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, 2020 through August 31, 2020

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).

Semi-Annual Report

J.P. Morgan Municipal Bond Funds

August 31, 2020 (Unaudited)

JPMorgan High Yield Municipal Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income 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

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan High Yield Municipal Fund	3
JPMorgan Short-Intermediate Municipal Bond Fund	5
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)	7
JPMorgan Tax Free Bond Fund	9
JPMorgan Ultra-Short Municipal Fund	11
Schedules of Portfolio Investments	13
Financial Statements	104
Financial Highlights	118
Notes to Financial Statements	128
Schedule of Shareholder Expenses	140
Board Approval of Investment Advisory Agreements	142

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.

LETTER TO SHAREHOLDERS

OCTOBER 23, 2020 (Unaudited)

Dear Shareholders,

Even as the U.S. economy has endured a severe contraction since the start of the pandemic, financial markets have generally rebounded from lows seen in March 2020 amid unprecedented support from the Federal Reserve (the “Fed”) and investor optimism about efforts to contain the spread of COVID-19.

  “Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.” — Andrea L. Lisher

In response to an acute sell-off in financial markets in February and March 2020, the Fed unveiled an array of lending and asset purchasing programs designed to head off a liquidity crisis in credit markets and maintain the flow of credit to the public and private sectors. The Fed also slashed interest rates in March 2020, as jobless claims spiked to record highs, which helped to bolster equity markets. In the following months, financial market volatility subsided and asset prices generally began to rebound, though global oil prices remained at historically low levels amid a steep drop off in demand and slower economic

activity. For the six months ended August 31, 2020, the S&P 500 Index returned 19.6% and the Bloomberg Barclays U.S. Aggregate Index returned 2.9%.

Our long-term view remains one of cautious optimism, but we recognize the near-term risks stemming from uncertainty surrounding additional fiscal support and efforts to contain COVID-19. The pace of economic activity looks set to slow into the end of the year as services remain under pressure, and additional stimulus may be required to keep the economy on track in 2021. That said, volatility in financial markets could begin to recede as the results of the November 3^rd election provide clarity on the contours of the political landscape going forward. Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

The reporting period began amid a steep sell-off in global financial markets as COVID-19 was declared a pandemic and economic activity was sharply curtailed. However, from April through the end of August 2020, financial markets largely rebounded amid unprecedented support from leading central banks and the efforts of national governments to both provide fiscal stimulus and limit the spread of the novel coronavirus.

A potential liquidity crisis in U.S. credit markets was headed off by the U.S. Federal Reserve, which unleashed an array of programs to shore up financial markets. While new issuance in the U.S. municipal bond market was sharply curtailed in March and April 2020, the pace of new issuance bonds began to rebound in June. While state and local governments in the U.S. faced a severe decline in revenue, most entered the reporting period with solid finances following more than a decade of continuous economic expansion in the U.S.

Overall, investment grade corporate credit and high yield debt (also known as “junk bonds”) rallied as investors sought higher yields amid falling interest rates and low yields on U.S. Treasury bonds. Within the tax free bond sector, higher rated bonds generally outperformed lower rated securities and pre-refunded, local general obligation bonds and utilities sector bonds generally outperformed state general obligation and transportation bonds.

For the six months ended August 31, 2020, the Bloomberg Barclays U.S. Aggregate Index returned 2.98% and the Bloomberg Barclays U.S. Municipal Index return 0.19%.

2 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

JPMorgan High Yield Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(4.85)%
Bloomberg Barclays U.S. Municipal Index		0.19%
Bloomberg Barclays High Yield Municipal Bond Index		(4.17)%
Net Assets as of 8/31/2020 (In Thousands)	$	499,644
Duration as of 8/31/2020		8.8 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2020, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Municipal Index (the “Benchmark”) and the Bloomberg Barclays High Yield Municipal Bond Index.

The Fund’s out-of-Benchmark allocation to high yield bonds (also known as “junk bonds”) was a leading detractor from performance relative to the Benchmark. The Fund’s overweight allocation to education bonds and bonds rated BBB also detracted from relative performance.

The Fund’s underweight allocations to industrial development revenue/pollution control revenue bonds and transportation bonds were leading contributors to relative performance. The Fund’s underweight allocation to housing bonds also helped relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s assets were invested in municipal bonds, with a small allocation to loan assignments.

The Fund’s largest allocations were to bonds rated BBB and non-rated bonds while its smallest allocations were in bonds rated AAA and single-B. At the end of the reporting period, the Fund’s overall duration was 8.8 years compared with 5.2 years for the Benchmark.

CREDIT QUALITY ALLOCATIONS***
AAA	3.6	%
AA	10.1
A	11.4
BBB	30.1
BB	15.8
B	1.1
NR	27.9

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 3

JPMorgan High Yield Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 17, 2007
With Sales Charge**			(8.43	)%		(4.92	)%		2.56	%		3.18	%
Without Sales Charge			(4.90	)		(1.25	)		3.36			3.57
CLASS C SHARES	September 17, 2007
With CDSC***			(6.07	)		(2.66	)		2.85			3.06
Without CDSC			(5.07	)		(1.66	)		2.85			3.06
CLASS I SHARES	September 17, 2007		(4.85	)		(1.15	)		3.47			3.68
CLASS R6 SHARES	November 1, 2018		(4.81	)		(1.06	)		3.51			3.70

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays High Yield Municipal Bond Index from August 31, 2010 to August 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

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

4 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		0.37%
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index		1.36%
Net Assets as of 8/31/2020 (In Thousands)	$	1,728,521
Duration as of 8/31/2020		3.7 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 six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight allocations to hospital and special tax bonds were leading detractors from performance. The Fund’s overweight allocations to bonds rated single-A and BBB and its underweight allocations to bonds rated AAA and AA, as well as its underweight allocations to the pre-refunded bonds and state general obligation bonds also detracted from relative performance.

The Fund’s overweight allocation to local general obligation bonds was a leading contributor to relative performance. The Fund’s overweight allocations to education and housing bonds, and its underweight allocation to New York State bonds also helped relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	21.6	%
AA	48.7
A	18.6
BBB	7.5
BB	0.2
NR	3.4

* 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 August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 5

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge**			(1.89	)%		(0.28	)%		1.39	%		1.02	%
Without Sales Charge			0.37			2.04			1.85			1.24
CLASS C SHARES	November 1, 2001
With CDSC***			(0.89	)		0.59			1.34			0.73
Without CDSC			0.11			1.59			1.34			0.73
CLASS I SHARES	June 19, 2009		0.59			2.57			2.32			1.72
CLASS R6 SHARES	October 1, 2018		0.61			2.53			2.33			1.72

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 Short-Intermediate Municipal Bond Fund and the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index from August 31, 2010 to August 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

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

6 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.61%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		0.76%
Net Assets as of 8/31/2020 (In Thousands)	$	302,109
Duration as of 8/31/2020		4.9 years

INVESTMENT OBJECTIVE**

The JPMorgan Sustainable Municipal Income Fund (the “Fund”) seeks current income exempt from federal income taxes.

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

For the six months ended August 31, 2020, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight allocation to education bonds rated single-A and BBB was a leading detractor from performance. The Fund’s underweight allocations to general obligation bonds and pre-refunded bonds also detracted from relative performance.

The Fund’s bias toward higher quality bonds within the housing and special tax bond sectors was a leading contributor to relative performance. The Fund’s overweight allocation to water & sewer bonds and its underweight allocation to industrial development revenue/pollution control revenue bonds also contributed to relative performance. The Fund’s overweight allocation to bond durations of eight years and longer also helped relative performance as interest rates fell. Generally, bonds with longer duration will experience a greater increase in price than shorter duration bonds when interest rates fall.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. At the end of the six month period, the Fund’s overall duration was 4.9 years and the Benchmark’s was 4.4 years.

CREDIT QUALITY ALLOCATIONS***
AAA	24.3	%
AA	46.4
A	21.7
BBB	6.4
NR	1.2

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 7

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge**			(3.19	)%		(1.23	)%		2.14	%		2.43	%
Without Sales Charge			0.58			2.66			2.92			2.82
CLASS C SHARES	November 4, 1997
With CDSC***			(0.70	)		1.22			2.35			2.24
Without CDSC			0.30			2.22			2.35			2.24
CLASS I SHARES	February 9, 1993		0.61			2.93			3.18			3.07
CLASS R6 SHARES	November 6, 2017		0.76			3.04			3.24			3.10

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 Sustainable Municipal Income Fund and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index from August 31, 2010 to August 31, 2020. 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 reinvest-

ment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. 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. 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 on gains resulting from redemptions of Fund shares.

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

8 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(0.76)%
Bloomberg Barclays U.S. Municipal Index	0.19%
Net Assets as of 8/31/2020 (In Thousands)	$564,398
Duration as of 8/31/2020	7.8 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays U.S. Municipal Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight allocations to bonds rated single-A and BBB was a leading detractor from performance. The Fund’s overweight allocations to bond maturities of 17+ years and to hospital bonds, and its underweight allocation to state general obligation bonds and overweight allocation to hospital bonds also detracted from relative performance. While education bonds generally provided positive returns, the Fund’s bias to education bonds rated single-A and BBB detracted from relative performance.

The Fund’s overweight allocation to local general obligation bonds and its security selection within housing bonds were leading contributors to relative performance. The Fund’s underweight allocations to transportation bonds and New York State bonds also helped 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	12.0	%
AA	49.5
A	23.5
BBB	11.9
BB	0.8
B	0.5
NR	1.8

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge**			(4.46	)%		(1.24	)%		2.84	%		3.22	%
Without Sales Charge			(0.76	)		2.58			3.63			3.61
CLASS C SHARES	July 1, 2008
With CDSC***			(2.06	)		0.92			3.01			2.95
Without CDSC			(1.06	)		1.92			3.01			2.95
CLASS I SHARES	February 1, 1995		(0.74	)		2.73			3.84			3.81
CLASS R6 SHARES	October 1, 2018		(0.71	)		2.79			3.86			3.82

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays U.S. Municipal Index from August 31, 2010 to August 31, 2020. 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 Bloomberg Barclays

U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. 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 on gains resulting from redemptions of Fund shares.

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

10 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

JPMorgan Ultra-Short Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	0.45%
Bloomberg Barclays 1 Year Municipal Bond Index	0.98%
Net Assets as of 8/31/2020 (In Thousands)	$5,477,958
Duration as of 8/31/2020	0.9 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s shorter overall duration was a leading detractor from performance as interest rates fell during the reporting period. Generally, bonds with shorter duration experience a smaller price increase compared with longer duration bonds when interest rates decline. The Fund’s security selection and overweight allocation to hospital bonds, and its out-of-Benchmark allocation to variable rate demand notes, which generally do not benefit from principal stability amid falling interest rates, also detracted from relative performance.

The Fund’s out-of-Benchmark exposure to bond durations of four-to-six years was a leading contributor to relative performance as longer duration bonds outperformed shorter duration bonds. The Fund’s underweight allocation and security selection in state general obligation bonds also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	22.7	%
AA	40.5
A	8.9
BBB	3.8
BB	0.2
NR	23.9

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 11

JPMorgan Ultra-Short Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2016
With Sales Charge**			(1.98	)%		(1.34	)%		0.48	%
Without Sales Charge			0.25			0.91			1.02
CLASS I SHARES	May 31, 2016		0.45			1.21			1.24

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

LIFE OF FUND PERFORMANCE (5/31/16 TO 8/31/20)

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 and the Bloomberg Barclays 1 Year Municipal Bond Index from May 31, 2016 to August 31, 2020. 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 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. 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 applicable 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 on gains resulting from 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 AUGUST 31, 2020

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 97.1% (a)
Alaska — 0.5%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		337
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036		2,000		2,302
Total Alaska				2,639
Arizona — 4.2%
Arizona Industrial Development Authority Series 2020A, Rev., 4.00%, 7/15/2040 (b)		800		776
Arizona Industrial Development Authority, Academics of Math and Science Projects
Rev., 4.00%, 7/1/2029 (b)		400		408
Rev., 5.00%, 7/1/2039 (b)		1,000		1,054
Arizona Industrial Development Authority, Cadence Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (b)		500		516
Arizona Industrial Development Authority, Equitable School Revolving Funds Series A, Rev., 5.00%, 11/1/2044		750		906
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects
Series 2019A, Rev., 3.55%, 7/15/2029 (b)		1,360		1,352
Series 2019A, Rev., 5.00%, 7/15/2039 (b)		1,325		1,412
Series 2019A, Rev., 5.00%, 7/15/2049 (b)		1,675		1,739
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2029		1,500		1,501
Series 2019A, Rev., 5.00%, 1/1/2037		1,000		949
Series 2019A, Rev., 5.00%, 1/1/2038		1,000		937
Series 2019A, Rev., 4.25%, 1/1/2039		1,000		844
Series 2019A, Rev., 4.50%, 1/1/2049		2,000		1,631
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects
Series 2018A, Rev., 5.00%, 7/15/2028 (b)		1,000		1,082
Series 2018A, Rev., 5.75%, 7/15/2038 (b)		1,000		1,107
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029		40		55
Glendale Industrial Development Authority, Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028		450		446
Series 2018A, Rev., 5.00%, 7/1/2033		600		618
Series 2018A, Rev., 5.00%, 7/1/2038		300		305
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		381

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
Series 2018A, Rev., 5.00%, 7/1/2033		150		163
Series 2018A, Rev., 5.00%, 7/1/2037		200		214
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project
Series 2018A, Rev., 5.00%, 2/15/2028		200		227
Series 2018A, Rev., 5.00%, 2/15/2038		405		453
Maricopa County Industrial Development Authority
Series 2020A, Rev., 4.00%, 7/1/2030 (b)		320		331
Series 2020A, Rev., 5.00%, 7/1/2040 (b)		620		654
Series 2020A, Rev., 5.00%, 7/1/2050 (b)		780		811
Total Arizona				20,872
California — 1.7%
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project
Rev., 5.00%, 5/1/2037		750		773
Rev., 5.00%, 5/1/2038		400		411
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047		500		562
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		224
California Municipal Finance Authority, John Adams Academies Lincoln Project
Series 2019A, Rev., 4.00%, 10/1/2029 (b)		410		417
Series 2019A, Rev., 5.00%, 10/1/2039 (b)		900		940
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		258
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		255
California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		850		925
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025 (c)		250		275
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		230
California Public Finance Authority, Laverne Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029 (b)		795		808

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 13

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
Series 2019A, Rev., 5.00%, 6/15/2039 (b)		785		802
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030		200		171
California School Finance Authority Series 2015A, Rev., 5.00%, 7/1/2035 (b)		100		113
Eastern Municipal Water District Financing Authority Series 2020A, Rev., 5.00%, 7/1/2037		80		108
Palomar Health Rev., 5.00%, 11/1/2039		500		568
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (d)		160		233
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, Zero Coupon, 9/1/2028		100		73
Sunnyvale Elementary School District, Election 2004 Series C, GO, 5.50%, 9/1/2034		175		259
Total California				8,405
Colorado — 8.6%
Aviation Station, North Metropolitan District No. 2 Series A, GO, 5.00%, 12/1/2039		750		766
Bradburn Metropolitan District No. 2
Series 2018A, GO, 5.00%, 12/1/2038		500		536
Series 2018B, GO, 7.25%, 12/15/2047		500		509
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
Series 2018A, Rev., 5.00%, 12/1/2032		500		615
Series 2018A, Rev., 5.00%, 12/1/2033		500		610
Series 2018A, Rev., 4.00%, 12/1/2048		500		541
Colorado Health Facilities Authority Series 2017A, Rev., 5.00%, 5/15/2022		280		291
Colorado Health Facilities Authority, Christian Living Neighborhoods
Rev., 4.00%, 1/1/2028		500		520
Rev., 4.00%, 1/1/2038		550		526
Rev., 5.00%, 1/1/2038		1,550		1,659
Colorado Health Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		2,000		2,216
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series A, Rev., 5.25%, 5/15/2028		1,000		1,142
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Series 2020A, Rev., 4.00%, 9/1/2050		675		735

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — continued
Copper Ridge Metropolitan District
Rev., 4.00%, 12/1/2029		1,000		946
Rev., 5.00%, 12/1/2039		1,000		947
Copperleaf Metropolitan District No. 4
Series 2020A, GO, 5.00%, 12/1/2039		775		796
Series 2020A, GO, 5.00%, 12/1/2049		1,000		1,009
Cottonwood Highlands Metropolitan District No. 1 Series 2019A, GO, 5.00%, 12/1/2049		900		911
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,121
Denver Health & Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037		1,250		1,343
DIATC Metropolitan District
GO, 3.25%, 12/1/2029 (b)		590		569
GO, 5.00%, 12/1/2039 (b)		1,240		1,277
Jefferson Center Metropolitan District No. 1
Series 2020A-2, Rev., 4.13%, 12/1/2040		285		286
Series 2020B, Rev., 5.75%, 12/15/2050		2,500		2,508
Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039		1,375		1,417
Mirabelle Metropolitan District No. 2
Series 2020A, GO, 5.00%, 12/1/2039		700		715
Series 2020A, GO, 5.00%, 12/1/2049		1,250		1,258
Painted Prairie Metropolitain District No. 2 GO, 5.25%, 12/1/2048		2,000		2,042
Painted Prairie Public Improvement Authority
Rev., 4.00%, 12/1/2029		1,000		1,021
Rev., 5.00%, 12/1/2039		2,500		2,626
Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023		90		98
Raindance Metropolitan District No. 1 Non-Potable Water System Rev., 5.00%, 12/1/2040		750		753
South Suburban Park & Recreation District
COP, 4.00%, 12/15/2036		1,350		1,553
COP, 4.00%, 12/15/2037		500		574
STC Metropolitan District No. 2
Series 2019A, GO, 3.00%, 12/1/2025		555		539
Series 2019A, GO, 4.00%, 12/1/2029		1,000		1,001
Series 2019A, GO, 5.00%, 12/1/2038		1,700		1,738
Thompson Crossing Metropolitan District No. 4
GO, 5.00%, 12/1/2039		1,400		1,466
GO, 5.00%, 12/1/2049		1,500		1,526

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Colorado — continued
Trails at Crowfoot Metropolitan District No. 3
Series A, GO, 4.38%, 12/1/2030		620		624
Series A, GO, 5.00%, 12/1/2039		1,000		1,020
Willow Bend Metropolitan District Series A, GO, 5.00%, 12/1/2039		600		616
Total Colorado				42,966
Connecticut — 1.8%
Connecticut State Health & Educational Facilities Authority
Series A-1, Rev., 5.00%, 10/1/2029 (b)		400		426
Series G-1, Rev., 5.00%, 7/1/2034 (b)		225		254
Series A-1, Rev., 4.50%, 10/1/2034 (b)		2,350		2,351
Series A-1, Rev., 5.00%, 10/1/2039 (b)		1,000		1,020
Connecticut State Health and Educational Facilities Authority, McLean Issue
Series 2020B-2, Rev., 2.75%, 1/1/2026 (b)		650		653
Series 2020B-1, Rev., 3.25%, 1/1/2027 (b)		700		704
Series 2020A, Rev., 5.00%, 1/1/2030 (b)		250		275
Series 2020A, Rev., 5.00%, 1/1/2045 (b)		500		530
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2020		200		202
State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,232
Town of Hamden Rev., 5.00%, 1/1/2030		1,500		1,545
Total Connecticut				9,192
Delaware — 0.2%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		798
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		125		127
Total Delaware				925
District of Columbia — 0.3%
District of Columbia
Series 2017B, Rev., 5.00%, 7/1/2037		500		584
Rev., 4.00%, 7/1/2039		200		217
District of Columbia, International School Issue Rev., 5.00%, 7/1/2039		650		750
Total District of Columbia				1,551
Florida — 10.2%
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project
Series A, Rev., 5.00%, 12/15/2029		405		458

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Series A, Rev., 5.00%, 12/15/2039		1,775		1,939
Capital Trust Agency, Inc., Franklin Academy Project
Rev., 4.00%, 12/15/2025 (b)		300		315
Rev., 5.00%, 12/15/2026 (b)		300		332
Rev., 5.00%, 12/15/2027 (b)		330		363
Rev., 5.00%, 12/15/2028 (b)		345		379
Rev., 5.00%, 12/15/2029 (b)		365		399
Rev., 5.00%, 12/15/2030 (b)		510		556
Rev., 5.00%, 12/15/2035 (b)		1,080		1,159
Rev., 5.00%, 12/15/2040 (b)		1,200		1,274
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project
Series 2020A, Rev., 3.00%, 12/15/2029 (b)		420		397
Series 2020A, Rev., 5.00%, 12/15/2039 (b)		640		684
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc. Project
Series 2020A, Rev., 4.00%, 8/1/2030		200		227
Series 2020A, Rev., 5.00%, 8/1/2040		300		349
Charlotte County, Utility System
Rev., AGM, 5.25%, 10/1/2021 (d)		70		74
Rev., AGM, 5.25%, 10/1/2024		130		137
City of Tampa, H. Lee Moffitt Cancer Center Project
Series 2020B, Rev., 4.00%, 7/1/2038		190		217
Series 2020B, Rev., 4.00%, 7/1/2039		250		285
Series 2020B, Rev., 5.00%, 7/1/2040		390		482
Series 2020B, Rev., 4.00%, 7/1/2045		750		842
Series 2020B, Rev., 5.00%, 7/1/2050		1,785		2,185
City of Venice, Village on the Isle Project
Rev., 5.00%, 1/1/2037		1,000		1,058
Rev., 5.00%, 1/1/2047		1,000		1,037
County of Broward Series 2019A, Rev., AMT, 4.00%, 10/1/2044		2,475		2,743
County of Lake, Imagine South Lake Charter School Project
Series A, Rev., 5.00%, 1/15/2029 (b)		500		536
Series A, Rev., 5.00%, 1/15/2039 (b)		550		579
Series A, Rev., 5.00%, 1/15/2049 (b)		825		854
County of Palm Beach, Atlantic University
Rev., 5.00%, 4/1/2029 (b)		400		417
Rev., 5.00%, 4/1/2039 (b)		900		896
County of Palm Beach, Tuscan Gardens of Delray Beach Project
Series 2018-A, Rev., 4.25%, 10/1/2029 (c)		1,000		900
Series 2018C, Rev., 6.25%, 10/1/2029 (c)		1,000		850

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 15

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Florida — continued
Florida Development Finance Corp. Series 2020A, Rev., 5.00%, 1/1/2040 (b)		2,430		2,468
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School Inc. Project
Series 2020C, Rev., 4.00%, 9/15/2030 (b)		235		243
Series 2020C, Rev., 5.00%, 9/15/2040 (b)		525		559
Florida Development Finance Corp., Educational Facilities, Social Bonds — UCP Charter Schools Project
Series 2020A, Rev., 4.00%, 6/1/2030 (b)		500		500
Series 2020A, Rev., 5.00%, 6/1/2040 (b)		830		854
Florida Development Finance Corp., Imagine School at Broward Project
Series A, Rev., 4.00%, 12/15/2029 (b)		260		289
Series A, Rev., 5.00%, 12/15/2034 (b)		525		613
Series A, Rev., 5.00%, 12/15/2039 (b)		305		352
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 5.00%, 3/1/2034		385		424
Rev., 5.00%, 3/1/2035		1,165		1,281
Rev., 5.00%, 3/1/2036		1,230		1,349
Rev., 5.00%, 3/1/2037		1,130		1,236
Rev., 5.00%, 3/1/2044		2,000		2,149
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Series 2019, Rev., 5.00%, 3/1/2039		750		803
JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		26
Lakeland Educational Facilities, Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025		500		534
Lee County Industrial Development Authority, Shell Point/Waterside Health Project Rev., 5.00%, 11/15/2039		1,340		1,463
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		618
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group
Series 2020B, Rev., 4.00%, 11/15/2041		250		275
Series 2020B, Rev., 5.00%, 11/15/2042		500		592
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (b)		1,060		1,153
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		625		692

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates
Series 2019A, Rev., 5.00%, 1/1/2029		440		475
Series 2019A, Rev., 5.00%, 1/1/2039		400		419
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,132
Seminole County Industrial Development Authority
Series 2019B-2, Rev., 3.75%, 11/15/2025		2,000		1,866
Series 2019B-1, Rev., 4.25%, 11/15/2026		2,000		1,881
Series 2019A, Rev., 5.00%, 11/15/2029		1,000		978
Series 2019A, Rev., 5.25%, 11/15/2039		2,000		1,847
Tampa Bay Water Utility System, Revenue Refunding and Improvement Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		720
Total Florida				50,714
Georgia — 0.3%
City of Atlanta, Airport Series 2012C, Rev., 5.00%, 1/1/2042		500		522
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc. Project Series 2020A, Rev., 5.00%, 4/1/2050		230		284
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		284
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 12/1/2029		5		5
Glynn-Brunswick Memorial Hospital Authority Rev., 4.00%, 8/1/2036		375		424
Total Georgia				1,519
Idaho — 0.0% (e)
Idaho Housing and Finance Association, Compass Public Charter School, Inc. Project Series A, Rev., 4.63%, 7/1/2029 (b)		180		189
Illinois — 4.8%
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		575
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		192
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047		1,265		1,273
Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		600		734

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, University of Illinois, Champaign Project
Series 2019A, Rev., 5.00%, 10/1/2036		300		368
Series 2019A, Rev., 5.00%, 10/1/2037		400		489
Series 2019A, Rev., 5.00%, 10/1/2038		400		488
Series 2019A, Rev., 5.00%, 10/1/2039		350		425
Series 2019A, Rev., 5.00%, 10/1/2044		1,000		1,198
Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021 (d)		150		153
Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028		1,610		1,687
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027		50		64
Northern Illinois University
Series 2020B, Rev., 4.00%, 4/1/2039		650		727
Series 2020B, Rev., 4.00%, 4/1/2041		1,450		1,612
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		299
Sales Tax Securitization Corp. Series 2020A, Rev., 5.00%, 1/1/2037		1,050		1,267
State of Illinois
GO, 4.88%, 5/1/2021		750		766
Series 2018A, GO, 5.00%, 10/1/2021		750		777
GO, 5.13%, 5/1/2022		250		264
GO, 5.38%, 5/1/2023		250		271
GO, 5.50%, 5/1/2024		750		834
Series 2012, GO, 4.13%, 3/1/2028		170		173
GO, 4.00%, 6/1/2035		5,000		5,121
Upper Illinois River Valley Development Authority, Morris Hospital
Series 2018, Rev., 5.00%, 12/1/2027		1,145		1,415
Series 2018, Rev., 5.00%, 12/1/2028		1,050		1,318
Series 2018, Rev., 5.00%, 12/1/2029		875		1,092
Series 2018, Rev., 5.00%, 12/1/2033		250		301
Series 2018, Rev., 5.00%, 12/1/2034		20		24
Total Illinois				23,907
Indiana — 2.0%
City of Franklin, Otterbeit Homes
Series B, Rev., 4.00%, 7/1/2036		870		965
Series B, Rev., 4.00%, 7/1/2037		905		1,001
Series B, Rev., 4.00%, 7/1/2038		940		1,038
Series B, Rev., 4.00%, 7/1/2039		750		824

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indiana — continued
Series B, Rev., 4.00%, 7/1/2040		500		548
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc. Project
Series 2020A, Rev., 4.00%, 7/1/2030		105		110
Series 2020A, Rev., 5.00%, 7/1/2040		170		184
Series 2020A, Rev., 5.00%, 7/1/2055		455		484
Indiana Finance Authority, Goshen Health
Series A, Rev., 5.00%, 11/1/2035		665		812
Series A, Rev., 4.00%, 11/1/2036		235		267
Series A, Rev., 4.00%, 11/1/2037		330		373
Series A, Rev., 4.00%, 11/1/2038		340		383
Series A, Rev., 4.00%, 11/1/2039		360		405
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044		1,090		1,113
Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030		1,000		1,074
Indiana Housing and Community Development Authority, Home First Mortgage
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 9/1/2020		10		10
Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		15		15
Indiana State Finance Authority, Wastewater Utility, First Lien Series 2101A, Rev., 5.25%, 10/1/2031		250		263
Total Indiana				9,869
Iowa — 0.5%
Iowa Finance Authority, Northcrest Inc. Project
Series 2018A, Rev., 5.00%, 3/1/2028		890		961
Series 2018A, Rev., 5.00%, 3/1/2038		250		263
Iowa Finance Authority, Phs Council Bluffs, Inc. Project
Rev., 3.95%, 8/1/2023		150		150
Rev., 4.45%, 8/1/2028		250		254
Rev., 5.00%, 8/1/2033		485		493
Rev., 5.00%, 8/1/2038		370		374
Total Iowa				2,495
Kansas — 0.5%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2032		500		541
Series A, Rev., 5.00%, 5/15/2039		850		911
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series 2018 I, Rev., 5.00%, 5/15/2033		500		510

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 17

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kansas — continued
Series I, Rev., 5.00%, 5/15/2038		500		503
Total Kansas				2,465
Kentucky — 0.3%
City of Ashland, Kings Daughters Medical Center
Series 2016A, Rev., 4.00%, 2/1/2036		1,000		1,032
Series 2016A, Rev., 5.00%, 2/1/2040		500		549
Total Kentucky				1,581
Louisiana — 0.8%
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 4.75%, 10/1/2029		40		40
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		576
Louisiana Public Facilities Authority, Young Audiences Charter School Project
Series A, Rev., 5.00%, 4/1/2030 (b)		525		548
Series A, Rev., 5.00%, 4/1/2039 (b)		1,425		1,427
Series A, Rev., 5.00%, 4/1/2049 (b)		1,135		1,105
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		285
Total Louisiana				3,981
Maine — 0.0% (e)
Maine Health and Higher Educational Facilities Authority Series A, Rev., 5.00%, 7/1/2023 (d)		25		28
Maryland — 0.8%
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037 (b)		1,500		1,582
Maryland Economic Development Corp.
Rev., 4.00%, 7/1/2040		300		302
Rev., 4.00%, 7/1/2050		1,500		1,468
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue
Rev., 3.25%, 7/1/2039		175		175
Rev., 4.00%, 7/1/2040		215		241
Total Maryland				3,768
Massachusetts — 2.0%
Massachusetts Bay Transportation Authority Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		408
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2037		500		577

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Massachusetts — continued
Rev., 5.00%, 1/1/2038		405		465
Rev., 5.00%, 1/1/2043		500		567
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043		500		555
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b)		2,000		2,018
Massachusetts Development Finance Agency, Orchid Cove, Inc.
Rev., 4.00%, 10/1/2029		925		977
Rev., 4.00%, 10/1/2039		500		509
Rev., 5.00%, 10/1/2039		250		270
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2036		450		532
Rev., 5.00%, 7/1/2037		605		712
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045		1,280		1,310
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		565
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028		350		444
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		146
Total Massachusetts				10,055
Michigan — 3.6%
City of Detroit
GO, 5.00%, 4/1/2035		500		526
GO, 5.00%, 4/1/2036		500		524
GO, 5.00%, 4/1/2037		500		523
Flint Hospital Building Authority Rev., 4.00%, 7/1/2038		1,800		1,892
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project
Rev., 5.00%, 5/15/2032		1,915		1,987
Rev., 5.00%, 5/15/2037		1,230		1,271
Kentwood Economic Development Corp., Holland Home Obligated Group Rev., 5.00%, 11/15/2032		1,390		1,506
Michigan Finance Authority, Kettering University Project
Rev., 4.00%, 9/1/2045		500		545
Rev., 4.00%, 9/1/2050		1,000		1,085

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — continued
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		841
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 5.00%, 11/15/2034		1,900		2,040
Rev., 5.00%, 11/15/2043		750		784
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,808
Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Project Rev., 5.00%, 11/15/2034		1,280		1,380
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		40		40
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		422
Total Michigan				18,174
Minnesota — 0.7%
City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		755
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		854
City of Wayzata, Folkestone Senior Living Community
Rev., 5.00%, 8/1/2032		100		106
Rev., 5.00%, 8/1/2033		200		212
Rev., 5.00%, 8/1/2035		200		212
Rev., 3.75%, 8/1/2036		250		246
Rev., 3.75%, 8/1/2037		500		488
Rev., 4.00%, 8/1/2038		350		350
Rev., 4.00%, 8/1/2039		250		250
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		2		2
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		55		55
Minnesota Housing Finance Agency, Residential Housing Finance Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		5		5
Total Minnesota				3,535
Mississippi — 0.6%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center
Series A, Rev., GTD, 5.25%, 1/1/2030		160		213

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mississippi — continued
Series 2010A, Rev., GTD, 5.25%, 1/1/2034		100		137
Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Refunding Project
Series A, Rev., 4.00%, 1/1/2039		1,250		1,433
Series A, Rev., 4.00%, 1/1/2040		1,000		1,143
Total Mississippi				2,926
Missouri — 1.8%
Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		491
Health and Educational Facilities Authority of the State of Missouri
Series 2019C, Rev., 4.00%, 2/1/2032		390		415
Series 2019C, Rev., 4.00%, 2/1/2033		865		914
Series 2019C, Rev., 4.00%, 2/1/2034		1,000		1,050
Series 2016A, Rev., 5.00%, 2/1/2036		2,500		2,710
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		611
Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,104
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,083
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 11/1/2020 (d)		30		31
Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 5/1/2021 (d)		15		15
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028		630		692
Total Missouri				9,116
Montana — 0.1%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		372
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		90		94
Total Montana				466
Nebraska — 0.4%
Nebraska Educational Health Cultural & Social Services Finance Authority
Series 2019A, Rev., 4.00%, 1/1/2034		1,000		1,126

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 19

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Nebraska — continued
Series 2019A, Rev., 4.00%, 1/1/2037		1,000		1,118
Total Nebraska				2,244
Nevada — 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		407
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (b)		190		189
County of Clark NV Passenger Facility Charge Series 2019E, Rev., 5.00%, 7/1/2033		200		254
Total Nevada				850
New Hampshire — 0.3%
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027		100		131
New Hampshire Business Finance Authority, The Vista Project
Series A, Rev., 5.25%, 7/1/2039 (b)		200		203
Series A, Rev., 5.63%, 7/1/2046 (b)		1,000		1,024
New Hampshire Housing Finance Authority, Single Family Mortgage Series 2011A, Rev., AMT, 5.25%, 7/1/2028		5		5
Total New Hampshire				1,363
New Jersey — 5.0%
New Jersey Economic Development Authority
Series 2020A, Rev., 4.00%, 11/1/2037		1,500		1,616
Series 2020A, Rev., 4.00%, 11/1/2038		750		807
Series 2019A, Rev., 5.00%, 10/1/2039 (b)		2,000		1,915
Series 2020A, Rev., 4.00%, 11/1/2039		2,000		2,151
Rev., 5.00%, 1/1/2040 (b)		3,000		2,853
Series 2017DDD, Rev., 5.00%, 6/15/2042		4,585		5,191
New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project
Series 2018A, Rev., 5.13%, 11/1/2029 (b)		210		223
Series 2018-A, Rev., 6.25%, 11/1/2038 (b)		525		589
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		1,043
New Jersey Economic Development Authority, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		434
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		1,200		1,366

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New Jersey — continued
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt
Series 2020C, Rev., AGM, 3.25%, 7/1/2049		700		723
Series 2020C, Rev., AGM, 4.00%, 7/1/2050		725		814
New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,666
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series 2018A, Rev., AMT, 3.75%, 12/1/2031		750		793
Series 2018A, Rev., AMT, 4.00%, 12/1/2032		400		429
Series A, Rev., AMT, 4.00%, 12/1/2033		500		534
Series 2018A, Rev., AMT, 4.00%, 12/1/2034		300		320
Series A, Rev., AMT, 4.00%, 12/1/2035		200		212
New Jersey Transportation Trust Fund Authority Series 2019BB, Rev., 4.00%, 6/15/2036		1,000		1,073
Total New Jersey				24,752
New Mexico — 0.6%
City of Santa Fe, El Castillo Retirement Residences Project Series 2019A, Rev., 5.00%, 5/15/2034		650		700
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group — La Vida Llena Expansion Project
Series A, Rev., 5.00%, 7/1/2033		360		384
Series A, Rev., 5.00%, 7/1/2034		375		398
Series A, Rev., 5.00%, 7/1/2039		1,225		1,283
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		55		56
Total New Mexico				2,821
New York — 4.5%
Build Resource Corp., Inwood Academy for Leadership Charter School Project
Series 2018A, Rev., 4.88%, 5/1/2031 (b)		500		538
Series 2018A, Rev., 5.13%, 5/1/2038 (b)		250		266
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		989
Metropolitan Transportation Authority
Series 2018C, Subseries C-1, Rev., BAN, 5.00%, 9/1/2020		2,400		2,400
Series 2014B, Rev., 5.00%, 11/15/2020		300		302
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022		200		208

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023		500		525
Monroe County Industrial Development Corp.
Rev., 4.00%, 1/1/2030		2,000		2,001
Rev., 5.00%, 1/1/2040		2,145		2,232
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project
Series 2020A, Rev., 5.00%, 6/1/2040 (b)		630		737
Series 2020A, Rev., 5.00%, 6/1/2059 (b)		540		618
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		731
New York State Dormitory Authority Series 2020A, Rev., AGM, 3.00%, 9/1/2050		1,850		1,910
New York Transportation Development Corp. Rev., AMT, 5.00%, 1/1/2028		500		557
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2022		1,000		1,031
Rev., AMT, 5.00%, 1/1/2025		3,250		3,517
Rev., AMT, 4.00%, 1/1/2036		500		505
Rev., AMT, 5.00%, 1/1/2036		375		404
Onondaga Civic Development Corp., Le Moyne College Project
Rev., 5.00%, 1/1/2037		300		341
Rev., 5.00%, 1/1/2038		200		227
Rev., 5.00%, 1/1/2043		500		559
Suffolk County Economic Development Corp. Rev., 5.00%, 12/1/2029 (f)		750		833
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Series 2019, Rev., 5.00%, 7/1/2042		365		404
Yonkers Economic Development Corp., Charter School of Educational Excellence Project
Series 2019A, Rev., 4.00%, 10/15/2029		200		205
Series 2019A, Rev., 5.00%, 10/15/2039		315		333
Total New York				22,373
North Carolina — 0.4%
North Carolina Medical Care Commission Series 2019A, Rev., 5.00%, 1/1/2031		625		678
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Davidson Project Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,084
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 (f)		355		389
Total North Carolina				2,151

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Dakota — 0.0% (e)
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042		40		41
Ohio — 4.4%
Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048		3,210		3,546
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380		406
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt Series 2020A, Rev., 4.00%, 8/1/2041		550		630
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project
Rev., 5.00%, 12/1/2033		1,000		1,058
Rev., 5.25%, 12/1/2038		500		527
Rev., 5.50%, 12/1/2043		500		526
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185		231
County of Ross, Adena Health System Rev., 5.00%, 12/1/2039		1,000		1,225
County of Warren, Otterbein Homes
Series A, Rev., 4.00%, 7/1/2037		1,000		1,106
Series A, Rev., 4.00%, 7/1/2039		500		550
Greene County Series 2007A, GO, AMBAC, 5.25%, 12/1/2028		45		58
Ohio Higher Educational Facility Commission
Rev., 5.00%, 11/1/2034		2,875		3,185
Rev., 5.00%, 11/1/2039		4,890		5,322
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2028		500		539
Rev., 5.00%, 12/1/2033		270		278
Rev., 5.00%, 12/1/2038		685		690
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		2,000		2,174
Ohio Housing Finance Agency, Single Family Mortgage Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		15		15
Total Ohio				22,066
Oklahoma — 0.4%
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2040		220		228

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 21

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Oklahoma — continued
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,165
Tulsa Airports Improvement Trust
Series A, Rev., AMT, 5.00%, 6/1/2024		300		344
Series A, Rev., AMT, 5.00%, 6/1/2025		420		481
Total Oklahoma				2,218
Oregon — 0.6%
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project
Series 2018A, Rev., 5.00%, 5/15/2038		220		231
Series 2018A, Rev., 5.00%, 5/15/2043		310		323
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		202
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		28
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt
Series 2020A, Rev., 5.00%, 10/1/2035		135		167
Series 2020A, Rev., 5.00%, 10/1/2040		585		717
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		20		21
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,079
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021 (d)		105		110
Total Oregon				2,878
Pennsylvania — 9.1%
Aliquippa School District
GO, 3.75%, 12/1/2033		2,000		2,274
GO, 3.88%, 12/1/2037		1,250		1,408
Allegheny County Airport Authority, Pittsburgh International Airport Series 2012A-1, Rev., 5.00%, 1/1/2022 (d)		350		371
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		562
Allentown City School District
Series C, GO, 4.00%, 2/1/2034		1,580		1,847
Series B, GO, 5.00%, 2/1/2034		1,300		1,654
Series C, GO, 4.00%, 2/1/2035		1,000		1,165
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
Rev., 5.00%, 5/1/2033 (b)		250		266
Rev., 5.00%, 5/1/2042 (b)		250		262

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Berks County Industrial Development Authority, Healthcare Facilities
Rev., 5.00%, 5/15/2033		500		538
Series 2017A, Rev., 5.00%, 5/15/2037		250		268
Rev., 5.00%, 5/15/2038		500		534
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		1,000		1,091
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044		2,475		2,703
Cumberland County Municipal Authority
Rev., 3.00%, 1/1/2024		1,000		953
Rev., 3.38%, 1/1/2029		4,545		4,072
Dallas Area Municipal Authority, Misericordia University Project
Rev., 3.25%, 5/1/2023		150		152
Rev., 5.00%, 5/1/2029		650		731
Rev., 5.00%, 5/1/2039		1,100		1,217
Franklin County Industrial Development Authority, Haven Inc. Project
Rev., 5.00%, 12/1/2029		195		207
Rev., 5.00%, 12/1/2039		385		393
Rev., 5.00%, 12/1/2049		500		502
Lancaster County Hospital Authority
Rev., 5.00%, 3/1/2040		250		258
Rev., 5.00%, 3/1/2045		500		511
Rev., 5.00%, 3/1/2050		500		509
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project
Series 2019B, Rev., 2.88%, 12/15/2023		1,000		984
Series 2019A, Rev., 5.00%, 6/15/2032		545		580
Series 2019A, Rev., 5.00%, 6/15/2033		570		602
Series 2019A, Rev., 5.00%, 6/15/2038		1,110		1,154
Lancaster Industrial Development Authority, Willow Valley Communities Project Rev., 5.00%, 12/1/2044		1,425		1,614
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		70		82
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2034		275		308
Rev., 4.00%, 4/1/2035		205		210
Rev., 4.00%, 4/1/2036		520		529
Rev., 4.00%, 4/1/2037		545		553
Rev., 4.00%, 4/1/2038		695		703
Rev., 4.00%, 4/1/2039		725		729

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Montgomery County Industrial Development Authority, Acts Retirement Life Communities, Inc., Obligated Group
Series 2020C, Rev., 4.00%, 11/15/2043		300		329
Series 2020C, Rev., 5.00%, 11/15/2045		730		862
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Series 2019, Rev., 4.00%, 12/1/2034		170		183
Series 2019, Rev., 4.00%, 12/1/2035		175		188
Series 2019, Rev., 4.00%, 12/1/2036		175		188
Series 2019, Rev., 4.00%, 12/1/2037		100		107
Series 2019, Rev., 4.00%, 12/1/2038		100		107
Series 2019, Rev., 5.00%, 12/1/2044		350		387
Series 2019, Rev., 5.00%, 12/1/2049		500		552
Northampton County Industrial Development Authority Rev., 5.00%, 11/1/2039		1,000		1,036
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		20		20
Philadelphia Authority for Industrial Development
Rev., 4.00%, 6/15/2029		360		367
Rev., 5.00%, 6/15/2039		500		515
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029 (b)		700		731
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project
Series 2020A, Rev., 5.00%, 8/1/2030		265		317
Series 2020A, Rev., 5.00%, 8/1/2040		315		364
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,442
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		776
West Mifflin School District
GO, 3.00%, 4/1/2034		1,000		1,106
GO, 3.00%, 4/1/2038		1,400		1,524
Wilkes-Barre Area School District
Series 2019, GO, 3.50%, 4/15/2038		370		419
Series 2019, GO, 3.50%, 4/15/2039		230		260
Series 2019, GO, 3.75%, 4/15/2044		1,000		1,135
Total Pennsylvania				45,411
Rhode Island — 0.1%
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022		250		269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Rhode Island — continued
Rhode Island Student Loan Authority, Senior Series 2017A, Rev., AMT, 5.00%, 12/1/2024		100		113
Total Rhode Island				382
South Carolina — 1.6%
South Carolina Jobs-Economic Development Authority
Series 2020A, Rev., 5.00%, 11/15/2028		210		226
Series 2020A, Rev., 5.00%, 11/15/2029		110		119
Series 2019A, Rev., 4.00%, 4/1/2034		605		635
Series 2020A, Rev., 5.00%, 11/15/2042		580		597
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project
Series A, Rev., 4.00%, 12/1/2029 (b)		1,130		1,248
Series A, Rev., 5.00%, 12/1/2034 (b)		1,405		1,629
Series A, Rev., 5.00%, 12/1/2039 (b)		1,795		2,040
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,596
Total South Carolina				8,090
South Dakota — 0.1%
South Dakota Health and Educational Facilities Authority, Sanford Health Rev., 5.00%, 11/1/2045		500		568
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031		35		36
Total South Dakota				604
Tennessee — 2.5%
Chattanooga Health Educational & Housing Facility Board, CommonSpirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,108
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039		625		778
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
Rev., 4.50%, 6/1/2028 (b)		500		521
Rev., 5.13%, 6/1/2036 (b)		425		445
Shelby County Health Educational & Housing Facilities Board
Series 2019A, Rev., 5.00%, 10/1/2029		1,350		1,351
Series 2019A, Rev., 5.50%, 10/1/2034		2,850		2,842

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 23

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — continued
Shelby County Health Educational and Housing Facilities Board
Series 2019A, Rev., 5.75%, 10/1/2049		1,000		956
Series 2019A, Rev., 5.75%, 10/1/2054		1,500		1,421
Series 2019A, Rev., 5.75%, 10/1/2059		3,350		3,143
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 1/1/2021 (d)		20		20
Series 1A, Rev., AMT, 4.50%, 1/1/2038		45		46
Total Tennessee				12,631
Texas — 6.1%
Arlington Higher Education Finance Corp. Series 2020A, Rev., 4.00%, 6/15/2040 (b)		1,810		1,762
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools
Series 2019A, Rev., 5.15%, 8/15/2029		435		467
Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,089
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		878
City of Houston
Series 2018D, Rev., 5.00%, 7/1/2028		355		453
Rev., AMT, 5.00%, 7/1/2029		2,500		2,588
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027 (d)		30		29
City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028 (b)		915		1,032
Dallas Area Rapid Transit, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		179
Danbury Higher Education Authority, Inc. Series 2019A, Rev., 5.00%, 8/15/2039		3,000		3,125
Matagorda County Navigation District No. 1, Central Power and Light Co. Project Rev., 2.60%, 11/1/2029		1,000		1,033
New Hope Cultural Education Facilities Finance Corp.
Rev., 4.00%, 1/1/2029		300		290
Series 2020A, Rev., 5.00%, 1/1/2030		1,075		1,149
Series 2020A, Rev., 5.00%, 1/1/2035		865		904
Rev., 5.00%, 1/1/2039		205		205
Series A-1, Rev., 5.00%, 12/1/2039		1,420		1,546
Series 2020A, Rev., 5.00%, 1/1/2040		790		814
Series 2020A, Rev., 5.00%, 1/1/2055		2,000		2,029
New Hope Cultural Education Facilities Finance Corp., Beta Academy
Series A, Rev., 3.38%, 8/15/2029 (b)		300		298

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Series A, Rev., 4.00%, 8/15/2029 (b)		330		342
Series A, Rev., 5.00%, 8/15/2039 (b)		1,035		1,082
Series A, Rev., 5.00%, 8/15/2049 (b)		670		689
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		946
New Hope Cultural Education Facilities Finance Corp., Children’s Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,009
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.
Rev., 4.25%, 6/15/2028		140		142
Rev., 5.00%, 6/15/2033		150		154
Rev., 5.00%, 6/15/2038		250		256
Permanent University Fund — Texas A&M University System Series B, Rev., 5.25%, 7/1/2028		140		188
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		188
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project
Series 2020A, Rev., 6.25%, 11/15/2031		500		500
Series 2020A, Rev., 6.63%, 11/15/2041		1,455		1,455
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt
Series 2020B-2, Rev., 3.00%, 11/15/2026		1,660		1,660
Series 2020B-1, Rev., 4.00%, 11/15/2027		2,100		2,100
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		10		10
Total Texas				30,591
Utah — 1.7%
Mida Mountain Village Public Infrastructure District
Series 2020B, 6.25%, 8/1/2030 (b)		1,000		968
Series 2020A, 4.50%, 8/1/2040		1,000		1,001
Utah Charter School Finance Authority
Series 2020A, Rev., 3.13%, 6/15/2029 (b)		750		725
Series A, Rev., 4.00%, 4/15/2032		250		295
Series A, Rev., 4.00%, 4/15/2033		260		304
Series A, Rev., 5.00%, 4/15/2034		235		292
Series A, Rev., 5.00%, 4/15/2039		700		855
Series 2020A, Rev., 5.00%, 6/15/2039 (b)		475		498

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utah — continued
Series 2020A, Rev., 5.00%, 6/15/2049 (b)		825		852
Utah Infrastructure Agency
Rev., 4.00%, 10/15/2033		500		531
Rev., 4.00%, 10/15/2036		500		526
Rev., 4.00%, 10/15/2039		700		731
Rev., 4.00%, 10/15/2042		475		490
Utah Transit Authority, Sales Tax
Series C, Rev., AGM, 5.25%, 6/15/2025		40		48
Series 2006C, Rev., AGM, 5.25%, 6/15/2032		450		627
Total Utah				8,743
Vermont — 0.1%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 4.00%, 6/15/2032		165		175
Series A, Rev., AMT, 4.00%, 6/15/2033		210		221
Series 2018A, Rev., AMT, 4.00%, 6/15/2034		170		179
Total Vermont				575
Virginia — 3.6%
Chesapeake Hospital Authority, Regional Medical Center
Rev., 4.00%, 7/1/2035		1,000		1,154
Rev., 4.00%, 7/1/2036		1,175		1,350
Rev., 4.00%, 7/1/2037		1,205		1,378
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		765
Fredericksburg Economic Development Authority, Stadium Project
Series B, Rev., 6.13%, 9/1/2029 (b)		2,000		1,968
Series B, Rev., 7.00%, 9/1/2044 (b)		1,000		926
Norfolk Redevelopment and Housing Authority, Harbors Edge Project
Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,054
Series 2019A, Rev., 4.38%, 1/1/2039		1,400		1,403
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living
Series 2019A, Rev., 4.75%, 9/1/2029		1,000		1,014
Series 2019A, Rev., 5.00%, 9/1/2034		2,000		2,040
Roanoke Economic Development Authority
Rev., 4.30%, 9/1/2030		770		750
Rev., 5.00%, 9/1/2040		1,640		1,646
Series 2020A, Rev., 5.00%, 7/1/2047		1,550		2,427
Virginia Resources Authority, Infrastructure, Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021 (d)		70		74
Total Virginia				17,949

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Washington — 2.8%
Pend Oreille County, Public Hospital District No. 1
GO, 5.00%, 12/1/2033		1,000		1,167
GO, 5.00%, 12/1/2038		1,255		1,443
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		2,605		2,890
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,108
Washington Higher Education Facilities Authority, Seattle University Project
Rev., 3.50%, 5/1/2039		300		312
Rev., 3.63%, 5/1/2040		800		836
Rev., 4.00%, 5/1/2045		500		552
Washington State Housing Finance Commission, Homeownership Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 4/1/2029		10		10
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028 (b)		535		555
Rev., 5.00%, 7/1/2033 (b)		535		575
Rev., 5.00%, 7/1/2038 (b)		300		320
Washington State Housing Finance Commission, The Heart Stone Project
Series 2018A, Rev., 4.50%, 7/1/2028 (b)		965		989
Series 2018A, Rev., 5.00%, 7/1/2038 (b)		825		840
Washington State Housing Finance Commission, Transforming Age Projects
Series 2019A, Rev., 5.00%, 1/1/2034 (b)		745		775
Series 2019A, Rev., 5.00%, 1/1/2039 (b)		1,495		1,529
Total Washington				13,901
West Virginia — 0.6%
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.
Series 2019A, Rev., 5.00%, 9/1/2038		1,250		1,474
Series 2019A, Rev., 5.00%, 9/1/2039		1,400		1,646
Total West Virginia				3,120
Wisconsin — 5.7%
Public Finance Authority
Series 2019A, Rev., 5.00%, 10/1/2028 (b)		2,000		2,182
Series 2019A, Rev., 5.00%, 6/1/2029 (b)		370		399
Series 2019A, Rev., 5.00%, 10/1/2029 (b)		1,850		2,022
Rev., 5.00%, 4/1/2030 (b)		500		548
Series 2019A, Rev., 5.00%, 10/1/2034 (b)		500		532
Rev., 4.25%, 10/1/2038 (b)		2,000		1,859

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 25

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Wisconsin — continued
Series 2019A, Rev., 5.00%, 6/1/2039 (b)		710		734
Rev., 5.00%, 4/1/2040 (b)		2,155		2,306
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 5.00%, 11/15/2041		555		656
Public Finance Authority, Blue Ridge Healthcare Facilities
Series 2020A, Rev., 4.00%, 1/1/2045		750		837
Series 2020A, Rev., 3.00%, 1/1/2050		750		736
Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029 (b)		1,000		955
Public Finance Authority, Community School of Davidson Project
Rev., 3.75%, 10/1/2023		230		232
Rev., 5.00%, 10/1/2033		775		833
Public Finance Authority, ENO River Academy Project
Series 2020A, Rev., 4.00%, 6/15/2030 (b)		235		243
Series 2020A, Rev., 5.00%, 6/15/2040 (b)		410		439
Series 2020A, Rev., 5.00%, 6/15/2054 (b)		685		721
Public Finance Authority, Minnesota College of Osteopathic Medicine
Series 2019A-1, Rev., 5.50%, 12/1/2048 (b) (g)		17		9
Series 2019A-2, Rev., 7.25%, 12/1/2048 (b) (g)		46		23
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2027		160		190
Rev., 5.00%, 6/15/2028		505		606
Rev., 5.00%, 6/15/2034		215		253
Rev., 5.00%, 6/15/2039		390		450
Rev., 5.00%, 6/15/2049		1,000		1,132
Public Finance Authority, The Evergreens Obligated Group Rev., 5.00%, 11/15/2044		1,565		1,688
Public Finance Authority, Wilson Preparatory Academy
Series 2019A, Rev., 4.13%, 6/15/2029 (b)		510		516
Series 2019A, Rev., 5.00%, 6/15/2039 (b)		500		510
Series 2019A, Rev., 5.00%, 6/15/2049 (b)		1,100		1,109
Wisconsin Health & Educational Facilities Authority Rev., 4.00%, 2/1/2045		575		607
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.
Series B, Rev., 5.00%, 7/1/2038		150		174
Series A, Rev., 5.00%, 7/1/2044		210		241

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wisconsin — continued
Series A, Rev., 5.00%, 7/1/2049		750		856
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System
Series 2019A, Rev., 5.00%, 11/1/2026		355		386
Series 2019A, Rev., 5.00%, 11/1/2027		370		405
Series 2019A, Rev., 5.00%, 11/1/2028		470		518
Series 2019A, Rev., 5.00%, 11/1/2029		315		346
Series 2019A, Rev., 5.00%, 11/1/2030		515		563
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 4.25%, 9/15/2035		1,500		1,508
Total Wisconsin				28,324
Total Municipal Bonds (Cost $482,329)				485,416
Collateralized Mortgage Obligations — 0.0%
Southcross Holdco Equity 0.00%, 7/9/2070 ‡ (Cost $11)		3		—
	SHARES (000)
Short-Term Investments — 3.5%
Investment Companies — 3.5%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i) (Cost $17,242)		17,230		17,242
Total Investments — 100.6% (Cost $499,582)				502,658
Liabilities in Excess of Other Assets — (0.6)%				(3,014	)
NET ASSETS — 100.0%				499,644

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

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.
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COP	Certificate of Participation
CR	Custodial Receipts
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
NATL	Insured by National Public Finance Guarantee Corp.
RE	Reinsured
Rev.	Revenue

(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.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Defaulted security.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 27

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 90.4% (a)
Alabama — 1.7%
Birmingham Airport Authority
Rev., 5.00%, 7/1/2027		250		311
Rev., 5.00%, 7/1/2028		350		444
Rev., 5.00%, 7/1/2029		375		485
Rev., 5.00%, 7/1/2030		250		327
Rev., 5.00%, 7/1/2031		175		227
Rev., 5.00%, 7/1/2032		150		193
Rev., 5.00%, 7/1/2033		325		417
Rev., 5.00%, 7/1/2034		375		479
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.71%, 9/10/2020 (b)		7,500		7,456
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		8,320		8,513
Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		554
Selma Industrial Development Board, International Paper Company Project Series 2019A, Rev., 2.00%, 10/1/2024 (c)		3,625		3,780
Southeast Alabama Gas Supply District (The), Project No. 1
Series A, Rev., 5.00%, 4/1/2021		2,865		2,938
Series A, Rev., 5.00%, 4/1/2022		3,220		3,443
Total Alabama				29,567
Alaska — 0.5%
Alaska Municipal Bond Bank Authority
Series 1, Rev., 5.00%, 12/1/2027		1,945		2,447
Series 1, Rev., 5.00%, 12/1/2028		1,230		1,573
Series 1, Rev., 5.00%, 12/1/2029		1,275		1,660
Series 1, Rev., 5.00%, 12/1/2030		875		1,158
City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023		500		572
State of Alaska Series A, GO, 5.00%, 8/1/2029		1,300		1,573
Total Alaska				8,983
Arizona — 1.8%
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025		3,540		4,128
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2027		125		157
City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,775

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029		3,950		5,171
Maricopa County Industrial Development Authority, Banner Health
Series B, Rev., 5.00%, 10/18/2022 (c)		7,370		8,062
Series C, Rev., 5.00%, 10/18/2024 (c)		9,000		10,578
Town of Marana, Excise Tax Series 2017B, Rev., 5.00%, 7/1/2021		100		104
Total Arizona				30,975
Arkansas — 0.7%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		409
City of Rogers Series B, Rev., 5.00%, 11/1/2027		3,855		4,821
County of Sharp
Rev., 5.00%, 3/1/2024		595		681
Rev., 5.00%, 3/1/2025		600		708
Rev., 5.00%, 3/1/2026		685		829
University of Arkansas, UAMS Campus
Rev., 5.00%, 3/1/2025		500		599
Rev., 5.00%, 3/1/2026		1,000		1,185
University of Central Arkansas, Student Housing System
Series 2017A, Rev., 5.00%, 11/1/2021		1,600		1,684
Series 2019C, Rev., AGM, 4.00%, 11/1/2025		110		127
Series 2019C, Rev., AGM, 4.00%, 11/1/2026		240		277
Series 2019C, Rev., AGM, 4.00%, 11/1/2027		180		206
Total Arkansas				11,526
California — 14.1%
Alameda County Transport Authority, Sales Tax Rev., 4.00%, 3/1/2022		5,000		5,289
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,148
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2021 (d)		1,275		1,338
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series S-7, Rev., 4.00%, 4/1/2029		20,000		23,654

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024		1,675		1,888
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		8,465		8,888
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,273
California Health Facilities Financing Authority, Providence Health and Services
Series 2014A, Rev., 5.00%, 10/1/2021		750		787
Series 2014A, Rev., 5.00%, 10/1/2022		1,500		1,644
California Health Facilities Financing Authority, St. Joseph Health System Series 2013D, Rev., 5.00%, 10/15/2020 (c)		12,870		12,943
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.44%, 10/1/2020 (b)		3,250		3,241
California Municipal Finance Authority, Biola University Rev., 5.00%, 10/1/2021		370		381
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2025		275		317
Rev., 5.00%, 10/1/2026		150		176
Rev., 5.00%, 10/1/2027		150		179
California Municipal Finance Authority, NorthBay Healthcare Group
Series 2017A, Rev., 5.00%, 11/1/2023		500		549
Series 2017A, Rev., 5.00%, 11/1/2024		800		899
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (d)		2,820		3,155
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028		250		314
City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025		5,310		5,758
City of Chula Vista, Police Facility Project
COP, 5.00%, 10/1/2021		360		378
COP, 5.00%, 10/1/2022		465		512
COP, 5.00%, 10/1/2023		1,000		1,147
City of Los Angeles, Department of Airports
Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,638

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
Series C, Rev., 5.00%, 5/15/2022		750		808
Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,624
Series B, Rev., 4.00%, 5/15/2024		365		412
Series C, Rev., 5.00%, 5/15/2024		700		816
Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,187
Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,295
Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		2,993
City of Los Angeles, Wastewater System Series 2015-A, Rev., 5.00%, 6/1/2022		2,750		2,984
Contra Costa County Transportation Authority, Sales Tax
Series A, Rev., 5.00%, 3/1/2023		2,420		2,697
Series A, Rev., 5.00%, 3/1/2024		2,000		2,316
County of Santa Clara, Moreland School District GO, 5.00%, 8/1/2021		1,000		1,044
Eastern Municipal Water District, Water and Wastewater
Series C, Rev., 5.00%, 7/1/2021		2,530		2,633
Series C, Rev., 5.00%, 7/1/2022		1,700		1,851
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2021		1,000		1,036
Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		142
Grossmont Healthcare District Series D, GO, 5.00%, 7/15/2026		1,225		1,483
Grossmont Healthcare District, Election of 2006 Series 2015C, GO, 5.00%, 7/15/2026		1,000		1,211
Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026		5,000		6,338
Los Angeles Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025		100		123
Novato Unified School District
Series A, GO, 4.00%, 2/1/2022		535		564
Series A, GO, 5.00%, 2/1/2023		685		765
Series A, GO, 5.00%, 8/1/2025		1,500		1,779
Series A, GO, 5.00%, 8/1/2026		1,800		2,126
Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,368
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,181
Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (c)		11,505		12,951
Sacramento Municipal Utility District, Electric
Series E, Rev., 5.00%, 8/15/2022		2,740		3,001

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 29

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
Series E, Rev., 5.00%, 8/15/2027		105		137
San Diego County Regional Transportation Commission, Sales Tax
Series A, Rev., 5.00%, 4/1/2021		250		257
Series A, Rev., 5.00%, 4/1/2022		100		108
San Diego Public Facilities Financing Authority Series 2020A, Rev., 5.00%, 8/1/2027		250		325
San Francisco Bay Area Rapid Transit District, Election of 2004
Series D, GO, 3.00%, 8/1/2022		2,735		2,888
Series 2015D, GO, 5.00%, 8/1/2028		1,685		2,070
San Francisco City and County Public Utilities Commission Water, Green Bonds Series 2018C, Rev., 2.13%, 10/1/2023 (c)		10,000		10,337
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		1,884
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,635
Santa Barbara Unified School District
Series A, GO, 4.00%, 8/1/2022		30		32
Series B, GO, 5.00%, 8/1/2026		50		64
Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,200
Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2026		1,000		1,040
State of California, Various Purpose
Series B, GO, 5.00%, 9/1/2023		2,810		3,213
GO, 5.00%, 11/1/2023		3,560		4,098
GO, 5.00%, 3/1/2026		13,210		15,919
GO, 5.00%, 9/1/2026		4,900		6,203
GO, 4.00%, 8/1/2028		4,000		4,790
GO, 4.00%, 8/1/2029		4,180		4,983
GO, 5.00%, 8/1/2029		7,830		9,806
GO, 4.00%, 8/1/2030		10,000		11,864
Stockton Public Financing Authority
Rev., 5.00%, 3/1/2027		630		748
Rev., 5.00%, 3/1/2029		465		563
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		445
Whittier Union School District GO, 5.00%, 8/1/2023		10,495		11,964
Total California				241,797

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — 3.1%
Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2029		17,575		24,276
City of Aurora
COP, 3.00%, 12/1/2020		125		126
COP, 4.00%, 12/1/2022		375		406
City of Longmont
Series A, COP, 5.00%, 12/1/2021		100		106
Series A, COP, 5.00%, 12/1/2022		100		110
Series A, COP, 5.00%, 12/1/2024		100		115
Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2027		5,000		6,024
Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 3.00%, 6/15/2021		1,000		1,022
Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (c)		10,000		11,785
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 5.00%, 9/1/2022		150		162
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,090		1,139
Counties of Gunnison, Watershed School District No. 1
Series 2014A, GO, 4.00%, 12/1/2022		300		326
Series 2014A, GO, 5.00%, 12/1/2026		500		596
County of Boulder, Flood Reconstruction Projects
COP, 5.00%, 12/1/2022		720		727
COP, 5.00%, 12/1/2023		500		506
COP, 5.00%, 12/1/2025		500		506
County of Eagle COP, 5.00%, 12/1/2022		200		221
Denver Convention Center Hotel Authority Rev., 4.00%, 12/1/2020		500		504
The Regents of the University of Colorado, Enterprise System
Series 2017A-2, Rev., 5.00%, 6/1/2022 (d)		820		887
Series 2017A-2, Rev., 5.00%, 6/1/2022		260		282
Series A, Rev., 5.00%, 6/1/2022 (d)		2,590		2,805
Series A, Rev., 5.00%, 6/1/2022		560		606
Total Colorado				53,237
Connecticut — 1.4%
Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)		750		752

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Connecticut — continued
Connecticut State Health & Educational Facilities Authority Series 2020B-2, Rev., 5.00%, 1/1/2027 (c)		7,750		9,668
State of Connecticut Series 2020C, GO, 4.00%, 6/1/2032		1,000		1,209
State of Connecticut, Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026		10,000		12,507
Total Connecticut				24,136
District of Columbia — 0.2%
District of Columbia Children’s Hospital Rev., 5.00%, 7/15/2021		500		519
Metropolitan Washington Airports Authority, Airport System Series 2013C, Rev., 5.00%, 10/1/2021		1,475		1,550
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029		1,120		1,419
Total District of Columbia				3,488
Florida — 1.8%
County of Miami-Dade, Stormwater Project
Rev., 5.00%, 4/1/2028		2,840		3,737
Rev., 5.00%, 4/1/2029		1,350		1,813
Florida Higher Educational Facilities Financial Authority
Rev., 5.00%, 10/1/2022		115		120
Rev., 5.00%, 10/1/2023		125		134
JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025		250		307
Miami-Dade County Expressway Authority, Toll System Series 2014A, Rev., 5.00%, 7/1/2022		625		669
Orlando Utilities Commission Series 2020A, Rev., 5.00%, 10/1/2026 (e)		10,000		12,637
School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		779
State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		10,761
Total Florida				30,957
Georgia — 2.7%
Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien
Series 2015A-1, Rev., 5.00%, 7/1/2027		1,000		1,131
Series 2015A-1, Rev., 5.00%, 7/1/2028		1,000		1,127
Cook County School District, Sales Tax GO, 5.00%, 10/1/2021		1,495		1,572

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Georgia — continued
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2023		325		365
Series 2017, Rev., 5.00%, 7/1/2025		250		301
Series 2017, Rev., 5.00%, 7/1/2026		275		339
Series 2017, Rev., 5.00%, 7/1/2028		375		470
Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,151
Development Authority for Fulton County
Rev., 5.00%, 10/1/2022 (d)		4,855		5,326
Rev., 5.00%, 10/1/2022		145		157
Private Colleges & Universities Authority Series 2020B, Rev., 5.00%, 9/1/2030		10,755		14,856
State of Georgia
Series I, GO, 5.00%, 7/1/2021		8,165		8,495
Series 2016E, GO, 5.00%, 12/1/2025		6,750		8,382
Series F, GO, 5.00%, 7/1/2028		2,000		2,543
Total Georgia				46,215
Hawaii — 0.5%
State of Hawaii Series EF, GO, 5.00%, 11/1/2021		7,640		8,067
Illinois — 8.8%
Carol Stream Park District
Series 2020C, GO, 4.00%, 11/1/2027		200		239
Series 2020C, GO, 4.00%, 11/1/2031		880		1,059
Series 2020C, GO, 3.00%, 11/1/2032		1,250		1,368
Carol Stream Park District, Limited Tax Series 2020A, GO, 4.00%, 11/1/2028		145		174
Champaign County Community Unit School District No. 4 Champaign
Series 2020A, GO, Zero Coupon, 1/1/2025		960		928
Series 2020A, GO, Zero Coupon, 1/1/2027		385		359
Series 2020A, GO, Zero Coupon, 1/1/2028		570		521
GO, 4.00%, 6/1/2028		1,255		1,527
GO, 4.00%, 6/1/2029		1,000		1,234
GO, 4.00%, 6/1/2030		1,285		1,564
GO, 4.00%, 6/1/2031		1,250		1,500
GO, 4.00%, 6/1/2032		1,000		1,190
City of Chicago
Series 2015C, GO, 5.00%, 1/1/2022 (d)		3,335		3,543
Series 2015C, GO, 5.00%, 1/1/2022		1,665		1,716
City of Waukegan
Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,300
Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,391
Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,483

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 31

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
City of Waukegan, First Lien, Water and Sewer System
Series C, Rev., AGM, 5.00%, 12/30/2023		535		612
Series C, Rev., AGM, 5.00%, 12/30/2026		680		843
Series C, Rev., AGM, 5.00%, 12/30/2027		710		888
Cook County Community Consolidated School District No. 65 Evanston GO, 4.00%, 12/1/2030		1,225		1,472
Cook County Community School District No. 97 Oak Park
GO, 4.00%, 1/1/2028		500		610
GO, 4.00%, 1/1/2029		375		455
GO, 4.00%, 1/1/2030		285		343
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 5.00%, 12/1/2027		1,915		2,462
Series 2019A, GO, 5.00%, 12/1/2028		1,930		2,527
Series 2019A, GO, 4.00%, 12/1/2029		1,945		2,378
Cook County School District No. 69 Skokie
GO, 4.00%, 12/1/2026		470		561
GO, 4.00%, 12/1/2027		490		595
GO, 4.00%, 12/1/2028		545		670
GO, 4.00%, 12/1/2029		515		629
GO, 4.00%, 12/1/2030		200		243
GO, 4.00%, 12/1/2031		820		986
GO, 4.00%, 12/1/2033		1,530		1,812
Cook County School District No. 99 Cicero
Series 2019B, GO, 5.00%, 12/1/2024		505		592
Series 2019B, GO, 5.00%, 12/1/2025		515		619
Cook County, Proviso Township High School District No. 209
GO, 5.00%, 12/1/2022		2,975		3,262
GO, 5.00%, 12/1/2023		2,350		2,669
County of Cook, Township High School District No. 225 Series 2016A, GO, 5.00%, 12/1/2023		5		6
County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		385
DeKalb County Community Unit School District No. 428 DeKalb
GO, 4.00%, 1/1/2028		1,265		1,541
GO, 4.00%, 1/1/2029		650		787
GO, 4.00%, 1/1/2030		600		722
GO, 4.00%, 1/1/2031		1,000		1,195
GO, 4.00%, 1/1/2032		500		592

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
DuPage County School District No. 2 Bensenville
GO, 4.00%, 5/1/2032		615		738
GO, 4.00%, 5/1/2033		1,280		1,528
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028		565		663
Glenview Park District
GO, 5.00%, 12/1/2026		300		376
GO, 5.00%, 12/1/2029		350		446
Grundy & Kendall Counties Consolidated Grade School District No. 60-C
GO, 4.00%, 2/1/2030		1,145		1,362
GO, 4.00%, 2/1/2031		1,190		1,405
GO, 4.00%, 2/1/2032		620		726
Illinois Finance Authority
Series 2020A, Rev., 4.00%, 12/15/2032		1,300		1,592
Series 2020A, Rev., 4.00%, 12/15/2033		3,740		4,519
Series 2020A, Rev., 4.00%, 12/15/2034		1,700		2,043
Series 2020A, Rev., 4.00%, 12/15/2035		1,340		1,598
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		3,750		3,776
Illinois Finance Authority, DePaul University
Rev., 5.00%, 10/1/2023		200		223
Rev., 5.00%, 10/1/2025		300		353
Rev., 5.00%, 10/1/2028		250		298
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project
Series 2019, Rev., 4.00%, 1/15/2030		1,960		2,366
Series 2019, Rev., 4.00%, 1/15/2032		2,120		2,514
Illinois Finance Authority, Silver Cross Hospital and Medical Centers
Series C, Rev., 5.00%, 8/15/2021		150		156
Series 2015C, Rev., 5.00%, 8/15/2022		500		540
Illinois Finance Authority, State Clean Water Revolving Funds Series 1998B, Rev., 5.00%, 1/1/2029		4,000		4,949
Kane and DeKalb Counties Community Unit School District No. 301
GO, 5.00%, 1/1/2027		355		443
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 5.00%, 12/1/2026		115		138
Series 2020B, GO, AGM, 5.00%, 12/1/2026		210		254
Series 2020A, GO, AGM, 4.00%, 12/1/2027		105		121

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Series 2020A, GO, AGM, 4.00%, 12/1/2028		65		76
Series 2020B, GO, AGM, 4.00%, 12/1/2028		135		158
Series 2020A, GO, AGM, 4.00%, 12/1/2029		65		75
Series 2020B, GO, AGM, 4.00%, 12/1/2029		40		46
Series 2020A, GO, AGM, 4.00%, 12/1/2030		80		92
Series 2020A, GO, AGM, 4.00%, 12/1/2031		100		114
Series 2020A, GO, AGM, 4.00%, 12/1/2032		110		125
Series 2020A, GO, AGM, 4.00%, 12/1/2033		125		142
Lincoln Land Community College District No. 526
GO, 5.00%, 12/15/2021		305		324
GO, 4.00%, 12/15/2022		440		460
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2025		400		456
GO, AGM, 4.00%, 5/1/2026		200		232
GO, AGM, 4.00%, 5/1/2028		350		408
GO, AGM, 4.00%, 5/1/2029		1,000		1,161
McHenry County, Woodstock Community Unit School District No. 200
GO, 5.00%, 1/15/2021		300		305
Peoria County Community Unit School District No. 309 Brimfield
GO, AGM, 4.00%, 4/1/2026		750		866
GO, AGM, 4.00%, 4/1/2027		780		915
GO, AGM, 4.00%, 4/1/2028		410		489
GO, AGM, 4.00%, 4/1/2029		240		290
GO, AGM, 4.00%, 4/1/2030		375		450
GO, AGM, 4.00%, 4/1/2031		410		489
Peoria Public Building Commission
Series A, Rev., AGM, 4.00%, 12/1/2025		700		812
Series A, Rev., AGM, 4.00%, 12/1/2026		1,000		1,174
Series A, Rev., AGM, 4.00%, 12/1/2027		1,270		1,516
Series A, Rev., AGM, 5.00%, 12/1/2028		1,200		1,527
Series A, Rev., AGM, 5.00%, 12/1/2029		2,400		3,038
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2024		3,000		3,353
Series C, Rev., 5.00%, 1/1/2025		4,250		4,879
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group
Series A, Rev., 5.00%, 2/15/2027		2,000		2,487
State of Illinois
Series D, GO, 5.00%, 11/1/2020		10,000		10,058

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Series D, GO, 5.00%, 11/1/2023		5,000		5,364
State of Illinois, Sales Tax, Junior Obligation
Series 2018A, Rev., 5.00%, 6/15/2021		4,600		4,743
Series A, Rev., 5.00%, 6/15/2022		4,600		4,921
Series A, Rev., 5.00%, 6/15/2023		4,600		5,058
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,764
Village of Arlington Heights
GO, 4.00%, 12/1/2028		1,890		2,354
GO, 4.00%, 12/1/2029		1,000		1,234
GO, 4.00%, 12/1/2030		500		612
Will County Forest Preservation District GO, 5.00%, 12/15/2027		805		1,043
Will County Township High School District No. 204 Joliet GO, 4.00%, 1/1/2029		250		288
Total Illinois				149,577
Indiana — 1.1%
City of Evansville, Waterworks District
Rev., 4.00%, 7/1/2027		985		1,195
Rev., 4.00%, 7/1/2028		1,015		1,248
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		5,000		5,478
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,137
Indiana Finance Authority, Health Obligation
Series C, Rev., 5.00%, 12/1/2021		2,355		2,491
Series B, Rev., 2.25%, 7/1/2025 (c)		5,000		5,258
New Albany Floyd County School Building Corp.
Rev., 5.00%, 7/15/2021		700		729
Rev., 5.00%, 7/15/2022		835		908
Purdue University, Student Fee
Series DD, Rev., 5.00%, 7/1/2025		870		1,066
Series DD, Rev., 5.00%, 7/1/2027		10		13
Total Indiana				19,523
Iowa — 0.8%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.67%, 9/10/2020 (b) (f)		13,100		13,004
Kansas — 1.1%
Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		214

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kansas — continued
City of Wichita, Sales Tax, River District Stadium Star Bond Project
Rev., 5.00%, 9/1/2025		300		361
Rev., 5.00%, 9/1/2026		465		570
City of Wichita, Water and Sewer Utility Series 2014A, Rev., 5.00%, 10/1/2022		2,200		2,417
Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029		6,820		8,152
Overland Park Development Corp.
Rev., 4.00%, 3/1/2022		1,455		1,464
Rev., 5.00%, 3/1/2023		1,520		1,570
Seward County Unified School District No. 480 Series 2017-B, GO, 5.00%, 9/1/2025		1,750		2,143
University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024		275		317
Wyandotte County Unified School District No. 202
Series 2019A, GO, AGM, 5.00%, 9/1/2025		400		485
Series 2019A, GO, AGM, 5.00%, 9/1/2026		220		274
Series 2019A, GO, AGM, 5.00%, 9/1/2027		325		415
Series 2019A, GO, AGM, 5.00%, 9/1/2028		400		513
Series 2019A, GO, AGM, 5.00%, 9/1/2029		375		479
Total Kansas				19,374
Kentucky — 1.1%
Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2021 (d)		250		254
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023		240		271
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (c)		2,500		2,759
Louisville & Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Co. Project Series B, Rev., AMT, 2.55%, 5/3/2021 (c)		2,250		2,277
Louisville & Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (c)		10,500		12,721
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,484
Total Kentucky				19,766
Louisiana — 1.4%
City of Shreveport, Water and Sewer, Junior Lien
Series C, Rev., 3.00%, 12/1/2021		175		181

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Louisiana — continued
Series C, Rev., 5.00%, 12/1/2022		270		294
Series 2018C, Rev., 5.00%, 12/1/2023		365		411
Series 2019B, Rev., AGM, 4.00%, 12/1/2025		400		467
Series 2018C, Rev., 5.00%, 12/1/2025		915		1,092
Series 2018C, Rev., 5.00%, 12/1/2026		500		611
Series 2019B, Rev., AGM, 5.00%, 12/1/2026		360		449
Series 2019B, Rev., AGM, 5.00%, 12/1/2027		600		763
Series 2019B, Rev., AGM, 5.00%, 12/1/2028		500		648
Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		387
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032		5,815		6,944
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.74%, 9/10/2020 (b)		10,000		9,915
Louisiana Public Facilities Authority, Tulane University of Louisiana Project
Rev., 5.00%, 12/15/2022		230		254
Rev., 5.00%, 12/15/2025		250		308
Series 2020A, Rev., 5.00%, 4/1/2027		150		190
Series 2020A, Rev., 5.00%, 4/1/2028		165		213
Series 2020A, Rev., 5.00%, 4/1/2029		220		291
Series 2020A, Rev., 5.00%, 4/1/2030		130		175
Series 2020A, Rev., 5.00%, 4/1/2031		150		200
Series 2020A, Rev., 5.00%, 4/1/2032		150		198
Total Louisiana				23,991
Maryland — 0.4%
State of Maryland Department of Transportation Rev., 5.00%, 10/1/2025		6,100		7,529
Massachusetts — 3.1%
City of Boston Series 2014A, GO, 5.00%, 3/1/2023		7,360		8,246
Commonwealth of Massachusetts
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.72%, 11/1/2020 (b)		3,000		2,985
Series D, GO, 4.00%, 9/1/2030		8,290		9,528
Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025		6,775		8,288
Massachusetts Development Finance Agency, Northeastern University Issue
Series 2020A, Rev., 5.00%, 10/1/2027		1,000		1,287

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Massachusetts — continued
Series 2020A, Rev., 5.00%, 10/1/2028		1,000		1,313
Series 2020A, Rev., 5.00%, 10/1/2030		660		901
Series 2020A, Rev., 5.00%, 10/1/2031		585		793
Series 2020A, Rev., 5.00%, 10/1/2032		425		571
Series 2020A, Rev., 5.00%, 10/1/2033		450		601
Series 2020A, Rev., 5.00%, 10/1/2034		500		665
Series 2020A, Rev., 5.00%, 10/1/2035		1,000		1,323
Massachusetts Development Finance Agency, Partners Healthcare System Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.59%, 9/10/2020 (b)		10,000		9,967
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2025		525		609
Rev., 5.00%, 7/1/2026		435		514
Rev., 5.00%, 7/1/2027		420		505
Rev., 5.00%, 7/1/2028		525		640
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023		4,840		5,424
Total Massachusetts				54,160
Michigan — 2.0%
Avondale School District Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029		1,835		2,447
City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		372
City of Royal Oak, Capital Improvement
GO, 5.00%, 4/1/2027		625		795
GO, 5.00%, 4/1/2028		245		319
Gerald R Ford International Airport Authority, Limited Tax
Rev., GTD, 5.00%, 1/1/2023		1,560		1,718
Rev., GTD, 5.00%, 1/1/2024		1,400		1,598
Grosse Pointe Public School System GO, 4.00%, 5/1/2027		765		925
Jackson Public Schools
GO, Q-SBLF, 4.00%, 5/1/2025		570		664
GO, Q-SBLF, 4.00%, 5/1/2026		885		1,052
GO, Q-SBLF, 4.00%, 5/1/2027		1,090		1,311
Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,080
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,368
Michigan Finance Authority, Local Government Loan Program Series B, Rev., 4.00%, 11/1/2020		455		458

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Michigan — continued
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		2,250		2,690
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)		2,600		2,612
Northville Public Schools, School Building and Site
Series II, GO, 5.00%, 5/1/2027		375		479
Series II, GO, 5.00%, 5/1/2028		600		784
Series II, GO, 5.00%, 5/1/2029		250		334
Troy School District, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2021		550		568
GO, Q-SBLF, 5.00%, 5/1/2022		500		540
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c)		10,650		11,773
Total Michigan				34,887
Minnesota — 0.4%
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2024		210		240
Series 2019C, COP, 5.00%, 2/1/2024		295		337
Series 2019B, COP, 5.00%, 2/1/2025		185		218
Series 2019C, COP, 5.00%, 2/1/2025		310		366
Series 2019B, COP, 5.00%, 2/1/2026		195		237
Series 2019C, COP, 5.00%, 2/1/2026		320		388
Series 2019B, COP, 5.00%, 2/1/2027		185		230
Series 2019B, COP, 5.00%, 2/1/2028		175		223
Series 2019C, COP, 5.00%, 2/1/2028		350		444
Minneapolis-St. Paul Metropolitan Airports Commission, Subordinate Airport Series A, Rev., 5.00%, 1/1/2022		1,000		1,057
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 4.00%, 12/1/2024		100		108
Rev., 4.00%, 12/1/2025		185		202
Rev., 4.00%, 12/1/2026		185		202
Rev., 4.00%, 12/1/2027		195		214
Rev., 4.00%, 12/1/2028		240		265
Western Minnesota Municipal Power Agency, Power Supply
Series A, Rev., 5.00%, 1/1/2023		1,500		1,664
Series 2014A, Rev., 5.00%, 1/1/2024		1,000		1,154
Total Minnesota				7,549

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Mississippi — 0.7%
County of Harrison
Series A, GO, 5.00%, 10/1/2027		800		1,028
Series A, GO, 5.00%, 10/1/2028		345		453
Medical Center Educational Building Corp. Rev., 5.00%, 6/1/2031		3,105		4,023
Mississippi Business Finance Corp., Pollution Control Series 2002, Rev., 3.20%, 9/1/2028		4,000		4,194
State of Mississippi Series 2019A, Rev., 5.00%, 10/15/2028		1,400		1,767
Total Mississippi				11,465
Missouri — 0.7%
City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,060
City of St. Peters
COP, 4.00%, 5/1/2026		705		834
COP, 4.00%, 5/1/2027		730		882
COP, 4.00%, 5/1/2028		760		933
COP, 4.00%, 5/1/2029		760		945
COP, 4.00%, 5/1/2030		545		686
COP, 4.00%, 5/1/2031		550		699
County of Clay, North Kansas City School District 74, Refunding and Improvement, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022		350		375
County of Greene
Rev., 4.00%, 12/1/2028		300		369
Rev., 4.00%, 12/1/2029		200		250
Health and Educational Facilities Authority of the State of Missouri
Rev., 4.00%, 10/1/2020		300		301
Rev., 4.00%, 10/1/2021		300		310
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Rev., 5.00%, 1/1/2021		225		228
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		559
St. Louis Lambert International Airport
Rev., 5.00%, 7/1/2021		1,575		1,629
Rev., 5.00%, 7/1/2022		1,000		1,075
Rev., 5.00%, 7/1/2023		1,080		1,200
Total Missouri				12,335

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Montana — 0.2%
Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023		515		593
Missoula County Elementary School District No. 1 GO, 5.00%, 7/1/2024		520		613
State of Montana, Long-Range Building Program
GO, 5.00%, 8/1/2021		690		721
GO, 5.00%, 8/1/2022		1,000		1,092
Total Montana				3,019
Nebraska — 0.1%
Southeast Community College
COP, 5.00%, 12/15/2021		200		212
COP, 5.00%, 12/15/2026		275		351
COP, 5.00%, 12/15/2027		495		646
COP, 5.00%, 12/15/2028		540		715
Total Nebraska				1,924
New Hampshire — 0.5%
New Hampshire Municipal Bond Bank
Series 2020A, Rev., 5.00%, 2/15/2029		1,870		2,513
Series 2020A, Rev., 4.00%, 2/15/2031		1,240		1,538
Series 2020A, Rev., 4.00%, 2/15/2032		1,300		1,602
State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,472
Total New Hampshire				9,125
New Jersey — 4.2%
Bergen County Improvement Authority (The), Fort Lee Project Rev., GTD, 4.00%, 10/15/2030		475		595
City of Newark
Series 2020A, GO, AGM, 5.00%, 10/1/2027		1,000		1,257
Series 2020A, GO, AGM, 5.00%, 10/1/2028		750		957
County of Passaic
GO, 5.00%, 2/1/2021		90		92
Monmouth County Improvement Authority (The) Series 2019B, Rev., GTD, 4.00%, 12/1/2034		790		965
New Jersey Economic Development Authority, School Facilities Construction
Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,731
Series DDD, Rev., 5.00%, 6/15/2026		1,840		2,157
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		3,005

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Jersey — continued
New Jersey Institute of Technology
Series 2020A, Rev., 5.00%, 7/1/2027		175		217
Series 2020A, Rev., 5.00%, 7/1/2028		200		252
Series 2020A, Rev., 5.00%, 7/1/2029		270		347
Series 2020A, Rev., 5.00%, 7/1/2030		415		530
Series 2020A, Rev., 5.00%, 7/1/2032		725		914
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2028		3,000		3,508
Series A, Rev., 5.00%, 6/15/2029		5,350		6,217
Series A, Rev., 5.00%, 6/15/2031		4,750		5,458
New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.86%, 10/1/2020 (b)		10,000		9,981
Passaic Valley Sewerage Commissioners, New Jersey Sewer System
Series J, Rev., AGM, 3.00%, 12/1/2027		6,370		7,222
Series J, Rev., AGM, 3.00%, 12/1/2028		6,465		7,357
Series J, Rev., AGM, 3.00%, 12/1/2029		6,555		7,413
Series J, Rev., AGM, 3.00%, 12/1/2030		6,665		7,490
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,191
Township of South Brunswick GO, 5.00%, 9/1/2022		425		466
Total New Jersey				72,322
New Mexico — 0.2%
County of Sandoval
GO, 5.00%, 8/1/2024		1,100		1,299
GO, 5.00%, 8/1/2025		500		612
GO, 5.00%, 8/1/2026		650		817
New Mexico Finance Authority, Senior Lien Public Project Series 2103B, Rev., 5.00%, 6/1/2021		800		829
Total New Mexico				3,557
New York — 8.4%
Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,665
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Rev., 5.00%, 1/1/2021		815		828
Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		569
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025		540		652

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
City of New York
Series 2012A-1, GO, 5.00%, 8/1/2021 (d)		2,190		2,287
Series 2020-1, GO, 4.00%, 8/1/2027		2,450		2,931
County of Orange, Public Improvement
Series B, GO, 5.00%, 3/1/2021		1,510		1,547
GO, 5.00%, 2/1/2023		1,000		1,113
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2026		365		462
Floral Park-Bellerose Union Free School District
GO, 5.00%, 12/1/2028		640		861
GO, 4.00%, 12/1/2029		670		841
GO, 4.00%, 12/1/2030		695		862
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,224
Long Island Power Authority, Electric System
Series 2017, Rev., 5.00%, 9/1/2025		500		614
Series 2017, Rev., 5.00%, 9/1/2027		500		646
Series 2017, Rev., 5.00%, 9/1/2028		750		961
Metropolitan Transportation Authority
Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%), 0.75%, 10/1/2020 (b)		4,790		4,698
Subseries A-1, Rev., 5.00%, 11/15/2020		1,435		1,443
Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,232
Metropolitan Transportation Authority, Green Bonds Series B-2, Rev., 4.00%, 11/15/2032		4,000		4,525
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023		800		893
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		3,729
New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2026		5,000		5,724
New York State Dormitory Authority Series 2019A, Rev., 5.00%, 7/1/2027		4,630		5,907
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center
Series 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,251
Series 1, Rev., 4.00%, 7/1/2031		4,255		5,290
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027		3,225		3,920
New York State Dormitory Authority, Personal Income Tax Series 2011G, Rev., 5.00%, 8/15/2021		1,110		1,161

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 37

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021		13,925		14,317
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2021		2,000		2,052
Series 2017A, Rev., 5.00%, 3/15/2024		6,135		7,134
New York State Dormitory Authority, The New School Series 2015A, Rev., 5.00%, 7/1/2024		1,100		1,245
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		9,635
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2028		265		329
Series 2019A, Rev., AMT, 5.00%, 4/1/2029		265		335
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023		4,325		4,900
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series 2015A, Rev., 5.00%, 10/15/2022		4,800		5,292
Series 2015A, Rev., 5.00%, 10/15/2025		4,500		5,354
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025		400		474
State of New York Series 2019A, GO, 5.00%, 3/1/2026		3,250		4,065
Town of East Hampton
GO, 5.00%, 5/15/2021		1,000		1,034
GO, 5.00%, 5/15/2023		1,000		1,131
Town of Oyster Bay
GO, 4.00%, 11/1/2026		800		950
GO, 4.00%, 11/1/2027		675		814
Triborough Bridge and Tunnel Authority
Subseries 2005B-2, Rev., VRDO, LOC:
Citibank NA, 0.02%, 9/1/2020 (c)		19,400		19,400
Series A, Rev., 5.00%, 11/15/2024		3,290		3,658
White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,829
Total New York				145,784

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — 1.2%
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c)		13,805		14,508
State of North Carolina Series 2017B, Rev., 5.00%, 5/1/2022		700		757
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.50%, 10/1/2020 (b)		5,750		5,750
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023		445		493
Total North Carolina				21,508
Ohio — 1.4%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		395
American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (c)		5,000		5,068
City of Cleveland, Subordinate Lien, Public Facilities Improvements
Series 2018A, Rev., 5.00%, 10/1/2025		150		182
Series 2018A, Rev., 5.00%, 10/1/2027		250		320
Series 2018A, Rev., 5.00%, 10/1/2028		250		323
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		232
County of Lake, Hospital Facilities, Lake Hospital System, Inc.
Rev., 5.00%, 8/15/2023		1,445		1,626
Rev., 5.00%, 8/15/2024		1,655		1,923
Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds GO, 5.00%, 12/1/2028		2,300		2,860
Franklin County Convention Facilities Authority
Rev., 5.00%, 12/1/2025		250		256
Rev., 5.00%, 12/1/2026		625		639
Rev., 5.00%, 12/1/2029		800		801
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.52%, 9/10/2020 (b)		4,000		3,992
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021		1,375		1,458
Lexington Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2031		1,050		1,280

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Ohio — continued
Ohio Higher Educational Facility Commission, Oberlin College Rev., 5.00%, 10/1/2020		1,000		1,004
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.45%, 9/1/2020 (c)		2,500		2,500
Total Ohio				24,859
Oklahoma — 1.6%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 4.00%, 12/1/2028		385		470
Rev., 4.00%, 12/1/2029		415		512
Rev., 4.00%, 12/1/2030		435		531
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project
Rev., 5.00%, 9/1/2025		365		422
Rev., 5.00%, 9/1/2026		820		965
Rev., 5.00%, 9/1/2027		1,250		1,497
Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2025		3,050		3,631
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2025		700		815
Rev., 4.00%, 12/1/2027		1,255		1,497
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project
Rev., 5.00%, 9/1/2028		375		486
Rev., 5.00%, 9/1/2029		1,175		1,517
Grady County School Finance Authority, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2029		300		367
Rev., 4.00%, 9/1/2030		430		522
Muskogee Industrial Trust
Rev., 5.00%, 9/1/2024		890		1,035
Rev., 5.00%, 9/1/2025		850		1,016
Rev., 5.00%, 9/1/2026		1,800		2,195
Rev., 5.00%, 9/1/2027		480		599
Rev., 4.00%, 9/1/2028		2,500		2,980
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		500		547
Rev., 5.00%, 10/1/2023		355		404
Rev., 5.00%, 10/1/2025		1,000		1,219

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oklahoma — continued
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,095
Wagoner County School Development Authority, Wagoner Public Schools Project
Rev., 4.00%, 9/1/2025		625		713
Rev., 4.00%, 9/1/2027		725		849
Rev., 4.00%, 9/1/2028		300		355
Total Oklahoma				27,239
Oregon — 0.2%
City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023		40		46
Port of Portland, International Airport
Series 23, Rev., 5.00%, 7/1/2023		1,000		1,121
Series 23, Rev., 5.00%, 7/1/2024		1,595		1,852
Total Oregon				3,019
Pennsylvania — 7.9%
Allegheny County Sanitary Authority, Sewer
Rev., 5.00%, 12/1/2021		3,500		3,698
Rev., 5.00%, 12/1/2022		3,000		3,303
Rev., 5.00%, 12/1/2023		4,000		4,577
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2023		1,000		1,077
Rev., 5.00%, 11/1/2024		1,000		1,097
Charleroi Borough Authority, Water System
Rev., AGM, 4.00%, 12/1/2024		175		199
Rev., AGM, 4.00%, 12/1/2025		150		175
Rev., AGM, 4.00%, 12/1/2026		100		119
Rev., AGM, 4.00%, 12/1/2027		125		151
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 5.00%, 9/1/2026		250		308
Series 2020A, Rev., 5.00%, 9/1/2027		200		253
Series 2020A, Rev., 5.00%, 9/1/2028		175		226
Series 2020A, Rev., 5.00%, 9/1/2029		175		231
City of Philadelphia, Water and Wastewater
Series A, Rev., 5.00%, 7/1/2022		1,510		1,635
Series 2014A, Rev., 5.00%, 7/1/2024		2,595		3,053
City of Pittsburgh
Series 2020A, GO, 5.00%, 9/1/2027		350		451
Series 2020A, GO, 5.00%, 9/1/2028		385		504
Series 2020A, GO, 4.00%, 9/1/2029		350		426
Series 2020A, GO, 4.00%, 9/1/2030		500		604

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 39

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2022		555		597
Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,203
County of Chester GO, 4.00%, 7/15/2028		2,500		3,132
County of Lackawanna
Series 2020B, GO, 4.00%, 9/1/2027		1,480		1,778
Series 2020B, GO, 4.00%, 9/1/2028		1,495		1,809
Series 2020B, GO, 4.00%, 9/1/2029		1,525		1,828
Series 2020B, GO, 4.00%, 9/1/2030		1,690		2,000
County of Northampton
Series A, GO, 4.00%, 10/1/2026		750		887
Series A, GO, 4.00%, 10/1/2027		1,565		1,843
Series A, GO, 4.00%, 10/1/2028		920		1,079
County of Westmoreland Series A, GO, 5.00%, 8/15/2028		3,000		3,867
Lehigh County Industrial Development Authority, Pollution Control
Series 2016B, Rev., 1.80%, 8/15/2022 (c)		4,000		4,052
Series 2016A, Rev., 1.80%, 9/1/2022 (c)		2,500		2,531
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024		1,000		1,164
Panther Valley School District
GO, 2.00%, 10/15/2026		750		778
GO, 2.00%, 10/15/2027		680		701
GO, 2.00%, 10/15/2028		300		307
GO, 2.00%, 10/15/2029		300		306
Penn Hills School District
GO, 5.00%, 10/1/2026		4,845		6,016
GO, 5.00%, 10/1/2027		3,585		4,566
GO, 5.00%, 10/1/2028		3,585		4,666
GO, 5.00%, 10/1/2029		3,815		5,068
Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022		5,055		5,552
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.69%, 9/10/2020 (b)		13,000		12,943
Series A, Rev., 5.00%, 12/1/2021		655		691
Pittsburgh Water & Sewer Authority Series A, Rev., 5.00%, 9/1/2023		270		307
Quaker Valley School District
GO, 5.00%, 10/1/2028		350		464

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
GO, 5.00%, 10/1/2029		425		576
GO, 5.00%, 10/1/2030		250		341
GO, 5.00%, 10/1/2031		325		440
School District of Philadelphia (The) Rev., TRAN, 4.00%, 6/30/2021		15,000		15,457
Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		377
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,676
Southcentral General Authority, Wellspan Health Obligation Group Series 2014A, Rev., 5.00%, 6/1/2024		380		440
Southeastern Pennsylvania Transportation Authority
Rev., 5.00%, 6/1/2027		635		803
Rev., 5.00%, 6/1/2028		2,265		2,912
Rev., 5.00%, 6/1/2029		3,115		4,080
Rev., 5.00%, 6/1/2030		1,740		2,319
Rev., 5.00%, 6/1/2031		2,125		2,821
Rev., 5.00%, 6/1/2032		1,105		1,461
State Public School Building Authority, Community College of Philadelphia Project
Rev., 5.00%, 6/15/2021		2,760		2,847
Rev., 5.00%, 6/15/2024		2,625		2,965
Upper St. Clair Township School District
Series 2019B, GO, 4.00%, 10/1/2028		575		683
Series 2019B, GO, 4.00%, 10/1/2029		420		497
Total Pennsylvania				136,917
Rhode Island — 0.0% (g)
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GAN, 5.00%, 6/15/2022		25		27
South Dakota — 0.1%
South Dakota Health and Educational Facilities Authority
Series B, Rev., 4.00%, 11/1/2020		625		629
Series B, Rev., 4.00%, 11/1/2021		500		520
Series B, Rev., 5.00%, 11/1/2022		375		411
South Dakota State Building Authority Series B, Rev., 5.00%, 6/1/2021		485		502
Total South Dakota				2,062
Tennessee — 0.7%
County of Rutherford Series A, GO, 5.00%, 4/1/2026		1,165		1,410

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — continued
State of Tennessee Series A, GO, 4.00%, 8/1/2025		7,000		7,494
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2022		1,460		1,542
Series A, Rev., 4.00%, 5/1/2023		1,400		1,523
Total Tennessee				11,969
Texas — 6.7%
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029		2,000		2,463
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,185
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2026		250		313
Series 2018C, Rev., 5.00%, 8/1/2027		200		258
Series 2018C, Rev., 5.00%, 8/1/2029		325		414
Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		790		806
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier
Series 2017A, Rev., 5.00%, 1/1/2021		500		505
Series 2017A, Rev., 5.00%, 1/1/2022		750		771
Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series 2017B, Rev., 5.00%, 1/1/2021		800		788
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		1,545		1,585
City of Abilene, Taylor and Jones Counties GO, 5.00%, 2/15/2021		475		485
City of Austin, Airport System
Series 2017B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,345
Series 2017B, Rev., AMT, 5.00%, 11/15/2027		585		713
Series 2017B, Rev., AMT, 5.00%, 11/15/2028		630		762
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022		560		612
City of Coppell, Combination Limited Tax GO, 4.00%, 2/1/2030 (e)		1,010		1,247
City of Denton GO, 5.00%, 2/15/2023		1,045		1,166
City of El Paso, Refunding and Improvement
GO, 5.00%, 8/15/2021		530		554

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
GO, 5.00%, 8/15/2025		4,035		4,947
City of Galveston GO, 4.00%, 5/1/2024		635		716
City of Galveston, Waterworks and Sewer System Rev., 5.00%, 5/1/2021		265		273
City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026		1,030		1,272
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2021		3,000		3,071
Series A, GO, 5.00%, 3/1/2025		1,195		1,435
City of San Antonio, Electric and Gas Systems Series B, Rev., 2.00%, 12/1/2021 (c)		6,480		6,556
College of the Mainland GO, 4.00%, 8/15/2034		2,860		3,339
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		1,000		1,112
County of Kaufman
Series 2020A, GO, 5.00%, 2/15/2028		270		351
Series 2020A, GO, 5.00%, 2/15/2029		285		378
GO, 5.00%, 2/15/2030		665		880
Series 2020A, GO, 5.00%, 2/15/2030		300		396
Series 2020A, GO, 5.00%, 2/15/2031		630		827
GO, 5.00%, 2/15/2032		425		554
Series 2020A, GO, 5.00%, 2/15/2032		660		861
Series 2020A, GO, 4.00%, 2/15/2033		345		416
GO, 4.00%, 2/15/2034		465		558
GO, 4.00%, 2/15/2035		300		359
Series 2020A, GO, 4.00%, 2/15/2035		375		448
Forney Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,552
Galveston County, Unlimited Tax Road
Series 2017, GO, 4.00%, 2/1/2024		980		1,099
Series 2017, GO, 4.00%, 2/1/2025		800		924
Georgetown Independent School District Series C, GO, PSF-GTD, 4.00%, 8/15/2032		2,165		2,600
Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		10,994
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026		1,910		2,226
Harris County Fresh Water Supply District No. 61 Series 2019, GO, AGM, 3.00%, 9/1/2025		530		585
Hereford Independent School District, School Building
GO, PSF-GTD, 4.00%, 2/15/2028		1,420		1,697

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
GO, PSF-GTD, 4.00%, 2/15/2029		1,480		1,766
GO, PSF-GTD, 4.00%, 2/15/2030		1,000		1,180
GO, PSF-GTD, 4.00%, 2/15/2031		700		819
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 1.19%, 9/10/2020 (b)		1,750		1,708
Series 2017A, Rev., 5.00%, 10/15/2022		250		273
Series 2017A, Rev., 5.00%, 10/15/2028		250		302
Series 2017A, Rev., 5.00%, 10/15/2029		500		601
Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027		290		315
Klein Independent School District Series B, GO, 5.00%, 8/1/2029		525		636
Lewisville Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2025		750		853
GO, PSF-GTD, 5.00%, 8/15/2026		750		852
GO, PSF-GTD, 5.00%, 8/15/2027		650		737
Lower Colorado River Authority
Series B, Rev., 5.00%, 5/15/2022 (d)		60		65
Series B, Rev., 5.00%, 5/15/2023		4,700		5,067
New Braunfels Independent School District GO, PSF-GTD, 4.00%, 2/1/2034		1,000		1,177
North Texas Tollway Authority System, First Tier Series A, Rev., 4.00%, 1/1/2033		2,500		2,875
Pasadena Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2028		1,000		1,155
Richardson Independent School District Series 2019, GO, PSF-GTD, 5.00%, 2/15/2029		3,165		4,121
S & S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		580		709
Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		273
Southwest Higher Education Authority, Inc., Southern Methodist University Project
Series 2017, Rev., 5.00%, 10/1/2021		425		447
Series 2017, Rev., 5.00%, 10/1/2022		400		436
Series 2017, Rev., 5.00%, 10/1/2023		400		454
State of Texas Rev., TRAN, 4.00%, 8/26/2021		12,480		12,945
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		1,705		2,017
University of Texas System (The) Series 2020C, Rev., 5.00%, 8/15/2031		5,000		7,011

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
West Travis County Public Utility Agency
Series 2017, Rev., 5.00%, 8/15/2022		545		595
Series 2017, Rev., 5.00%, 8/15/2023		325		368
Series 2017, Rev., 5.00%, 8/15/2027		350		447
Total Texas				116,602
Utah — 1.2%
Salt Lake City Corp. Airport Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,077
State of Utah GO, 5.00%, 7/1/2021		4,925		5,123
Utah Infrastructure Agency, Telecommunication Series A, Rev., 5.00%, 10/15/2025		10,380		11,667
West Valley City Municipal Building Authority
Rev., AGM, 4.00%, 2/1/2024		500		559
Rev., AGM, 5.00%, 2/1/2025		250		298
Rev., AGM, 5.00%, 2/1/2027		720		907
Rev., AGM, 5.00%, 2/1/2029		1,070		1,334
Total Utah				20,965
Vermont — 0.1%
University of Vermont and State Agricultural College
Rev., 5.00%, 10/1/2021		750		789
Rev., 5.00%, 10/1/2022		855		931
Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		424
Total Vermont				2,144
Virginia — 2.7%
County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026		7,715		9,365
Fairfax County Water Authority, Water Series B, Rev., 5.25%, 4/1/2024		5,615		6,624
Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,406
Virginia College Building Authority, 21st Century College and Equipment Programs
Series 2017E, Rev., 5.00%, 2/1/2027		20,000		25,629
Series 2017C, Rev., 5.00%, 2/1/2028		1,000		1,275
Virginia Resources Authority, Infrastructure Series C, Rev., 5.00%, 11/1/2027		1,235		1,575
Total Virginia				46,874
Washington — 1.2%
Snohomish County Public Utility District No. 1 Rev., 5.00%, 12/1/2025		500		618

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Washington — continued
Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (c)		17,000		20,035
Total Washington				20,653
West Virginia — 0.2%
West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (c)		2,905		2,994
Wisconsin — 1.5%
Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027		200		259
State of Wisconsin
Series A, GO, 5.00%, 5/1/2026		5,050		6,149
Series 1, GO, 5.00%, 11/1/2026		1,135		1,447
Sun Prairie Area School District GO, 4.00%, 3/1/2028		2,500		3,003
Wauwatosa School District, School Building and Improvement
Series 2019A, GO, 5.00%, 3/1/2027		5,025		6,440
Series 2019A, GO, 5.00%, 3/1/2029		6,025		7,661
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025		325		391

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wisconsin — continued
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,266
Total Wisconsin				26,616
Total Municipal Bonds (Cost $1,501,888)				1,562,287
Collateralized Mortgage Obligations — 0.0% (g)
FNMA, REMIC Series 2002-36, Class FS, 0.68%, 6/25/2032 (c) (Cost $116)		116		116
	SHARES (000)
Short-Term Investments — 10.8%
Investment Companies — 10.8%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i) (Cost $186,178)		186,063		186,193
Total Investments — 101.2% (Cost $1,688,182)				1,748,596
Liabilities in Excess of Other Assets — (1.2)%				(20,075	)
NET ASSETS — 100.0%				1,728,521

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
GAN	Grant Anticipation Note
GO	General Obligation
GTD	Guaranteed
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RAN	Revenue Anticipation Note
RE	Reinsured
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SIFMA	The Securities Industry and Financial Markets Association
TRAN	Tax & Revenue Anticipation Note

USD	United States Dollar
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(d)	Security is prerefunded or escrowed to maturity.
(e)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Amount rounds to less than 0.1% of net assets.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 43

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 92.8% (a)
Alabama — 0.4%
The Lower Alabama Gas District, Gas Project Series 2016A, Rev., 5.00%, 9/1/2031		1,000		1,300
Alaska — 0.2%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		625		664
Arizona — 1.6%
City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,540
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032		200		248
University of Arizona (The)
Series 2020A, Rev., 5.00%, 8/1/2025		250		301
Series 2020A, Rev., 5.00%, 8/1/2026		700		866
Series 2020A, Rev., 5.00%, 8/1/2027		750		951
Total Arizona				4,906
California — 2.8%
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026		410		491
California Statewide Communities Development Authority, Emanate Health, Tax Exempt Series 2020A, Rev., 3.00%, 4/1/2050		2,645		2,701
Eastern Municipal Water District Financing Authority, Water and Wastewater System
Series 2020A, Rev., 5.00%, 7/1/2035		500		679
Series 2020A, Rev., 5.00%, 7/1/2036		500		676
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/2027		3,000		3,520
State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045		490		522
Total California				8,589
Colorado — 3.2%
Aspen Fire Protection District
COP, 4.00%, 12/1/2034		200		237
COP, 4.00%, 12/1/2035		225		266
COP, 4.00%, 12/1/2036		350		412
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project
Rev., 4.00%, 9/1/2020		450		450
Rev., 5.00%, 9/1/2022		470		507
Colorado Housing and Finance Authority, Single Family Mortgage
Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049		290		326

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — continued
Series 2020B, Rev., 3.75%, 5/1/2050		2,100		2,325
Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 0.60%, 10/1/2020 (b)		970		956
IDK PARTNERS III Trust, Mortgage Pass-Through Certificates Series 1999A, Class A, Rev., 5.10%, 8/1/2023 ‡		5		5
Pueblo City Schools GO, 5.00%, 12/15/2031		3,000		4,041
Total Colorado				9,525
Connecticut — 3.6%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series D-1, Rev., 1.35%, 5/15/2022		175		178
Series D-1, Rev., 1.45%, 5/15/2023		1,020		1,043
Series D-1, Rev., 1.50%, 11/15/2023		1,220		1,252
Series 2020A-1, Rev., 3.50%, 11/15/2045		1,315		1,469
Series A-1, Rev., 4.00%, 11/15/2045		260		275
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		920		996
Subseries A-1, Rev., 4.00%, 11/15/2047		315		341
Connecticut State Health & Educational Facilities Authority, Yale New Haven Series B, Rev., 1.80%, 7/1/2024 (c)		225		234
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series 2010A, Rev., 5.25%, 11/15/2020		1,560		1,577
Series A, Rev., 5.25%, 11/15/2020		1,500		1,515
Series 2019B, Rev., AMT, 5.00%, 11/15/2027		250		295
University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035		1,250		1,558
Total Connecticut				10,733
Delaware — 0.9%
Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034		2,200		2,620
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		145		147
Total Delaware				2,767
District of Columbia — 3.4%
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045		1,500		1,777

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — continued
Washington Metropolitan Area Transit Authority
Series 2020A, Rev., 5.00%, 7/15/2031		1,500		2,037
Series 2020A, Rev., 5.00%, 7/15/2032		3,885		5,224
Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series 2017B, Rev., 5.00%, 7/1/2025		1,000		1,212
Total District of Columbia				10,250
Florida — 7.8%
Broward County Series 2019A, Rev., 5.00%, 10/1/2038		3,000		3,914
Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		923
City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,954
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		30		30
Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036		1,000		1,247
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,292
Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021 (d)		1,100		1,164
Polk County School District Series 2019B, COP, 5.00%, 1/1/2026		515		629
School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027		3,000		3,671
South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,699
St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031		570		741
Total Florida				23,264
Georgia — 1.0%
Columbus Medical Center Hospital Authority, Piedmont Healthcare Series 2019B, Rev., 5.00%, 7/1/2029 (c)		500		606
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026		860		1,041
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., 4.00%, 12/1/2047		470		506
Series B, Rev., 4.00%, 12/1/2047		890		964
Total Georgia				3,117

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Guam — 0.3%
Guam Government Waterworks Authority, Water and Wastewater System (Guam)
Rev., 5.00%, 7/1/2023		375		415
Rev., 5.00%, 7/1/2024		300		342
Total Guam				757
Illinois — 3.4%
City of Aurora, Single Family Mortgage
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		87		87
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		103		105
Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		438
Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049		1,860		2,076
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		755		812
Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027		505		598
Southwestern Illinois Development Authority
Rev., 5.00%, 4/15/2026		250		307
Rev., 5.00%, 4/15/2027		365		460
Rev., 5.00%, 4/15/2028		390		503
Rev., 5.00%, 4/15/2029		290		380
Will County Forest Preserve District
GO, 5.00%, 12/15/2035		1,170		1,499
GO, 5.00%, 12/15/2036		1,460		1,848
GO, 4.00%, 12/15/2037		1,000		1,168
Total Illinois				10,281
Indiana — 3.3%
County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,221
Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030		1,250		1,367
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034		1,670		1,979
Indiana Housing and Community Development Authority Series 2020A, Rev., 3.75%, 1/1/2049		1,000		1,118
Indiana Housing and Community Development Authority, Home First Mortgage

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 45

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Indiana — continued
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 9/1/2020		50		51
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		20		20
Indianapolis Local Public Improvement Bond Bank Series 2019F, Rev., 5.00%, 1/1/2037		2,500		3,207
Total Indiana				9,963
Iowa — 1.0%
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,400		1,499
Iowa Student Loan Liquidity Corp., Student Loan
Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,142
Series 2019B, Rev., AMT, 5.00%, 12/1/2029		300		363
Total Iowa				3,004
Kentucky — 0.8%
Louisville & Jefferson County Metropolitan Government Series 2020C, Rev., 5.00%, 10/1/2026 (c)		2,000		2,337
Louisiana — 0.3%
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 9/1/2020		8		8
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		867
Total Louisiana				875
Maine — 0.8%
City of Portland Rev., 5.00%, 1/1/2031		370		467
Maine Health and Higher Educational Facilities Authority
Series 2020A, Rev., 4.00%, 7/1/2024		250		281
Series 2020A, Rev., 4.00%, 7/1/2028		860		1,034
Maine State Housing Authority
Series A-1, Rev., AMT, 4.50%, 11/15/2028		80		83
Series B, Rev., AMT, 4.00%, 11/15/2043		75		77
Series A, Rev., 4.00%, 11/15/2045		525		556
Total Maine				2,498
Maryland — 1.1%
County of Baltimore
Series 2019B, Rev., 3.00%, 9/1/2024		320		334
Series 2019B, Rev., 3.00%, 9/1/2025		475		495

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — continued
Rev., 4.00%, 1/1/2032		475		537
Rev., 4.00%, 1/1/2033		600		675
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048		1,045		1,137
Total Maryland				3,178
Massachusetts — 6.8%
Massachusetts Bay Transportation Authority, Mass Sales Tax
Series 2012B-1, Rev., 5.00%, 7/1/2032		1,600		2,161
Series 2012B-1, Rev., 5.00%, 7/1/2033		3,015		4,048
Massachusetts Clean Water Trust (The), Pool Program Rev., 5.25%, 8/1/2024		3,000		3,580
Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021		1,000		1,030
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,211
Massachusetts Housing Finance Agency, Single Family Housing
Series 169, Rev., 4.00%, 12/1/2044		125		131
Series 183, Rev., 3.50%, 12/1/2046		245		258
Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049		1,250		1,394
Massachusetts Water Resources Authority
Series B, Rev., AGM, 5.25%, 8/1/2028		3,000		4,062
Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,772
Total Massachusetts				20,647
Michigan — 0.8%
Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		700
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047		760		812
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)		570		573
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		380		381
Total Michigan				2,466
Minnesota — 1.9%
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029		965		1,287

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Minnesota — continued
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		100		101
Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040		90		90
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		18		18
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		200		201
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		40		41
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2024		1,015		1,061
Rev., 5.25%, 8/1/2025		1,070		1,117
Rev., 5.25%, 8/1/2026		825		862
Minnesota Housing Finance Agency, Residential Housing Finance
Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		35		36
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		610		658
Minnesota Office of Higher Education Rev., AMT, 5.00%, 11/1/2027		300		371
State of Minnesota Series A, GO, 5.00%, 10/1/2021 (d)		35		37
Total Minnesota				5,880
Mississippi — 0.5%
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048		1,470		1,628
Missouri — 1.5%
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031		1,000		1,269
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		1,135		1,198

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — continued
Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050		1,970		2,183
Total Missouri				4,650
Nebraska — 0.7%
Madison County Hospital Authority No. 1, Faith Regional Health Services Project
Rev., 5.00%, 7/1/2030		1,020		1,160
Rev., 5.00%, 7/1/2031		720		815
Total Nebraska				1,975
Nevada — 0.5%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2026		555		664
Rev., 5.00%, 9/1/2029		620		747
Total Nevada				1,411
New Hampshire — 1.8%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2024		3,545		4,218
Rev., NATL-RE, 5.50%, 6/1/2027		900		1,175
Total New Hampshire				5,393
New Jersey — 3.6%
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,465
New Jersey Educational Facilities Authority
Series 2020A, Rev., 5.00%, 7/1/2033		350		435
Series 2020A, Rev., 5.00%, 7/1/2034		280		347
New Jersey Health Care Facilities Financing Authority, University Hospital Issue
Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,074
Series A, Rev., AGM, 5.00%, 7/1/2023		820		911
Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,275
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		1,999
Series A, Rev., 5.00%, 12/1/2024		1,100		1,271
New Jersey Housing and Mortgage Finance Agency Series 2019D, Rev., 1.35%, 6/1/2022 (c)		1,000		1,014
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		1,035		1,164
Total New Jersey				10,955

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 47

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Mexico — 0.4%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050		1,190		1,328
New York — 4.6%
Metropolitan Transportation Authority Series 2017B, Rev., 5.00%, 11/15/2021		1,300		1,336
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,072
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		1,199
New York Mortgage Agency Rev., AMT, 5.00%, 4/1/2028		35		35
New York Mortgage Agency, Homeowner Mortgage
Series 197, Rev., 3.50%, 10/1/2044		1,015		1,077
Series 195, Rev., 4.00%, 10/1/2046		985		1,051
New York State Dormitory Authority Series 2020A, Rev., 5.00%, 9/1/2027		1,325		1,613
New York State Dormitory Authority, Cornell University Series 2020A, Rev., 5.00%, 7/1/2031		1,500		2,118
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2025		1,750		1,894
Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2030		2,000		2,388
Total New York				13,783
North Carolina — 1.0%
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000		1,258
North Carolina Housing Finance Agency Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050		670		756
University of North Carolina at Charlotte (The)
Series 2020A, Rev., 5.00%, 10/1/2025		85		103
Series 2020A, Rev., 5.00%, 10/1/2026		500		622
Series 2020A, Rev., 5.00%, 10/1/2027		200		257
Total North Carolina				2,996
North Dakota — 0.9%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series 2016D, Rev., 3.50%, 7/1/2046		350		376

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Dakota — continued
Series D, Rev., 4.00%, 7/1/2046		1,015		1,081
Series 2017D, Rev., FHA, 4.00%, 1/1/2048		1,090		1,187
Total North Dakota				2,644
Ohio — 4.4%
American Municipal Power, Inc., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2026		855		1,056
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035		825		1,045
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500		1,872
Ohio Higher Educational Facility Commission
Series 2019C, Rev., 1.63%, 12/1/2026 (c)		500		513
Series 2019B, Rev., 5.00%, 12/1/2031		750		964
Ohio Housing Finance Agency Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050		995		1,124
Ohio Housing Finance Agency, Single Family Mortgage Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		755		817
Ohio Water Development Authority, Water Pollution Control Loan Fund
Series 2019A, Rev., 5.00%, 6/1/2029		2,645		3,562
Series B, Rev., 5.00%, 12/1/2029		1,615		1,988
University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030		310		407
Total Ohio				13,348
Oklahoma — 0.1%
Oklahoma Housing Finance Agency Rev., 1.60%, 1/1/2022 (c)		200		202
Oregon — 0.1%
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		265		273
Pennsylvania — 5.5%
Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 5.00%, 7/15/2033		600		760
Chester County Industrial Development Authority, Longwood Gardens Project
Rev., 4.00%, 12/1/2023		500		562
Rev., 4.00%, 12/1/2024		345		399
Rev., 4.00%, 12/1/2025		250		296
Rev., 4.00%, 12/1/2026		250		302
Rev., 5.00%, 12/1/2027		200		261

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Rev., 5.00%, 12/1/2035		175		225
Rev., 5.00%, 12/1/2036		185		237
Rev., 5.00%, 12/1/2037		200		256
Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (c)		3,350		4,110
Pennsylvania Higher Educational Facilities Authority Rev., 4.00%, 8/15/2034		175		207
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 121, Rev., 3.50%, 10/1/2046		1,085		1,145
Series 122, Rev., AMT, 4.00%, 10/1/2046		335		360
Pennsylvania State University (The)
Series 2020E, Rev., 5.00%, 3/1/2029		710		949
Series 2020E, Rev., 5.00%, 3/1/2030		290		396
Series 2020E, Rev., 5.00%, 3/1/2031		710		962
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project
Rev., 5.00%, 12/1/2023		2,020		2,309
Rev., AGM, 5.00%, 12/1/2026		1,550		1,944
Rev., AGM, 5.00%, 12/1/2027		680		860
Total Pennsylvania				16,540
South Carolina — 0.7%
South Carolina State Housing Finance and Development Authority
Series A, Rev., 4.00%, 1/1/2047		275		295
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		680		737
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,214
Total South Carolina				2,246
South Dakota — 1.1%
South Dakota Housing Development Authority, Homeownership Mortgage
Series 2015D, Rev., 4.00%, 11/1/2045		1,155		1,231
Series A, Rev., 4.00%, 5/1/2049		1,930		2,138
Total South Dakota				3,369
Tennessee — 0.9%
Shelby County Health Educational and Housing Facilities Board Series 2019A, Rev., 5.75%, 10/1/2049		1,000		956
Tennessee Housing Development Agency, Residential Finance Program
Series 2B, Rev., AMT, 4.00%, 7/1/2043		140		147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee  — continued
Rev., 3.50%, 1/1/2048		1,380		1,481
Total Tennessee				2,584
Texas — 6.8%
Arlington Higher Education Finance Corp.
Rev., PSF-GTD, 5.00%, 8/15/2023 (e)		150		170
Rev., PSF-GTD, 5.00%, 8/15/2024 (e)		140		165
Rev., PSF-GTD, 5.00%, 8/15/2025 (e)		200		244
Rev., PSF-GTD, 5.00%, 8/15/2026 (e)		220		276
Rev., PSF-GTD, 5.00%, 8/15/2027 (e)		250		321
Rev., PSF-GTD, 5.00%, 8/15/2028 (e)		300		392
Rev., PSF-GTD, 5.00%, 8/15/2029 (e)		500		665
Rev., PSF-GTD, 5.00%, 8/15/2030 (e)		400		542
Boerne School District GO, PSF-GTD, 5.00%, 2/1/2029		1,000		1,342
Brazos Higher Education Authority, Inc.
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025		350		402
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026		500		586
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046		1,000		1,146
City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027		665		865
Clear Creek Independent School District Series B, GO, PSF-GTD, 1.35%, 8/15/2022 (c)		500		509
Clifton Higher Education Finance Corp., Idea Public Schools Rev., PSF-GTD, 4.00%, 8/15/2030		1,300		1,604
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. Rev., PSF-GTD, 5.00%, 4/1/2029		130		172
Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032		2,800		3,416
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017A, Rev., 5.00%, 10/15/2026		250		306
Series 2017A, Rev., 5.00%, 10/15/2027		500		609
Midtown Redevelopment Authority
Rev., 4.00%, 1/1/2031		365		444
Rev., 4.00%, 1/1/2032		500		599
Northside Independent School District GO, PSF-GTD, 1.60%, 8/1/2024 (c)		345		357
Pasadena Independent School District Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (c)		750		781
Pflugerville Independent School District Series A, GO, PSF-GTD, 2.25%, 8/15/2022 (c)		1,200		1,245
State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033		450		537

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 49

JPMorgan Sustainable Municipal Income Fund

(formerly known as JPMorgan Municipal Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		115		117
Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049		1,180		1,322
Texas Water Development Board Series 2019A, Rev., 5.00%, 4/15/2023		1,300		1,461
Total Texas				20,595
Utah — 2.7%
Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033		1,700		2,127
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045		1,005		1,083
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,568
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,302
Total Utah				8,080
Vermont — 2.0%
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		35		35
Series B, Rev., AMT, 3.75%, 11/1/2045		920		963
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,092
Series 2016A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,570
Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,466
Total Vermont				6,126
Washington — 4.3%
FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2039		5,000		6,064
King County Housing Authority, Highland Village Project
Rev., 5.00%, 1/1/2027		125		155
Rev., 5.00%, 1/1/2028		125		159
Rev., 5.00%, 1/1/2029		125		161
Rev., 4.00%, 1/1/2031		330		397
Rev., 4.00%, 1/1/2034		500		589
Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,262

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Washington — continued
Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035		710		862
Washington State Housing Finance Commission, Single Family Program
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		240		251
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		2,060		2,193
Total Washington				13,093
Wisconsin — 3.0%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (c)		965		966
Wisconsin Health and Educational Facilities Authority
Rev., 4.00%, 2/1/2021		425		429
Rev., 4.00%, 2/1/2022		280		289
Rev., 4.00%, 2/1/2023		280		295
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2024		250		290
Rev., 5.00%, 7/1/2025		250		300
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2022		520		556
Series 2017A, Rev., 5.00%, 9/1/2023		550		605
Series 2017A, Rev., 5.00%, 9/1/2024		580		656
Series 2017A, Rev., 5.00%, 9/1/2025		235		272
Series 2017A, Rev., 5.00%, 9/1/2026		385		454
Series 2017A, Rev., 5.00%, 9/1/2027		785		944
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.
Series C, Rev., 5.00%, 2/15/2027		400		486
Series C, Rev., 5.00%, 2/15/2028		575		692
Series C, Rev., 5.00%, 2/15/2029		375		449
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035		1,165		1,452
Total Wisconsin				9,135
Wyoming — 0.3%
Wyoming Community Development Authority Series 5, Rev., 4.00%, 12/1/2046		765		828
Total Municipal Bonds (Cost $266,408)				280,183

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 7.1%
Investment Companies — 7.1%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (f) (g) (Cost $21,510)		21,497		21,512
Total Investments — 99.9% (Cost $287,918)				301,695
Other Assets Less Liabilities — 0.1%				414
NET ASSETS — 100.0%				302,109

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 August 31, 2020.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(d)	Security is prerefunded or escrowed to maturity.
(e)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 51

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 96.5% (a)
Alabama — 1.0%
City of Trussville Series 2018A, GO, 4.00%, 8/1/2032		25		30
Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2029		1,000		1,156
Montgomery Water Works and Sanitary Sewer Board
Series 2019A, Rev., 4.00%, 9/1/2036		515		625
Series 2019A, Rev., 4.00%, 9/1/2037		800		968
Series 2019A, Rev., 4.00%, 9/1/2038		830		1,001
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b)		500		552
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (b)		835		924
UAB Medicine Finance Authority
Series B-2, Rev., 3.50%, 9/1/2035		160		176
Series B-2, Rev., 5.00%, 9/1/2037		30		36
Total Alabama				5,468
Alaska — 0.4%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		620		658
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044		1,500		1,689
University of Alaska Series S, Rev., 4.00%, 10/1/2021		70		71
Total Alaska				2,418
Arizona — 1.4%
Arizona Industrial Development Authority, Equitable School Revolving Fund
Series 2020A, Rev., 4.00%, 11/1/2045		1,000		1,145
Series 2020A, Rev., 4.00%, 11/1/2050		1,300		1,483
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049		4,000		3,263
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 3.00%, 2/1/2045		1,000		1,035
City of Chandler Rev., 5.00%, 7/1/2028		25		31
City of Phoenix Civic Improvement Corp. Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2036		125		187
County of Pinal Rev., 4.00%, 8/1/2036		50		58

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
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		381
Series 2018A, Rev., 5.00%, 7/1/2033		150		163
Series 2018A, Rev., 5.00%, 7/1/2037		200		214
Maricopa County Special Health Care District Series 2018C, GO, 5.00%, 7/1/2033		10		12
Maricopa County Unified School District No. 11-Peoria GO, 4.00%, 7/1/2034		10		12
University of Arizona (The) Rev., 5.00%, 6/1/2033		40		48
Total Arizona				8,032
Arkansas — 0.2%
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		224
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029		350		424
State of Arkansas, Four-Lane Highway Construction and Improvement Series 2013, GO, 5.00%, 6/15/2021		60		62
University of Arkansas, Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027		100		127
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		122
Total Arkansas				959
California — 7.2%
Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032		60		76
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series S-7, Rev., 4.00%, 4/1/2032		35		41
California Educational Facilities Authority Series T-1, Rev., 5.00%, 3/15/2039		350		527
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039		500		559
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2041		250		292
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 5.00%, 10/15/2037		500		560
Rev., 5.00%, 10/15/2047		1,000		1,100

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California  continued
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2021 (c)		50		51
Series 2018A, Rev., 5.00%, 8/1/2022 (c)		80		85
Series 2018A, Rev., 5.00%, 8/1/2023 (c)		175		193
Series 2018A, Rev., 5.00%, 8/1/2024 (c)		160		181
Series 2018A, Rev., 5.00%, 8/1/2025 (c)		150		174
Series 2018A, Rev., 5.00%, 8/1/2026 (c)		150		178
Series 2018A, Rev., 5.00%, 8/1/2027 (c)		150		181
Series 2018A, Rev., 5.00%, 8/1/2028 (c)		190		232
California State Public Works Board, Riverside Campus Series 2017H, Rev., 5.00%, 4/1/2027		10		13
California State University
Series 2019A, Rev., 5.00%, 11/1/2036		30		40
Series 2016A, Rev., 5.00%, 11/1/2041		45		55
Series 2017A, Rev., 5.00%, 11/1/2042		30		37
Series 2016A, Rev., 5.00%, 11/1/2045		25		30
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045		1,500		1,567
City of Los Angeles Department of Airports Series 2019E, Rev., AMT, 5.00%, 5/15/2039		155		193
City of Los Angeles, Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,367
City of Palm Springs Series B, COP, Zero Coupon, 4/15/2021 (d)		100		100
County of Santa Clara, Campbell Union High School District
GO, 3.00%, 8/1/2030		620		677
GO, 3.00%, 8/1/2031		30		33
East Bay Municipal Utility District, Wastewater System Series 2015A-1, Rev., 5.00%, 6/1/2036		2,450		2,924
East Bay Municipal Utility District, Water System, Green Bonds Series B, Rev., 5.00%, 6/1/2033		515		619
Eastern Municipal Water District Financing Authority
Series 2020A, Rev., 4.00%, 7/1/2037		450		559
Series 2020A, Rev., 5.00%, 7/1/2037		2,405		3,233
Series 2020A, Rev., 4.00%, 7/1/2038		1,000		1,237
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2036		1,500		2,028
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		900		885

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
Franklin-Mckinley School District, Election of 2020 Series A, GO, 4.00%, 8/1/2049		1,415		1,629
Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2021		2,000		2,109
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2024		60		68
Los Angeles County Metropolitan Transportation Authority, Green Bond Series 2020A, Rev., 5.00%, 6/1/2030		20		27
Los Angeles Department of Water and Power, Power System
Series 2019D, Rev., 5.00%, 7/1/2038		35		46
Series 2014D, Rev., 5.00%, 7/1/2044		60		69
Los Angeles Unified School District Series 2018B-1, GO, 5.00%, 7/1/2037		30		38
Millbrae Redevelopment Agency Successor Agency 4.00%, 8/1/2035		150		164
Moulton-Niguel Water District Rev., 5.00%, 9/1/2038		35		46
Mount San Antonio Community College District, Election of 2008 Series A, GO, 0.00%, 8/1/2043		7,150		7,693
Mountain View Shoreline Regional Park Community Series 2018A, Rev., AGM, 5.00%, 8/1/2034		25		32
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		808
Riverside County Transportation Commission Series 2017A, Rev., 5.00%, 6/1/2039		150		187
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,672
San Diego Unified School District Series 2012E, GO, Zero Coupon, 7/1/2049		1,000		462
San Lorenzo Valley Unified School District
Series 2020A, GO, 4.00%, 8/1/2045		1,000		1,159
Series 2020A, GO, 5.00%, 8/1/2050		2,505		3,106
Santa Clara Valley Transportation Authority Series 2018A, Rev., 5.00%, 6/1/2024		30		35
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo GO, Zero Coupon, 8/1/2037		2,450		1,135
South Monterey County Joint Union High School District, Election of 2018 Series A-1, GO, AGM, 5.00%, 8/1/2035		15		19
Total California				40,531

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 53

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Colorado — 3.0%
Adams County, Colorado Refunding and Improvement COP, 4.00%, 12/1/2040		2,815		3,112
Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,000		1,200
Colorado Health Facilities Authority, Commonspirit Health Series A-2, Rev., 4.00%, 8/1/2049		2,500		2,752
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Series 2020A, Rev., 4.00%, 9/1/2050		675		735
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,188
Denver Health and Hospital Authority
Series 2019A, Rev., 4.00%, 12/1/2040		1,635		1,741
Series A, Rev., 5.25%, 12/1/2045		1,000		1,069
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037		1,000		1,280
Raindance Metropolitan District No. 1 Non-Potable Water System Rev., 5.25%, 12/1/2050		1,000		1,004
State of Colorado Series 2018A, COP, 5.00%, 9/1/2031		20		26
State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2021 (d)		2,000		2,051
Vauxmont Metropolitan District
GO, AGM, 5.00%, 12/15/2024		265		310
GO, AGM, 5.00%, 12/15/2025		250		300
Total Colorado				16,768
Connecticut — 0.9%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series B-2, Rev., 4.00%, 11/15/2032		240		246
Series A-1, Rev., 4.00%, 11/15/2045		85		90
Subseries A-1, Rev., 4.00%, 11/15/2047		305		330
Connecticut State Health and Educational Facilities Authority
Series K-1, Rev., 5.00%, 7/1/2034		725		790
Series K-1, Rev., 5.00%, 7/1/2036		450		488
Series K-1, Rev., 5.00%, 7/1/2039		490		527
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025		1,000		1,126
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., AMT, 5.00%, 11/15/2020		300		302

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Connecticut — continued
State of Connecticut
Series 2016D, GO, 5.00%, 8/15/2026		25		31
Series 2012G, GO, 4.00%, 10/15/2027		45		48
Series A, GO, 5.00%, 4/15/2029		150		187
State of Connecticut Special Tax Series 2014B, Rev., 5.00%, 9/1/2020		20		20
State of Connecticut, Special Tax Transportation Infrastructure Purposes
Series 2016A, Rev., 5.00%, 9/1/2027		25		31
Series 2018B, Rev., 5.00%, 10/1/2033		55		69
Town of New Canaan
GO, 4.00%, 10/1/2036		240		289
GO, 4.00%, 10/1/2037		370		445
GO, 4.00%, 10/1/2039		100		119
Town of Stonington Series 2012A, GO, 4.00%, 9/1/2020		15		15
Town of Wallingford GO, 4.00%, 3/15/2021		20		20
University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		18
Total Connecticut				5,191
Delaware — 2.2%
County of New Castle GO, 5.00%, 4/1/2027		25		32
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		1,000		1,140
Delaware Economic Development Authority, Newark Charter School, Inc. Project
Series A, Rev., 5.00%, 9/1/2036		500		566
Series A, Rev., 5.00%, 9/1/2046		500		555
Delaware State Economic Development Authority
Rev., 4.00%, 7/1/2041		5,000		5,850
Rev., 5.00%, 9/1/2050		1,500		1,756
Delaware State Health Facilities Authority Series 2017A, Rev., 4.00%, 7/1/2033		25		28
Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series 2017A, Rev., 4.00%, 7/1/2043		1,275		1,415
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		245		249
University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045		500		783
Total Delaware				12,374

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — 1.8%
District of Columbia
Series A, Rev., 6.00%, 7/1/2023 (d)		1,000		1,160
Series 2017B, Rev., 5.00%, 7/1/2037		25		29
Rev., 4.00%, 7/1/2039		600		651
Rev., 4.00%, 7/1/2044		1,240		1,329
District of Columbia, Kipp DC Project Series 2017B, Rev., 5.00%, 7/1/2027		30		36
District of Columbia, National Public Radio, Inc. Series 2016, Rev., 5.00%, 4/1/2024 (d)		25		29
Metropolitan Washington Airports Authority, Airport System
Series A, Rev., AMT, 5.00%, 10/1/2030		50		60
Series 2017A, Rev., AMT, 5.00%, 10/1/2032		415		507
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042		5,010		6,078
Total District of Columbia				9,879
Florida — 2.9%
City of Jacksonville Series B, Rev., 5.00%, 10/1/2024		20		24
City of Lauderhill, Water and Sewer System Rev., 4.00%, 10/1/2027		15		18
City of Leesburg, Electric System Rev., 5.00%, 10/1/2031		15		19
City of Miami Beach Rev., 4.00%, 9/1/2045		25		27
City of Palm Coast Rev., 5.00%, 10/1/2020		25		25
City of Port St. Lucie, Utility Systems Series 2018, Rev., 5.00%, 9/1/2028		25		32
City of South Miami Health Facilities Authority, Inc., Baptist Health Rev., 4.00%, 8/15/2042		20		22
City of Tallahassee, Utility System Series 2017, Rev., 5.00%, 10/1/2023		10		11
City of Tampa Series 2020A, Rev., 4.00%, 4/1/2050		2,000		2,241
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 5.00%, 7/1/2050		2,790		3,415
County of Miami-Dade
Series A, GO, 5.00%, 7/1/2036		1,545		2,003
Series 2016, Rev., 4.00%, 10/1/2040		105		113
County of Sarasota Series 2019A, Rev., 5.00%, 10/1/2038		25		32
County of Sarasota, Utility System Series 2016A, Rev., 4.00%, 10/1/2043		65		72
East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028		30		39

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Florida Atlantic University Finance Corp.
Series 2019A, Rev., 5.00%, 7/1/2031		15		19
Series 2019B, Rev., 5.00%, 7/1/2034		120		146
Florida Governmental Utility Authority
Rev., AGM, 4.00%, 10/1/2034		600		731
Rev., AGM, 4.00%, 10/1/2035		1,000		1,210
Rev., AGM, 4.00%, 10/1/2036		370		445
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		10		10
Florida State University Housing Facility Series 2015A, Rev., 4.00%, 5/1/2034		30		34
Florida’s Turnpike Enterprise, Department of Transportation Series 2018A, Rev., 5.00%, 7/1/2033		55		70
Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,835
JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2020 (d)		20		20
Monroe County School District
Series A, COP, 5.00%, 6/1/2032		100		125
Series A, COP, 5.00%, 6/1/2034		40		49
Orange County Convention Center Series 2016A, Rev., 4.00%, 10/1/2036		40		44
Orange County Health Facilities Authority Series B, Rev., 4.00%, 10/1/2045		215		235
School Board of Miami-Dade County (The) Series 2006D, COP, AMBAC, 5.00%, 10/1/2020		20		20
South Broward Hospital District, Memorial Healthcare System Series 2016, Rev., 5.00%, 5/1/2023		10		11
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical
Series 2020A, Rev., 4.00%, 10/15/2037		725		834
Series 2020A, Rev., 4.00%, 10/15/2038		750		860
Series 2020A, Rev., 4.00%, 10/15/2039		350		400
Total Florida				16,191
Georgia — 4.9%
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2050		1,450		1,670
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		2,450		2,797
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Series 2017, Rev., 4.00%, 8/15/2041		1,000		1,123

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 55

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Georgia — continued
Development Authority for Fulton County, Wellstar Health System, Inc. Project Series 2020A, Rev., 4.00%, 4/1/2050		2,080		2,372
Georgia Higher Education Facilities Authority USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038		2,000		2,275
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., AMT, 5.00%, 6/1/2029		5		5
Subseries A-1, Rev., AMT, 4.00%, 6/1/2044		115		120
Glynn-Brunswick Memorial Hospital Authority Rev., 4.00%, 8/1/2038		1,000		1,126
Main Street Natural Gas, Inc., Gas Supply
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (b)		5,000		5,487
Series 2019B, Rev., 4.00%, 12/2/2024 (b)		8,600		9,764
Metropolitan Atlanta Rapid Transit Authority Series A, Rev., NATL-RE, 5.25%, 7/1/2028		110		147
Private Colleges and Universities Authority Series 2020B, Rev., 4.00%, 9/1/2041		750		904
Total Georgia				27,790
Hawaii — 0.4%
City and County of Honolulu
Series A, GO, 5.00%, 10/1/2037		1,970		2,344
Series 2019B, Rev., 5.00%, 7/1/2040		35		45
Total Hawaii				2,389
Idaho — 0.0% (e)
Idaho Health Facilities Authority Series 2016ID, Rev., 5.00%, 12/1/2045		75		88
University of Idaho Series 2018A, Rev., 5.00%, 4/1/2035		25		30
Total Idaho				118
Illinois — 5.2%
Chicago O’Hare International Airport, Third Lien
Series 2011A, Rev., 5.75%, 1/1/2021 (d)		1,260		1,283
Series 2011A, Rev., 5.75%, 1/1/2039		240		244
City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022		105		113
Cook County Forest Preserve District, Limited Tax Project Series B, GO, 5.00%, 12/15/2037		295		314
County of Cook GO, 5.00%, 11/15/2034		700		824
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047		3,335		3,355
DuPage and Cook Counties Township High School District No. 86 Hinsdale GO, 4.00%, 1/15/2039		800		930

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Hoffman Estates Park District GO, 4.00%, 12/1/2044		25		27
Illinois Finance Authority
Series 2016C, Rev., 4.00%, 2/15/2027 (d)		20		24
Series 2016A, Rev., 5.00%, 11/1/2031		10		11
Rev., 5.00%, 7/1/2040		105		135
Series 2016C, Rev., 4.00%, 2/15/2041		930		1,032
Illinois Finance Authority, Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2033		305		367
Series 2017C, Rev., 5.00%, 3/1/2034		205		245
Illinois State Toll Highway Authority
Series 2019C, Rev., 5.00%, 1/1/2031		3,000		3,947
Series 2019A, Rev., 4.00%, 1/1/2044		65		73
Lake County Community Consolidated School District No. 3 Beach Park
GO, AGM, 4.00%, 2/1/2034		620		695
GO, AGM, 4.00%, 2/1/2035		500		558
Metropolitan Pier and Exposition Authority, MC Cormik Expansion Project Series 2002A, Rev., AGM-CR, NATL-RE, Zero Coupon, 12/15/2040		5,000		2,546
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021		200		207
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2026		3,500		4,102
Series C, Rev., 5.25%, 1/1/2043		1,500		1,757
State of Illinois
Series 2018A, GO, 5.00%, 10/1/2021		50		52
Series 2016C, Rev., 5.00%, 6/15/2022		25		27
Series 2012A, GO, 4.00%, 1/1/2024		15		15
GO, 5.00%, 5/1/2024		205		224
Series D, GO, 5.00%, 11/1/2024		325		354
Series 2012, GO, 4.00%, 8/1/2025		25		26
Series 2012, GO, 4.00%, 3/1/2026		10		10
Series 2012A, GO, 5.00%, 1/1/2027		25		26
GO, 5.00%, 5/1/2027		175		189
GO, 5.00%, 6/1/2027		25		28
Series 2009A, GO, 4.00%, 9/1/2027		115		115
Series 2016, GO, 5.00%, 11/1/2028		20		22
Series 2012A, GO, 4.00%, 1/1/2029		45		46
GO, 5.50%, 1/1/2030		20		24
GO, 4.13%, 11/1/2031		20		21
Series 2016, GO, 4.00%, 6/1/2033		15		15
Series 2016, GO, 4.00%, 6/1/2036		25		26
GO, 4.00%, 6/1/2037		45		46
GO, 5.50%, 7/1/2038		3,000		3,169

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
State of Illinois, Sales Tax Series D, Rev., 5.00%, 6/15/2027		15		18
Village of Arlington Heights GO, 4.00%, 12/1/2034		130		147
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,237
Village of Hoffman Estates GO, 5.00%, 12/1/2033		80		102
Village of Midlothian
GO, AGM, 4.00%, 1/1/2022		10		10
GO, AGM, 4.00%, 1/1/2023		10		11
GO, AGM, 4.00%, 1/1/2024		75		83
GO, AGM, 4.00%, 1/1/2025		40		45
GO, AGM, 4.00%, 1/1/2026		65		75
GO, AGM, 4.00%, 1/1/2027		85		100
GO, AGM, 4.00%, 1/1/2028		65		77
GO, AGM, 4.00%, 1/1/2029		95		114
Will County School District No. 86 Joliet Series A, GO, 4.00%, 3/1/2024		220		245
Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033		35		37
Total Illinois				29,525
Indiana — 1.6%
City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028		180		212
Clarksville Redevelopment Authority Rev., 5.00%, 1/15/2031		30		39
Gary Community School Corp. GO, 4.00%, 7/15/2023		230		250
Greenfield Middle School Building Corp.
Rev., 4.00%, 7/15/2031		240		279
Rev., 4.00%, 7/15/2032		350		404
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Rev., 5.00%, 1/15/2023		10		11
Indiana Finance Authority Rev., 4.00%, 2/1/2040		25		27
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc. Project
Series 2020A, Rev., 5.00%, 7/1/2040		170		184
Series 2020A, Rev., 5.00%, 7/1/2055		460		489
Indiana Finance Authority, Goshen Health
Series A, Rev., 5.00%, 11/1/2032		15		19
Series A, Rev., 4.00%, 11/1/2043		1,125		1,244
Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034		1,100		1,267

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indiana — continued
Indiana Finance Authority, Parkview Health Series A, Rev., 4.00%, 11/1/2048		50		56
Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2022 (d)		4,000		4,269
Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046		15		17
Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042		30		35
Merrillville Building Corp. Rev., 4.00%, 7/15/2034		35		41
University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029		25		32
Total Indiana				8,875
Iowa — 0.1%
Iowa Finance Authority Rev., 5.00%, 8/1/2034		15		19
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		405		431
Total Iowa				450
Kansas — 0.0% (e)
Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022		50		54
Kentucky — 0.3%
City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036		1,750		1,807
Commonwealth of Kentucky COP, 4.00%, 6/15/2032		30		33
Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028		10		10
Kentucky Turnpike Authority, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023		30		33
Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028		20		23
Total Kentucky				1,906
Louisiana — 0.9%
City of Ruston Rev., AGM, 5.00%, 6/1/2024		10		12
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2029		100		124
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Series 2015A1, Rev., 5.00%, 6/1/2039		25		30

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 57

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Louisiana — continued
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,173
St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043		50		56
State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035		2,000		2,587
Tobacco Settlement Financing Corp., Asset-Backed Series 2013A, Rev., 5.25%, 5/15/2035		1,000		1,077
Total Louisiana				5,059
Maine — 0.5%
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 4.00%, 7/1/2050		2,000		2,272
Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021		100		104
Maine State Housing Authority Series A, Rev., 4.00%, 11/15/2045		315		334
Total Maine				2,710
Maryland — 2.5%
Baltimore County, Equipment Acquisition Program Series 2019, COP, 5.00%, 3/1/2029		5,735		7,657
City of Baltimore Series 2019A, Rev., 4.00%, 7/1/2044		50		59
City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033		270		324
Maryland Health and Higher Educational Facilities Authority Series 2017A, Rev., 5.00%, 5/15/2045		5,000		5,829
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023		115		123
Maryland State Transportation Authority Series 2017, Rev., 5.00%, 7/1/2028		10		13
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031		195		206
Total Maryland				14,211
Massachusetts — 2.9%
City of Lowell, Municipal Purpose Loan Series 2018, GO, 5.00%, 3/1/2028		90		118
Commonwealth of Massachusetts Series E, GO, 5.00%, 9/1/2020		25		25

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Massachusetts — continued
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,750
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		4,218
Massachusetts Development Finance Agency
Series 2020U, Rev., 5.00%, 7/1/2038		755		1,147
Series 2020U, Rev., 5.00%, 7/1/2039		665		1,021
Series 2020U, Rev., 5.00%, 7/1/2040		535		830
Series 2017T, Rev., 4.00%, 7/1/2042		35		40
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2036		825		953
Rev., 5.00%, 1/1/2037		315		363
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045		1,000		1,024
Massachusetts Housing Finance Agency, Single Family Housing
Series 177, Rev., AMT, 4.00%, 6/1/2039		410		434
Series 167, Rev., 4.00%, 12/1/2043		260		270
Series 169, Rev., 4.00%, 12/1/2044		485		507
Town of Bellingham GO, 4.00%, 6/15/2032		10		12
University of Massachusetts Building Authority
Series 1, Rev., 5.00%, 11/1/2020		10		10
Series 2020-1, Rev., 5.00%, 11/1/2034		2,000		2,623
Series 2017-1, Rev., 5.25%, 11/1/2042		50		62
Total Massachusetts				16,407
Michigan — 1.4%
Berkley School District GO, Q-SBLF, 4.00%, 5/1/2040		30		32
City of Grand Rapids Rev., 5.00%, 1/1/2045		600		766
Grand Rapids Public Schools Series 2019, GO, AGM, 5.00%, 11/1/2043		1,000		1,251
Michigan Finance Authority Series 2016MI, Rev., 5.25%, 12/1/2041		1,000		1,178
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054		1,525		1,732
Michigan State Building Authority Series 2016 I, Rev., 4.00%, 10/15/2036		50		56
Michigan State Building Authority, Facilities Program Series 2015I, Rev., 4.00%, 4/15/2040		120		132

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — continued
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046		105		111
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043		750		785
Niles Community Schools GO, Q-SBLF, 4.00%, 5/1/2041		25		27
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2036		1,500		1,580
University of Michigan Rev., 4.00%, 4/1/2034		50		58
Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 5/1/2033		10		13
West Ottawa Public Schools Series 2014-1, GO, 4.00%, 5/1/2039		25		27
Whitehall District Schools GO, AGM, 5.00%, 5/1/2033		25		31
Total Michigan				7,779
Minnesota — 2.5%
Aurora Independent School District No. 2711, School Building, Capital Appreciation
Series 2017B, GO, Zero Coupon, 2/1/2026		150		136
Series 2017B, GO, Zero Coupon, 2/1/2027		400		349
Series 2017B, GO, Zero Coupon, 2/1/2028		225		189
Series 2017B, GO, Zero Coupon, 2/1/2030		880		676
City of Hopkins Series 2017B, GO, 4.00%, 2/1/2026		25		30
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048		3,000		3,352
City of Rochester Series 2016B, Rev., 5.00%, 11/15/2036		30		44
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		20		20
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2021		150		153
Series 2019B, COP, 5.00%, 2/1/2022		160		169
East Grand Forks Independent School District No. 595 Series A, GO, 4.00%, 2/1/2027		15		18
Greenway Independent School District No. 316
Series 2019F, GO, Zero Coupon, 2/1/2029		1,320		1,153
Series 2019F, GO, Zero Coupon, 2/1/2030		700		592
Series 2019F, GO, Zero Coupon, 2/1/2031		545		445
Lakeville Independent School District No. 194, Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2028		25		32

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Minnesota — continued
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A, Rev., GNMA COLL, 4.50%, 9/1/2020		5		5
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		5		5
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		55		55
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2032		1,000		1,166
Rev., 4.00%, 3/1/2033		500		581
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 1/1/2031		10		10
Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		20		21
Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035		20		20
Minnesota Housing Finance Agency, Residential Housing Finance
Series 2014A, Rev., AMT, 4.00%, 7/1/2038		190		201
Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		35		36
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		520		554
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		315		340
Virginia Independent School District No. 706 Series A, GO, 5.00%, 2/1/2030		3,000		3,879
Total Minnesota				14,231
Mississippi — 0.7%
Lowndes County School District GO, 4.00%, 9/1/2020		10		10
Mississippi Development Bank
Rev., 4.00%, 4/1/2033		20		24
Rev., 4.00%, 3/1/2050		2,335		2,615
Mississippi Development Bank, Water and Sewer System Project, Special Obligation Rev., AGM, 6.88%, 12/1/2040		1,000		1,170
Total Mississippi				3,819
Missouri — 1.0%
City of Sedalia COP, 4.00%, 7/15/2035		205		230
Health and Educational Facilities Authority of the State of Missouri Rev., 4.00%, 10/1/2036		100		116

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 59

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Missouri — continued
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2034		1,000		1,092
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,083
Health and Educational Facilities Authority of the State of Missouri, SSM Health Series A, Rev., 4.00%, 6/1/2048		2,160		2,402
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2034		10		13
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		340		359
Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		425		456
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 11/1/2020 (d)		5		5
Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 5/1/2021 (d)		30		31
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2010B, Rev., 5.00%, 7/1/2025		35		36
St. Louis County Reorganized School District No. R-6 Series 2017, GO, 5.00%, 2/1/2023		10		11
Total Missouri				5,834
Montana — 0.3%
Montana Board of Housing, Single Family Homeownership
Series B2, Rev., AMT, 5.00%, 12/1/2027		125		129
Series A-2, Rev., AMT, 4.00%, 12/1/2038		85		89
Montana Facility Finance Authority, SCL Health System Series A, Rev., 4.00%, 1/1/2038		1,200		1,396
Total Montana				1,614
Nebraska — 0.9%
Central Plains Energy Project, Gas Project No. 3
Series 2017A, Rev., 5.00%, 9/1/2034		1,000		1,339
Series 2017A, Rev., 5.00%, 9/1/2037		1,500		2,047
Douglas County Hospital Authority No. 2
Series 2020A, Rev., 4.00%, 11/15/2040		575		668
Series 2020A, Rev., 4.00%, 11/15/2041		300		347

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nebraska — continued
Douglas County Hospital Authority No. 2, Health Facilities Series 2016, Rev., 5.00%, 5/15/2030		10		12
Douglas County Hospital Authority No. 3 Rev., 5.00%, 11/1/2020		25		25
Public Power Generation Agency, Whelan Energy Center Unit 2
Series 2015A, Rev., 5.00%, 1/1/2026		100		119
Series A, Rev., 5.00%, 1/1/2034		185		223
Series 2016A, Rev., 5.00%, 1/1/2035		25		30
Total Nebraska				4,810
Nevada — 0.5%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		408
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049		2,500		2,649
Truckee Meadows Water Authority Series 2016, Rev., 5.00%, 7/1/2031		15		18
Total Nevada				3,075
New Hampshire — 0.0% (e)
New Hampshire Housing Finance Authority, Single Family Mortgage
Series C, Rev., AMT, 4.00%, 1/1/2028		5		5
Series 2011A, Rev., AMT, 5.25%, 7/1/2028		5		5
Total New Hampshire				10
New Jersey — 4.1%
County of Middlesex COP, 4.00%, 6/15/2022		110		117
Monmouth County Improvement Authority Rev., GTD, 5.00%, 12/1/2020		60		61
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027		240		280
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 2017B, Rev., 4.13%, 6/15/2039		2,800		3,187
New Jersey Educational Facilities Authority Series 2016B, Rev., 5.00%, 9/1/2036		105		118
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		825		928

