)		0.43			0.88			(0.44	)		9.54		9.76
Year Ended February 29, 2016		9.86		0.46	(f)		(0.78	)		(0.32	)		(0.44	)		9.10		(3.29	)
June 2, 2014 (h) through February 28, 2015		10.00		0.34			(0.15	)		0.19			(0.33	)		9.86		1.96
Class I
Year Ended February 28, 2019		9.35		0.50	(f)		(0.05	)		0.45			(0.49	)		9.31		5.03
Year Ended February 28, 2018		9.53		0.53	(f)		(0.20	)		0.33			(0.51	)		9.35		3.52
Year Ended February 28, 2017		9.10		0.52	(f)		0.42			0.94			(0.51	)		9.53		10.53
Year Ended February 29, 2016		9.86		0.53	(f)		(0.77	)		(0.24	)		(0.52	)		9.10		(2.50	)
June 2, 2014 (h) through February 28, 2015		10.00		0.40			(0.15	)		0.25			(0.39	)		9.86		2.51
Class R6
Year Ended February 28, 2019		9.35		0.50	(f)		(0.05	)		0.45			(0.49	)		9.31		5.04
Year Ended February 28, 2018		9.53		0.52	(f)		(0.19	)		0.33			(0.51	)		9.35		3.53
Year Ended February 28, 2017		9.09		0.53	(f)		0.43			0.96			(0.52	)		9.53		10.76
Year Ended February 29, 2016		9.86		0.54	(f)		(0.78	)		(0.24	)		(0.53	)		9.09		(2.51	)
June 2, 2014 (h) through February 28, 2015		10.00		0.41			(0.16	)		0.25			(0.39	)		9.86		2.59

(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) Commencing on February 28, 2019, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to February 28, 2019, the Fund did not transact in securities sold short.

(f) Calculated based upon average shares outstanding.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended February 29, 2016 and for the period ended February 28, 2015.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

346 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (excluding securities sold short) (b)(e)			Portfolio turnover rate (including securities sold short) (b)(e)
$	280,513		0.64	%		5.15	%		1.08	%		54	%		62	%
	80,060		0.65			5.22			1.24			40			—
	22,787		0.75			5.21			1.62			59			—
	14,142		0.75	(g)		5.53	(g)		1.68	(g)		74			—
	133		0.75	(g)		5.40	(g)		2.57	(g)		61			—
	74,767		1.19			4.60			1.58			54			62
	18,564		1.20			4.65			1.76			40			—
	2,085		1.24			4.70			2.15			59			—
	696		1.25	(g)		4.83	(g)		2.55	(g)		74			—
	192		1.25	(g)		4.96	(g)		3.16	(g)		61			—
	113,854		0.39			5.45			0.83			54			62
	19,319		0.39			5.60			1.04			40			—
	34,667		0.46			5.52			1.34			59			—
	26,588		0.50	(g)		5.56	(g)		1.67	(g)		74			—
	26,076		0.50	(g)		5.50	(g)		2.07	(g)		61			—
	82,376		0.39			5.37			0.59			54			62
	71,862		0.39			5.51			0.69			40			—
	22		0.40			5.58			2.27			59			—
	20		0.40	(g)		5.63	(g)		2.45	(g)		74			—
	51		0.40	(g)		5.60	(g)		1.81	(g)		61			—

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 347

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 asset value, end of period		Total return (excludes sales charge) (b)
JPMorgan Inflation Managed Bond Fund
Class A
Year Ended February 28, 2019	$	10.15	$	0.22		$	(0.11	)	$	0.11		$	(0.22	)	$	10.04		1.13	%
Year Ended February 28, 2018		10.34		0.20			(0.19	)		0.01			(0.20	)		10.15		0.12
Year Ended February 28, 2017		10.14		0.18			0.19			0.37			(0.17	)		10.34		3.63
Year Ended February 29, 2016		10.37		0.13			(0.22	)		(0.09	)		(0.14	)		10.14		(0.85	)
Year Ended February 28, 2015		10.51		0.12	(d)		(0.14	)		(0.02	)		(0.12	)		10.37		(0.18	)
Class C
Year Ended February 28, 2019		10.09		0.15			(0.10	)		0.05			(0.16	)		9.98		0.48
Year Ended February 28, 2018		10.29		0.13			(0.19	)		(0.06	)		(0.14	)		10.09		(0.63	)
Year Ended February 28, 2017		10.09		0.11			0.20			0.31			(0.11	)		10.29		3.05
Year Ended February 29, 2016		10.33		0.07			(0.23	)		(0.16	)		(0.08	)		10.09		(1.53	)
Year Ended February 28, 2015		10.48		0.05	(d)		(0.13	)		(0.08	)		(0.07	)		10.33		(0.82	)
Class I
Year Ended February 28, 2019		10.15		0.24			(0.11	)		0.13			(0.24	)		10.04		1.28
Year Ended February 28, 2018		10.34		0.22			(0.19	)		0.03			(0.22	)		10.15		0.26
Year Ended February 28, 2017		10.14		0.20			0.19			0.39			(0.19	)		10.34		3.83
Year Ended February 29, 2016		10.37		0.16			(0.23	)		(0.07	)		(0.16	)		10.14		(0.70	)
Year Ended February 28, 2015		10.51		0.13	(d)		(0.13	)		—	(e)		(0.14	)		10.37		(0.04	)
Class R5
Year Ended February 28, 2019		10.19		0.23			(0.10	)		0.13			(0.24	)		10.08		1.33
Year Ended February 28, 2018		10.39		0.21			(0.19	)		0.02			(0.22	)		10.19		0.23
Year Ended February 28, 2017		10.18		0.20			0.20			0.40			(0.19	)		10.39		3.95
Year Ended February 29, 2016		10.41		0.16			(0.23	)		(0.07	)		(0.16	)		10.18		(0.64	)
Year Ended February 28, 2015		10.55		0.14	(d)		(0.14	)		—	(e)		(0.14	)		10.41		0.02
Class R6
Year Ended February 28, 2019		10.16		0.25			(0.11	)		0.14			(0.25	)		10.05		1.41
Year Ended February 28, 2018		10.36		0.22			(0.19	)		0.03			(0.23	)		10.16		0.31
Year Ended February 28, 2017		10.15		0.21			0.20			0.41			(0.20	)		10.36		4.05
Year Ended February 29, 2016		10.38		0.16			(0.22	)		(0.06	)		(0.17	)		10.15		(0.56	)
Year Ended February 28, 2015		10.52		0.14	(d)		(0.13	)		0.01			(0.15	)		10.38		0.07

(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.

348 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
		Ratios to average net assets
Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	25,681		0.75	%		2.16	%		0.98	%		74	%
	22,800		0.74			1.91			0.97			68
	26,932		0.75			1.76			1.21			41
	51,090		0.75			1.32			1.15			27
	59,129		0.75			1.15	(d)		1.05			28
	6,004		1.40			1.51			1.50			74
	5,644		1.38			1.24			1.50			68
	5,807		1.39			1.08			1.58			41
	3,534		1.40			0.67			1.53			27
	4,453		1.40			0.51	(d)		1.52			28
	199,425		0.60			2.34			0.72			74
	206,975		0.58			2.12			0.72			68
	558,497		0.60			1.91			0.73			41
	694,213		0.60			1.52			0.72			27
	1,202,468		0.60			1.26	(d)		0.75			28
	13,938		0.55			2.33			0.57			74
	5,945		0.53			2.00			0.57			68
	711		0.52			1.94			0.53			41
	11,844		0.55			1.54			0.58			27
	12,619		0.54			1.34	(d)		0.60			28
	859,081		0.47			2.46			0.47			74
	1,199,612		0.45			2.14			0.47			68
	855,276		0.47			2.02			0.47			41
	798,786		0.46			1.55			0.46			27
	505,064		0.48			1.32	(d)		0.50			28

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 349

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 asset value, end of period		Total return (excludes sales charge) (b)
JPMorgan Limited Duration Bond Fund
Class A
Year Ended February 28, 2019	$	9.98	$	0.21	$	0.02		$	0.23		$	(0.21	)	$	10.00		2.34	%
Year Ended February 28, 2018		9.99		0.14		(0.01	)		0.13			(0.14	)		9.98		1.27
Year Ended February 28, 2017		9.97		0.09		0.02			0.11			(0.09	)		9.99		1.13
Year Ended February 29, 2016		10.02		0.07		(0.05	)		0.02			(0.07	)		9.97		0.19
Year Ended February 28, 2015		9.96		0.07		0.06			0.13			(0.07	)		10.02		1.28
Class C
Year Ended February 28, 2019		9.87		0.16		0.02			0.18			(0.16	)		9.89		1.86
Year Ended February 28, 2018		9.88		0.08		(0.01	)		0.07			(0.08	)		9.87		0.76
Year Ended February 28, 2017		9.86		0.04		0.02			0.06			(0.04	)		9.88		0.63
Year Ended February 29, 2016		9.91		0.02		(0.05	)		(0.03	)		(0.02	)		9.86		(0.31	)
Year Ended February 28, 2015		9.86		0.02		0.05			0.07			(0.02	)		9.91		0.72
Class I
Year Ended February 28, 2019		9.98		0.24		0.02			0.26			(0.24	)		10.00		2.59
Year Ended February 28, 2018		9.99		0.16		(0.01	)		0.15			(0.16	)		9.98		1.53
Year Ended February 28, 2017		9.96		0.11		0.04			0.15			(0.12	)		9.99		1.47
Year Ended February 29, 2016		10.02		0.10		(0.06	)		0.04			(0.10	)		9.96		0.35
Year Ended February 28, 2015		9.96		0.10		0.05			0.15			(0.09	)		10.02		1.55
Class R6
Year Ended February 28, 2019		9.99		0.26		0.02			0.28			(0.26	)		10.01		2.79
Year Ended February 28, 2018		10.00		0.18		(0.01	)		0.17			(0.18	)		9.99		1.73
Year Ended February 28, 2017		9.98		0.13		0.03			0.16			(0.14	)		10.00		1.58
Year Ended February 29, 2016		10.03		0.11		(0.04	)		0.07			(0.12	)		9.98		0.66
Year Ended February 28, 2015		9.98		0.12		0.04			0.16			(0.11	)		10.03		1.63

(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. 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.