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Jersey — continued
New Jersey Transportation Trust Fund Authority Series BB, Rev., 4.00%, 6/15/2038		1,500		1,607
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems Series A, Rev., Zero Coupon, 12/15/2036		10,355		5,954
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A-1, Rev., 5.00%, 6/15/2027		2,670		3,144
Series A, Rev., 5.00%, 6/15/2031		3,000		3,448
Tobacco Settlement Financing Corp.
Series A, Rev., 4.00%, 6/1/2037		1,000		1,132
Series A, Rev., 5.00%, 6/1/2046		1,000		1,166
Series A, Rev., 5.25%, 6/1/2046		1,500		1,775
Total New Jersey				23,080
New Mexico — 0.1%
New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2024		100		100
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series 2012, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043		60		61
Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048		480		526
Total New Mexico				687
New York — 9.5%
City of New York Series 2018E-1, GO, 5.00%, 3/1/2041		225		272
County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027		10		13
Metropolitan Transportation Authority
Series H, Rev., 5.00%, 11/15/2022 (d)		70		77
Series 2012A, Rev., 5.00%, 11/15/2026		25		27
Subseries B-3B, Rev., 5.00%, 11/15/2028		25		30
Series 2016B-1, Rev., 5.00%, 11/15/2029		25		30
Series D, Rev., 5.00%, 11/15/2031		400		437
Series 2017B-1, Rev., 5.00%, 11/15/2035		95		113
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., 5.00%, 6/1/2059 (c)		540		618
Monroe County Industrial Development Corp., University of Rochester Series 2017C, Rev., 4.00%, 7/1/2033		60		69
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2020BB1, Rev., 5.00%, 6/15/2049		10,000		12,738

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Transitional Finance Authority, Future Tax Secured
Series 2019C-1, Rev., 5.00%, 11/1/2034		100		128
Series A, Subseries A-2, Rev., 5.00%, 5/1/2035		50		64
Series C-3, Rev., 5.00%, 5/1/2039		25		31
Series 2017F-1, Rev., 4.00%, 5/1/2044		375		416
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Series C, Rev., 5.00%, 11/1/2021		170		171
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series A, Subseries A-1, Rev., 5.00%, 8/1/2040		5,000		6,159
New York City Water and Sewer System
Subseries 2019FF-2, Rev., 5.00%, 6/15/2038		30		39
Series 2012EE, Rev., 4.00%, 6/15/2039		35		37
Series 2020AA, Rev., 5.00%, 6/15/2040		55		71
New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		305		323
New York State Dormitory Authority
Series 2015B, Rev., 5.00%, 7/1/2026		15		18
Series 2018A, Rev., 5.00%, 10/1/2031		50		60
Series 2016A, Rev., 5.00%, 10/1/2032		35		42
Series 2017A, Rev., 5.00%, 3/15/2036		100		122
Series 2019D, Rev., 5.00%, 7/1/2036		640		967
Series 2018A, Rev., 5.00%, 3/15/2037		40		50
Series 2018C, Rev., 5.00%, 3/15/2038		1,250		1,544
Series 2019A, Rev., 4.00%, 7/1/2045		2,000		2,304
New York State Environmental Facilities Corp. Series B, Rev., 5.50%, 10/15/2020 (d)		30		30
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects Series 2017A, Rev., 5.00%, 6/15/2037		1,750		2,186
New York State Urban Development Corp.
Series 2019A, Rev., 5.00%, 3/15/2039		25		31
Series 2019A, Rev., 5.00%, 3/15/2041		2,000		2,519
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2019A, Rev., 5.00%, 3/15/2042		3,500		4,292
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		1,515
Rev., AMT, 5.00%, 1/1/2036		1,125		1,213

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 61

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Port Authority of New York and New Jersey, Consolidated
Series 188, Rev., AMT, 5.00%, 5/1/2024		50		58
Series 93, Rev., 6.13%, 6/1/2094		7,470		8,583
Springville-Griffith Institute Central School District GO, 3.00%, 6/15/2021		25		26
Tompkins County Development Corp., Ithaca College Rev., 5.00%, 7/1/2032		80		97
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District
GO, AGM, 4.00%, 11/15/2040		220		242
GO, AGM, 4.00%, 11/15/2041		205		225
GO, AGM, 4.00%, 11/15/2042		315		345
GO, AGM, 4.00%, 11/15/2043		325		356
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2018B, Rev., 5.00%, 11/15/2031		75		102
Series 2018C, Rev., 5.00%, 11/15/2038		35		44
Series 2018A, Rev., 5.00%, 11/15/2045		105		128
Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,804
Village of Tuxedo Park GO, 4.00%, 8/1/2031		45		53
Westchester Tobacco Asset Securitization Series 2016B, Rev., 5.00%, 6/1/2025		130		152
Total New York				53,971
North Carolina — 2.8%
City of Charlotte Rev., 5.00%, 7/1/2029		10		12
City of Greensborough, Combined Water and Sewer System Rev., 5.00%, 6/1/2027		10		13
City of Raleigh Series A, Rev., 4.00%, 10/1/2022		30		32
City of Winston-Salem Series B, GO, 4.00%, 6/1/2030		10		12
County of Burke
Series 2017, Rev., 5.00%, 4/1/2025		15		18
Series 2018, Rev., 5.00%, 4/1/2031		25		31
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2027		1,060		1,211
Rev., 5.00%, 6/1/2028		805		915
Rev., 5.00%, 6/1/2029		350		396
Rev., 5.00%, 6/1/2030		400		449
North Carolina Housing Finance Agency, Homeownership
Series 2, Rev., 4.25%, 1/1/2028		5		5
Series 1, Rev., AMT, 4.50%, 7/1/2028		10		10
Series A, Rev., AMT, 3.50%, 7/1/2039		220		232

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — continued
North Carolina Turnpike Authority Rev., 5.00%, 7/1/2021		35		36
Raleigh Durham Airport Authority Series 2020A, Rev., AMT, 5.00%, 5/1/2033		1,645		2,107
State of North Carolina Rev., GAN, 5.00%, 3/1/2033		7,735		10,040
Town of Fuquay-Varina Rev., 5.00%, 11/1/2030		10		13
Total North Carolina				15,532
North Dakota — 0.1%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series B, Rev., 4.50%, 1/1/2028		60		61
Series 2011D, Rev., 4.25%, 7/1/2028		25		25
Series A, Rev., 4.00%, 7/1/2034		195		205
Series 2016D, Rev., 3.50%, 7/1/2046		360		387
Total North Dakota				678
Ohio — 2.1%
American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (b)		100		101
Athens City School District Series 2019A, GO, 4.00%, 12/1/2040		460		536
Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048		3,210		3,545
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		2,071
County of Warren Series 2016A, Rev., 5.00%, 7/1/2032		35		40
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series A, Rev., 5.50%, 7/1/2039		1,000		1,075
County of Warren, Otterbein Homes Series A, Rev., 5.00%, 7/1/2031		115		132
Delaware City School District GO, 4.00%, 12/1/2039		160		190
Greenville City School District, School Improvement GO, 5.25%, 1/1/2022 (d)		2,000		2,133
Licking Heights Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2034		10		12
Miami University, A State University of Ohio Rev., 5.00%, 9/1/2029		25		31
Ohio Higher Educational Facility Commission Series 2012A, Rev., 5.00%, 12/1/2020		10		10
Ohio Housing Finance Agency, Single Family Mortgage
Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028		10		10
Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029		40		41

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Ohio — continued
State of Ohio Series A, GO, 5.00%, 5/1/2033		1,500		1,877
State of Ohio, Higher Education Series B, GO, 5.00%, 8/1/2023		110		120
Streetsboro City School District Series A, GO, 4.00%, 12/1/2020 (d)		5		5
University of Cincinnati Series 2017A, Rev., 5.00%, 6/1/2045		25		30
Total Ohio				11,959
Oklahoma — 0.8%
Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		11
Oklahoma Development Finance Authority Rev., AMT, 1.63%, 7/6/2023		2,000		1,994
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048		700		775
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program
Series 2011B, Rev., GNMA COLL, 4.50%, 9/1/2027		20		21
Series A, Rev., GNMA COLL, 4.75%, 3/1/2028		10		10
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037		1,665		1,977
Total Oklahoma				4,788
Oregon — 0.7%
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031		325		377
City of Portland, Water System, Second Lien Series 2020A, Rev., 5.00%, 5/1/2035		2,635		3,486
City of Sheridan GO, 4.00%, 12/1/2027		10		12
State of Oregon, Department of Transportation Series 2019A, Rev., 5.00%, 11/15/2042		35		45
State of Oregon, Department of Transportation, User Tax Series 2013A, Rev., 5.00%, 11/15/2022		5		6
Yamhill County School District No. 40 McMinnville GO, 4.00%, 6/15/2037		30		34
Total Oregon				3,960
Pennsylvania — 9.7%
Abington School District Series 2017A, GO, 4.00%, 10/1/2037		15		17
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044		2,000		2,215

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2036		50		55
Rev., 5.00%, 11/1/2037		430		469
Berks County Municipal Authority (The), Tower Health Project Series 2020B-3, Rev., 5.00%, 2/1/2030 (b)		2,000		2,264
Central Dauphin School District GO, 4.00%, 2/1/2030		25		29
Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036		25		29
Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049		3,345		3,835
City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,360
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039		9,950		11,282
Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046		1,200		1,351
County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035		700		788
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,304
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,864
Lancaster County Hospital Authority, Health Center, Masonic Villages Project
Rev., 5.00%, 11/1/2034		35		41
Rev., 5.00%, 11/1/2036		510		587
Rev., 5.00%, 11/1/2037		250		287
Mifflinburg Area School District Series 2020A, GO, 4.00%, 6/15/2039		335		384
Montgomery County Higher Education and Health Authority, Arcadia University Rev., 4.00%, 9/1/2036		1,655		1,860
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 4.00%, 9/1/2038		3,725		4,116
Series 2018A, Rev., 4.00%, 9/1/2043		3,740		4,082
Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group
Rev., 5.00%, 5/15/2022 (d)		510		551
Series 2020C, Rev., 5.00%, 11/15/2045		1,770		2,091
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Series 2019, Rev., 5.00%, 12/1/2044		350		387

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 63

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Series 2019, Rev., 5.00%, 12/1/2049		500		552
Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036		100		106
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (b)		2,950		3,040
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		20		20
Series 118A, Rev., AMT, 3.50%, 4/1/2040		530		548
Series 122, Rev., AMT, 4.00%, 10/1/2046		335		360
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040		315		364
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032		1,000		1,385
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,442
Swarthmore Borough Authority, Swarthmore College
Rev., 5.00%, 9/15/2023		25		29
Series 2016B, Rev., 4.00%, 9/15/2041		15		17
Township of Tredyffrin GO, 2.00%, 11/15/2020		25		25
Township of West Bradford
GO, 4.00%, 12/15/2040		600		700
GO, 4.00%, 12/15/2045		1,100		1,271
Upper Merion Area School District GO, 5.00%, 1/15/2036		250		302
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project
Rev., 3.00%, 12/15/2023		445		440
Rev., 4.00%, 12/15/2028		1,000		1,020
Rev., 5.00%, 12/15/2038		750		776
West Mifflin School District GO, 3.00%, 4/1/2038		1,400		1,524
Total Pennsylvania				55,169
Rhode Island — 0.1%
City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028		200		260
Rhode Island Health and Educational Building Corp., Public Schools Series A, Rev., AGM, 5.00%, 5/15/2032		25		32
Total Rhode Island				292

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
South Carolina — 1.1%
City of Greenwood, Combined Public Utility
Rev., 5.00%, 12/1/2023		220		252
Rev., 5.00%, 12/1/2026		340		426
Rev., 5.00%, 12/1/2028		250		328
Rev., 5.00%, 12/1/2030		675		895
City of North Charleston 4.00%, 10/1/2040		90		104
Greenwood Metropolitan District Rev., 5.00%, 10/1/2027		10		13
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		265		284
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,177
Spartanburg County School District No. 7 Series 2019D, GO, SCSDE, 5.00%, 3/1/2044		1,970		2,484
Total South Carolina				5,963
South Dakota — 0.6%
Rapid City Area School District No. 51-4/SD, Go Limited Tax Capital Outlay Refunding Certificate
GO, 4.00%, 8/1/2029		1,165		1,372
GO, 4.00%, 8/1/2030		610		715
GO, 4.00%, 8/1/2031		420		489
South Dakota Board of Regents Housing and Auxiliary Facilities System Series 2019A, Rev., 4.00%, 4/1/2036		65		75
South Dakota Housing Development Authority, Homeownership Mortgage
Series D, Rev., AMT, 4.00%, 11/1/2029		150		154
Series 2012A, Rev., AMT, 4.50%, 5/1/2031		30		31
Series 2015D, Rev., 4.00%, 11/1/2045		350		373
South Dakota Housing Development Authority, Single Family Mortgage Series 2011 2, Rev., 4.25%, 5/1/2032		25		25
Total South Dakota				3,234
Tennessee — 5.9%
City of Cleveland
Series 2018B, GO, 5.00%, 6/1/2022		205		222
Series 2018B, GO, 5.00%, 6/1/2027		245		314
Series 2018B, GO, 5.00%, 6/1/2028		260		341
Series 2018B, GO, 5.00%, 6/1/2030		285		369
Series 2018B, GO, 4.00%, 6/1/2031		300		362
Series 2018B, GO, 4.00%, 6/1/2032		310		371
Series 2018B, GO, 4.00%, 6/1/2038		395		460
Series 2018B, GO, 4.00%, 6/1/2039		410		476

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — continued
City of Oak Ridge
GO, 4.00%, 6/1/2037		695		792
GO, 4.00%, 6/1/2038		720		819
GO, 4.00%, 6/1/2039		750		847
County of Blount Series 2016B, GO, 5.00%, 6/1/2029		4,610		5,684
County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028		25		33
County of Williamson
GO, 4.00%, 4/1/2033		1,490		1,841
GO, 4.00%, 4/1/2034		1,485		1,827
County of Wilson
GO, 5.00%, 4/1/2030		3,625		4,843
Series 2017A, GO, 4.00%, 4/1/2039		25		28
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040		4,000		4,437
Jackson Energy Authority Rev., 5.00%, 12/1/2020		10		10
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital
Rev., 5.00%, 11/15/2024		800		936
Rev., 4.00%, 11/15/2043		105		118
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board Series A, Rev., 5.00%, 7/1/2035		100		117
Metropolitan Nashville Airport Authority (The)
Series 2019A, Rev., 5.00%, 7/1/2044		1,000		1,235
Series 2019A, Rev., 5.00%, 7/1/2049		1,000		1,225
Metropolitan Nashville Airport Authority (The), Airport Improvement Series 2015A, Rev., 5.00%, 7/1/2035		20		23
Shelby County Health Educational and Housing Facilities Board Series 2019A, Rev., 5.75%, 10/1/2054		1,000		947
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (b)		4,000		4,572
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 1/1/2021 (d)		60		61
Series 1A, Rev., AMT, 4.50%, 1/1/2038		40		41
Tennessee State School Bond Authority Series B, Rev., 5.00%, 11/1/2040		35		42
Total Tennessee				33,393

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — 5.8%
Calallen Independent School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 2/15/2028		10		13
Carrollton-Farmers Branch Independent School District Series B, GO, 4.00%, 2/15/2021		25		25
City of Abilene GO, 5.00%, 2/15/2024		10		12
City of Austin, Public Improvement Series 2019, GO, 5.00%, 9/1/2033		2,000		2,651
City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031		50		58
City of Conroe Series 2018A, GO, 5.00%, 3/1/2032		10		13
City of El Paso
GO, 4.00%, 8/15/2040		475		526
GO, 4.00%, 8/15/2042		25		28
City of Garland Series 2018, GO, 5.00%, 2/15/2027		10		13
City of Houston Rev., AMT, 5.00%, 7/1/2029		2,500		2,588
City of Houston, Airport System, Subordinate Lien Series 2012A, Rev., AMT, 5.00%, 7/1/2028		35		37
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (d)		2,500		3,807
City of Laredo
GO, 5.00%, 2/15/2027		30		36
GO, 5.00%, 2/15/2032		40		50
City of Lucas GO, 5.00%, 2/1/2028		170		222
City of Mission GO, AGM, 5.00%, 2/15/2031		575		725
City of Pearland GO, 4.00%, 3/1/2032		35		42
City of San Antonio, Electric and Gas Systems
Rev., 4.00%, 2/1/2028		45		56
Rev., 5.00%, 2/1/2031		230		285
Rev., 5.00%, 2/1/2032		35		43
City of San Marcos GO, 5.00%, 8/15/2031		25		32
City of Temple Series 2016A, GO, 5.00%, 8/1/2031		50		60
City of Waxahachie Series A, GO, 5.00%, 8/1/2025		45		55
Clifton Higher Education Finance Corp., Idea Public Schools
Series B, Rev., 4.00%, 8/15/2023		500		540
Series B, Rev., 5.00%, 8/15/2024		345		395
Series 2016B, Rev., 5.00%, 8/15/2025		460		541
Rev., 6.00%, 8/15/2033		1,250		1,401

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 65

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.
Rev., PSF-GTD, 4.00%, 4/1/2035		400		479
Rev., PSF-GTD, 4.00%, 4/1/2036		500		596
County of Galveston GO, 4.00%, 2/1/2039		10		12
County of Hidalgo
Series 2016, GO, 5.00%, 8/15/2028		10		12
GO, 4.00%, 8/15/2035		85		99
Series 2018B, GO, 4.00%, 8/15/2038		40		46
County of Victoria GO, 4.00%, 2/15/2030		15		18
Cypress-Fairbanks Independent School District Series 2013, GO, PSF-GTD, 5.00%, 2/15/2022		10		11
Dallas/Fort Worth International Airport
Series 2012B, Rev., 5.00%, 11/1/2020		445		449
Series 2013B, Rev., 5.00%, 11/1/2044		25		27
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023		510		561
Ennis Independent School District GO, PSF-GTD, 5.00%, 8/15/2028		30		38
Harris County, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022		10		11
Harris Montgomery Counties Municipal Utility District No. 386
GO, 2.00%, 9/1/2020		10		10
GO, 4.00%, 9/1/2023		15		16
Highland Park Independent School District GO, PSF-GTD, 5.00%, 2/15/2024		30		35
Ingleside Independent School District GO, PSF-GTD, 5.00%, 8/15/2028		35		44
Killeen Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		25		31
Metropolitan Transit Authority of Harris County, Sales & Use Tax Series 2011A, Rev., 5.00%, 11/1/2020		10		10
Metropolitan Transit Authority of Harris County, Vanderbilt University Medical Center Rev., 5.00%, 11/1/2024 (d)		15		18
Midlothian Independent School District Series 2017A, GO, PSF-GTD, 4.00%, 2/15/2037		25		29
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Series 2017, Rev., 5.00%, 6/1/2031		10		13
North Texas Municipal Water District, Wastewater System Rev., 4.00%, 6/1/2028		15		18
North Texas Tollway Authority System, Second Tier Rev., 4.00%, 1/1/2038		200		225
North Texas Tollway Authority System, Special Projects System Series A, Rev., 6.00%, 9/1/2021 (d)		2,000		2,115

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Palestine Independent School District Series 2016, GO, PSF-GTD, 5.00%, 2/15/2026		30		37
Pasadena Independent School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 2/15/2028		15		20
Permanent University Fund, A&M University System Series A, Rev., 5.00%, 7/1/2031		210		250
Plano Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		40		50
Red Oak Independent School District GO, PSF-GTD, 5.00%, 8/15/2030		20		25
Round Rock Independent School District GO, PSF-GTD, 4.00%, 8/1/2032		170		198
San Antonio Water System Series 2017A, Rev., 4.00%, 5/15/2034		60		70
Socorro Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026		45		56
Southwest Higher Education Authority, Inc. Rev., 5.00%, 10/1/2020		30		30
Stafford Municipal School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 8/15/2029		35		46
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital Rev., 5.50%, 9/1/2043		2,300		2,523
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.75%, 11/15/2051		3,000		3,000
Texas Department of Housing and Community Affairs, Residential Mortgage Series 2011B, Rev., GNMA COLL, 4.25%, 1/1/2034		85		86
Texas Public Finance Authority Rev., 4.00%, 2/1/2035		2,315		2,809
Texas Water Development Board
Series 2019A, Rev., 4.00%, 10/15/2037		500		608
Series 2019A, Rev., 4.00%, 10/15/2044		2,100		2,498
Texas Water Development Board, Water Implementation Series B, Rev., 5.00%, 4/15/2026		25		31
Texas Woman’s University, Financing System Series 2016, Rev., 4.00%, 7/1/2030		10		12
West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045		1,000		1,186
Total Texas				32,712
Utah — 0.2%
City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039		480		558
City of Provo GO, 5.00%, 1/1/2032		10		13

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utah — continued
City of South Jordan Rev., 5.00%, 8/15/2038		25		32
Salt Lake City Corp. Airport Series 2017B, Rev., 5.00%, 7/1/2042		260		309
Tooele County Municipal Building Authority Series 2017, Rev., 4.00%, 12/15/2042		25		28
University of Utah (The) Series 2018A, Rev., 5.00%, 8/1/2044		60		75
Total Utah				1,015
Vermont — 1.0%
City of Burlington, Public Improvement
Series 2019A, GO, 4.00%, 11/1/2037		500		589
Series 2019A, GO, 4.00%, 11/1/2039		435		510
Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 2/1/2026		30		31
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		120		120
Series A, Rev., AMT, 4.00%, 11/1/2046		220		236
Vermont Municipal Bond Bank Series 1, Rev., 5.00%, 12/1/2034		30		37
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2022		725		769
Series 2018A, Rev., AMT, 3.63%, 6/15/2029		835		887
Series A, Rev., AMT, 3.75%, 6/15/2030		1,170		1,234
Series A, Rev., AMT, 4.00%, 6/15/2031		415		442
Series A, Rev., AMT, 4.00%, 6/15/2032		165		175
Series A, Rev., AMT, 4.00%, 6/15/2033		210		222
Series 2018A, Rev., AMT, 4.00%, 6/15/2034		165		174
Total Vermont				5,426
Virginia — 1.1%
Capital Region Airport Commission (Richmond International Airport)
Series 2016A, Rev., 4.00%, 7/1/2035		350		388
Series 2016A, Rev., 4.00%, 7/1/2036		320		354
City of Portsmouth Series 2015A, GO, 5.00%, 8/1/2025		20		24
City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029		5		7
County of Loudoun, Public Improvement Series A, GO, 4.00%, 12/1/2020 (d)		5		5
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		4,946

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Virginia — continued
Virginia College Building Authority, Virginia Educational Facilities Revenue 21st Century College and Equipment Project Series 2017E, Rev., 5.00%, 2/1/2029		10		13
Virginia Resources Authority, Infrastructure Series 2017B, Rev., 5.00%, 11/1/2028		10		13
Virginia Resources Authority, Infrastructure and State Moral Obligation
Series B, Rev., 5.00%, 11/1/2021 (d)		130		137
Series 2011B, Rev., 5.00%, 11/1/2023		25		26
Series B, Rev., 5.00%, 11/1/2026		15		16
Total Virginia				5,929
Washington — 1.1%
Chelan County Public Utility District No. 1 Series 2011A, Rev., AMT, 5.50%, 7/1/2026		350		364
City of Lynnwood, Utility System Series 2018, Rev., 5.00%, 12/1/2028		25		33
County of King, Sewer
Series 2102C, Rev., 5.00%, 1/1/2023		40		43
Series 2018B, Rev., 5.00%, 7/1/2031		10		13
Energy Northwest, Project 3 Electric System Series C, Rev., 5.00%, 7/1/2023		25		28
King County School District No. 414 Lake Washington Series 2017, GO, 5.00%, 12/1/2028		15		19
Pierce and Lewis Counties School District No. 404 GO, 4.00%, 12/1/2025		5		6
Pierce County School District No. 416 White River GO, 4.00%, 12/1/2030		10		12
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 5.00%, 8/1/2031		1,000		1,261
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 4.00%, 9/1/2045		2,500		2,844
Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032		130		131
Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		235		246
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022		1,365		1,422
Total Washington				6,422
West Virginia — 0.2%
West Virginia Hospital Finance Authority, University Health System Series A, Rev., 4.00%, 6/1/2051		1,000		1,101

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 67

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Wisconsin — 1.9%
Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050		1,000		982
Public Finance Authority, Central District Development Project Rev., 5.00%, 3/1/2027		280		336
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (c)		690		727
Wisconsin Health and Educational Facilities Authority Series 2018A, Rev., 5.00%, 8/15/2033		55		68
Rev., 4.00%, 12/15/2039		500		537
Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046		15		16
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047		4,800		5,313
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.
Series B, Rev., 5.00%, 7/1/2038		150		174
Series A, Rev., 5.00%, 7/1/2044		210		241
Series A, Rev., 5.00%, 7/1/2049		750		856

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wisconsin — continued
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series 2018A, Rev., 5.00%, 9/15/2040		665		678
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048		760		828
Total Wisconsin				10,756
Total Municipal Bonds (Cost $507,902)				544,544
	SHARES (000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (f) (g) (Cost $15,276)		15,271		15,282
Total Investments — 99.2% (Cost $523,178)				559,826
Other Assets Less Liabilities — 0.8%				4,572
NET ASSETS — 100.0%				564,398

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
BAN	Bond Anticipation Note
BHAC	Insured by Berkshire Hathaway Assurance Corp.
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GAN	Grant Anticipation Note
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
LIQ	Liquidity Agreement
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed

Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

Futures contracts outstanding as of August 31, 2020 (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

(48

)

12/2020

USD

(6,680

)

(4

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 69

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 93.0% (a)
Alabama — 1.0%
Alabama Public School and College Authority, Capital Improvement Series 2014-B, Rev., 5.00%, 1/1/2021		20		20
Birmingham Airport Authority
Rev., 5.00%, 7/1/2023		125		139
Rev., 5.00%, 7/1/2024		150		173
Rev., 5.00%, 7/1/2025		250		298
Rev., 5.00%, 7/1/2026		225		274
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.71%, 9/10/2020 (b)		30,000		29,824
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		11,450		11,715
City of Centre
GO, 3.00%, 9/1/2021		100		103
GO, 3.00%, 9/1/2022		110		115
GO, 4.00%, 9/1/2023		215		237
City of Hamilton
GO, 3.00%, 8/1/2021		365		374
GO, 2.00%, 8/1/2022		370		382
GO, 5.00%, 8/1/2023		240		271
City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co., Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (c)		4,750		4,759
Prattville Industrial Development Board
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		450		470
Series 2019C, Rev., 2.00%, 10/1/2024 (c)		430		448
Selma Industrial Development Board, International Paper Company Project Series 2020A, Rev., 1.37%, 6/16/2025 (c)		2,670		2,718
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023		1,250		1,385
University of West Alabama
Rev., AGM, 4.00%, 1/1/2022		150		155
Rev., AGM, 4.00%, 1/1/2023		120		127
Rev., AGM, 4.00%, 1/1/2024		125		135
Rev., AGM, 4.00%, 1/1/2025		150		167
Total Alabama				54,289
Alaska — 0.5%
Alaska Municipal Bond Bank Authority
Series 1, Rev., 5.00%, 12/1/2020		200		202
Series 2019 1, Rev., 5.00%, 5/1/2021		215		221
Series 1, Rev., 5.00%, 12/1/2021		450		475

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Alaska — continued
Series 2019 1, Rev., 5.00%, 5/1/2022		200		215
Series 1, Rev., 5.00%, 12/1/2022		500		549
Series 1, Rev., 5.00%, 12/1/2023		960		1,096
Series 1, Rev., 5.00%, 12/1/2024		870		1,027
Series 1, Rev., 5.00%, 12/1/2025		750		907
Series 1, Rev., 5.00%, 12/1/2026		675		833
City of Valdez, Exxon Pipeline Co. Project
Series 1993-A, Rev., VRDO, 0.03%, 9/1/2020 (c)		10,580		10,580
Series 1993-B, Rev., VRDO, 0.03%, 9/1/2020 (c)		6,840		6,840
State of Alaska Series 2020A, GO, 5.00%, 8/1/2026		3,585		4,511
Total Alaska				27,456
Arizona — 0.3%
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2026		130		160
Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (d)		540		542
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026		325		409
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		148
Series 2018A, Rev., 5.00%, 7/1/2024		200		215
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Rev., 5.00%, 8/1/2021		225		234
Rev., 5.00%, 8/1/2022		380		411
Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 5.00%, 8/1/2023		325		365
Maricopa County School District No. 24-Gila Bend, School Improvement
Series 2019, GO, AGM, 3.00%, 7/1/2021		575		589
Series 2019, GO, AGM, 4.00%, 7/1/2022		300		321
Series 2019, GO, AGM, 5.00%, 7/1/2023		700		790
Maricopa County School District No. 66, Roosevelt Elementary GO, 5.00%, 7/1/2021		1,520		1,579
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,194
Maricopa County Unified School District No. 95 Queen Creek GO, 3.00%, 7/1/2024		525		576

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Arizona — continued
Salt River Project Agricultural Improvement & Power District, Arizona Salt River Project Series 2015-XF2192, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/10/2020 (c) (e)		7,845		7,845
Total Arizona				15,378
Arkansas — 0.1%
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		507
Arkansas Development Finance Authority, Department of Community Correction Project
Rev., 5.00%, 11/1/2021		310		326
Rev., 5.00%, 11/1/2022		410		452
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		349
City of Centerton Rev., 3.00%, 12/1/2021		125		129
City of Heber Springs, Greenstar
Rev., 3.00%, 11/1/2021		50		52
Rev., 3.00%, 11/1/2023		100		106
County of Sharp
Rev., 5.00%, 3/1/2021		270		276
Rev., 5.00%, 3/1/2022		495		530
Rev., 5.00%, 3/1/2023		540		598
University of Central Arkansas
Series 2020A, Rev., 5.00%, 11/1/2021		150		158
Series 2020A, Rev., 5.00%, 11/1/2022		200		219
Series 2020A, Rev., 5.00%, 11/1/2023		205		232
Series 2020A, Rev., 5.00%, 11/1/2024		160		187
Series 2020A, Rev., 5.00%, 11/1/2025		230		277
Series 2020A, Rev., 5.00%, 11/1/2026		220		270
Series 2020A, Rev., 5.00%, 11/1/2027		200		250
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		89
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		145
Total Arkansas				5,229
California — 2.6%
Bay Area Toll Authority Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/10/2020 (c)		1,200		1,200

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
California Educational Facilities Authority, Art Center College of Design Series 2018A, Rev., 5.00%, 12/1/2020		180		181
California Educational Facilities Authority, Institute of Technology Rev., VRDO, 0.11%, 9/10/2020 (c)		10,000		10,000
California Enterprise Development Authority, Riverside County, Library Facility
Rev., 4.00%, 11/1/2022		100		108
Rev., 4.00%, 11/1/2023		200		224
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		1,690		1,775
California Health Facilities Financing Authority, Stanford Hospital Series B-1, Rev., VRDO, 0.10%, 9/10/2020 (c)		16,650		16,650
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%), 0.50%, 9/10/2020 (b)		17,010		16,945
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series 2012B-2, Rev., (ICE LIBOR USD 1 Month + 0.20%), 0.31%, 10/1/2020 (b)		11,615		11,603
Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.44%, 10/1/2020 (b)		6,750		6,732
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2020		325		326
Rev., 5.00%, 10/1/2021		250		258
California Municipal Finance Authority, Hollywood El Centro Apartments Series 2019A, Rev., 1.40%, 5/1/2021 (c)		1,750		1,762
California Municipal Finance Authority, San Antonio Gardens Project
Rev., 4.00%, 11/15/2021		270		275
Rev., 4.00%, 11/15/2022		280		288
Rev., 4.00%, 11/15/2023		290		301
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project
Rev., 5.00%, 5/15/2023		360		395
Rev., 5.00%, 5/15/2024		300		338
Rev., 5.00%, 5/15/2025		425		492
Rev., 5.00%, 5/15/2026		500		591
Rev., 5.00%, 5/15/2027		725		874
California Pollution Control Financing Authority Rev., 0.60%, 9/1/2023 (c)		1,850		1,845

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 71

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		100
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2021 (e)		50		51
Series 2018A, Rev., 5.00%, 8/1/2022 (e)		85		91
California School Finance Authority, Kipp Socal Project
Series 2019A, Rev., 5.00%, 7/1/2022 (e)		100		107
Series 2019A, Rev., 5.00%, 7/1/2023 (e)		100		110
California Statewide Communities Development Authority, Western University of Health Sciences Series 2007A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.04%, 9/10/2020 (c)		23,370		23,370
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023		5,500		5,438
Los Angeles Department of Water and Power, Power System Subseries B-8, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 9/10/2020 (c)		5,300		5,300
Metropolitan Water District of Southern California Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2020 (c)		5,500		5,500
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022 (d)		250		249
Orange County Water District Series 2003 A, COP, VRDO, LOC:
Citibank NA, 0.07%, 9/10/2020 (c)		5,680		5,680
Pioneers Memorial Healthcare District Rev., 3.00%, 10/1/2020		265		265
Sacramento City Unified School District Series 2019D, GO, 4.00%, 8/1/2021		4,475		4,628
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 9/10/2020 (c)		6,605		6,605
South Bay Union School District/San Diego County GO, BAN, Zero Coupon, 8/1/2022		2,000		1,980
State of California Series B4, GO, VRDO, LOC: Citibank NA, 0.03%, 9/10/2020 (c)		1,970		1,970
Stockton Public Financing Authority
Rev., 5.00%, 3/1/2023		360		390
Rev., 5.00%, 3/1/2025		570		652
Stockton Public Financing Authority, Green Bonds
Series 2018A, Rev., 5.00%, 10/1/2020		500		501
Series 2018A, Rev., 5.00%, 10/1/2021		450		473

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.29%, 9/10/2020 (c) (e)		5,230		5,230
Total California				141,853
Colorado — 3.4%
Arapahoe County School District No. 5 Cherry Creek
GO, 5.00%, 12/15/2020		17,515		17,757
GO, 5.00%, 12/15/2025		9,930		12,346
GO, 5.00%, 12/15/2026		5,655		7,240
GO, 5.00%, 12/15/2028		6,460		8,712
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,741
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,516
City of Aurora Rev., 5.00%, 8/1/2023		2,355		2,680
City of Aurora, Sterling Hills West Metropolitan District GO, 5.00%, 12/1/2020		100		101
City of Colorado Springs
COP, 5.00%, 12/1/2020		120		121
COP, 5.00%, 12/1/2021		145		153
COP, 5.00%, 12/1/2022		155		172
COP, 5.00%, 12/1/2023		100		115
City of Colorado Springs, Utilities System Improvement Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.08%, 9/10/2020 (c)		3,500		3,500
City of Grand Junction Rev., 5.00%, 3/1/2021 (d)		35		36
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		408
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,515		1,583
Colorado State Education Loan Program Series 2020A, Rev., TRAN, 3.00%, 6/29/2021		25,000		25,578
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2020		110		111
COP, 5.00%, 12/1/2021		220		230
COP, 5.00%, 12/1/2022		295		318
E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., (ICE LIBOR USD 1 Month + 0.42%), 0.52%, 9/10/2020 (b)		8,000		7,954
Interlocken Metropolitan District Series A-1, GO, AGM, 5.00%, 12/1/2020		175		177

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Colorado — continued
State of Colorado
Rev., TRAN, 4.00%, 6/25/2021		23,000		23,713
Series 2020A, COP, 5.00%, 12/15/2023		2,500		2,885
Series 2020A, COP, 5.00%, 12/15/2024		2,085		2,495
The Regents of the University of Colorado, Enterprise System
Series 2020A-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (c)		5,380		5,380
Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/10/2020 (c)		24,000		24,000
Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		196
University of Colorado Hospital Authority Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/10/2020 (c)		33,100		33,100
Total Colorado				185,318
Connecticut — 1.8%
City of Bridgeport Series C, GO, GAN, 2.00%, 12/10/2020		21,000		21,095
City of Derby
Series A, GO, 5.00%, 8/1/2021		220		229
Series A, GO, 5.00%, 8/1/2022		75		82
Series A, GO, 5.00%, 8/1/2023		150		169
Series A, GO, 5.00%, 8/1/2024		85		99
City of New Britain
GO, 5.00%, 9/1/2022 (d)		50		55
GO, 5.00%, 9/1/2023 (d)		110		125
City of New Haven
Series 2019A, GO, 5.00%, 8/1/2021		1,300		1,343
Series 2019B, GO, 5.00%, 2/1/2022		700		736
Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,063
Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)		1,750		1,754
Connecticut State Health & Educational Facilities Authority Series 2020B-1, Rev., 5.00%, 1/1/2025 (c)		8,500		10,048
Connecticut State Health and Educational Facilities Authority
Series K-1, Rev., 5.00%, 7/1/2021		665		679
Series K-1, Rev., 5.00%, 7/1/2022		675		705
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,034
Connecticut State Health and Educational Facilities Authority, Wesleyan University Issue Series H, Rev., VRDO, 0.07%, 9/10/2020 (c)		9,825		9,825

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Connecticut  — continued
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c)		12,475		12,460
State of Connecticut
Series 2020C, GO, 3.00%, 6/1/2021		1,150		1,174
Series G, GO, 5.00%, 11/1/2021		200		211
Series 2020C, GO, 3.00%, 6/1/2022		1,000		1,048
Series 2020C, GO, 3.00%, 6/1/2023		600		644
Series 2020C, GO, 4.00%, 6/1/2023		400		440
Series 2020C, GO, 3.00%, 6/1/2024		1,065		1,165
Series 2020C, GO, 4.00%, 6/1/2024		500		565
Series 2020C, GO, 2.00%, 6/1/2025		3,350		3,559
Series 2020C, GO, 4.00%, 6/1/2025		850		982
State of Connecticut, Health and Educational Facility Authority Series 2000A, Rev., VRDO, LIQ: TD Bank NA, 0.08%, 9/10/2020 (c)		23,140		23,140
Town of Windham GO, BAN, 3.00%, 10/1/2020		6,250		6,262
Total Connecticut				100,691
Delaware — 0.2%
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project
Series 2019A, Rev., 5.00%, 10/1/2020		195		196
Series 2019A, Rev., 5.00%, 10/1/2021		145		152
Series 2019A, Rev., 5.00%, 10/1/2022		150		164
Series 2019A, Rev., 5.00%, 10/1/2023		220		249
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c)		3,000		3,025
University of Delaware Series 2004B, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/1/2020 (c)		7,835		7,835
Total Delaware				11,621
District of Columbia — 0.5%
District of Columbia Rev., 5.00%, 7/1/2023		100		110
District of Columbia, Georgetown University Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.08%, 9/10/2020 (c)		14,330		14,330
District of Columbia, International School Issue Rev., 5.00%, 7/1/2022		500		526
Metropolitan Washington Airports Authority, Airport System
Subseries C-2, Rev., VRDO, LOC:
Sumitomo Mitsui Banking Corp., 0.08%, 9/10/2020 (c)		9,930		9,930
Total District of Columbia				24,896

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 73

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Florida — 2.8%
Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		20		20
City of Fort Myers
Series 2020B, Rev., AGM, 5.00%, 10/1/2021		2,000		2,100
Series 2020B, Rev., AGM, 5.00%, 10/1/2022		2,000		2,186
Series 2020B, Rev., AGM, 5.00%, 10/1/2023		2,125		2,412
Series 2020B, Rev., AGM, 5.00%, 10/1/2024		2,355		2,772
Series 2020B, Rev., AGM, 5.00%, 10/1/2025		5,100		6,198
Series 2020B, Rev., AGM, 5.00%, 10/1/2026		2,225		2,779
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/10/2020 (c)		7,700		7,700
City of Lauderhill GO, 3.00%, 1/1/2021		425		429
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2023		2,430		2,786
Rev., 5.00%, 10/1/2024		2,550		3,040
County of Escambia Series 2019B, Rev., 2.00%, 10/1/2024 (c)		775		808
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		31
County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020		90		90
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/10/2020 (c)		2,400		2,400
County of Miami-Dade, Stormwater Project Rev., 5.00%, 4/1/2026		2,000		2,499
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026		1,895		2,327
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project 0.55%, 1/1/2049 (c) (d)		50,000		49,996
Florida Higher Educational Facilities Financial Authority
Rev., 5.00%, 10/1/2020		115		115
Rev., 5.00%, 10/1/2021		115		118
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 4.00%, 3/1/2021		60		60
Rev., 4.00%, 3/1/2022		55		56
Rev., 5.00%, 3/1/2023		185		197
Rev., 5.00%, 3/1/2024		110		118

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Florida Higher Educational Facilities Financial Authority, St. Leo University Project
Series 2019, Rev., 5.00%, 3/1/2021		350		355
Series 2019, Rev., 5.00%, 3/1/2022		355		370
Series 2019, Rev., 5.00%, 3/1/2023		410		432
JEA, Water and Sewer System Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.07%, 9/10/2020 (c)		38,670		38,670
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2022		750		802
Series 2019A-1, Rev., 5.00%, 4/1/2023		400		445
Series 2019A-1, Rev., 5.00%, 4/1/2024		575		662
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 0.08%, 9/10/2020 (c)		880		880
Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 0.10%, 9/10/2020 (c)		17,400		17,400
Village Community Development District No. 13 Rev., 2.63%, 5/1/2024		500		501
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area
5.00%, 3/1/2023		1,335		1,491
5.00%, 3/1/2024		1,160		1,342
Total Florida				154,587
Georgia — 0.6%
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		31
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2021		370		383
Series 2017, Rev., 5.00%, 7/1/2022		300		323
Dougherty County School District, Sales Tax Series 2018, GO, 4.00%, 12/1/2020		1,250		1,262
Georgia Municipal Electric Authority, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.08%, 9/10/2020 (c)		4,255		4,255
Hall County School District Series 2018, GO, 5.00%, 11/1/2020		1,250		1,260
Metropolitan Atlanta Rapid Transit Authority Series A, Rev., 3.75%, 7/1/2021		5,585		5,751
Pike County School District GO, 4.00%, 10/1/2020		400		401
Private Colleges & Universities Authority Series 2020B, Rev., 5.00%, 9/1/2025		13,345		16,430

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Georgia — continued
Richmond County Hospital Authority, University Health Services, Inc. Project Rev., RAN, 5.00%, 1/1/2022		100		106
Savannah Economic Development Authority Series 2019A, Rev., 2.00%, 10/1/2024 (c)		1,675		1,747
Total Georgia				31,949
Idaho — 0.0% (f)
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021		25		26
University of Idaho
Series 2020A, Rev., 5.00%, 4/1/2021		390		401
Series 2020A, Rev., 5.00%, 4/1/2022		165		177
Series 2020A, Rev., 5.00%, 4/1/2023		355		390
Series 2020A, Rev., 5.00%, 4/1/2024		315		363
Series 2020A, Rev., 5.00%, 4/1/2025		330		393
Total Idaho				1,750
Illinois — 4.2%
Adams County School District No. 172 GO, AGM, 4.00%, 2/1/2021		300		305
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		332
Carol Stream Park District
Series 2020C, GO, 2.00%, 11/1/2020		135		135
Series 2020C, GO, 4.00%, 11/1/2024		210		238
Series 2020C, GO, 4.00%, 11/1/2025		405		470
Series 2020C, GO, 4.00%, 11/1/2026		535		632
Champaign Coles Et Al Counties Community College District No. 505
Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,262
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,618
Series 2018C, GO, 4.00%, 12/1/2021		465		487
Champaign County Community Unit School District No. 4 Champaign
Series 2020A, GO, Zero Coupon, 1/1/2022		200		199
Series 2020A, GO, Zero Coupon, 1/1/2023		200		197
Series 2020A, GO, Zero Coupon, 1/1/2024		385		376
Chicago Midway International Airport, Second Lien
Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,013
Series 2014B, Rev., 5.00%, 1/1/2023		150		164
Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		203

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Chicago Park District, Limited Tax
Series 2011B, GO, 4.00%, 1/1/2021		100		101
Series 2013B, GO, 5.00%, 1/1/2021		100		101
Chicago Park District, Unlimited Tax Series 2011C, GO, 5.00%, 1/1/2022		175		183
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021		300		313
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		278
City of Aurora
Series 2019A, GO, 4.00%, 12/30/2021		470		494
Series 2019A, GO, 4.00%, 12/30/2022		1,525		1,649
Series 2019A, GO, 4.00%, 12/30/2023		1,595		1,778
Series 2019A, GO, 4.00%, 12/30/2024		1,655		1,894
City of Danville
GO, 2.00%, 12/1/2020		170		171
GO, 2.00%, 12/1/2021		255		259
GO, 3.00%, 12/1/2022		140		146
GO, 4.00%, 12/1/2023		145		159
City of Elgin
Series 2020A, GO, 2.00%, 12/15/2021		230		235
Series 2020A, GO, 3.00%, 12/15/2022		1,480		1,564
Series 2020A, GO, 3.00%, 12/15/2023		1,025		1,106
City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021		1,040		1,053
City of Rock Island
Series B, GO, AGM, 3.00%, 12/1/2020		200		201
Series A, GO, AGM, 3.00%, 12/1/2021		130		134
Series B, GO, AGM, 3.00%, 12/1/2021		200		206
City of Rockford, Sales Tax
Series 2019A, GO, AGM, 4.00%, 12/15/2020		100		101
Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		136
Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		145
Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		154
City of Waukegan
Series A, GO, AGM, 3.00%, 12/30/2020		590		595
Series A, GO, AGM, 4.00%, 12/30/2023		525		581
Clay Wayne and Marion Counties Community Unit School District No. 35
Series 2019, GO, AGM, 5.00%, 12/1/2020		145		147
Series 2019, GO, AGM, 5.00%, 12/1/2021		205		216

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 75

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Series 2019, GO, AGM, 5.00%, 12/1/2022		165		181
Series 2019, GO, AGM, 5.00%, 12/1/2023		175		198
Cook County Community College District No. 508 GO, 5.25%, 12/1/2029		250		283
Cook County Community Consolidated School District No. 34 Glenview
GO, 4.00%, 12/1/2020		100		101
GO, 4.00%, 12/1/2021		175		183
GO, 4.00%, 12/1/2022		150		162
GO, 4.00%, 12/1/2023		150		167
Cook County Community Consolidated School District No. 65 Evanston GO, 5.00%, 12/1/2020		270		273
Cook County Community School District No. 97 Oak Park
GO, 4.00%, 1/1/2021		550		557
GO, 4.00%, 1/1/2022		400		420
GO, 4.00%, 1/1/2023		300		326
GO, 4.00%, 1/1/2024		275		307
Cook County Community Unit School District No. 401 Elmwood Park Series 2013, GO, 4.00%, 12/1/2023		3,440		3,574
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,718
Series 2019B, GO, 3.50%, 12/1/2022		325		347
Cook County School District No. 100 South Berwyn
Series 2019A, GO, 3.00%, 12/1/2020		100		101
Series 2019C, GO, 3.00%, 12/1/2020		100		101
Series 2019A, GO, 4.00%, 12/1/2021		100		104
Series 2019C, GO, 4.00%, 12/1/2021		165		172
Series 2019A, GO, 4.00%, 12/1/2022		235		252
Series 2019C, GO, 4.00%, 12/1/2022		605		650
Series 2019A, GO, 5.00%, 12/1/2023		345		391
Series 2019C, GO, 5.00%, 12/1/2023		660		748
Cook County School District No. 102 La Grange
GO, AGM, 4.00%, 12/15/2020		400		404
GO, AGM, 4.00%, 12/15/2021		840		879
GO, AGM, 4.00%, 12/15/2022		825		891
GO, AGM, 4.00%, 12/15/2023		825		919
GO, AGM, 4.00%, 12/15/2024		930		1,065
GO, AGM, 4.00%, 12/15/2025		985		1,150
Cook County School District No. 109 Indian Springs
Series 2020A, GO, 4.00%, 12/1/2023		125		138
Series 2020A, GO, 4.00%, 12/1/2024		400		454

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Cook County School District No. 145
Series 2019B, GO, 4.00%, 12/1/2021		150		157
Series 2019D, GO, 4.00%, 12/1/2023		110		121
Cook County School District No. 148 Dolton
Series 2018A, GO, 5.00%, 12/1/2021		450		473
Series 2018A, GO, 5.00%, 12/1/2022		725		792
Cook County School District No. 151 South Holland
GO, 4.00%, 4/1/2021		175		179
GO, 4.00%, 4/1/2022		190		201
Cook County School District No. 160 Country Club Hills
Series 2020A, GO, 4.00%, 12/1/2021		250		261
Series 2020A, GO, 4.00%, 12/1/2022		510		547
Series 2020B, GO, 4.00%, 12/1/2022		180		193
Series 2020A, GO, 4.00%, 12/1/2023		285		314
Series 2020B, GO, 4.00%, 12/1/2023		100		110
Series 2020A, GO, 4.00%, 12/1/2024		255		288
Series 2020B, GO, 4.00%, 12/1/2024		100		113
Cook County School District No. 63
East Maine GO, 5.00%, 12/1/2020		2,170		2,196
GO, 5.00%, 12/1/2021		1,845		1,954
GO, 5.00%, 12/1/2022		1,935		2,115
Cook County School District No. 69 Skokie
GO, 4.00%, 12/1/2024		315		362
GO, 4.00%, 12/1/2025		460		539
Cook County School District No. 89 Maywood
Rev., AGM, 4.00%, 12/15/2020		415		419
Rev., AGM, 4.00%, 12/15/2021		515		538
Rev., AGM, 4.00%, 12/15/2022		535		573
Rev., AGM, 4.00%, 12/15/2023		555		609
Rev., AGM, 4.00%, 12/15/2024		580		650
Cook County School District No. 99 Cicero
Series 2019B, GO, 5.00%, 12/1/2022		350		384
Series 2019B, GO, 5.00%, 12/1/2023		575		653
Cook County, Community Consolidated School District No. 146 Tinley Park
GO, 4.00%, 12/1/2020		200		202
GO, 4.00%, 12/1/2021		200		209
Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021		2,825		2,987
Cook County, Township High School District No. 225
GO, 5.00%, 12/1/2025 (g)		2,795		3,443
GO, 5.00%, 12/1/2026 (g)		2,565		3,258

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
County of Cook
Series 2018, GO, 5.00%, 11/15/2020		900		908
Series 2018, GO, 5.00%, 11/15/2021		700		736
Series A, GO, 5.00%, 11/15/2021		355		373
Series C, GO, 5.00%, 11/15/2022		180		195
County of Will
Series 2019, GO, 5.00%, 11/15/2020		810		818
Series 2019, GO, 5.00%, 11/15/2021		270		286
Series 2019, GO, 5.00%, 11/15/2022		475		524
Series 2019, GO, 5.00%, 11/15/2023		525		602
DuPage County Community High School District No. 94 GO, 4.00%, 1/1/2021		200		202
DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2033		10		11
DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022		1,500		1,580
Flagg-Rochelle Community Park District
Series A, GO, AGM, 4.00%, 1/1/2021		100		101
Series A, GO, AGM, 4.00%, 1/1/2022		210		220
Series A, GO, AGM, 4.00%, 1/1/2023		220		236
Series A, GO, AGM, 4.00%, 1/1/2024		225		249
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		770
Hoffman Estates Park District
Series 2019A, GO, 4.00%, 12/1/2020		1,300		1,312
Series 2019A, GO, 4.00%, 12/1/2021		135		141
Series 2019B, GO, 4.00%, 12/1/2023		245		273
Illinois Finance Authority
Series 2020A, Rev., 5.00%, 8/15/2021		1,000		1,042
Series 2020A, Rev., 5.00%, 8/15/2022		750		812
Series 2020A, Rev., 5.00%, 8/15/2023		500		566
Series 2020A, Rev., 5.00%, 8/15/2024		1,000		1,176
Series 2020A, Rev., 5.00%, 8/15/2025		1,250		1,521
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		250		252
Illinois Finance Authority, Carle Foundation
Series B, Rev., VRDO, LOC: Northern Trust Co., 0.07%, 9/10/2020 (c)		6,080		6,080
Series 2009-C, Rev., VRDO, LOC:
Northern Trust Co., 0.08%, 9/10/2020 (c)		6,335		6,335
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project
Rev., 4.00%, 12/1/2020		230		232
Rev., 5.00%, 12/1/2021		250		265

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 0.08%, 9/10/2020 (c)		3,425		3,425
Illinois Finance Authority, University of Chicago
Rev., VRDO, 0.08%, 9/10/2020 (c)		30,000		30,000
Series 2004B, Rev., VRDO, 0.09%, 9/10/2020 (c)		14,000		14,000
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c)		2,800		2,794
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		597
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c)		5,600		5,662
Jackson County Community Unit School District No. 186 GO, AGM, 4.00%, 12/1/2020		265		267
Joliet Park District GO, 4.00%, 2/1/2021		830		842
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 2.00%, 12/1/2020		185		186
Series 2020B, GO, AGM, 2.00%, 12/1/2020		220		221
Series 2020A, GO, AGM, 3.00%, 12/1/2021		175		180
Series 2020B, GO, AGM, 3.00%, 12/1/2021		255		263
Series 2020A, GO, AGM, 4.00%, 12/1/2022		120		128
Series 2020B, GO, AGM, 4.00%, 12/1/2022		220		235
Series 2020A, GO, AGM, 5.00%, 12/1/2023		145		163
Series 2020B, GO, AGM, 5.00%, 12/1/2023		235		264
Series 2020A, GO, AGM, 5.00%, 12/1/2024		240		278
Series 2020A, GO, AGM, 5.00%, 12/1/2025		55		65
Series 2020B, GO, AGM, 5.00%, 12/1/2025		115		136
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 4.00%, 10/1/2020		225		225
Series B, GO, 4.00%, 10/1/2021		255		261
Series B, GO, 5.00%, 10/1/2022		1,375		1,496
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		439
Lake County School District No. 70 Libertyville Series 2019, Rev., 4.00%, 1/1/2023		300		325
Lee & Ogle Counties School District No. 170 Dixon
Series 2019A, GO, AGM, 3.00%, 1/30/2021		50		51
Series 2019B, GO, AGM, 3.00%, 1/30/2021		120		121
Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		166
Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		254

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 77

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		179
Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		267
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		133
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2022		750		793
GO, AGM, 4.00%, 5/1/2023		700		763
Peoria Public Building Commission
Series A, Rev., AGM, 3.00%, 12/1/2022		75		79
Series A, Rev., AGM, 4.00%, 12/1/2024		655		743
Sangamon County Community Unit School District No. 5 Series B, GO, 5.00%, 1/1/2022		1,650		1,754
Sangamon County Community Unit School District No. 5 Ball-Chatham GO, 4.00%, 2/1/2023		2,015		2,176
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains
Series 2019C, GO, 4.00%, 1/1/2022		165		173
Series 2019C, GO, 4.00%, 1/1/2023		310		334
Series 2019C, GO, 4.00%, 1/1/2024		370		410
St. Charles Public Library District
Series 2019, Rev., 3.00%, 11/1/2020		100		100
Series 2019, Rev., 3.00%, 11/1/2021		85		88
Series 2019, Rev., 4.00%, 11/1/2022		100		107
State of Illinois
Series D, GO, 5.00%, 11/1/2020		5,000		5,029
GO, 5.00%, 2/1/2024		3,370		3,660
GO, 5.50%, 5/1/2025		2,500		2,839
GO, 5.50%, 5/1/2026		5,000		5,763
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2021		110		113
Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,140
Rev., 5.00%, 6/15/2023		990		1,084
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,764
University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.11%, 9/10/2020 (c)		2,850		2,850
Village of Antioch GO, 3.00%, 12/1/2020		290		292
Village of Arlington Heights
GO, 4.00%, 12/1/2023		1,130		1,263
GO, 4.00%, 12/1/2024		1,175		1,352
GO, 4.00%, 12/1/2025		695		822

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Village of Bartlett
GO, 5.00%, 12/1/2021		980		1,039
GO, 5.00%, 12/1/2022		1,065		1,173
GO, 5.00%, 12/1/2023		1,130		1,292
Village of Bolingbrook Series A, GO, AGM, 4.00%, 1/1/2021		185		187
Village of Flossmoor
GO, 3.00%, 12/1/2020		585		589
GO, 3.00%, 12/1/2021		605		625
Village of Franklin Park GO, 4.00%, 1/1/2021		500		506
Village of Gilberts Series 2011, GO, 4.00%, 12/1/2021		440		450
Village of Hoffman Estates
Series A, GO, 3.00%, 12/1/2020		110		111
GO, 5.00%, 12/1/2020		270		273
GO, 5.00%, 12/1/2021		210		223
Village of Midlothian
Series 2019A, GO, 4.00%, 1/1/2023		190		204
Series 2019A, GO, 4.00%, 1/1/2024		120		133
Village of Villa Park
Series B, GO, 4.00%, 12/15/2020		125		126
Series B, GO, 4.00%, 12/15/2021		190		199
Series B, GO, 4.00%, 12/15/2022		200		216
Series B, GO, 4.00%, 12/15/2023		205		227
Village of Villa Park, Illinois Alternate Source
Series 2018C, GO, 3.00%, 12/15/2020		415		418
Series 2018C, GO, 4.00%, 12/15/2021		505		529
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		139
Village of Woodridge Series 2017, GO, 3.00%, 2/1/2021		250		253
Washington County Community Unit School Dist No. 10 West Washington
GO, 4.00%, 1/15/2021		740		750
GO, 4.00%, 1/15/2022		575		603
GO, 4.00%, 1/15/2023		685		738
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		323
Whiteside County Community Unit School District No. 6 Morrison
Series A, GO, AGM, 4.00%, 12/1/2020		205		207
Series A, GO, AGM, 4.00%, 12/1/2021		745		779
Will County Community High School District No. 210 Lincoln-Way
GO, AGM, 4.00%, 1/1/2021		100		101
GO, AGM, 4.00%, 1/1/2022		1,000		1,029

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Will County Township High School District No. 204 Joliet
GO, 4.00%, 1/1/2021		75		76
GO, 4.00%, 1/1/2023		125		133
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates
Series A, Rev., AGM, 4.00%, 12/1/2020		385		388
Series A, Rev., AGM, 4.00%, 12/1/2021		400		418
Will Grundy Etc Counties Community College District No. 525
GO, 5.00%, 1/1/2022		5,275		5,600
GO, 5.00%, 1/1/2023		5,495		6,076
GO, 5.00%, 1/1/2024		2,600		2,987
Winnebago and Stephenson Counties School District No. 323, School Building GO, 5.00%, 11/1/2020		100		101
Total Illinois				232,940
Indiana — 2.6%
City of Evansville, Waterworks District
Rev., 4.00%, 7/1/2021		2,800		2,884
Rev., 4.00%, 7/1/2026		3,710		4,406
City of Rockport, AEP Generating Company Project
Series A, Rev., 1.35%, 9/1/2022 (c)		2,000		2,018
Series B, Rev., 1.35%, 9/1/2022 (c)		2,250		2,271
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		7,122
Fort Wayne Community School Building Corp.
Rev., 4.00%, 1/15/2021		100		101
Rev., 4.00%, 7/15/2021		250		258
Rev., 4.00%, 1/15/2022		250		263
Rev., 4.00%, 7/15/2022		125		134
Fort Wayne Community Schools
GO, 4.00%, 1/15/2021		455		461
GO, 4.00%, 7/15/2021		630		650
GO, 4.00%, 1/15/2022		755		794
Franklin Township Community School Corp. GO, 4.00%, 1/15/2021		1,465		1,484
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2020B, Rev., 4.00%, 1/15/2021		205		208
Series 2020B, Rev., 4.00%, 1/15/2022		150		156
Series 2020B, Rev., 4.00%, 7/15/2022		165		174
Series 2020B, Rev., 4.00%, 1/15/2023		165		176

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indiana — continued
Series 2020B, Rev., 4.00%, 7/15/2023		185		200
Series 2020B, Rev., 4.00%, 7/15/2025		215		242
Series 2020B, Rev., 4.00%, 1/15/2026		220		249
Series 2020B, Rev., 4.00%, 7/15/2026		235		269
Hammond Local Public Improvement Bond Bank Series 2020A, Rev., 2.38%, 12/31/2020		2,000		2,009
Hammond Multi-School Building Corp., First Mortgage Rev., 4.00%, 7/15/2021		670		689
Indiana Finance Authority Rev., VRDO, 0.08%, 9/10/2020 (c)		25,875		25,875
Indiana Finance Authority, Ascension Health Senior Credit Group Series 2008E-4, Rev., VRDO, 0.08%, 9/10/2020 (c)		10,720		10,720
Indiana Finance Authority, Butler University Project
Rev., 3.00%, 2/1/2021		140		141
Rev., 3.00%, 2/1/2022		210		217
Rev., 3.00%, 2/1/2023		225		232
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c)		2,700		2,849
Indiana Finance Authority, Health Obligation Series L, Rev., (SIFMA Municipal Swap Index Yield + 0.28%), 0.37%, 9/10/2020 (b)		10,000		9,977
Indiana Finance Authority, Lease Appropriation, Stadium Project Series 2007A-2, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/1/2020 (c)		15,555		15,555
Indiana Finance Authority, Marian University Project
Series A, Rev., 5.00%, 9/15/2020		50		50
Series A, Rev., 5.00%, 9/15/2021		60		62
Series A, Rev., 5.00%, 9/15/2022		50		53
Series A, Rev., 5.00%, 9/15/2023		75		82
Series A, Rev., 5.00%, 9/15/2024		155		174
Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/10/2020 (c)		1,055		1,055
Indiana Health Facility Financing Authority
Series E-6, Rev., VRDO, 0.08%, 9/10/2020 (c)		3,000		3,000
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c)		24,875		25,741
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (d)		125		129
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 0.09%, 9/10/2020 (c)		6,820		6,820

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Indiana — continued
Metropolitan School District of Southwest Allen County
Series 2019B, GO, 4.00%, 1/15/2021		110		112
Series 2019B, GO, 4.00%, 7/15/2021		100		103
Series 2019B, GO, 4.00%, 1/15/2022		100		105
Series 2019B, GO, 4.00%, 7/15/2022		590		623
Series 2019B, GO, 4.00%, 1/15/2023		520		556
Series 2019B, GO, 4.00%, 7/15/2023		485		525
Series 2019B, GO, 4.00%, 1/15/2024		575		631
Metropolitan School District Washington Township
GO, 4.00%, 7/15/2021		250		258
GO, 4.00%, 1/15/2022		590		621
North Putnam Middle School Building Corp., Property Tax, First Mortgage
Series 2019, Rev., 3.00%, 1/15/2021		170		172
Series 2019, Rev., 3.00%, 7/15/2021		190		195
Series 2019, Rev., 3.00%, 1/15/2022		250		258
Series 2019, Rev., 3.00%, 7/15/2022		150		158
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.07%, 9/10/2020 (c)		6,575		6,575
South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax
Rev., 4.00%, 1/15/2021		100		101
Rev., 4.00%, 7/15/2021		80		83
Tippecanoe County School Building Corp.
Rev., 4.00%, 1/15/2021		300		304
Rev., 4.00%, 7/15/2021		200		207
Rev., 4.00%, 1/15/2022		365		384
Rev., 4.00%, 7/15/2022		275		295
Rev., 4.00%, 1/15/2023		300		326
Rev., 4.00%, 7/15/2023		380		419
Town of Schererville, Sewage Works
Rev., 4.00%, 3/1/2021		50		51
Rev., 4.00%, 3/1/2022		75		79
Rev., 4.00%, 3/1/2023		75		81
Rev., 4.00%, 3/1/2024		110		123
Total Indiana				143,295
Iowa — 0.4%
City of Altoona
Series 2020A, COP, 4.00%, 6/1/2022		225		239
Series 2020A, COP, 4.00%, 6/1/2023		275		301
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		319

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Iowa — continued
City of Iowa Falls GO, 3.00%, 6/1/2023		230		245
City of Sac City GO, 5.00%, 6/1/2021		160		166
County of Plymouth
GO, AGM, 3.00%, 6/1/2021		565		576
GO, AGM, 3.00%, 6/1/2022		290		303
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.67%, 9/10/2020 (b) (e)		19,650		19,507
North Polk Community School District Series 2020B, Rev., 4.00%, 6/1/2022		450		479
State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		414
Total Iowa				22,549
Kansas — 0.3%
Butler County Unified School District No. 385, Temporary Notes GO, 3.00%, 12/1/2020		815		820
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022		5,865		5,868
County of Reno GO, 3.00%, 12/1/2021		4,605		4,635
Johnson County Park & Recreation District
Series 2019B, COP, 3.00%, 9/1/2020		340		340
Series 2019A, COP, 5.00%, 9/1/2020		200		200
Series 2019B, COP, 3.00%, 9/1/2021		255		262
Series 2019A, COP, 5.00%, 9/1/2021		240		251
Series 2019B, COP, 3.00%, 9/1/2022		200		205
Series 2019A, COP, 5.00%, 9/1/2022		250		266
Series 2019B, COP, 3.00%, 9/1/2023		200		208
Series 2019A, COP, 5.00%, 9/1/2023		125		137
Kansas City Kansas Community College
Series 2020A, COP, 4.00%, 4/1/2022		600		635
Series 2020A, COP, 4.00%, 4/1/2023		800		871
Series 2020A, COP, 4.00%, 4/1/2024		500		561
Kansas City Kansas Community College District Series 2020A, COP, 4.00%, 4/1/2021		450		460
Overland Park Development Corp. Rev., 4.00%, 3/1/2021		1,400		1,403
Sedgwick County Unified School District No. 267 Renwick
Series 2019A, GO, 3.00%, 11/1/2022		100		106
Series 2019A, GO, 3.00%, 11/1/2023		100		107
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 2.00%, 9/1/2021		200		203
Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		132
Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		429
Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		438
Total Kansas				18,537

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kentucky — 0.9%
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center
Rev., 5.00%, 2/1/2021		385		390
Rev., 5.00%, 2/1/2022		500		524
Rev., 5.00%, 2/1/2023		600		647
Rev., 5.00%, 2/1/2024		575		637
County of Owen, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c)		2,500		2,493
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2021 (d)		40		41
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c)		3,315		3,363
Kentucky Housing Corp., Henry Greene Apartments Project Rev., VRDO, 2.00%, 9/1/2020 (c)		7,200		7,200
Kentucky Public Energy Authority, Gas Supply
Series 2018A, Rev., 4.00%, 4/1/2021		775		790
Series A, Rev., 4.00%, 4/1/2022		1,210		1,275
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		99
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021		1,540		1,552
Lexington-Fayette Urban County Government, Various Purpose Series 2014A, GO, 5.00%, 9/1/2020		20		20
Louisville & Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Co. Project Series B, Rev., AMT, 2.55%, 5/3/2021 (c)		2,750		2,783
Louisville & Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project
Series 2003A, Rev., 1.85%, 4/1/2021 (c)		10,000		10,064
Series 2020A, Rev., 0.90%, 9/1/2026		5,000		4,984
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,076
Paducah Electric Plant Board
Rev., 5.00%, 10/1/2020		2,250		2,258
Rev., 5.00%, 10/1/2021		2,300		2,412
Rev., 5.00%, 10/1/2022		2,000		2,183
Rev., 5.00%, 10/1/2023		2,000		2,266
Total Kentucky				47,057

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Louisiana — 1.4%
Calcasieu Parish School District No. 23
GO, 5.00%, 9/1/2023		180		205
GO, 5.00%, 9/1/2024		250		294
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		540
City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		151
City of Shreveport, Water and Sewer, Junior Lien
Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		345
Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		266
City of Youngsville LA
Rev., 3.00%, 12/1/2020		250		252
Rev., 3.00%, 12/1/2021		255		263
Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		151
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Project
Series 2015, Rev., 5.00%, 12/1/2025		715		877
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,575
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.74%, 9/10/2020 (b)		40,000		39,661
Louisiana Public Facilities Authority, Tulane University of Louisiana Project
Series 2020A, Rev., 5.00%, 4/1/2025		60		72
Series 2020A, Rev., 5.00%, 4/1/2026		100		124
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.03%, 9/1/2020 (c)		150		150
Parish of St. John the Baptist LA, Marathon Oil Corp. Project
Subseries 2017B-1, Rev., 2.13%, 7/1/2024 (c)		18,000		18,089
Subseries 2017B-2, Rev., 2.37%, 7/1/2026 (c)		12,800		12,957
St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		339

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 81

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Louisiana — continued
Zachary Community School District No. 1
GO, 3.00%, 3/1/2021		200		203
GO, 3.00%, 3/1/2022		685		714
GO, 3.00%, 3/1/2023		715		758
Total Louisiana				77,986
Maine — 0.0% (f)
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026		250		309
Maryland — 1.1%
County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 0.18%, 12/1/2020 (c)		20,000		20,000
Maryland Health and Higher Educational Facilities Authority Series 2013C, Rev., 5.00%, 5/15/2023 (d)		12,255		13,815
Maryland Stadium Authority, Construction and Revitalization Program Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,254
Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Series 2007, Rev., VRDO, LIQ:
Sumitomo Mitsui Banking Corp., 0.08%, 9/10/2020 (c)		22,630		22,630
State of Maryland Series 2017B, GO, 5.00%, 8/1/2025		2,825		3,474
Total Maryland				61,173
Massachusetts — 2.8%
City of Fall River GO, BAN, 1.50%, 2/5/2021		14,094		14,166
City of Greenfield GO, BAN, 2.00%, 10/1/2020		4,853		4,860
City of Lowell GO, BAN, 2.00%, 9/25/2020		4,389		4,393
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.72%, 11/1/2020 (b)		30,000		29,856
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2021 (d)		20		21
Commonwealth of Massachusetts, Consolidated Loan of 2014
Subseries D-2, GO, 1.70%, 8/1/2022 (c)		5,500		5,639
Massachusetts Development Finance Agency, Northeastern University Issue
Series 2020A, Rev., 5.00%, 10/1/2022		3,600		3,952
Series 2020A, Rev., 5.00%, 10/1/2023		2,900		3,316
Series 2020A, Rev., 5.00%, 10/1/2024		1,580		1,878
Series 2020A, Rev., 5.00%, 10/1/2025		975		1,198
Series 2020A, Rev., 5.00%, 10/1/2026		895		1,127

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Massachusetts — continued
Massachusetts Development Finance Agency, Partners Healthcare System
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.51%, 9/10/2020 (b)		10,000		9,974
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.59%, 9/10/2020 (b)		1,500		1,495
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2021		500		515
Rev., 5.00%, 7/1/2022		390		417
Rev., 5.00%, 7/1/2024		350		396
Massachusetts Development Finance Agency, Wellforce Issue
Series 2020C, Rev., AGM, 5.00%, 10/1/2021		120		126
Series 2020C, Rev., AGM, 5.00%, 10/1/2022		150		163
Series 2020C, Rev., AGM, 5.00%, 10/1/2023		100		113
Series 2020C, Rev., AGM, 5.00%, 10/1/2024		115		134
Series 2020C, Rev., AGM, 5.00%, 10/1/2025		175		210
Series 2020C, Rev., AGM, 5.00%, 10/1/2026		175		214
Massachusetts Development Finance Agency, Western New England University
Rev., 5.00%, 9/1/2020		300		300
Rev., 5.00%, 9/1/2021		265		275
Massachusetts Port Authority
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,111
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,698
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (c)		10,000		11,028
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.10%, 9/10/2020 (c)		22,790		22,790
Metrowest Regional Transit Authority Rev., RAN, 2.00%, 9/18/2020		9,657		9,665
Southeastern Massachusetts Regional 911 District GO, BAN, 2.00%, 11/4/2020		7,000		7,019

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Massachusetts — continued
University of Massachusetts Building Authority Series 2008A, Rev., VRDO, GTD, LIQ:
Barclays Bank plc, 0.08%, 9/10/2020 (c)		9,760		9,760
Total Massachusetts				150,809
Michigan — 1.6%
City of Charlevoix
Rev., 4.00%, 10/1/2020		165		165
Rev., 4.00%, 10/1/2021		215		223
Rev., 4.00%, 10/1/2022		175		188
Rev., 4.00%, 10/1/2023		110		122
City of Garden, Capital Improvement GO, 4.00%, 10/1/2020		795		797
City of Gladstone
GO, AGM, 3.00%, 3/1/2021		250		253
GO, AGM, 3.00%, 3/1/2022		250		260
GO, AGM, 3.00%, 3/1/2023		260		276
GO, AGM, 3.00%, 3/1/2024		265		288
GO, AGM, 3.00%, 3/1/2025		275		305
City of Marquette, Capital Improvement GO, 4.00%, 5/1/2021		150		154
City of Marquette, Limited Tax GO, 3.00%, 5/1/2021		125		127
Detroit Downtown Development Authority, Tax Increment Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		518
Frankenmuth School District GO, Q-SBLF, 4.00%, 5/1/2023		200		219
Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2021		815		827
Grand Rapids Public Schools
Series 2019, GO, AGM, 5.00%, 11/1/2020		2,075		2,091
Series 2019, GO, AGM, 5.00%, 11/1/2021		2,225		2,345
Grosse Pointe Public School System GO, 4.00%, 5/1/2021		240		246
Hopkins Public Schools
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2021		180		184
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022		160		170
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023		365		399
Jackson Public Schools
GO, Q-SBLF, 4.00%, 5/1/2023		605		665
GO, Q-SBLF, 4.00%, 5/1/2024		690		783
Kalamazoo Public Schools, School Building and Site GO, 4.00%, 5/1/2021		775		795

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Michigan — continued
Kelloggsville Public Schools, School Building and Site
GO, AGM, 4.00%, 5/1/2021		360		369
GO, AGM, 4.00%, 5/1/2022		380		403
Kent Hospital Finance Authority Series 2008B-3, Rev., VRDO, LIQ:
Wells Fargo Bank NA, 0.10%, 9/10/2020 (c)		34,040		34,040
Leland Public School District
GO, AGM, 4.00%, 5/1/2022		510		541
GO, AGM, 4.00%, 5/1/2023		785		856
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		4,165		4,415
Michigan Finance Authority, CHE Trinity Health Credit Group Series MI-1, Rev., VRDO, 0.18%, 12/1/2020 (c)		13,550		13,550
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (c)		1,000		1,128
Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ:
Industrial & Commercial Bank of China, 0.17%, 9/10/2020 (c)		8,360		8,360
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2020		200		201
Rev., 4.00%, 11/15/2021		180		182
Rev., 4.00%, 11/15/2022		180		183
Rev., 4.00%, 11/15/2023		190		194
South Haven Township & Casco Township Water & Sewage Treatment Authority
Rev., 4.00%, 5/1/2021		280		287
Rev., 4.00%, 5/1/2022		285		302
Rev., 4.00%, 5/1/2023		480		525
Rev., 4.00%, 5/1/2024		720		811
Waterford School District
GO, Q-SBLF, 4.00%, 5/1/2021		265		271
GO, Q-SBLF, 4.00%, 5/1/2022		650		689
GO, Q-SBLF, 4.00%, 5/1/2023		1,340		1,469
GO, Q-SBLF, 4.00%, 5/1/2024		1,360		1,536
Wayne County Airport Authority, Junior Lien Series B, Rev., AMT, 5.00%, 12/1/2020		550		556
Wayne-Westland Community Schools, Building and Site
Series 2019, GO, Q-SBLF, 4.00%, 11/1/2020		875		879

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 83

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — continued
Series 2019, GO, Q-SBLF, 4.00%, 5/1/2021		200		205
Series 2019, GO, Q-SBLF, 4.00%, 11/1/2021		785		818
Series 2019, GO, Q-SBLF, 4.00%, 5/1/2022		160		170
Series 2019, GO, Q-SBLF, 5.00%, 11/1/2022		290		319
Total Michigan				85,659
Minnesota — 0.5%
City of Glencoe Series 2018-A, GO, 3.00%, 8/1/2021		80		82
City of Minneapolis and St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 9/10/2020 (c)		6,500		6,500
City of Wayzata, Folkestone Senior Living Community
Rev., 3.00%, 8/1/2022		200		199
Rev., 3.00%, 8/1/2023		100		99
Rev., 3.00%, 8/1/2024		100		99
Duluth Housing and Redevelopment Authority, Public Schools Academy Project
Series 2018-A, Rev., 3.38%, 11/1/2021		330		334
Series 2018-A, Rev., 3.63%, 11/1/2022		345		355
Series 2018-A, Rev., 3.88%, 11/1/2023		325		339
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2021		145		148
Series 2019B, COP, 5.00%, 2/1/2022		160		170
Series 2019C, COP, 5.00%, 2/1/2022		135		143
Series 2019B, COP, 5.00%, 2/1/2023		185		203
Housing and Redevelopment Authority of The City of St. Paul Minnesota
Series 2009C, Rev., VRDO, LOC:
Wells Fargo Bank NA, 0.09%, 9/10/2020 (c)		10,280		10,280
Series 2015A, Rev., 5.00%, 11/15/2020 (d)		4,825		4,870
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 3.00%, 12/1/2020		75		75
Rev., 3.00%, 12/1/2021		75		76
Rev., 3.00%, 12/1/2022		100		103
Rev., 3.00%, 12/1/2023		100		103
Minnesota Higher Education Facilities Authority, Trustees of the Hamline University Series 2017B, Rev., 4.00%, 10/1/2020		780		781

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Minnesota — continued
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		948
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,843
Total Minnesota				27,750
Mississippi — 0.5%
City of Tupelo
Series 2019, GO, 4.00%, 12/1/2020		360		363
Series 2019, GO, 4.00%, 12/1/2021		125		131
Series 2019, GO, 4.00%, 12/1/2022		245		265
Series 2019, GO, 4.00%, 12/1/2023		315		351
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 0.03%, 9/1/2020 (c)		5,000		5,000
County of Warren, Gulf Opportunity Zone, International Paper Co. Project
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,750		1,782
Series 2020C, Rev., 1.37%, 6/16/2025 (c)		1,500		1,527
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series 2010 H, Rev., VRDO, 0.03%, 9/1/2020 (c)		11,335		11,335
Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022		100		104
Mississippi Development Bank, Special Obligation, Biloxi project
Rev., 3.00%, 3/1/2021		130		132
Rev., 3.00%, 3/1/2022		175		181
Mississippi Hospital Equipment & Facilities Authority Series 2020A-2, Rev., VRDO, 0.65%, 9/1/2021 (c)		4,500		4,500
Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Refunding Project
Series B, Rev., 5.00%, 1/1/2021		270		274
Series B, Rev., 5.00%, 1/1/2022		320		338
Series B, Rev., 5.00%, 1/1/2023		370		407
Series B, Rev., 5.00%, 1/1/2024		370		421
State of Mississippi Series E, Rev., 5.00%, 10/15/2020		100		100
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2021 (d)		25		26
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		730
Total Mississippi				27,967

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Missouri — 1.5%
Belton School District No. 124 Series 2019, COP, AGM, 4.00%, 1/15/2022 (d)		100		105
Blue Eye R-V School District
COP, 4.00%, 4/1/2021		75		77
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC:
Sumitomo Mitsui Banking Corp., 0.09%, 9/10/2020 (c)		4,490		4,490
City of St. Peters
COP, 4.00%, 5/1/2021		530		543
COP, 4.00%, 5/1/2022		605		642
COP, 4.00%, 5/1/2023		625		684
COP, 4.00%, 5/1/2024		650		733
COP, 4.00%, 5/1/2025		425		493
County of Greene
Rev., 4.00%, 12/1/2021		205		215
Rev., 4.00%, 12/1/2022		260		281
Rev., 4.00%, 12/1/2023		520		579
Rev., 4.00%, 12/1/2024		540		618
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,345
County of Stone COP, 3.00%, 12/1/2020		145		146
Greene County Reorganized School District No. R-8
Series 2019B, GO, 3.00%, 3/1/2022		500		521
Series 2019B, GO, 3.00%, 3/1/2023		595		634
Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		300
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.07%, 9/10/2020 (c)		39,475		39,475
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019B, Rev., 2.88%, 2/1/2022		3,270		3,255
Missouri State Health & Educational Facilities Authority, Educational Facilities, The Washington University of St. Louis 1996 Series 1996-C, Rev., VRDO, LIQ:
Wells Fargo Bank NA, 0.02%, 9/1/2020 (c)		10,500		10,500
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50
Nixa Public Schools
Series 2019B, GO, 4.00%, 3/1/2021		100		102
Series 2019B, GO, 4.00%, 3/1/2022		175		185
Series 2019B, GO, 5.00%, 3/1/2023		200		223

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — continued
St. Louis County Special School District
COP, 4.00%, 4/1/2021		355		363
COP, 4.00%, 4/1/2022		395		418
COP, 4.00%, 4/1/2023		410		447
COP, 4.00%, 4/1/2024		605		680
St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,351
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.34%, 9/10/2020 (c) (e)		8,200		8,200
Village of Country Club COP, AGM, 3.00%, 4/1/2021		165		168
Total Missouri				80,823
Montana — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.54%, 9/10/2020 (b)		3,225		3,185
Nebraska — 0.2%
City of Omaha
Series A, Rev., 2.20%, 1/15/2021		125		126
Series A, Rev., 5.00%, 1/15/2022		125		133
County of Saunders
GO, 1.00%, 11/1/2021		100		101
GO, 2.00%, 11/1/2022		300		311
GO, 3.00%, 11/1/2023		325		351
GO, 3.00%, 11/1/2024		415		459
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c)		6,800		6,802
Papio-Missouri River Natural Resource District GO, 4.00%, 12/15/2020		405		409
Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020		250		252
Total Nebraska				8,944
Nevada — 0.6%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2020		250		250
Rev., 5.00%, 9/1/2027		610		744
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (e)		795		789

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 85

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Nevada — continued
Clark County School District Series C, GO, 5.00%, 6/15/2023		2,000		2,234
Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		19,173
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (c)		4,550		4,608
County of Washoe, Sierra Pacific Power Company Project Series 2016G, Rev., 1.85%, 4/15/2022 (c)		5,000		5,063
Total Nevada				32,861
New Hampshire — 0.3%
New Hampshire Health and Education Facilities Authority, University System
Series 2005B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 9/1/2020 (c)		10,730		10,730
Series 2011B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (c)		6,410		6,410
Total New Hampshire				17,140
New Jersey — 3.3%
Borough of Carteret GO, BAN, 1.75%, 1/29/2021		7,147		7,189
Borough of East Rutherford GO, AGM, 5.00%, 12/1/2020		290		293
Borough of Haledon GO, BAN, 2.00%, 10/30/2020		3,650		3,660
Borough of Paramus GO, TAN, 2.00%, 4/30/2021		20,000		20,184
Borough of Sussex GO, BAN, 2.00%, 10/23/2020		2,027		2,031
City of Newark
GO, 2.00%, 10/7/2020		49,420		49,496
Series 2020A, GO, 5.00%, 10/1/2021		110		115
Series 2020B, GO, 5.00%, 10/1/2021		250		261
Series 2020A, GO, 5.00%, 10/1/2022		750		814
Series 2020B, GO, 5.00%, 10/1/2022		500		543
Series 2020A, GO, AGM, 5.00%, 10/1/2023		1,000		1,132
Series 2020B, GO, AGM, 5.00%, 10/1/2023		525		594
Series 2020A, GO, AGM, 5.00%, 10/1/2024		1,000		1,170
Series 2020B, GO, AGM, 5.00%, 10/1/2024		650		760
Series 2020A, GO, AGM, 5.00%, 10/1/2025		850		1,023
Series 2020B, GO, AGM, 5.00%, 10/1/2025		595		716
Series 2020A, GO, AGM, 5.00%, 10/1/2026		750		924

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New Jersey — continued
East Brunswick Township Board of Education, School Energy Savings
GO, 5.00%, 8/1/2021		55		57
GO, 5.00%, 8/1/2022		110		120
Garden State Preservation Trust
Series A, Rev., 5.00%, 11/1/2020		25		25
Series 2005C, Rev., AGM, 5.25%, 11/1/2020		1,725		1,739
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project
Series 2020B, Rev., GTD, 2.00%, 2/15/2021		9,000		9,071
Series 2020A, Rev., GTD, 2.00%, 7/12/2021		6,900		7,001
New Jersey Economic Development Authority, School Facilities Construction Series XX, Rev., 5.00%, 6/15/2021		5,000		5,158
New Jersey Educational Facilities Authority Series C, Rev., 5.00%, 7/1/2021		150		155
New Jersey Health Care Facilities Financing Authority, Virtua Health Series 2009D, Class D, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/10/2020 (c)		15,900		15,900
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (c)		4,500		4,508
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,175
New Jersey Turnpike Authority Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 0.45%, 10/1/2020 (b) (d)		4,000		3,997
Passaic County Improvement Authority (The), City Of Paterson Project Rev., GTD, 5.00%, 8/15/2026		350		442
Passaic County Utilities Authority, Solid Waste Disposal Series 2018, Rev., GTD, 4.38%, 3/1/2021		255		260
Passaic Valley Sewerage Commissioners, New Jersey Sewer System
Series J, Rev., AGM, 3.00%, 12/1/2025		1,825		2,035
Series J, Rev., AGM, 3.00%, 12/1/2026		6,285		7,079
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		361

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Jersey — continued
Township of Haddon Series 2019A, GO, BAN, 2.00%, 10/29/2020		15,758		15,802
Township of Logan GO, BAN, 1.75%, 10/21/2020		2,360		2,365
Township of Lyndhurst GO, BAN, 1.50%, 2/5/2021		4,065		4,086
Township of Waterford Series 2019A, GO, BAN, 2.00%, 12/1/2020		2,718		2,730
Total New Jersey				179,971
New Mexico — 0.2%
City of Rio Rancho NM Water and Wastewater System
Rev., 5.00%, 5/15/2021		720		744
Rev., 5.00%, 5/15/2022		1,250		1,353
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		582
County of Sandoval
GO, 5.00%, 8/1/2021		535		558
GO, 5.00%, 8/1/2022		560		611
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group La Vida Llena Expansion Project
Series C, Rev., 2.25%, 7/1/2023		1,525		1,482
Series C, Rev., 2.38%, 7/1/2024		1,525		1,471
Regents Of The University of New Mexico, Subordinate Lien System Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.09%, 9/10/2020 (c)		2,765		2,765
University of New Mexico, Gallup Branch Community College District Series 2012, GO, 2.00%, 10/15/2022		1,500		1,502
Total New Mexico				11,068
New York — 26.1%
Battery Park City Authority, Junior
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/10/2020 (c)		15,000		15,000
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/10/2020 (c)		10,000		10,000
Bay Shore Union Free School District GO, TAN, 1.25%, 6/25/2021		40,000		40,291
Broome County Local Development Corp., United Health Services Hospitals, Inc. Project
Rev., AGM, 5.00%, 4/1/2024		500		578
Rev., AGM, 5.00%, 4/1/2025		500		597
Rev., AGM, 5.00%, 4/1/2026		500		615

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Cazenovia Central School District GO, BAN, 1.25%, 7/16/2021		13,000		13,087
Chittenango Central School District Series 2020A, GO, BAN, 1.25%, 6/25/2021		13,400		13,484
City of Jamestown, Public Improvement
GO, 5.00%, 6/1/2021		475		491
GO, 5.00%, 6/1/2022		500		540
GO, 5.00%, 6/1/2023		525		590
GO, 5.00%, 6/1/2024		545		637
City of Long Beach Series 2020A, GO, BAN, 1.50%, 9/4/2020		21,645		21,647
City of New York
Subseries F-5, GO, VRDO, LIQ:
Barclays Bank plc, 0.03%, 9/1/2020 (c)		8,425		8,425
Subseries G-4, GO, VRDO, LIQ:
Barclays Bank plc, 0.08%, 9/10/2020 (c)		20,000		20,000
Subseries B-3, GO, VRDO, LOC: TD Bank NA, 0.09%, 9/10/2020 (c)		10,520		10,520
Series 2020-1, GO, 5.00%, 8/1/2026		1,300		1,607
City of New York, Fiscal Year 2012 Series A, Subseries A-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.08%, 9/10/2020 (c)		2,300		2,300
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (c)		6,100		6,100
City of New York, Fiscal Year 2015 Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.08%, 9/10/2020 (c)		10,900		10,900
City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024		15,000		17,542
City of Rochester Series I, GO, BAN, 2.50%, 3/4/2021		26,095		26,369
Copenhagen Central School District GO, BAN, 2.00%, 7/9/2021		5,700		5,770
County of Cattaraugus GO, 2.00%, 5/15/2021		100		101
County of Erie GO, RAN, 3.00%, 6/24/2021		5,000		5,106
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		311
County of Sullivan GO, TAN, 2.00%, 5/28/2021		9,500		9,607
Floral Park-Bellerose Union Free School District
GO, 5.00%, 12/1/2021		450		477
GO, 5.00%, 12/1/2022		475		526
GO, 5.00%, 12/1/2023		495		572
GO, 5.00%, 12/1/2024		525		631
GO, 5.00%, 12/1/2025		550		684

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 87

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Forestville Central School District Series 2020B, GO, BAN, 2.00%, 6/17/2021		3,061		3,098
Franklinville Central School District GO, BAN, 1.25%, 7/23/2021		5,100		5,133
Frewsburg Central School District GO, BAN, 1.25%, 7/13/2021		6,177		6,215
Hampton Bays Union Free School District GO, TAN, 2.00%, 6/24/2021		11,000		11,147
Hempstead Town Local Development Corp., Adelphi University Project
Series 2019, Rev., 4.00%, 2/1/2021		75		76
Series 2019, Rev., 4.00%, 2/1/2022		50		52
Series 2019, Rev., 4.00%, 2/1/2023		100		105
Series 2019, Rev., 4.00%, 2/1/2024		200		214
Hempstead Union Free School District
GO, RAN, 1.50%, 6/30/2021		39,000		39,216
GO, BAN, 1.50%, 7/14/2021		25,900		26,050
Horseheads Central School District GO, BAN, 1.00%, 6/24/2021		61,695		62,005
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series A, Rev., 3.00%, 11/1/2020		575		576
Kinderhook Central School District GO, BAN, 1.25%, 7/23/2021		14,500		14,601
Little Falls City School District GO, BAN, 1.25%, 2/5/2021		6,500		6,517
Long Island Power Authority, Electric System Series 2020A, Rev., 5.00%, 9/1/2026		680		858
Maine-Endwell Central School District GO, RAN, 1.25%, 7/28/2021		8,000		8,054
Manchester-Shortsville Central School District GO, BAN, 1.25%, 6/29/2021		9,925		9,984
Marcellus Central School District GO, BAN, 2.00%, 7/16/2021		8,000		8,104
Metropolitan Transportation Authority Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,000		20,952
Middleburgh Central School District GO, BAN, 1.25%, 7/16/2021		10,620		10,688
Morrisville-Eaton Central School District Series 2020B, GO, BAN, 1.50%, 6/25/2021		8,508		8,584
Mount Vernon City School District
GO, 5.00%, 12/1/2020		815		825
GO, 5.00%, 12/1/2021		885		939
GO, 5.00%, 12/1/2022		1,965		2,172
Nassau County Interim Finance Authority, Sales Tax Secured Series B, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.07%, 9/10/2020 (c)		11,015		11,015

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Housing Development Corp., West 26th Street Development Series 2011B, Rev., VRDO, 0.08%, 9/10/2020 (c)		2,570		2,570
New York City Municipal Water Finance Authority, Fiscal Year 2008
Subseries BB-1, Rev., VRDO, LIQ:
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.07%, 9/10/2020 (c)		11,390		11,390
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2003
Subseries F-1-A, Rev., VRDO, LIQ:
Barclays Bank plc, 0.08%, 9/10/2020 (c)		3,450		3,450
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ:
State Street Bank & Trust, 0.03%, 9/1/2020 (c)		14,600		14,600
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, 0.02%, 9/1/2020 (c)		11,200		11,200
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., 0.08%, 9/10/2020 (c)		12,560		12,560
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., 0.02%, 9/1/2020 (c)		23,600		23,600
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Subseries BB-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (c)		18,865		18,865
Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.09%, 9/10/2020 (c)		5,680		5,680
New York City Transitional Finance Authority Future Tax Secured Series 1999A-1, Rev., VRDO, LIQ: TD Bank NA, 0.08%, 9/10/2020 (c)		26,200		26,200

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ:
Barclays Bank plc, 0.03%, 9/1/2020 (c)		13,300		13,300
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries B-3, Rev., VRDO, LIQ:
Barclays Bank plc, 0.03%, 9/1/2020 (c)		8,985		8,985
New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 0.09%, 9/10/2020 (c)		2,495		2,495
New York City Water and Sewer System Series 2010CC, Rev., VRDO, LIQ:
Barclays Bank plc, 0.08%, 9/10/2020 (c)		55,090		55,090
New York State Dormitory Authority Series 2019A, Rev., 5.00%, 10/1/2022		7,490		8,191
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/10/2020 (c)		9,470		9,470
New York State Dormitory Authority, Court Facilities Lease Series 2005B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.10%, 9/10/2020 (c)		22,000		22,000
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,035
New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		482
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014A, Rev., 5.00%, 2/15/2021		200		204
Series 2020B, Rev., RAN, 5.00%, 3/31/2021		83,695		86,052
New York State Dormitory Authority, University of Rochester Series 2006A-1, Rev., VRDO, LOC:
Barclays Bank plc, 0.08%, 9/10/2020 (c)		7,745		7,745
New York State Housing Finance Agency Series 2009A, Rev., VRDO, LOC:
FNMA, 0.08%, 9/10/2020 (c)		55,255		55,255
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC:
Landesbank Hessen-Thueringen, 0.09%, 9/10/2020 (c)		50,000		50,000
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LOC: TD Bank NA, 0.09%, 9/10/2020 (c)		40,445		40,445

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021		50		51
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		14,650		15,108
Niagara Falls City School District Series 2020B, GO, BAN, 1.25%, 7/9/2021		29,000		29,193
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,578
Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		902
Niagara-Wheatfield Central School District GO, BAN, 2.00%, 6/29/2021		10,000		10,135
North Collins Central School District GO, BAN, 2.00%, 6/25/2021		7,880		7,963
Palmyra Macedon Central School District GO, BAN, 1.25%, 7/20/2021		12,500		12,585
Penn Yan Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		13,183		13,268
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023		10,000		11,330
Putnam Valley Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		14,185		14,291
Rhinebeck Central School District GO, BAN, 1.25%, 6/25/2021		12,152		12,213
Rome City School District GO, RAN, 2.00%, 2/3/2021		8,000		8,040
Rondout Valley Central School District Accord GO, BAN, 2.00%, 6/30/2021		12,000		12,156
Scotia-Glenville Central School District GO, BAN, 1.25%, 6/30/2021		14,000		14,093
Silver Creek Central School District GO, BAN, 1.25%, 6/30/2021		14,825		14,919
South Jefferson Central School District GO, BAN, 2.00%, 6/30/2021		8,530		8,639
Town of Oyster Bay
Series 2020A, GO, BAN, 2.00%, 3/12/2021		80,695		81,400
Series B, GO, 2.00%, 3/12/2021		49,190		49,614
GO, 2.00%, 11/1/2021		415		422
GO, 4.00%, 11/1/2022		410		440
GO, 4.00%, 11/1/2023		1,000		1,110
GO, 4.00%, 11/1/2024		950		1,084
GO, 4.00%, 11/1/2025		495		578

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 89

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series D, Rev., (SOFR + 0.50%), 0.55%, 9/1/2020 (b)		10,000		9,998
Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 9/10/2020 (c)		21,445		21,445
Unadilla Valley Central School District GO, BAN, 2.00%, 7/9/2021		8,700		8,814
Watertown Enlarged City School District GO, BAN, 1.50%, 6/29/2021		10,598		10,694
Webster Central School District GO, BAN, 1.00%, 6/30/2021		23,539		23,650
Wheatland Chili Central School District GO, BAN, 1.25%, 6/23/2021		9,080		9,113
Williamson Central School District GO, BAN, 1.25%, 7/16/2021		10,097		10,160
Wyandanch Union Free School District GO, TAN, 1.25%, 6/25/2021		15,000		15,084
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 6/29/2021		9,303		9,357
Total New York				1,432,576
North Carolina — 3.1%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 9/10/2020 (c)		21,420		21,420
City of Charlotte Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.08%, 9/10/2020 (c)		8,300		8,300
City of Charlotte, 2003 Governmental Facilities Projects Series 2013G, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.08%, 9/10/2020 (c)		51,905		51,905
City of Raleigh, Downtown Improvement Projects Series 2004A, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.08%, 9/10/2020 (c)		47,010		47,010
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project
Series 2019A, Rev., 2.00%, 10/1/2024 (c)		825		860
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		825		860
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,780		1,812
County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021		20		21
North Carolina Medical Care Commission, Moses Cone Health System Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.09%, 9/10/2020 (c)		26,170		26,170
Tender Option Bond Trust Receipts/Certificates Series 2016-XX1003, Rev., VRDO, LIQ: Barclays Bank plc, 0.14%, 9/10/2020 (c) (e)		9,185		9,185

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — continued
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.50%, 10/1/2020 (b)		3,750		3,750
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 4.00%, 10/1/2020		120		120
Total North Carolina				171,413
North Dakota — 0.1%
County of Burleigh Series 2014A, Rev., 5.00%, 7/1/2021 (d)		3,895		4,037
Ohio — 4.0%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		132
American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (c)		10,000		10,136
Avon Local School District GO, BAN, 2.00%, 9/30/2020		3,015		3,019
City of Brecksville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 2/25/2021		4,875		4,915
City of Centerville, Graceworks Lutheran Services
Rev., 5.00%, 11/1/2020		275		276
Rev., 5.00%, 11/1/2021		285		290
City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		291
City of Elyria
Series 2019-2, GO, 4.00%, 12/1/2021		1,010		1,057
Series 2019-2, GO, 4.00%, 12/1/2022		935		1,011
City of Napoleon GO, BAN, 2.00%, 2/25/2021		5,852		5,899
City of Rocky River GO, BAN, 2.00%, 9/24/2020		3,375		3,379
City of Toledo GO, AGM, 4.00%, 12/1/2020		100		101
City of Toledo, Capital Improvement
GO, AGM, 5.00%, 12/1/2020		615		622
GO, AGM, 5.00%, 12/1/2021		1,275		1,349
GO, AGM, 5.00%, 12/1/2022		1,305		1,440
City of Twinsburg, Gleneagles Clubhouse Improvements, Limited Tax GO, BAN, 2.00%, 2/25/2021		2,300		2,309
City of Whitehall Rev., 2.25%, 12/9/2020		3,810		3,829
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.13%, 9/10/2020 (c)		37,565		37,565

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Ohio — continued
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,137
County of Franklin, Nationwide Children’s Hospital Project Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.08%, 9/10/2020 (c)		38,030		38,030
County of Lorain
Series B, GO, BAN, 1.30%, 2/6/2021		500		500
Series A, GO, BAN, 3.00%, 2/6/2021		5,010		5,060
County of Mahoning, Various Purpose Notes GO, 3.00%, 9/16/2020		3,100		3,104
County of Mahoning, Various Purpose Sales Tax Supported Improvement Notes Rev., 3.00%, 9/16/2020		750		751
County of Ross, Adena Health System
Rev., 5.00%, 12/1/2020		1,000		1,010
Rev., 5.00%, 12/1/2021		335		353
Rev., 5.00%, 12/1/2022		355		388
Rev., 5.00%, 12/1/2023		490		556
County of Union GO, BAN, 2.00%, 9/9/2020		1,500		1,501
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		51
Euclid City School District
COP, 4.00%, 12/1/2023		70		77
COP, 4.00%, 12/1/2024		70		80
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.52%, 9/10/2020 (b)		5,000		4,991
Goshen Local School District, School Facilities Project COP, 1.50%, 12/15/2020		280		281
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/10/2020 (c)		73,645		73,645
Rev., 5.25%, 12/1/2020		35		35
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.45%, 9/1/2020 (c)		8,250		8,250
Village of Obetz
Rev., 5.00%, 12/1/2020		185		188
Rev., 5.00%, 12/1/2021		125		132
Zanesville City School District GO, 4.00%, 12/1/2021		595		622
Total Ohio				219,362

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oklahoma — 0.4%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 1.15%, 12/1/2020		270		272
Rev., 4.00%, 12/1/2021		140		146
Rev., 4.00%, 12/1/2022		190		205
Rev., 4.00%, 12/1/2023		155		172
Rev., 4.00%, 12/1/2024		165		188
Canadian County Educational Facilities Authority, Yukon Public Schools Project Series 2019, Rev., 5.00%, 12/1/2020		3,400		3,430
City of Moore GO, 1.25%, 4/1/2022		1,550		1,573
Cleveland County Educational Facilities Authority, Lexington Public Schools Project
Series 2019, Rev., 4.00%, 9/1/2020		110		110
Series 2019, Rev., 4.00%, 9/1/2021		150		155
Series 2019, Rev., 4.00%, 9/1/2022		125		133
Series 2019, Rev., 4.00%, 9/1/2023		270		296
Cushing Educational Facilities Authority, Public Schools Project Rev., 5.00%, 9/1/2020		50		50
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2021		410		428
Rev., 4.00%, 12/1/2023		450		499
Elk City Industrial Authority Rev., 2.00%, 5/1/2023		140		145
Ellis County Educational Facilities Authority
Rev., 3.00%, 3/1/2022		725		753
Rev., 3.00%, 3/1/2023		730		773
Garvin County Educational Facilities Authority
Rev., 4.00%, 9/1/2021		125		129
Rev., 4.00%, 9/1/2022		135		144
Rev., 4.00%, 9/1/2023		110		121
Rev., 4.00%, 9/1/2024		160		181
Grady County School Finance Authority, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2021		250		259
Rev., 4.00%, 9/1/2022		200		214
Rev., 4.00%, 9/1/2023		300		330
Rev., 4.00%, 9/1/2024		245		276
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project
Rev., 3.00%, 3/1/2022		165		171
Rev., 3.00%, 3/1/2023		385		407
Rev., 3.00%, 3/1/2024		270		292
Muskogee Industrial Trust Rev., 5.00%, 9/1/2023		900		1,013

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 91

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Oklahoma — continued
Oklahoma Development Finance Authority Rev., AMT, 1.63%, 7/6/2023		4,885		4,872
Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., 2.37%, 10/1/2020 (c)		2,375		2,379
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series B, Rev., 5.00%, 1/1/2021 (d)		20		20
Tulsa County Industrial Authority, Sand Springs Public Schools Project
Rev., 2.00%, 9/1/2020		70		70
Rev., 5.00%, 9/1/2021		325		340
Rev., 2.00%, 9/1/2022		125		128
Rev., 4.00%, 9/1/2023		175		191
Rev., 4.00%, 9/1/2024		435		488
Wagoner County School Development Authority, Wagoner Public Schools Project
Rev., 4.00%, 9/1/2021		225		233
Rev., 4.00%, 9/1/2023		525		573
Total Oklahoma				22,159
Oregon — 0.8%
City of Portland GO, TAN, 3.00%, 1/6/2021		31,290		31,595
County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		1,943
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2021		175		180
GO, 5.00%, 6/15/2021		500		519
State of Oregon Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.09%, 9/10/2020 (c)		3,500		3,500
State of Oregon Housing & Community Services Department Rev., 1.45%, 6/1/2022 (c)		3,350		3,422
Total Oregon				41,159
Pennsylvania — 6.9%
Allentown City School District, Limited Tax GO, TRAN, 2.38%, 3/31/2021		3,150		3,150
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e)		200		211
Ambridge Borough Water Authority
Rev., 3.00%, 11/15/2020		195		197
Rev., 4.00%, 11/15/2021		160		167
Rev., 4.00%, 11/15/2022		175		188
Rev., 4.00%, 11/15/2023		175		194
Apollo-Ridge School District
Series 2019A, GO, 2.00%, 9/1/2022		375		388
Series 2019A, GO, 4.00%, 9/1/2023		385		424
Series 2019A, GO, 4.00%, 9/1/2024		450		510

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Armstrong School District
Series A, GO, 3.00%, 3/15/2021		230		233
Series B, GO, 3.00%, 3/15/2021		105		106
Series A, GO, 3.00%, 3/15/2022		235		244
Series B, GO, 3.00%, 3/15/2022		300		312
Series A, GO, 3.00%, 3/15/2023		240		255
Series B, GO, 3.00%, 3/15/2023		400		425
Berks County Municipal Authority (The), Tower Health Project
Series 2020A, Rev., 5.00%, 2/1/2021		400		405
Series 2020A, Rev., 5.00%, 2/1/2022		500		519
Series 2020A, Rev., 5.00%, 2/1/2023		1,300		1,377
Series 2020A, Rev., 5.00%, 2/1/2024		425		459
Series 2020A, Rev., 5.00%, 2/1/2025		600		661
Series 2020A, Rev., 5.00%, 2/1/2026		1,015		1,134
Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		13,843
Big Beaver Falls Area School District
GO, 4.00%, 3/15/2022		1,155		1,217
GO, 5.00%, 3/15/2023		1,200		1,329
Burgettstown Area School District
Series A, GO, 3.00%, 3/15/2022		100		103
Series A, GO, 4.00%, 3/15/2023		200		216
Butler Area School District GO, AGM, 4.00%, 10/1/2020		865		868
Carmichaels Area School District
GO, 4.00%, 9/1/2022		190		203
GO, 4.00%, 9/1/2023		150		164
Charleroi Borough Authority, Water System
Rev., AGM, 3.00%, 12/1/2020		305		307
Rev., AGM, 4.00%, 12/1/2021		225		235
Rev., AGM, 4.00%, 12/1/2022		165		178
Rev., AGM, 4.00%, 12/1/2023		225		250
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 3.00%, 9/1/2023		230		246
Series 2020A, Rev., 3.00%, 9/1/2024		215		234
Series 2020A, Rev., 5.00%, 9/1/2025		250		301
City of Altoona, Guaranteed Sewer
GO, AGM, 5.00%, 12/1/2020		315		318
GO, AGM, 5.00%, 12/1/2021		265		280
GO, AGM, 5.00%, 12/1/2022		200		220
GO, AGM, 5.00%, 12/1/2023		300		342

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
City of Lebanon Authority
Rev., 4.00%, 12/15/2020		405		409
Rev., 4.00%, 12/15/2021		240		251
Rev., 4.00%, 12/15/2022		275		298
Rev., 4.00%, 12/15/2023		360		402
City of Philadelphia Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 0.07%, 9/10/2020 (c)		15,940		15,940
Series 2012A, GO, 5.00%, 9/15/2021		45		47
Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,150
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2022 (d)		1,465		1,614
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026		300		377
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2021		535		552
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		571
Connellsville Area School District
Series A, GO, AGM, 2.00%, 5/15/2021		70		71
Series A, GO, AGM, 2.00%, 5/15/2022		70		72
Series A, GO, AGM, 2.00%, 5/15/2023		70		73
Cornell School District
GO, AGM, 2.00%, 9/1/2020		200		200
GO, AGM, 2.00%, 9/1/2021		200		203
GO, AGM, 4.00%, 9/1/2022		200		214
County of Armstrong
GO, AGM, 3.00%, 6/1/2021		370		377
Series A, GO, 4.00%, 6/1/2021		230		236
GO, AGM, 4.00%, 6/1/2022		380		405
Series A, GO, 4.00%, 6/1/2022		430		458
GO, AGM, 4.00%, 6/1/2023		225		246
Series A, GO, 5.00%, 6/1/2023		225		253
GO, AGM, 4.00%, 6/1/2024		230		259
GO, AGM, 4.00%, 6/1/2025		240		277
County of Lackawanna
Series 2020A, GO, 1.00%, 9/15/2020		300		300
Series 2020A, GO, 3.00%, 3/15/2021		200		203
Series 2020A, GO, 4.00%, 3/15/2022		200		211
Series 2020B, GO, 4.00%, 9/1/2022		135		145
Series 2020A, GO, 4.00%, 3/15/2023		200		218
Series 2020B, GO, 4.00%, 9/1/2023		305		337
Series 2020A, GO, 4.00%, 3/15/2024		300		336
Series 2020B, GO, 4.00%, 9/1/2024		680		772

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Series 2020A, GO, 4.00%, 3/15/2025		300		345
Series 2020B, GO, 4.00%, 9/1/2025		685		796
Series 2020B, GO, 4.00%, 9/1/2026		1,445		1,708
County of Somerset
GO, 2.00%, 10/1/2020		225		225
GO, 2.00%, 10/1/2021		285		289
GO, 2.00%, 10/1/2022		340		351
GO, 2.00%, 10/1/2023		335		349
GO, 2.00%, 10/1/2024		300		316
County of York Series 2020A, GO, 5.00%, 6/1/2026		1,305		1,631
Dallas School District
Series 2019, GO, AGM, 4.00%, 10/15/2020		290		291
Series 2019, GO, AGM, 4.00%, 10/15/2021		275		285
Series 2019, GO, AGM, 4.00%, 10/15/2022		300		319
Series 2019, GO, AGM, 5.00%, 10/15/2023		175		197
Series 2019, GO, AGM, 5.00%, 10/15/2024		325		377
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.09%, 9/10/2020 (c)		4,990		4,990
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		521
General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 0.14%, 9/10/2020 (c)		16,000		16,000
Iroquois School District
GO, 3.00%, 10/1/2020		185		185
GO, 4.00%, 10/1/2021		300		312
GO, 4.00%, 10/1/2022		390		419
GO, 4.00%, 10/1/2023		200		221
Juniata County School District GO, AGM, 5.00%, 11/15/2021		185		196
Lackawanna County Industrial Development Authority, University of Scranton
Rev., 4.00%, 11/1/2020		100		101
Rev., 5.00%, 11/1/2021		1,000		1,049
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project Series 2019B, Rev., 2.88%, 12/15/2023		1,000		984
Lycoming County Water & Sewer Authority
Rev., AGM, 2.00%, 11/15/2020		225		226
Rev., AGM, 4.00%, 11/15/2021		245		255
Rev., AGM, 4.00%, 11/15/2022		200		215
Rev., AGM, 4.00%, 11/15/2023		150		166

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 93

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Mars Area School District
Series 2019B, GO, AGM, 5.00%, 9/1/2020		145		145
Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		126
Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		129
Middletown Township Sewer Authority
Rev., 3.00%, 10/1/2020		270		271
Rev., 4.00%, 10/1/2021		330		343
Rev., 4.00%, 10/1/2022		265		284
Rev., 4.00%, 10/1/2023		210		232
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2022		300		311
Rev., 5.00%, 4/1/2023		300		317
Rev., 5.00%, 4/1/2024		300		323
Rev., 5.00%, 4/1/2025		250		273
Rev., 5.00%, 4/1/2026		165		183
Montgomery County Industrial Development Authority, Meadowood Senior Living Project
Series A, Rev., 3.00%, 12/1/2020		250		250
Series A, Rev., 3.00%, 12/1/2021		250		252
Montour School District GO, 3.00%, 10/1/2023		200		215
Muncy School District GO, 4.00%, 5/15/2023		345		377
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023		6,000		6,335
Municipality of Penn Hills
Series A, GO, 3.00%, 12/1/2020		275		277
Series A, GO, 3.00%, 12/1/2021		340		352
Series A, GO, 3.00%, 12/1/2022		345		363
Series A, GO, 3.00%, 12/1/2023		305		329
Neshannock Township School District
Series 2019AA, GO, 4.00%, 9/1/2021		100		104
Series 2019AA, GO, 4.00%, 9/1/2022		150		161
Series 2019AA, GO, 4.00%, 9/1/2023		200		220
Northeast Bradford School District
GO, AGM, 2.00%, 6/1/2021		150		152
GO, AGM, 2.00%, 6/1/2022		320		329
GO, AGM, 3.00%, 6/1/2023		330		351
Northwestern Lehigh School District
Series 2019, GO, 5.00%, 2/15/2021		155		158
Series 2019, GO, 5.00%, 2/15/2023		680		756
Penn Hills School District
GO, 3.00%, 10/1/2022		1,725		1,814
GO, 4.00%, 10/1/2023		1,790		1,978
GO, 4.00%, 10/1/2024		1,855		2,106
GO, 5.00%, 10/1/2025		4,615		5,585

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Pennsylvania Higher Educational Facilities Authority
Series AX, Rev., AGM, 5.00%, 6/15/2021		5,935		6,153
Series AX, Rev., AGM, 5.00%, 6/15/2022		1,375		1,488
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., 2.72%, 5/1/2021 (c) (d)		2,500		2,541
Pennsylvania Turnpike Commission
Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/10/2020 (c)		20,000		20,000
Series 2nd, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/10/2020 (c)		22,940		22,940
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.69%, 9/10/2020 (b)		18,000		17,922
Series A, Rev., 5.00%, 12/1/2022		1,000		1,099
Series A, Rev., 5.00%, 12/1/2023		1,000		1,142
Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2020 (d)		30		30
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		111
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/10/2020 (c)		8,395		8,395
Philadelphia Gas Works Co. Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/10/2020 (c)		20,300		20,300
Pittsburgh School District
Series 2019, GO, 5.00%, 9/1/2022		1,690		1,853
Series 2019, GO, 5.00%, 9/1/2023		1,810		2,060
Pittsburgh Water & Sewer Authority Series A, Rev., 5.00%, 9/1/2022		250		273
Punxsutawney Area School District
Series 2020A, GO, AGM, 4.00%, 10/15/2020		215		216
Series 2020A, GO, AGM, 4.00%, 10/15/2021		315		327
Series 2020A, GO, AGM, 5.00%, 10/15/2022		290		319
Series 2020A, GO, AGM, 5.00%, 10/15/2023		250		286
Series 2020A, GO, AGM, 5.00%, 10/15/2024		150		178
School District of Philadelphia (The)
Series 2019A, GO, 5.00%, 9/1/2020		600		600
Rev., TRAN, 4.00%, 6/30/2021		71,120		73,282

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Series 2019A, GO, 5.00%, 9/1/2021		800		834
Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,141
Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,186
School District of the City of Erie (The)
Series 2019B, GO, AGM, 5.00%, 4/1/2021		400		410
Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		348
Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		350
Selinsgrove Area School District
Series A, GO, 2.00%, 9/1/2020		100		100
Series A, GO, 2.00%, 3/1/2021		5		5
Series B, GO, 3.00%, 3/1/2021		110		111
Series A, GO, 2.00%, 9/1/2021		125		127
Series A, GO, 2.00%, 3/1/2022		5		5
Series B, GO, 3.00%, 3/1/2022		130		135
Series A, GO, 2.00%, 9/1/2022		400		414
Series A, GO, 2.00%, 3/1/2023		5		5
Series B, GO, 3.00%, 3/1/2023		95		101
Series A, GO, 2.00%, 9/1/2023		585		614
Southeastern Pennsylvania Transportation Authority
Rev., 5.00%, 6/1/2021		500		517
Rev., 5.00%, 6/1/2022		500		540
Rev., 5.00%, 6/1/2023		750		842
Rev., 5.00%, 6/1/2024		755		879
Rev., 5.00%, 6/1/2025		1,250		1,504
Rev., 5.00%, 6/1/2026		750		927
Spring-Benner-Walker Joint Authority Rev., 4.00%, 9/1/2024		440		496
State Public School Building Authority, Community College of Philadelphia Project
Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		305
Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		334
Steel Valley School District
Series 2019B, GO, 3.00%, 11/1/2021		230		236
Series 2019B, GO, 4.00%, 11/1/2022		240		257
Series 2019B, GO, 4.00%, 11/1/2023		250		275
Steelton-Highspire School District
GO, 4.00%, 11/15/2022		60		64
GO, 4.00%, 11/15/2023		85		94
Township of Butler PA/Luzerne County
GO, 1.10%, 10/1/2020		1,100		1,101
GO, 4.00%, 10/1/2021		475		493
GO, 5.00%, 10/1/2022		250		273

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
GO, 5.00%, 10/1/2023		260		296
GO, 5.00%, 10/1/2024		275		324
Township of East Pennsboro, Cumberland County
Series 2019, GO, 3.00%, 9/1/2020		150		150
Series 2019, GO, 3.00%, 9/1/2021		190		196
Series 2019, GO, 3.00%, 9/1/2022		175		184
Township of Rostraver
GO, AGM, 3.00%, 9/1/2020		140		140
GO, AGM, 4.00%, 9/1/2021		100		104
University of Pittsburgh of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.24%), 0.33%, 9/10/2020 (b)		11,510		11,496
University of Pittsburgh-of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.45%, 9/10/2020 (b)		47,000		46,885
Upper Allegheny Joint Sanitary Authority
Series 2019A, Rev., AGM, 3.00%, 9/1/2020		125		125
Series 2019A, Rev., AGM, 3.00%, 9/1/2021		285		293
Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		214
Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		237
Waynesboro Area School District, Franklin County
Series 2019, GO, 5.00%, 10/1/2020		485		487
Series 2019, GO, 5.00%, 10/1/2021		580		608
Series 2019, GO, 5.00%, 10/1/2022		305		334
Series 2019, GO, 5.00%, 10/1/2023		320		365
Wilkes-Barre Area School District Series 2019, GO, 5.00%, 4/15/2023		115		128
Wyalusing Area School District, Bradford and Wyoming Counties
Series 2019, GO, AGM, 4.00%, 4/1/2021		375		383
Series 2019, GO, AGM, 4.00%, 4/1/2022		315		332
Series 2019, GO, AGM, 4.00%, 4/1/2023		400		436
Total Pennsylvania				382,865
Rhode Island — 0.3%
City of Pawtucket
Series 2019D, GO, AGM, 3.00%, 7/15/2021		125		128
Series 2019C, GO, AGM, 4.00%, 7/15/2021		185		191
Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		221
Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		225
Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		75
Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		418

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 95

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Rhode Island — continued
Providence Public Building Authority, Capital Improvement Series A, Rev., 5.00%, 9/15/2020		200		200
Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University Series 2005A, Rev., VRDO, LIQ: HSBC Bank USA NA, 0.08%, 9/10/2020 (c)		3,560		3,560
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		16
Rhode Island Industrial Facilities Corp., Marine Terminal, Exxonmobil Project Rev., VRDO, 0.03%, 9/1/2020 (c)		12,105		12,105
Rhode Island Turnpike & Bridge Authority
Series 2019A, Rev., 5.00%, 10/1/2021		300		313
Series 2019A, Rev., 5.00%, 10/1/2023		125		140
Total Rhode Island				17,592
South Carolina — 0.3%
Chester Sewer District
Rev., 3.00%, 6/1/2021		110		112
Rev., 4.00%, 6/1/2023		75		82
Educational Facilities Authority, Wofford College Series B, Rev., 2.37%, 4/1/2022 (c)		500		514
Laurens County Water & Sewer Commission Rev., BAN, 1.38%, 2/1/2022		7,000		7,052
South Carolina Jobs-Economic Development Authority Series 2020A, Rev., 4.00%, 11/15/2023		130		131
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021		500		507
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (e)		600		608
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 0.55%, 10/1/2020 (b)		9,950		9,880
Total South Carolina				18,886
South Dakota — 0.0% (f)
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2017, Rev., 5.00%, 4/1/2022		375		400
Tennessee — 1.0%
Highlands Residential Services, Walnut Village Project Series 2019, Rev., GNMA COLL, 1.80%, 4/1/2021 (c)		1,000		1,008

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee — continued
Knox County Health Educational & Housing Facility Board, Meadowbrook Apartments Project Rev., 1.50%, 7/1/2021 (c)		650		656
Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Series 2019, Rev., 1.80%, 5/1/2021 (c)		800		807
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1.55%, 3/1/2022 (c)		1,900		1,940
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (c)		10,000		10,051
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (c)		5,000		5,026
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., 2.10%, 10/1/2020 (c)		6,500		6,509
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2019, Rev., 3.00%, 10/1/2024		425		428
Rutherford County Health and Educational Facilities Board Rev., 2.50%, 11/1/2020 (c)		3,500		3,512
Shelby County Health Educational & Housing Facilities Board Series 2019B-1, Rev., 4.00%, 12/1/2026		10,000		9,907
Tennergy Corp. Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c)		10,000		11,701
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2021		730		747
Total Tennessee				52,292
Texas — 7.5%
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.
Rev., PSF-GTD, 3.00%, 8/15/2022		635		666
Rev., PSF-GTD, 3.00%, 8/15/2023		655		702
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		236
Series 2018C, Rev., 5.00%, 8/1/2025		200		243

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2021		160		163
Rev., 5.00%, 2/1/2022		165		176
Rev., 5.00%, 2/1/2023		170		190
Austin Independent School District Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2021 (d)		30		31
Avery Ranch Road District No. 1
Series 2019, GO, 3.00%, 8/15/2022		615		647
Series 2019, GO, 3.00%, 8/15/2023		810		871
Big Oaks Municipal Utility District, Waterworks & Sewer System
GO, AGM, 3.00%, 3/1/2021		335		339
GO, AGM, 3.00%, 3/1/2022		345		359
GO, AGM, 3.00%, 3/1/2023		905		959
Bridgestone Municipal Utility District
Series A, GO, AGM, 2.00%, 5/1/2021		1,480		1,497
Series A, GO, AGM, 2.00%, 5/1/2022		110		113
Series A, GO, AGM, 3.00%, 5/1/2023		85		90
Brushy Creek Municipal Utility District
GO, 3.00%, 6/1/2021		200		204
GO, 3.00%, 6/1/2022		235		246
GO, 3.00%, 6/1/2023		250		265
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		2,455		2,519
City of Austin, Airport System Series 2019, Rev., AMT, 5.00%, 11/15/2022		4,250		4,657
City of El Paso Series 2020A, GO, 5.00%, 8/15/2021		600		627
GO, 5.00%, 8/15/2022		400		437
GO, 5.00%, 8/15/2023		515		587
GO, 5.00%, 8/15/2024		700		829
Series 2020A, GO, 5.00%, 8/15/2024		275		326
City of Galveston
GO, 3.00%, 5/1/2021		130		132
GO, 4.00%, 5/1/2022		590		628
City of Grand Prairie GO, 5.00%, 2/15/2021		20		20
City of Houston Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/10/2020 (c)		12,500		12,500
City of Houston, Combined Utility System, First Lien Series B-2, Rev., VRDO, LOC:
Citibank NA, 0.09%, 9/10/2020 (c)		22,500		22,500

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
City of Irving, Hotel Occupancy
Rev., 5.00%, 8/15/2021		25		25
Rev., 5.00%, 8/15/2022		50		52
Rev., 5.00%, 8/15/2023		50		52
City of Kenedy, Certificates of Obligation
GO, 4.00%, 5/1/2021		130		133
GO, 4.00%, 5/1/2022		120		127
GO, 4.00%, 5/1/2023		125		137
City of Laredo GO, 5.00%, 2/15/2021		725		741
City of Laredo, Waterworks & Sewer System Rev., 5.00%, 3/1/2021		125		128
City of Port Arthur
GO, AGM, 3.00%, 2/15/2021		350		354
Series 2020A, GO, AGM, 3.00%, 2/15/2021		970		982
GO, AGM, 3.00%, 2/15/2022		765		796
Series 2020A, GO, AGM, 4.00%, 2/15/2022		350		369
Series 2020A, GO, AGM, 4.00%, 2/15/2023		365		396
GO, AGM, 5.00%, 2/15/2023		910		1,011
Series 2020A, GO, AGM, 5.00%, 2/15/2024		380		438
Series 2020A, GO, AGM, 5.00%, 2/15/2025		400		476
City of Sulphur Springs
Series 2019, GO, AGM, 3.00%, 9/1/2020		100		100
Series 2019, GO, AGM, 3.00%, 9/1/2021		100		103
Series 2019, GO, AGM, 3.00%, 9/1/2022		520		548
City of Universal City
GO, 4.00%, 8/15/2021		140		145
GO, 4.00%, 8/15/2022		145		156
GO, 2.00%, 8/15/2023		230		240
Clear Brook City Municipal Utility District Series 2019, GO, AGM, 2.10%, 2/1/2023		450		465
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		30		31
County of Bexar, Tax Exempt Revenue Project
Rev., 5.00%, 8/15/2022		275		295
Rev., 5.00%, 8/15/2023		275		305
County of Kaufman
Series 2020A, GO, 5.00%, 2/15/2022		250		267
GO, 5.00%, 2/15/2023		155		173
Series 2020A, GO, 5.00%, 2/15/2023		110		123
GO, 5.00%, 2/15/2024		210		243
Series 2020A, GO, 5.00%, 2/15/2024		125		145
GO, 5.00%, 2/15/2025		255		306
Series 2020A, GO, 5.00%, 2/15/2025		130		156

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 97

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
County of La Salle GO, AGM, 5.00%, 3/1/2021		345		353
County of La Salle, Unlimited Tax GO, AGM, 5.00%, 3/1/2021		2,135		2,186
Cuero Independent School District, School Building Series 2014, GO, PSF-GTD, 5.00%, 8/15/2021		100		105
Cypress Hill Municipal Utility District No. 1
GO, 2.00%, 9/1/2020		30		30
GO, 2.00%, 9/1/2021		290		295
GO, 2.00%, 9/1/2022		190		196
GO, 3.00%, 9/1/2023		270		289
Duncanville Independent School District, Unlimited Tax
GO, PSF-GTD, 4.00%, 2/15/2026		8,335		9,909
Florence Independent School District
GO, PSF-GTD, 3.00%, 8/15/2026		230		240
GO, PSF-GTD, 3.00%, 8/15/2027		115		120
Fort Bend County Levee Improvement District No. 11 GO, AGM, 3.00%, 9/1/2023		400		428
Fort Bend County Municipal Utility District No. 116
Series 2019, GO, 3.00%, 9/1/2021		330		339
Series 2019, GO, 3.00%, 9/1/2022		460		483
Series 2019, GO, 3.00%, 9/1/2023		450		482
Fort Bend County Municipal Utility District No. 151, Unlimited Tax GO, 3.00%, 9/1/2021		190		195
Grand Parkway Transportation Corp. Series 2013B, Rev., 5.00%, 10/1/2023 (d)		21,060		24,100
Greenhawe Water Control & Improvement District No. 2
GO, AGM, 3.00%, 9/1/2022		190		200
GO, AGM, 3.00%, 9/1/2023		200		214
Harris County Cultural Education Facilities Finance Corp.
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.51%, 9/10/2020 (b)		10,000		9,938
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.66%, 9/10/2020 (b)		9,000		8,947
Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,847
Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,868
Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,544
Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2020		3,255		3,267

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2020C-3, Rev., 5.00%, 12/1/2026 (c)		5,000		6,251
Harris County Fresh Water Supply District No. 61
Series 2019, GO, AGM, 4.00%, 9/1/2023		445		490
Series 2019, GO, AGM, 3.00%, 9/1/2024		695		758
Harris County Municipal Utility District No. 096
Series 2019, GO, 2.00%, 9/1/2021		185		188
Series 2019, GO, 2.00%, 9/1/2023		195		203
Harris County Municipal Utility District No. 152
GO, AGM, 3.00%, 8/1/2022		280		293
GO, AGM, 3.00%, 8/1/2023		400		426
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023		425		451
Harris County Municipal Utility District No. 276
GO, 3.00%, 9/1/2022		365		384
GO, 3.00%, 9/1/2023		745		796
Harris County Municipal Utility District No. 281
Series 2019, GO, 2.00%, 9/1/2020		135		135
Series 2019, GO, 2.00%, 9/1/2021		130		132
Series 2019, GO, 2.00%, 9/1/2022		300		309
Series 2019, GO, 2.00%, 9/1/2023		305		319
Harris County Municipal Utility District No. 374
Series 2019, GO, 3.00%, 9/1/2021		100		103
Series 2019, GO, 3.00%, 9/1/2022		145		152
Series 2019, GO, 3.00%, 9/1/2023		115		123
Harris County Municipal Utility District No. 391
GO, 3.00%, 9/1/2020		95		95
GO, 3.00%, 9/1/2021		375		385
GO, 3.00%, 9/1/2023		400		425
Harris County Municipal Utility District No. 419
GO, 3.00%, 9/1/2020		75		75
GO, 3.00%, 9/1/2021		70		72
GO, 3.00%, 9/1/2022		175		184
GO, 3.00%, 9/1/2023		455		486
Harris County Municipal Utility District No. 55
GO, 2.00%, 2/1/2021		470		473
GO, 3.00%, 2/1/2022		260		270
GO, 3.00%, 2/1/2023		785		831
Harris County Toll Road Authority (The) Series A, Rev., 5.00%, 8/15/2021		1,500		1,568

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Harris County Water Control & Improvement District No. 119
GO, AGM, 2.00%, 10/1/2021		835		849
GO, AGM, 3.00%, 10/1/2022		365		384
GO, AGM, 3.00%, 10/1/2023		375		403
Hunters Glen Municipal Utility District, Waterworks & Sewer System
Series 2019A, GO, AGM, 2.00%, 4/1/2021		110		111
Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		336
Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		617
La Joya Independent School District
GO, AGM, 4.00%, 2/15/2021		380		387
GO, AGM, 4.00%, 2/15/2022		390		411
GO, AGM, 4.00%, 2/15/2023		420		456
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		131
Lower Neches Valley Authority Industrial Development Corp., Exxonmobil Project Rev., VRDO, 0.03%, 9/1/2020 (c)		1,300		1,300
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Series 2011, Rev., VRDO, 0.03%, 9/1/2020 (c)		5,900		5,900
Lytle Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		255		310
Matagorda County Navigation District No. 1, Pollution Control Rev., VRDO, AMT, 1.75%, 5/1/2030 (c)		4,000		4,000
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Rev., AMT, 0.90%, 9/1/2023 (c)		3,750		3,737
McLennan County Junior College District
Rev., AGM, 3.00%, 4/15/2021		350		356
Rev., AGM, 3.00%, 4/15/2022		100		104
Montgomery County Municipal Utility District No. 94
GO, 2.00%, 10/1/2020		20		20
GO, 2.00%, 10/1/2021		60		61
GO, 2.00%, 10/1/2022		185		191
GO, 2.00%, 10/1/2023		185		194
New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (c)		1,500		1,537
New Hope Cultural Education Facilities Finance Corp.
Series 2020A, Rev., 2.10%, 1/1/2023		90		87
Series 2020A, Rev., 2.20%, 1/1/2024		180		173
Series 2020A, Rev., 2.25%, 1/1/2025		315		299

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2020		675		676
Rev., 5.00%, 10/1/2021		1,425		1,448
Rev., 5.00%, 10/1/2022		1,495		1,538
North Texas Tollway Authority
Series B, Rev., 4.00%, 1/1/2022		800		839
Series B, Rev., 5.00%, 1/1/2023		5,000		5,534
Series B, Rev., 5.00%, 1/1/2024		5,500		6,293
Northside Independent School District, School Building GO, PSF-GTD, 2.00%, 6/1/2021 (c)		3,035		3,072
Northwest Harris County Municipal Utility District No. 19
GO, AGM, 2.00%, 10/1/2020		40		40
GO, AGM, 2.00%, 10/1/2021		100		102
GO, AGM, 2.00%, 10/1/2022		100		103
GO, AGM, 2.00%, 10/1/2023		105		109
Pecan Grove Municipal Utility District
Series 2019, GO, 4.00%, 9/1/2021		560		581
GO, AGM, 3.00%, 9/1/2022		195		205
Series 2019, GO, 4.00%, 9/1/2022		710		762
GO, AGM, 3.00%, 9/1/2023		345		371
Series 2019, GO, 4.00%, 9/1/2023		740		818
GO, AGM, 3.00%, 9/1/2024		600		659
Permanent University Fund — University of Texas System
Series 2008A, Rev., VRDO, 0.06%, 9/10/2020 (c)		26,230		26,230
Series 2008A, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.06%, 9/10/2020 (c)		24,100		24,100
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025		1,140		1,375
Port Beaumont Navigation District Rev., 4.00%, 9/1/2020		155		155
Robstown Independent School District
GO, PSF-GTD, 2.00%, 2/15/2021		325		328
GO, PSF-GTD, 2.00%, 2/15/2022		325		333
GO, PSF-GTD, 3.00%, 2/15/2023		650		692
GO, PSF-GTD, 3.00%, 2/15/2024		360		391
Sienna Plantation Municipal Utility District No. 3
GO, 2.00%, 3/1/2021		200		202
GO, 2.00%, 3/1/2022		225		230
GO, 2.00%, 3/1/2023		185		192

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 99

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
State of Texas Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/10/2020 (c)		12,050		12,050
Rev., TRAN, 4.00%, 8/26/2021		119,090		123,534
State of Texas, Veterans GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.13%, 9/10/2020 (c)		18,550		18,550
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/10/2020 (c)		5,985		5,985
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008-C, Rev., VRDO, 0.10%, 9/10/2020 (c)		1,175		1,175
Town of Horizon City
Series 2019, GO, AGM, 3.00%, 8/15/2021		300		308
Series 2019, GO, AGM, 3.00%, 8/15/2022		170		179
Series 2019, GO, AGM, 4.00%, 8/15/2023		230		254
Travis County Municipal Utility District No. 4
Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		424
Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		695
Travis County Water Control & Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax
GO, 3.00%, 5/1/2024 (g)		400		434
GO, 4.00%, 5/1/2025 (g)		300		345
GO, 4.00%, 5/1/2026 (g)		280		327
University of Texas (The), Board of Regents, Financing System Series 2016D, Rev., 5.00%, 8/15/2021		25		26
University of Texas System (The) Series 2008B, Rev., VRDO, LIQ:
University of Texas Investment Management Co. (The), 0.06%, 9/10/2020 (c)		1,495		1,495
Williamson County Municipal Utility District No. 11
GO, AGM, 4.00%, 8/1/2021		140		145
GO, AGM, 4.00%, 8/1/2022		110		117
Total Texas				414,504
Utah — 0.1%
City of Lehi, Electric Utility Series 2018, Rev., 5.00%, 6/1/2021		75		78
City of Murray, Sales Tax
Series 2018, Rev., 3.00%, 11/15/2020		235		236
Series 2018, Rev., 4.00%, 11/15/2021		150		157

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utah — continued
County of Utah, IHC Health Services, Inc. Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.10%, 9/10/2020 (c)		5,000		5,000
Utah Charter School Finance Authority
Series A, Rev., 5.00%, 4/15/2021		40		41
Series A, Rev., 5.00%, 4/15/2022		35		38
Series A, Rev., 5.00%, 4/15/2023		85		94
Utah Charter School Finance Authority, Utah Charter Academies Project
Rev., 3.00%, 10/15/2020		220		221
Rev., 4.00%, 10/15/2021		305		316
West Valley City Municipal Building Authority Series 2019, Rev., AGM, 5.00%, 2/1/2021		90		92
Total Utah				6,273
Vermont — 0.2%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.10%, 9/10/2020 (c)		10,000		10,000
Virginia — 3.1%
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c)		4,250		4,397
Chesapeake Hospital Authority, Regional Medical Center
Rev., 5.00%, 7/1/2023		925		1,034
Rev., 5.00%, 7/1/2024		885		1,024
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,534
Fairfax County EDA, Smithsonian Institution Issue Series A, Rev., VRDO, LIQ: Northern Trust Co., 0.08%, 9/10/2020 (c)		22,425		22,425
Fairfax County Industrial Development Authority, Health Care System Series 2016C, Rev., VRDO, 0.09%, 9/10/2020 (c)		9,500		9,500
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2018C, Rev., VRDO, 0.09%, 9/10/2020 (c)		49,305		49,305
Halifax County Industrial Development Authority, Virginia Electric and Power Company Project Series 2010A, Rev., 0.45%, 4/1/2022 (c)		8,000		7,997
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series 2003B, Rev., VRDO, 0.09%, 9/10/2020 (c)		18,650		18,650

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Virginia — continued
Peninsula Ports Authority Rev., 1.70%, 10/1/2022 (c)		1,550		1,567
Rockingham County Economic Development Authority
Series 2020A, Rev., 4.00%, 12/1/2020		280		281
Series 2020A, Rev., 4.00%, 12/1/2021		270		275
Series 2020A, Rev., 4.00%, 12/1/2022		295		305
Series 2020A, Rev., 4.00%, 12/1/2023		100		105
Virginia College Building Authority, Public Higher Education Financing Program Series 2014B, Rev., 5.00%, 9/1/2020		7,685		7,685
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2021		5,000		5,170
Virginia Commonwealth Transportation Board, Federal Transportation Series B-G, Rev., GAN, 5.00%, 3/15/2021		25		26
Wise County Industrial Development Authority Series 2009-A, Rev., VRDO, 2.15%, 9/1/2020 (c)		7,500		7,500
Wise County Industrial Development Authority, Virginia Electric And Power Company Project Series 2009A, Rev., 0.75%, 9/2/2025 (c)		21,000		20,931
York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., 1.90%, 6/1/2023 (c)		8,000		8,261
Total Virginia				167,972
Washington — 1.4%
Cascade Water Alliance Rev., 5.00%, 1/1/2021		20		20
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		21
City of Seattle, Wastewater System Improvement Rev., 5.00%, 9/1/2020		25		25
Douglas County Public Utility District No. 1 Series B, Rev., 4.00%, 9/1/2021		25		26
King County Housing Authority, Highland Village Project
Rev., 4.00%, 1/1/2022		120		125
Rev., 4.00%, 1/1/2023		100		108
Rev., 5.00%, 1/1/2024		120		137
King County School District No. 407 Riverview GO, 4.00%, 12/1/2023		500		559
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		79
Pend Oreille County, Public Hospital District No. 1 GO, 3.00%, 12/1/2020		155		156

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Washington — continued
Port of Tacoma, Subordinate Lien Rev., VRDO, LOC: Bank of America NA, 0.08%, 9/10/2020 (c)		29,980		29,980
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		330		350
Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		25		25
Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		172
State of Washington Series 2012C, GO, 5.00%, 6/1/2041		12,455		12,879
Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		25		25
Washington Health Care Facilities Authority, Catholic Health Initiatives
Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 1.09%, 9/10/2020 (b)		5,000		4,988
Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.49%, 9/10/2020 (b)		10,000		9,862
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c)		11,000		12,383
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,305
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (e)		3,500		3,265
Total Washington				76,490
West Virginia — 0.2%
Berkeley County Board of Education
GO, 3.00%, 5/1/2021		395		402
GO, 4.00%, 5/1/2022		600		635
GO, 5.00%, 5/1/2025		360		432
West Virginia Economic Development Authority, Appalachian Power Co. — Amos Project Series 2009A, Rev., 2.63%, 6/1/2022 (c)		3,805		3,921
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Company — Amos Project Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c)		5,650		5,629
Total West Virginia				11,019

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 101

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Wisconsin — 1.2%
Big Foot Union High School District
Series 2019, GO, 4.00%, 3/1/2021		130		133
Series 2019, GO, 4.00%, 3/1/2022		100		105
Series 2019, GO, 4.00%, 3/1/2023		115		125
City of Fort Atkinson
GO, 3.00%, 2/1/2021		115		116
GO, 3.00%, 2/1/2022		120		124
GO, 4.00%, 2/1/2023		230		251
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		530
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		685
City of Kenosha GO, 3.00%, 2/1/2021		1,000		1,012
City of Middletown GO, 3.00%, 3/1/2021		355		360
City of Oak Creek
GO, 3.00%, 4/1/2021		335		340
GO, 3.00%, 4/1/2022		135		141
GO, 3.00%, 4/1/2023		180		192
City of Racine
Series 2019B, GO, 4.00%, 6/1/2021		120		123
Series 2019B, GO, 4.00%, 12/1/2021		165		174
Series 2019B, GO, 4.00%, 12/1/2022		145		156
Series 2019B, GO, 5.00%, 12/1/2023		125		142
City of Shawano, Promissory Notes
Series 2019, GO, 3.00%, 4/1/2021		250		255
Series 2019, GO, 3.00%, 4/1/2022		140		146
Series 2019, GO, 3.00%, 4/1/2023		150		159
City of Watertown
GO, 3.00%, 6/1/2023		125		134
GO, 3.00%, 6/1/2024		425		464
City of Waukesha
Series 2019C, GO, 3.00%, 10/1/2020		575		575
Series 2019C, GO, 3.00%, 10/1/2021		450		464
Series 2019C, GO, 3.00%, 10/1/2022		425		449
Series 2019C, GO, 3.00%, 10/1/2023		350		378
County of Douglas
GO, 5.00%, 2/1/2021		350		357
GO, 5.00%, 2/1/2022		520		555
County of Manitowoc
GO, AGM, 3.00%, 4/1/2021		350		355
GO, AGM, 3.00%, 4/1/2022		875		911
GO, AGM, 3.00%, 11/1/2022		50		53
GO, AGM, 3.00%, 4/1/2023		895		951
GO, AGM, 3.00%, 11/1/2023		150		161
GO, AGM, 4.00%, 4/1/2024		680		763

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wisconsin — continued
County of Rusk
GO, 3.00%, 3/1/2021		200		203
GO, 3.00%, 3/1/2022		130		135
GO, 3.00%, 3/1/2023		260		276
GO, 3.00%, 3/1/2024		270		292
Eleva-Strum School District GO, 3.00%, 4/1/2021		450		457
Gale-Ettrick-Trempealeau School District
GO, 2.00%, 4/1/2021		50		50
GO, 2.00%, 4/1/2022		105		108
GO, 2.00%, 4/1/2023		130		135
Gibraltar Area School District
GO, 4.00%, 3/1/2021		700		713
GO, 4.00%, 3/1/2022		315		333
Lakeshore Technical College District
Series 2019A, GO, 3.00%, 3/1/2022		75		78
Series 2019A, GO, 3.00%, 3/1/2023		110		116
Series 2019A, GO, 3.00%, 3/1/2024		405		437
Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021		55		57
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		435
Poynette School District
GO, 3.00%, 4/1/2021		100		102
GO, 3.00%, 4/1/2022		340		355
GO, 3.00%, 4/1/2023		265		282
Randall Consolidated School Joint No. 1 GO, 4.00%, 3/1/2021		175		178
Village of DeForest Series C, Rev., RAN, 3.00%, 5/1/2023		4,865		4,953
Village of Howard Rev., RAN, 2.00%, 12/1/2021		6,965		6,993
Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021		270		276
Village of Mount Pleasant
Series 2019A, GO, 3.00%, 3/1/2021		285		289
Series 2019A, GO, 3.00%, 3/1/2022		265		274
Series 2019A, GO, 5.00%, 3/1/2023		380		423
Wisconsin Department of Transportation Series 1, Rev., 5.00%, 7/1/2021		25		26
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group
Series 2018C-1, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.44%, 9/10/2020 (b)		21,865		21,823
Series 2018B-2, Rev., 5.00%, 1/25/2023 (c)		5,750		6,358

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Wisconsin — continued
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2020		155		155
Series 2017A, Rev., 5.00%, 9/1/2021		160		165
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy
Rev., 4.00%, 3/15/2022		110		115
Rev., 4.00%, 3/15/2023		120		126
Rev., 4.00%, 3/15/2024		120		129
Rev., 4.00%, 3/15/2025		125		137
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		3,907
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2021		130		132
GO, AGM, 4.00%, 3/1/2022		260		274
GO, AGM, 4.00%, 3/1/2023		280		306
Total Wisconsin				63,442
Total Municipal Bonds (Cost $5,080,639)				5,097,481

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 1.9%
U.S. Treasury Notes
1.13%, 2/28/2022 (Cost $100,702)		100,000		101,457
	SHARES (000)
Short-Term Investments — 13.0%
Investment Companies — 13.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i) (Cost $713,341)		712,915		713,414
Total Investments — 107.9% (Cost $5,894,682)				5,912,352
Liabilities in Excess of Other Assets — (7.9)%				(434,394	)
NET ASSETS — 100.0%				5,477,958

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COLL	Collateral
CONS	Consolidated Bonds
COP	Certificate of Participation
EDA	Economic Development Authority
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Association
GAN	Grant Anticipation Note
GNMA	Government National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
GTD	Guaranteed
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RAN	Revenue Anticipation Note
Rev.	Revenue
SIFMA	The Securities Industry and Financial Markets Association

SOFR	Secured Overnight Financing Rate
TAN	Tax Anticipation Note
TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 103

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan High Yield Municipal Fund			JPMorgan Short- Intermediate Municipal Bond Fund			JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)
ASSETS:
Investments in non-affiliates, at value	$	485,416		$	1,562,403		$	280,183
Investments in affiliates, at value		17,242			186,193			21,512
Receivables:
Investment securities sold		1,851			2			453
Investment securities sold — delayed delivery securities		3,398			1,385			175
Fund shares sold		1,430			6,902			276
Interest from non-affiliates		5,448			14,534			2,862
Dividends from affiliates		1			9			1
Total Assets		514,786			1,771,428			305,462
LIABILITIES:
Payables:
Due to custodian		—			—	(a)		6
Investment securities purchased		8,788			25,633			—
Investment securities purchased — delayed delivery securities		4,532			13,932			2,780
Fund shares redeemed		1,493			2,928			372
Accrued liabilities:
Investment advisory fees		117			219			58
Administration fees		19			21			7
Distribution fees		60			17			32
Service fees		23			46			20
Custodian and accounting fees		26			33			17
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			1
Other		84			77			60
Total Liabilities		15,142			42,907			3,353
Net Assets	$	499,644		$	1,728,521		$	302,109

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan High Yield Municipal Fund			JPMorgan Short- Intermediate Municipal Bond Fund			JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)
NET ASSETS:
Paid-in-Capital	$	501,685		$	1,681,983		$	288,983
Total distributable earnings (loss)		(2,041	)		46,538			13,126
Total Net Assets	$	499,644		$	1,728,521		$	302,109
Net Assets:
Class A	$	169,070		$	71,587		$	115,463
Class C		36,667			4,955			11,659
Class I		274,219			747,249			108,647
Class R6		19,688			904,730			66,340
Total	$	499,644		$	1,728,521		$	302,109
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		15,135			6,610			11,559
Class C		3,290			453			1,179
Class I		24,552			68,627			10,959
Class R6		1,762			83,123			6,694
Net Asset Value (a):
Class A — Redemption price per share	$	11.17		$	10.83		$	9.99
Class C — Offering price per share (b)		11.15			10.93			9.89
Class I — Offering and redemption price per share		11.17			10.89			9.91
Class R6 — Offering and redemption price per share		11.17			10.88			9.91
Class A maximum sales charge		3.75	%		2.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	11.61		$	11.08		$	10.38
Cost of investments in non-affiliates	$	482,340		$	1,502,004		$	266,408
Cost of investments in affiliates		17,242			186,178			21,510

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 105

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (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	$	544,544		$	5,198,938
Investments in affiliates, at value		15,282			713,414
Deposits at broker for futures contracts		239			—
Receivables:
Investment securities sold		317			921
Investment securities sold — delayed delivery securities		895			380
Fund shares sold		1,508			35,949
Interest from non-affiliates		5,250			20,248
Dividends from affiliates		1			50
Due from adviser		—			58
Total Assets		568,036			5,969,958
LIABILITIES:
Payables:
Due to custodian		—			49,989
Investment securities purchased		3,000			362,203
Investment securities purchased — delayed delivery securities		—			7,815
Fund shares redeemed		318			70,722
Variation margin on futures contracts		3			—
Accrued liabilities:
Investment advisory fees		126			—
Administration fees		26			—
Distribution fees		69			40
Service fees		12			1,043
Custodian and accounting fees		28			78
Trustees’ and Chief Compliance Officer’s fees		—	(a)		4
Other		56			106
Total Liabilities		3,638			492,000
Net Assets	$	564,398		$	5,477,958

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	539,195		$	5,467,704
Total distributable earnings (loss)		25,203			10,254
Total Net Assets	$	564,398		$	5,477,958
Net Assets:
Class A	$	255,242		$	193,026
Class C		24,062			—
Class I		168,187			5,284,932
Class R6		116,907			—
Total	$	564,398		$	5,477,958
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		20,552			19,164
Class C		1,955			—
Class I		13,602			525,064
Class R6		9,457			—
Net Asset Value (a):
Class A — Redemption price per share	$	12.42		$	10.07
Class C — Offering price per share (b)		12.31			—
Class I — Offering and redemption price per share		12.36			10.07
Class R6 — Offering and redemption price per share		12.36			—
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)]	$	12.90		$	10.30
Cost of investments in non-affiliates	$	507,902		$	5,181,341
Cost of investments in affiliates		15,276			713,341

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 107

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan High Yield Municipal Fund			JPMorgan Short- Intermediate Municipal Bond Fund			JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)
INVESTMENT INCOME:
Interest income from non-affiliates	$	8,722		$	16,835		$	3,419
Interest income from affiliates		—			—	(a)		—
Dividend income from non-affiliates		2			—			—
Dividend income from affiliates		48			105			18
Total investment income		8,772			16,940			3,437
EXPENSES:
Investment advisory fees		830			2,046			425
Administration fees		178			614			106
Distribution fees:
Class A		204			71			129
Class C		134			20			45
Service fees:
Class A		204			71			129
Class C		45			7			15
Class I		336			816			133
Custodian and accounting fees		66			91			32
Interest expense to affiliates		—	(a)		—	(a)		—	(a)
Professional fees		46			42			28
Trustees’ and Chief Compliance Officer’s fees		14			16			14
Printing and mailing costs		10			41			9
Registration and filing fees		74			48			45
Transfer agency fees (See Note 2.I.)		4			12			3
Other		3			12			5
Total expenses		2,148			3,907			1,118
Less fees waived		(617	)		(1,976	)		(341	)
Less expense reimbursements		(51	)		(1	)		—
Net expenses		1,480			1,930			777
Net investment income (loss)		7,292			15,010			2,660
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(5,576	)		(1,231	)		(130	)
Investments in affiliates		—	(a)		—	(a)		(1	)
Net realized gain (loss)		(5,576	)		(1,231	)		(131	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(28,084	)		(6,214	)		(1,411	)
Investments in affiliates		—	(a)		14			2
Change in net unrealized appreciation/depreciation		(28,084	)		(6,200	)		(1,409	)
Net realized/unrealized gains (losses)		(33,660	)		(7,431	)		(1,540	)
Change in net assets resulting from operations	$	(26,368	)	$	7,579		$	1,120

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal  Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	7,771		$	21,883
Interest income from affiliates		—			—	(a)
Dividend income from affiliates		43			593
Total investment income		7,814			22,476
EXPENSES:
Investment advisory fees		793			3,145
Administration fees		198			1,572
Distribution fees:
Class A		287			185
Class C		93			—
Service fees:
Class A		287			185
Class C		31			—
Class I		205			5,057
Custodian and accounting fees		77			216
Interest expense to affiliates		—	(a)		8
Professional fees		24			60
Trustees’ and Chief Compliance Officer’s fees		14			23
Printing and mailing costs		15			25
Registration and filing fees		62			27
Transfer agency fees (See Note 2.I.)		10			14
Other		6			46
Total expenses		2,102			10,563
Less fees waived		(598	)		(5,378	)
Net expenses		1,504			5,185
Net investment income (loss)		6,310			17,291
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,050	)		(6,147	)
Investments in affiliates		10			(81	)
Futures contracts		(760	)		—
Net realized gain (loss)		(2,800	)		(6,228	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(10,195	)		(2,986	)
Investments in affiliates		5			73
Futures contracts		255			—
Change in net unrealized appreciation/depreciation		(9,935	)		(2,913	)
Net realized/unrealized gains (losses)		(12,735	)		(9,141	)
Change in net assets resulting from operations	$	(6,425	)	$	8,150

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan High Yield Municipal Fund						JPMorgan Short-Intermediate Municipal Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,292		$	9,327		$	15,010		$	30,983
Net realized gain (loss)		(5,576	)		1,187			(1,231	)		5,377
Change in net unrealized appreciation/depreciation		(28,084	)		28,740			(6,200	)		49,005
Change in net assets resulting from operations		(26,368	)		39,254			7,579			85,365
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,483	)		(3,137	)		(369	)		(652	)
Class C		(462	)		(644	)		(20	)		(41	)
Class I		(4,277	)		(5,749	)		(5,601	)		(12,180	)
Class R6		(109	)		(103	)		(8,097	)		(18,526	)
Total distributions to shareholders		(7,331	)		(9,633	)		(14,087	)		(31,399	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,413	)		346,641			73,662			129,277
NET ASSETS:
Change in net assets		(35,112	)		376,262			67,154			183,243
Beginning of period		534,756			158,494			1,661,367			1,478,124
End of period	$	499,644		$	534,756		$	1,728,521		$	1,661,367

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)						JPMorgan Tax Free Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,660		$	5,026		$	6,310		$	12,273
Net realized gain (loss)		(131	)		(362	)		(2,800	)		(522	)
Change in net unrealized appreciation/depreciation		(1,409	)		11,661			(9,935	)		33,879
Change in net assets resulting from operations		1,120			16,325			(6,425	)		45,630
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(908	)		(1,506	)		(2,638	)		(4,479	)
Class C		(71	)		(188	)		(210	)		(558	)
Class I		(1,051	)		(2,040	)		(2,065	)		(4,385	)
Class R6		(654	)		(1,287	)		(1,423	)		(2,816	)
Total distributions to shareholders		(2,684	)		(5,021	)		(6,336	)		(12,238	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		18,253			75,558			25,381			135,787
NET ASSETS:
Change in net assets		16,689			86,862			12,620			169,179
Beginning of period		285,420			198,558			551,778			382,599
End of period	$	302,109		$	285,420		$	564,398		$	551,778

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Ultra-Short Municipal  Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	17,291		$	47,954
Net realized gain (loss)		(6,228	)		(635	)
Change in net unrealized appreciation/depreciation		(2,913	)		17,937
Change in net assets resulting from operations		8,150			65,256
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(432	)		(694	)
Class I		(16,611	)		(47,204	)
Total distributions to shareholders		(17,043	)		(47,898	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,329,340			1,051,707
NET ASSETS:
Change in net assets		1,320,447			1,069,065
Beginning of period		4,157,511			3,088,446
End of period	$	5,477,958		$	4,157,511

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan High Yield Municipal Fund						JPMorgan Short-Intermediate Municipal Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	34,084		$	157,088		$	31,699		$	32,090
Distributions reinvested		2,447			3,085			366			648
Cost of shares redeemed		(48,411	)		(18,889	)		(13,747	)		(14,332	)
Change in net assets resulting from Class A capital transactions	$	(11,880	)	$	141,284		$	18,318		$	18,406
Class C
Proceeds from shares issued	$	9,707		$	22,062		$	2,557		$	2,099
Distributions reinvested		452			619			19			34
Cost of shares redeemed		(8,774	)		(5,415	)		(1,964	)		(2,564	)
Change in net assets resulting from Class C capital transactions	$	1,385		$	17,266		$	612		$	(431	)
Class I
Proceeds from shares issued	$	113,181		$	221,490		$	313,068		$	310,487
Distributions reinvested		4,247			5,733			5,456			11,873
Cost of shares redeemed		(122,252	)		(43,564	)		(210,375	)		(275,025	)
Change in net assets resulting from Class I capital transactions	$	(4,824	)	$	183,659		$	108,149		$	47,335
Class R6
Proceeds from shares issued	$	15,831		$	5,577		$	75,064		$	300,185
Distributions reinvested		109			102			8,015			18,420
Cost of shares redeemed		(2,034	)		(1,247	)		(136,496	)		(254,638	)
Change in net assets resulting from Class R6 capital transactions	$	13,906		$	4,432		$	(53,417	)	$	63,967
Total change in net assets resulting from capital transactions	$	(1,413	)	$	346,641		$	73,662		$	129,277

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan High Yield Municipal Fund						JPMorgan Short-Intermediate Municipal Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class A
Issued		3,115			13,674			2,949			3,003
Reinvested		227			268			34			60
Redeemed		(4,522	)		(1,633	)		(1,292	)		(1,341	)
Change in Class A Shares		(1,180	)		12,309			1,691			1,722
Class C
Issued		902			1,928			240			194
Reinvested		42			54			2			3
Redeemed		(815	)		(473	)		(182	)		(238	)
Change in Class C Shares		129			1,509			60			(41	)
Class I
Issued		10,626			19,345			28,908			28,928
Reinvested		394			498			506			1,106
Redeemed		(11,322	)		(3,786	)		(19,585	)		(25,587	)
Change in Class I Shares		(302	)		16,057			9,829			4,447
Class R6
Issued		1,431			485			6,991			27,999
Reinvested		10			9			744			1,717
Redeemed		(187	)		(109	)		(12,761	)		(23,752	)
Change in Class R6 Shares		1,254			385			(5,026	)		5,964

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)						JPMorgan Tax Free Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	28,610		$	44,590		$	61,013		$	122,167
Distributions reinvested		895			1,476			2,578			4,347
Cost of shares redeemed		(10,672	)		(12,912	)		(35,423	)		(40,378	)
Change in net assets resulting from Class A capital transactions	$	18,833		$	33,154		$	28,168		$	86,136
Class C
Proceeds from shares issued	$	1,702		$	4,262		$	2,009		$	6,842
Distributions reinvested		69			176			203			539
Cost of shares redeemed		(2,890	)		(5,022	)		(4,477	)		(10,107	)
Change in net assets resulting from Class C capital transactions	$	(1,119	)	$	(584	)	$	(2,265	)	$	(2,726	)
Class I
Proceeds from shares issued	$	28,526		$	49,981		$	39,167		$	56,040
Distributions reinvested		1,026			1,971			1,895			4,060
Cost of shares redeemed		(34,695	)		(15,978	)		(45,742	)		(29,103	)
Change in net assets resulting from Class I capital transactions	$	(5,143	)	$	35,974		$	(4,680	)	$	30,997
Class R6
Proceeds from shares issued	$	8,680		$	14,651		$	24,749		$	37,282
Distributions reinvested		643			1,269			1,422			2,816
Cost of shares redeemed		(3,641	)		(8,906	)		(22,013	)		(18,718	)
Change in net assets resulting from Class R6 capital transactions	$	5,682		$	7,014		$	4,158		$	21,380
Total change in net assets resulting from capital transactions	$	18,253		$	75,558		$	25,381		$	135,787

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)						JPMorgan Tax Free Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,894			4,540			4,980			9,980
Reinvested		91			151			211			355
Redeemed		(1,090	)		(1,318	)		(2,946	)		(3,309	)
Change in Class A Shares		1,895			3,373			2,245			7,026
Class C
Issued		173			441			166			565
Reinvested		7			18			17			45
Redeemed		(299	)		(518	)		(376	)		(835	)
Change in Class C Shares		(119	)		(59	)		(193	)		(225	)
Class I
Issued		2,921			5,130			3,211			4,611
Reinvested		105			202			156			334
Redeemed		(3,607	)		(1,639	)		(3,851	)		(2,400	)
Change in Class I Shares		(581	)		3,693			(484	)		2,545
Class R6
Issued		877			1,508			2,038			3,067
Reinvested		65			131			117			231
Redeemed		(377	)		(920	)		(1,855	)		(1,547	)
Change in Class R6 Shares		565			719			300			1,751

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	JPMorgan Ultra-Short Municipal Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	210,297		$	117,084
Distributions reinvested		432			694
Cost of shares redeemed		(124,160	)		(78,616	)
Change in net assets resulting from Class A capital transactions	$	86,569		$	39,162
Class I
Proceeds from shares issued	$	4,012,017		$	3,458,713
Distributions reinvested		16,610			47,013
Cost of shares redeemed		(2,785,856	)		(2,493,181	)
Change in net assets resulting from Class I capital transactions	$	1,242,771		$	1,012,545
Total change in net assets resulting from capital transactions	$	1,329,340		$	1,051,707
SHARE TRANSACTIONS:
Class A
Issued		20,923			11,622
Reinvested		43			69
Redeemed		(12,379	)		(7,822	)
Change in Class A Shares		8,587			3,869
Class I
Issued		399,190			344,011
Reinvested		1,656			4,680
Redeemed		(277,954	)		(248,088	)
Change in Class I Shares		122,892			100,603

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 117

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 High Yield Municipal Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	11.93	$	0.17	$	(0.76	)	$	(0.59	)	$	(0.17	)	$	—		$	(0.17	)
Year Ended February 29, 2020		10.88		0.32		1.05			1.37			(0.31	)		(0.01	)		(0.32	)
Year Ended February 28, 2019		10.78		0.36		0.09			0.45			(0.35	)		—			(0.35	)
Year Ended February 28, 2018		10.82		0.28		(0.04	)		0.24			(0.28	)		—			(0.28	)
Year Ended February 28, 2017		10.99		0.29		(0.17	)		0.12			(0.29	)		—			(0.29	)
Year Ended February 29, 2016		11.03		0.29		(0.04	)		0.25			(0.29	)		—			(0.29	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		11.90		0.14		(0.75	)		(0.61	)		(0.14	)		—			(0.14	)
Year Ended February 29, 2020		10.85		0.27		1.05			1.32			(0.26	)		(0.01	)		(0.27	)
Year Ended February 28, 2019		10.76		0.30		0.09			0.39			(0.30	)		—			(0.30	)
Year Ended February 28, 2018		10.80		0.22		(0.03	)		0.19			(0.23	)		—			(0.23	)
Year Ended February 28, 2017		10.97		0.23		(0.17	)		0.06			(0.23	)		—			(0.23	)
Year Ended February 29, 2016		11.01		0.23		(0.03	)		0.20			(0.24	)		—			(0.24	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		11.93		0.17		(0.76	)		(0.59	)		(0.17	)		—			(0.17	)
Year Ended February 29, 2020		10.87		0.34		1.06			1.40			(0.33	)		(0.01	)		(0.34	)
Year Ended February 28, 2019		10.78		0.37		0.08			0.45			(0.36	)		—			(0.36	)
Year Ended February 28, 2018		10.82		0.29		(0.03	)		0.26			(0.30	)		—			(0.30	)
Year Ended February 28, 2017		10.99		0.30		(0.17	)		0.13			(0.30	)		—			(0.30	)
Year Ended February 29, 2016		11.03		0.30		(0.04	)		0.26			(0.30	)		—			(0.30	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		11.93		0.18		(0.76	)		(0.58	)		(0.18	)		—			(0.18	)
Year Ended February 29, 2020		10.87		0.35		1.06			1.41			(0.34	)		(0.01	)		(0.35	)
November 1, 2018 (f) through February 28, 2019		10.53		0.14		0.33			0.47			(0.13	)		—			(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.