350 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
		Ratios to average net assets
Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	152,859		0.68	%		2.14	%		0.88	%		28	%
	121,268		0.68			1.37			0.89			22
	149,919		0.68			0.89			0.95			21
	198,338		0.68			0.70			0.95			23
	204,080		0.68			0.74			0.93			24
	20,632		1.18			1.64			1.38			28
	17,540		1.18			0.83			1.39			22
	41,003		1.18			0.39			1.44			21
	50,910		1.18			0.20			1.44			23
	53,773		1.18			0.24			1.42			24
	281,354		0.43			2.40			0.62			28
	214,976		0.43			1.62			0.62			22
	238,500		0.43			1.14			0.65			21
	323,384		0.43			0.95			0.63			23
	637,355		0.43			1.00			0.65			24
	652,843		0.23			2.58			0.37			28
	658,067		0.23			1.82			0.37			22
	757,219		0.23			1.35			0.37			21
	680,614		0.23			1.14			0.37			23
	42,352		0.23			1.21			0.39			24

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 351

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Mortgage-Backed Securities Fund
Class A
Year Ended February 28, 2019	$	11.25	$	0.33	(c)	$	0.06		$	0.39	$	(0.33	)	$	—		$	(0.33	)
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	)
Class C
Year Ended February 28, 2019		10.95		0.27	(c)		0.04			0.31		(0.27	)		—			(0.27	)
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	)
Class I
Year Ended February 28, 2019		10.97		0.35	(c)		0.05			0.40		(0.35	)		—			(0.35	)
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	)
Class R6
Year Ended February 28, 2019		10.97		0.37	(c)		0.04			0.41		(0.37	)		—			(0.37	)
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	)

(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.

352 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		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
$	11.31		3.50	%	$	105,957		0.65	%		2.98	%		0.98	%		22	%
	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
	10.99		2.91			10,062		1.15			2.47			1.48			22
	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
	11.02		3.77			960,112		0.39			3.23			0.71			22
	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
	11.01		3.83			1,116,941		0.24			3.37			0.46			22
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 353

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
JPMorgan Short Duration Bond Fund
Class A
Year Ended February 28, 2019	$	10.68	$	0.17	$	0.04		$	0.21		$	(0.17	)	$	—		$	(0.17	)
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	)
Class C
Year Ended February 28, 2019		10.75		0.12		0.05			0.17			(0.12	)		—			(0.12	)
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	)
Class I
Year Ended February 28, 2019		10.70		0.20		0.04			0.24			(0.20	)		—			(0.20	)
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	)
Class R6
Year Ended February 28, 2019		10.69		0.22		0.05			0.27			(0.22	)		—			(0.22	)
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	)

(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.

354 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		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
$	10.72		1.99	%	$	296,927		0.80	%		1.60	%		0.86	%		80	%
	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
	10.80		1.56			29,415		1.30			1.09			1.36			80
	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
	10.74		2.24			738,371		0.55			1.83			0.60			80
	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
	10.74		2.60			2,099,483		0.30			2.09			0.35			80
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 355

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
JPMorgan Short Duration Core Plus Fund
Class A
Year Ended February 28, 2019	$	9.40	$	0.25	$	—	(d)	$	0.25		$	(0.24	)	$	—		$	(0.24	)
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	)
Class C
Year Ended February 28, 2019		9.38		0.20		—	(d)		0.20			(0.19	)		—			(0.19	)
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	)
Class I
Year Ended February 28, 2019		9.39		0.27		—	(d)		0.27			(0.26	)		—			(0.26	)
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	)
Class R6
Year Ended February 28, 2019		9.39		0.28		(0.01	)		0.27			(0.26	)		—			(0.26	)
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	)

(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.

356 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

		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
$	9.41		2.66	%	$	100,349		0.63	%		2.68	%		1.05	%		83	%
	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
	9.39		2.15			5,019		1.13			2.16			1.58			83
	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
	9.40		2.90			125,030		0.38			2.92			0.79			83
	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
	9.40		2.95			45,323		0.32			2.97			0.54			83
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 357

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019

1. Organization

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

The following are 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/ Non-Diversified
JPMorgan Core Bond Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan 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
JPMorgan Government Bond Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6	JPM II	Diversified
JPMorgan High Yield Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Income Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Inflation Managed Bond Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Limited Duration Bond Fund	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Mortgage-Backed Securities Fund	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Short Duration Bond Fund	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Short Duration Core Plus Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified

* Effective December 1, 2016, Class L is publicly offered on a limited basis.

The investment objective of JPMorgan Core Bond Fund (“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 JPMorgan Core Plus Bond Fund (“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 JPMorgan Government Bond Fund (“Government Bond Fund”) is to seek a high level of current income with liquidity and safety of principal.

The investment objective of JPMorgan High Yield Fund (“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 the JPMorgan Income Fund (“Income Fund”) is to seek to provide income with a secondary objective of capital appreciation.

The investment objective of JPMorgan Inflation Managed Bond Fund (“Inflation Managed Bond Fund”) is to seek to maximize inflation protected total return.

The investment objective of JPMorgan Limited Duration Bond Fund (“Limited Duration Bond Fund”) is to seek a high level of current income consistent with low volatility of principal.

The investment objective of JPMorgan Mortgage-Backed Securities Fund (“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 JPMorgan Short Duration Bond Fund (‘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 JPMorgan Short Duration Core Plus Fund (“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, 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.

358 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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, Income Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration Core Plus Fund at February 28, 2019.

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, 2019 J.P. MORGAN INCOME FUNDS 359

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (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	$	—	$	2,726,812	$	943,862	$	3,670,674
Collateralized Mortgage Obligations		—		2,466,368		105,652		2,572,020
Commercial Mortgage-Backed Securities		—		2,102,249		114,259		2,216,508
Corporate Bonds
Capital Markets		—		702,019		371		702,390
Other Corporate Bonds		—		5,960,594		—		5,960,594
Total Corporate Bonds		—		6,662,613		371		6,662,984
Foreign Government Securities		—		263,901		—		263,901
Mortgage-Backed Securities		—		4,491,281		—		4,491,281
Municipal Bonds		—		78,005		—		78,005
Supranational		—		24,331		—		24,331
U.S. Government Agency Securities		—		626,031		—		626,031
U.S. Treasury Obligations		—		8,553,502		—		8,553,502
Short-Term Investments
Investment Companies		280,679		—		—		280,679
Investment of cash collateral from securities loaned		133,476		—		—		133,476
Total Investments in Securities	$	414,155	$	27,995,093	$	1,164,144	$	29,573,392

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
Aerospace & Defense	$	—	$	—	$	27		$	27
Communications Equipment		—		—		—	(a)		—	(a)
Diversified Financial Services		—		—		16			16
Energy Equipment & Services		—		—		42			42
Pharmaceuticals		507		—		4,899			5,406
Specialty Retail		—		—		1,528			1,528
Other Common Stocks		3,389		—		—			3,389
Total Common Stocks		3,896		—		6,512			10,408
Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Communications Equipment		—		—		—	(a)		—	(a)
Specialty Retail		—		—		1,711			1,711
Total Preferred Stocks		—		—		1,711			1,711
Convertible Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Debt Securities
Asset-Backed Securities		—		1,921,387		559,416			2,480,803
Collateralized Mortgage Obligations		—		602,597		47,167			649,764
Commercial Mortgage-Backed Securities		—		1,316,905		139,135			1,456,040
Convertible Bonds		—		1,744		—			1,744

360 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Core Plus Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Corporate Bonds
Automobiles	$	—		$	18,896		$	—	(a)	$	18,896
Capital Markets		—			257,781			75			257,856
Communications Equipment		—			25,720			1			25,721
Electric Utilities		—			156,886			18			156,904
Wireless Telecommunication Services		—			65,838			—	(a)		65,838
Other Corporate Bonds		—			3,565,179			—			3,565,179
Total Corporate Bonds		—			4,090,300			94			4,090,394
Foreign Government Securities		—			233,890			—			233,890
Mortgage-Backed Securities		—			2,246,114			—			2,246,114
Municipal Bonds		—			13,362			—			13,362
Supranational		—			1,029			—			1,029
U.S. Government Agency Securities		—			286,665			—			286,665
U.S. Treasury Obligations		—			2,022,431			—			2,022,431
Loan Assignments
Leisure Products		—			—			173			173
Specialty Retail		—			1,307			1,176			2,483
Other Loan Assignments		—			30,227			—			30,227
Total Loan Assignments		—			31,534			1,349			32,883
Rights
Independent Power and Renewable Electricity Producers		—			—			80			80
Warrants		—			94			—			94
Short-Term Investments
Investment Companies		400,553			—			—			400,553
Investment of cash collateral from securities loaned		226,950			—			—			226,950
Total Investments in Securities	$	631,399		$	12,768,052		$	755,464		$	14,154,915
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	227		$	—		$	227
Futures Contracts		2,197			—			—			2,197
Total Appreciation in Other Financial Instruments	$	2,197		$	227		$	—		$	2,424
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(52	)	$	—		$	(52	)
Futures Contracts		(5,792	)		—			—			(5,792	)
Swaps		—			(2,226	)		—			(2,226	)
Total Depreciation in Other Financial Instruments	$	(5,792	)	$	(2,278	)	$	—		$	(8,070	)
Government Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	171,369		$	1,583,146		$	—		$	1,754,515