118 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

		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)
$	11.17		(4.90	)%	$	169,070		0.64	%		3.05	%		1.01	%		19	%
	11.93		12.81			194,623		0.64			2.80			1.06			18
	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
	11.15		(5.07	)		36,667		1.14			2.55			1.51			19
	11.90		12.29			37,623		1.14			2.34			1.57			18
	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
	11.17		(4.85	)		274,219		0.54			3.15			0.76			19
	11.93		13.02			296,450		0.54			2.92			0.81			18
	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
	11.17		(4.81	)		19,688		0.44			3.20			0.51			19
	11.93		13.12			6,060		0.44			3.01			0.56			18
	10.87		4.46			1,338		0.39			4.09			1.23			130

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND 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) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	10.86	$	0.07	$	(0.03	)	$	0.04		$	(0.07	)	$	—		$	(0.07	)
Year Ended February 29, 2020		10.49		0.16		0.37			0.53			(0.16	)		—			(0.16	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		10.96		0.05		(0.04	)		0.01			(0.04	)		—			(0.04	)
Year Ended February 29, 2020		10.59		0.11		0.37			0.48			(0.11	)		—			(0.11	)
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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		10.92		0.10		(0.04	)		0.06			(0.09	)		—			(0.09	)
Year Ended February 29, 2020		10.55		0.21		0.37			0.58			(0.21	)		—			(0.21	)
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	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		10.91		0.10		(0.03	)		0.07			(0.10	)		—			(0.10	)
Year Ended February 29, 2020		10.54		0.21		0.38			0.59			(0.22	)		—			(0.22	)
October 1, 2018 (f) 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

		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)
$	10.83		0.37	%	$	71,587		0.69	%		1.36	%		0.87	%		12	%
	10.86		5.12			53,408		0.70			1.48			0.86			24
	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
	10.93		0.11			4,955		1.19			0.87			1.38			12
	10.96		4.52			4,303		1.20			0.99			1.36			24
	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
	10.89		0.59			747,249		0.24			1.81			0.60			12
	10.92		5.56			641,836		0.24			1.94			0.61			24
	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
	10.88		0.61			904,730		0.19			1.88			0.36			12
	10.91		5.61			961,820		0.19			1.99			0.36			24
	10.54		2.31			866,630		0.19			2.19			0.37			42

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	10.02	$	0.09		$	(0.03	)	$	0.06		$	(0.09	)	$	—		$	(0.09	)
Year Ended February 29, 2020		9.55		0.20			0.47			0.67			(0.20	)		—			(0.20	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		9.92		0.06			(0.03	)		0.03			(0.06	)		—			(0.06	)
Year Ended February 29, 2020		9.45		0.14			0.47			0.61			(0.14	)		—			(0.14	)
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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		9.95		0.10			(0.04	)		0.06			(0.10	)		—			(0.10	)
Year Ended February 29, 2020		9.48		0.22			0.47			0.69			(0.22	)		—			(0.22	)
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	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		9.94		0.10			(0.03	)		0.07			(0.10	)		—			(0.10	)
Year Ended February 29, 2020		9.48		0.23			0.46			0.69			(0.23	)		—			(0.23	)
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.

122 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	9.99		0.58	%	$	115,463		0.69	%		1.72	%		0.97	%		12	%
	10.02		7.04			96,844		0.70			2.02			0.99			7
	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
	9.89		0.30			11,659		1.24			1.19			1.47			12
	9.92		6.52			12,868		1.25			1.49			1.51			7
	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
	9.91		0.61			108,647		0.44			1.98			0.72			12
	9.95		7.36			114,772		0.44			2.28			0.74			7
	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
	9.91		0.76			66,340		0.34			2.08			0.47			12
	9.94		7.36			60,936		0.34			2.38			0.49			7
	9.48		3.54			51,261		0.35			2.61			0.50			13
	9.45		(1.42	)		64,738		0.34			2.67	(f)		0.57			21

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND 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) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Free Bond Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	12.66	$	0.14	$	(0.24	)	$	(0.10	)	$	(0.14	)	$	—		$	(0.14	)
Year Ended February 29, 2020		11.77		0.32		0.89			1.21			(0.32	)		—			(0.32	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		12.55		0.10		(0.24	)		(0.14	)		(0.10	)		—			(0.10	)
Year Ended February 29, 2020		11.67		0.25		0.87			1.12			(0.24	)		—			(0.24	)
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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		12.61		0.15		(0.25	)		(0.10	)		(0.15	)		—			(0.15	)
Year Ended February 29, 2020		11.72		0.34		0.89			1.23			(0.34	)		—			(0.34	)
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	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		12.60		0.16		(0.24	)		(0.08	)		(0.16	)		—			(0.16	)
Year Ended February 29, 2020		11.72		0.35		0.88			1.23			(0.35	)		—			(0.35	)
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.

124 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	12.42		(0.76	)%	$	255,242		0.66	%		2.28	%		0.95	%		17	%
	12.66		10.37			231,815		0.67			2.58			0.97			31
	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
	12.31		(1.06	)		24,062		1.24			1.71			1.46			17
	12.55		9.73			26,965		1.25			2.05			1.48			31
	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
	12.36		(0.74	)		168,187		0.45			2.50			0.70			17
	12.61		10.66			177,584		0.45			2.82			0.72			31
	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
	12.36		(0.63	)		116,907		0.40			2.55			0.45			17
	12.60		10.63			115,414		0.40			2.87			0.47			31
	11.72		2.44			86,790		0.40			3.61			0.51			53

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND 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) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan Ultra-Short Municipal Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	10.08	$	0.03	$	—	(f)(g)	$	0.03	$	(0.04	)
Year Ended February 29, 2020		10.03		0.12		0.06			0.18		(0.13	)
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 (i) through February 28, 2017		10.00		0.06		(0.01	)		0.05		(0.03	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		10.07		0.04		0.01	(g)		0.05		(0.05	)
Year Ended February 29, 2020		10.02		0.14		0.05			0.19		(0.14	)
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 (i) 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) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to rounding.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	10.07		0.25	%	$	193,026		0.44	%		0.57	%		0.74	%		66	%
	10.08		1.76			106,625		0.45			1.23			0.76			48
	10.03		1.33			67,256		0.44			1.32			0.77			50
	10.01		0.47			772		0.44	(h)		0.67	(h)		0.85	(h)		71
	10.02		0.52			519		0.44	(h)		0.81	(h)		2.56	(h)		80
	10.07		0.45			5,284,932		0.24			0.83			0.49			66
	10.07		1.96			4,050,886		0.25			1.43			0.50			48
	10.02		1.60			3,021,190		0.24			1.42			0.52			50
	10.00		0.63			2,064,297		0.24	(h)		0.90	(h)		0.56	(h)		71
	10.02		0.65			31,656		0.27	(h)		0.74	(h)		2.00	(h)		80

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004, November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004, November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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	Diversification Classification
JPMorgan High Yield Municipal Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Short-Intermediate Municipal Bond Fund	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Sustainable Municipal Income Fund(1)	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Tax Free Bond Fund	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Ultra-Short Municipal Fund	Class A and Class I	JPM IV	Diversified

⁽¹⁾  Effective September 15, 2020, JPMorgan Municipal Income Fund changed its name to JPMorgan Sustainable Municipal Income 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 Sustainable Municipal Income Fund (“Sustainable 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.

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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight 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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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

128 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

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 (“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.

The following tables represent each valuation input 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
Collateralized Mortgage Obligations	$	—	$	—	$	—	(a)	$	—	(a)
Municipal Bonds		—		485,416		—			485,416
Short-Term Investments
Investment Companies		17,242		—		—			17,242
Total Investments in Securities	$	17,242	$	485,416	$	—	(a)	$	502,658

Short-Intermediate Municipal Bond Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	116	$	—	$	116
Municipal Bonds		—		1,562,287		—		1,562,287
Short-Term Investments
Investment Companies		186,193		—		—		186,193
Total Investments in Securities	$	186,193	$	1,562,403	$	—	$	1,748,596

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (continued)

Sustainable Municipal Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds
Alabama	$	—	$	1,300	$	—	$	1,300
Alaska		—		664		—		664
Arizona		—		4,906		—		4,906
California		—		8,589		—		8,589
Colorado		—		9,520		5		9,525
Connecticut		—		10,733		—		10,733
Delaware		—		2,767		—		2,767
District of Columbia		—		10,250		—		10,250
Florida		—		23,264		—		23,264
Georgia		—		3,117		—		3,117
Guam		—		757		—		757
Illinois		—		10,281		—		10,281
Indiana		—		9,963		—		9,963
Iowa		—		3,004		—		3,004
Kentucky		—		2,337		—		2,337
Louisiana		—		875		—		875
Maine		—		2,498		—		2,498
Maryland		—		3,178		—		3,178
Massachusetts		—		20,647		—		20,647
Michigan		—		2,466		—		2,466
Minnesota		—		5,880		—		5,880
Mississippi		—		1,628		—		1,628
Missouri		—		4,650		—		4,650
Nebraska		—		1,975		—		1,975
Nevada		—		1,411		—		1,411
New Hampshire		—		5,393		—		5,393
New Jersey		—		10,955		—		10,955
New Mexico		—		1,328		—		1,328
New York		—		13,783		—		13,783
North Carolina		—		2,996		—		2,996
North Dakota		—		2,644		—		2,644
Ohio		—		13,348		—		13,348
Oklahoma		—		202		—		202
Oregon		—		273		—		273
Pennsylvania		—		16,540		—		16,540
South Carolina		—		2,246		—		2,246
South Dakota		—		3,369		—		3,369
Tennessee		—		2,584		—		2,584
Texas		—		20,595		—		20,595
Utah		—		8,080		—		8,080
Vermont		—		6,126		—		6,126
Washington		—		13,093		—		13,093
Wisconsin		—		9,135		—		9,135
Wyoming		—		828		—		828
Total Municipal Bonds		—		280,178		5		280,183
Short-Term Investments
Investment Companies		21,512		—		—		21,512
Total Investments in Securities	$	21,512	$	280,178	$	5	$	301,695

130 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

Tax Free Bond Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—		$	544,544	$	—	$	544,544
Short-Term Investments
Investment Companies		15,282			—		—		15,282
Total Investments in Securities	$	15,282		$	544,544	$	—	$	559,826
Depreciation in Other Financial Instruments
Futures Contracts	$	(4	)	$	—	$	—	$	(4	)

Ultra-Short Municipal Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	5,097,481	$	—	$	5,097,481
U.S. Treasury Obligations		—		101,457		—		101,457
Short-Term Investments
Investment Companies		713,414		—		—		713,414
Total Investments in Securities	$	713,414	$	5,198,938	$	—	$	5,912,352

(a) Value is zero.

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 Funds.

As of August 31, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Loan Assignments — High Yield Municipal Fund invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund invests in loan assignments of all or a portion of the loans. When the 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, the Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). The 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, the 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, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.

At August 31, 2020, the Fund did not have any loan assignments.

D. 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

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (continued)

securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until settlement date.

The Funds had when-issued securities, forward commitments or delayed delivery securities outstanding as of August 31, 2020, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2020 are detailed on the SOIs.

E. Securities Lending —The Funds are 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.

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

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

The Funds did not lend out any securities during the six months ended August 31, 2020.

F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

High Yield Municipal Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	44,883	$	126,509	$	154,150	$	—	(c)	$	—	(c)	$	17,242		17,230	$	48	$	—

132 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

Short-Intermediate Municipal Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	48,403	$	541,106	$	403,330	$	—	(c)	$	14	$	186,193		186,063	$	105	$	—

Sustainable Municipal Income Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	13,683	$	57,697	$	49,869	$	(1	)	$	2	$	21,512		21,497	$	18	$	—

Tax Free Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	27,433	$	124,120	$	136,286	$	10	$	5	$	15,282		15,271	$	43	$	—

Ultra-Short Municipal Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	50,592	$	4,532,928	$	3,870,098	$	(81	)	$	73	$	713,414		712,915	$	593	$	—

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

(b) The rate shown is the current yield as of August 31, 2020.

(c) Amount rounds to less than one thousand.

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

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

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (continued)

futures contract. 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. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended August 31, 2020 (amounts in thousands):

	Tax Free Bond Fund
Futures Contracts — Interest:
Average Notional Balance Short	$	11,309
Ending Notional Balance Short		6,680

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).

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

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

Transfer agency fees are class-specific expenses. The amount of transfer agency fees charged to each share class of the Funds for the six months ended August 31, 2020 are as follows (amounts in thousands):

	Class A			Class C			Class I		Class R6			Total
High Yield Municipal Fund
Transfer agency fees	$	2		$	—	(a)	$	2	$	—	(a)	$	4
Short-Intermediate Municipal Bond Fund
Transfer agency fees		5			1			3		3			12
Sustainable Municipal Income Fund
Transfer agency fees		2			—	(a)		1		—	(a)		3
Tax Free Bond Fund
Transfer agency fees		7			1			2		—	(a)		10
Ultra-Short Municipal Fund
Transfer agency fees		—	(a)		n/a			14		n/a			14

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

K. 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

134 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

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 manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

High Yield Municipal Fund	0.35	%
Short-Intermediate Municipal Bond Fund	0.25
Sustainable Municipal Income Fund	0.30
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 each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s 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 pursuant to Rule 12b-1 under the 1940 Act. Class I Shares and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C
0.25%		0.75	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended August 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
High Yield Municipal Fund		$5	$	2
Short-Intermediate Municipal Bond Fund		4		—
Sustainable Municipal Income Fund		2		—
Tax Free Bond Fund		8		2
Ultra-Short Municipal Fund		1		—

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly 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	%
Short-Intermediate Municipal Bond Fund	0.25		0.25			0.25
Sustainable Municipal Income 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

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (continued)

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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 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	%
Short-Intermediate Municipal Bond Fund	0.70		1.20			0.25			0.20
Sustainable Municipal Income Fund	0.70		1.25			0.45			0.35
Tax Free Bond Fund	0.67		1.25			0.45			0.40
Ultra-Short Municipal Fund	0.45		n/a			0.25			n/a

The expense limitation agreements were in effect for the six months ended August 31, 2020 and are in place until at least June 30, 2021. For the six months ended August 31, 2020, 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	$	93	$	62	$	451	$	606	$	51
Short-Intermediate Municipal Bond Fund		766		511		659		1,936		1
Sustainable Municipal Income Fund		102		68		164		334		—
Tax Free Bond Fund		80		53		455		588		—
Ultra-Short Municipal Fund		3,145		1,572		449		5,166		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended August 31, 2020 were as follows (amounts in thousands):

High Yield Municipal Fund	$	11
Short-Intermediate Municipal Bond Fund		40
Sustainable Municipal Income Fund		7
Tax Free Bond Fund		10
Ultra-Short Municipal Fund		212

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

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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.

136 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

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

During the six months ended August 31, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended August 31, 2020, 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	$	97,363	$	86,917	$	—	$	—
Short-Intermediate Municipal Bond Fund		190,102		275,573		—		—
Sustainable Municipal Income Fund		40,203		32,650		—		—
Tax Free Bond Fund		114,367		89,474		—		—
Ultra-Short Municipal Fund		2,787,489		2,343,502		100,930		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
High Yield Municipal Fund	$	499,582	$	13,447	$	10,371	$	3,076
Short-Intermediate Municipal Bond Fund		1,688,182		63,208		2,794		60,414
Sustainable Municipal Income Fund		287,918		14,304		527		13,777
Tax Free Bond Fund		523,178		37,907		1,263		36,644
Ultra-Short Municipal Fund		5,894,682		20,743		3,073		17,670

As of February 29, 2020, the following Funds had the following net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Sustainable Municipal Income Fund	$	11	$	327
Short-Intermediate Municipal Bond Fund		10,296		1,209
Tax Free Bond Fund		4,612		3,864
Ultra-Short Municipal Fund		554		351

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 29, 2020, the Funds deferred to March 1, 2020 the following net capital losses and specified ordinary losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term		Long-Term
Sustainable Municipal Income Fund	$	7	$	129
Tax Free Bond Fund		108		275
Ultra-Short Municipal Fund		93		(11	)

During the year ended February 29, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
High Yield Municipal Fund	$	159	$	221
Short-Intermediate Municipal Bond Fund		4,157		—

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (continued)

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 Funds had no borrowings outstanding from another fund during the six months ended August 31, 2020.

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2020.

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 August 31, 2020, 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		15.7	%		4		50.2	%
Short-Intermediate Municipal Bond Fund		1		81.6			—		—
Sustainable Municipal Income Fund		1		50.2			2		28.8
Tax Free Bond Fund		1		50.6			1		20.9
Ultra-Short Municipal Fund		1		90.0			—		—

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

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

138 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

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

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

AUGUST 31, 2020 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, March 1, 2020, and continued to hold your shares at the end of the reporting period, August 31, 2020.

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 titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan High Yield Municipal Fund
Class A
Actual	$	1,000.00	$	951.00	$	3.15		0.64	%
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		949.30		5.60		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class I
Actual		1,000.00		951.50		2.66		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		951.90		2.16		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Actual		1,000.00		1,003.70		3.48		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class C
Actual		1,000.00		1,001.10		6.00		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class I
Actual		1,000.00		1,005.90		1.21		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R6
Actual		1,000.00		1,006.10		0.96		0.19
Hypothetical		1,000.00		1,024.25		0.97		0.19

140 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund)
Class A
Actual	$	1,000.00	$	1,005.80	$	3.49		0.69	%
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class C
Actual		1,000.00		1,003.00		6.26		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I
Actual		1,000.00		1,006.10		2.22		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,007.60		1.72		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan Tax Free Bond Fund
Class A
Actual		1,000.00		992.40		3.31		0.66
Hypothetical		1,000.00		1,021.88		3.36		0.66
Class C
Actual		1,000.00		989.40		6.22		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I
Actual		1,000.00		992.60		2.26		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		993.70		2.01		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40
JPMorgan Ultra-Short Municipal Fund
Class A
Actual		1,000.00		1,002.50		2.22		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class I
Actual		1,000.00		1,004.50		1.21		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24

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

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 141

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the

Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administration services provided by the Adviser in its role as administrator.

142 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 143

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

economies of scale through the Fee Caps and for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefitted from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefitted from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior /Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Municipal Income Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the High Yield Municipal Fund and Ultra-Short Municipal Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

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

The Trustees noted that the High Yield Municipal Fund’s performance for Class A shares was in the first, fifth and fifth quintiles based upon the Peer Group, and in the second, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, fourth, and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including changes to the investment strategy that went into effect on November 1, 2018, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances. The Trustees requested, however, that the Adviser

144 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of their regular meetings over the course of next year.

The Trustees noted that the Municipal Income Fund’s performance for Class A shares was in the fifth, fourth and fourth quintiles based upon the Peer Group, for the one-, three, and five-year periods ended December 31, 2019, respectively, and in the fourth quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon the Peer Group, for each of the one-, three-, and five-year periods ended December 31, 2019, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of their regular meetings over the course of next year.

The Trustees noted that the Short-Intermediate Municipal Bond Fund’s performance for Class A shares was in the third, fourth and fifth quintiles based upon the Peer Group, for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.

The Trustees noted that the Tax Free Bond Fund’s performance for Class A shares was in the fourth quintile based upon the Peer Group, for each of the one-, three, and five-year periods ended December 31, 2019, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The

Trustees noted that the performance for Class I shares was in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.

The Trustees noted that the Ultra-Short Municipal Fund’s performance for Class A shares was in the fourth and fifth quintiles based upon the Peer Group, for the one- and three-year periods ended December 31, 2019, respectively, and in the fifth quintile based upon the Universe, for each of the one- and three-year periods ended December 31, 2019. The Trustees notes that the performance for Class I shares was in the fourth quintile based upon the Universe, for the one- and three-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, concluded that the performance was satisfactory, under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered, the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

AUGUST 31, 2020 J.P. MORGAN MUNICIPAL BOND FUNDS 145

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the High Yield Municipal Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Municipal Income Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and actual total expenses for Class I shares were in the first and third quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and first quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Short-Intermediate Municipal Bond Fund’s net advisory fee for Class A shares was in the first quintile

based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Free Bond Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile, and the actual total expenses for Class I shares were in the second quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile for both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Ultra-Short Municipal Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

146 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2020

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

A copy of proxy policies and procedures is available without charge upon request by 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. August 2020. SAN-MUNIBOND-820

Semi-Annual Report

J.P. Morgan Money Market Funds

August 31, 2020 (Unaudited)

JPMorgan Prime Money Market Fund

JPMorgan Institutional Tax Free Money Market Fund

JPMorgan Securities Lending Money Market Fund

JPMorgan Liquid Assets Money Market Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Treasury Plus Money Market Fund

JPMorgan Federal Money Market Fund

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

JPMorgan Tax Free Money Market Fund

JPMorgan Municipal Money Market Fund

JPMorgan California Municipal Money Market Fund

JPMorgan New York 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

Letter to Shareholders	1
Funds Commentary	2
Fund Facts:
JPMorgan Prime Money Market Fund	3
JPMorgan Institutional Tax Free Money Market Fund	4
JPMorgan Securities Lending Money Market Fund	5
JPMorgan Liquid Assets Money Market Fund	6
JPMorgan U.S. Government Money Market Fund	7
JPMorgan U.S. Treasury Plus Money Market Fund	8
JPMorgan Federal Money Market Fund	9
JPMorgan 100% U.S. Treasury Securities Money Market Fund	10
JPMorgan Tax Free Money Market Fund	11
JPMorgan Municipal Money Market Fund	12
JPMorgan California Municipal Money Market Fund	13
JPMorgan New York Municipal Money Market Fund	14
Schedules of Portfolio Investments	15
Financial Statements	92
Financial Highlights	126
Notes to Financial Statements	158
Schedule of Shareholder Expenses	172
Board Approval of Investment Advisory Agreements	177

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

LETTER TO SHAREHOLDERS

OCTOBER 23, 2020 (Unaudited)

Dear Shareholders,

Even as the U.S. economy has endured a severe contraction since the start of the pandemic, financial markets have generally rebounded from lows seen in March 2020 amid unprecedented support from the Federal Reserve (the “Fed”) and investor optimism about efforts to contain the spread of COVID-19.

  “Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.” — Andrea L. Lisher

In response to an acute sell-off in financial markets in February and March 2020, the Fed unveiled an array of lending and asset purchasing programs designed to head off a liquidity crisis in credit markets and maintain the flow of credit to the public and private sectors. The Fed also slashed interest rates in March 2020, as jobless claims spiked to record highs, which helped to bolster equity markets. In the following months, financial market volatility subsided and asset prices generally began to rebound, though global oil prices remained at historically low levels amid a steep drop off in demand and slower economic

activity. For the six months ended August 31, 2020, the S&P 500 Index returned 19.6% and the Bloomberg Barclays U.S. Aggregate Index returned 2.9%.

Our long-term view remains one of cautious optimism, but we recognize the near-term risks stemming from uncertainty surrounding additional fiscal support and efforts to contain COVID-19. The pace of economic activity looks set to slow into the end of the year as services remain under pressure, and additional stimulus may be required to keep the economy on track in 2021. That said, volatility in financial markets could begin to recede as the results of the November 3^rd election provide clarity on the contours of the political landscape going forward. Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 1

FUNDS COMMENTARY

October 27, 2020

Dear Shareholders,

The emergence of COVID-19 caused the deepest downturn in economic activity since World War II. The rapid spread of the COVID-19 virus led to a collapse in the economy that fed back into financial markets. Money market flows were shaped by investors’ need to preserve and build liquidity buffers. At the height of financial market uncertainty in early March, demand for liquidity strained short-term credit markets and spread into broader financial markets.

  “Throughout this turbulent year, JPMorgan Global Liquidity has responded to unprecedented conditions by drawing on JPMorgan’s global resources and expertise to seek to deliver effective short-term fixed income strategies.”
— John T. Donohue

U.S. government money market funds served as the liquidity vehicle of choice for our Funds’ investors. Industry wide, hundreds of billions of dollars were allocated into these funds as investors of all types were seeking liquidity and government money market funds’ assets under management increased by $834 billion in March 2020. Conversely, prime money market funds experienced $139 billion in outflows during the month. If one were to assume that all prime money market outflows were inflows into government money market funds, an additional $695 billion had also flowed into government money market funds from other sources.

In response to the severe sell-off in financial markets in February and March 2020, the U.S. Federal Reserve (the “Fed”) introduced an array of facilities designed to restore liquidity and maintain the flow of credit to the public and private sectors, in addition to cutting interest rates. Primarily targeting the short-term markets, the Fed launched the Commercial

Paper Funding Facility and the Money Market Mutual Fund Liquidity Facility (MMLF). MMLF assets reached a high of $53 billion on April 8, 2020 and have since declined sharply. The Fed’s strong actions telegraphed to the financial market a willingness to take the necessary steps to ensure liquidity and the flow of credit to the financial markets.

Following the Fed’s actions, the return of investor confidence was evident as a rotation of assets from government money market funds and other sources found their way back to prime money market funds. Flows into prime money market funds were swift, with prime sector total assets under management rising above pre-pandemic levels. Additionally, as interest rates continued to drift lower, the yield spread between prime money market funds and government money market funds became a larger consideration for investors.

There remains great uncertainty regarding the path of the U.S. economy and financial markets given that efforts to contain COVID-19 have had mixed results, coupled with lack of a readily available and effective vaccine. Throughout this turbulent year, JPMorgan Global Liquidity has responded to unprecedented conditions by drawing on JPMorgan’s global resources and expertise to seek to deliver effective short-term fixed income strategies.

On behalf of JPMorgan Global Liquidity, we thank you for your continued partnership and trust in our company and our product.

Sincerely yours,

John T. Donohue

CEO Asset Management Americas & Head of Global Liquidity

J.P. Morgan Asset Management

2 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Prime Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Class C, Academy, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve
Net Assets as of August 31, 2020	$87.5 Billion
Weighted Average Maturity^	54 calendar days
Weighted Average Life^^	81 calendar days

MATURITY SCHEDULE*^
1 calendar day	32.6	%
2–7 calendar days	5.1
8–30 calendar days	12.9
31–60 calendar days	16.5
61–90 calendar days	13.9
91–180 calendar days	12.1
181+ calendar days	6.9

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Class C Shares	0.01	%
Academy Shares	0.20
Agency Shares	0.12
Capital Shares	0.20
IM Shares	0.24
Institutional Class Shares	0.17
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

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

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

^†  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 August 31, 2020.

⁽¹⁾  The yields for Class C Shares, Academy Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (4.93)%, 0.18%, 0.09%, 0.19%, 0.24%, 0.14%, (0.13)%, (0.06)% and (2.57)% for Class C Shares, Academy Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list 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.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 3

JPMorgan Institutional Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Aims to provide current income, while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, IM and Institutional Class
Net Assets as of August 31, 2020	$1.8 Billion
Weighted Average Maturity^	31 calendar days
Weighted Average Life^^	34 calendar days

MATURITY SCHEDULE*^
1 calendar day	32.8	%
2–7 calendar days	0.1
8–30 calendar days	50.8
31–60 calendar days	2.3
61–90 calendar days	2.1
91–180 calendar days	6.1
181+ calendar days	5.8

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.01	%
Capital Shares	0.02
IM Shares	0.05
Institutional Class Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-766-7722 (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 August 31, 2020.

⁽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 (0.13)%, (0.01)%, 0.05% and (0.06)% 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.

4 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Securities Lending Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Agency SL
Net Assets as of August 31, 2020	$3.7 Billion
Weighted Average Maturity^	40 calendar days
Weighted Average Life^^	79 calendar days

MATURITY SCHEDULE*^
1 calendar day	45.0	%
2–7 calendar days	0.3
8–30 calendar days	12.5
31–60 calendar days	15.6
61–90 calendar days	14.5
91–180 calendar days	8.9
181+ calendar days	3.2

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency SL Shares	0.32	%

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-766-7722 (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 August 31, 2020.

⁽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 0.24% 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.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 5

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (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 August 31, 2020	$12.5 Billion
Weighted Average Maturity^^	54 calendar days
Weighted Average Life^^^	85 calendar days

MATURITY SCHEDULE*^^
1 calendar day	31.7	%
2–7 calendar days	6.3
8–30 calendar days	11.6
31–60 calendar days	15.1
61–90 calendar days	14.2
91–180 calendar days	15.0
181+ calendar days	6.1

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Class C Shares	0.01	%
Agency Shares	0.14
Capital Shares	0.21
Institutional Class Shares	0.19
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.75)%, 0.11%, 0.21%, 0.16%, (0.28)%, (0.21)%, (0.05)% and (1.00)% 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.

6 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan U.S. Government Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Seeks high current income with liquidity and stability of principal
Primary Investments	High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations
Suggested investment time frame	Short-term
Share classes offered	Academy, Agency, Capital, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2020	$180.9 Billion
Weighted Average Maturity^	32 calendar days
Weighted Average Life^^	101 calendar days

MATURITY SCHEDULE*^
1 calendar day	35.0	%
2–7 calendar days	6.4
8–30 calendar days	23.0
31–60 calendar days	13.2
61–90 calendar days	13.1
91–180 calendar days	7.0
181+ calendar days	2.3

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Academy Shares	0.03	%
Agency Shares	0.01
Capital Shares	0.03
E*Trade Shares	0.01
IM Shares	0.08
Institutional Class Shares	0.01
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01
Service Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.03%, (0.07)%, 0.02%, (0.82)%, 0.08%, (0.02)%, (0.27)%, (0.37)%, (0.22)%, (0.49)% and (0.81)% for Academy Shares, Agency Shares, Capital 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.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 7

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (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, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2020	$37.0 Billion
Weighted Average Maturity^	28 calendar days
Weighted Average Life^^	58 calendar days

MATURITY SCHEDULE*^
1 calendar day	45.2	%
2–7 calendar days	1.3
8–30 calendar days	24.6
31–60 calendar days	5.9
61–90 calendar days	13.1
91–180 calendar days	9.0
181+ calendar days	0.9

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Class C Shares	0.01	%
Agency Shares	0.01
Capital Shares	0.06
IM Shares	0.11
Institutional Class Shares	0.03
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020 .

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.89)%, (0.04)%, 0.05%, 0.11%, 0.00%, (0.24)%, (0.34)%, (0.19)% and (0.63)% 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.

8 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Federal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Aims to provide current income while still preserving capital and maintaining liquidity
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan and Premier Shares
Net Assets as of August 31, 2020	$3.2 Billion
Weighted Average Maturity^	38 calendar days
Weighted Average Life^^	88 calendar days

MATURITY SCHEDULE*^
1 calendar day	30.1	%
8–30 calendar days	22.9
31–60 calendar days	9.5
61–90 calendar days	34.4
91–180 calendar days	3.1

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.01	%
Institutional Class Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽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 (0.08)%, (0.03)%, (0.41)% and (0.23)% 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.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 9

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

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (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, IM, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2020	$111.6 Billion
Weighted Average Maturity^	54 calendar days
Weighted Average Life^^	96 calendar days

MATURITY SCHEDULE*^
1 calendar day	15.7	%
2–7 calendar days	0.6
8–30 calendar days	16.1
31–60 calendar days	12.9
61–90 calendar days	38.2
91–180 calendar days	16.5

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.01	%
Capital Shares	0.04
IM Shares	0.07
Institutional Class Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for 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 (0.07)%, 0.03%, 0.07%, (0.03)%, (0.37)%, (0.22)% and (0.47)% for 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 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.

10 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2020	$10.7 Billion
Weighted Average Maturity^	41 calendar days
Weighted Average Life^^	41 calendar days

MATURITY SCHEDULE**^
1 calendar day	17.1	%
8–30 calendar days	63.1
31–60 calendar days	4.0
61–90 calendar days	0.9
91–180 calendar days	5.9
181+ calendar days	9.0

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.01	%
Institutional Class Shares	0.02
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.02)%, (0.37)%, (0.22)% and (0.47)% 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.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Municipal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, E*Trade^, Institutional Class, Morgan, Premier and Service Shares
Net Assets as of August 31, 2020	$1.2 Billion
Weighted Average Maturity^^	38 calendar days
Weighted Average Life^^^	38 calendar days

MATURITY SCHEDULE**^^
1 calendar day	21.4	%
2–7 calendar days	2.8
8–30 calendar days	58.2
31–60 calendar days	2.7
61–90 calendar days	1.5
91–180 calendar days	5.5
181+ calendar days	7.9

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.05	%
Institutional Class Shares	0.10
Morgan Shares	0.01
Premier Shares	0.01
Service Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.01%, 0.06%, (0.29)%, (0.14)% and (0.73)% for Agency 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.

12 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan California Municipal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity*
Primary Investment	California short-term municipal obligations
Suggested investment time frame	Short-term
Share classes offered	Agency, E*Trade^, Institutional Class, Morgan, Premier and Service
Net Assets as of August 31, 2020	$412.0 Million
Weighted Average Maturity^^	47 calendar days
Weighted Average Life^^^	47 calendar days

MATURITY SCHEDULE**^^
1 calendar day	11.4	%
2–7 calendar days	9.3
8–30 calendar days	49.7
31–60 calendar days	9.7
61–90 calendar days	4.1
91–180 calendar days	3.8
181+ calendar days	12.0

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.01	%
Institutional Class Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
Service Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.12)%, (0.06)%, (0.41)%, (0.27)% and (0.86)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively.

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

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan New York Municipal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

Objective†	Aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity*
Primary Investment	New York short-term municipal obligations
Suggested investment time frame.	Short-term
Share classes offered	Agency, E*Trade^, Institutional Class, Morgan, Premier, Reserve and Service
Net Assets as of August 31, 2020	$1.2 Billion
Weighted Average Maturity^^	40 calendar days
Weighted Average Life^^^	40 calendar days

MATURITY SCHEDULE**^^
1 calendar day	12.1	%
2–7 calendar days	0.1
8–30 calendar days	73.5
31–60 calendar days	2.1
61–90 calendar days	0.2
91–180 calendar days	0.4
181+ calendar days	11.6

7-DAY SEC YIELD AS OF AUGUST 31, 2020(1)
Agency Shares	0.01	%
Institutional Class Shares	0.04
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01
Service Shares	0.01

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

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the 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 August 31, 2020.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.06)%, (0.01)%, (0.39)%, (0.21)%, (0.46)% and (0.81)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

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

14 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 29.8%
Bank of Montreal, 0.11%, dated 8/31/2020, due 9/7/2020, repurchase price $400,009, collateralized by FHLMC, 0.46% - 6.50%, due 5/15/2025 - 10/25/2049, FNMA, 0.43% - 6.00%, due 8/25/2024 - 9/25/2049 and GNMA, 1.50% - 4.00%, due 6/16/2028 - 1/20/2070, with a value of $412,079.		400,000		400,000
Barclays Capital, Inc., 0.36%, dated 8/31/2020, due 10/5/2020, repurchase price $400,138, collateralized by Collateralized Mortgage Obligations, 0.00% - 29.08%, due 10/25/2021 - 11/17/2062, FHLMC, 2.53% - 11.93%, due 10/25/2029 - 8/25/2056 and FNMA Connecticut Avenue Securities, 3.43% - 9.43%, due 10/25/2029 - 10/25/2049, with a value of $432,000.		400,000		400,000
Barclays Capital, Inc., 0.41%, dated 8/31/2020, due 10/5/2020, repurchase price $180,071, collateralized by Collateralized Mortgage Obligations, 0.00% - 6.05%, due 5/15/2028 - 3/25/2061, FHLMC, 1.83% - 5.28%, due 7/25/2030 - 6/27/2050 and FNMA Connecticut Avenue Securities, 2.18% - 4.33%, due 9/25/2029 - 1/25/2040, with a value of $194,400.		180,000		180,000
BMO Capital Markets Corp., 0.20%, dated 8/31/2020, due 9/1/2020, repurchase price $110,001, collateralized by Asset-Backed Securities, 0.00% - 4.34%, due 2/15/2022 - 8/15/2068, Collateralized Mortgage Obligations, 0.81% - 3.06%, due 7/25/2035 - 10/13/2048, Corporate Notes and Bonds, 0.91% - 9.38%, due 1/25/2021 - 2/1/2055, FHLMC, 2.54%, due 7/25/2026, FNMA, 6.30%, due 10/17/2038 and Sovereign Government Securities, 0.30% - 2.50%, due 10/16/2020 - 7/29/2025, with a value of $116,439.		110,000		110,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BMO Capital Markets Corp., 0.20%, dated 8/31/2020, due 9/1/2020, repurchase price $275,002, collateralized by Asset-Backed Securities, 0.00% - 6.18%, due 8/10/2022 - 1/25/2043, Collateralized Mortgage Obligations, 0.51% - 2.38%, due 7/25/2035 - 1/15/2049, Corporate Notes and Bonds, 0.44% - 9.81%, due 9/21/2020 - 12/31/2099, FHLMC, 1.50% - 5.33%, due 11/1/2030 - 8/1/2050, FNMA, 0.30% - 6.30%, due 3/1/2021 - 2/1/2048, GNMA, 2.50% - 4.50%, due 2/15/2022 - 8/20/2050 and Sovereign Government Securities, 0.30% - 0.38%, due 10/16/2020 - 7/29/2025 with a value of $289,748.		275,000		275,000
BMO Capital Markets Corp., 0.23%, dated 8/31/2020, due 9/7/2020, repurchase price $105,005, collateralized by Asset-Backed Securities, 0.00% - 4.23%, due 9/15/2022 - 1/25/2043, Collateralized Mortgage Obligations, 0.93% - 1.90%, due 8/12/2042 - 4/12/2049 and Corporate Notes and Bonds, 3.35%, due 10/22/2022, with a value of $110,315.		105,000		105,000
BMO Capital Markets Corp., 0.33%, dated 8/31/2020, due 9/7/2020, repurchase price $20,001, collateralized by Asset-Backed Securities, 0.00% - 3.68%, due 8/10/2022 - 2/18/2042, Collateralized Mortgage Obligations, 0.11% - 4.01%, due 6/10/2038 - 3/17/2048, Corporate Notes and Bonds, 2.20% - 6.25%, due 11/22/2020 - 3/25/2040 and FHLMC, 2.00% - 2.50%, due 8/1/2050 - 9/1/2050 with a value of $21,597.		20,000		20,000
BMO Capital Markets Corp., 0.33%, dated 8/31/2020, due 9/8/2020, repurchase price $25,002, collateralized by Asset-Backed Securities, 0.00% - 8.10%, due 2/15/2022 - 1/25/2057, Collateralized Mortgage Obligations, 0.37% - 7.39%, due 11/25/2032 - 11/25/2058, Corporate Notes and Bonds, 0.91% - 6.88%, due 3/22/2022 - 1/1/2099, FHLMC, 2.00% - 2.50%, due 8/1/2040 - 9/1/2050, FNMA, 1.21% - 4.00%, due 8/1/2030 - 8/1/2050, GNMA, 2.27% - 5.50%, due 2/20/2049 - 8/20/2062 and Sovereign Government Securities, 0.38%, due 7/29/2025 with a value of $26,578.		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
BNP Paribas SA, 0.26%, dated 8/31/2020, due 9/1/2020, repurchase price $205,001, collateralized by Asset-Backed Securities, 0.56% - 5.72%, due 3/15/2027 - 6/20/2047, Collateralized Mortgage Obligations, 0.71% - 5.30%, due 11/26/2029 - 1/25/2066, Corporate Notes and Bonds, 0.00% - 7.00%, due 11/15/2022 - 4/6/2050 and U.S. Treasury Securities, 0.00% - 2.13%, due 9/1/2020 - 11/30/2024 with a value of $218,658.		205,000		205,000
Bofa Securities, Inc., 0.18%, dated 8/31/2020, due 9/1/2020, repurchase price $200,001, collateralized by Common Stocks, 0.00%, due 1/1/2099 and Preferred Stocks, 0.00% - 10.88%, due 10/30/2020 - 11/1/2102, with a value of $216,000.		200,000		200,000
Bofa Securities, Inc., 0.36%, dated 8/31/2020, due 10/5/2020, repurchase price $250,088, collateralized by Common Stocks, 0.00%, due 1/1/2099 and Preferred Stocks, 5.15% - 10.00%, due 8/1/2042 - 1/1/2099, with a value of $270,000.		250,000		250,000
Bofa Securities, Inc., 0.49%, dated 8/31/2020, due 10/5/2020, repurchase price $200,095, collateralized by Asset-Backed Securities, 0.46% - 4.50%, due 7/20/2027 - 10/15/2048 and Collateralized Mortgage Obligations, 1.56% - 4.98%, due 7/12/2030 - 4/17/2063, with a value of $214,649.		200,000		200,000
Bofa Securities, Inc., 0.49%, dated 8/31/2020, due 10/20/2020, repurchase price $342,033, collateralized by Corporate Notes and Bonds, 0.00% - 13.00%, due 1/15/2021 - 12/31/2099, with a value of $369,144.		341,800		341,800
Credit Suisse Securities USA LLC, 0.29%, dated 8/31/2020, due 9/2/2020, repurchase price $60,001, collateralized by Collateralized Mortgage Obligations, 0.00%, due 4/25/2045, with a value of $64,804.		60,000		60,000
Credit Suisse Securities USA LLC, 0.51%, dated 8/31/2020, due 10/5/2020, repurchase price $150,074, collateralized by Asset-Backed Securities, 0.44% - 15.00%, due 8/28/2023 - 5/29/2059 and Collateralized Mortgage Obligations, 0.00% - 45.34%, due 4/7/2033 - 1/26/2051, with a value of $162,998.		150,000		150,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Fixed Income Clearing Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $5,000,013, collateralized by U.S. Treasury Securities, 0.13% - 4.50%, due 4/15/2022 - 11/15/2049, with a value of $5,100,000.		5,000,000		5,000,000
Fixed Income Clearing Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $5,000,013, collateralized by U.S. Treasury Securities, 0.50% - 3.13%, due 8/15/2027 - 8/15/2040, with a value of $5,100,000.		5,000,000		5,000,000
Fixed Income Clearing Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $7,000,018, collateralized by U.S. Treasury Securities, 0.13% - 0.75%, due 7/15/2023 - 2/15/2042, with a value of $7,140,000.		7,000,000		7,000,000
HSBC Securities USA, Inc., 0.19%, dated 8/31/2020, due 9/1/2020, repurchase price $20,000, collateralized by Asset-Backed Securities, 0.64%, due 6/15/2039 and Municipal Debt Securities, 0.00%, due 8/1/2031, with a value of $21,200.		20,000		20,000
HSBC Securities USA, Inc., 0.19%, dated 8/31/2020, due 9/1/2020, repurchase price $75,000, collateralized by Corporate Notes and Bonds, 2.25% - 6.75%, due 1/8/2021 - 12/15/2066 and Sovereign Government Securities, 0.96% - 4.50%, due 2/27/2022 - 4/15/2070, with a value of $78,750.		75,000		75,000
ING Financial Markets LLC, 0.23%, dated 8/31/2020, due 9/1/2020, repurchase price $75,000, collateralized by Sovereign Government Securities, 6.84% - 6.88%, due 8/4/2026 - 1/23/2030, with a value of $81,001.		75,000		75,000
ING Financial Markets LLC, 0.23%, dated 8/31/2020, due 9/1/2020, repurchase price $400,003, collateralized by Corporate Notes and Bonds, 4.56% - 7.00%, due 3/17/2024 - 1/1/2099 and Sovereign Government Securities, 4.63% - 8.88%, due 1/22/2021 - 1/14/2041, with a value of $432,004.		400,000		400,000
ING Financial Markets LLC, 0.32%, dated 8/31/2020, due 9/2/2020, repurchase price $100,002, collateralized by Corporate Notes and Bonds, 4.56% - 7.00%, due 1/27/2025 - 1/1/2099 and Sovereign Government Securities, 5.63% - 6.88%, due 8/4/2026 - 2/21/2047, with a value of $108,028.		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
ING Financial Markets LLC, 0.32%, dated 8/31/2020, due 9/4/2020, repurchase price $10,000, collateralized by Corporate Notes and Bonds, 5.30% - 6.75%, due 1/27/2025 - 6/3/2050 and Sovereign Government Securities, 6.84%, due 1/23/2030, with a value of $10,803.		10,000		10,000
ING Financial Markets LLC, 0.32%, dated 8/31/2020, due 9/10/2020, repurchase price $50,004, collateralized by Corporate Notes and Bonds, 4.56% - 6.75%, due 3/17/2024 - 6/3/2050 and Sovereign Government Securities, 6.84%, due 1/23/2030, with a value of $54,015.		50,000		50,000
ING Financial Markets LLC, 0.28%, dated 8/31/2020, due 9/28/2020, repurchase price $50,011, collateralized by Corporate Notes and Bonds, 4.38% - 6.75%, due 5/20/2023 - 6/3/2050 and Sovereign Government Securities, 6.84%, due 1/23/2030, with a value of $54,013.		50,000		50,000
Mitsubishi UFJ Trust & Banking Corp., 0.28%, dated 8/31/2020, due 9/2/2020, repurchase price $1,000,016, collateralized by Corporate Notes and Bonds, 0.00% - 4.15%, due 5/13/2022 - 5/1/2030, with a value of $1,042,997.		1,000,000		1,000,000
Societe Generale SA, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $1,000,003, collateralized by FHLMC, 0.00% - 5.55%, due 10/15/2022 - 9/1/2050, FNMA, 0.88% - 5.70%, due 5/25/2023 - 8/1/2050, GNMA, 0.41% - 3.50%, due 12/20/2026 - 8/20/2050 and U.S. Treasury Securities, 0.00% - 8.13%, due 9/17/2020 - 2/15/2050 with a value of $1,020,055.		1,000,000		1,000,000
Societe Generale SA, 0.20%, dated 8/31/2020, due 9/1/2020, repurchase price $736,004, collateralized by Asset-Backed Securities, 2.70% - 8.00%, due 2/15/2027 - 11/1/2033, Corporate Notes and Bonds, 0.40% - 8.63%, due 1/19/2021 - 12/31/2099 and Sovereign Government Securities, 0.82% - 5.35%, due 9/14/2021 - 5/15/2051, with a value of $772,943.		736,000		736,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Societe Generale SA, 0.30%, dated 8/31/2020, due 9/1/2020, repurchase price $700,006, collateralized by Asset-Backed Securities, 0.28% - 8.09%, due 1/25/2030 - 2/28/2041, Collateralized Mortgage Obligations, 0.37% - 6.21%, due 1/12/2034 - 8/17/2049, Corporate Notes and Bonds, 4.63%, due 1/15/2025, FHLMC, 0.83% - 3.73%, due 8/27/2029 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.18% - 3.83%, due 9/25/2029 - 1/25/2040 and Sovereign Government Securities, 2.63% - 11.88%, due 1/22/2021 - 1/23/2050, with a value of $756,006.		700,000		700,000
Societe Generale SA, 0.32%, dated 8/31/2020, due 9/1/2020, repurchase price $200,002, collateralized by Asset-Backed Securities, 0.32% - 5.02%, due 7/15/2030 - 3/25/2037, Collateralized Mortgage Obligations, 0.37% - 6.00%, due 1/12/2034 - 12/16/2072, Corporate Notes and Bonds, 3.88% - 12.00%, due 6/1/2021 - 7/23/2048, FHLMC, 2.03% - 3.28%, due 2/25/2050 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.18% - 3.18%, due 10/25/2029 - 1/25/2040 and Sovereign Government Securities, 4.25% - 11.88%, due 4/15/2024 - 2/17/2045, with a value of $215,409.		200,000		200,000
Societe Generale SA, 0.32%, dated 8/31/2020, due 9/3/2020, repurchase price $365,010, collateralized by Asset-Backed Securities, 0.32% - 8.09%, due 3/17/2025 - 10/25/2046, Collateralized Mortgage Obligations, 0.37% - 6.21%, due 11/15/2032 - 12/16/2072, Corporate Notes and Bonds, 4.25% - 12.00%, due 11/15/2022 - 2/1/2031, FHLMC, 2.03% - 3.28%, due 12/26/2029 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.18% - 3.83%, due 9/25/2029 - 1/25/2040 and Sovereign Government Securities, 2.63% - 11.88%, due 1/22/2021 - 5/11/2047, with a value of $394,225.		365,000		365,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 17

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Societe Generale SA, 0.33%, dated 8/31/2020, due 10/1/2020, repurchase price $400,114, collateralized by Collateralized Mortgage Obligations, 2.75%, due 12/16/2072, Corporate Notes and Bonds, 4.25% - 11.75%, due 11/1/2023 - 2/1/2031, FHLMC, 2.08%, due 1/25/2050, FNMA Connecticut Avenue Securities, 2.33%, due 11/25/2039 and Sovereign Government Securities, 4.25% - 11.88%, due 3/25/2022 - 5/11/2047, with a value of $432,123.		400,000		400,000
TD Securities (USA) LLC, 0.20%, dated 8/31/2020, due 9/1/2020, repurchase price $250,001, collateralized by Asset-Backed Securities, 4.80%, due 2/15/2029 and Corporate Notes and Bonds, 1.10% - 6.50%, due 2/4/2021 - 7/1/2050, with a value of $262,581.		250,000		250,000
UBS Securities LLC, 0.29%, dated 8/31/2020, due 9/7/2020, repurchase price $300,017, collateralized by Asset-Backed Securities, 0.99%, due 11/9/2020, Collateralized Mortgage Obligations, 3.44%, due 9/17/2048, Commercial Paper, 0.00%, due 1/28/2021 and Corporate Notes and Bonds, 0.73% - 11.50%, due 9/15/2020 - 12/31/2099 with a value of $321,044.		300,000		300,000
Wells Fargo Securities LLC, 0.23%, dated 8/31/2020, due 9/2/2020, repurchase price $52,001, collateralized by Certificates of Deposit, 0.00%, due 12/21/2020 - 10/3/2025, with a value of $54,602.		52,000		52,000
Wells Fargo Securities LLC, 0.23%, dated 8/31/2020, due 9/3/2020, repurchase price $104,002, collateralized by Sovereign Government Securities, 2.38% - 10.63%, due 1/15/2021 - 9/20/2048, with a value of $109,219.		104,000		104,000
Wells Fargo Securities LLC, 0.55%, dated 8/31/2020, due 9/21/2020, repurchase price $250,080, collateralized by Certificates of Deposit, 0.00% - 0.28%, due 9/15/2020 - 8/25/2021, with a value of $262,861.		250,000		250,000
Total Repurchase Agreements (Cost $26,058,800)				26,058,800

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.22%, 9/1/2020 (b) (Cost $649,943)		650,000		649,943
Corporate Notes — 0.4%
Banks — 0.4%
Barclays Bank plc (United Kingdom)
(OBFR + 0.15%), 0.23%, 9/1/2020 (b) (c)		125,000		125,000
(OBFR + 0.30%), 0.38%, 9/1/2020 (b) (c)		200,000		200,000
Total Corporate Notes (Cost $325,000)				325,000
Municipal Bonds — 0.2%
Alaska — 0.1%
Alaska Housing Finance Corp., State Capital Project Series 2018A, Rev., VRDO, 0.17%, 9/8/2020 (d)		65,000		65,000
New York — 0.1%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021		110,000		113,103
Total Municipal Bonds (Cost $177,827)				178,103
Short-Term Investments — 68.5%
Certificates of Deposit — 41.7%
ABN Amro Bank NV (Netherlands) 0.25%, 2/22/2021 (e)		65,000		64,919
Agricultural Bank of China Ltd. (China) 0.65%, 10/20/2020		100,000		100,049
Banco Del Estado De Chile (Chile)
0.35%, 9/14/2020		50,000		50,004
0.32%, 9/25/2020		24,000		24,003
0.30%, 10/6/2020		100,000		100,014
0.28%, 10/23/2020		150,000		150,023
Bank of Montreal (Canada)
1.53%, 9/28/2020		200,000		200,000
1.40%, 10/1/2020		200,000		200,222
0.20%, 10/30/2020		100,000		100,010
(ICE LIBOR USD 3 Month + 0.03%), 0.29%, 11/27/2020 (b)		100,000		100,000
0.23%, 2/12/2021		200,000		200,014
0.23%, 5/26/2021		200,000		200,000
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.17%), 0.35%, 9/24/2020 (b)		165,000		165,058
(ICE LIBOR USD 3 Month + 0.10%), 0.40%, 10/6/2020 (b)		110,000		110,000

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.11%), 0.41%, 10/6/2020 (b)		60,000		60,000
(ICE LIBOR USD 3 Month + 0.05%), 0.33%, 10/8/2020 (b)		60,000		60,000
(ICE LIBOR USD 3 Month + 0.08%), 0.36%, 10/8/2020 (b)		180,000		180,000
(ICE LIBOR USD 3 Month + 0.08%), 0.34%, 10/23/2020 (b)		70,000		70,031
(ICE LIBOR USD 3 Month + 0.05%), 0.30%, 10/28/2020 (b)		85,000		85,000
(ICE LIBOR USD 3 Month + 0.08%), 0.35%, 10/29/2020 (b)		25,000		25,011
(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 11/6/2020 (b)		150,000		150,000
(ICE LIBOR USD 3 Month + 0.10%), 0.36%, 11/14/2020 (b)		200,000		200,126
0.57%, 11/30/2020		200,000		200,183
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 0.08%), 0.38%, 10/3/2020(b)		180,000		180,000
0.40%, 3/3/2021		553,000		553,475
0.24%, 5/24/2021		100,000		99,993
0.24%, 5/25/2021		75,000		74,995
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/10/2020(b)		260,000		260,201
1.65%, 10/1/2020		500,000		500,000
0.42%, 7/7/2021		330,000		330,462
China Construction Bank Corp. (China)
0.65%, 10/21/2020		50,000		50,021
0.65%, 10/22/2020		55,000		55,023
0.65%, 10/23/2020		45,000		45,019
0.61%, 10/26/2020		100,000		100,037
0.61%, 11/2/2020		100,000		100,037
0.61%, 11/3/2020		75,000		75,027
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 3 Month + 0.09%), 0.43%, 9/2/2020 (b)		200,000		200,000
(ICE LIBOR USD 1 Month + 0.10%), 0.26%, 9/28/2020 (b)		50,000		50,017
1.35%, 10/6/2020		100,000		100,126
1.10%, 10/14/2020		80,000		80,097
(ICE LIBOR USD 3 Month + 0.08%), 0.35%, 10/30/2020 (b)		170,000		169,969
(ICE LIBOR USD 3 Month + 0.15%), 0.40%, 11/6/2020 (b)		45,000		45,040

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.32%), 0.56%, 11/7/2020 (b)		133,000		133,216
(ICE LIBOR USD 3 Month + 0.04%), 0.32%, 11/17/2020 (b)		430,000		430,000
Credit Agricole Corporate and Investment Bank (France)
(ICE LIBOR USD 3 Month + 0.11%), 0.39%, 10/8/2020 (b)		162,000		162,039
0.39%, 3/16/2021		102,000		102,108
Credit Industriel et Commercial (France)
1.84%, 9/10/2020 (e)		450,000		449,974
1.40%, 10/1/2020		130,000		130,147
1.35%, 10/5/2020		200,000		200,245
(ICE LIBOR USD 3 Month + 0.08%), 0.38%, 10/5/2020 (b)		150,000		150,000
1.71%, 11/16/2020 (e)		195,000		194,901
0.65%, 11/20/2020 (e)		185,000		184,901
0.58%, 11/23/2020 (e)		340,000		339,809
0.50%, 12/1/2020 (e)		225,000		224,859
0.34%, 1/4/2021		120,000		120,066
0.31%, 1/7/2021		135,000		135,061
0.26%, 6/2/2021		125,000		125,000
Credit Suisse AG (Switzerland)
1.40%, 10/2/2020		75,000		75,082
1.55%, 10/6/2020		70,000		70,000
1.33%, 11/24/2020		350,000		350,934
1.45%, 1/7/2021		385,000		386,690
0.47%, 2/26/2021		240,000		240,274
0.39%, 4/8/2021		100,000		100,078
0.39%, 4/9/2021		75,000		75,058
0.38%, 4/12/2021		300,000		300,216
0.29%, 5/11/2021		200,000		200,014
0.29%, 5/17/2021		300,000		300,013
0.28%, 6/4/2021		190,000		189,980
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.15%), 0.40%, 11/6/2020(b)		100,000		100,068
DZ Bank AG (Germany)
0.72%, 10/29/2020 (e)		210,000		209,944
0.30%, 11/12/2020 (e)		70,000		69,976
0.50%, 11/13/2020 (e)		100,000		99,965
0.22%, 5/28/2021 (e)		100,000		99,836
HSBC Bank USA NA
1.25%, 10/7/2020		335,000		335,357
1.15%, 10/14/2020		192,000		192,215
0.95%, 10/20/2020		60,000		60,058

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Industrial & Commercial Bank of China Ltd. (China)
0.63%, 10/23/2020		102,000		102,060
0.60%, 10/26/2020		185,000		185,106
ING Bank Australia Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.18%), 0.42%, 11/8/2020 (b)		295,000		295,100
ING Bank NV (Netherlands)
(ICE LIBOR USD 3 Month + 0.12%), 0.40%, 10/8/2020 (b)		583,000		583,082
(ICE LIBOR USD 3 Month + 0.10%), 0.35%, 11/5/2020 (b)		331,000		331,000
(ICE LIBOR USD 3 Month + 0.08%), 0.33%, 11/6/2020 (b)		185,000		185,000
0.54%, 2/11/2021		135,000		135,151
KBC Bank NV (Cayman Islands)
0.10%, 9/1/2020		100,000		100,000
0.31%, 1/8/2021 (e)		255,000		254,795
Landesbank Hessen-Thueringen Girozentrale (Germany)
0.67%, 11/4/2020 (e)		200,000		199,961
0.65%, 11/5/2020 (e)		200,000		199,961
0.64%, 11/6/2020 (e)		125,000		124,975
0.58%, 11/16/2020 (e)		150,000		149,964
Mitsubishi UFJ Trust & Banking Corp. (Japan)
0.39%, 10/5/2020 (e)		60,000		59,991
0.36%, 1/15/2021		50,000		50,030
0.36%, 1/19/2021		100,000		100,061
0.37%, 1/20/2021		150,000		150,097
0.36%, 1/28/2021		150,000		150,094
Mizuho Bank Ltd. (Japan)
0.36%, 9/2/2020 (e)		100,000		99,999
(ICE LIBOR USD 1 Month + 0.10%), 0.26%, 9/10/2020 (b)		150,000		150,000
0.31%, 9/15/2020		173,000		173,014
(ICE LIBOR USD 1 Month + 0.18%), 0.34%, 9/20/2020 (b)		100,000		100,026
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/29/2020 (b)		173,000		173,028
(ICE LIBOR USD 3 Month + 0.06%), 0.31%, 11/3/2020 (b)		50,000		50,004
(ICE LIBOR USD 3 Month + 0.05%), 0.32%, 11/16/2020 (b)		175,000		175,008
0.40%, 12/2/2020 (e)		100,000		99,933
0.49%, 12/2/2020 (e)		300,000		299,798
0.36%, 1/15/2021		100,000		100,057

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
0.36%, 1/19/2021		40,000		40,023
0.27%, 2/10/2021		330,000		330,061
0.27%, 2/22/2021		150,000		150,024
0.23%, 2/26/2021		200,000		200,000
MUFG Bank Ltd. (Japan)
0.40%, 9/21/2020 (e)		100,000		99,991
1.15%, 10/19/2020		305,000		305,422
0.39%, 11/20/2020		230,000		230,115
0.48%, 11/20/2020 (e)		100,000		99,949
0.25%, 11/30/2020		170,000		170,029
0.38%, 11/30/2020		127,000		127,063
0.23%, 1/20/2021		100,000		99,996
0.29%, 1/29/2021		170,000		170,036
0.22%, 2/1/2021		146,000		145,988
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 11/25/2020 (b)		325,000		325,039
(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 11/27/2020 (b)		245,000		245,030
0.37%, 3/8/2021 (e)		220,000		219,782
0.38%, 3/23/2021 (e)		435,000		434,520
0.40%, 4/30/2021 (e)		171,000		170,757
Natixis SA (France)
(ICE LIBOR USD 3 Month + 0.11%), 0.44%, 9/4/2020 (b)		175,000		175,000
(ICE LIBOR USD 1 Month + 0.17%), 0.33%, 9/19/2020 (b)		185,000		185,095
1.40%, 10/2/2020		75,000		75,086
(ICE LIBOR USD 3 Month + 0.11%), 0.41%, 10/2/2020 (b)		300,000		300,000
1.40%, 10/6/2020		225,000		225,290
1.35%, 10/8/2020		300,000		300,391
1.10%, 11/16/2020		82,000		82,166
0.57%, 12/2/2020		34,000		34,034
0.52%, 12/14/2020		25,000		25,024
1.00%, 1/21/2021		150,000		150,482
0.55%, 2/17/2021		98,000		98,160
0.39%, 4/8/2021		50,000		50,044
0.29%, 5/3/2021		160,000		160,025
Nordea Bank Abp (Finland)
(ICE LIBOR USD 3 Month + 0.10%), 0.47%, 9/1/2020 (b)		350,000		350,262
(ICE LIBOR USD 3 Month + 0.10%), 0.43%, 9/8/2020 (b)		300,000		300,231

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/17/2020 (b)		234,000		234,222
(ICE LIBOR USD 3 Month + 0.10%), 0.37%, 10/13/2020 (b)		50,000		50,039
1.12%, 10/15/2020		96,000		96,121
(ICE LIBOR USD 3 Month + 0.10%), 0.36%, 11/14/2020 (b)		287,000		287,221
1.10%, 11/17/2020		210,000		210,437
(ICE LIBOR USD 3 Month + 0.10%), 0.35%, 11/21/2020 (b)		146,000		146,115
Norinchukin Bank (The) (Japan)
0.30%, 9/1/2020		150,000		150,001
1.20%, 9/4/2020		92,000		92,011
0.18%, 9/22/2020		100,000		100,003
0.17%, 10/9/2020		350,000		350,002
0.17%, 10/19/2020		125,000		124,999
0.17%, 10/23/2020		125,000		124,999
Oversea-Chinese Banking Corp. Ltd. (Singapore)
(ICE LIBOR USD 1 Month + 0.14%), 0.32%, 9/24/2020 (b)		125,000		125,049
1.54%, 10/5/2020		50,000		50,066
(SOFR + 0.17%), 0.24%, 11/6/2020 (b)		50,000		49,993
Rabobank International (United Kingdom) 0.26%, 2/26/2021 (e)		170,000		169,807
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/16/2020 (b)		70,000		70,050
(ICE LIBOR USD 3 Month + 0.12%), 0.42%, 9/24/2020 (b)		103,000		103,075
1.46%, 10/1/2020		135,000		135,158
(ICE LIBOR USD 3 Month + 0.11%), 0.38%, 10/9/2020 (b)		100,000		100,060
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/29/2020 (b)		132,000		132,036
(ICE LIBOR USD 3 Month + 0.30%), 0.55%, 11/4/2020 (b)		100,000		100,189
(ICE LIBOR USD 3 Month + 0.21%), 0.46%, 11/5/2020 (b)		83,000		83,107
1.30%, 1/7/2021		400,000		401,661
Skandinaviska Enskilda Banken AB (Sweden)
1.35%, 10/2/2020		100,000		100,109
1.25%, 10/8/2020		100,000		100,119
0.25%, 2/26/2021		50,000		50,011
0.20%, 3/9/2021		150,000		149,998
0.25%, 5/11/2021		325,000		325,059

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
0.24%, 5/20/2021		100,000		100,009
0.22%, 5/27/2021		120,000		119,991
Standard Chartered Bank (United Kingdom)
1.45%, 10/13/2020		200,000		200,295
0.97%, 10/27/2020		200,000		200,237
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 0.37%, 9/12/2020 (b)		270,000		270,107
(ICE LIBOR USD 1 Month + 0.22%), 0.38%, 9/13/2020 (b)		450,000		450,209
(ICE LIBOR USD 1 Month + 0.22%), 0.38%, 9/17/2020 (b)		175,000		175,080
(ICE LIBOR USD 1 Month + 0.12%), 0.29%, 9/18/2020 (b)		150,000		150,005
(ICE LIBOR USD 1 Month + 0.18%), 0.36%, 9/22/2020 (b)		170,000		170,060
(ICE LIBOR USD 1 Month + 0.18%), 0.34%, 9/28/2020 (b)		169,000		169,061
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/27/2020 (b)		85,000		85,021
0.35%, 12/1/2020		135,000		135,062
0.30%, 2/4/2021		500,000		500,148
0.26%, 2/5/2021		115,000		115,014
0.26%, 2/5/2021		100,000		100,012
0.25%, 2/24/2021		200,000		200,011
0.26%, 2/24/2021 (e)		75,000		74,897
0.26%, 2/26/2021 (e)		100,000		99,861
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.10%, 9/2/2020		100,000		100,000
0.10%, 9/3/2020		100,000		100,000
0.30%, 9/9/2020		260,000		260,012
1.19%, 10/20/2020 (e)		100,000		99,975
0.57%, 11/12/2020 (e)		125,000		124,946
0.55%, 11/13/2020 (e)		240,000		239,894
0.40%, 11/18/2020		240,000		240,125
0.40%, 11/20/2020		100,000		100,053
Sumitomo Trust and Banking Co. (United Kingdom)
0.50%, 11/16/2020 (e)		150,000		149,929
0.50%, 11/18/2020 (e)		75,000		74,963
0.50%, 11/19/2020 (e)		100,000		99,950
0.50%, 11/20/2020 (e)		100,000		99,949
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.10%), 0.26%, 9/10/2020 (b)		200,000		200,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/16/2020 (b)		100,000		100,087
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/16/2020 (b)		51,000		51,048
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/19/2020 (b)		175,000		175,167
(ICE LIBOR USD 3 Month + 0.07%), 0.37%, 10/2/2020 (b)		110,000		110,000
1.13%, 10/14/2020		300,000		300,372
(ICE LIBOR USD 3 Month + 0.10%), 0.38%, 10/15/2020 (b)		125,000		125,097
(ICE LIBOR USD 3 Month + 0.09%), 0.36%, 10/20/2020 (b)		215,000		215,151
(ICE LIBOR USD 3 Month + 0.05%), 0.31%, 10/30/2020 (b)		185,000		185,066
(ICE LIBOR USD 3 Month + 0.13%), 0.37%, 11/7/2020 (b)		140,000		140,132
0.39%, 7/7/2021		100,000		100,130
Toronto-Dominion Bank (The) (Canada)
(US Federal Funds Effective Rate (continuous series) + 0.35%), 0.44%, 9/1/2020 (b)		120,000		120,071
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/10/2020 (b)		140,000		140,054
(ICE LIBOR USD 1 Month + 0.18%), 0.35%, 9/21/2020 (b)		50,000		50,022
(ICE LIBOR USD 3 Month + 0.19%), 0.47%, 10/7/2020 (b)		216,000		216,000
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/28/2020 (b)		170,000		170,000
(ICE LIBOR USD 3 Month + 0.09%), 0.36%, 11/19/2020 (b)		156,000		156,045
1.27%, 1/28/2021		350,000		351,571
0.41%, 7/6/2021		170,000		170,270
UBS AG (Switzerland)
1.50%, 10/2/2020		200,000		200,240
1.17%, 10/15/2020		200,000		200,251
1.15%, 12/21/2020		100,000		100,281
1.55%, 1/4/2021		200,000		200,910
1.55%, 1/6/2021		200,000		200,925
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.11%), 0.41%, 10/6/2020 (b)		55,000		55,000
Total Certificates of Deposit (Cost $36,478,655)				36,505,183

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — 14.4%
Agricultural Bank of China Ltd. (China) 0.45%, 11/5/2020 (c) (e)		125,000		124,911
Albion Capital Corp. SA (Luxembourg) 0.25%, 10/28/2020 (e)		54,208		54,198
Alpine Securitization LLC (Switzerland)
(ICE LIBOR USD 3 Month + 0.08%), 0.33%, 11/20/2020 (b) (c)		35,000		35,000
0.37%, 1/6/2021 (c) (e)		50,000		49,960
0.40%, 4/6/2021 (c) (e)		75,000		74,886
0.31%, 5/5/2021 (c) (e)		125,000		124,770
Antalis SA (France)
0.31%, 9/16/2020 (c) (e)		100,000		99,993
0.25%, 2/1/2021 (c) (e)		20,380		20,361
Atlantic Asset Securitization LLC 1.40%, 10/1/2020 (c) (e)		200,000		199,972
Banco Del Estado De Chile (Chile) Series B, 0.27%, 9/25/2020 (c) (e)		50,000		49,989
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/14/2020 (b) (c)		100,000		100,033
Barclays Bank plc (United Kingdom)
Series 44105, 0.30%, 9/11/2020 (c) (e)		100,000		99,995
0.31%, 9/16/2020 (c) (e)		150,000		149,991
Barton Capital LLC 0.36%, 1/8/2021 (c) (e)		30,000		29,986
Barton Capital SA
0.15%, 9/4/2020 (c) (e)		50,000		49,999
0.30%, 9/14/2020 (c) (e)		50,000		49,998
0.24%, 10/30/2020 (c) (e)		25,000		24,992
0.22%, 11/13/2020 (c) (e)		50,000		49,982
0.38%, 11/16/2020 (c) (e)		25,000		24,991
0.36%, 11/18/2020 (c) (e)		75,000		74,972
0.28%, 12/7/2020 (c) (e)		125,000		124,953
Bedford Row Funding Corp.
(ICE LIBOR USD 3 Month + 0.10%), 0.42%, 9/3/2020 (b) (c)		175,000		175,092
(US Federal Funds Effective Rate (continuous series) + 0.22%), 0.32%, 9/21/2020 (b) (c)		110,000		110,000
1.54%, 10/2/2020 (c) (e)		100,000		99,867
1.54%, 10/5/2020 (c) (e)		110,000		109,840
(ICE LIBOR USD 3 Month + 0.04%), 0.29%, 11/19/2020 (b) (c)		115,000		115,000
(ICE LIBOR USD 3 Month + 0.10%), 0.36%, 11/25/2020 (b) (c)		50,000		50,026
1.32%, 1/6/2021 (c) (e)		105,000		104,939
BPCE SA (France) 0.46%, 3/19/2021 (c) (e)		315,000		314,627

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Canadian Imperial Bank of Commerce (Canada)
1.05%, 9/10/2020 (c) (e)		102,000		101,997
(ICE LIBOR USD 1 Month + 0.19%), 0.37%, 9/26/2020 (b) (c)		85,000		85,080
Cancara Asset Securitisation LLC 0.15%, 9/10/2020 (e)		100,000		99,997
China Construction Bank Corp. (China) 0.61%, 10/27/2020 (c) (e)		100,000		99,943
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 3 Month + 0.12%), 0.46%, 9/4/2020 (b) (c)		200,000		200,072
(ICE LIBOR USD 3 Month + 0.08%), 0.39%, 10/6/2020 (b) (c)		40,000		40,014
(ICE LIBOR USD 3 Month + 0.05%), 0.31%, 10/22/2020 (b) (c)		35,000		35,000
Cooperatieve Rabobank UA (ICE LIBOR USD 1 Month + 0.00%), 0.25%, 9/3/2020 (b)		100,000		100,013
DBS Bank Ltd. (Singapore) 0.23%, 2/5/2021 (c) (e)		100,000		99,911
Dexia Credit Local SA (France)
0.57%, 10/28/2020 (c) (e)		100,000		99,981
0.57%, 10/29/2020 (c) (e)		500,000		499,902
0.23%, 2/22/2021 (c) (e)		50,000		49,964
DNB Bank ASA (Norway)
(ICE LIBOR USD 1 Month + 0.18%), 0.36%, 9/21/2020 (b) (c)		60,000		60,061
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/22/2020 (b) (c)		155,000		155,034
(ICE LIBOR USD 3 Month + 0.15%), 0.41%, 11/5/2020 (b) (c)		70,000		70,062
(ICE LIBOR USD 3 Month + 0.04%), 0.29%, 11/6/2020 (b) (c)		90,000		90,000
0.22%, 5/24/2021 (c) (e)		330,000		329,349
Fairway Finance Co. LLC
1.80%, 10/1/2020 (c) (e)		75,000		74,888
0.26%, 1/25/2021 (c) (e)		10,600		10,591
Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.10%), 0.42%, 9/11/2020 (b) (c)		25,000		25,001
First Abu Dhabi Bank PJSC (United Arab Emirates)
0.25%, 10/14/2020 (c) (e)		300,000		299,958
0.25%, 10/23/2020 (c) (e)		163,000		162,972
0.24%, 11/3/2020 (c) (e)		75,000		74,983
0.23%, 11/16/2020 (c) (e)		375,000		374,890
0.21%, 11/19/2020 (c) (e)		400,000		399,876

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
0.23%, 11/20/2020 (c) (e)		271,000		270,914
0.21%, 11/25/2020 (c) (e)		185,000		184,935
FMS Wertmanagement (Germany)
0.27%, 1/7/2021 (c) (e)		200,000		199,888
0.25%, 1/11/2021 (c) (e)		30,000		29,982
0.25%, 1/20/2021 (e)		132,000		131,914
0.23%, 2/4/2021 (c) (e)		80,000		79,940
Honeywell International, Inc. 1.20%, 10/21/2020 (c) (e)		200,000		199,970
ING US Funding LLC (Netherlands)
(ICE LIBOR USD 3 Month + 0.15%), 0.47%, 9/14/2020 (b)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.15%), 0.47%, 9/18/2020 (b) (c)		200,000		200,000
(ICE LIBOR USD 3 Month + 0.15%), 0.41%, 11/3/2020 (b)		70,000		70,021
LMA-Americas LLC
0.41%, 11/4/2020 (c) (e)		37,150		37,138
0.35%, 12/2/2020 (c) (e)		60,000		59,969
0.35%, 12/4/2020 (c) (e)		51,000		50,973
0.40%, 1/19/2021 (c) (e)		200,700		200,502
0.26%, 2/5/2021 (c) (e)		36,000		35,956
0.23%, 4/1/2021 (c) (e)		103,500		103,346
Matchpoint Finance plc (Ireland)
Series A, 0.28%, 9/16/2020 (c) (e)		75,000		74,996
Series A, 0.24%, 2/8/2021 (c) (e)		50,000		49,961
MetLife Short Term Funding LLC 1.25%, 9/8/2020 (c) (e)		11,000		10,997
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.22%), 0.38%, 9/1/2020 (b) (c)		50,000		50,044
(ICE LIBOR USD 1 Month + 0.14%), 0.30%, 9/4/2020 (b) (c)		160,000		160,069
(ICE LIBOR USD 1 Month + 0.22%), 0.38%, 9/10/2020 (b) (c)		125,000		125,102
National Bank of Canada (Canada)
0.25%, 1/22/2021 (c) (e)		170,000		169,874
0.23%, 2/4/2021 (c) (e)		240,000		239,799
0.23%, 2/5/2021 (c) (e)		350,000		349,704
Natixis SA (France)
(ICE LIBOR USD 3 Month + 0.03%), 0.29%, 10/23/2020 (b)		130,000		130,000
0.49%, 2/22/2021 (e)		45,000		44,957
Nieuw Amsterdam Receivables Corp. 0.27%, 9/16/2020 (c) (e)		80,000		79,995

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 23

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Old Line Funding LLC 0.28%, 11/23/2020 (c) (e)		200,000		199,930
Oversea-Chinese Banking Corp. Ltd. (Singapore) 1.20%, 10/19/2020 (c) (e)		100,000		99,978
Pricoa Short Term Funding LLC 0.30%, 1/4/2021 (c) (e)		50,000		49,981
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.05%), 0.30%, 10/28/2020 (b) (c)		100,000		100,020
Shell International Finance BV (Netherlands)
2.20%, 1/11/2021 (c) (e)		120,000		119,894
2.15%, 1/15/2021 (c) (e)		115,000		114,895
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.40%, 11/30/2020 (c) (e)		100,000		99,957
0.26%, 2/4/2021 (c) (e)		125,000		124,882
Suncorp-Metway Ltd. (Australia) 0.19%, 11/2/2020 (c) (e)		75,000		74,962
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.10%), 0.26%, 9/10/2020 (b) (c)		50,000		50,008
(ICE LIBOR USD 3 Month + 0.08%), 0.36%, 10/27/2020 (b) (c)		165,000		165,104
Thunder Bay Funding LLC 0.28%, 11/23/2020 (c) (e)		50,000		49,984
Toronto-Dominion Bank (The) (Canada)
(US Federal Funds Effective Rate (continuous series) + 0.35%), 0.45%, 9/1/2020 (b) (c)		50,000		50,030
(ICE LIBOR USD 1 Month + 0.14%), 0.30%, 9/4/2020 (b) (c)		65,000		65,030
(ICE LIBOR USD 1 Month + 0.15%), 0.31%, 9/5/2020 (b) (c)		150,000		150,075
(ICE LIBOR USD 3 Month + 0.07%), 0.35%, 10/7/2020 (b) (c)		175,000		175,036
(ICE LIBOR USD 3 Month + 0.23%), 0.49%, 11/3/2020 (b) (c)		80,000		80,096
(ICE LIBOR USD 3 Month + 0.18%), 0.44%, 11/5/2020 (b) (c)		100,000		100,088
Total Capital Canada Ltd. (France) 0.28%, 1/4/2021 (c) (e)		100,000		99,943
Toyota Finance Australia Ltd. (Australia) 0.22%, 9/18/2020 (e)		160,000		159,992
UBS AG (Switzerland)
1.14%, 1/20/2021 (c) (e)		153,000		152,827
1.14%, 1/22/2021 (c) (e)		318,000		317,635
Versailles Commercial Paper LLC 0.21%, 11/5/2020 (c) (e)		74,000		73,975

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Westpac Banking Corp. (Australia) 0.37%, 3/4/2021 (c) (e)		200,000		199,720
Total Commercial Paper (Cost $12,590,004)				12,597,850
U.S. Treasury Obligations — 6.7%
U.S. Treasury Bills
0.15%, 9/8/2020 (e)		275,000		274,995
0.15%, 9/10/2020 (e)		200,000		199,996
0.18%, 9/17/2020 (e)		400,000		399,984
0.10%, 9/22/2020 (e)		800,000		799,957
0.15%, 9/24/2020 (e)		900,000		899,948
0.17%, 9/29/2020 (e)		700,000		699,950
0.15%, 10/20/2020 (e)		650,000		649,908
0.12%, 11/10/2020 (e)		100,000		99,982
0.10%, 11/12/2020 (e)		250,000		249,947
0.12%, 11/19/2020 (e)		1,600,000		1,599,623
Total U.S. Treasury Obligations (Cost $5,874,102)				5,874,290
Time Deposits — 5.7%
Australia & New Zealand Banking Group Ltd. 0.11%, 9/3/2020		700,000		700,000
BNP Paribas SA 0.07%, 9/1/2020		18,330		18,330
Credit Agricole Corporate and Investment Bank
0.15%, 9/1/2020		100,000		100,000
0.15%, 9/4/2020		300,000		300,000
Industrial & Commercial Bank of China Ltd. 0.09%, 9/1/2020		500,000		500,000
KBC Bank NV 0.09%, 9/1/2020		1,000,000		1,000,000
National Bank of Canada 0.11%, 9/1/2020		300,000		300,000
Royal Bank of Canada 0.09%, 9/1/2020		600,000		600,000
Societe Generale SA
0.09%, 9/1/2020		200,000		200,000
0.09%, 9/1/2020		200,000		200,000
Swedbank AB 0.09%, 9/1/2020		1,050,000		1,050,000
Total Time Deposits (Cost $4,968,330)				4,968,330
Total Short-Term Investments (Cost $59,911,091)				59,945,653
Total Investments — 99.6% (Cost $87,122,661)				87,157,499
Other Assets Less Liabilities — 0.4%				332,786
NET ASSETS — 100.0%				87,490,285

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

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
OBFR	Overnight Bank Funding Rate
PJSC	Public Joint Stock Company
RAN	Revenue Anticipation Note
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
VRDO	Variable Rate Demand Obligation

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(e)	The rate shown is the effective yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 83.6%
Alabama — 0.4%
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series 2011B, Rev., VRDO, LOC: Citibank NA, 0.11%, 9/8/2020 (b) (c)		7,295		7,295
Alaska — 0.8%
Alaska Housing Finance Corp., Home Mortgage Series 2007A, Rev., VRDO, LIQ: FHLB, 0.08%, 9/8/2020 (b)		2,540		2,540
City of Valdez, Exxon Pipeline Co. Project
Rev., VRDO, 0.03%, 9/1/2020 (b)		3,500		3,500
Series 1993-A, Rev., VRDO, 0.03%, 9/1/2020 (b)		4,750		4,750
Municipality of Anchorage Alaska GO, TAN, 1.50%, 12/18/2020		5,000		5,012
				15,802
Arizona — 1.6%
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program Series 2009F, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.11%, 9/8/2020 (b)		17,050		17,050
Arizona State University Series 2008B, Rev., VRDO, 0.08%, 9/8/2020 (b)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates Series 2019-XG0231, Rev., VRDO, LOC: Bank of America NA, 0.17%, 9/8/2020 (b) (c)		4,065		4,065
				31,115
California — 1.0%
California Health Facilities Financing Authority, Catholic Healthcare West Loan Program Series 2005H, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		3,765		3,765
Orange County Water District Series 2003 A, COP, VRDO, LOC: Citibank NA, 0.07%, 9/8/2020 (b)		1,135		1,135
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-26, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 9/8/2020 (b) (c)		5,000		5,000
San Francisco City and County Airport Commission, International Airport Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 9/8/2020 (b)		3,820		3,820
State of California Series B, Subseries 2010B-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2020 (b)		1,295		1,295
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.11%, 9/8/2020 (b) (c)		2,600		2,600
				17,615

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — 1.9%
City of Colorado Springs, Utilities System Series 2010C, Rev., VRDO, LIQ: Barclays Bank plc, 0.08%, 9/8/2020 (b)		1,905		1,905
Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 0.11%, 9/8/2020 (b)		21,195		21,195
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 0.18%, 9/8/2020 (b) (c)		3,615		3,615
University of Colorado Hospital Authority
Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		6,600		6,600
Series 2019A, Rev., VRDO, 0.09%, 9/8/2020 (b)		1,850		1,850
				35,165
Connecticut — 1.7%
City of Milford GO, BAN, 2.50%, 11/3/2020		4,720		4,738
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series 2020A-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.08%, 9/8/2020 (b)		3,140		3,140
Connecticut State Health and Educational Facilities Authority, The Jerome Home Series 2007D, Rev., VRDO, LOC: Bank of America NA, 0.11%, 9/8/2020 (b)		2,875		2,875
State of Connecticut, Health and Educational Facilities Authority, Yale New Haven Hospital Issue Series O, Rev., VRDO, 0.09%, 9/8/2020 (b)		2,250		2,250
Tender Option Bond Trust Receipts/Certificates Series 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 0.27%, 9/8/2020 (b) (c)		10,000		10,000
Town of Greenwich GO, BAN, 1.50%, 1/14/2021		2,000		2,008
Town of Groton Series 2020B, GO, BAN, 2.00%, 4/29/2021		7,045		7,108
				32,119
Florida — 4.5%
City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 0.06%, 9/1/2020 (b)		15,600		15,600
City of Jacksonville, Health Care Facilities, Baptist Health Series 2019C, Rev., VRDO, 0.09%, 9/8/2020 (b)		10,035		10,035
County of Martin, Florida Power and Light Co., Project Rev., VRDO, 0.08%, 9/1/2020 (b)		3,500		3,500
Florida Housing Finance Corp., Kings Terrace LLC Series 2013B, Rev., VRDO, LIQ: FHLMC, 0.09%, 9/8/2020 (b)		12,000		12,000

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Florida — continued
Tender Option Bond Trust Receipts/Certificates
Series 2019-XX1109, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		4,375		4,375
Series 2020-XF2882, Rev., VRDO, AGM-CR, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		2,800		2,800
Series 2020-XG0295, Rev., VRDO, LIQ: Bank of America NA, 0.13%, 9/8/2020 (b) (c)		6,000		6,000
Series 2020-XX1136, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		2,375		2,375
Series 2020-YX1128, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		3,870		3,870
Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		5,665		5,665
Series 2019-G113, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		17,500		17,500
				83,720
Georgia — 1.0%
Brookhaven Development Authority, Children’s Healthcare Series 2019D, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		6,860		6,860
Tender Option Bond Trust Receipts/Certificates
Series 2020-ZF0871, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		4,765		4,765
Series 2020-ZF0872, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		2,000		2,000
Series 2020-ZF0873, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		3,000		3,000
				16,625
Illinois — 1.1%
County of Kane, Glenwood School for Boys Rev., VRDO, LOC: Northern Trust Co., 0.10%, 9/8/2020 (b)		3,450		3,450
Illinois Educational Facilities Authority, The Adler Planetarium Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		10,100		10,100
Illinois Finance Authority, Clearbrook Project 2008 Rev., VRDO, LOC: BMO Harris Bank NA, 0.09%, 9/8/2020 (b)		1,500		1,500
Illinois Finance Authority, Northwestern Memorial Hospital Series 2008A-1, Rev., VRDO, 0.09%, 9/8/2020 (b)		1,560		1,560
Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 (b)		2,330		2,330

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Illinois Finance Authority, Youth Hostels Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.09%, 9/8/2020 (b)		1,795		1,795
				20,735
Indiana — 1.4%
Indiana Finance Authority, Ascension Health Senior Credit Group Series 2008E-8, Rev., VRDO, 0.10%, 9/8/2020 (b)		18,375		18,375
Indiana Finance Authority, Parkview Health System Obligated Group Series 2009D, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 9/1/2020 (b)		7,535		7,535
				25,910
Iowa — 2.3%
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.11%, 9/8/2020 (b)		20,100		20,100
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 0.11%, 9/8/2020 (b)		7,795		7,795
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.08%, 9/8/2020 (b)		900		900
Iowa Higher Education Loan Authority, Loras College
Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		3,900		3,900
Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		6,850		6,850
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		3,750		3,750
				43,295
Kentucky — 1.8%
Kentucky Economic Development Finance Authority, Hospital Facilities, Saint Elizabeth Medical Center, Inc. Series 2009B, Rev., VRDO, LOC: TD Bank NA, 0.09%, 9/8/2020 (b)		4,725		4,725
Louisville & Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2011A, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		8,410		8,410
Louisville & Jefferson County Metropolitan Sewer and Drainage District Rev., BAN, 3.00%, 10/23/2020		3,925		3,939

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 27

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kentucky — continued
RBC Municipal Products, Inc. Trust Series G-116, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		12,000		12,000
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0881, Rev., VRDO, AGM, LIQ: Royal Bank of Canada, 0.13%, 9/8/2020 (b) (c)		2,800		2,800
				31,874
Louisiana — 0.7%
Consolidated Government of the City of Baton Rouge and Parish of East Baton Rouge, State of Louisiana Road and Street Improvement Series 2008A, Rev., VRDO, LOC: Citibank NA, 0.09%, 9/8/2020 (b)		8,310		8,310
East Baton Rouge Parish Industrial Development Board, Inc., Exxonmobile Project, Gulf Opportunity Zone Series A, Rev., VRDO, 0.03%, 9/1/2020 (b)		700		700
Tender Option Bond Trust Receipts/Certificates Series 2019-XM0738, Rev., VRDO, LOC: Royal Bank of Canada, 0.14%, 9/8/2020 (b) (c)		3,245		3,245
				12,255
Maine — 0.1%
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2749, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		1,785		1,785
Maryland — 1.7%
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.16%, 9/8/2020 (b) (c)		6,665		6,665
Maryland Economic Development Corp., Howard Hughes Medical Institute Series 2008A, Rev., VRDO, 0.10%, 9/8/2020 (b)		800		800
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-28, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		10,115		10,115
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		3,350		3,350
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.14%, 9/8/2020 (b) (c)		4,000		4,000
Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		5,000		5,000
				29,930

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Massachusetts — 1.8%
City of Salem GO, BAN, 1.00%, 11/19/2020		7,769		7,781
City of Somerville Series B, GO, BAN, 1.00%, 10/23/2020		6,000		6,005
Massachusetts Bay Transportation Authority, Sales Tax Series 2018A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.08%, 9/8/2020 (b)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates Series 2020-ZF0968, Rev., VRDO, FHA, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		3,335		3,335
Town of Scituate GO, BAN, 1.75%, 12/11/2020		1,290		1,295
Town of Yarmouth GO, BAN, 2.00%, 2/15/2021		5,000		5,039
				33,455
Michigan — 2.6%
Central Michigan University Series 2008A, Rev., VRDO, LOC: TD Bank NA, 0.08%, 9/8/2020 (b)		4,555		4,555
L’Anse Creuse Public Schools GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.08%, 9/8/2020 (b)		26,140		26,140
Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LIQ: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		19,200		19,200
				49,895
Minnesota — 2.0%
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 9/1/2020 (b)		35,620		35,620
Minnesota Housing Finance Agency, Residential Housing Finance Series 2015G, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b)		1,240		1,240
				36,860
Mississippi — 4.2%
County of Jackson, Pollution Control, Chevron USA, Inc., Project Rev., VRDO, 0.03%, 9/1/2020 (b)		19,270		19,270
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 0.03%, 9/1/2020 (b)		10,850		10,850
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series 2007B, Rev., VRDO, 0.03%, 9/1/2020 (b)		1,125		1,125

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Mississippi — continued
Series 2009C, Rev., VRDO, 0.03%, 9/1/2020 (b)		4,895		4,895
Series 2009G, Rev., VRDO, 0.03%, 9/1/2020 (b)		6,685		6,685
Series 2010 H, Rev., VRDO, 0.03%, 9/1/2020 (b)		18,500		18,500
Series 2010G, Rev., VRDO, 0.03%, 9/1/2020 (b)		4,275		4,275
Series 2010L, Rev., VRDO, 0.03%, 9/1/2020 (b)		4,600		4,600
Series 2011C, Rev., VRDO, 0.03%, 9/1/2020 (b)		7,100		7,100
				77,300
Missouri — 2.5%
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		3,500		3,500
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.07%, 9/8/2020 (b)		16,440		16,440
Health and Educational Facilities Authority of the State of Missouri, Washington University (The) Series 1996D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/1/2020 (b)		1,200		1,200
Missouri Development Finance Board, Cultural Facilities, Kauffman Center For The Performing Arts Project Series 2007A, Rev., VRDO, LIQ: PNC Bank NA, 0.04%, 9/1/2020 (b)		13,775		13,775
RBC Municipal Products, Inc. Trust, Floater Certificates Rev., VRDO, LOC: Royal Bank of Canada, 0.14%, 9/8/2020 (b) (c)		4,000		4,000
Tender Option Bond Trust Receipts/Certificates Rev., VRDO, LOC: Royal Bank of Canada, 0.16%, 9/8/2020 (b) (c)		4,950		4,950
				43,865
Nevada — 0.4%
City of Reno, Renown Regional Medical Center
Series 2009-A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		700		700
Tender Option Bond Trust Receipts/Certificates
Series 2020-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.13%, 9/8/2020 (b) (c)		6,000		6,000
				6,700

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New Jersey — 4.4%
Borough of Beachwood Series 2020A, GO, BAN, 2.00%, 3/4/2021		5,000		5,027
County of Cumberland GO, BAN, 2.00%, 11/13/2020		680		681
County of Hudson GO, BAN, 2.00%, 12/8/2020		6,045		6,074
County of Mercer, Capital Improvement Series 2020A, GO, BAN, 2.00%, 6/10/2021		300		304
County of Passaic, County of Hudson Series 2019A, GO, BAN, 2.00%, 12/3/2020		450		452
Hudson County Improvement Authority
Series 2020C-1B, Rev., GTD, 1.50%, 2/19/2021		1,000		1,006
Series 2020C-1A, Rev., GTD, 1.50%, 9/2/2021		8,988		9,098
Hudson County Improvement Authority, Guaranteed Pooled Notes Series 2019C-1, Rev., GTD, 2.50%, 9/18/2020		5,570		5,576
Hudson County Improvement Authority, Tax Exempt, County Guaranteed Pooled Notes Series 2020B-1, Rev., GTD, 2.50%, 5/11/2021		7,000		7,109
Township of East Windsor GO, BAN, 2.00%, 12/4/2020		8,700		8,718
Township of Florence Series 2020A, GO, BAN, 1.75%, 1/15/2021		6,000		6,035
Township of Lacey Series 2020A, GO, BAN, 2.00%, 5/20/2021		8,051		8,117
Township of Lumberton Series 2020A, GO, BAN, 1.75%, 5/3/2021		5,237		5,283
Township of Readington GO, BAN, 1.50%, 4/29/2021		12,984		13,082
Township of Robbinsville Series 2020A, GO, BAN, 1.25%, 7/20/2021		2,375		2,394
Township of Woodbridge, Sewer and Recreation Utility GO, BAN, 3.00%, 10/16/2020		3,120		3,131
				82,087
New York — 19.1%
Albany City School District Series 2020B, GO, BAN, 1.25%, 7/30/2021		4,272		4,305
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		11,425		11,425
City of New York, Fiscal Year 2008 Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		10,245		10,245
City of New York, Fiscal Year 2012
Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.02%, 9/1/2020 (b)		9,670		9,670

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 29

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 0.03%, 9/1/2020 (b)		100		100
City of New York, Fiscal Year 2013 Subseries A-2, GO, VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		23,525		23,525
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		3,300		3,300
County of Broome Series 2020A, GO, BAN, 2.00%, 4/30/2021		930		938
Evans-Brant Central School District Series 2020B, GO, BAN, 1.25%, 6/25/2021		4,000		4,021
Frontier Central School District GO, BAN, 1.25%, 7/22/2021		2,568		2,587
Geneva City School District GO, BAN, 1.25%, 6/25/2021		5,000		5,034
Gorham-Middlesex Central School District Series 2020A, GO, BAN, 1.25%, 6/24/2021		5,000		5,028
Metropolitan Transportation Authority
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		12,655		12,655
Series 2012G-1, Rev., VRDO, LOC: Barclays Bank plc, 0.03%, 9/1/2020 (b)		10,600		10,600
Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		16,285		16,285
Subseries 2005D-2, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		5,055		5,055
Subseries E-2, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		8,555		8,555
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		14,100		14,100
Subseries E-3, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		784		784
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012
Subseries A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		7,965		7,965
Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		3,595		3,595
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution
Series BB-1B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		11,735		11,735
Series BB-2, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.05%, 9/1/2020 (b)		1,425		1,425

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
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, 0.02%, 9/1/2020 (b)		2,400		2,400
Subseries FF-1, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		2,605		2,605
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., 0.02%, 9/1/2020 (b)		5,060		5,060
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Series BB, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		18,050		18,050
Subseries BB-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		3,600		3,600
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, 0.10%, 9/8/2020 (b)		4,555		4,555
New York City Transitional Finance Authority Future Tax Secured
Subseries C-5, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		1,730		1,730
Series 2014C, Rev., 5.00%, 11/1/2020		265		267
New York City Transitional Finance Authority, Future Tax Secured Subseries D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.10%, 9/8/2020 (b)		4,700		4,700
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-3, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.08%, 9/8/2020 (b)		2,615		2,615
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		11,850		11,850
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014
Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		2,160		2,160
Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.04%, 9/1/2020 (b)		22,950		22,950
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.04%, 9/1/2020 (b)		4,935		4,935

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York City Trust for Cultural Resources, American Museum of Natural History Series 2008-B3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		5,275		5,275
New York City Water and Sewer System, Second General Resolution Subseries CC-1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		2,120		2,120
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2020 (b)		1,600		1,600
New York State Housing Finance Agency, 160 Madison Avenue Housing Series 2013A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		5,915		5,915
New York State Housing Finance Agency, Housing, 160 Madison Avenue Series 2014A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		3,900		3,900
North Colonie Central School District GO, BAN, 1.25%, 7/16/2021		3,500		3,527
Orchard Park Central School District GO, BAN, 1.50%, 5/5/2021		5,000		5,040
RBC Municipal Products, Inc. Trust Series E-86, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		9,165		9,165
Tender Option Bond Trust Receipts/Certificates
Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		1,600		1,600
Series 2015-XF0238, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		13,815		13,815
Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		4,370		4,370
Town of Vestal GO, BAN, 2.00%, 5/7/2021		8,418		8,505
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2003 B-1, Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		17,525		17,525
Union Springs Central School District GO, BAN, 1.75%, 4/30/2021		9,900		9,988
				352,754
North Carolina — 2.3%
Charlotte-Mecklenburg Hospital Authority, Health Care Series 2018F, Rev., VRDO, 0.08%, 9/8/2020 (b)		11,115		11,115
City of Raleigh, Downtown Improvement Projects Series 2005-B-2, COP, VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		5,885		5,885

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — continued
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 0.14%, 9/8/2020 (b) (c)		3,415		3,415
University of North Carolina, Hospital at Chapel Hill
Series 2001 A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		8,670		8,670
Series 2001 B, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		5,935		5,935
Series 2003 B, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/8/2020 (b)		6,755		6,755
				41,775
Ohio — 2.6%
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group
Series 2008-B4, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		15,000		15,000
Series 2013-B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 9/1/2020 (b)		8,650		8,650
State of Ohio, Cleveland Clinic Health System Series 2019D-2, Rev., VRDO, 0.09%, 9/8/2020 (b)		9,000		9,000
Tender Option Bond Trust Receipts/Certificates
Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		10,000		10,000
Series 2020-XF2889, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		4,705		4,705
				47,355
Oklahoma — 0.1%
Tender Option Bond Trust Receipts/Certificates Series 2020-XF2884, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		1,370		1,370
Oregon — 0.2%
Oregon State Facilities Authority, PeaceHealth Series 2018B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		3,555		3,555
Pennsylvania — 4.9%
Delaware Valley Regional Finance Authority Series 2020A, Rev., VRDO, LOC: TD Bank NA, 0.09%, 9/8/2020 (b)		25,000		25,000
Pennsylvania Turnpike Commission Series 2020A, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 9/8/2020 (b)		18,000		18,000
Philadelphia Authority for Industrial Development, The Franklin Institute Project Rev., VRDO, LOC: Bank of America NA, 0.15%, 9/8/2020 (b)		2,840		2,840

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 31

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
RBC Municipal Products, Inc. Trust Series 2018-G-43, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		5,000		5,000
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		23,860		23,860
Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		10,000		10,000
Tender Option Bond Trust Receipts/Certificates Series 2020-XF2885, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		1,250		1,250
Series 2020-XM0876, Rev., VRDO, LIQ: Royal Bank of Canada, 0.13%, 9/8/2020 (b) (c)		1,875		1,875
				87,825
Rhode Island — 0.8%
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZF2712, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		2,265		2,265
Series 2019-ZF2826, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		3,570		3,570
Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 0.15%, 9/8/2020 (b) (c)		6,035		6,035
Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 0.15%, 9/8/2020 (b) (c)		4,050		4,050
				15,920
South Carolina — 1.2%
County of Richland GO, BAN, 3.00%, 2/25/2021		5,250		5,301
County Square Redevelopment Corp., Installment Purchase Rev., BAN, 2.00%, 3/24/2021		3,000		3,022
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.20%, 9/8/2020 (b)		4,970		4,970
Tender Option Bond Trust Receipts/Certificates Series 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		5,000		5,000
Town of Lexington, Combined Waterworks and Sewer System Rev., BAN, 2.50%, 10/27/2020		3,330		3,336
				21,629
South Dakota — 0.4%
South Dakota Housing Development Authority Series 2020D, Rev., VRDO, LIQ: FHLB, 0.10%, 9/8/2020 (b)		7,600		7,600

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee — 1.2%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/1/2020 (b)		12,195		12,195
Montgomery County Public Building Authority, Pooled Financing Series 1999, Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b)		3,840		3,840
Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		5,905		5,905
				21,940
Texas — 5.9%
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Series 2008B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.11%, 9/8/2020 (b)		1,150		1,150
City of Dallas GO, 5.00%, 2/15/2021		3,240		3,310
City of Houston, Airport System Subordinate Lien Rev., VRDO, LOC: Barclays Bank plc, 0.10%, 9/8/2020 (b)		1,200		1,200
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2016D, Rev., VRDO, 0.10%, 9/8/2020 (b)		7,075		7,075
Series 2019F, Rev., VRDO, 0.10%, 9/8/2020 (b)		9,000		9,000
Lower Neches Valley Authority Industrial Development Corp., Exxonmobil Project
Rev., VRDO, 0.03%, 9/1/2020 (b)		10,245		10,245
Series 2001A-2, Rev., VRDO, 0.03%, 9/1/2020 (b)		2,635		2,635
Series 2002A, Rev., VRDO, 0.03%, 9/1/2020 (b)		250		250
Series A-3, Rev., VRDO, 0.03%, 9/1/2020 (b)		300		300
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G112, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 9/8/2020 (b) (c)		9,000		9,000
State of Texas, Veterans
Series 2012A, GO, VRDO, LIQ: State Street Bank & Trust, 0.11%, 9/8/2020 (b)		1,815		1,815
Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/8/2020 (b)		5,920		5,920
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/8/2020 (b)		19,465		19,465

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System
Series 2008 A, Rev., VRDO, 0.10%, 9/8/2020 (b)		2,000		2,000
Series 2012 B, Rev., VRDO, 0.10%, 9/8/2020 (b)		11,155		11,155
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		5,995		5,995
Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		3,840		3,840
Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		3,335		3,335
Series 2020-YX1132, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		5,005		5,005
Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		4,000		4,000
				106,695
Utah — 0.4%
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		3,425		3,425
Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 0.15%, 9/8/2020 (b) (c)		3,000		3,000
				6,425
Vermont — 0.1%
Vermont Educational and Health Buildings Financing Agency, Southwestern Vermont Medical Center Series 2008A, Rev., VRDO, LOC: TD Bank NA, 0.05%, 9/1/2020 (b)		1,550		1,550
Virginia — 4.2%
Albermarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 9/1/2020 (b)		7,870		7,870
Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series 2018B, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		445		445
Fairfax County Industrial Development Authority, Health Care System Series 2016C, Rev., VRDO, 0.09%, 9/8/2020 (b)		4,350		4,350

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Virginia — continued
Loudoun County Economic Development Authority, Howard Hughes Medical Institute
Series 2003D, Rev., VRDO, 0.09%, 9/8/2020 (b)		1,100		1,100
Series 2009B, Rev., VRDO, 0.09%, 9/8/2020 (b)		125		125
Series 2003E, Rev., VRDO, 0.10%, 9/8/2020 (b)		1,200		1,200
Series 2003F, Rev., VRDO, 0.10%, 9/8/2020 (b)		3,695		3,695
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group Series 2016A, Rev., VRDO, 0.09%, 9/8/2020 (b)		700		700
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020B, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		10,000		10,000
Roanoke Economic Development Authority, Health System Series 2005A, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		39,470		39,470
Tender Option Bond Trust Receipts/Certificates
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		4,230		4,230
Series 2020-XF0955, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		5,335		5,335
				78,520
Washington — 0.2%
State of Washington Series R-2020D, GO, 5.00%, 1/1/2021		260		264
State of Washington, Various Purpose Series R-2020C, GO, 5.00%, 1/1/2021		3,000		3,048
				3,312
Wisconsin — 0.1%
Wisconsin Housing and Economic Development Authority Series 2009A, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2020 (b)		1,200		1,200
Total Municipal Bonds (Cost $1,534,463)				1,534,827
Repurchase Agreements — 5.4%
Citigroup Global Markets Holdings, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $99,840, collateralized by U.S. Treasury Securities, 0.25% - 3.00%, due 2/15/2049 - 2/15/2050, with a value of $101,837. (Cost $99,840)		99,840		99,840

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 33

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 3.3%
New York — 0.6%
Nuveen New York AMT-Free Quality Municipal Income Fund Series 3, LIQ: Citi Bank NA, 0.12%, 9/8/2020 # (c)		10,000		10,000
Other — 2.7%
Nuveen AMT-Free Municipal Credit Income Fund
Series 1, LIQ: Citi Bank NA, 0.14%, 9/8/2020 # (c)		11,000		11,000
Series 5, LIQ: Societe Generale, 0.14%, 9/8/2020 # (c)		10,000		10,000
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 # (c)		9,000		9,000
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 0.14%, 9/8/2020 # (c)		5,000		5,000
Series 4 - 4895, LIQ: Barclays Bank plc, 0.14%, 9/8/2020 # (c)		10,000		10,000
Series 5 - 1000, LOC: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 # (c)		5,000		5,000
				50,000
Total Variable Rate Demand Preferred Shares (Cost $60,000)				60,000
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 9.9%
Commercial Paper — 9.9%
Alachua County Health Facilities Authority Series 08-A, 0.18%, 10/8/2020		5,000		5,000
Board of Regents of the University of Texas System
Series A, 0.23%, 2/2/2021		5,000		5,001
Series A, 0.24%, 2/3/2021		1,000		1,000
Series A, 0.45%, 2/18/2021		5,000		5,006
Series A, 0.43%, 2/19/2021		3,500		3,504
Series A, 0.40%, 2/22/2021		5,000		5,005
California Statewide Communities Development Authority
0.50%, 9/9/2020		5,000		5,001
Series 08-C, 0.28%, 12/9/2020		17,500		17,504
Series B-5, 0.21%, 1/6/2021		5,000		5,001
Series 9B-4, 0.24%, 2/2/2021		5,000		5,001
City of Garland
0.23%, 9/14/2020		5,000		5,000
0.25%, 9/21/2020		4,500		4,500
City of Houston Series H-2, 0.24%, 10/7/2020		5,000		5,000
City of Jacksonville, Health Care Authority 0.23%, 2/4/2021		6,000		6,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
City of Philadelphia
Series A-1, 0.19%, 11/12/2020		5,100		5,100
City of San Antonio, Electric and Gas System
Series C, 0.61%, 9/8/2020		10,000		10,001
County of Harris
Series J-1, 0.22%, 1/19/2021		100		100
Series J-1, 0.30%, 1/19/2021		250		250
County of Harris, Toll Road Authority (The)
Series E-2, 0.22%, 9/17/2020		2,450		2,450
Series E-1, 0.30%, 9/17/2020		3,060		3,060
Series E-1, 0.23%, 10/15/2020		3,300		3,300
Series E-2, 0.21%, 11/5/2020		10,000		10,001
County of Hillsborough
Series A, 0.24%, 9/24/2020		3,300		3,300
County of York
Series 00B3, 0.22%, 9/1/2020		12,000		12,000
Illinois Finance Authority
Series 12-H, 0.17%, 9/10/2020		5,000		5,000
Louisville & Jefferson County Metropolitan Sewer District
Series A-1, 0.32%, 9/1/2020		10,000		10,000
Massachusetts Health and Educational Facilities Authority
Series H-2, 0.25%, 11/5/2020		10,750		10,752
Omaha Public Power District
Series A, 0.19%, 12/7/2020		8,700		8,701
Southwestern Illinois Development Authority, Health Facilities
Series 17-B, 0.26%, 10/5/2020		4,870		4,871
Series 17-B, 0.19%, 10/16/2020		5,000		5,000
University of California
Series A, 0.35%, 2/22/2021		5,000		5,006
University of Houston
Series TE-A, 0.27%, 9/2/2020		679		679
University of Minnesota
0.18%, 10/9/2020		4,500		4,500
Total Commercial Paper (Cost $181,560)				181,594
Total Short-Term Investments (Cost $181,560)				181,594
Total Investments — 102.2% (Cost $1,875,863)				1,876,261
Liabilities in Excess of Other Assets — (2.2)%				(40,421	)
NET ASSETS — 100.0%				1,835,840

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
CONS	Consolidated Bonds
COP	Certificate of Participation
CR	Custodial Receipts
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
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority

PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
Rev.	Revenue
TAN	Tax Anticipation Note
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 7.4%
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $233,814.[2]		233,813		233,813
Societe Generale SA, 0.30%, dated 8/31/2020, due 9/1/2020, repurchase price $25,000, collateralized by Asset-Backed Securities, 0.42% - 8.09%, due 1/25/2030 -1/25/2037, Collateralized Mortgage Obligations, 0.58% - 6.21%, due 7/25/2036 - 6/11/2042, Corporate Notes and Bonds, 4.88% - 12.00%, due 12/15/2022 - 2/15/2030, FHLMC, 2.48% - 3.28%, due 12/26/2029 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.23% - 3.83%, due 9/25/2029 - 1/25/2040 and Sovereign Government Securities, 6.35% - 7.63%, due 8/10/2024 -1/23/2030, with a value of $27,000.		25,000		25,000
Societe Generale SA, 0.32%, dated 8/31/2020, due 9/3/2020, repurchase price $10,000, collateralized by Asset-Backed Securities, 0.32% - 8.09%, due 1/25/2030 - 2/28/2040, Collateralized Mortgage Obligations, 0.37% - 6.00%, due 5/25/2035 - 7/20/2046, Corporate Notes and Bonds, 4.63% - 11.75%, due 4/1/2023 - 9/30/2039, FHLMC, 0.83% - 3.28%, due 12/26/2029 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.18% - 3.83%, due 9/25/2029 - 1/25/2040 and Sovereign Government Securities, 4.25% -11.88%, due 12/23/2023 - 9/30/2049, with a value of $10,801.		10,000		10,000
Total Repurchase Agreements (Cost $268,813)				268,813
Municipal Bonds — 0.4%
Alaska — 0.3%
Alaska Housing Finance Corp., State Capital Project Series 2019A, Rev., VRDO, 0.20%, 9/8/2020 (b)		10,000		10,000
New York — 0.1%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021		5,000		5,141
Total Municipal Bonds (Cost $15,128)				15,141

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 92.2%
Commercial Paper — 51.1%
Atlantic Asset Securitization LLC 1.17%, 10/2/2020 (c) (d)		50,000		49,993
Banco Del Estado De Chile (Chile)
0.30%, 10/20/2020 (c) (d)		10,000		9,998
0.29%, 10/22/2020 (c) (d)		39,000		38,990
Barclays Bank plc (United Kingdom) 0.09%, 9/1/2020 (c) (d)		134,998		134,998
Barton Capital SA 0.11%, 9/1/2020 (c) (d)		90,374		90,374
BNG Bank NV (Netherlands) 1.20%, 9/1/2020 (c) (d)		34,000		34,000
BNP Paribas SA (France) (ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/9/2020 (e)		75,000		75,008
BNZ International Funding Ltd. (New Zealand) 0.19%, 11/9/2020 (c) (d)		55,000		54,988
BPCE SA (France) 0.46%, , 3/19/2021 (c) (d)		25,000		24,970
Caisse d’Amortissement de la Dette Sociale (France) 0.40%, 3/25/2021 (c) (d)		40,000		39,946
China Construction Bank Corp. (China) 0.10%, 9/1/2020 (c) (d)		120,649		120,649
Cooperatieve Rabobank UA (Netherlands) 0.08%, 9/1/2020 (d)		160,000		160,000
DBS Group Holdings Ltd. (Singapore) 0.83%, 11/4/2020 (c) (d)		45,000		44,987
Dexia Credit Local SA (France)
0.32%, 10/27/2020 (c) (d)		13,000		12,998
0.57%, 10/30/2020 (c) (d)		30,000		29,994
DNB Bank ASA (Norway)
(ICE LIBOR USD 1 Month + 0.18%), 0.36%, 9/21/2020 (c) (e)		75,000		75,076
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, , 10/22/2020 (c) (e)		20,000		20,004
(ICE LIBOR USD 3 Month + 0.15%), 0.41%, 11/5/2020 (c) (e)		15,000		15,013
Exxon Mobil Corp. 2.15%, 9/24/2020 (d)		50,000		49,931
First Abu Dhabi Bank PJSC (United Arab Emirates) 0.23%, 11/16/2020 (c) (d)		30,000		29,991
Industrial & Commercial Bank of China Ltd. 0.09%, 9/1/2020 (c) (d)		113,056		113,056
ING US Funding LLC (Netherlands) 0.45%, 2/1/2021 (d)		100,000		99,931
Landesbank Baden-Wurttemberg (Germany) 0.13%, 9/1/2020 (d)		80,000		80,000
LMA-Americas LLC
0.20%, 11/4/2020 (c) (d)		29,000		28,991
1.36%, 11/20/2020 (c) (d)		30,000		29,987
Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.32%, 10/5/2020 (c) (d)		8,400		8,399

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 92.2%
Commercial Paper — 51.1%
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.22%), 0.41%, 9/24/2020 (c) (e)		100,000		100,086
Natixis SA (France) 1.91%, 11/13/2020 (d)		4,010		3,995
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.10%), 0.42%, 9/10/2020 (c) (e)		50,000		50,002
Sinopec Century Bright Capital Investment Ltd. (China) 0.40%, 9/1/2020 (c) (d)		30,000		30,000
Societe Generale SA (France)
0.56%, 10/26/2020 (c) (d)		22,600		22,595
0.49%, 11/2/2020 (c) (d)		3,000		2,999
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.50%, 10/26/2020 (c) (d)		50,000		49,988
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.15%), 0.41%, 11/6/2020 (c) (e)		75,000		75,082
Toronto-Dominion Bank (The) (Canada)
(US Federal Funds Effective Rate (continuous series) + 0.36%), 0.46%, 9/1/2020 (c) (e)		50,000		50,016
(ICE LIBOR USD 3 Month + 0.23%), 0.49%, 11/3/2020 (c) (e)		10,000		10,012
Total Commercial Paper (Cost $1,866,288)				1,867,047
Certificates of Deposit — 22.2%
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.08%), 0.35%, 11/19/2020 (e)		35,000		35,017
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/10/2020 (e)		12,000		12,009
0.42%, 7/7/2021		35,000		35,062
Cooperatieve Rabobank UA (Netherlands) (ICE LIBOR USD 3 Month + 0.15%), 0.40%, 11/6/2020 (e)		15,000		15,013
Credit Industriel et Commercial (France) 0.35%, 1/4/2021		35,000		35,021
Credit Suisse AG (Switzerland) 1.55%, 10/6/2020		5,000		5,000
Industrial & Commercial Bank of China Ltd. (China) 0.60%, 10/23/2020		35,000		35,019
MUFG Bank Ltd. (Japan)
1.15%, 10/19/2020		65,000		65,090
0.38%, 11/23/2020		35,000		35,017

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
Natixis SA (France)
(US Federal Funds Effective Rate (continuous series) + 0.21%), 0.30%, 11/4/2020 (e)		12,000		12,000
0.57%, 12/2/2020		14,500		14,514
1.00%, 1/21/2021		20,000		20,064
0.55%, 2/17/2021		20,000		20,033
0.43%, 3/23/2021		10,270		10,281
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.10%), 0.43%, 9/8/2020 (e)		75,000		75,058
Oversea-Chinese Banking Corp. Ltd. (Singapore) 1.60%, 10/2/2020		30,000		30,000
Royal Bank of Canada (Canada)
(US Federal Funds Effective Rate (continuous series) + 0.18%), 0.27%, 9/1/2020 (e)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.30%), 0.55%, 11/4/2020 (e)		10,000		10,019
Skandinaviska Enskilda Banken AB (Sweden) (ICE LIBOR USD 3 Month + 0.04%), 0.29%, 11/12/2020 (e)		23,000		23,000
Standard Chartered Bank (United Kingdom)
2.09%, 9/18/2020		6,000		6,006
1.36%, 10/13/2020		65,000		65,089
Sumitomo Mitsui Banking Corp. (Japan)
0.22%, 11/30/2020		22,000		22,003
0.26%, 2/4/2021		90,000		90,011
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.42%, 11/2/2020		12,750		12,756
0.21%, 11/16/2020		11,000		11,001
Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 3 Month + 0.09%), 0.36%, 11/19/2020 (e)		30,000		30,009
UBS AG (Switzerland) 1.55%, 1/4/2021		25,000		25,114
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.08%), 0.39%, 9/9/2020 (e)		30,000		30,000
Total Certificates of Deposit (Cost $808,540)				809,206
Time Deposits — 14.8%
Credit Agricole Corporate and Investment Bank 0.09%, , 9/1/2020		70,000		70,000
Erste Group Bank AG 0.09%, , 9/1/2020		150,000		150,000
First Abu Dhabi Bank PJSC 0.08%, , 9/1/2020		140,000		140,000
Mizuho Bank Ltd. 0.09%, , 9/1/2020		180,000		180,000
Total Time Deposits (Cost $540,000)				540,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 4.1%
U.S. Treasury Bills
0.24%, 9/15/2020 (d)		50,000		49,998
0.26%, 10/15/2020 (d)		50,000		49,995
0.18%, 11/3/2020 (d)		50,000		49,992
Total U.S. Treasury Obligations (Cost $149,964)				149,985
Total Short-Term Investments (Cost $3,364,792)				3,366,238
Total Investments — 100.0% (Cost $3,648,733)				3,650,192
Other Assets Less Liabilities — 0.0%				425
NET ASSETS — 100.0%				3,650,617

Percentages indicated are based on net assets.

Abbreviations

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
PJSC	Public Joint Stock Company
RAN	Revenue Anticipation Note
Rev.	Revenue
USD	United States Dollar
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	The rate shown is the effective yield as of August 31, 2020.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.

Additional Investment Information:

^[2] Agency Joint Trading Account II — At August 31, 2020, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan Securities Lending Money Market Fund	$233,813	$	233,814	$	238,500

Repurchase Agreements — At August 31, 2020, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan Securities Lending Money Market Fund
Bofa Securities, Inc.		0.09	%	$	172,112
Citibank NA		0.09	%		29,227
Citigroup Global Markets Holdings, Inc.		0.09	%		32,474
Total				$	233,813

At August 31, 2020, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLB		2.13% - 3.60%		12/14/2029 - 5/10/2038
FHLMC		1.50% - 5.00%		2/1/2026 - 9/1/2050
FNMA		2.00% - 6.10%		4/1/2021 - 9/1/2050
GNMA		2.49% - 6.50%		3/20/2048 - 6/15/2049
U.S. Treasury Securities		1.75%		6/15/2022

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 25.1%
Barclays Capital, Inc., 0.36%, dated 8/31/2020, due 10/5/2020, repurchase price $30,010, collateralized by Asset-Backed Securities, 0.68% - 8.29%, due 2/25/2024 - 4/25/2036, with a value of $33,000.		30,000		30,000
Barclays Capital, Inc., 0.41%, dated 8/31/2020, due 10/5/2020, repurchase price $20,008, collateralized by Asset-Backed Securities, 4.23% - 5.52%, due 2/18/2025 - 1/25/2043, with a value of $22,000.		20,000		20,000
BMO Capital Markets Corp., 0.20%, dated 8/31/2020, due 9/1/2020, repurchase price $100,001, collateralized by Asset-Backed Securities, 0.00% - 4.34%, due 4/8/2022 - 3/15/2040, Collateralized Mortgage Obligations, 0.00% - 3.06%, due 2/18/2030 - 10/13/2048, Corporate Notes and Bonds, 0.44% - 8.38%, due 9/21/2020 - 9/15/2115, FHLMC, 2.00% - 4.50%, due 6/15/2032 - 8/1/2050, FNMA, 2.00% - 3.55%, due 11/1/2048 - 8/1/2050, GNMA, 1.40% - 5.50%, due 6/15/2028 - 5/20/2066 and Sovereign Government Securities, 0.38% - 2.63%, due 1/25/2022 - 7/29/2025, with a value of $105,544.		100,000		100,000
BMO Capital Markets Corp., 0.23%, dated 8/31/2020, due 9/7/2020, repurchase price $25,001, collateralized by Asset-Backed Securities, 2.38%, due 3/25/2035, Corporate Notes and Bonds, 0.91% - 6.50%, due 3/10/2022 - 12/31/2099, FHLMC, 2.54%, due 7/25/2026, FNMA, 2.60%, due 5/25/2024, GNMA, 3.16%, due 3/15/2062 and Sovereign Government Securities, 0.38% - 2.25%, due 1/25/2022 - 7/29/2025, with a value of $26,335.		25,000		25,000
BNP Paribas SA, 0.26%, dated 8/31/2020, due 9/1/2020, repurchase price $100,001, collateralized by Asset-Backed Securities, 0.33% - 5.13%, due 4/20/2026 - 7/20/2043 and Corporate Notes and Bonds, 0.00% - 7.83%, due 10/30/2020 - 1/1/2099, with a value of $109,550.		100,000		100,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Bofa Securities, Inc., 0.18%, dated 8/31/2020, due 9/1/2020, repurchase price $100,001, collateralized by Common Stocks, 0.00%, due 1/1/2099 and Preferred Stocks, 0.00% - 10.88%, due 10/30/2020 - 1/1/2099, with a value of $108,000.		100,000		100,000
Bofa Securities, Inc., 0.49%, dated 8/31/2020, due 10/5/2020, repurchase price $50,024, collateralized by FHLMC, 2.53% - 3.67%, due 4/25/2030 - 9/25/2045, FNMA Connecticut Avenue Securities, 1.40% - 2.30%, due 9/25/2029 - 7/25/2030 and Sovereign Government Securities, 2.55% - 7.88%, due 1/30/2025 - 5/15/2051, with a value of $52,814.		50,000		50,000
Bofa Securities, Inc., 0.49%, dated 8/31/2020, due 10/20/2020, repurchase price $100,068, collateralized by Corporate Notes and Bonds, 0.00% - 10.00%, due 9/30/2021 - 12/31/2099, with a value of $108,000.		100,000		100,000
Credit Suisse Securities USA LLC, 0.29%, dated 8/31/2020, due 9/2/2020, repurchase price $40,001, collateralized by Collateralized Mortgage Obligations, 0.00% - 1.66%, due 12/15/2036 - 5/25/2065, with a value of $43,202.		40,000		40,000
Credit Suisse Securities USA LLC, 0.51%, dated 8/31/2020, due 10/5/2020, repurchase price $50,025, collateralized by Asset-Backed Securities, 0.00% - 2.93%, due 8/1/2021 - 4/12/2024 and Collateralized Mortgage Obligations, 0.00% - 7.02%, due 8/25/2035 - 4/25/2065, with a value of $54,469.		50,000		50,000
Fixed Income Clearing Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $2,000,005, collateralized by U.S. Treasury Securities, 0.00% - 4.63%, due 11/27/2020 - 2/15/2050, with a value of $2,040,000.		2,000,000		2,000,000
ING Financial Markets LLC, 0.23%, dated 8/31/2020, due 9/1/2020, repurchase price $100,001, collateralized by Sovereign Government Securities, 5.63% - 8.75%, due 2/4/2025 - 2/21/2047, with a value of $108,001.		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Societe Generale SA, 0.20%, dated 8/31/2020, due 9/1/2020, repurchase price $64,000, collateralized by Asset-Backed Securities, 4.00% - 4.55%, due 3/22/2029 - 2/25/2033, Corporate Notes and Bonds, 0.40% - 6.88%, due 3/9/2021 - 12/31/2099 and Sovereign Government Securities, 2.78% - 5.35%, due 3/15/2022 - 1/15/2050, with a value of $67,207.		64,000		64,000
Societe Generale SA, 0.30%, dated 8/31/2020, due 9/1/2020, repurchase price $170,001, collateralized by Asset-Backed Securities, 0.31% - 8.09%, due 11/18/2028 - 10/25/2046, Collateralized Mortgage Obligations, 0.37% - 4.35%, due 11/15/2032 - 12/16/2072, Corporate Notes and Bonds, 3.30% - 12.00%, due 6/1/2021 - 3/1/2030, FHLMC, 0.83% - 3.28%, due 12/26/2029 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.18% - 3.83%, due 9/25/2029 - 1/25/2040 and Sovereign Government Securities, 2.63% - 10.13%, due 1/22/2021 - 1/23/2050, with a value of $183,602.		170,000		170,000
Societe Generale SA, 0.32%, dated 8/31/2020, due 9/3/2020, repurchase price $75,002, collateralized by Asset-Backed Securities, 0.32% - 8.09%, due 3/17/2025 - 1/25/2037, Collateralized Mortgage Obligations, 0.46% - 6.21%, due 7/15/2036 - 8/17/2049, Corporate Notes and Bonds, 4.63% - 12.00%, due 11/21/2022 - 2/15/2030, FHLMC, 2.08% - 3.28%, due 1/25/2050 - 3/25/2050, FNMA Connecticut Avenue Securities, 2.23% - 3.83%, due 9/25/2029 - 1/25/2040 and Sovereign Government Securities, 4.25% - 7.63%, due 5/9/2024 - 5/30/2040, with a value of $81,005.		75,000		75,000
Wells Fargo Securities LLC, 0.23%, dated 8/31/2020, due 9/2/2020, repurchase price $28,000, collateralized by Sovereign Government Securities, 2.13%, due 6/15/2022, with a value of $29,401.		28,000		28,000
Wells Fargo Securities LLC, 0.23%, dated 8/31/2020, due 9/3/2020, repurchase price $46,001, collateralized by Sovereign Government Securities, 2.13% - 6.95%, due 6/15/2022 - 1/28/2060, with a value of $48,372.		46,000		46,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wells Fargo Securities LLC, 0.55%, dated 8/31/2020, due 9/21/2020, repurchase price $50,016, collateralized by Sovereign Government Securities, 2.13%, due 6/15/2022, with a value of $52,572.		50,000		50,000
Total Repurchase Agreements (Cost $3,148,000)				3,148,000
Corporate Notes — 0.7%
Banks — 0.7%
Barclays Bank plc (United Kingdom)
(OBFR + 0.15%), 0.23%, 9/1/2020 (b) (c)		50,000		50,000
(OBFR + 0.30%), 0.38%, 9/1/2020 (b) (c)		40,000		40,000
Total Corporate Notes (Cost $90,000)				90,000
Municipal Bonds — 0.2%
New York — 0.2%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 (Cost $20,514)		20,000		20,514
Short-Term Investments — 73.9%
Certificates of Deposit — 41.1%
Banco Del Estado De Chile (Chile) 0.35%, 9/14/2020		25,000		25,000
Bank of Montreal (Canada) 0.23%, 2/12/2021		50,000		50,000
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.17%), 0.35%, 9/24/2020 (b)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.10%), 0.40%, 10/6/2020 (b)		17,000		17,000
(ICE LIBOR USD 3 Month + 0.08%), 0.34%, 10/23/2020 (b)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.05%), 0.30%, 10/28/2020 (b)		14,000		14,000
(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 11/6/2020 (b)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.10%), 0.36%, 11/14/2020 (b)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.12%), 0.39%, 11/19/2020 (b)		40,000		40,000
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 0.08%), 0.38%, 10/3/2020 (b)		30,000		30,000
0.40%, 3/3/2021		50,000		50,000
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/10/2020 (b)		50,000		50,000
0.42%, 7/7/2021		50,000		50,000

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
China Construction Bank Corp. (China)
0.65%, 10/22/2020		20,000		20,000
0.61%, 11/3/2020		25,000		25,000
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 3 Month + 0.09%), 0.43%, 9/2/2020 (b)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.10%), 0.37%, 10/13/2020 (b)		10,000		10,000
1.10%, 10/14/2020		14,000		14,000
(ICE LIBOR USD 3 Month + 0.08%), 0.35%, 10/30/2020 (b)		29,000		29,000
(ICE LIBOR USD 3 Month + 0.15%), 0.40%, 11/6/2020 (b)		8,000		8,000
(ICE LIBOR USD 3 Month + 0.32%), 0.56%, 11/7/2020 (b)		13,000		13,000
(ICE LIBOR USD 3 Month + 0.04%), 0.32%, 11/17/2020 (b)		70,000		70,000
Credit Agricole Corporate and Investment Bank (France) 0.39%, 3/16/2021		17,000		17,000
Credit Industriel et Commercial (France)
1.40%, 10/1/2020		20,000		20,000
(ICE LIBOR USD 3 Month + 0.08%), 0.38%, 10/5/2020 (b)		25,000		25,000
1.25%, 10/13/2020		25,000		25,000
1.71%, 11/16/2020 (d)		25,000		24,910
0.65%, 11/20/2020 (d)		50,000		49,928
0.58%, 11/23/2020 (d)		50,000		49,933
0.50%, 12/1/2020 (d)		50,000		49,937
0.51%, 12/8/2020 (d)		50,000		49,931
0.34%, 1/4/2021		20,000		20,000
Credit Suisse AG (Switzerland)
1.40%, 10/2/2020		25,000		25,000
1.33%, 11/24/2020		60,000		60,000
0.47%, 2/26/2021		35,000		35,000
0.38%, 4/12/2021		50,000		50,000
0.29%, 5/17/2021		50,000		50,000
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.15%), 0.40%, 11/6/2020 (b)		16,000		16,000
HSBC Bank USA NA
1.25%, 10/7/2020		65,000		65,000
1.15%, 10/14/2020		33,000		33,000
0.95%, 10/20/2020		20,000		20,000
Industrial & Commercial Bank of China Ltd. (China)
0.63%, 10/23/2020		17,000		17,000
0.60%, 10/26/2020		30,000		30,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
ING Bank Australia Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.18%), 0.42%, 11/8/2020 (b)		45,000		45,000
ING Bank NV (Netherlands)
(ICE LIBOR USD 3 Month + 0.12%), 0.40%, 10/8/2020 (b)		80,000		80,000
(ICE LIBOR USD 3 Month + 0.10%), 0.35%, 11/5/2020 (b)		39,000		39,000
(ICE LIBOR USD 3 Month + 0.08%), 0.33%, 11/6/2020 (b)		15,000		15,000
0.54%, 2/11/2021		50,000		50,000
KBC Bank NV (Cayman Islands) 0.31%, 1/8/2021 (d)		25,000		24,972
Landesbank Hessen-Thueringen Girozentrale (Germany)
0.67%, 11/4/2020 (d)		50,000		49,941
0.58%, 11/16/2020 (d)		50,000		49,939
Mitsubishi UFJ Trust & Banking Corp. (Japan)
0.39%, 10/5/2020 (d)		25,000		24,991
0.36%, 1/15/2021		25,000		25,000
0.36%, 1/28/2021		50,000		50,000
Mizuho Bank Ltd. (Japan)
0.38%, 9/8/2020 (d)		25,000		24,998
0.31%, 9/15/2020		29,000		29,000
0.40%, 9/17/2020		15,000		15,000
(ICE LIBOR USD 1 Month + 0.18%), 0.34%, 9/20/2020 (b)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/29/2020 (b)		29,000		29,000
0.39%, 12/3/2020 (d)		100,000		99,899
0.36%, 1/19/2021		25,000		25,000
0.27%, 2/10/2021		35,000		34,999
MUFG Bank Ltd. (Japan)
0.40%, 9/21/2020 (d)		20,000		19,996
1.15%, 10/19/2020		50,000		50,000
0.39%, 11/20/2020		30,000		30,000
0.25%, 11/30/2020		29,000		29,000
0.38%, 11/30/2020		21,000		21,000
0.39%, 12/18/2020 (d)		50,000		49,942
0.23%, 1/20/2021		25,000		25,000
0.29%, 1/29/2021		30,000		30,000
0.27%, 2/4/2021		30,000		30,000
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 11/25/2020 (b)		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 11/27/2020 (b)		30,000		30,000
0.37%, 3/8/2021 (d)		200,000		199,615
0.38%, 3/23/2021 (d)		15,000		14,968
0.40%, 4/30/2021 (d)		29,000		28,923
Natixis SA (France)
(ICE LIBOR USD 3 Month + 0.11%), 0.44%, 9/4/2020 (b)		75,000		75,000
(ICE LIBOR USD 1 Month + 0.17%), 0.33%, 9/19/2020 (b)		50,000		50,000
1.40%, 10/2/2020		25,000		25,000
0.52%, 12/14/2020		80,000		80,000
0.55%, 2/17/2021		15,000		15,000
0.39%, 4/8/2021		5,000		5,000
0.29%, 5/3/2021		30,000		30,000
Nordea Bank Abp (Finland)
(ICE LIBOR USD 3 Month + 0.10%), 0.47%, 9/1/2020 (b)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.10%), 0.43%, 9/8/2020 (b)		100,000		100,000
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/17/2020 (b)		40,000		40,000
(ICE LIBOR USD 3 Month + 0.10%), 0.37%, 10/13/2020 (b)		25,000		25,000
1.12%, 10/15/2020		17,000		17,000
(ICE LIBOR USD 3 Month + 0.10%), 0.36%, 11/14/2020 (b)		50,000		50,000
1.10%, 11/17/2020		10,000		10,000
(ICE LIBOR USD 3 Month + 0.10%), 0.35%, 11/21/2020 (b)		21,000		21,000
Norinchukin Bank (The) (Japan) 0.18%, 9/22/2020		25,000		25,000
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.08%, 9/14/2020		25,000		25,000
(ICE LIBOR USD 1 Month + 0.14%), 0.32%, 9/24/2020 (b)		25,000		25,000
Rabobank International (United Kingdom) 0.26%, 2/26/2021 (d)		29,000		28,963
Royal Bank of Canada (Canada)
(US Federal Funds Effective Rate (continuous series) + 0.18%), 0.27%, 9/1/2020 (b)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.12%), 0.42%, 9/24/2020 (b)		17,000		17,000
1.46%, 10/1/2020		15,000		15,000
(ICE LIBOR USD 3 Month + 0.11%), 0.38%, 10/9/2020 (b)		15,000		15,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/29/2020 (b)		22,000		22,000
(ICE LIBOR USD 3 Month + 0.30%), 0.55%, 11/4/2020 (b)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.21%), 0.46%, 11/5/2020 (b)		13,000		13,000
1.30%, 1/7/2021		25,000		25,000
Skandinaviska Enskilda Banken AB (Sweden)
1.35%, 10/2/2020		25,000		25,000
0.25%, 5/11/2021		75,000		75,000
Standard Chartered Bank (United Kingdom) 0.97%, 10/27/2020		100,000		100,000
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.22%), 0.38%, 9/17/2020 (b)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.18%), 0.36%, 9/22/2020 (b)		28,000		28,000
(ICE LIBOR USD 1 Month + 0.18%), 0.34%, 9/28/2020 (b)		28,000		28,000
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/27/2020 (b)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.03%), 0.31%, 11/17/2020 (b)		50,000		50,000
0.35%, 12/1/2020		22,000		22,000
0.30%, 1/29/2021		125,000		125,000
0.26%, 2/5/2021		40,000		40,000
0.26%, 2/24/2021 (d)		25,000		24,968
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.57%, 11/12/2020 (d)		75,000		74,915
0.55%, 11/13/2020 (d)		50,000		49,944
0.40%, 11/18/2020		50,000		50,000
Sumitomo Trust & Banking Japan Multi Strategy Fund (United Kingdom) 1.27%, 9/8/2020 (d)		25,000		24,994
Sumitomo Trust and Banking Co. (United Kingdom)
0.50%, 11/16/2020 (d)		50,000		49,947
0.50%, 11/18/2020 (d)		25,000		24,972
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/16/2020 (b)		17,000		17,000
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/16/2020 (b)		9,000		9,000
(ICE LIBOR USD 3 Month + 0.12%), 0.44%, 9/19/2020 (b)		12,000		12,000

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
(ICE LIBOR USD 3 Month + 0.07%), 0.37%, 10/2/2020 (b)		17,000		17,000
1.12%, 10/14/2020		54,000		54,000
(ICE LIBOR USD 3 Month + 0.09%), 0.36%, 10/20/2020 (b)		35,000		35,000
(ICE LIBOR USD 3 Month + 0.05%), 0.31%, 10/30/2020 (b)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.13%), 0.37%, 11/7/2020 (b)		50,000		50,000
Toronto-Dominion Bank (The) (Canada)
(US Federal Funds Effective Rate (continuous series) + 0.35%), 0.44%, 9/1/2020 (b)		20,000		20,000
(ICE LIBOR USD 3 Month + 0.11%), 0.43%, 9/10/2020 (b)		5,000		5,000
1.03%, 9/11/2020		25,000		25,000
(ICE LIBOR USD 1 Month + 0.18%), 0.35%, 9/21/2020 (b)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.19%), 0.47%, 10/7/2020 (b)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/28/2020 (b)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.09%), 0.36%, 11/19/2020 (b)		26,000		26,000
1.27%, 1/28/2021		60,000		60,000
0.41%, 7/6/2021		29,000		29,000
UBS AG (Switzerland)
1.50%, 10/2/2020		50,000		50,000
1.55%, 1/4/2021		75,000		75,000
1.55%, 1/6/2021		50,000		50,000
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.11%), 0.41%, 10/6/2020 (b)		90,000		90,000
Total Certificates of Deposit (Cost $5,153,525)				5,153,525
Commercial Paper — 18.8%
Agricultural Bank of China Ltd. (China) 0.45%, 11/5/2020 (c) (d)		25,000		24,980
Alpine Securitization LLC (Switzerland)
(ICE LIBOR USD 3 Month + 0.08%), 0.33%, 11/20/2020 (b) (c)		50,000		50,000
0.37%, 1/6/2021 (c) (d)		50,000		49,935
0.31%, 5/5/2021 (c) (d)		25,000		24,947
Antalis SA (France) 1.60%, 9/1/2020 (c) (d)		27,440		27,440
Bank of Montreal (Canada) 1.05%, 9/14/2020 (d)		17,000		16,994
Barton Capital LLC 0.36%, 1/8/2021 (c) (d)		50,000		49,936

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Bedford Row Funding Corp.
(ICE LIBOR USD 3 Month + 0.10%), 0.42%, 9/3/2020 (b) (c)		100,000		100,000
1.01%, 9/9/2020 (c) (d)		25,000		24,994
1.01%, 9/14/2020 (c) (d)		15,000		14,995
(ICE LIBOR USD 3 Month + 0.06%), 0.32%, 11/1/2020 (b) (c)		22,000		22,000
BNG Bank NV (Netherlands) 1.20%, 9/1/2020 (c) (d)		110,000		110,000
BPCE SA (France) 0.46%, 3/19/2021 (c) (d)		10,000		9,975
Caisse d’Amortissement de la Dette Sociale (France)
0.29%, 1/20/2021 (c) (d)		117,000		116,869
0.40%, 3/25/2021 (c) (d)		75,000		74,829
Canadian Imperial Bank of Commerce (Canada)
(SOFR + 0.22%), 0.29%, 9/1/2020 (b) (c)		75,000		75,000
1.05%, 9/10/2020 (c) (d)		18,000		17,995
Cancara Asset Securitisation LLC 0.15%, 9/10/2020 (d)		20,000		19,999
Concord Minutemen Capital Co. LLC Series A, 0.12%, 9/3/2020 (c) (d)		70,000		70,000
Credit Suisse AG (ICE LIBOR USD 3 Month + 0.17%), 0.49%, 9/15/2020 (b)		15,000		15,000
Dexia Credit Local SA (France)
0.57%, 10/28/2020 (c) (d)		25,000		24,977
0.57%, 10/30/2020 (c) (d)		90,000		89,916
0.31%, 12/1/2020 (c) (d)		100,000		99,922
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.07%), 0.34%, 10/22/2020 (b) (c)		21,000		21,000
Fairway Finance Co. LLC 1.32%, 10/6/2020 (c) (d)		25,000		24,968
First Abu Dhabi Bank PJSC (United Arab Emirates)
0.25%, 10/16/2020 (c) (d)		100,000		99,969
0.25%, 10/23/2020 (c) (d)		27,000		26,990
0.24%, 11/3/2020 (c) (d)		25,000		24,990
0.23%, 11/16/2020 (c) (d)		75,000		74,964
0.23%, 11/20/2020 (c) (d)		28,000		27,986
FMS Wertmanagement (Germany) 0.25%, 1/20/2021 (d)		25,000		24,976
Honeywell International, Inc. 1.20%, 10/21/2020 (c) (d)		25,000		24,958
HSBC Bank plc (United Kingdom) 1.15%, 10/15/2020 (c) (d)		100,000		99,859

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
LMA-Americas LLC
0.40%, 1/15/2021 (c) (d)		24,400		24,363
0.23%, 2/8/2021 (c) (d)		26,400		26,373
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.14%), 0.30%, 9/4/2020 (b) (c)		30,000		30,000
National Bank of Canada (Canada)
0.25%, 1/22/2021 (c) (d)		30,000		29,970
0.23%, 2/4/2021 (c) (d)		25,000		24,975
PSP Capital, Inc. (Canada) (SOFR + 0.18%), 0.25%, 9/1/2020 (b) (c)		20,000		20,000
Royal Bank of Canada (Canada) (SOFR + 0.25%), 0.33%, 9/1/2020 (b) (c)		50,000		50,000
Sheffield Receivables Co. LLC (United Kingdom) 0.29%, 9/2/2020 (c) (d)		47,400		47,400
Shell International Finance BV (Netherlands) 2.15%, 1/15/2021 (c) (d)		25,000		24,797
Societe Generale SA (France) 0.57%, 10/27/2020 (c) (d)		15,000		14,987
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.40%, 11/30/2020 (c) (d)		25,000		24,975
0.26%, 2/4/2021 (c) (d)		25,000		24,972
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.10%), 0.26%, 9/10/2020 (b) (c)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.11%), 0.44%, 9/15/2020 (b) (c)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.10%), 0.38%, 10/13/2020 (b) (c)		25,000		25,000
0.95%, 10/19/2020 (c) (d)		10,000		9,987
(ICE LIBOR USD 3 Month + 0.08%), 0.36%, 10/27/2020 (b) (c)		28,000		28,000
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.15%), 0.31%, 9/5/2020 (b) (c)		30,000		30,000
(ICE LIBOR USD 3 Month + 0.19%), 0.48%, 9/27/2020 (b) (c)		100,000		100,000
(ICE LIBOR USD 3 Month + 0.23%), 0.49%, 11/3/2020 (b) (c)		13,000		13,000
(ICE LIBOR USD 3 Month + 0.18%), 0.44%, 11/5/2020 (b) (c)		16,000		16,000
UBS AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.10%), 0.41%, 10/3/2020 (b) (c)		30,000		30,000
1.14%, 1/22/2021 (c) (d)		115,000		114,478

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Westpac Banking Corp. (Australia) 0.37%, 3/4/2021 (c) (d)		35,000		34,933
Total Commercial Paper (Cost $2,360,573)				2,360,573
U.S. Treasury Obligations — 7.1%
U.S. Treasury Bills
0.15%, 9/8/2020 (d)		50,000		49,999
0.10%, 9/22/2020 (d)		150,000		149,991
0.15%, 9/24/2020 (d)		100,000		99,990
0.17%, 9/29/2020 (d)		100,000		99,987
0.31%, 10/15/2020 (d)		75,000		74,972
0.15%, 10/20/2020 (d)		110,000		109,978
0.12%, 11/10/2020 (d)		50,000		49,989
0.10%, 11/12/2020 (d)		50,000		49,990
0.12%, 11/19/2020 (d)		200,000		199,946
Total U.S. Treasury Obligations (Cost $884,842)				884,842
Time Deposits — 6.9%
Australia & New Zealand Banking Group Ltd. 0.11%, 9/3/2020		200,000		200,000
Credit Agricole Corporate and Investment Bank 0.09%, 9/1/2020		475,310		475,310
Interfund Lending 0.83%, 9/1/2020		4,366		4,366
Mizuho Bank Ltd. 0.09%, 9/1/2020		180,000		180,000
Total Time Deposits (Cost $859,676)				859,676
Total Short-term Investments (Cost $9,258,616)				9,258,616
Total Investments — 99.9% (Cost $12,517,130)*				12,517,130
Other Assets Less Liabilities — 0.1%				17,717
NET ASSETS — 100.0%				12,534,847

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

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
OBFR	Overnight Bank Funding Rate
PJSC	Public Joint Stock Company
RAN	Revenue Anticipation Note
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	The rate shown is the effective yield as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 37.5%
FFCB
(SOFR + 0.07%), 0.14%, 9/1/2020 (b)		105,000		105,000
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.16%, 9/1/2020 (b)		275,000		275,000
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 0.19%, 9/1/2020 (b)		200,000		199,968
(ICE LIBOR USD 1 Month + 0.04%), 0.20%, 9/1/2020 (b)		450,000		450,000
(Federal Reserve Bank Prime Loan Rate US - 3.00%), 0.25%, 9/1/2020 (b)		175,000		175,000
(Federal Reserve Bank Prime Loan Rate US - 2.98%), 0.28%, 9/1/2020 (b)		255,000		255,044
(Federal Reserve Bank Prime Loan Rate US - 2.93%), 0.33%, 9/1/2020 (b)		325,000		325,000
(SOFR + 0.30%), 0.37%, 9/1/2020 (b)		1,000,000		1,000,000
(SOFR + 0.35%), 0.42%, 9/1/2020 (b)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month + 0.03%), 0.19%, 9/3/2020 (b)		350,000		350,000
(ICE LIBOR USD 1 Month - 0.02%), 0.14%, 9/4/2020 (b)		300,000		300,000
(ICE LIBOR USD 1 Month + 0.05%), 0.21%, 9/5/2020 (b)		450,000		449,998
(ICE LIBOR USD 1 Month + 0.35%), 0.51%, 9/5/2020 (b)		50,000		50,065
(ICE LIBOR USD 1 Month + 0.00%), 0.15%, 9/6/2020 (b)		400,000		400,000
(ICE LIBOR USD 1 Month + 0.00%), 0.15%, 9/8/2020 (b)		90,000		89,998
(ICE LIBOR USD 1 Month + 0.04%), 0.19%, 9/8/2020 (b)		400,000		400,000
(ICE LIBOR USD 1 Month + 0.09%), 0.24%, 9/8/2020 (b)		550,000		549,997
(ICE LIBOR USD 1 Month - 0.01%), 0.15%, 9/14/2020 (b)		250,000		249,992
(ICE LIBOR USD 1 Month + 0.06%), 0.22%, 9/15/2020 (b)		375,000		374,998
(ICE LIBOR USD 1 Month + 0.05%), 0.21%, 9/16/2020 (b)		50,000		50,000
DN, 0.52%, 9/16/2020 (c)		100,000		99,978
(ICE LIBOR USD 1 Month + 0.06%), 0.24%, 9/23/2020 (b)		275,000		275,003
(ICE LIBOR USD 1 Month + 0.04%), 0.22%, 9/24/2020 (b)		550,000		550,000
(ICE LIBOR USD 1 Month + 0.01%), 0.19%, 9/25/2020 (b)		400,000		400,000
(ICE LIBOR USD 1 Month + 0.04%), 0.21%, 9/27/2020 (b)		185,000		184,999
(ICE LIBOR USD 1 Month + 0.07%), 0.22%, 9/28/2020 (b)		20,000		20,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
(ICE LIBOR USD 1 Month + 0.03%), 0.18%, 9/30/2020 (b)		250,000		250,000
DN, 0.52%, 10/16/2020 (c)		50,000		49,968
FHLB
(SOFR + 0.01%), 0.08%, 9/1/2020 (b)		1,900,000		1,900,000
(SOFR + 0.03%), 0.10%, 9/1/2020 (b)		1,250,000		1,250,000
(SOFR + 0.03%), 0.10%, 9/1/2020 (b)		274,000		274,000
(SOFR + 0.04%), 0.11%, 9/1/2020 (b)		505,000		505,000
(SOFR + 0.05%), 0.12%, 9/1/2020 (b)		300,000		300,000
(SOFR + 0.06%), 0.12%, 9/1/2020 (b)		500,000		500,000
(SOFR + 0.06%), 0.13%, 9/1/2020 (b)		500,000		500,000
(SOFR + 0.07%), 0.14%, 9/1/2020 (b)		10,000		10,000
(SOFR + 0.08%), 0.15%, 9/1/2020 (b)		274,800		274,800
(SOFR + 0.09%), 0.16%, 9/1/2020 (b)		1,707,750		1,707,749
(SOFR + 0.10%), 0.17%, 9/1/2020 (b)		450,000		450,000
(SOFR + 0.12%), 0.19%, 9/1/2020 (b)		515,000		515,000
(ICE LIBOR USD 1 Month + 0.04%), 0.20%, 9/1/2020 (b)		900,000		900,000
(SOFR + 0.20%), 0.27%, 9/1/2020 (b)		250,000		250,000
(SOFR + 0.24%), 0.31%, 9/1/2020 (b)		200,000		200,000
(ICE LIBOR USD 1 Month - 0.01%), 0.15%, 9/5/2020 (b)		62,750		62,746
DN, 0.52%, 9/9/2020 (c)		1,000,000		999,884
(ICE LIBOR USD 1 Month + 0.00%), 0.16%, 9/10/2020 (b)		225,000		225,000
(ICE LIBOR USD 1 Month - 0.06%), 0.11%, 9/11/2020 (b)		1,408,000		1,408,002
(ICE LIBOR USD 1 Month + 0.00%), 0.17%, 9/12/2020 (b)		850,000		850,000
(ICE LIBOR USD 1 Month + 0.00%), 0.17%, 9/12/2020(b)		100,000		100,000
(ICE LIBOR USD 1 Month + 0.00%), 0.16%, 9/14/2020 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.04%), 0.12%, 9/16/2020 (b)		500,000		500,000
(ICE LIBOR USD 1 Month + 0.02%), 0.18%, 9/19/2020 (b)		630,320		630,387
DN, 0.27%, 9/22/2020 (c)		500,000		499,921
(ICE LIBOR USD 1 Month - 0.03%), 0.15%, 9/24/2020 (b)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.03%), 0.15%, 9/24/2020 (b)		898,000		897,946
(ICE LIBOR USD 1 Month + 0.01%), 0.19%, 9/24/2020 (b)		470,000		470,003
(ICE LIBOR USD 1 Month - 0.03%), 0.14%, 9/26/2020 (b)		90,000		89,982
(ICE LIBOR USD 1 Month - 0.03%), 0.14%, 9/26/2020 (b)		250,000		250,000