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 361

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

High Yield Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	—	$	698		$	698
Communications Equipment		—		—		—	(a)		—	(a)
Diversified Financial Services		—		—		71			71
Energy Equipment & Services		—		—		460			460
Pharmaceuticals		1,762		—		17,013			18,775
Specialty Retail		—		—		13,280			13,280
Other Common Stocks		51,514		—		—			51,514
Total Common Stocks		53,276		—		31,522			84,798
Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Banks		6,757		—		—			6,757
Communications Equipment		—		—		4			4
Specialty Retail		—		—		14,877			14,877
Total Preferred Stocks		6,757		—		14,881			21,638
Convertible Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Debt Securities
Asset-Backed Securities		—		—		—	(a)		—	(a)
Convertible Bonds		—		4,709		—			4,709
Corporate Bonds
Automobiles		—		18,518		—	(a)		18,518
Communications Equipment		—		92,523		2			92,525
Diversified Telecommunication Services		—		593,316		8,531			601,847
Electric Utilities		—		30,886		526			31,412
Real Estate Management & Development		—		8,894		5,863			14,757
Wireless Telecommunication Services		—		287,197		—	(a)		287,197
Other Corporate Bonds		—		6,508,946		—			6,508,946
Total Corporate Bonds		—		7,540,280		14,922			7,555,202
Loan Assignments
Leisure Products		—		—		4,487			4,487
Specialty Retail		—		5,004		10,287			15,291
Other Loan Assignments		—		466,630		—			466,630
Total Loan Assignments		—		471,634		14,774			486,408
Rights
Independent Power and Renewable Electricity Producers		—		—		2,168			2,168
Warrants		—		286		—			286
Short-Term Investments
Investment Companies		394,426		—		—			394,426
U.S. Treasury Obligations		—		9,792		—			9,792
Total Short-Term Investments		394,426		9,792		—			404,218
Total Investments in Securities	$	454,459	$	8,026,701	$	78,267		$	8,559,427
Appreciation in Other Financial Instruments
Swaps	$	—	$	125	$	—		$	125

362 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Income 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	$	—		$	110,838	$	52,233		$	163,071
Collateralized Mortgage Obligations		—			72,068		6,620			78,688
Commercial Mortgage-Backed Securities		—			51,449		7,996			59,445
Corporate Bonds
Wireless Telecommunication Services		—			7,832		—	(c)		7,832
Other Corporate Bonds		—			198,322		—			198,322
Total Corporate Bonds		—			206,154		—	(c)		206,154
Foreign Government Securities		—			27,795		—			27,795
Mortgage-Backed Securities		—			3,103		—			3,103
Municipal Bonds		—			1,746		—			1,746
U.S. Treasury Obligations		—			5,618		—			5,618
Common Stocks
Aerospace & Defense		—			—		9			9
Capital Markets		—			—		30			30
Specialty Retail		—			—		7			7
Total Common Stocks		—			—		46			46
Preferred Stocks
Specialty Retail		—			—		6			6
Loan Assignments
Leisure Products		—			—		53			53
Specialty Retail		—			—		5			5
Other Loan Assignments		—			1,866		—			1,866
Total Loan Assignments		—			1,866		58			1,924
Warrants
Road & Rail		—			—		—	(c)		—	(c)
Short-Term Investments
Investment Companies		11,989			—		—			11,989
Investment of cash collateral from securities loaned		11,758			—		—			11,758
Total Investments in Securities	$	23,747		$	480,637	$	66,959		$	571,343
Appreciation in Other Financial Instruments
Futures Contracts	$	168		$	—	$	—		$	168
Depreciation in Other Financial Instruments
Futures Contracts	$	(241	)	$	—	$	—		$	(241	)
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	$	—		$	88,055	$	4,280		$	92,335
Collateralized Mortgage Obligations		—			122,624		37			122,661
Commercial Mortgage-Backed Securities		—			114,745		—	(a)		114,745
Corporate Bonds		—			364,101		—			364,101
Foreign Government Securities		—			3,390		—			3,390
Mortgage-Backed Securities		—			118,068		—			118,068
U.S. Government Agency Securities		—			47,526		—			47,526
U.S. Treasury Obligations		—			221,800		—			221,800

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 363

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Inflation Managed Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investments
Investment Companies	$	22,094		$	—		$	—	$	22,094
Total Investments in Securities	$	22,094		$	1,080,309		$	4,317	$	1,106,720
Appreciation in Other Financial Instruments
Futures Contracts	$	86		$	—		$	—	$	86
Swaps		—			1,028			—		1,028
Total Appreciation in Other Financial Instruments	$	86		$	1,028		$	—	$	1,114
Depreciation in Other Financial Instruments
Futures Contracts	$	(154	)	$	—		$	—	$	(154	)
Swaps		—			(12,006	)		—		(12,006	)
Total Depreciation in Other Financial Instruments	$	(154	)	$	(12,006	)	$	—	$	(12,160	)
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	$	—		$	245,575		$	71,541	$	317,116
Collateralized Mortgage Obligations		—			455,060			1,364		456,424
Commercial Mortgage-Backed Securities		—			77,104			158		77,262
Corporate Bonds
Capital Markets		—			3,870			57		3,927
Other Corporate Bonds		—			123,471			—		123,471
Total Corporate Bonds		—			127,341			57		127,398
Mortgage-Backed Securities		—			42,776			—		42,776
Short-Term Investments
Investment Companies		81,722			—			—		81,722
Total Investments in Securities	$	81,722		$	947,856		$	73,120	$	1,102,698
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	$	—		$	91,637		$	158,660	$	250,297
Collateralized Mortgage Obligations		—			433,259			15,657		448,916
Commercial Mortgage-Backed Securities		—			261,155			20,820		281,975
Mortgage-Backed Securities		—			1,039,759			—		1,039,759
U.S. Treasury Obligations		—			51,887			—		51,887
Short-Term Investments
Investment Companies		125,399			—			—		125,399
Total Investments in Securities	$	125,399		$	1,877,697		$	195,137	$	2,198,233

364 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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	$	—		$	664,995	$	71,765		$	736,760
Collateralized Mortgage Obligations		—			358,877		—	(a)		358,877
Commercial Mortgage-Backed Securities		—			4,894		—			4,894
Corporate Bonds		—			983,600		—			983,600
Mortgage-Backed Securities		—			147,807		—			147,807
U.S. Government Agency Securities		—			65,137		—			65,137
U.S. Treasury Obligations		—			833,138		—			833,138
Short-Term Investments
Investment Companies		5,286			—		—			5,286
Investment of cash collateral from securities loaned		274			—		—			274
Total Investments in Securities	$	5,560		$	3,058,448	$	71,765		$	3,135,773
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	$	—		$	17,796	$	5,028		$	22,824
Collateralized Mortgage Obligations		—			37,049		—			37,049
Commercial Mortgage-Backed Securities		—			21,572		4,199			25,771
Corporate Bonds
Wireless Telecommunication Services		—			1,004		—	(c)		1,004
Other Corporate Bonds		—			92,451		—			92,451
Total Corporate Bonds		—			93,455		—	(c)		93,455
Foreign Government Securities		—			4,214		—			4,214
Mortgage-Backed Securities		—			14,388		—			14,388
U.S. Treasury Obligations		—			73,757		—			73,757
Short-Term Investments
Investment Companies		7,481			—		—			7,481
U.S. Treasury Obligations		—			493		—			493
Total Short-Term Investments		7,481			493		—			7,974
Total Investments in Securities	$	7,481		$	262,724	$	9,227		$	279,432
Appreciation in Other Financial Instruments
Futures Contracts	$	49		$	—	$	—		$	49
Swaps		—			4		—			4
Total Appreciation in Other Financial Instruments	$	49		$	4	$	—		$	53
Depreciation in Other Financial Instruments
Futures Contracts	$	(22	)	$	—	$	—		$	(22	)

(a) Amount rounds to less than one thousand.

(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.

(c) Value is zero.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 365

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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, 2018		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, 2019
Investments in Securities:
Asset-Backed Securities	$	914,507	$	773	$	(1,805	)	$	(2,331	)	$	403,405	$	(376,252	)	$	100,015	$	(94,450	)	$	943,862
Collateralized Mortgage Obligations		128,082		20		(135	)		(1,770	)		98,435		(14,831	)		2,445		(106,594	)		105,652
Commercial Mortgage-Backed Securities		132,645		2,250		(2,250	)		(2,040	)		43,532		(49,203	)		22,884		(33,559	)		114,259
Corporate Bonds — Capital Markets		1,108		3		1			4			—		(745	)		—		—			371
Corporate Bonds — Wireless Telecommunication Services		17,226		—		—			—			—		(17,226	)		—		—			—
Loan Assignments — Hotels, Restaurants & Leisure		16,370		550		(187	)		15			—		(16,748	)		—		—			—
Total	$	1,209,938	$	3,596	$	(4,376	)	$	(6,122	)	$	545,372	$	(475,005	)	$	125,344	$	(234,603	)	$	1,164,144

Core Plus Bond Fund	Balance as of February 28, 2018			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, 2019
Investments in Securities:
Asset-Backed Securities	$	561,690		$	718		$	(1,615	)	$	(785	)	$	275,673	$	(247,602	)	$	67,594	$	(96,257	)	$	559,416
Collateralized Mortgage Obligations		67,309			4			14			6			58,228		(13,053	)		33		(65,374	)		47,167
Commercial Mortgage-Backed Securities		170,540			(46	)		64			38			31,959		(21,937	)		33,181		(74,664	)		139,135
Common Stocks — Aerospace & Defense		—			—			(150	)		—			177		—			—		—			27
Common Stocks — Capital Markets		—	(a)		—			—	(a)		—			—		—			—		—			—
Common Stocks — Communications Equipment		—			—			—	(a)		—			—		—			—		—			—	(a)
Common Stocks — Diversified Financial Services		15			—			1			—			—		—			—		—			16
Common Stocks — Energy Equipment & Services		—			—			42			—			—		—			—		—			42
Common Stocks — Pharmaceuticals		—			—			1,427			—			3,472		—			—		—			4,899
Common Stocks — Specialty Retail		1			(139	)		45			—			1,621		—	(a)		—		—			1,528
Convertible Bonds — Specialty Retail		—	(a)		(123	)		141			—			—		(18	)		—		—			—
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Capital Markets		225			1			—	(a)		1			—		(152	)		—		—			75
Corporate Bonds — Communications Equipment		422			1			—			—			—		(1	)		—		(421	)		1

366 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Core Plus Bond Fund	Balance as of February 28, 2018			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, 2019
Corporate Bonds — Electric Utilities	$	62		$	—		$	(44	)	$	—		$	—	$	—		$	—	$	—		$	18
Corporate Bonds — Energy Equipment & Services		504			—			—			—			—		—			—		(504	)		—
Corporate Bonds — Oil, Gas & Consumable Fuels		4			(27	)		34			—			—		(11	)		—		—			—
Corporate Bonds — Wireless Telecommunication Services		5,269			—			—	(a)		—			—		(5,269	)		—		—			—	(a)
Loan Assignments — Hotels, Restaurants & Leisure		5,886			211			(133	)		63			—		(6,027	)		—		—			—
Loan Assignments — Leisure Products		—			—			—			—			173		—			—		—			173
Loan Assignments — Media		—	(a)		(2,737	)		2,737			—			—		—			—		—			—
Loan Assignments — Specialty Retail		—			—			392			—			784		—			—		—			1,176
Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Capital Markets		153			—			5			—			—		(158	)		—		—			—
Preferred Stocks — Communications Equipment		—			—			(157	)		—			157		—			—		—			—	(a)
Preferred Stocks — Specialty Retail		—			—			1,073			—			638		—			—		—			1,711
Rights — Independent Power and Renewable Electricity Producers		75			—			5			—			—		—			—		—			80
Warrants — Specialty Retail		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—		—			—
Total	$	812,155		$	(2,137	)	$	3,881		$	(677	)	$	372,882	$	(294,228	)	$	100,808	$	(237,220	)	$	755,464

High Yield Fund	Balance as of February 28, 2018			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, 2019
Investments in Securities:
Asset-Backed Securities	$	2		$	—		$	(2	)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	$	—	$	—	(a)
Common Stocks — Aerospace & Defense		—			—			(3,890	)		—			4,588			—			—		—		698
Common Stocks — Capital Markets		—	(a)		—			—	(a)		—			—			—			—		—		—
Common Stocks — Communications Equipment		—			—			—	(a)		—			—			—			—		—		—	(a)
Common Stocks — Diversified Financial Services		71			—			—			—			—			—			—		—		71
Common Stocks — Energy Equipment & Services		—			—			460			—			—			—			—		—		460
Common Stocks — Pharmaceuticals		—			—			4,956			—			12,057			—			—		—		17,013
Common Stocks — Specialty Retail		2			(404	)		(493	)		—			14,175			—	(a)		—		—		13,280
Convertible Bonds — Specialty Retail		—	(a)		(400	)		459			—			—			(59	)		—		—		—
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—			—			—		—		—	(a)
Corporate Bonds — Automobiles		—	(a)		—			—			—			—			—			—		—		—	(a)
Corporate Bonds — Building Products		4,605			(306	)		216			10			—			(4,525	)		—		—		—

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 367

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

High Yield Fund	Balance as of February 28, 2018			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, 2019
Corporate Bonds — Chemicals	$	—	(a)	$	—	(a)	$	—	(a)	$	—		$	—	$	—	(a)	$	—	$	—		$	—
Corporate Bonds — Communications Equipment		3,274			—			—			—			—		—			—		(3,272	)		2
Corporate Bonds — Distributors		9,011			—			—			—			—		—			—		(9,011	)		—
Corporate Bonds — Diversified Telecommunication Services		8,175			—			235			121			—		—			—		—			8,531
Corporate Bonds — Electric Utilities		1,690			—			(1,164	)		—			—		—			—		—			526
Corporate Bonds — Energy Equipment & Services		5,447			—			—			—			—		—			—		(5,447	)		—
Corporate Bonds — Oil, Gas & Consumable Fuels		20			(140	)		176			—			—		(56	)		—		—			—
Corporate Bonds — Real Estate Management & Development		6,781			—			47			15			—		(980	)		—		—			5,863
Corporate Bonds — Wireless Telecommunication Services		—			—			—	(a)		—			—		—			—		—			—	(a)
Loan Assignments — Leisure Products		—			—			—	(a)		—	(a)		4,487		—			—		—			4,487
Loan Assignments — Specialty Retail		—			—			3,429			—			6,858		—			—		—			10,287
Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Capital Markets		1,190			—			36			—			—		(1,226	)		—		—			—
Preferred Stocks — Communications Equipment		—			—			(1,223	)		—			1,227		—			—		—			4
Preferred Stocks — Specialty Retail		—			—			9,336			—			5,541		—			—		—			14,877
Rights — Independent Power and Renewable Electricity Producers		2,028			—			140			—			—		—			—		—			2,168
Warrants — Specialty Retail		—	(a)		(2	)		2			—			—		—	(a)		—		—			—
Total	$	42,296		$	(1,252	)	$	12,720		$	146		$	48,933	$	(6,846	)	$	—	$	(17,730	)	$	78,267

Income Fund	Balance as of February 28, 2018			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, 2019
Investments in Securities:
Asset-Backed Securities	$	17,540		$	(53	)	$	(97	)	$	(7	)	$	38,485	$	(7,334	)	$	7,231	$	(3,532	)	$	52,233
Collateralized Mortgage Obligations		2,000			3			(24	)		—	(a)		6,477		(278	)		94		(1,652	)		6,620
Commercial Mortgage-Backed Securities		7,438			(247	)		173			9			5,661		(4,262	)		360		(1,136	)		7,996
Common Stocks — Aerospace & Defense		—			—			(48	)		—			57		—			—		—			9
Common Stocks — Capital Markets		28			—			2			—			—		—			—		—			30
Common Stocks — Specialty Retail		—			—			—	(a)		—			7		—			—		—			7
Corporate Bonds — Wireless Telecommunication Services		—			—			—	(a)		—			—		—			—		—			—	(b)
Loan Assignments — Leisure Products		—			—			—			—	(a)		53		—			—		—			53
Loan Assignments — Specialty Retail		—			—			2			—			3		—			—		—			5
Preferred Stocks — Specialty Retail		—			—			4			—			2		—			—		—			6
Warrants — Road & Rail		—	(b)		—			—			—			—		—			—		—			—	(b)
Total	$	27,006		$	(297	)	$	12		$	2		$	50,745	$	(11,874	)	$	7,685	$	(6,320	)	$	66,959

368 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Limited Duration Bond Fund	Balance as of February 28, 2018		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, 2019
Investments in Securities:
Asset-Backed Securities	$	50,124	$	—	$	192		$	9	$	41,896	$	(26,954	)	$	6,274	$	—	$	71,541
Collateralized Mortgage Obligations		4,699		—		59			1		—		(3,395	)		—		—		1,364
Commercial Mortgage-Backed Securities		6,201		—		(17	)		—		—		(6,026	)		—		—		158
Corporate Bonds — Capital Markets		171		—		—	(a)		1		—		(115	)		—		—		57
Total	$	61,195	$	—	$	234		$	11	$	41,896	$	(36,490	)	$	6,274	$	—	$	73,120

Mortgage-Backed Securities Fund	Balance as of February 28, 2018		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, 2019
Investments in Securities:
Asset-Backed Securities	$	146,842	$	84	$	(62	)	$	(842	)	$	42,027	$	(36,846	)	$	12,813	$	(5,356	)	$	158,660
Collateralized Mortgage Obligations		23,091		18		(637	)		(740	)		4,826		(3,678	)		1,356		(8,579	)		15,657
Commercial Mortgage-Backed Securities		57,688		33		(263	)		(727	)		3,779		(11,013	)		4,724		(33,401	)		20,820
Corporate Bonds — Wireless Telecommunication Services		1,564		—		—			—			—		(1,564	)		—		—			—
Loan Assignments — Hotels, Restaurants & Leisure		1,932		—		(22	)		1			—		(1,911	)		—		—			—
Total	$	231,117	$	135	$	(984	)	$	(2,308	)	$	50,632	$	(55,012	)	$	18,893	$	(47,336	)	$	195,137

Short Duration Bond Fund	Balance as of February 28, 2018			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, 2019
Investments in Securities:
Asset-Backed Securities	$	41,189		$	(47	)	$	159		$	16	$	49,449	$	(19,001	)	$	—	$	—	$	71,765
Collateralized Mortgage Obligations		—	(a)		—			—	(a)		—		—		—	(a)		—		—		—	(a)
Total	$	41,189		$	(47	)	$	159		$	16	$	49,449	$	(19,001	)	$	—	$	—	$	71,765

Short Duration Core Plus Fund	Balance as of February 28, 2018		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, 2019
Investments in Securities:
Asset-Backed Securities	$	2,130	$	—	$	5	$	(1	)	$	3,967	$	(1,530	)	$	457	$	—		$	5,028
Commercial Mortgage-Backed Securities		3,833		12		5		(1	)		3,251		(498	)		—		(2,403	)		4,199
Corporate Bonds — Wireless Telecommunication Services		—		—		—		—			—		—			—		—			—	(b)
Total	$	5,963	$	12	$	10	$	(2	)	$	7,218	$	(2,028	)	$	457	$	(2,403	)	$	9,227

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

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 369

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2019, which were valued using significant unobservable inputs (level 3), were as follows (amounts in thousands):

Core Bond Fund	$	(3,311	)
Core Plus Bond Fund		938
High Yield Fund		11,432
Income Fund		(69	)
Limited Duration Bond Fund		260
Mortgage-Backed Securities Fund		(608	)
Short Duration Bond Fund		72
Short Duration Core Plus Fund		8

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

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 ended February 28, 2019 for Core Bond Fund, Core Plus Bond Fund, Income Fund, Mortgage-Backed Securities Fund and Short Duration Core Plus Fund.