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued
(ICE LIBOR USD 1 Month - 0.03%), 0.14%, 9/26/2020 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.01%), 0.16%, 9/26/2020 (b)		279,900		279,871
(ICE LIBOR USD 1 Month - 0.02%), 0.15%, 9/27/2020 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.01%), 0.15%, 9/28/2020 (b)		1,000,000		1,000,000
DN, 0.52%, 9/30/2020 (c)		1,000,000		999,581
2.63%, 10/1/2020		204,930		205,092
DN, 0.32%, 10/2/2020 (c)		375,000		374,897
(ICE LIBOR USD 3 Month - 0.09%), 0.21%, 10/4/2020 (b)		500,000		500,000
DN, 0.30%, 10/5/2020 (c)		2,999,500		2,998,650
DN, 0.32%, 10/6/2020 (c)		1,000,000		999,689
(ICE LIBOR USD 3 Month - 0.10%), 0.17%, 10/9/2020 (b)		1,300,000		1,300,000
DN, 0.52%, 10/9/2020 (c)		500,000		499,726
(ICE LIBOR USD 3 Month - 0.10%), 0.17%, 10/13/2020 (b)		700,000		700,000
(ICE LIBOR USD 3 Month - 0.13%), 0.14%, 10/14/2020 (b)		100,000		100,000
DN, 0.20%, 10/14/2020 (c)		500,000		499,881
DN, 0.20%, 10/15/2020 (c)		250,000		249,939
DN, 0.15%, 10/30/2020 (c)		255,000		254,937
(ICE LIBOR USD 3 Month - 0.12%), 0.13%, 11/5/2020 (b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.20%), 0.05%, 11/9/2020 (b)		500,000		500,029
(SOFR + 0.01%), 0.08%, 11/12/2020 (b)		370,000		370,000
(ICE LIBOR USD 3 Month - 0.14%), 0.13%, 11/12/2020 (b)		150,000		150,000
DN, 0.11%, 11/13/2020 (c)		250,000		249,944
(ICE LIBOR USD 3 Month - 0.13%), 0.14%, 11/14/2020 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.20%), 0.09%, 11/16/2020(b)		1,800,000		1,800,000
(ICE LIBOR USD 3 Month - 0.20%), 0.09%, 11/16/2020 (b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.15%), 0.14%, 11/17/2020 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.15%), 0.12%, 11/19/2020 (b)		150,000		150,000
DN, 0.11%, 11/20/2020 (c)		375,000		374,908
(ICE LIBOR USD 3 Month - 0.13%), 0.16%, 11/20/2020 (b)		400,000		400,000
(ICE LIBOR USD 3 Month - 0.12%), 0.14%, 11/24/2020 (b)		350,000		350,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
(ICE LIBOR USD 3 Month - 0.12%), 0.11%, 11/26/2020 (b)		400,000		400,000
DN, 0.11%, 11/27/2020 (c)		150,000		149,960
0.19%, 12/10/2020		500,000		499,982
0.20%, 12/11/2020		250,000		249,997
0.14%, 5/24/2021		250,000		249,979
1.13%, 7/14/2021		290,000		292,469
FHLMC
(SOFR + 0.03%), 0.10%, 9/1/2020 (b)		127,000		126,998
(SOFR + 0.04%), 0.11%, 9/1/2020 (b)		1,000,000		1,000,000
(SOFR + 0.27%), 0.34%, 9/1/2020 (b)		1,250,000		1,250,000
(SOFR + 0.28%), 0.35%, 9/1/2020 (b)		1,000,000		1,000,000
(SOFR + 0.30%), 0.37%, 9/1/2020 (b)		2,500,000		2,500,419
FNMA
(SOFR + 0.04%), 0.11%, 9/1/2020 (b)		500,000		500,000
(SOFR + 0.05%), 0.12%, 9/1/2020 (b)		349,800		349,800
(SOFR + 0.17%), 0.24%, 9/1/2020 (b)		249,750		249,750
(SOFR + 0.20%), 0.27%, 9/1/2020 (b)		1,950,000		1,950,000
(SOFR + 0.23%), 0.30%, 9/1/2020 (b)		840,000		840,000
(SOFR + 0.24%), 0.31%, 9/1/2020 (b)		1,000,000		1,000,000
(SOFR + 0.26%), 0.33%, 9/1/2020 (b)		1,000,000		1,000,000
(SOFR + 0.28%), 0.35%, 9/1/2020 (b)		1,000,000		1,000,000
(SOFR + 0.32%), 0.39%, 9/1/2020 (b)		2,450,000		2,450,000
(SOFR + 0.35%), 0.42%, 9/1/2020 (b)		2,500,000		2,500,000
(SOFR + 0.35%), 0.42%, 9/1/2020 (b)		750,000		750,000
1.25%, 5/6/2021		400,375		403,439
FNMA ACES (SOFR + 0.20%), 0.27%, 9/1/2020 (b)		1,200,000		1,200,000
Total U.S. Government Agency Securities (Cost $67,870,365)				67,870,365
Repurchase Agreements — 29.3%
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.09%, dated 8/31/2020, due 9/1/20, repurchase price $2,550,006. [1]		2,550,000		2,550,000
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.09%, dated 8/31/2020, due 9/1/20, repurchase price $604,710. [2]		604,708		604,708
Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 0.09%, dated 8/31/2020, due 9/1/20, repurchase price $92,456. [3]		92,456		92,456
Bank of America NA, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $750,002, collateralized by GNMA, 3.00%, due 9/20/2046, with a value of $765,000.		750,000		750,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Bank of Montreal, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $115,000, collateralized by GNMA, 3.00%, due 6/20/2050, with a value of $117,300.		115,000		115,000
Bank of Montreal, 0.12%, dated 8/31/2020, due 9/7/2020, repurchase price $500,012, collateralized by U.S. Treasury Securities, 0.25% - 3.63%, due 1/15/2028 - 2/15/2050, with a value of $510,155.		500,000		500,000
Bank of Nova Scotia (The), 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $1,500,004, collateralized by FHLMC, 2.50% - 6.00%, due 5/1/2028 - 5/1/2050, FNMA, 2.22% - 5.50%, due 7/1/2028 - 5/1/2058 and U.S. Treasury Securities, 2.88%, due 10/31/2023 - 5/15/2028, with a value of $1,530,000.		1,500,000		1,500,000
Bank of Nova Scotia (The), 0.08%, dated 8/31/2020, due 9/4/2020, repurchase price $1,000,009, collateralized by FHLMC, 3.00% - 6.50%, due 5/1/2021 - 5/1/2050, FNMA, 2.00% - 5.50%, due 6/1/2025 - 6/1/2050 and GNMA, 2.00% - 5.00%, due 10/20/2039 - 8/20/2050, with a value of $1,020,000.		1,000,000		1,000,000
Barclays Capital, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $106,637, collateralized by U.S. Treasury Securities, 0.00%, due 11/15/2022 - 5/15/2044, with a value of $108,770.		106,637		106,637
Barclays Capital, Inc., 0.08%, dated 8/31/2020, due 9/4/2020, repurchase price $500,004, collateralized by GNMA, 2.50% - 5.50%, due 1/20/2046 - 8/20/2050, with a value of $510,000.		500,000		500,000
BMO Capital Markets Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $400,001, collateralized by FFCB, 0.24%, due 7/13/2022, FHLMC, 1.50% - 6.00%, due 6/25/2027 - 9/1/2050, FNMA, 0.30% - 6.50%, due 1/1/2024 - 9/1/2050 and GNMA, 0.75% - 10.57%, due 7/15/2024 - 7/20/2070 with a value of $408,759.		400,000		400,000
BMO Capital Markets Corp., 0.12%, dated 8/31/2020, due 9/7/2020, repurchase price $600,014, collateralized by FFCB, 0.24%, due 7/13/2022, FHLB, 1.38%, due 9/28/2020, FHLMC, 2.00% - 5.00%, due 9/15/2028 - 9/1/2050, FNMA, 1.50% - 6.10%, due 11/1/2030 - 8/1/2050 and GNMA, 0.66% - 8.50%, due 11/15/2021 - 7/20/2070 with a value of $612,531.		600,000		600,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BMO Capital Markets Corp., 0.13%, dated 8/31/2020, due 9/7/2020, repurchase price $500,013, collateralized by FHLMC, 0.00% - 4.37%, due 6/15/2028 - 8/15/2054, FNMA, 1.21% - 6.30%, due 9/25/2027 - 9/1/2050 and GNMA, 1.15% - 5.50%, due 4/20/2034 - 7/20/2070, with a value of $512,377.		500,000		500,000
BMO Capital Markets Corp., 0.13%, dated 8/31/2020, due 9/7/2020, repurchase price $500,013, collateralized by FFCB, 0.24%, due 7/13/2022, FHLB, 2.38%, due 2/8/2021, FHLMC, 1.00% - 4.50%, due 4/25/2025 - 9/25/2050, FNMA, 1.32% - 6.50%, due 5/1/2021 - 9/25/2050 and GNMA, 0.56% - 6.05%, due 2/15/2022 - 6/20/2070 with a value of $513,618.		500,000		500,000
BNP Paribas SA, 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $510,001, collateralized by U.S. Treasury Securities, 0.63% - 3.00%, due 6/15/2021 - 2/15/2049, with a value of $520,201.		510,000		510,000
BNP Paribas SA, 0.11%, dated 8/31/2020, due 9/7/2020, repurchase price $1,000,021, collateralized by FFCB, 2.99% - 3.54%, due 7/18/2034 - 3/9/2038, FHLB, 3.90% - 4.13%, due 10/24/2029 - 2/25/2036, FHLMC, 0.38% - 7.00%, due 5/5/2023 - 5/1/2050, FNMA, 0.00% - 9.00%, due 3/1/2022 - 7/25/2050, GNMA, 0.79% - 7.00%, due 7/15/2024 - 5/20/2050 and U.S. Treasury Securities, 0.00% - 8.13%, due 9/15/2020 - 5/15/2049, with a value of $1,020,546.		1,000,000		1,000,000
BNP Paribas SA, 0.12%, dated 8/31/2020, due 9/7/2020, repurchase price $1,000,023, collateralized by FHLB, 3.54%, due 5/28/2036, FHLMC, 2.50% - 7.00%, due 3/15/2029 - 8/1/2050, FNMA, 0.00% - 6.00%, due 10/25/2020 - 10/1/2056, GNMA, 2.50% - 6.50%, due 5/15/2025 - 2/20/2069 and U.S. Treasury Securities, 0.00% - 3.38%, due 10/31/2020 - 2/15/2049 with a value of $1,020,512.		1,000,000		1,000,000
BNP Paribas SA, 0.12%, dated 8/31/2020, due 9/7/2020, repurchase price $2,000,047, collateralized by FHLB, 3.90% - 4.13%, due 5/25/2035 - 2/25/2036, FHLMC, 3.00% - 7.00%, due 3/15/2029 - 3/1/2050, FNMA, 2.50% - 6.50%, due 10/25/2020 - 8/1/2050, GNMA, 2.88% - 5.50%, due 5/20/2042 - 10/20/2067 and U.S. Treasury Securities, 0.00% - 4.38%, due 9/15/2020 - 11/15/2048 with a value of $2,040,605.		2,000,000		2,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
BNP Paribas SA, 0.14%, dated 8/31/2020, due 9/7/2020, repurchase price $2,000,054, collateralized by FHLB, 3.93%, due 7/11/2033, FHLMC, 0.00% - 7.00%, due 12/11/2025 - 7/1/2050, FNMA, 0.00% - 6.00%, due 10/25/2020 - 8/1/2050, GNMA, 2.13% - 8.00%, due 12/15/2026 - 8/20/2050 and U.S. Treasury Securities, 0.00% - 7.50%, due 9/17/2020 - 8/15/2050 with a value of $2,040,726.		2,000,000		2,000,000
BNP Paribas SA, 0.12%, dated 8/31/2020, due 11/6/2020, repurchase price $1,000,223, collateralized by FFCB, 3.54%, due 1/25/2038, FHLB, 3.90% - 5.25%, due 12/9/2022 - 2/25/2036, FHLMC, 0.00% - 7.00%, due 3/15/2028 - 4/1/2050, FNMA, 0.00% - 7.50%, due 9/1/2022 - 8/1/2050, GNMA, 0.82% - 6.50%, due 5/15/2023 - 1/20/2069 and U.S. Treasury Securities, 0.00% - 7.88%, due 9/15/2020 - 11/15/2049, with a value of $1,020,344.		1,000,000		1,000,000
BNP Paribas SA, 0.12%, dated 8/31/2020, due 12/1/2020, repurchase price $500,153, collateralized by FHLB, 4.00%, due 7/19/2033, FHLMC, 0.38% - 6.00%, due 5/5/2023 - 4/1/2050, FNMA, 0.00% - 7.00%, due 11/15/2030 - 8/1/2050, GNMA, 0.79% - 9.50%, due 9/15/2024 - 5/20/2050 and U.S. Treasury Securities, 0.00% - 3.13%, due 12/31/2020 - 5/15/2050 with a value of $510,180.		500,000		500,000
Canadian Imperial Bank of Commerce, 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $350,001, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 11/30/2021 - 11/15/2049, with a value of $357,001.		350,000		350,000
Canadian Imperial Bank of Commerce, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $675,002, collateralized by FHLMC, 2.90% - 4.00%, due 1/1/2029 - 7/1/2050, FNMA, 2.00% - 4.50%, due 6/1/2021 - 7/1/2050 and GNMA, 3.00% - 4.71%, due 10/20/2045 - 8/20/2069, with a value of $688,502.		675,000		675,000
Citigroup Global Markets Holdings, Inc., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $500,001, collateralized by U.S. Treasury Securities, 0.13% - 7.13%, due 7/15/2021 - 2/28/2023, with a value of $510,000.		500,000		500,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Credit Agricole Corporate and Investment Bank, 0.08%, dated 8/31/2020, due 9/1/2020, repurchase price $1,000,002, collateralized by U.S. Treasury Securities, 0.25% - 0.88%, due 7/15/2021 - 7/15/2029, with a value of $1,020,000.		1,000,000		1,000,000
Daiwa Capital Markets America, Inc., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $3,000,008, collateralized by FFCB, 0.58% - 1.14%, due 6/18/2026 - 8/20/2029, FHLB, 0.13% - 3.00%, due 8/20/2021 - 10/12/2021, FHLMC, 1.00% - 5.50%, due 7/1/2024 - 9/1/2050, FNMA, 0.88% - 6.50%, due 3/1/2022 - 3/1/2052, GNMA, 2.00% - 6.00%, due 10/15/2033 - 8/20/2050 and U.S. Treasury Securities, 0.00% - 3.63%, due 9/17/2020 - 5/15/2050, with a value of $3,060,008.		3,000,000		3,000,000
Goldman Sachs & Co. LLC, 0.04%, dated 8/31/2020, due 9/1/2020, repurchase price $800,001, collateralized by U.S. Treasury Securities, 0.00% - 2.75%, due 11/27/2020 - 5/15/2026, with a value of $816,000.		800,000		800,000
Goldman Sachs & Co. LLC, 0.07%, dated 8/31/2020, due 9/3/2020, repurchase price $1,500,009, collateralized by U.S. Treasury Securities, 0.13% - 5.38%, due 7/31/2021 - 2/15/2048, with a value of $1,530,000.		1,500,000		1,500,000
Goldman Sachs & Co. LLC, 0.08%, dated 8/31/2020, due 9/3/2020, repurchase price $1,500,010, collateralized by FHLMC, 2.50% - 5.50%, due 5/1/2027 - 2/1/2050 and FNMA, 2.50% - 6.50%, due 3/1/2027 - 2/1/2057, with a value of $1,530,000.		1,500,000		1,500,000
ING Financial Markets LLC, 0.12%, dated 8/31/2020, due 9/4/2020, repurchase price $350,005, collateralized by FHLMC, 2.50% - 4.50%, due 9/1/2043 - 7/1/2050, FNMA, 2.50% - 4.50%, due 8/1/2035 - 1/1/2057 and GNMA, 3.00%, due 10/20/2049, with a value of $357,036.		350,000		350,000
ING Financial Markets LLC, 0.10%, dated 8/31/2020, due 9/21/2020, repurchase price $300,018, collateralized by FHLMC, 2.78% - 4.00%, due 6/1/2047 - 1/1/2050, FNMA, 2.51% - 4.50%, due 5/1/2032 - 9/1/2057 and GNMA, 3.00%, due 10/20/2049, with a value of $306,027.		300,000		300,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
ING Financial Markets LLC, 0.10%, dated 8/31/2020, due 9/21/2020, repurchase price $350,020, collateralized by FHLMC, 3.50% - 4.50%, due 9/1/2042 - 4/1/2049, FNMA, 3.38% - 5.00%, due 6/1/2042 - 9/1/2057 and GNMA, 5.00%, due 1/20/2049, with a value of $357,031.		350,000		350,000
ING Financial Markets LLC, 0.11%, dated 8/31/2020, due 9/23/2020, repurchase price $300,021, collateralized by FHLMC, 2.50% - 4.50%, due 12/1/2042 - 7/1/2050, FNMA, 3.00% - 5.00%, due 5/1/2042 - 7/1/2056 and GNMA, 3.00%, due 10/20/2049, with a value of $306,033.		300,000		300,000
Metropolitan Life Insurance Co., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $1,000,003, collateralized by U.S. Treasury Securities, 0.00%, due 11/15/2027 - 11/15/2047, with a value of $1,020,003.		1,000,000		1,000,000
Mitsubishi UFJ Trust & Banking Corp., 0.08%, dated 8/31/2020, due 9/1/2020, repurchase price $1,300,003, collateralized by GNMA, 2.50% - 5.00%, due 8/15/2038 - 7/20/2050, with a value of $1,322,995.		1,300,000		1,300,000
Natixis SA, 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $850,002, collateralized by U.S. Treasury Securities, 0.00% - 6.63%, due 3/31/2021 - 8/15/2050, with a value of $867,002.		850,000		850,000
Natixis SA, 0.12%, dated 8/31/2020, due 11/23/2020, repurchase price $1,000,280, collateralized by FHLB, 4.08%, due 5/25/2033, FHLMC, 0.00% - 8.00%, due 10/1/2021 - 8/1/2050, FNMA, 0.00% - 8.50%, due 12/1/2020 - 10/25/2058, GNMA, 1.75% - 8.50%, due 4/15/2022 - 7/20/2069, Tennessee Valley Authority, 4.25%, due 9/15/2065 and U.S. Treasury Securities, 0.00% - 6.50%, due 1/15/2021 - 8/15/2050, with a value of $1,023,799.		1,000,000		1,000,000
Natwest Markets Securities, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $1,000,002, collateralized by U.S. Treasury Securities, 0.00% - 3.38%, due 9/15/2020 - 11/15/2048, with a value of $1,020,002.		1,000,000		1,000,000
Nomura Securities Co. Ltd., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $500,001, collateralized by U.S. Treasury Securities, 0.00% - 2.75%, due 9/15/2020 - 8/15/2049, with a value of $510,001.		500,000		500,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nomura Securities Co. Ltd., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $3,500,009, collateralized by FFCB, 0.00%, due 5/3/2021, FHLMC, 2.00% - 9.50%, due 9/15/2020 - 9/1/2050, FNMA, 1.50% - 9.50%, due 9/25/2020 - 2/1/2052, GNMA, 1.30% - 10.00%, due 9/15/2020 - 1/20/2070 and U.S. Treasury Securities, 2.00% - 6.13%, due 3/15/2021 - 11/15/2027 with a value of $3,570,009.		3,500,000		3,500,000
Norinchukin Bank (The), 0.21%, dated 8/31/2020, due 9/4/2020, repurchase price $550,013, collateralized by U.S. Treasury Securities, 0.38% - 1.50%, due 1/15/2021 - 1/15/2027, with a value of $560,652.		550,000		550,000
Norinchukin Bank (The), 0.21%, dated 8/31/2020, due 9/11/2020, repurchase price $250,016, collateralized by U.S. Treasury Securities, 0.38% - 1.50%, due 1/15/2021 - 1/15/2027, with a value of $254,842.		250,000		250,000
Norinchukin Bank (The), 0.15%, dated 8/31/2020, due 10/2/2020, repurchase price $200,027, collateralized by U.S. Treasury Securities, 0.38% - 1.50%, due 1/15/2021 - 1/15/2027, with a value of $203,873.		200,000		200,000
Norinchukin Bank (The), 0.15%, dated 8/31/2020, due 10/5/2020, repurchase price $500,073, collateralized by U.S. Treasury Securities, 0.38% - 1.50%, due 1/15/2021 - 1/15/2027, with a value of $509,683.		500,000		500,000
Norinchukin Bank (The), 0.15%, dated 8/31/2020, due 10/16/2020, repurchase price $450,086, collateralized by U.S. Treasury Securities, 0.38% - 1.50%, due 1/15/2021 - 1/15/2027, with a value of $458,715.		450,000		450,000
Norinchukin Bank (The), 0.14%, dated 8/31/2020, due 10/27/2020, repurchase price $300,067, collateralized by U.S. Treasury Securities, 0.38% - 1.50%, due 1/15/2021 - 1/15/2027, with a value of $305,810.		300,000		300,000
RBC Capital Markets LLC, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $250,001, collateralized by FHLMC, 0.52% - 2.86%, due 3/25/2023 - 1/15/2043 and U.S. Treasury Securities, 2.88%, due 5/15/2049, with a value of $257,499.		250,000		250,000

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
RBC Capital Markets LLC, 0.15%, dated 8/31/2020, due 9/7/2020, repurchase price $2,000,058, collateralized by FHLMC, 0.34% - 5.88%, due 6/25/2022 - 1/25/2046, FNMA, 2.50% - 6.60%, due 10/1/2020 - 5/25/2050, GNMA, 0.68% - 5.50%, due 1/20/2039 - 8/20/2065 and U.S. Treasury Securities, 0.00% - 2.63%, due 10/1/2020 - 2/15/2029 with a value of $2,059,573.		2,000,000		2,000,000
Royal Bank of Canada, 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $2,950,007, collateralized by U.S. Treasury Securities, 0.13% - 3.00%, due 3/31/2021 - 8/15/2048, with a value of $3,009,008.		2,950,000		2,950,000
Societe Generale SA, 0.08%, dated 8/31/2020, due 9/2/2020, repurchase price $1,000,004, collateralized by U.S. Treasury Securities, 0.00% - 5.00%, due 9/10/2020 - 2/15/2050, with a value of $1,020,000.		1,000,000		1,000,000
Societe Generale SA, 0.12%, dated 8/31/2020, due 9/2/2020, repurchase price $500,003, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 9/15/2020 - 8/15/2050, with a value of $510,000.		500,000		500,000
Societe Generale SA, 0.08%, dated 8/31/2020, due 9/4/2020, repurchase price $1,000,009, collateralized by U.S. Treasury Securities, 0.00% - 5.00%, due 9/3/2020 - 2/15/2050, with a value of $1,020,000.		1,000,000		1,000,000
Societe Generale SA, 0.12%, dated 8/31/2020, due 9/4/2020, repurchase price $500,007, collateralized by U.S. Treasury Securities, 0.00% - 8.00%, due 9/24/2020 - 2/15/2046, with a value of $510,000.		500,000		500,000
Sumitomo Mitsui Banking Corp., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $1,100,002, collateralized by U.S. Treasury Securities, 0.50% - 3.75%, due 1/31/2025 - 8/15/2044, with a value of $1,122,002.		1,100,000		1,100,000
Sumitomo Mitsui Banking Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $3,000,008, collateralized by GNMA, 3.00% - 4.50%, due 10/20/2042 - 11/20/2049, with a value of $3,060,008.		3,000,000		3,000,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 0.07%, dated 8/31/2020, due 9/1/20, repurchase price $902,067. [4]		902,065		902,065
Total Repurchase Agreements (Cost $52,955,866)				52,955,866
U.S. Treasury Obligations — 3.1%
U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.24%, 9/1/2020 (b)		25,450		25,438
U.S. Treasury Notes
1.38%, 9/15/2020		150,000		149,986
2.00%, 9/30/2020		500,000		500,143
1.63%, 10/15/2020		357,214		357,207
1.38%, 10/31/2020		691,000		690,680
1.75%, 10/31/2020		672,000		672,098
2.88%, 10/31/2020		359,000		359,704
1.75%, 11/15/2020		62,000		62,011
2.63%, 11/15/2020		645,000		646,266
1.63%, 11/30/2020		330,000		329,984
2.00%, 11/30/2020		100,000		100,087
2.75%, 11/30/2020		285,000		285,765
1.88%, 12/15/2020		395,000		395,259
2.25%, 4/30/2021		600,000		608,419
2.13%, 8/15/2021		100,000		101,889
2.75%, 8/15/2021		275,000		281,832
Total U.S. Treasury Obligations (Cost $5,566,768)				5,566,768
Short-Term Investments — 29.7%
U.S. Treasury Obligations — 29.7%
U.S. Treasury Bills
0.08%, 9/1/2020 (c)		200,000		200,000
0.15%, 9/3/2020 (c)		1,651,500		1,651,486
0.12%, 9/8/2020 (c)		5,000,000		4,999,883
0.14%, 9/10/2020 (c)		2,573,050		2,572,957
0.12%, 9/15/2020 (c)		1,900,000		1,899,910
0.18%, 9/17/2020 (c)		4,000,000		3,999,689
0.10%, 9/22/2020 (c)		1,100,000		1,099,936
0.15%, 10/1/2020 (c)		6,778,000		6,777,128
0.10%, 10/13/2020 (c)		1,000,000		999,883
0.16%, 10/20/2020 (c)		2,500,000		2,499,473
0.15%, 10/27/2020 (c)		3,000,000		2,999,299
0.17%, 11/3/2020 (c)		2,775,000		2,774,174
0.18%, 11/10/2020 (c)		4,000,000		3,998,600
0.19%, 11/17/2020 (c)		5,000,000		4,997,985
0.11%, 12/1/2020 (c)		2,000,000		1,999,444

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
U.S. Treasury Obligations — continued
0.11%, 1/5/2021 (c)		5,000,000		4,998,075
0.12%, 1/19/2021 (c)		2,173,000		2,171,986
0.12%, 2/25/2021 (c)		1,000,000		999,410
0.12%, 3/4/2021 (c)		2,200,000		2,198,716
Total U.S. Treasury Obligations (Cost $53,838,034)				53,838,034
Total Short-Term Investments (Cost $53,838,034)				53,838,034
Total Investments — 99.6% (Cost $180,231,033)*				180,231,033
Other Assets Less Liabilities — 0.4%				687,904
NET ASSETS — 100.0%				180,918,937

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	The rate shown is the effective yield as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At August 31, 2020, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$2,550,000	$	2,550,006	$	2,601,533

Repurchase Agreements — At August 31, 2020, 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		0.09	%	$	900,000
Credit Agricole Corporate and Investment Bank		0.09	%		900,000
TD Securities (USA) LLC		0.09	%		750,000
Total				$	2,550,000

At August 31, 2020, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		3.98%		4/5/2038
FHLB		3.50%		2/22/2029
FHLMC		0.00% - 7.00%		4/1/2022 - 8/1/2050
FNMA		2.00% - 6.00%		10/25/2020 - 10/1/2056
GNMA		0.79% - 6.50%		9/15/2024 - 11/20/2067
U.S. Treasury Securities		0.00% - 3.38%		1/21/2021 - 11/15/2048

^[2] Agency Joint Trading Account II — At August 31, 2020, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$604,708	$	604,710	$	616,829

Repurchase Agreements — At August 31, 2020, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
Bofa Securities, Inc.		0.09	%	$	445,132
Citibank NA		0.09	%		75,589
Citigroup Global Markets Holdings, Inc.		0.09	%		83,987
Total				$	604,708

At August 31, 2020, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLB		2.13% - 3.60%		12/14/2029 - 5/10/2038
FHLMC		1.50% - 5.00%		2/1/2026 - 9/1/2050
FNMA		2.00% - 6.10%		4/1/2021 - 9/1/2050
GNMA		2.49% - 6.50%		3/20/2048 - 6/15/2049
U.S. Treasury Securities		1.75%		6/15/2022

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

^[3] Agency Joint Trading Account III — At August 31, 2020, certain Funds had undivided interests in the Agency Joint Trading Account III with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$	92,456	$	92,456	$	94,335

Repurchase Agreements — At August 31, 2020, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account III were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
BNP Paribas SA		0.09	%	$	92,456

At August 31, 2020, the Agency Joint Trading Account III was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FHLMC		0.66% - 7.50%		11/1/2023 - 6/1/2050
FNMA		0.00% - 7.50%		10/25/2020 - 8/1/2050

^[4] Treasury Joint Trading Account III — At August 31, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$	902,065	$	902,067	$	920,106

Repurchase Agreements — At August 31, 2020, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account III were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
Credit Agricole Corporate and Investment Bank		0.07	%	$	656,047
Societe Generale SA		0.07	%		246,018
Total				$	902,065

At August 31, 2020, the Treasury Joint Trading Account III was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 8.00%		9/10/2020 - 2/15/2050

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 36.0%
Bank of Nova Scotia (The), 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $522,934, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 1/26/2021 - 5/15/2048, with a value of $533,391.		522,933		522,933
Bofa Securities, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $500,001, collateralized by U.S. Treasury Securities, 0.13% - 3.00%, due 4/15/2021 - 8/15/2028, with a value of $510,000.		500,000		500,000
Bofa Securities, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $521,733, collateralized by U.S. Treasury Securities, 0.00% - 2.88%, due 9/30/2021 - 2/15/2048, with a value of $532,167.		521,732		521,732
Deutsche Bank Securities, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $748,222, collateralized by U.S. Treasury Securities, 0.00% - 2.25%, due 12/24/2020 - 11/15/2048, with a value of $763,186.		748,221		748,221
Fixed Income Clearing Corp., 0.09%, dated 8/31/2020, due 9/1/2020, repurchase price $2,000,005, collateralized by U.S. Treasury Securities, 0.50% - 2.38%, due 5/15/2027 - 8/15/2027, with a value of $2,040,000.		2,000,000		2,000,000
Goldman Sachs & Co. LLC, 0.04%, dated 8/31/2020, due 9/1/2020, repurchase price $700,001, collateralized by U.S. Treasury Securities, 0.00% - 2.00%, due 11/15/2020 - 5/15/2046, with a value of $714,000.		700,000		700,000
J.P. Morgan Securities LLC, 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $250,000, collateralized by U.S. Treasury Securities, 0.00%, due 11/17/2020, with a value of $255,001.		250,000		250,000
Natixis SA, 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $250,000, collateralized by U.S. Treasury Securities, 0.13% - 2.50%, due 6/30/2021 - 7/31/2026, with a value of $255,001.		250,000		250,000
Nomura Securities Co. Ltd., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $350,001, collateralized by U.S. Treasury Securities, 0.00% - 2.88%, due 9/8/2020 - 2/15/2044, with a value of $357,001.		350,000		350,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Norinchukin Bank (The), 0.21%, dated 8/31/2020, due 9/11/2020, repurchase price $250,016, collateralized by U.S. Treasury Securities, 2.00% - 2.25%, due 11/15/2026 - 8/15/2049, with a value of $253,930.		250,000		250,000
Norinchukin Bank (The), 0.17%, dated 8/31/2020, due 9/18/2020, repurchase price $250,021, collateralized by U.S. Treasury Securities, 2.00% - 2.25%, due 11/15/2026 - 8/15/2049, with a value of $253,930.		250,000		250,000
Norinchukin Bank (The), 0.14%, dated 8/31/2020, due 10/27/2020, repurchase price $200,044, collateralized by U.S. Treasury Securities, 2.00% - 2.25%, due 11/15/2026 - 8/15/2049, with a value of $203,144.		200,000		200,000
Societe Generale SA, 0.08%, dated 8/31/2020, due 9/4/2020, repurchase price $500,004, collateralized by U.S. Treasury Securities, 0.00% - 6.25%, due 9/15/2020 - 2/15/2050, with a value of $510,000.		500,000		500,000
Sumitomo Mitsui Banking Corp., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $3,250,006, collateralized by U.S. Treasury Securities, 0.00% - 2.75%, due 9/24/2020 - 11/15/2024, with a value of $3,315,007.		3,250,000		3,250,000
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.07%, dated 8/31/2020, due 9/1/20, repurchase price $1,871,995. [1]		1,871,991		1,871,991
Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 0.07%, dated 8/31/2020, due 9/1/20, repurchase price $1,158,266. [3]		1,158,264		1,158,264
Total Repurchase Agreements (Cost $13,323,141)				13,323,141
U.S. Treasury Obligations 16.2%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.21%, 9/1/2020 (b)		3,000		3,000
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.22%, 9/1/2020 (b)		800,000		799,971
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.24%, 9/1/2020 (b)		1,250,000		1,249,808
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.25%, 9/1/2020 (b)		500,000		500,100
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.32%, 9/1/2020 (b)		400,000		399,879

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.40%, 9/1/2020 (b)		300,000		300,185
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.16%, 10/31/2020 (b)		350,000		350,002
U.S. Treasury Notes
1.38%, 9/15/2020		541,000		540,950
1.63%, 10/15/2020		375,469		375,461
1.38%, 10/31/2020		171,000		170,920
1.75%, 10/31/2020		122,000		122,020
1.75%, 11/15/2020		150,000		150,028
2.63%, 11/15/2020		691,000		692,363
1.63%, 11/30/2020		28,000		28,000
2.00%, 11/30/2020		170,000		170,141
2.75%, 11/30/2020		116,000		116,308
Total U.S. Treasury Obligations (Cost $5,969,136)				5,969,136
Short-Term Investments — 50.6%
U.S. Treasury Obligations — 50.6%
U.S. Treasury Bills
0.13%, 9/1/2020 (c)		1,799,500		1,799,500
0.07%, 9/8/2020 (c)		25,000		25,000
0.14%, 9/10/2020 (c)		1,125,000		1,124,962
0.17%, 9/17/2020 (c)		2,689,500		2,689,302
0.10%, 9/22/2020 (c)		1,095,650		1,095,587
0.14%, 9/24/2020 (c)		2,366,250		2,366,036
0.08%, 9/29/2020 (c)		1,000,000		999,938
0.17%, 10/6/2020 (c)		250,000		249,959
0.15%, 10/8/2020 (c)		392,000		391,940
0.14%, 10/13/2020 (c)		95,000		94,984
0.11%, 10/15/2020 (c)		300,000		299,958
0.15%, 10/20/2020 (c)		150,000		149,970
0.10%, 10/22/2020 (c)		500,000		499,933
0.17%, 11/3/2020 (c)		843,500		843,249
0.18%, 11/10/2020 (c)		1,075,000		1,074,628
0.11%, 11/12/2020 (c)		839,200		839,011
0.19%, 11/17/2020 (c)		500,000		499,797
0.11%, 11/19/2020 (c)		250,000		249,942
0.11%, 12/1/2020 (c)		693,000		692,807
0.11%, 12/8/2020 (c)		1,190,000		1,189,660
0.10%, 12/15/2020 (c)		349,000		348,898
0.11%, 12/17/2020 (c)		684,250		684,036
0.12%, 2/18/2021 (c)		186,900		186,794

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
0.12%, 3/4/2021 (c)		323,500		323,312
Total U.S. Treasury Obligations (Cost $18,719,203)				18,719,203
Total Short-Term Investments (Cost $18,719,203)				18,719,203
Total Investments — 102.8% (Cost $38,011,480)*				38,011,480
Liabilities in Excess of Other Assets — (2.8)%				(1,038,116	)
NET ASSETS — 100.0%				36,973,364

Percentages indicated are based on net assets.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	The rate shown is the effective yield as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Treasury Joint Trading Account I — At August 31, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$1,871,991	$	1,871,995	$	1,909,435

Repurchase Agreements — At August 31, 2020, 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		0.07	%	$	813,909
Citibank NA		0.07	%		135,652
Wells Fargo Securities LLC		0.07	%		922,430
Total				$	1,871,991

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 55

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

At August 31, 2020, the Treasury Joint Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 7.63%		9/1/2020 - 2/15/2050

^[3] Treasury Joint Trading Account III — At August 31, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of September 1, 2020, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$	1,158,264	$	1,158,266	$	1,181,429

Repurchase Agreements — At August 31, 2020, 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		0.07	%	$	842,374
Societe Generale SA		0.07	%		315,890
Total				$	1,158,264

At August 31, 2020, the Treasury Joint Account III was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 8.00%		9/10/2020 - 2/15/2050

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 24.2%
FFCB
(US Federal Funds Effective Rate (continuous series) + 0.13%), 0.22%, 9/1/2020 (b)		25,000		25,000
(SOFR + 0.24%), 0.31%, 9/1/2020 (b)		25,000		24,997
(Federal Reserve Bank Prime Loan Rate US - 2.93%), 0.33%, 9/1/2020 (b)		25,000		25,000
(SOFR + 0.32%), 0.39%, 9/1/2020 (b)		25,000		25,000
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.40%, 9/1/2020 (b)		30,000		30,000
FHLB
(SOFR + 0.03%), 0.10%, 9/1/2020 (b)		100,000		99,999
(SOFR + 0.08%), 0.15%, 9/1/2020 (b)		25,000		25,000
(SOFR + 0.09%), 0.16%, 9/1/2020 (b)		123,000		123,000
(SOFR + 0.10%), 0.17%, 9/1/2020 (b)		25,000		25,000
(SOFR + 0.14%), 0.20%, 9/1/2020 (b)		72,000		72,000
(SOFR + 0.24%), 0.31%, 9/1/2020 (b)		50,000		50,000
DN, 0.26%, 9/18/2020 (c)		100,000		99,988
DN, 0.26%, 9/23/2020 (c)		100,000		99,984
(ICE LIBOR USD 3 Month - 0.20%), 0.09%, 11/16/2020 (b)		50,000		50,000
Total U.S. Government Agency Securities (Cost $774,969)				774,968
U.S. Treasury Obligations — 12.2%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.22%, 9/1/2020 (b)		75,000		74,997
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.24%, 9/1/2020 (b)		100,000		100,020
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.32%, 9/1/2020 (b)		90,000		90,011
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.40%, 9/1/2020 (b)		50,000		50,141
U.S. Treasury Notes
2.00%, 9/30/2020		25,000		25,007
2.63%, 11/15/2020		50,000		50,099
Total U.S. Treasury Obligations (Cost $390,275)				390,275
Short-Term Investments — 62.6%
U.S. Treasury Obligations — 62.6%
U.S. Treasury Bills
0.11%, 9/1/2020 (c)		113,000		113,000
0.17%, 9/10/2020 (c)		50,000		49,998
0.14%, 9/17/2020 (c)		50,000		49,997
0.12%, 9/22/2020 (c)		300,000		299,980
0.10%, 9/29/2020 (c)		100,000		99,993
0.16%, 10/8/2020 (c)		200,000		199,966

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
0.10%, 10/22/2020 (c)		100,000		99,986
0.12%, 11/3/2020 (c)		200,000		199,958
0.09%, 11/5/2020 (c)		90,000		89,986
0.12%, 11/10/2020 (c)		150,000		149,965
0.11%, 11/19/2020 (c)		250,000		249,939
0.11%, 11/27/2020 (c)		300,000		299,921
0.11%, 12/1/2020 (c)		100,000		99,972
Total U.S. Treasury Obligations (Cost $2,002,660)				2,002,661
Total Short-Term Investments (Cost $2,002,660)				2,002,661
Total Investments — 99.0% (Cost $3,167,904)*				3,167,904
Other Assets Less Liabilities — 1.0%				32,584
NET ASSETS — 100.0%				3,200,488

Percentages indicated are based on net assets.

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	The rate shown is the effective yield as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 57

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 18.6%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.15%, 9/1/2020 (b)		2,236,000		2,235,902
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.21%, 9/1/2020 (b)		150,000		149,935
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.22%, 9/1/2020 (b)		2,697,400		2,697,351
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.24%, 9/1/2020 (b)		4,863,000		4,863,209
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.25%, 9/1/2020 (b)		2,629,000		2,629,478
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.32%, 9/1/2020 (b)		2,461,000		2,461,883
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.40%, 9/1/2020 (b)		1,813,000		1,816,160
U.S. Treasury Notes
1.38%, 9/30/2020		170,000		169,964
2.00%, 9/30/2020		125,000		125,037
1.38%, 10/31/2020		400,000		399,825
2.88%, 10/31/2020		835,000		836,650
1.75%, 11/15/2020		100,000		100,021
2.63%, 11/15/2020		1,330,000		1,332,624
1.63%, 11/30/2020		196,772		196,758
2.00%, 11/30/2020		522,000		522,435
1.75%, 12/31/2020		249,000		249,089
Total U.S. Treasury Obligations (Cost $20,786,321)				20,786,321
Short-Term Investments — 79.7%
U.S. Treasury Obligations — 79.7%
U.S. Treasury Bills
0.09%, 9/1/2020 (c)		381,000		381,000
0.11%, 9/3/2020 (c)		700,000		699,996
0.12%, 9/8/2020 (c)		4,570,000		4,569,895
0.16%, 9/10/2020 (c)		2,350,000		2,349,907
0.09%, 9/15/2020 (c)		4,350,000		4,349,848
0.13%, 9/17/2020 (c)		650,000		649,963
0.15%, 9/22/2020 (c)		4,950,000		4,949,554
0.09%, 9/29/2020 (c)		450,000		449,968
0.14%, 10/1/2020 (c)		5,180,000		5,179,398
0.15%, 10/8/2020 (c)		2,450,000		2,449,621
0.15%, 10/13/2020 (c)		500,000		499,911
0.16%, 10/20/2020 (c)		250,000		249,946
0.09%, 10/22/2020 (c)		750,000		749,910
0.15%, 10/27/2020 (c)		4,500,000		4,498,947
0.15%, 10/29/2020 (c)		502,115		501,994
0.14%, 11/3/2020 (c)		4,900,000		4,898,798

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
0.13%, 11/5/2020 (c)		3,950,000		3,949,103
0.13%, 11/10/2020 (c)		11,300,000		11,297,048
0.10%, 11/17/2020 (c)		1,250,000		1,249,731
0.11%, 11/19/2020 (c)		6,675,000		6,673,347
0.12%, 11/24/2020 (c)		4,034,950		4,033,822
0.11%, 11/27/2020 (c)		7,100,000		7,098,169
0.11%, 12/1/2020 (c)		1,500,000		1,499,578
0.10%, 12/3/2020 (c)		4,500,000		4,498,837
0.11%, 12/10/2020 (c)		5,000,000		4,998,533
0.15%, 12/22/2020 (c)		2,000,000		1,999,098
0.11%, 12/24/2020 (c)		1,000,000		999,652
0.11%, 1/12/2021 (c)		3,200,000		3,198,698
Total U.S. Treasury Obligations (Cost $88,924,272)				88,924,272
Total Short-Term Investments (Cost $88,924,272)				88,924,272
Total Investments — 98.3% (Cost $109,710,593)*				109,710,593
Other Assets Less Liabilities — 1.7%				1,880,454
NET ASSETS — 100.0%				111,591,047

Percentages indicated are based on net assets.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	The rate shown is the effective yield as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 76.3%
Alabama — 0.1%
Mobile County IDA, PCR, Exxonmobil Project Rev., VRDO, 0.05%, 9/1/2020 (b)		1,425		1,425
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series 2011A, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2020 (b) (c)		6,970		6,970
				8,395
Alaska — 1.8%
Alaska Housing Finance Corp., Governmental Purpose Series 2009-A, Rev., VRDO, LIQ: FHLB, 0.08%, 9/8/2020 (b)		22,065		22,065
Alaska Housing Finance Corp., Home Mortgage
Series 2007A, Rev., VRDO, LIQ: FHLB, 0.08%, 9/8/2020 (b)		13,890		13,890
Series 2007B, Rev., VRDO, LIQ: FHLB, 0.08%, 9/8/2020 (b)		13,875		13,875
Series 2009B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		15,105		15,105
City of Valdez, Exxon Pipeline Co. Project
Series 1993-A, Rev., VRDO, 0.03%, 9/1/2020 (b)		12,410		12,410
Series 1993-B, Rev., VRDO, 0.03%, 9/1/2020 (b)		12,205		12,205
Series 1993-C, Rev., VRDO, 0.03%, 9/1/2020 (b)		42,215		42,215
City of Valdez, Exxonmobil Corp. Rev., VRDO, 0.03%, 9/1/2020 (b)		1,600		1,600
Municipality of Anchorage Alaska GO, TAN, 1.50%, 12/18/2020		70,000		70,174
				203,539
Arizona — 0.6%
Arizona Health Facilities Authority, Banner Health Series 2008E, Class E, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		3,050		3,050
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program Series 2009F, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.11%, 9/8/2020 (b)		8,150		8,150
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2019B, Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		4,285		4,285
Arizona State University Series 2008B, Rev., VRDO, 0.08%, 9/8/2020 (b)		10,505		10,505
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.13%, 9/8/2020 (b)		30,330		30,330

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
Tender Option Bond Trust Receipts/Certificates Series 2019-BAML8004, Rev., VRDO, LIQ: Bank of America NA, 0.17%, 9/8/2020 (b) (c)		15,000		15,000
				71,320
California — 1.2%
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010A, Rev., VRDO, 0.01%, 9/1/2020 (b)		13,500		13,500
California Statewide Communities Development Authority, Rady Children’s Hospital Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/1/2020 (b)		22,330		22,330
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co., Project Rev., VRDO, LOC: Bank of America NA, 0.13%, 9/8/2020 (b)		5,800		5,800
Eastern Municipal Water District Series 2018A, Rev., VRDO, LIQ: Bank of America NA, 0.02%, 9/1/2020 (b)		42,395		42,395
Metropolitan Water District of Southern California Series 2018A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2020 (b)		31,860		31,860
Santa Clara County Housing Authority, Multi-Family Housing, Timberwood Apartments Series 2005B, Rev., VRDO, LOC: Union Bank of Canada, 0.18%, 9/8/2020 (b)		9,590		9,590
				125,475
Colorado — 2.7%
City of Colorado Springs, Utilities System
Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		17,250		17,250
Series 2008-A, Rev., VRDO, LIQ: U.S. Bank NA, 0.10%, 9/8/2020 (b)		11,445		11,445
Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 0.11%, 9/8/2020 (b)		63,280		63,280
Colorado Housing and Finance Authority, Multi-Family, Greentree Village Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 0.12%, 9/8/2020 (b)		12,470		12,470
Colorado Housing and Finance Authority, Single Family Mortgage Series 2019D, Class I, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.13%, 9/8/2020 (b)		47,500		47,500

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 59

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Colorado — continued
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, LOC: FHLMC, 0.12%, 9/8/2020 (b)		13,560		13,560
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-24, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		12,500		12,500
Tender Option Bond Trust Receipts/Certificates
Series 2020-XX1130, Rev., VRDO, LIQ: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		3,880		3,880
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.17%, 9/8/2020 (b) (c)		17,700		17,700
University of Colorado Hospital Authority Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		30,000		30,000
University of Colorado Hospital Authority, Health System Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		61,610		61,610
				291,195
Connecticut — 1.9%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series 2016A, Subseries A-3, Rev., VRDO, LIQ: Royal Bank of Canada, 0.08%, 9/8/2020 (b)		10,000		10,000
Subseries B-3, Rev., VRDO, LIQ: Royal Bank of Canada, 0.08%, 9/8/2020 (b)		10,000		10,000
Subseries F2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.08%, 9/8/2020 (b)		19,000		19,000
Subseries F-5, Rev., VRDO, LIQ: Landesbank Hessen- Thueringen, 0.08%, 9/8/2020 (b)		48,200		48,200
Subseries A-2, Rev., VRDO, AMT, LIQ: U.S. Bank NA, 0.11%, 9/8/2020 (b)		8,940		8,940
Series D, Subseries D-3, Rev., VRDO, AMT, LIQ: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 (b)		32,495		32,495
State of Connecticut, Health and Educational Facilities Authority, Yale New Haven Hospital Issue Series O, Rev., VRDO, 0.09%, 9/8/2020 (b)		21,000		21,000
Tender Option Bond Trust Receipts/Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		5,000		5,000
Town of Groton Series 2020A, GO, BAN, 2.00%, 4/29/2021		45,000		45,263
				199,898

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
District of Columbia — 2.9%
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.09%, 9/8/2020 (b)		20,785		20,785
District of Columbia, The Pew Charitable Trust Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		36,205		36,205
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, 0.09%, 9/8/2020 (b)		33,350		33,350
Metropolitan Washington Airports Authority, Airport System
Series 2010D, Rev., VRDO, AMT, LOC: Barclays Bank plc, 0.11%, 9/8/2020 (b)		56,000		56,000
Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.12%, 9/8/2020 (b)		56,770		56,770
Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.12%, 9/8/2020 (b)		14,400		14,400
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		50,000		50,000
Tender Option Bond Trust Receipts/Certificates
Series 2019-XF0853, Rev., VRDO, LOC: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		23,950		23,950
Series 2019-XG0267, Rev., VRDO, LOC: Bank of America NA, 0.14%, 9/8/2020 (b) (c)		18,545		18,545
				310,005
Florida — 2.8%
City of Jacksonville, Health Care Facilities, Baptist Health
Series 2019C, Rev., VRDO, 0.09%, 9/8/2020 (b)		47,315		47,315
Series 2019C, Rev., VRDO, 0.09%, 9/8/2020 (b)		36,190		36,190
Collier County IDA, Allete, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b)		27,800		27,800
County of Miami-Dade, Juvenile Courthouse Series 2003B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 0.09%, 9/8/2020 (b)		9,410		9,410
Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: TD Bank NA, 0.08%, 9/8/2020 (b)		15,465		15,465

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Florida — continued
Florida Housing Finance Agency, Multi-Family, Sun Pointe Cove Apartments Rev., VRDO, FNMA, LIQ: FNMA, 0.11%, 9/8/2020 (b)		8,500		8,500
Highlands County Health Facilities Authority, Adventist Health System Series 2007A, Rev., VRDO, 0.09%, 9/8/2020 (b)		14,350		14,350
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Series 2012I-2, Rev., VRDO, 0.07%, 9/8/2020 (b)		41,950		41,950
Hillsborough County Industrial Development Authority, Baycare Health System
Series 2020B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		3,265		3,265
Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.04%, 9/1/2020 (b)		2,400		2,400
Lee County Industrial Development Authority, Florida Power and Light Co., Project Series 2016B, Rev., VRDO, AMT, 0.11%, 9/1/2020 (b)		19,120		19,120
Orange County Health Facilities Authority, Orlando Health, Inc. Series E, Rev., VRDO, LOC: TD Bank NA, 0.09%, 9/8/2020 (b)		34,225		34,225
Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, LOC: FNMA, 0.13%, 9/8/2020 (b)		8,235		8,235
Sunshine State Governmental Financing Commission Series 2010A, Rev., VRDO, LOC: MUFG Union Bank NA, 0.10%, 9/8/2020 (b)		14,905		14,905
Tender Option Bond Trust Receipts/Certificates
Series 2018-ZM0615, Rev., VRDO, LIQ: Citibank NA, 0.13%, 9/1/2020 (b) (c)		7,500		7,500
Series 2019-XG0252, Rev., VRDO, AMBAC, LOC: Bank of America NA, 0.14%, 9/8/2020 (b) (c)		9,600		9,600
				300,230
Georgia — 0.7%
Brookhaven Development Authority, Children’s Healthcare Series 2019D, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		42,140		42,140
Development Authority of Burke County (The), Oglethorpe Power Corp. Vogtle Project Series 2010-A, Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b)		17,115		17,115
Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 0.19%, 9/8/2020 (b)		1,490		1,490

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Georgia — continued
Tender Option Bond Trust Receipts/Certificates
Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 0.13%, 9/8/2020 (b) (c)		3,750		3,750
Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 0.13%, 9/8/2020 (b) (c)		7,500		7,500
				71,995
Hawaii — 0.2%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		20,000		20,000
Illinois — 3.3%
City of Galesburg, Knox College Project Series 1996, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		4,300		4,300
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.14%, 9/8/2020 (b)		730		730
County of Lake, Multi-Family Housing, Whispering Oaks Apartments Project Rev., VRDO, LIQ: FHLMC, 0.10%, 9/8/2020 (b)		21,500		21,500
County of Will, Exxonmobil Project
Rev., VRDO, 0.05%, 9/1/2020 (b)		9,625		9,625
Rev., VRDO, 0.05%, 9/1/2020 (b)		1,725		1,725
Illinois Development Finance Authority, St. Ignatius College Prep, 1994 Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		4,100		4,100
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 0.10%, 9/8/2020 (b)		3,890		3,890
Illinois Educational Facilities Authority, The Adler Planetarium Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		8,000		8,000
Illinois Educational Facilities Authority, University Chicago Series 2003B, Rev., VRDO, 0.09%, 9/8/2020 (b)		2,198		2,198
Illinois Finance Authority, Advocate Healthcare Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.10%, 9/8/2020 (b)		17,150		17,150
Illinois Finance Authority, Bradley University
Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		17,660		17,660
Series 2008B, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		12,790		12,790
Illinois Finance Authority, Chicago Symphony Orchestra Series 2008, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		73,015		73,015

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 61

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, College 2005 Rev., VRDO, LOC: U.S. Bank NA, 0.09%, 9/8/2020 (b)		4,370		4,370
Illinois Finance Authority, Elmhurst Memorial Healthcare Series 2008D, Rev., VRDO, LOC: Bank of America NA, 0.11%, 9/8/2020 (b)		22,555		22,555
Illinois Finance Authority, Hospital Sisters Services, Inc., Obligated Group Series 2012G, Rev., VRDO, LOC: Bank of Montreal, 0.09%, 9/8/2020 (b)		20,945		20,945
Illinois Finance Authority, Mccormick Theological Series 2001B, Rev., VRDO, LOC: Northern Trust Co., 0.09%, 9/8/2020 (b)		15,250		15,250
Illinois Finance Authority, Northwestern Memorial Hospital
Series 2007A-2, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 9/1/2020 (b)		5,595		5,595
Series 2007A-4, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 9/1/2020 (b)		7,700		7,700
Series 2008A-1, Rev., VRDO, 0.09%, 9/8/2020 (b)		13,740		13,740
Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 (b)		38,820		38,820
Illinois Finance Authority, The Wbez Alliance, Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.09%, 9/8/2020 (b)		15,000		15,000
Illinois Housing Development Authority, Homeowner Mortgage
Series 2018-A-2, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLB, 0.09%, 9/8/2020 (b)		12,500		12,500
Series C-3, Rev., VRDO, AMT, LIQ: FHLB, 0.15%, 9/8/2020 (b)		5,100		5,100
Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services Rev., VRDO, LOC: Wells Fargo Bank NA, 0.11%, 9/8/2020 (b)		21,300		21,300
Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, LOC: FNMA, 0.15%, 9/8/2020 (b)		8,900		8,900
				368,458
Indiana — 0.4%
Indiana Finance Authority, Ascension Health Senior Credit Group Series 2008E-8, Rev., VRDO, 0.10%, 9/8/2020 (b)		22,750		22,750

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indiana — continued
Indiana Finance Authority, Stadium Project Series 2005A-1, Rev., VRDO, LIQ: Bank of America NA, 0.10%, 9/8/2020 (b)		21,645		21,645
				44,395
Iowa — 1.1%
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.11%, 9/8/2020 (b)		13,400		13,400
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 0.11%, 9/8/2020 (b)		63,730		63,730
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Series 2011, Rev., VRDO, LOC: Great Western Bank, 0.11%, 9/8/2020 (b)		5,650		5,650
Iowa Finance Authority, Multi-Family Housing Series A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b)		11,130		11,130
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program
Series 2019B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: U.S. Bank NA, 0.08%, 9/8/2020 (b)		10,000		10,000
Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.08%, 9/8/2020 (b)		15,500		15,500
Iowa Finance Authority, Trinity Health Series 2000D, Rev., VRDO, 0.09%, 9/8/2020 (b)		11,545		11,545
				130,955
Kansas — 1.4%
City of Wichita Series 298, GO, 4.00%, 10/15/2020		64,390		64,596
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		12,500		12,500
University of Kansas Hospital Authority, Health System Rev., VRDO, LOC: U.S. Bank NA, 0.03%, 9/1/2020 (b)		18,970		18,970
Wyandotte County-Kansas City Unified Government Series 2020-I, GO, 1.20%, 4/1/2021		50,395		50,395
				146,461
Kentucky — 1.0%
City of Hopkinsville Industrial Building, Riken Elastomers Corp. Project Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.12%, 9/8/2020 (b)		5,000		5,000

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Kentucky — continued
City of Shelbyville, Nifco North America Project Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.12%, 9/8/2020 (b)		9,525		9,525
Louisville & Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2013C, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		20,900		20,900
Louisville & Jefferson County Metropolitan Sewer and Drainage District Rev., BAN, 3.00%, 10/23/2020		79,225		79,381
				114,806
Louisiana — 0.3%
East Baton Rouge Parish Industrial Development Board, Inc., Exxonmobile Project, Gulf Opportunity Zone
Rev., VRDO, 0.03%, 9/1/2020 (b)		200		200
Series 2010B, Rev., VRDO, 0.03%, 9/1/2020 (b)		29,545		29,545
Parish of East Baton Rouge, Exxonmobil Project Rev., VRDO, 0.05%, 9/1/2020 (b)		5,100		5,100
				34,845
Maine — 0.6%
Maine State Housing Authority
Series B2, Rev., VRDO, AMT, LIQ: Bank of America NA, 0.14%, 9/8/2020 (b)		14,000		14,000
Series G, Rev., VRDO, AMT, LIQ: Bank of America NA, 0.14%, 9/8/2020 (b)		10,165		10,165
Town of Yarmouth GO, BAN, 1.50%, 10/16/2020		44,000		44,037
				68,202
Maryland — 1.0%
County of Baltimore, Consolidated Public Improvement GO, BAN, 4.00%, 3/22/2021		30,000		30,538
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family, Monteverde Apartments Series 2008-E, Rev., VRDO, AMT, LOC: FHLMC, 0.10%, 9/8/2020 (b)		6,900		6,900
Maryland Community Development Administration, Department of Housing and Community Development, Residential Series 2006G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.11%, 9/8/2020 (b)		19,655		19,655
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series 1994-D, Rev., VRDO, LOC: Bank of America NA, 0.13%, 9/8/2020 (b)		1,159		1,159

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — continued
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		19,460		19,460
Series 2019-ZF2799, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		13,485		13,485
Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		3,750		3,750
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 0.14%, 9/8/2020 (b) (c)		3,300		3,300
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.14%, 9/8/2020 (b) (c)		7,500		7,500
				105,747
Massachusetts — 1.3%
City of Everett GO, BAN, 1.50%, 2/12/2021		20,367		20,424
City of Somerville Series A, GO, BAN, 2.00%, 6/4/2021		10,000		10,120
Massachusetts Development Finance Agency, First Mortgage Brookhaven Series 2005B, Rev., VRDO, LOC: Bank of America NA, 0.11%, 9/8/2020 (b)		1,500		1,500
Massachusetts Health and Educational Facilities Authority, Capital Asset Program
Series M-2, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2020 (b)		1,620		1,620
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b)		1,355		1,355
Massachusetts Housing Finance Agency, Single Family Housing Series 208, Rev., VRDO, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b)		3,400		3,400
Rib Floater Trust Various States
Series 2018-012, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		23,745		23,745
Series 2019-004, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		46,000		46,000
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2692, Rev., VRDO, LIQ: Citibank NA, 0.11%, 9/8/2020 (b) (c)		4,190		4,190
Town of Acton GO, BAN, 1.25%, 3/16/2021		13,627		13,667
Town of Grafton, Unlimited Tax GO, BAN, 1.50%, 5/14/2021		17,015		17,089
Town of Scituate GO, BAN, 1.50%, 12/11/2020		12,510		12,537
				155,647

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 63

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — 2.0%
Kent Hospital Finance Authority, Spectrum Health System Series 2008C, Rev., VRDO, LOC: Bank of New York Mellon, 0.10%, 9/8/2020 (b)		6,880		6,880
Michigan State Building Authority, Multi Modal Facilities Program Series 2017-I, Rev., VRDO, LOC: Citibank NA, 0.08%, 9/8/2020 (b)		16,505		16,505
Michigan State Housing Development Authority, Rental Housing
Series 2016C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b)		54,455		54,455
Series 2016D, Rev., VRDO, AMT, LOC: Bank of America NA, 0.14%, 9/8/2020 (b)		9,930		9,930
Series 2018C, Rev., VRDO, AMT, LOC: Bank of America NA, 0.14%, 9/8/2020 (b)		20,540		20,540
Michigan State Housing Development Authority, Single Family Mortgage Series 2007E, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b)		40,865		40,865
Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LIQ: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		21,320		21,320
Tender Option Bond Trust Receipts/Certificates
Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		11,580		11,580
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		4,075		4,075
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		21,540		21,540
				207,690
Minnesota — 1.1%
City of Oak Park Heights, Multi-Family Housing, Boutwells Landing Rev., VRDO, LIQ: FHLMC, 0.08%, 9/8/2020 (b)		20,800		20,800
County of Hennepin Series 2018B, GO, VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		12,320		12,320
Minnesota Housing Finance Agency, Residential Housing Finance
Series 2017F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b)		37,800		37,800
Series 2019D, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b)		8,950		8,950
Series 2016F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.12%, 9/8/2020 (b)		37,535		37,535
				117,405

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mississippi — 2.6%
County of Jackson, Chevron USA, Inc. Project
Rev., VRDO, 0.05%, 9/1/2020 (b)		120		120
County of Jackson, Pollution Control, Chevron USA, Inc., Project Rev., VRDO, 0.03%, 9/1/2020 (b)		6,955		6,955
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 0.03%, 9/1/2020 (b)		24,900		24,900
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series 2007C, Rev., VRDO, 0.03%, 9/1/2020 (b)		11,760		11,760
Series 2007E, Rev., VRDO, 0.03%, 9/1/2020 (b)		11,050		11,050
Series 2009A, Rev., VRDO, 0.03%, 9/1/2020 (b)		7,540		7,540
Series 2009C, Rev., VRDO, 0.03%, 9/1/2020 (b)		2,680		2,680
Series 2009E, Rev., VRDO, 0.03%, 9/1/2020 (b)		9,900		9,900
Series 2009F, Rev., VRDO, 0.03%, 9/1/2020 (b)		530		530
Series 2009G, Rev., VRDO, 0.03%, 9/1/2020 (b)		475		475
Series 2010 H, Rev., VRDO, 0.03%, 9/1/2020 (b)		34,070		34,070
Series 2010 I, Rev., VRDO, 0.03%, 9/1/2020 (b)		11,630		11,630
Series 2010G, Rev., VRDO, 0.03%, 9/1/2020 (b)		11,255		11,255
Series 2010L, Rev., VRDO, 0.03%, 9/1/2020 (b)		7,250		7,250
Series 2011 F, Rev., VRDO, 0.03%, 9/1/2020 (b)		5,200		5,200
Series 2011 G, Rev., VRDO, 0.03%, 9/1/2020 (b)		4,500		4,500
Series 2011A, Rev., VRDO, 0.03%, 9/1/2020 (b)		29,285		29,285
Series 2011C, Rev., VRDO, 0.03%, 9/1/2020 (b)		14,065		14,065
Series 2011D, Rev., VRDO, 0.03%, 9/1/2020 (b)		15,925		15,925
Series 2010A, Rev., VRDO, 0.08%, 9/8/2020 (b)		59,505		59,505
Mississippi Development Bank, Industrial Water System Project Series 2009, Rev., VRDO, 0.03%, 9/1/2020 (b)		10,850		10,850
				279,445

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Missouri — 2.6%
City of Kansas City, Roe Bartle Convention Center Series 2008E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		61,090		61,090
Health and Educational Facilities Authority of the State of Missouri, Ascension Health Senior Credit Group Series C-4, Rev., VRDO, 0.10%, 9/8/2020 (b)		25,050		25,050
Health and Educational Facilities Authority of the State of Missouri, BJC Health System
Series 2008A, Rev., VRDO, LIQ: U.S. Bank NA, 0.08%, 9/8/2020 (b)		76,475		76,475
Series 2008B, Rev., VRDO, LIQ: BJC Health System, 0.08%, 9/8/2020 (b)		77,675		77,675
Health and Educational Facilities Authority of the State of Missouri, SSM Health Series 2018F, Rev., VRDO, 0.04%, 9/1/2020 (b)		4,180		4,180
RBC Municipal Products, Inc. Trust, Floater Certificates Rev., VRDO, LOC: Royal Bank of Canada, 0.14%, 9/8/2020 (b) (c)		10,000		10,000
St. Charles County Industrial Development Authority, Remington Apartments Project Rev., VRDO, LOC: FNMA, 0.09%, 9/8/2020 (b)		10,400		10,400
Tender Option Bond Trust Receipts/Certificates Rev., VRDO, LOC: Royal Bank of Canada, 0.16%, 9/8/2020 (b) (c)		25,050		25,050
				289,920
Nebraska — 0.2%
Nebraska Investment Finance Authority, Multi-Family Housing, Irvington Heights Apartment Project Series A, Rev., VRDO, LOC: Citibank NA, 0.12%, 9/8/2020 (b)		6,500		6,500
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2558, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		8,000		8,000
				14,500
Nevada — 1.2%
City of Reno, Hospital, Renown Regional Medical Center Project Series 2008A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		31,475		31,475
City of Reno, Regional Medical Center Project
Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		31,945		31,945
Series 2009-B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		15,010		15,010

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nevada — continued
Clark County, Industrial Development, Southwest Gas Corp. Project Series 2009A, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2020 (b)		16,555		16,555
County of Clark, Southwest Gas Corp. Project Series 2008A, Rev., VRDO, AMT, LOC: MUFG Union Bank NA, 0.10%, 9/8/2020 (b)		25,000		25,000
Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		7,450		7,450
Tender Option Bond Trust Receipts/Certificates Series 2019-G98, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		4,750		4,750
				132,185
New Jersey — 1.9%
Borough of Beachwood Series 2020A, GO, BAN, 2.00%, 3/4/2021		10,039		10,094
City of North Wildwood GO, BAN, 1.25%, 8/20/2021		20,326		20,512
County of Burlington Series 2020A, GO, BAN, 1.50%, 9/15/2020		23,000		23,005
County of Middlesex GO, BAN, 2.00%, 6/3/2021		6,000		6,072
County of Sussex GO, BAN, 1.75%, 6/17/2021		7,428		7,507
Rib Floater Trust Various States
Series 2018-019, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		25,820		25,820
Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 0.16%, 9/8/2020 (b) (c)		22,075		22,075
Tender Option Bond Trust Receipts/Certificates
Series 2018-XG0168, Rev., VRDO, LOC: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		15,450		15,450
Series 2018-XX1091, Rev., VRDO, NATL-RE, LOC: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		9,000		9,000
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		3,600		3,600
Town of Dover Series 2020A, GO, BAN, 1.25%, 5/27/2021		21,090		21,223
Township of Maple Shade, General Capital, Water and Sewer System GO, BAN, 1.25%, 9/1/2021		12,000		12,115
Township of Monroe, Middlesex County, General Improvement, Water and Sewer System GO, BAN, 1.25%, 6/8/2021		12,830		12,910

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 65

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Jersey — continued
Township of Toms River GO, BAN, 1.50%, 6/16/2021		10,294		10,375
				199,758
New York — 17.1%
Albany City School District Series 2020B, GO, BAN, 1.25%, 7/30/2021		48,000		48,371
Amsterdam City School District GO, BAN, 1.25%, 6/25/2021		28,968		29,137
Berne-Knox-Westerlo Central School District GO, BAN, 1.25%, 7/9/2021		17,800		17,919
City of Buffalo GO, BAN, 1.50%, 4/28/2021		34,800		34,933
City of Geneva GO, BAN, 1.50%, 5/6/2021		15,213		15,253
City of New York
Series E, Subseries E-2, GO, VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		6,775		6,775
Subseries L-3, GO, VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		13,840		13,840
City of New York, Fiscal Year 2006
Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		18,715		18,715
Series I, Subseries I-8, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		6,960		6,960
City of New York, Fiscal Year 2008 Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		8,285		8,285
City of New York, Fiscal Year 2012
Series 2012G, Subseries G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.02%, 9/1/2020 (b)		6,980		6,980
Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 0.03%, 9/1/2020 (b)		8,375		8,375
Series A-3, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		19,350		19,350
City of New York, Fiscal Year 2013
Subseries A-2, GO, VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		25,910		25,910
Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		12,680		12,680
City of New York, Fiscal Year 2014 Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		26,550		26,550
City of New York, Fiscal Year 2017
Series A, Subseries A-5, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		18,700		18,700
Subseries A-6, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		35,345		35,345

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
City of New York, Fiscal Year 2018 Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		3,550		3,550
City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		20,215		20,215
County of Broome Series 2020A, GO, BAN, 3.00%, 4/30/2021		29,720		30,069
Evans-Brant Central School District Series 2020B, GO, BAN, 1.25%, 6/25/2021		21,425		21,524
Frontier Central School District GO, BAN, 1.25%, 7/22/2021		20,000		20,147
Geneva City School District GO, BAN, 1.25%, 6/25/2021		20,130		20,249
Gorham-Middlesex Central School District Series 2020A, GO, BAN, 1.25%, 6/24/2021		22,900		23,005
Highland Falls-Fort Montgomery Central School District GO, BAN, 1.25%, 6/25/2021		17,615		17,696
Metropolitan Transportation Authority
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		9,990		9,990
Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 0.03%, 9/1/2020 (b)		1,615		1,615
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		60,455		60,455
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		9,580		9,580
Subseries E-4, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		25,775		25,775
Nassau Health Care Corp., Nassau County Guaranteed
Subseries 2009B-2, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		4,420		4,420
Subseries 2009C-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		16,105		16,105
Subseries 2009D-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		9,255		9,255
Subseries 2009D-2, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		16,160		16,160
Subseries 2009B-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.10%, 9/8/2020 (b)		16,760		16,760
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		10,630		10,630
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Subseries B-1A, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		71,450		71,450

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012
Series B, Subseries B-1, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 9/1/2020 (b)		11,100		11,100
Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		4,205		4,205
Series B, Subseries B-4, Rev., VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		5,240		5,240
Subseries A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		13,100		13,100
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution
Series BB-1B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		7,670		7,670
Series BB-2, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.05%, 9/1/2020 (b)		12,655		12,655
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., 0.03%, 9/1/2020 (b)		42,440		42,440
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014
Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		28,195		28,195
Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.02%, 9/1/2020 (b)		21,530		21,530
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Series BB, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		49,305		49,305
Subseries BB-1, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		18,330		18,330
Subseries BB-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		5,075		5,075
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016 Series AA-1, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		5,850		5,850
New York City Transitional Finance Authority Future Tax Secured Subseries C-5, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		12,335		12,335

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Transitional Finance Authority, Future Tax Secured Subseries C4, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.03%, 9/1/2020 (b)		21,065		21,065
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		40,510		40,510
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		10,200		10,200
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries 2010G-6, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		16,405		16,405
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries A-6, Rev., VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		8,350		8,350
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		6,700		6,700
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015
Subseries E-4, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		2,625		2,625
Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.04%, 9/1/2020 (b)		1,675		1,675
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Subseries A-4, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		5,025		5,025
New York City Transitional Finance Authority, Future Tax Secured, New York City Recovery
Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.08%, 9/8/2020 (b)		1,105		1,105
Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.08%, 9/8/2020 (b)		6,910		6,910
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2020 (b)		17,380		17,380
New York State Dormitory Authority, Court Facilities Lease Series 2005B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.10%, 9/8/2020 (b)		59,525		59,525

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 67

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York State Dormitory Authority, Remarketing Series A, Rev., VRDO, LOC: FNMA, 0.07%, 9/8/2020 (b)		35		35
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021		69,500		71,286
New York State Energy Research and Development Authority Subseries C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.11%, 9/8/2020 (b)		1,010		1,010
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.08%, 9/8/2020 (b)		920		920
New York State Housing Finance Agency Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		1,600		1,600
New York State Housing Finance Agency, 160 Madison Avenue Housing Series 2013A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		955		955
New York State Housing Finance Agency, 250 West 93rd Street Housing Series 2005A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.12%, 9/8/2020 (b)		33,380		33,380
New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		2,400		2,400
New York State Housing Finance Agency, 455 West 37th Street Housing Series 2007A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		17,105		17,105
New York State Housing Finance Agency, Tribeca Green Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.11%, 9/8/2020 (b)		10,985		10,985
New York State Housing Finance Agency, Weyant Green Apartments Series 2007A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		100		100
New York State Housing Finance Agency, Worth Street
Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		3,400		3,400
Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		2,100		2,100
North Colonie Central School District GO, BAN, 1.25%, 7/16/2021		97,710		98,387
North Rose-Wolcott Central School District GO, BAN, 1.25%, 6/29/2021		22,265		22,387

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
North Tonawanda City School District GO, BAN, 1.25%, 8/20/2021		14,940		15,075
Pearl River Union Free School District GO, BAN, 1.25%, 7/23/2021		28,345		28,559
Phoenix Central School District GO, BAN, 1.25%, 7/8/2021		32,667		32,893
RBC Municipal Products, Inc. Trust
Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		10,000		10,000
Series E-24, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		17,605		17,605
Series E-86, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		10,000		10,000
Series E-87, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		14,600		14,600
Series E-88, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		25,835		25,835
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		27,000		27,000
Schoharie Central School District GO, BAN, 1.25%, 6/25/2021		17,335		17,395
Solvay Union Free School District GO, BAN, 1.25%, 6/30/2021		25,842		26,012
Tender Option Bond Trust Receipts/Certificates
Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		4,900		4,900
Series 2018-E-129, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		35,000		35,000
Series 2015-XF0238, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		10,000		10,000
Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 0.14%, 9/8/2020 (b) (c)		35,000		35,000
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2003 B-1, Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		12,090		12,090
Subseries 2005 B-3, Rev., VRDO, LOC: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		1,135		1,135
Union Endicott Central School District GO, BAN, 1.25%, 6/25/2021		18,079		18,184
William Floyd Union Free School District of the Mastics-Moriches-Shirley GO, BAN, 1.50%, 5/13/2021		17,600		17,663
				1,822,229

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
North Carolina — 1.8%
Charlotte-Mecklenburg Hospital Authority, Health Care Series 2007E, Rev., VRDO, AGM, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		27,805		27,805
City of Raleigh, Downtown Improvement Projects
Series 2005-B-1, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		50,000		50,000
Series 2005-B-2, COP, VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		29,625		29,625
City of Raleigh, Enterprise System Series 2008A, Rev., VRDO, LIQ: Bank of America NA, 0.11%, 9/8/2020 (b)		16,440		16,440
North Carolina Medical Care Commission, Health System, Catholic Health East Issue, Trinity Health Corp. Series 2008, Rev., VRDO, 0.10%, 9/8/2020 (b)		9,725		9,725
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, 0.11%, 9/8/2020 (b)		50,325		50,325
				183,920
Ohio — 1.3%
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Series 2008, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		200		200
Columbus Regional Airport Authority, Flightsafety International Inc., Project Series B, Rev., VRDO, AMT, 0.14%, 9/8/2020 (b)		15,040		15,040
County of Hamilton, Hospital Facilities, The Elizabeth Gamble Deaconess Home Association
Series 2002A, Rev., VRDO, LOC: Northern Trust Co., 0.09%, 9/8/2020 (b)		11,750		11,750
Series 2002B, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		8,500		8,500
County of Montgomery, Hospital Facilities, Premier Health Partners Obligated Group Series 2019B, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		29,425		29,425
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group Series 2013-B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 9/1/2020 (b)		3,700		3,700
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Series 2013-B-2, Rev., VRDO, LIQ: Bank of New York Mellon, 0.03%, 9/1/2020 (b)		6,550		6,550

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Ohio — continued
Ohio State University (The) Rev., VRDO, 0.08%, 9/8/2020 (b)		1,500		1,500
State of Ohio, Parks and Recreation Improvement Series 2020B, Rev., VRDO, 0.08%, 9/8/2020 (b)		13,150		13,150
State of Ohio, University Hospitals Health System, Inc. Series 2018 B, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		5,470		5,470
Tender Option Bond Trust Receipts/Certificates
Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		40,000		40,000
Series 2019-E-134, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		12,365		12,365
				147,650
Oregon — 0.1%
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, VRDO, 0.12%, 9/8/2020 (b) (c)		7,500		7,500
Other — 1.0%
FHLMC, Multi-Family Housing
Series M015, Class A, Rev., VRDO, LIQ: FHLMC, 0.12%, 9/8/2020 (b) (c)		3,245		3,245
Series M019, Class A, Rev., VRDO, LIQ: FHLMC, 0.12%, 9/8/2020 (b) (c)		32,065		32,065
Series M020, Class A, Rev., VRDO, LIQ: FHLMC, 0.12%, 9/8/2020 (b) (c)		8,118		8,118
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.12%, 9/8/2020 (b) (c)		37,970		37,970
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.15%, 9/8/2020 (b) (c)		19,135		19,135
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.15%, 9/8/2020 (b) (c)		10,785		10,785
SunAmerica Taxable Trust, Various States Series A-2, Class A, Rev., VRDO, LOC: FHLMC, 0.14%, 9/8/2020 (b)		690		690
				112,008
Pennsylvania — 5.3%
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2018A, Rev., VRDO, LIQ: Bank of New York Mellon, 0.02%, 9/1/2020 (b)		3,450		3,450
Bucks County IDA, Grand View Hospital
Series A, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2020 (b)		385		385
Series 2008B, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		18,100		18,100

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 69

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
County of Allegheny
Series C-50, GO, VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		33,775		33,775
Series C-51, GO, VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		12,000		12,000
Fayette County Hospital Authority, Regional Health System Series A, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		24,025		24,025
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.09%, 9/8/2020 (b)		18,710		18,710
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.15%, 9/8/2020 (b)		17,080		17,080
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Series 2001 H9, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		2,000		2,000
Pennsylvania Turnpike Commission Series 2nd, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2020 (b)		25,050		25,050
Philadelphia Gas Works Co., 1998 General Ordinance
Series B, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2020 (b)		18,115		18,115
Series E, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2020 (b)		24,770		24,770
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-110, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		43,700		43,700
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		121,235		121,235
Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		103,050		103,050
Tender Option Bond Trust Receipts/Certificates
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		49,370		49,370
Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		5,070		5,070
Series 2018-XG0201, Rev., VRDO, GTD, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		45,000		45,000
				564,885

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Rhode Island — 0.5%
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b)		1,300		1,300
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, 0.09%, 9/8/2020 (b)		27,900		27,900
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, AMT, LOC: FHLMC, 0.15%, 9/8/2020 (b)		7,000		7,000
Rhode Island Industrial Facilities Corp., Marine Terminal, Exxonmobil Project Rev., VRDO, 0.03%, 9/1/2020 (b)		450		450
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 0.12%, 9/8/2020 (b) (c)		9,000		9,000
				45,650
South Carolina — 2.3%
County of Richland GO, BAN, 3.00%, 2/25/2021		83,800		84,632
County Square Redevelopment Corp., Installment Purchase Rev., BAN, 2.00%, 3/24/2021		13,500		13,597
South Carolina Association of Governmental Organizations Series 2020A, COP, SCSDE, 1.50%, 3/1/2021		64,610		64,829
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.20%, 9/8/2020 (b)		39,950		39,950
South Carolina State Housing Finance and Development Authority, Multi-Family, Rental Housing, Rocky Creek Apartments Projects Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b)		5,275		5,275
Tender Option Bond Trust Receipts/Certificates Series 2019-BAML5004, Rev., VRDO, LOC: Bank of America NA, 0.14%, 9/8/2020 (b) (c)		47,735		47,735
				256,018
South Dakota — 0.1%
South Dakota Housing Development Authority Series 2020B, Rev., VRDO, 0.08%, 9/8/2020 (b)		5,800		5,800

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — 0.5%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/1/2020 (b)		7,555		7,555
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Multi-Family Housing, Arbor Crest Rev., VRDO, LOC: FNMA, 0.09%, 9/8/2020 (b)		12,750		12,750
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Multi-Family Housing, Arbor Knoll Series A, Rev., VRDO, LOC: FNMA, 0.09%, 9/8/2020 (b)		13,400		13,400
Montgomery County Public Building Authority, Pooled Financing Series 2006, Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/1/2020 (b)		9,090		9,090
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		15,390		15,390
				58,185
Texas — 3.9%
Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, LOC: FNMA, 0.11%, 9/8/2020 (b)		9,400		9,400
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Subseries A, Rev., VRDO, LOC: Citibank NA, 0.09%, 9/8/2020 (b)		16,340		16,340
City of Houston, Airport System Subordinate Lien Rev., VRDO, LOC: Barclays Bank plc, 0.10%, 9/8/2020 (b)		42,550		42,550
Gulf Coast Authority, Exxonmobil Project Rev., VRDO, 0.05%, 9/1/2020 (b)		5,900		5,900
Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl LP Project Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.12%, 9/8/2020 (b)		12,000		12,000
Gulf Coast Waste Disposal Authority, Environmental Facilities, Exxonmobil Project
Rev., VRDO, 0.05%, 9/1/2020 (b)		3,700		3,700
Series B, Rev., VRDO, 0.06%, 9/1/2020 (b)		1,300		1,300
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2014D, Rev., VRDO, 0.10%, 9/8/2020 (b)		35,200		35,200

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Series 2019F, Rev., VRDO, 0.10%, 9/8/2020 (b)		48,300		48,300
Harris County Housing Finance Corp., Multi-Family Housing, Baypointe Apartments Series 2006, Rev., VRDO, LOC: Citibank NA, 0.13%, 9/8/2020 (b)		10,480		10,480
Harris County Industrial Development Corp., Exxonmobil Project Rev., VRDO, 0.05%, 9/1/2020 (b)		11,000		11,000
Lower Neches Valley Authority Industrial Development Corp., Exxonmobil Project
Series 2001A-2, Rev., VRDO, 0.03%, 9/1/2020 (b)		2,565		2,565
Series 2002B, Rev., VRDO, 0.03%, 9/1/2020 (b)		42,650		42,650
Series 2012, Rev., VRDO, 0.03%, 9/1/2020 (b)		7,450		7,450
Series A-3, Rev., VRDO, 0.03%, 9/1/2020 (b)		100		100
Subseries B-4, Rev., VRDO, 0.05%, 9/1/2020 (b)		5,000		5,000
Subseries B-2, Rev., VRDO, 0.06%, 9/1/2020 (b)		1,550		1,550
Port of Port Arthur Navigation District, Pollution Control Rev., VRDO, 0.03%, 9/1/2020 (b)		5,500		5,500
RBC Municipal Products, Inc. Trust Series E141, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		25,000		25,000
RBC Municipal Products, Inc. Trust, Floater Certificates
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		10,000		10,000
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		5,400		5,400
State of Texas, Veterans Housing Assistance Program
Series 2001-C2, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/8/2020 (b)		780		780
Series 2007A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.14%, 9/8/2020 (b)		225		225
Tarrant County Cultural Education Facilities Finance Corp., Baylor Health Care System Project Series 2011C, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		2,550		2,550
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System
Series 2008 A, Rev., VRDO, 0.10%, 9/8/2020 (b)		17,125		17,125

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 71

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Series 2012 B, Rev., VRDO, 0.10%, 9/8/2020 (b)		24,000		24,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-G-84, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		7,125		7,125
Series 2018-G-85, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		6,175		6,175
Series 2018-XG0193, Rev., VRDO, GNMA COLL, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		4,000		4,000
Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		5,000		5,000
Texas Department of Housing and Community Affairs, Single Family Mortgage Series 2004 D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas State Comptroller of Public Accounts, 0.13%, 9/8/2020 (b)		11,065		11,065
Texas Transportation Commission, State Highway Fund, First Tier Series 2014-B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		46,660		46,660
				426,090
Utah — 0.7%
Central Utah Water Conservancy District, Limited Tax Series 2008A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.12%, 9/8/2020 (b)		20,800		20,800
County of Utah Hospital, IHC Health Services, Inc.
Series 2018C, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		24,710		24,710
Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.09%, 9/8/2020 (b)		8,725		8,725
County of Weber, IHC Health Services, Inc. Series 2000B, Rev., VRDO, LIQ: U.S. Bank NA, 0.09%, 9/8/2020 (b)		2,340		2,340
Utah Water Finance Agency Series B-2, Rev., VRDO, LIQ: Landesbank Hessen- Thueringen, 0.12%, 9/8/2020 (b)		25,000		25,000
				81,575
Virginia — 1.6%
Albermarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 9/1/2020 (b)		7,220		7,220

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Virginia — continued
Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series 2018B, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		15,505		15,505
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series 2003B, Rev., VRDO, 0.09%, 9/8/2020 (b)		5,695		5,695
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020B, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		33,890		33,890
Roanoke Economic Development Authority, Health System Series 2005A, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		40,000		40,000
Tender Option Bond Trust Receipts/Certificates
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		8,170		8,170
Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		5,000		5,000
Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		7,000		7,000
Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 0.13%, 9/8/2020 (b) (c)		8,500		8,500
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 0.13%, 9/8/2020 (b) (c)		5,415		5,415
Virginia Small Business Financing Authority, Carilion Clinic Obligated Group Series 2008 B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.07%, 9/8/2020 (b)		34,110		34,110
				170,505
Washington — 1.1%
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ: Barclays Bank plc, 0.09%, 9/8/2020 (b)		11,395		11,395
Port of Seattle, Subordinate Lien Series 1997, Rev., VRDO, LOC: Bank of America NA, 0.15%, 9/8/2020 (b)		28,280		28,280
Port of Tacoma, Subordinate Lien
Rev., VRDO, AMT, LOC: PNC Bank NA, 0.12%, 9/8/2020 (b)		28,300		28,300
Series 2019A, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.12%, 9/8/2020 (b)		10,950		10,950

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Washington — continued
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		8,800		8,800
Series 2018-ZF2682, Rev., VRDO, GTD, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		7,000		7,000
Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, AMT, LOC: FNMA, 0.13%, 9/8/2020 (b)		12,835		12,835
				107,560
West Virginia — 0.2%
West Virginia Hospital Finance Authority, United Health System Series 2018 D, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2020 (b)		8,020		8,020
West Virginia Hospital Finance Authority, University Health System Series 2018 C, Rev., VRDO, LOC: TD Bank NA, 0.08%, 9/8/2020 (b)		11,275		11,275
				19,295
Wisconsin — 0.8%
Green Bay Redevelopment Authority, Greenbay Packing Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 0.14%, 9/8/2020 (b) (c)		40,000		40,000
Wisconsin Housing and Economic Development Authority Series 2007 F, Rev., VRDO, AMT, LOC: Bank of America NA, 0.14%, 9/8/2020 (b)		9,035		9,035
Wisconsin Housing and Economic Development Authority, Home Ownership
Series 2019 B, Rev., VRDO, FNMA COLL, LIQ: FHLB, 0.09%, 9/8/2020 (b)		8,000		8,000
Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b)		20,900		20,900
				77,935
Wyoming — 1.1%
County of Lincoln, Wyoming Pollution Control, ExxonMobile Project Series 2014, Rev., VRDO, AMT, 0.05%, 9/1/2020 (b)		30,000		30,000
County of Sublette, Wyoming Pollution Control, Exxonmobile Project
Rev., VRDO, 0.03%, 9/1/2020 (b)		5,000		5,000
Rev., VRDO, AMT, 0.05%, 9/1/2020 (b)		16,650		16,650
County of Uinta, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 0.03%, 9/1/2020 (b)		6,000		6,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wyoming — continued
Wyoming Community Development Authority
Rev., VRDO, LIQ: RBC Capital Markets, 0.09%, 9/8/2020 (b)		9,000		9,000
Rev., VRDO, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b)		9,750		9,750
Series 2019-4, Rev., VRDO, LIQ: Bank of America NA, 0.09%, 9/8/2020 (b)		10,000		10,000
Wyoming Community Development Authority, Composite Reoffering Housing
Rev., VRDO, AMT, LIQ: FHLB, 0.12%, 9/8/2020 (b)		6,700		6,700
Rev., VRDO, AMT, LIQ: FHLB, 0.12%, 9/8/2020 (b)		6,210		6,210
Series 2007-11, Rev., VRDO, AMT, LIQ: FHLB, 0.12%, 9/8/2020 (b)		5,875		5,875
				105,185
Total Municipal Bonds (Cost $8,204,461)				8,204,461
	SHARES (000)
Variable Rate Demand Preferred Shares — 10.7%
California — 2.4%
Nuveen California AMT-Free Quality Municipal Income Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 # (c)		1,500		1,500
Nuveen California Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 0.15%, 9/8/2020 # (c)		26,800		26,800
Series 2, LIQ: Citi Bank NA, 0.16%, 9/8/2020 # (c)		27,500		27,500
Series 6, LIQ: Citi Bank NA, 0.16%, 9/8/2020 # (c)		67,600		67,600
Series 4, LIQ: Royal Bank of Canada, 0.17%, 9/8/2020 # (c)		58,500		58,500
Series 7, LIQ: Royal Bank of Canada, 0.17%, 9/8/2020 # (c)		21,000		21,000
Series 1-1362, LIQ: Societe Generale, 0.21%, 9/8/2020 # (c)		59,200		59,200
				262,100
New York — 0.6%
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 1, LIQ: Citi Bank NA, 0.12%, 9/8/2020 # (c)		18,600		18,600
Series 5, LIQ: TD Bank NA, 0.12%, 9/8/2020 # (c)		40,000		40,000
				58,600

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 73

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — continued
Other — 7.7%
BlackRock MuniYield Investment Fund LIQ: TD Bank NA, 0.18%, 9/8/2020 # (b) (c)		27,400		27,400
Nuveen AMT-Free Municipal Credit Income Fund
Series 1, LIQ: Citi Bank NA, 0.14%, 9/8/2020 # (c)		24,000		24,000
Series 5, LIQ: Societe Generale, 0.14%, 9/8/2020 # (c)		127,000		127,000
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 # (c)		124,300		124,300
Nuveen AMT-Free Quality Municipal Income Fund
Series 2-1309, LIQ: Citi Bank NA, 0.14%, 9/8/2020 # (c)		92,000		92,000
Series 3, LIQ: TD Bank NA, 0.14%, 9/8/2020 # (c)		173,500		173,500
Series 4 - 4895, LIQ: Barclays Bank plc, 0.14%, 9/8/2020 # (c)		28,600		28,600
Series 5-1000, LOC: Sumitomo Mitsui Banking Corp., 0.14%, 9/8/2020 # (c)		25,000		25,000
Nuveen Quality Municipal Income Fund
Series 1-2118, LIQ: Barclays Bank plc, 0.18%, 9/8/2020 # (c)		51,600		51,600
Series 2-2525, LIQ: Barclays Bank plc, 0.18%, 9/8/2020 # (b) (c)		151,900		151,900
				825,300
Total Variable Rate Demand Preferred Shares (Cost $1,146,000)				1,146,000
	PRINCIPAL AMOUNT ($000)
Repurchase Agreements — 2.0%
Citigroup Global Markets Holdings, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $215,110, collateralized by U.S. Treasury Securities, 0.38% - 6.50%, due 1/31/2021 - 1/15/2027, with a value of $219,412. (Cost $215,110)		215,110		215,110
Short-Term Investments — 11.8%
Commercial Paper — 11.8%
Alachua County Health Facilities Authority Series 08-A, 0.18%, 10/8/2020		26,240		26,240
Board of Regents of the University of Texas System
Series A, 1.20%, 9/10/2020		20,000		20,000
Series A, 0.28%, 11/6/2020		25,000		25,000
Series A, 0.24%, 2/1/2021		25,000		25,000
Series A, 0.23%, 2/2/2021		20,000		20,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Series A, 0.50%, 2/11/2021		25,000		25,000
Series A, 0.45%, 2/18/2021		12,000		12,000
Series A, 0.40%, 2/22/2021		20,000		20,000
California Statewide Communities Development Authority
0.50%, 9/9/2020		50,000		50,000
0.50%, 9/9/2020		15,000		15,000
Series 08-B, 0.50%, 9/10/2020		10,000		10,000
Series 9B-4, 0.24%, 2/2/2021		20,000		20,000
City of Garland 0.23%, 9/14/2020		14,000		14,000
City of Jacksonville, Health Care Authority 0.23%, 2/4/2021		115,000		115,000
City of Rochester, Health Care Facilities
Series 08-C, 0.18%, 10/8/2020		88,000		88,000
0.21%, 1/6/2021		25,000		25,000
0.23%, 2/4/2021		50,000		50,000
City of San Antonio, Electric and Gas System Series C, 0.89%, 9/8/2020		10,000		10,000
County of Harris, Toll Road Authority (The)
Series E-1, 0.25%, 9/17/2020		51,975		51,975
Series E-2, 0.21%, 11/5/2020		25,245		25,245
County of York Series 00B3, 0.22%, 9/1/2020		16,275		16,275
County of York, National Rural Utilities Cooperative Finance Corp.
Series 00B1, 0.22%, 9/1/2020		35,000		35,000
Series OOB2, 0.22%, 9/1/2020		25,000		25,000
Health and Educational Facilities Authority of the State of Missouri
Series 14-D, 0.49%, 9/10/2020		50,000		50,000
Series 14-E, 0.49%, 9/10/2020		50,000		50,000
Series 14-C, 0.25%, 10/8/2020		50,000		50,000
Series 14-B, 0.18%, 11/3/2020		50,000		50,000
Illinois Finance Authority
Series 12-H, 0.17%, 9/10/2020		25,600		25,600
Series 12-I, 0.26%, 9/10/2020		28,760		28,760
Indiana Finance Authority Series D-2, 0.21%, 1/5/2021		70,000		70,000
Maryland Health and Higher Educational Facilities Authority Series B, 0.16%, 10/7/2020		20,760		20,760
Michigan State Building Authority Series 7, 0.18%, 9/30/2020		67,000		67,000
Southwestern Illinois Development Authority, Health Facilities
Series 17-B, 0.26%, 10/5/2020		45,000		45,000
Series 17-B, 0.19%, 10/16/2020		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
State of Wisconsin
Series 06-A, 0.18%, 12/4/2020		19,574		19,574
Series 13-A, 0.18%, 12/4/2020		29,415		29,415
Series 16-A, 0.18%, 12/4/2020		24,515		24,515
Total Commercial Paper (Cost $1,264,359)				1,264,359
Total Short-Term Investments (Cost $1,264,359)				1,264,359
Total Investments — 100.8% (Cost $10,829,930)*				10,829,930
Liabilities in Excess of Other Assets — (0.8)%				(89,188	)
Net Assets — 100.0%				10,740,742

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
BAN	Bond Anticipation Note
COLL	Collateral
CONS	Consolidated Bonds
COP	Certificate of Participation
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PCR	Pollution Control Revenue
PSF-GTD	Permanent School Fund Guaranteed

RAN	Revenue Anticipation Note
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
TAN	Tax Anticipation Note
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 75

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 81.5%
Alabama — 0.6%
Alabama Housing Finance Authority, Multi-Family Housing, Alison Apartments Project Series 2007-B, Rev., VRDO, LOC: U.S. Bank NA, 0.12%, 9/8/2020 (b)		7,855		7,855
California — 0.7%
California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Loan Program Series 2015-I, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.10%, 9/8/2020 (b)		5,000		5,000
Los Angeles Department of Water and Power, Power System Series 2019A-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		3,050		3,050
				8,050
Colorado — 4.5%
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, LOC: FHLMC, 0.12%, 9/8/2020 (b)		330		330
RBC Municipal Products, Inc. Trust Series 2019-G114, Rev., VRDO, LOC: Royal Bank of Canada, 0.34%, 9/8/2020 (b) (c)		3,000		3,000
Tender Option Bond Trust Receipts/Certificates
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.17%, 9/8/2020 (b) (c)		35,195		35,195
Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 0.17%, 9/8/2020 (b) (c)		3,250		3,250
Series 2019-XF0757, Rev., VRDO, LOC: Bank of America NA, 0.17%, 9/8/2020 (b) (c)		2,895		2,895
The Regents of the University of Colorado, Enterprise System Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b)		11,400		11,400
				56,070
Connecticut — 0.6%
Town of Oxford GO, BAN, 2.50%, 1/15/2021		6,900		6,930
District of Columbia — 0.8%
Metropolitan Washington Airports Authority, Airport System Series 2010D, Rev., VRDO, AMT, LOC: Barclays Bank plc, 0.11%, 9/8/2020 (b)		10,000		10,000
Florida — 8.5%
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Rev., VRDO, LOC: Citibank NA, 0.14%, 9/8/2020 (b)		3,130		3,130
Collier County Housing Finance Authority, Multi-Family Housing-Sawgrass Pines Apartments Rev., VRDO, LOC: FNMA, 0.13%, 9/8/2020 (b)		5,800		5,800

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
County of Broward, Florida Power and Light Co., Project Series 2018A, Rev., VRDO, AMT, 0.11%, 9/1/2020 (b)		20,450		20,450
County of St. Lucie, Florida Power and Light Co., Project Rev., VRDO, 0.11%, 9/1/2020 (b)		27,275		27,275
Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 0.14%, 9/8/2020 (b)		13,845		13,845
Hillsborough County, Housing Finance Authority, Multi-Family Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 0.14%, 9/8/2020 (b)		5,825		5,825
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Florida Power and Light Co., Project Rev., VRDO, 0.11%, 9/1/2020 (b)		1,000		1,000
Pinellas County Educational Facilities Authority, Barry University Project Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b)		1,160		1,160
RBC Municipal Products, Inc. Trust Series G-115, Rev., VRDO, LOC: Royal Bank of Canada, 0.34%, 9/8/2020 (b) (c)		6,000		6,000
Sumter County Industrial Development Authority, Solid Waste Disposal, American Cement Co., LLC Project Rev., VRDO, LOC: Bank of America NA, 0.20%, 9/8/2020 (b)		15,900		15,900
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0826, Rev., VRDO, LOC: Royal Bank of Canada, 0.20%, 9/8/2020 (b) (c)		2,800		2,800
				103,185
Georgia — 0.6%
Development Authority of Douglas County, Pandosia LLC Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b)		2,100		2,100
Development Authority of Monroe County (The), Florida Power and Light Co., Project Rev., VRDO, AMT, 0.12%, 9/1/2020 (b)		3,575		3,575
Valdosta-Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 0.18%, 9/8/2020 (b)		1,705		1,705
				7,380
Illinois — 2.0%
County of Will, Exxonmobil Project Rev., VRDO, 0.05%, 9/1/2020 (b)		13,840		13,840

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Illinois Development Finance Authority, Toyal America, Inc. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.18%, 9/8/2020 (b)		6,000		6,000
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0686, Rev., VRDO, LOC: Bank of America NA, 0.17%, 9/8/2020 (b) (c)		4,680		4,680
				24,520
Indiana — 1.6%
City of Indianapolis, Multi-Family Housing, Nora Commons Series 2004B, Class B, Rev., VRDO, LOC: U.S. Bank NA, 0.18%, 9/8/2020 (b)		615		615
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Rev., VRDO, LOC: Bank of America NA, 0.18%, 9/8/2020 (b)		4,100		4,100
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 0.18%, 9/8/2020 (b)		1,860		1,860
Indiana Housing and Community Development Authority
Series 2017B-3, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		5,750		5,750
Series 2017C, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		5,175		5,175
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		2,500		2,500
				20,000
Iowa — 2.1%
Iowa Finance Authority, Multi-Family Housing Series 2008-A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.13%, 9/8/2020 (b)		3,250		3,250
Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 0.15%, 9/8/2020 (b)		14,240		14,240
Iowa Finance Authority, Wellness Facility, Community of Marshall Town Project Rev., VRDO, LOC: Northern Trust Co., 0.12%, 9/8/2020 (b)		7,350		7,350
				24,840
Kansas — 1.0%
City of Wichita Series 298, GO, 4.00%, 10/15/2020		12,000		12,038
Kentucky — 0.8%
Louisville & Jefferson County Metropolitan Sewer and Drainage District Rev., BAN, 3.00%, 10/23/2020		2,310		2,314

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Kentucky — continued
Maysville Industrial Building., Green Tokai Co. Ltd. Rev., VRDO, AMT, LOC: MUFG Bank Ltd., 0.12%, 9/8/2020 (b)		5,740		5,740
Tender Option Bond Trust Receipts/Certificates Series 2017-XG0113, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		1,870		1,870
				9,924
Louisiana — 3.7%
Parish of St. Bernard, Mobil Oil Rev., VRDO, 0.05%, 9/1/2020 (b)		8,000		8,000
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Rev., VRDO, 0.07%, 9/1/2020 (b)		12,000		12,000
Parish of St. Charles, Shell Oil Co. Project Series 1992-A, Rev., VRDO, 0.07%, 9/1/2020 (b)		24,400		24,400
				44,400
Maryland — 5.2%
Maryland Community Development Administration, Department of Housing and Community Development, Residential
Series 2006G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.11%, 9/8/2020 (b)		3,330		3,330
Series 2006J, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.11%, 9/8/2020 (b)		45,500		45,500
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2018B, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.12%, 9/8/2020 (b)		8,450		8,450
State of Maryland, Department of Transportation Rev., 4.00%, 9/1/2020		3,460		3,460
Washington Suburban Sanitary Commission Series B-3, Rev., VRDO, BAN, GTD, LIQ: State Street Bank & Trust, 0.10%, 9/8/2020 (b)		2,500		2,500
				63,240
Massachusetts — 2.0%
City of Lynn GO, BAN, 2.00%, 9/1/2020		8,102		8,102
City of Worcester GO, BAN, 2.00%, 2/16/2021		5,000		5,036
Nashoba Valley Technical High School District GO, BAN, 2.00%, 9/11/2020		2,000		2,000
Town of North Reading GO, BAN, 2.00%, 5/28/2021		6,913		6,980
Town of Yarmouth GO, BAN, 2.00%, 2/15/2021		3,000		3,010
				25,128

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 77

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — 1.8%
Lakeview School District, School Building and Site Series B, GO, VRDO, LOC: TD Bank NA, 0.08%, 9/8/2020 (b)		5,520		5,520
L’Anse Creuse Public Schools GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.08%, 9/8/2020 (b)		10,910		10,910
Michigan State Housing Development Authority, Jackson Project Rev., VRDO, LOC: FHLMC, 0.10%, 9/1/2020 (b)		2,725		2,725
Tender Option Bond Trust Receipts/Certificates Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		3,000		3,000
				22,155
Minnesota — 0.5%
Minnesota Housing Finance Agency, Residential Housing Finance
Series 2015D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b)		3,225		3,225
Series 2016F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.12%, 9/8/2020 (b)		2,345		2,345
				5,570
Mississippi — 1.4%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series 2009A, Rev., VRDO, 0.03%, 9/1/2020 (b)		6,170		6,170
Series 2009C, Rev., VRDO, 0.03%, 9/1/2020 (b)		8,915		8,915
Series 2009G, Rev., VRDO, 0.03%, 9/1/2020 (b)		1,435		1,435
Series 2010K, Rev., VRDO, 0.03%, 9/1/2020 (b)		1,000		1,000
				17,520
Missouri — 1.2%
Rib Floater Trust Various States Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		9,845		9,845
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 0.14%, 9/8/2020 (b) (c)		5,000		5,000
				14,845

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nebraska — 0.7%
Douglas County Hospital Authority No. 2, Health Facilities Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 0.03%, 9/1/2020 (b)		6,600		6,600
Nebraska Investment Finance Authority, Multi-Family Housing, Irvington Heights Apartment Project Series A, Rev., VRDO, LOC: Citibank NA, 0.12%, 9/8/2020 (b)		2,465		2,465
				9,065
New Jersey — 11.1%
Bergen County Improvement Authority (The), New Bridge Medical Center Project Series 2019A, Rev., GTD, 4.00%, 9/1/2020		1,500		1,500
Borough of Butler GO, BAN, 2.00%, 9/11/2020		7,233		7,234
Borough of Palisades Park GO, BAN, 1.50%, 3/19/2021		3,972		3,988
Borough of Roselle GO, BAN, 2.00%, 11/18/2020		10,000		10,014
Borough of Somerville GO, BAN, 1.75%, 11/5/2020		4,157		4,160
Borough of Tenafly GO, BAN, 1.25%, 5/28/2021		8,910		8,947
Borough of Wood-Ridge
GO, BAN, 2.00%, 9/11/2020		8,633		8,637
GO, BAN, 2.00%, 11/6/2020		2,149		2,152
Burlington County Bridge Commission, Governmental Leasing Program
Series 2019C-2, Rev., 3.00%, 11/20/2020		600		602
Series 2020AB, Rev., 3.50%, 4/15/2021		6,000		6,033
City of Long Branch Series 2020A, GO, BAN, 2.00%, 2/4/2021		1,037		1,041
County of Hudson GO, BAN, 2.00%, 12/8/2020		7,000		7,016
Essex County Improvement Authority Rev., AMT, GTD, 3.00%, 11/1/2020		400		401
Rib Floater Trust Various States Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 0.16%, 9/8/2020 (b) (c)		17,185		17,185
Tender Option Bond Trust Receipts/Certificates Series 2020-XF0957, Rev., VRDO, LOC: Royal Bank of Canada, 0.16%, 9/8/2020 (b) (c)		2,500		2,500
Township of Cedar Grove GO, BAN, 2.00%, 7/14/2021		10,000		10,125
Township of East Brunswick GO, BAN, 2.00%, 2/26/2021		150		151
Township of Ewing GO, TAN, 1.25%, 12/23/2020		5,568		5,584
Township of Galloway GO, BAN, 1.25%, 8/11/2021		7,590		7,645

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Jersey — continued
Township of Lyndhurst
GO, BAN, 1.88%, 9/10/2020		1,280		1,280
GO, BAN, 2.00%, 5/6/2021		4,500		4,512
GO, BAN, 1.00%, 9/8/2021		9,000		9,054
Township of Mount Olive GO, BAN, 2.00%, 12/11/2020		3,374		3,380
Township of Tewksbury GO, 2.00%, 5/20/2021		4,722		4,755
Township of Vernon GO, BAN, 2.00%, 9/4/2020		7,366		7,366
				135,262
New York — 7.5%
Battery Park City Authority, Junior Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/8/2020 (b)		2,500		2,500
Binghamton City School District GO, BAN, 2.00%, 10/2/2020		6,500		6,503
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		5,660		5,660
County of Westchester, Various Purpose Series 2020A, GO, BAN, 1.50%, 4/30/2021		6,500		6,529
Kenmore-Tonawanda Union Free School District GO, BAN, 1.25%, 8/13/2021		1,164		1,173
Malone Central School District GO, BAN, 1.25%, 8/13/2021		1,505		1,517
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., 0.02%, 9/1/2020 (b)		2,100		2,100
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		400		400
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.04%, 9/1/2020 (b)		150		150
New York State Dormitory Authority, Court Facilities Lease Series 2005B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.10%, 9/8/2020 (b)		4,500		4,500
New York State Housing Finance Agency, 350 West 43rd Street Housing
Series 2001A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		3,000		3,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Series 2002A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		23,455		23,455
Series 2004A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		3,800		3,800
New York State Housing Finance Agency, 455 West 37th Street Housing Series 2007A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		9,000		9,000
Skaneateles Central School District GO, BAN, 1.25%, 8/18/2021		1,338		1,349
South Colonie Central School District GO, BAN, 1.25%, 8/13/2021		2,406		2,423
Springville-Griffith Institute Central School District GO, BAN, 1.25%, 8/20/2021		2,272		2,290
Town of Eastchester GO, BAN, 2.00%, 9/4/2020		2,183		2,183
Voorheesville Central School District GO, BAN, 1.25%, 8/20/2021		5,604		5,650
Wantagh Union Free School District GO, TAN, 1.25%, 6/25/2021		6,500		6,545
				90,727
North Carolina — 1.0%
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170, Rev., VRDO, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		3,000		3,000
Union County Industrial Facilities and Pollution Control Financing Authority, Darnel, Inc. Project Rev., VRDO, LOC: Truist Bank NA, 0.14%, 9/8/2020 (b)		10,000		10,000
				13,000
Ohio — 1.1%
City of Brecksville, Various Purpose Improvement, Limited Tax
GO, BAN, 2.00%, 2/25/2021		4,875		4,896
GO, BAN, 2.00%, 6/3/2021		585		589
City of Strongsville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 6/10/2021		1,600		1,613
City of Twinsburg, Gleneagles Clubhouse Improvements, Limited Tax GO, BAN, 2.00%, 2/25/2021		2,300		2,308
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		3,905		3,905
				13,311

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 79

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Oregon — 0.8%
Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 0.15%, 9/8/2020 (b)		230		230
Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/1/2020 (b)		9,075		9,075
				9,305
Other — 2.5%
FHLMC, Multi-Family Housing
Series M015, Class A, Rev., VRDO, LIQ: FHLMC, 0.12%, 9/8/2020 (b) (c)		8,785		8,785
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.12%, 9/8/2020 (b) (c)		9,875		9,875
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.15%, 9/8/2020 (b) (c)		4,425		4,425
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.15%, 9/8/2020 (b) (c)		5,780		5,780
SunAmerica Taxable Trust, Various States Series A-2, Class A, Rev., VRDO, LOC: FHLMC, 0.14%, 9/8/2020 (b)		1,310		1,310
				30,175
Pennsylvania — 1.8%
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2006-93B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.10%, 9/8/2020 (b)		3,120		3,120
Philadelphia Gas Works Co. Series D, Rev., VRDO, LOC: TD Bank NA, 0.09%, 9/8/2020 (b)		13,495		13,495
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 0.15%, 9/8/2020 (b) (c)		4,490		4,490
				21,105
South Carolina — 1.3%
Charleston County School District, Phase IV Projects, Sales Tax Series 2020B, GO, BAN, SCSDE, 5.00%, 5/12/2021		5,000		5,139
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.20%, 9/8/2020 (b)		5,020		5,020
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0824, Rev., VRDO, LOC: Bank of America NA, 0.17%, 9/8/2020 (b) (c)		2,325		2,325
Town of Lexington, Combined Waterworks and Sewer System Rev., BAN, 2.50%, 10/27/2020		3,000		3,006
				15,490

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee — 0.9%
Tender Option Bond Trust Receipts/Certificates
Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 0.15%, 9/8/2020 (b) (c)		4,420		4,420
Series 2019-XG0268, Rev., VRDO, LOC: Bank of America NA, 0.16%, 9/8/2020 (b) (c)		3,475		3,475
Series 2020-YX1139, Rev., VRDO, LOC: Barclays Bank plc, 0.16%, 9/8/2020 (b) (c)		3,795		3,795
				11,690
Texas — 9.0%
Collin County Housing Finance Corp., Multi-Family Housing Rev., VRDO, LOC: Northern Trust Co., 0.16%, 9/8/2020 (b)		12,305		12,305
Gilmer Industrial Development Corp., Duoline Technologies LP Series 2008A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.19%, 9/8/2020 (b)		6,085		6,085
Gulf Coast Authority, Exxonmobil Project Rev., VRDO, 0.05%, 9/1/2020 (b)		5,300		5,300
Gulf Coast Waste Disposal Authority, Environmental Facilities, Exxonmobil Project Series B, Rev., VRDO, 0.06%, 9/1/2020 (b)		5,245		5,245
Lower Neches Valley Authority Industrial Development Corp., Exempt Facilities, Mobil Oil Refining Corp. Project Rev., VRDO, 0.05%, 9/1/2020 (b)		3,200		3,200
Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 0.17%, 9/8/2020 (b)		18,425		18,425
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		3,000		3,000
State of Texas, Veterans
Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/8/2020 (b)		165		165
GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.18%, 9/8/2020 (b)		6,915		6,915
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0465, Rev., VRDO, LOC: Royal Bank of Canada, 0.17%, 9/8/2020 (b) (c)		48,605		48,605
				109,245
Virginia — 1.3%
Arlington County Industrial Development Authority, Multi-Family, Gates Ballston Apartments Rev., VRDO, LOC: PNC Bank NA, 0.14%, 9/8/2020 (b)		14,840		14,840
Prince William County Industrial Development Authority, Sewer Disposal Facilities, Dale Service Corp. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.14%, 9/8/2020 (b)		1,250		1,250
				16,090

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Washington — 1.0%
King County Housing Authority, Overlake Tod Housing LP Series 2001B, Rev., VRDO, LOC: Bank of America NA, 0.15%, 9/8/2020 (b)		5,840		5,840
Port of Tacoma, Subordinate Lien Series 2019A, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.12%, 9/8/2020 (b)		2,550		2,550
Snohomish County Housing Authority, Ebey Arms Centerhouse Project Rev., VRDO, LOC: Bank of America NA, 0.13%, 9/8/2020 (b)		1,585		1,585
Washington State Housing Finance Commission, Panorama City Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 9/8/2020 (b)		2,000		2,000
				11,975
Wyoming — 1.9%
County of Laramie, Industrial Development, Cheyenne Light Fuel and Power Co. Project Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b)		7,000		7,000
County of Lincoln, Wyoming Pollution Control, ExxonMobile Project Series 2014, Rev., VRDO, AMT, 0.05%, 9/1/2020 (b)		15,700		15,700
				22,700
Total Municipal Bonds (Cost $992,790)				992,790
	SHARES (000)
Variable Rate Demand Preferred Shares — 9.4%
California — 0.8%
Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 0.17%, 9/8/2020 # (c)		10,000		10,000
Other — 8.6%
BlackRock MuniYield Quality Fund III, Inc. LIQ: TD Bank NA, 0.17%, 9/8/2020 # (c)		30,000		30,000
Nuveen AMT-Free Municipal Credit Income Fund Series 5, LIQ: Societe Generale, 0.14%, 9/8/2020 # (c)		10,000		10,000
Nuveen AMT-Free Quality Municipal Income Fund Series 4 - 4895, LIQ: Barclays Bank plc, 0.14%, 9/8/2020 # (c)		20,000		20,000
Nuveen Quality Municipal Income Fund
Series 2-2525, LIQ: Barclays Bank plc, 0.18%, 9/8/2020 # (b) (c)		20,000		20,000
Series 3-1277, LIQ: Barclays Bank plc, 0.18%, 9/8/2020 # (c)		24,200		24,200
				104,200
Total Variable Rate Demand Preferred Shares (Cost $114,200)				114,200

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 1.0%
Citigroup Global Markets Holdings, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $12,543, collateralized by U.S. Treasury Securities, 0.50% - 6.13%, due 11/15/2027 - 11/15/2028, with a value of $12,794. (Cost $12,543)		12,543		12,543
Short-Term Investments — 8.6%
Commercial Paper — 8.6%
California Statewide Communities Development Authority
0.50%, 9/9/2020		7,500		7,500
Series B-6, 0.70%, 9/10/2020		5,000		5,000
Series B-5, 0.21%, 1/6/2021		4,150		4,150
Series 9B-4, 0.24%, 2/2/2021		5,000		5,000
City of Atlanta
Series K-2, 0.45%, 1/6/2021		5,650		5,650
Series K-4, 0.45%, 1/6/2021		2,500		2,500
City of Houston, Airport System
Series A, 0.21%, 9/3/2020		8,000		8,000
Series A, 0.22%, 9/3/2020		16,000		16,000
Series A, 0.19%, 9/24/2020		17,000		17,000
Series A, 0.19%, 9/24/2020		5,000		5,000
City of San Antonio, Electric and Gas System
Series C, 0.89%, 9/8/2020		3,000		3,000
Series B, 0.79%, 9/10/2020		3,800		3,800
County of Harris, Toll Road Authority (The)
Series E-1, 0.17%, 9/17/2020		1,550		1,550
Series E-2, 0.22%, 11/5/2020		580		580
County of Miami-Dade Series A-1, 0.25%, 10/7/2020		5,750		5,750
Indiana Finance Authority Series D-2, 0.21%, 1/5/2021		4,000		4,000
Massachusetts Bay Transportation Authority Series A, 0.21%, 11/30/2020		7,000		7,000
State of California Series A-2, LOC: Royal Bank of Canada, 0.16%, 10/8/2020		3,795		3,795
Total Commercial Paper (Cost $105,275)				105,275
Total Short-Term Investments (Cost $105,275)				105,275
Total Investments — 100.5% (Cost $1,224,808)*				1,224,808
Liabilities in Excess of Other Assets — (0.5)%				(6,566	)
Net Assets — 100.0%				1,218,242

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 81

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Abbreviations

AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COLL	Collateral
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
LIQ	Liquidity Agreement
LOC	Letter of Credit
Q-SBLF	Qualified School Bond Loan Fund
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
TAN	Tax Anticipation Note

VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 62.8%
California — 62.8%
Alameda County IDA, Plyproperties Project Series 1997A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.13%, 9/8/2020 (b)		3,475		3,475
Alameda Public Financing Authority, Multi-Family Housing, Eagle Village/Parrot Village Series 2005A, Rev., VRDO, LOC: FNMA, 0.09%, 9/8/2020 (b)		200		200
California Economic Development Financing Authority, Industrial Development, Killion Industries, Inc. Project Rev., VRDO, LOC: MUFG Union Bank NA, 0.14%, 9/8/2020 (b)		1,285		1,285
California Educational Facilities Authority, Stanford University Series U-5, Rev., 5.00%, 5/1/2021		3,670		3,777
California Health Facilities Financing Authority, Scripps Health Series 2012C, Rev., VRDO, 0.05%, 9/8/2020 (b)		1,000		1,000
California Health Facilities Financing Authority, Stanford Hospital and Clinics Series 2008B-2, Rev., VRDO, 0.30%, 3/2/2021 (b)		7,000		7,000
California Housing Finance, Home Mortgage Series 2005A-R, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.18%, 9/8/2020 (b)		2,365		2,365
California Infrastructure and Economic Development Bank, Industrial Development, Silva Corks USA LLC Project Rev., VRDO, LOC: Bank of America NA, 0.18%, 9/8/2020 (b)		1,615		1,615
California Municipal Finance Authority, Multi-Family, Pacific Meadows Apartments Series 2010A, Rev., VRDO, LIQ: FHLMC, 0.08%, 9/8/2020 (b)		635		635
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project
Series 2010A, Rev., VRDO, 0.01%, 9/1/2020 (b)		6,950		6,950
Series 2010A, Rev., VRDO, 0.01%, 9/1/2020 (b)		2,210		2,210
California State Public Works Board, Capital Projects Series 2019C, Rev., 5.00%, 11/1/2020		1,495		1,505
California Statewide Communities Development Authority, Multi-Family, Fairway Family Apartments Series 2003PP, Rev., VRDO, LOC: FNMA, 0.11%, 9/8/2020 (b)		1,425		1,425
California Statewide Communities Development Authority, Multi-Family, Horizons at Indio Series 2005F, Rev., VRDO, LOC: Citibank NA, 0.12%, 9/8/2020 (b)		700		700

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
California Statewide Communities Development Authority, Rady Children’s Hospital
Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/1/2020 (b)		4,760		4,760
Series 2008C, Rev., VRDO, LOC: Northern Trust Co., 0.04%, 9/8/2020 (b)		1,000		1,000
City of Los Angeles
Series 2017B, GO, 5.00%, 9/1/2020		400		400
Rev., TRAN, 4.00%, 6/24/2021		7,200		7,415
City of Los Angeles, Multi-Family Housing Series I, Rev., VRDO, LOC: Citibank NA, 0.12%, 9/8/2020 (b)		1,100		1,100
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments
Series 1997A, Rev., VRDO, LOC: FNMA, 0.11%, 9/8/2020 (b)		8,500		8,500
Series 2000A, Rev., VRDO, LOC: FNMA, 0.11%, 9/8/2020 (b)		2,000		2,000
City of Santa Rosa, Multi-Family Housing Series 2006A, Rev., VRDO, LOC: Citibank NA, 0.12%, 9/8/2020 (b)		1,740		1,740
Contra Costa Water District Series T, Rev., 5.00%, 10/1/2020		125		125
County of Los Angeles Series 2020-21A, Rev., TRAN, 4.00%, 6/30/2021		4,000		4,123
County of Riverside
Series 2019A, Rev., 1.38%, 10/22/2020		5,500		5,502
Rev., TRAN, 4.00%, 6/30/2021		8,200		8,452
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co., Project Rev., VRDO, LOC: Bank of America NA, 0.13%, 9/8/2020 (b)		1,000		1,000
Daly City Housing Development Finance Agency, Multi-Family, Serramonte Del Rey Series A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		7,400		7,400
Fremont Public Financing Authority Rev., 5.00%, 10/1/2020		2,780		2,789
Los Angeles Department of Water and Power, Power System
Series B, Subseries B-4, Rev., VRDO, LIQ: Citibank NA, 0.01%, 9/1/2020 (b)		19,300		19,300
Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.02%, 9/1/2020 (b)		8,400		8,400
Metropolitan Water District of Southern California
Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2020 (b)		1,075		1,075
Series 2018A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2020 (b)		1,330		1,330

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 83

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
Modesto Public Financing Authority Rev., VRDO, LOC: Bank of the West, 0.08%, 9/8/2020 (b)		4,155		4,155
RBC Municipal Products, Inc. Trust Series G-11806, VRDO, LOC: Royal Bank of Canada, 0.24%, 9/8/2020 (b) (c)		2,000		2,000
Sacramento County Housing Authority, Multi-Family Housing, River Terrace Apartments Series 1996C, Rev., VRDO, FNMA, LIQ: FNMA, 0.07%, 9/8/2020 (b)		1,770		1,770
San Diego County Water Authority
Series 2016S-1, Rev., 3.00%, 5/1/2021		5,000		5,067
Series 2005A, COP, NATL-RE, 5.25%, 5/1/2021		6,725		6,929
San Diego Public Facilities Financing Authority, Sewer Utility Series 2016A, Rev., 5.00%, 5/15/2021		250		257
San Mateo County Community College District, Election of 2014 Series 2018B, GO, 4.00%, 9/1/2020		850		850
Santa Clara County Financing Authority, Multiple Facilities Project Series 2015P, Rev., 5.00%, 5/15/2021		5,770		5,945
State of California Department of Water Resources, Central Valley Project, Water System Series AW, Rev., 4.00%, 12/1/2020		425		428
State of California Department of Water Resources, Power Supply Series 2011N, Rev., 5.00%, 5/1/2021		325		334
Tender Option Bond Trust Receipts/Certificates
GO, VRDO, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b) (c)		1,600		1,600
Rev., VRDO, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b) (c)		1,500		1,500
Series 2017-XF0607, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 9/8/2020 (b) (c)		3,330		3,330
Series 2018-XG0182, Rev., VRDO, LOC: Barclays Bank plc, 0.09%, 9/8/2020 (b) (c)		6,030		6,030
Series 2018-XM0689, GO, VRDO, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b) (c)		5,705		5,705
Series 2018-XM0696, Rev., VRDO, LIQ: Bank of America NA, 0.09%, 9/8/2020 (b) (c)		4,590		4,590
Series 2020-XF0898, GO, VRDO, LIQ: Royal Bank of Canada, 0.09%, 9/8/2020 (b) (c)		6,000		6,000
Series 2020-XG0291, Rev., VRDO, LOC: Barclays Bank plc, 0.09%, 9/8/2020 (b) (c)		9,560		9,560
Series 2018-G-92, GO, VRDO, LOC: Royal Bank of Canada, 0.10%, 9/8/2020 (b) (c)		1,500		1,500

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
Series 2019-ZF2844, COP, VRDO, LIQ: Citibank NA, 0.10%, 9/8/2020 (b) (c)		5,435		5,435
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.11%, 9/8/2020 (b) (c)		7,615		7,615
Series 2020-XF2867, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.11%, 9/8/2020 (b) (c)		4,000		4,000
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.11%, 9/8/2020 (b) (c)		2,800		2,800
Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b) (c)		7,500		7,500
Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		2,230		2,230
Series 2018-ZF2744, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		6,900		6,900
Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		4,750		4,750
Series 2018-ZM0585, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.12%, 9/8/2020 (b) (c)		3,750		3,750
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		7,785		7,785
Series 2019-XM0750, Rev., VRDO, LIQ: Bank of America NA, 0.14%, 9/8/2020 (b) (c)		3,000		3,000
Series 2020-XF2876, Rev., VRDO, LOC: Barclays Bank plc, 0.14%, 9/8/2020 (b) (c)		9,195		9,195
Series 2020-YX1131, Rev., VRDO, LOC: Barclays Bank plc, 0.14%, 9/8/2020 (b) (c)		4,380		4,380
Western Municipal Water District Facilities Authority Series 2012A, Rev., VRDO, LOC: TD Bank NA, 0.04%, 9/8/2020 (b)		1,055		1,055
Total Municipal Bonds (Cost $258,498)				258,498
	SHARES (000)
Variable Rate Demand Preferred Shares — 9.5%
California — 9.5%
BlackRock MuniYield California Quality Fund, Inc. Series W-7, LIQ: TD Bank NA, 0.13%, 9/8/2020 # (c)		5,000		5,000
Nuveen California AMT-Free Quality Municipal Income Fund Series 3, LIQ: TD Bank NA, 0.10%, 9/8/2020 # (c)		15,000		15,000
Nuveen California Quality Municipal Income Fund
Series 6, LIQ: Citi Bank NA, 0.16%, 9/8/2020 # (c)		5,100		5,100

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — continued
California — continued
Series 4, LIQ: Royal Bank of Canada, 0.17%, 9/8/2020 # (c)		7,000		7,000
Series 1-1362, LIQ: Societe Generale, 0.21%, 9/8/2020 # (c)		7,000		7,000
Total Variable Rate Demand Preferred Shares (Cost $39,100)				39,100
	PRINCIPAL AMOUNT ($000)
Repurchase Agreements — 0.4%
Citigroup Global Markets Holdings, Inc., 0.07%, dated 8/31/2020, due 9/1/2020, repurchase price $1,600, collateralized by U.S. Treasury Securities, 0.38% - 6.50%, due 1/31/2021 - 1/15/2027, with a value of $1,632. (Cost $1,600)		1,600		1,600
Short-Term Investments — 27.1%
Commercial Paper — 27.1%
Alameda County Joint Powers Authority Series A, LOC: MUFG Union Bank NA, 0.15%, 9/3/2020		15,500		15,500
California Statewide Communities Development Authority
Series 08-B, 0.50%, 9/10/2020		5,000		5,000
Series B-6, 0.70%, 9/10/2020		5,000		5,000
Series D, 0.25%, 11/4/2020		12,000		12,000
Series 08-C, 0.28%, 12/9/2020		5,000		5,000
City and County of San Francisco LOC: U.S. Bank NA, 0.24%, 11/4/2020		3,190		3,190
Los Angeles County Capital Asset Leasing Corp. LOC: Wells Fargo Bank NA, 0.17%, 10/7/2020		5,000		5,000
Municipal Improvement Corp. of Los Angeles Series A-1, LOC: BMO Harris Bank NA, 0.15%, 10/8/2020		5,600		5,600

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
San Diego County Water Authority Series 10, LOC: Bank of the West, 0.20%, 12/9/2020		5,000		5,000
San Francisco City and County Public Utilities Commission Wastewater Series A2, LOC: Sumitomo Mitsui Banking Corp., 0.20%, 9/3/2020		17,500		17,500
State of California
Series A-2, LOC: Royal Bank of Canada, 0.13%, 9/16/2020		5,000		5,000
Series A-2, LOC: Royal Bank of Canada, 0.16%, 10/8/2020		3,000		3,000
Series A-4, LOC: TD Bank NA, 0.22%, 10/8/2020		5,000		5,000
Series A-1, LOC: Wells Fargo Bank NA, 0.17%, 10/9/2020		2,500		2,500
University of California
Series A, 0.35%, 9/9/2020		2,000		2,000
Series A, 0.65%, 10/26/2020		5,000		5,000
Series A, 0.35%, 2/22/2021		5,000		5,000
West Basin Municipal Water District LOC: Bank of the West, 0.20%, 10/28/2020		5,500		5,500
Total Commercial Paper (Cost $111,790)				111,790
Total Short-Term Investments (Cost $111,790)				111,790
Total Investments — 99.8% (Cost $410,988)*				410,988
Other Assets Less Liabilities — 0.2%				968
Net Assets — 100.0%				411,956

Percentages indicated are based on net assets.

Abbreviations

AMT	Alternative Minimum Tax
COP	Certificate of Participation
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GO	General Obligation
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
RE	Reinsured
Rev.	Revenue
TRAN	Tax & Revenue Anticipation Note
VRDO	Variable Rate Demand Obligation

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 85

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 90.8%
New York — 90.8%
Albany Industrial Development Agency, Civic Facility, Living Resources Corp., Project Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.11%, 9/8/2020 (b)		2,490		2,490
Amherst Development Corp., Student Housing Facility, South Lake Village Project Series 2010B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.16%, 9/8/2020 (b)		12,620		12,620
Baldwinsville Central School District GO, BAN, 1.25%, 6/29/2021		3,480		3,498
Battery Park City Authority, Junior Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/8/2020 (b)		5,000		5,000
Bethlehem Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		3,705		3,725
Binghamton City School District
GO, BAN, 2.00%, 10/2/2020		10,000		10,005
GO, BAN, 2.00%, 11/13/2020		2,410		2,413
Canajoharie Central School District GO, BAN, 1.25%, 6/29/2021		1,687		1,696
Chenango Valley Central School District GO, BAN, 1.25%, 6/25/2021		12,720		12,787
City of New York
Series 2012G, Subseries G-3, GO, VRDO, LOC: Citibank NA, 0.08%, 9/8/2020 (b)		2,855		2,855
Subseries G-4, GO, VRDO, LIQ: Barclays Bank plc, 0.08%, 9/8/2020 (b)		3,055		3,055
City of New York, Fiscal Year 2012
Series 2012G, Subseries G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.02%, 9/1/2020 (b)		1,395		1,395
Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.02%, 9/1/2020 (b)		11,715		11,715
Series 2012G, Subseries G-4, GO, VRDO, LOC: Citibank NA, 0.08%, 9/8/2020 (b)		1,050		1,050
City of New York, Fiscal Year 2013 Subseries A-2, GO, VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		13,465		13,465
City of New York, Fiscal Year 2017
Subseries A-6, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		1,475		1,475
Series 2017A, Subseries A-4, GO, VRDO, LOC: Citibank NA, 0.08%, 9/8/2020 (b)		2,460		2,460
City of New York, Fiscal Year 2018 Series B, Subseries B-5, GO, VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		1,130		1,130
City of Peekskill GO, TAN, 1.25%, 1/15/2021		3,000		3,007

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
County of Livingston
GO, BAN, 2.00%, 9/10/2020		2,576		2,576
County of Madison GO, BAN, 1.75%, 4/30/2021		16,000		16,073
County of Montgomery GO, BAN, 2.00%, 10/9/2020		7,470		7,474
County of Otsego GO, RAN, 1.50%, 5/28/2021		8,000		8,032
County of Westchester, Various Purpose
Series 2020A, GO, BAN, 1.50%, 4/30/2021		27,353		27,473
Series 2020B, GO, BAN, 1.50%, 4/30/2021		9,474		9,507
Erie County Industrial Development Agency (The), Canisius High School Series 2008, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.13%, 9/8/2020 (b)		10,820		10,820
Erie County Industrial Development Agency (The), Our Lady Victory Corp. Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.13%, 9/8/2020 (b)		1,800		1,800
Franklin County Civic Development Corp., Alice Hyde Medical Center Project Series 2013A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.12%, 9/8/2020 (b)		11,640		11,640
Geneva City School District
GO, RAN, 1.25%, 6/23/2021		7,000		7,034
GO, BAN, 1.25%, 6/30/2021		4,900		4,926
Lancaster Central School District Series 2020C, GO, BAN, 1.25%, 6/11/2021		6,000		6,033
Liverpool Central School District Series 2019A, GO, BAN, 2.00%, 9/25/2020		3,867		3,868
Metropolitan Transportation Authority
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2020 (b)		20,275		20,275
Series 2012G-1, Rev., VRDO, LOC: Barclays Bank plc, 0.03%, 9/1/2020 (b)		4,150		4,150
Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/1/2020 (b)		3,045		3,045
Subseries 2005D-2, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		6,680		6,680
Subseries E-2, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		3,300		3,300
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		6,135		6,135
Series 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		25,000		25,000
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 9/8/2020 (b)		2,000		2,000

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Monroe County Water Authority, Water System Rev., 5.00%, 3/1/2021		75		77
Monticello Central School District GO, BAN, 2.00%, 9/18/2020		10,010		10,013
Moravia Central School District GO, BAN, 1.25%, 8/6/2021		9,500		9,561
Nassau Health Care Corp., Nassau County Guaranteed
Subseries 2009B-2, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		575		575
Subseries 2009C-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		6,880		6,880
Subseries 2009C-2, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		11,125		11,125
Subseries 2009D-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		6,885		6,885
Subseries 2009B-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.10%, 9/8/2020 (b)		2,125		2,125
New York City Housing Development Corp., LaFontaine Avenue Apartments Series 2005A, Rev., VRDO, LOC: Citibank NA, 0.12%, 9/8/2020 (b)		3,100		3,100
New York City Housing Development Corp., Multi-Family Housing, Ogden Avenue Apartments Series A, Rev., VRDO, LOC: FNMA, 0.12%, 9/8/2020 (b)		4,760		4,760
New York City Housing Development Corp., Multi-Family Mortgage, Bathgate Avenue Apartments Series A, Rev., VRDO, LOC: FNMA, 0.12%, 9/8/2020 (b)		3,225		3,225
New York City Housing Development Corp., Multi-Family Mortgage, Boricua Village Apartments Site Series C, Rev., VRDO, LOC: Citibank NA, 0.10%, 9/8/2020 (b)		6,665		6,665
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series A, Rev., VRDO, LIQ: FHLMC, 0.08%, 9/8/2020 (b)		270		270
New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street Series 2005A, Rev., VRDO, LOC: FNMA, 0.09%, 9/8/2020 (b)		1,000		1,000

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Housing Development Corp., Multi-Family Rental Housing, Gold Street Series A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		20,000		20,000
New York City Housing Development Corp., Multi-Family Rental Housing, Lexington Courts Series A, Rev., VRDO, LIQ: FHLMC, 0.08%, 9/8/2020 (b)		1,015		1,015
New York City Housing Development Corp., Multi-Family Rental Housing, Queenswood Apartments LP Series 2001A, Rev., VRDO, LOC: FHLMC, 0.07%, 9/8/2020 (b)		2,600		2,600
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		2,300		2,300
New York City Housing Development Corp., Multi-Family, Pearl LLC Series A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		6,100		6,100
New York City Housing Development Corp., West 26th Street Development Series 2011B, Rev., VRDO, 0.08%, 9/8/2020 (b)		1,220		1,220
New York City Industrial Development Agency, Civic Facility, New York Congregational Nursing Center Project Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.23%, 9/8/2020 (b)		300		300
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.08%, 9/8/2020 (b)		6,075		6,075
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Series 2008-BB-5, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		1,500		1,500
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/1/2020 (b)		1,730		1,730
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, 0.02%, 9/1/2020 (b)		120		120
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		2,895		2,895

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 87

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (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 2014
Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		11,485		11,485
Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.02%, 9/1/2020 (b)		2,910		2,910
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, 0.10%, 9/8/2020 (b)		500		500
New York City Transitional Finance Authority, Future Tax Secured
Subseries D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.10%, 9/8/2020 (b)		465		465
Series 1, Subseries 1E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.11%, 9/8/2020 (b)		1,525		1,525
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/8/2020 (b)		10,000		10,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2020 (b)		10,000		10,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries 2010G-6, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 9/1/2020 (b)		2,730		2,730
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/8/2020 (b)		13,230		13,230
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.04%, 9/1/2020 (b)		5,700		5,700
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries E-4, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 9/1/2020 (b)		2,300		2,300
New York City Trust for Cultural Resources, Metropolitan Museum of Art Series 2006A-1, Rev., VRDO, 0.10%, 9/8/2020 (b)		40,595		40,595
New York Liberty Development Corp., 377 Greenwich LLC Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 9/8/2020 (b)		7,750		7,750

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York State Dormitory Authority, Catholic Health System Series 2019B, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.13%, 9/8/2020 (b)		18,000		18,000
New York State Dormitory Authority, Cornell University
Series 2004A, Rev., VRDO, LIQ: Bank of New York Mellon, 0.05%, 9/8/2020 (b)		700		700
Series 2004B, Rev., VRDO, LIQ: Bank of New York Mellon, 0.05%, 9/8/2020 (b)		2,535		2,535
New York State Dormitory Authority, Court Facilities Lease Series 2005B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.10%, 9/8/2020 (b)		10,400		10,400
New York State Dormitory Authority, Highland Community Development Corp. Series 1994B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.11%, 9/8/2020 (b)		2,100		2,100
New York State Dormitory Authority, Remarketing Series A, Rev., VRDO, LOC: FNMA, 0.07%, 9/8/2020 (b)		14,155		14,155
New York State Dormitory Authority, St. John’s University Series 2008B-2, Rev., VRDO, LOC: U.S. Bank NA, 0.07%, 9/8/2020 (b)		5,015		5,015
New York State Dormitory Authority, Teresian House Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.13%, 9/8/2020 (b)		12,465		12,465
New York State Dormitory Authority, University of Rochester Series 2006A-1, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 9/8/2020 (b)		3,830		3,830
New York State Energy Research and Development Authority Subseries C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.11%, 9/8/2020 (b)		20,000		20,000
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project
Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.08%, 9/8/2020 (b)		2,000		2,000
Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.09%, 9/8/2020 (b)		29,600		29,600
Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.11%, 9/8/2020 (b)		2,600		2,600
New York State Housing Finance Agency
Series 2002A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		5,500		5,500
Series 2004A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		7,050		7,050

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Series 2009A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		3,190		3,190
Series 2019B, Rev., VRDO, LIQ: Barclays Bank plc, 0.14%, 9/8/2020 (b)		5,765		5,765
New York State Housing Finance Agency, 10 Barclay Street Series A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2020 (b)		10,055		10,055
New York State Housing Finance Agency, 1500 Lexington Avenue Housing Series 2004A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		700		700
New York State Housing Finance Agency, 160 Madison Avenue Housing Series 2013A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		3,260		3,260
New York State Housing Finance Agency, 330 Reverdale Avenue Apartments Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2020 (b)		10,750		10,750
New York State Housing Finance Agency, 42nd and 10th Housing Series 2010A, Rev., VRDO, AMT, LOC: FHLMC, 0.08%, 9/8/2020 (b)		250		250
New York State Housing Finance Agency, 42nd West 10th Street Housing Series 2008A, Rev., VRDO, AMT, LIQ: FHLMC, 0.08%, 9/8/2020 (b)		750		750
New York State Housing Finance Agency, 435 East 13th Street Housing Series 2016A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.09%, 9/8/2020 (b)		12,200		12,200
New York State Housing Finance Agency, 455 West 37th Street Housing Series 2007A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 0.06%, 9/1/2020 (b)		5,865		5,865
New York State Housing Finance Agency, Clarkstown Maplewood Gardens Housing Series 2009A, Rev., VRDO, LOC: FHLMC, 0.07%, 9/8/2020 (b)		455		455
New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.10%, 9/8/2020 (b)		9,850		9,850
New York State Housing Finance Agency, Housing, 160 Madison Avenue Series 2014A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		18,800		18,800
New York State Housing Finance Agency, Service Contract
Series 2003A-1, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		840		840

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Series 2003L, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2020 (b)		165		165
New York State Housing Finance Agency, Tribeca Green Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.11%, 9/8/2020 (b)		28,575		28,575
New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, LOC: FNMA, 0.10%, 9/8/2020 (b)		1,600		1,600
New York State Urban Development Corp., Service Contract Series 2008A-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 9/8/2020 (b)		1,820		1,820
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project Series 2007, Rev., VRDO, LOC: HSBC Bank USA NA, 0.14%, 9/8/2020 (b)		4,055		4,055
Orchard Park Central School District GO, BAN, 1.50%, 5/5/2021		5,700		5,721
RBC Municipal Products, Inc. Trust Series E-24, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/1/2020 (b) (c)		10,000		10,000
RBC Municipal Products, Inc. Trust, Floater Certificates (Canada)
Series 2018-G5, GO, VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		6,000		6,000
Series E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		23,000		23,000
Schalmont Central School District GO, BAN, 2.00%, 9/3/2020		1,297		1,297
Southwestern Central School District Series 2020A, GO, BAN, 1.25%, 7/21/2021		1,249		1,255
Tender Option Bond Trust Receipts/Certificates
Series 2018-XF2646, Rev., VRDO, LIQ: Citibank NA, 0.10%, 9/8/2020 (b) (c)		4,540		4,540
Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 0.11%, 9/8/2020 (b) (c)		7,400		7,400
Series 2018-XF2656, Rev., VRDO, LIQ: Citibank NA, 0.11%, 9/8/2020 (b) (c)		2,400		2,400
Series 2018-XF2704, Rev., VRDO, LIQ: Citibank NA, 0.11%, 9/8/2020 (b) (c)		4,000		4,000
Series 2019-ZF2777, Rev., VRDO, LIQ: Citibank NA, 0.11%, 9/8/2020 (b) (c)		6,000		6,000
Series 2019-ZF2778, Rev., VRDO, LIQ: Citibank NA, 0.11%, 9/8/2020 (b) (c)		5,000		5,000
Series 2016-XM0438, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		4,000		4,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 89

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Series 2016-ZM0129, Rev., VRDO, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		4,240		4,240
Series 2017-XG0112, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 9/8/2020 (b) (c)		5,600		5,600
Series 2017-ZM0544, Rev., VRDO, LIQ: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		2,220		2,220
Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		8,000		8,000
Series 2018-ZF2740, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		2,600		2,600
Series 2018-ZM0661, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		5,000		5,000
Series 2018-ZM0682, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		5,000		5,000
Series 2019-XF0829, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		4,015		4,015
Series 2019-XF0838, Rev., VRDO, LIQ: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		1,600		1,600
Series 2019-XF0847, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		5,075		5,075
Series 2019-XM0724, Rev., VRDO, LIQ: Royal Bank of Canada, 0.12%, 9/8/2020 (b) (c)		7,500		7,500
Series 2019-ZF0832, Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		945		945
Series 2020-XG0272, Rev., VRDO, LIQ: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		5,340		5,340
Series 2020-XG0276, Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		12,955		12,955
Series 2020-XG0277, Rev., VRDO, AGM, LOC: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		13,260		13,260
Series 2020-XM0852, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		13,500		13,500
Series 2020-ZF0929, Rev., VRDO, LOC: Bank of America NA, 0.12%, 9/8/2020 (b) (c)		3,755		3,755
Series 2020-ZM0807, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.12%, 9/8/2020 (b) (c)		5,950		5,950
Series 2015-ZF0264, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		6,265		6,265

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Series 2017-XF2481, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		2,160		2,160
Series 2018-XF0634, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		7,440		7,440
Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		6,185		6,185
Series 2019-XF0858, Rev., VRDO, LIQ: Bank of America NA, 0.13%, 9/8/2020 (b) (c)		2,800		2,800
Series 2020-XF0880, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		9,035		9,035
Series 2020-XF0947, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 9/8/2020 (b) (c)		7,750		7,750
Series 2020-XF2888, Rev., VRDO, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		5,000		5,000
Series 2020-XX1127, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.13%, 9/8/2020 (b) (c)		5,220		5,220
Series 2017-XF0598, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		3,000		3,000
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 9/8/2020 (b) (c)		20,000		20,000
Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 0.15%, 9/8/2020 (b) (c)		23,000		23,000
Town of Bedford Series 2020B, GO, BAN, 1.50%, 3/15/2021		700		702
Town of Big Flats GO, BAN, 1.75%, 3/19/2021		1,760		1,768
Town of Greece GO, BAN, 2.00%, 10/16/2020		2,500		2,502
Town of Huntington GO, BAN, 2.00%, 9/24/2020		1,000		1,000
Town of Lansing GO, BAN, 2.00%, 9/10/2020		2,153		2,154
Town of North Hempstead Series 2019B, GO, BAN, 2.00%, 9/25/2020		1,013		1,013
Town of Southold GO, BAN, 2.00%, 9/24/2020		9,279		9,283
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Subseries 2005 B-3, Rev., VRDO, LOC: State Street Bank & Trust, 0.03%, 9/1/2020 (b)		8,720		8,720
Union Endicott Central School District GO, BAN, 2.00%, 10/22/2020		1,393		1,394
Union Springs Central School District GO, RAN, 1.25%, 10/30/2020		4,500		4,506
Victor Central School District Series 2019B, GO, BAN, 2.00%, 9/18/2020		2,536		2,537
Village of Bronxville, Anticipation Notes Series 2020A, GO, BAN, 1.50%, 4/30/2021		7,198		7,202

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Village of Pelham Series 2019A, GO, BAN, 2.00%, 9/18/2020		3,265		3,266
Village of Saltaire Series 2020A, GO, BAN, 1.50%, 2/18/2021		1,750		1,755
Waterloo Central School District GO, BAN, 1.25%, 6/25/2021		11,717		11,778
West Genesee Central School District
Series 2020A, GO, BAN, 2.00%, 6/30/2021		1,960		1,982
Series 2020B, GO, BAN, 2.00%, 7/23/2021		1,601		1,623
Total Municipal Bonds (Cost $1,108,091)				1,108,091
	SHARES (000)
Variable Rate Demand Preferred Shares — 9.8%
New York — 9.8%
BlackRock MuniYield New York Quality Fund, Inc. Series W-7, LIQ: TD Bank NA, 0.16%, 9/8/2020 # (c)		50,000		50,000

INVESTMENTS (a)	SHARES (000)		VALUE ($000)
New York — continued
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 2, LIQ: Citi Bank NA, 0.12%, 9/8/2020 # (c)		16,600		16,600
Series 3, LIQ: Citi Bank NA, 0.12%, 9/8/2020 # (c)		33,200		33,200
Nuveen New York Quality Municipal Income Fund Series 1, LIQ: TD Bank NA, 0.17%, 9/8/2020 # (c)		20,500		20,500
Total Variable Rate Demand Preferred Shares (Cost $120,300)				120,300
Total Investments — 100.6% (Cost $1,228,391) *				1,228,391
Liabilities in Excess of Other Assets — (0.6)%				(7,917	)
Net Assets — 100.0%				1,220,474

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GO	General Obligation
GTD	Guaranteed
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
RAN	Revenue Anticipation Note
Rev.	Revenue
TAN	Tax Anticipation Note
VRDO	Variable Rate Demand Obligation

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2020.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 91

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Prime Money Market Fund			JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Securities Lending Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	61,098,699		$	1,776,421		$	3,381,379
Repurchase agreements, at value		26,058,800			99,840			268,813
Cash		304,895			—	(a)		1
Receivables:
Investment securities sold		—			14,735			—
Investment securities sold — delayed delivery securities		—			110			—
Interest from non-affiliates		53,175			2,107			1,751
Interest from affiliates		1			—			—
Total Assets		87,515,570			1,893,213			3,651,944
LIABILITIES:
Payables:
Distributions		9,310			116			1,080
Investment securities purchased		—			56,920			—
Accrued liabilities:
Investment advisory fees		5,815			114			91
Administration fees		3,616			71			49
Distribution fees		—	(a)		—			—
Service fees		4,069			20			—
Custodian and accounting fees		759			53			62
Trustees’ and Chief Compliance Officer’s fees		69			2			2
Printing and mailing costs		396			4			1
Audit fees		74			32			30
Registration fees		818			15			—
Other		359			26			12
Total Liabilities		25,285			57,373			1,327
Net Assets	$	87,490,285		$	1,835,840		$	3,650,617

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund		JPMorgan Securities Lending Money Market Fund
NET ASSETS:
Paid-in-Capital	$	87,467,891	$	1,835,433	$	3,649,482
Total distributable earnings (loss)		22,394		407		1,135
Total Net Assets	$	87,490,285	$	1,835,840	$	3,650,617
Net Assets:
Class C	$	627	$	—	$	—
Academy		1,439,771		—		—
Agency		2,453,387		41,193		—
Agency SL		—		—		3,650,617
Capital		51,943,171		213,177		—
IM		5,543,500		1,190,264		—
Institutional Class		22,362,614		391,206		—
Morgan		1,773,331		—		—
Premier		1,972,604		—		—
Reserve		1,280		—		—
Total	$	87,490,285	$	1,835,840	$	3,650,617
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		626		—		—
Academy		1,438,556		—		—
Agency		2,450,826		41,163		—
Agency SL		—		—		3,649,484
Capital		51,903,470		213,024		—
IM		5,539,098		1,189,421		—
Institutional Class		22,344,881		390,934		—
Morgan		1,770,978		—		—
Premier		1,970,879		—		—
Reserve		1,278		—		—
Net Asset Value offering and redemption price per share
Class C	$	1.0008	$	—	$	—
Academy		1.0008		—		—
Agency		1.0010		1.0007		—
Agency SL		—		—		1.0003
Capital		1.0008		1.0007		—
IM		1.0008		1.0007		—
Institutional Class		1.0008		1.0007		—
Morgan		1.0013		—		—
Premier		1.0009		—		—
Reserve		1.0011		—		—
Cost of investments in non-affiliates	$	61,063,861	$	1,776,023	$	3,379,920
Cost of repurchase agreements		26,058,800		99,840		268,813

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 93

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Liquid Assets Money Market Fund			JPMorgan U.S. Government Money Market Fund		JPMorgan U.S. Treasury Plus Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	9,369,130		$	127,275,167	$	24,688,339
Repurchase agreements, at value		3,148,000			52,955,866		13,323,141
Cash		15,001			3,016,063		650,001
Receivables:
Fund shares sold		—			1,349		—
Interest from non-affiliates		6,878			55,404		16,162
Interest from affiliates		—	(a)		8		2
Total Assets		12,539,009			183,303,857		38,677,645
LIABILITIES:
Payables:
Distributions		927			2,706		813
Investment securities purchased		—			2,348,676		1,697,148
Fund shares redeemed		—	(a)		529		—
Accrued liabilities:
Investment advisory fees		910			12,524		2,342
Administration fees		566			7,781		1,455
Distribution fees		6			—		10
Service fees		1,486			8,383		1,889
Custodian and accounting fees		147			870		209
Trustees’ and Chief Compliance Officer’s fees		9			28		7
Printing and mailing costs		21			1,030		363
Audit fees		44			25		41
Registration fees		—			2,163		—
Other		46			205		4
Total Liabilities		4,162			2,384,920		1,704,281
Net Assets	$	12,534,847		$	180,918,937	$	36,973,364

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	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	$	12,535,159		$	180,923,394		$	36,974,266
Total distributable earnings (loss)		(312	)		(4,457	)		(902	)
Total Net Assets	$	12,534,847		$	180,918,937		$	36,973,364
Net Assets:
Class C	$	45,233		$	—		$	329,995
Academy		—			1,446,216			—
Agency		1,773,635			17,834,258			2,368,056
Capital		3,146,570			111,735,102			17,832,959
E*Trade		—			377,312			—
IM		—			7,353,735			34,267
Institutional Class		3,716,813			34,645,602			14,054,803
Investor		3,015			887,319			27,686
Morgan		718,338			2,196,353			498,471
Premier		3,127,065			3,802,884			1,822,556
Reserve		4,178			17,997			4,571
Service		—			622,159			—
Total	$	12,534,847		$	180,918,937		$	36,973,364
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		45,234			—			330,003
Academy		—			1,446,209			—
Agency		1,773,651			17,834,414			2,368,115
Capital		3,146,589			111,737,602			17,833,179
E*Trade		—			377,316			—
IM		—			7,353,934			34,267
Institutional Class		3,716,862			34,647,044			14,055,342
Investor		3,016			887,353			27,687
Morgan		718,352			2,196,336			498,498
Premier		3,127,104			3,802,955			1,822,601
Reserve		4,178			17,997			4,571
Service		—			622,214			—
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00
Cost of investments in non-affiliates	$	9,369,130		$	127,275,167		$	24,688,339
Cost of repurchase agreements		3,148,000			52,955,866			13,323,141

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 95

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund		JPMorgan Tax Free Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	3,167,904		$	109,710,593	$	10,614,820
Repurchase agreements, at value		—			—		215,110
Cash		32,359			1,870,303		—	(a)
Receivables:
Investment securities sold		—			—		37,310
Investment securities sold — delayed delivery securities		—			—		5,165
Fund shares sold		2,186			—		—
Interest from non-affiliates		871			30,894		13,439
Interest from affiliates		—	(a)		5		—
Other assets		—			94		—
Total Assets		3,203,320			111,611,889		10,885,844
LIABILITIES:
Payables:
Distributions		22			2,074		389
Investment securities purchased		—			—		142,429
Fund shares redeemed		1,956			—		—
Accrued liabilities:
Investment advisory fees		225			7,739		748
Administration fees		140			4,808		464
Service fees		177			4,725		759
Custodian and accounting fees		18			341		79
Trustees’ and Chief Compliance Officer’s fees		—			11		4
Printing and mailing costs		261			49		37
Audit fees		26			20		32
Registration fees		—			1,068		94
Other		7			7		67
Total Liabilities		2,832			20,842		145,102
Net Assets	$	3,200,488		$	111,591,047	$	10,740,742

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund			JPMorgan Tax Free Money Market Fund
NET ASSETS:
Paid-in-Capital	$	3,200,583		$	111,592,243		$	10,740,952
Total distributable earnings (loss)		(95	)		(1,196	)		(210	)
Total Net Assets	$	3,200,488		$	111,591,047		$	10,740,742
Net Assets:
Agency	$	324,682		$	4,978,340		$	616,862
Capital		—			69,953,404			—
IM		—			186,273			—
Institutional Class		2,645,618			29,171,372			8,056,235
Morgan		55,726			2,229,896			28,341
Premier		174,462			2,504,281			676,539
Reserve		—			2,567,481			1,362,765
Total	$	3,200,488		$	111,591,047		$	10,740,742
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		324,710			4,978,399			616,865
Capital		—			69,954,019			—
IM		—			186,274			—
Institutional Class		2,645,947			29,171,752			8,056,135
Morgan		55,731			2,229,916			28,341
Premier		174,489			2,504,305			676,481
Reserve		—			2,567,488			1,362,676
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00
Cost of investments in non-affiliates	$	3,167,904		$	109,710,593		$	10,614,820
Cost of repurchase agreements		—			—			215,110

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 97

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Municipal Money Market Fund			JPMorgan California Municipal Money Market Fund		JPMorgan New York Municipal Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	1,212,265		$	409,388	$	1,228,391
Repurchase agreements, at value		12,543			1,600		—
Cash		—			1		7
Receivables:
Investment securities sold		5,180			265		2,500
Investment securities sold — delayed delivery securities		140			145		1,890
Interest from non-affiliates		2,988			774		2,102
Total Assets		1,233,116			412,173		1,234,890
LIABILITIES:
Payables:
Due to custodian		4,980			—		—
Distributions		59			4		45
Investment securities purchased		9,054			—		14,070
Accrued liabilities:
Investment advisory fees		83			29		80
Administration fees		52			18		49
Service fees		90			17		82
Custodian and accounting fees		29			15		27
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—
Printing and mailing costs		85			74		21
Audit fees		32			28		27
Registration fees		376			19		—
Other		34			13		15
Total Liabilities		14,874			217		14,416
Net Assets	$	1,218,242		$	411,956	$	1,220,474

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Municipal Money Market Fund		JPMorgan California Municipal Money Market Fund		JPMorgan New York Municipal Money Market Fund
NET ASSETS:
Paid-in-Capital	$	1,218,163	$	411,955	$	1,220,256
Total distributable earnings (loss)		79		1		218
Total Net Assets	$	1,218,242	$	411,956	$	1,220,474
Net Assets:
Agency	$	93,816	$	36,108	$	122,454
E*Trade		—		—		—
Institutional Class		919,050		208,247		802,647
Morgan		56,077		10,873		65,422
Premier		108,341		138,832		224,299
Reserve		—		—		831
Service		40,958		17,896		4,821
Total	$	1,218,242	$	411,956	$	1,220,474
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		93,808		36,099		122,430
E*Trade		—		—		—
Institutional Class		918,988		208,187		802,487
Morgan		56,072		10,871		65,409
Premier		108,331		138,806		224,255
Reserve		—		—		831
Service		40,955		17,893		4,820
Net Asset Value offering and redemption price per share (all classes)	$	1.00	$	1.00	$	1.00
Cost of investments in non-affiliates	$	1,212,265	$	409,388	$	1,228,391
Cost of repurchase agreements		12,543		1,600		—

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 99

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Prime Money Market Fund			JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Securities Lending Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	252,542		$	5,004		$	13,168
Interest income from affiliates		270			—			—	(a)
Total investment income		252,812			5,004			13,168
EXPENSES:
Investment advisory fees		27,925			711			1,409
Administration fees		16,874			428			855
Distribution fees (See Note 4)		6			—			—
Service fees (See Note 4)		27,712			348			—
Custodian and accounting fees		1,088			80			98
Interest expense to affiliates		—			3			—	(a)
Professional fees		409			36			45
Trustees’ and Chief Compliance Officer’s fees		183			18			20
Printing and mailing costs		59			6			7
Registration and filing fees		764			76			32
Transfer agency fees (See Note 2.F.)		984			81			54
Other		285			9			37
Total expenses		76,289			1,796			2,557
Less fees waived		(4,875	)		(222	)		(1,500	)
Less expense reimbursements		(20	)		—			—
Net expenses		71,394			1,574			1,057
Net investment income (loss)		181,418			3,430			12,111
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		(11,941	)		6			(330	)
Change in net unrealized appreciation/depreciation on investments in non-affiliates		12,729			317			645
Net realized/unrealized gains (losses)		788			323			315
Change in net assets resulting from operations	$	182,206		$	3,753		$	12,426

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	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	$	42,992		$	397,411		$	68,095
Interest income from affiliates		10			4,418			690
Income from interfund lending (net)		62			—			—
Total investment income		43,064			401,829			68,785
EXPENSES:
Investment advisory fees		4,708			79,403			12,942
Administration fees		2,852			48,369			7,879
Distribution fees (See Note 4)		575			4,443			1,552
Service fees (See Note 4)		10,164			77,653			15,848
Custodian and accounting fees		213			1,253			218
Interest expense to affiliates		2			—			—
Professional fees		82			819			188
Trustees’ and Chief Compliance Officer’s fees		40			344			69
Printing and mailing costs		36			247			15
Registration and filing fees		381			803			140
Transfer agency fees (See Note 2.F.)		171			1,707			330
Other		2			606			156
Total expenses		19,226			215,647			39,337
Less fees waived		(1,611	)		(20,364	)		(5,035	)
Less expense reimbursements		(1	)		—			—
Net expenses		17,614			195,283			34,302
Net investment income (loss)		25,450			206,546			34,483
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		(105	)		1,217			56
Change in net assets resulting from operations	$	25,345		$	207,763		$	34,539

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 101

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan Federal Money Market Fund			JPMorgan 100% U.S. Treasury Securities Money Market Fund			JPMorgan Tax Free Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	8,685		$	224,457		$	47,862
Interest income from affiliates		31			1,409			—
Total investment income		8,716			225,866			47,862
EXPENSES:
Investment advisory fees		1,562			46,560			4,953
Administration fees		959			28,173			3,035
Distribution fees (See Note 4)		27			4,336			1,631
Service fees (See Note 4)		2,340			51,150			8,618
Custodian and accounting fees		38			678			137
Interest expense to affiliates		—	(a)		—			10
Professional fees		37			449			98
Trustees’ and Chief Compliance Officer’s fees		19			197			37
Printing and mailing costs		102			122			25
Registration and filing fees		62			1,382			71
Transfer agency fees (See Note 2.F.)		45			840			120
Other		36			321			43
Total expenses		5,227			134,208			18,778
Less fees waived		(887	)		(15,956	)		(3,624	)
Net expenses		4,340			118,252			15,154
Net investment income (loss)		4,376			107,614			32,708
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		73			(389	)		62
Change in net assets resulting from operations	$	4,449		$	107,225		$	32,770

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Municipal Money Market Fund			JPMorgan California Municipal Money Market Fund			JPMorgan New York Municipal Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,928		$	1,986		$	7,282
Interest income from affiliates		—	(a)		—			—
Total investment income		5,928			1,986			7,282
EXPENSES:
Investment advisory fees		544			250			675
Administration fees		334			152			418
Distribution fees (See Note 4)		183			72			54
Service fees (See Note 4)		985			550			1,390
Custodian and accounting fees		46			28			51
Interest expense to affiliates		4			1			3
Professional fees		37			27			33
Trustees’ and Chief Compliance Officer’s fees		15			13			16
Printing and mailing costs		49			4			4
Registration and filing fees		137			46			46
Transfer agency fees (See Note 2.F.)		35			12			38
Other		9			5			7
Total expenses		2,378			1,160			2,735
Less fees waived		(603	)		(353	)		(500	)
Net expenses		1,775			807			2,235
Net investment income (loss)		4,153			1,179			5,047
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		87			6			33
Change in net assets resulting from operations	$	4,240		$	1,185		$	5,080

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	181,418		$	1,144,375		$	3,430		$	11,832
Net realized gain (loss)		(11,941	)		218			6			51
Change in net unrealized appreciation/depreciation		12,729			13,052			317			114
Change in net assets resulting from operations		182,206			1,157,645			3,753			11,997
DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—	(a)		(13	)		—			—
Academy (b)		(4,562	)		(457	)		—			—
Agency		(6,261	)		(49,744	)		(108	)		(618	)
Capital		(100,620	)		(597,060	)		(937	)		(2,326	)
IM		(17,214	)		(117,603	)		(1,543	)		(5,287	)
Institutional Class		(45,041	)		(289,111	)		(842	)		(3,653	)
Morgan		(3,631	)		(48,418	)		—			—
Premier		(4,081	)		(41,832	)		—			—
Reserve		(7	)		(183	)		—			—
Total distributions to shareholders		(181,417	)		(1,144,421	)		(3,430	)		(11,884	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		24,448,368			15,946,055			865,149			26,906
NET ASSETS:
Change in net assets		24,449,157			15,959,279			865,472			27,019
Beginning of period		63,041,128			47,081,849			970,368			943,349
End of period	$	87,490,285		$	63,041,128		$	1,835,840		$	970,368

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,111		$	75,333		$	25,450		$	154,259
Net realized gain (loss)		(330	)		10			(105	)		25
Change in net unrealized appreciation/depreciation		645			331			—			—
Change in net assets resulting from operations		12,426			75,674			25,345			154,284
DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—			—			(15	)		(277	)
Agency		—			—			(3,728	)		(16,604	)
Agency SL		(12,112	)		(75,337	)		—			—
Capital		—			—			(6,523	)		(30,328	)
Institutional Class		—			—			(9,047	)		(62,194	)
Investor		—			—			(5	)		(127	)
Morgan		—			—			(883	)		(6,659	)
Premier		—			—			(5,246	)		(38,021	)
Reserve		—			—			(4	)		(65	)
Total distributions to shareholders		(12,112	)		(75,337	)		(25,451	)		(154,275	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		194,479			589,948			1,768,293			5,465,305
NET ASSETS:
Change in net assets		194,793			590,285			1,768,187			5,465,314
Beginning of period		3,455,824			2,865,539			10,766,660			5,301,346
End of period	$	3,650,617		$	3,455,824		$	12,534,847		$	10,766,660

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	206,546		$	2,820,670		$	34,483		$	552,404
Net realized gain (loss)		1,217			(82	)		56			(198	)
Change in net assets resulting from operations		207,763			2,820,588			34,539			552,206
DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—			—			(49	)		(3,629	)
Academy (a)		(732	)		(216	)		—			—
Agency		(13,871	)		(230,142	)		(1,778	)		(38,568	)
Capital		(141,319	)		(1,543,302	)		(16,456	)		(146,413	)
Eagle Class (b)		—			(16,148	)		—			—
Eagle Private Wealth Class (c)		—			—	(d)		—			—
E*Trade		(69	)		(3,113	)		—			—
IM		(10,406	)		(130,326	)		(52	)		(10,160	)
Institutional Class		(36,739	)		(768,011	)		(15,180	)		(322,365	)
Investor		(358	)		(15,053	)		(13	)		(518	)
Morgan		(927	)		(28,533	)		(258	)		(11,478	)
Premier		(1,959	)		(64,204	)		(695	)		(19,186	)
Reserve		(7	)		(268	)		(2	)		(88	)
Service		(160	)		(21,354	)		—			—
Total distributions to shareholders		(206,547	)		(2,820,670	)		(34,483	)		(552,405	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		21,715,629			13,842,318			5,855,608			1,434,312
NET ASSETS:
Change in net assets		21,716,845			13,842,236			5,855,664			1,434,113
Beginning of period		159,202,092			145,359,856			31,117,700			29,683,587
End of period	$	180,918,937		$	159,202,092		$	36,973,364		$	31,117,700

(a) Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund.