There were no significant transfers between level 2 and level 3 during the year ended February 28, 2019 for High Yield Fund and Inflation Managed Bond Fund.

There were no transfers into and out of level 3 for the year ended February 28, 2019 for Government Bond Fund and Short Duration Bond Fund.

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended February 28, 2019 for Limited Duration Bond Fund.

Core Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	521,086	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 31.00% (12.38%)
				Constant Default Rate		0.00% - 30.00% (0.16%)
				Yield (Discount Rate of Cash Flows)		3.10% - 8.55% (4.15%)
Asset-Backed Securities		521,086
		10,690	Discounted Cash Flow	PSA Prepayment Model		234.00% (234.00%)
				Constant Prepayment Rate		0.00% - 28.00% (11.47%)
				Constant Default Rate		0.00% - 6.40% (3.18%)
				Yield (Discount Rate of Cash Flows)		(0.58)% - 199.00% (8.83%)
Collateralized Mortgage Obligations		10,690
		80,523	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (4.44%)
				Yield (Discount Rate of Cash Flows)		2.15% - 9.59% (4.66%)
Commercial Mortgage-Backed Securities		80,523
		371	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.49% (4.49%)
				Liquidity Discount		0.25% (0.25%)
Corporate Bonds		371
Total	$	612,670

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $551,474,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

370 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Core Plus Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at February 28, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (d)
		$ 16		Terms of Exchange Offer	Expected Recovery		$0.01 ($0.01)
		—	(a)	Market Comparable Companies	EBITDA Multiple		5.0x (5.0x)
Common Stock		16
		—	(b)	Market Comparable Companies	EBITDA Multiple		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
		—	(b)	Pending Distribution Amount	Discount for potential outcome (c)		100.00% (100.00%)
Preferred Stock		—	(b)
		75		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.49% (4.49%)
					Liquidity Discount		0.25% (0.25%)
		1		Pending Distribution Amount	Discount for potential outcome (c)		99.99% - 100.00% (99.99%)
Corporate Bond		76
		379,238		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (15.93%)
					Constant Default Rate		0.00% - 30.00% (0.11%)
					Yield (Discount Rate of Cash Flows)		3.21% - 10.00% (4.60%)
Asset-Backed Securities		379,238
		141		Discounted Cash Flow	Constant Prepayment Rate		2.00% - 17.17% (12.44%)
					Constant Default Rate		0.00% - 5.91% (3.18%)
					Yield (Discount Rate of Cash Flows)		2.47% - 9.18% (3.68%)
Collateralized Mortgage Obligations		141
		101,754		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.67%)
					Yield (Discount Rate of Cash Flows)		2.15% - 7.76% (5.17%)
Collateralized Mortgage-Backed Securities		101,754
Total		481,225

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $274,239,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are 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 one thousand.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(d) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the 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-ment Model) may decrease or increase the fair value measurement.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 371

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (e)
		$71		Terms of Exchange Offer / Restructuring	Expected Recovery		$0.01 ($0.01)
		—	(a)(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
		—	(b)	Pending Distribution Amount	Discount for potential outcome (d)		100.00% (100.00%)
Common Stock		71
		4		Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
		—	(a)(b)	Pending Distribution Amount	Discount for potential outcome (d)		100.00% (100.00%)
Preferred Stock		4
		8,532		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		5.52% (5.52%)
		2		Pending Distribution Amount	Discount for potential outcome (d)		99.99% - 100.00% (99.99%)
Corporate Bond		8,534
Total		$8,609

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $69,658,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are 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 one thousand.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(d) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(e) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in 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.

Income Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	36,218	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (17.76%)
				Constant Default Rate		0.00% - 8.00% (0.30%)
				Yield (Discount Rate of Cash Flows)		2.94% - 7.84% (4.71%)
Asset-Backed Securities		36,218

372 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	6,032	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 11.50% (5.78%)
				Constant Default Rate		0.00% - 2.46% (0.09%)
				Yield (Discount Rate of Cash Flows)		4.43% - 7.49% (6.10%)
Collateralized Mortgage Obligations		6,032
		7,996	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (8.87%)
				Constant Default Rate		0.00% - 5.00% (0.44%)
				Yield (Discount Rate of Cash Flows)		(16.61%) - 24.12% (4.75%)
Commercial Mortgage-Backed Securities		7,996
Total	$	50,246

# The table above does not include level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $16,713,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Limited Duration Fund

Quantitative Information about Level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	71,541	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 31.00% (11.79%)
				Constant Default Rate		0.00% - 94.25% (0.93%)
				Yield (Discount Rate of Cash Flows)		2.36% - 116.37% (3.94%)
Asset-Backed Securities		71,541
		1,364	Discounted Cash Flow	PSA Prepayment Model		234.00% (234.00%)
				Constant Prepayment Rate		0.50% - 10.00% (8.08%)
				Constant Default Rate		0.00% - 4.92% (0.37%)
				Yield (Discount Rate of Cash Flows)		3.21% - 6.77% (3.86%)
Collateralized Mortgage Obligations		1,364
		158	Discounted Cash Flow	Constant Prepayment Rate		8.00% (8.00%)
				Constant Default Rate		3.00% (3.00%)
				Yield (Discount Rate of Cash Flows)		4.41% (4.41%)
Commercial Mortgage-Backed Securities		158
		57	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.49% (4.49%)
				Liquidity Discount		0.25% (0.25%)
Corporate Bonds		57
Total	$	73,120

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the 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.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 373

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Mortgage-Backed Securities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	113,703	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 34.00% (6.17%)
				Constant Default Rate		0.00% - 4.93% (0.21%)
				Yield (Discount Rate of Cash Flows)		3.10% - 6.46% (4.20%)
Asset-Backed Securities		113,703
		15,406	Discounted Cash Flow	PSA Prepayment Model		234.00% (234.00%)
				Constant Prepayment Rate		1.00% - 28.00% (11.78%)
				Constant Default Rate		0.00% - 7.88% (1.79%)
				Yield (Discount Rate of Cash Flows)		0.74% - 199.00% (6.92%)
Collateralized Mortgage Obligations		15,406
		19,528	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (3.19%)
				Constant Default Rate		0.00%
				Yield (Discount Rate of Cash Flows)		2.15% - 5.49% (4.40%)
Commercial Mortgage-Backed Securities		19,528
Total	$	148,637

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $46,500,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Short Duration Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	54,173		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (12.74%)
					Constant Default Rate		0.00% - 30.00% (0.11%)
					Yield (Discount Rate of Cash Flows)		2.94% - 14.26% (3.92%)
Asset-Backed Securities		54,173
		—	(b)	Discounted Cash Flow	PSA Prepayment Model		234.00% (234.00%)
					Yield (Discount Rate of Cash Flows)		4.62% (4.62%)
Collateralized Mortgage Obligations		—	(b)
Total	$	54,173

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $17,592,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Amount rounds to less than one thousand.

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 isolamortgagetion 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

374 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	5,028	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (15.25%)
				Constant Default Rate		0.00% - 3.45% (1.02%)
				Yield (Discount Rate of Cash Flows)		3.35% - 5.43% (4.08%)
Asset-Backed Securities		5,028
		3,399	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.31% - 4.30% (3.81%)
Collateralized Mortgage Obligations		3,399
Total	$	8,427

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $800,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the 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.

As of February 28, 2019, 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, Income Fund, Inflation Managed Bond 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, Government Bond Fund, High Yield Fund, Income Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration Core Plus Fund had delayed delivery securities outstanding as of February 28, 2019, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2019 are detailed on the SOIs.

D. Loan Assignments — Core Plus Bond Fund, High Yield Fund and Income 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

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 375

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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 Plus Bond Fund, High Yield Fund and Income 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 from non-affiliate on the Statements of Operations.

At February 28, 2019, the Funds did not have any outstanding unfunded loan commitments.

F. Derivatives — Core Plus Bond Fund, High Yield Fund, Income 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.

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 and Income Fund purchased and/or sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within 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 Funds 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 Funds will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

376 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Options Written — Premiums received by the Funds 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 Funds record 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 Funds 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 Funds 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 Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are 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 Funds’ 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 Funds may be required to post or receive collateral for over the counter options. Cash collateral posted by the Funds is considered restricted.

(2). Futures Contracts — Core Plus Bond Fund, Income Fund, Inflation Managed 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, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures 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 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 and Income 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 Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 377

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

(4). Swaps — Core Plus Bond Fund, High Yield Fund, Income Fund, Inflation Managed Bond Fund and Short Duration Core Plus Bond Fund engaged in various swap transactions, including interest rate and credit default swaps, to manage interest rate (e.g., duration, yield curve) and credit risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by a Fund 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, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the 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 for OTC derivatives. 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, 2019 are as follows (amounts in thousands):

Fund		Counterparty	Value of swap contracts			Collateral amount
Inflation Managed Bond Fund	Collateral Posted	Bank of America, NA	$	(1,403	)	$	1,580
		Barclays Bank plc		(1,006	)		1,200
		Citibank, NA		(1,126	)		1,340
		Credit Suisse International		(2,838	)		2,810
		Deutsche Bank AG		(1,002	)		890
		Morgan Stanley		(1,205	)		1,350
		Royal Bank of Scotland		(965	)		1,200
		Union Bank of Switzerland AG		(289	)		510

The Funds may be required to post or receive collateral for OTC Swaps.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

Core Plus Bond Fund, High Yield and Income 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.

378 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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.

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 for all Urban Consumers 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 tables present the value of derivatives held as of February 28, 2019, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Core Plus Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Exchange Contracts			Centrally Cleared Swaps (b)			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,197		$	—		$	—		$	2,197
Foreign currency exchange contracts	Receivables		—			227			—			227
Total		$	2,197		$	227		$	—		$	2,424
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(5,792	)	$	—		$	—		$	(5,792	)
Foreign currency exchange contracts	Payables		—			(52	)		—			(52	)
Credit contracts	Payables		—			—			(312	)		(312	)
Total		$	(5,792	)	$	(52	)	$	(312	)	$	(6,156	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

High Yield Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps (a)
Credit contracts	Receivables	$	13,621

(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.

Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	168
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(241	)

(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.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 379

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Inflation Managed Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Centrally Cleared Swaps (b)			OTC Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	86		$	1,028		$	—		$	1,114
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(154	)	$	(2,172	)	$	(9,834	)	$	(12,160	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

Inflation Managed Bond Fund

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statements 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	$	1,403	$	—	$	(1,403	)	$	—
Barclays Bank plc		1,006		—		(1,006	)		—
Citibank, NA		1,126		—		(1,126	)		—
Credit Suisse International		2,838		—		(2,810	)		28
Deutsche Bank AG		1,002		—		(890	)		112
Morgan Stanley		1,205		—		(1,205	)		—
Royal Bank of Scotland		965		—		(965	)		—
Union Bank of Switzerland AG		289		—		(289	)		—
	$	9,834	$	—	$	(9,694	)	$	140

(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.

Short Duration Core Plus Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Centrally Cleared Swaps (b)		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	49		$	4	$	53
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(22	)	$	—	$	(22	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

380 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

The following tables present the effect of derivatives on the Statements of Operations for the year ended February 28, 2019, 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	$	(2,956	)	$	7,094	$	—	$	—		$	4,138
Foreign exchange contracts		—			—		3,697		—			3,697
Credit contracts		—			—		—		(1,408	)		(1,408	)
Total	$	(2,956	)	$	7,094	$	3,697	$	(1,408	)	$	6,427

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	$	160	$	(5,040	)	$	—		$	—	$	(4,880	)
Foreign exchange contracts		—		—			(264	)		—		(264	)
Credit contracts		—		—			—			969		969
Total	$	160	$	(5,040	)	$	(264	)	$	969	$	(4,175	)

High Yield Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	7,917

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	(352	)

Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts		Swaps		Total
Interest rate contracts	$	(235	)	$	1,933	$	—	$	1,698
Credit contracts		—			—		814		814
Total	$	(235	)	$	1,933	$	814	$	2,512

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options		Futures Contracts		Swaps		Total
Interest rate contracts	$	60		$(60)	$	—	$	—
Credit contracts		—		—		53		53
Total	$	60		$(60)	$	53	$	53

Inflation Managed Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Swaps			Total
Interest rate contracts	$	(249	)	$	(6,624	)	$	(6,873	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Swaps			Total
Interest rate contracts	$	(68	)	$	(7,875	)	$	(7,943	)

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 381

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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	$	(336	)	$	(111	)	$	(447)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Swaps		Total
Interest rate contracts	$	56	$	4	$	60

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended February 28, 2019 (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		Income Fund		Inflation Managed Bond Fund			Short Duration Core Plus Fund
Futures Contracts — Interest:
Average Notional Balance Long	$	1,500,039		$	—	$	64,223	$	199,953	(a)	$	36,542
Average Notional Balance Short		255,628			—		85,113		29,761			17,253
Ending Notional Balance Long		1,612,639			—		116,833		159,353			57,619
Ending Notional Balance Short		600,188			—		185,399		45,001			26,583
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		10,471			—		51		—			—
Average Settlement Value Sold		41,299			—		59		—			—
Ending Settlement Value Purchased		22,791			—		—		—			—
Ending Settlement Value Sold		46,350			—		—		—			—
Exchange-Traded Options:
Average Number of Contracts Purchased		5,107	(b)		—		115		—			—
Average Number of Contracts Written		5,107	(b)		—		45		—			—
Credit Default Swaps:
Average Notional Balance — Buy Protection		58,631			—		3,231		—			—
Average Notional Balance — Sell Protection		139,000	(c)		181,846		3,392		—			—
Ending Notional Balance — Buy Protection		50,000			—		—		—			—
Ending Notional Balance — Sell Protection		—			192,000		—		—			—
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate		—			—		—		1,041,039			13,194	(d)
Average Notional Balance — Receives Fixed rate		—			—		—		14,423			—
Ending Notional Balance — Pays Fixed Rate		—			—		—		1,036,156			16,683

(a) For the period October 1, 2018 through February 28, 2019.

(b) For the period March 1, 2018 through March 31, 2018.

(c) For the period October 1, 2018 through October 31, 2018.

(d) For the period September 1, 2018 through February 28, 2019.

The Funds’ derivatives contracts held at February 28, 2019 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 real-

382 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

ized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

H. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market and/or the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimus amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At February 28, 2019, the value of outstanding securities on loan and the value of Collateral investment were as follows (amounts in thousands):

	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
Core Bond Fund	$	129,336	$	133,476	$	133,476
Core Plus Bond Fund		215,888		226,950		226,950
Income Fund		11,313		11,758		11,758
Short Duration Bond Fund		264		274		274

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of February 28, 2019 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Core Bond Fund	$	129,336	$	(129,336	)	$	—
Core Plus Bond Fund		215,888		(215,888	)		—
Income Fund		11,313		(11,313	)		—
Short Duration Bond Fund		264		(264	)		—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 383

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government

Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Core Bond Fund	$	5
Core Plus Bond Fund		11
Income Fund		2
Short Duration Bond Fund		—	(a)

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

Government Bond Fund, High Yield Fund, Inflation Managed Bond Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund and Short Duration Core Plus Fund did not lend out any securities during the year ended February 28, 2019.

I. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Amounts in the tables below are in thousands.

Core Bond Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a)(b)	$	807,610	$	7,990,416	$	8,517,432	$	3	$	82	$	280,679		280,595	$	8,808		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.59% (a)(b)		—		251,500		150,500		14		—		101,014		101,004		429	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (a)(b)		—		144,989		112,527		—		—		32,462		32,461		133	*		—
Total	$	807,610	$	8,386,905	$	8,780,459	$	17	$	82	$	414,155			$	9,370		$	—

Core Plus Bond Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a)(b)	$	654,304	$	4,516,370	$	4,770,305	$	73	$	111	$	400,553		400,433	$	16,492		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.59% (a)(b)		—		273,000		104,000		14		24		169,038		169,022		984	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (a)(b)		—		186,285		128,373		—		—		57,912		57,912		292	*		—
Total	$	654,304	$	4,975,655	$	5,002,678	$	87	$	135	$	627,503			$	17,768		$	—

384 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

Government Bond Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (a)(b)	$	62,272	$	579,868	$	470,771	$	—	$	—	$	171,369		171,369	$	1,342	$	—

High Yield Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (a)(b)	$	258,478	$	3,589,701	$	3,453,753	$	—	$	—	$	394,426		394,426	$	6,031	$	—

Income Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a)(b)	$	—	$	332,781	$	320,793	$	1	$	—	(c)	$	11,989		11,985	$	210		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares (a)		—		7,000		7,000		—		—	(c)		—		—		9	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (a)(b)		—		33,187		21,429		—		—			11,758		11,758		45	*		—
Total	$	—	$	372,968	$	349,222	$	1	$	—	(c)	$	23,747			$	264		$	—

Inflation Managed Bond Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a)(b)	$	17,633	$	454,109	$	449,656	$	(2	)	$	10	$	22,094		22,087	$	331	$	—

Limited Duration Bond Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a)(b)	$	72,656	$	553,836	$	544,794	$	(2	)	$	26	$	81,722		81,698	$	1,829	$	—

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 385

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Mortgage-Backed Securities Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a)(b)	$	24,731	$	759,573	$	658,932	$	1	$	26	$	125,399		125,361	$	1,290	$	—

Short Duration Bond Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (a)(b)	$	—	$	1,339	$	1,065	$	—	$	—	$	274		274	$	1	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (a)(b)		9,442		1,493,658		1,497,814		—		—		5,286		5,286		384			—
Total	$	9,442	$	1,494,997	$	1,498,879	$	—	$	—	$	5,560			$	385		$	—

Short Duration Core Plus Fund

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (a)(b)	$	1,893	$	185,981	$	180,393	$	—	$	—	$	7,481		7,481	$	100	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of February 28, 2019.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

J. 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 from non-affiliates 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.