(b) Liquidated on November 25, 2019 for JPMorgan U.S. Government Money Market Fund.

(c) Liquidated on December 9, 2019 for JPMorgan U.S. Government Money Market Fund.

(d) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,376		$	51,909		$	107,614		$	1,071,524
Net realized gain (loss)		73			119			(389	)		711
Change in net assets resulting from operations		4,449			52,028			107,225			1,072,235
DISTRIBUTIONS TO SHAREHOLDERS:
Agency		(389	)		(3,685	)		(4,791	)		(66,255	)
Capital		—			—			(65,975	)		(546,192	)
IM (a)		—			—			(121	)		(25	)
Institutional Class		(3,815	)		(45,076	)		(33,370	)		(364,514	)
Morgan		(22	)		(515	)		(967	)		(29,187	)
Premier		(150	)		(2,733	)		(1,615	)		(38,642	)
Reserve		—			—			(774	)		(27,410	)
Total distributions to shareholders		(4,376	)		(52,009	)		(107,613	)		(1,072,225	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		131,734			(681,168	)		45,473,766			16,533,512
NET ASSETS:
Change in net assets		131,807			(681,149	)		45,473,378			16,533,522
Beginning of period		3,068,681			3,749,830			66,117,669			49,584,147
End of period	$	3,200,488		$	3,068,681		$	111,591,047		$	66,117,669

(a) Commencement of offering of class of shares effective January 15, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	32,708		$	159,638		$	4,153		$	30,385
Net realized gain (loss)		62			33			87			113
Change in net assets resulting from operations		32,770			159,671			4,240			30,498
DISTRIBUTIONS TO SHAREHOLDERS:
Agency		(2,095	)		(9,975	)		(379	)		(1,494	)
Eagle Class (a)		—			—			—			(1,387	)
Institutional Class		(26,628	)		(128,036	)		(3,279	)		(25,445	)
Morgan		(37	)		(91	)		(91	)		(185	)
Premier		(1,834	)		(9,288	)		(316	)		(1,279	)
Reserve		(2,112	)		(12,603	)		—			—
Service		—			—			(88	)		(749	)
Total distributions to shareholders		(32,706	)		(159,993	)		(4,153	)		(30,539	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,780,901	)		(4,045,909	)		(821,969	)		(1,058,068	)
NET ASSETS:
Change in net assets		(1,780,837	)		(4,046,231	)		(821,882	)		(1,058,109	)
Beginning of period		12,521,579			16,567,810			2,040,124			3,098,233
End of period	$	10,740,742		$	12,521,579		$	1,218,242		$	2,040,124

(a) Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan California Municipal Money Market Fund						JPMorgan New York Municipal Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,179		$	4,781		$	5,047		$	21,721
Net realized gain (loss)		6			248			33			242
Change in net assets resulting from operations		1,185			5,029			5,080			21,963
DISTRIBUTIONS TO SHAREHOLDERS:
Agency (a)		(93	)		(124	)		(589	)		(2,365	)
Eagle Class (b)		—			(24	)		—			(60	)
Institutional Class (a)		(744	)		(2,358	)		(3,236	)		(10,243	)
Morgan		(13	)		(18	)		(129	)		(1,002	)
Premier		(301	)		(2,220	)		(1,078	)		(7,987	)
Reserve		—			—			(2	)		(10	)
Service		(28	)		(270	)		(11	)		(91	)
Total distributions to shareholders		(1,179	)		(5,014	)		(5,045	)		(21,758	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(164,767	)		187,235			(1,482,088	)		1,727,911
NET ASSETS:
Change in net assets		(164,761	)		187,250			(1,482,053	)		1,728,116
Beginning of period		576,717			389,467			2,702,527			974,411
End of period	$	411,956		$	576,717		$	1,220,474		$	2,702,527

(a) Commencement of offering of class of shares effective March 1, 2019.

(b) Liquidated on November 25, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	8		$	—		$	—		$	—
Distributions reinvested		—	(a)		13			—			—
Cost of shares redeemed		(188	)		(425	)		—			—
Change in net assets resulting from Class C capital transactions	$	(180	)	$	(412	)	$	—		$	—
Academy (b)
Proceeds from shares issued	$	9,072,213		$	150,020		$	—		$	—
Distributions reinvested		4,515			457			—			—
Cost of shares redeemed		(7,789,816	)		—			—			—
Change in net assets resulting from Academy capital transactions	$	1,286,912		$	150,477		$	—		$	—
Agency
Proceeds from shares issued	$	114,813,870		$	214,440,317		$	91,689		$	141,665
Distributions reinvested		854			6,895			—			—	(a)
Cost of shares redeemed		(114,878,434	)		(214,403,768	)		(92,228	)		(117,118	)
Change in net assets resulting from Agency capital transactions	$	(63,710	)	$	43,444		$	(539	)	$	24,547
Capital
Proceeds from shares issued	$	116,031,057		$	203,523,806		$	875,860		$	1,037,579
Distributions reinvested		39,172			212,739			4			14
Cost of shares redeemed		(97,807,370	)		(196,787,160	)		(890,940	)		(882,404	)
Change in net assets resulting from Capital capital transactions	$	18,262,859		$	6,949,385		$	(15,076	)	$	155,189
IM
Proceeds from shares issued	$	32,563,659		$	53,762,592		$	5,365,464		$	5,668,758
Distributions reinvested		369			2,352			—			—	(a)
Cost of shares redeemed		(32,564,771	)		(50,121,236	)		(4,566,684	)		(5,752,779	)
Change in net assets resulting from IM capital transactions	$	(743	)	$	3,643,708		$	798,780		$	(84,021	)
Institutional Class
Proceeds from shares issued	$	61,774,250		$	85,497,068		$	2,339,837		$	2,757,931
Distributions reinvested		7,611			48,602			9			1
Cost of shares redeemed		(55,027,951	)		(81,633,030	)		(2,257,862	)		(2,826,741	)
Change in net assets resulting from Institutional Class capital transactions	$	6,753,910		$	3,912,640		$	81,984		$	(68,809	)
Morgan
Proceeds from shares issued	$	229,525,238		$	613,721,690		$	—		$	—
Distributions reinvested		267			3,561			—			—
Cost of shares redeemed		(230,631,524	)		(613,239,003	)		—			—
Change in net assets resulting from Morgan capital transactions	$	(1,106,019	)	$	486,248		$	—		$	—
Premier
Proceeds from shares issued	$	42,087,191		$	69,228,079		$	—		$	—
Distributions reinvested		147			1,244			—			—
Cost of shares redeemed		(42,761,266	)		(68,467,754	)		—			—
Change in net assets resulting from Premier capital transactions	$	(673,928	)	$	761,569		$	—		$	—
Reserve
Proceeds from shares issued	$	218,218		$	2,424,770		$	—		$	—
Distributions reinvested		1			23			—			—
Cost of shares redeemed		(228,952	)		(2,425,797	)		—			—
Change in net assets resulting from Reserve capital transactions	$	(10,733	)	$	(1,004	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	24,448,368		$	15,946,055		$	865,149		$	26,906

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class C
Issued		8			—			—			—
Reinvested		—	(a)		13			—			—
Redeemed		(188	)		(425	)		—			—
Change in Class C Shares		(180	)		(412	)		—			—
Academy (b)
Issued		9,066,614			149,975			—			—
Reinvested		4,511			457			—			—
Redeemed		(7,783,001	)		—			—			—
Change in Academy Shares		1,288,124			150,432			—			—
Agency
Issued		114,701,652			214,348,639			91,651			141,661
Reinvested		853			6,892			—			—	(a)
Redeemed		(114,767,611	)		(214,312,930	)		(92,182	)		(117,115	)
Change in Agency Shares		(65,106	)		42,601			(531	)		24,546
Capital
Issued		115,955,535			203,471,472			875,496			1,037,557
Reinvested		39,146			212,670			4			14
Redeemed		(97,757,157	)		(196,736,156	)		(890,635	)		(882,346	)
Change in Capital Shares		18,237,524			6,947,986			(15,135	)		155,225
IM
Issued		32,544,409			53,745,178			5,362,410			5,668,624
Reinvested		369			2,351			—			—	(a)
Redeemed		(32,544,285	)		(50,104,592	)		(4,564,371	)		(5,752,627	)
Change in IM Shares		493			3,642,937			798,039			(84,003	)
Institutional Class
Issued		61,733,832			85,474,302			2,338,723			2,757,820
Reinvested		7,606			48,585			9			1
Redeemed		(54,996,202	)		(81,611,351	)		(2,256,902	)		(2,826,628	)
Change in Institutional Class Shares		6,745,236			3,911,536			81,830			(68,807	)
Morgan
Issued		229,264,641			613,432,479			—			—
Reinvested		267			3,560			—			—
Redeemed		(230,372,245	)		(612,952,228	)		—			—
Change in Morgan Shares		(1,107,337	)		483,811			—			—
Premier
Issued		42,051,999			69,204,821			—			—
Reinvested		147			1,244			—			—
Redeemed		(42,726,351	)		(68,444,952	)		—			—
Change in Premier Shares		(674,205	)		761,113			—			—
Reserve
Issued		218,080			2,423,689			—			—
Reinvested		1			23			—			—
Redeemed		(228,811	)		(2,424,725	)		—			—
Change in Reserve Shares		(10,730	)		(1,013	)		—			—

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	58,053		$	13,606
Distributions reinvested		—			—			15			275
Cost of shares redeemed		—			—			(31,259	)		(17,530	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	26,809		$	(3,649	)
Agency
Proceeds from shares issued	$	—		$	—		$	2,091,104		$	2,393,073
Distributions reinvested		—			—			1,498			2,765
Cost of shares redeemed		—			—			(1,771,698	)		(1,485,097	)
Change in net assets resulting from Agency capital transactions	$	—		$	—		$	320,904		$	910,741
Agency SL
Proceeds from shares issued	$	17,483,700		$	24,507,300		$	—		$	—
Distributions reinvested		—			1			—			—
Cost of shares redeemed		(17,289,221	)		(23,917,353	)		—			—
Change in net assets resulting from Agency SL capital transactions	$	194,479		$	589,948		$	—		$	—
Capital
Proceeds from shares issued	$	—		$	—		$	3,372,483		$	3,670,986
Distributions reinvested		—			—			2,749			12,365
Cost of shares redeemed		—			—			(2,524,516	)		(1,945,970	)
Change in net assets resulting from Capital capital transactions	$	—		$	—		$	850,716		$	1,737,381
Institutional Class
Proceeds from shares issued	$	—		$	—		$	3,430,600		$	4,691,517
Distributions reinvested		—			—			2,329			21,795
Cost of shares redeemed		—			—			(3,128,836	)		(4,018,108	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	304,093		$	695,204
Investor
Proceeds from shares issued	$	—		$	—		$	706		$	3,928
Distributions reinvested		—			—			4			127
Cost of shares redeemed		—			—			(5,598	)		(4,298	)
Change in net assets resulting from Investor capital transactions	$	—		$	—		$	(4,888	)	$	(243	)
Morgan
Proceeds from shares issued	$	—		$	—		$	617,651		$	622,663
Distributions reinvested		—			—			873			6,392
Cost of shares redeemed		—			—			(443,495	)		(393,322	)
Change in net assets resulting from Morgan capital transactions	$	—		$	—		$	175,029		$	235,733

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Securities Lending Money Market Fund				JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)		Year Ended February 29, 2020		Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS: (continued)
Premier
Proceeds from shares issued	$	—	$	—	$	4,395,148		$	4,742,192
Distributions reinvested		—		—		2,356			11,491
Cost of shares redeemed		—		—		(4,302,255	)		(2,862,793	)
Change in net assets resulting from Premier capital transactions	$	—	$	—	$	95,249		$	1,890,890
Reserve
Proceeds from shares issued	$	—	$	—	$	1,484		$	410
Distributions reinvested		—		—		4			64
Cost of shares redeemed		—		—		(1,107	)		(1,226	)
Change in net assets resulting from Reserve capital transactions	$	—	$	—	$	381		$	(752	)
Total change in net assets resulting from capital transactions	$	194,479	$	589,948	$	1,768,293		$	5,465,305

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class C
Issued		—			—			58,053			13,606
Reinvested		—			—			15			275
Redeemed		—			—			(31,259	)		(17,530	)
Change in Class C Shares		—			—			26,809			(3,649	)
Agency
Issued		—			—			2,091,104			2,393,073
Reinvested		—			—			1,498			2,765
Redeemed		—			—			(1,771,698	)		(1,485,097	)
Change in Agency Shares		—			—			320,904			910,741
Agency SL
Issued		17,480,782			24,504,701			—			—
Reinvested		—			1			—			—
Redeemed		(17,286,443	)		(23,914,801	)		—			—
Change in Agency SL Shares		194,339			589,901			—			—
Capital
Issued		—			—			3,372,483			3,670,986
Reinvested		—			—			2,749			12,365
Redeemed		—			—			(2,524,516	)		(1,945,970	)
Change in Capital Shares		—			—			850,716			1,737,381
Institutional Class
Issued		—			—			3,430,600			4,691,517
Reinvested		—			—			2,329			21,795
Redeemed		—			—			(3,128,836	)		(4,018,108	)
Change in Institutional Class Shares		—			—			304,093			695,204
Investor
Issued		—			—			706			3,928
Reinvested		—			—			4			127
Redeemed		—			—			(5,598	)		(4,298	)
Change in Investor Shares		—			—			(4,888	)		(243	)
Morgan
Issued		—			—			617,651			622,661
Reinvested		—			—			873			6,392
Redeemed		—			—			(443,495	)		(393,322	)
Change in Morgan Shares		—			—			175,029			235,731
Premier
Issued		—			—			4,395,148			4,742,192
Reinvested		—			—			2,356			11,491
Redeemed		—			—			(4,302,255	)		(2,862,793	)
Change in Premier Shares		—			—			95,249			1,890,890
Reserve
Issued		—			—			1,484			410
Reinvested		—			—			4			64
Redeemed		—			—			(1,107	)		(1,226	)
Change in Reserve Shares		—			—			381			(752	)

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	175,785		$	222,137
Distributions reinvested		—			—			49			3,629
Cost of shares redeemed		—			—			(138,664	)		(308,170	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	37,170		$	(82,404	)
Academy (a)
Proceeds from shares issued	$	5,159,569		$	85,020		$	—		$	—
Distributions reinvested		524			6			—			—
Cost of shares redeemed		(3,798,910	)		—			—			—
Change in net assets resulting from Academy capital transactions	$	1,361,183		$	85,026		$	—		$	—
Agency
Proceeds from shares issued	$	815,259,707		$	1,276,267,711		$	82,378,778		$	170,809,933
Distributions reinvested		483			9,104			230			3,887
Cost of shares redeemed		(811,558,180	)		(1,273,257,104	)		(81,755,245	)		(171,083,496	)
Change in net assets resulting from Agency capital transactions	$	3,702,010		$	3,019,711		$	623,763		$	(269,676	)
Capital
Proceeds from shares issued	$	791,991,960		$	1,239,463,988		$	84,670,204		$	76,540,607
Distributions reinvested		71,527			689,238			5,763			33,856
Cost of shares redeemed		(766,592,623	)		(1,227,280,092	)		(76,788,966	)		(73,053,662	)
Change in net assets resulting from Capital capital transactions	$	25,470,864		$	12,873,134		$	7,887,001		$	3,520,801
Eagle Class (b)
Proceeds from shares issued	$	—		$	543,448		$	—		$	—
Distributions reinvested		—			14,518			—			—
Cost of shares redeemed		—			(4,416,056	)		—			—
Change in net assets resulting from Eagle Class capital transactions	$	—		$	(3,858,090	)	$	—		$	—
Eagle Private Wealth Class (c)
Distributions reinvested	$	—		$	—	(d)	$	—		$	—
Cost of shares redeemed		—			(21	)		—			—
Change in net assets resulting from Eagle Private Wealth Class capital transactions	$	—		$	(21	)	$	—		$	—
E*Trade
Proceeds from shares issued	$	161,377		$	228,719		$	—		$	—
Distributions reinvested		69			3,113			—			—
Cost of shares redeemed		(82,485	)		(208,477	)		—			—
Change in net assets resulting from E*Trade capital transactions	$	78,961		$	23,355		$	—		$	—
IM
Proceeds from shares issued	$	28,649,170		$	53,182,765		$	91,194		$	1,226,373
Distributions reinvested		957			40,503			—			6,783
Cost of shares redeemed		(28,740,336	)		(51,888,343	)		(94,356	)		(2,647,217	)
Change in net assets resulting from IM capital transactions	$	(90,209	)	$	1,334,925		$	(3,162	)	$	(1,414,061	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	257,051,935		$	358,725,290		$	56,711,861		$	89,228,169
Distributions reinvested		9,928			510,121			4,394			221,403
Cost of shares redeemed		(265,662,510	)		(357,857,934	)		(59,548,529	)		(90,328,833	)
Change in net assets resulting from Institutional Class capital transactions	$	(8,600,647	)	$	1,377,477		$	(2,832,274	)	$	(879,261	)
Investor
Proceeds from shares issued	$	482,811		$	317,919		$	188,532		$	170,196
Distributions reinvested		358			15,053			—	(d)		11
Cost of shares redeemed		(280,649	)		(775,851	)		(190,783	)		(168,853	)
Change in net assets resulting from Investor capital transactions	$	202,520		$	(442,879	)	$	(2,251	)	$	1,354
Morgan
Proceeds from shares issued	$	157,970,945		$	311,978,401		$	54,738,369		$	166,379,043
Distributions reinvested		331			7,869			23			855
Cost of shares redeemed		(157,839,099	)		(311,582,589	)		(54,974,778	)		(166,279,543	)
Change in net assets resulting from Morgan capital transactions	$	132,177		$	403,681		$	(236,386	)	$	100,355
Premier
Proceeds from shares issued	$	81,769,036		$	163,482,618		$	17,598,585		$	27,622,521
Distributions reinvested		278			5,220			324			6,993
Cost of shares redeemed		(82,062,207	)		(162,337,604	)		(17,215,767	)		(27,171,290	)
Change in net assets resulting from Premier capital transactions	$	(292,893	)	$	1,150,234		$	383,142		$	458,224
Reserve
Proceeds from shares issued	$	12,540		$	13,945		$	333,633		$	1,498
Distributions reinvested		7			268			2			87
Cost of shares redeemed		(15,379	)		(12,851	)		(335,030	)		(2,605	)
Change in net assets resulting from Reserve capital transactions	$	(2,832	)	$	1,362		$	(1,395	)	$	(1,020	)
Service
Proceeds from shares issued	$	47,503		$	335,160		$	—		$	—
Distributions reinvested		160			21,353			—			—
Cost of shares redeemed		(293,168	)		(2,482,110	)		—			—
Change in net assets resulting from Service capital transactions	$	(245,505	)	$	(2,125,597	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	21,715,629		$	13,842,318		$	5,855,608		$	1,434,312

(a) Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund.

(b) Liquidated on November 25, 2019 for JPMorgan U.S. Government Money Market Fund.

(c) Liquidated on December 9, 2019 for JPMorgan U.S. Government Money Market Fund.

(d) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class C
Issued		—			—			175,785			222,129
Reinvested		—			—			49			3,629
Redeemed		—			—			(138,664	)		(308,159	)
Change in Class C Shares		—			—			37,170			(82,401	)
Academy (a)
Issued		5,159,569			85,020			—			—
Reinvested		524			6			—			—
Redeemed		(3,798,910	)		—			—			—
Change in Academy Shares		1,361,183			85,026			—			—
Agency
Issued		815,259,707			1,276,267,274			82,378,778			170,809,890
Reinvested		483			9,104			230			3,887
Redeemed		(811,558,180	)		(1,273,256,883	)		(81,755,245	)		(171,083,444	)
Change in Agency Shares		3,702,010			3,019,495			623,763			(269,667	)
Capital
Issued		791,991,960			1,239,463,766			84,670,204			76,540,547
Reinvested		71,527			689,238			5,763			33,856
Redeemed		(766,592,623	)		(1,227,279,800	)		(76,788,966	)		(73,053,452	)
Change in Capital Shares		25,470,864			12,873,204			7,887,001			3,520,951
Eagle Class (b)
Issued		—			543,315			—			—
Reinvested		—			14,518			—			—
Redeemed		—			(4,416,055	)		—			—
Change in Eagle Class Shares		—			(3,858,222	)		—			—
Eagle Private Wealth Class (c)
Reinvested		—			—	(d)		—			—
Redeemed		—			(20	)		—			—
Change in Eagle Private Wealth Class Shares		—			(20	)		—			—
E*Trade
Issued		161,377			228,715			—			—
Reinvested		69			3,114			—			—
Redeemed		(82,485	)		(208,471	)		—			—
Change in E*Trade Shares		78,961			23,358			—			—
IM
Issued		28,649,170			53,182,729			91,194			1,226,280
Reinvested		957			40,503			—			6,783
Redeemed		(28,740,336	)		(51,888,257	)		(94,356	)		(2,647,216	)
Change in IM Shares		(90,209	)		1,334,975			(3,162	)		(1,414,153	)
Institutional Class
Issued		257,051,935			358,725,178			56,711,861			89,227,998
Reinvested		9,928			510,121			4,394			221,403
Redeemed		(265,662,510	)		(357,857,535	)		(59,548,529	)		(90,328,769	)
Change in Institutional Class Shares		(8,600,647	)		1,377,764			(2,832,274	)		(879,368	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 117

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS: (continued)
Investor
Issued		482,811			317,915			188,532			170,195
Reinvested		358			15,053			—	(d)		11
Redeemed		(280,649	)		(775,846	)		(190,783	)		(168,852	)
Change in Investor Shares		202,520			(442,878	)		(2,251	)		1,354
Morgan
Issued		157,970,945			311,978,292			54,738,369			166,379,004
Reinvested		331			7,869			23			855
Redeemed		(157,839,099	)		(311,582,523	)		(54,974,778	)		(166,279,491	)
Change in Morgan Shares		132,177			403,638			(236,386	)		100,368
Premier
Issued		81,769,036			163,482,569			17,598,585			27,622,517
Reinvested		278			5,220			324			6,993
Redeemed		(82,062,207	)		(162,337,574	)		(17,215,767	)		(27,171,261	)
Change in Premier Shares		(292,893	)		1,150,215			383,142			458,249
Reserve
Issued		12,540			13,945			333,633			1,498
Reinvested		7			267			2			87
Redeemed		(15,379	)		(12,851	)		(335,030	)		(2,605	)
Change in Reserve Shares		(2,832	)		1,361			(1,395	)		(1,020	)
Service
Issued		47,503			335,116			—			—
Reinvested		160			21,353			—			—
Redeemed		(293,168	)		(2,482,066	)		—			—
Change in Service Shares		(245,505	)		(2,125,597	)		—			—

(a) Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund.

(b) Liquidated on November 25, 2019 for JPMorgan U.S. Government Money Market Fund.

(c) Liquidated on December 9, 2019 for JPMorgan U.S. Government Money Market Fund.

(d) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	1,652,230		$	2,960,215		$	243,382,635		$	388,303,998
Distributions reinvested		113			686			571			7,638
Cost of shares redeemed		(1,570,386	)		(2,866,309	)		(242,602,107	)		(386,681,435	)
Change in net assets resulting from Agency capital transactions	$	81,957		$	94,592		$	781,099		$	1,630,201
Capital
Proceeds from shares issued	$	—		$	—		$	225,184,822		$	298,441,950
Distributions reinvested		—			—			25,652			225,598
Cost of shares redeemed		—			—			(188,220,359	)		(289,232,259	)
Change in net assets resulting from Capital capital transactions	$	—		$	—		$	36,990,115		$	9,435,289
IM (a)
Proceeds from shares issued	$	—		$	—		$	409,007		$	18,801
Distributions reinvested		—			—			120			25
Cost of shares redeemed		—			—			(234,738	)		(6,941	)
Change in net assets resulting from IM capital transactions	$	—		$	—		$	174,389		$	11,885
Institutional Class
Proceeds from shares issued	$	8,291,497		$	9,696,291		$	65,607,648		$	71,922,177
Distributions reinvested		1,288			15,541			7,996			68,397
Cost of shares redeemed		(8,219,604	)		(10,556,887	)		(58,726,630	)		(67,566,674	)
Change in net assets resulting from Institutional Class capital transactions	$	73,181		$	(845,055	)	$	6,889,014		$	4,423,900
Morgan
Proceeds from shares issued	$	66,178		$	50,871		$	43,497,878		$	84,584,237
Distributions reinvested		20			480			726			21,565
Cost of shares redeemed		(45,202	)		(45,913	)		(43,292,150	)		(84,591,494	)
Change in net assets resulting from Morgan capital transactions	$	20,996		$	5,438		$	206,454		$	14,308
Premier
Proceeds from shares issued	$	606,240		$	1,131,836		$	8,459,049		$	20,764,723
Distributions reinvested		55			765			227			7,211
Cost of shares redeemed		(650,695	)		(1,068,744	)		(8,492,040	)		(20,294,193	)
Change in net assets resulting from Premier capital transactions	$	(44,400	)	$	63,857		$	(32,764	)	$	477,741
Reserve
Proceeds from shares issued	$	—		$	—		$	8,064,815		$	18,891,281
Distributions reinvested		—			—			13			437
Cost of shares redeemed		—			—			(7,599,369	)		(18,351,530	)
Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	465,459		$	540,188
Total change in net assets resulting from capital transactions	$	131,734		$	(681,168	)	$	45,473,766		$	16,533,512

(a) Commencement of offering of class of shares effective January 15, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 119

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Agency
Issued		1,652,230			2,960,176			243,382,635			388,303,998
Reinvested		113			686			571			7,638
Redeemed		(1,570,386	)		(2,866,254	)		(242,602,107	)		(386,681,435	)
Change in Agency Shares		81,957			94,608			781,099			1,630,201
Capital
Issued		—			—			225,184,822			298,441,950
Reinvested		—			—			25,652			225,598
Redeemed		—			—			(188,220,359	)		(289,232,259	)
Change in Capital Shares		—			—			36,990,115			9,435,289
IM (a)
Issued		—			—			409,014			18,794
Reinvested		—			—			113			32
Redeemed		—			—			(234,738	)		(6,941	)
Change in IM Shares		—			—			174,389			11,885
Institutional Class
Issued		8,291,497			9,696,225			65,607,648			71,922,177
Reinvested		1,288			15,541			7,996			68,397
Redeemed		(8,219,604	)		(10,556,853	)		(58,726,630	)		(67,566,674	)
Change in Institutional Class Shares		73,181			(845,087	)		6,889,014			4,423,900
Morgan
Issued		66,178			50,870			43,497,878			84,584,237
Reinvested		20			480			726			21,565
Redeemed		(45,202	)		(45,908	)		(43,292,150	)		(84,591,494	)
Change in Morgan Shares		20,996			5,442			206,454			14,308
Premier
Issued		606,240			1,131,835			8,459,049			20,764,723
Reinvested		55			765			227			7,211
Redeemed		(650,695	)		(1,068,731	)		(8,492,040	)		(20,294,193	)
Change in Premier Shares		(44,400	)		63,869			(32,764	)		477,741
Reserve
Issued		—			—			8,064,815			18,891,281
Reinvested		—			—			13			437
Redeemed		—			—			(7,599,369	)		(18,351,530	)
Change in Reserve Shares		—			—			465,459			540,188

(a) Commencement of offering of class of shares effective January 15, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	801,545		$	871,757		$	174,777		$	212,906
Distributions reinvested		251			330			97			160
Cost of shares redeemed		(967,207	)		(1,153,739	)		(193,813	)		(227,454	)
Change in net assets resulting from Agency capital transactions	$	(165,411	)	$	(281,652	)	$	(18,939	)	$	(14,388	)
Eagle Class (a)
Proceeds from shares issued	$	—		$	—		$	—		$	142,010
Distributions reinvested		—			—			—			1,270
Cost of shares redeemed		—			—			—			(708,765	)
Change in net assets resulting from Eagle Class capital transactions	$	—		$	—		$	—		$	(565,485	)
Institutional Class
Proceeds from shares issued	$	19,123,134		$	33,994,016		$	3,681,609		$	10,468,155
Distributions reinvested		1,919			14,858			1,965			18,565
Cost of shares redeemed		(20,242,326	)		(37,237,476	)		(4,452,735	)		(10,802,030	)
Change in net assets resulting from Institutional Class capital transactions	$	(1,117,273	)	$	(3,228,602	)	$	(769,161	)	$	(315,310	)
Morgan
Proceeds from shares issued	$	62,877		$	8,331		$	80,913		$	34,138
Distributions reinvested		36			90			91			185
Cost of shares redeemed		(45,414	)		(7,463	)		(60,405	)		(14,749	)
Change in net assets resulting from Morgan capital transactions	$	17,499		$	958		$	20,599		$	19,574
Premier
Proceeds from shares issued	$	911,539		$	1,170,039		$	118,916		$	167,754
Distributions reinvested		70			189			46			95
Cost of shares redeemed		(1,082,559	)		(1,385,434	)		(145,892	)		(161,846	)
Change in net assets resulting from Premier capital transactions	$	(170,950	)	$	(215,206	)	$	(26,930	)	$	6,003
Reserve
Proceeds from shares issued	$	4,339,005		$	10,411,802		$	—		$	—
Distributions reinvested		5			17			—			—
Cost of shares redeemed		(4,683,776	)		(10,733,226	)		—			—
Change in net assets resulting from Reserve capital transactions	$	(344,766	)	$	(321,407	)	$	—		$	—
Service
Proceeds from shares issued	$	—		$	—		$	—		$	36,138
Distributions reinvested		—			—			88			749
Cost of shares redeemed		—			—			(27,626	)		(225,349	)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	(27,538	)	$	(188,462	)
Total change in net assets resulting from capital transactions	$	(1,780,901	)	$	(4,045,909	)	$	(821,969	)	$	(1,058,068	)

(a) Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 121

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Agency
Issued		801,545			871,757			174,777			212,902
Reinvested		251			330			97			160
Redeemed		(967,207	)		(1,153,739	)		(193,812	)		(227,454	)
Change in Agency Shares		(165,411	)		(281,652	)		(18,938	)		(14,392	)
Eagle Class (a)
Issued		—			—			—			142,010
Reinvested		—			—			—			1,270
Redeemed		—			—			—			(708,738	)
Change in Eagle Class Shares		—			—			—			(565,458	)
Institutional Class
Issued		19,123,134			33,994,016			3,681,603			10,468,118
Reinvested		1,919			14,858			1,965			18,565
Redeemed		(20,242,326	)		(37,237,476	)		(4,452,735	)		(10,802,030	)
Change in Institutional Class Shares		(1,117,273	)		(3,228,602	)		(769,167	)		(315,347	)
Morgan
Issued		62,877			8,331			80,913			34,138
Reinvested		36			90			91			185
Redeemed		(45,414	)		(7,463	)		(60,405	)		(14,748	)
Change in Morgan Shares		17,499			958			20,599			19,575
Premier
Issued		911,539			1,170,039			118,916			167,753
Reinvested		70			189			46			95
Redeemed		(1,082,559	)		(1,385,434	)		(145,892	)		(161,846	)
Change in Premier Shares		(170,950	)		(215,206	)		(26,930	)		6,002
Reserve
Issued		4,339,005			10,411,802			—			—
Reinvested		5			17			—			—
Redeemed		(4,683,776	)		(10,733,226	)		—			—
Change in Reserve Shares		(344,766	)		(321,407	)		—			—
Service
Issued		—			—			—			36,138
Reinvested		—			—			88			749
Redeemed		—			—			(27,621	)		(225,334	)
Change in Service Shares		—			—			(27,533	)		(188,447	)

(a) Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	JPMorgan California Municipal Money Market Fund						JPMorgan New York Municipal Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Agency (a)
Proceeds from shares issued	$	75,470		$	66,539		$	171,005		$	715,020
Distributions reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Cost of shares redeemed		(64,255	)		(41,639	)		(311,232	)		(452,366	)
Change in net assets resulting from Agency capital transactions	$	11,215		$	24,900		$	(140,227	)	$	262,654
Eagle Class (c)
Proceeds from shares issued	$	—		$	8,563		$	—		$	18,662
Distributions reinvested		—			22			—			56
Cost of shares redeemed		—			(18,855	)		—			(53,610	)
Change in net assets resulting from Eagle Class capital transactions	$	—		$	(10,270	)	$	—		$	(34,892	)
Institutional Class (a)
Proceeds from shares issued	$	304,314		$	996,142		$	812,166		$	4,204,905
Distributions reinvested		3			—	(b)		68			145
Cost of shares redeemed		(383,797	)		(708,396	)		(1,635,015	)		(2,579,748	)
Change in net assets resulting from Institutional Class capital transactions	$	(79,480	)	$	287,746		$	(822,781	)	$	1,625,302
Morgan
Proceeds from shares issued	$	33,694		$	2,313		$	25,221		$	32,103
Distributions reinvested		13			18			126			959
Cost of shares redeemed		(25,281	)		(1,474	)		(22,104	)		(103,021	)
Change in net assets resulting from Morgan capital transactions	$	8,426		$	857		$	3,243		$	(69,959	)
Premier
Proceeds from shares issued	$	315,265		$	1,046,355		$	775,599		$	2,924,871
Distributions reinvested		75			996			311			4,126
Cost of shares redeemed		(409,758	)		(1,073,578	)		(1,294,401	)		(2,955,568	)
Change in net assets resulting from Premier capital transactions	$	(94,418	)	$	(26,227	)	$	(518,491	)	$	(26,571	)
Reserve
Proceeds from shares issued	$	—		$	—		$	1,805		$	3,749
Distributions reinvested		—			—			2			10
Cost of shares redeemed		—			—			(2,098	)		(4,206	)
Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	(291	)	$	(447	)
Service
Proceeds from shares issued	$	—		$	23,376		$	—		$	21,226
Distributions reinvested		27			269			11			91
Cost of shares redeemed		(10,537	)		(113,416	)		(3,552	)		(49,493	)
Change in net assets resulting from Service capital transactions	$	(10,510	)	$	(89,771	)	$	(3,541	)	$	(28,176	)
Total change in net assets resulting from capital transactions	$	(164,767	)	$	187,235		$	(1,482,088	)	$	1,727,911

(a) Commencement of offering of class of shares effective March 1, 2019.

(b) Amount rounds to less than one thousand.

(c) Liquidated on November 25, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 123

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan California Municipal Money Market Fund						JPMorgan New York Municipal Money Market Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Agency (a)
Issued		75,465			66,522			171,005			715,020
Reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Redeemed		(64,255	)		(41,633	)		(311,229	)		(452,366	)
Change in Agency Shares		11,210			24,889			(140,224	)		262,654
Eagle Class (c)
Issued		—			8,557			—			18,661
Reinvested		—			22			—			56
Redeemed		—			(18,844	)		—			(53,610	)
Change in Eagle Class Shares		—			(10,265	)		—			(34,893	)
Institutional Class (a)
Issued		304,307			995,953			812,134			4,204,902
Reinvested		3			—	(b)		68			145
Redeemed		(383,793	)		(708,283	)		(1,635,015	)		(2,579,747	)
Change in Institutional Class Shares		(79,483	)		287,670			(822,813	)		1,625,300
Morgan
Issued		33,692			2,312			25,218			32,103
Reinvested		13			18			126			959
Redeemed		(25,281	)		(1,473	)		(22,104	)		(103,008	)
Change in Morgan Shares		8,424			857			3,240			(69,946	)
Premier
Issued		315,265			1,046,255			775,599			2,924,859
Reinvested		75			996			311			4,126
Redeemed		(409,750	)		(1,073,445	)		(1,294,369	)		(2,955,566	)
Change in Premier Shares		(94,410	)		(26,194	)		(518,459	)		(26,581	)
Reserve
Issued		—			—			1,805			3,749
Reinvested		—			—			2			10
Redeemed		—			—			(2,098	)		(4,206	)
Change in Reserve Shares		—			—			(291	)		(447	)
Service
Issued		—			23,339			—			21,226
Reinvested		27			269			11			91
Redeemed		(10,534	)		(113,330	)		(3,552	)		(49,493	)
Change in Service Shares		(10,507	)		(89,722	)		(3,541	)		(28,176	)

(a) Commencement of offering of class of shares effective March 1, 2019.

(b) Amount rounds to less than one thousand.

(c) Liquidated on November 25, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Prime Money Market Fund*
Class C
Six Months Ended August 31, 2020 (Unaudited)	$	1.0005	$	0.0005		$	0.0003	(d)	$	0.0008		$	(0.0005	)	$	—		$	(0.0005	)
Year Ended February 29, 2020		1.0003		0.0134			0.0002			0.0136			(0.0134	)		—	(e)		(0.0134	)
Year Ended February 28, 2019		1.0001		0.0133			0.0002			0.0135			(0.0133	)		—	(e)		(0.0133	)
Year Ended February 28, 2018		1.0004		0.0039	(f)		—	(e)		0.0039			(0.0042	)		—	(e)		(0.0042	)
Year Ended February 28, 2017		1.0000		0.0001	(f)		0.0006			0.0007			(0.0003	)		—	(e)		(0.0003	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)
Academy
Six Months Ended August 31, 2020 (Unaudited)		1.0006		0.0030			0.0002	(d)		0.0032			(0.0030	)		—			(0.0030	)
May 15, 2019 (h) through February 29, 2020		1.0003		0.0162			0.0003			0.0165			(0.0162	)		—			(0.0162	)
Agency
Six Months Ended August 31, 2020 (Unaudited)		1.0007		0.0026			0.0003	(d)		0.0029			(0.0026	)		—			(0.0026	)
Year Ended February 29, 2020		1.0003		0.0205			0.0004			0.0209			(0.0205	)		—	(e)		(0.0205	)
Year Ended February 28, 2019		1.0001		0.0204			0.0002			0.0206			(0.0204	)		—	(e)		(0.0204	)
Year Ended February 28, 2018		1.0004		0.0114	(f)		(0.0004	)		0.0110			(0.0113	)		—	(e)		(0.0113	)
Year Ended February 28, 2017		1.0000		0.0036	(f)		0.0016			0.0052			(0.0048	)		—	(e)		(0.0048	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)
Capital
Six Months Ended August 31, 2020 (Unaudited)		1.0005		0.0030			0.0003	(d)		0.0033			(0.0030	)		—			(0.0030	)
Year Ended February 29, 2020		1.0003		0.0213			0.0002			0.0215			(0.0213	)		—	(e)		(0.0213	)
Year Ended February 28, 2019		1.0001		0.0212			0.0002			0.0214			(0.0212	)		—	(e)		(0.0212	)
Year Ended February 28, 2018		1.0004		0.0122	(f)		(0.0004	)		0.0118			(0.0121	)		—	(e)		(0.0121	)
Year Ended February 28, 2017		1.0000		0.0047	(f)		0.0014			0.0061			(0.0057	)		—	(e)		(0.0057	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)
IM
Six Months Ended August 31, 2020 (Unaudited)		1.0006		0.0032			0.0002	(d)		0.0034			(0.0032	)		—			(0.0032	)
Year Ended February 29, 2020		1.0003		0.0216			0.0003			0.0219			(0.0216	)		—	(e)		(0.0216	)
Year Ended February 28, 2019		1.0001		0.0215			0.0002			0.0217			(0.0215	)		—	(e)		(0.0215	)
Year Ended February 28, 2018		1.0004		0.0124	(f)		(0.0004	)		0.0120			(0.0123	)		—	(e)		(0.0123	)
Year Ended February 28, 2017		1.0000		0.0055	(f)		0.0007			0.0062			(0.0058	)		—	(e)		(0.0058	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.0005		0.0029			0.0003	(d)		0.0032			(0.0029	)		—			(0.0029	)
Year Ended February 29, 2020		1.0003		0.0210			0.0002			0.0212			(0.0210	)		—	(e)		(0.0210	)
Year Ended February 28, 2019		1.0001		0.0209			0.0002			0.0211			(0.0209	)		—	(e)		(0.0209	)
Year Ended February 28, 2018		1.0004		0.0119	(f)		(0.0004	)		0.0115			(0.0118	)		—	(e)		(0.0118	)
Year Ended February 28, 2017		1.0000		0.0044	(f)		0.0014			0.0058			(0.0054	)		—	(e)		(0.0054	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)

(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) Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding.

(e) Amount rounds to less than $0.00005.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

* The JPMorgan Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places on October 3, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		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
$	1.0008		0.08	%	$	627		0.69	%		0.10	%		4.84	%
	1.0005		1.37			806		0.97			1.38			3.88
	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
	1.0008		0.32			1,439,771		0.18			0.52			0.19
	1.0006		1.66			150,519		0.18			1.69			0.26
	1.0010		0.29			2,453,387		0.26			0.50			0.29
	1.0007		2.11			2,517,667		0.26			2.05			0.30
	1.0003		2.08			2,474,137		0.26			2.09			0.31
	1.0001		1.10			1,494,001		0.26			1.14			0.31
	1.0004		0.52			1,002,964		0.26			0.36			0.31
	1.00		0.07			8,141,439		0.26			0.07			0.31
	1.0008		0.33			51,943,171		0.18			0.53			0.19
	1.0005		2.17			33,683,247		0.18			2.09			0.20
	1.0003		2.16			26,725,832		0.18			2.13			0.21
	1.0001		1.18			24,654,174		0.18			1.22			0.21
	1.0004		0.61			20,091,103		0.17			0.47			0.21
	1.00		0.14			64,690,852		0.18			0.14			0.21
	1.0008		0.34			5,543,500		0.14			0.62			0.14
	1.0006		2.21			5,541,728		0.15			2.12			0.15
	1.0003		2.19			1,896,262		0.16			2.13			0.16
	1.0001		1.21			2,032,079		0.16			1.24			0.16
	1.0004		0.62			2,010,581		0.16			0.55			0.17
	1.00		0.17			2,628,508		0.16			0.16			0.16
	1.0008		0.32			22,362,614		0.21			0.52			0.24
	1.0005		2.14			15,607,982		0.21			2.07			0.25
	1.0003		2.13			11,691,618		0.21			2.12			0.26
	1.0001		1.15			8,567,374		0.21			1.19			0.26
	1.0004		0.58			6,081,787		0.20			0.44			0.26
	1.00		0.11			20,011,248		0.21			0.10			0.26

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 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 Prime Money Market Fund* (continued)
Morgan
Six Months Ended August 31, 2020 (Unaudited)	$	1.0008	$	0.0015		$	0.0005	(d)	$	0.0020		$	(0.0015	)	$	—		$	(0.0015	)
Year Ended February 29, 2020		1.0003		0.0180			0.0005			0.0185			(0.0180	)		—	(e)		(0.0180	)
Year Ended February 28, 2019		1.0001		0.0179			0.0002			0.0181			(0.0179	)		—	(e)		(0.0179	)
Year Ended February 28, 2018		1.0004		0.0089	(f)		(0.0005	)		0.0084			(0.0087	)		—	(e)		(0.0087	)
Year Ended February 28, 2017		1.0000		0.0014	(f)		0.0012			0.0026			(0.0022	)		—	(e)		(0.0022	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.0006		0.0017			0.0003	(d)		0.0020			(0.0017	)		—			(0.0017	)
Year Ended February 29, 2020		1.0003		0.0186			0.0003			0.0189			(0.0186	)		—	(e)		(0.0186	)
Year Ended February 28, 2019		1.0001		0.0185			0.0002			0.0187			(0.0185	)		—	(e)		(0.0185	)
Year Ended February 28, 2018		1.0004		0.0096	(f)		(0.0005	)		0.0091			(0.0094	)		—	(e)		(0.0094	)
Year Ended February 28, 2017		1.0000		0.0020	(f)		0.0013			0.0033			(0.0029	)		—	(e)		(0.0029	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.0007		0.0009			0.0004	(d)		0.0013			(0.0009	)		—			(0.0009	)
Year Ended February 29, 2020		1.0003		0.0161			0.0004			0.0165			(0.0161	)		—	(e)		(0.0161	)
Year Ended February 28, 2019		1.0001		0.0160			0.0002			0.0162			(0.0160	)		—	(e)		(0.0160	)
Year Ended February 28, 2018		1.0004		0.0062	(f)		0.0004			0.0066			(0.0069	)		—	(e)		(0.0069	)
Year Ended February 28, 2017		1.0000		0.0003	(f)		0.0013			0.0016			(0.0012	)		—	(e)		(0.0012	)
Year Ended February 29, 2016		1.00		—	(f)(g)		—	(g)		—	(g)		—	(g)		—	(g)		—	(g)

(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) Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding.

(e) Amount rounds to less than $0.00005.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

* The JPMorgan Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places on October 3, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		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
$	1.0013		0.20	%	$	1,773,331		0.48	%		0.34	%		0.50	%
	1.0008		1.87			2,880,586		0.51			1.78			0.51
	1.0003		1.82			2,395,205		0.52			1.88			0.53
	1.0001		0.84			739,866		0.52			0.89			0.56
	1.0004		0.26			534,288		0.52			0.14			0.54
	1.00		0.01			1,877,099		0.31			0.01			0.52
	1.0009		0.20			1,972,604		0.43			0.36			0.44
	1.0006		1.91			2,646,576		0.45			1.83			0.45
	1.0003		1.89			1,884,553		0.45			1.90			0.46
	1.0001		0.91			1,093,169		0.45			0.96			0.46
	1.0004		0.33			687,368		0.45			0.20			0.46
	1.00		0.02			2,030,985		0.30			0.02			0.46
	1.0011		0.13			1,280		0.65			0.45			1.48
	1.0007		1.66			12,017		0.70			1.59			0.94
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Institutional Tax Free Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.0001	$	0.0022	$	0.0006	(d)	$	0.0028	$	(0.0022	)	$	—		$	(0.0022	)
Year Ended February 29, 2020		1.0000		0.0117		0.0001	(d)		0.0118		(0.0117	)		—	(e)		(0.0117	)
March 1, 2018 (f) through February 28, 2019		1.0000		0.0123		—	(e)		0.0123		(0.0123	)		—	(e)		(0.0123	)
Capital
Six Months Ended August 31, 2020 (Unaudited)		1.0000		0.0026		0.0007			0.0033		(0.0026	)		—			(0.0026	)
Year Ended February 29, 2020		1.0000		0.0125		—	(e)		0.0125		(0.0125	)		—	(e)		(0.0125	)
March 1, 2018 (f) through February 28, 2019		1.0000		0.0131		—	(e)		0.0131		(0.0131	)		—	(e)		(0.0131	)
IM
Six Months Ended August 31, 2020 (Unaudited)		1.0000		0.0027		0.0007			0.0034		(0.0027	)		—			(0.0027	)
Year Ended February 29, 2020		1.0000		0.0127		—	(e)		0.0127		(0.0127	)		—	(e)		(0.0127	)
March 1, 2018 (f) through February 28, 2019		1.0000		0.0133		—	(e)		0.0133		(0.0133	)		—	(e)		(0.0133	)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.0000		0.0025		0.0007			0.0032		(0.0025	)		—			(0.0025	)
Year Ended February 29, 2020		1.0000		0.0122		—	(e)		0.0122		(0.0122	)		—	(e)		(0.0122	)
March 1, 2018 (f) through February 28, 2019		1.0000		0.0128		—	(e)		0.0128		(0.0128	)		—	(e)		(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) Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding.

(e) Amount rounds to less than $0.00005.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		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
$	1.0007		0.28	%	$	41,193		0.26	%		0.37	%		0.36	%
	1.0001		1.19			41,696		0.26			1.15			0.38
	1.0000		1.24			17,148		0.26	(g)		1.36	(g)		2.96	(g)
	1.0007		0.33			213,177		0.18			0.54			0.21
	1.0000		1.26			228,168		0.18			1.18			0.24
	1.0000		1.32			72,933		0.18	(g)		1.42	(g)		0.40	(g)
	1.0007		0.34			1,190,264		0.16			0.33			0.16
	1.0000		1.28			391,386		0.16			1.24			0.18
	1.0000		1.34			475,368		0.16	(g)		1.32	(g)		0.23	(g)
	1.0007		0.32			391,206		0.21			0.38			0.26
	1.0000		1.23			309,118		0.21			1.20			0.28
	1.0000		1.29			377,900		0.21	(g)		1.40	(g)		0.37	(g)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Securities Lending Money Market Fund
Agency SL
Six Months Ended August 31, 2020 (Unaudited)	$	1.0002	$	0.0036	$	0.0001	$	0.0037	$	(0.0036	)	$	—		$	(0.0036	)
Year Ended February 29, 2020		1.0001		0.0222		0.0001		0.0223		(0.0222	)		—	(d)		(0.0222	)
September 19, 2018 (e) through February 28, 2019		1.0000		0.0109		0.0001		0.0110		(0.0109	)		—			(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) Amount rounds to less than $0.00005.

(e) Commencement of operations.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.0003		0.37	%	$	3,650,617		0.06	%		0.69	%		0.14	%
	1.0002		2.25			3,455,824		0.06			2.20			0.16
	1.0001		1.10			2,865,539		0.06	(f)		2.53	(f)		0.23	(f)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Liquid Assets Money Market Fund
Class C
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade (f)
For the Period Ended October 19, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		(e	)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.05	%	$	45,233		0.67	%		0.06	%		1.15	%
	1.00		1.34			18,423		0.97			1.35			1.18
	1.00		1.34			22,073		0.97			1.34			1.19
	1.00		0.40			22,267		0.97			0.38			1.20
	1.00		0.04			33,104		0.55			0.01			1.18
	1.00		0.01			505,609		0.33			0.01			1.18
	1.00		0.26			1,773,635		0.26			0.46			0.29
	1.00		2.07			1,452,745		0.26			1.94			0.31
	1.00		2.06			542,003		0.26			2.13			0.33
	1.00		1.11			158,527		0.26			1.16			0.34
	1.00		0.45			36,107		0.26			0.39			0.35
	1.00		0.08			71,741		0.26			0.07			0.33
	1.00		0.30			3,146,570		0.18			0.53			0.19
	1.00		2.15			2,295,874		0.18			2.01			0.21
	1.00		2.14			558,492		0.18			2.16			0.23
	1.00		1.19			98,814		0.18			1.36			0.24
	1.00		0.53			105,366		0.18			0.38			0.22
	1.00		0.16			2,071,483		0.18			0.15			0.22
	1.00		0.01			—		0.54			0.01			1.08
	1.00		0.01			1,758,478		0.30			0.01			1.07
	1.00		0.28			3,716,813		0.21			0.53			0.24
	1.00		2.12			3,412,753		0.21			2.07			0.26
	1.00		2.11			2,717,544		0.21			2.17			0.28
	1.00		1.16			988,333		0.21			1.21			0.29
	1.00		0.50			286,502		0.21			0.37			0.28
	1.00		0.13			6,630,618		0.21			0.13			0.28
	1.00		0.15			3,015		0.48			0.29			0.56
	1.00		1.81			7,904		0.51			1.78			0.52
	1.00		1.81			8,147		0.51			1.79			0.54
	1.00		0.86			8,616		0.51			0.89			0.55
	1.00		0.21			3,933		0.51			0.07			0.53
	1.00		0.02			117,816		0.32			0.01			0.53

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 135

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 Liquid Assets Money Market Fund (continued)
Morgan
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.12	%	$	718,338		0.54	%		0.23	%		0.60	%
	1.00		1.73			543,317		0.59			1.69			0.63
	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		0.17			3,127,065		0.43			0.30			0.44
	1.00		1.87			3,031,847		0.45			1.77			0.46
	1.00		1.87			1,140,955		0.45			1.93			0.48
	1.00		0.92			353,810		0.45			0.95			0.49
	1.00		0.26			156,136		0.45			0.18			0.48
	1.00		0.02			132,337		0.32			0.02			0.48
	1.00		0.09			4,178		0.59			0.19			0.81
	1.00		1.62			3,797		0.70			1.62			0.84
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 137

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 U.S. Government Money Market Fund
Academy
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
May 15, 2019 (f) through February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Agency
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 9, 2016 (f) through February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.12	%	$	1,446,216		0.18	%		0.13	%		0.18	%
	1.00		1.47			85,026		0.18			1.49			0.21
	1.00		0.09			17,834,258		0.25			0.15			0.28
	1.00		1.87			14,132,125		0.26			1.84			0.30
	1.00		1.82			11,112,454		0.26			1.79			0.31
	1.00		0.81			13,906,062		0.26			0.80			0.31
	1.00		0.22			12,887,975		0.25			0.22			0.31
	1.00		0.02			7,594,151		0.15			0.02			0.31
	1.00		0.12			111,735,102		0.18			0.22			0.18
	1.00		1.95			86,263,432		0.18			1.91			0.20
	1.00		1.90			73,390,258		0.18			1.87			0.21
	1.00		0.89			92,747,537		0.18			0.88			0.21
	1.00		0.33			86,200,153		0.14			0.35			0.21
	1.00		0.04			28,046,995		0.14			0.04			0.21
	1.00		0.02			377,312		0.37			0.04			1.03
	1.00		1.12			298,348		1.00			1.10			1.05
	1.00		1.07			274,993		1.00			1.04			1.06
	1.00		0.13			291,828		0.97			0.17			1.06
	1.00		0.02			66,010		0.56			0.01			1.07
	1.00		0.15			7,353,735		0.14			0.29			0.14
	1.00		1.99			7,443,910		0.15			1.90			0.15
	1.00		1.92			6,108,975		0.16			1.95			0.16
	1.00		0.91			2,493,731		0.16			0.96			0.16
	1.00		0.33			589,694		0.14			0.34			0.16
	1.00		0.05			648,289		0.13			0.05			0.16
	1.00		0.11			34,645,602		0.21			0.20			0.23
	1.00		1.92			43,246,064		0.21			1.89			0.25
	1.00		1.87			41,868,607		0.21			1.88			0.26
	1.00		0.86			32,544,047		0.21			0.85			0.26
	1.00		0.30			36,869,073		0.17			0.33			0.26
	1.00		0.04			8,704,148		0.15			0.03			0.26
	1.00		0.05			887,319		0.33			0.08			0.48
	1.00		1.63			684,791		0.50			1.68			0.50
	1.00		1.57			1,127,675		0.50			1.60			0.50
	1.00		0.56			748,306		0.51			0.54			0.51
	1.00		0.03			919,604		0.42			0.02			0.51
	1.00		0.01			3,856,545		0.18			0.01			0.51

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 139

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 U.S. Government Money Market Fund (continued)
Morgan
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.04	%	$	2,196,353		0.35	%		0.08	%		0.59	%
	1.00		1.54			2,064,159		0.59			1.50			0.60
	1.00		1.48			1,660,477		0.59			1.49			0.61
	1.00		0.48			1,231,217		0.59			0.44			0.61
	1.00		0.02			2,460,361		0.46			0.02			0.61
	1.00		0.01			2,229,161		0.17			0.01			0.61
	1.00		0.05			3,802,884		0.32			0.10			0.43
	1.00		1.68			4,095,749		0.45			1.64			0.45
	1.00		1.62			2,945,521		0.45			1.59			0.46
	1.00		0.62			5,500,002		0.45			0.60			0.46
	1.00		0.06			7,765,009		0.42			0.06			0.46
	1.00		0.01			7,570,828		0.18			0.01			0.46
	1.00		0.03			17,997		0.36			0.07			0.69
	1.00		1.42			20,829		0.70			1.41			0.71
	1.00		1.37			19,468		0.70			1.28			0.71
	1.00		0.37			59,334		0.70			0.33			0.71
	1.00		0.01			119,542		0.49			0.01			0.71
	1.00		0.01			16,298		0.12			0.01			0.71
	1.00		0.02			622,159		0.40			0.04			1.03
	1.00		1.07			867,659		1.05			1.19			1.05
	1.00		1.02			2,993,274		1.05			1.08			1.05
	1.00		0.09			1,649,354		0.93			0.08			1.06
	1.00		0.01			2,439,027		0.50			0.01			1.06
	1.00		0.01			395,656		0.15			0.01			1.06

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 141

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 U.S. Treasury Plus Money Market Fund
Class C
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Capital
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
September 22, 2017 (g) through February 28, 2018		1.00		0.01			(0.01	)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.02	%	$	329,995		0.39	%		0.03	%		1.13	%
	1.00		1.13			292,824		0.97			1.16			1.15
	1.00		1.11			375,230		0.97			1.09			1.16
	1.00		0.15			417,056		0.90			0.13			1.16
	1.00		0.00	(f)		578,579		0.48			0.00	(f)		1.16
	1.00		0.00	(f)		154,988		0.15			0.00	(f)		1.16
	1.00		0.09			2,368,056		0.26			0.17			0.28
	1.00		1.85			1,744,289		0.26			1.85			0.30
	1.00		1.83			2,013,982		0.26			1.90			0.30
	1.00		0.81			930,654		0.26			0.82			0.31
	1.00		0.18			837,723		0.26			0.17			0.31
	1.00		0.01			956,921		0.15			0.01			0.31
	1.00		0.13			17,832,959		0.18			0.22			0.18
	1.00		1.94			9,945,933		0.18			1.89			0.20
	1.00		1.91			6,425,187		0.18			1.92			0.20
	1.00		0.47			3,501,095		0.18			1.17			0.21
	1.00		0.15			34,267		0.14			0.31			0.14
	1.00		1.97			37,429		0.15			2.26			0.15
	1.00		1.93			1,451,488		0.15			1.87			0.15
	1.00		0.90			3,051,574		0.16			0.81			0.16
	1.00		0.28			7,449,646		0.16			0.29			0.16
	1.00		0.04			4,788,250		0.12			0.04			0.16
	1.00		0.11			14,054,803		0.21			0.24			0.24
	1.00		1.90			16,887,054		0.21			1.88			0.25
	1.00		1.88			17,766,429		0.21			1.89			0.25
	1.00		0.86			13,500,900		0.21			0.84			0.26
	1.00		0.23			14,813,061		0.21			0.24			0.26
	1.00		0.02			8,736,623		0.13			0.02			0.26
	1.00		0.04			27,686		0.35			0.07			0.58
	1.00		1.61			29,937		0.50			1.60			0.50
	1.00		1.58			28,583		0.51			1.57			0.51
	1.00		0.55			48,818		0.51			0.52			0.51
	1.00		0.02			71,303		0.42			0.02			0.51
	1.00		0.00	(f)		89,016		0.14			0.00	(f)		0.51

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 143

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 U.S. Treasury Plus Money Market Fund (continued)
Morgan
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.03	%	$	498,471		0.38	%		0.09	%		0.59	%
	1.00		1.52			734,856		0.59			1.49			0.60
	1.00		1.49			634,508		0.59			1.55			0.61
	1.00		0.47			283,619		0.59			0.48			0.62
	1.00		0.00	(f)		244,830		0.43			0.00	(f)		0.61
	1.00		0.00	(f)		706,209		0.15			0.00	(f)		0.61
	1.00		0.05			1,822,556		0.34			0.08			0.43
	1.00		1.66			1,439,412		0.45			1.60			0.45
	1.00		1.63			981,194		0.45			1.68			0.45
	1.00		0.61			611,645		0.45			0.61			0.46
	1.00		0.03			640,584		0.41			0.04			0.46
	1.00		0.00	(f)		244,258		0.14			0.00	(f)		0.46
	1.00		0.03			4,571		0.44			0.04			0.71
	1.00		1.41			5,966		0.70			1.41			0.73
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 145

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 Federal Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			0.01			0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.10	%	$	324,682		0.25	%		0.17	%		0.29	%
	1.00		1.85			242,716		0.26			1.79			0.30
	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		0.12			2,645,618		0.21			0.24			0.25
	1.00		1.90			2,572,379		0.21			1.90			0.25
	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		0.05			55,726		0.33			0.08			0.64
	1.00		1.51			34,728		0.59			1.48			0.67
	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		0.07			174,462		0.32			0.14			0.45
	1.00		1.65			218,858		0.45			1.58			0.45
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 147

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 100% U.S. Treasury Securities Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
January 15, 2020 (f) through February 29, 2020		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

(g) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.09	%	$	4,978,340		0.25	%		0.16	%		0.28	%
	1.00		1.82			4,197,262		0.26			1.76			0.30
	1.00		1.79			2,567,061		0.26			1.81			0.31
	1.00		0.79			1,981,066		0.26			0.80			0.31
	1.00		0.15			1,848,739		0.26			0.15			0.31
	1.00		0.01			1,895,744		0.10			0.01			0.31
	1.00		0.13			69,953,404		0.18			0.19			0.18
	1.00		1.90			32,963,549		0.18			1.85			0.20
	1.00		1.88			23,528,259		0.18			1.88			0.21
	1.00		0.87			19,208,530		0.18			0.89			0.21
	1.00		0.23			11,630,048		0.18			0.23			0.21
	1.00		0.02			9,678,309		0.08			0.01			0.21
	1.00		0.15			186,273		0.13			0.18			0.13
	1.00		0.18			11,885		0.15			1.46			0.15
	1.00		0.11			29,171,372		0.21			0.19			0.23
	1.00		1.87			22,282,460		0.21			1.83			0.25
	1.00		1.84			17,858,556		0.21			1.87			0.26
	1.00		0.84			11,098,506		0.21			0.83			0.26
	1.00		0.20			9,414,776		0.21			0.21			0.26
	1.00		0.01			7,378,773		0.08			0.01			0.26
	1.00		0.05			2,229,896		0.34			0.08			0.59
	1.00		1.49			2,023,440		0.59			1.47			0.60
	1.00		1.46			2,009,129		0.59			1.45			0.61
	1.00		0.45			1,617,985		0.59			0.46			0.61
	1.00		0.00	(g)		1,148,892		0.40			0.00	(g)		0.61
	1.00		0.00	(g)		1,990,677		0.10			0.00	(g)		0.61
	1.00		0.06			2,504,281		0.33			0.10			0.43
	1.00		1.63			2,537,050		0.45			1.62			0.45
	1.00		1.60			2,059,307		0.45			1.65			0.46
	1.00		0.59			848,906		0.45			0.59			0.46
	1.00		0.02			857,883		0.38			0.02			0.46
	1.00		0.00	(g)		1,219,310		0.10			0.00	(g)		0.46
	1.00		0.04			2,567,481		0.36			0.06			0.68
	1.00		1.38			2,102,023		0.70			1.34			0.70
	1.00		1.35			1,561,835		0.70			1.42			0.71
	1.00		0.35			258,002		0.70			0.41			0.71
	1.00		0.00	(g)		75,190		0.41			0.00			0.71
	1.00		0.00	(g)		108,109		0.14			0.00	(g)		0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 149

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 Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.26	%	$	616,862		0.26	%		0.53	%		0.29	%
	1.00		1.17			782,269		0.26			1.17			0.30
	1.00		1.24			1,063,941		0.26			1.23			0.31
	1.00		0.68			831,137		0.26			0.70			0.31
	1.00		0.27			437,689		0.25			0.26			0.31
	1.00		0.03			344,578		0.05			0.01			0.31
	1.00		0.28			8,056,235		0.21			0.57			0.24
	1.00		1.22			9,173,460		0.21			1.23			0.25
	1.00		1.29			12,402,297		0.21			1.27			0.26
	1.00		0.73			11,970,538		0.21			0.73			0.26
	1.00		0.32			10,567,571		0.20			0.31			0.26
	1.00		0.03			10,007,028		0.04			0.01			0.26
	1.00		0.19			28,341		0.37			0.19			0.62
	1.00		0.84			10,842		0.59			0.83			0.64
	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		0.21			676,539		0.36			0.41			0.44
	1.00		0.98			847,483		0.45			0.99			0.45
	1.00		1.04			1,062,712		0.45			1.03			0.46
	1.00		0.49			1,560,291		0.45			0.48			0.46
	1.00		0.12			1,713,414		0.38			0.10			0.46
	1.00		0.03			2,984,160		0.04			0.01			0.46
	1.00		0.18			1,362,765		0.41			0.33			0.69
	1.00		0.73			1,707,525		0.70			0.72			0.70
	1.00		0.79			2,028,976		0.70			0.78			0.71
	1.00		0.24			2,511,847		0.70			0.23			0.71
	1.00		0.02			2,650,165		0.47			0.02			0.71
	1.00		0.03			4,220,927		0.04			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 151

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 Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade (f)
For the Period Ended September 21, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2019		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.30	%	$	93,816		0.26	%		0.65	%		0.33	%
	1.00		1.20			112,747		0.26			1.20			0.34
	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			—		0.41			0.01			1.07
	1.00		0.01			1,935,318		0.08			0.01			1.07
	1.00		0.32			919,050		0.21			0.67			0.28
	1.00		1.25			1,688,150		0.21			1.24			0.29
	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		0.20			56,077		0.44			0.28			0.63
	1.00		0.87			35,473		0.59			0.84			0.66
	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		0.22			108,341		0.41			0.44			0.49
	1.00		1.01			135,261		0.45			1.00			0.50
	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		0.15			40,958		0.58			0.35			1.07
	1.00		0.41			68,493		1.05			0.48			1.09
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 153

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 California Municipal Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
March 1, 2019 (f) through February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
E*Trade (g)
For the Period Ended September 21, 2016		1.00		—	(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
March 1, 2019 (f) through February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Morgan
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 9, 2016 (f) through February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2019		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.22	%	$	36,108		0.24	%		0.37	%		0.32	%
	1.00		1.11			24,892		0.26			0.87			0.35
	1.00		0.01			—		0.38			0.01			1.07
	1.00		0.02			1,061,361		0.06			0.01			1.07
	1.00		0.24			208,247		0.21			0.42			0.27
	1.00		1.15			287,724		0.21			1.03			0.30
	1.00		0.16			10,873		0.34			0.18			0.63
	1.00		0.77			2,447		0.59			0.70			0.69
	1.00		0.86			1,591		0.59			0.85			0.72
	1.00		0.38			1,310		0.59			0.27			0.75
	1.00		0.08			7,314		0.41			0.04			0.64
	1.00		0.02			307,260		0.06			0.01			0.62
	1.00		0.18			138,832		0.33			0.33			0.47
	1.00		0.91			233,249		0.45			0.87			0.50
	1.00		1.00			259,463		0.45			0.97			0.52
	1.00		0.52			166,312		0.45			0.49			0.55
	1.00		0.15			139,487		0.45			0.21			0.57
	1.00		0.11			17,896		0.50			0.26			1.07
	1.00		0.32			28,405		1.05			0.37			1.10
	1.00		0.41			118,146		1.04			0.37			1.12
	1.00		0.08			125,615		0.89			0.04			1.15
	1.00		0.04			167,422		0.50			0.01			1.11
	1.00		0.02			229,647		0.05			0.01			1.07

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 155

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 New York Municipal Money Market Fund
Agency
Six Months Ended August 31, 2020 (Unaudited)	$	1.00	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
March 1, 2019 (f) through February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
E*Trade (g)
For the Period Ended September 21, 2016		1.00		—	(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
March 1, 2019 (f) through February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Morgan
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 9, 2016 (f) through February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2020 (Unaudited)		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2020		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2019		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2018		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.27	%	$	122,454		0.26	%		0.65	%		0.30	%
	1.00		1.15			262,677		0.26			1.06			0.31
	1.00		0.01			—		0.40			0.01			1.08
	1.00		0.01			395,863		0.08			0.01			1.08
	1.00		0.29			802,647		0.21			0.63			0.25
	1.00		1.20			1,625,406		0.21			1.09			0.26
	1.00		0.20			65,422		0.40			0.38			0.63
	1.00		0.82			62,178		0.59			0.84			0.63
	1.00		0.89			132,127		0.59			0.88			0.66
	1.00		0.36			134,395		0.59			0.31			0.67
	1.00		0.06			303,713		0.47			0.06			0.66
	1.00		0.01			491,120		0.08			0.01			0.63
	1.00		0.22			224,299		0.38			0.53			0.45
	1.00		0.96			742,781		0.45			0.95			0.47
	1.00		1.03			769,285		0.45			1.03			0.49
	1.00		0.50			485,365		0.45			0.58			0.51
	1.00		0.13			102,091		0.46			0.22			0.53
	1.00		0.19			831		0.42			0.33			0.70
	1.00		0.70			1,122		0.70			0.71			0.72
	1.00		0.78			1,569		0.70			0.75			0.74
	1.00		0.25			2,285		0.70			0.24			0.78
	1.00		0.02			2,607		0.39			0.01			0.73
	1.00		0.01			137,761		0.08			0.01			0.73
	1.00		0.15			4,821		0.54			0.35			1.14
	1.00		0.36			8,363		1.05			0.45			1.08
	1.00		0.43			36,537		1.04			0.43			1.09
	1.00		0.06			49,027		0.90			0.05			1.11
	1.00		0.02			57,064		0.53			0.01			1.10
	1.00		0.01			78,992		0.08			0.01			1.08

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

1. Organization

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

The following are 12 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Prime Money Market Fund	Class C, Academy(1), Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Institutional Tax Free Money Market Fund	Agency, Capital, IM and Institutional Class	JPM IV	Diversified
JPMorgan Securities Lending Money Market Fund	Agency SL	JPM IV	Diversified
JPMorgan Liquid Assets Money Market Fund	Class C, Agency, Capital, E*Trade(2), Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
JPMorgan U.S. Government Money Market Fund	Academy(1), Agency, Capital, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service	JPM II	Diversified
JPMorgan U.S. Treasury Plus Money Market Fund	Class C, Academy(3), Agency, Capital, 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	Academy(3), Agency, Capital, IM(4), 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, E*Trade(5), Institutional Class, Morgan, Premier and Service	JPM II	Diversified
JPMorgan California Municipal Money Market Fund	Agency(6), E*Trade(5), Institutional Class(6), Morgan, Premier and Service	JPM I	Diversified
JPMorgan New York Municipal Money Market Fund	Agency(6), E*Trade(5), Institutional Class(6), Morgan, Premier, Reserve and Service	JPM I	Diversified

⁽¹⁾  Commenced operations on May 15, 2019.

⁽²⁾  E*Trade Shares of JPMorgan Liquid Assets Money Market Fund had no assets from the close of business on October 19, 2016.

⁽³⁾  Commenced operations on September 30, 2020.

⁽⁴⁾  Commenced operations on January 15, 2020.

⁽⁵⁾  E*Trade Shares of JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund had no assets from the close of business on September 21, 2016.

⁽⁶⁾  Commenced operations on March 1, 2019.

The investment objective of JPMorgan Prime Money Market Fund (“Prime Money Market Fund”) and JPMorgan Securities Lending Money Market Fund (“Securities Lending Money Market Fund”) is to seek current income while seeking to maintain liquidity and a low volatility of principal.

The investment objective of JPMorgan Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) is to aim to provide current income, while seeking to maintain liquidity and a low volatility of principal.

The investment objective of JPMorgan Liquid Assets Money Market Fund (“Liquid Assets Money Market Fund”) and JPMorgan U.S. Treasury Plus Money Market Fund (“U.S. Treasury Plus Money Market Fund”) is to seek current income with liquidity and stability of principal.

The investment objective of JPMorgan U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) is to seek high current income with liquidity and stability of principal.

The investment objective of JPMorgan Federal Money Market Fund (“Federal Money Market Fund”) is to aim to provide current income while still preserving capital and maintaining liquidity.

The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) is to aim to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.

The investment objective of JPMorgan Tax Free Money Market Fund (“Tax Free Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.

The investment objective of JPMorgan Municipal Money Market Fund (“Municipal Money Market Fund”) is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

158 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

The investment objective of JPMorgan California Municipal Money Market Fund (“California Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.

The investment objective of JPMorgan New York Municipal Money Market Fund (“New York Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.

The Liquid Assets Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission (“SEC”). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price. These Funds have adopted policies and procedures that allow the Boards of Trustees of the Trusts (the “Boards”) to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

The Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund do not seek to qualify as retail or government money market funds and transact utilizing a floating net asset value (“NAV”) calculated to four decimal places. The Funds have adopted policies and procedures that allow the Boards to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

The U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund and 100% U.S. Treasury Securities Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Academy, Agency, Agency SL, Capital, Direct, Eagle Class, Eagle Private Wealth Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued 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 generally be expected to vary inversely with changes in prevailing interest rates.

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

For the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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 valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical securities.

• Level 2 — Other significant observable inputs (including, but not limited to, 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)	$	—	$	87,157,499	$	—	$	87,157,499
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)	$	—	$	1,876,261	$	—	$	1,876,261
Securities Lending Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,650,192	$	—	$	3,650,192

The following is a summary of the inputs used as of February 29, 2020, 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)	$	—	$	12,517,130	$	—	$	12,517,130
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)	$	—	$	180,231,033	$	—	$	180,231,033

160 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

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)	$	—	$	38,011,480	$	—	$	38,011,480
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)	$	—	$	3,167,904	$	—	$	3,167,904
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)	$	—	$	109,710,593	$	—	$	109,710,593
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)	$	—	$	10,829,930	$	—	$	10,829,930
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)	$	—	$	1,224,808	$	—	$	1,224,808
California 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)	$	—	$	410,988	$	—	$	410,988
New York 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)	$	—	$	1,228,391	$	—	$	1,228,391

(a) Please refer to the SOIs for specifics of portfolio holdings.

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

As of August 31, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S 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 main-

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

tained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. The Prime Money Market Fund, Liquid Assets Money Market Fund, Securities Lending 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 Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York 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 Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund had delayed delivery securities outstanding as of August 31, 2020, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended August 31, 2020 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		California Municipal Money Market Fund			New York Municipal Money Market Fund
Class C	$	13		n/a		n/a	$	2		n/a	$	5		n/a		n/a			n/a		n/a		n/a			n/a
Academy		33		n/a		n/a		n/a	$	2		n/a		n/a		n/a			n/a		n/a		n/a			n/a
Agency		48	$	16		n/a		16		130		20	$	3	$	47		$	7	$	1	$	—	(a)	$	3
Agency SL		n/a		n/a	$	54		n/a		n/a		n/a		n/a		n/a			n/a		n/a		n/a			n/a
Capital		417		16		n/a		30		968		88		n/a		440			n/a		n/a		n/a			n/a
E*Trade		n/a		n/a		n/a		n/a		4		n/a		n/a		n/a			n/a		n/a		n/a			n/a
IM		71		29		n/a		n/a		86		1		n/a		—	(a)		n/a		n/a		n/a			n/a
Institutional Class		204		20		n/a		40		410		165		25		266			83		17		7			13
Investor		n/a		n/a		n/a		1		7		18		n/a		n/a			n/a		n/a		n/a			n/a
Morgan		140		n/a		n/a		45		48		15		13		40			6		4		1			12
Premier		46		n/a		n/a		34		45		17		4		25			10		12		3			7
Reserve		12		n/a		n/a		3		1		1		n/a		22			14		n/a		n/a			—	(a)
Service		n/a		n/a		n/a		n/a		6		n/a		n/a		n/a			n/a		1		1			3
Total	$	984	$	81	$	54	$	171	$	1,707	$	330	$	45	$	840		$	120	$	35	$	12		$	38

(a) Amount rounds to less than one thousand.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its

162 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. 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 manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and generally paid monthly at an annual rate of 0.08% of each Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the six months ended August 31, 2020, the effective annualized rate was 0.05% 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 each Fund’s 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, E*Trade, Morgan, Reserve and Service Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. The Academy, Agency, Agency SL, Capital, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class C			E*Trade			Morgan			Reserve			Service
Prime Money Market Fund		0.75	%		n/a			n/a			0.25	%		n/a
Liquid Assets Money Market Fund		0.75			0.60	%		0.10	%		0.25			n/a
U.S. Government Money Market Fund		n/a			0.60			0.10			0.25			0.60	%
U.S. Treasury Plus Money Market Fund		0.75			n/a			0.10			0.25			n/a
Federal Money Market Fund		n/a			n/a			0.10			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			0.10			0.25			n/a
Tax Free Money Market Fund		n/a			n/a			0.10			0.25			n/a
Municipal Money Market Fund		n/a			0.60			0.10			n/a			0.60
California Municipal Money Market Fund		n/a			0.60			0.10			n/a			0.60
New York Municipal Money Market Fund		n/a			0.60			0.10			0.25			0.60

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

In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the six months ended August 31, 2020, JPMDS retained the following amounts (in thousands):

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

(a) Amount rounds to less than one thousand.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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

	Class C			Academy			Agency			Capital
Prime Money Market Fund		0.25	%		0.05	%		0.15	%		0.05	%
Institutional Tax Free Money Market Fund		n/a			n/a			0.15			0.05
Liquid Assets Money Market Fund		0.25			n/a			0.15			0.05
U.S. Government Money Market Fund		n/a			0.05			0.15			0.05
U.S. Treasury Plus Money Market Fund		0.25			n/a			0.15			0.05
Federal Money Market Fund		n/a			n/a			0.15			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			0.15			0.05
Tax Free Money Market Fund		n/a			n/a			0.15			n/a
Municipal Money Market Fund		n/a			n/a			0.15			n/a
California Municipal Money Market Fund		n/a			n/a			0.15			n/a
New York Municipal Money Market Fund		n/a			n/a			0.15			n/a

	E*Trade			Institutional Class			Investor			Morgan			Premier			Reserve			Service
Prime Money Market Fund		n/a			0.10	%		n/a			0.35	%		0.30	%		0.30	%		n/a
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
California Municipal Money Market Fund		0.30			0.10			n/a			0.35			0.30			n/a			0.30
New York Municipal Money Market Fund		0.30			0.10			n/a			0.35			0.30			0.30			0.30

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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, U.S. Treasury Plus Money Market Fund and the 100% U.S Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend

164 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

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

Class C

Academy

Agency

Agency SL

Capital

Direct

Eagle Class

Eagle Private Wealth Class

Prime Money Market Fund

0.97

%

0.18

%

0.26

%

n/a

0.18

%

n/a

n/a

n/a

Institutional Tax Free Money Market Fund

n/a

n/a

0.26

n/a

0.18

n/a

n/a

n/a

Securities Lending Money Market Fund

n/a

n/a

n/a

0.06

n/a

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.97

n/a

0.26

n/a

0.18

n/a

n/a

n/a

U.S. Government Money Market Fund

n/a

0.18

0.26

n/a

0.18

0.30

%

0.70

%

0.30

%

U.S. Treasury Plus Money Market Fund

0.97

n/a

0.26

n/a

0.18

0.30

n/a

n/a

Federal Money Market Fund

n/a

n/a

0.26

n/a

n/a

n/a

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

n/a

0.26

n/a

0.18

n/a

n/a

n/a

Tax Free Money Market Fund

n/a

n/a

0.26

n/a

n/a

n/a

n/a

n/a

Municipal Money Market Fund

n/a

n/a

0.26

n/a

n/a

n/a

0.70

n/a

California Municipal Money Market Fund

n/a

n/a

0.26

n/a

n/a

n/a

0.70

n/a

New York Municipal Money Market Fund

n/a

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
California Municipal Money Market Fund		1.00			n/a			0.21			n/a			0.59			0.45			n/a			1.05
New York Municipal Money Market Fund		1.00			n/a			0.21			n/a			0.59			0.45			0.70			1.05

The expense limitation agreements were in effect for the six months ended August 31, 2020, and are in place until at least June 30, 2021 except with respect to the Academy Shares of U.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, for which the expense limitation agreements have been in effect since commencement of operations on September 30, 2020 and are in place until at least September 30, 2021. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended August 31, 2020. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended August 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Prime Money Market Fund	$	5	$	—	$	4,555	$	4,560	$	20
Institutional Tax Free Money Market Fund		23		15		181		219		—
Securities Lending Money Market Fund		900		600		—		1,500		—
Liquid Assets Money Market Fund		11		6		1,089		1,106		1
U.S. Government Money Market Fund		17		—		10,204		10,221		—
U.S. Treasury Plus Money Market Fund		2		—		2,603		2,605		—
Federal Money Market Fund		25		17		625		667		—
100% U.S. Treasury Securities Money Market Fund		9		—		7,084		7,093		—
Tax Free Money Market Fund		—		—		1,401		1,401		—
Municipal Money Market Fund		102		68		239		409		—
California Municipal Money Market Fund		39		26		84		149		—
New York Municipal Money Market Fund		28		19		229		276		—

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

	Voluntary Waivers
	Distribution Fees		Service Fees		Transfer Agency Fees			Total
Prime Money Market Fund	$	1	$	314	$	—	(a)	$	315
Institutional Tax Free Money Market Fund		—		3		—	(a)		3
Liquid Assets Money Market Fund		195		309		1			505
U.S. Government Money Market Fund		3,909		6,234		—			10,143
U.S. Treasury Plus Money Market Fund		1,202		1,228		—	(a)		2,430
Federal Money Market Fund		22		198		—			220
100% U.S. Treasury Securities Money Market Fund		3,692		5,171		—			8,863
Tax Free Money Market Fund		1,233		990		—			2,223
Municipal Money Market Fund		134		60		—			194
California Municipal Money Market Fund		54		150		—			204
New York Municipal Money Market Fund		40		184		—			224

(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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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 six months ended August 31, 2020, Prime Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, Tax Free Money Market Fund and California Municipal 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 SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, 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 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, 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	$	962,314	$	1,017,720	$	—
Tax Free Money Market Fund		1,343,737		680,119		—
Municipal Money Market Fund		238,258		618,154		—
California Municipal Money Market Fund		159,268		80,775		—
New York Municipal Money Market Fund		264,252		571,061		—

166 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

4. Class-Specific Expenses

The Funds’ class specific gross expenses for the six months ended August 31, 2020 were as follows (amounts in thousands):

	Distribution		Service
Prime Money Market Fund
Class C	$	2	$	1
Academy		—		439
Agency		—		1,866
Capital		—		9,555
Institutional Class		—		8,701
Morgan		—		3,708
Premier		—		3,438
Reserve		4		4
	$	6	$	27,712
Institutional Tax Free Money Market Fund
Agency	$	—	$	44
Capital		—		86
Institutional Class		—		218
	$	—	$	348
Liquid Assets Money Market Fund
Class C	$	182	$	61
Agency		—		1,203
Capital		—		615
Institutional Class		—		1,698
Investor		—		5
Morgan		387		1,355
Premier		—		5,220
Reserve		6		7
	$	575	$	10,164
U.S. Government Money Market Fund
Academy	$	—	$	290
Agency		—		13,813
Capital		—		31,681
E*Trade		1,075		538
Institutional Class		—		18,305
Investor		—		1,621
Morgan		1,194		4,178
Premier		—		6,122
Reserve		27		32
Service		2,147		1,073
	$	4,443	$	77,653
U.S. Treasury Plus Money Market Fund
Class C	$	1,261	$	420
Agency		—		1,567
Capital		—		3,671
Institutional Class		—		6,387
Investor		—		61
Morgan		279		978
Premier		—		2,750
Reserve		12		14
	$	1,552	$	15,848

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

	Distribution		Service
Federal Money Market Fund
Agency	$	—	$	334
Institutional Class		—		1,598
Morgan		27		93
Premier		—		315
	$	27	$	2,340
100% U.S. Treasury Securities Money Market Fund
Agency	$	—	$	4,514
Capital		—		17,018
Institutional Class		—		17,111
Morgan		1,154		4,040
Premier		—		4,649
Reserve		3,182		3,818
	$	4,336	$	51,150
Tax Free Money Market Fund
Agency	$	—	$	597
Institutional Class		—		4,683
Morgan		19		68
Premier		—		1,336
Reserve		1,612		1,934
	$	1,631	$	8,618
Municipal Money Market Fund
Agency	$	—	$	88
Institutional Class		—		491
Morgan		33		115
Premier		—		216
Service		150		75
	$	183	$	985
California Municipal Money Market Fund
Agency	$	—	$	38
Institutional Class		—		177
Morgan		8		27
Premier		—		276
Service		64		32
	$	72	$	550
New York Municipal Money Market Fund
Agency	$	—	$	137
Institutional Class		—		511
Morgan		34		118
Premier		—		613
Reserve		2		2
Service		18		9
	$	54	$	1,390

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	87,122,661	$	35,111	$	273	$	34,838
Institutional Tax Free Money Market Fund		1,875,863		400		2		398
Securities Lending Money Market Fund		3,648,733		1,460		1		1,459

168 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

As of February 29, 2020, 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	$	2,409	$	—
U.S. Treasury Plus Money Market Fund		191		—

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 29, 2020, the following Funds deferred to March 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)					Late Year Ordinary Loss Deferral
	Short-Term			Long-Term
U.S. Government Money Market Fund	$	—		$	1,880	$	—
U.S. Treasury Plus Money Market Fund		(343	)		406		—
100% U.S. Treasury Securities Money Market Fund		36			56		—
California Municipal Money Market Fund		—			—		—	(a)

(a) Amount rounds to less than one thousand.

During the year ended February 29, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
U.S. Government Money Market Fund	$	83	$	9
100% U.S. Treasury Securities Money Market Fund		118		—

6. Borrowings

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

As of August 31, 2020, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the six months ended August 31, 2020, were as follows (amounts in thousands, except number of days outstanding):

	Average Loans		Number of Days Outstanding		Interest Earned
Liquid Assets Money Market Fund	$	23,135		59	$	62

Interest earned as a result of lending money to another fund for the six months ended August 31, 2020, if any, is included in Income from interfund lending (net) on the Statements of Operations.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2020.

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.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

As of August 31, 2020, 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		48.0	%		—		—
Institutional Tax Free Money Market Fund		1		98.3			—		—
Securities Lending Money Market Fund		—		—			1		100.0	%
Liquid Assets Money Market Fund		1		58.4			—		—
U.S. Government Money Market Fund		1		33.5			—		—
U.S. Treasury Plus Money Market Fund		1		25.7			1		14.0
Federal Money Market Fund		1		58.2			1		21.6
100% U.S. Treasury Securities Money Market Fund		1		36.7			1		10.3
Tax Free Money Market Fund		1		43.9			1		48.4
Municipal Money Market Fund		2		87.8			—		—
California Municipal Money Market Fund		2		87.6			—		—
New York Municipal Money Market Fund		2		93.3			—		—

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

The Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal 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. The California Municipal Money Market Fund and New York Municipal Money Market Fund primarily invest in issuers in the states of California and New York, respectively. 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, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal 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.

The Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund invest in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

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 variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate and variable securities 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. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

The London InterBank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

170 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Event

Subsequent to August 31, 2020, U.S. Treasury Plus Money Market Fund had net redemptions of approximately $9,437,115,000 which represented 26% of the Fund’s net assets as of August 31, 2020.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 171

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, March 1, 2020, and continued to hold your shares at the end of the reporting period, August 31, 2020.

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 titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Prime Money Market Fund
Class C
Actual	$	1,000.00	$	1,000.80	$	3.48		0.69	%
Hypothetical		1,000.00		1,021.73		3.52		0.69
Academy
Actual		1,000.00		1,003.20		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Agency
Actual		1,000.00		1,002.90		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,003.30		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,003.40		0.71		0.14
Hypothetical		1,000.00		1,024.50		0.71		0.14
Institutional Class
Actual		1,000.00		1,003.20		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,002.00		2.42		0.48
Hypothetical		1,000.00		1,022.79		2.45		0.48
Premier
Actual		1,000.00		1,002.00		2.17		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Reserve
Actual		1,000.00		1,001.30		3.28		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65

172 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Institutional Tax Free Money Market Fund
Agency
Actual	$	1,000.00	$	1,002.80	$	1.31		0.26	%
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,003.30		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,003.40		0.81		0.16
Hypothetical		1,000.00		1,024.40		0.82		0.16
Institutional Class
Actual		1,000.00		1,003.20		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
JPMorgan Securities Lending Money Market Fund
Agency SL
Actual		1,000.00		1,003.70		0.30		0.06
Hypothetical		1,000.00		1,024.90		0.31		0.06
JPMorgan Liquid Assets Money Market Fund
Class C
Actual		1,000.00		1,000.50		3.38		0.67
Hypothetical		1,000.00		1,021.83		3.41		0.67
Agency
Actual		1,000.00		1,002.60		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,003.00		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Institutional Class
Actual		1,000.00		1,002.80		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Investor
Actual		1,000.00		1,001.50		2.42		0.48
Hypothetical		1,000.00		1,022.79		2.45		0.48
Morgan
Actual		1,000.00		1,001.20		2.72		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Premier
Actual		1,000.00		1,001.70		2.17		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Reserve
Actual		1,000.00		1,000.90		2.98		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
JPMorgan U.S. Government Money Market Fund
Academy
Actual		1,000.00		1,001.20		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Agency
Actual		1,000.00		1,000.90		1.26		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Capital
Actual		1,000.00		1,001.20		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Government Money Market Fund (continued)
E*Trade
Actual	$	1,000.00	$	1,000.20	$	1.87		0.37	%
Hypothetical		1,000.00		1,023.34		1.89		0.37
IM
Actual		1,000.00		1,001.50		0.71		0.14
Hypothetical		1,000.00		1,024.50		0.71		0.14
Institutional Class
Actual		1,000.00		1,001.10		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Investor
Actual		1,000.00		1,000.50		1.66		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Morgan
Actual		1,000.00		1,000.40		1.76		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Premier
Actual		1,000.00		1,000.50		1.61		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Reserve
Actual		1,000.00		1,000.30		1.82		0.36
Hypothetical		1,000.00		1,023.39		1.84		0.36
Service
Actual		1,000.00		1,000.20		2.02		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40
JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Actual		1,000.00		1,000.20		1.97		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Agency
Actual		1,000.00		1,000.90		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,001.30		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,001.50		0.71		0.14
Hypothetical		1,000.00		1,024.50		0.71		0.14
Institutional Class
Actual		1,000.00		1,001.10		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Investor
Actual		1,000.00		1,000.40		1.76		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Morgan
Actual		1,000.00		1,000.30		1.92		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
Premier
Actual		1,000.00		1,000.50		1.71		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
Reserve
Actual		1,000.00		1,000.30		2.22		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

174 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Federal Money Market Fund
Agency
Actual	$	1,000.00	$	1,001.00	$	1.26		0.25	%
Hypothetical		1,000.00		1,023.95		1.28		0.25
Institutional Class
Actual		1,000.00		1,001.20		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,000.50		1.66		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Premier
Actual		1,000.00		1,000.70		1.61		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Actual		1,000.00		1,000.90		1.26		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Capital
Actual		1,000.00		1,001.30		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,001.50		0.66		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Institutional Class
Actual		1,000.00		1,001.10		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,000.50		1.71		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
Premier
Actual		1,000.00		1,000.60		1.66		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Reserve
Actual		1,000.00		1,000.40		1.82		0.36
Hypothetical		1,000.00		1,023.39		1.84		0.36
JPMorgan Tax Free Money Market Fund
Agency
Actual		1,000.00		1,002.60		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Institutional Class
Actual		1,000.00		1,002.80		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,001.90		1.87		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Premier
Actual		1,000.00		1,002.10		1.82		0.36
Hypothetical		1,000.00		1,023.39		1.84		0.36
Reserve
Actual		1,000.00		1,001.80		2.07		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 175

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Municipal Money Market Fund
Agency
Actual	$	1,000.00	$	1,003.00	$	1.31		0.26	%
Hypothetical		1,000.00		1,023.89		1.33		0.26
Institutional Class
Actual		1,000.00		1,003.20		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,002.00		2.22		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Premier
Actual		1,000.00		1,002.20		2.07		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41
Service
Actual		1,000.00		1,001.50		2.93		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
JPMorgan California Municipal Money Market Fund
Agency
Actual		1,000.00		1,002.20		1.21		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Institutional Class
Actual		1,000.00		1,002.40		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,001.60		1.72		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
Premier
Actual		1,000.00		1,001.80		1.67		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Service
Actual		1,000.00		1,001.10		2.52		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
JPMorgan New York Municipal Money Market Fund
Agency
Actual		1,000.00		1,002.70		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Institutional Class
Actual		1,000.00		1,002.90		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,002.00		2.02		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40
Premier
Actual		1,000.00		1,002.20		1.92		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
Reserve
Actual		1,000.00		1,001.90		2.12		0.42
Hypothetical		1,000.00		1,023.09		2.14		0.42
Service
Actual		1,000.00		1,001.50		2.72		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54

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

176 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for

their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administration services provided by the Adviser in its role as administrator.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 177

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase

Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from its inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of a Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Funds’ shareholders

178 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Municipal Money Market Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Institutional Tax Free Money Market Fund, Federal Money Market Fund, Tax Free Money Market Fund, California Municipal Money Market Fund, New York Municipal Money Market Fund and Securities Lending Money Market Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative share classes to assist the Trustees in their review. As part of this review, the Trustees also considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative share classes are summarized below:

The Trustees noted that the Prime Money Market Fund’s performance for the Institutional shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the second, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for the Morgan shares was in the third, fifth and fifth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019 respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019, . The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Institutional Tax Free Money Market Fund’s performance for the Institutional shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 179

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the Liquid Assets Money Market Fund’s performance for the Institutional shares was in the second, first and first quintiles based upon the Peer Group for the one-, three- and five- year periods ended December 31, 2019, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Morgan shares was in the first quintile based on the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Government Money Market Fund’s performance for the Institutional shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the second, second and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Service shares was in the fifth quintile based upon both the Peer Group and Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s performance for the Institutional shares was in the second, second and first quintiles based upon both the Peer Group and Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for the Morgan shares was in the second, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Federal Money Market Fund’s performance for the Institutional shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Morgan shares was in the second, first and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory. The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s performance for the Institutional shares was in the fourth, third and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Morgan shares was in the second, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the fourth, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Tax Free Money Market Fund’s performance for the Institutional shares was in the third and first quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Morgan shares was in the second and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the California Municipal Money Market Fund’s performance for Morgan shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Service shares was in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and

180 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Municipal Money Market Fund’s performance for the Institutional shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Morgan shares was in the first and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Service shares was in the fourth and fifth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the New York Municipal Money Market Fund’s performance for Morgan shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Service shares was in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Securities Lending Money Market Fund’s performance for the Agency SL shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For

each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative share classes are summarized below:

The Trustees noted that the Prime Money Market Fund’s net advisory fee for the Institutional shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the fifth quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Institutional Tax Free Money Market Fund’s net advisory fee for the Institutional shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Liquid Assets Money Market Fund’s net advisory fee for the Institutional shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Government Money Market Fund’s net advisory fee for Institutional shares was in the second quintile based upon both the Peer Group and Universe, and the actual total expenses were in the third and second quintiles based upon the Peer Group and Universe,

AUGUST 31, 2020 J.P. MORGAN MONEY MARKET FUNDS 181

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for the Service shares were in the second and fifth quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were both in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for the Morgan shares were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Federal Money Market Fund’s net advisory fee for the Institutional shares was in the second quintiles based upon both the Peer Group and Universe, and that the actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the third and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s net advisory fee and the actual total expenses for the Institutional shares were both in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Free Money Market Fund’s net advisory fee for Institutional shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory

fee for the Morgan shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the California Municipal Money Market Fund’s net advisory fee and actual total expenses for Morgan shares were in the second and first quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Service shares were in the second and fifth quintiles, respectively, based upon the Universe. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Municipal Money Market Fund’s net advisory fee for the Institutional shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Service shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that, based upon the Universe, the New York Municipal Money Market Fund’s net advisory fee and actual total expenses for Morgan shares were in the third and first quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for the Service shares were in the third and fifth quintiles, respectively, based upon the Universe. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Securities Lending Money Market Fund’s net advisory fee and actual total expenses for the Agency SL shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

182 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2020

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

A copy of proxy policies and procedures is available without charge upon request by 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. August 2020. SAN-MMKT-820

Semi-Annual Report

J.P. Morgan Income Funds

August 31, 2020 (Unaudited)

JPMorgan Core Bond Fund

JPMorgan Core Plus Bond Fund

JPMorgan Floating Rate Income 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

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Core Bond Fund	3
JPMorgan Core Plus Bond Fund	5
JPMorgan Floating Rate Income Fund	7
JPMorgan Government Bond Fund	9
JPMorgan High Yield Fund	11
JPMorgan Income Fund	13
JPMorgan Inflation Managed Bond Fund	15
JPMorgan Limited Duration Bond Fund	17
JPMorgan Mortgage-Backed Securities Fund	19
JPMorgan Short Duration Bond Fund	21
JPMorgan Short Duration Core Plus Fund	23
Schedules of Portfolio Investments	25
Financial Statements	348
Financial Highlights	376
Notes to Financial Statements	398
Schedule of Shareholder Expenses	442
Board Approval of Investment Advisory Agreements	447

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.

LETTER TO SHAREHOLDERS

OCTOBER 23, 2020 (Unaudited)

Dear Shareholders,

Even as the U.S. economy has endured a severe contraction since the start of the pandemic, financial markets have generally rebounded from lows seen in March 2020 amid unprecedented support from the Federal Reserve (the “Fed”) and investor optimism about efforts to contain the spread of COVID-19.

  “Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.” — Andrea L. Lisher

In response to an acute sell-off in financial markets in February and March 2020, the Fed unveiled an array of lending and asset purchasing programs designed to head off a liquidity crisis in credit markets and maintain the flow of credit to the public and private sectors. The Fed also slashed interest rates in March 2020, as jobless claims spiked to record highs, which helped to bolster equity markets. In the following months, financial market volatility subsided and asset prices generally began to rebound, though global oil prices remained at historically low levels amid a steep drop off in demand and slower economic

activity. For the six months ended August 31, 2020, the S&P 500 Index returned 19.6% and the Bloomberg Barclays U.S. Aggregate Index returned 2.9%.

Our long-term view remains one of cautious optimism, but we recognize the near-term risks stemming from uncertainty surrounding additional fiscal support and efforts to contain COVID-19. The pace of economic activity looks set to slow into the end of the year as services remain under pressure, and additional stimulus may be required to keep the economy on track in 2021. That said, volatility in financial markets could begin to recede as the results of the November 3^rd election provide clarity on the contours of the political landscape going forward. Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

J.P. Morgan Income Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

The reporting period began amid a steep sell-off in global financial markets as COVID-19 was declared a pandemic and economic activity was sharply curtailed. However, from April through the end of August 2020, financial markets largely rebounded amid unprecedented support from leading central banks and the efforts of national governments to both provide fiscal stimulus and limit the spread of the novel coronavirus.

Investor uncertainty about the impact of the global response to the pandemic led to a sharp decline in global asset prices in March 2020 and increased demand for U.S. Treasury bonds and sovereign debt from other developed market nations. A potential liquidity crisis in U.S. credit markets was headed off by the U.S. Federal Reserve, which slashed interest rates and unleashed an array of programs in mid-March designed to ensure the flow of credit in the private and public sectors. Globally, leading central banks also responded with lower interest rates and/or asset purchasing programs.

In the subsequent months, bond markets recovered somewhat and issuance of new bonds increased. Investment grade corporate debt and high yield debt (also known as “junk bonds”) rallied as investors sought higher yields amid falling interest rates and low yields on U.S. Treasury bonds. Mortgage-backed securities and other asset-backed securities underperformed other sectors of the U.S. bond market amid a sharp contraction in the U.S. economy and investor uncertainty over default rates.

Overall, higher quality bonds outperformed lower quality bonds within each sector of the market during the reporting period and bonds of shorter duration underperformed longer duration bonds. Generally, bonds of longer duration experience a larger increase in price when interest rates fall. For the six months ended August 31, 2020, the Bloomberg Barclays U.S. Aggregate Index returned 2.98% and the Bloomberg Barclays Multiverse Index returned 3.98%.

2 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Core Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.47%
Bloomberg Barclays U.S. Aggregate Index		2.98%
Net Assets as of 8/31/2020 (In Thousands)	$	34,779,701
Duration as of 8/31/2020		6.0 years

INVESTMENT OBJECTIVE**

The JPMorgan Core Bond Fund (the “Fund”) seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

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

For the six months ended August 31, 2020, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight allocation to U.S. Treasury bonds was a leading detractor from performance. The Fund’s overweight allocation to non-agency mortgages and commercial mortgage-backed securities also detracted from relative performance.

The Fund’s longer overall duration and its overweight allocation to the 10-year portion of the yield curve were leading contributors to relative performance. Generally, bonds with longer duration experience a greater increase in price when interest rates fall, compared with shorter duration bonds. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s overweight allocation to agency mortgages and its security selection within mortgages, particularly in agency pass-through mortgages, also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing

discrepancies between individual securities or market sectors. The portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. Relative to the Benchmark, at the end of the reporting period, the Fund was underweight in U.S. Treasury securities and overweight in commercial mortgage-backed securities and agency mortgages.

PORTFOLIO COMPOSITION***
Corporate Bonds	26.7	%
U.S. Treasury Obligations	20.6
Mortgage-Backed Securities	18.2
Asset-Backed Securities	9.3
Collateralized Mortgage Obligations	8.2
Commercial Mortgage-Backed Securities	7.0
Others (each less than 1.0%)	1.5
Short-Term Investments	8.5

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 3

JPMorgan Core Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			(1.51	)%		1.56	%		3.19	%		3.10	%
Without Sales Charge			2.34			5.50			3.98			3.49
CLASS C SHARES	March 22, 1999
With CDSC***			1.10			3.91			3.33			2.84
Without CDSC			2.10			4.91			3.33			2.84
CLASS I SHARES	June 1, 1991		2.47			5.77			4.21			3.70
CLASS R2 SHARES	November 3, 2008		2.25			5.23			3.66			3.21
CLASS R3 SHARES	September 9, 2016		2.38			5.42			3.85			3.38
CLASS R4 SHARES	September 9, 2016		2.50			5.73			4.10			3.64
CLASS R5 SHARES	May 15, 2006		2.59			5.92			4.30			3.80
CLASS R6 SHARES	February 22, 2005		2.63			6.01			4.40			3.89

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 dates are based on the performance of Class I Shares. 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 and the Bloomberg Barclays U.S. Aggregate Index from August 31, 2010 to August 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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 on gains resulting from redemptions of Fund shares.

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

4 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.34%
Bloomberg Barclays U.S. Aggregate Index		2.98%
Net Assets as of 8/31/20 (In Thousands)	$	14,783,625
Duration as of 8/31/20		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 six months ended August 31, 2020, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities were leading detractors from performance as those securities did not fully rebound from the sell-off in March 2020.

The Fund’s underweight allocation to investment grade debt was a leading contributor to relative performance as the sector did not fully rebound from the sell-off in March 2020.

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 employed 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 5.76 years at August 31, 2020 from 5.95 years at February 29, 2020.

PORTFOLIO COMPOSITION***
Corporate Bonds	27.8	%
Mortgage-Backed Securities	19.0
Asset-Backed Securities	16.2
U.S. Treasury Obligations	11.9
Commercial Mortgage-Backed Securities	10.6
Collateralized Mortgage Obligations	4.8
Others (each less than 1.0%)	2.0
Short-Term Investments	7.7

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 5

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		March 5, 1993
With Sales Charge**				(1.65	)%		1.19	%		3.42	%		3.81	%
Without Sales Charge				2.19			5.07			4.21			4.21
CLASS C SHARES		May 30, 2000
With CDSC***				0.84			3.48			3.55			3.54
Without CDSC				1.84			4.48			3.55			3.54
CLASS I SHARES		March 5, 1993		2.34			5.38			4.49			4.40
CLASS L SHARES		June 19, 2009
CLASS R2 SHARES		November 3, 2008		1.99			4.65			3.79			3.80
CLASS R3 SHARES		September 9, 2016		2.12			4.93			4.04			4.05
CLASS R4 SHARES		September 9, 2016		2.25			5.19			4.29			4.30
CLASS R5 SHARES		September 9, 2016		2.33			5.34			4.47			4.39
CLASS R6 SHARES		February 22, 2005		2.38			5.45			4.60			4.58

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 R5 Shares prior to their inception dates are based on the performance of Class I Shares. 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.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Core Plus Bond Fund and the Bloomberg Barclays U.S. Aggregate Index from August 31, 2010 to August 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the benchmark, if applicable. Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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 on gains resulting from redemptions of Fund shares.

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

6 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Floating Rate Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(1.31)%
Credit Suisse Leveraged Loan Index		(0.68)%
Bloomberg Barclays U.S. Aggregate Index		2.98%
Net Assets as of 8/31/20 (In Thousands)	$	640,328

INVESTMENT OBJECTIVE**

The JPMorgan Floating Rate Income Fund (the “Fund”) seeks to provide current income with a secondary objective of capital appreciation.

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

The Fund’s Class I Shares underperformed the Credit Suisse Leveraged Loan Index (the “Loan Index”) for the six months ended August 31, 2020.

While the Fund invests mostly in loan assignments, the Fund’s security selection in the financials sector and its underweight allocation to the technology sector bonds were leading detractors from performance relative to the Loan Index. The Fund’s security selection in unrated bonds and its allocations and security selection in bonds rated BBB to BB also detracted from relative performance.

The Fund’s overall security selection in the energy sector and its overweight allocation to the consumer non-cyclical sector were leading contributors to performance relative to the Loan Index. The Fund’s underweight allocation to bonds rated single-B and its out-of-Benchmark allocation to J.P. Morgan money market funds also contributed to relative performance.

Relative to the Bloomberg Barclays U.S. Aggregate Index, which does not hold loan assignments, the Fund’s allocation to loan assignments detracted from performance.

HOW WAS THE FUND POSITIONED?

Relative to the Loan Index during the six month reporting period, the Fund was overweight in securities and loan assignments rated BB and higher and was underweight in securities and loan assignments rated single B and CCC. The Fund’s portfolio managers generally upgraded the credit quality of the portfolio during the reporting period and gained exposure to higher quality loan assignments and bonds, mainly by investing in floating rate loan facilities issued by corporations and, to a lesser extent, in fixed rate short duration corporate debt securities.

PORTFOLIO COMPOSITION***
Loan Assignments	85.0	%
Corporate Bonds	8.2
Others (each less than 1.0%)	1.5
Short-Term Investments	5.3

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 7

JPMorgan Floating Rate Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	June 1, 2011
With Sales Charge**			(3.71	)%		(3.31	)%		1.71	%		2.14	%
Without Sales Charge			(1.44	)		(1.07	)		2.18			2.57
CLASS C SHARES	June 1, 2011
With CDSC***			(2.70	)		(2.58	)		1.65			2.06
Without CDSC			(1.70	)		(1.58	)		1.65			2.06
CLASS I SHARES	June 1, 2011		(1.31	)		(0.82	)		2.41			2.82
CLASS R6 SHARES	October 31, 2013		(1.27	)		(0.73	)		2.51			2.90

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

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

LIFE OF FUND PERFORMANCE (6/1/11 TO 8/31/20)

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 1, 2011.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for 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 the Class I Shares of JPMorgan Floating Rate Income Fund, the Credit Suisse Leveraged Loan Index and the Bloomberg Barclays U.S. Aggregate Index from June 1, 2011 to August 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Credit Suisse Leveraged Loan Index and the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the indices, if

applicable. The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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 applicable 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 on gains resulting from redemptions of Fund shares.

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

8 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Government Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.55%
Bloomberg Barclays U.S. Government Bond Index		3.38%
Net Assets as of 8/31/2020 (In Thousands)	$	3,173,725
Duration as of 8/31/2020		5.8 years

INVESTMENT OBJECTIVE**

The JPMorgan Government Bond Fund (the “Fund”) seeks a high level of current income with liquidity and safety of principal.

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

For the six months ended August 31, 2020, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Government Bond Index (“Benchmark”).

Relative to the Benchmark, the Fund’s shorter overall duration was a leading detractor from performance. Generally, bonds with shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates decline. The Fund’s overweight allocation to U.S. agency debentures, which underperformed U.S. Treasury securities of the same duration, also detracted from relative performance.

The Fund’s underweight allocation to bonds at the shorter end of the yield curve and its overweight allocation to the intermediate portion of the yield curve were leading contributors to relative performance. The Fund’s allocation to U.S. Treasury Inflation Protected Securities also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s managers aimed to keep the duration of the Fund within a range of 5.00 to 5.50 years. 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	28.7	%
Mortgage-Backed Securities	23.8
Collateralized Mortgage Obligations	23.8
Commercial Mortgage-Backed Securities	12.0
U.S. Government Agency Securities	4.8
Asset-Backed Securities	1.0
Short-Term Investments	5.9

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 9

JPMorgan Government Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge**			(1.39	)%		1.31	%		2.51	%		2.56	%
Without Sales Charge			2.41			5.29			3.29			2.95
CLASS C SHARES	March 22, 1999
With CDSC***			1.13			3.59			2.63			2.24
Without CDSC			2.13			4.59			2.63			2.24
CLASS I SHARES	February 8, 1993		2.55			5.58			3.57			3.22
CLASS R2 SHARES	November 3, 2008		2.24			4.93			2.97			2.65
CLASS R3 SHARES	September 9, 2016		2.37			5.19			3.20			2.84
CLASS R4 SHARES	September 9, 2016		2.41			5.37			3.43			3.08
CLASS R6 SHARES	August 1, 2016		2.62			5.71			3.68			3.27

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and Class R4 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 and the Bloomberg Barclays U.S. Government Bond Index from August 31, 2010 to August 31, 2020. 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 Bloomberg Barclays U.S. Government Bond Index is an unmanaged index composed of securities issued by the U.S. Government. 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 on gains resulting from redemptions of Fund shares.

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

10 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan High Yield Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(0.81)%
Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index		3.04%
Net Assets as of 8/31/2020 (In Thousands)	$	9,247,995
Duration as of 8/31/2020		2.6 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 six months ended August 31, 2020, 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, the Fund experienced significant inflows and held a substantial portion of the inflows in JPMorgan money market funds pending investment during a period of rapidly appreciating prices for high yield bonds.

Relative to the Benchmark, the Fund’s allocations to cash and JPMorgan money market funds were leading detractors from performance as high yield debt (also known as “junk bonds”) rallied following U.S. Federal Reserve actions in March 2020 designed to maintain liquidity and functioning in financial markets. The Fund’s underweight allocation to issuers that were newly downgraded to below investment grade (known as “fallen angels”) also detracted from relative performance as these securities generally rallied more sharply than the broader high yield market. The Fund’s security selection in the consumer noncyclical and technology sectors was a leading contributor 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 portfolio of improving below investment grade investments.

In response to the pandemic-related uncertainty in financial markets, the Fund’s portfolio managers sought to remain focused on sectors, including communications and health care, that are generally less responsive to economic cycles. Relative to the Benchmark, the Fund had underweight allocations to the energy sector and to bonds rated CCC and lower.

PORTFOLIO COMPOSITION***
Corporate Bonds	79.8	%
Loan Assignments	6.0
Others (each less than 1.0%)	1.2
Short-Term Investments	13.0

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 11

JPMorgan High Yield Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 13, 1998
With Sales Charge**			(4.72	)%		(3.63	)%		3.50	%		4.99	%
Without Sales Charge			(0.94	)		0.13			4.29			5.38
CLASS C SHARES	March 22, 1999
With CDSC***			(2.20	)		(1.25	)		3.77			4.81
Without CDSC			(1.20	)		(0.25	)		3.77			4.81
CLASS I SHARES	November 13, 1998		(0.81	)		0.52			4.55			5.63
CLASS R2 SHARES	November 3, 2008		(1.12	)		(0.23	)		3.95			5.05
CLASS R3 SHARES	August 21, 2017		(0.98	)		0.17			4.20			5.33
CLASS R4 SHARES	August 21, 2017		(0.86	)		0.42			4.46			5.58
CLASS R5 SHARES	May 15, 2006		(0.79	)		0.42			4.59			5.68
CLASS R6 SHARES	February 22, 2005		(0.73	)		0.67			4.68			5.76

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index from August 31, 2010 to August 31, 2020 . 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 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%. 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 on gains resulting from redemptions of Fund shares.

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

12 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(2.10)%
Bloomberg Barclays U.S. Aggregate Index		2.98%
Net Assets as of 8/31/20 (In Thousands)	$	6,490,091
Duration as of 8/31/20		2.2 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 six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Index”).

Relative to the Index, the Fund’s overweight allocations to asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities were leading detractors from performance as these securities sold off sharply in March 2020 and prices did not fully rebound in the following months. The Fund’s small allocation to high yield debt (also known as “junk bonds”), which were not held in the Index, also detracted from relative performance as the Fund was unable to fully benefit from the rally in high yield debt subsequent to the March 2020 sell-off.

The Fund’s credit hedges in high yield corporate bonds and emerging markets debt, achieved through positions in the Credit Default Swap Index and credit default swaps, were leading contributors to relative performance when those sectors of the market sold off in March 2020.

During the reporting period, the Fund’s Class I Shares distributed approximately $0.04 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 agency and non-agency mortgage-backed securities and commercial mortgage backed securities. The managers decreased the Fund’s exposure to high yield bonds and asset backed securities. The Fund’s overall duration decreased to 2.20 years at August 31, 2020 from 4.36 years at February 29, 2020.

PORTFOLIO COMPOSITION***
Corporate Bonds	31.5	%
Commercial Mortgage-Backed Securities	23.4
Asset-Backed Securities	19.6
Collateralized Mortgage Obligations	19.2
Foreign Government Securities	2.3
Mortgage-Backed Securities	1.5
Others (each less than 1.0%)	1.0
Short-Term Investments	1.5

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 13

JPMorgan Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		June 2, 2014
With Sales Charge**				(5.83	)%		(3.20	)%		3.79	%		3.25	%
Without Sales Charge				(2.14	)		0.62			4.59			3.89
CLASS C SHARES		June 2, 2014
With CDSC***				(3.42	)		(0.94	)		4.04			3.32
Without CDSC				(2.42	)		0.06			4.04			3.32
CLASS I SHARES		June 2, 2014		(2.10	)		0.88			4.86			4.13
CLASS R6 SHARES		June 2, 2014		(2.10	)		0.79			4.88			4.16

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (6/2/14 TO 8/31/20)

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 and the Bloomberg Barclays U.S. Aggregate Index from June 2, 2014 to August 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government

and corporate securities, mortgage pass-through securities, and asset-backed securities. 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 applicable 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 on gains resulting from 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.

14 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.56%
Bloomberg Barclays 1-10 Year U.S. TIPS Index		4.78%
Bloomberg Barclays U.S. Intermediate Aggregate Index		2.61%
Inflation Managed Bond Composite Benchmark1		3.55%
Net Assets as of 8/31/2020 (In Thousands)	$	1,289,676
Duration as of 8/31/2020		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 six months ended August 31, 2020, 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 Aggregate Index and the Inflation Managed Bond Composite Benchmark (the “Composite Benchmark”).

Relative to the Index, the Fund’s shorter duration was a leading detractor from performance as interest rates fell during the reporting period. Generally, bonds with shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates decline. The Fund’s allocation to corporate credit securities, which are not held in the Index, also detracted from relative performance as corporate credit underperformed U.S. Treasury securities during the reporting period. Leading contributors to relative performance included the Fund’s allocation to high quality asset-backed securities, which outperformed lower rated securities, and its allocation to agency mortgage-backed securities, which benefitted from U.S. Federal Reserve (the “Fed”) purchases of those securities.

Relative to the Composite Benchmark, the Fund’s out-of-Benchmark allocations to non-agency mortgage-backed securities and commercial mortgage-backed securities detracted from performance as the Benchmark’s agency mortgage-backed securities benefitted from purchases by the Fed. The Fund’s allocations to asset-backed securities and agency mortgage-backed securities were leading contributors to performance relative to the Benchmark.

During the reporting period, the Fund’s inflation hedge, which included CPI-U swaps and TIPS, contributed to absolute performance.

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 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	33.1	%
U.S. Treasury Obligations	20.7
Commercial Mortgage-Backed Securities	12.3
Mortgage-Backed Securities	10.7
Asset-Backed Securities	10.4
Collateralized Mortgage Obligations	7.6
U.S. Government Agency Securities	1.0
Foreign Government Securities	0.4
Short-Term Investments	3.8

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 August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 15

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 31, 2010
With Sales Charge**			(1.33	)%		1.21	%		2.04	%		1.83	%
Without Sales Charge			2.55			5.15			2.84			2.22
CLASS C SHARES	March 31, 2010
With CDSC***			1.08			3.35			2.15			1.55
Without CDSC			2.08			4.35			2.15			1.55
CLASS I SHARES	March 31, 2010		2.56			5.27			2.97			2.37
CLASS R5 SHARES	March 31, 2010		2.60			5.35			3.04			2.44
CLASS R6 SHARES	November 30, 2010		2.66			5.47			3.13			2.50

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Inflation Managed Bond Composite Benchmark from August 31, 2010 to August 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

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

16 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.84%
Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index		1.71%
Net Assets as of 8/31/2020 (In Thousands)	$	1,316,049
Duration as of 8/31/2020		1.7 years

INVESTMENT OBJECTIVE**

The JPMorgan Limited Duration Bond Fund (the “Fund”) seeks a high level of current income consistent with low volatility of principal.

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

For the six months ended August 31, 2020, 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 shorter overall duration was a leading detractor from performance as interest rates declined during the reporting period. Bonds of shorter duration generally experience a smaller increase in price compared with longer duration bonds when interest rates decline. The Fund’s out-of-Benchmark allocations to agency mortgages, non-agency mortgages, commercial mortgage-backed securities and asset-backed securities also detracted from relative performance.

The Fund’s allocation to short-dated corporate bonds and its zero allocation to U.S. Treasury bonds and agency bonds were leading contributors to relative performance. The Fund’s security selection in corporate bonds also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

During the six month period, the Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of

undervalued fixed income securities. While the overall duration of the Benchmark increased as the U.S. government issued more long-dated Treasury bonds, which the Fund did not invest in, the Fund’s portfolio managers aimed to keep the duration of the Fund at 1.5 years. During the reporting period, the Fund’s overall duration increased to 1.74 years at August 31, 2020 from 1.61 years at February 29, 2020.

PORTFOLIO COMPOSITION***
Asset-Backed Securities	36.1	%
Collateralized Mortgage Obligations	33.8
Corporate Bonds	9.2
Commercial Mortgage-Backed Securities	6.7
Mortgage-Backed Securities	6.6
Short-Term Investments	7.6

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 17

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 10, 1993
With Sales Charge**			(1.52	)%		(0.04	)%		1.43	%		2.11	%
Without Sales Charge			0.71			2.23			1.89			2.34
CLASS C SHARES	November 1, 2001
With CDSC***			(0.63	)		0.65			1.36			1.83
Without CDSC			0.37			1.65			1.36			1.83
CLASS I SHARES	February 2, 1993		0.84			2.48			2.14			2.60
CLASS R6 SHARES	February 22, 2005		0.84			2.59			2.33			2.80

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index from August 31, 2010 to August 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

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

18 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		1.81%
Bloomberg Barclays U.S. MBS Index		1.95%
Net Assets as of 8/31/2020 (In Thousands)	$	3,080,638
Duration as of 8/31/2020		2.3 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 six months ended August 31, 2020, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. MBS Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s allocations to non-agency commercial mortgage-backed securities and non-agency mortgage-backed securities were leading detractors from relative performance.

The Fund’s longer overall duration was a leading contributor to relative performance as interest rates fell during the period. Generally, bonds with longer duration will experience greater price appreciation compared with shorter duration bonds when interest rates decline. The Fund’s security selection in agency mortgage-backed securities, particularly its security selection in residential mortgage pass-through securities, also helped 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	58.0	%
Collateralized Mortgage Obligations	17.8
Asset-Backed Securities	10.7
Commercial Mortgage-Backed Securities	7.2
U.S. Treasury Obligations	0.0	(a)
Short-Term Investments	6.3

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 19

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	August 18, 2000
With Sales Charge**		(2.08)%		0.19	%		2.61	%		3.04	%
Without Sales Charge		1.71		4.10			3.39			3.44
CLASS C SHARES	July 2, 2012
With CDSC***		0.44		2.46			2.86			2.93
Without CDSC		1.44		3.46			2.86			2.93
CLASS I SHARES	August 18, 2000	1.81		4.31			3.64			3.70
CLASS R6 SHARES	February 22, 2005	1.89		4.47			3.80			3.85

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays U.S. MBS Index from August 31, 2010 to August 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

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

20 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.32%
Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index		1.71%
Net Assets as of 8/31/2020 (In Thousands)	$	4,641,228
Duration as of 8/31/2020		1.7 years

INVESTMENT OBJECTIVE**

The JPMorgan Short Duration Bond Fund (the “Fund”) seeks current income consistent with preservation of capital through investment in high- and medium-grade fixed income securities.

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

For the six months ended August 31, 2020, the Fund’s Class I Shares outperformed the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight allocation and security selection in corporate bonds were leading contributors to performance. The Fund’s underweight allocation to U.S. Treasury bonds and its out-of-Benchmark allocation to asset-backed securities also contributed to relative performance.

The Fund’s out-of-Benchmark allocations to agency mortgages, non-agency mortgages and commercial mortgage-backed securities were leading detractors from relative performance. The Fund’s shorter overall duration and its underweight allocation to the 3-year portion of the yield curve also detracted from relative performance. Bonds of shorter duration generally experience a smaller increase in price compared with longer duration bonds when interest rates decline. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct what they believed to be a portfolio of undervalued fixed income securities. The Fund 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	32.9	%
Asset-Backed Securities	20.2
Collateralized Mortgage Obligations	16.7
U.S. Treasury Obligations	15.5
Mortgage-Backed Securities	7.4
Commercial Mortgage-Backed Securities	1.3
Short-Term Investments	6.0

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 21

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**		(0.08)%		1.68	%		1.44	%		1.10	%
Without Sales Charge		2.20		4.01			1.91			1.33
CLASS C SHARES	November 1, 2001
With CDSC***		0.93		2.55			1.39			0.82
Without CDSC		1.93		3.55			1.39			0.82
CLASS I SHARES	September 4, 1990	2.32		4.26			2.14			1.57
CLASS R6 SHARES	February 22, 2005	2.35		4.32			2.35			1.80

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index from August 31, 2010 to August 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

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

22 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Short Duration Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		1.85%
Bloomberg Barclays 1-5 Year Government/Credit Index		2.35%
Net Assets as of 8/31/2020 (In Thousands)	$	4,190,919
Duration as of 8/31/2020		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 six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays 1-5 Year Government/Credit Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s allocation to securitized debt, specifically in commercial mortgage-backed securities, was the leading detractor from performance.

The Fund’s allocation to investment grade corporate debt and its out-of-Benchmark allocation to high yield bonds (also known as “junk bonds”) were the leading contributors to relative performance.

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 2.50 years at August 31, 2020 from 2.64 years at February 29, 2020.

PORTFOLIO COMPOSITION***
Corporate Bonds	41.1	%
Mortgage-Backed Securities	12.3
U.S. Treasury Obligations	9.4
Asset-Backed Securities	9.1
Collateralized Mortgage Obligations	8.7
Commercial Mortgage-Backed Securities	8.0
Foreign Government Securities	0.8
Short-Term Investments	10.6

(a) Amount rounds to less than 0.1%

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 23

JPMorgan Short Duration Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	March 1, 2013
With Sales Charge**			(0.51	)%		1.59	%		3.51	%		2.92	%
Without Sales Charge			1.74			3.91			3.99			3.24
CLASS C SHARES	March 1, 2013
With CDSC***			0.51			2.31			3.46			2.71
Without CDSC			1.51			3.31			3.46			2.71
CLASS I SHARES	March 1, 2013		1.85			4.13			4.23			3.48
CLASS R6 SHARES	March 1, 2013		1.89			4.23			4.34			3.60

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

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

LIFE OF FUND PERFORMANCE (3/1/13 TO 8/31/20)

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 and the Bloomberg Barclays 1-5 Year Government/Credit Index from March 1, 2013 to August 31, 2020. 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

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. 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 applicable 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 on gains resulting from 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.