K. 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.

386 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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, 2019 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	$	128	$	12	$	60		n/a	$	12	$	—	(a)	$	—	(a)	$	6		$	169		$	387
Core Plus Bond Fund
Transfer agency fees		77		10		16	$	2		8		—	(a)		—	(a)		—	(a)		126			239
Government Bond Fund
Transfer agency fees		48		2		15		n/a		13		—	(a)		—	(a)		n/a			8			86
High Yield Fund
Transfer agency fees		83		11		1,247		n/a		8		—	(a)		—	(a)	$	3			46			1,398
Income Fund
Transfer agency fees		6		1		3		n/a		n/a		n/a			n/a			n/a			—	(a)		10
Inflation Managed Bond Fund
Transfer agency fees		1		2		2		n/a		n/a		n/a			n/a		$	—	(a)		10			15
Limited Duration Bond Fund
Transfer agency fees		19		2		4		n/a		n/a		n/a			n/a			n/a			14			39
Mortgage-Backed Securities Fund
Transfer agency fees		15		2		9		n/a		n/a		n/a			n/a			n/a			8			34
Short Duration Bond Fund
Transfer agency fees		18		3		3		n/a		n/a		n/a			n/a			n/a			19			43
Short Duration Core Plus Fund
Transfer agency fees		14		1		2		n/a		n/a		n/a			n/a			n/a			—	(a)		17

(a) Amount rounds to less than one thousand.

L. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2019, 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.

M. 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. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

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	$	—		$	(46	)	$	46
Core Plus Bond Fund		—			1,670			(1,670	)
High Yield Fund		—			3,255			(3,255	)
Income Fund		—			65			(65	)
Inflation Managed Bond Fund		—			5			(5	)
Limited Duration Bond Fund		(6,963	)		31			6,932
Short Duration Bond Fund		—			6			(6	)
Short Duration Core Plus Fund		—			(1	)		1

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 387

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

The reclassifications for the Funds relate primarily to expiration of capital loss carryforwards, foreign currency gain/loss, investments in contingent preferred debt, investments in swaps and non-taxable dividends.

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
Income Fund	0.35
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

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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received 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, 2019, 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 Boards have 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	%

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, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Core Bond Fund	$	178	$	—	(a)
Core Plus Bond Fund		179		—	(a)
Government Bond Fund		20		—
High Yield Fund		71		1
Income Fund		55		—	(a)
Inflation Managed Bond Fund		1		—
Limited Duration Bond Fund		12		2
Mortgage-Backed Securities Fund		19		1
Short Duration Bond Fund		34		—	(a)
Short Duration Core Plus Fund		4		1

(a) Amount rounds to less than one thousand.

388 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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
Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
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

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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

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

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Core Plus Bond Fund, High Yield Fund, Income 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 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
Income Fund		0.65			1.20			0.40			n/a			n/a			n/a			n/a			n/a			0.40
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

The expense limitation agreements were in effect for the year ended February 28, 2019 and are in place until at least June 30, 2019, except the expense limitation agreement for Inflation Managed Bond Fund is in effect until September 30, 2019.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 389

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

For the year ended February 28, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Core Bond Fund	$	7,880	$	5,234	$	9,139	$	22,253	$	169
Core Plus Bond Fund		592		389		4,658		5,639		8
Government Bond Fund		554		369		1,230		2,153		8
High Yield Fund		6,104		3,781		5,409		15,294		28
Income Fund		347		222		593		1,162		8
Inflation Managed Bond Fund		4		2		319		325		—	(a)
Limited Duration Bond Fund		757		504		210		1,471		—
Mortgage-Backed Securities Fund		2,649		1,581		1,039		5,269		—
Short Duration Bond Fund		978		649		22		1,649		15
Short Duration Core Plus Fund		240		122		296		658		18

(a) Amount rounds to less than one thousand.

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, except for investments of securities lending cash collateral.

The amounts of waivers resulting from investments in these money market funds for the year ended February 28, 2019 were as follows (amounts in thousands):

Core Bond Fund	$	1,027
Core Plus Bond Fund		1,696
Government Bond Fund		139
High Yield Fund		618
Income Fund		20
Inflation Managed Bond Fund		29
Limited Duration Bond Fund		167
Mortgage-Backed Securities Fund		100
Short Duration Bond Fund		43
Short Duration Core Plus Fund		11

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.

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, 2019, Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Income 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, 2019, 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.

390 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

4. Investment Transactions

During the year ended February 28, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
Core Bond Fund	$	5,599,109	$	4,976,357	$	2,080,452	$	1,549,448	$	—	$	—
Core Plus Bond Fund		7,960,125		5,030,611		760,777		1,498,933		—		—
Government Bond Fund		275,531		70,124		199,868		59,002		—		—
High Yield Fund		3,885,115		4,209,838		—		—		—		—
Income Fund		514,289		151,662		23,938		20,143		27,084		27,085
Inflation Managed Bond Fund		443,214		629,900		464,471		604,386		—		—
Limited Duration Bond Fund		342,791		262,370		—		—		—		—
Mortgage-Backed Securities Fund		529,264		391,219		38,584		41,646		—		—
Short Duration Bond Fund		1,255,318		1,270,596		1,427,348		1,915,465		—		—
Short Duration Core Plus Fund		183,270		61,612		136,875		84,615		—		—

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, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Fund	$	29,647,613	$	262,759	$	336,980	$	(74,221	)
Core Plus Bond Fund		14,241,916		112,643		203,376		(90,733	)
Government Bond Fund		1,749,741		26,435		21,661		4,774
High Yield Fund		8,660,300		169,384		256,636		(87,252	)
Income Fund		570,153		6,720		5,603		1,117
Inflation Managed Bond Fund		1,107,360		8,208		19,894		(11,686	)
Limited Duration Bond Fund		1,105,948		3,206		6,456		(3,250	)
Mortgage-Backed Securities Fund		2,194,508		29,531		25,805		3,726
Short Duration Bond Fund		3,143,935		8,207		16,369		(8,162	)
Short Duration Core Plus Fund		278,507		1,972		1,016		956

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to defaulted bonds, investments in contingent payment debt instruments, investments in perpetual bonds, mark to market of futures contracts, non-taxable dividends, TIPs and wash sale loss deferrals.

The tax character of distributions paid during the year February 28, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Fund	$	834,526	$	26,705	$	861,231
Core Plus Bond Fund		423,345		—		423,345
Government Bond Fund		32,963		—		32,963
High Yield Fund		512,495		—		512,495
Income Fund		16,458		—		16,458
Inflation Managed Bond Fund		30,783		—		30,783
Limited Duration Bond Fund		25,264		—		25,264
Mortgage-Backed Securities Fund		65,263		—		65,263
Short Duration Bond Fund		66,917		—		66,917
Short Duration Core Plus Fund		5,101		—		5,101

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

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 391

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (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
Income Fund		6,572		—		6,572
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.

As of February 28, 2019, 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	$	8,406	$	(23,609	)	$	(74,221	)
Core Plus Bond Fund		6,045		(89,617	)		(96,876	)
Government Bond Fund		391		(1,751	)		4,774
High Yield Fund		9,423		(390,349	)		(87,291	)
Income Fund		362		(2,163	)		1,102
Inflation Managed Bond Fund		205		(55,996	)		(11,686	)
Limited Duration Bond Fund		359		(12,253	)		(3,250	)
Mortgage-Backed Securities Fund		473		(1,049	)		3,726
Short Duration Bond Fund		711		(21,548	)		(8,162	)
Short Duration Core Plus Fund		50		(15,467	)		931

For the Funds, the cumulative timing differences primarily consist of defaulted bonds, investments in contingent preferred debt, investments in perpetual bonds, post-October capital loss deferrals, trustee deferred compensation and wash sale loss deferrals.

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

As of February 28, 2019, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Core Bond Fund	$	12,851	$	10,758
Core Plus Bond Fund		44,308		45,309
Government Bond Fund		1,233		518
High Yield Fund		60,571		329,778
Income Fund		746		1,417
Inflation Managed Bond Fund		53,722		2,273
Limited Duration Bond Fund		—		12,253
Mortgage-Backed Securities Fund		242		808
Short Duration Bond Fund		11,300		10,248
Short Duration Core Plus Fund		4,495		10,971

392 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

During the year ended February 28, 2019 the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Government Bond Fund	$	163	$	—
Income Fund		135		—
Mortgage-Backed Securities Fund		158		806
Short Duration Core Plus Fund		—		26

During the year ended February 28, 2019 the following Fund had expired pre-enactment capital loss carryforwards as follows (amounts in thousands):

Limited Duration Bond Fund $ 6,963

Specified ordinary losses and net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2019 the Funds deferred to March 1, 2019 the following specified ordinary losses and net capital losses of (amounts in thousands):

	Specified Ordinary Losses		Net Capital Losses (Gains)
			Short-Term			Long-Term
Core Bond Fund	$	—	$	4,606		$	19,757
Core Plus Bond Fund		191		(7,417	)		20,776
Government Bond Fund		—		—			738
High Yield Fund		—		29,013			62,484
Inflation Managed Bond Fund		—		12,749			(825	)
Limited Duration Bond Fund		—		1			2
Short Duration Bond Fund		—		557			9,546
Short Duration Core Plus Fund		—		43			395

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 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 28, 2019. Average borrowings from the Facility during the year ended February 28, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Core Bond Fund	$	16,857		2.92	%		1	$	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 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 393

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

The Funds had no borrowings outstanding from the Credit Facility at February 28, 2019. Average borrowings from the Credit Facility during the year ended February 28, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Core Bond Fund	$	23,500		3.38	%		1	$	2

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of February 28, 2019, 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		—	%		24.4	%
Core Plus Bond Fund		—			28.1
High Yield Fund		—			23.7
Income Fund		13.0			—
Inflation Managed Bond Fund		15.0			44.7
Limited Duration Bond Fund		47.1			—

As of February 28, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-affiliated Omnibus Accounts		% of the Fund
Core Bond Fund		1		13.7	%		—		—	%
Core Plus Bond Fund		1		13.2			1		10.6
Government Bond Fund		—		—			1		19.8
High Yield Fund		1		10.7			1		10.6
Income Fund		2		35.5			2		39.8
Inflation Managed Bond Fund		2		37.3			1		17.3
Limited Duration Bond Fund		2		43.4			—		—
Short Duration Bond Fund		1		38.5			2		27.2
Short Duration Core Plus Fund		1		22.4			3		54.1

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

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Core Plus Bond Fund, High Yield Fund, Income 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) investments are comprised of asset-backed or mortgage-related securities, including securities backed by sub-prime mortgages.