24 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 27.9%
Aerospace & Defense — 0.6%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		3,267		3,415
Airbus SE (France)
3.15%, 4/10/2027 (a)		4,909		5,180
3.95%, 4/10/2047 (a)		1,046		1,186
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (a)		5,000		5,563
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (a)		2,500		3,459
Boeing Co. (The)
4.51%, 5/1/2023		39,141		41,334
4.88%, 5/1/2025		9,325		10,144
5.15%, 5/1/2030		14,590		16,335
3.60%, 5/1/2034		5,076		4,929
5.71%, 5/1/2040		12,565		14,568
L3Harris Technologies, Inc.
3.83%, 4/27/2025		7,570		8,507
4.85%, 4/27/2035		1,918		2,536
Lockheed Martin Corp.
1.85%, 6/15/2030		5,280		5,469
4.50%, 5/15/2036		7,200		9,277
2.80%, 6/15/2050		5,055		5,324
Northrop Grumman Corp.
3.20%, 2/1/2027		5,364		6,051
3.25%, 1/15/2028		1,700		1,922
5.15%, 5/1/2040		13,000		17,574
Precision Castparts Corp. 3.25%, 6/15/2025		5,751		6,422
Raytheon Technologies Corp.
3.20%, 3/15/2024 (a)		2,992		3,234
6.70%, 8/1/2028		701		955
6.05%, 6/1/2036		4,095		5,814
4.50%, 6/1/2042		13,927		17,629
4.15%, 5/15/2045		4,246		5,117
3.75%, 11/1/2046		7,060		8,131
4.35%, 4/15/2047 (a)		4,020		4,981
4.63%, 11/16/2048		3,615		4,740
				219,796
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		3,739		3,500
Automobiles — 0.1%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (a)		5,568		5,803

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Automobiles — continued
Daimler Finance North America LLC (Germany)
2.00%, 7/6/2021 (a)		1,250		1,264
3.35%, 2/22/2023 (a)		5,000		5,288
3.30%, 5/19/2025 (a)		1,200		1,310
Hyundai Capital America 3.00%, 3/18/2021 (a)		7,600		7,679
Kia Motors Corp. (South Korea) 2.63%, 4/21/2021 (a)		904		911
				22,255
Banks — 5.4%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		7,879		8,895
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		13,710		15,016
ANZ New Zealand Int’l Ltd. (New Zealand)
3.45%, 1/21/2028 (a)		2,000		2,281
2.55%, 2/13/2030 (a)		19,875		21,710
ASB Bank Ltd. (New Zealand)
3.75%, 6/14/2023 (a)		1,700		1,845
3.13%, 5/23/2024 (a)		13,905		15,052
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a)		1,834		2,074
Banco Santander SA (Spain)
3.13%, 2/23/2023		5,000		5,264
3.49%, 5/28/2030		6,600		7,232
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (c)		29,628		30,284
2.50%, 10/21/2022		6,212		6,359
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		6,248		6,468
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (c)		10,925		11,328
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		20,618		21,729
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		1,890		2,023
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (c)		530		577
4.00%, 1/22/2025		18,371		20,583
Series L, 3.95%, 4/21/2025		8,782		9,879
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (c)		1,840		1,998
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (c)		5,215		5,733

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 25

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
4.45%, 3/3/2026		5,041		5,846
4.25%, 10/22/2026		6,055		7,005
3.25%, 10/21/2027		20,908		23,273
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		10,025		11,361
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		27,187		30,381
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		26,230		30,247
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (c)		22,913		26,742
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (c)		13,840		14,584
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		84,117		85,562
Bank of Montreal (Canada)
Series E, 3.30%, 2/5/2024		8,700		9,490
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (c)		5,021		5,565
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)		6,160		6,720
Bank of Nova Scotia (The) (Canada)
1.63%, 5/1/2023		52,010		53,544
4.50%, 12/16/2025		5,835		6,781
Barclays plc (United Kingdom)
3.65%, 3/16/2025		15,214		16,622
5.20%, 5/12/2026		3,000		3,410
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.64%, 6/24/2031 (c)		25,980		26,379
BNP Paribas SA (France)
3.50%, 3/1/2023 (a)		3,000		3,195
3.38%, 1/9/2025 (a)		6,025		6,587
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		7,920		8,259
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		18,020		19,453
BNZ International Funding Ltd. (New Zealand)
2.65%, 11/3/2022 (a)		3,708		3,877
3.38%, 3/1/2023 (a)		4,500		4,805
Capital One Bank USA NA 3.38%, 2/15/2023		9,474		10,036
Citigroup, Inc.
2.75%, 4/25/2022		12,240		12,681
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		6,399		6,621
3.88%, 3/26/2025		3,077		3,419
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		6,470		7,038

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
4.40%, 6/10/2025		13,411		15,283
(SOFR + 2.75%), 3.11%, 4/8/2026 (c)		28,260		30,660
3.40%, 5/1/2026		6,100		6,844
4.30%, 11/20/2026		6,200		7,145
4.45%, 9/29/2027		1,491		1,731
6.63%, 1/15/2028		3,363		4,411
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		18,453		20,834
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (c)		5,000		5,585
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		20,900		24,274
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		3,330		3,954
8.13%, 7/15/2039		1,424		2,504
5.30%, 5/6/2044		698		936
Citizens Bank NA 3.70%, 3/29/2023		9,645		10,367
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,590		1,615
Comerica, Inc. 4.00%, 2/1/2029		8,910		10,275
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (a)		8,740		9,391
4.50%, 12/9/2025 (a)		4,920		5,575
2.85%, 5/18/2026 (a)		7,040		7,770
3.74%, 9/12/2039 (a)		10,835		12,138
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		7,101		8,097
3.75%, 7/21/2026		8,564		9,654
5.80%, 9/30/2110 (a)		3,139		5,077
Credit Agricole SA (France)
3.75%, 4/24/2023 (a)		3,800		4,102
4.38%, 3/17/2025 (a)		4,405		4,893
(SOFRINDX + 1.68%), 1.91%, 6/16/2026 (a) (c)		12,010		12,402
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		8,035		8,678
3.75%, 3/26/2025		5,499		6,089
Danske Bank A/S (Denmark)
2.00%, 9/8/2021 (a)		4,287		4,355
2.70%, 3/2/2022 (a)		4,254		4,388
Discover Bank
3.35%, 2/6/2023		2,185		2,317
4.20%, 8/8/2023		5,100		5,614
4.25%, 3/13/2026		8,109		9,202

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Fifth Third Bancorp 3.65%, 1/25/2024		8,495		9,292
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (a)		8,968		9,118
HSBC Holdings plc (United Kingdom)
4.00%, 3/30/2022		6,779		7,145
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (c)		8,997		9,442
4.25%, 3/14/2024		6,038		6,613
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		12,403		13,400
4.25%, 8/18/2025		4,932		5,459
(SOFR + 1.54%), 1.64%, 4/18/2026 (c)		2,400		2,419
4.38%, 11/23/2026		3,162		3,587
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (c)		9,677		10,876
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		20,470		20,696
7.63%, 5/17/2032		8,416		11,662
6.10%, 1/14/2042		3,835		5,626
Industrial & Commercial Bank of China Ltd. (China) 2.45%, 10/20/2021		6,900		7,001
ING Groep NV (Netherlands)
4.10%, 10/2/2023		16,700		18,433
3.95%, 3/29/2027		2,572		2,981
KeyBank NA 3.18%, 5/22/2022		4,225		4,411
KeyCorp 4.15%, 10/29/2025		4,755		5,493
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023 (c)		8,500		8,581
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		6,788		7,096
4.45%, 5/8/2025		6,285		7,208
4.58%, 12/10/2025		4,700		5,291
4.38%, 3/22/2028		6,745		7,984
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		2,713		2,815
3.76%, 7/26/2023		17,550		19,120
2.53%, 9/13/2023		3,463		3,661
3.41%, 3/7/2024		13,065		14,235
2.19%, 2/25/2025		15,810		16,628
2.05%, 7/17/2030		23,420		23,781
3.75%, 7/18/2039		10,875		12,665
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		1,449		1,502
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (c)		13,350		13,958

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
3.17%, 9/11/2027		4,000		4,437
(ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (c)		11,274		12,152
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		13,717		15,530
2.33%, 8/21/2030 (a)		10,430		10,416
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		16,395		18,257
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		7,306		7,622
3.88%, 9/12/2023		6,150		6,673
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.15%), 2.36%, 5/22/2024 (c)		11,990		12,414
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		2,780		3,032
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		5,845		6,425
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (c)		4,475		4,788
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)		2,270		2,701
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		10,470		12,300
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (a)		13,215		13,955
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (a)		7,408		7,885
Regions Financial Corp.
2.75%, 8/14/2022		3,338		3,476
3.80%, 8/14/2023		5,226		5,699
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		5,585		6,613
Santander UK Group Holdings plc (United Kingdom)
3.57%, 1/10/2023		6,200		6,420
4.75%, 9/15/2025 (a)		6,200		6,863
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		14,005		15,162
2.63%, 1/22/2025 (a)		23,000		24,065
4.25%, 4/14/2025 (a)		5,280		5,671
3.00%, 1/22/2030 (a)		28,435		29,871
SouthTrust Bank 7.69%, 5/15/2025		2,197		2,695

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 27

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (c)		10,305		10,721
5.20%, 1/26/2024 (a)		5,291		5,808
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c)		3,200		3,386
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c)		9,000		9,341
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (a) (c)		8,180		9,244
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (a) (c)		2,000		2,192
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.44%, 10/19/2021		3,620		3,703
2.85%, 1/11/2022		8,755		9,038
2.78%, 10/18/2022		4,110		4,304
3.10%, 1/17/2023		9,971		10,573
3.94%, 10/16/2023		14,575		16,070
4.44%, 4/2/2024 (a)		1,246		1,372
2.63%, 7/14/2026		6,102		6,629
3.01%, 10/19/2026		2,517		2,788
3.04%, 7/16/2029		18,710		20,466
Svenska Handelsbanken AB (Sweden) 3.90%, 11/20/2023		5,938		6,598
Toronto-Dominion Bank (The) (Canada)
3.25%, 3/11/2024		5,000		5,453
2.65%, 6/12/2024		10,135		10,898
Truist Bank 3.30%, 5/15/2026		7,380		8,322
Truist Financial Corp.
2.70%, 1/27/2022		3,062		3,156
4.00%, 5/1/2025		4,143		4,729
1.95%, 6/5/2030		12,200		12,576
United Overseas Bank Ltd. (Singapore) 3.20%, 4/23/2021 (a)		5,275		5,357
US Bancorp
3.38%, 2/5/2024		3,430		3,750
7.50%, 6/1/2026		1,256		1,644
Series X, 3.15%, 4/27/2027		1,924		2,178
US Bank NA 2.80%, 1/27/2025		6,833		7,455
Wells Fargo & Co.
3.50%, 3/8/2022		8,071		8,440
3.07%, 1/24/2023		27,889		28,852
3.75%, 1/24/2024		9,465		10,340
3.30%, 9/9/2024		10,308		11,294
3.00%, 4/22/2026		10,654		11,683

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(SOFR + 2.00%), 2.19%, 4/30/2026 (c)		10,405		10,873
4.10%, 6/3/2026		5,921		6,706
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		23,245		25,446
4.30%, 7/22/2027		2,925		3,363
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		24,960		26,379
5.38%, 11/2/2043		2,755		3,683
4.65%, 11/4/2044		11,097		13,483
4.40%, 6/14/2046		4,816		5,751
4.75%, 12/7/2046		5,184		6,537
Wells Fargo Bank NA 5.85%, 2/1/2037		1,720		2,350
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026		7,700		8,550
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (c)		5,855		6,669
				1,833,424
Beverages — 0.7%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		33,310		39,727
4.90%, 2/1/2046		20,399		25,087
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.63%, 2/1/2044		1,460		1,718
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		13,419		15,422
4.35%, 6/1/2040		16,250		18,878
4.44%, 10/6/2048		19,858		23,055
4.50%, 6/1/2050		20,990		25,403
4.75%, 4/15/2058		9,838		12,170
5.80%, 1/23/2059		605		860
4.60%, 6/1/2060		7,010		8,563
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		13,140		14,121
1.85%, 9/1/2032		11,205		11,199
Constellation Brands, Inc.
4.40%, 11/15/2025		4,444		5,184
5.25%, 11/15/2048		3,091		4,153
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		4,484		5,146
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		6,900		7,432
4.42%, 5/25/2025		2,714		3,158
3.43%, 6/15/2027		2,015		2,259
3.20%, 5/1/2030		13,500		15,145

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — continued
4.99%, 5/25/2038		3,920		5,126
4.42%, 12/15/2046		3,746		4,680
5.09%, 5/25/2048		4,164		5,658
				254,144
Biotechnology — 0.5%
AbbVie, Inc.
3.38%, 9/15/2020 (a)		3,111		3,115
3.45%, 3/15/2022 (a)		5,743		5,969
2.80%, 3/15/2023 (a)		3,954		4,107
3.85%, 6/15/2024 (a)		3,041		3,355
3.20%, 11/21/2029 (a)		27,601		30,547
4.55%, 3/15/2035 (a)		3,881		4,843
4.50%, 5/14/2035		15,614		19,247
4.05%, 11/21/2039 (a)		16,908		19,720
4.63%, 10/1/2042 (a)		9,850		12,070
4.40%, 11/6/2042		12,902		15,527
4.75%, 3/15/2045 (a)		7,000		8,607
4.45%, 5/14/2046		2,145		2,586
4.25%, 11/21/2049 (a)		10,194		12,270
Amgen, Inc.
2.20%, 2/21/2027		9,240		9,778
3.15%, 2/21/2040		5,870		6,198
Baxalta, Inc.
3.60%, 6/23/2022		999		1,043
5.25%, 6/23/2045		327		451
Biogen, Inc.
2.25%, 5/1/2030		20,560		21,072
3.15%, 5/1/2050		8,490		8,592
				189,097
Building Products — 0.0% (b)
Johnson Controls International plc 3.75%, 12/1/2021		99		102
Masco Corp. 6.50%, 8/15/2032		10,095		12,691
				12,793
Capital Markets — 2.3%
Bank of New York Mellon Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		17,875		18,528
2.20%, 8/16/2023		3,110		3,263
3.25%, 9/11/2024		3,800		4,193
2.80%, 5/4/2026		1,043		1,163
BlackRock, Inc. 1.90%, 1/28/2031		15,035		15,656

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		3,107		3,747
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		3,664		4,146
4.85%, 3/29/2029		5,160		6,146
4.70%, 9/20/2047		5,253		6,187
Charles Schwab Corp. (The)
3.23%, 9/1/2022		1,435		1,518
3.20%, 3/2/2027		5,710		6,402
3.20%, 1/25/2028		1,270		1,445
CME Group, Inc. 3.00%, 3/15/2025		5,537		6,067
Credit Suisse AG (Switzerland)
2.80%, 4/8/2022		23,855		24,783
3.63%, 9/9/2024		4,326		4,829
2.95%, 4/9/2025		9,460		10,392
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		10,753		11,165
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		6,850		7,171
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		9,320		9,635
4.28%, 1/9/2028 (a)		12,016		13,672
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (a) (c)		2,991		3,360
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		5,276		5,457
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		13,886		14,347
3.30%, 11/16/2022		6,440		6,659
FMR LLC 6.45%, 11/15/2039 (a)		2,242		3,340
Goldman Sachs Group, Inc. (The)
3.00%, 4/26/2022		12,883		13,094
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		16,417		16,845
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		30,650		31,900
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		11,501		11,984
3.50%, 1/23/2025		5,018		5,510
3.75%, 5/22/2025		22,195		24,857
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		13,398		14,594
4.25%, 10/21/2025		10,573		12,036
3.50%, 11/16/2026		23,775		26,515
3.85%, 1/26/2027		18,677		21,267

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 29

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		13,876		15,723
6.75%, 10/1/2037		1,435		2,096
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (c)		16,126		19,747
4.75%, 10/21/2045		4,600		6,110
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		5,021		5,540
Invesco Finance plc
4.00%, 1/30/2024		3,914		4,288
3.75%, 1/15/2026		2,510		2,827
Jefferies Group LLC 6.45%, 6/8/2027		3,725		4,478
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		6,300		7,199
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021 (a)		9,649		9,858
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c)		10,050		11,017
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		22,700		27,136
Morgan Stanley
3.13%, 1/23/2023		10,000		10,603
3.75%, 2/25/2023		20,743		22,388
4.10%, 5/22/2023		9,880		10,741
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		16,852		18,208
3.70%, 10/23/2024		7,335		8,188
4.00%, 7/23/2025		21,227		24,290
5.00%, 11/24/2025		9,322		10,962
3.88%, 1/27/2026		10,005		11,485
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		18,815		19,792
3.13%, 7/27/2026		2,254		2,515
4.35%, 9/8/2026		1,640		1,915
3.63%, 1/20/2027		17,528		19,911
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)		13,333		15,056
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (c)		7,397		8,496
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		10,600		13,392
4.30%, 1/27/2045		7,560		9,860
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		11,898		12,542
2.68%, 7/16/2030		12,180		12,642

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Northern Trust Corp.
1.95%, 5/1/2030		28,900		30,201
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (c)		2,762		2,987
State Street Corp. 3.10%, 5/15/2023		3,191		3,411
UBS AG (Switzerland) 1.75%, 4/21/2022 (a)		11,860		12,102
UBS Group AG (Switzerland)
3.49%, 5/23/2023 (a)		7,735		8,112
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		2,156		2,243
4.13%, 9/24/2025 (a)		2,500		2,865
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (c)		15,100		15,236
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		6,470		7,181
				805,216
Chemicals — 0.2%
Air Liquide Finance SA (France) 2.25%, 9/27/2023 (a)		4,179		4,376
Albemarle Corp. 5.45%, 12/1/2044		3,800		4,093
Dow Chemical Co. (The) 4.55%, 11/30/2025		3,800		4,408
DuPont de Nemours, Inc. 5.32%, 11/15/2038		12,320		15,854
Ecolab, Inc. 3.25%, 1/14/2023		3,636		3,853
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		3,786		4,371
5.00%, 9/26/2048		4,346		5,379
Nutrien Ltd. (Canada)
4.13%, 3/15/2035		6,522		7,540
5.25%, 1/15/2045		4,962		6,205
5.00%, 4/1/2049		4,150		5,407
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		2,788		3,021
Union Carbide Corp.
7.50%, 6/1/2025		5,426		6,641
7.75%, 10/1/2096		5,919		7,939
				79,087
Commercial Services & Supplies — 0.1%
Ford Foundation (The)
Series 2020, 2.82%, 6/1/2070		4,000		4,199
Republic Services, Inc. 1.45%, 2/15/2031		14,940		14,720
				18,919

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Construction & Engineering — 0.0% (b)
Mexico City Airport Trust (Mexico) 5.50%, 7/31/2047 (a)		1,048		900
Construction Materials — 0.0% (b)
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (a)		2,811		3,181
5.13%, 5/18/2045 (a)		6,052		7,219
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		5,785		6,457
				16,857
Consumer Finance — 0.8%
AerCap Ireland Capital DAC (Ireland)
5.00%, 10/1/2021		5,000		5,142
4.45%, 12/16/2021		19,683		20,061
3.95%, 2/1/2022		3,505		3,549
3.50%, 5/26/2022		3,050		3,067
3.30%, 1/23/2023		3,849		3,842
4.13%, 7/3/2023		17,040		17,302
4.50%, 9/15/2023		31,000		31,863
4.88%, 1/16/2024		7,135		7,356
3.50%, 1/15/2025		3,800		3,692
6.50%, 7/15/2025		6,070		6,602
4.45%, 10/1/2025		6,800		6,749
4.45%, 4/3/2026		7,660		7,721
American Express Co. 3.40%, 2/27/2023		4,100		4,388
American Honda Finance Corp.
2.90%, 2/16/2024		5,285		5,668
2.30%, 9/9/2026		1,185		1,268
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		1,245		1,205
5.13%, 10/1/2023 (a)		27,150		26,391
3.95%, 7/1/2024 (a)		12,115		11,192
2.88%, 2/15/2025 (a)		15,599		13,862
4.38%, 5/1/2026 (a)		5,010		4,614
Capital One Financial Corp.
3.75%, 4/24/2024		5,797		6,351
3.20%, 2/5/2025		6,093		6,637
4.20%, 10/29/2025		3,000		3,359
3.75%, 7/28/2026		7,424		8,141
Caterpillar Financial Services Corp.
3.25%, 12/1/2024		2,070		2,290
2.40%, 8/9/2026		5,040		5,472
HSBC Finance Corp. 7.63%, 5/17/2032		9,000		10,539
John Deere Capital Corp. 2.25%, 9/14/2026		10,305		11,185

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		15,152		15,042
4.50%, 3/15/2023 (a)		4,600		4,390
5.50%, 2/15/2024 (a)		12,568		12,390
				271,330
Containers & Packaging — 0.0% (b)
International Paper Co. 8.70%, 6/15/2038		2,650		4,049
WRKCo, Inc.
3.00%, 9/15/2024		920		993
3.75%, 3/15/2025		7,570		8,506
3.90%, 6/1/2028		2,870		3,273
				16,821
Diversified Consumer Services — 0.2%
Claremont Mckenna College
Series 2019, 3.38%, 1/1/2050		10,000		11,059
Emory University
Series 2020, 2.14%, 9/1/2030		17,710		18,619
Pepperdine University
Series 2020, 3.30%, 12/1/2059		9,620		10,318
President & Fellows of Harvard College 3.30%, 7/15/2056		8,351		10,206
University of Southern California
Series A, 3.23%, 10/1/2120		9,370		9,725
				59,927
Diversified Financial Services — 0.5%
Blackstone 3.65%, 7/14/2023 (a)		13,980		14,093
CK Hutchison International 16 Ltd. (United Kingdom)
1.88%, 10/3/2021 (a)		4,160		4,199
2.75%, 10/3/2026 (a)		6,500		6,998
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		9,685		11,005
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		52,907		54,625
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		11,667		12,514
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		3,907		4,091
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (a)		4,255		4,384
3.56%, 2/28/2024 (a)		8,350		8,969
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		2,585		2,777

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 31

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Financial Services — continued
ORIX Corp. (Japan)
2.90%, 7/18/2022		3,775		3,924
3.70%, 7/18/2027		4,000		4,505
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		10,700		11,157
Series KK, 3.55%, 1/15/2024		12,505		13,588
Shell International Finance BV (Netherlands) 4.13%, 5/11/2035		9,000		11,156
Siemens Financieringsmaatschappij NV (Germany)
3.13%, 3/16/2024 (a)		3,440		3,741
2.35%, 10/15/2026 (a)		6,000		6,507
4.40%, 5/27/2045 (a)		3,421		4,511
3.30%, 9/15/2046 (a)		3,050		3,452
				186,196
Diversified Telecommunication Services — 1.0%
AT&T, Inc. 1.65%, 2/1/2028		14,000		14,189
4.30%, 2/15/2030		5,765		6,887
2.25%, 2/1/2032		26,520		26,880
4.50%, 5/15/2035		5,845		6,987
4.90%, 8/15/2037		1,999		2,460
6.00%, 8/15/2040		11,179		14,980
3.50%, 6/1/2041		35,836		37,942
5.38%, 10/15/2041		1,573		1,961
4.30%, 12/15/2042		3,861		4,381
3.10%, 2/1/2043		39,310		39,012
Deutsche Telekom AG (Germany) 3.63%, 1/21/2050 (a)		11,377		12,583
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (a)		4,724		5,285
4.88%, 3/6/2042 (a)		2,087		2,732
Qwest Corp. 6.75%, 12/1/2021		7,308		7,746
Telefonica Emisiones SA (Spain)
5.46%, 2/16/2021		2,025		2,070
4.67%, 3/6/2038		5,130		6,021
Verizon Communications, Inc.
2.63%, 8/15/2026		1,771		1,949
4.13%, 3/16/2027		6,080		7,173
4.33%, 9/21/2028		11,983		14,516
3.88%, 2/8/2029		2,840		3,360
4.02%, 12/3/2029		8,193		9,831
3.15%, 3/22/2030		5,000		5,651
4.50%, 8/10/2033		12,088		15,327

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
4.40%, 11/1/2034		27,768		34,651
4.27%, 1/15/2036		14,663		17,928
5.25%, 3/16/2037		2,773		3,754
4.86%, 8/21/2046		16,339		21,934
4.67%, 3/15/2055		6,685		9,080
				337,270
Electric Utilities — 1.5%
AEP Transmission Co. LLC
3.80%, 6/15/2049		3,615		4,329
3.15%, 9/15/2049		2,680		2,870
Alabama Power Co.
6.13%, 5/15/2038		1,904		2,767
6.00%, 3/1/2039		769		1,118
4.10%, 1/15/2042		923		1,082
Appalachian Power Co.
Series P, 6.70%, 8/15/2037		3,740		5,251
Series Y, 4.50%, 3/1/2049		3,395		4,185
Arizona Public Service Co. 5.05%, 9/1/2041		3,036		3,997
Ausgrid Finance Pty. Ltd. (Australia) 4.35%, 8/1/2028 (a)		1,500		1,716
Baltimore Gas and Electric Co.
2.80%, 8/15/2022		4,419		4,591
3.50%, 8/15/2046		3,755		4,329
3.20%, 9/15/2049		8,020		8,688
2.90%, 6/15/2050		7,770		7,992
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		1,066		1,331
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		10,625		11,661
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (a)		3,890		4,237
5.95%, 12/15/2036		840		1,076
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (a)		4,791		4,894
Commonwealth Edison Co. 3.65%, 6/15/2046		3,615		4,253
DTE Electric Co. 2.65%, 6/15/2022		1,687		1,744
Duke Energy Carolinas LLC 4.25%, 12/15/2041		1,228		1,566
Duke Energy Corp.
3.55%, 9/15/2021		2,660		2,726
2.65%, 9/1/2026		1,382		1,509
3.40%, 6/15/2029		3,657		4,136

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Duke Energy Indiana LLC
3.75%, 5/15/2046		4,500		5,294
Series YYY, 3.25%, 10/1/2049		6,895		7,698
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		3,297		3,847
Duke Energy Progress LLC
4.10%, 5/15/2042		1,886		2,337
4.10%, 3/15/2043		1,569		1,907
4.15%, 12/1/2044		2,258		2,816
3.70%, 10/15/2046		1,616		1,919
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		8,002		8,580
Edison International
5.75%, 6/15/2027		6,000		6,819
4.13%, 3/15/2028		14,875		15,524
Emera US Finance LP (Canada) 4.75%, 6/15/2046		9,540		11,828
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (a)		3,310		3,834
3.63%, 5/25/2027 (a)		4,590		5,110
3.50%, 4/6/2028 (a)		4,500		5,002
6.00%, 10/7/2039 (a)		897		1,196
Entergy Arkansas LLC 3.50%, 4/1/2026		2,631		3,001
Entergy Corp. 2.95%, 9/1/2026		2,469		2,744
Entergy Louisiana LLC
2.40%, 10/1/2026		4,979		5,430
3.25%, 4/1/2028		1,551		1,741
3.05%, 6/1/2031		4,606		5,256
4.00%, 3/15/2033		3,430		4,305
Evergy Metro, Inc.
3.15%, 3/15/2023		3,255		3,449
5.30%, 10/1/2041		8,968		12,129
Evergy, Inc. 2.90%, 9/15/2029		14,800		16,006
Exelon Corp.
3.50%, 6/1/2022 (d)		5,000		5,235
3.40%, 4/15/2026		1,177		1,328
FirstEnergy Corp.
Series C, 4.85%, 7/15/2047		2,015		2,473
Series C, 3.40%, 3/1/2050		22,080		22,187
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (a)		830		959
Fortis, Inc. (Canada) 3.06%, 10/4/2026		12,384		13,532
Hydro-Quebec (Canada)
9.40%, 2/1/2021		1,614		1,673
Series HY, 8.40%, 1/15/2022		7,174		7,939
Series IO, 8.05%, 7/7/2024		2,642		3,364

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Indiana Michigan Power Co.
Series J, 3.20%, 3/15/2023		8,609		9,097
ITC Holdings Corp.
2.70%, 11/15/2022		900		940
2.95%, 5/14/2030 (a)		6,820		7,400
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (a)		6,154		7,163
6.15%, 6/1/2037		1,740		2,292
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		3,686		4,683
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (a)		2,906		2,931
Louisville Gas & Electric Co.
Series 25, 3.30%, 10/1/2025		2,759		3,070
Massachusetts Electric Co. 4.00%, 8/15/2046 (a)		4,957		5,928
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		4,530		5,131
Nevada Power Co.
Series N, 6.65%, 4/1/2036		700		1,031
5.38%, 9/15/2040		1,287		1,715
5.45%, 5/15/2041		3,354		4,483
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		3,024		3,540
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		2,239		2,582
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a)		3,051		3,348
Ohio Edison Co. 6.88%, 7/15/2036		780		1,107
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		1,076		1,408
Pacific Gas and Electric Co.
1.75%, 6/16/2022		35,970		36,094
4.45%, 4/15/2042		3,200		3,307
4.00%, 12/1/2046		5,000		4,773
3.95%, 12/1/2047		5,000		4,699
PacifiCorp
3.60%, 4/1/2024		2,765		3,039
4.15%, 2/15/2050		2,300		2,902
PECO Energy Co.
2.38%, 9/15/2022		5,022		5,205
2.80%, 6/15/2050		6,430		6,757
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		1,570		1,704
Pepco Holdings LLC 7.45%, 8/15/2032		3,507		5,004

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 33

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Potomac Electric Power Co. 6.50%, 11/15/2037		1,184		1,796
PPL Capital Funding, Inc. 4.00%, 9/15/2047		2,148		2,506
PPL Electric Utilities Corp.
2.50%, 9/1/2022		1,543		1,594
3.00%, 10/1/2049		10,000		10,752
Progress Energy, Inc.
4.40%, 1/15/2021		3,388		3,405
3.15%, 4/1/2022		3,380		3,504
7.00%, 10/30/2031		2,600		3,701
Public Service Co. of Colorado 3.55%, 6/15/2046		1,175		1,319
Public Service Co. of Oklahoma
4.40%, 2/1/2021		1,761		1,789
Series G, 6.63%, 11/15/2037		3,901		5,635
Public Service Electric and Gas Co.
3.00%, 5/15/2025		6,334		6,995
5.38%, 11/1/2039		1,021		1,436
Southern California Edison Co.
3.88%, 6/1/2021		886		902
1.85%, 2/1/2022		526		525
Series C, 3.50%, 10/1/2023		2,854		3,071
Series B, 3.65%, 3/1/2028		4,300		4,823
6.00%, 1/15/2034		895		1,209
6.05%, 3/15/2039		2,197		2,898
3.90%, 12/1/2041		3,408		3,576
Series C, 4.13%, 3/1/2048		1,800		1,990
Southern Co. (The)
3.25%, 7/1/2026		3,108		3,487
Southwestern Public Service Co. 4.50%, 8/15/2041		2,700		3,417
State Grid Overseas Investment 2016 Ltd. (China) 3.75%, 5/2/2023 (a)		2,000		2,144
Three Gorges Finance I Cayman Islands Ltd. (China) 3.15%, 6/2/2026 (a)		2,482		2,706
Toledo Edison Co. (The) 6.15%, 5/15/2037		5,800		8,104
Union Electric Co.
2.95%, 6/15/2027		2,862		3,169
4.00%, 4/1/2048		1,600		1,999
Virginia Electric & Power Co.
3.45%, 2/15/2024		1,280		1,390
Series A, 6.00%, 5/15/2037		2,100		2,994
Xcel Energy, Inc. 4.80%, 9/15/2041		829		1,052
				523,731

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electrical Equipment — 0.0% (b)
Eaton Corp.
7.63%, 4/1/2024		1,794		2,131
4.00%, 11/2/2032		1,247		1,501
				3,632
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		1,595		1,708
3.25%, 9/8/2024		3,162		3,399
3.88%, 1/12/2028		3,541		3,871
Corning, Inc. 5.35%, 11/15/2048		6,270		8,415
				17,393
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 4.49%, 5/1/2030		10,000		11,706
Baker Hughes Holdings LLC 5.13%, 9/15/2040		3,910		4,745
Halliburton Co.
3.80%, 11/15/2025		177		194
4.85%, 11/15/2035		3,583		3,984
4.75%, 8/1/2043		2,375		2,467
7.60%, 8/15/2096 (a)		2,242		2,411
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (a)		3,461		3,767
4.00%, 12/21/2025 (a)		48		53
3.90%, 5/17/2028 (a)		7,052		7,700
Schlumberger Investment SA 2.65%, 6/26/2030		14,600		14,912
				51,939
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		4,575		6,811
TWDC Enterprises 18 Corp. 3.00%, 7/30/2046		1,190		1,224
Walt Disney Co. (The)
8.88%, 4/26/2023		942		1,140
9.50%, 7/15/2024		1,525		1,990
7.30%, 4/30/2028		3,946		5,470
7.63%, 11/30/2028		2,690		3,864
				20,499
Equity Real Estate Investment Trusts (REITs) — 1.2%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		2,199		2,513
1.88%, 2/1/2033		12,120		11,981
4.00%, 2/1/2050		9,430		11,448

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
American Campus Communities Operating Partnership LP
2.85%, 2/1/2030		15,779		15,750
3.88%, 1/30/2031		7,970		8,656
American Tower Corp.
5.00%, 2/15/2024		4,305		4,909
3.38%, 10/15/2026		4,378		4,924
2.90%, 1/15/2030		12,600		13,695
2.10%, 6/15/2030		8,940		9,124
3.70%, 10/15/2049		9,970		11,209
American Tower Trust #1
3.07%, 3/15/2023 (a)		6,220		6,364
Boston Properties LP
3.13%, 9/1/2023		3,155		3,351
3.20%, 1/15/2025		4,331		4,707
3.65%, 2/1/2026		3,157		3,524
Brixmor Operating Partnership LP
3.65%, 6/15/2024		2,740		2,884
3.85%, 2/1/2025		6,613		7,011
Crown Castle International Corp.
5.25%, 1/15/2023		2,900		3,215
4.00%, 3/1/2027		2,066		2,374
3.25%, 1/15/2051		4,000		4,130
Digital Realty Trust LP 3.70%, 8/15/2027		2,507		2,862
Duke Realty LP 3.25%, 6/30/2026		1,814		1,999
Essex Portfolio LP 1.65%, 1/15/2031		8,950		8,684
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (a)		7,843		8,226
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		5,157		5,623
Healthcare Trust of America Holdings LP
3.75%, 7/1/2027		2,080		2,267
3.10%, 2/15/2030		9,814		10,361
Healthpeak Properties, Inc.
4.20%, 3/1/2024		1,349		1,489
3.88%, 8/15/2024		14,719		16,407
3.40%, 2/1/2025		2,651		2,922
Kimco Realty Corp. 2.70%, 10/1/2030		11,080		11,333
LifeStorage LP 3.50%, 7/1/2026		8,937		9,784
Mid-America Apartments LP
4.00%, 11/15/2025		8,830		10,032
1.70%, 2/15/2031		5,500		5,406
National Retail Properties, Inc.
4.00%, 11/15/2025		5,043		5,639
3.60%, 12/15/2026		5,527		5,990

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Office Properties Income Trust
4.00%, 7/15/2022		7,083		7,107
4.25%, 5/15/2024		11,000		11,136
Prologis LP
3.25%, 10/1/2026		3,830		4,341
1.25%, 10/15/2030		6,790		6,627
Realty Income Corp.
3.88%, 4/15/2025		6,245		7,069
3.00%, 1/15/2027		2,243		2,424
3.25%, 1/15/2031		4,000		4,445
4.65%, 3/15/2047		3,757		4,874
Regency Centers LP
4.13%, 3/15/2028		1,755		1,955
2.95%, 9/15/2029		10,600		10,922
Scentre Group Trust 1 (Australia)
3.50%, 2/12/2025 (a)		9,910		10,480
3.25%, 10/28/2025 (a)		5,595		5,863
Simon Property Group LP 3.25%, 9/13/2049		12,865		12,032
SITE Centers Corp. 4.70%, 6/1/2027		4,651		4,898
UDR, Inc.
2.95%, 9/1/2026		3,831		4,137
3.50%, 1/15/2028		1,354		1,508
3.00%, 8/15/2031		4,750		5,209
2.10%, 8/1/2032		5,520		5,535
3.10%, 11/1/2034		6,440		6,954
Ventas Realty LP
3.75%, 5/1/2024		4,032		4,317
3.50%, 2/1/2025		1,929		2,078
4.13%, 1/15/2026		2,746		3,082
3.85%, 4/1/2027		4,308		4,648
Vornado Realty LP 3.50%, 1/15/2025		4,810		4,993
Welltower, Inc.
2.70%, 2/15/2027		5,199		5,528
3.10%, 1/15/2030		2,920		3,068
6.50%, 3/15/2041		5,460		7,106
4.95%, 9/1/2048		5,000		6,020
WP Carey, Inc.
4.00%, 2/1/2025		5,300		5,784
4.25%, 10/1/2026		4,970		5,599
				410,532
Food & Staples Retailing — 0.2%
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (a)		7,435		7,996
3.80%, 1/25/2050 (a)		13,030		14,016

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 35

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food & Staples Retailing — continued
CVS Pass-Through Trust
7.51%, 1/10/2032 (a)		5,116		6,376
5.93%, 1/10/2034 (a)		4,874		5,569
Series 2013, 4.70%, 1/10/2036 (a)		9,493		10,122
Series 2014, 4.16%, 8/11/2036 (a)		1,244		1,311
Kroger Co. (The)
5.40%, 7/15/2040		829		1,067
5.00%, 4/15/2042		9,000		11,414
3.95%, 1/15/2050		11,000		12,798
				70,669
Food Products — 0.3%
Bunge Ltd. Finance Corp.
3.50%, 11/24/2020		1,281		1,288
1.63%, 8/17/2025		7,880		7,924
Campbell Soup Co. 3.13%, 4/24/2050		4,828		4,855
Cargill, Inc.
3.30%, 3/1/2022 (a)		6,950		7,194
3.25%, 3/1/2023 (a)		1,990		2,123
Conagra Brands, Inc. 5.30%, 11/1/2038		3,420		4,398
General Mills, Inc.
4.00%, 4/17/2025		6,475		7,368
4.55%, 4/17/2038		1,970		2,541
Kellogg Co. 2.10%, 6/1/2030		9,730		10,006
Mars, Inc.
1.63%, 7/16/2032 (a)		8,000		7,938
2.38%, 7/16/2040 (a)		17,060		16,664
Mead Johnson Nutrition Co. (United Kingdom)
4.13%, 11/15/2025		993		1,154
4.60%, 6/1/2044		955		1,253
Mondelez International, Inc.
1.50%, 5/4/2025		5,650		5,849
2.75%, 4/13/2030		9,774		10,687
Tyson Foods, Inc.
4.88%, 8/15/2034		5,000		6,552
5.15%, 8/15/2044		3,000		3,911
4.55%, 6/2/2047		6,550		8,218
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		4,100		4,576
				114,499
Gas Utilities — 0.2%
Atmos Energy Corp.
4.15%, 1/15/2043		7,215		8,877
4.13%, 10/15/2044		1,750		2,167
4.13%, 3/15/2049		6,000		7,445

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Gas Utilities — continued
Boston Gas Co. 4.49%, 2/15/2042 (a)		2,201		2,738
Brooklyn Union Gas Co. (The)
3.87%, 3/4/2029 (a)		5,620		6,552
4.27%, 3/15/2048 (a)		6,500		8,181
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		1,372		1,379
Dominion Energy Gas Holdings LLC
2.80%, 11/15/2020		2,214		2,220
Series C, 3.90%, 11/15/2049		4,476		5,141
KeySpan Gas East Corp. 2.74%, 8/15/2026 (a)		4,242		4,627
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (a)		4,862		4,918
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		1,700		1,955
Southern California Gas Co.
Series XX, 2.55%, 2/1/2030		7,148		7,789
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		2,103		3,001
4.80%, 3/15/2047 (a)		2,649		2,899
Southwest Gas Corp. 3.80%, 9/29/2046		3,595		3,933
				73,822
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 1.40%, 6/30/2030		10,840		10,968
Becton Dickinson and Co.
3.73%, 12/15/2024		710		788
4.67%, 6/6/2047		6,000		7,536
Boston Scientific Corp.
3.75%, 3/1/2026		8,425		9,654
4.55%, 3/1/2039		10,225		12,746
4.70%, 3/1/2049		4,695		6,241
Covidien International Finance SA 2.95%, 6/15/2023		1,826		1,942
DH Europe Finance II SARL 3.25%, 11/15/2039		7,065		7,927
3.40%, 11/15/2049		3,315		3,861
Medtronic, Inc. 4.63%, 3/15/2045		1,636		2,246
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		2,694		2,886
				66,795
Health Care Providers & Services — 1.3%
Advocate Health & Hospitals Corp.
Series 2020, 2.21%, 6/15/2030		9,700		10,001

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Aetna, Inc.
6.75%, 12/15/2037		2,959		4,265
4.50%, 5/15/2042		1,777		2,116
Anthem, Inc.
3.13%, 5/15/2022		4,004		4,185
3.30%, 1/15/2023		2,354		2,507
4.10%, 3/1/2028		5,485		6,416
4.63%, 5/15/2042		3,477		4,381
4.65%, 1/15/2043		3,394		4,305
4.65%, 8/15/2044		4,149		5,283
4.55%, 3/1/2048		6,775		8,698
BayCare Health System, Inc.
Series 2020, 3.83%, 11/15/2050		9,475		11,757
Bon Secours Mercy Health, Inc. 3.46%, 6/1/2030		17,950		20,301
Children’s National Medical Center
Series 2020, 2.93%, 7/15/2050		11,530		11,315
Cigna Corp. 4.80%, 7/15/2046		1,904		2,438
CommonSpirit Health 4.19%, 10/1/2049		5,540		5,916
Cottage Health Obligated Group
Series 2020, 3.30%, 11/1/2049		10,450		11,379
CVS Health Corp.
4.30%, 3/25/2028		9,692		11,410
3.25%, 8/15/2029		13,755		15,258
4.88%, 7/20/2035		3,500		4,454
2.70%, 8/21/2040		7,500		7,303
5.05%, 3/25/2048		23,852		30,963
Hackensack Meridian Health, Inc.
Series 2020, 2.88%, 9/1/2050		11,100		11,037
Hartford HealthCare Corp. 3.45%, 7/1/2054		23,430		22,223
HCA, Inc.
5.25%, 6/15/2026		11,400		13,453
5.13%, 6/15/2039		4,805		5,951
5.50%, 6/15/2047		9,870		12,475
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		3,409		3,538
Mayo Clinic
Series 2016, 4.13%, 11/15/2052		2,975		3,873
MedStar Health, Inc.
Series 20A, 3.63%, 8/15/2049		7,365		7,917
Memorial Health Services 3.45%, 11/1/2049		25,595		26,795
Memorial Sloan-Kettering Cancer Center
Series 2015, 4.20%, 7/1/2055		3,335		4,514
Mount Sinai Hospitals Group, Inc.
Series 2017, 3.98%, 7/1/2048		2,747		3,143

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
MultiCare Health System 2.80%, 8/15/2050		7,935		7,962
NYU Langone Hospitals
Series 2020, 3.38%, 7/1/2055		9,170		9,463
Partners Healthcare System, Inc.
Series 2020, 3.34%, 7/1/2060		36,282		39,401
Providence St Joseph Health Obligated Group
Series H, 2.75%, 10/1/2026		2,942		3,173
Quest Diagnostics, Inc.
3.45%, 6/1/2026		1,684		1,910
2.80%, 6/30/2031		7,025		7,587
Rush Obligated Group
Series 2020, 3.92%, 11/15/2029		17,950		20,928
Texas Health Resources
2.33%, 11/15/2050		6,717		6,251
4.33%, 11/15/2055		4,275		5,831
Trinity Health Corp.
Series 2019, 3.43%, 12/1/2048		20,450		21,636
UnitedHealth Group, Inc.
4.63%, 7/15/2035		6,229		8,221
3.50%, 8/15/2039		8,210		9,513
2.75%, 5/15/2040		4,800		5,063
3.13%, 5/15/2060		5,000		5,442
				451,951
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp.
4.70%, 12/9/2035		6,540		8,284
4.45%, 3/1/2047		3,210		3,983
Starbucks Corp. 2.55%, 11/15/2030		12,380		13,119
				25,386
Household Products — 0.0% (b)
Kimberly-Clark Corp. 2.75%, 2/15/2026		2,842		3,134
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		9,000		9,299
				12,433
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		7,048		7,337
4.25%, 6/15/2022		2,730		2,892
3.25%, 6/1/2025		11,035		12,161
6.25%, 10/1/2039		1,985		2,442
5.75%, 10/1/2041		1,665		1,949
PSEG Power LLC 4.15%, 9/15/2021		2,879		2,961

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 37

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Southern Power Co. 5.15%, 9/15/2041		7,079		8,160
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		3,222		3,736
				41,638
Industrial Conglomerates — 0.2%
General Electric Co.
5.55%, 1/5/2026		10,701		12,399
3.45%, 5/1/2027		7,480		7,941
3.63%, 5/1/2030		13,445		13,842
5.88%, 1/14/2038		720		831
Roper Technologies, Inc.
3.00%, 12/15/2020		1,261		1,268
1.40%, 9/15/2027		14,890		15,107
2.00%, 6/30/2030		9,380		9,595
				60,983
Insurance — 1.0%
AIA Group Ltd. (Hong Kong)
3.90%, 4/6/2028 (a)		7,190		8,165
3.60%, 4/9/2029 (a)		5,835		6,581
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (a)		8,295		12,578
American Financial Group, Inc. 3.50%, 8/15/2026		8,175		8,809
American International Group, Inc.
3.88%, 1/15/2035		3,407		3,968
4.70%, 7/10/2035		7,065		8,847
4.38%, 1/15/2055		6,799		7,954
Assurant, Inc. 4.20%, 9/27/2023		8,065		8,656
Athene Global Funding
2.75%, 6/25/2024 (a)		19,000		19,979
2.95%, 11/12/2026 (a)		37,440		39,435
Berkshire Hathaway Finance Corp.
4.40%, 5/15/2042		13,241		17,165
4.30%, 5/15/2043		2,795		3,599
4.25%, 1/15/2049		8,780		11,350
CNA Financial Corp. 3.95%, 5/15/2024		2,633		2,907
Dai-ichi Life Insurance Co. Ltd. (The) (Japan)
(ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (e) (f)		9,929		10,823
Guardian Life Insurance Co. of America (The)
3.70%, 1/22/2070 (a)		6,450		6,931
4.85%, 1/24/2077 (a)		1,663		2,206
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		7,410		8,665

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Intact US Holdings, Inc. 4.60%, 11/9/2022		8,660		9,110
Jackson National Life Global Funding 3.05%, 4/29/2026 (a)		4,774		5,242
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (a)		1,000		1,179
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		3,049		3,681
3.95%, 10/15/2050 (a)		6,000		6,692
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (a)		1,350		1,706
Lincoln National Corp.
4.20%, 3/15/2022		3,761		3,975
4.00%, 9/1/2023		2,753		3,010
Manulife Financial Corp. (Canada)
(USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (c)		11,200		11,955
MassMutual Global Funding II 2.50%, 10/17/2022 (a)		3,346		3,496
MetLife, Inc.
4.13%, 8/13/2042		2,027		2,475
4.88%, 11/13/2043		2,000		2,682
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (a)		12,858		13,587
New York Life Global Funding 3.00%, 1/10/2028 (a)		4,854		5,439
New York Life Insurance Co.
3.75%, 5/15/2050 (a)		9,600		10,871
4.45%, 5/15/2069 (a)		11,250		13,983
Pacific Life Insurance Co.
(ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		3,766		3,963
Principal Financial Group, Inc. 3.13%, 5/15/2023		794		845
Principal Life Global Funding II 2.38%, 11/21/2021 (a)		1,200		1,229
Progressive Corp. (The)
Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (e) (f)		5,240		5,292
Prudential Financial, Inc. 3.91%, 12/7/2047		9,236		10,453
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		10,349		13,644
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		2,595		2,800
Swiss Re Finance Luxembourg SA (Switzerland)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (a) (c)		7,600		8,683

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (a)		3,653		4,589
4.27%, 5/15/2047 (a)		5,480		6,472
				345,671
Interactive Media & Services — 0.1%
Alphabet, Inc.
2.05%, 8/15/2050		19,930		18,859
2.25%, 8/15/2060		12,980		12,328
				31,187
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.88%, 8/22/2037		9,440		11,793
2.50%, 6/3/2050		6,660		6,699
Booking Holdings, Inc. 2.75%, 3/15/2023		1,923		2,022
				20,514
IT Services — 0.3%
DXC Technology Co. 4.25%, 4/15/2024		3,566		3,877
Fiserv, Inc.
3.20%, 7/1/2026		6,035		6,765
4.40%, 7/1/2049		5,835		7,356
IBM Credit LLC 3.00%, 2/6/2023		10,400		11,079
International Business Machines Corp.
3.30%, 5/15/2026		24,860		28,220
1.70%, 5/15/2027		23,810		24,641
2.85%, 5/15/2040		13,650		14,445
Western Union Co. (The) 3.60%, 3/15/2022		9,000		9,370
				105,753
Life Sciences Tools & Services — 0.0% (b)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		2,501		2,656
4.15%, 2/1/2024		1,946		2,161
2.95%, 9/19/2026		3,564		3,985
				8,802
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		1,913		1,980
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		6,750		7,244
Parker-Hannifin Corp.
4.45%, 11/21/2044		3,759		4,719
4.10%, 3/1/2047		2,527		3,052

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — continued
Xylem, Inc.
3.25%, 11/1/2026		1,420		1,593
2.25%, 1/30/2031		7,315		7,737
				26,325
Media — 0.9%
Charter Communications Operating LLC
6.38%, 10/23/2035		4,374		6,046
5.38%, 4/1/2038		4,923		5,986
4.80%, 3/1/2050		13,160		14,966
Comcast Cable Holdings LLC 10.13%, 4/15/2022		1,614		1,846
Comcast Corp.
3.60%, 3/1/2024		4,708		5,220
3.38%, 8/15/2025		2,773		3,106
3.95%, 10/15/2025		9,556		11,017
3.15%, 3/1/2026		10,162		11,399
3.55%, 5/1/2028		6,115		7,093
1.95%, 1/15/2031		10,535		10,840
1.50%, 2/15/2031		22,250		22,092
4.25%, 1/15/2033		16,564		20,663
4.20%, 8/15/2034		3,361		4,185
4.60%, 10/15/2038		11,580		14,843
3.25%, 11/1/2039		19,265		21,293
3.75%, 4/1/2040		8,535		10,066
4.00%, 11/1/2049		5,553		6,706
3.45%, 2/1/2050		6,894		7,729
4.05%, 11/1/2052		2,600		3,162
4.95%, 10/15/2058		7,685		10,989
2.65%, 8/15/2062		8,705		8,349
Cox Communications, Inc.
3.25%, 12/15/2022 (a)		3,027		3,200
3.35%, 9/15/2026 (a)		3,046		3,395
Discovery Communications LLC
6.35%, 6/1/2040		5,069		6,794
5.20%, 9/20/2047		11,160		13,324
Fox Corp. 5.58%, 1/25/2049		1,455		1,996
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		1,494		1,670
6.13%, 1/31/2046		1,332		1,730
Sky Ltd. (United Kingdom) 3.75%, 9/16/2024 (a)		1,654		1,856
TCI Communications, Inc. 7.13%, 2/15/2028		1,199		1,666
Time Warner Cable LLC
4.13%, 2/15/2021		1,928		1,942
6.55%, 5/1/2037		2,327		3,105

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 39

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
7.30%, 7/1/2038		2,197		3,120
6.75%, 6/15/2039		1,794		2,487
5.88%, 11/15/2040		7,325		9,283
5.50%, 9/1/2041		6,940		8,492
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		3,041		4,725
ViacomCBS, Inc.
3.70%, 8/15/2024		5,275		5,786
4.00%, 1/15/2026		4,293		4,847
4.38%, 3/15/2043		6,243		6,653
4.90%, 8/15/2044		2,004		2,250
				295,917
Metals & Mining — 0.4%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (a)		3,283		3,532
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		1,767		2,458
Glencore Finance Canada Ltd. (Switzerland) 4.95%, 11/15/2021 (a)		11,879		12,413
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		4,240		4,561
4.63%, 4/29/2024 (a)		1,967		2,182
1.63%, 9/1/2025 (a)		30,340		30,263
2.50%, 9/1/2030 (a)		26,105		25,626
Newcrest Finance Pty. Ltd. (Australia) 3.25%, 5/13/2030 (a)		5,845		6,449
Nucor Corp. 6.40%, 12/1/2037		4,465		6,380
Steel Dynamics, Inc. 2.80%, 12/15/2024		9,805		10,385
Teck Resources Ltd. (Canada) 3.90%, 7/15/2030 (a)		9,680		9,919
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		9,335		9,790
				123,958
Multiline Retail — 0.0% (b)
Dollar General Corp. 4.13%, 5/1/2028		5,750		6,778
Multi-Utilities — 0.4%
CMS Energy Corp.
3.88%, 3/1/2024		4,360		4,770
3.00%, 5/15/2026		3,458		3,816
2.95%, 2/15/2027		2,426		2,602
3.45%, 8/15/2027		1,250		1,403
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		2,760		3,830
Series 2017, 3.88%, 6/15/2047		3,355		3,857
4.50%, 5/15/2058		1,724		2,217

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — continued
Consumers Energy Co. 3.25%, 8/15/2046		2,150		2,434
Delmarva Power & Light Co. 4.00%, 6/1/2042		1,478		1,729
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		3,973		4,081
Series D, 2.85%, 8/15/2026		1,927		2,128
Series F, 5.25%, 8/1/2033		5,067		6,411
7.00%, 6/15/2038		1,076		1,583
Series C, 4.90%, 8/1/2041		1,840		2,388
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (a)		2,326		2,621
NiSource, Inc.
2.95%, 9/1/2029		7,940		8,703
5.80%, 2/1/2042		6,726		9,185
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030		15,540		15,398
San Diego Gas & Electric Co.
6.00%, 6/1/2026		1,852		2,259
Series FFF, 6.13%, 9/15/2037		973		1,325
3.95%, 11/15/2041		2,690		3,047
Sempra Energy 4.05%, 12/1/2023		2,348		2,578
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		4,609		4,727
2.45%, 10/1/2023		1,889		1,985
3.25%, 6/15/2026		1,690		1,831
5.88%, 3/15/2041		10,518		14,507
4.40%, 6/1/2043		1,392		1,647
3.95%, 10/1/2046		2,136		2,395
WEC Energy Group, Inc. 3.55%, 6/15/2025		7,009		7,870
				123,327
Oil, Gas & Consumable Fuels — 2.6%
ANR Pipeline Co. 9.63%, 11/1/2021		2,933		3,242
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (a)		2,000		2,207
4.25%, 7/15/2027 (a)		7,325		8,266
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (a)		5,781		7,504
Boardwalk Pipelines LP 4.80%, 5/3/2029		6,595		7,284
BP Capital Markets America, Inc.
3.25%, 5/6/2022		2,273		2,387
3.41%, 2/11/2026		8,485		9,506
3.02%, 1/16/2027		10,588		11,608
1.75%, 8/10/2030		10,495		10,408

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
BP Capital Markets plc (United Kingdom)
3.51%, 3/17/2025		4,509		5,039
3.28%, 9/19/2027		11,924		13,309
Buckeye Partners LP
5.85%, 11/15/2043		11,805		11,458
5.60%, 10/15/2044		6,000		5,520
Chevron Corp. 2.24%, 5/11/2030		11,600		12,363
Diamondback Energy, Inc. 4.75%, 5/31/2025		27,227		29,875
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		2,575		2,843
4.13%, 1/16/2025		3,333		3,520
5.38%, 6/26/2026		5,409		5,970
Enable Midstream Partners LP
4.40%, 3/15/2027		2,695		2,643
4.95%, 5/15/2028		4,315		4,244
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		2,692		3,012
4.50%, 6/10/2044		3,980		4,574
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (c)		6,000		6,163
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (c)		13,615		14,329
Energy Transfer Operating LP
4.75%, 1/15/2026		6,380		6,959
7.50%, 7/1/2038		2,695		3,162
6.05%, 6/1/2041		4,475		4,517
5.95%, 10/1/2043		3,950		3,871
6.25%, 4/15/2049		5,655		5,917
5.00%, 5/15/2050		16,280		15,566
Eni SpA (Italy)
Series X-R, 4.00%, 9/12/2023 (a)		3,145		3,403
5.70%, 10/1/2040 (a)		4,843		5,721
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		4,040		5,189
EnLink Midstream Partners LP 4.15%, 6/1/2025		7,000		6,239
Enterprise Products Operating LLC
3.90%, 2/15/2024		2,687		2,952
3.70%, 2/15/2026		3,040		3,445
3.95%, 2/15/2027		2,705		3,085
2.80%, 1/31/2030		3,270		3,490
Series J, 5.75%, 3/1/2035		2,509		3,126
7.55%, 4/15/2038		455		632
5.95%, 2/1/2041		1,259		1,602
4.45%, 2/15/2043		455		499

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
5.10%, 2/15/2045		1,758		2,096
4.20%, 1/31/2050		8,650		9,411
3.70%, 1/31/2051		10,800		10,945
4.95%, 10/15/2054		1,189		1,363
3.95%, 1/31/2060		20,356		20,600
EQM Midstream Partners LP 5.50%, 7/15/2028		7,500		7,771
EQT Corp. 3.90%, 10/1/2027		4,517		4,343
Equinor ASA (Norway)
3.25%, 11/10/2024		3,461		3,842
2.88%, 4/6/2025		5,765		6,321
Exxon Mobil Corp.
2.99%, 3/19/2025		22,020		24,177
2.61%, 10/15/2030		20,000		21,724
3.00%, 8/16/2039		14,245		15,274
4.11%, 3/1/2046		2,726		3,294
3.10%, 8/16/2049		17,965		18,777
Hess Corp. 6.00%, 1/15/2040		9,098		10,428
Kinder Morgan, Inc.
2.00%, 2/15/2031		9,740		9,519
5.05%, 2/15/2046		6,000		7,084
3.25%, 8/1/2050		11,370		10,657
Magellan Midstream Partners LP
3.20%, 3/15/2025		2,338		2,494
4.20%, 12/1/2042		2,987		3,028
5.15%, 10/15/2043		7,133		8,360
Marathon Oil Corp. 2.80%, 11/1/2022		5,517		5,636
Marathon Petroleum Corp.
4.50%, 5/1/2023		25,485		27,737
3.63%, 9/15/2024		3,980		4,291
MPLX LP
Series WI, 4.50%, 7/15/2023		8,800		9,527
5.25%, 1/15/2025		4,015		4,184
4.00%, 2/15/2025		4,575		5,010
4.13%, 3/1/2027		3,626		4,011
4.80%, 2/15/2029		6,825		7,902
2.65%, 8/15/2030		14,360		14,223
4.50%, 4/15/2038		8,393		8,885
5.20%, 3/1/2047		2,341		2,649
4.70%, 4/15/2048		4,544		4,836
5.50%, 2/15/2049		5,300		6,258
Noble Energy, Inc.
8.00%, 4/1/2027		1,300		1,714
6.00%, 3/1/2041		5,910		8,150

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 41

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
5.25%, 11/15/2043		4,720		6,266
5.05%, 11/15/2044		4,075		5,297
NOVA Gas Transmission Ltd. (Canada) 7.88%, 4/1/2023		5,000		5,811
ONEOK Partners LP
3.38%, 10/1/2022		1,164		1,212
5.00%, 9/15/2023		2,576		2,802
6.65%, 10/1/2036		1,825		2,097
ONEOK, Inc.
4.25%, 2/1/2022		6,965		7,225
5.85%, 1/15/2026		4,700		5,417
3.40%, 9/1/2029		8,395		8,253
5.20%, 7/15/2048		7,350		7,212
4.45%, 9/1/2049		10,905		9,808
Ovintiv, Inc.
8.13%, 9/15/2030		1,485		1,592
7.38%, 11/1/2031		4,761		4,970
6.50%, 8/15/2034		1,000		972
Phillips 66 4.88%, 11/15/2044		665		807
Phillips 66 Partners LP
3.55%, 10/1/2026		1,453		1,574
3.15%, 12/15/2029		8,545		8,549
4.90%, 10/1/2046		3,078		3,311
Pioneer Natural Resources Co. 1.90%, 8/15/2030		18,050		17,455
Plains All American Pipeline LP
4.65%, 10/15/2025		3,925		4,284
3.80%, 9/15/2030		9,912		9,969
4.70%, 6/15/2044		9,300		8,598
Sabine Pass Liquefaction LLC
5.75%, 5/15/2024		3,765		4,313
5.00%, 3/15/2027		9,360		10,637
Spectra Energy Partners LP
3.50%, 3/15/2025		4,750		5,223
5.95%, 9/25/2043		1,801		2,327
4.50%, 3/15/2045		1,866		2,181
Suncor Energy, Inc. (Canada)
5.95%, 12/1/2034		11,584		14,105
6.80%, 5/15/2038		3,677		4,994
Sunoco Logistics Partners Operations LP
4.65%, 2/15/2022		600		625
3.90%, 7/15/2026		4,366		4,577
6.10%, 2/15/2042		7,220		7,348
5.30%, 4/1/2044		1,840		1,741

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
TC PipeLines LP 3.90%, 5/25/2027		2,870		3,094
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		11,080		11,615
Texas Eastern Transmission LP
2.80%, 10/15/2022 (a)		6,209		6,365
3.50%, 1/15/2028 (a)		908		980
Total Capital International SA (France)
3.46%, 2/19/2029		3,040		3,501
2.99%, 6/29/2041		21,000		21,869
3.46%, 7/12/2049		12,800		14,192
3.13%, 5/29/2050		20,230		21,182
TransCanada PipeLines Ltd. (Canada)
4.88%, 1/15/2026		4,155		4,938
6.20%, 10/15/2037		6,345		8,721
4.75%, 5/15/2038		7,750		9,307
Valero Energy Corp.
2.70%, 4/15/2023		9,250		9,669
7.50%, 4/15/2032		1,081		1,555
Williams Cos., Inc. (The)
3.90%, 1/15/2025		3,506		3,860
4.85%, 3/1/2048		5,487		6,357
				891,927
Pharmaceuticals — 1.0%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		7,810		7,650
6.45%, 9/15/2037		4,250		6,559
4.00%, 9/18/2042		4,270		5,251
Bristol-Myers Squibb Co.
3.20%, 6/15/2026		12,138		13,801
3.90%, 2/20/2028		10,610		12,373
3.40%, 7/26/2029		13,631		15,908
4.13%, 6/15/2039		7,096		9,078
5.70%, 10/15/2040		4,195		6,205
5.00%, 8/15/2045		6,896		9,816
4.55%, 2/20/2048		6,500		8,955
Eli Lilly and Co.
2.25%, 5/15/2050		8,475		8,032
2.50%, 9/15/2060		14,760		14,002
Merck & Co., Inc. 2.45%, 6/24/2050		14,100		14,063
Mylan NV 3.95%, 6/15/2026		4,153		4,706
Mylan, Inc.
3.13%, 1/15/2023 (a)		3,886		4,102
5.40%, 11/29/2043		5,800		7,384

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — continued
Novartis Capital Corp. (Switzerland) 2.20%, 8/14/2030		13,514		14,496
Pfizer, Inc.
3.90%, 3/15/2039		15,000		18,526
2.55%, 5/28/2040		9,120		9,521
Royalty Pharma plc
0.75%, 9/2/2023 (a)		9,830		9,825
1.20%, 9/2/2025 (a)		8,570		8,546
1.75%, 9/2/2027 (a)		8,570		8,547
3.30%, 9/2/2040 (a)		12,050		11,748
3.55%, 9/2/2050 (a)		10,980		10,523
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		4,909		5,227
3.20%, 9/23/2026		26,941		30,170
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		8,565		10,596
2.05%, 3/31/2030		1,200		1,218
3.03%, 7/9/2040		12,520		12,963
3.18%, 7/9/2050		11,100		11,278
3.38%, 7/9/2060		8,505		8,784
Upjohn, Inc.
3.85%, 6/22/2040 (a)		8,499		9,209
4.00%, 6/22/2050 (a)		1,732		1,886
Wyeth LLC 6.45%, 2/1/2024		708		846
Zoetis, Inc.
2.00%, 5/15/2030		12,880		13,383
3.00%, 5/15/2050		4,550		4,912
				350,089
Real Estate Management & Development — 0.0% (b)
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (a)		6,257		6,425
3.88%, 3/20/2027 (a)		6,562		7,110
				13,535
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
3.75%, 4/1/2024		2,365		2,615
7.29%, 6/1/2036		1,166		1,816
5.75%, 5/1/2040		3,244		4,704
5.40%, 6/1/2041		9,266		13,051
4.40%, 3/15/2042		2,010		2,549
4.38%, 9/1/2042		4,018		5,140
5.15%, 9/1/2043		3,380		4,752

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Road & Rail — continued
4.70%, 9/1/2045		3,150		4,239
3.55%, 2/15/2050		7,837		9,300
CSX Corp.
5.50%, 4/15/2041		3,498		4,754
4.75%, 5/30/2042		1,516		1,955
4.75%, 11/15/2048		8,165		10,958
3.35%, 9/15/2049		2,710		3,032
ERAC USA Finance LLC
5.25%, 10/1/2020 (a)		2,388		2,396
4.50%, 8/16/2021 (a)		3,474		3,597
2.60%, 12/1/2021 (a)		3,010		3,066
7.00%, 10/15/2037 (a)		425		602
5.63%, 3/15/2042 (a)		3,104		3,809
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		8,420		9,737
Norfolk Southern Corp.
2.90%, 2/15/2023		2,558		2,695
5.59%, 5/17/2025		51		61
3.95%, 10/1/2042		2,888		3,430
4.05%, 8/15/2052		5,192		6,262
Penske Truck Leasing Co. LP
4.13%, 8/1/2023 (a)		5,795		6,289
3.95%, 3/10/2025 (a)		3,095		3,441
4.20%, 4/1/2027 (a)		2,525		2,843
Union Pacific Corp.
3.95%, 8/15/2059		6,000		7,033
4.10%, 9/15/2067		1,962		2,352
				126,478
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc.
3.13%, 12/5/2023		2,317		2,498
4.50%, 12/5/2036		2,505		3,037
Broadcom Corp.
3.88%, 1/15/2027		16,459		18,239
Broadcom, Inc.
4.11%, 9/15/2028		15,279		17,167
4.75%, 4/15/2029		28,740		33,619
4.15%, 11/15/2030		7,500		8,435
QUALCOMM, Inc.
2.15%, 5/20/2030		9,725		10,253
3.25%, 5/20/2050		13,000		14,618
				107,866

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 43

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Software — 0.4%
Microsoft Corp.
3.50%, 2/12/2035		3,459		4,260
4.20%, 11/3/2035		3,974		5,228
4.10%, 2/6/2037		6,542		8,421
2.53%, 6/1/2050		3,879		4,058
3.95%, 8/8/2056		1,820		2,391
2.68%, 6/1/2060		6,415		6,741
Oracle Corp.
2.50%, 5/15/2022		4,115		4,254
2.40%, 9/15/2023		7,023		7,422
2.95%, 11/15/2024		11,020		12,030
2.95%, 5/15/2025		14,625		16,052
4.30%, 7/8/2034		969		1,206
3.90%, 5/15/2035		1,952		2,359
3.85%, 7/15/2036		9,478		11,130
3.60%, 4/1/2040		10,434		11,760
4.00%, 7/15/2046		8,872		10,400
3.60%, 4/1/2050		10,500		11,718
VMware, Inc. 2.95%, 8/21/2022		10,109		10,548
				129,978
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		12,180		12,022
Home Depot, Inc. (The) 3.13%, 12/15/2049		20,740		22,707
Lowe’s Cos., Inc.
3.65%, 4/5/2029		12,563		14,538
4.65%, 4/15/2042		3,901		4,935
4.55%, 4/5/2049		12,101		15,349
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		4,715		5,427
				74,978
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
3.20%, 5/13/2025		12,828		14,382
3.25%, 2/23/2026		798		902
2.45%, 8/4/2026		5,261		5,754
3.35%, 2/9/2027		10,231		11,709
3.20%, 5/11/2027		5,685		6,478
3.00%, 6/20/2027		2,880		3,247
2.90%, 9/12/2027		7,978		8,971
1.65%, 5/11/2030		6,000		6,212
3.85%, 5/4/2043		3,530		4,328
3.45%, 2/9/2045		14,187		16,481
3.85%, 8/4/2046		3,512		4,333
3.75%, 9/12/2047		13,570		16,341

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
3.75%, 11/13/2047		1,600		1,932
2.95%, 9/11/2049		8,595		9,239
2.55%, 8/20/2060		15,140		14,787
Dell International LLC
5.45%, 6/15/2023 (a)		7,560		8,349
6.02%, 6/15/2026 (a)		13,908		16,374
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		18,635		18,875
HP, Inc. 3.00%, 6/17/2027		11,105		12,049
				180,743
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (a)		11,600		12,795
3.38%, 12/2/2026		4,230		4,751
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (a)		8,810		8,810
				26,356
Tobacco — 0.0% (b)
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027		10,000		10,931
4.54%, 8/15/2047		5,515		6,004
				16,935
Trading Companies & Distributors — 0.5%
Air Lease Corp.
2.63%, 7/1/2022		7,986		8,041
2.30%, 2/1/2025		9,600		9,453
3.25%, 3/1/2025		6,266		6,367
3.38%, 7/1/2025		20,000		20,353
2.88%, 1/15/2026		18,710		18,590
3.75%, 6/1/2026		7,000		7,199
3.25%, 10/1/2029		15,000		14,638
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		7,665		7,561
5.50%, 12/15/2024 (a)		27,950		28,744
3.50%, 11/1/2027 (a)		8,105		7,196
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (a)		3,000		3,055
3.50%, 10/10/2024 (a)		7,945		8,405
International Lease Finance Corp.
8.63%, 1/15/2022		11,894		12,837
5.88%, 8/15/2022		3,867		4,189
WW Grainger, Inc. 4.60%, 6/15/2045		4,364		5,637
				162,265

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Transportation Infrastructure — 0.0% (b)
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (a)		7,000		7,477
Water Utilities — 0.0% (b)
American Water Capital Corp.
3.45%, 6/1/2029		5,250		6,037
6.59%, 10/15/2037		3,354		5,127
4.00%, 12/1/2046		2,241		2,708
				13,872
Wireless Telecommunication Services — 0.6%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		3,250		3,383
3.63%, 4/22/2029		12,995		14,696
4.38%, 4/22/2049		8,284		10,295
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		9,230		11,485
T-Mobile USA, Inc.
1.50%, 2/15/2026 (a)		34,345		34,841
3.75%, 4/15/2027 (a)		31,500		35,624
2.05%, 2/15/2028 (a)		26,220		26,857
3.88%, 4/15/2030 (a)		25,095		28,681
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		7,449		9,727
4.88%, 6/19/2049		16,825		20,971
				196,560
Total Corporate Bonds (Cost $8,868,697)				9,660,725
U.S. Treasury Obligations — 21.5%
U.S. Treasury Bonds
8.13%, 5/15/2021		14,932		15,772
8.00%, 11/15/2021		9,475		10,372
1.13%, 5/15/2040		30,530		29,972
3.13%, 2/15/2043		18,180		24,476
3.63%, 8/15/2043		198,140		287,048
3.75%, 11/15/2043		419,249		618,556
3.63%, 2/15/2044		154,280		223,929
3.00%, 11/15/2044		50,821		67,429
2.50%, 2/15/2045		113,600		138,809
2.25%, 8/15/2046		289,932		339,888
3.00%, 2/15/2048		78,220		105,664
3.13%, 5/15/2048		43,243		59,777
2.88%, 5/15/2049		12,946		17,251
2.25%, 8/15/2049		180,150		213,112
2.38%, 11/15/2049		23,830		28,950

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
2.00%, 2/15/2050		59,323		66,766
1.25%, 5/15/2050		206,695		194,939
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		2,100		3,173
3.63%, 4/15/2028		9,066		19,994
2.50%, 1/15/2029		3,587		5,683
U.S. Treasury Inflation Indexed Notes 0.13%, 1/15/2022		22,231		25,836
U.S. Treasury Notes
2.63%, 11/15/2020		34,504		34,679
2.00%, 11/30/2020		2,500		2,511
2.38%, 12/31/2020		8,295		8,357
3.63%, 2/15/2021		40,000		40,638
2.63%, 5/15/2021		19,679		20,021
1.13%, 9/30/2021		125,620		126,915
2.88%, 10/15/2021		100,000		103,031
1.25%, 10/31/2021		150,000		151,898
1.75%, 11/30/2021		70,000		71,400
1.75%, 2/28/2022		202,070		206,917
1.63%, 8/31/2022		150,000		154,459
2.00%, 10/31/2022		13,000		13,523
1.75%, 1/31/2023		70,000		72,726
1.50%, 2/28/2023		210,000		217,095
1.75%, 5/15/2023		133,400		139,148
2.75%, 5/31/2023		187,366		200,723
1.38%, 8/31/2023		20,000		20,730
2.75%, 2/15/2024		25,000		27,212
2.13%, 2/29/2024		4,955		5,290
2.50%, 5/15/2024		2,000		2,170
2.13%, 9/30/2024		25,000		26,935
2.25%, 11/15/2024		3,021		3,277
1.75%, 12/31/2024		108,232		115,293
2.00%, 2/15/2025		155,000		167,055
2.88%, 4/30/2025		4,925		5,524
2.13%, 5/15/2025		100,000		108,699
2.88%, 5/31/2025		40,158		45,115
2.00%, 8/15/2025		141,304		153,276
2.25%, 11/15/2025		110,049		121,097
2.00%, 11/15/2026		10,000		10,970
1.75%, 12/31/2026		78,092		84,550
2.88%, 5/15/2028		7,030		8,263
U.S. Treasury STRIPS Bonds
2.32%, 2/15/2021 (g)		190,565		190,498
2.01%, 5/15/2021 (g)		109,802		109,656
3.53%, 8/15/2021 (g)		68,421		68,332

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 45

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
4.43%, 11/15/2021 (g)		17,314		17,285
3.05%, 2/15/2022 (g)		165,423		164,983
2.62%, 5/15/2022 (g)		149,456		149,061
2.05%, 11/15/2022 (g)		237,280		236,473
3.24%, 2/15/2023 (g)		254,322		253,261
3.00%, 5/15/2023 (g)		277,105		275,812
2.44%, 8/15/2023 (g)		152,910		151,990
2.63%, 11/15/2023 (g)		30,767		30,525
2.11%, 2/15/2024 (g)		117,209		116,169
2.88%, 5/15/2024 (g)		67,278		66,604
3.08%, 8/15/2024 (g)		51,591		50,976
4.74%, 11/15/2024 (g)		33,200		32,758
6.39%, 2/15/2025 (g)		6,601		6,501
2.08%, 8/15/2025 (g)		10,990		10,784
5.11%, 2/15/2026 (g)		6,700		6,539
5.23%, 5/15/2026 (g)		24,999		24,358
4.10%, 5/15/2032 (g)		148,297		131,798
3.36%, 8/15/2032 (g)		149,800		132,548
3.70%, 11/15/2032 (g)		122,788		108,217
3.83%, 2/15/2033 (g)		36,300		31,854
3.99%, 5/15/2033 (g)		108,105		94,447
5.54%, 8/15/2033 (g)		24,963		21,668
6.23%, 11/15/2033 (g)		33,709		29,125
Total U.S. Treasury Obligations (Cost $6,654,893)				7,479,115
Mortgage-Backed Securities — 18.9%
FHLMC
Pool # 785618, ARM, 2.50%, 7/1/2026 (h)		26		26
Pool # 611141, ARM, 3.77%, 1/1/2027 (h)		26		26
Pool # 846812, ARM, 3.74%, 4/1/2030 (h)		9		9
Pool # 789758, ARM, 4.37%, 9/1/2032 (h)		30		31
Pool # 847621, ARM, 3.70%, 5/1/2033 (h)		868		915
Pool # 781087, ARM, 3.98%, 12/1/2033 (h)		178		181
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (h)		142		146
Pool # 782870, ARM, 3.71%, 9/1/2034 (h)		678		717
Pool # 782979, ARM, 3.88%, 1/1/2035 (h)		860		909
Pool # 782980, ARM, 3.88%, 1/1/2035 (h)		338		357

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 1G3591, ARM, 3.92%, 8/1/2035 (h)		51		51
Pool # 1Q0007, ARM, 3.07%, 12/1/2035 (h)		204		208
Pool # 1Q0025, ARM, 3.49%, 2/1/2036 (h)		95		100
Pool # 848431, ARM, 3.78%, 2/1/2036 (h)		386		408
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (h)		484		516
Pool # 1J1380, ARM, 4.28%, 3/1/2036 (h)		339		362
Pool # 1H2618, ARM, 3.23%, 5/1/2036 (h)		404		428
Pool # 1L1286, ARM, 3.75%, 5/1/2036 (h)		337		358
Pool # 1G2415, ARM, 4.12%, 5/1/2036 (h)		98		105
Pool # 1G2557, ARM, 3.51%, 6/1/2036 (h)		1,368		1,449
Pool # 848068, ARM, 3.57%, 6/1/2036 (h)		623		628
Pool # 1A1082, ARM, 2.48%, 7/1/2036 (h)		294		307
Pool # 1H2623, ARM, 2.64%, 7/1/2036 (h)		172		182
Pool # 848365, ARM, 3.21%, 7/1/2036 (h)		258		272
Pool # 1N0189, ARM, 2.50%, 8/1/2036 (h)		16		16
Pool # 1A1085, ARM, 2.95%, 8/1/2036 (h)		337		352
Pool # 1N0206, ARM, 3.46%, 8/1/2036 (h)		1,085		1,128
Pool # 1Q0105, ARM, 3.07%, 9/1/2036 (h)		432		454
Pool # 1B7242, ARM, 3.34%, 9/1/2036 (h)		891		942
Pool # 1A1096, ARM, 3.23%, 10/1/2036 (h)		632		661
Pool # 1A1097, ARM, 3.25%, 10/1/2036 (h)		302		317
Pool # 1N0249, ARM, 3.34%, 10/1/2036 (h)		346		352
Pool # 1G2539, ARM, 3.85%, 10/1/2036 (h)		118		119
Pool # 1J1348, ARM, 4.21%, 10/1/2036 (h)		208		210
Pool # 1K0046, ARM, 4.35%, 10/1/2036 (h)		349		354

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 1G2671, ARM, 3.66%, 11/1/2036 (h)		126		128
Pool # 1Q0737, ARM, 3.66%, 11/1/2036 (h)		318		324
Pool # 782760, ARM, 3.72%, 11/1/2036 (h)		837		885
Pool # 1J1378, ARM, 3.76%, 11/1/2036 (h)		377		395
Pool # 848115, ARM, 3.83%, 11/1/2036 (h)		269		284
Pool # 1J1634, ARM, 3.00%, 12/1/2036 (h)		1,286		1,348
Pool # 1J1419, ARM, 3.61%, 12/1/2036 (h)		1,383		1,442
Pool # 1J1418, ARM, 3.81%, 12/1/2036 (h)		37		37
Pool # 1G1386, ARM, 3.91%, 12/1/2036 (h)		396		415
Pool # 1J1399, ARM, 4.10%, 12/1/2036 (h)		17		17
Pool # 1N1511, ARM, 3.04%, 1/1/2037 (h)		124		124
Pool # 1G1478, ARM, 3.92%, 1/1/2037 (h)		275		281
Pool # 1N0353, ARM, 3.01%, 2/1/2037 (h)		244		250
Pool # 1J1516, ARM, 3.70%, 2/1/2037 (h)		79		83
Pool # 1J0282, ARM, 3.88%, 2/1/2037 (h)		38		39
Pool # 1G1554, ARM, 3.89%, 2/1/2037 (h)		273		274
Pool # 1J1543, ARM, 4.36%, 2/1/2037 (h)		48		49
Pool # 1Q0739, ARM, 2.97%, 3/1/2037 (h)		844		888
Pool # 1B7303, ARM, 4.52%, 3/1/2037 (h)		61		62
Pool # 1J0399, ARM, 3.91%, 4/1/2037 (h)		15		15
Pool # 1J1564, ARM, 3.98%, 4/1/2037 (h)		238		241
Pool # 1Q0697, ARM, 3.01%, 5/1/2037 (h)		530		550
Pool # 1A1193, ARM, 3.37%, 5/1/2037 (h)		418		421
Pool # 1N1477, ARM, 3.47%, 5/1/2037 (h)		187		198
Pool # 1N1463, ARM, 3.71%, 5/1/2037 (h)		29		29

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 1J1621, ARM, 3.93%, 5/1/2037 (h)		334			358
Pool # 1Q0783, ARM, 4.03%, 5/1/2037 (h)		576			585
Pool # 1J0533, ARM, 2.71%, 7/1/2037 (h)		103			105
Pool # 1J2945, ARM, 4.00%, 11/1/2037 (h)		46			46
Pool # 1Q0722, ARM, 3.95%, 4/1/2038 (h)		326			347
Pool # 1Q0789, ARM, 3.83%, 5/1/2038 (h)		175			176
Pool # 848699, ARM, 3.28%, 7/1/2040 (h)		272			284
FHLMC Gold Pools, 15 Year
Pool # G12906, 6.00%, 7/1/2021		—	(i)		—	(i)
Pool # G13073, 6.00%, 7/1/2021		3			3
Pool # G13012, 6.00%, 3/1/2022		—	(i)		—	(i)
Pool # G12825, 6.50%, 3/1/2022		3			4
Pool # G13603, 5.50%, 2/1/2024		23			24
FHLMC Gold Pools, 20 Year
Pool # C91158, 6.50%, 1/1/2028		235			258
Pool # C91417, 3.50%, 1/1/2032		3,845			4,157
Pool # C91403, 3.50%, 3/1/2032		1,556			1,682
FHLMC Gold Pools, 30 Year
Pool # G00245, 8.00%, 8/1/2024		3			3
Pool # C00376, 8.00%, 11/1/2024		2			2
Pool # C00414, 7.50%, 8/1/2025		6			7
Pool # C00452, 7.00%, 4/1/2026		7			8
Pool # G00981, 8.50%, 7/1/2028		17			19
Pool # G02210, 7.00%, 12/1/2028		278			315
Pool # C47315, 6.50%, 8/1/2029		668			774
Pool # G03029, 6.00%, 10/1/2029		84			94
Pool # A88871, 7.00%, 1/1/2031		242			275
Pool # C68485, 7.00%, 7/1/2032		26			30
Pool # G01448, 7.00%, 8/1/2032		36			42
Pool # C75791, 5.50%, 1/1/2033		338			388
Pool # A13625, 5.50%, 10/1/2033		296			348
Pool # A16107, 6.00%, 12/1/2033		97			108
Pool # G01864, 5.00%, 1/1/2034		205			236
Pool # A17537, 6.00%, 1/1/2034		214			254
Pool # A23139, 5.00%, 6/1/2034		583			669
Pool # A61572, 5.00%, 9/1/2034		622			717
Pool # A28796, 6.50%, 11/1/2034		53			63
Pool # G03369, 6.50%, 1/1/2035		717			810
Pool # A70350, 5.00%, 3/1/2035		229			256

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 47

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # A46987, 5.50%, 7/1/2035		579		678
Pool # G05713, 6.50%, 12/1/2035		445		513
Pool # G03777, 5.00%, 11/1/2036		526		606
Pool # C02660, 6.50%, 11/1/2036		144		167
Pool # G02427, 5.50%, 12/1/2036		258		299
Pool # A57681, 6.00%, 12/1/2036		51		59
Pool # G02682, 7.00%, 2/1/2037		58		70
Pool # G04949, 6.50%, 11/1/2037		347		425
Pool # G03666, 7.50%, 1/1/2038		516		598
Pool # G04952, 7.50%, 1/1/2038		297		369
Pool # G04077, 6.50%, 3/1/2038		390		457
Pool # G05671, 5.50%, 8/1/2038		531		618
Pool # G05190, 7.50%, 9/1/2038		229		270
Pool # C03466, 5.50%, 3/1/2040		193		223
Pool # A93383, 5.00%, 8/1/2040		2,329		2,685
Pool # A93511, 5.00%, 8/1/2040		8,735		10,069
Pool # G06493, 4.50%, 5/1/2041		13,664		15,281
Pool # V80351, 3.00%, 8/1/2043		21,745		23,927
Pool # Q52834, 4.00%, 12/1/2047		4,151		4,440
Pool # Q57995, 5.00%, 8/1/2048		14,501		16,003
Pool # Q61104, 4.00%, 1/1/2049		2,680		2,861
Pool # Q61107, 4.00%, 1/1/2049		3,814		4,067
FHLMC Gold Pools, Other
Pool # G80341, 10.00%, 3/17/2026		1		1
Pool # P20570, 7.00%, 7/1/2029		7		8
Pool # G20027, 10.00%, 10/1/2030		67		72
Pool # B90491, 7.50%, 1/1/2032		680		783
Pool # U80192, 3.50%, 2/1/2033		1,300		1,398
Pool # U80342, 3.50%, 5/1/2033		1,705		1,833
Pool # U80345, 3.50%, 5/1/2033		4,997		5,364
Pool # L10221, 6.00%, 1/1/2034		53		56
Pool # P50523, 6.50%, 12/1/2035		98		102
Pool # H05030, 6.00%, 11/1/2036		76		85
Pool # L10291, 6.50%, 11/1/2036		1,457		1,702
Pool # P51353, 6.50%, 11/1/2036		914		1,034
Pool # P50595, 6.50%, 12/1/2036		1,810		2,104
Pool # P51361, 6.50%, 12/1/2036		821		982
Pool # G20028, 7.50%, 12/1/2036		1,997		2,271
Pool # P50531, 6.50%, 1/1/2037		145		164
Pool # P51251, 6.50%, 1/1/2037		53		54
Pool # P50536, 6.50%, 2/1/2037		72		75
Pool # P50556, 6.50%, 6/1/2037		47		49
Pool # U90690, 3.50%, 6/1/2042		20,275		21,937
Pool # U90975, 4.00%, 6/1/2042		14,134		15,474
Pool # T65101, 4.00%, 10/1/2042		688		722

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # U90402, 3.50%, 11/1/2042		797		864
Pool # U90673, 4.00%, 1/1/2043		1,861		2,039
Pool # U91192, 4.00%, 4/1/2043		3,766		4,125
Pool # U91488, 3.50%, 5/1/2043		2,334		2,526
Pool # U99051, 3.50%, 6/1/2043		6,862		7,421
Pool # U99134, 4.00%, 1/1/2046		56,991		62,425
Pool # U69030, 4.50%, 1/1/2046		22,346		24,714
FHLMC UMBS, 30 Year
Pool # QA0149, 4.00%, 6/1/2049		11,347		12,134
Pool # QA2578, 3.50%, 9/1/2049		3,859		4,067
Pool # RA2008, 4.00%, 1/1/2050		37,647		41,048
Pool # RA2282, 4.00%, 1/1/2050		14,788		16,240
Pool # QA7351, 3.00%, 2/1/2050		13,991		14,824
FNMA
Pool # 470623, ARM, 0.96%, 3/1/2022 (h)		7,461		7,449
Pool # 54844, ARM, 2.52%, 9/1/2027 (h)		24		24
Pool # 303532, ARM, 4.00%, 3/1/2029 (h)		16		16
Pool # 555732, ARM, 2.50%, 8/1/2033 (h)		186		193
Pool # 658481, ARM, 2.35%, 9/1/2033 (h)		248		250
Pool # 746299, ARM, 2.95%, 9/1/2033 (h)		77		81
Pool # 743546, ARM, 3.49%, 11/1/2033 (h)		257		259
Pool # 766610, ARM, 3.71%, 1/1/2034 (h)		83		84
Pool # 777132, ARM, 2.90%, 6/1/2034 (h)		279		294
Pool # 782306, ARM, 3.80%, 7/1/2034 (h)		13		13
Pool # 800422, ARM, 2.07%, 8/1/2034 (h)		242		244
Pool # 790235, ARM, 2.11%, 8/1/2034 (h)		111		113
Pool # 793062, ARM, 2.42%, 8/1/2034 (h)		53		53
Pool # 790964, ARM, 2.27%, 9/1/2034 (h)		7		7
Pool # 896463, ARM, 3.13%, 10/1/2034 (h)		241		255
Pool # 794792, ARM, 3.25%, 10/1/2034 (h)		71		74
Pool # 799912, ARM, 3.61%, 11/1/2034 (h)		51		51

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 781563, ARM, 3.81%, 11/1/2034 (h)		38		38
Pool # 810896, ARM, 2.57%, 1/1/2035 (h)		1,245		1,287
Pool # 809319, ARM, 3.50%, 1/1/2035 (h)		83		83
Pool # 816594, ARM, 2.00%, 2/1/2035 (h)		36		37
Pool # 820602, ARM, 3.57%, 3/1/2035 (h)		132		133
Pool # 745862, ARM, 3.07%, 4/1/2035 (h)		239		242
Pool # 821378, ARM, 2.14%, 5/1/2035 (h)		97		97
Pool # 823660, ARM, 2.88%, 5/1/2035 (h)		49		50
Pool # 888605, ARM, 2.87%, 7/1/2035 (h)		65		65
Pool # 832801, ARM, 2.91%, 9/1/2035 (h)		140		143
Pool # 851432, ARM, 3.18%, 10/1/2035 (h)		374		378
Pool # 849251, ARM, 3.15%, 1/1/2036 (h)		719		742
Pool # 745445, ARM, 3.82%, 1/1/2036 (h)		219		231
Pool # 920340, ARM, 4.00%, 2/1/2036 (h)		68		69
Pool # 920843, ARM, 3.65%, 3/1/2036 (h)		2,030		2,177
Pool # 868952, ARM, 3.55%, 5/1/2036 (h)		91		93
Pool # 872622, ARM, 2.42%, 6/1/2036 (h)		64		64
Pool # 872825, ARM, 2.81%, 6/1/2036 (h)		884		931
Pool # 884066, ARM, 2.85%, 6/1/2036 (h)		218		224
Pool # 892868, ARM, 2.52%, 7/1/2036 (h)		260		265
Pool # 886558, ARM, 2.49%, 8/1/2036 (h)		472		496
Pool # 884722, ARM, 2.53%, 8/1/2036 (h)		90		91
Pool # 745784, ARM, 2.53%, 8/1/2036 (h)		142		143
Pool # 886772, ARM, 2.31%, 9/1/2036 (h)		680		710
Pool # 898179, ARM, 2.53%, 9/1/2036 (h)		874		895

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 920547, ARM, 3.35%, 9/1/2036 (h)		239		249
Pool # 893580, ARM, 3.54%, 9/1/2036 (h)		319		333
Pool # 894452, ARM, 4.07%, 9/1/2036 (h)		264		266
Pool # 894239, ARM, 3.15%, 10/1/2036 (h)		244		245
Pool # 900191, ARM, 4.04%, 10/1/2036 (h)		545		557
Pool # 900197, ARM, 4.26%, 10/1/2036 (h)		440		466
Pool # 902818, ARM, 3.75%, 11/1/2036 (h)		58		58
Pool # 897470, ARM, 4.15%, 11/1/2036 (h)		74		75
Pool # 902955, ARM, 3.86%, 12/1/2036 (h)		444		451
Pool # 905189, ARM, 3.94%, 12/1/2036 (h)		188		189
Pool # 920954, ARM, 2.27%, 1/1/2037 (h)		344		356
Pool # 888184, ARM, 3.99%, 1/1/2037 (h)		193		196
Pool # 913984, ARM, 1.96%, 2/1/2037 (h)		401		414
Pool # 915645, ARM, 2.94%, 2/1/2037 (h)		360		380
Pool # 888307, ARM, 3.64%, 4/1/2037 (h)		305		310
Pool # 948208, ARM, 1.95%, 7/1/2037 (h)		385		396
Pool # 944096, ARM, 2.22%, 7/1/2037 (h)		68		68
Pool # 995919, ARM, 2.77%, 7/1/2037 (h)		1,070		1,119
Pool # 938346, ARM, 2.92%, 7/1/2037 (h)		289		292
Pool # 945032, ARM, 3.20%, 8/1/2037 (h)		441		452
Pool # 946450, ARM, 2.11%, 9/1/2037 (h)		31		31
Pool # 946362, ARM, 2.39%, 9/1/2037 (h)		209		213
Pool # 946260, ARM, 2.48%, 9/1/2037 (h)		105		106
Pool # 952835, ARM, 3.64%, 9/1/2037 (h)		126		134
Pool # AD0085, ARM, 2.39%, 11/1/2037 (h)		843		873

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 49

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 995108, ARM, 3.16%, 11/1/2037 (h)		443			465
Pool # AD0179, ARM, 3.67%, 12/1/2037 (h)		691			731
Pool # 966946, ARM, 3.79%, 1/1/2038 (h)		151			152
FNMA UMBS, 15 Year
Pool # 745406, 6.00%, 3/1/2021		6			6
Pool # 745502, 6.00%, 4/1/2021		3			3
Pool # 995886, 6.00%, 4/1/2021		2			2
Pool # 938569, 6.00%, 7/1/2021		—	(i)		—	(i)
Pool # AD0142, 6.00%, 8/1/2021		32			33
Pool # 890129, 6.00%, 12/1/2021		13			13
Pool # 888834, 6.50%, 4/1/2022		20			21
Pool # 889634, 6.00%, 2/1/2023		387			400
Pool # AD0364, 5.00%, 5/1/2023		31			33
Pool # 995381, 6.00%, 1/1/2024		373			389
Pool # 995425, 6.00%, 1/1/2024		138			145
Pool # 995456, 6.50%, 2/1/2024		209			220
Pool # AE0081, 6.00%, 7/1/2024		105			111
Pool # AD0133, 5.00%, 8/1/2024		158			167
Pool # FM3386, 3.50%, 7/1/2034		3,620			3,856
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		8			9
Pool # 555791, 6.50%, 12/1/2022		27			30
Pool # 889889, 6.50%, 7/1/2024		69			77
Pool # 888656, 6.50%, 4/1/2025		10			12
Pool # AE0096, 5.50%, 7/1/2025		232			257
Pool # 256311, 6.00%, 7/1/2026		181			202
Pool # 256352, 6.50%, 8/1/2026		342			381
Pool # 256803, 6.00%, 7/1/2027		264			294
Pool # 256962, 6.00%, 11/1/2027		118			132
Pool # 257007, 6.00%, 12/1/2027		359			400
Pool # 257048, 6.00%, 1/1/2028		636			709
Pool # 890222, 6.00%, 10/1/2028		456			508
Pool # AE0049, 6.00%, 9/1/2029		311			347
Pool # AO7761, 3.50%, 7/1/2032		968			1,046
Pool # MA1138, 3.50%, 8/1/2032		5,865			6,339
Pool # AL6238, 4.00%, 1/1/2035		14,022			15,559
FNMA UMBS, 30 Year
Pool # 70825, 8.00%, 3/1/2021		—	(i)		—	(i)
Pool # 189190, 7.50%, 11/1/2022		3			3
Pool # 50966, 7.00%, 1/1/2024		1			2
Pool # 250066, 8.00%, 5/1/2024		1			1
Pool # 250103, 8.50%, 7/1/2024		5			6

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 303031, 7.50%, 10/1/2024		2			2
Pool # 308499, 8.50%, 5/1/2025		—	(i)		—	(i)
Pool # 399269, 7.00%, 4/1/2026		33			35
Pool # 689977, 8.00%, 3/1/2027		45			50
Pool # 695533, 8.00%, 6/1/2027		38			42
Pool # 313687, 7.00%, 9/1/2027		4			5
Pool # 756024, 8.00%, 9/1/2028		75			86
Pool # 755973, 8.00%, 11/1/2028		155			179
Pool # 455759, 6.00%, 12/1/2028		19			21
Pool # 252211, 6.00%, 1/1/2029		23			26
Pool # 459097, 7.00%, 1/1/2029		8			8
Pool # 889020, 6.50%, 11/1/2029		3,187			3,571
Pool # 598559, 6.50%, 8/1/2031		82			97
Pool # 679886, 6.50%, 2/1/2032		430			480
Pool # 649734, 7.00%, 6/1/2032		41			44
Pool # 682078, 5.50%, 11/1/2032		394			463
Pool # 675555, 6.00%, 12/1/2032		176			199
Pool # AL0045, 6.00%, 12/1/2032		1,021			1,198
Pool # 683351, 5.50%, 2/1/2033		13			15
Pool # 357363, 5.50%, 3/1/2033		548			643
Pool # 674349, 6.00%, 3/1/2033		47			53
Pool # 688625, 6.00%, 3/1/2033		28			31
Pool # 688655, 6.00%, 3/1/2033		20			22
Pool # 695584, 6.00%, 3/1/2033		8			9
Pool # 254693, 5.50%, 4/1/2033		369			433
Pool # 702901, 6.00%, 5/1/2033		140			165
Pool # 720576, 5.00%, 6/1/2033		104			118
Pool # 995656, 7.00%, 6/1/2033		621			738
Pool # 723852, 5.00%, 7/1/2033		124			142
Pool # 729296, 5.00%, 7/1/2033		112			127
Pool # 720155, 5.50%, 7/1/2033		75			86
Pool # 729379, 6.00%, 8/1/2033		35			40
Pool # AA0917, 5.50%, 9/1/2033		1,391			1,605
Pool # 737825, 6.00%, 9/1/2033		71			81
Pool # 750977, 4.50%, 11/1/2033		95			105
Pool # 725027, 5.00%, 11/1/2033		297			342
Pool # 755109, 5.50%, 11/1/2033		29			34
Pool # 753174, 4.00%, 12/1/2033		400			430
Pool # 725017, 5.50%, 12/1/2033		616			725
Pool # 759424, 5.50%, 1/1/2034		56			66
Pool # 751341, 5.50%, 3/1/2034		55			63
Pool # 770405, 5.00%, 4/1/2034		770			887
Pool # 776708, 5.00%, 5/1/2034		245			282
Pool # AC1317, 4.50%, 9/1/2034		198			217
Pool # 888568, 5.00%, 12/1/2034		193			221

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 810663, 5.00%, 1/1/2035		122		134
Pool # 995003, 7.50%, 1/1/2035		276		326
Pool # 995156, 7.50%, 3/1/2035		279		338
Pool # 735503, 6.00%, 4/1/2035		647		766
Pool # 827776, 5.00%, 7/1/2035		105		120
Pool # 820347, 5.00%, 9/1/2035		430		495
Pool # 745148, 5.00%, 1/1/2036		343		395
Pool # 888417, 6.50%, 1/1/2036		1,941		2,202
Pool # 745275, 5.00%, 2/1/2036		267		308
Pool # 833629, 7.00%, 3/1/2036		13		15
Pool # 745418, 5.50%, 4/1/2036		479		560
Pool # 888016, 5.50%, 5/1/2036		644		759
Pool # 888209, 5.50%, 5/1/2036		406		476
Pool # 870770, 6.50%, 7/1/2036		36		42
Pool # 976871, 6.50%, 8/1/2036		1,202		1,372
Pool # AA0922, 6.00%, 9/1/2036		2,206		2,609
Pool # 745948, 6.50%, 10/1/2036		262		306
Pool # AA1019, 6.00%, 11/1/2036		395		465
Pool # 888476, 7.50%, 5/1/2037		234		297
Pool # 928584, 6.50%, 8/1/2037		221		256
Pool # 945870, 6.50%, 8/1/2037		240		275
Pool # 986648, 6.00%, 9/1/2037		557		656
Pool # 928670, 7.00%, 9/1/2037		378		457
Pool # 888890, 6.50%, 10/1/2037		465		545
Pool # 888707, 7.50%, 10/1/2037		1,133		1,360
Pool # 888892, 7.50%, 11/1/2037		399		470
Pool # AL0662, 5.50%, 1/1/2038		884		1,039
Pool # 995505, 8.00%, 1/1/2038		35		43
Pool # 929331, 6.00%, 4/1/2038		92		102
Pool # 909236, 7.00%, 9/1/2038		393		489
Pool # 890268, 6.50%, 10/1/2038		568		654
Pool # 995149, 6.50%, 10/1/2038		2,269		2,620
Pool # 934591, 7.00%, 10/1/2038		575		723
Pool # AB2869, 6.00%, 11/1/2038		450		532
Pool # 991908, 7.00%, 11/1/2038		419		503
Pool # 995504, 7.50%, 11/1/2038		349		427
Pool # 257510, 7.00%, 12/1/2038		1,205		1,429
Pool # AD0753, 7.00%, 1/1/2039		1,830		2,191
Pool # AD0780, 7.50%, 4/1/2039		1,260		1,684
Pool # AC2948, 5.00%, 9/1/2039		901		1,037
Pool # AC3740, 5.50%, 9/1/2039		800		911
Pool # AC7296, 5.50%, 12/1/2039		638		727
Pool # AD7790, 5.00%, 8/1/2040		4,698		5,412
Pool # AD9151, 5.00%, 8/1/2040		2,168		2,498
Pool # AL2059, 4.00%, 6/1/2042		10,827		12,324

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AB9017, 3.00%, 4/1/2043		15,711		17,014
Pool # AT5891, 3.00%, 6/1/2043		18,594		20,455
Pool # AB9860, 3.00%, 7/1/2043		14,769		15,994
Pool # AL7527, 4.50%, 9/1/2043		8,646		9,667
Pool # AL7496, 3.50%, 5/1/2044		26,812		29,997
Pool # AX9319, 3.50%, 12/1/2044		14,992		16,111
Pool # AL7380, 3.50%, 2/1/2045		15,784		17,659
Pool # AS6479, 3.50%, 1/1/2046		38,396		42,960
Pool # BM1213, 4.00%, 4/1/2047		18,363		19,893
Pool # BH7650, 4.00%, 9/1/2047		14,505		15,714
Pool # BM3500, 4.00%, 9/1/2047		68,807		76,793
Pool # BE8344, 4.00%, 11/1/2047		6,319		6,755
Pool # BJ7248, 4.00%, 12/1/2047		7,522		8,346
Pool # BE8349, 4.00%, 1/1/2048		5,413		5,783
Pool # BJ5756, 4.00%, 1/1/2048		12,675		13,572
Pool # BJ7310, 4.00%, 1/1/2048		13,479		14,825
Pool # BJ8237, 4.00%, 1/1/2048		9,114		10,025
Pool # BJ8264, 4.00%, 1/1/2048		5,687		6,255
Pool # BM3375, 4.00%, 1/1/2048		13,581		15,069
Pool # BK1007, 4.00%, 2/1/2048		2,571		2,837
Pool # BK1134, 4.00%, 2/1/2048		14,168		15,155
Pool # BM3665, 4.00%, 3/1/2048		58,306		64,952
Pool # BE8366, 4.50%, 7/1/2048		11,442		12,535
Pool # BK7982, 5.00%, 7/1/2048		19,723		21,942
Pool # BN0271, 4.50%, 9/1/2048		5,117		5,570
Pool # BN1315, 4.50%, 9/1/2048		6,375		6,931
Pool # BN4733, 5.50%, 3/1/2049		1,981		2,244
Pool # BK8745, 4.50%, 4/1/2049		9,699		10,492
Pool # FM1939, 4.50%, 5/1/2049		55,673		60,187
Pool # BK8753, 4.50%, 6/1/2049		17,872		19,651
Pool # CA3713, 5.00%, 6/1/2049		11,832		12,969
Pool # BO2305, 4.00%, 7/1/2049		18,628		19,880
Pool # BO5607, 3.50%, 9/1/2049		11,154		11,756
Pool # BO1405, 4.00%, 9/1/2049		18,608		19,877
Pool # BO4392, 3.50%, 1/1/2050		17,070		18,055
Pool # BP5299, 3.50%, 3/1/2050		14,782		16,130
Pool # CA5729, 3.00%, 5/1/2050		13,846		14,622
Pool # FM3671, 4.50%, 5/1/2050		13,494		15,039
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		18		20
Pool # 252409, 6.50%, 3/1/2029		97		109
Pool # 653815, 7.00%, 2/1/2033		11		12
Pool # 752786, 6.00%, 9/1/2033		117		130
Pool # CA3029, 4.00%, 1/1/2049		8,577		9,303
Pool # CA5105, 3.50%, 2/1/2050		10,092		10,903

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 51

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
FNMA, Other
Pool # AM1547, 2.00%, 12/1/2020		13,452		13,447
Pool # FN0022, 3.57%, 12/1/2020 (h)		389		389
Pool # 466854, 3.70%, 12/1/2020		2,929		2,928
Pool # AL4762, 3.57%, 1/1/2021 (h)		736		735
Pool # 466836, 3.87%, 1/1/2021		9,489		9,485
Pool # FN0003, 4.30%, 1/1/2021 (h)		1,915		1,915
Pool # 468243, 3.97%, 6/1/2021		5,050		5,104
Pool # 468237, 4.02%, 6/1/2021		6,009		6,074
Pool # 468381, 4.10%, 6/1/2021		5,396		5,456
Pool # 468242, 4.19%, 6/1/2021		4,367		4,414
Pool # AL0569, 4.26%, 6/1/2021 (h)		3,899		3,938
Pool # 468066, 4.30%, 6/1/2021		4,445		4,532
Pool # 468102, 4.34%, 6/1/2021		16,142		16,326
Pool # 468614, 3.86%, 7/1/2021		7,553		7,651
Pool # 468667, 3.94%, 7/1/2021		8,968		9,160
Pool # 468564, 4.06%, 7/1/2021		8,110		8,222
Pool # AL0602, 4.20%, 7/1/2021 (h)		4,275		4,314
Pool # 468159, 4.26%, 7/1/2021		18,385		18,642
Pool # 468699, 4.05%, 8/1/2021		1,325		1,346
Pool # AM6602, 2.63%, 9/1/2021		8,210		8,299
Pool # 468994, 3.85%, 9/1/2021		6,819		6,942
Pool # 468936, 3.92%, 9/1/2021		5,216		5,312
Pool # AL0905, 4.17%, 9/1/2021 (h)		3,044		3,100
Pool # 469254, 3.40%, 10/1/2021		2,745		2,793
Pool # AM7314, 2.63%, 11/1/2021		8,000		8,152
Pool # 469552, 3.43%, 11/1/2021		7,896		8,055
Pool # 469873, 3.03%, 12/1/2021		7,437		7,578
Pool # 469545, 3.31%, 12/1/2021		3,049		3,114
Pool # 470269, 2.97%, 1/1/2022		5,971		6,093
Pool # 470324, 3.03%, 1/1/2022		6,548		6,685
Pool # 470280, 3.09%, 1/1/2022		10,453		10,679
Pool # 470181, 3.20%, 1/1/2022		6,746		6,899
Pool # 470622, 2.75%, 3/1/2022		1,368		1,406
Pool # 470826, 2.97%, 3/1/2022		5,381		5,514
Pool # 470539, 3.14%, 3/1/2022		2,339		2,400
Pool # 470779, 3.21%, 3/1/2022		2,690		2,764
Pool # 471033, 3.08%, 4/1/2022		8,157		8,383
Pool # 471177, 2.94%, 5/1/2022		8,317		8,547
Pool # 471151, 3.02%, 5/1/2022		5,293		5,445
Pool # 471599, 2.60%, 6/1/2022		6,622		6,792
Pool # 471747, 2.76%, 6/1/2022		13,647		13,886
Pool # 471839, 2.67%, 7/1/2022		9,338		9,603
Pool # 471881, 2.67%, 7/1/2022		5,426		5,584
Pool # AM0177, 2.82%, 7/1/2022		8,540		8,800

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 471828, 2.65%, 8/1/2022		8,968		9,240
Pool # AM1196, 2.37%, 11/1/2022		3,789		3,902
Pool # AM0585, 2.38%, 11/1/2022		6,903		7,111
Pool # AM1437, 2.41%, 11/1/2022		1,245		1,283
Pool # AM0806, 2.45%, 11/1/2022		11,997		12,381
Pool # AM1385, 2.55%, 11/1/2022		10,011		10,341
Pool # AM1386, 2.55%, 11/1/2022		3,201		3,306
Pool # AM1779, 2.28%, 12/1/2022		8,202		8,447
Pool # AM1476, 2.32%, 12/1/2022		3,001		3,092
Pool # AM1619, 2.34%, 12/1/2022		18,947		19,529
Pool # AM0811, 2.42%, 12/1/2022		9,373		9,675
Pool # AM2111, 2.34%, 1/1/2023		10,934		11,286
Pool # AM2072, 2.37%, 1/1/2023		8,719		8,998
Pool # AM2252, 2.44%, 1/1/2023		7,898		8,166
Pool # AM2333, 2.45%, 2/1/2023		11,210		11,622
Pool # AM2695, 2.49%, 3/1/2023		6,441		6,701
Pool # AM2747, 2.50%, 4/1/2023		12,555		13,112
Pool # AM3069, 2.64%, 4/1/2023		2,861		2,991
Pool # AL3594, 2.70%, 4/1/2023 (h)		3,320		3,473
Pool # AM3244, 2.52%, 5/1/2023		28,698		29,986
Pool # AM3577, 2.42%, 6/1/2023		7,173		7,473
Pool # AM3589, 2.77%, 6/1/2023		7,781		8,189
Pool # AL3876, 2.79%, 6/1/2023 (h)		14,336		15,059
Pool # AM3646, 2.64%, 7/1/2023		3,587		3,770
Pool # AM4011, 3.67%, 7/1/2023		42,150		45,219
Pool # AM3990, 3.74%, 7/1/2023		4,648		4,988
Pool # AM4170, 3.51%, 8/1/2023		9,000		9,660
Pool # AM4066, 3.59%, 8/1/2023		9,865		10,611
Pool # AM4716, 3.38%, 12/1/2023		2,918		3,163
Pool # AM4720, 3.45%, 1/1/2024		23,591		25,457
Pool # AM7024, 2.90%, 12/1/2024		8,200		8,897
Pool # AM7231, 2.92%, 12/1/2024		3,955		4,292
Pool # AM7290, 2.97%, 12/1/2024		23,946		26,032
Pool # AM7124, 3.11%, 12/1/2024		25,023		27,350
Pool # AM7682, 2.84%, 1/1/2025		34,411		37,268
Pool # AM7654, 2.86%, 1/1/2025		6,458		6,979
Pool # AM7795, 2.92%, 1/1/2025		32,651		35,474
Pool # AM7698, 2.96%, 1/1/2025		9,350		10,182
Pool # AM7664, 2.99%, 1/1/2025		10,330		11,230
Pool # AM7372, 3.05%, 1/1/2025		1,740		1,902
Pool # 470300, 3.64%, 1/1/2025		4,633		5,109
Pool # AM8251, 2.70%, 4/1/2025		9,562		10,316
Pool # AM8846, 2.68%, 5/1/2025		6,069		6,540
Pool # AM9149, 2.63%, 6/1/2025		6,182		6,675
Pool # AM9548, 3.17%, 8/1/2025		6,800		7,524

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AN0029, 3.10%, 9/1/2025		9,714		10,755
Pool # AM4660, 3.77%, 12/1/2025		26,684		30,124
Pool # AN0767, 3.18%, 1/1/2026		8,322		9,222
Pool # AN1292, 2.84%, 4/1/2026		8,982		9,855
Pool # AN1590, 2.40%, 5/1/2026		9,338		10,037
Pool # AN1413, 2.49%, 5/1/2026		21,507		23,275
Pool # AN1497, 2.61%, 6/1/2026		11,034		12,044
Pool # AN1243, 2.64%, 6/1/2026		7,998		8,743
Pool # AN1247, 2.64%, 6/1/2026		9,848		10,766
Pool # 468645, 4.54%, 7/1/2026		2,219		2,562
Pool # AN2367, 2.46%, 8/1/2026		6,276		6,791
Pool # AM6381, 3.29%, 8/1/2026		33,000		37,032
Pool # 468574, 4.55%, 8/1/2026		7,360		8,369
Pool # 468573, 4.76%, 8/1/2026		8,439		9,778
Pool # 468927, 4.77%, 8/1/2026		5,371		6,224
Pool # AM6448, 3.25%, 9/1/2026		9,671		10,877
Pool # AN3076, 2.46%, 10/1/2026		25,000		27,141
Pool # AM7062, 3.44%, 10/1/2026		8,134		9,168
Pool # AM7117, 3.14%, 12/1/2026		19,403		21,693
Pool # AM7262, 3.19%, 12/1/2026		16,524		18,594
Pool # AM7011, 3.22%, 12/1/2026		2,818		3,170
Pool # AM7485, 3.24%, 12/1/2026		20,000		22,641
Pool # AM7390, 3.26%, 12/1/2026		7,496		8,415
Pool # AM7265, 3.30%, 12/1/2026		5,280		5,952
Pool # FN0029, 4.63%, 12/1/2026 (h)		8,072		9,263
Pool # AM8008, 2.94%, 2/1/2027		12,097		13,449
Pool # AM7515, 3.34%, 2/1/2027		16,000		18,054
Pool # AM8280, 2.91%, 3/1/2027		5,854		6,526
Pool # AM8529, 3.03%, 4/1/2027		15,914		17,898
Pool # BL6373, 1.85%, 5/1/2027		10,800		11,450
Pool # AM8432, 2.79%, 5/1/2027		7,966		8,845
Pool # AM8745, 2.81%, 5/1/2027		9,595		10,642
Pool # AM8596, 2.83%, 5/1/2027		10,575		11,783
Pool # AM8598, 2.83%, 5/1/2027		11,437		12,744
Pool # AM8784, 2.89%, 5/1/2027		8,036		8,949
Pool # AM8558, 2.68%, 6/1/2027		7,790		8,565
Pool # AM8803, 2.78%, 6/1/2027		4,039		4,473
Pool # AM8765, 2.83%, 6/1/2027		7,237		8,073
Pool # AM9087, 3.00%, 6/1/2027		16,500		18,575
Pool # AM9170, 3.00%, 6/1/2027		4,547		5,090
Pool # AM9345, 3.25%, 7/1/2027		7,606		8,618
Pool # AN6532, 2.92%, 9/1/2027		4,991		5,610
Pool # AM9723, 3.33%, 9/1/2027		9,544		10,870
Pool # AN7048, 2.90%, 10/1/2027		6,629		7,410
Pool # AM1469, 2.96%, 11/1/2027		3,830		4,249

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AN7669, 2.83%, 12/1/2027		20,254		22,668
Pool # AN8114, 3.00%, 1/1/2028		7,953		8,963
Pool # AN8048, 3.08%, 1/1/2028		40,000		44,835
Pool # AN7943, 3.10%, 1/1/2028		15,000		17,085
Pool # AN1600, 2.59%, 6/1/2028		7,444		8,218
Pool # AN9686, 3.52%, 6/1/2028		40,550		47,261
Pool # AN9486, 3.57%, 6/1/2028		26,476		30,957
Pool # AN2005, 2.73%, 7/1/2028		9,986		11,174
Pool # 387859, 3.53%, 8/1/2028		21,722		25,342
Pool # 387866, 3.53%, 8/1/2028		15,068		17,563
Pool # 387806, 3.55%, 8/1/2028		15,289		17,874
Pool # 387840, 3.65%, 8/1/2028		5,769		6,741
Pool # 387761, 3.78%, 8/1/2028		23,100		27,139
Pool # 109782, 3.55%, 9/1/2028		42,800		50,005
Pool # BL0919, 3.82%, 9/1/2028		19,345		22,699
Pool # BL0112, 3.66%, 10/1/2028		25,931		30,161
Pool # BL1040, 3.81%, 12/1/2028		42,090		49,595
Pool # BL0907, 3.88%, 12/1/2028		11,997		14,149
Pool # BL1435, 3.53%, 1/1/2029		23,495		27,542
Pool # AN4744, 3.30%, 3/1/2029		8,000		9,298
Pool # AN6106, 3.10%, 7/1/2029		5,700		6,560
Pool # AN6173, 3.12%, 7/1/2029		3,647		4,201
Pool # BL4317, 2.27%, 9/1/2029		4,828		5,238
Pool # AN6846, 2.93%, 10/1/2029		13,300		15,044
Pool # AM7018, 3.63%, 10/1/2029		2,732		3,149
Pool # BL4333, 2.52%, 11/1/2029		42,700		46,407
Pool # AM8123, 2.92%, 2/1/2030		7,990		8,970
Pool # AM7785, 3.17%, 2/1/2030		6,127		6,954
Pool # AM7516, 3.55%, 2/1/2030		13,000		14,988
Pool # AM8692, 3.03%, 4/1/2030		25,000		28,393
Pool # AM8544, 3.08%, 4/1/2030		15,214		17,305
Pool # AM8408, 3.13%, 4/1/2030		37,785		42,914
Pool # AM8321, 3.22%, 4/1/2030		10,301		11,710
Pool # AM8889, 2.92%, 5/1/2030		11,320		12,914
Pool # AM8151, 2.94%, 5/1/2030		12,000		13,524
Pool # AM8802, 3.10%, 5/1/2030		5,025		5,725
Pool # AM8807, 3.10%, 5/1/2030		14,971		17,047
Pool # AN9154, 3.64%, 5/1/2030		4,195		4,890
Pool # AM8666, 2.96%, 6/1/2030		9,302		10,461
Pool # AM9020, 2.97%, 6/1/2030		7,816		8,829
Pool # AM9012, 3.13%, 6/1/2030		9,234		10,719
Pool # AM9154, 3.18%, 6/1/2030		9,085		10,307
Pool # AM9296, 3.15%, 7/1/2030		8,861		10,041
Pool # AM9320, 3.30%, 7/1/2030		10,054		11,588

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 53

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AN9988, 3.85%, 7/1/2030		9,643		11,539
Pool # 387883, 3.78%, 8/1/2030		35,146		41,865
Pool # AM9219, 3.35%, 9/1/2030		10,967		12,615
Pool # AM9676, 3.37%, 9/1/2030		7,367		8,491
Pool # BL0979, 4.05%, 12/1/2030		4,125		4,960
Pool # AN1035, 3.21%, 3/1/2031		13,602		15,548
Pool # AH9683, 5.00%, 4/1/2031		937		1,032
Pool # AN1829, 2.90%, 6/1/2031		7,601		8,559
Pool # AN1364, 2.81%, 8/1/2031		4,569		5,110
Pool # BL4310, 2.35%, 10/1/2031		11,325		12,408
Pool # AN2625, 2.50%, 10/1/2031		9,860		10,772
Pool # AN5065, 3.34%, 4/1/2032		26,680		30,484
Pool # AN6155, 3.06%, 8/1/2032		15,000		17,402
Pool # AQ7084, 3.50%, 12/1/2032		2,145		2,306
Pool # 650236, 5.00%, 12/1/2032		5		5
Pool # AR7484, 3.50%, 2/1/2033		4,001		4,302
Pool # AT7117, 3.50%, 6/1/2033		1,594		1,714
Pool # AN9695, 3.67%, 7/1/2033		32,550		38,655
Pool # AN9950, 3.89%, 7/1/2033		9,603		11,566
Pool # 810997, 5.50%, 10/1/2034		114		119
Pool # AM7122, 3.61%, 11/1/2034		5,404		6,516
Pool # BL5976, 2.49%, 4/1/2035		22,962		24,575
Pool # AM8474, 3.45%, 4/1/2035		4,841		5,744
Pool # AM8475, 3.45%, 4/1/2035		1,964		2,330
Pool # BL6315, 2.20%, 5/1/2035		5,081		5,483
Pool # AM9188, 3.12%, 6/1/2035		23,000		26,754
Pool # AM9532, 3.63%, 10/1/2035		3,639		4,319
Pool # AN0375, 3.76%, 12/1/2035		3,632		4,366
Pool # 256051, 5.50%, 12/1/2035		194		222
Pool # 256128, 6.00%, 2/1/2036		40		46
Pool # 880219, 7.00%, 2/1/2036		362		437
Pool # 868763, 6.50%, 4/1/2036		8		8
Pool # 907742, 7.00%, 12/1/2036		64		74
Pool # 920934, 6.50%, 1/1/2037		699		843
Pool # 888408, 6.00%, 3/1/2037		693		806
Pool # 888373, 7.00%, 3/1/2037		45		50
Pool # 888412, 7.00%, 4/1/2037		67		77
Pool # 995783, 8.00%, 11/1/2037		80		89
Pool # 257209, 5.50%, 5/1/2038		121		137
Pool # MA0127, 5.50%, 6/1/2039		151		164
Pool # AL2606, 4.00%, 3/1/2042		757		793
Pool # AO7225, 4.00%, 7/1/2042		3,319		3,636
Pool # AO9352, 4.00%, 7/1/2042		3,383		3,707
Pool # AO9353, 4.00%, 7/1/2042		2,996		3,281
Pool # MA1125, 4.00%, 7/1/2042		3,380		3,685

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # MA1178, 4.00%, 9/1/2042		18,149			19,859
Pool # MA1213, 3.50%, 10/1/2042		7,506			8,123
Pool # MA1251, 3.50%, 11/1/2042		19,598			21,206
Pool # MA1253, 4.00%, 11/1/2042		14,743			16,142
Pool # AR1397, 3.00%, 1/1/2043		12,170			13,017
Pool # MA1328, 3.50%, 1/1/2043		2,544			2,754
Pool # AQ9999, 3.00%, 2/1/2043		6,666			7,130
Pool # MA1373, 3.50%, 3/1/2043		4,104			4,443
Pool # MA1404, 3.50%, 4/1/2043		12,407			13,433
Pool # AB9096, 4.00%, 4/1/2043		1,838			2,012
Pool # AB9196, 3.50%, 5/1/2043		5,086			5,500
Pool # AT4051, 3.50%, 5/1/2043		1,424			1,542
Pool # MA1437, 3.50%, 5/1/2043		14,495			15,691
Pool # AT5914, 3.50%, 6/1/2043		7,858			8,508
Pool # MA1463, 3.50%, 6/1/2043		17,088			18,496
Pool # AB9704, 4.00%, 6/1/2043		3,926			4,299
Pool # MA1711, 4.50%, 12/1/2043		19,547			21,782
Pool # AL6167, 3.50%, 1/1/2044		9,151			9,904
Pool # MA1759, 4.00%, 1/1/2044		6,574			7,200
Pool # MA1760, 4.50%, 1/1/2044		6,408			7,143
Pool # AV9286, 4.00%, 2/1/2044		4,197			4,601
Pool # MA1800, 4.00%, 2/1/2044		3,513			3,848
Pool # MA1828, 4.50%, 3/1/2044		15,325			17,088
Pool # MA2429, 4.00%, 10/1/2045		4,236			4,642
Pool # MA2565, 4.00%, 3/1/2046		5,680			6,226
Pool # BM5835, 3.00%, 9/1/2047		22,503			23,626
Pool # AD0523, 6.00%, 11/1/2048		279			302
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 9/25/2050 (j)		104,830			110,338
TBA, 2.00%, 10/25/2050 (j)		1,277,940			1,314,795
TBA, 2.50%, 10/25/2050 (j)		69,720			73,250
GNMA I, 30 Year
Pool # 313110, 7.50%, 11/15/2022		—	(i)		—	(i)
Pool # 345288, 7.50%, 3/15/2023		1			1
Pool # 352108, 7.00%, 8/15/2023		1			1
Pool # 363030, 7.00%, 9/15/2023		42			45
Pool # 352022, 7.00%, 11/15/2023		3			3
Pool # 366706, 6.50%, 1/15/2024		18			20
Pool # 371281, 7.00%, 2/15/2024		8			8
Pool # 782507, 9.50%, 10/15/2024		6			7
Pool # 780029, 9.00%, 11/15/2024		—	(i)		—	(i)
Pool # 780965, 9.50%, 12/15/2025		2			2
Pool # 442119, 7.50%, 11/15/2026		3			3
Pool # 411829, 7.50%, 7/15/2027		7			7
Pool # 554108, 6.50%, 3/15/2028		56			61

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 481872, 7.50%, 7/15/2028		5		5
Pool # 468149, 8.00%, 8/15/2028		8		8
Pool # 468236, 6.50%, 9/15/2028		118		131
Pool # 486537, 7.50%, 9/15/2028		21		23
Pool # 486631, 6.50%, 10/15/2028		6		7
Pool # 466406, 6.00%, 11/15/2028		74		82
Pool # 781328, 7.00%, 9/15/2031		551		665
Pool # 569568, 6.50%, 1/15/2032		459		536
Pool # 591882, 6.50%, 7/15/2032		19		21
Pool # 607645, 6.50%, 2/15/2033		74		85
Pool # 607724, 7.00%, 2/15/2033		46		54
Pool # 783123, 5.50%, 4/15/2033		2,089		2,454
Pool # 604209, 6.50%, 4/15/2033		50		57
Pool # 614546, 5.50%, 6/15/2033		19		22
Pool # 781614, 7.00%, 6/15/2033		143		176
Pool # 781689, 5.50%, 12/15/2033		82		96
Pool # 632415, 5.50%, 7/15/2034		25		28
Pool # 574710, 5.50%, 9/15/2034		104		116
Pool # 782615, 7.00%, 6/15/2035		1,375		1,631
Pool # 782025, 6.50%, 12/15/2035		488		579
Pool # 617486, 7.00%, 4/15/2037		229		270
Pool # 782212, 7.50%, 10/15/2037		263		311
Pool # BI6868, 5.00%, 3/15/2049		5,349		6,063
Pool # BM1726, 5.00%, 3/15/2049		6,753		7,650
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		2		2
Pool # 1989, 8.50%, 4/20/2025		9		9
Pool # 2006, 8.50%, 5/20/2025		19		21
Pool # 2141, 8.00%, 12/20/2025		3		3
Pool # 2234, 8.00%, 6/20/2026		8		9
Pool # 2270, 8.00%, 8/20/2026		6		7
Pool # 2285, 8.00%, 9/20/2026		7		8
Pool # 2324, 8.00%, 11/20/2026		6		7
Pool # 2499, 8.00%, 10/20/2027		14		16
Pool # 2512, 8.00%, 11/20/2027		14		16
Pool # 2525, 8.00%, 12/20/2027		7		8
Pool # 2549, 7.50%, 2/20/2028		8		9
Pool # 2562, 6.00%, 3/20/2028		40		45
Pool # 2606, 8.00%, 6/20/2028		4		4
Pool # 2633, 8.00%, 8/20/2028		1		1
Pool # 2646, 7.50%, 9/20/2028		26		29
Pool # 2647, 8.00%, 9/20/2028		2		2
Pool # 2781, 6.50%, 7/20/2029		479		552
Pool # 4224, 7.00%, 8/20/2038		154		178
Pool # 4245, 6.00%, 9/20/2038		3,285		3,782

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 783389, 6.00%, 8/20/2039		1,519		1,734
Pool # 783444, 5.50%, 9/20/2039		848		978
Pool # 783967, 4.25%, 12/20/2044		6,120		6,673
Pool # AK8791, 3.75%, 7/20/2045		2,130		2,288
Pool # BD0481, 4.00%, 12/20/2047		2,979		3,196
Pool # BD0484, 4.50%, 12/20/2047		17,630		19,081
Pool # BE0207, 4.50%, 2/20/2048		6,115		6,726
Pool # BE0208, 4.50%, 2/20/2048		9,062		9,875
Pool # BE5169, 4.50%, 2/20/2048		15,895		17,358
Pool # BF2333, 5.50%, 3/20/2048		782		885
Pool # BA7567, 4.50%, 5/20/2048		6,913		7,478
Pool # BG6360, 5.00%, 5/20/2048		13,588		15,306
Pool # BF2574, 5.50%, 5/20/2048		723		807
Pool # BI0728, 5.00%, 7/20/2048		11,524		13,040
Pool # BD0551, 4.50%, 8/20/2048		7,139		7,799
Pool # BI5288, 5.00%, 8/20/2048		14,564		16,407
Pool # BI5289, 5.00%, 8/20/2048		23,111		25,927
Pool # AY2411, 4.25%, 9/20/2048		4,580		5,095
Pool # 784598, 5.00%, 9/20/2048		24,204		27,131
Pool # 784626, 4.50%, 10/20/2048		8,506		9,204
Pool # BK2586, 5.00%, 11/20/2048		9,868		10,866
Pool # BJ7082, 5.00%, 12/20/2048		1,011		1,129
Pool # BJ7085, 5.00%, 12/20/2048		6,140		6,818
Pool # BK7169, 5.00%, 12/20/2048		22,367		24,647
Pool # BK8878, 4.50%, 2/20/2049		6,116		6,613
Pool # BK7189, 5.00%, 2/20/2049		20,620		22,755
Pool # BJ9972, 5.50%, 2/20/2049		3,678		4,127
Pool # BK7198, 4.50%, 3/20/2049		10,331		11,183
Pool # BK7199, 5.00%, 3/20/2049		5,156		5,700
Pool # BL8042, 5.00%, 3/20/2049		12,337		13,888
Pool # BL9333, 5.00%, 3/20/2049		5,943		6,679
Pool # BG0079, 5.50%, 3/20/2049		4,545		5,059
Pool # BI6888, 5.50%, 3/20/2049		1,910		2,142
Pool # BL6756, 5.50%, 3/20/2049		1,142		1,285
Pool # BJ1322, 5.00%, 4/20/2049		7,688		8,644
Pool # BJ9622, 5.00%, 4/20/2049		5,608		6,196
Pool # BK7209, 5.00%, 4/20/2049		25,427		28,121
Pool # BL6758, 5.50%, 4/20/2049		5,662		6,345
Pool # BM9664, 4.50%, 5/20/2049		26,058		28,616
Pool # BM2188, 5.00%, 6/20/2049		802		873
Pool # BM9683, 5.00%, 6/20/2049		49,651		54,955
Pool # BO2880, 5.00%, 6/20/2049		1,167		1,276
Pool # BN3950, 5.50%, 6/20/2049		9,009		10,098
Pool # BN2629, 4.00%, 7/20/2049		21,819		23,750
Pool # BI0926, 5.00%, 7/20/2049		1,890		2,109

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 55

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BI0927, 5.00%, 7/20/2049		1,362		1,487
Pool # BM2186, 5.00%, 7/20/2049		1,680		1,843
Pool # BM2187, 5.00%, 7/20/2049		960		1,050
Pool # BO2871, 5.00%, 7/20/2049		883		978
Pool # BO2872, 5.00%, 7/20/2049		2,121		2,345
Pool # BO2878, 5.00%, 7/20/2049		1,295		1,446
Pool # BO2879, 5.00%, 7/20/2049		1,649		1,822
Pool # BO3162, 5.00%, 7/20/2049		77,175		87,588
Pool # BO3173, 5.00%, 7/20/2049		1,648		1,829
Pool # BO3174, 5.00%, 7/20/2049		1,525		1,677
Pool # BO3175, 5.00%, 7/20/2049		1,217		1,360
Pool # BO8226, 5.00%, 7/20/2049		1,336		1,495
Pool # BO8229, 5.00%, 7/20/2049		27,924		31,252
Pool # BO8235, 5.00%, 7/20/2049		1,885		2,082
Pool # BO8236, 5.00%, 7/20/2049		2,679		2,928
Pool # BP4243, 5.00%, 8/20/2049		18,442		20,496
Pool # BN2649, 3.50%, 9/20/2049		6,033		6,472
Pool # BM9713, 4.50%, 9/20/2049		7,591		8,232
Pool # BP4337, 4.50%, 9/20/2049		26,031		28,831
Pool # BQ3224, 4.50%, 9/20/2049		21,254		23,612
Pool # 784810, 5.00%, 9/20/2049		26,471		29,945
Pool # BM9734, 4.00%, 10/20/2049		11,634		12,565
Pool # 784847, 4.50%, 11/20/2049		43,152		47,492
Pool # BQ8694, 4.50%, 11/20/2049		1,223		1,355
Pool # BQ8696, 4.50%, 11/20/2049		1,273		1,416
Pool # BR2686, 4.50%, 11/20/2049		3,535		3,901
Pool # BR2687, 4.50%, 11/20/2049		6,494		7,217
Pool # BR2688, 4.50%, 11/20/2049		3,974		4,398
Pool # BR2689, 4.50%, 11/20/2049		5,450		6,047
Pool # BR2739, 4.50%, 11/20/2049		3,637		4,034
Pool # BR2756, 4.50%, 11/20/2049		2,799		3,112
Pool # BR2757, 4.50%, 11/20/2049		2,694		2,981
Pool # BR3820, 4.50%, 11/20/2049		1,025		1,143
Pool # BR3821, 4.50%, 11/20/2049		2,099		2,314
Pool # BS0953, 4.50%, 11/20/2049		2,408		2,673
Pool # BQ4131, 3.50%, 12/20/2049		20,712		22,117
Pool # BI0940, 4.50%, 12/20/2049		992		1,104
Pool # BQ3796, 4.50%, 12/20/2049		4,634		5,176
Pool # BR2730, 4.50%, 12/20/2049		1,227		1,355
Pool # BR2731, 4.50%, 12/20/2049		1,470		1,634
Pool # BR2732, 4.50%, 12/20/2049		2,223		2,470
Pool # BR2755, 4.50%, 12/20/2049		1,657		1,830
Pool # BR3822, 4.50%, 12/20/2049		2,586		2,874
Pool # BR3823, 4.50%, 12/20/2049		2,551		2,823
Pool # BR3824, 4.50%, 12/20/2049		4,945		5,492

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # BS0951, 4.50%, 12/20/2049		2,478		2,761
Pool # BS0952, 4.50%, 12/20/2049		1,906		2,118
Pool # BQ4132, 3.50%, 1/20/2050		7,761		8,328
Pool # BQ4133, 3.50%, 1/20/2050		7,669		8,338
Pool # BR1548, 3.50%, 1/20/2050		5,138		5,418
Pool # BS8380, 4.50%, 2/20/2050		9,035		10,129
Pool # BP8085, 3.00%, 3/20/2050		7,031		7,411
Pool # BR3892, 4.00%, 3/20/2050		18,960		21,162
Pool # BT8094, 4.00%, 4/20/2050		1,276		1,427
Pool # BT8095, 4.00%, 4/20/2050		7,044		7,796
Pool # BT8096, 4.00%, 4/20/2050		9,773		10,736
Pool # BT8097, 4.00%, 4/20/2050		10,884		11,930
Pool # BT8098, 4.00%, 4/20/2050		12,766		13,968
Pool # BT8099, 4.00%, 4/20/2050		13,026		14,188
GNMA II, Other
Pool # AD0858, 3.75%, 9/20/2038		639		683
Pool # 4285, 6.00%, 11/20/2038		27		30
Pool # AD0862, 3.75%, 1/20/2039		1,531		1,638
Pool # AC0973, 4.20%, 5/20/2063 (h)		637		645
Pool # 784879, 4.14%, 11/20/2069 (h)		33,000		38,365
Total Mortgage-Backed Securities (Cost $6,265,176)				6,586,432
Asset-Backed Securities — 9.7%
ABFC Trust
Series 2005-AQ1, Class A4, 4.63%, 1/25/2034 ‡ (d)		1,062		1,079
Academic Loan Funding Trust
Series 2013-1A, Class A, 0.98%, 12/26/2044 (a) (h)		2,343		2,264
ACC Trust
Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		12,079		12,142
Accelerated Assets LLC
Series 2018-1, Class A, 3.87%, 12/2/2033 (a)		11,244		11,515
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		9,846		9,009
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		4,353		3,999
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		7,722		7,179
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		7,442		6,100
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		441		394

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2014-1, Class A, 3.70%, 10/1/2026		295		246
Series 2016-3, Class AA, 3.00%, 10/15/2028		18,377		17,115
Series 2017-1, Class AA, 3.65%, 2/15/2029		4,351		4,156
Series 2019-1, Class AA, 3.15%, 2/15/2032		12,080		11,321
American Credit Acceptance Receivables Trust
Series 2018-1, Class C, 3.55%, 4/10/2024 (a)		1,536		1,539
Series 2020-2, Class B, 2.48%, 9/13/2024 (a)		1,125		1,150
Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		2,030		2,132
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (a)		16,476		17,620
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		7,420		8,158
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		11,254		12,150
Series 2014-SFR2, Class B, 4.29%, 10/17/2036 ‡ (a)		2,400		2,596
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (a)		8,100		8,929
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (a)		7,300		8,102
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		8,957		9,618
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (a)		3,750		4,073
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		16,970		18,918
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (a)		1,415		1,582
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		13,550		13,890
Series 2017-4, Class C, 2.60%, 9/18/2023		18,856		19,312
AMSR Trust
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		40,100		40,775
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		2,949		2,996
Series 2020-SFR2, Class D, 3.28%, 7/17/2037 (a)		15,495		16,054

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 ‡ (a)		12,912		13,456
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (a)		9,600		9,604
Series 2019-SFR1, Class E, 3.47%, 1/19/2039 ‡ (a) (h)		7,800		7,593
Aqua Finance Trust
Series 2017-A, Class A, 3.72%, 11/15/2035 (a)		10,689		10,726
Series 2019-A, Class A, 3.14%, 7/16/2040 (a)		21,472		21,899
Series 2020-AA, Class B, 2.79%, 7/17/2046 (a)		2,750		2,759
Arivo Acceptance Auto Loan Receivables Trust
Series 2019-1, Class A, 2.99%, 7/15/2024 (a)		20,380		20,680
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class A, 2.33%, 8/20/2026 (a)		24,040		24,563
B2R Mortgage Trust
Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		913		912
BMW Vehicle Owner Trust
Series 2018-A, Class A3, 2.35%, 4/25/2022		11,332		11,396
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		7,998		7,644
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		12,789		10,487
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		9,521		8,783
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		14,663		14,688
Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		30,220		30,215
Series 2018-2, Class B, 5.44%, 6/15/2033 (a)		7,101		7,143
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		40,621		40,727
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (a)		2,446		2,448
BXG Receivables Note Trust
Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		530		532
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		39,491		39,404

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 57

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (a)		42,640		42,640
Capital Auto Receivables Asset Trust
Series 2018-1, Class A3, 2.79%, 1/20/2022 (a)		4,751		4,763
Carnow Auto Receivables Trust
Series 2018-1A, Class C, 5.21%, 9/15/2023 (a)		14,000		13,767
CARS-DB4 LP
Series 2020-1A, Class A5, 3.48%, 2/15/2050 (a)		5,750		5,785
Series 2020-1A, Class A6, 3.81%, 2/15/2050 (a)		6,000		6,203
Carvana Auto Receivables Trust
Series 2019-4A, Class C, 2.72%, 1/15/2025 (a)		11,000		11,200
Chase Funding Trust
Series 2003-4, Class 1A5, 5.09%, 5/25/2033 ‡ (d)		992		1,032
Series 2003-6, Class 1A5, 4.99%, 11/25/2034 ‡ (d)		1,271		1,332
Series 2003-6, Class 1A7, 4.99%, 11/25/2034 ‡ (d)		2,167		2,259
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023 (a)		208		208
Series 2019-1A, Class C, 3.82%, 8/15/2024 (a)		3,000		3,079
Citibank Credit Card Issuance Trust
Series 2007-A3, Class A3, 6.15%, 6/15/2039		950		1,393
Consumer Loan Underlying Bond Credit Trust
Series 2018-P1, Class A, 3.39%, 7/15/2025 (a)		302		302
Continental Airlines Pass-Through Trust
Series 2007-1, Class A, 5.98%, 4/19/2022		2,368		2,253
COOF Securitization Trust Ltd.
Series 2014-1, Class A, IO, 3.08%, 6/25/2040 ‡ (a) (h)		5,136		467
CoreVest American Finance Trust
Series 2019-2, Class B, 3.42%, 6/15/2052 ‡ (a)		5,250		5,369
Series 2019-2, Class C, 3.68%, 6/15/2052 ‡ (a)		5,526		5,545
Series 2019-3, Class A, 2.71%, 10/15/2052 (a)		37,723		39,574

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		2,446		2,450
Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		1,405		1,414
Series 2018-B, Class B, 3.23%, 7/15/2022 (a)		1,637		1,639
Series 2017-D, Class C, 3.01%, 10/17/2022 (a)		3,484		3,501
Series 2018-A, Class C, 3.05%, 12/15/2023 (a)		1,607		1,618
CPS Auto Trust
Series 2017-A, Class C, 3.31%, 12/15/2022 (a)		833		834
Series 2017-A, Class D, 4.61%, 12/15/2022 (a)		3,060		3,109
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class C, 3.35%, 6/15/2026 (a)		5,343		5,366
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		7,351		7,386
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		18,903		19,521
Series 2020-1A, Class C, 2.59%, 6/15/2029 (a)		25,115		25,082
Crown Castle Towers LLC 4.24%, 7/15/2028 (a)		10,000		11,238
Currency Capital Funding Trust
Series 2018-1A, Class A, 4.41%, 3/17/2026 ‡ (a) (h)		70,000		68,775
Series 2018-1A, Class A2, 4.41%, 3/17/2026 ‡ (a) (h)		1,932		1,898
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 0.93%, 3/25/2034 ‡ (h)		165		164
Series 2004-1, Class M2, 1.00%, 3/25/2034 ‡ (h)		56		55
Series 2004-1, Class 3A, 0.74%, 4/25/2034 ‡ (h)		220		193
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-6, Class M1, 1.08%, 10/25/2034 (h)		82		76
Diamond Resorts Owner Trust
Series 2017-1A, Class A, 3.27%, 10/22/2029 (a)		6,651		6,709
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (a)		2,340		2,327
Drive Auto Receivables Trust
Series 2017-BA, Class D, 3.72%, 10/17/2022 (a)		4,248		4,272

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2017-1, Class D, 3.84%, 3/15/2023		14,788		14,984
Series 2019-2, Class B, 3.17%, 11/15/2023		8,290		8,396
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		42,443		43,013
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		14,162		14,409
Series 2018-2, Class C, 3.63%, 8/15/2024		6,346		6,381
Series 2018-3, Class D, 4.30%, 9/16/2024		31,281		32,662
Series 2019-4, Class C, 2.51%, 11/17/2025		16,130		16,450
Series 2019-1, Class D, 4.09%, 6/15/2026		15,350		16,062
Series 2019-2, Class D, 3.69%, 8/17/2026		14,220		14,710
Series 2019-4, Class D, 2.70%, 2/16/2027		12,550		12,691
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		841		842
Series 2019-2A, Class B, 2.99%, 4/17/2023 (a)		15,165		15,382
Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		5,866		5,911
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		8,843		8,894
Series 2018-1A, Class C, 3.47%, 12/15/2023 (a)		4,817		4,831
Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		14,372		14,609
Series 2018-2A, Class D, 4.15%, 3/15/2024 (a)		18,000		18,408
Series 2019-1A, Class D, 3.87%, 11/15/2024 (a)		9,800		10,128
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class B, 2.96%, 3/25/2030 (a)		4,048		3,987
Series 2017-A, Class C, 3.31%, 3/25/2030 (a)		2,732		2,653
Exeter Automobile Receivables Trust
Series 2016-3A, Class C, 4.22%, 6/15/2022 (a)		2,285		2,300
Series 2018-1A, Class C, 3.03%, 1/17/2023 (a)		7,312		7,360
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		9,251		9,434

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		33,155		33,729
Series 2019-1A, Class C, 3.82%, 12/16/2024 (a)		8,170		8,338
Series 2019-1A, Class D, 4.13%, 12/16/2024 (a)		7,600		7,878
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		18,525		18,925
Series 2020-1A, Class D, 2.73%, 12/15/2025 (a)		22,035		22,327
First Investors Auto Owner Trust
Series 2017-1A, Class C, 2.95%, 4/17/2023 (a)		7,127		7,177
FirstKey Homes Trust
Series 2020-SFR1, Class D, 2.24%, 9/17/2025 (a)		6,450		6,448
Series 2020-SFR1, Class E, 2.79%, 9/17/2025 (a)		11,250		11,272
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		1,748		1,750
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		17,898		18,163
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		4,658		4,679
Series 2017-R, 6.05%, 10/18/2023		10,662		10,449
Series 2019-2, Class B, 2.92%, 4/15/2025 (a)		21,324		21,868
FNMA, Grantor Trust
Series 2017-T1, Class A, 2.90%, 6/25/2027		86,529		95,203
Foundation Finance Trust
Series 2019-1A, Class A, 3.86%, 11/15/2034 (a)		19,999		20,553
Series 2019-1A, Class C, 5.66%, 11/15/2034 ‡ (a)		18,930		18,550
Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)		57,191		58,946
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024 (a)		1,243		1,244
Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (a)		6,000		6,011
Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		1,504		1,505
Series 2019-1, Class A, 3.42%, 6/18/2026 (a)		1,560		1,561

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 59

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		16,311		16,326
GE Capital Mortgage Services, Inc. Trust
Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (h)		150		133
Genesis Sales Finance Master Trust
Series 2019-AA, Class A, 4.68%, 8/20/2023 (a)		26,600		26,762
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class A, 3.37%, 1/17/2023 (a)		3,955		3,985
GLS Auto Receivables Trust
Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		1,324		1,328
Series 2018-1A, Class A, 2.82%, 7/15/2022 (a)		441		443
Gold Key Resorts LLC
Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		1,448		1,448
Golden Bear LLC
Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (a)		4,542		4,486
Goodgreen
Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		35,580		36,074
Goodgreen Trust
Series 2016-1A, Class A, 3.23%, 10/15/2052 (a)		16,149		16,863
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		4,677		4,941
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		21,476		22,206
HERO (Cayman Islands)
Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		11,824		11,232
HERO Funding (Cayman Islands)
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		18,581		19,465
Series 2018-1A, Class A2, 4.67%, 9/20/2048 (a)		23,756		25,383
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (a)		3,952		3,982
3.75%, 9/21/2044 ‡		8,960		8,389
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (a)		3,727		3,812
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		7,540		7,693

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-4A, Class A1, 3.57%, 9/20/2047 (a)		2,155		2,255
Series 2016-4A, Class A2, 4.29%, 9/20/2047 (a)		4,489		4,753
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		14,717		15,765
HERO Residual Funding (Cayman Islands)
Series 2016-1R, Class A1, 4.50%, 9/21/2042 (a)		3,306		3,140
Hertz Fleet Lease Funding LP
Series 2018-1, Class A2, 3.23%, 5/10/2032 (a)		8,498		8,545
Hertz Vehicle Financing II LP
Series 2018-1A, Class A, 3.29%, 2/25/2024 (a)		12,349		12,356
Hilton Grand Vacations Trust
Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		2,044		2,081
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)		15,601		16,129
Home Equity Mortgage Loan Asset-Backed Trust
Series 2006-A, Class A3, 0.38%, 3/25/2036 ‡ (h)		176		174
Hyundai Auto Receivables Trust
Series 2018-A, Class A3, 2.79%, 7/15/2022		6,513		6,580
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 ‡ (a)		22,411		22,202
Series 2019-1, Class C, 4.61%, 3/15/2024 ‡ (a)		34,000		28,730
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 3.39%, 9/25/2026 ‡ (a) (h)		850		9
Series 2014-1, Class A, IO, 1.54%, 10/25/2032 ‡ (a) (h)		16,764		577
Series 2012-4, Class A, IO, 0.97%, 9/25/2037 ‡ (a) (h)		37,064		920
Series 2012-2, Class A, IO, 0.88%, 8/25/2038 ‡ (a) (h)		20,576		423
Series 2013-2, Class A, IO, 1.79%, 3/25/2039 ‡ (a) (h)		18,711		780
Series 2012-6, Class A, IO, 0.71%, 5/25/2039 ‡ (a) (h)		17,849		265
Series 2014-2, Class A, IO, 2.95%, 4/25/2040 ‡ (a) (h)		4,986		427
Series 2015-2, Class A, IO, 3.67%, 7/25/2041 ‡ (a) (h)		4,162		491

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Lending Point Asset Securitization Trust
Series 2020-1, Class A, 2.51%, 2/10/2026 (a)		10,168		10,166
Lendingpoint Funding Trust
Series 2018-1, Class A2, 4.16%, 11/15/2024 ‡ (a) (h)		37,652		37,275
Lendmark Funding Trust
Series 2019-2A, Class A, 2.78%, 4/20/2028 (a)		17,859		17,945
Series 2019-2A, Class B, 3.22%, 4/20/2028 ‡ (a)		6,150		5,837
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/2027 (a)		5,728		5,753
Long Beach Mortgage Loan Trust
Series 2004-1, Class M1, 0.93%, 2/25/2034 ‡ (h)		1,222		1,186
Series 2004-3, Class M1, 1.03%, 7/25/2034 ‡ (h)		301		286
LP LMS Asset Securitization Trust
Series 2019-1A, Class A, 4.21%, 11/10/2025 (a)		17,933		18,175
Series 2020-1A, Class A, 3.97%, 2/10/2026 (a)		27,433		27,903
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		21,923		22,112
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		7,865		7,932
Mariner Finance Issuance Trust
Series 2019-AA, Class A, 2.96%, 7/20/2032 (a)		33,360		33,891
Mid-State Capital Corp. Trust
Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		5,520		5,919
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045 (a)		1,216		1,239
Series 2010-1, Class M, 5.25%, 12/15/2045 ‡ (a)		2,189		2,266
MVW Owner Trust
Series 2019-1A, Class A, 2.89%, 11/20/2036 (a)		15,410		15,816
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.00%, 11/25/2033 ‡ (d)		1,236		1,276
NMEF Funding LLC
Series 2019-A, Class A, 2.73%, 8/17/2026 (a)		18,991		19,113

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-A, Class B, 3.06%, 8/17/2026 ‡ (a)		11,000		11,184
Octane Receivables Trust Series 2019-1A, Class A, 3.16%, 9/20/2023 (a)		21,630		21,572
OL SP LLC
Series 2018, Class A, 4.16%, 2/9/2030		3,481		3,561
Series 2018, Class B, 4.61%, 2/9/2030 ‡		1,088		1,085
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		4,162		4,139
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		25,537		26,115
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		35,735		36,069
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		45,920		46,029
Orange Lake Timeshare Trust Series 2019-A, Class B, 3.36%, 4/9/2038 ‡ (a)		10,949		10,936
Pretium Mortgage Credit Partners I LLC
Series 2020-NPL1, Class A1, 2.86%, 5/27/2059 (a) (d)		35,231		34,904
Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (a) (d)		56,171		55,671
Series 2020-NPL2, Class A1, 3.72%, 2/27/2060 ‡ (a) (d)		27,618		27,650
Progress Residential Trust
Series 2017-SFR1, Class E, 4.26%, 8/17/2034 ‡ (a)		6,500		6,610
Series 2018-SFR1, Class E, 4.38%, 3/17/2035 ‡ (a)		12,400		12,568
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (a)		27,455		28,039
Prosper Marketplace Issuance Trust
Series 2019-1A, Class A, 3.54%, 4/15/2025 (a)		310		310
Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		5,751		5,779
PRPM LLC Series 2020-1A, Class A1, 2.98%, 2/25/2025 ‡ (a) (d)		14,340		14,265
Purchasing Power Funding LLC
Series 2018-A, Class B, 3.58%, 8/15/2022 ‡ (a)		6,845		6,864

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 61

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-A, Class C, 3.78%, 8/15/2022 ‡ (a)		6,795		6,822
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044 (a) (h)		21,880		20,376
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		17,082		17,099
Series 2019-1, Class A, 3.05%, 11/15/2028 (a)		21,818		21,723
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (d)		96		31
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		6,056		6,279
RFLF 1 Issuer LLC Series 2018-1A, Class A, 5.25%, 6/12/2022 ‡ (a)		45,000		45,000
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (a)		17,677		17,677
Santander Drive Auto Receivables Trust
Series 2018-1, Class D, 3.32%, 3/15/2024		32,463		33,240
Series 2019-2, Class C, 2.90%, 10/15/2024		17,830		18,214
Series 2019-1, Class C, 3.42%, 4/15/2025		16,565		17,013
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.20%, 1/25/2036 ‡ (d)		490		473
Sierra Timeshare Receivables Funding LLC Series 2020-2A, Class C, 3.51%, 7/20/2037 (a)		9,000		9,062
SoFi Professional Loan Program LLC Series 2018-A, Class A2A, 2.39%, 2/25/2042 (a)		251		251
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		3,769		3,525
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)		1,798		1,837
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2004-6XS, Class A5A, 6.03%, 3/25/2034 ‡ (d)		603		614
Series 2004-6XS, Class A5B, 6.05%, 3/25/2034 ‡ (d)		482		492

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032 ‡		160		154
Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		422		410
Synchrony Card Funding LLC Series 2019-A2, Class A, 2.34%, 6/15/2025		47,475		48,885
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		34,000		34,995
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020 (a)		2,906		2,909
Tricon American Homes Trust
Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (a)		13,723		13,759
Series 2019-SFR1, Class D, 3.20%, 3/17/2038 ‡ (a)		4,641		4,774
Series 2019-SFR1, Class E, 3.40%, 3/17/2038 ‡ (a)		11,000		10,952
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		964		897
Series 2016-1, Class B, 3.65%, 1/7/2026		793		595
Series 2018-1, Class B, 4.60%, 3/1/2026		3,493		2,608
Series 2014-1, Class A, 4.00%, 4/11/2026		5,679		5,320
Series 2019-2, Class B, 3.50%, 5/1/2028		12,165		8,621
Series 2016-1, Class AA, 3.10%, 7/7/2028		2,441		2,370
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,562		1,460
Series 2018-1, Class AA, 3.50%, 3/1/2030		14,896		13,967
Series 2019-1, Class AA, 4.15%, 8/25/2031		14,566		14,433
Series 2019-1, Class A, 4.55%, 8/25/2031		13,169		11,064
Series 2019-2, Class AA, 2.70%, 5/1/2032		7,501		6,916
Upstart Securitization Trust Series 2018-1, Class C, 5.00%, 8/20/2025 ‡ (a)		603		602
US Auto Funding LLC
Series 2019-1A, Class A, 3.61%, 4/15/2022 (a)		9,774		9,818

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		2,620		2,647
Series 2018-1A, Class A, 5.50%, 7/15/2023 (a)		10,551		10,790
USASF Receivables LLC Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)		20,000		20,079
VCAT LLC Series 2020-NPL1, Class A1, 3.67%, 8/25/2050 (a) (d)		9,000		9,001
Vericrest Opportunity Loan Trust
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (a) (d)		20,370		20,212
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 ‡ (a) (d)		27,299		27,300
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		40,448		40,030
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 ‡ (a) (d)		23,380		22,478
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 ‡ (a) (d)		33,686		33,776
Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (a)		2,918		2,924
VMD-WL1 4.71%, 1/31/2021		25,059		24,911
VOLT LXXX LLC
Series 2019-NPL6, Class A1A, 3.23%, 10/25/2049 ‡ (a) (d)		8,875		8,797
Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (a) (d)		29,200		28,197
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (a) (d)		9,122		9,077
VOLT LXXXIV LLC Series 2019-NP10, Class A1A, 3.43%, 12/27/2049 ‡ (a) (d)		34,867		34,804
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (d)		27,608		27,473
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		53,729		53,336
VOLT LXXXVIII LLC Series 2020-NPL4, Class A1, 2.98%, 3/25/2050 ‡ (a) (d)		21,903		21,590
Welk Resorts LLC Series 2019-AA, Class C, 3.34%, 6/15/2038 (a)		8,709		8,391

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Westgate Resorts LLC
Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		4,253		4,262
Series 2020-1A, Class B, 3.96%, 3/20/2034 ‡ (a)		43,547		44,554
Westlake Automobile Receivables Trust Series 2018-1A, Class C, 2.92%, 5/15/2023 (a)		483		483
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		34,790		35,970
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		13,116		13,328
Total Asset-Backed Securities (Cost $3,370,819)				3,386,283
Collateralized Mortgage Obligations — 8.6%
ACC 1/15/2021 ‡		33,654		33,654
Acre 6.25%, 12/22/2021 ‡		42,290		41,867
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		4,144		4,190
Series 2005-1CB, Class 1A6, IF, IO, 6.92%, 3/25/2035 ‡ (h)		1,244		205
Series 2005-22T1, Class A2, IF, IO, 4.89%, 6/25/2035 ‡ (h)		4,769		829
Series 2005-20CB, Class 3A8, IF, IO, 4.57%, 7/25/2035 ‡ (h)		4,152		618
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,714		1,693
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		62		42
Series 2005-37T1, Class A2, IF, IO, 4.87%, 9/25/2035 ‡ (h)		16,599		2,824
Series 2005-54CB, Class 1A2, IF, IO, 4.67%, 11/25/2035 ‡ (h)		6,410		1,058
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,622		1,551
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		23		22
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		682		663
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (h)		22		23

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 63

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Antler Mortgage Trust
Series 2019-RTL1, Class A1, 4.46%, 6/27/2022 (a)		21,281		21,339
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (a)		23,197		23,239
ASG Resecuritization Trust Series 2011-1, Class 2A35, 6.00%, 9/28/2036 (a)		1,301		1,249
Banc of America Alternative Loan Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		8		7
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		263		264
Series 2005-9, Class CBIO, IO, 5.50%, 10/25/2035 ‡		835		129
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		205		164
Series 2004-2, Class 1CB1, 5.75%, 9/20/2034		246		265
Series 2004-C, Class 1A1, 4.41%, 12/20/2034 (h)		295		292
Series 2005-E, Class 4A1, 3.86%, 3/20/2035 (h)		52		53
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		194		187
Series 2005-7, Class 30, PO, 11/25/2035 ‡		185		167
Series 2005-8, Class 30, PO, 1/25/2036 ‡		77		57
Series 2006-1, Class X, PO, 1/25/2036 ‡		106		77
Banc of America Mortgage Trust Series 2003-C, Class 3A1, 4.00%, 4/25/2033 (h)		98		96
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (h)		264		265
Bear Stearns ARM Trust
Series 2003-2, Class A5, 4.01%, 1/25/2033 (a) (h)		876		863
Series 2003-7, Class 3A, 3.31%, 10/25/2033 (h)		49		46
Series 2004-2, Class 14A, 3.69%, 5/25/2034 (h)		376		357
Series 2006-1, Class A1, 3.84%, 2/25/2036 (h)		1,158		1,164
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048 (a) (d)		11,242		11,263
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates Series 2003-8, Class 1P, PO, 10/25/2033 ‡		80		74

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates Series 2004-1, Class P, PO, 2/25/2034 ‡		38		33
Chase Mortgage Finance Trust
Series 2007-A2, Class 1A1, 3.52%, 6/25/2035 (h)		209		200
Series 2007-A2, Class 2A1, 3.53%, 6/25/2035 (h)		368		363
Series 2007-A1, Class 2A1, 3.16%, 2/25/2037 (h)		471		465
Series 2007-A1, Class 7A1, 3.36%, 2/25/2037 (h)		74		73
Series 2007-A1, Class 9A1, 3.77%, 2/25/2037 (h)		242		237
Series 2007-A1, Class 1A3, 3.78%, 2/25/2037 (h)		261		258
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		13		14
Series 2002-18, PO, 11/25/2032 ‡		55		50
Series 2004-3, Class A26, 5.50%, 4/25/2034		223		227
Series 2004-3, Class A4, 5.75%, 4/25/2034		151		155
Series 2004-HYB1, Class 2A, 3.27%, 5/20/2034 (h)		77		75
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (h)		500		486
Series 2004-7, Class 2A1, 3.56%, 6/25/2034 (h)		55		57
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		923		953
Series 2004-HYB6, Class A3, 3.55%, 11/20/2034 (h)		291		290
Series 2005-14, Class A2, 5.50%, 7/25/2035		173		147
Series 2005-16, Class A23, 5.50%, 9/25/2035		77		69
Series 2005-22, Class 2A1, 3.46%, 11/25/2035 (h)		1,196		1,099
Citicorp Mortgage Securities Trust
Series 2006-1, Class 2A1, 5.00%, 2/25/2021		13		14
Series 2006-4, Class 1A2, 6.00%, 8/25/2036		397		404
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		1		1

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (h)		441		439
Citigroup Mortgage Loan Trust
Series 2009-10, Class 1A1, 3.50%, 9/25/2033 (a) (h)		1,336		1,320
Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (h)		3,475		3,487
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3, PO, 9/25/2033 ‡		35		32
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		25		26
Series 2003-1, Class 2, PO, 10/25/2033 ‡		20		17
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		25		24
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		145		149
Series 2004-UST1, Class A6, 2.95%, 8/25/2034 (h)		81		76
Series 2005-1, Class 2A1A, 2.51%, 2/25/2035 (h)		189		161
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		852		883
Series 2005-5, Class 1A2, 3.06%, 8/25/2035 (h)		527		413
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (h) (k)		8,628		136
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		82		75
Series 2003-1, Class DB1, 6.73%, 2/25/2033 (h)		570		581
Series 2003-AR15, Class 3A1, 3.49%, 6/25/2033 (h)		199		196
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		339		350
Series 2003-23, Class 1P, PO, 10/25/2033 ‡		338		284
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		168		170
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		193		197
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		286		297
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		657		684

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2005-9, Class AP, PO, 10/25/2035 ‡		126			105
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 ‡		1,518			18
Series 2005-10, Class AP, PO, 11/25/2035 ‡		66			46
CSMA SFR
Zero Coupon, 4/25/2023 ‡		52,170			51,779
CSMA SFR Holdings II 7/25/2023 ‡		47,500			47,453
CVS Pass-Through Trust Series 2009, 8.35%, 7/10/2031 (a)		5,428			6,979
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.03%, 2/25/2020 (h)		94			93
Series 2005-3, Class 1A1, 4.27%, 6/25/2020 (h)		141			141
DT Asset Trust 5.84%, 12/16/2022		21,900			21,922
FHLMC - GNMA
Series 8, Class ZA, 7.00%, 3/25/2023		31			33
Series 24, Class ZE, 6.25%, 11/25/2023		28			30
Series 29, Class L, 7.50%, 4/25/2024		192			206
FHLMC, Reference REMIC
Series R006, Class ZA, 6.00%, 4/15/2036		2,329			2,795
Series R007, Class ZA, 6.00%, 5/15/2036		3,103			3,710
FHLMC, REMIC
Series 1065, Class J, 9.00%, 4/15/2021		—	(i)		—	(i)
Series 1084, Class F, 1.11%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 44.50%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1144, Class KB, 8.50%, 9/15/2021		4			4
Series 3688, Class CU, 6.92%, 11/15/2021 (h)		39			39
Series 3284, Class CB, 5.00%, 3/15/2022		—	(i)		—	(i)
Series 1206, Class IA, 7.00%, 3/15/2022		1			1
Series 1250, Class J, 7.00%, 5/15/2022		2			2
Series 1343, Class LB, 7.50%, 8/15/2022		3			4
Series 1343, Class LA, 8.00%, 8/15/2022		9			9
Series 1370, Class JA, 1.31%, 9/15/2022 (h)		6			6
Series 2512, Class PG, 5.50%, 10/15/2022		161			168
Series 1455, Class WB, IF, 4.59%, 12/15/2022 (h)		7			7
Series 2535, Class BK, 5.50%, 12/15/2022		49			50

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 65

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1470, Class F, 1.76%, 2/15/2023 (h)		1		1
Series 1466, Class PZ, 7.50%, 2/15/2023		59		62
Series 2586, Class HD, 5.50%, 3/15/2023		615		644
Series 1498, Class I, 1.31%, 4/15/2023 (h)		39		39
Series 2595, Class HC, 5.50%, 4/15/2023		723		758
Series 1502, Class PX, 7.00%, 4/15/2023		62		65
Series 1491, Class I, 7.50%, 4/15/2023		12		13
Series 1798, Class F, 5.00%, 5/15/2023		60		63
Series 1505, Class Q, 7.00%, 5/15/2023		7		8
Series 1518, Class G, IF, 8.79%, 5/15/2023 (h)		27		29
Series 2033, Class J, 5.60%, 6/15/2023		136		142
Series 1541, Class O, 0.00%, 7/15/2023 (h)		28		28
Series 2638, Class DS, IF, 8.44%, 7/15/2023 (h)		44		47
Series 1541, Class M, HB, IF, 24.51%, 7/15/2023 (h)		6		7
Series 1570, Class F, 2.18%, 8/15/2023 (h)		2		2
Series 1608, Class L, 6.50%, 9/15/2023		192		206
Series 1573, Class PZ, 7.00%, 9/15/2023		47		50
Series 2571, Class SK, HB, IF, 33.80%, 9/15/2023 (h)		21		29
Series 1591, Class PV, 6.25%, 10/15/2023		28		29
Series 1602, Class SA, HB, IF, 22.18%, 10/15/2023 (h)		24		29
Series 2709, Class PG, 5.00%, 11/15/2023		857		898
Series 2710, Class HB, 5.50%, 11/15/2023		179		186
Series 1642, Class PJ, 6.00%, 11/15/2023		77		81
Series 2720, Class PC, 5.00%, 12/15/2023		90		94
Series 1983, Class Z, 6.50%, 12/15/2023		48		51
Series 2283, Class K, 6.50%, 12/15/2023		58		61
Series 1658, Class GZ, 7.00%, 1/15/2024		27		29
Series 1700, Class GA, PO, 2/15/2024		12		12
Series 1865, Class D, PO, 2/15/2024		52		51
Series 1671, Class L, 7.00%, 2/15/2024		14		15
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		19		21
Series 1686, Class SH, IF, 18.84%, 2/15/2024 (h)		3		4
Series 1709, Class FA, 0.00%, 3/15/2024 (h)		2		2
Series 1699, Class FC, 0.77%, 3/15/2024 (h)		5		5
Series 1695, Class EB, 7.00%, 3/15/2024		24		26
Series 1706, Class K, 7.00%, 3/15/2024		143		153
Series 2033, Class SN, HB, IF, 28.37%, 3/15/2024 (h)		16		3
Series 1720, Class PL, 7.50%, 4/15/2024		84		90

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2306, Class K, PO, 5/15/2024		22		22
Series 2306, Class SE, IF, IO, 10.00%, 5/15/2024 (h)		53		7
Series 1737, Class L, 6.00%, 6/15/2024		93		99
Series 1745, Class D, 7.50%, 8/15/2024		33		37
Series 3614, Class QB, 4.00%, 12/15/2024		1,096		1,151
Series 2903, Class Z, 5.00%, 12/15/2024		265		284
Series 2967, Class S, HB, IF, 32.93%, 4/15/2025 (h)		82		108
Series 3684, Class CY, 4.50%, 6/15/2025		3,746		3,977
Series 3022, Class SX, IF, 16.47%, 8/15/2025 (h)		35		43
Series 3051, Class DP, HB, IF, 27.32%, 10/15/2025 (h)		106		150
Series 3793, Class AB, 3.50%, 1/15/2026		3,745		3,940
Series 1829, Class ZB, 6.50%, 3/15/2026		12		13
Series 1863, Class Z, 6.50%, 7/15/2026		96		102
Series 1890, Class H, 7.50%, 9/15/2026		18		20
Series 1899, Class ZE, 8.00%, 9/15/2026		47		55
Series 1927, Class ZA, 6.50%, 1/15/2027		76		85
Series 1927, Class PH, 7.50%, 1/15/2027		125		143
Series 1963, Class Z, 7.50%, 1/15/2027		46		53
Series 1935, Class FL, 0.86%, 2/15/2027 (h)		3		3
Series 1981, Class Z, 6.00%, 5/15/2027		98		107
Series 1970, Class PG, 7.25%, 7/15/2027		5		6
Series 1987, Class PE, 7.50%, 9/15/2027		42		49
Series 2019, Class Z, 6.50%, 12/15/2027		58		65
Series 2038, Class PN, IO, 7.00%, 3/15/2028		72		11
Series 2040, Class PE, 7.50%, 3/15/2028		220		257
Series 2054, Class PV, 7.50%, 5/15/2028		78		90
Series 2063, Class PG, 6.50%, 6/15/2028		114		129
Series 2064, Class TE, 7.00%, 6/15/2028		14		16
Series 2070, Class C, 6.00%, 7/15/2028		64		72
Series 2075, Class PM, 6.25%, 8/15/2028		243		271
Series 2075, Class PH, 6.50%, 8/15/2028		227		259
Series 2086, Class GB, 6.00%, 9/15/2028		44		50
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		92		9
Series 2095, Class PE, 6.00%, 11/15/2028		208		235
Series 2106, Class ZD, 6.00%, 12/15/2028		391		443
Series 2388, Class FB, 0.76%, 1/15/2029 (h)		94		94

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2110, Class PG, 6.00%, 1/15/2029		542		616
Series 2125, Class JZ, 6.00%, 2/15/2029		120		131
Series 2126, Class CB, 6.25%, 2/15/2029		583		652
Series 2132, Class SB, HB, IF, 29.88%, 3/15/2029 (h)		15		24
Series 2141, IO, 7.00%, 4/15/2029		8		1
Series 2169, Class TB, 7.00%, 6/15/2029		478		553
Series 2163, Class PC, IO, 7.50%, 6/15/2029		38		4
Series 2172, Class QC, 7.00%, 7/15/2029		269		317
Series 2176, Class OJ, 7.00%, 8/15/2029		121		142
Series 3800, Class AI, IO, 4.00%, 11/15/2029		389		6
Series 2196, Class TL, 7.50%, 11/15/2029		1		1
Series 2201, Class C, 8.00%, 11/15/2029		98		113
Series 2204, Class GB, 8.00%, 12/20/2029 (h)		6		6
Series 2208, Class PG, 7.00%, 1/15/2030		238		282
Series 2209, Class TC, 8.00%, 1/15/2030		65		77
Series 2210, Class Z, 8.00%, 1/15/2030		230		279
Series 2224, Class CB, 8.00%, 3/15/2030		54		65
Series 3654, Class DC, 5.00%, 4/15/2030		6,098		7,118
Series 2230, Class Z, 8.00%, 4/15/2030		76		91
Series 2234, Class PZ, 7.50%, 5/15/2030		56		67
Series 2247, Class Z, 7.50%, 8/15/2030		53		63
Series 2256, Class MC, 7.25%, 9/15/2030		132		159
Series 2259, Class ZM, 7.00%, 10/15/2030		171		203
Series 2262, Class Z, 7.50%, 10/15/2030		16		19
Series 2271, Class PC, 7.25%, 12/15/2030		170		203
Series 2296, Class PD, 7.00%, 3/15/2031		100		119
Series 2313, Class LA, 6.50%, 5/15/2031		37		43
Series 2325, Class PM, 7.00%, 6/15/2031		85		102
Series 2359, Class ZB, 8.50%, 6/15/2031		203		249
Series 2333, Class HC, 6.00%, 7/15/2031		79		92
Series 2332, Class ZH, 7.00%, 7/15/2031		201		239
Series 2344, Class ZD, 6.50%, 8/15/2031		1,224		1,425
Series 2344, Class ZJ, 6.50%, 8/15/2031		128		152
Series 2345, Class NE, 6.50%, 8/15/2031		88		103
Series 2351, Class PZ, 6.50%, 8/15/2031		110		126
Series 2367, Class ME, 6.50%, 10/15/2031		116		131
Series 2399, Class OH, 6.50%, 1/15/2032		153		180
Series 2399, Class TH, 6.50%, 1/15/2032		176		208

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2418, Class FO, 1.06%, 2/15/2032 (h)		474		479
Series 2410, Class OE, 6.38%, 2/15/2032		117		128
Series 2410, Class NG, 6.50%, 2/15/2032		203		239
Series 2420, Class XK, 6.50%, 2/15/2032		243		286
Series 2475, Class S, IF, IO, 7.84%, 2/15/2032 (h)		489		100
Series 2410, Class QX, IF, IO, 8.49%, 2/15/2032 (h)		106		23
Series 2412, Class SP, IF, 15.78%, 2/15/2032 (h)		293		400
Series 2410, Class QS, IF, 19.08%, 2/15/2032 (h)		253		403
Series 2423, Class TB, 6.50%, 3/15/2032		324		366
Series 2430, Class WF, 6.50%, 3/15/2032		319		379
Series 2423, Class MC, 7.00%, 3/15/2032		183		219
Series 2423, Class MT, 7.00%, 3/15/2032		225		270
Series 2444, Class ES, IF, IO, 7.79%, 3/15/2032 (h)		208		43
Series 2450, Class SW, IF, IO, 7.84%, 3/15/2032 (h)		136		28
Series 2434, Class ZA, 6.50%, 4/15/2032		665		750
Series 2435, Class CJ, 6.50%, 4/15/2032		539		634
Series 2441, Class GF, 6.50%, 4/15/2032		75		88
Series 2434, Class TC, 7.00%, 4/15/2032		394		470
Series 2436, Class MC, 7.00%, 4/15/2032		115		132
Series 2455, Class GK, 6.50%, 5/15/2032		224		263
Series 2450, Class GZ, 7.00%, 5/15/2032		212		256
Series 2458, Class ZM, 6.50%, 6/15/2032		201		229
Series 2466, Class DH, 6.50%, 6/15/2032		138		156
Series 2466, Class PH, 6.50%, 6/15/2032		261		307
Series 2474, Class NR, 6.50%, 7/15/2032		262		298
Series 2484, Class LZ, 6.50%, 7/15/2032		316		381
Series 3393, Class JO, PO, 9/15/2032		831		779
Series 2500, Class MC, 6.00%, 9/15/2032		283		332
Series 2835, Class QO, PO, 12/15/2032		42		40
Series 2571, Class FY, 0.91%, 12/15/2032 (h)		308		313
Series 2543, Class YX, 6.00%, 12/15/2032		588		674
Series 2544, Class HC, 6.00%, 12/15/2032		307		356
Series 2571, Class SY, IF, 18.21%, 12/15/2032 (h)		182		268
Series 2552, Class ME, 6.00%, 1/15/2033		375		442
Series 2567, Class QD, 6.00%, 2/15/2033		337		399
Series 2575, Class ME, 6.00%, 2/15/2033		1,438		1,678

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 67

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2596, Class QG, 6.00%, 3/15/2033		240		270
Series 2586, Class WI, IO, 6.50%, 3/15/2033		158		31
Series 2631, Class SA, IF, 14.55%, 6/15/2033 (h)		553		746
Series 2653, Class PZ, 5.00%, 7/15/2033		3,313		3,694
Series 2642, Class SL, IF, 6.72%, 7/15/2033 (h)		4		5
Series 2692, Class SC, IF, 12.96%, 7/15/2033 (h)		193		259
Series 4238, Class WY, 3.00%, 8/15/2033		4,297		4,688
Series 2671, Class S, IF, 14.46%, 9/15/2033 (h)		151		212
Series 2733, Class SB, IF, 7.86%, 10/15/2033 (h)		4,251		5,045
Series 2780, Class SY, IF, 16.14%, 11/15/2033 (h)		76		107
Series 2722, Class PF, 0.76%, 12/15/2033 (h)		1,272		1,272
Series 3920, Class LP, 5.00%, 1/15/2034		2,020		2,337
Series 2744, Class PE, 5.50%, 2/15/2034		22		23
Series 2802, Class OH, 6.00%, 5/15/2034		978		1,097
Series 2990, Class SL, HB, IF, 23.90%, 6/15/2034 (h)		284		363
Series 3611, PO, 7/15/2034		824		786
Series 3305, Class MG, IF, 2.38%, 7/15/2034 (h)		323		349
Series 2990, Class GO, PO, 2/15/2035		253		236
Series 2929, Class MS, HB, IF, 27.45%, 2/15/2035 (h)		318		491
Series 3077, Class TO, PO, 4/15/2035		345		336
Series 2968, Class EH, 6.00%, 4/15/2035		9,187		10,626
Series 2981, Class FA, 0.56%, 5/15/2035 (h)		419		421
Series 2988, Class AF, 0.46%, 6/15/2035 (h)		563		562
Series 2990, Class WP, IF, 16.58%, 6/15/2035 (h)		12		16
Series 3014, Class OD, PO, 8/15/2035		59		53
Series 3085, Class WF, 0.96%, 8/15/2035 (h)		412		419
Series 3029, Class SO, PO, 9/15/2035		158		156
Series 3064, Class SG, IF, 19.46%, 11/15/2035 (h)		260		401
Series 3101, Class UZ, 6.00%, 1/15/2036		924		1,108
Series 3102, Class HS, HB, IF, 23.97%, 1/15/2036 (h)		56		83
Series 3117, Class AO, PO, 2/15/2036		543		531

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3117, Class EO, PO, 2/15/2036		208		196
Series 3117, Class OG, PO, 2/15/2036		174		165
Series 3117, Class OK, PO, 2/15/2036		181		172
Series 3122, Class OH, PO, 3/15/2036		335		315
Series 3122, Class OP, PO, 3/15/2036		312		304
Series 3134, PO, 3/15/2036		50		48
Series 3122, Class ZB, 6.00%, 3/15/2036		23		35
Series 3138, PO, 4/15/2036		262		252
Series 3147, PO, 4/15/2036		646		631
Series 3607, Class AO, PO, 4/15/2036		507		468
Series 3607, Class BO, PO, 4/15/2036		928		883
Series 3137, Class XP, 6.00%, 4/15/2036		606		722
Series 3219, Class DI, IO, 6.00%, 4/15/2036		507		109
Series 3819, Class ZQ, 6.00%, 4/15/2036		5,055		6,028
Series 3149, Class SO, PO, 5/15/2036		119		102
Series 3151, PO, 5/15/2036		282		267
Series 3153, Class EO, PO, 5/15/2036		398		367
Series 3233, Class OP, PO, 5/15/2036		73		69
Series 3998, Class GF, 0.61%, 5/15/2036 (h)		1,986		1,990
Series 3171, Class MO, PO, 6/15/2036		663		645
Series 3164, Class MG, 6.00%, 6/15/2036		120		132
Series 3523, Class SD, IF, 19.22%, 6/15/2036 (h)		157		222
Series 3179, Class OA, PO, 7/15/2036		188		179
Series 3181, Class AZ, 6.50%, 7/15/2036		747		877
Series 3195, Class PD, 6.50%, 7/15/2036		546		633
Series 3194, Class SA, IF, IO, 6.94%, 7/15/2036 (h)		63		11
Series 3200, PO, 8/15/2036		270		258
Series 3200, Class AY, 5.50%, 8/15/2036		1,195		1,402
Series 3645, Class KZ, 5.50%, 8/15/2036		427		498
Series 3202, Class HI, IF, IO, 6.49%, 8/15/2036 (h)		3,987		875
Series 3213, Class OA, PO, 9/15/2036		154		142
Series 3218, Class AO, PO, 9/15/2036		123		107
Series 3225, Class EO, PO, 10/15/2036		309		294
Series 3232, Class ST, IF, IO, 6.54%, 10/15/2036 (h)		404		85
Series 3704, Class DT, 7.50%, 11/15/2036		4,044		4,974
Series 3256, PO, 12/15/2036		157		148
Series 3704, Class CT, 7.00%, 12/15/2036		9,452		11,535
Series 3704, Class ET, 7.50%, 12/15/2036		3,370		4,201

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3261, Class OA, PO, 1/15/2037		165		155
Series 3260, Class CS, IF, IO, 5.98%, 1/15/2037 (h)		268		54
Series 3274, Class JO, PO, 2/15/2037		47		46
Series 3510, Class OD, PO, 2/15/2037		459		444
Series 3275, Class FL, 0.60%, 2/15/2037 (h)		322		323
Series 3274, Class B, 6.00%, 2/15/2037		282		319
Series 3286, PO, 3/15/2037		65		60
Series 3290, Class SB, IF, IO, 6.29%, 3/15/2037 (h)		458		93
Series 3443, Class SY, IF, 9.00%, 3/15/2037 (h)		153		191
Series 3373, Class TO, PO, 4/15/2037		174		163
Series 3302, Class UT, 6.00%, 4/15/2037		457		541
Series 3316, PO, 5/15/2037		305		279
Series 3318, Class AO, PO, 5/15/2037		12		11
Series 3607, PO, 5/15/2037		1,708		1,597
Series 3315, Class HZ, 6.00%, 5/15/2037		467		535
Series 3326, Class JO, PO, 6/15/2037		32		29
Series 3331, PO, 6/15/2037		172		164
Series 3607, Class OP, PO, 7/15/2037		1,514		1,388
Series 4032, Class TO, PO, 7/15/2037		2,368		2,165
Series 4048, Class FJ, 0.57%, 7/15/2037 (h)		5,354		5,354
Series 3344, Class SL, IF, IO, 6.44%, 7/15/2037 (h)		345		65
Series 3365, PO, 9/15/2037		238		220
Series 3371, Class FA, 0.76%, 9/15/2037 (h)		119		121
Series 3387, Class SA, IF, IO, 6.26%, 11/15/2037 (h)		1,878		366
Series 3383, Class SA, IF, IO, 6.29%, 11/15/2037 (h)		1,169		257
Series 3404, Class SC, IF, IO, 5.84%, 1/15/2038 (h)		2,273		469
Series 3422, Class SE, IF, 17.05%, 2/15/2038 (h)		87		114
Series 3423, Class PB, 5.50%, 3/15/2038		2,026		2,371
Series 3424, Class PI, IF, IO, 6.64%, 4/15/2038 (h)		1,076		255
Series 3453, Class B, 5.50%, 5/15/2038		207		236
Series 3461, Class LZ, 6.00%, 6/15/2038		113		133
Series 3461, Class Z, 6.00%, 6/15/2038		2,694		3,116
Series 3455, Class SE, IF, IO, 6.04%, 6/15/2038 (h)		991		173
Series 3481, Class SJ, IF, IO, 5.69%, 8/15/2038 (h)		1,716		340

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3895, Class WA, 5.70%, 10/15/2038 (h)		835		951
Series 3501, Class CB, 5.50%, 1/15/2039		1,343		1,564
Series 3546, Class A, 3.18%, 2/15/2039 (h)		483		499
Series 3511, Class SA, IF, IO, 5.84%, 2/15/2039 (h)		688		128
Series 4095, Class FB, 0.56%, 4/15/2039 (h)		1,925		1,928
Series 4087, Class FA, 0.61%, 5/15/2039 (h)		1,183		1,185
Series 3531, Class SM, IF, IO, 5.94%, 5/15/2039 (h)		128		22
Series 3531, Class SA, IF, IO, 6.14%, 5/15/2039 (h)		821		76
Series 3549, Class FA, 1.36%, 7/15/2039 (h)		211		214
Series 3680, Class MA, 4.50%, 7/15/2039		3,041		3,221
Series 4073, Class MF, 0.61%, 8/15/2039 (h)		287		288
Series 4219, Class JA, 3.50%, 8/15/2039		2,299		2,353
Series 3607, Class TO, PO, 10/15/2039		839		783
Series 3795, Class EI, IO, 5.00%, 10/15/2039		1,603		118
Series 3608, Class SC, IF, IO, 6.09%, 12/15/2039 (h)		704		134
Series 3621, Class BO, PO, 1/15/2040		751		713
Series 3802, Class LS, IF, IO, 3.05%, 1/15/2040 (h)		4,350		226
Series 3632, Class BS, IF, 16.96%, 2/15/2040 (h)		2,427		3,577
Series 3966, Class BF, 0.66%, 10/15/2040 (h)		839		841
Series 3740, Class SB, IF, IO, 5.84%, 10/15/2040 (h)		3,114		477
Series 3740, Class SC, IF, IO, 5.84%, 10/15/2040 (h)		2,337		430
Series 3801, Class GB, 4.50%, 11/15/2040		1,072		1,183
Series 3779, Class GZ, 4.50%, 12/15/2040		12,034		13,331
Series 3779, Class Z, 4.50%, 12/15/2040		30,649		33,793
Series 3860, Class PZ, 5.00%, 5/15/2041		11,697		14,193
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		1,711		1,912
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		4,777		5,293
Series 4048, Class FB, 0.56%, 10/15/2041 (h)		4,737		4,745

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 69

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3957, Class B, 4.00%, 11/15/2041		3,859			4,296
Series 3966, Class NA, 4.00%, 12/15/2041		2,396			2,684
Series 4012, Class FN, 0.66%, 3/15/2042 (h)		6,087			6,121
Series 4077, Class FB, 0.66%, 7/15/2042 (h)		2,805			2,824
Series 4217, Class KY, 3.00%, 6/15/2043		1,794			2,004
Series 4257, Class DZ, 2.50%, 10/15/2043		5,808			6,183
Series 4374, Class NC, 3.75%, 2/15/2046 (d)		810			812
Series 3688, Class GT, 7.38%, 11/15/2046 (h)		4,582			5,450
Series 4784, Class NZ, 4.00%, 5/15/2048		4,391			4,816
Series 4822, Class Z, 4.00%, 5/15/2048		16,614			18,316
Series 4809, Class KZ, 4.00%, 6/15/2048		20,717			22,716
Series 4818, Class DZ, 4.00%, 6/15/2048		16,301			17,722
Series 4807, Class EZ, 4.00%, 7/15/2048		8,450			9,423
Series 4809, Class ZM, 4.00%, 7/15/2048		32,711			36,441
Series 4822, Class ZB, 4.00%, 7/15/2048		9,395			10,330
Series 4838, Class KZ, 4.00%, 9/15/2048		10,760			11,653
Series 4837, Class ZB, 4.00%, 10/15/2048		8,906			10,040
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(i)		—	(i)
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(i)		—	(i)
Series 197, PO, 4/1/2028		408			396
Series 233, Class 11, IO, 5.00%, 9/15/2035		888			156
Series 233, Class 12, IO, 5.00%, 9/15/2035		751			141
Series 233, Class 13, IO, 5.00%, 9/15/2035		1,424			247
Series 239, Class S30, IF, IO, 7.54%, 8/15/2036 (h)		2,599			655
Series 264, Class F1, 0.71%, 7/15/2042 (h)		14,105			14,194
Series 262, Class 35, 3.50%, 7/15/2042		30,556			34,088
Series 270, Class F1, 0.66%, 8/15/2042 (h)		5,598			5,680
Series 299, Class 300, 3.00%, 1/15/2043		3,053			3,236
Series 310, PO, 9/15/2043		6,594			6,019
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.27%, 7/25/2032 (h)		449			511

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series T-48, Class 1A, 4.83%, 7/25/2033 (h)		1,341		1,508
Series T-76, Class 2A, 1.94%, 10/25/2037 (h)		9,277		9,950
Series T-42, Class A5, 7.50%, 2/25/2042		1,823		2,252
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		319		428
Series T-54, Class 2A, 6.50%, 2/25/2043		1,898		2,333
Series T-54, Class 3A, 7.00%, 2/25/2043		617		764
Series T-56, Class A5, 5.23%, 5/25/2043		4,255		4,936
Series T-57, Class 1AP, PO, 7/25/2043		160		141
Series T-57, Class 1A3, 7.50%, 7/25/2043		422		544
Series T-58, Class A, PO, 9/25/2043		174		152
Series T-58, Class 4A, 7.50%, 9/25/2043		2,281		2,728
Series T-59, Class 1AP, PO, 10/25/2043		205		162
Series T-59, Class 1A2, 7.00%, 10/25/2043		2,385		3,004
Series T-62, Class 1A1, 2.37%, 10/25/2044 (h)		3,220		3,315
First Horizon Alternative Mortgage Securities Trust
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		725		551
Series 2007-FA4, Class 1A2, IF, IO, 5.47%, 8/25/2037 ‡ (h)		6,305		1,632
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		1,716		2,040
Series 2003-W8, Class 3F1, 0.58%, 5/25/2042 (h)		231		230
Series 2003-W2, Class 2A9, 5.90%, 7/25/2042		429		502
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		726		861
Series 2003-W6, Class 2A4, 5.20%, 9/25/2042		2,700		3,075
Series 2003-W6, Class 3A, 6.50%, 9/25/2042		992		1,171
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		1,086		1,306
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		343		405
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		343		413
Series 2004-W15, Class 2AF, 0.43%, 8/25/2044 (h)		1,037		1,031
Series 2005-W3, Class 2AF, 0.40%, 3/25/2045 (h)		8,326		8,294

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		456			531
Series 2006-W2, Class 2A, 3.58%, 11/25/2045 (h)		1,061			1,131
Series 2006-W2, Class 1AF1, 0.40%, 2/25/2046 (h)		3,724			3,723
FNMA, Grantor Trust, Whole Loan
Series 1999-T2, Class A1, 7.50%, 1/19/2039 (h)		508			556
Series 2001-T3, Class A1, 7.50%, 11/25/2040		820			932
Series 2002-T16, Class A2, 7.00%, 7/25/2042		947			1,155
Series 2004-T2, Class 2A, 4.13%, 7/25/2043 (h)		851			900
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		1,550			1,841
Series 2004-T1, Class 1A2, 6.50%, 1/25/2044		181			214
Series 2004-T3, Class PT1, 10.15%, 1/25/2044 (h)		188			231
Series 2004-T3, Class 1A2, 6.50%, 2/25/2044		2,293			2,724
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		993			1,196
FNMA, REMIC
Series 1990-134, Class SC, HB, IF, 21.34%, 11/25/2020 (h)		—	(i)		—	(i)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(i)		—	(i)
Series 1991-24, Class Z, 5.00%, 3/25/2021		—	(i)		—	(i)
Series 2001-4, Class PC, 7.00%, 3/25/2021		4			4
Series 1991-42, Class S, IF, 17.37%, 5/25/2021 (h)		—	(i)		—	(i)
Series G-14, Class L, 8.50%, 6/25/2021		—	(i)		—	(i)
Series G-18, Class Z, 8.75%, 6/25/2021		—	(i)		—	(i)
Series 2001-48, Class Z, 6.50%, 9/25/2021		84			85
Series G-51, Class SA, HB, IF, 28.83%, 12/25/2021 (h)		—	(i)		—	(i)
Series 2002-5, Class PK, 6.00%, 2/25/2022		116			119
Series 2002-1, Class HC, 6.50%, 2/25/2022		20			20
Series 2007-15, Class NO, PO, 3/25/2022		36			36
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(i)		—	(i)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		20			20
Series 1992-117, Class MA, 8.00%, 7/25/2022		35			37
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			1
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(i)		—	(i)
Series 1992-136, Class PK, 6.00%, 8/25/2022		7			7
Series 1996-59, Class J, 6.50%, 8/25/2022		7			7
Series G92-52, Class FD, 0.20%, 9/25/2022 (h)		2			2
Series 1992-143, Class MA, 5.50%, 9/25/2022		3			3
Series 2002-54, Class PG, 6.00%, 9/25/2022		214			221
Series G92-54, Class ZQ, 7.50%, 9/25/2022		11			12
Series 1992-163, Class M, 7.75%, 9/25/2022		10			11
Series 1992-150, Class M, 8.00%, 9/25/2022		38			40
Series G92-62, Class B, PO, 10/25/2022		4			4
Series G92-59, Class F, 1.38%, 10/25/2022 (h)		2			2
Series G92-61, Class Z, 7.00%, 10/25/2022		4			5
Series 1992-188, Class PZ, 7.50%, 10/25/2022		23			24
Series G93-1, Class KA, 7.90%, 1/25/2023		19			20
Series G93-5, Class Z, 6.50%, 2/25/2023		11			11
Series 1997-61, Class ZC, 7.00%, 2/25/2023		104			110
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		4			4
Series 2003-17, Class EQ, 5.50%, 3/25/2023		427			445
Series G93-14, Class J, 6.50%, 3/25/2023		7			8
Series 1993-37, Class PX, 7.00%, 3/25/2023		75			79
Series 1993-25, Class J, 7.50%, 3/25/2023		24			25
Series 1993-21, Class KA, 7.70%, 3/25/2023		11			11
Series 1998-4, Class C, PO, 4/25/2023		5			5

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 71

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-23, Class EQ, 5.50%, 4/25/2023		827		863
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		17		18
Series 1993-54, Class Z, 7.00%, 4/25/2023		23		24
Series 1993-62, Class SA, IF, 18.94%, 4/25/2023 (h)		11		12
Series 1998-43, Class SA, HB, IF, 21.25%, 4/25/2023 (h)		20		4
Series 2003-39, Class LW, 5.50%, 5/25/2023		192		200
Series 1993-56, Class PZ, 7.00%, 5/25/2023		262		277
Series 2008-47, Class SI, IF, IO, 6.32%, 6/25/2023 (h)		43		1
Series 2008-61, Class BH, 4.50%, 7/25/2023		267		276
Series 1993-136, Class ZB, 6.00%, 7/25/2023 (h)		116		123
Series 1993-122, Class M, 6.50%, 7/25/2023		6		6
Series 1993-99, Class Z, 7.00%, 7/25/2023		130		138
Series 2002-1, Class G, 7.00%, 7/25/2023		88		93
Series G93-27, Class FD, 1.06%, 8/25/2023 (h)		13		13
Series 2002-83, Class CS, 6.88%, 8/25/2023		126		133
Series 1993-141, Class Z, 7.00%, 8/25/2023		215		228
Series 1999-38, Class SK, IF, IO, 7.87%, 8/25/2023 (h)		4		—	(i)
Series 1996-14, Class SE, IF, IO, 10.00%, 8/25/2023 (h)		114		12
Series 1993-205, Class H, PO, 9/25/2023		10		10
Series G93-37, Class H, PO, 9/25/2023		3		3
Series 1993-178, Class PK, 6.50%, 9/25/2023		12		12
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		8		9
Series 1993-165, Class SD, IF, 13.41%, 9/25/2023 (h)		6		7
Series 1993-183, Class KA, 6.50%, 10/25/2023		177		189
Series 1993-189, Class PL, 6.50%, 10/25/2023		65		69
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		4		4

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1999-52, Class NS, HB, IF, 22.89%, 10/25/2023 (h)		11			13
Series 1993-179, Class SB, HB, IF, 26.77%, 10/25/2023 (h)		6			7
Series 1994-9, Class E, PO, 11/25/2023		1			1
Series 1995-19, Class Z, 6.50%, 11/25/2023		69			73
Series 1993-230, Class FA, 0.78%, 12/25/2023 (h)		6			6
Series 1993-247, Class FE, 1.18%, 12/25/2023 (h)		15			15
Series 1993-225, Class UB, 6.50%, 12/25/2023		19			20
Series 1993-247, Class SU, IF, 12.27%, 12/25/2023 (h)		7			8
Series 2002-1, Class UD, HB, IF, 23.89%, 12/25/2023 (h)		15			19
Series 1993-247, Class SA, HB, IF, 27.99%, 12/25/2023 (h)		18			22
Series 2009-9, IO, 5.00%, 2/25/2024		1			—	(i)
Series 2009-15, Class MI, IO, 5.00%, 3/25/2024		—	(i)		—
Series 2009-18, IO, 5.00%, 3/25/2024		—	(i)		—	(i)
Series 1994-37, Class L, 6.50%, 3/25/2024		56			60
Series 1994-40, Class Z, 6.50%, 3/25/2024		356			384
Series 1994-62, Class PK, 7.00%, 4/25/2024		530			565
Series 1994-63, Class PK, 7.00%, 4/25/2024		225			243
Series 2004-53, Class NC, 5.50%, 7/25/2024		55			58
Series 2004-65, Class EY, 5.50%, 8/25/2024		603			636
Series 2004-81, Class JG, 5.00%, 11/25/2024		969			1,021
Series 1995-2, Class Z, 8.50%, 1/25/2025		11			12
Series G95-1, Class C, 8.80%, 1/25/2025		22			25
Series 2005-67, Class EY, 5.50%, 8/25/2025		710			766
Series 2005-121, Class DX, 5.50%, 1/25/2026		435			465
Series 2006-94, Class GK, HB, IF, 32.37%, 10/25/2026 (h)		98			149
Series 1996-48, Class Z, 7.00%, 11/25/2026		139			152
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		44			1

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (h)		15		—	(i)
Series 1997-27, Class J, 7.50%, 4/18/2027		31		36
Series 1997-29, Class J, 7.50%, 4/20/2027		47		54
Series 1997-32, Class PG, 6.50%, 4/25/2027		104		116
Series 1997-39, Class PD, 7.50%, 5/20/2027		174		199
Series 1997-42, Class ZC, 6.50%, 7/18/2027		9		10
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		48		4
Series 1998-36, Class ZB, 6.00%, 7/18/2028		56		63
Series 2008-55, Class S, IF, IO, 7.42%, 7/25/2028 (h)		1,596		212
Series 1998-66, Class SB, IF, IO, 7.97%, 12/25/2028 (h)		30		2
Series 2009-11, Class NB, 5.00%, 3/25/2029		1,212		1,293
Series 1999-18, Class Z, 5.50%, 4/18/2029		65		71
Series 1999-17, Class C, 6.35%, 4/25/2029		33		37
Series 1999-62, Class PB, 7.50%, 12/18/2029		53		61
Series 2000-2, Class ZE, 7.50%, 2/25/2030		275		323
Series 2000-20, Class SA, IF, IO, 8.92%, 7/25/2030 (h)		86		12
Series 2000-52, IO, 8.50%, 1/25/2031		15		3
Series 2001-7, Class PF, 7.00%, 3/25/2031		35		41
Series 2011-31, Class DB, 3.50%, 4/25/2031		7,031		7,628
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		210		35
Series 2001-30, Class PM, 7.00%, 7/25/2031		123		149
Series 2001-36, Class DE, 7.00%, 8/25/2031		222		263
Series 2001-49, Class Z, 6.50%, 9/25/2031		51		59
Series 2001-44, Class MY, 7.00%, 9/25/2031		297		356
Series 2001-44, Class PD, 7.00%, 9/25/2031		60		72

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2001-44, Class PU, 7.00%, 9/25/2031		36		43
Series 2001-60, Class QS, HB, IF, 23.89%, 9/25/2031 (h)		155		232
Series 2001-52, Class KB, 6.50%, 10/25/2031		38		43
Series 2003-52, Class SX, HB, IF, 22.42%, 10/25/2031 (h)		96		159
Series 2001-60, Class PX, 6.00%, 11/25/2031		376		437
Series 2001-61, Class Z, 7.00%, 11/25/2031		410		493
Series 2004-74, Class SW, IF, 15.20%, 11/25/2031 (h)		120		167
Series 2001-72, Class SX, IF, 17.06%, 12/25/2031 (h)		12		16
Series 2001-81, Class LO, PO, 1/25/2032		14		14
Series 2002-1, Class SA, HB, IF, 24.62%, 2/25/2032 (h)		29		43
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		360		13
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		5		6
Series 2002-21, Class LO, PO, 4/25/2032		12		12
Series 2002-15, Class ZA, 6.00%, 4/25/2032		940		1,059
Series 2002-21, Class PE, 6.50%, 4/25/2032		169		199
Series 2002-28, Class PK, 6.50%, 5/25/2032		347		408
Series 2002-37, Class Z, 6.50%, 6/25/2032		145		165
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		639		107
Series 2002-48, Class GH, 6.50%, 8/25/2032		443		529
Series 2002-71, Class AP, 5.00%, 11/25/2032		95		104
Series 2011-39, Class ZA, 6.00%, 11/25/2032		2,768		3,223
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		128		155
Series 2004-61, Class SH, HB, IF, 23.29%, 11/25/2032 (h)		48		77
Series 2004-59, Class BG, PO, 12/25/2032		74		71
Series 2002-78, Class Z, 5.50%, 12/25/2032		879		1,021
Series 2002-77, Class S, IF, 14.16%, 12/25/2032 (h)		61		81

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 73

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-9, Class NZ, 6.50%, 2/25/2033		152		176
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		158		11
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,515		1,690
Series 2003-35, Class EA, PO, 5/25/2033		43		41
Series 2003-42, Class GB, 4.00%, 5/25/2033		85		95
Series 2003-34, Class AX, 6.00%, 5/25/2033		275		324
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,246		1,463
Series 2003-34, Class GE, 6.00%, 5/25/2033		591		679
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		67		12
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		635		137
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		1,144		132
Series 2003-47, Class PE, 5.75%, 6/25/2033		437		502
Series 2004-4, Class QI, IF, IO, 6.92%, 6/25/2033 (h)		300		17
Series 2004-4, Class QM, IF, 13.85%, 6/25/2033 (h)		223		246
Series 2003-64, Class SX, IF, 13.36%, 7/25/2033 (h)		175		225
Series 2003-132, Class OA, PO, 8/25/2033		28		27
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		1,593		288
Series 2003-73, Class HC, 5.50%, 8/25/2033		732		853
Series 2003-71, Class DS, IF, 7.26%, 8/25/2033 (h)		689		816
Series 2003-74, Class SH, IF, 9.85%, 8/25/2033 (h)		81		102
Series 2005-56, Class TP, IF, 17.62%, 8/25/2033 (h)		204		256
Series 2003-91, Class SD, IF, 12.21%, 9/25/2033 (h)		112		142
Series 2013-100, Class WB, 3.00%, 10/25/2033		7,887		8,708
Series 2003-105, Class AZ, 5.50%, 10/25/2033		5,431		6,328
Series 2003-116, Class SB, IF, IO, 7.42%, 11/25/2033 (h)		811		172

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-44, Class P, PO, 12/25/2033		630		598
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		4,388		5,223
Series 2003-130, Class CS, IF, 13.75%, 12/25/2033 (h)		8		9
Series 2004-87, Class F, 0.93%, 1/25/2034 (h)		958		971
Series 2003-130, Class SX, IF, 11.26%, 1/25/2034 (h)		23		27
Series 2003-131, Class SK, IF, 15.85%, 1/25/2034 (h)		70		82
Series 2004-46, Class EP, PO, 3/25/2034		663		656
Series 2004-28, Class PF, 0.58%, 3/25/2034 (h)		608		609
Series 2004-17, Class H, 5.50%, 4/25/2034		1,682		1,986
Series 2004-25, Class SA, IF, 19.04%, 4/25/2034 (h)		337		506
Series 2004-36, Class FA, 0.58%, 5/25/2034 (h)		1,736		1,742
Series 2004-46, Class SK, IF, 16.02%, 5/25/2034 (h)		92		128
Series 2004-36, Class SA, IF, 19.04%, 5/25/2034 (h)		742		1,148
Series 2004-46, Class QB, HB, IF, 23.30%, 5/25/2034 (h)		142		227
Series 2004-50, Class VZ, 5.50%, 7/25/2034		2,779		3,182
Series 2004-51, Class SY, IF, 13.89%, 7/25/2034 (h)		105		135
Series 2005-93, Class MF, 0.43%, 8/25/2034 (h)		332		332
Series 2004-79, Class SP, IF, 19.32%, 11/25/2034 (h)		18		19
Series 2006-60, Class DO, PO, 4/25/2035		26		26
Series 2005-25, Class PF, 0.53%, 4/25/2035 (h)		806		808
Series 2005-42, Class PS, IF, 16.56%, 5/25/2035 (h)		39		50
Series 2005-74, Class CS, IF, 19.54%, 5/25/2035 (h)		677		884
Series 2005-74, Class SK, IF, 19.65%, 5/25/2035 (h)		466		611
Series 2005-74, Class CP, HB, IF, 24.11%, 5/25/2035 (h)		155		208
Series 2005-59, Class SU, HB, IF, 24.62%, 6/25/2035 (h)		225		385
Series 2005-56, Class S, IF, IO, 6.53%, 7/25/2035 (h)		518		121

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-66, Class SG, IF, 16.94%, 7/25/2035 (h)		221		330
Series 2005-68, Class PG, 5.50%, 8/25/2035		690		791
Series 2005-73, Class ZB, 5.50%, 8/25/2035		4,942		5,754
Series 2005-73, Class PS, IF, 16.26%, 8/25/2035 (h)		269		375
Series 2005-72, Class SB, IF, 16.44%, 8/25/2035 (h)		232		324
Series 2005-90, PO, 9/25/2035		77		77
Series 2005-75, Class SV, HB, IF, 23.50%, 9/25/2035 (h)		63		96
Series 2010-39, Class OT, PO, 10/25/2035		169		165
Series 2005-84, Class XM, 5.75%, 10/25/2035		592		673
Series 2005-90, Class ES, IF, 16.44%, 10/25/2035 (h)		277		398
Series 2005-106, Class US, HB, IF, 23.92%, 11/25/2035 (h)		1,286		1,971
Series 2005-110, Class GL, 5.50%, 12/25/2035		3,678		4,306
Series 2006-46, Class UC, 5.50%, 12/25/2035		313		338
Series 2005-109, Class PC, 6.00%, 12/25/2035		103		116
Series 2006-15, Class OT, PO, 1/25/2036		3		3
Series 2006-39, Class WC, 5.50%, 1/25/2036		205		224
Series 2006-16, Class OA, PO, 3/25/2036		132		125
Series 2006-8, Class WQ, PO, 3/25/2036		1,356		1,241
Series 2006-12, Class BZ, 5.50%, 3/25/2036		1,629		1,864
Series 2006-16, Class HZ, 5.50%, 3/25/2036		438		507
Series 2006-8, Class JZ, 5.50%, 3/25/2036		1,857		2,196
Series 2006-8, Class WN, IF, IO, 6.52%, 3/25/2036 (h)		4,971		1,209
Series 2006-11, Class PS, HB, IF, 23.92%, 3/25/2036 (h)		128		213
Series 2006-22, Class AO, PO, 4/25/2036		451		429
Series 2006-23, Class KO, PO, 4/25/2036		156		152
Series 2006-27, Class OH, PO, 4/25/2036		315		299
Series 2006-23, Class FK, 0.43%, 4/25/2036 (h)		684		682
Series 2006-33, Class LS, HB, IF, 29.36%, 5/25/2036 (h)		144		251

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-43, PO, 6/25/2036		123		120
Series 2006-43, Class DO, PO, 6/25/2036		373		348
Series 2006-44, Class GO, PO, 6/25/2036		239		226
Series 2006-50, Class JO, PO, 6/25/2036		854		803
Series 2006-50, Class PS, PO, 6/25/2036		1,033		1,010
Series 2006-46, Class FW, 0.58%, 6/25/2036 (h)		268		268
Series 2006-53, Class US, IF, IO, 6.40%, 6/25/2036 (h)		1,028		201
Series 2006-46, Class SW, HB, IF, 23.56%, 6/25/2036 (h)		43		70
Series 2006-113, PO, 7/25/2036		41		41
Series 2006-58, PO, 7/25/2036		142		134
Series 2006-58, Class AP, PO, 7/25/2036		79		74
Series 2006-65, Class QO, PO, 7/25/2036		277		263
Series 2006-56, Class FC, 0.47%, 7/25/2036 (h)		2,286		2,286
Series 2006-58, Class FL, 0.64%, 7/25/2036 (h)		229		230
Series 2006-71, Class ZL, 6.00%, 7/25/2036		3,153		3,723
Series 2006-58, Class IG, IF, IO, 6.34%, 7/25/2036 (h)		443		81
Series 2006-63, Class ZH, 6.50%, 7/25/2036		1,394		1,670
Series 2011-19, Class ZY, 6.50%, 7/25/2036		1,847		2,244
Series 2006-60, Class AK, HB, IF, 28.10%, 7/25/2036 (h)		140		227
Series 2006-62, Class PS, HB, IF, 38.85%, 7/25/2036 (h)		105		230
Series 2006-72, Class TO, PO, 8/25/2036		96		89
Series 2006-79, Class DO, PO, 8/25/2036		197		193
Series 2006-79, Class OP, PO, 8/25/2036		291		270
Series 2006-79, Class DF, 0.53%, 8/25/2036 (h)		833		834
Series 2007-7, Class SG, IF, IO, 6.32%, 8/25/2036 (h)		810		282
Series 2006-77, Class PC, 6.50%, 8/25/2036		848		976
Series 2006-78, Class BZ, 6.50%, 8/25/2036		207		244
Series 2006-86, Class OB, PO, 9/25/2036		287		273
Series 2006-90, Class AO, PO, 9/25/2036		225		215
Series 2008-42, Class AO, PO, 9/25/2036		107		100
Series 2006-85, Class MZ, 6.50%, 9/25/2036		91		107

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 75

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-19, Class PW, 4.50%, 10/25/2036		1,250		1,413
Series 2006-95, Class SG, HB, IF, 25.50%, 10/25/2036 (h)		163		271
Series 2006-109, PO, 11/25/2036		71		66
Series 2006-110, PO, 11/25/2036		438		413
Series 2006-111, Class EO, PO, 11/25/2036		196		182
Series 2006-115, Class OK, PO, 12/25/2036		243		227
Series 2006-119, PO, 12/25/2036		102		98
Series 2006-118, Class A1, 0.24%, 12/25/2036 (h)		437		435
Series 2006-118, Class A2, 0.24%, 12/25/2036 (h)		1,944		1,927
Series 2006-117, Class GS, IF, IO, 6.47%, 12/25/2036 (h)		746		128
Series 2006-115, Class ES, HB, IF, 25.86%, 12/25/2036 (h)		34		56
Series 2006-128, PO, 1/25/2037		250		235
Series 2009-70, Class CO, PO, 1/25/2037		640		597
Series 2006-128, Class BP, 5.50%, 1/25/2037		149		163
Series 2007-10, Class FD, 0.43%, 2/25/2037 (h)		546		546
Series 2007-1, Class SD, HB, IF, 37.95%, 2/25/2037 (h)		73		261
Series 2007-14, Class OP, PO, 3/25/2037		189		181
Series 2007-77, Class FG, 0.68%, 3/25/2037 (h)		494		498
Series 2007-16, Class FC, 0.93%, 3/25/2037 (h)		312		325
Series 2009-63, Class P, 5.00%, 3/25/2037		41		47
Series 2007-22, Class SC, IF, IO, 5.90%, 3/25/2037 (h)		32		1
Series 2007-18, Class MZ, 6.00%, 3/25/2037		493		558
Series 2007-14, Class ES, IF, IO, 6.26%, 3/25/2037 (h)		1,770		333
Series 2007-28, Class EO, PO, 4/25/2037		636		592
Series 2007-35, Class SI, IF, IO, 5.92%, 4/25/2037 (h)		462		51
Series 2007-29, Class SG, HB, IF, 22.08%, 4/25/2037 (h)		324		543
Series 2007-43, Class FL, 0.48%, 5/25/2037 (h)		346		346
Series 2007-42, Class B, 6.00%, 5/25/2037		984		1,153

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-54, Class FA, 0.58%, 6/25/2037 (h)		1,713		1,727
Series 2007-98, Class FB, 0.63%, 6/25/2037 (h)		165		173
Series 2007-92, Class YS, IF, IO, 5.60%, 6/25/2037 (h)		320		53
Series 2007-53, Class SH, IF, IO, 5.92%, 6/25/2037 (h)		995		171
Series 2007-54, Class WI, IF, IO, 5.92%, 6/25/2037 (h)		384		79
Series 2007-92, Class YA, 6.50%, 6/25/2037		192		224
Series 2007-67, PO, 7/25/2037		449		421
Series 2007-97, Class FC, 0.68%, 7/25/2037 (h)		259		261
Series 2007-70, Class Z, 5.50%, 7/25/2037		1,149		1,318
Series 2007-72, Class EK, IF, IO, 6.22%, 7/25/2037 (h)		2,878		583
Series 2007-65, Class KI, IF, IO, 6.44%, 7/25/2037 (h)		1,139		189
Series 2007-60, Class AX, IF, IO, 6.97%, 7/25/2037 (h)		4,670		1,201
Series 2007-62, Class SE, IF, 16.06%, 7/25/2037 (h)		252		340
Series 2012-14, Class FB, 0.63%, 8/25/2037 (h)		32		32
Series 2007-76, Class AZ, 5.50%, 8/25/2037		316		360
Series 2007-76, Class ZG, 6.00%, 8/25/2037		421		494
Series 2007-78, Class CB, 6.00%, 8/25/2037		101		119
Series 2007-78, Class PE, 6.00%, 8/25/2037		478		557
Series 2007-81, Class GE, 6.00%, 8/25/2037		530		608
Series 2007-79, Class SB, HB, IF, 23.37%, 8/25/2037 (h)		410		667
Series 2012-87, Class KF, 0.63%, 9/25/2037 (h)		1,211		1,213
Series 2007-88, Class VI, IF, IO, 6.36%, 9/25/2037 (h)		1,481		327
Series 2007-85, Class SL, IF, 15.71%, 9/25/2037 (h)		95		134
Series 2009-86, Class OT, PO, 10/25/2037		4,098		3,809
Series 2007-100, Class SM, IF, IO, 6.27%, 10/25/2037 (h)		1,175		240

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-91, Class ES, IF, IO, 6.28%, 10/25/2037 (h)		1,645		362
Series 2007-108, Class SA, IF, IO, 6.18%, 12/25/2037 (h)		57		9
Series 2007-109, Class AI, IF, IO, 6.22%, 12/25/2037 (h)		1,388		220
Series 2007-112, Class SA, IF, IO, 6.27%, 12/25/2037 (h)		1,497		345
Series 2007-112, Class MJ, 6.50%, 12/25/2037		1,213		1,474
Series 2007-116, Class HI, IO, 2.50%, 1/25/2038 (h)		2,662		108
Series 2008-1, Class BI, IF, IO, 5.73%, 2/25/2038 (h)		1,259		242
Series 2008-4, Class SD, IF, IO, 5.82%, 2/25/2038 (h)		3,058		569
Series 2008-18, Class FA, 1.08%, 3/25/2038 (h)		280		286
Series 2008-16, Class IS, IF, IO, 6.02%, 3/25/2038 (h)		361		58
Series 2008-10, Class XI, IF, IO, 6.05%, 3/25/2038 (h)		471		90
Series 2008-20, Class SA, IF, IO, 6.81%, 3/25/2038 (h)		679		147
Series 2008-18, Class SP, IF, 13.65%, 3/25/2038 (h)		171		219
Series 2011-22, Class MA, 6.50%, 4/25/2038		101		102
Series 2008-32, Class SA, IF, IO, 6.67%, 4/25/2038 (h)		340		66
Series 2008-27, Class SN, IF, IO, 6.72%, 4/25/2038 (h)		532		105
Series 2008-28, Class QS, HB, IF, 20.17%, 4/25/2038 (h)		202		316
Series 2008-44, PO, 5/25/2038		15		14
Series 2008-46, Class HI, IO, 2.21%, 6/25/2038 (h)		1,053		61
Series 2008-56, Class AC, 5.00%, 7/25/2038		308		348
Series 2008-60, Class JC, 5.00%, 7/25/2038		352		405
Series 2011-47, Class ZA, 5.50%, 7/25/2038		1,382		1,609
Series 2008-53, Class CI, IF, IO, 7.02%, 7/25/2038 (h)		394		72
Series 2008-80, Class SA, IF, IO, 5.67%, 9/25/2038 (h)		1,365		266
Series 2008-81, Class SB, IF, IO, 5.67%, 9/25/2038 (h)		1,104		187

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2010-148, Class MA, 4.00%, 2/25/2039		188		188
Series 2009-4, Class BD, 4.50%, 2/25/2039		48		53
Series 2009-6, Class GS, IF, IO, 6.37%, 2/25/2039 (h)		1,009		211
Series 2009-17, Class QS, IF, IO, 6.47%, 3/25/2039 (h)		368		67
Series 2012-89, Class FD, 0.63%, 4/25/2039 (h)		1,059		1,061
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		635		102
Series 2009-47, Class MT, 7.00%, 7/25/2039		20		23
Series 2009-59, Class HB, 5.00%, 8/25/2039		2,311		2,649
Series 2009-60, Class HT, 6.00%, 8/25/2039		2,889		3,434
Series 2009-65, Class MT, 5.00%, 9/25/2039		1,301		1,417
Series 2009-69, Class WA, 6.04%, 9/25/2039 (h)		1,081		1,240
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		1,435		256
Series 2009-84, Class WS, IF, IO, 5.72%, 10/25/2039 (h)		349		54
Series 2009-103, Class MB, 3.60%, 12/25/2039 (h)		1,336		1,392
Series 2009-99, Class SC, IF, IO, 6.00%, 12/25/2039 (h)		457		71
Series 2009-99, Class WA, 6.30%, 12/25/2039 (h)		2,380		2,747
Series 2009-113, Class AO, PO, 1/25/2040		353		318
Series 2009-112, Class ST, IF, IO, 6.07%, 1/25/2040 (h)		1,049		223
Series 2010-1, Class WA, 6.22%, 2/25/2040 (h)		477		546
Series 2010-16, Class WB, 6.21%, 3/25/2040 (h)		1,629		1,889
Series 2010-16, Class WA, 6.44%, 3/25/2040 (h)		1,694		1,944
Series 2010-49, Class SC, IF, 12.31%, 3/25/2040 (h)		2,130		2,880
Series 2010-40, Class FJ, 0.78%, 4/25/2040 (h)		370		372
Series 2010-35, Class SB, IF, IO, 6.24%, 4/25/2040 (h)		753		131
Series 2010-35, Class SJ, IF, 17.08%, 4/25/2040 (h)		1,025		1,443

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 77

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-43, Class FD, 0.78%, 5/25/2040 (h)		614		621
Series 2010-42, Class S, IF, IO, 6.22%, 5/25/2040 (h)		434		83
Series 2010-63, Class AP, PO, 6/25/2040		577		543
Series 2010-64, Class DM, 5.00%, 6/25/2040		4,049		4,581
Series 2010-58, Class MB, 5.50%, 6/25/2040		6,743		7,657
Series 2010-71, Class HJ, 5.50%, 7/25/2040		2,633		3,081
Series 2010-102, Class PN, 5.00%, 9/25/2040		1,794		2,108
Series 2010-111, Class AM, 5.50%, 10/25/2040		9,376		11,206
Series 2010-125, Class SA, IF, IO, 4.26%, 11/25/2040 (h)		4,423		527
Series 2011-101, Class FM, 0.73%, 1/25/2041 (h)		697		702
Series 2010-147, Class SA, IF, IO, 6.35%, 1/25/2041 (h)		5,059		1,185
Series 2011-30, Class LS, IO, 3.00%, 4/25/2041 (h)		4,765		311
Series 2011-149, Class EF, 0.68%, 7/25/2041 (h)		479		481
Series 2011-75, Class FA, 0.73%, 8/25/2041 (h)		1,102		1,109
Series 2011-149, Class MF, 0.68%, 11/25/2041 (h)		1,702		1,712
Series 2011-118, Class LB, 7.00%, 11/25/2041		7,743		9,579
Series 2011-118, Class MT, 7.00%, 11/25/2041		9,104		11,208
Series 2011-118, Class NT, 7.00%, 11/25/2041		7,951		9,548
Series 2012-99, Class FA, 0.63%, 9/25/2042 (h)		2,409		2,418
Series 2012-101, Class FC, 0.68%, 9/25/2042 (h)		1,376		1,377
Series 2012-97, Class FB, 0.68%, 9/25/2042 (h)		5,153		5,192
Series 2012-108, Class F, 0.68%, 10/25/2042 (h)		4,078		4,100
Series 2013-81, Class TA, 3.00%, 2/25/2043		6,000		6,333
Series 2013-4, Class AJ, 3.50%, 2/25/2043		2,957		3,307
Series 2013-92, PO, 9/25/2043		8,948		8,236
Series 2013-101, Class DO, PO, 10/25/2043		7,182		6,235

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-128, PO, 12/25/2043		14,897		13,768
Series 2013-135, PO, 1/25/2044		5,567		4,790
Series 2014-29, Class PS, IF, IO, 5.87%, 5/25/2044 (h)		5,456		892
Series 2018-63, Class DA, 3.50%, 9/25/2048		9,631		10,212
Series 2018-94, Class DZ, 4.00%, 1/25/2049		16,150		18,261
Series 2010-103, Class SB, IF, IO, 5.92%, 11/25/2049 (h)		674		68
Series 2011-2, Class WA, 5.85%, 2/25/2051 (h)		790		909
Series 2011-58, Class WA, 5.43%, 7/25/2051 (h)		262		304
FNMA, REMIC Trust
Series 2006-72, Class GO, PO, 8/25/2036		494		480
Series 2007-42, Class AO, PO, 5/25/2037		64		60
FNMA, REMIC Trust, Whole Loan
Series 2004-W10, Class A6, 5.75%, 8/25/2034		4,279		4,926
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		230		260
Series 2007-W5, PO, 6/25/2037		177		167
Series 2007-W7, Class 1A4, HB, IF, 38.13%, 7/25/2037 (h)		137		290
Series 2003-W4, Class 2A, 5.77%, 10/25/2042 (h)		108		124
Series 2003-W1, Class 1A1, 5.22%, 12/25/2042 (h)		799		885
Series 2003-W1, Class 2A, 5.72%, 12/25/2042 (h)		212		239
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		616		750
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,146		1,382
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		872		996
Series 2007-W10, Class 2A, 6.28%, 8/25/2047 (h)		99		114
Series 2009-W1, Class A, 6.00%, 12/25/2049		3,877		4,490
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.38%, 6/27/2036 (h)		2,843		2,798
Series 2007-64, Class FB, 0.55%, 7/25/2037 (h)		450		453
Series 2007-106, Class A7, 6.20%, 10/25/2037 (h)		446		515

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2002-90, Class A1, 6.50%, 6/25/2042		452			533
FNMA, STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(i)		—
Series 218, Class 2, IO, 7.50%, 4/25/2023		3			—	(i)
Series 265, Class 2, 9.00%, 3/25/2024		3			3
Series 300, Class 1, PO, 9/25/2024		295			287
Series 329, Class 1, PO, 1/25/2033		65			61
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		86			13
Series 365, Class 8, IO, 5.50%, 5/25/2036		336			70
Series 374, Class 5, IO, 5.50%, 8/25/2036		221			41
Series 393, Class 6, IO, 5.50%, 4/25/2037		99			16
Series 383, Class 33, IO, 6.00%, 1/25/2038		222			44
Series 412, Class F2, 0.68%, 8/25/2042 (h)		4,898			4,950
Series 411, Class F1, 0.73%, 8/25/2042 (h)		11,639			11,715
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 0.44%, 11/25/2046 (h)		6,599			6,519
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.53%, 6/19/2035 (h)		471			443
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		604			604
Series 2001-35, Class SA, IF, IO, 8.09%, 8/16/2031 (h)		107			—	(i)
Series 2002-52, Class GH, 6.50%, 7/20/2032		496			496
Series 2003-114, Class SH, IF, 14.41%, 11/17/2032 (h)		88			99
Series 2002-75, Class PB, 6.00%, 11/20/2032		965			1,009
Series 2010-14, Class AO, PO, 12/20/2032		49			49
Series 2011-43, Class ZQ, 5.50%, 1/16/2033		2,743			2,975
Series 2003-58, Class BE, 6.50%, 1/20/2033		720			789
Series 2003-11, Class SK, IF, IO, 6.08%, 2/16/2033 (h)		240			1
Series 2008-29, PO, 2/17/2033		51			50
Series 2003-12, Class SP, IF, IO, 6.12%, 2/20/2033 (h)		160			23

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-24, PO, 3/16/2033		53		52
Series 2003-40, Class TJ, 6.50%, 3/20/2033		1,375		1,510
Series 2003-46, Class TC, 6.50%, 3/20/2033		404		450
Series 2003-25, Class PZ, 5.50%, 4/20/2033		1,508		1,629
Series 2003-46, Class MG, 6.50%, 5/20/2033		533		610
Series 2003-52, Class AP, PO, 6/16/2033		293		279
Series 2003-75, Class ZX, 6.00%, 9/16/2033		859		983
Series 2003-90, PO, 10/20/2033		43		42
Series 2010-41, Class WA, 5.82%, 10/20/2033 (h)		1,057		1,197
Series 2003-97, Class SA, IF, IO, 6.39%, 11/16/2033 (h)		556		61
Series 2003-112, Class SA, IF, IO, 4.93%, 12/16/2033 (h)		563		70
Series 2004-28, Class S, IF, 19.22%, 4/16/2034 (h)		286		434
Series 2005-7, Class JM, IF, 16.36%, 5/18/2034 (h)		19		23
Series 2004-46, PO, 6/20/2034		488		485
Series 2004-49, Class Z, 6.00%, 6/20/2034		1,853		2,124
Series 2004-73, Class AE, IF, 14.52%, 8/17/2034 (h)		89		94
Series 2010-103, Class WA, 5.71%, 8/20/2034 (h)		563		650
Series 2004-73, Class JL, IF, IO, 6.39%, 9/16/2034 (h)		1,951		404
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034 (h)		209		229
Series 2004-71, Class SB, HB, IF, 28.69%, 9/20/2034 (h)		209		341
Series 2004-83, Class AP, IF, 13.91%, 10/16/2034 (h)		16		18
Series 2004-89, Class LS, HB, IF, 23.79%, 10/16/2034 (h)		170		279
Series 2004-90, Class SI, IF, IO, 5.94%, 10/20/2034 (h)		2,865		490
Series 2004-96, Class SC, IF, IO, 5.92%, 11/20/2034 (h)		1,528		12
Series 2005-3, Class SK, IF, IO, 6.59%, 1/20/2035 (h)		1,910		461
Series 2005-68, Class DP, IF, 16.04%, 6/17/2035 (h)		632		824

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 79

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2008-79, Class CS, IF, 6.64%, 6/20/2035 (h)		995		1,103
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		196		35
Series 2005-66, Class SP, HB, IF, 20.29%, 8/16/2035 (h)		109		176
Series 2010-14, Class CO, PO, 8/20/2035		1,153		1,092
Series 2005-65, Class SA, HB, IF, 22.13%, 8/20/2035 (h)		27		49
Series 2005-72, Class AZ, 5.50%, 9/20/2035		1,069		1,216
Series 2005-68, Class KI, IF, IO, 6.14%, 9/20/2035 (h)		3,986		860
Series 2005-82, PO, 10/20/2035		257		234
Series 2010-14, Class BO, PO, 11/20/2035		363		345
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		387		62
Series 2006-20, Class QA, 5.75%, 2/20/2036		163		173
Series 2006-16, Class OP, PO, 3/20/2036		314		295
Series 2006-22, Class AO, PO, 5/20/2036		443		438
Series 2006-38, Class SW, IF, IO, 6.34%, 6/20/2036 (h)		45		3
Series 2006-34, PO, 7/20/2036		62		60
Series 2006-33, Class Z, 6.50%, 7/20/2036		1,865		2,183
Series 2006-38, Class ZK, 6.50%, 8/20/2036		2,516		2,883
Series 2006-57, Class PZ, 5.56%, 10/20/2036		1,106		1,224
Series 2006-59, Class SD, IF, IO, 6.54%, 10/20/2036 (h)		603		116
Series 2006-65, Class SA, IF, IO, 6.64%, 11/20/2036 (h)		983		140
Series 2011-22, Class WA, 5.86%, 2/20/2037(h)		377		438
Series 2007-57, PO, 3/20/2037		968		934
Series 2007-9, Class CI, IF, IO, 6.04%, 3/20/2037 (h)		1,057		185
Series 2007-17, Class JO, PO, 4/16/2037		598		547
Series 2007-17, Class JI, IF, IO, 6.65%, 4/16/2037 (h)		1,542		349
Series 2010-129, Class AW, 5.95%, 4/20/2037 (h)		719		829
Series 2007-19, Class SD, IF, IO, 6.04%, 4/20/2037 (h)		591		63
Series 2007-25, Class FN, 0.46%, 5/16/2037 (h)		445		444

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-28, Class BO, PO, 5/20/2037		91		86
Series 2007-26, Class SC, IF, IO, 6.04%, 5/20/2037 (h)		1,086		190
Series 2007-27, Class SD, IF, IO, 6.04%, 5/20/2037 (h)		1,147		183
Series 2007-35, PO, 6/16/2037		1,560		1,494
Series 2007-36, Class HO, PO, 6/16/2037		169		157
Series 2007-36, Class SE, IF, IO, 6.31%, 6/16/2037 (h)		722		107
Series 2007-36, Class SJ, IF, IO, 6.09%, 6/20/2037 (h)		913		98
Series 2007-45, Class QA, IF, IO, 6.48%, 7/20/2037 (h)		1,313		202
Series 2007-40, Class SN, IF, IO, 6.52%, 7/20/2037 (h)		1,285		274
Series 2007-40, Class SD, IF, IO, 6.59%, 7/20/2037 (h)		895		157
Series 2007-50, Class AI, IF, IO, 6.62%, 8/20/2037 (h)		319		29
Series 2008-20, PO, 9/20/2037		116		116
Series 2007-53, Class ES, IF, IO, 6.39%, 9/20/2037 (h)		974		144
Series 2007-53, Class SW, IF, 19.73%, 9/20/2037 (h)		225		305
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		1,004		64
Series 2008-7, Class SP, IF, 13.08%, 10/20/2037 (h)		162		191
Series 2009-79, Class OK, PO, 11/16/2037		1,652		1,581
Series 2007-74, Class SL, IF, IO, 6.38%, 11/16/2037 (h)		1,032		144
Series 2007-73, Class MI, IF, IO, 5.84%, 11/20/2037 (h)		1,057		141
Series 2007-76, Class SB, IF, IO, 6.34%, 11/20/2037 (h)		2,032		227
Series 2007-67, Class SI, IF, IO, 6.35%, 11/20/2037 (h)		1,165		233
Series 2007-72, Class US, IF, IO, 6.39%, 11/20/2037 (h)		924		131
Series 2008-7, Class SK, IF, 19.48%, 11/20/2037 (h)		113		150
Series 2007-79, Class SY, IF, IO, 6.39%, 12/20/2037 (h)		1,397		210
Series 2008-1, PO, 1/20/2038		63		60
Series 2015-137, Class WA, 5.50%, 1/20/2038 (h)		3,756		4,430
Series 2008-17, IO, 5.50%, 2/20/2038		221		20

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-106, Class ST, IF, IO, 5.84%, 2/20/2038 (h)		8,855		1,580
Series 2008-33, Class XS, IF, IO, 7.54%, 4/16/2038 (h)		577		108
Series 2008-36, Class SH, IF, IO, 6.14%, 4/20/2038 (h)		1,429		5
Series 2008-40, Class SA, IF, IO, 6.24%, 5/16/2038 (h)		4,609		860
Series 2008-50, Class KB, 6.00%, 6/20/2038		720		846
Series 2008-55, Class SA, IF, IO, 6.04%, 6/20/2038 (h)		342		59
Series 2008-69, Class QD, 5.75%, 7/20/2038		989		1,067
Series 2008-60, Class CS, IF, IO, 5.99%, 7/20/2038 (h)		1,187		156
Series 2012-59, Class WA, 5.58%, 8/20/2038 (h)		1,651		1,918
Series 2008-71, Class SC, IF, IO, 5.84%, 8/20/2038 (h)		423		61
Series 2008-76, Class US, IF, IO, 5.74%, 9/20/2038 (h)		1,441		263
Series 2008-81, Class S, IF, IO, 6.04%, 9/20/2038 (h)		2,981		298
Series 2009-25, Class SE, IF, IO, 7.44%, 9/20/2038 (h)		625		104
Series 2011-97, Class WA, 6.12%, 11/20/2038 (h)		1,186		1,392
Series 2008-93, Class AS, IF, IO, 5.54%, 12/20/2038 (h)		1,531		212
Series 2008-96, Class SL, IF, IO, 5.84%, 12/20/2038 (h)		856		81
Series 2011-163, Class WA, 5.87%, 12/20/2038 (h)		4,118		4,812
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		224		12
Series 2008-95, Class DS, IF, IO, 7.14%, 12/20/2038 (h)		2,695		545
Series 2014-6, Class W, 5.41%, 1/20/2039 (h)		3,115		3,595
Series 2009-6, Class SA, IF, IO, 5.94%, 2/16/2039 (h)		683		87
Series 2009-11, Class SC, IF, IO, 5.99%, 2/16/2039 (h)		951		92
Series 2009-10, Class SA, IF, IO, 5.79%, 2/20/2039 (h)		1,191		178
Series 2009-6, Class SH, IF, IO, 5.88%, 2/20/2039 (h)		727		84
Series 2009-31, Class TS, IF, IO, 6.14%, 3/20/2039 (h)		1,058		81

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		391		69
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		876		191
Series 2009-22, Class SA, IF, IO, 6.11%, 4/20/2039 (h)		2,112		350
Series 2009-35, Class ZB, 5.50%, 5/16/2039		14,741		16,917
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		254		37
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		348		66
Series 2009-102, Class SM, IF, IO, 6.24%, 6/16/2039 (h)		158		1
Series 2009-43, Class SA, IF, IO, 5.79%, 6/20/2039 (h)		1,140		167
Series 2009-42, Class SC, IF, IO, 5.92%, 6/20/2039 (h)		1,628		242
Series 2009-64, Class SN, IF, IO, 5.94%, 7/16/2039 (h)		1,832		276
Series 2009-72, Class SM, IF, IO, 6.09%, 8/16/2039 (h)		1,770		333
Series 2009-104, Class AB, 7.00%, 8/16/2039		842		938
Series 2009-75, Class MN, 5.50%, 9/20/2039		2,753		3,406
Series 2009-81, Class SB, IF, IO, 5.93%, 9/20/2039 (h)		2,956		608
Series 2009-106, Class AS, IF, IO, 6.24%, 11/16/2039 (h)		2,302		436
Series 2013-147, Class BE, 4.00%, 12/20/2039		3,874		4,505
Series 2015-91, Class W, 5.26%, 5/20/2040 (h)		3,229		3,744
Series 2013-75, Class WA, 5.15%, 6/20/2040 (h)		924		1,065
Series 2011-137, Class WA, 5.57%, 7/20/2040 (h)		1,769		2,085
Series 2010-130, Class CP, 7.00%, 10/16/2040		3,208		3,869
Series 2010-157, Class OP, PO, 12/20/2040		4,142		3,944
Series 2011-75, Class SM, IF, IO, 6.44%, 5/20/2041 (h)		2,241		416
Series 2013-26, Class AK, 4.68%, 9/20/2041 (h)		2,598		2,966
Series 2014-188, Class W, 4.60%, 10/20/2041 (h)		2,537		2,825
Series 2012-141, Class WA, 4.54%, 11/16/2041 (h)		2,594		2,867

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 81

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-157, Class UY, 3.00%, 12/20/2041		1,500		1,649
Series 2012-141, Class WC, 3.68%, 1/20/2042 (h)		2,569		2,846
Series 2012-141, Class WB, 4.00%, 9/16/2042 (h)		1,604		1,811
Series 2014-41, Class W, 4.68%, 10/20/2042 (h)		2,652		2,987
Series 2013-54, Class WA, 4.81%, 11/20/2042 (h)		1,509		1,727
Series 2013-91, Class WA, 4.48%, 4/20/2043 (h)		1,675		1,856
Series 2019-78, Class SW, IF, IO, 5.94%, 6/20/2049 (h)		34,292		5,139
Series 2012-H24, Class FA, 0.61%, 3/20/2060 (h)		165		164
Series 2012-H24, Class FG, 0.59%, 4/20/2060 (h)		94		94
Series 2013-H03, Class FA, 0.46%, 8/20/2060 (h)		8		8
Series 2011-H05, Class FB, 0.66%, 12/20/2060 (h)		1,652		1,653
Series 2011-H06, Class FA, 0.61%, 2/20/2061 (h)		2,073		2,072
Series 2012-H21, Class CF, 0.86%, 5/20/2061 (h)		204		205
Series 2011-H19, Class FA, 0.63%, 8/20/2061 (h)		2,228		2,228
Series 2012-H26, Class JA, 0.71%, 10/20/2061 (h)		51		51
Series 2012-H10, Class FA, 0.71%, 12/20/2061 (h)		21,436		21,473
Series 2012-H08, Class FB, 0.76%, 3/20/2062 (h)		6,232		6,248
Series 2013-H07, Class MA, 0.71%, 4/20/2062 (h)		10		10
Series 2012-H08, Class FS, 0.86%, 4/20/2062 (h)		5,856		5,899
Series 2012-H15, Class FA, 0.61%, 5/20/2062 (h)		3		3
Series 2012-H26, Class MA, 0.71%, 7/20/2062 (h)		255		255
Series 2012-H18, Class NA, 0.68%, 8/20/2062 (h)		1,364		1,366
Series 2012-H28, Class FA, 0.74%, 9/20/2062 (h)		303		303
Series 2012-H29, Class FA, 0.68%, 10/20/2062 (h)		15,242		15,257
Series 2012-H24, Class FE, 0.76%, 10/20/2062 (h)		86		86

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-H02, Class HF, 0.46%, 11/20/2062 (h)		40		40
Series 2013-H01, Class JA, 0.48%, 1/20/2063 (h)		8,017		7,991
Series 2013-H01, Class FA, 1.65%, 1/20/2063		2,985		2,991
Series 2013-H04, Class SA, 0.58%, 2/20/2063 (h)		1,806		1,803
Series 2013-H08, Class FC, 0.61%, 2/20/2063 (h)		3,784		3,782
Series 2013-H07, Class HA, 0.57%, 3/20/2063 (h)		6,817		6,807
Series 2013-H09, Class HA, 1.65%, 4/20/2063		1,897		1,904
Series 2013-H14, Class FG, 0.63%, 5/20/2063 (h)		1,768		1,768
Series 2013-H14, Class FC, 0.63%, 6/20/2063 (h)		1,917		1,917
Series 2014-H01, Class FD, 0.81%, 1/20/2064 (h)		15,476		15,542
Series 2014-H05, Class FA, 0.85%, 2/20/2064 (h)		10,474		10,560
Series 2014-H06, Class HB, 0.81%, 3/20/2064 (h)		2,898		2,911
Series 2014-H09, Class TA, 0.76%, 4/20/2064 (h)		11,000		11,033
Series 2014-H10, Class TA, 0.76%, 4/20/2064 (h)		16,032		16,110
Series 2014-H11, Class VA, 0.66%, 6/20/2064 (h)		18,920		18,942
Series 2014-H15, Class FA, 0.66%, 7/20/2064 (h)		17,853		17,873
Series 2014-H17, Class FC, 0.66%, 7/20/2064 (h)		12,942		12,957
Series 2014-H19, Class FE, 0.63%, 9/20/2064 (h)		17,902		17,903
Series 2014-H20, Class LF, 0.76%, 10/20/2064 (h)		7,524		7,551
Series 2015-H02, Class FB, 0.66%, 12/20/2064 (h)		7,912		7,918
Series 2015-H03, Class FA, 0.66%, 12/20/2064 (h)		7,089		7,094
Series 2015-H05, Class FC, 0.64%, 2/20/2065 (h)		29,521		29,468
Series 2015-H06, Class FA, 0.64%, 2/20/2065 (h)		15,386		15,391
Series 2015-H07, Class ES, 0.65%, 2/20/2065 (h)		10,588		10,584
Series 2015-H08, Class FC, 0.64%, 3/20/2065 (h)		41,574		41,591

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2015-H10, Class FC, 0.64%, 4/20/2065 (h)		34,638		34,652
Series 2015-H12, Class FA, 0.64%, 5/20/2065 (h)		21,093		20,960
Series 2015-H15, Class FD, 0.60%, 6/20/2065 (h)		9,778		9,767
Series 2015-H15, Class FJ, 0.60%, 6/20/2065 (h)		14,781		14,765
Series 2015-H18, Class FA, 0.61%, 6/20/2065 (h)		13,178		13,172
Series 2015-H16, Class FG, 0.60%, 7/20/2065 (h)		16,831		16,813
Series 2015-H16, Class FL, 0.60%, 7/20/2065 (h)		23,105		23,079
Series 2015-H20, Class FA, 0.63%, 8/20/2065 (h)		14,957		14,957
Series 2015-H26, Class FG, 0.68%, 10/20/2065 (h)		4,460		4,469
Series 2015-H32, Class FH, 0.82%, 12/20/2065 (h)		10,331		10,405
Series 2016-H07, Class FA, 0.91%, 3/20/2066 (h)		44,517		44,984
Series 2016-H07, Class FB, 0.91%, 3/20/2066 (h)		11,232		11,350
Series 2016-H11, Class FD, 1.40%, 5/20/2066 (h)		22,176		22,342
Series 2016-H26, Class FC, 1.16%, 12/20/2066 (h)		15,743		16,043
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067 (h)		72,205		7,733
Series 2017-H14, Class XI, IO, 1.81%, 6/20/2067 (h)		56,798		4,816
Series 2018-H09, Class FE, 0.90%, 6/20/2068 (h)		4,232		4,199
Series 2019-H20, Class ID, IO, 2.77%, 12/20/2069 (h)		32,235		3,175
Series 2020-H02, Class MI, IO, 2.74%, 1/20/2070 (h)		75,019		5,346
Series 2020-H05, IO, 2.53%, 3/20/2070 (h)		65,953		5,481
Series 2020-H09, IO, 1.88%, 5/20/2070 (h)		70,184		5,622
Series 2020-H09, Class IC, IO, 2.02%, 5/20/2070 (h)		71,658		6,957
Series 2020-H09, Class CI, IO, 2.29%, 5/20/2070 (h)		66,451		6,113
Series 2020-H11, IO, 1.57%, 6/20/2070 (h)		40,318		3,358
Series 2020-H12, Class IJ, IO, 1.53%, 7/20/2070 (h)		54,008		5,347

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-H12, Class HI, IO, 2.19%, 7/20/2070 (h)		46,070		5,854
Goodgreen Trust
Series 2017-R1, 5.00%, 10/20/2051		38,576		38,875
GSMPS Mortgage Loan Trust
Series 2004-4, Class 1AF, 0.58%, 6/25/2034 (a) (h)		436		365
Series 2005-RP2, Class 1AF, 0.53%, 3/25/2035 (a) (h)		754		675
Series 2005-RP3, Class 1AF, 0.53%, 9/25/2035 (a) (h)		4,918		4,064
Series 2005-RP3, Class 1AS, IO, 4.25%, 9/25/2035 ‡ (a) (h)		3,625		512
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 0.58%, 9/25/2032 (h)		5		5
Series 2003-3F, Class 4A3, 5.75%, 4/25/2033		168		175
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		551		570
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		385		415
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		503		526
Series 2005-5F, Class 8A3, 0.68%, 6/25/2035 (h)		157		146
Series 2005-AR6, Class 3A1, 3.65%, 9/25/2035 (h)		46		45
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		734		761
Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		377		485
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		2,355		1,755
Headlands Residential LLC
Series 2017-RPL1, Class A, 5.87%, 8/25/2022 (a) (d)		38,825		39,681
Series 2018-RPL1, Class A, 4.25%, 6/25/2023 (a) (d)		18,838		19,225
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (d)		38,990		39,032
Impac CMB Trust
Series 2005-4, Class 2A1, 0.78%, 5/25/2035 (h)		796		745
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1, 5.50%, 8/25/2033		532		539

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 83

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 0.53%, 5/25/2036 (h)		1,823		1,735
Series 2006-2, Class 2A1, 0.53%, 8/25/2036 (h)		886		881
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 3.84%, 11/25/2033 (h)		1,763		1,775
Series 2004-A3, Class 4A1, 3.26%, 7/25/2034 (h)		37		37
Series 2006-A2, Class 4A1, 3.09%, 8/25/2034 (h)		2,970		3,019
Series 2006-A3, Class 6A1, 3.10%, 8/25/2034 (h)		472		453
Series 2004-A4, Class 1A1, 2.88%, 9/25/2034 (h)		222		214
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		36		37
Series 2005-A1, Class 3A4, 3.74%, 2/25/2035 (h)		542		522
Series 2007-A1, Class 5A1, 3.75%, 7/25/2035 (h)		409		399
Series 2007-A1, Class 5A2, 3.75%, 7/25/2035 (h)		164		160
Legacy Mortgage Asset Trust
Series 2020-GS1, Class A1, 2.88%, 10/25/2059 (a) (d)		9,617		9,626
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.96%, 4/25/2036 (h)		416		362
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		207		207
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		2,394		1,406
LHOME Mortgage Trust
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024 (a)		27,015		27,147
Series 2020-RTL1, Class A1, 3.23%, 10/25/2024 (a)		18,550		18,532
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (h)		826		821
Series 2004-3, Class 4A2, 2.90%, 4/25/2034 (h)		216		193
Series 2004-15, Class 3A1, 4.16%, 12/25/2034 (h)		230		213
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		8		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		3			3
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		105			100
Series 2003-9, Class 2A1, 6.00%, 12/25/2033		214			223
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		163			170
Series 2004-3, Class 3A1, 6.00%, 4/25/2034		1,506			1,540
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		325			333
Series 2004-6, Class 30, PO, 7/25/2034 ‡		210			179
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		142			150
Series 2004-7, Class 30, PO, 8/25/2034 ‡		146			123
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(i)		—	(i)
Series 2003-12, Class 30, PO, 12/25/2033 ‡		26			23
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		85			87
Series 2004-4, Class 1A6, 5.25%, 12/26/2033		421			425
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (a)		135			136
Series 2004-1, Class 30, PO, 2/25/2034 ‡		14			12
MASTR Reperforming Loan Trust
Series 2005-2, Class 1A1F, 0.52%, 5/25/2035 (a) (h)		6,976			3,810
Series 2006-2, Class 1A1, 4.35%, 5/25/2036 (a) (h)		814			767
MASTR Resecuritization Trust
Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		165			138
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.79%, 10/25/2028 (h)		538			529
Series 2003-F, Class A1, 0.81%, 10/25/2028 (h)		1,123			1,100
Series 2004-A, Class A1, 0.63%, 4/25/2029 (h)		219			210
Series 2004-C, Class A2, 0.98%, 7/25/2029 (h)		412			397
Series 2003-A5, Class 2A6, 2.95%, 8/25/2033 (h)		268			262
Series 2004-A4, Class A2, 3.16%, 8/25/2034 (h)		506			518

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-1, Class 2A1, 3.00%, 12/25/2034 (h)		527		520
Series 2005-A2, Class A1, 3.78%, 2/25/2035 (h)		842		857
Merrill Lynch Mortgage-Backed Securities Trust
Series 2007-3, Class 1A3, 1.34%, 6/25/2037 (h)		517		476
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 4A, 3.44%, 10/25/2019 (h)		113		112
Series 2004-3, Class 4A, 5.62%, 4/25/2034 (h)		1,335		1,444
MRFC Mortgage Pass-Through Trust
Series 2000-TBC2, Class A1, 0.64%, 6/15/2030 (h)		1,383		1,353
Series 2000-TBC3, Class A1, 0.60%, 12/15/2030 (h)		317		305
NACC Reperforming Loan REMIC Trust
Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (h)		428		425
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 1A, 0.71%, 12/8/2020 (h)		8,716		8,719
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		46		46
New Residential Mortgage Loan Trust
Series 2020-RPL2, Class A1, 3.58%, 8/25/2025 (a) (h)		20,000		20,001
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		69		71
Series 2003-A1, Class A1, 5.50%, 5/25/2033		77		80
Series 2003-A1, Class A2, 6.00%, 5/25/2033		121		124
P-stla 7.25%, 10/11/2026 ‡		40,900		40,900
Prime Mortgage Trust
Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		476		506
Prog 2018-jpm 6.91%, 7/24/2023 ‡		50,000		50,000
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025 (a) (d)		23,172		23,175
RALI Trust
Series 2002-QS16, Class A3, IF, 16.26%, 10/25/2017 (h)		1		1
Series 2003-QS9, Class A3, IF, IO, 7.37%, 5/25/2018 ‡ (h)		7		—	(i)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(i)		—
Series 2003-QS12, Class A2A, IF, IO, 7.42%, 6/25/2018 ‡ (h)		—	(i)		—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		9			8
Series 2005-QA6, Class A32, 4.41%, 5/25/2035 (h)		880			613
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		120			114
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.31%, 11/25/2033 (a) (h)		918			920
Series 2009-1, Class 1A1, 6.50%, 2/26/2036 (a) (h)		1,045			1,073
Reperforming Loan REMIC Trust
Series 2005-R1, Class 2A, PO, 3/25/2035 ‡ (a)		49			38
Repo Buyer 8.32%, 5/14/2022 ‡		20,502			20,502
Residential Asset Securitization Trust
Series 2003-A8, Class A5, 4.25%, 10/25/2018		12			12
Series 2005-A2, Class A4, IF, IO, 4.87%, 3/25/2035 ‡ (h)		5,378			1,088
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		476			463
RFMSI Trust
Series 2005-SA4, Class 1A1, 2.86%, 9/25/2035 (h)		278			246
RMIP 5.60%, 8/25/2021 ‡		26,401			25,873
SART
4.75%, 7/15/2024		37,824			37,635
3.25%, 10/15/2024 ‡		8,834			8,719
4.76%, 6/15/2025		44,214			44,435
SART CRR
Series 4, 2.51%, 10/15/2024 ‡		18,178			17,939
2.75%, 4/15/2026 ‡		13,327			13,162
4.25%, 7/15/2027 ‡		19,091			18,837
Seasoned Credit Risk Transfer Trust
Series 2018-4, Class MA, 3.50%, 3/25/2058 ‡		24,457			26,393
Series 2018-4, Class MZ, 3.50%, 3/25/2058 ‡		12,794			15,652
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		61,308			69,040
Series 2019-1, Class M55D, 4.00%, 7/25/2058		38,385			42,580
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		26,490			31,642

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 85

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2020-1, Class M55G, 3.00%, 8/25/2059		56,222		60,136
Seasoned Loans Structured Transaction
Series 2018-1, Class A1, 3.50%, 6/25/2028		15,567		16,856
Sequoia Mortgage Trust
Series 2004-8, Class A1, 0.86%, 9/20/2034 (h)		711		682
Series 2004-8, Class A2, 1.06%, 9/20/2034 (h)		848		826
Series 2004-10, Class A1A, 0.78%, 11/20/2034 (h)		305		288
Series 2004-11, Class A1, 0.76%, 12/20/2034 (h)		921		898
Series 2004-12, Class A3, 0.74%, 1/20/2035 (h)		739		680
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 0.82%, 10/19/2034 (h)		879		865
Series 2005-AR5, Class A3, 0.41%, 7/19/2035 (h)		3,045		2,944
Structured Asset Securities Corp.
Series 2003-37A, Class 2A, 3.53%, 12/25/2033 (h)		953		915
Series 2004-4XS, Class 1A5, 5.17%, 2/25/2034 (d)		1,445		1,493
Series 2005-RF3, Class 1A, 0.53%, 6/25/2035 (a) (h)		562		482
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-34A, Class 3A3, 3.49%, 11/25/2033 (h)		210		208
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.82%, 9/25/2043 (h)		1,887		1,853
Series 2004-4, Class 3A, 3.23%, 12/25/2044 (h)		1,203		1,180
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		864		916
Series 1994-1, Class 1, 5.27%, 2/15/2024 (h)		293		311
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		870		934
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		635		723
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		287		325

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		958		1,096
Series 1998-1, Class 2E, 7.00%, 3/15/2028		652		735
vMobo, Inc. 7.50%, 5/31/2024		37,708		35,569
VOLT PT 7/27/2023 ‡		75,623		74,149
WaMu Mortgage Pass-Through Certificates
Series 2003-S4, Class 2A10, IF, 16.98%, 6/25/2033 (h)		175		220
Series 2004-RS2, Class A4, 5.00%, 11/25/2033		297		309
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-S1, Class A5, 5.50%, 4/25/2033		421		434
Series 2003-AR7, Class A7, 2.68%, 8/25/2033 (h)		418		408
Series 2003-AR9, Class 2A, 3.01%, 9/25/2033 (h)		433		409
Series 2003-AR9, Class 1A6, 3.50%, 9/25/2033 (h)		2,663		2,597
Series 2003-S9, Class P, PO, 10/25/2033 ‡		26		23
Series 2003-AR11, Class A6, 3.93%, 10/25/2033 (h)		1,587		1,543
Series 2003-S9, Class A8, 5.25%, 10/25/2033		1,757		1,809
Series 2004-AR3, Class A1, 3.66%, 6/25/2034 (h)		649		650
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (h)		834		834
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		1,995		2,062
Series 2004-S3, Class 1A5, 5.00%, 7/25/2034		196		199
Series 2006-AR10, Class 2P, 3.26%, 9/25/2036 ‡ (h)		55		44
Series 2006-AR8, Class 1A2, 3.13%, 8/25/2046 (h)		395		371
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-1, Class CP, PO, 3/25/2035 ‡		72		57
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		645		648
Series 2005-2, Class 2A3, IF, IO, 4.82%, 4/25/2035 ‡ (h)		1,552		257
Series 2005-2, Class 1A4, IF, IO, 4.87%, 4/25/2035 ‡ (h)		4,953		742
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,795		1,701

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		1,777		317
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		284		278
Series 2006-1, Class 3A2, 5.75%, 2/25/2036		133		122
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS7, Class P, PO, 3/25/2033 ‡		1		1
Wells Fargo Alternative Loan Trust
Series 2003-1, Class A, PO, 9/25/2033 ‡		37		32
Series 2007-PA3, Class 1A2, 5.75%, 7/25/2037		148		140
Wells Fargo Mortgage-Backed Securities Trust
Series 2007-7, Class A7, 6.00%, 6/25/2037		117		117
Total Collateralized Mortgage Obligations (Cost $2,877,627)				2,979,356
Commercial Mortgage-Backed Securities — 7.2%
20 Times Square Trust
Series 2018-20TS, Class D, 3.20%, 5/15/2035 ‡ (a) (h)		21,000		19,945
Series 2018-20TS, Class E, 3.20%, 5/15/2035 ‡ (a) (h)		13,399		12,424
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		7,026		7,349
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (a) (h)		7,700		8,285
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.92%, 5/27/2021 (a) (h)		27,564		27,421
Series 2014-FRR5, Class AK30, PO, 6/27/2045 (a)		3,200		2,943
Series 2016-FR13, Class A, 1.59%, 8/27/2045 (a) (h)		9,619		9,342
Series 2015-FR11, Class AK25, 2.52%, 9/27/2045 (a) (h)		7,484		7,486
Series 2014-FRR5, Class A714, PO, 1/27/2047 (a)		16,252		16,098
Banc of America Commercial Mortgage Trust
Series 2006-5, Class XC, IO, 0.88%, 9/10/2047 ‡ (a) (h)		1,004		4
Bancorp Commercial Mortgage Trust
Series 2019-CRE5, Class D, 2.51%, 3/15/2036 ‡ (a) (h)		6,700		6,075

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		4,949		4,660
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		46,923		45,438
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class X1, IO, 0.75%, 12/11/2038 ‡ (a) (h)		2,774		—	(i)
Series 2007-T26, Class X1, IO, 0.01%, 1/12/2045 ‡ (a) (h)		92,320		28
BXMT Ltd.
Series 2017-FL1, Class D, 2.86%, 6/15/2035 ‡ (a) (h)		20,740		20,273
CD Commercial Mortgage Trust
Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049 ‡ (a) (h)		138		5
CD Mortgage Trust
Series 2006-CD3, Class XS, IO, 0.86%, 10/15/2048 ‡ (a) (h)		17,937		72
COBALT CMBS Commercial Mortgage Trust
Series 2006-C1, IO, 1.09%, 8/15/2048 ‡ (h)		3,898		24
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (a)		4,484		4,796
Series 2018-HOME, Class A, 3.94%, 4/10/2033 (a) (h)		53,745		59,606
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (a) (h)		6,150		6,040
Series 2020-CBM, Class A2, 2.90%, 2/10/2037 (a)		7,550		7,539
Series 2020-CBM, Class B, 3.10%, 2/10/2037 ‡ (a)		14,250		13,707
Series 2012-CR2, Class XA, IO, 1.79%, 8/15/2045 ‡ (h)		22,988		537
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		13,800		15,102
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		9,250		10,297
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		17,593		19,581
Credit Suisse Commercial Mortgage Trust
Series 2007-C2, Class AX, IO, 0.04%, 1/15/2049 ‡ (a) (h)		16,631		—	(i)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESA, 4.03%, 10/15/2032 (a)		29,490		30,775
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032 ‡ (a) (h)		4,929		4,647

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 87

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (a)		2,600		2,601
Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (a)		16,830		12,393
DBUBS Mortgage Trust
Series 2011-LC2A, Class XA, IO, 1.15%, 7/10/2044 ‡ (a) (h)		17,458		55
DBWF Mortgage Trust
Series 2015-LCM, Class A2, 3.54%, 6/10/2034 (a) (h)		4,000		3,884
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		12,717		13,192
Series KS01, Class A2, 2.52%, 1/25/2023		13,247		13,679
Series KSMC, Class A2, 2.62%, 1/25/2023		36,500		38,265
Series K038, Class A2, 3.39%, 3/25/2024		20,914		22,822
Series K731, Class AM, 3.60%, 2/25/2025 (h)		32,000		35,377
Series KPLB, Class A, 2.77%, 5/25/2025		2,314		2,514
Series KLU2, Class A7, 2.23%, 9/25/2025 (h)		21,900		23,255
Series KJ17, Class A2, 2.98%, 11/25/2025		30,043		32,382
Series K052, Class A2, 3.15%, 11/25/2025		23,597		26,326
Series K737, Class AM, 2.10%, 10/25/2026		24,520		26,324
Series K061, Class AM, 3.44%, 11/25/2026 (h)		20,000		22,966
Series K065, Class A2, 3.24%, 4/25/2027		21,719		24,855
Series K065, Class AM, 3.33%, 5/25/2027		11,657		13,371
Series K066, Class A2, 3.12%, 6/25/2027		8,171		9,299
Series K069, Class A2, 3.19%, 9/25/2027 (h)		48,115		55,161
Series K070, Class A2, 3.30%, 11/25/2027 (h)		17,323		20,016
Series K072, Class A2, 3.44%, 12/25/2027		14,689		17,122
Series K072, Class AM, 3.50%, 12/25/2027 (h)		19,000		22,165
Series K073, Class A2, 3.35%, 1/25/2028		33,492		38,854
Series W5FX, Class AFX, 3.34%, 4/25/2028 (h)		21,769		24,610
Series K077, Class A2, 3.85%, 5/25/2028 (h)		33,800		40,529
Series K081, Class A2, 3.90%, 8/25/2028 (h)		36,095		43,500

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series K082, Class A2, 3.92%, 9/25/2028 (h)		29,701		35,961
Series K082, Class AM, 3.92%, 9/25/2028 (h)		12,035		14,530
Series K087, Class A2, 3.77%, 12/25/2028		8,150		9,789
Series K088, Class A2, 3.69%, 1/25/2029		355		425
FNMA ACES
Series 2010-M7, Class A2, 3.66%, 11/25/2020		191		191
Series 2011-M1, Class A3, 3.76%, 6/25/2021		3,161		3,200
Series 2011-M8, Class A2, 2.92%, 8/25/2021		3,089		3,130
Series 2013-M9, Class A2, 2.39%, 1/25/2023 (h)		5,170		5,338
Series 2013-M13, Class A2, 2.63%, 4/25/2023 (h)		1,586		1,656
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (h)		13,074		14,131
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (h)		17,288		18,669
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (h)		3,145		3,405
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (h)		11,151		12,019
Series 2015-M1, Class A2, 2.53%, 9/25/2024		11,707		12,432
Series 2015-M3, Class A2, 2.72%, 10/25/2024		13,869		14,856
Series 2015-M7, Class A2, 2.59%, 12/25/2024		6,309		6,734
Series 2015-M2, Class A3, 3.13%, 12/25/2024 (h)		10,084		10,872
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (h)		10,000		10,810
Series 2016-M1, Class A2, 2.94%, 1/25/2026 (h)		64,822		71,243
Series 2016-M11, Class A2, 2.37%, 7/25/2026 (h)		96,850		104,683
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (h)		10,891		11,779
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		57,555		64,163
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		33,600		37,415
Series 2017-M12, Class A2, 3.18%, 6/25/2027 (h)		44,413		49,982

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2017-M15, Class A2, 3.06%, 9/25/2027 (h)		10,000		11,203
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (h)		22,000		24,367
Series 2018-M4, Class A2, 3.15%, 3/25/2028 (h)		25,707		28,945
Series 2018-M9, Class APT2, 3.23%, 4/25/2028 (h)		97,825		109,301
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (h)		35,260		40,874
Series 2018-M10, Class A2, 3.48%, 7/25/2028 (h)		45,168		51,703
Series 2019-M1, Class A2, 3.67%, 9/25/2028 (h)		34,615		40,419
Series 2020-M38, Class 2A1, 1.59%, 11/25/2028		12,720		13,356
Series 2020-M38, Class X2, IO, 2.11%, 11/25/2028 (h)		54,000		7,211
Series 2019-M7, Class A2, 3.14%, 4/25/2029		41,965		47,926
Series 2017-M5, Class A2, 3.29%, 4/25/2029 (h)		8,018		9,196
Series 2019-M12, Class A2, 2.89%, 6/25/2029 (h)		75,085		83,550
Series 2017-M11, Class A2, 2.98%, 8/25/2029		14,669		16,800
Series 2020-M5, Class A2, 2.21%, 1/25/2030		46,000		49,527
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (h)		17,874		20,545
FREMF Mortgage Trust
Series 2017-K727, Class B, 3.87%, 7/25/2024 (a) (h)		27,500		29,483
Series 2018-KSL1, Class B, 3.96%, 11/25/2025 (a) (h)		10,011		10,176
Series 2015-K44, Class B, 3.81%, 1/25/2048 (a) (h)		769		823
Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (h)		11,025		11,794
Series 2015-K47, Class B, 3.71%, 6/25/2048 (a) (h)		5,000		5,413
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (h)		10,000		10,902
Series 2016-K56, Class B, 4.07%, 6/25/2049 (a) (h)		8,451		9,296
Series 2016-K722, Class B, 3.98%, 7/25/2049 (a) (h)		21,565		22,615
Series 2017-K67, Class B, 4.08%, 9/25/2049 (a) (h)		8,500		9,444

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-K729, Class B, 3.80%, 11/25/2049 (a) (h)		8,000		8,480
Series 2017-K63, Class B, 4.00%, 2/25/2050 (a) (h)		20,000		22,030
Series 2019-K102, Class B, 3.65%, 12/25/2051 (a) (h)		6,000		6,567
Series 2019-K90, Class B, 4.46%, 2/25/2052 (a) (h)		8,500		9,990
Series 2020-K737, Class B, 3.41%, 1/25/2053 (a) (h)		10,000		10,845
GS Mortgage Securities Trust
Series 2006-GG8, Class X, IO, 1.27%, 11/10/2039 ‡ (a) (h)		10,432		22
Independence Plaza Trust
Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		36,250		38,540
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.19%, 8/12/2037 ‡ (a) (h)		8,542		1
Series 2006-CB15, Class X1, IO, 0.39%, 6/12/2043 ‡ (h)		15,823		15
Series 2007-LD12, Class X, IO, 0.00%, 2/15/2051 ‡ (h)		8,033		—	(i)
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.18%, 12/27/2046 (a) (h)		14,000		13,156
Series 2014-FRR1, Class BK10, 1.81%, 11/27/2049 (a) (h)		2,900		2,856
Ladder Capital Commercial Mortgage Trust
Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (a)		8,924		9,988
LB-UBS Commercial Mortgage Trust
Series 2007-C2, Class XW, IO, 0.36%, 2/15/2040 ‡ (h)		2,674		—	(i)
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class XC, IO, 0.74%, 12/12/2049 ‡ (a) (h)		4,924		—	(i)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class A3, 3.67%, 2/15/2047		7,115		7,142
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.29%, 12/15/2043 ‡ (a) (h)		1,736		—	(i)
Series 2007-HQ11, Class X, IO, 0.37%, 2/12/2044 ‡ (a) (h)		1,877		2
Series 2007-IQ13, Class X, IO, 0.66%, 3/15/2044 ‡ (a) (h)		3,910		11
Series 2007-HQ13, Class X1, IO, 0.00%, 12/15/2044 ‡ (a) (h)		1,446		—	(i)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 89

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2012-C4, Class A3, 2.99%, 3/15/2045		917		920
MRCD Mark Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		38,560		39,683
Series 2019-PARK, Class E, 2.72%, 12/15/2036 ‡ (a)		81,600		76,300
RBS Commercial Funding, Inc. Trust
Series 2013-SMV, Class A, 3.26%, 3/11/2031 (a)		4,450		4,365
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class A3, 2.83%, 2/13/2053 (a)		24,215		25,139
Series RR Trust
Series 2014-1, Class B, PO, 5/25/2047 (a)		8,260		6,346
UBS Commercial Mortgage Trust
Series 2012-C1, Class XA, IO, 2.25%, 5/10/2045 (a) (h)		12,561		282
UBS-BAMLL Trust
Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		15,527		15,700
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		2,357		2,464
Series 2012-C2, Class XA, IO, 1.45%, 5/10/2063 ‡ (a) (h)		44,614		862
Series 2012-C2, Class A4, 3.53%, 5/10/2063		9,327		9,636
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		30,750		30,738
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		11,148		11,495
Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Class XC, IO, 0.00%, 3/15/2045 ‡ (a) (h)		3,084		—	(i)
Wells Fargo Commercial Mortgage Trust
Series 2015-C30, Class A4, 3.66%, 9/15/2058		8,751		9,730
Wells Fargo Re-REMIC Trust
Series 2013-FRR1, Class AK20, PO, 5/27/2045 (a)		8,000		7,463
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		8,722		8,789
Series 2013-C11, Class D, 4.40%, 3/15/2045 ‡ (a) (h)		2,500		2,205

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-C6, Class A4, 3.44%, 4/15/2045		8,933		9,062
Total Commercial Mortgage-Backed Securities (Cost $2,323,455)				2,519,122
U.S. Government Agency Securities — 0.7%
FNMA 7.25%, 5/15/2030		8,071		7,142
Israel Government AID Bond (Israel)
5.50%, 12/4/2023		7,240		8,455
2.01%, 11/1/2024 (g)		5,000		4,873
3.43%, 8/15/2025 (g)		15,290		14,806
2.41%, 8/15/2026 (g)		17,300		16,525
5.50%, 9/18/2033		6,771		10,068
Resolution Funding Corp. STRIPS
2.05%, 10/15/2020 (g)		50,759		50,748
DN, 2.90%, 10/15/2027 (g)		11,275		10,525
DN, 3.06%, 1/15/2030 (g)		30,700		27,334
DN, 3.31%, 4/15/2030 (g)		18,250		16,189
Tennessee Valley Authority
5.88%, 4/1/2036		31,814		49,567
5.50%, 6/15/2038		493		760
4.63%, 9/15/2060		4,157		6,424
4.25%, 9/15/2065		2,604		3,848
Tennessee Valley Authority STRIPS
DN, 4.04%, 11/1/2025 (g)		17,495		16,868
DN, 5.46%, 7/15/2028 (g)		3,119		2,840
DN, 3.67%, 12/15/2028 (g)		3,500		3,171
DN, 4.95%, 6/15/2035 (g)		2,242		1,730
Total U.S. Government Agency Securities (Cost $222,261)				251,873
Foreign Government Securities — 0.4%
Republic of Colombia (Colombia)
4.00%, 2/26/2024		6,987		7,465
4.50%, 1/28/2026		3,811		4,228
3.13%, 4/15/2031		7,000		7,235
7.38%, 9/18/2037		1,400		2,003
5.63%, 2/26/2044		941		1,192
5.00%, 6/15/2045		3,979		4,750
5.20%, 5/15/2049		10,179		12,564
4.13%, 5/15/2051		4,960		5,307
Republic of Panama (Panama)
3.16%, 1/23/2030		8,850		9,640
4.50%, 4/16/2050		5,100		6,554
Republic of Peru (Peru) 5.63%, 11/18/2050		737		1,212
Republic of South Africa (South Africa) 5.88%, 9/16/2025		3,502		3,765
United Mexican States (Mexico) 3.60%, 1/30/2025		7,166		7,802

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
4.13%, 1/21/2026		5,155		5,750
3.75%, 1/11/2028		22,959		24,838
4.75%, 3/8/2044		3,906		4,386
4.60%, 1/23/2046		15,089		16,636
4.35%, 1/15/2047		4,228		4,515
4.60%, 2/10/2048		1,928		2,117
4.50%, 1/31/2050		14,225		15,527
5.75%, 10/12/2110		5,118		6,249
Total Foreign Government Securities (Cost $141,181)				153,735
Municipal Bonds — 0.4% (l)
California — 0.1%
City of Los Angeles, Department of Airports
Series 2009C, Rev., 6.58%, 5/15/2039		3,060		4,183
Regents of the University of California Medical Center Pooled
Series 2020N, Rev., 3.71%, 5/15/2120		21,120		24,261
State of California, Various Purpose
GO, 7.30%, 10/1/2039		2,400		3,983
Total California				32,427
New York — 0.1%
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2010-D, Rev., 5.60%, 3/15/2040		2,240		3,199
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		10,965		15,644
Series 165, Rev., 5.65%, 11/1/2040		3,780		5,393
Series 174, Rev., 4.46%, 10/1/2062		17,925		23,413
Total New York				47,649
Ohio — 0.2%
American Municipal Power, Inc., Meldahl Hydroelectric Project
Series 2010B, Rev., 7.50%, 2/15/2050		11,725		19,684
County of Hamilton, The Christ Hospital
Rev., AGM, 3.76%, 6/1/2042		16,870		18,798
Ohio State University, General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		3,478		4,668
Series 2011-A, Rev., 4.80%, 6/1/2111		9,576		14,226
Rev., 5.59%, 12/1/2114		5,822		8,663
Total Ohio				66,039
Total Municipal Bonds (Cost $111,770)				146,115

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 8.9%
Investment Companies — 8.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (m) (n) (Cost $3,090,536)		3,088,848		3,091,319
Total Investments — 104.2% (Cost $33,926,415)				36,254,075
Liabilities in Excess of Other Assets — (4.2)%				(1,474,374	)
NET ASSETS — 100.0%				34,779,701

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
AGM	Insured by Assured Guaranty Municipal Corp.
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2020.
CMBS	Commercial Mortgage-Backed Security
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 91

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed 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 August 31, 2020.
(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 August 31, 2020.

(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 August 31, 2020.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	The rate shown is the effective yield as of August 31, 2020.
(h)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(i)	Amount rounds to less than one thousand.
(j)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)	Defaulted security.
(l)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(m)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(n)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 28.4%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		589		616
Airbus SE (France) 3.15%, 4/10/2027 (a)		655		691
3.95%, 4/10/2047 (a)		150		170
Boeing Co. (The) 5.04%, 5/1/2027		12,200		13,425
Bombardier, Inc. (Canada) 5.75%, 3/15/2022 (a)		1,695		1,513
BWX Technologies, Inc. 5.38%, 7/15/2026 (a)		1,274		1,335
Howmet Aerospace, Inc. 5.13%, 10/1/2024		2,767		2,968
5.95%, 2/1/2037		4,161		4,705
Lockheed Martin Corp.
3.80%, 3/1/2045		600		729
4.09%, 9/15/2052		2,500		3,229
Precision Castparts Corp. 3.25%, 6/15/2025		2,017		2,252
Raytheon Technologies Corp. 3.95%, 8/16/2025		240		275
4.13%, 11/16/2028		3,075		3,658
4.50%, 6/1/2042		2,471		3,128
4.35%, 4/15/2047 (a)		4,986		6,178
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		1,075		1,085
TransDigm, Inc. 6.25%, 3/15/2026 (a)		5,640		5,951
Triumph Group, Inc.
6.25%, 9/15/2024 (a)		1,475		1,207
7.75%, 8/15/2025		2,364		1,400
				54,515
Air Freight & Logistics — 0.0% (b)
XPO Logistics, Inc. 6.75%, 8/15/2024 (a)		5,479		5,826
Airlines — 0.1%
Continental Airlines Pass-Through Trust
Series 2012-2, Class A Shares, 4.00%, 10/29/2024		4,239		3,967
United Airlines Holdings, Inc.
5.00%, 2/1/2024		3,104		2,802
4.88%, 1/15/2025		2,241		1,922
				8,691
Auto Components — 0.2%
Adient US LLC 7.00%, 5/15/2026 (a)		4,225		4,539
Allison Transmission, Inc.
5.00%, 10/1/2024 (a)		3,616		3,652
5.88%, 6/1/2029 (a)		1,230		1,347

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Auto Components — continued
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		5,185		5,347
Cooper-Standard Automotive, Inc. 13.00%, 6/1/2024 (a)		584		619
5.63%, 11/15/2026 (a)		4,490		2,535
Dana Financing Luxembourg SARL 5.75%, 4/15/2025 (a)		1,925		1,996
Delphi Technologies plc 5.00%, 10/1/2025 (a)		6,265		7,181
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023		2,512		2,518
Icahn Enterprises LP
6.38%, 12/15/2025		3,382		3,508
6.25%, 5/15/2026		957		1,022
				34,264
Automobiles — 0.0% (b)
Daimler Finance North America LLC (Germany)
3.30%, 5/19/2025 (a)		500		546
8.50%, 1/18/2031		195		299
General Motors Co. 7.70%, 4/15/2016 ‡ (c)		2,500		—	(d)
Hyundai Capital America 3.45%, 3/12/2021 (a)		2,000		2,025
				2,870
Banks — 4.8%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021 (a)		3,500		3,529
4.75%, 7/28/2025 (a)		14,000		15,805
ANZ New Zealand Int’l Ltd. (New Zealand) 3.40%, 3/19/2024 (a)		1,200		1,307
3.45%, 7/17/2027 (a)		889		1,010
2.55%, 2/13/2030 (a)		635		694
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		615		666
Banco Santander SA (Spain)
3.13%, 2/23/2023		1,600		1,684
4.38%, 4/12/2028		3,400		3,892
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (e)		57		59
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (e)		1,805		1,872
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e)		29,213		30,786
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (e)		5,000		5,439

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 93

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (e) (f) (g)		1,980		2,156
4.00%, 1/22/2025		7,677		8,601
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (e)		8,380		9,157
Series L, 3.95%, 4/21/2025		1,326		1,492
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (e)		519		564
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (e)		11,100		11,760
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (e)		6,000		6,596
4.45%, 3/3/2026		1,294		1,501
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (e)		25,260		28,393
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		1,000		1,133
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (e)		467		522
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (e)		13,000		14,991
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (e)		745		870
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (e)		12,400		13,066
(SOFR + 1.53%), 1.90%, 7/23/2031 (e)		7,000		7,062
6.98%, 3/7/2037		1,500		2,038
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (e)		1,535		1,851
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		12,665		12,882
Series L, 4.75%, 4/21/2045		2,000		2,662
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (e)		3,500		4,357
Bank of Montreal (Canada)
Series E, 3.30%, 2/5/2024		2,500		2,727
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (e)		372		412
Bank of Nova Scotia (The) (Canada)
1.63%, 5/1/2023		4,610		4,746
1.30%, 6/11/2025		2,080		2,128
2.70%, 8/3/2026		1,660		1,837
Banque Federative du Credit Mutuel SA (France) 3.75%, 7/20/2023 (a)		2,770		3,011

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Barclays plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024 (e)		800		865
4.38%, 9/11/2024		1,150		1,249
BNP Paribas SA (France)
3.80%, 1/10/2024 (a)		2,000		2,179
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (e)		1,000		1,043
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (e)		10,075		10,876
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (a)		1,000		1,038
Canadian Imperial Bank of Commerce (Canada)
3.10%, 4/2/2024		921		998
2.25%, 1/28/2025		3,100		3,281
Capital One Bank USA NA 3.38%, 2/15/2023		1,400		1,483
CIT Group, Inc.
5.00%, 8/1/2023		2,694		2,853
6.13%, 3/9/2028		1,295		1,526
Citigroup, Inc.
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 4.38%, 11/15/2020 (e) (f) (g)		1,545		1,538
2.90%, 12/8/2021		1,500		1,545
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (g)		581		609
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (e) (f) (g)		1,797		1,788
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (g)		700		756
6.88%, 6/1/2025		645		797
7.00%, 12/1/2025		1,115		1,416
(SOFR + 2.75%), 3.11%, 4/8/2026 (e)		2,500		2,712
4.30%, 11/20/2026		2,500		2,881
6.63%, 1/15/2028		838		1,099
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (e)		803		907
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		5,000		5,585
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (e)		3,600		4,181
(SOFR + 1.42%), 2.98%, 11/5/2030 (e)		3,090		3,355

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.15%), 2.67%, 1/29/2031 (e)		2,600		2,768
(SOFR + 3.91%), 4.41%, 3/31/2031 (e)		17,210		20,901
(SOFR + 2.11%), 2.57%, 6/3/2031 (e)		11,150		11,782
(SOFR + 4.55%), 5.32%, 3/26/2041 (e)		7,000		9,764
Citizens Bank NA 3.70%, 3/29/2023		2,090		2,246
Comerica Bank 2.50%, 7/23/2024		1,000		1,068
Comerica, Inc. 4.00%, 2/1/2029		1,500		1,730
Commonwealth Bank of Australia (Australia) 3.74%, 9/12/2039 (a)		1,650		1,849
Cooperatieve Rabobank UA (Netherlands)
2.75%, 1/10/2023		1,500		1,582
4.63%, 12/1/2023		1,650		1,837
Credit Agricole SA (France)
3.75%, 4/24/2023 (a)		1,200		1,295
4.38%, 3/17/2025 (a)		5,765		6,404
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (e) (f) (g)		3,840		4,550
(SOFR Index + 1.68%), 1.91%, 6/16/2026 (a) (e)		880		909
Danske Bank A/S (Denmark)
2.80%, 3/10/2021 (a)		1,675		1,694
2.70%, 3/2/2022 (a)		619		639
DNB Bank ASA (Norway) 2.15%, 12/2/2022 (a)		1,500		1,557
Fifth Third Bank NA
3.95%, 7/28/2025		500		576
3.85%, 3/15/2026		234		268
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (e)		11,285		11,736
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (e)		1,725		1,810
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (e)		1,250		1,351
4.25%, 8/18/2025		1,333		1,475
4.30%, 3/8/2026		3,581		4,113
(SOFR + 1.54%), 1.64%, 4/18/2026 (e)		10,520		10,603
3.90%, 5/25/2026		506		571
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (e)		6,263		7,039
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (e)		16,630		18,907

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
6.80%, 6/1/2038		1,264		1,813
6.10%, 1/14/2042		715		1,049
Huntington Bancshares, Inc. 2.55%, 2/4/2030		2,500		2,621
Industrial & Commercial Bank of China Ltd. (China) 2.45%, 10/20/2021		400		406
ING Groep NV (Netherlands)
3.15%, 3/29/2022		1,200		1,248
(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (e) (f) (g) (h)		2,957		3,114
3.55%, 4/9/2024		440		483
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (e)		1,210		1,231
KeyBank NA
3.18%, 5/22/2022		1,621		1,692
3.40%, 5/20/2026		1,545		1,734
KeyCorp 2.25%, 4/6/2027		1,290		1,364
Lloyds Bank plc (United Kingdom) 6.50%, 9/14/2020 (a)		1,700		1,703
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (e)		2,650		2,770
4.38%, 3/22/2028		633		749
(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028 (e)		4,500		5,009
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		413		429
2.67%, 7/25/2022		2,150		2,235
3.76%, 7/26/2023		4,582		4,992
2.53%, 9/13/2023		423		447
1.41%, 7/17/2025		13,390		13,622
3.20%, 7/18/2029		2,605		2,893
3.75%, 7/18/2039		3,145		3,663
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024 (e)		2,000		2,177
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (e)		4,400		4,601
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		3,248		3,677
2.33%, 8/21/2030 (a)		1,330		1,328
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (e)		2,605		2,901

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 95

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
National Bank of Canada (Canada) 2.15%, 10/7/2022 (a)		1,800		1,861
Natwest Group plc (United Kingdom)
3.88%, 9/12/2023		12,000		13,021
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (e)		8,215		8,790
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (a)		2,000		2,112
Nordea Bank Abp (Finland)
4.88%, 5/13/2021 (a)		600		617
4.25%, 9/21/2022 (a)		886		943
3.75%, 8/30/2023 (a)		1,250		1,354
PNC Bank NA 2.70%, 10/22/2029		4,150		4,492
PNC Financial Services Group, Inc. (The)
2.60%, 7/23/2026		2,000		2,195
2.55%, 1/22/2030		9,680		10,514
Royal Bank of Canada (Canada)
2.25%, 11/1/2024		2,600		2,771
1.15%, 6/10/2025		2,000		2,036
4.65%, 1/27/2026		423		501
Skandinaviska Enskilda Banken AB (Sweden) 3.05%, 3/25/2022 (a)		1,300		1,352
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		1,585		1,716
2.63%, 10/16/2024 (a)		11,200		11,705
2.63%, 1/22/2025 (a)		11,635		12,173
4.25%, 4/14/2025 (a)		800		859
4.75%, 11/24/2025 (a)		6,630		7,317
3.00%, 1/22/2030 (a)		4,000		4,202
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (e)		800		832
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (e)		1,200		1,270
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (e)		10,365		10,758
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 1/11/2022		1,200		1,239
2.78%, 7/12/2022		3,550		3,702
3.10%, 1/17/2023		3,099		3,286
3.75%, 7/19/2023		1,250		1,362
3.94%, 10/16/2023		1,200		1,323
4.44%, 4/2/2024 (a)		1,200		1,321

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
1.47%, 7/8/2025		1,500		1,532
3.04%, 7/16/2029		785		859
2.75%, 1/15/2030		3,500		3,772
Svenska Handelsbanken AB (Sweden)
0.63%, 6/30/2023 (a)		2,300		2,308
3.90%, 11/20/2023		2,600		2,889
Toronto-Dominion Bank (The) (Canada) 1.15%, 6/12/2025		2,000		2,042
Truist Bank
3.20%, 4/1/2024		1,250		1,365
2.15%, 12/6/2024		500		531
Truist Financial Corp.
3.75%, 12/6/2023		1,600		1,763
4.00%, 5/1/2025		1,857		2,119
1.95%, 6/5/2030		350		361
US Bancorp
Series X, 3.15%, 4/27/2027		1,660		1,879
3.00%, 7/30/2029		1,325		1,466
Wachovia Corp.
6.61%, 10/1/2025		1,650		2,003
7.57%, 8/1/2026 (i)		515		669
Wells Fargo & Co.
3.07%, 1/24/2023		3,813		3,945
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (e)		1,000		1,043
3.00%, 10/23/2026		15,235		16,809
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (e)		11,415		12,496
4.30%, 7/22/2027		173		199
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (e)		4,475		5,013
(ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030 (e)		8,700		9,352
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (e)		8,700		9,126
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		16,505		17,443
5.38%, 11/2/2043		853		1,140
4.90%, 11/17/2045		6,610		8,402
4.40%, 6/14/2046		3,016		3,601
Westpac Banking Corp. (Australia)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (e)		2,000		2,070
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (e)		1,000		1,139

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
4.42%, 7/24/2039		520		641
				704,394
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		8,510		10,392
4.90%, 1/23/2031		7,460		9,504
4.38%, 4/15/2038		5,000		5,746
3.75%, 7/15/2042		2,500		2,665
4.44%, 10/6/2048		3,000		3,483
Coca-Cola Co. (The)
4.20%, 3/25/2050		3,000		3,945
2.60%, 6/1/2050		4,405		4,463
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		1,380		1,483
1.85%, 9/1/2032		500		500
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		365		419
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		3,160		3,371
Keurig Dr Pepper, Inc.
3.40%, 11/15/2025		1,700		1,909
2.55%, 9/15/2026		507		551
3.43%, 6/15/2027		225		252
4.60%, 5/25/2028		4,110		4,965
PepsiCo, Inc. 3.45%, 10/6/2046		3,000		3,507
				57,155
Biotechnology — 0.8%
AbbVie, Inc.
2.30%, 11/21/2022 (a)		11,130		11,566
2.80%, 3/15/2023 (a)		500		519
2.60%, 11/21/2024 (a)		20,605		22,082
3.60%, 5/14/2025		5,000		5,580
2.95%, 11/21/2026 (a)		19,970		21,964
3.20%, 11/21/2029 (a)		4,026		4,456
4.05%, 11/21/2039 (a)		9,103		10,617
4.63%, 10/1/2042 (a)		3,900		4,779
Amgen, Inc.
2.20%, 2/21/2027		215		228
2.30%, 2/25/2031		12,500		13,123
Biogen, Inc.
2.25%, 5/1/2030		1,162		1,191
3.15%, 5/1/2050		6,401		6,478
Gilead Sciences, Inc. 4.50%, 2/1/2045		6,500		8,439
				111,022

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Building Products — 0.1%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (a)		200		219
Griffon Corp. 5.75%, 3/1/2028		1,065		1,130
Standard Industries, Inc.
6.00%, 10/15/2025 (a)		3,475		3,583
4.75%, 1/15/2028 (a)		1,800		1,895
3.38%, 1/15/2031 (a)		673		668
Summit Materials LLC 5.13%, 6/1/2025 (a)		2,140		2,161
				9,656
Capital Markets — 2.0%
Bank of New York Mellon Corp. (The)
3.95%, 11/18/2025		996		1,161
3.25%, 5/16/2027		1,200		1,359
BlackRock, Inc. 3.25%, 4/30/2029		2,350		2,751
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		159		192
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		1,265		1,432
4.85%, 3/29/2029		280		333
4.70%, 9/20/2047		645		760
Charles Schwab Corp. (The) 3.23%, 9/1/2022		750		793
Credit Suisse AG (Switzerland)
1.00%, 5/5/2023		1,000		1,015
3.63%, 9/9/2024		11,500		12,836
2.95%, 4/9/2025		650		714
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (a) (e) (f) (g)		12,300		13,653
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (e)		250		262
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (e)		300		310
4.28%, 1/9/2028 (a)		11,406		12,978
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029 (a) (e)		831		933
(SOFR + 3.73%), 4.19%, 4/1/2031 (a) (e)		2,000		2,333
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		1,098		1,136
Deutsche Bank AG (Germany) 4.25%, 10/14/2021		1,850		1,911
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.17%, 10/5/2020 (e) (f) (g)		1,170		1,157

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 97

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
3.00%, 4/26/2022		3,293		3,347
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (e)		6,442		6,705
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (e)		3,592		3,743
3.50%, 1/23/2025		2,566		2,818
3.50%, 4/1/2025		24,930		27,621
3.75%, 5/22/2025		4,789		5,363
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (e)		1,612		1,756
4.25%, 10/21/2025		364		414
3.50%, 11/16/2026		15,000		16,728
3.85%, 1/26/2027		1,664		1,895
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		977		1,107
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (e)		5,740		6,743
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (e)		5,610		6,607
4.75%, 10/21/2045		1,300		1,727
Invesco Finance plc 4.00%, 1/30/2024		1,162		1,273
Jefferies Group LLC
6.45%, 6/8/2027		104		125
6.25%, 1/15/2036		950		1,146
Lehman Brothers Holdings, Inc.
3.60%, 3/13/2009 (c)		235		3
8.00%, 8/1/2015 (c)		295		4
5.75%, 5/17/2049 (c)		1,000		11
LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		2,610		2,714
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (e)		800		956
Morgan Stanley
4.88%, 11/1/2022		3,500		3,812
3.13%, 1/23/2023		2,500		2,651
4.10%, 5/22/2023		750		815
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (e)		2,240		2,420
(SOFR + 1.15%), 2.72%, 7/22/2025 (e)		11,205		11,986
4.00%, 7/23/2025		2,677		3,063
5.00%, 11/24/2025		1,617		1,901
3.88%, 1/27/2026		4,268		4,899
(SOFR + 1.99%), 2.19%, 4/28/2026 (e)		10,918		11,485
3.63%, 1/20/2027		3,282		3,728

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (e)		6,667		7,529
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (e)		3,388		3,891
(SOFR + 1.14%), 2.70%, 1/22/2031 (e)		15,650		16,866
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		5,425		6,854
4.38%, 1/22/2047		2,000		2,658
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		2,856		3,010
1.85%, 7/16/2025		1,300		1,325
Northern Trust Corp.
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (e)		1,000		1,082
Nuveen LLC 4.00%, 11/1/2028 (a)		710		848
S&P Global, Inc. 3.25%, 12/1/2049		2,500		2,890
State Street Corp.
3.10%, 5/15/2023		459		491
2.65%, 5/19/2026		700		775
2.40%, 1/24/2030		2,080		2,257
TD Ameritrade Holding Corp. 2.75%, 10/1/2029		800		897
UBS Group AG (Switzerland)
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (e) (f) (g) (h)		EUR       11,400		14,230
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (e)		1,303		1,356
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (e)		8,895		8,975
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (e)		23,300		25,862
				299,381
Chemicals — 0.3%
Air Products and Chemicals, Inc.
2.05%, 5/15/2030		600		633
2.70%, 5/15/2040		800		857
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		765		801
Blue Cube Spinco LLC 10.00%, 10/15/2025		1,285		1,361
CF Industries, Inc. 4.95%, 6/1/2043		2,585		3,050
Chemours Co. (The)
6.63%, 5/15/2023		753		757
7.00%, 5/15/2025		3,955		4,044

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
CVR Partners LP 9.25%, 6/15/2023 (a)		5,032		4,944
Dow Chemical Co. (The) 3.50%, 10/1/2024		1,500		1,641
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)		2,300		2,283
5.25%, 6/1/2027 (a)		6,135		5,935
Nutrien Ltd. (Canada) 4.13%, 3/15/2035		511		591
OCI NV (Netherlands) 6.63%, 4/15/2023 (a)		1,653		1,715
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,020		2,163
4.50%, 10/15/2029		3,723		3,984
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		2,853		2,861
Union Carbide Corp. 7.75%, 10/1/2096		1,305		1,750
W.R. Grace & Co.-Conn. 4.88%, 6/15/2027 (a)		1,436		1,504
				40,874
Commercial Services & Supplies — 0.2%
ACCO Brands Corp. 5.25%, 12/15/2024 (a)		2,227		2,278
ADT Security Corp. (The) 4.88%, 7/15/2032 (a)		4,570		4,890
Aramark Services, Inc.
5.00%, 4/1/2025 (a)		1,100		1,111
5.00%, 2/1/2028 (a)		2,340		2,343
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		2,800		2,908
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		3,000		3,150
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (a)		1,155		1,162
Harsco Corp. 5.75%, 7/31/2027 (a)		1,110		1,160
ILFC E-Capital Trust I
(USD Constant Maturity 30 Year + 1.55%), 3.02%, 12/21/2065 (a) (e)		5,334		2,720
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		5,610		5,614
Prime Security Services Borrower LLC 5.25%, 4/15/2024 (a)		4,213		4,466
Republic Services, Inc.
4.75%, 5/15/2023		190		210
1.45%, 2/15/2031		1,010		995
				33,007

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Communications Equipment — 0.1%
CommScope Technologies LLC 5.00%, 3/15/2027 (a)		3,370		3,345
CommScope, Inc.
5.50%, 3/1/2024 (a)		3,547		3,662
6.00%, 3/1/2026 (a)		3,934		4,180
Plantronics, Inc. 5.50%, 5/31/2023 (a)		1,979		1,868
				13,055
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		2,676		2,934
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048 (a)		2,808		3,129
Bioceanico Sovereign Certificate Ltd. (Cayman Islands) Zero Coupon, 6/5/2034 (a)		1,868		1,375
				7,438
Construction Materials — 0.0% (b)
CRH America, Inc. (Ireland) 5.13%, 5/18/2045 (a)		1,249		1,490
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland)
5.00%, 10/1/2021		2,000		2,057
4.45%, 12/16/2021		3,500		3,567
3.50%, 5/26/2022		400		402
4.63%, 7/1/2022		3,040		3,115
3.30%, 1/23/2023		390		389
4.50%, 9/15/2023		1,780		1,830
Ally Financial, Inc. 5.75%, 11/20/2025		6,155		6,909
American Express Co.
3.63%, 12/5/2024		276		307
4.20%, 11/6/2025		3,000		3,507
American Honda Finance Corp. 2.30%, 9/9/2026		320		342
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023 (a)		299		291
5.25%, 5/15/2024 (a)		3,120		3,025
Capital One Financial Corp.
3.75%, 4/24/2024		333		365
3.20%, 2/5/2025		200		218
3.75%, 7/28/2026		840		921
Caterpillar Financial Services Corp. 3.65%, 12/7/2023		1,220		1,345
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		3,633		2,997

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 99

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
Ford Motor Credit Co. LLC
3.47%, 4/5/2021		375		375
3.37%, 11/17/2023		1,655		1,664
5.13%, 6/16/2025		1,220		1,282
4.54%, 8/1/2026		8,140		8,309
4.27%, 1/9/2027		3,122		3,145
4.13%, 8/17/2027		1,660		1,657
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024 (a) (j)		3,440		2,028
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.27%, 12/21/2065 (a) (e)		1,790		980
John Deere Capital Corp.
2.65%, 6/10/2026		1,000		1,108
2.25%, 9/14/2026		750		814
2.45%, 1/9/2030		3,150		3,426
Navient Corp.
6.13%, 3/25/2024		1,895		1,985
6.75%, 6/25/2025		1,970		2,054
5.00%, 3/15/2027		915		884
OneMain Finance Corp. 7.13%, 3/15/2026		6,558		7,525
				68,823
Containers & Packaging — 0.2%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (a)		276		288
4.13%, 8/15/2026 (a)		4,220		4,402
5.25%, 8/15/2027 (a)		1,725		1,795
Ball Corp. 5.25%, 7/1/2025		2,095		2,374
Berry Global, Inc. 4.88%, 7/15/2026 (a)		3,660		3,889
Crown Americas LLC 4.75%, 2/1/2026		1,855		1,934
Klabin Austria GmbH (Brazil) 5.75%, 4/3/2029 (h)		1,889		2,087
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		4,510		4,837
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		3,925		3,984
Sealed Air Corp.
5.25%, 4/1/2023 (a)		625		669
5.13%, 12/1/2024 (a)		2,365		2,601
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (i)		3,113		3,283
				32,143

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Distributors — 0.1%
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		3,369		3,512
Wolverine Escrow LLC 9.00%, 11/15/2026 (a)		8,440		6,499
				10,011
Diversified Consumer Services — 0.1%
President & Fellows of Harvard College 3.30%, 7/15/2056		429		524
Service Corp. International
8.00%, 11/15/2021		2,300		2,461
5.13%, 6/1/2029		5,135		5,689
University of Southern California Series A, 3.23%, 10/1/2120		800		830
				9,504
Diversified Financial Services — 0.5%
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022 (a)		800		821
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		1,135		1,290
CNG Holdings, Inc. 12.50%, 6/15/2024 (a)		3,780		3,364
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a)		16,465		17,868
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		3,623		3,886
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		257		269
MDGH — GMTN BV (United Arab Emirates) 3.70%, 11/7/2049 (a)		2,600		2,867
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (a)		200		206
3.96%, 9/19/2023 (a)		1,215		1,312
3.56%, 2/28/2024 (a)		1,900		2,041
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		685		695
National Rural Utilities Cooperative Finance Corp.
2.95%, 2/7/2024		350		376
3.40%, 2/7/2028		2,000		2,326
3.70%, 3/15/2029		250		295
ORIX Corp. (Japan)
4.05%, 1/16/2024		300		329
3.25%, 12/4/2024		2,850		3,102

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Financial Services — continued
Sabre GLBL, Inc.
5.38%, 4/15/2023 (a)		2,998		3,028
5.25%, 11/15/2023 (a)		1,050		1,042
9.25%, 4/15/2025 (a)		1,000		1,113
Shell International Finance BV (Netherlands)
3.25%, 5/11/2025		1,098		1,227
2.88%, 5/10/2026		246		274
3.63%, 8/21/2042		6,600		7,308
4.00%, 5/10/2046		3,000		3,558
Siemens Financieringsmaatschappij NV (Germany)
2.00%, 9/15/2023 (a)		2,150		2,246
2.35%, 10/15/2026 (a)		14,900		16,157
3.30%, 9/15/2046 (a)		2,000		2,264
Voya Financial, Inc. 5.70%, 7/15/2043		300		395
				79,659
Diversified Telecommunication Services — 1.1%
AT&T, Inc.
1.65%, 2/1/2028		15,150		15,354
6.88%, 10/15/2031		2,025		2,676
2.25%, 2/1/2032		13,300		13,480
3.50%, 6/1/2041		5,000		5,294
3.10%, 2/1/2043		1,380		1,370
4.80%, 6/15/2044		3,200		3,844
CCO Holdings LLC
5.38%, 5/1/2025 (a)		3,951		4,065
5.75%, 2/15/2026 (a)		5,330		5,586
5.50%, 5/1/2026 (a)		3,245		3,391
5.13%, 5/1/2027 (a)		7,928		8,443
5.38%, 6/1/2029 (a)		761		836
4.75%, 3/1/2030 (a)		8,053		8,652
4.25%, 2/1/2031 (a)		3,250		3,395
CenturyLink, Inc.
5.63%, 4/1/2025		1,197		1,291
5.13%, 12/15/2026 (a)		2,240		2,323
Cincinnati Bell, Inc.
8.00%, 10/15/2025 (a)		1,638		1,751
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a)		508		568
Embarq Corp. 8.00%, 6/1/2036		4,092		4,907
Frontier Communications Corp. 6.88%, 1/15/2025 (c)		13,210		5,269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
Intelsat Jackson Holdings SA (Luxembourg)
8.00%, 2/15/2024 (a )(c) (i)		1,760		1,795
8.50%, 10/15/2024 (a )(c)		7,233		4,919
Level 3 Financing, Inc. 5.63%, 2/1/2023		1,627		1,627
5.38%, 1/15/2024		3,837		3,880
5.25%, 3/15/2026		2,557		2,666
4.63%, 9/15/2027 (a)		2,205		2,310
Sprint Capital Corp. 8.75%, 3/15/2032		5,577		8,424
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		1,061		1,321
6.00%, 9/30/2034		3,048		3,703
7.72%, 6/4/2038		190		265
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		4,990		5,509
Verizon Communications, Inc.
2.63%, 8/15/2026		79		87
4.33%, 9/21/2028		2,156		2,612
4.02%, 12/3/2029		12,013		14,415
4.50%, 8/10/2033		8,750		11,094
5.25%, 3/16/2037		457		619
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)		1,798		1,944
Windstream Services LLC 8.63%, 10/31/2025 (a) (c) (i)		5,524		3,346
				163,031
Electric Utilities — 1.8%
AEP Texas, Inc. Series E, 6.65%, 2/15/2033		750		1,035
AEP Transmission Co. LLC
3.15%, 9/15/2049		485		519
Series M, 3.65%, 4/1/2050		2,000		2,378
AES Panama Generation Holdings SRL (Panama) 4.38%, 5/31/2030 (a)		980		1,020
Alabama Power Co.
6.13%, 5/15/2038		891		1,295
5.50%, 3/15/2041		1,250		1,716
Series A, 4.30%, 7/15/2048		350		450
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		315		388
Arizona Public Service Co.
4.70%, 1/15/2044		150		187
4.25%, 3/1/2049		1,000		1,255

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 101

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Baltimore Gas and Electric Co.
4.25%, 9/15/2048		1,400		1,789
3.20%, 9/15/2049		1,475		1,598
2.90%, 6/15/2050		840		864
CenterPoint Energy Houston Electric LLC Series AD, 2.90%, 7/1/2050		2,000		2,133
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		720		790
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024		200		233
Commonwealth Edison Co. 4.00%, 3/1/2048		300		376
Connecticut Light and Power Co. (The) 4.00%, 4/1/2048		1,686		2,147
DTE Electric Co. 3.95%, 6/15/2042		381		447
Duke Energy Carolinas LLC
3.70%, 12/1/2047		1,000		1,199
3.20%, 8/15/2049		3,310		3,724
Duke Energy Florida LLC
3.80%, 7/15/2028		600		705
1.75%, 6/15/2030		1,000		1,027
5.90%, 3/1/2033		412		565
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		2,235		2,495
Duke Energy Ohio, Inc. 4.30%, 2/1/2049		1,470		1,897
Duke Energy Progress LLC
4.10%, 5/15/2042		305		378
3.70%, 10/15/2046		200		237
Edison International
4.95%, 4/15/2025		2,600		2,860
5.75%, 6/15/2027		9,277		10,543
Empresa de Transmision Electrica SA (Panama) 5.13%, 5/2/2049 (a)		1,270		1,494
Enel Finance International NV (Italy)
2.88%, 5/25/2022 (a)		690		714
3.50%, 4/6/2028 (a)		5,950		6,613
4.88%, 6/14/2029 (a)		3,335		4,101
Entergy Louisiana LLC
3.12%, 9/1/2027		750		835
3.05%, 6/1/2031		6,500		7,417
4.00%, 3/15/2033		9,770		12,262
4.20%, 4/1/2050		1,400		1,815
Entergy Mississippi LLC 3.85%, 6/1/2049		500		609
Entergy Texas, Inc. 3.55%, 9/30/2049		775		876

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Eskom Holdings SOC Ltd. (South Africa)
5.75%, 1/26/2021 (h)		3,200		3,123
6.75%, 8/6/2023 (h)		200		191
Evergy Metro, Inc. 4.20%, 6/15/2047		735		920
Exelon Corp. 4.95%, 6/15/2035		123		150
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027		4,500		4,934
Series C, 3.40%, 3/1/2050		4,050		4,070
Florida Power & Light Co.
5.40%, 9/1/2035		600		835
3.70%, 12/1/2047		4,600		5,659
3.95%, 3/1/2048		665		849
Hydro-Quebec (Canada)
9.40%, 2/1/2021		1,028		1,066
Series HY, 8.40%, 1/15/2022		842		932
Series HK, 9.38%, 4/15/2030		1,000		1,692
Interstate Power & Light Co. 4.10%, 9/26/2028		800		951
ITC Holdings Corp.
3.65%, 6/15/2024		576		632
2.95%, 5/14/2030 (a)		4,000		4,340
Jersey Central Power & Light Co. 6.15%, 6/1/2037		800		1,054
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		421		535
Massachusetts Electric Co. 5.90%, 11/15/2039 (a)		988		1,408
MidAmerican Energy Co.
3.65%, 4/15/2029		3,970		4,731
3.65%, 8/1/2048		2,000		2,420
Mississippi Power Co. 3.95%, 3/30/2028		560		641
Monongahela Power Co. 4.10%, 4/15/2024 (a)		8,000		8,796
Nevada Power Co.
Series CC, 3.70%, 5/1/2029		1,700		1,998
5.38%, 9/15/2040		626		834
NextEra Energy Capital Holdings, Inc.
3.55%, 5/1/2027		537		619
2.25%, 6/1/2030		12,630		13,230
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (a)		979		1,043
4.50%, 9/15/2027 (a)		1,091		1,192
Niagara Mohawk Power Corp. 4.28%, 12/15/2028 (a)		650		775

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Northern States Power Co.
6.20%, 7/1/2037		173		264
2.90%, 3/1/2050		425		454
2.60%, 6/1/2051		1,160		1,182
NRG Energy, Inc.
7.25%, 5/15/2026		4,171		4,460
6.63%, 1/15/2027		62		66
5.75%, 1/15/2028		197		214
Ohio Power Co.
Series P, 2.60%, 4/1/2030		2,600		2,851
4.00%, 6/1/2049		600		731
Oncor Electric Delivery Co. LLC
7.25%, 1/15/2033		550		836
3.10%, 9/15/2049		1,000		1,098
Pacific Gas and Electric Co.
3.75%, 2/15/2024		8,632		9,104
3.30%, 3/15/2027		17,630		18,048
4.65%, 8/1/2028		16,897		18,719
PacifiCorp
7.24%, 8/16/2023		250		292
5.75%, 4/1/2037		880		1,244
4.13%, 1/15/2049		1,655		2,060
3.30%, 3/15/2051		3,850		4,348
PECO Energy Co. 2.80%, 6/15/2050		750		788
Pepco Holdings LLC 7.45%, 8/15/2032		1,000		1,427
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia) 3.00%, 6/30/2030 (a)		2,430		2,454
PG&E Corp. 5.00%, 7/1/2028		3,345		3,337
Pinnacle West Capital Corp. 1.30%, 6/15/2025		800		816
Potomac Electric Power Co. 6.50%, 11/15/2037		360		546
Public Service Co. of Colorado 4.05%, 9/15/2049		2,650		3,371
Public Service Co. of Oklahoma
Series G, 6.63%, 11/15/2037		1,100		1,589
Public Service Electric and Gas Co.
2.25%, 9/15/2026		989		1,067
5.80%, 5/1/2037		850		1,224
5.38%, 11/1/2039		416		585
Southern California Edison Co.
1.85%, 2/1/2022		184		183
Series E, 3.70%, 8/1/2025		2,000		2,229
Series B, 3.65%, 3/1/2028		1,000		1,122

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
2.85%, 8/1/2029		1,800		1,913
Series 06-E, 5.55%, 1/15/2037		450		559
Series 08-A, 5.95%, 2/1/2038		285		372
Series C, 3.60%, 2/1/2045		1,270		1,305
Series C, 4.13%, 3/1/2048		1,000		1,105
Southwestern Electric Power Co.
3.55%, 2/15/2022		250		259
Series M, 4.10%, 9/15/2028		400		467
Series J, 3.90%, 4/1/2045		1,242		1,369
State Grid Overseas Investment 2016 Ltd. (China) 3.75%, 5/2/2023 (a)		2,000		2,144
Texas Competitive Electric Holdings Co. LLC
8.50%, 10/20/2020 ‡ (c)		4,117		2
8.50%, 12/31/2020 ‡ (c)		2,117		—	(d)
Tucson Electric Power Co.
3.05%, 3/15/2025		600		653
4.85%, 12/1/2048		600		808
Union Electric Co.
2.95%, 6/15/2027		644		713
4.00%, 4/1/2048		2,050		2,562
Virginia Electric & Power Co.
3.45%, 2/15/2024		490		532
6.35%, 11/30/2037		235		351
8.88%, 11/15/2038		670		1,213
3.30%, 12/1/2049		700		814
Vistra Operations Co. LLC 5.00%, 7/31/2027 (a)		4,400		4,666
Xcel Energy, Inc. 3.40%, 6/1/2030		2,250		2,590
				263,712
Electrical Equipment — 0.1%
Eaton Corp. 4.15%, 11/2/2042		2,500		3,114
EnerSys 5.00%, 4/30/2023 (a)		4,052		4,205
Sensata Technologies BV
4.88%, 10/15/2023 (a)		1,780		1,878
5.63%, 11/1/2024 (a)		2,538		2,766
5.00%, 10/1/2025 (a)		554		602
				12,565
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.00%, 4/1/2025		653		709
3.88%, 1/12/2028		221		242
CDW LLC
5.50%, 12/1/2024		500		555

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 103

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electronic Equipment, Instruments & Components — continued
5.00%, 9/1/2025		3,960		4,103
4.25%, 4/1/2028		1,198		1,252
Corning, Inc. 5.35%, 11/15/2048		5,000		6,711
				13,572
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC
2.77%, 12/15/2022		1,500		1,570
4.49%, 5/1/2030		1,200		1,405
4.08%, 12/15/2047		6,150		6,478
Baker Hughes Holdings LLC 5.13%, 9/15/2040		903		1,096
Halliburton Co.
8.75%, 2/15/2021		700		725
3.80%, 11/15/2025		43		47
4.75%, 8/1/2043		270		280
7.60%, 8/15/2096 (a)		275		296
Nabors Industries, Inc. 5.75%, 2/1/2025		3,550		1,021
Oceaneering International, Inc. 6.00%, 2/1/2028		1,516		960
Precision Drilling Corp. (Canada)
5.25%, 11/15/2024		403		283
7.13%, 1/15/2026 (a)		745		507
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (a)		505		550
4.00%, 12/21/2025 (a)		569		629
3.90%, 5/17/2028 (a)		14,394		15,715
Schlumberger Investment SA 2.40%, 8/1/2022 (a)		640		657
Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164 (f) (g) (j)		731		13
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		952		853
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)		452		375
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		2,365		2,081
				35,541
Entertainment — 0.2%
Cinemark USA, Inc. 4.88%, 6/1/2023		1,759		1,619
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (a)		1,687		1,662
4.75%, 10/15/2027 (a)		3,330		3,150
NBCUniversal Media LLC 5.95%, 4/1/2041		810		1,206

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Entertainment — continued
Netflix, Inc.
5.88%, 2/15/2025		1,332		1,538
4.88%, 4/15/2028		1,200		1,389
5.38%, 11/15/2029 (a)		6,549		7,874
4.88%, 6/15/2030 (a)		5,326		6,172
Walt Disney Co. (The)
8.88%, 4/26/2023		147		178
7.75%, 1/20/2024		800		978
2.00%, 9/1/2029		4,310		4,481
				30,247
Equity Real Estate Investment Trusts (REITs) — 0.9%
Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033		1,145		1,132
American Tower Corp.
2.90%, 1/15/2030		290		315
2.10%, 6/15/2030		19,130		19,524
American Tower Trust #1 3.07%, 3/15/2023 (a)		3,135		3,208
Boston Properties LP 3.80%, 2/1/2024		299		325
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		6,568		5,353
Crown Castle International Corp. 3.25%, 1/15/2051		4,405		4,549
Duke Realty LP
3.25%, 6/30/2026		180		198
1.75%, 7/1/2030		2,500		2,506
ERP Operating LP 2.85%, 11/1/2026		3,000		3,321
ESH Hospitality, Inc.
5.25%, 5/1/2025 (a)		2,110		2,142
4.63%, 10/1/2027 (a)		1,710		1,710
Essex Portfolio LP 2.65%, 3/15/2032		3,255		3,444
GLP Capital LP 4.00%, 1/15/2030		4,050		4,202
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		599		653
HAT Holdings I LLC 5.25%, 7/15/2024 (a)		1,552		1,625
Healthcare Trust of America Holdings LP 3.70%, 4/15/2023		1,340		1,413
Healthpeak Properties, Inc.
3.88%, 8/15/2024		1,064		1,186
3.00%, 1/15/2030		500		543
Iron Mountain, Inc.
4.88%, 9/15/2027 (a)		2,370		2,459
4.50%, 2/15/2031 (a)		1,364		1,401
MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		5,455		5,891

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
National Retail Properties, Inc. 3.60%, 12/15/2026		948		1,027
Prologis LP
3.00%, 4/15/2050		5,139		5,533
2.13%, 10/15/2050		7,111		6,497
Realty Income Corp.
3.88%, 7/15/2024		2,018		2,233
3.88%, 4/15/2025		840		951
3.25%, 1/15/2031		555		617
4.65%, 3/15/2047		601		780
RHP Hotel Properties LP 4.75%, 10/15/2027		2,711		2,467
Scentre Group Trust 1 (Australia)
3.50%, 2/12/2025 (a)		1,420		1,502
3.25%, 10/28/2025 (a)		1,000		1,048
Simon Property Group LP
2.75%, 6/1/2023		20,400		21,333
3.50%, 9/1/2025		7,219		7,937
3.25%, 9/13/2049		5,239		4,900
UDR, Inc. 2.10%, 8/1/2032		950		953
Ventas Realty LP
3.75%, 5/1/2024		588		630
3.50%, 2/1/2025		448		483
4.13%, 1/15/2026		304		341
3.85%, 4/1/2027		618		666
VICI Properties LP
3.50%, 2/15/2025 (a)		515		516
4.25%, 12/1/2026 (a)		2,314		2,366
3.75%, 2/15/2027 (a)		575		574
4.63%, 12/1/2029 (a)		5,846		6,080
4.13%, 8/15/2030 (a)		575		576
				137,110
Food & Staples Retailing — 0.1%
Albertsons Cos., Inc.
3.50%, 2/15/2023 (a)		710		726
6.63%, 6/15/2024		2,880		2,972
5.75%, 3/15/2025		1,400		1,439
3.25%, 3/15/2026 (a)		1,129		1,152
4.63%, 1/15/2027 (a)		1,440		1,521
5.88%, 2/15/2028 (a)		1,095		1,183
3.50%, 3/15/2029 (a)		1,129		1,137
4.88%, 2/15/2030 (a)		1,010		1,086
Costco Wholesale Corp. 1.60%, 4/20/2030		2,000		2,047

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — continued
Kroger Co. (The) Series B, 7.70%, 6/1/2029		900		1,278
New Albertsons LP 8.00%, 5/1/2031		1,980		2,277
Walmart, Inc.
3.25%, 7/8/2029		2,315		2,703
3.63%, 12/15/2047		1,500		1,835
				21,356
Food Products — 0.4%
Archer-Daniels-Midland Co.
2.50%, 8/11/2026		1,650		1,796
4.50%, 3/15/2049		1,200		1,672
Cargill, Inc.
3.30%, 3/1/2022 (a)		800		828
3.25%, 3/1/2023 (a)		1,030		1,099
Conagra Brands, Inc.
3.80%, 10/22/2021		2,000		2,075
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)		2,048		2,173
JBS USA LUX SA
5.75%, 6/15/2025 (a)		4,504		4,650
6.50%, 4/15/2029 (a)		4,528		5,141
Kraft Heinz Foods Co.
4.63%, 1/30/2029		6,370		7,211
4.63%, 10/1/2039 (a)		1,358		1,437
5.00%, 6/4/2042		3,050		3,365
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (a)		1,274		1,329
4.88%, 11/1/2026 (a)		1,973		2,065
Mars, Inc. 0.88%, 7/16/2026 (a)		2,300		2,290
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		497		578
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (a)		1,356		1,393
5.88%, 9/30/2027 (a)		1,266		1,345
Post Holdings, Inc.
5.75%, 3/1/2027 (a)		4,555		4,811
4.63%, 4/15/2030 (a)		955		997
Tyson Foods, Inc.
4.35%, 3/1/2029		4,100		4,947
5.15%, 8/15/2044		155		202
Unilever Capital Corp. (United Kingdom) 2.13%, 9/6/2029		1,900		2,024
				53,428

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 105

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		2,234		2,440
5.88%, 8/20/2026		1,475		1,671
5.75%, 5/20/2027		586		660
Atmos Energy Corp.
5.50%, 6/15/2041		1,110		1,567
4.15%, 1/15/2043		582		716
Brooklyn Union Gas Co. (The)
3.87%, 3/4/2029 (a)		7,800		9,092
4.27%, 3/15/2048 (a)		1,000		1,259
ONE Gas, Inc. 4.50%, 11/1/2048		400		520
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		800		920
Southern California Gas Co.
Series TT, 2.60%, 6/15/2026		1,100		1,198
Series XX, 2.55%, 2/1/2030		715		779
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		350		500
4.80%, 3/15/2047 (a)		204		223
				21,545
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 1.15%, 1/30/2028		660		668
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		1,571		1,662
Becton Dickinson and Co.
3.73%, 12/15/2024		800		888
3.70%, 6/6/2027		10,860		12,307
6.00%, 5/15/2039		400		518
DH Europe Finance II SARL 3.25%, 11/15/2039		1,400		1,571
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		2,742		2,867
Hologic, Inc.
4.38%, 10/15/2025 (a)		2,444		2,494
4.63%, 2/1/2028 (a)		1,143		1,214
Medtronic, Inc. 4.38%, 3/15/2035		3,000		3,971
Teleflex, Inc. 4.88%, 6/1/2026		1,114		1,164
				29,324
Health Care Providers & Services — 1.2%
Aetna, Inc.
2.80%, 6/15/2023		546		575
4.50%, 5/15/2042		224		267
Ascension Health 3.95%, 11/15/2046		687		868

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Bon Secours Mercy Health, Inc.
3.46%, 6/1/2030		1,460		1,651
Centene Corp.
5.25%, 4/1/2025 (a)		5,035		5,224
5.38%, 6/1/2026 (a)		6,390		6,757
4.63%, 12/15/2029		4,393		4,814
Children’s National Medical Center Series 2020, 2.93%, 7/15/2050		763		749
Cigna Corp.
4.50%, 2/25/2026		1,000		1,176
3.40%, 3/15/2050		7,115		7,617
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049		500		544
CVS Health Corp.
4.10%, 3/25/2025		244		278
2.88%, 6/1/2026		3,772		4,107
1.30%, 8/21/2027		9,650		9,590
4.30%, 3/25/2028		4,996		5,882
2.70%, 8/21/2040		3,170		3,087
DaVita, Inc. 3.75%, 2/15/2031 (a)		1,938		1,913
Encompass Health Corp. 4.50%, 2/1/2028		2,715		2,784
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		4,480		1,971
Hackensack Meridian Health, Inc. Series 2020, 2.88%, 9/1/2050		1,580		1,571
Hartford HealthCare Corp. 3.45%, 7/1/2054		2,350		2,229
HCA, Inc.
5.38%, 2/1/2025		2,000		2,252
5.25%, 6/15/2026		8,013		9,456
5.38%, 9/1/2026		8,160		9,262
4.50%, 2/15/2027		10,000		11,417
5.63%, 9/1/2028		11,281		13,417
5.88%, 2/1/2029		8,653		10,511
3.50%, 9/1/2030		360		378
Memorial Health Services 3.45%, 11/1/2049		645		675
Memorial Sloan-Kettering Cancer Center
4.13%, 7/1/2052		225		299
Series 2015, 4.20%, 7/1/2055		785		1,062
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		666		762
MultiCare Health System 2.80%, 8/15/2050		355		356

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
New York and Presbyterian Hospital (The) 2.61%, 8/1/2060		700		685
NYU Langone Hospitals Series 2020, 3.38%, 7/1/2055		1,110		1,145
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (j)		2,280		2,317
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		363		391
Rush Obligated Group Series 2020, 3.92%, 11/15/2029		2,500		2,915
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)		6,591		4,482
Tenet Healthcare Corp.
4.63%, 7/15/2024		4,237		4,334
4.63%, 9/1/2024 (a)		1,385		1,423
5.13%, 5/1/2025		1,100		1,122
4.88%, 1/1/2026 (a)		7,510		7,811
5.13%, 11/1/2027 (a)		6,927		7,308
Texas Health Resources
2.33%, 11/15/2050		500		465
4.33%, 11/15/2055		1,075		1,467
UnitedHealth Group, Inc.
2.00%, 5/15/2030		540		565
4.63%, 7/15/2035		98		129
2.75%, 5/15/2040		1,975		2,083
3.95%, 10/15/2042		615		737
3.75%, 10/15/2047		1,120		1,337
2.90%, 5/15/2050		5,454		5,767
3.88%, 8/15/2059		805		1,002
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		970		946
				171,932
Health Care Technology — 0.0% (b)
IQVIA, Inc.
5.00%, 10/15/2026 (a)		2,575		2,691
5.00%, 5/15/2027 (a)		1,756		1,848
				4,539
Hotels, Restaurants & Leisure — 0.5%
1011778 BC ULC (Canada)
4.25%, 5/15/2024 (a)		1,614		1,644
3.88%, 1/15/2028 (a)		1,845		1,891
Boyne USA, Inc. 7.25%, 5/1/2025 (a)		2,282		2,419
Cedar Fair LP
5.38%, 4/15/2027		2,785		2,769
5.25%, 7/15/2029		387		375

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hotels, Restaurants & Leisure — continued
Chukchansi Economic Development Authority 9.75%, 5/30/2020 (a) (c)		548		219
Colt Merger Sub, Inc. 5.75%, 7/1/2025 (a)		260		272
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		4,860		4,423
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		5,651		6,189
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		5,635		5,818
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,672		2,762
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		1,395		1,430
International Game Technology plc
6.25%, 2/15/2022 (a)		711		731
6.50%, 2/15/2025 (a)		4,247		4,618
Marriott International, Inc. Series EE, 5.75%, 5/1/2025		2,035		2,285
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		3,281		3,408
4.75%, 1/15/2028		118		111
MGM Resorts International
6.75%, 5/1/2025		940		1,006
5.75%, 6/15/2025		4,038		4,327
5.50%, 4/15/2027		817		864
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		4,552		4,504
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		2,636		2,556
Starbucks Corp.
3.80%, 8/15/2025		1,010		1,150
3.35%, 3/12/2050		4,405		4,488
Station Casinos LLC 5.00%, 10/1/2025 (a)		1,800		1,779
Wyndham Destinations, Inc. 5.75%, 4/1/2027 (i)		1,050		1,076
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		2,799		2,771
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		4,356		4,247
Yum! Brands, Inc.
7.75%, 4/1/2025 (a)		3,300		3,684
4.75%, 1/15/2030 (a)		804		886
				74,702

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 107

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Household Durables — 0.1%
Lennar Corp.
4.75%, 4/1/2021		2,750		2,777
4.13%, 1/15/2022		1,385		1,416
5.88%, 11/15/2024		1,793		2,004
Newell Brands, Inc.
4.70%, 4/1/2026 (i)		5,290		5,727
5.87%, 4/1/2036 (i)		3,265		3,674
Tempur Sealy International, Inc.
5.63%, 10/15/2023		1,021		1,039
5.50%, 6/15/2026		4,811		5,033
				21,670
Household Products — 0.2%
Colgate-Palmolive Co. 4.00%, 8/15/2045		1,000		1,347
Energizer Holdings, Inc.
6.38%, 7/15/2026 (a)		774		820
7.75%, 1/15/2027 (a)		1,975		2,164
Kimberly-Clark Corp. 3.20%, 4/25/2029		1,000		1,148
Reckitt Benckiser Treasury Services plc (United Kingdom)
2.75%, 6/26/2024 (a)		10,530		11,310
3.00%, 6/26/2027 (a)		350		387
Spectrum Brands, Inc.
6.13%, 12/15/2024		1,409		1,451
5.75%, 7/15/2025		3,069		3,169
5.00%, 10/1/2029 (a)		1,985		2,064
				23,860
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)
5.50%, 4/15/2025		1,925		1,983
6.00%, 5/15/2026		964		1,012
Calpine Corp. 5.25%, 6/1/2026 (a)		3,805		3,972
Clearway Energy Operating LLC 5.00%, 9/15/2026		1,382		1,450
Exelon Generation Co. LLC
3.25%, 6/1/2025		595		656
6.25%, 10/1/2039		200		246
				9,319
Industrial Conglomerates — 0.0% (b)
General Electric Co. Series 15BR, 2.22%, 11/20/2020		JPY       100,000		947
Honeywell International, Inc. 2.80%, 6/1/2050		3,200		3,457
				4,404

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — 0.6%
Aflac, Inc.
3.60%, 4/1/2030		2,500		2,927
4.75%, 1/15/2049		1,900		2,469
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)		996		1,067
3.90%, 4/6/2028 (a)		2,495		2,833
3.60%, 4/9/2029 (a)		495		558
American Financial Group, Inc. 3.50%, 8/15/2026		1,600		1,724
American International Group, Inc. 3.88%, 1/15/2035		2,041		2,377
Aon Corp. 6.25%, 9/30/2040		240		353
Athene Global Funding
2.75%, 6/25/2024 (a)		630		662
2.95%, 11/12/2026 (a)		4,500		4,740
Berkshire Hathaway Finance Corp. 4.25%, 1/15/2049		4,410		5,701
Cincinnati Financial Corp. 6.13%, 11/1/2034		1,100		1,576
CNA Financial Corp. 3.95%, 5/15/2024		373		412
Great-West Lifeco Finance 2018 LP (Canada) 4.58%, 5/17/2048 (a)		406		499
Guardian Life Global Funding 3.40%, 4/25/2023 (a)		2,830		3,047
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		271		359
Intact US Holdings, Inc. 4.60%, 11/9/2022		800		842
Jackson National Life Global Funding
2.50%, 6/27/2022 (a)		4,000		4,144
3.25%, 1/30/2024 (a)		575		620
3.88%, 6/11/2025 (a)		12,637		14,242
John Hancock Life Insurance Co. 7.38%, 2/15/2024 (a)		2,550		3,006
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (a)		475		530
Lincoln National Corp. 3.35%, 3/9/2025		1,100		1,204
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		1,207		1,434
Marsh & McLennan Cos., Inc. 2.75%, 1/30/2022		433		447
MassMutual Global Funding II
2.75%, 6/22/2024 (a)		2,000		2,152
2.95%, 1/11/2025 (a)		1,200		1,314
MetLife, Inc.
6.50%, 12/15/2032		700		1,058

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
4.13%, 8/13/2042		500		610
Metropolitan Life Global Funding I
3.00%, 1/10/2023 (a)		5,295		5,611
3.05%, 6/17/2029 (a)		1,500		1,703
Metropolitan Life Insurance Co. 7.80%, 11/1/2025 (a)		1,650		2,156
New York Life Global Funding 3.00%, 1/10/2028 (a)		2,831		3,172
New York Life Insurance Co. 6.75%, 11/15/2039 (a)		303		464
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (e)		2,730		2,873
Principal Financial Group, Inc. 3.70%, 5/15/2029		605		705
Principal Life Global Funding II 3.00%, 4/18/2026 (a)		586		654
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (f) (g)		600		606
Protective Life Corp.
4.30%, 9/30/2028 (a)		700		774
Prudential Financial, Inc. 3.91%, 12/7/2047		2,259		2,557
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		198
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		1,420		1,532
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (a) (e)		1,000		1,142
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (a)		500		628
4.27%, 5/15/2047 (a)		800		945
Travelers Property Casualty Corp. 7.75%, 4/15/2026		700		953
				89,580
Interactive Media & Services — 0.0% (b)
Alphabet, Inc. 2.25%, 8/15/2060		2,670		2,536
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.15%, 8/22/2027		2,000		2,290
2.50%, 6/3/2050		10,599		10,661
2.70%, 6/3/2060		6,470		6,605

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Internet & Direct Marketing Retail — continued
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		1,460		1,342
				20,898
IT Services — 0.3%
DXC Technology Co. 4.25%, 4/15/2024		517		562
Fidelity National Information Services, Inc. 4.50%, 8/15/2046		2,000		2,475
Gartner, Inc. 5.13%, 4/1/2025 (a)		2,707		2,814
Global Payments, Inc. 2.90%, 5/15/2030		4,500		4,850
International Business Machines Corp.
3.30%, 5/15/2026		1,300		1,476
1.70%, 5/15/2027		2,000		2,070
4.15%, 5/15/2039		8,265		10,131
4.00%, 6/20/2042		5,000		5,982
4.25%, 5/15/2049		2,600		3,286
Visa, Inc.
4.15%, 12/14/2035		1,510		1,959
2.70%, 4/15/2040		1,500		1,615
Western Union Co. (The) 3.60%, 3/15/2022		1,200		1,249
				38,469
Leisure Products — 0.1%
Mattel, Inc. 3.15%, 3/15/2023		1,427		1,402
6.75%, 12/31/2025 (a)		5,773		6,127
5.88%, 12/15/2027 (a)		1,145		1,245
				8,774
Life Sciences Tools & Services — 0.0% (b)
Avantor, Inc. 6.00%, 10/1/2024 (a)		1,065		1,116
Machinery — 0.1%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		2,053		2,077
Caterpillar, Inc. 3.80%, 8/15/2042		680		833
Colfax Corp.
6.00%, 2/15/2024 (a)		1,908		1,979
6.38%, 2/15/2026 (a)		500		538
Deere & Co. 3.90%, 6/9/2042		3,800		4,837
Ingersoll-Rand Co. 7.20%, 6/1/2025		75		91
Parker-Hannifin Corp. 6.25%, 5/15/2038		440		617
RBS Global, Inc. 4.88%, 12/15/2025 (a)		1,125		1,152
Tennant Co. 5.63%, 5/1/2025		2,286		2,375
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		1,455		1,515
Xylem, Inc. 1.95%, 1/30/2028		1,285		1,340
				17,354

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 109

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Marine — 0.0% (b)
MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (a)		2,604		2,687
Media — 1.3%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (a)		1,500		1,601
AMC Networks, Inc. 5.00%, 4/1/2024		2,596		2,645
Charter Communications Operating LLC 3.70%, 4/1/2051		8,000		7,929
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		5,615		5,503
5.13%, 8/15/2027 (a)		8,237		8,322
Comcast Corp.
3.38%, 2/15/2025		5,150		5,740
4.15%, 10/15/2028		6,100		7,389
4.40%, 8/15/2035		3,850		4,907
3.90%, 3/1/2038		12,489		14,927
4.60%, 10/15/2038		865		1,109
3.25%, 11/1/2039		8,380		9,263
4.60%, 8/15/2045		2,405		3,123
3.40%, 7/15/2046		5,000		5,524
3.97%, 11/1/2047		1,115		1,341
4.00%, 3/1/2048		5,140		6,200
4.00%, 11/1/2049		135		163
3.45%, 2/1/2050		1,708		1,915
2.45%, 8/15/2052		6,810		6,481
2.65%, 8/15/2062		10,555		10,122
CSC Holdings LLC
5.25%, 6/1/2024		4,373		4,734
5.50%, 5/15/2026 (a)		5,177		5,429
5.50%, 4/15/2027 (a)		3,352		3,575
5.38%, 2/1/2028 (a)		2,295		2,448
6.50%, 2/1/2029 (a)		289		326
Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		9,233		7,202
DISH DBS Corp.
6.75%, 6/1/2021		754		773
5.88%, 7/15/2022		2,694		2,844
5.00%, 3/15/2023		5,867		6,072
5.88%, 11/15/2024		7,005		7,403
7.75%, 7/1/2026		5,285		6,051
Entercom Media Corp. 6.50%, 5/1/2027 (a)		928		791
iHeartCommunications, Inc.
6.38%, 5/1/2026		2,900		3,016
8.38%, 5/1/2027		3,727		3,745
5.25%, 8/15/2027 (a)		1,998		1,993

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Lamar Media Corp.
5.00%, 5/1/2023		627		634
5.75%, 2/1/2026		917		957
4.00%, 2/15/2030 (a)		435		444
Meredith Corp. 6.88%, 2/1/2026		1,265		1,099
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (a)		4,885		5,154
Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		2,855		2,804
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (a)		1,056		1,098
5.38%, 7/15/2026 (a)		1,549		1,621
5.00%, 8/1/2027 (a)		790		838
5.50%, 7/1/2029 (a)		3,257		3,577
TEGNA, Inc.
4.63%, 3/15/2028 (a)		1,245		1,257
5.00%, 9/15/2029 (a)		1,525		1,534
Time Warner Cable LLC 7.30%, 7/1/2038		335		476
ViacomCBS, Inc.
4.20%, 5/19/2032		8,538		9,690
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (e)		1,234		1,280
Videotron Ltd. (Canada)
5.00%, 7/15/2022		700		735
5.38%, 6/15/2024 (a)		3,057		3,328
5.13%, 4/15/2027 (a)		1,823		1,928
				199,060
Metals & Mining — 0.3%
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (a)		1,620		1,676
7.00%, 9/30/2026 (a)		1,765		1,889
6.13%, 5/15/2028 (a)		1,865		2,013
Arconic Corp. 6.13%, 2/15/2028 (a)		3,135		3,307
Commercial Metals Co.
4.88%, 5/15/2023		2,566		2,668
5.75%, 4/15/2026		295		307
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		2,004		2,072
5.13%, 3/15/2023 (a)		569		598
5.13%, 5/15/2024 (a)		1,453		1,569
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		1,000		1,058
4.13%, 3/1/2028		1,907		1,994
4.38%, 8/1/2028		1,113		1,169
4.25%, 3/1/2030		390		410
5.40%, 11/14/2034		1,395		1,577
5.45%, 3/15/2043		1,650		1,856