High Yield Fund may invest up to 100% of the Funds’ total assets in below investment grade securities or unrated securities that JPMIM deems to be of equivalent quality. Such securities may include so called “distressed debt”.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds’ net assets could be adversely affected.

394 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap 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 been raising interest rates, the Funds may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

Core Bond Fund, Core Plus Bond Fund, High Yield Fund and Short Duration Core Plus 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. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has evaluated the implications of these changes and the amendments will have no effect on the Funds’ net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 395

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards 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 Income 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 Income Fund, JPMorgan Inflation Managed Bond Fund and JPMorgan Short Duration Core Plus Fund (three of the funds constituting JPMorgan Trust I) and 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) (hereafter collectively referred to as the “Funds”) as of February 28, 2019, the related statements of operations and cash flows (for JPMorgan Income Fund and JPMorgan Mortgage-Backed Securities Fund) for the year ended February 28, 2019, the statements of changes in net assets for each of the two years in the period ended February 28, 2019, 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, 2019, the results of each of their operations and the cash flows (for JPMorgan Income Fund and 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, 2019 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 physical inspection of securities owned as of February 28, 2019 and held by the custodian and confirmation of securities owned as of February 28, 2019 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and 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, 2019

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

396 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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 and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	137	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).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	137	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	137	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
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).	137	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 (accounting firm) (serving in various roles 1984-2012).	137	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).	137	None

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 397

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)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	137	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); 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).	137	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).	137	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).	137	None
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).	137	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
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).	137	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
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).	137	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

398 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

(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 Boards of Trustees serve currently includes eleven registered investment companies (137 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 Boards 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 Boards have 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.

*** 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 277 Park Avenue, New York, NY 10172.

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 399

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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
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 from 2010 to February 2014.
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.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 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.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
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 277 Park Avenue, New York, NY 10172.

    * 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.

400 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2018, and continued to hold your shares at the end of the reporting period, February 28, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) 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, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Bond Fund
Class A
Actual	$	1,000.00	$	1,018.40	$	3.75		0.75	%
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class C
Actual		1,000.00		1,014.40		6.74		1.35
Hypothetical		1,000.00		1,018.10		6.76		1.35
Class I
Actual		1,000.00		1,019.70		2.50		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R2
Actual		1,000.00		1,016.70		5.50		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10
Class R3
Actual		1,000.00		1,017.80		4.25		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85
Class R4
Actual		1,000.00		1,018.30		3.00		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class R5
Actual		1,000.00		1,019.10		2.25		0.45
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class R6
Actual		1,000.00		1,019.50		1.75		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 401

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Plus Bond Fund
Class A
Actual	$	1,000.00	$	1,020.00	$	3.71		0.74	%
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		1,016.60		6.95		1.39
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class I
Actual		1,000.00		1,021.50		2.26		0.45
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class L
Actual		1,000.00		1,021.30		2.41		0.48
Hypothetical		1,000.00		1,022.41		2.41		0.48
Class R2
Actual		1,000.00		1,018.00		5.70		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class R3
Actual		1,000.00		1,019.30		4.46		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R4
Actual		1,000.00		1,020.60		3.21		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64
Class R5
Actual		1,000.00		1,021.30		2.41		0.48
Hypothetical		1,000.00		1,022.41		2.41		0.48
Class R6
Actual		1,000.00		1,021.80		1.96		0.39
Hypothetical		1,000.00		1,022.86		1.96		0.39
JPMorgan Government Bond Fund
Class A
Actual		1,000.00		1,017.50		3.70		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		1,014.50		6.69		1.34
Hypothetical		1,000.00		1,018.15		6.71		1.34
Class I
Actual		1,000.00		1,018.90		2.35		0.47
Hypothetical		1,000.00		1,022.46		2.36		0.47
Class R2
Actual		1,000.00		1,015.80		5.45		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class R3
Actual		1,000.00		1,017.10		4.20		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R4
Actual		1,000.00		1,017.30		2.95		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R6
Actual		1,000.00		1,019.60		1.70		0.34
Hypothetical		1,000.00		1,023.11		1.71		0.34

402 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan High Yield Fund
Class A
Actual	$	1,000.00	$	1,017.70	$	4.95		0.99	%
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class C
Actual		1,000.00		1,013.80		7.44		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class I
Actual		1,000.00		1,018.90		3.70		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R2
Actual		1,000.00		1,016.00		6.70		1.34
Hypothetical		1,000.00		1,018.15		6.71		1.34
Class R3
Actual		1,000.00		1,015.80		5.45		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class R4
Actual		1,000.00		1,018.40		4.20		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R5
Actual		1,000.00		1,019.10		3.45		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69
Class R6
Actual		1,000.00		1,018.30		2.95		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
JPMorgan Income Fund
Class A
Actual		1,000.00		1,032.40		3.23		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64
Class C
Actual		1,000.00		1,029.50		5.99		1.19
Hypothetical		1,000.00		1,018.89		5.96		1.19
Class I
Actual		1,000.00		1,032.70		1.97		0.39
Hypothetical		1,000.00		1,022.86		1.96		0.39
Class R6
Actual		1,000.00		1,033.80		2.02		0.40
Hypothetical		1,000.00		1,022.81		2.01		0.40
JPMorgan Inflation Managed Bond Fund
Class A
Actual		1,000.00		999.70		3.72		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class C
Actual		1,000.00		996.40		6.93		1.40
Hypothetical		1,000.00		1,017.85		7.00		1.40
Class I
Actual		1,000.00		1,001.40		2.98		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class R5
Actual		1,000.00		1,000.60		2.73		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class R6
Actual		1,000.00		1,001.00		2.33		0.47
Hypothetical		1,000.00		1,022.46		2.36		0.47

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 403

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Limited Duration Bond Fund
Class A
Actual	$	1,000.00	$	1,013.30	$	3.39		0.68	%
Hypothetical		1,000.00		1,021.42		3.41		0.68
Class C
Actual		1,000.00		1,011.00		5.88		1.18
Hypothetical		1,000.00		1,018.94		5.91		1.18
Class I
Actual		1,000.00		1,014.50		2.15		0.43
Hypothetical		1,000.00		1,022.66		2.16		0.43
Class R6
Actual		1,000.00		1,015.50		1.15		0.23
Hypothetical		1,000.00		1,023.65		1.15		0.23
JPMorgan Mortgage-Backed Securities Fund
Class A
Actual		1,000.00		1,022.50		3.26		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
Class C
Actual		1,000.00		1,019.80		5.76		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15
Class I
Actual		1,000.00		1,024.50		2.01		0.40
Hypothetical		1,000.00		1,022.81		2.01		0.40
Class R6
Actual		1,000.00		1,024.30		1.25		0.25
Hypothetical		1,000.00		1,023.55		1.25		0.25
JPMorgan Short Duration Bond Fund
Class A
Actual		1,000.00		1,013.70		3.99		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class C
Actual		1,000.00		1,012.00		6.49		1.30
Hypothetical		1,000.00		1,018.35		6.51		1.30
Class I
Actual		1,000.00		1,015.80		2.75		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class R6
Actual		1,000.00		1,017.10		1.50		0.30
Hypothetical		1,000.00		1,023.31		1.51		0.30
JPMorgan Short Duration Core Plus Fund
Class A
Actual		1,000.00		1,019.80		3.16		0.63
Hypothetical		1,000.00		1,021.67		3.16		0.63
Class C
Actual		1,000.00		1,017.40		5.65		1.13
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class I
Actual		1,000.00		1,021.10		1.90		0.38
Hypothetical		1,000.00		1,022.91		1.91		0.38
Class R6
Actual		1,000.00		1,021.30		1.60		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32

* 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).

404 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2019

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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long-Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2019 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Core Bond Fund	$	26,705

Qualified Interest Income (QII)

Each Fund listed below paid the following amount, or the maximum allowable amount, of ordinary distributions treated as qualified interest income for the fiscal year ended February 28, 2019 (amounts in thousands):

	Qualified Interest Income
JPMorgan Core Bond Fund	$	763,475
JPMorgan Core Plus Bond Fund		365,596
JPMorgan Government Bond Fund		32,963
JPMorgan High Yield Fund		392,107
JPMorgan Limited Duration Bond Fund		23,620
JPMorgan Short Duration Bond Fund		60,052

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, 2019:

	Income from U.S. Treasury Obligations
JPMorgan Core Bond Fund		23.12	%
JPMorgan Core Plus Bond Fund		13.28
JPMorgan Government Bond Fund		31.63
JPMorgan High Yield Fund		0.03
JPMorgan Income Fund		0.42
JPMorgan Inflation Managed Bond Fund		16.41
JPMorgan Mortgage-Backed Securities Fund		2.34
JPMorgan Short Duration Bond Fund		34.62
JPMorgan Short Duration Core Plus Fund		21.52

FEBRUARY 28, 2019 J.P. MORGAN INCOME FUNDS 405

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. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. February 2019. AN-INC2-219

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)).

The audit committee financial expert is Dennis P. Harrington. 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

2019 – $895,526

2018 – $948,146

(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

2019 – $103,470

2018 – $114,450

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

2019 – $166,249

2018 – $ 182,315

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, 2019 and 2018, 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

2019 – Not applicable

2018 – 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.

2019 – 0.0%

2018 – 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:

2018 - $32.5 million

2017 - $32.3 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 07, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	May 07, 2019
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	May 07, 2019