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Metals & Mining — continued
Glencore Finance Canada Ltd. (Switzerland)
6.90%, 11/15/2037 (a)		100		127
5.55%, 10/25/2042 (a) (i)		4,045		4,731
Glencore Funding LLC (Australia)
4.63%, 4/29/2024 (a)		300		333
1.63%, 9/1/2025 (a)		565		564
2.50%, 9/1/2030 (a)		875		858
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.53%, 11/15/2028 (a)		1,200		1,492
Kaiser Aluminum Corp.
6.50%, 5/1/2025 (a)		600		634
4.63%, 3/1/2028 (a)		3,060		3,027
Novelis Corp.
5.88%, 9/30/2026 (a)		1,695		1,771
4.75%, 1/30/2030 (a)		1,475		1,495
Nucor Corp.
4.00%, 8/1/2023		1,000		1,090
6.40%, 12/1/2037		1,910		2,729
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/2/2040		2,000		2,858
United States Steel Corp. 12.00%, 6/1/2025 (a)		2,650		2,809
				48,681
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Arbor Realty Trust, Inc.
Series QIB, REIT, 4.50%, 3/15/2027 (a)		30,000		26,658
Multiline Retail — 0.1%
Dollar General Corp. 3.50%, 4/3/2030		1,351		1,550
Macy’s, Inc. 8.38%, 6/15/2025 (a)		2,735		2,871
Neiman Marcus Group Ltd. LLC
14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (a) (c) (j)		6,075		1,640
8.00%, 10/25/2024 (a) (c)		9,365		515
Target Corp. 2.65%, 9/15/2030		2,000		2,217
				8,793
Multi-Utilities — 0.2%
Ameren Corp. 3.50%, 1/15/2031		2,390		2,740
Ameren Illinois Co. 3.25%, 3/15/2050		3,950		4,509
Berkshire Hathaway Energy Co.
3.25%, 4/15/2028		800		909
6.13%, 4/1/2036		1,349		1,947
3.80%, 7/15/2048		6,195		7,366
Consolidated Edison Co. of New York, Inc.
Series 06-E, 5.70%, 12/1/2036		400		541
Series 2017, 3.88%, 6/15/2047		1,275		1,466
Series E, 4.65%, 12/1/2048		1,700		2,218
4.50%, 5/15/2058		808		1,039

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — continued
Consumers Energy Co.
4.35%, 4/15/2049		500		668
4.35%, 8/31/2064		491		648
Dominion Energy, Inc.
Series F, 5.25%, 8/1/2033		785		993
7.00%, 6/15/2038		400		588
Series C, 4.90%, 8/1/2041		46		60
Puget Sound Energy, Inc. 5.76%, 7/15/2040		900		1,226
San Diego Gas & Electric Co.
6.00%, 6/1/2026		685		835
6.00%, 6/1/2039		500		727
4.50%, 8/15/2040		249		310
Series UUU, 3.32%, 4/15/2050		4,780		5,296
				34,086
Oil, Gas & Consumable Fuels — 2.1%
AI Candelaria Spain SLU (Spain) 7.50%, 12/15/2028 (h)		3,100		3,402
Antero Midstream Partners LP 5.38%, 9/15/2024		1,970		1,817
Antero Resources Corp. 5.13%, 12/1/2022		3,620		3,145
Apache Corp.
4.63%, 11/15/2025		3,996		4,086
4.88%, 11/15/2027		236		241
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		610		688
BG Energy Capital plc (United Kingdom) 4.00%, 10/15/2021 (a)		2,000		2,073
Blue Racer Midstream LLC 6.13%, 11/15/2022 (a)		1,502		1,494
BP Capital Markets America, Inc.
3.80%, 9/21/2025		1,500		1,705
3.41%, 2/11/2026		1,750		1,961
3.02%, 1/16/2027		1,325		1,453
3.94%, 9/21/2028		2,300		2,689
4.23%, 11/6/2028		13,770		16,401
3.00%, 2/24/2050		10,130		9,965
2.77%, 11/10/2050		4,090		3,857
BP Capital Markets plc (United Kingdom)
3.54%, 11/4/2024		1,800		1,995
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (e) (f) (g)		11,180		11,739
3.28%, 9/19/2027		2,988		3,335
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (e) (f) (g)		13,870		15,150

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 111

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Buckeye Partners LP 4.13%, 12/1/2027		2,755		2,755
Cameron LNG LLC 3.70%, 1/15/2039 (a)		961		1,073
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		1,550		1,577
Cheniere Energy Partners LP
5.25%, 10/1/2025		4,148		4,245
5.63%, 10/1/2026		963		1,009
Chesapeake Energy Corp. 11.50%, 1/1/2025 (a) (c)		3,585		464
Chevron Corp. 2.24%, 5/11/2030		3,500		3,730
Chevron USA, Inc. 2.34%, 8/12/2050		6,310		6,013
Comstock Resources, Inc. 7.50%, 5/15/2025 (a)		3,381		3,355
ConocoPhillips Co. 6.95%, 4/15/2029		1,421		1,985
Crestwood Midstream Partners LP 5.75%, 4/1/2025		2,760		2,640
DCP Midstream Operating LP
4.95%, 4/1/2022		522		534
5.38%, 7/15/2025		1,055		1,133
5.13%, 5/15/2029		1,725		1,829
6.75%, 9/15/2037 (a)		1,080		1,080
5.60%, 4/1/2044		480		456
Diamondback Energy, Inc. 5.38%, 5/31/2025		1,153		1,201
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		2,470		2,727
5.88%, 5/28/2045		1,010		1,146
Energy Transfer Operating LP
3.60%, 2/1/2023		1,146		1,190
4.25%, 3/15/2023		2,000		2,107
4.75%, 1/15/2026		7,346		8,014
5.00%, 5/15/2050		5,000		4,782
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		500		642
EnLink Midstream Partners LP
4.15%, 6/1/2025		1,962		1,748
4.85%, 7/15/2026		1,665		1,455
5.60%, 4/1/2044		1,930		1,274
Enterprise Products Operating LLC
3.35%, 3/15/2023		1,252		1,333
3.70%, 2/15/2026		1,026		1,163
Series J, 5.75%, 3/1/2035		800		997
6.45%, 9/1/2040		375		500
5.95%, 2/1/2041		333		424
4.95%, 10/15/2054		330		378
EOG Resources, Inc. 4.38%, 4/15/2030		2,000		2,393

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
EP Energy LLC
9.38%, 5/1/2024 (a) (c)		6,505		1
8.00%, 11/29/2024 (a) (c)		7,090		7
7.75%, 5/15/2026 (a) (c)		6,819		1,483
EQM Midstream Partners LP 6.00%, 7/1/2025 (a)		500		531
EQT Corp. 7.88%, 2/1/2025 (i)		2,680		3,076
Equinor ASA (Norway) 7.15%, 11/15/2025		585		755
Exxon Mobil Corp.
2.99%, 3/19/2025		1,990		2,185
2.61%, 10/15/2030		5,220		5,670
3.00%, 8/16/2039		1,555		1,667
3.10%, 8/16/2049		4,970		5,195
Genesis Energy LP 7.75%, 2/1/2028		1,314		1,169
Gulfport Energy Corp.
6.63%, 5/1/2023		1,320		805
6.00%, 10/15/2024		2,737		1,628
6.38%, 1/15/2026		1,018		596
KazMunayGas National Co. JSC (Kazakhstan) 5.38%, 4/24/2030 (h)		3,650		4,380
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025 (h)		1,090		1,131
6.50%, 6/30/2027 (h)		1,182		1,233
6.75%, 6/30/2030 (h)		680		709
MEG Energy Corp. (Canada)
6.50%, 1/15/2025 (a)		2,237		2,281
7.13%, 2/1/2027 (a)		1,999		1,913
MPLX LP
1.75%, 3/1/2026		1,750		1,750
5.20%, 3/1/2047		323		365
NGPL PipeCo LLC
4.38%, 8/15/2022 (a)		1,823		1,890
7.77%, 12/15/2037 (a)		615		751
Noble Energy, Inc. 5.25%, 11/15/2043		8,550		11,350
NuStar Logistics LP
6.00%, 6/1/2026		1,338		1,400
5.63%, 4/28/2027		1,003		1,008
Oasis Petroleum, Inc. 6.25%, 5/1/20260 (a)		1,860		335
Occidental Petroleum Corp.
2.70%, 8/15/2022		2,385		2,345
8.00%, 7/15/2025		1,533		1,668
5.88%, 9/1/2025		773		777
8.50%, 7/15/2027		1,641		1,816

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
6.38%, 9/1/2028		773		782
8.88%, 7/15/2030		1,887		2,132
6.63%, 9/1/2030		773		794
ONEOK Partners LP 6.65%, 10/1/2036		1,465		1,683
ONEOK, Inc. 7.50%, 9/1/2023		3,050		3,511
Parsley Energy LLC 5.38%, 1/15/2025 (a)		5,775		5,883
PBF Holding Co. LLC
9.25%, 5/15/2025 (a)		514		563
6.00%, 2/15/2028 (a)		2,710		2,285
Pertamina Persero PT (Indonesia) 6.45%, 5/30/2044 (h)		1,600		2,123
Petrobras Global Finance BV (Brazil) 6.90%, 3/19/2049		682		778
Petroleos Mexicanos (Mexico)
6.88%, 8/4/2026		2,600		2,645
5.35%, 2/12/2028		3,250		2,957
6.75%, 9/21/2047		395		328
7.69%, 1/23/2050 (h)		880		785
6.95%, 1/28/2060 (a)		2,667		2,217
Phillips 66 4.65%, 11/15/2034		1,000		1,217
QEP Resources, Inc.
6.88%, 3/1/2021		978		1,004
5.38%, 10/1/2022		766		670
5.25%, 5/1/2023		2,196		1,801
5.63%, 3/1/2026		673		432
Range Resources Corp. 4.88%, 5/15/2025		2,625		2,448
SM Energy Co.
6.13%, 11/15/2022		686		535
6.75%, 9/15/2026		1,895		929
6.63%, 1/15/2027		1,293		634
Southwestern Energy Co.
6.45%, 1/23/2025 (i)		2,195		2,205
7.50%, 4/1/2026		2,251		2,262
Spectra Energy Partners LP 4.50%, 3/15/2045		4,670		5,457
Sunoco Logistics Partners Operations LP 5.95%, 12/1/2025		464		543
Sunoco LP
4.88%, 1/15/2023		2,036		2,069
6.00%, 4/15/2027		598		637
Tallgrass Energy Partners LP
4.75%, 10/1/2023 (a)		1,435		1,406
5.50%, 9/15/2024 (a)		1,555		1,524
5.50%, 1/15/2028 (a)		1,975		1,807

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Targa Resources Partners LP
5.25%, 5/1/2023		2,882		2,897
4.25%, 11/15/2023		3,426		3,448
5.13%, 2/1/2025		3,895		3,978
5.88%, 4/15/2026		1,345		1,416
5.38%, 2/1/2027		535		552
6.50%, 7/15/2027		1,730		1,868
5.00%, 1/15/2028		585		598
4.88%, 2/1/2031 (a)		1,280		1,290
TerraForm Power Operating LLC
4.25%, 1/31/2023 (a)		1,872		1,938
5.00%, 1/31/2028 (a)		1,468		1,631
Texas Eastern Transmission LP
3.50%, 1/15/2028 (a)		375		405
Total Capital International SA (France)
2.99%, 6/29/2041		4,700		4,895
3.46%, 7/12/2049		7,690		8,527
3.13%, 5/29/2050		4,200		4,398
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026 (a)		1,150		1,246
WPX Energy, Inc. 5.75%, 6/1/2026		3,554		3,628
				316,179
Personal Products — 0.0% (b)
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		795		849
Estee Lauder Cos., Inc. (The) 3.13%, 12/1/2049		1,800		1,996
				2,845
Pharmaceuticals — 1.0%
Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		3,526		3,473
AstraZeneca plc (United Kingdom)
3.50%, 8/17/2023		2,000		2,168
1.38%, 8/6/2030		5,275		5,167
2.13%, 8/6/2050		8,870		8,211
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		4,654		5,160
8.50%, 1/31/2027 (a)		5,264		5,790
Bausch Health Cos., Inc.
7.00%, 3/15/2024 (a)		9,063		9,416
5.50%, 11/1/2025 (a)		7,822		8,074
5.75%, 8/15/2027 (a)		2,065		2,218
5.25%, 1/30/2030 (a)		1,188		1,181

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 113

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — continued
Bristol-Myers Squibb Co.
2.90%, 7/26/2024		3,045		3,318
3.20%, 6/15/2026		2,977		3,385
4.13%, 6/15/2039		5,998		7,673
5.00%, 8/15/2045		3,600		5,124
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (i)		2,425		2,893
Eli Lilly and Co.
2.25%, 5/15/2050		5,905		5,596
4.15%, 3/15/2059		1,665		2,185
2.50%, 9/15/2060		2,000		1,897
Merck & Co., Inc. 2.45%, 6/24/2050		4,405		4,394
Pfizer, Inc.
2.75%, 6/3/2026		1,500		1,673
3.45%, 3/15/2029		495		580
2.63%, 4/1/2030		2,000		2,232
4.10%, 9/15/2038		3,000		3,762
3.90%, 3/15/2039		2,960		3,656
2.55%, 5/28/2040		7,000		7,308
4.30%, 6/15/2043		4,000		5,142
2.70%, 5/28/2050		3,260		3,383
Pharmacia LLC 6.60%, 12/1/2028 (i)		745		1,036
Royalty Pharma plc
1.20%, 9/2/2025 (a)		645		643
1.75%, 9/2/2027 (a)		645		643
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		500		560
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		1,300		1,608
3.03%, 7/9/2040		4,060		4,203
3.18%, 7/9/2050		10,880		11,056
3.38%, 7/9/2060		3,995		4,126
Upjohn, Inc.
1.65%, 6/22/2025 (a)		3,500		3,595
2.30%, 6/22/2027 (a)		2,150		2,238
				144,767
Real Estate Management & Development — 0.0% (b)
Mitsui Fudosan Co. Ltd. (Japan) 2.95%, 1/23/2023 (a)		2,480		2,593
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)
3.13%, 3/20/2022 (a)		579		595
3.88%, 3/20/2027 (a)		603		653
				3,841

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Road & Rail — 0.3%
Avis Budget Car Rental LLC
5.25%, 3/15/2025 (a)		3,424		3,267
5.75%, 7/15/2027 (a)		1,354		1,298
Burlington Northern Santa Fe LLC
7.08%, 5/13/2029		100		142
6.15%, 5/1/2037		750		1,124
4.38%, 9/1/2042		2,510		3,211
4.70%, 9/1/2045		6,630		8,923
3.55%, 2/15/2050		2,707		3,212
Canadian Pacific Railway Co. (Canada) 9.45%, 8/1/2021		280		301
CSX Corp.
3.25%, 6/1/2027		1,283		1,451
3.80%, 4/15/2050		4,300		5,140
Empresa de Transporte de Pasajeros Metro SA (Chile) 5.00%, 1/25/2047 (h)		2,400		3,048
ERAC USA Finance LLC
3.30%, 10/15/2022 (a)		200		209
2.70%, 11/1/2023 (a)		470		492
7.00%, 10/15/2037 (a)		291		412
Hertz Corp. (The)
5.50%, 10/15/2024 (a) (c)		3,715		1,504
6.00%, 1/15/2028 (a) (c)		1,770		728
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		460		504
Norfolk Southern Corp.
2.90%, 2/15/2023		462		487
3.05%, 5/15/2050		4,405		4,645
4.05%, 8/15/2052		1,000		1,206
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,767		1,917
Ryder System, Inc. 3.50%, 6/1/2021		555		568
SMBC Aviation Capital Finance DAC (Ireland)
3.00%, 7/15/2022 (a)		650		663
4.13%, 7/15/2023 (a)		1,100		1,165
				45,617
Semiconductors & Semiconductor Equipment — 0.3%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		2,313		2,515
Analog Devices, Inc. 4.50%, 12/5/2036		563		683
Broadcom Corp. 3.88%, 1/15/2027		8,910		9,873
Broadcom, Inc. 4.11%, 9/15/2028		2,218		2,492

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
Intel Corp.
3.25%, 11/15/2049		1,700		1,892
3.10%, 2/15/2060		700		743
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		2,305		2,405
Qorvo, Inc. 5.50%, 7/15/2026		3,262		3,460
QUALCOMM, Inc.
1.30%, 5/20/2028 (a)		8,805		8,825
3.25%, 5/20/2050		7,800		8,771
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		2,328		2,439
Texas Instruments, Inc.
2.90%, 11/3/2027		1,000		1,123
2.25%, 9/4/2029		1,800		1,928
3.88%, 3/15/2039		1,620		2,021
4.15%, 5/15/2048		300		392
				49,562
Software — 0.4%
CDK Global, Inc. 5.25%, 5/15/2029 (a)		1,939		2,115
Intuit, Inc.
0.95%, 7/15/2025		2,850		2,882
1.35%, 7/15/2027		2,490		2,545
Microsoft Corp.
3.50%, 2/12/2035		4,989		6,145
4.20%, 11/3/2035		435		572
3.45%, 8/8/2036		2,000		2,400
4.10%, 2/6/2037		547		704
3.70%, 8/8/2046		7,260		9,040
2.53%, 6/1/2050		323		338
Nuance Communications, Inc. 5.63%, 12/15/2026		2,592		2,748
Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		2,996		3,146
Oracle Corp.
2.50%, 4/1/2025		2,750		2,964
2.95%, 4/1/2030		7,410		8,293
4.30%, 7/8/2034		567		706
3.90%, 5/15/2035		1,545		1,867
3.85%, 7/15/2036		1,756		2,062
4.13%, 5/15/2045		5,300		6,303
4.38%, 5/15/2055		5,215		6,537
salesforce.com, Inc. 3.70%, 4/11/2028		1,100		1,286

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Software — continued
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		3,205		3,433
				66,086
Specialty Retail — 0.4%
Caleres, Inc. 6.25%, 8/15/2023		2,840		2,506
Gap, Inc. (The) 8.88%, 5/15/2027 (a)		1,525		1,719
Home Depot, Inc. (The)
3.13%, 12/15/2049		3,440		3,766
3.50%, 9/15/2056		7,000		8,293
L Brands, Inc.
5.63%, 2/15/2022		560		575
5.25%, 2/1/2028		769		738
7.50%, 6/15/2029		1,704		1,815
6.75%, 7/1/2036		1,625		1,658
Lowe’s Cos., Inc.
3.13%, 9/15/2024		665		726
2.50%, 4/15/2026		3,000		3,262
3.65%, 4/5/2029		872		1,009
3.70%, 4/15/2046		5,000		5,646
4.05%, 5/3/2047		1,774		2,108
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		185		213
Penske Automotive Group, Inc. 5.50%, 5/15/2026		2,916		3,036
PetSmart, Inc. 7.13%, 3/15/2023 (a)		3,799		3,827
Staples, Inc.
7.50%, 4/15/2026 (a)		9,915		8,827
10.75%, 4/15/2027 (a)		5,981		4,157
TJX Cos., Inc. (The)
3.75%, 4/15/2027		600		690
4.50%, 4/15/2050		350		443
				55,014
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.
3.25%, 2/23/2026		372		420
2.20%, 9/11/2029		4,125		4,458
3.85%, 5/4/2043		13,561		16,626
3.45%, 2/9/2045		8,744		10,158
3.75%, 9/12/2047		6,500		7,828
3.75%, 11/13/2047		1,000		1,207
2.95%, 9/11/2049		870		935
2.40%, 8/20/2050		10,385		10,286
2.55%, 8/20/2060		7,500		7,325

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 115

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
Dell International LLC 7.13%, 6/15/2024 (a)		6,236		6,475
EMC Corp. 3.38%, 6/1/2023		2,796		2,887
NCR Corp.
5.75%, 9/1/2027 (a)		1,370		1,439
5.00%, 10/1/2028 (a)		763		769
6.13%, 9/1/2029 (a)		5,075		5,442
Western Digital Corp. 4.75%, 2/15/2026		2,682		2,902
Xerox Corp. 4.12%, 3/15/2023 (i)		2,232		2,291
				81,448
Textiles, Apparel & Luxury Goods — 0.0% (b)
Hanesbrands, Inc. 4.88%, 5/15/2026 (a)		1,908		2,077
William Carter Co. (The)
5.63%, 3/15/2027 (a)		2,405		2,555
				4,632
Thrifts & Mortgage Finance — 0.3%
BPCE SA (France)
5.70%, 10/22/2023 (a)		2,000		2,247
5.15%, 7/21/2024 (a)		12,810		14,400
2.38%, 1/14/2025 (a)		2,260		2,369
3.38%, 12/2/2026		250		281
3.50%, 10/23/2027 (a)		1,100		1,213
2.70%, 10/1/2029 (a)		13,090		14,068
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (a)		555		555
Quicken Loans LLC 5.75%, 5/1/2025 (a)		2,691		2,772
Radian Group, Inc. 4.50%, 10/1/2024		1,286		1,292
				39,197
Tobacco — 0.5%
Altria Group, Inc.
3.40%, 5/6/2030		15,750		17,349
3.88%, 9/16/2046		9,585		9,947
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027		26,716		29,202
4.39%, 8/15/2037		6,345		6,909
Philip Morris International, Inc.
2.10%, 5/1/2030		2,610		2,705
4.38%, 11/15/2041		4,073		4,984
4.13%, 3/4/2043		5,000		5,896
				76,992

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Trading Companies & Distributors — 0.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		4,118		1,709
Air Lease Corp.
2.30%, 2/1/2025		1,000		985
3.25%, 3/1/2025		242		246
3.38%, 7/1/2025		1,800		1,831
2.88%, 1/15/2026		1,000		994
3.25%, 10/1/2029		1,020		995
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)		805		828
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021 (a)		300		302
2.75%, 9/18/2022 (a)		600		612
3.50%, 10/10/2024 (a)		370		391
H&E Equipment Services, Inc. 5.63%, 9/1/2025		1,110		1,152
International Lease Finance Corp. 8.63%, 1/15/2022		1,000		1,079
United Rentals North America, Inc.
4.63%, 10/15/2025		2,475		2,530
5.88%, 9/15/2026		9,480		10,089
3.88%, 2/15/2031		1,308		1,346
WESCO Distribution, Inc. 5.38%, 6/15/2024		3,197		3,285
WW Grainger, Inc. 4.60%, 6/15/2045		520		672
				29,046
Transportation Infrastructure — 0.0% (b)
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (a)		1,300		1,389
Water Utilities — 0.0% (b)
American Water Capital Corp.
3.85%, 3/1/2024		680		745
3.45%, 6/1/2029		620		713
				1,458
Wireless Telecommunication Services — 0.8%
America Movil SAB de CV (Mexico)
3.13%, 7/16/2022		1,266		1,317
4.38%, 4/22/2049		439		546
Crown Castle Towers LLC
3.72%, 7/15/2023 (a)		250		261
3.66%, 5/15/2025 (a)		2,805		3,006
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		2,530		2,865

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
Sprint Corp.
7.88%, 9/15/2023		3,143		3,656
7.13%, 6/15/2024		5,952		6,917
7.63%, 2/15/2025		5,843		6,997
7.63%, 3/1/2026		9,057		11,139
T-Mobile USA, Inc.
5.13%, 4/15/2025		4,596		4,711
6.50%, 1/15/2026		4,391		4,597
4.50%, 2/1/2026		3,522		3,636
1.50%, 2/15/2026 (a)		5,740		5,823
4.75%, 2/1/2028		5,290		5,700
2.05%, 2/15/2028 (a)		12,000		12,291
3.88%, 4/15/2030 (a)		17,210		19,670
2.55%, 2/15/2031 (a)		8,315		8,694
4.38%, 4/15/2040 (a)		10,910		13,122
				114,948
Total Corporate Bonds (Cost $4,008,572)				4,207,348
Mortgage-Backed Securities — 19.5%
FHLMC
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (k)		38		41
Pool # 1J1380, ARM, 4.28%, 3/1/2036 (k)		51		54
Pool # 1J1393, ARM, 3.14%, 10/1/2036 (k)		58		61
Pool # 1J1657, ARM, 2.83%, 5/1/2037 (k)		12		12
Pool # 1Q0476, ARM, 3.88%, 10/1/2037 (k)		108		109
FHLMC Gold Pools, 15 Year
Pool # J05944, 5.50%, 1/1/2021		4		4
Pool # G13821, 6.00%, 11/1/2021		3		3
Pool # G13385, 5.50%, 11/1/2023		21		22
Pool # G13603, 5.50%, 2/1/2024		8		8
Pool # G13805, 5.50%, 12/1/2024		43		45
Pool # G14252, 5.50%, 12/1/2024		43		44
Pool # J14494, 4.00%, 2/1/2026		584		620
FHLMC Gold Pools, 20 Year
Pool # C91025, 7.00%, 1/1/2027		62		68
Pool # G30591, 6.00%, 2/1/2028		455		507
Pool # D98914, 4.00%, 1/1/2032		3,140		3,454
Pool # G31099, 4.00%, 1/1/2038		12,583		13,953

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC Gold Pools, 30 Year
Pool # C80091, 6.50%, 1/1/2024		18		20
Pool # C80161, 7.50%, 6/1/2024		1		1
Pool # G00271, 7.00%, 9/1/2024		15		15
Pool # C80245, 7.50%, 10/1/2024		3		3
Pool # G00278, 7.00%, 11/1/2024		7		7
Pool # C00496, 7.50%, 2/1/2027		1		1
Pool # D81734, 7.00%, 8/1/2027		18		18
Pool # G00747, 8.00%, 8/1/2027		26		30
Pool # D86005, 7.00%, 2/1/2028		3		3
Pool # G02210, 7.00%, 12/1/2028		66		75
Pool # C21930, 6.00%, 2/1/2029		7		8
Pool # C00785, 6.50%, 6/1/2029		13		14
Pool # A27201, 6.50%, 3/1/2032		60		67
Pool # A13067, 4.00%, 9/1/2033		29		32
Pool # G60154, 5.00%, 2/1/2034		12,770		14,708
Pool # G60214, 5.00%, 7/1/2035		12,027		13,839
Pool # C02641, 7.00%, 10/1/2036		36		42
Pool # C02660, 6.50%, 11/1/2036		68		79
Pool # G06172, 5.50%, 12/1/2038		1,339		1,552
Pool # G06576, 5.00%, 9/1/2040		5,906		6,808
Pool # A96733, 4.50%, 2/1/2041		10,275		11,535
Pool # G06493, 4.50%, 5/1/2041		542		606
Pool # G61864, 5.50%, 6/1/2041		4,978		5,785
Pool # Q05956, 4.50%, 2/1/2042		1,523		1,705
Pool # Q11285, 3.50%, 9/1/2042		4,318		4,793
Pool # Q12174, 3.50%, 10/1/2042		5,038		5,593
Pool # G07239, 3.00%, 12/1/2042		4,509		4,884
Pool # Q13796, 3.50%, 12/1/2042		6,374		7,076
Pool # Q15767, 3.00%, 2/1/2043		4,263		4,618
Pool # Q33869, 4.00%, 6/1/2045		3,899		4,264
Pool # G61462, 4.00%, 7/1/2045		20,037		22,065
Pool # Q37784, 3.50%, 12/1/2045		2,542		2,727
Pool # Q39092, 4.00%, 2/1/2046		5,698		6,204
Pool # Q39412, 3.50%, 3/1/2046		2,252		2,419
Pool # Q40797, 3.50%, 5/1/2046		5,312		5,672
Pool # Q40905, 3.50%, 6/1/2046		557		589
Pool # Q40922, 3.50%, 6/1/2046		2,660		2,845
Pool # Q41602, 3.50%, 7/1/2046		972		1,033
Pool # Q42079, 3.50%, 7/1/2046		1,202		1,281
Pool # Q42657, 3.50%, 8/1/2046		9,610		10,262
Pool # Q42656, 4.00%, 8/1/2046		494		528
Pool # Q43241, 3.50%, 9/1/2046		10,566		11,265
Pool # Q43237, 4.00%, 9/1/2046		1,713		1,857
Pool # G61565, 4.50%, 4/1/2048		32,887		36,882

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 117

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		4		5
Pool # B90491, 7.50%, 1/1/2032		207		238
Pool # U89009, 3.50%, 9/1/2032		683		734
Pool # U80074, 3.50%, 10/1/2032		2,635		2,834
Pool # G20028, 7.50%, 12/1/2036		260		296
Pool # U90690, 3.50%, 6/1/2042		2,320		2,510
Pool # U90975, 4.00%, 6/1/2042		503		551
Pool # U90230, 4.50%, 9/1/2042		1,977		2,187
Pool # U90281, 4.00%, 10/1/2042		1,491		1,620
Pool # U92021, 5.00%, 9/1/2043		2,468		2,755
Pool # U99076, 4.50%, 12/1/2043		4,814		5,366
Pool # U99084, 4.50%, 2/1/2044		4,144		4,620
Pool # U92996, 3.50%, 6/1/2045		340		367
Pool # U93026, 3.50%, 7/1/2045		1,166		1,257
Pool # U99134, 4.00%, 1/1/2046		4,854		5,317
Pool # U93155, 3.50%, 5/1/2046		812		876
Pool # U93158, 3.50%, 6/1/2046		1,060		1,143
Pool # U93167, 3.50%, 7/1/2046		955		1,017
Pool # U93172, 3.50%, 7/1/2046		1,093		1,179
FHLMC UMBS, 30 Year
Pool # RA2008, 4.00%, 1/1/2050		24,383		26,586
FNMA
Pool # AM2292, ARM, 0.51%, 1/1/2023 (k)		1,182		1,179
Pool # 766610, ARM, 3.71%, 1/1/2034 (k)		61		63
Pool # 823660, ARM, 2.88%, 5/1/2035 (k)		82		83
Pool # 910181, ARM, 3.67%, 3/1/2037 (k)		37		39
Pool # 888304, ARM, 3.03%, 4/1/2037 (k)		1		1
Pool # 888750, ARM, 3.64%, 4/1/2037 (k)		60		64
Pool # 948208, ARM, 1.95%, 7/1/2037 (k)		33		34
Pool # 888620, ARM, 2.44%, 7/1/2037 (k)		64		64
FNMA UMBS, 15 Year
Pool # 890129, 6.00%, 12/1/2021		4		4
Pool # 949379, 6.00%, 8/1/2022		16		16
Pool # 890231, 5.00%, 7/1/2025		136		144
Pool # CA4723, 3.50%, 11/1/2034		12,775		13,571
FNMA UMBS, 20 Year
Pool # MA0602, 3.50%, 12/1/2030		227		241

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # BM3254, 4.00%, 1/1/2038		9,872			11,055
Pool # BM3566, 4.00%, 2/1/2038		10,827			12,003
Pool # CA1234, 4.00%, 2/1/2038		4,165			4,618
Pool # CA1238, 4.00%, 2/1/2038		3,920			4,391
FNMA UMBS, 30 Year
Pool # 50617, 8.00%, 8/1/2022		—	(d)		—	(d)
Pool # 250228, 9.00%, 4/1/2025		1			1
Pool # 328066, 8.50%, 10/1/2025		—	(d)		—	(d)
Pool # 313692, 8.50%, 12/1/2025		2			2
Pool # 365997, 7.50%, 10/1/2026		2			2
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		36			40
Pool # 455598, 5.50%, 12/1/2028		16			17
Pool # 517656, 5.50%, 7/1/2029		14			15
Pool # 252570, 6.50%, 7/1/2029		15			18
Pool # 517679, 6.50%, 7/1/2029		63			70
Pool # 323866, 6.50%, 8/1/2029		13			14
Pool # 995656, 7.00%, 6/1/2033		164			195
Pool # AL6168, 5.00%, 9/1/2033		5,708			6,559
Pool # 725229, 6.00%, 3/1/2034		954			1,118
Pool # AA0918, 5.50%, 9/1/2034		180			211
Pool # 735503, 6.00%, 4/1/2035		94			111
Pool # 745948, 6.50%, 10/1/2036		14			17
Pool # AL0379, 8.00%, 12/1/2036		1,092			1,298
Pool # AA8502, 6.00%, 8/1/2037		13			15
Pool # 995149, 6.50%, 10/1/2038		46			53
Pool # 995504, 7.50%, 11/1/2038		78			95
Pool # AC3237, 5.00%, 10/1/2039		565			651
Pool # AC4467, 4.50%, 12/1/2039		1,011			1,121
Pool # AE1526, 4.50%, 9/1/2040		2,483			2,738
Pool # AE3095, 4.50%, 9/1/2040		1,314			1,466
Pool # AE0681, 4.50%, 12/1/2040		5,091			5,692
Pool # AL0038, 5.00%, 2/1/2041		4,909			5,640
Pool # AX5292, 5.00%, 1/1/2042		19,648			22,702
Pool # BM1065, 5.50%, 2/1/2042		8,283			9,619
Pool # AL2059, 4.00%, 6/1/2042		14,764			16,804
Pool # AB7575, 3.00%, 1/1/2043		4,117			4,416
Pool # AR6380, 3.00%, 2/1/2043		4,235			4,586
Pool # 890564, 3.00%, 6/1/2043		5,356			5,854
Pool # AT5907, 4.00%, 6/1/2043		9,239			10,539
Pool # AS0214, 3.50%, 8/1/2043		9,671			10,826
Pool # AL6848, 5.00%, 6/1/2044		2,199			2,530
Pool # BA2343, 4.00%, 9/1/2045		5,120			5,576
Pool # BA1210, 3.50%, 5/1/2046		1,790			1,919

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BA7485, 3.50%, 6/1/2046		820		871
Pool # BC2969, 3.50%, 6/1/2046		754		797
Pool # BD1371, 3.50%, 6/1/2046		2,023		2,159
Pool # BA7492, 4.00%, 6/1/2046		1,194		1,285
Pool # BC9368, 4.00%, 6/1/2046		4,301		4,633
Pool # BD1372, 4.00%, 6/1/2046		2,686		2,911
Pool # BD2956, 3.50%, 7/1/2046		7,637		8,140
Pool # BD5456, 3.50%, 8/1/2046		3,970		4,235
Pool # BM1169, 4.00%, 9/1/2046		15,295		17,431
Pool # BE0280, 3.50%, 10/1/2046		5,449		5,838
Pool # AS8335, 4.50%, 11/1/2046		11,261		12,420
Pool # BM1906, 4.00%, 5/1/2047		11,407		13,001
Pool # AS9811, 5.00%, 6/1/2047		5,101		5,716
Pool # BH7565, 4.00%, 8/1/2047		22,171		24,368
Pool # BM3500, 4.00%, 9/1/2047		10,515		11,736
Pool # CA0346, 4.50%, 9/1/2047		21,158		22,927
Pool # BH6687, 4.00%, 11/1/2047		5,344		5,708
Pool # BM3044, 4.00%, 11/1/2047		8,326		9,161
Pool # BE8347, 4.00%, 12/1/2047		3,662		3,914
Pool # BJ5254, 4.00%, 12/1/2047		10,376		11,110
Pool # BM3499, 4.00%, 12/1/2047		81,495		89,242
Pool # BJ5777, 4.50%, 12/1/2047		856		936
Pool # BH6689, 4.00%, 1/1/2048		7,213		7,698
Pool # BJ7311, 4.00%, 1/1/2048		43,152		47,347
Pool # BJ8238, 4.00%, 1/1/2048		14,300		15,677
Pool # BJ8265, 4.00%, 1/1/2048		9,639		10,556
Pool # BK1008, 4.00%, 1/1/2048		2,667		2,907
Pool # BJ4617, 4.00%, 2/1/2048		7,586		8,523
Pool # BJ5772, 4.00%, 2/1/2048		11,953		12,798
Pool # BK1581, 4.00%, 2/1/2048		1,725		1,894
Pool # FM0035, 3.50%, 3/1/2048		17,860		19,275
Pool # BJ5803, 4.00%, 3/1/2048		9,194		9,845
Pool # BK1963, 4.00%, 3/1/2048		5,371		6,016
Pool # BM3665, 4.00%, 3/1/2048		25,719		28,652
Pool # BJ5789, 4.50%, 3/1/2048		4,997		5,484
Pool # BE2789, 4.00%, 4/1/2048		5,389		5,768
Pool # CA1710, 4.50%, 5/1/2048		9,971		10,761
Pool # BK5943, 5.00%, 6/1/2048		5,803		6,433
Pool # BK4130, 4.50%, 7/1/2048		1,212		1,309
Pool # BK6562, 4.50%, 7/1/2048		7,265		7,936
Pool # BK6589, 4.50%, 7/1/2048		2,803		3,075
Pool # BN0133, 4.00%, 8/1/2048		13,132		14,061
Pool # BK9292, 5.00%, 8/1/2048		11,887		13,156
Pool # CA4662, 3.50%, 9/1/2048		9,092		9,952
Pool # BN1312, 4.00%, 9/1/2048		24,847		26,606

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 890863, 5.00%, 9/1/2048		35,546		40,259
Pool # BN0234, 5.00%, 9/1/2048		6,955		7,697
Pool # MA3496, 4.50%, 10/1/2048		8,058		8,692
Pool # BN0861, 5.00%, 10/1/2048		3,148		3,554
Pool # BK9556, 4.00%, 12/1/2048		7,551		8,104
Pool # BK1176, 5.00%, 1/1/2049		3,790		4,152
Pool # BK8748, 4.50%, 5/1/2049		27,355		29,866
Pool # BO2428, 3.50%, 7/1/2049		13,531		14,268
Pool # BO0592, 4.00%, 7/1/2049		4,212		4,559
FNMA, 30 Year
Pool # CA2171, 4.00%, 8/1/2048		21,865		23,759
FNMA, Other
Pool # 468564, 4.06%, 7/1/2021		1,193		1,209
Pool # 470622, 2.75%, 3/1/2022		235		241
Pool # AM2285, 2.41%, 1/1/2023		3,425		3,540
Pool # AM2255, 2.51%, 1/1/2023		3,589		3,716
Pool # AM2452, 2.44%, 2/1/2023		6,737		6,993
Pool # AM2859, 2.65%, 3/1/2023		3,900		4,070
Pool # AL3876, 2.79%, 6/1/2023 (k)		3,584		3,765
Pool # AM4170, 3.51%, 8/1/2023		15,000		16,100
Pool # AM5032, 3.64%, 12/1/2023		4,610		4,978
Pool # AM5079, 3.45%, 1/1/2024		4,857		5,240
Pool # AM5473, 3.76%, 3/1/2024		5,300		5,756
Pool # AN2363, 2.23%, 4/1/2024		3,731		3,906
Pool # AM6795, 3.05%, 9/1/2024		10,681		11,576
Pool # AL6260, 2.75%, 12/1/2024 (k)		443		456
Pool # AM7290, 2.97%, 12/1/2024		4,063		4,418
Pool # AM7682, 2.84%, 1/1/2025		5,827		6,311
Pool # AM7795, 2.92%, 1/1/2025		9,894		10,750
Pool # AN1302, 2.93%, 1/1/2025		4,027		4,353
Pool # AM8090, 2.48%, 2/1/2025		9,376		10,002
Pool # AM8702, 2.73%, 4/1/2025		18,325		19,842
Pool # AM8674, 2.81%, 4/1/2025		18,640		20,250
Pool # AM8691, 2.64%, 6/1/2025		18,777		20,298
Pool # AM9942, 3.09%, 10/1/2025		11,000		12,188
Pool # AN0287, 2.95%, 11/1/2025		5,000		5,512
Pool # AN0707, 3.13%, 2/1/2026		8,520		9,461
Pool # AN1222, 2.78%, 4/1/2026		7,000		7,693
Pool # AN1413, 2.49%, 5/1/2026		9,790		10,595
Pool # AN1503, 2.62%, 5/1/2026		5,567		6,050
Pool # AN1221, 2.81%, 5/1/2026		4,000		4,407
Pool # AN1497, 2.61%, 6/1/2026		10,122		11,048
Pool # AN2193, 2.53%, 7/1/2026		5,758		6,238
Pool # AN2689, 2.20%, 10/1/2026		6,289		6,722

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 119

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AN4000, 3.00%, 12/1/2026		2,325		2,595
Pool # AL6937, 3.92%, 12/1/2026 (k)		4,955		5,580
Pool # AN4917, 3.13%, 3/1/2027		13,674		15,432
Pool # AM8854, 2.88%, 7/1/2027		11,692		13,072
Pool # AN6318, 3.18%, 8/1/2027		8,500		9,367
Pool # BL3525, 2.60%, 9/1/2027		11,589		12,686
Pool # BL0497, 3.84%, 10/1/2027		4,816		5,593
Pool # AN1449, 2.97%, 4/1/2028		6,623		7,473
Pool # AN9696, 3.50%, 6/1/2028		34,406		39,893
Pool # AN2005, 2.73%, 7/1/2028		10,605		11,867
Pool # 387807, 3.55%, 8/1/2028		11,451		13,387
Pool # AN2497, 2.60%, 9/1/2028		4,160		4,608
Pool # AN2956, 2.44%, 10/1/2028		7,112		7,801
Pool # AN3080, 2.61%, 11/1/2028		14,080		15,658
Pool # AN3685, 2.69%, 12/1/2028		15,076		16,812
Pool # AN4004, 3.27%, 12/1/2028		8,615		9,995
Pool # BL1040, 3.81%, 12/1/2028		16,000		18,853
Pool # BL0907, 3.88%, 12/1/2028		290		342
Pool # AN4154, 3.17%, 1/1/2029		16,836		19,433
Pool # AN4349, 3.35%, 1/1/2029		8,606		10,021
Pool # AN4344, 3.37%, 1/1/2029		17,052		19,748
Pool # BL1351, 3.58%, 2/1/2029		43,655		51,119
Pool # AN1872, 2.90%, 5/1/2029		3,746		4,208
Pool # AN5677, 3.25%, 6/1/2029		9,650		11,192
Pool # BL3509, 2.66%, 8/1/2029		22,452		25,058
Pool # BL3491, 2.84%, 8/1/2029		15,900		17,928
Pool # 387883, 3.78%, 8/1/2030		16,369		19,498
Pool # 387827, 3.80%, 8/1/2030		7,918		9,439
Pool # AN0198, 3.34%, 11/1/2030		4,014		4,623
Pool # AN1676, 2.99%, 5/1/2031		3,657		4,154
Pool # AN1953, 3.01%, 6/1/2031		1,902		2,161
Pool # AN1683, 3.03%, 6/1/2031		5,000		5,704
Pool # AN2308, 2.87%, 8/1/2031		8,882		10,068
Pool # AN2625, 2.50%, 10/1/2031		12,168		13,293
Pool # BL3368, 2.84%, 11/1/2031		4,475		5,016
Pool # BL6367, 1.82%, 4/1/2032		36,000		37,918
Pool # BL6302, 2.07%, 5/1/2032		15,158		16,195
Pool # AO7654, 3.50%, 5/1/2032		2,633		2,831
Pool # AO5230, 3.50%, 6/1/2032		1,620		1,733
Pool # AO7057, 3.50%, 6/1/2032		1,329		1,429
Pool # AO7746, 3.50%, 6/1/2032		128		138
Pool # AO8038, 3.50%, 7/1/2032		3,255		3,499
Pool # AP0645, 3.50%, 7/1/2032		2,933		3,153
Pool # AP0682, 3.50%, 7/1/2032		3,169		3,407

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # AP1314, 3.50%, 8/1/2032		2,996			3,221
Pool # AQ1534, 3.50%, 10/1/2032		945			1,016
Pool # AQ1607, 3.50%, 11/1/2032		700			752
Pool # 650236, 5.00%, 12/1/2032		11			12
Pool # AR7961, 3.50%, 3/1/2033		879			945
Pool # BL3453, 3.16%, 8/1/2033		14,690			16,902
Pool # 868763, 6.50%, 4/1/2036		6			6
Pool # 886320, 6.50%, 7/1/2036		24			27
Pool # AO6757, 4.00%, 6/1/2042		3,439			3,767
Pool # MA1125, 4.00%, 7/1/2042		2,697			2,940
Pool # MA1213, 3.50%, 10/1/2042		10,903			11,800
Pool # MA1283, 3.50%, 12/1/2042		1,547			1,675
Pool # MA1328, 3.50%, 1/1/2043		5,337			5,778
Pool # MA1404, 3.50%, 4/1/2043		2,851			3,087
Pool # MA1462, 3.50%, 6/1/2043		1,596			1,707
Pool # MA1463, 3.50%, 6/1/2043		4,018			4,349
Pool # MA1510, 4.00%, 7/1/2043		3,218			3,521
Pool # MA1546, 3.50%, 8/1/2043		6,196			6,707
Pool # AU8840, 4.50%, 11/1/2043		2,245			2,502
Pool # AV2613, 4.50%, 11/1/2043		4,200			4,679
Pool # MA1711, 4.50%, 12/1/2043		3,059			3,408
Pool # AL6167, 3.50%, 1/1/2044		22,421			24,267
Pool # MA2346, 3.50%, 6/1/2045		843			909
Pool # MA2462, 4.00%, 11/1/2045		5,332			5,842
Pool # MA2482, 4.00%, 12/1/2045		5,385			5,902
Pool # MA2519, 4.00%, 1/1/2046		4,968			5,446
Pool # BC0784, 3.50%, 4/1/2046		847			914
Pool # MA2593, 4.00%, 4/1/2046		12,197			13,370
Pool # MA2631, 4.00%, 5/1/2046		14,067			15,405
Pool # MA2658, 3.50%, 6/1/2046		3,588			3,871
Pool # MA2690, 3.50%, 7/1/2046		7,352			7,932
Pool # BF0090, 3.50%, 5/1/2056		32,802			35,969
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 9/25/2050		60,058			63,213
TBA, 2.00%, 10/25/2050		310,000			318,940
TBA, 2.50%, 10/25/2050		39,942			41,965
GNMA I, 15 Year
Pool # 782933, 6.50%, 10/15/2023		26			27
GNMA I, 30 Year
Pool # 314497, 7.25%, 1/15/2022		6			6
Pool # 316247, 9.00%, 1/15/2022		2			2
Pool # 297656, 7.50%, 10/15/2022		2			2
Pool # 376855, 7.00%, 2/15/2024		7			7
Pool # 380930, 7.00%, 4/15/2024		—	(d)		—	(d)
Pool # 780029, 9.00%, 11/15/2024		—	(d)		—	(d)

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 405529, 8.50%, 11/15/2025		—	(d)		—	(d)
Pool # 430999, 7.50%, 7/15/2026		8			8
Pool # 780481, 7.00%, 12/15/2026		2			3
Pool # 460982, 7.00%, 11/15/2027		1			2
Pool # 427295, 7.25%, 1/15/2028		11			11
Pool # 460759, 6.50%, 2/15/2028		39			43
Pool # 781118, 6.50%, 10/15/2029		32			37
Pool # 783867, 6.00%, 8/15/2036		3,108			3,711
Pool # AS4934, 4.50%, 5/15/2046		1,944			2,194
Pool # AT7538, 4.00%, 7/15/2046		7,175			7,654
Pool # AT7652, 4.00%, 8/15/2046		4,693			5,014
Pool # BM1819, 5.00%, 4/15/2049		7,031			8,011
GNMA II, 30 Year
Pool # 2056, 7.50%, 8/20/2025		2			2
Pool # 2270, 8.00%, 8/20/2026		2			2
Pool # 2285, 8.00%, 9/20/2026		19			22
Pool # 2379, 8.00%, 2/20/2027		1			1
Pool # 2397, 8.00%, 3/20/2027		—	(d)		1
Pool # 2445, 8.00%, 6/20/2027		8			9
Pool # 2457, 7.50%, 7/20/2027		20			24
Pool # 2538, 8.00%, 1/20/2028		3			4
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		5			5
Pool # 2714, 6.50%, 2/20/2029		4			4
Pool # 4901, 8.00%, 9/20/2031		250			294
Pool # 5020, 7.50%, 5/20/2032		129			149
Pool # 738210, 7.00%, 6/20/2032		249			287
Pool # 738062, 6.00%, 11/20/2032		379			421
Pool # 738059, 6.00%, 10/20/2033		143			158
Pool # 738049, 6.00%, 3/20/2035		367			406
Pool # 737987, 6.00%, 4/20/2036		335			371
Pool # 737975, 6.00%, 9/20/2036		67			75
Pool # 5034, 7.00%, 8/20/2038		103			119
Pool # 4245, 6.00%, 9/20/2038		93			107
Pool # 4930, 7.00%, 10/20/2038		398			487
Pool # 4964, 7.00%, 12/20/2038		60			63
Pool # 4872, 7.00%, 1/20/2039		385			454
Pool # 5072, 6.50%, 10/20/2039		116			132
Pool # 5218, 6.50%, 10/20/2039		175			201
Pool # AS8103, 3.50%, 6/20/2046		1,815			1,954
Pool # AS8104, 3.75%, 6/20/2046		1,729			1,858
Pool # AS8105, 4.00%, 6/20/2046		1,266			1,407
Pool # AS8106, 3.50%, 7/20/2046		2,742			2,928
Pool # AS8107, 3.75%, 7/20/2046		3,298			3,577

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AY0571, 4.50%, 11/20/2047		9,468		10,260
Pool # BB8791, 4.00%, 12/20/2047		8,351		9,301
Pool # BD6195, 4.00%, 1/20/2048		13,244		14,167
Pool # BE9507, 4.50%, 3/20/2048		3,701		4,042
Pool # BG2382, 4.50%, 3/20/2048		2,954		3,219
Pool # BA7568, 4.50%, 4/20/2048		19,901		21,725
Pool # BD0512, 5.00%, 4/20/2048		10,918		11,917
Pool # BD0532, 5.00%, 6/20/2048		11,588		12,610
Pool # BG3833, 4.50%, 7/20/2048		29,067		31,749
Pool # BD0549, 5.00%, 8/20/2048		11,526		12,569
Pool # BH9109, 4.50%, 10/20/2048		15,637		17,005
Pool # BJ7085, 5.00%, 12/20/2048		15,071		16,737
Pool # BK7188, 4.50%, 2/20/2049		9,700		10,618
Pool # BK7189, 5.00%, 2/20/2049		9,623		10,619
Pool # BN2622, 4.00%, 6/20/2049		12,890		13,924
Pool # BM9677, 4.50%, 6/20/2049		17,627		19,355
Pool # BM9683, 5.00%, 6/20/2049		16,550		18,318
Pool # BJ1310, 4.50%, 7/20/2049		10,149		11,233
Pool # BO2717, 4.50%, 7/20/2049		10,809		12,074
Pool # BO3146, 4.50%, 7/20/2049		4,344		4,836
Pool # BO3147, 4.50%, 7/20/2049		5,128		5,647
Pool # BO3157, 4.50%, 7/20/2049		4,172		4,625
Pool # BO3158, 4.50%, 7/20/2049		3,951		4,343
Pool # BO3159, 4.50%, 7/20/2049		2,535		2,738
Pool # BM9690, 5.00%, 7/20/2049		6,157		6,822
Pool # BM9701, 4.50%, 8/20/2049		36,413		39,359
Total Mortgage-Backed Securities (Cost $2,734,359)				2,880,033
Asset-Backed Securities — 16.5%
ACC Trust
Series 2019-1, Class A, 3.75%, 5/20/2022 (a)		4,170		4,199
Series 2019-2, Class B, 3.63%, 8/21/2023 (a)		10,566		10,634
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		4,234		3,874
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		3,292		3,025
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		888		853
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		1,987		1,847
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		1,079		884

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 121

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Ally Auto Receivables Trust
Series 2017-3, Class C, 2.37%, 10/17/2022		4,038		4,057
Series 2018-2, Class A3, 2.92%, 11/15/2022		14,428		14,601
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		832		779
Series 2016-3, Class AA, 3.00%, 10/15/2028		2,125		1,979
Series 2017-1, Class AA, 3.65%, 2/15/2029		2,119		2,024
American Credit Acceptance Receivables Trust
Series 2017-2, Class D, 3.69%, 6/12/2023 (a)		5,415		5,451
Series 2020-2, Class B, 2.48%, 9/13/2024 (a)		800		817
Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		1,023		1,075
American Homes 4 Rent
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,250		1,374
American Homes 4 Rent Trust
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 ‡ (a)		5,000		5,394
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		17,745		19,781
Series 2015-SFR2, Class D, 5.04%, 10/17/2052 ‡ (a)		2,250		2,454
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (a)		18,630		20,833
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		11,300		11,584
Series 2017-4, Class D, 3.08%, 12/18/2023		20,124		20,785
AMSR Trust
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		30,000		30,506
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 ‡ (a)		16,035		16,633
Series 2020-SFR3, Class F, 3.55%, 9/17/2037 (a)		12,179		12,211
Series 2019-SFR1, Class F, 3.87%, 1/19/2039 ‡ (a) (k)		19,690		18,909
Series 2019-SFR1, Class G, 4.86%, 1/19/2039 ‡ (a) (k)		7,875		7,532

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2019-SFR1, Class H, 6.04%, 1/19/2039 ‡ (a) (k)		7,875			7,429
Aqua Finance Trust
Series 2017-A, Class A, 3.72%, 11/15/2035 (a)		4,378			4,394
Series 2019-A, Class B, 3.47%, 7/16/2040 ‡ (a)		19,000			19,548
Series 2020-AA, Class C, 3.97%, 7/17/2046 (a)		4,250			4,269
B2R Mortgage Trust
Series 2016-1, Class A, 2.57%, 6/15/2049 (a)		2,388			2,393
BankBoston Home Equity Loan Trust
Series 1998-1, Class A6, 6.35%, 7/25/2028 ‡		—	(d)		—	(d)
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD2, Class 2A, 3.60%, 6/25/2043 ‡ (k)		196			199
BMW Vehicle Owner Trust
Series 2018-A, Class A3, 2.35%, 4/25/2022		5,496			5,527
British Airways Pass-Through Trust (United Kingdom)
Series 2013-1, Class A, 4.63%, 6/20/2024 (a)		1,705			1,631
Series 2019-1, Class A, 3.35%, 6/15/2029 (a)		1,554			1,295
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		717			685
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		2,134			1,751
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		564			520
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		18,581			18,612
Series 2018-1, Class C, 7.75%, 2/15/2033 (a)		5,578			5,617
Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		11,979			11,977
Series 2018-2, Class C, 6.66%, 6/15/2033 (a)		2,763			2,767
Series 2019-1, Class C, 6.95%, 7/15/2034 ‡ (a)		10,732			10,717
BXG Receivables Note Trust
Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		89			89

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-A, Class C, 4.44%, 2/2/2034 (a)		3,019		3,000
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		9,474		9,453
Series 2017-SFR1, Class A, 5.50%, 6/5/2027 ‡ (a)		21,177		21,177
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (a)		19,402		19,402
Capital Auto Receivables Asset Trust
Series 2018-1, Class A3, 2.79%, 1/20/2022 (a)		3,416		3,425
CarMax Auto Owner Trust
Series 2017-1, Class C, 2.84%, 10/17/2022		3,011		3,038
Series 2017-1, Class D, 3.43%, 7/17/2023		4,929		4,985
Series 2018-1, Class D, 3.37%, 7/15/2024		2,732		2,792
Carnow Auto Receivables Trust
Series 2017-1A, Class B, 4.35%, 9/15/2022 (a)		2,654		2,657
Series 2018-1A, Class C, 5.21%, 9/15/2023 (a)		5,960		5,861
CARS-DB4 LP
Series 2020-1A, Class A6, 3.81%, 2/15/2050 (a)		4,750		4,910
Series 2020-1A, Class B2, 4.52%, 2/15/2050 ‡ (a)		8,960		8,627
Series 2020-1A, Class B3, 4.95%, 2/15/2050 ‡ (a)		9,990		9,434
Carvana Auto Receivables Trust
Series 2019-1A, Class C, 3.50%, 2/15/2024 (a)		9,980		10,289
Series 2019-1A, Class D, 3.88%, 10/15/2024 (a)		7,500		7,712
Series 2020-N1A, Class B, 2.01%, 3/17/2025 (a)		29,424		29,956
Series 2019-2A, Class E, 5.01%, 4/15/2026 (a)		9,750		9,886
Series 2019-4A, Class E, 4.70%, 10/15/2026 (a)		5,000		4,968
Centex Home Equity Loan Trust
Series 2001-B, Class A6, 6.36%, 7/25/2032 ‡		35		35
CIG Auto Receivables Trust
Series 2017-1A, Class C, 5.33%, 12/16/2024 (a)		2,000		2,002

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Citibank Credit Card Issuance Trust
Series 2007-A3, Class A3, 6.15%, 6/15/2039		1,372		2,012
Colony American Finance Ltd. (Cayman Islands)
Series 2016-2, Class A, 2.55%, 11/15/2048 (a)		5,786		5,798
Continental Airlines Pass-Through Trust
Series 2012-1, Class A, 4.15%, 4/11/2024		131		123
COOF Securitization Trust Ltd.
Series 2014-1, Class A, IO, 3.08%, 6/25/2040 ‡ (a) (k)		3,876		352
CoreVest American Finance Trust
Series 2020-2, Class A, 3.38%, 5/15/2052 (a)		6,152		6,699
Series 2020-2, Class B, 4.24%, 5/15/2052 ‡ (a) (k)		8,345		9,094
CPS Auto Receivables Trust
Series 2018-B, Class C, 3.58%, 3/15/2023 (a)		13,003		13,138
Series 2017-B, Class D, 3.95%, 3/15/2023 (a)		6,837		6,889
Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		2,161		2,209
Series 2018-D, Class D, 4.34%, 9/16/2024 (a)		2,303		2,373
Series 2020-B, Class B, 2.11%, 4/15/2026 (a)		6,000		6,075
CPS Auto Trust
Series 2017-A, Class C, 3.31%, 12/15/2022 (a)		227		228
Series 2017-A, Class D, 4.61%, 12/15/2022 (a)		840		853
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026 (a)		2,842		2,845
Series 2017-2A, Class C, 3.35%, 6/15/2026 (a)		1,621		1,628
Series 2018-1A, Class B, 3.60%, 4/15/2027 (a)		40,547		41,201
Series 2018-2A, Class B, 3.94%, 7/15/2027 (a)		20,950		21,498
Series 2018-3A, Class C, 4.04%, 12/15/2027 (a)		11,249		11,574
Series 2019-3A, Class C, 3.06%, 3/15/2029 (a)		10,500		10,756

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 123

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-1A, Class C, 2.59%, 6/15/2029 (a)		21,735		21,706
Series 2020-2A, Class C, 2.73%, 11/15/2029 (a)		4,895		4,945
Currency Capital Funding Trust
Series 2018-1A, Class B, 5.66%, 3/17/2026 ‡ (a) (k)		8,000		7,040
Series 2018-1A, Class B2, 5.66%, 3/17/2026 ‡ (a) (k)		221		194
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 0.93%, 3/25/2034 ‡ (k)		84		83
Series 2004-1, Class M2, 1.00%, 3/25/2034 ‡ (k)		28		28
Series 2004-1, Class 3A, 0.74%, 4/25/2034 ‡ (k)		297		261
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-6, Class M1, 1.08%, 10/25/2034 (k)		232		216
Delta Air Lines Pass-Through Trust
Series 2007-1, Class A, 6.82%, 8/10/2022		1,275		1,274
Series 2019-1, Class AA, 3.20%, 4/25/2024		6,270		6,236
Series 2015-1, Class AA, 3.63%, 7/30/2027		3,331		3,323
Diamond Resorts Owner Trust
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (a)		1,069		1,064
Series 2018-1, Class D, 5.90%, 1/21/2031 ‡ (a)		1,222		1,194
Dominion Financial Services 2 LLC
Series 2018-1, Class A, 5.35%, 9/15/2022 ‡ (a) (i)		33,800		33,800
Drive Auto Receivables Trust
Series 2017-BA, Class D, 3.72%, 10/17/2022 (a)		1,237		1,244
Series 2017-1, Class D, 3.84%, 3/15/2023		4,515		4,575
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		15,363		15,569
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		3,558		3,620
Series 2017-AA, Class D, 4.16%, 5/15/2024 (a)		2,211		2,239
Series 2017-BA, Class E, 5.30%, 7/15/2024 (a)		15,290		15,695

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-2, Class D, 4.14%, 8/15/2024		32,890		34,195
Series 2018-3, Class D, 4.30%, 9/16/2024		14,563		15,205
Series 2019-4, Class D, 2.70%, 2/16/2027		10,500		10,618
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		194		194
Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		839		843
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		3,741		3,763
Series 2018-1A, Class C, 3.47%, 12/15/2023 (a)		2,028		2,034
Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		6,053		6,153
Series 2017-2A, Class E, 6.03%, 1/15/2024 (a)		8,750		8,988
Series 2017-1A, Class E, 5.79%, 2/15/2024 (a)		14,000		14,226
Series 2017-3A, Class E, 5.60%, 8/15/2024 (a)		8,295		8,548
Series 2019-2A, Class D, 3.48%, 2/18/2025 (a)		19,000		19,452
Series 2019-4A, Class D, 2.85%, 7/15/2025 (a)		2,500		2,554
Series 2020-2A, Class C, 3.28%, 3/16/2026 (a)		5,000		5,211
E3 (Cayman Islands)
Series 2019-1, Class A, 3.10%, 9/20/2055 (a)		9,902		10,189
Series 2019-1, Class C, 5.00%, 9/20/2055 ‡ (a)		8,042		8,067
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.69%, 3/25/2030 (a)		11,600		11,738
Series 2019-A, Class C, 3.45%, 1/25/2034 ‡ (a)		3,334		3,276
Exeter Automobile Receivables Trust
Series 2017-1A, Class C, 3.95%, 12/15/2022 (a)		993		1,003
Series 2017-2A, Class C, 3.93%, 4/17/2023 (a)		7,944		8,000
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		8,221		8,384
Series 2016-3A, Class D, 6.40%, 7/17/2023 (a)		9,400		9,685

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-1A, Class D, 3.53%, 11/15/2023 (a)		14,215		14,586
Series 2017-2A, Class D, 6.39%, 2/15/2024 (a)		8,000		8,129
Series 2018-3A, Class D, 4.35%, 6/17/2024 (a)		22,280		23,087
Series 2020-2A, Class B, 2.08%, 7/15/2024 (a)		8,000		8,097
Series 2018-4A, Class D, 4.35%, 9/16/2024 (a)		25,430		26,665
Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)		7,250		7,550
Series 2018-2A, Class E, 5.33%, 5/15/2025 (a)		7,000		7,155
Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)		3,500		3,748
Series 2019-4A, Class E, 3.56%, 10/15/2026 (a)		14,185		14,017
Fifth Third Auto Trust
Series 2019-1, Class A3, 2.64%, 12/15/2023		7,280		7,449
First Investors Auto Owner Trust
Series 2016-2A, Class C, 2.53%, 7/15/2022 (a)		2,908		2,918
Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		3,500		3,549
Series 2017-3A, Class B, 2.72%, 4/17/2023 (a)		3,454		3,474
Series 2017-3A, Class C, 3.00%, 1/16/2024 (a)		5,458		5,533
Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		5,096		5,200
Series 2017-3A, Class E, 4.92%, 8/15/2024 (a)		1,300		1,340
FirstKey Homes Trust
Series 2020-SFR1, Class F1, 3.64%, 9/17/2025 (a)		3,500		3,553
Flagship Credit Auto Trust
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		5,094		5,170
Series 2017-4, Class B, 2.66%, 10/17/2022 (a)		4,480		4,499
Series 2015-3, Class D, 7.12%, 11/15/2022 (a)		6,695		6,710
Series 2017-1, Class C, 3.22%, 5/15/2023 (a)		1,482		1,490
Series 2017-1, Class D, 4.23%, 5/15/2023 (a)		1,313		1,345

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-R, 8.24%, 10/18/2023		7,586		7,207
Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		5,720		5,795
Series 2017-1, Class E, 6.46%, 12/15/2023 (a)		3,500		3,669
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		2,630		2,699
Series 2017-2, Class E, 5.55%, 7/15/2024 (a)		3,630		3,790
Series 2019-2, Class C, 3.09%, 5/15/2025 (a)		8,250		8,557
Series 2019-2, Class D, 3.53%, 5/15/2025 (a)		9,500		9,794
Series 2019-2, Class E, 4.52%, 12/15/2026 (a)		5,000		5,015
FNMA, Grantor Trust
Series 2017-T1, Class A, 2.90%, 6/25/2027		99,326		109,282
Foundation Finance Trust
Series 2020-1A, Class B, 4.62%, 7/16/2040 ‡ (a)		1,700		1,745
Series 2020-1A, Class C, 5.75%, 7/16/2040 ‡ (a)		4,650		4,652
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		1,614		1,615
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (a)		25,105		25,067
GE Capital Mortgage Services, Inc. Trust
Series 1999-HE1, Class A6, 6.70%, 4/25/2029 ‡ (k)		292		305
GLS Auto Receivables Trust
Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		756		759
Series 2018-1A, Class A, 2.82%, 7/15/2022 (a)		441		443
Series 2017-1A, Class D, 5.50%, 6/17/2024 (a)		4,000		4,114
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class A3, 2.81%, 12/16/2022		13,683		13,869
GMAT Trust
Series 2013-1A, Class M, 5.00%, 11/25/2043 ‡ (a) (k)		2,578		1,991
Golden Bear LLC
Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (a)		1,191		1,177

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 125

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Goodgreen (Cayman Islands)
Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (k)		8,032		8,520
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		1,392		1,471
Series 2016-1A, Class B, 5.24%, 10/15/2052 ‡ (a)		1,040		1,101
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		9,085		9,394
HERO Funding (Cayman Islands)
Series 2017-3A, Class A1, 3.19%, 9/20/2048 (a)		5,090		5,238
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		4,192		4,391
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (a)		482		486
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (a)		4,145		4,239
HERO Funding III (Cayman Islands)
Series 2017-1A, Class A, 3.50%, 9/21/2043 (a)		5,860		6,050
HERO Funding Trust (Cayman Islands)
Series 2015-3A, Class A, 4.28%, 9/20/2041 (a)		3,323		3,555
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		1,484		1,514
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		4,381		4,693
Series 2017-2A, Class A2, 4.07%, 9/20/2048 (a)		4,886		5,143
HERO Residual Funding (Cayman Islands)
Series 2016-1R, Class A1, 4.50%, 9/21/2042 (a)		1,713		1,627
Hertz Fleet Lease Funding LP
Series 2018-1, Class A2, 3.23%, 5/10/2032 (a)		3,825		3,847
Hertz Vehicle Financing II LP
Series 2018-1A, Class A, 3.29%, 2/25/2024 (a)		6,443		6,447
Series 2019-3A, Class B, 3.03%, 12/26/2025 (a)		22,245		22,112
Hilton Grand Vacations Trust
Series 2020-AA, Class C, 6.42%, 2/25/2039 ‡ (a)		8,804		9,397
Home Partners of America Trust
Series 2019-2, Class E, 3.32%, 10/19/2039 ‡ (a)		9,901		9,374

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Honda Auto Receivables Owner Trust
Series 2018-2, Class A3, 3.01%, 5/18/2022		9,058		9,168
Hyundai Auto Receivables Trust
Series 2018-A, Class A3, 2.79%, 7/15/2022		5,049		5,101
Kabbage Funding LLC
Series 2019-1, Class C, 4.61%, 3/15/2024 ‡ (a)		24,027		20,303
Series 2019-1, Class D, 5.69%, 3/15/2024 ‡ (a)		18,327		9,898
KGS-Alpha SBA COOF Trust
Series 2012-4, Class A, IO, 0.97%, 9/25/2037 ‡ (a) (k)		7,855		195
Series 2012-2, Class A, IO, 0.88%, 8/25/2038 ‡ (a) (k)		5,686		117
Series 2013-2, Class A, IO, 1.79%, 3/25/2039 ‡ (a) (k)		5,531		230
Lending Point Asset Securitization Trust
Series 2020-1, Class C, 4.14%, 2/10/2026 ‡ (a)		4,500		4,330
Lendingpoint Asset Securitization Trust
Series 2019-2, Class B, 3.73%, 11/10/2025 ‡ (a)		6,284		6,284
Lendingpoint Funding Trust
Series 2018-1, Class A2, 4.16%, 11/15/2024 ‡ (a) (k)		14,200		14,058
Lendmark Funding Trust
Series 2018-1A, Class D, 6.25%, 12/21/2026 ‡ (a)		7,750		7,415
Series 2018-2A, Class D, 6.78%, 4/20/2027 (a)		8,970		8,720
Long Beach Mortgage Loan Trust
Series 2004-1, Class M3, 1.23%, 2/25/2034 ‡ (k)		26		26
LP LMS Asset Securitization Trust
Series 2020-1A, Class B, 5.24%, 2/10/2026 ‡ (a)		2,942		3,109
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		7,308		7,370
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		8,409		8,482
Mariner Finance Issuance Trust
Series 2018-AA, Class D, 6.57%, 11/20/2030(a)		10,000		10,048

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Marlette Funding Trust
Series 2018-1A, Class C, 3.69%, 3/15/2028 (a)		2,833		2,845
Series 2020-1A, Class B, 2.38%, 3/15/2030 ‡ (a)		17,500		17,687
Mid-State Capital Corp. Trust
Series 2005-1, Class A, 5.75%, 1/15/2040		96		103
Series 2005-1, Class M1, 6.11%, 1/15/2040 ‡		2,286		2,474
Series 2006-1, Class A, 5.79%, 10/15/2040 (a)		1,270		1,359
Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		1,540		1,652
Series 2006-1, Class M2, 6.74%, 10/15/2040 ‡ (a)		616		672
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.43%, 3/25/2033 ‡ (k)		242		232
MVW Owner Trust
Series 2019-1A, Class B, 3.00%, 11/20/2036 ‡ (a)		13,241		13,444
Series 2019-1A, Class C, 3.33%, 11/20/2036 ‡ (a)		5,589		5,636
New Century Home Equity Loan Trust
Series 2003-5, Class AI6, 5.00%, 11/25/2033 ‡ (i)		345		356
Series 2005-1, Class M1, 0.85%, 3/25/2035 ‡ (k)		391		385
Nissan Auto Receivables Owner Trust
Series 2017-C, Class A3, 2.12%, 4/18/2022		3,476		3,493
Octane Receivables Trust
Series 2019-1A, Class A, 3.16%, 9/20/2023 (a)		12,084		12,051
OL SP LLC
Series 2018, Class A, 4.16%, 2/9/2030		3,481		3,561
Series 2018, Class C, 4.25%, 2/9/2030 ‡		943		904
Series 2018, Class B, 4.61%, 2/9/2030 ‡		1,088		1,085
OnDeck Asset Securitization Trust LLC
Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		1,818		1,808
OneMain Direct Auto Receivables Trust
Series 2017-2A, Class D, 3.42%, 10/15/2024 (a)		7,062		7,085

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-1A, Class C, 3.85%, 10/14/2025 (a)		15,882		16,288
OneMain Financial Issuance Trust
Series 2019-1A, Class E, 5.69%, 2/14/2031 ‡ (a)		16,475		16,893
Oportun Funding VIII LLC
Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		10,408		10,505
Oportun Funding XIII LLC
Series 2019-A, Class B, 3.87%, 8/8/2025‡(a)		7,146		7,007
Orange Lake Timeshare Trust
Series 2018-A, Class C, 3.74%, 11/8/2030 (a)		4,163		4,130
Series 2019-A, Class D, 4.93%, 4/9/2038 ‡ (a)		5,229		5,032
Prestige Auto Receivables Trust
Series 2016-2A, Class D, 3.91%, 11/15/2022 (a)		4,452		4,514
Pretium Mortgage Credit Partners I LLC
Series 2019-CFL1, Class A2, 4.95%, 1/25/2059‡ (a) (i)		6,934		6,438
Series 2020-NPL1, Class A1, 2.86%, 5/27/2059 (a) (i)		15,086		14,947
Series 2020-NPL2, Class A2, 6.17%, 2/27/2060 ‡ (a) (i)		5,000		5,004
Progress Residential Trust
Series 2017-SFR1, Class F, 5.35%, 8/17/2034 (a)		6,475		6,624
Series 2017-SFR2, Class D, 3.60%, 12/17/2034 ‡ (a)		1,529		1,539
Series 2017-SFR2, Class E, 4.14%, 12/17/2034 ‡ (a)		7,851		7,930
Series 2017-SFR2, Class F, 4.84%, 12/17/2034 ‡ (a)		4,133		4,188
Series 2018-SFR1, Class F, 4.78%, 3/17/2035 ‡ (a)		3,655		3,734
Series 2018-SFR2, Class E, 4.66%, 8/17/2035 ‡ (a)		6,750		6,905
Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (a)		10,490		10,835
Series 2018-SFR3, Class F, 5.37%, 10/17/2035 ‡ (a)		3,000		3,103
Series 2019-SFR4, Class E, 3.44%, 10/17/2036 ‡ (a)		8,180		8,381
Series 2020-SFR2, Class B, 2.58%, 6/17/2037 ‡ (a)		12,081		12,350

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-SFR2, Class C, 3.08%, 6/17/2037 ‡ (a)		9,097		9,318
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 ‡ (a)		9,656		10,101
Prosper Marketplace Issuance Trust
Series 2019-2A, Class A, 3.20%, 9/15/2025 (a)		3,388		3,394
Purchasing Power Funding LLC
Series 2018-A, Class D, 4.66%, 8/15/2022 ‡ (a)		6,610		6,648
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		1,803		1,869
Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a)		2,307		2,375
Series 2017-2A, Class A, 3.22%, 9/22/2053 (a)		20,444		20,765
Rice Park Financing Trust
Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (a)		4,764		4,764
Santander Drive Auto Receivables Trust
Series 2017-1, Class D, 3.17%, 4/17/2023		8,982		9,072
Series 2018-1, Class D, 3.32%, 3/15/2024		13,804		14,134
Series 2019-1, Class C, 3.42%, 4/15/2025		9,150		9,398
Series 2019-2, Class D, 3.22%, 7/15/2025		28,260		29,134
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (a)		3,387		3,416
Santander Retail Auto Lease Trust
Series 2018-A, Class D, 3.75%, 12/20/2022 (a)		34,310		34,688
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032 (a)		32,715		34,866
Series 2019-A, Class C, 3.00%, 1/26/2032 (a)		10,750		11,284
Series 2019-A, Class D, 3.45%, 1/26/2032 (a)		7,500		7,809
Securitized Asset-Backed Receivables LLC Trust
Series 2006-CB1, Class AF2, 3.20%, 1/25/2036 ‡ (i)		178		172

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Sierra Timeshare Receivables Funding LLC
Series 2018-2A, Class C, 3.94%, 6/20/2035 ‡ (a)		5,477		5,583
Series 2019-1A, Class D, 4.75%, 1/20/2036 ‡ (a)		4,900		4,816
SoFi Professional Loan Program LLC
Series 2018-A, Class A2A, 2.39%, 2/25/2042 (a)		107		107
Soundview Home Loan Trust
Series 2007-OPT1, Class 2A1, 0.26%, 6/25/2037 ‡ (k)		1,027		824
Spirit Airlines Pass-Through Trust
Series 2017-1, Class AA, 3.38%, 2/15/2030		717		671
Springleaf Funding Trust
Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (a)		11,450		11,495
Spruce ABS Trust
Series 2016-E1, Class B, 6.90%, 6/15/2028 ‡ (a)		9,290		9,722
Tidewater Auto Receivables Trust
Series 2018-AA, Class D, 4.30%, 11/15/2024 (a)		2,214		2,273
Tricolor Auto Securitization Trust
Series 2018-1A, Class A, 5.05%, 12/15/2020 (a)		1,252		1,253
Series 2018-1A, Class B, 7.30%, 2/16/2021 (a)		8,600		8,841
Series 2018-2A, Class D, 7.98%, 8/15/2022 (a)		15,025		14,620
Tricon American Homes Trust
Series 2016-SFR1, Class C, 3.49%, 11/17/2033 ‡ (a)		3,083		3,098
Series 2019-SFR1, Class F, 3.75%, 3/17/2038 ‡ (a)		7,000		6,891
UAL Pass-Through Trust
Series 2007-1, 6.64%, 7/2/2022		736		663
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		492		458
Series 2014-1, Class A, 4.00%, 4/11/2026		2,709		2,538
Series 2014-2, Class A, 3.75%, 9/3/2026		431		407
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,145		1,112
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,562		1,460

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-1, Class AA, 3.50%, 3/1/2030		16,344		15,325
Series 2019-1, Class AA, 4.15%, 8/25/2031		1,454		1,441
Series 2019-1, Class A, 4.55%, 8/25/2031		1,733		1,456
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,861		1,716
US Auto Funding LLC
Series 2019-1A, Class C, 5.34%, 3/15/2023 (a)		5,000		5,063
Series 2018-1A, Class B, 7.50%, 7/15/2023 (a)		2,851		2,959
USASF Receivables LLC
Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)		5,937		5,960
Series 2020-1A, Class C, 5.94%, 8/15/2024 (a)		4,000		4,013
VCAT LLC
Series 2020-NPL1, Class A1, 3.67%, 8/25/2050 (a) (i)		9,000		9,001
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049 ‡ (a) (i)		3,616		3,601
Series 2019-NPL5, Class A1B, 4.25%, 9/25/2049 (a) (i)		3,000		2,950
Series 2019-NPL7, Class A1B, 3.97%, 10/25/2049 ‡ (a) (i)		3,250		3,141
Series 2019-NPL8, Class A1B, 4.09%, 11/25/2049 (a) (i)		7,500		7,248
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 ‡ (a) (i)		12,000		11,537
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 ‡ (a) (i)		17,451		17,497
Verizon Owner Trust
Series 2018-1A, Class A1A, 2.82%, 9/20/2022 (a)		16,456		16,584
Series 2019-A, Class A1A, 2.93%, 9/20/2023		8,965		9,204
Veros Automobile Receivables Trust
Series 2018-1, Class D, 5.74%, 8/15/2025 (a)		6,700		6,728
VM DEBT TRUST
Series 2019-1, 9.50%, 5/31/2024		50,988		45,204
VOLT LXXX LLC
Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (a) (i)		18,135		17,512

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
VOLT LXXXIII LLC
Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (a) (i)		3,661		3,642
Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049 ‡ (a) (i)		18,620		18,168
VOLT LXXXIV LLC
Series 2019-NP10, Class A1B, 3.97%, 12/27/2049 ‡ (a) (i)		8,550		8,294
VOLT LXXXV LLC
Series 2020-NPL1, Class A1B, 3.72%, 1/25/2050 ‡ (a) (i)		13,400		12,823
VOLT LXXXVII LLC
Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (a) (i)		18,693		18,556
Series 2020-NPL3, Class A1B, 3.67%, 2/25/2050 ‡ (a) (i)		29,560		28,640
Welk Resorts LLC
Series 2019-AA, Class C, 3.34%, 6/15/2038 (a)		6,232		6,005
Westgate Resorts LLC
Series 2018-1A, Class A, 3.38%, 12/20/2031 (a)		7,104		7,163
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (a)		5,324		5,251
Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (a)		19,619		20,282
Westlake Automobile Receivables Trust
Series 2018-1A, Class D, 3.41%, 5/15/2023(a)		3,150		3,186
World Financial Network Credit Card Master Trust
Series 2019-A, Class A, 3.14%, 12/15/2025		16,200		16,750
World Omni Auto Receivables Trust
Series 2018-B, Class A3, 2.87%, 7/17/2023		28,398		28,857
World Omni Automobile Lease Securitization Trust
Series 2018-A, Class A4, 2.94%, 5/15/2023		4,982		4,988
Total Asset-Backed Securities (Cost $2,420,643)				2,443,326
U.S. Treasury Obligations — 12.2%
U.S. Treasury Bonds 7.88%, 2/15/2021		2,625		2,717
8.13%, 5/15/2021		13,600		14,365
8.13%, 8/15/2021		10,000		10,762
8.00%, 11/15/2021		7,920		8,670
5.25%, 2/15/2029		2,500		3,465

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
4.50%, 2/15/2036		8,960		13,520
5.00%, 5/15/2037		18,415		29,747
4.50%, 5/15/2038		3,890		6,052
3.50%, 2/15/2039		85		119
4.50%, 8/15/2039		20,320		31,956
1.13%, 5/15/2040		2,531		2,485
4.38%, 5/15/2040		511		798
4.75%, 2/15/2041		35,372		58,054
4.38%, 5/15/2041		37,318		58,723
2.75%, 8/15/2042		9,000		11,455
2.75%, 11/15/2042		70,713		89,902
3.63%, 8/15/2043		17,780		25,758
3.75%, 11/15/2043		16,856		24,869
2.50%, 2/15/2045		53,620		65,519
3.00%, 5/15/2045		8,910		11,853
2.88%, 8/15/2045		45,620		59,514
2.50%, 5/15/2046		88,355		108,373
3.00%, 2/15/2047		43,315		58,183
2.75%, 11/15/2047		73,700		95,203
3.38%, 11/15/2048		54,695		79,154
2.00%, 2/15/2050		144,765		162,927
U.S. Treasury Inflation Indexed Bonds 3.63%, 4/15/2028		1,000		2,205
U.S. Treasury Notes
2.13%, 8/15/2021		2,000		2,037
2.88%, 10/15/2021		1,000		1,030
1.75%, 5/31/2022		139,792		143,708
2.13%, 6/30/2022 (l)		73,985		76,655
2.00%, 8/15/2025		11,953		12,966
1.63%, 5/15/2026		10,909		11,687
1.50%, 2/15/2030		99,385		106,932
U.S. Treasury STRIPS Bonds
2.68%, 5/15/2021 (m)		13,330		13,312
2.43%, 5/15/2022 (m)		7,390		7,370
4.38%, 11/15/2022 (m)		5,000		4,983
3.02%, 2/15/2023 (m)		225		224
2.12%, 8/15/2023 (m)		15		15
6.00%, 2/15/2028 (m)		2,615		2,492
2.21%, 5/15/2029 (m)		61,050		57,161
2.45%, 5/15/2032 (m)		15,038		13,365
1.89%, 5/15/2033 (m)		118,886		103,866
5.14%, 11/15/2033 (m)		24,367		21,053
1.03%, 8/15/2039 (m)		36,140		28,760
2.94%, 8/15/2040 (m)		30,000		22,605
2.86%, 8/15/2041 (m)		94,093		69,214

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
3.50%, 2/15/2042 (m)		10,721		7,804
3.20%, 5/15/2042 (m)		19,049		13,781
3.32%, 11/15/2042 (m)		7,855		5,689
2.17%, 11/15/2043 (m)		25,730		17,941
1.35%, 2/15/2045 (m)		31,541		21,830
Total U.S. Treasury Obligations (Cost $1,564,967)				1,802,828
Commercial Mortgage-Backed Securities — 10.8%
20 Times Square Trust Series 2018-20TS, Class F, 3.20%, 5/15/2035 ‡ (a) (k)		24,120		22,021
BAMLL Commercial Mortgage Securities Trust Series 2016-FR14, Class A, 2.82%, 2/27/2048 (a) (k)		8,400		8,305
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.92%, 5/27/2021 (a) (k)		5,750		5,720
Series 2013-FRR2, Class B, PO, 9/26/2022 (a)		8,992		8,181
Series 2014-FRR4, Class BK29, PO, 4/27/2023 (a)		8,600		7,019
Series 2013-FRR3, Class A, PO, 6/26/2023 (a)		14,650		12,468
Series 2016-FR13, Class A, 1.59%, 8/27/2045 (a) (k)		16,500		16,026
Series 2014-FRR5, Class A714, PO, 1/27/2047 (a)		3,050		3,021
Series 2014-FRR5, Class BK37, PO, 1/27/2047 (a)		10,000		7,350
Series 2014-FRR5, Class AK37, 2.53%, 1/27/2047 (a) (k)		15,000		12,545
Series 2014-FRR8, Class A, 2.13%, 11/26/2047 (a) (k)		12,000		10,823
Bancorp Commercial Mortgage Trust Series 2019-CRE6, Class D, 2.46%, 9/15/2036 ‡ (a) (k)		3,000		2,723
BANK Series 2019-BN19, Class A3, 3.18%, 8/15/2061		10,000		11,287
BBCCRE Trust Series 2015-GTP, Class A, 3.97%, 8/10/2033 (a)		9,400		10,291
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		972		915
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		13,922		13,482
Series 2012-SHOW, Class E, 4.16%, 11/5/2036 (a) (k)		12,692		10,156

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
BCRR Trust
Series 2014-FRR1, Class A716, PO, 8/26/2047 (a)		21,000		20,459
Series 2014-FRR1, Class B716, PO, 8/26/2047 ‡ (a)		14,335		13,583
BWAY Mortgage Trust Series 2013-1515, Class F, 4.06%, 3/10/2033 ‡ (a) (k)		5,000		4,936
BXMT Ltd. Series 2017-FL1, Class D, 2.86%, 6/15/2035 ‡ (a) (k)		8,500		8,309
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049 ‡ (a) (k)		55		2
CFCRE Commercial Mortgage Trust Series 2011-C2, Class D, 5.93%, 12/15/2047 ‡ (a) (k)		5,000		4,829
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5, 2.72%, 2/15/2053		47,647		52,050
Commercial Mortgage Trust
Series 2013-WWP, Class A2, 3.42%, 3/10/2031 (a)		6,100		6,455
Series 2018-HOME, Class A, 3.94%, 4/10/2033 (a) (k)		23,900		26,506
Series 2020-CBM, Class D, 3.75%, 2/10/2037 ‡ (a) (k)		8,750		7,965
Series 2012-CR2, Class XA, IO, 1.79%, 8/15/2045 ‡ (k)		20,121		470
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		8,032		8,941
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		6,856		7,631
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class AX, IO, 0.04%, 1/15/2049 ‡ (a) (k)		9,863		—	(d)
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032 ‡ (a) (k)		19,159		18,062
Series 2015-C3, Class A4, 3.72%, 8/15/2048		12,304		13,588
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (a)		15,200		11,193
DBUBS Mortgage Trust Series 2011-LC2A, Class XA, IO, 1.15%, 7/10/2044 ‡ (a) (k)		8,952		28
Exantas Capital Corp. Ltd. (Cayman Islands)
Series 2018-RSO6, Class C, 2.01%, 6/15/2035 ‡ (a) (k)		4,808		4,497

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-RSO6, Class D, 2.66%, 6/15/2035 ‡ (a) (k)		4,000		3,804
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ13, Class A2, 2.86%, 8/25/2022		8,788		9,073
Series KJ18, Class A2, 3.07%, 8/25/2022		6,159		6,349
Series KJ09, Class A2, 2.84%, 9/25/2022		3,046		3,159
Series KJ07, Class A2, 2.31%, 12/25/2022		13,965		14,506
Series K727, Class AM, 3.04%, 7/25/2024		10,471		11,348
Series K048, Class A2, 3.28%, 6/25/2025 (k)		13,500		15,046
Series KC02, Class A2, 3.37%, 7/25/2025		31,000		33,567
Series KS07, Class A2, 2.74%, 9/25/2025		21,600		23,226
Series KJ17, Class A2, 2.98%, 11/25/2025		12,710		13,700
Series K052, Class A2, 3.15%, 11/25/2025		3,791		4,229
Series KS06, Class A2, 2.72%, 7/25/2026		10,080		10,871
Series K058, Class AM, 2.72%, 8/25/2026 (k)		20,000		22,039
Series K061, Class AM, 3.44%, 11/25/2026 (k)		10,012		11,497
Series K063, Class AM, 3.51%, 1/25/2027 (k)		25,610		29,517
Series K065, Class A2, 3.24%, 4/25/2027		6,633		7,591
Series K065, Class AM, 3.33%, 5/25/2027		3,557		4,080
Series KJ26, Class A2, 2.61%, 7/25/2027		19,000		20,602
Series K069, Class A2, 3.19%, 9/25/2027 (k)		10,340		11,854
Series K070, Class A2, 3.30%, 11/25/2027 (k)		6,045		6,985
Series K073, Class A2, 3.35%, 1/25/2028		14,087		16,342
Series W5FX, Class AFX, 3.34%, 4/25/2028 (k)		9,910		11,203
Series KS11, Class AFX2, 2.65%, 6/25/2029		50,000		54,687

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 131

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series K152, Class A2, 3.08%, 1/25/2031		8,843		10,224
FNMA ACES
Series 2011-M8, Class A2, 2.92%, 8/25/2021		317		322
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,763		1,818
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (k)		6,436		6,950
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (k)		8,462		9,121
Series 2015-M1, Class A2, 2.53%, 9/25/2024		12,607		13,389
Series 2015-M7, Class A2, 2.59%, 12/25/2024		10,717		11,440
Series 2015-M8, Class A2, 2.90%, 1/25/2025 (k)		11,700		12,648
Series 2015-M5, Class A1, 2.97%, 3/25/2025 (k)		18,836		20,168
Series 2015-M13, Class A2, 2.80%, 6/25/2025 (k)		1,808		1,943
Series 2016-M6, Class A2, 2.49%, 5/25/2026		9,100		9,832
Series 2016-M7, Class A2, 2.50%, 9/25/2026		10,328		11,126
Series 2017-M1, Class A2, 2.50%, 10/25/2026 (k)		10,660		11,468
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (k)		17,000		18,386
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (k)		8,528		9,507
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (k)		10,260		11,425
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (k)		30,000		33,228
Series 2018-M4, Class A2, 3.15%, 3/25/2028 (k)		11,282		12,703
Series 2018-M7, Class A2, 3.15%, 3/25/2028 (k)		30,256		34,534
Series 2018-M10, Class A2, 3.48%, 7/25/2028 (k)		20,853		23,870
Series 2018-M14, Class A2, 3.70%, 8/25/2028 (k)		36,222		43,048
Series 2019-M1, Class A2, 3.67%, 9/25/2028 (k)		57,380		67,000
Series 2020-M38, Class 2A1, 1.59%, 11/25/2028		9,390		9,860
Series 2020-M38, Class X2, IO, 2.11%, 11/25/2028 (k)		39,845		5,321

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-M7, Class A2, 3.14%, 4/25/2029		20,540		23,458
Series 2017-M5, Class A2, 3.29%, 4/25/2029 (k)		30,277		34,725
Series 2019-M12, Class A2, 2.89%, 6/25/2029 (k)		27,815		30,951
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (k)		7,528		8,653
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.51%, 7/25/2022 (a) (k)		11,227		11,587
Series 2015-K720, Class C, 3.51%, 7/25/2022 (a) (k)		11,500		11,714
Series 2017-K727, Class C, 3.87%, 7/25/2024 (a) (k)		3,200		3,321
Series 2013-K25, Class C, 3.74%, 11/25/2045 (a) (k)		4,156		4,294
Series 2014-K38, Class C, 4.79%, 6/25/2047 (a) (k)		4,750		5,030
Series 2014-K39, Class C, 4.28%, 8/25/2047 (a) (k)		7,000		7,313
Series 2015-K721, Class B, 3.68%, 11/25/2047 (a) (k)		2,585		2,690
Series 2014-K40, Class C, 4.21%, 11/25/2047 (a) (k)		8,542		9,185
Series 2015-K718, Class C, 3.66%, 2/25/2048 (a) (k)		4,100		4,142
Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (k)		8,920		9,542
Series 2015-K46, Class C, 3.82%, 4/25/2048 (a) (k)		3,545		3,689
Series 2015-K48, Class B, 3.76%, 8/25/2048 (a) (k)		16,085		17,247
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (k)		2,750		2,998
Series 2016-K55, Class B, 4.30%, 4/25/2049 (a) (k)		10,000		11,108
Series 2016-K56, Class B, 4.07%, 6/25/2049 (a) (k)		3,549		3,904
Series 2016-K722, Class B, 3.98%, 7/25/2049 (a) (k)		8,010		8,400
Series 2017-K68, Class B, 3.98%, 10/25/2049 (a) (k)		9,423		10,531
Series 2016-K59, Class B, 3.70%, 11/25/2049 (a) (k)		4,714		5,095
Series 2017-K63, Class B, 4.00%, 2/25/2050 (a) (k)		11,895		13,102
Series 2018-K74, Class B, 4.23%, 2/25/2051 (a) (k)		10,000		11,259

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FRR Re-REMIC Trust
Series 2018-C1, Class A720, 3.01%, 8/27/2047 (a)		6,500		5,884
Series 2018-C1, Class BK43, 2.89%, 2/27/2048 ‡ (a) (k)		4,000		3,313
Series 2018-C1, Class AK43, 3.05%, 2/27/2048 (a)		5,000		4,270
Series 2018-C1, Class A725, 2.76%, 2/27/2050 (a)		3,000		2,597
Series 2018-C1, Class B725, 3.09%, 2/27/2050 ‡ (a) (k)		6,680		5,669
GS Mortgage Securities Trust Series 2019-GC38, Class A4, 3.97%, 2/10/2052		31,100		36,440
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		16,270		17,298
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11, Class X1, IO, 0.19%, 8/12/2037 ‡ (a) (k)		3,055		—	(d)
Series 2006-CB15, Class X1, IO, 0.39%, 6/12/2043 ‡ (k)		3,529		3
Series 2010-C2, Class XA, IO, 1.77%, 11/15/2043 ‡ (a) (k)		2,194		5
Series 2006-LDP8, Class X, IO, 0.29%, 5/15/2045 ‡ (k)		167		—	(d)
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.18%, 12/27/2046 (a) (k)		5,000		4,699
Series 2015-FRR2, Class AK39, 2.86%, 8/27/2047 (a) (k)		7,000		6,598
Series 2014-FRR1, Class BK10, 1.81%, 11/27/2049 (a) (k)		6,875		6,770
MF1 Multifamily Housing Mortgage Loan Trust Series 2019-Q009, Class B, 2.90%, 4/25/2024 ‡ (a) (k)		9,300		9,227
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.74%, 12/12/2049 ‡ (a) (k)		1,485		—	(d)
Morgan Stanley Capital I Trust Series 2007-HQ11, Class X, IO, 0.37%, 2/12/2044 ‡ (a) (k)		441		—	(d)
MRCD Mark Mortgage Trust Series 2019-PARK, Class F, 2.72%, 12/15/2036 ‡ (a)		42,000		38,579
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class XA, IO, 1.29%, 2/13/2053 (a) (k)		71,586		6,548
Series 2020-RR1, Class A3, 2.83%, 2/13/2053 (a)		40,000		41,527

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series RR Trust Series 2015-1, Class A, PO, 4/26/2048 (a)		3,000		2,511
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.25%, 5/10/2045 (a) (k)		6,562		147
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,191		2,215
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA, IO, 1.45%, 5/10/2063 ‡ (a) (k)		11,675		226
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,560		1,611
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		5,291		5,455
Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class XC, IO, 0.24%, 12/15/2043 ‡ (a) (k)		422		—	(d)
Wells Fargo Commercial Mortgage Trust Series 2015-C30, Class A4, 3.66%, 9/15/2058		7,598		8,448
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class AK16, PO, 12/27/2043 (a)		6,000		5,607
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		2,369		2,387
Series 2013-C11, Class D, 4.40%, 3/15/2045 ‡ (a) (k)		6,640		5,856
Worldwide Plaza Trust Series 2017-WWP, Class A, 3.53%, 11/10/2036 (a)		12,837		14,177
Total Commercial Mortgage-Backed Securities (Cost $1,491,499)				1,598,448
Collateralized Mortgage Obligations — 4.9%
ACC 1/15/2021 ‡		11,496		11,496
Acre
6.25%, 12/22/2021 ‡		17,350		17,177
Series 2017-B, 8.39%, 12/22/2021 ‡		12,400		12,276
Alternative Loan Trust
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		16		15
Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		21		22
Series 2004-22CB, Class 1A1, 6.00%, 10/25/2034		477		495
Series 2005-23CB, Class A2, 5.50%, 7/25/2035		237		230
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,070		1,023

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 133

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		449		369
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		134		101
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (k)		10		10
Angel Oak Mortgage Trust I LLC Series 2017-1, Class A3, 3.64%, 1/25/2047 (a) (k)		67		67
Antler Mortgage Trust
Series 2018-RTL1, Class A2, 4.70%, 7/25/2022 (a)		4,982		5,084
Series 2019-RTL1, Class M, 6.90%, 1/25/2023 ‡ (a) (k)		14,722		14,807
Banc of America Alternative Loan Trust Series 2004-6, Class 4A1, 5.00%, 7/25/2019		10		11
Banc of America Funding Trust
Series 2005-E, Class 4A1, 3.86%, 3/20/2035 (k)		33		33
Series 2005-5, Class 3A5, 5.50%, 8/25/2035		1,500		1,559
Series 2005-7, Class 30, PO, 11/25/2035 ‡		53		48
Banc of America Mortgage Trust
Series 2004-2, Class 2A4, 5.50%, 3/25/2034		44		45
Series 2004-F, Class 1A1, 2.88%, 7/25/2034 (k)		108		105
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (k)		12		12
Bear Stearns ARM Trust Series 2003-7, Class 3A, 3.31%, 10/25/2033 (k)		36		34
Bear Stearns Mortgage Securities, Inc. Series 1997-6, Class 1A, 6.29%, 3/25/2031 (k)		1		1
Chase Mortgage Finance Trust Series 2007-A2, Class 2A1, 3.53%, 6/25/2035 (k)		697		688
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		4		4
Series 2004-J7, Class 2A2, 4.50%, 8/25/2019		29		29
Series 2004-3, Class A25, 5.75%, 4/25/2034		136		137
Series 2004-5, Class 2A9, 5.25%, 5/25/2034		171		174

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2005-22, Class 2A1, 3.46%, 11/25/2035 (k)		261			239
Citicorp Mortgage Securities Trust Series 2006-1, Class 2A1, 5.00%, 2/25/2021		7			7
Citigroup Mortgage Loan Trust Series 2009-3, Class 5A2, 6.00%, 2/25/2037 (a) (k)		41			41
Citigroup Mortgage Loan Trust, Inc.
Series 2004-UST1, Class A3, 3.81%, 8/25/2034 (k)		51			50
Series 2004-HYB4, Class AA, 0.51%, 12/25/2034 (k)		40			40
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-1, Class 1A16, 5.50%, 2/25/2035		81			82
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 6A13, 5.50%, 11/25/2035		275			196
Series 2005-10, Class 10A4, 6.00%, 11/25/2035		217			95
CSMA SFR Holdings II (United Kingdom) Zero Coupon, 7/31/2023 ‡		34,118			33,435
CVS Pass-Through Trust
Series 2009, 8.35%, 7/10/2031 (a)		281			361
5.77%, 1/10/2033 (a)		355			407
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 4A, PO, 6/25/2035 ‡		21			18
DLJ Mortgage Acceptance Corp. Series 1993-19, Class A7, 6.75%, 1/25/2024		84			85
DT Asset Trust 5.84%, 12/16/2022		9,000			9,009
FHLMC — GNMA
Series 24, Class J, 6.25%, 11/25/2023		131			140
Series 23, Class KZ, 6.50%, 11/25/2023		17			18
Series 31, Class Z, 8.00%, 4/25/2024		16			17
FHLMC, REMIC
Series 1316, Class Z, 8.00%, 6/15/2022		8			8
Series 1343, Class LB, 7.50%, 8/15/2022		3			3
Series 1351, Class TF, HB, 1,010.00%, 8/15/2022		—	(d)		1
Series 1456, Class Z, 7.50%, 1/15/2023		6			7

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1543, Class VN, 7.00%, 7/15/2023		51		54
Series 1911, Class SD, IF, IO, 10.17%, 7/15/2023 (k)		21		2
Series 2033, Class K, 6.05%, 8/15/2023		73		77
Series 1577, Class PV, 6.50%, 9/15/2023		52		55
Series 1608, Class L, 6.50%, 9/15/2023		99		106
Series 3890, Class ET, 5.50%, 11/15/2023		69		72
Series 1630, Class PK, 6.00%, 11/15/2023		40		43
Series 1611, Class Z, 6.50%, 11/15/2023		100		107
Series 1628, Class LZ, 6.50%, 12/15/2023		79		84
Series 2756, Class NA, 5.00%, 2/15/2024		66		69
Series 1671, Class I, 7.00%, 2/15/2024		29		31
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (k)		16		18
Series 1695, Class G, HB, IF, 28.04%, 3/15/2024 (k)		8		9
Series 1710, Class GB, HB, IF, 42.74%, 4/15/2024 (k)		5		6
Series 2989, Class TG, 5.00%, 6/15/2025		144		153
Series 3005, Class ED, 5.00%, 7/15/2025		232		246
Series 4030, Class IL, IO, 3.50%, 4/15/2027		1,121		70
Series 4060, Class TB, 2.50%, 6/15/2027		4,000		4,226
Series 2022, Class PE, 6.50%, 1/15/2028		14		16
Series 2036, Class PG, 6.50%, 1/15/2028		88		100
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		17		2
Series 2091, Class PG, 6.00%, 11/15/2028		277		314
Series 2116, Class ZA, 6.00%, 1/15/2029		65		73
Series 2148, Class ZA, 6.00%, 4/15/2029		17		20

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2995, Class FT, 0.41%, 5/15/2029 (k)		90		89
Series 2530, Class SK, IF, IO, 7.94%, 6/15/2029 (k)		293		48
Series 2201, Class C, 8.00%, 11/15/2029		50		57
Series 3648, Class CY, 4.50%, 3/15/2030		556		620
Series 3737, Class DG, 5.00%, 10/15/2030		179		192
Series 2293, Class ZA, 6.00%, 3/15/2031		96		110
Series 2310, Class Z, 6.00%, 4/15/2031		13		15
Series 2313, Class LA, 6.50%, 5/15/2031		6		6
Series 2325, Class JO, PO, 6/15/2031		53		51
Series 2330, Class PE, 6.50%, 6/15/2031		149		174
Series 2410, Class QB, 6.25%, 2/15/2032		300		350
Series 2534, Class SI, HB, IF, 20.64%, 2/15/2032 (k)		35		55
Series 2427, Class GE, 6.00%, 3/15/2032		583		690
Series 2430, Class WF, 6.50%, 3/15/2032		458		545
Series 2594, Class IV, IO, 7.00%, 3/15/2032		78		9
Series 2643, Class SA, HB, IF, 44.45%, 3/15/2032 (k)		14		29
Series 2466, Class DH, 6.50%, 6/15/2032		77		87
Series 4146, Class KI, IO, 3.00%, 12/15/2032		4,566		459
Series 2543, Class YX, 6.00%, 12/15/2032		240		275
Series 2557, Class HL, 5.30%, 1/15/2033		157		182
Series 2586, IO, 6.50%, 3/15/2033		268		28
Series 2610, Class UI, IO, 6.50%, 5/15/2033		193		38
Series 2764, Class S, IF, 13.35%, 7/15/2033 (k)		32		43
Series 2656, Class AC, 6.00%, 8/15/2033		108		130
Series 2733, Class SB, IF, 7.86%, 10/15/2033 (k)		318		378

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 135

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3005, Class PV, IF, 12.47%, 10/15/2033 (k)		5		6
Series 2699, Class W, 5.50%, 11/15/2033		240		283
Series 2990, Class SL, HB, IF, 23.90%, 6/15/2034 (k)		24		30
Series 3611, PO, 7/15/2034		61		59
Series 2845, Class QH, 5.00%, 8/15/2034		200		230
Series 2864, Class NS, IF, IO, 6.93%, 9/15/2034 (k)		54		1
Series 2912, Class EH, 5.50%, 1/15/2035		917		1,080
Series 4710, Class UV, 4.00%, 2/15/2035		2,000		2,083
Series 3059, Class B, 5.00%, 2/15/2035		6		7
Series 2980, Class QB, 6.50%, 5/15/2035		25		31
Series 3031, Class BN, HB, IF, 21.25%, 8/15/2035 (k)		282		488
Series 3117, Class EO, PO, 2/15/2036		116		109
Series 3134, PO, 3/15/2036		34		33
Series 3152, Class MO, PO, 3/15/2036		224		213
Series 3184, Class YO, PO, 3/15/2036		413		378
Series 3138, PO, 4/15/2036		38		37
Series 3187, Class Z, 5.00%, 7/15/2036		1,076		1,228
Series 3542, Class TN, IF, 6.00%, 7/15/2036 (k)		21		25
Series 3201, Class IN, IF, IO, 6.08%, 8/15/2036 (k)		172		26
Series 3202, Class HI, IF, IO, 6.49%, 8/15/2036 (k)		834		183
Series 3855, Class AM, 6.50%, 11/15/2036		200		231
Series 3274, Class B, 6.00%, 2/15/2037		77		87
Series 3292, Class DO, PO, 3/15/2037		59		55
Series 3306, Class TC, IF, 2.37%, 4/15/2037 (k)		20		21
Series 3306, Class TB, IF, 2.91%, 4/15/2037 (k)		23		24
Series 3305, Class IW, IF, IO, 6.29%, 4/15/2037 (k)		283		32
Series 3331, PO, 6/15/2037		48		46
Series 3605, Class NC, 5.50%, 6/15/2037		628		732

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3383, Class OP, PO, 11/15/2037		82		77
Series 3409, Class DB, 6.00%, 1/15/2038		565		656
Series 3546, Class A, 3.18%, 2/15/2039 (k)		73		76
Series 3531, Class SM, IF, IO, 5.94%, 5/15/2039 (k)		28		5
Series 3827, Class BD, 4.00%, 8/15/2039		45		45
Series 3572, Class JS, IF, IO, 6.64%, 9/15/2039 (k)		114		19
Series 3592, Class BZ, 5.00%, 10/15/2039		2,927		3,334
Series 3610, Class CA, 4.50%, 12/15/2039		237		266
Series 3609, Class SA, IF, IO, 6.18%, 12/15/2039 (k)		562		100
Series 3653, Class HJ, 5.00%, 4/15/2040		130		151
Series 3677, Class PB, 4.50%, 5/15/2040		2,037		2,217
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (k)		259		287
Series 4374, Class NC, 3.75%, 2/15/2046 (i)		283		284
Series 4796, Class CZ, 4.00%, 5/15/2048		16,804		18,729
Series 4807, Class EZ, 4.00%, 7/15/2048		3,846		4,289
Series 4822, Class ZB, 4.00%, 7/15/2048		5,741		6,311
Series 4830, Class WZ, 4.00%, 9/15/2048		16,724		18,663
FHLMC, STRIPS
Series 186, PO, 8/1/2027		116		114
Series 262, Class 35, 3.50%, 7/15/2042		3,823		4,265
Series 279, Class 35, 3.50%, 9/15/2042		1,287		1,430
Series 323, Class 300, 3.00%, 1/15/2044		4,710		5,144
Series 334, Class 300, 3.00%, 8/15/2044		3,773		4,126
FHLMC, Structured Pass-Through Certificates, Whole Loan Series T-76, Class 2A, 1.94%, 10/25/2037 (k)		339		364

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1, 2.47%, 9/25/2034 (k)		124			120
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.29%, 12/25/2034 (k)		117			116
FNMA Trust, Whole Loan
Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		12			14
Series 2003-W6, Class 1A41, 5.40%, 10/25/2042		133			154
Series 2004-W2, Class 1A, 6.00%, 2/25/2044		187			215
Series 2004-W9, Class 1A3, 6.05%, 2/25/2044		317			368
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		51			61
Series 2004-W8, Class 3A, 7.50%, 6/25/2044		129			155
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		219			254
FNMA, Grantor Trust, Whole Loan
Series 2001-T12, IO, 0.51%, 8/25/2041 (k)		12,551			180
Series 2002-T4, IO, 0.40%, 12/25/2041 (k)		26,253			193
Series 2002-T4, Class A2, 7.00%, 12/25/2041		303			359
Series 2002-T4, Class A4, 9.50%, 12/25/2041		498			610
Series 2002-T19, Class A1, 6.50%, 7/25/2042		430			522
Series 2002-T16, Class A2, 7.00%, 7/25/2042		516			631
Series 2004-T2, Class 1A3, 7.00%, 11/25/2043		185			223
Series 2004-T2, Class 1A4, 7.50%, 11/25/2043		196			233
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		206			240
Series 2004-T3, Class 1IO4, IO, 0.59%, 2/25/2044 (k)		3,907			40
FNMA, REMIC
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(d)		—	(d)
Series 2001-4, Class PC, 7.00%, 3/25/2021		3			3
Series G-29, Class O, 8.50%, 9/25/2021		1			1

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1991-141, Class PZ, 8.00%, 10/25/2021		1			1
Series 1992-31, Class M, 7.75%, 3/25/2022		2			2
Series G92-30, Class Z, 7.00%, 6/25/2022		—	(d)		—	(d)
Series 1992-101, Class J, 7.50%, 6/25/2022		3			3
Series 1992-79, Class Z, 9.00%, 6/25/2022		2			2
Series G92-62, Class B, PO, 10/25/2022		2			2
Series 1995-4, Class Z, 7.50%, 10/25/2022		26			28
Series 1992-200, Class SK, HB, IF, 24.05%, 11/25/2022 (k)		27			31
Series 1997-37, Class SM, IF, IO, 7.82%, 12/25/2022 (k)		17			—	(d)
Series 2003-17, Class EQ, 5.50%, 3/25/2023		105			109
Series 1993-23, Class PZ, 7.50%, 3/25/2023		3			3
Series 1993-56, Class PZ, 7.00%, 5/25/2023		18			20
Series 1993-60, Class Z, 7.00%, 5/25/2023		10			11
Series 1993-79, Class PL, 7.00%, 6/25/2023		15			16
Series 1993-141, Class Z, 7.00%, 8/25/2023		36			38
Series 1993-149, Class M, 7.00%, 8/25/2023		18			19
Series 1993-205, Class H, PO, 9/25/2023		1			1
Series 1993-160, Class ZA, 6.50%, 9/25/2023		29			30
Series 1993-165, Class SA, IF, 19.43%, 9/25/2023 (k)		7			8
Series 1995-19, Class Z, 6.50%, 11/25/2023		134			143
Series 1993-255, Class E, 7.10%, 12/25/2023		7			7
Series 1993-247, Class SM, HB, IF, 27.82%, 12/25/2023 (k)		6			7
Series 1994-29, Class Z, 6.50%, 2/25/2024		68			73
Series 1994-65, Class PK, PO, 4/25/2024		10			10

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 137

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-23, Class MI, IO, 4.50%, 4/25/2024		2		—	(d)
Series 1997-20, Class D, 7.00%, 3/17/2027		70		77
Series 1997-11, Class E, 7.00%, 3/18/2027		16		18
Series 1997-27, Class J, 7.50%, 4/18/2027		8		9
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		1,699		107
Series 1997-42, Class EG, 8.00%, 7/18/2027		115		132
Series 1997-63, Class ZA, 6.50%, 9/18/2027		69		77
Series 2013-13, Class IK, IO, 2.50%, 3/25/2028		6,135		309
Series 1998-66, Class FB, 0.53%, 12/25/2028 (k)		47		47
Series 1999-47, Class JZ, 8.00%, 9/18/2029		198		231
Series 2000-8, Class Z, 7.50%, 2/20/2030		97		112
Series 2001-36, Class ST, IF, IO, 8.32%, 11/25/2030 (k)		113		24
Series 2001-14, Class Z, 6.00%, 5/25/2031		78		88
Series 2001-16, Class Z, 6.00%, 5/25/2031		107		121
Series 2001-72, Class SB, IF, IO, 7.32%, 12/25/2031 (k)		277		46
Series 2001-81, Class HE, 6.50%, 1/25/2032		527		624
Series 2002-19, Class SC, IF, 13.89%, 3/17/2032 (k)		43		54
Series 2002-56, Class PE, 6.00%, 9/25/2032		613		718
Series 2002-86, Class PG, 6.00%, 12/25/2032		429		511
Series 2012-148, Class IE, IO, 3.00%, 1/25/2033		5,223		554
Series 2003-25, Class KP, 5.00%, 4/25/2033		1,372		1,566
Series 2003-22, Class Z, 6.00%, 4/25/2033		290		337
Series 2003-47, Class PE, 5.75%, 6/25/2033		359		412
Series 2003-64, Class SX, IF, 13.36%, 7/25/2033 (k)		26		34

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-91, Class SD, IF, 12.21%, 9/25/2033 (k)		6		8
Series 2003-130, Class HZ, 6.00%, 1/25/2034		10,669		12,709
Series 2004-72, Class F, 0.68%, 9/25/2034 (k)		114		114
Series 2005-19, Class PB, 5.50%, 3/25/2035		2,811		3,233
Series 2005-42, Class PS, IF, 16.56%, 5/25/2035 (k)		7		10
Series 2005-51, Class MO, PO, 6/25/2035		16		14
Series 2005-53, Class CS, IF, IO, 6.52%, 6/25/2035 (k)		463		50
Series 2005-65, Class KO, PO, 8/25/2035		76		70
Series 2005-72, Class WS, IF, IO, 6.57%, 8/25/2035 (k)		226		36
Series 2005-84, Class XM, 5.75%, 10/25/2035		110		125
Series 2005-90, Class ES, IF, 16.44%, 10/25/2035 (k)		50		72
Series 2005-106, Class US, HB, IF, 23.92%, 11/25/2035 (k)		48		73
Series 2006-9, Class KZ, 6.00%, 3/25/2036		234		273
Series 2006-22, Class AO, PO, 4/25/2036		137		130
Series 2006-27, Class OB, PO, 4/25/2036		951		882
Series 2006-27, Class OH, PO, 4/25/2036		50		47
Series 2006-20, Class IB, IF, IO, 6.41%, 4/25/2036 (k)		236		46
Series 2011-19, Class ZY, 6.50%, 7/25/2036		215		262
Series 2006-77, Class PC, 6.50%, 8/25/2036		225		259
Series 2006-110, PO, 11/25/2036		131		123
Series 2006-128, PO, 1/25/2037		127		119
Series 2007-10, Class Z, 6.00%, 2/25/2037		32		37
Series 2007-22, Class SC, IF, IO, 5.90%, 3/25/2037 (k)		43		2
Series 2008-93, Class AM, 5.50%, 6/25/2037		47		48
Series 2007-54, Class IB, IF, IO, 6.23%, 6/25/2037 (k)		4,024		903

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-68, Class IA, IO, 6.50%, 6/25/2037		15		1
Series 2007-109, Class YI, IF, IO, 6.27%, 12/25/2037 (k)		2,120		479
Series 2008-91, Class SI, IF, IO, 5.82%, 3/25/2038 (k)		636		83
Series 2010-70, Class SA, IF, IO, 6.00%, 4/25/2038 (k)		806		150
Series 2011-22, Class MA, 6.50%, 4/25/2038		74		75
Series 2008-62, Class SM, IF, IO, 6.02%, 7/25/2038 (k)		649		112
Series 2009-29, Class LA, 1.32%, 5/25/2039 (k)		361		365
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		278		44
Series 2009-112, Class ST, IF, IO, 6.07%, 1/25/2040 (k)		451		96
Series 2009-112, Class SW, IF, IO, 6.07%, 1/25/2040 (k)		296		46
Series 2010-10, Class NT, 5.00%, 2/25/2040		974		1,111
Series 2010-49, Class SC, IF, 12.31%, 3/25/2040 (k)		209		282
Series 2010-35, Class SB, IF, IO, 6.24%, 4/25/2040 (k)		484		84
Series 2010-129, Class PZ, 4.50%, 11/25/2040		3,366		3,706
Series 2011-126, Class KB, 4.00%, 12/25/2041		11,439		13,133
Series 2016-33, Class JA, 3.00%, 7/25/2045		15,248		16,212
Series 2016-38, Class NA, 3.00%, 1/25/2046		11,161		12,042
Series 2007-71, Class GZ, 6.00%, 7/25/2047		157		170
Series 2019-20, Class H, 3.50%, 5/25/2049		17,300		18,398
FNMA, REMIC Trust, Whole Loan
Series 2002-W7, Class IO1, IO, 0.91%, 6/25/2029 (k)		4,757		108
Series 2001-W3, Class A, 7.00%, 9/25/2041 (k)		208		231
Series 2002-W10, IO, 0.91%, 8/25/2042 (k)		2,339		49
Series 2003-W4, Class 2A, 5.77%, 10/25/2042 (k)		85		98
Series 2004-W11, Class 1IO1, IO, 0.35%, 5/25/2044 (k)		11,372		124

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA, REMIC, Whole Loan
Series 2009-89, Class A1, 5.41%, 5/25/2035		531		560
FNMA, STRIPS
Series 203, Class 2, IO, 8.00%, 2/25/2023		252		18
Series 266, Class 2, IO, 7.50%, 8/25/2024		52		5
Series 313, Class 1, PO, 6/25/2031		534		494
Series 380, Class S36, IF, IO, 7.72%, 7/25/2037 (k)		141		29
Series 383, Class 68, IO, 6.50%, 9/25/2037		83		16
Series 383, Class 86, IO, 7.00%, 9/25/2037 (k)		48		11
Series 383, Class 69, IO, 6.50%, 10/25/2037 (k)		120		24
FTF 8.00%, 9/30/2024		13,500		6,885
GMACM Mortgage Loan Trust
Series 2003-J10, Class A1, 4.75%, 1/25/2019		13		14
Series 2005-AR3, Class 3A4, 3.53%, 6/19/2035 (k)		55		51
GNMA
Series 1997-7, Class ZA, 9.00%, 5/16/2027		35		35
Series 2014-60, Class W, 4.23%, 2/20/2029 (k)		1,182		1,249
Series 2002-13, Class QA, IF, IO, 7.89%, 2/16/2032 (k)		307		1
Series 2002-84, Class PH, 6.00%, 11/16/2032		482		488
Series 2008-29, PO, 2/17/2033		8		8
Series 2003-18, Class PG, 5.50%, 3/20/2033		534		589
Series 2003-52, Class SB, IF, 11.27%, 6/16/2033 (k)		62		75
Series 2003-101, Class SK, IF, IO, 6.40%, 10/17/2033 (k)		904		60
Series 2004-2, Class SA, IF, 19.96%, 1/16/2034 (k)		239		344
Series 2004-19, Class KE, 5.00%, 3/16/2034		2,082		2,336
Series 2004-73, Class AE, IF, 14.52%, 8/17/2034 (k)		3		4
Series 2004-86, Class SP, IF, IO, 5.94%, 9/20/2034 (k)		429		42

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 139

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-90, Class SI, IF, IO, 5.94%, 10/20/2034 (k)		383		66
Series 2010-31, Class SK, IF, IO, 5.94%, 11/20/2034 (k)		247		31
Series 2004-105, Class SN, IF, IO, 5.94%, 12/20/2034 (k)		850		88
Series 2005-56, Class IC, IO, 5.50%, 7/20/2035		59		10
Series 2006-23, Class S, IF, IO, 6.34%, 1/20/2036 (k)		56		—	(d)
Series 2006-26, Class S, IF, IO, 6.34%, 6/20/2036 (k)		590		89
Series 2006-33, Class PK, 6.00%, 7/20/2036		197		227
Series 2009-81, Class A, 5.75%, 9/20/2036		121		137
Series 2007-7, Class EI, IF, IO, 6.04%, 2/20/2037 (k)		966		155
Series 2007-9, Class CI, IF, IO, 6.04%, 3/20/2037 (k)		505		88
Series 2007-17, Class JO, PO, 4/16/2037		62		57
Series 2007-22, Class PK, 5.50%, 4/20/2037		949		1,084
Series 2007-16, Class KU, IF, IO, 6.49%, 4/20/2037 (k)		651		117
Series 2007-26, Class SC, IF, IO, 6.04%, 5/20/2037 (k)		190		33
Series 2007-24, Class SA, IF, IO, 6.35%, 5/20/2037 (k)		905		177
Series 2009-16, Class SJ, IF, IO, 6.64%, 5/20/2037 (k)		887		137
Series 2008-34, Class OC, PO, 6/20/2037		193		183
Series 2009-106, Class XL, IF, IO, 6.59%, 6/20/2037 (k)		325		63
Series 2009-79, Class OK, PO, 11/16/2037		134		129
Series 2007-67, Class SI, IF, IO, 6.35%, 11/20/2037 (k)		182		36
Series 2008-40, Class SA, IF, IO, 6.24%, 5/16/2038 (k)		680		127
Series 2008-40, Class PS, IF, IO, 6.34%, 5/16/2038 (k)		306		50
Series 2009-77, Class CS, IF, IO, 6.84%, 6/16/2038 (k)		217		12
Series 2008-49, Class PH, 5.25%, 6/20/2038		974		1,100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-55, Class PL, 5.50%, 6/20/2038		882		1,004
Series 2008-50, Class SA, IF, IO, 6.07%, 6/20/2038 (k)		1,349		200
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		375		60
Series 2009-75, Class IY, IO, 5.50%, 6/20/2039		293		27
Series 2009-72, Class SM, IF, IO, 6.09%, 8/16/2039 (k)		345		65
Series 2010-157, Class OP, PO, 12/20/2040		338		322
Series 2015-157, Class GA, 3.00%, 1/20/2045		766		811
Series 2012-H11, Class FA, 0.86%, 2/20/2062 (k)		5,765		5,794
Series 2012-H18, Class FA, 0.71%, 8/20/2062 (k)		1,398		1,400
Series 2013-H04, Class BA, 1.65%, 2/20/2063		419		420
Series 2013-H20, Class FB, 1.16%, 8/20/2063 (k)		5,431		5,478
Series 2013-H23, Class FA, 1.46%, 9/20/2063 (k)		6,946		7,052
Series 2015-H02, Class HA, 2.50%, 1/20/2065		3,531		3,599
Series 2015-H04, Class FL, 0.63%, 2/20/2065 (k)		7,506		7,506
Series 2015-H23, Class FB, 0.68%, 9/20/2065 (k)		6,695		6,708
Series 2015-H32, Class FH, 0.82%, 12/20/2065 (k)		6,150		6,194
Series 2016-H16, Class FD, 1.02%, 6/20/2066 (k)		10,280		10,326
Series 2016-H17, Class FC, 0.99%, 8/20/2066 (k)		6,479		6,558
Series 2016-H23, Class F, 0.91%, 10/20/2066 (k)		16,854		17,009
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067 (k)		21,473		2,300
Series 2017-H11, Class XI, IO, 2.27%, 5/20/2067 (k)		56,864		5,698
Series 2017-H14, Class XI, IO, 1.81%, 6/20/2067 (k)		21,846		1,852
Series 2017-H14, Class AI, IO, 2.18%, 6/20/2067 (k)		31,661		3,292
Series 2017-H23, Class FA, 0.64%, 10/20/2067 (k)		28,714		28,726

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2019-H09, Class FA, 0.66%, 5/20/2069 (k)		21,712		21,736
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		15,800		15,923
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		70		72
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		112		116
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		120		129
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		51		52
Series 2005-5F, Class 8A1, 0.68%, 6/25/2035 (k)		18		17
Series 2005-5F, Class 8A3, 0.68%, 6/25/2035 (k)		11		10
Series 2007-2F, Class 2A7, 5.75%, 2/25/2037		32		60
Headlands Residential LLC
Series 2017-RPL1, Class A, 5.87%, 8/25/2022 (a) (i)		11,950		12,214
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (i)		15,000		15,016
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		26,750		26,750
Impac CMB Trust
Series 2004-10, Class 3A1, 0.88%, 3/25/2035 (k)		482		461
Series 2004-10, Class 3A2, 0.98%, 3/25/2035 (k)		301		270
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 8/25/2033		7		7
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		51		50
Series 2006-A2, Class 5A3, 3.84%, 11/25/2033 (k)		107		108
Series 2006-A2, Class 4A1, 3.09%, 8/25/2034 (k)		137		139
Series 2004-S1, Class 3A1, 5.50%, 9/25/2034		18		19
Series 2004-S2, Class 4A5, 6.00%, 11/25/2034		387		387
Series 2007-A1, Class 5A2, 3.75%, 7/25/2035 (k)		46		45
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		10,520		10,607

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (k)		34			34
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		12			12
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		1			1
Series 2005-1, Class 5A1, 5.50%, 1/25/2020		—	(d)		—	(d)
Series 2003-7, Class 4A3, 8.00%, 11/25/2033		—	(d)		—	(d)
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		22			22
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		316			336
Series 2004-6, Class 6A1, 6.50%, 7/25/2034		383			410
Series 2004-7, Class 30, PO, 8/25/2034 ‡		31			26
Series 2004-7, Class 3A1, 6.50%, 8/25/2034		26			28
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(d)		—	(d)
Series 2004-6, Class 3A1, 5.25%, 7/25/2019		—	(d)		—	(d)
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (a)		56			57
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		21			17
Merrill Lynch Mortgage Investors Trust
Series 2004-C, Class A2, 0.98%, 7/25/2029 (k)		105			101
Series 2004-D, Class A3, 2.48%, 9/25/2029 (k)		74			72
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.62%, 4/25/2034 (k)		238			258
Series 2004-7AR, Class 2A6, 2.92%, 9/25/2034 (k)		79			77
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (k)		118			117
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 141

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
New Residential Mortgage Loan Trust Series 2020-RPL2, Class A1, 3.58%, 8/25/2025 (a) (k)		9,100		9,101
P-stlb 9.25%, 10/11/2026 ‡		18,500		18,500
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		43		45
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		96		103
RALI Trust
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		2		2
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		1		1
Series 2005-QS5, Class A4, 5.75%, 4/25/2035		1,488		1,422
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052 (a) (k)		10,292		10,394
Series 2017-INV1, Class M1, 3.90%, 11/25/2052 ‡ (a) (k)		1,924		1,891
Residential Asset Securitization Trust
Series 2003-A8, Class A1, 3.75%, 10/25/2018		8		8
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		115		95
RFMSI Trust Series 2005-SA4, Class 1A1, 2.86%, 9/25/2035 (k)		78		69
RSFR Series 2020-1, Class PT, 4.21%, 2/17/2025 (a) (i)		29,848		26,506
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		23		23
SART
4.75%, 7/15/2024		17,816		17,727
4.76%, 6/15/2025		24,984		25,109
Seasoned Credit Risk Transfer Trust Series 2019-3, Class M55D, 4.00%, 10/25/2058		22,066		24,467
Sequoia Mortgage Trust Series 2004-8, Class A2, 1.06%, 9/20/2034 (k)		321		313
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A, 3.64%, 10/25/2034 (k)		155		157
Structured Asset Securities Corp.
Series 2003-37A, Class 1A, 3.49%, 12/25/2033 (k)		892		882
Series 2003-37A, Class 2A, 3.53%, 12/25/2033 (k)		86		83

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5, 2.88%, 9/25/2033 (k)		613		606
Vendee Mortgage Trust
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		231		262
Series 1998-1, Class 2E, 7.00%, 3/15/2028		675		760
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		95		107
VOLT PT 7/27/2023 ‡		38,000		37,029
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.87%, 8/25/2033 (k)		122		122
Series 2003-AR9, Class 1A6, 3.50%, 9/25/2033 (k)		88		86
Series 2004-AR3, Class A1, 3.66%, 6/25/2034 (k)		36		36
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (k)		334		334
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		401		415
Series 2004-AR11, Class A, 3.35%, 10/25/2034 (k)		311		309
Series 2005-AR2, Class 2A21, 0.51%, 1/25/2045 (k)		44		42
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		475		450
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA1, Class 2A, 7.00%, 3/25/2034		241		255
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-K, Class 1A2, 3.01%, 7/25/2034 (k)		105		104
Series 2004-U, Class A1, 3.85%, 10/25/2034 (k)		194		193
Total Collateralized Mortgage Obligations (Cost $717,925)				721,643
U.S. Government Agency Securities — 1.0%
FHLB
3.13%, 12/12/2025		12,000		13,671
3.32%, 11/13/2035		19,000		23,484
5.63%, 3/14/2036		10,800		16,861

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued
FHLMC DN, 3.69%, 3/15/2031 (m)		14,976		12,913
FNMA 5.63%, 7/15/2037		1,500		2,375
Resolution Funding Corp. STRIPS
DN, 3.48%, 4/15/2030 (m)		43,000		38,143
3.55%, 4/15/2030 (m)		20,500		18,147
Tennessee Valley Authority 5.88%, 4/1/2036		9,804		15,275
Total U.S. Government Agency Securities (Cost $114,523)				140,869
Foreign Government Securities — 0.8%
Arab Republic of Egypt (Egypt)
7.05%, 1/15/2032 (a)		2,300		2,286
8.15%, 11/20/2059 (a)		2,900		2,801
Bermuda Government Bond (Bermuda)
3.72%, 1/25/2027 (h)		2,900		3,183
4.75%, 2/15/2029 (a)		2,420		2,884
Dominican Republic Government Bond (Dominican Republic)
5.95%, 1/25/2027 (h)		2,500		2,670
5.88%, 1/30/2060 (a)		3,545		3,387
Federal Republic of Nigeria (Nigeria)
6.50%, 11/28/2027 (h)		2,150		2,126
7.14%, 2/23/2030 (h)		2,700		2,714
Kingdom of Bahrain (Bahrain)
7.00%, 10/12/2028 (h)		2,500		2,846
7.38%, 5/14/2030 (h)		1,400		1,630
6.00%, 9/19/2044 (h)		1,447		1,432
Kingdom of Saudi Arabia (Saudi Arabia) 5.00%, 4/17/2049 (h)		1,850		2,411
Notas del Tesoro (Panama) 3.75%, 4/17/2026 (a)		2,070		2,176
Oriental Republic of Uruguay (Uruguay)
7.88%, 1/15/2033		880		1,374
5.10%, 6/18/2050		1,981		2,741
Province of Alberta (Canada) 3.30%, 3/15/2028		24,500		28,487
Province of Manitoba (Canada) 2.13%, 6/22/2026		1,250		1,346
Province of Quebec (Canada)
7.13%, 2/9/2024		2,220		2,710
6.35%, 1/30/2026		300		385
Republic of Belarus (Belarus) 6.38%, 2/24/2031 (a)		2,430		2,255
Republic of Colombia (Colombia)
10.38%, 1/28/2033		370		580
5.00%, 6/15/2045		1,450		1,731

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Republic of Cote d’Ivoire (Ivory Coast)
5.75%, 12/31/2032 (h) (i)		1,660		1,623
6.13%, 6/15/2033 (h)		866		872
Republic of El Salvador (El Salvador)
7.12%, 1/20/2050 (h)		2,965		2,550
7.12%, 1/20/2050 (a)		970		834
Republic of Ghana (Ghana)
7.63%, 5/16/2029 (h)		2,430		2,316
8.63%, 6/16/2049 (h)		2,600		2,356
Republic of Kenya (Kenya) 8.00%, 5/22/2032 (h)		2,500		2,563
Republic of Paraguay (Paraguay)
4.63%, 1/25/2023 (h)		2,700		2,864
5.00%, 4/15/2026 (h)		1,500		1,726
5.60%, 3/13/2048 (h)		2,489		3,182
Republic of South Africa (South Africa) 4.30%, 10/12/2028		1,742		1,661
Republic of Turkey (Turkey) 4.88%, 4/16/2043		3,600		2,800
Romania Government Bond (Romania) 3.00%, 2/14/2031 (a)		2,680		2,687
Sultanate of Oman Government Bond (Oman) 5.63%, 1/17/2028 (h)		2,850		2,771
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2023 (h)		3,700		3,934
7.75%, 9/1/2025 (h)		1,910		2,015
United Mexican States (Mexico)
3.75%, 1/11/2028		376		407
5.00%, 4/27/2051		2,420		2,790
Total Foreign Government Securities (Cost $107,951)				114,106
Municipal Bonds — 0.2% (n)
California — 0.2%
Alameda County Joint Powers Authority, Multiple Capital Projects Series 2010A, Rev., 7.05%, 12/1/2044		200		340
City of Los Angeles, Department of Airports Series 2009C, Rev., 6.58%, 5/15/2039		1,000		1,367
Regents of the University of California Medical Center Pooled Series 2020N, Rev., 3.71%, 5/15/2120		1,820		2,091
State of California, Various Purpose GO, 7.35%, 11/1/2039		1,980		3,302
University of California Series AD, Rev., 4.86%, 5/15/2112		774		1,119
Total California				8,219

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 143

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — 0.0% (b)
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series 2014A, Rev., 4.81%, 10/1/2114		345		512
Massachusetts — 0.0% (b)
Commonwealth of Massachusetts Series 2019H, GO, 2.90%, 9/1/2049		5,000		5,460
Missouri — 0.0% (b)
Health and Educational Facilities Authority of the State of Missouri Series 2020A, Rev., 3.23%, 5/15/2050		3,000		3,508
New York — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2010H, Rev., 5.29%, 3/15/2033		560		716
Series 2010H, Rev., 5.39%, 3/15/2040		1,165		1,636
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,450		2,068
Series 165, Rev., 5.65%, 11/1/2040		155		221
Series 174, Rev., 4.46%, 10/1/2062		740		967
Total New York				5,608
Ohio — 0.0% (b)
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,040		1,746
Ohio State University, General Receipts
Series 2011-A, Rev., 4.80%, 6/1/2111		1,563		2,322
Rev., 5.59%, 12/1/2114		2,000		2,976
Total Ohio				7,044
Total Municipal Bonds (Cost $24,031)				30,351
Loan Assignments — 0.1% (o)
Chemicals — 0.0% (b)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.06%, 6/1/2024 (e)		1,168		1,136
Construction & Engineering — 0.1%
Thor, Inc. 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 4.25%), 4.25%, 5/15/2025 ‡ (e)		5,318		5,188
Containers & Packaging — 0.0% (b)
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 10/1/2022 (e)		600		591

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Containers & Packaging — continued
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.52%, 4/3/2024 (e)		1,990		1,887
				2,478
Diversified Telecommunication Services — 0.0% (b)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (e)		1,524		1,523
Food & Staples Retailing — 0.0% (b)
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 4/1/2024 ‡ (e)		266		263
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (e)		1,391		1,064
				1,327
Hotels, Restaurants & Leisure — 0.0% (b)
CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 8/6/2021 (e)		2,830		2,789
Leisure Products — 0.0% (b)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (c) (e)		189		95
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (c) (e)		772		—	(d)
				95
Media — 0.0% (b)
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 1/31/2025 (e)		1,866		1,794
Oil, Gas & Consumable Fuels — 0.0% (b)
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (e)		2,195		1,508
Pharmaceuticals — 0.0% (b)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024 (e)		618		589
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 6.81%, 12/18/2026 (e) (p)		1,532		1,190
Total Loan Assignments (Cost $19,789)				19,617

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Preferred Stocks — 0.0% (b)
Automobiles — 0.0% (b)
General Motors Co. 7.38%, 10/1/2051 ‡		1		—
General Motors Corp. — Automotive Division
7.25%, 4/15/2041 ‡		21		—	(d)
7.38%, 5/15/2048 ‡		55		—	(d)
7.25%, 2/15/2052 ‡		42		—	(d)
Motors Liquidation Co. 7/15/2041 ‡		1		—
				—	(d)
Communications Equipment — 0.0% (b)
Goodman Networks, Inc. (Preference) * ‡		46		—	(d)
Internet & Direct Marketing Retail — 0.0% (b)
MYT Holding Co. 10.00%, 6/7/2029 (a)		2,441		2,185
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc. * ‡		1		2,436
Total Preferred Stocks (Cost $3,085)				4,621
Common Stocks — 0.0% (b)
Aerospace & Defense — 0.0% (b)
Remington Outdoor Co., Inc. * ‡		15		—	(d)
Communications Equipment — 0.0% (b)
Goodman Networks, Inc. * ‡		39		—	(d)
Diversified Financial Services — 0.0% (b)
ACC Claims Holdings LLC * ‡ (q)		1,551		16
Energy Equipment & Services — 0.0% (b)
Telford Offshore Holdings Ltd. (Cayman Islands) * ‡		34		13
Food & Staples Retailing — 0.0% (b)
Moran Foods Backstop Equity * ‡		61		61
Independent Power and Renewable Electricity Producers — 0.0% (b)
Vistra Corp.		3		50
Media — 0.0% (b)
Clear Channel Outdoor Holdings, Inc. *		502		588
iHeartMedia, Inc., Class A *		15		137
				725
Oil, Gas & Consumable Fuels — 0.0% (b)
Penn Virginia Corp. *		22		251
Pharmaceuticals — 0.0% (b)
Advanz Pharma Corp. Ltd. (Canada) *		297		996
Software — 0.0% (b)
Avaya Holdings Corp. *		5		71

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc. * ‡		2		1,056
Total Common Stocks (Cost $8,402)				3,239
	NO. OF WARRANTS (000)
Warrants — 0.0% (b)
Oil, Gas & Consumable Fuels — 0.0% (b)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD *		268		9
Wireless Telecommunication Services — 0.0% (b)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		112		838
Total Warrants (Cost $1,998)				847
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Independent Power and Renewable Electricity Producers — 0.0% (b)
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $—)		103		113
	SHARES
Convertible Preferred Stocks — 0.0% (b)
Automobiles — 0.0% (b)
General Motors Co. 5.25%, 3/6/2032 ‡		120		—	(d)
General Motors Corp. — Automotive Division 1.50%, 7/15/2033 ‡		385		—	(d)
Total Convertible Preferred Stocks (Cost $—)				—	(d)
Short-Term Investments — 7.9%
Investment Companies — 7.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (r) (s) (Cost $1,161,857)		1,161,291		1,162,220
	SHARES (000)
Investment of Cash Collateral from Securities Loaned — 0.0% (b)
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (r) (s)		420		420

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 145

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (r) (s)		71		71
Total Investment of Cash Collateral from Securities Loaned (Cost $491)				491
Total Short-Term Investments (Cost $1,162,348)				1,162,711
Total Investments — 102.3% (Cost $14,380,092)				15,130,100
Liabilities in Excess of Other Assets — (2.3)%				(346,475	)
Net Assets — 100.0%				14,783,625

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 August 31, 2020.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
EUR	Euro
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global medium term note
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
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
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed 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)	Defaulted security.
(d)	Amount rounds to less than one thousand.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(f)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

(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 August 31, 2020.
(j)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.

(l)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(m)	The rate shown is the effective yield as of August 31, 2020.
(n)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(o)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)	Fund is subject to legal or contractual restrictions on the resale of the security.
(q)	The security or a portion of this security is on loan at August 31, 2020. The total value of securities on loan at August 31, 2020 is approximately $6,000.
(r)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(s)	The rate shown is the current yield as of August 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2020 (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		2,365			12/2020		USD		522,517			217
U.S. Treasury 5 Year Note		4,379			12/2020		USD		551,753			368
U.S. Treasury Ultra Bond		1,379			12/2020		USD		302,561			(3,806	)
												(3,221	)
Short Contracts
U.S. Treasury 5 Year Note		(283	)		12/2020		USD		(35,658	)		(25	)
U.S. Treasury 10 Year Note		(4,228	)		12/2020		USD		(588,353	)		(372	)
U.S. Treasury 10 Year Ultra Note		(2,478	)		12/2020		USD		(394,466	)		423
U.S. Treasury Long Bond		(1,547	)		12/2020		USD		(271,015	)		1,254
U.S. Treasury Ultra Bond		(175	)		12/2020		USD		(38,396	)		482
												1,762
												(1,459	)

Abbreviations
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of August 31, 2020 (amounts in thousands):

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	11,350	USD	13,523	TD Bank Financial Group		9/2/2020		21
Total unrealized appreciation								21
USD	13,437	EUR	11,350	State Street Corp.		9/2/2020		(108	)
USD	13,533	EUR	11,350	TD Bank Financial Group		10/5/2020		(21	)
Total unrealized depreciation								(129	)
Net unrealized depreciation								(108	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 147

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Abbreviations
EUR	Euro
USD	United States Dollar

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection^(a) as of August 31, 2020 (amounts in thousands):

REFERENCE OBLIGATION/INDEX

FINANCING RATE PAID BY THE FUND (%)

PAYMENT FREQUENCY

COUNTERPARTY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (b)

NOTIONAL AMOUNT (c)

UPFRONT PAYMENTS (RECEIPTS) ($) (d)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

Federative Republic of Brazil, 4.25%, 1/7/2025

1.00

Quarterly

Barclays Bank plc

6/20/2024

1.83

USD 75,000

1,225

940

2,165

Centrally Cleared Credit default swap contracts outstanding — buy protection^(a) as of August 31, 2020 (amounts in thousands):

REFERENCE OBLIGATION/INDEX

FINANCING RATE PAID BY THE FUND (%)

PAYMENT FREQUENCY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (b)

NOTIONAL AMOUNT (c)

UPFRONT PAYMENTS (RECEIPTS) ($) (d)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

CDX.EM.25-V2

1.00

Quarterly

6/20/2021

0.99

USD 50,000

664

(762

)

(98

)

^(a)   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.

^(b)  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.

^(c)  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.

^(d)  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

Summary of total OTC swap contracts outstanding as of August 31, 2020 (amounts in thousands):

	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		1,225		2,165

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — 85.3% (a)
Aerospace & Defense — 1.6%
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 5/24/2027 (b)		1,799		1,723
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 10/4/2024 (b)		3,013		2,905
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 12/9/2025 (b)		5,860		5,547
				10,175
Air Freight & Logistics — 0.2%
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 2/24/2025 (b)		1,348		1,320
Airlines — 0.6%
JetBlue Airways Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 6.25%, 6/17/2024 (b)		1,505		1,499
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026 (b)		2,642		2,187
				3,686
Auto Components — 1.4%
Adient US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 3 Month + 4.25%), 4.43%, 5/6/2024 (b)		2,617		2,595
Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 10/1/2025 (b)		3,466		3,082
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.31%, 5/16/2024 (b)		3,337		3,241
				8,918
Automobiles — 0.6%
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.47%, 8/14/2024 (b) (c)		4,045		3,774
Building Products — 0.6%
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.44%, 7/31/2026 (b)		1,793		1,777
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 11/21/2024 (b)		1,842		1,809
				3,586

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — 3.3%
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.06%, 6/1/2024 (b)		2,319		2,257
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/1/2024 (b)		4,574		4,516
INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026 (b) (c)		2,283		2,255
Momentive Performance, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 5/15/2024 (b)		3,443		3,267
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025 (b)		3,409		3,236
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026 (b)		2,205		1,750
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 9/6/2024 (b)		1,931		1,874
Tronox Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 3.22%, 9/23/2024 (b)		1,758		1,720
				20,875
Commercial Services & Supplies — 1.0%
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.25%, 9/23/2026 (b)		6,383		6,356
Communications Equipment — 2.1%
API Group DE, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.66%, 10/1/2026 (b)		4,255		4,174
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 12/15/2024 (b)		2,347		2,277
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 4/6/2026 (b)		6,785		6,630
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 2.80%, 7/2/2025 (b) (c)		671		626
				13,707
Construction & Engineering — 0.8%
Pike Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.18%, 7/24/2026 (b)		1,710		1,700

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 149

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Construction & Engineering — continued
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.17%, 1/24/2027 (b)		3,342		3,243
				4,943
Containers & Packaging — 3.5%
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 10/1/2022 (b)		677		667
Berry Global, Inc., 1st Lien Term Loan X (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 1/19/2024 (b)		1,684		1,657
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.52%, 4/3/2024 (b)		4,103		3,891
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 5/22/2024 (b)		4,001		3,966
Graham Packaging Co. Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/4/2027 (b) (c)		4,021		4,013
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 2/5/2023 (b)		3,508		3,454
Ring Container Technologies LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 10/31/2024 (b)		1,760		1,713
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 1/30/2021 (b)		3,387		2,958
				22,319
Distributors — 0.3%
Thyssenkrupp Elevator, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 4.57%, 6/30/2027 (b) (c)		2,224		2,203
Diversified Consumer Services — 2.0%
Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 7/10/2026 (b)		3,380		3,353
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.56%, 5/13/2027 (b) (c)		3,220		3,170
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 8/24/2026 (b)		1,779		1,501
St. George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 7/17/2025 (b)		4,855		4,794
				12,818

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — 1.3%
Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027 (b)		3,150		3,138
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 5.32%, 10/1/2026 (b)		3,530		3,518
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 3/21/2025 (b)		1,584		1,396
				8,052
Diversified Telecommunication Services — 6.7%
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 3/15/2027 (b)		11,767		11,352
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (b)		6,528		6,521
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.69%, 2/19/2026 (b) (c)		2,811		2,657
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 5/16/2024 (b)		5,359		5,313
Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023 (b) (c)		13,550		13,632
Windstream Corp., 1st Lien Term Loan B (1-MONTH PRIME + 5.00%), 8.25%, 3/29/2021 (b)		6,318		3,791
				43,266
Electric Utilities — 2.4%
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 1/15/2025 (b)		3,348		3,244
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.81%, 2/16/2026 (b)		2,933		2,903
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 12/13/2025 (b)		1,671		1,611
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 5/2/2025 (b)		3,038		1,276
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (b)		2,677		2,260
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (b)		151		127

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Electric Utilities — continued
PG&E Corp., Exit Term Loan (ICE LIBOR USD 3 Month + 4.50%), 5.50%, 6/18/2025 (b)		4,090		4,020
				15,441
Electrical Equipment — 1.4%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/1/2025 (b)		5,583		5,484
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 3/2/2027 (b)		3,476		3,401
				8,885
Entertainment — 1.0%
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.08%, 4/22/2026 (b)		3,415		2,591
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 3/1/2025 (b) (c)		2,650		2,577
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025 (b)		1,395		1,229
				6,397
Equity Real Estate Investment Trusts (REITs) — 0.9%
ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 9/18/2026 (b)		29		28
GGP, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.66%, 8/27/2025 (b)		3,068		2,453
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.93%, 12/20/2024 (b)		3,445		3,312
				5,793
Food & Staples Retailing — 1.4%
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.16%, 2/3/2024 (b)		1,895		1,877
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 4/1/2024 ‡ (b)		1,641		1,624
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (b)		3,364		2,573
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 10/22/2025 (b)		3,074		2,992
				9,066

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food Products — 3.4%
Atkins Nutritionals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/7/2024 (b)		2,316		2,320
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.66%, 10/10/2026 (b)		1,615		1,607
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (b)		9,955		9,832
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.84%, 5/23/2025 (b)		1,666		1,619
Hostess Brands LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 2 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.00%, 8/3/2025 (b)		3,315		3,253
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 3.07%, 5/1/2026 (b)		3,018		2,928
				21,559
Health Care Providers & Services — 5.9%
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.07%, 6/7/2023 (b)		3,913		3,849
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 8/31/2026 (b)		2,854		2,671
CVS Holdings I LP, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 8/31/2026 (b) (c)		501		469
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 10/10/2025 (b)		5,879		4,243
Lifepoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 11/16/2025 (b) (c)		2,679		2,624
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (b)		6,434		6,361
Pathway Vet Alliance LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.16%, 3/31/2027 (b)		1,324		1,298
Petvet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 2/14/2025 (b)		757		737
PetVet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 2/14/2025 (b) (c)		2,024		1,950
PetVet Care Centers LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 2/14/2025 (b)		945		943

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 151

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Health Care Providers & Services — continued
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024 (b)		4,062		3,373
Tivity Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.41%, 3/6/2026 (b)		1,784		1,673
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.19%, 6/26/2026 (b)		2,866		2,793
WIRB Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.24%, 1/8/2027 (b)		5,715		5,675
				38,659
Hotels, Restaurants & Leisure — 3.8%
1011778 BC ULC, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 1.75%), 1.91%, 11/19/2026 (b)		3,353		3,223
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 12/23/2024 (b)		2,095		1,965
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.06%, 9/18/2024 (b)		1,750		1,517
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 7.50%, 12/1/2023 (b)		3,443		3,037
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/4/2023 (b) (c)		1,976		1,763
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.66%, 10/19/2020 (b) (c)		1,737		1,589
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025 (b)		5,416		5,208
Stars Group Holdings BV, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.81%, 7/10/2025 (b)		1,130		1,131
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (b)		3,301		3,254
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 7/31/2026 (b)		1,399		1,363
				24,050

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Products — 1.0%
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.66%, 9/26/2024 (b)		3,346		3,254
Kik Custom Products, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 5/15/2023 (b)		2,911		2,882
				6,136
Independent Power and Renewable Electricity Producers — 0.6%
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/28/2024 (b)		2,507		2,485
Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 8/28/2025 (b)		1,337		1,327
				3,812
Insurance — 1.7%
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 6.66%, 8/4/2025 (b)		2,296		2,299
Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 11/3/2023 (b)		1,742		1,710
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 11/3/2024 (b) (c)		3,435		3,371
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 3.26%, 4/25/2025 (b)		3,869		3,765
				11,145
Interactive Media & Services — 0.4%
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/3/2023 (b)		2,404		2,375
IT Services — 2.1%
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.92%, 2/6/2026 (b)		3,178		3,168
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 7.50%, 7/12/2023 (b) (c)		4,167		1,229
Go Daddy Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.91%, 2/15/2024 (b)		2,705		2,657
RSA Security LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.00%, 12/1/2028 (b) (c)		2,372		2,366
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 3/9/2027 (b)		4,155		4,029
				13,449

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Leisure Products — 1.5%
Bombardier Recreational Products, Inc., 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 1/1/2038 (b)		890		904
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024 (b)		2,466		2,388
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (b) (d)		5,157		2,578
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (b) (d)		21,042		—	(e)
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.66%, 12/22/2025 (b)		3,413		3,061
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (b)		1,038		987
				9,918
Life Sciences Tools & Services — 0.6%
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.25%, 8/30/2024 (b) (c)		3,913		3,840
Machinery — 1.4%
Gardner Denver Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 3/1/2027 (b)		725		716
Hillman Group, Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 4.00%), 5.07%, 5/30/2025 (b)		3,014		2,945
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027 (b)		2,475		2,333
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.36%, 3/28/2025 (b)		2,966		2,796
				8,790
Media — 10.3%
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 7/15/2025 (b)		5,235		4,983
Altice Financing SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 1/31/2026 (b)		1,045		993
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.66%, 11/18/2024 (b)		2,865		2,699

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 3.32%, 2/28/2025 (b)		1,647		1,287
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 3.76%, 8/21/2026 (b)		10,807		9,798
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 7/17/2025 (b)		6,754		6,510
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 1/15/2026 (b)		7,103		6,845
Cumulus Media New Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.82%, 3/31/2026 (b)		2,035		1,923
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 10/10/2025 (b)		3,655		3,612
Gray Television, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 2.41%, 2/7/2024 (b)		1,120		1,094
(ICE LIBOR USD 1 Month + 2.50%), 2.66%, 1/2/2026 (b)		1,713		1,676
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 5/1/2026 (b) (c)		4,111		3,893
iHeartCommunications, Inc., Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 4.75%, 5/1/2026 (b)		912		879
Meredith Corp., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.67%, 1/31/2025 (b)		2,482		2,385
(ICE LIBOR USD 1 Month + 4.25%), 5.25%, 1/31/2025 (b)		1,105		1,087
Midcontinent Communications., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.91%, 8/15/2026 (b)		1,932		1,888
Mission Broadcasting, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 1/17/2024 (b)		349		340
Nexstar Broadcasting Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 1/17/2024 (b)		1,358		1,326
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 9/18/2026 (b)		4,484		4,394
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 4.44%, 1/31/2026 (b)		4,955		4,856

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 153

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Media — continued
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.66%, 11/8/2024 (b)		1,726		1,652
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026 (b)		2,400		2,174
				66,294
Multiline Retail — 0.2%
Neiman Marcus Group Ltd. LLC, 1st Lien DIP Term Loan
(ICE LIBOR USD 1 Month + 12.75%), 14.00%, 10/7/2020 ‡ (b) (c)		705		716
(ICE LIBOR USD 3 Month + 1.12%), 1.12%, 12/30/2023 ‡ (b) (c)		45		45
Neiman Marcus Group Ltd. LLC, Term Loan
(3-MONTH PRIME + 7.00%), 10.25%, 10/25/2023 (b)		2,543		410
(3-MONTH PRIME + 7.50%), 10.75%, 10/25/2023 (b)		2,365		380
				1,551
Oil, Gas & Consumable Fuels — 3.2%
Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 11/1/2026 (b)		2,392		2,349
California Resources Corp., DIP Term Loan (ICE LIBOR USD 1 Month + 9.00%), 10.00%, 1/15/2021 ‡ (b)		2,790		2,790
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022 (b)		2,977		1,076
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 8/1/2023 (b)		2,048		1,941
Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.55%, 10/1/2025 (b)		2,682		2,596
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023(b)		4,472		3,072
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 6/2/2025 (b)		1,848		1,626
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/30/2024 (b)		1,471		1,381
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 9/29/2025 (b)		1,947		1,885

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.16%, 5/22/2026 (b) (c)		1,713		1,571
				20,287
Paper & Forest Products — 0.5%
Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 9/6/2027 (b) (c)		3,210		3,211
Pharmaceuticals — 3.9%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024 (b) (c)		10,383		9,903
Endo Pharmaceuticals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.00%, 4/29/2024 (b)		2,056		1,978
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.18%, 6/2/2025 (b)		13,345		13,118
				24,999
Real Estate Management & Development — 0.7%
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024 (b)		4,496		4,256
Road & Rail — 1.3%
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.31%, 12/30/2026 (b)		3,615		3,554
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 6/30/2023 (b) (c)		5,397		5,074
				8,628
Software — 4.5%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024 (b)		3,061		3,038
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 2/12/2025 (b)		1,678		1,657
Cornerstone OnDemand, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.43%, 4/22/2027 (b)		2,160		2,154
Greeneden US Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 12/1/2023 (b)		3,286		3,230

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Software — continued
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 2/25/2027 (b) (c)		4,075		3,984
LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 4.75%, 8/14/2027 (b) (c)		2,330		2,271
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024 (b)		3,127		2,940
Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.66%, 6/1/2026 (b)		2,821		2,715
Qlik Technologies, Inc.,1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 4/26/2024 (b)		2,459		2,440
The Ultimate Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 5/4/2026 (b)		2,387		2,367
Ultimate Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 5/4/2026 (b)		1,955		1,951
				28,747
Specialty Retail — 2.1%
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 6.81%, 12/18/2026 (b) (f)		2,704		2,099
Digicert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.16%, 10/16/2026 (b)		2,454		2,422
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2022 (b)		4,795		4,782
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.25%, 4/16/2026 (b)		4,858		4,113
				13,416
Technology Hardware, Storage & Peripherals — 1.1%
KDC US Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.06%, 12/22/2025 (b)		4,155		4,072
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.51%, 5/16/2025 (b)		2,284		2,233
Quest Software US Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.25%), 8.51%, 5/18/2026 (b)		1,089		1,014
				7,319
Textiles, Apparel & Luxury Goods — 0.2%
Samsonite International S.A, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.91%, 4/25/2025 (b)		1,663		1,555

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — 1.8%
T-Mobile USA, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 4/1/2027 (b)		11,385		11,409
Total Loan Assignments (Cost $580,770)				546,985
Corporate Bonds — 8.3%
Auto Components — 0.7%
Adient US LLC 7.00%, 5/15/2026 (g)		790		849
Allison Transmission, Inc. 5.00%, 10/1/2024 (g)		1,450		1,465
American Axle & Manufacturing, Inc. 6.25%, 3/15/2026		2,000		2,038
				4,352
Chemicals — 0.4%
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (g)		2,250		2,256
Commercial Services & Supplies — 0.3%
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.02%, 12/21/2065 (b) (g)		3,195		1,629
Communications Equipment — 0.2%
Plantronics, Inc. 5.50%, 5/31/2023 (g)		1,500		1,416
Consumer Finance — 0.7%
Ford Motor Credit Co. LLC
5.88%, 8/2/2021		3,000		3,064
5.13%, 6/16/2025		1,500		1,576
				4,640
Containers & Packaging — 0.1%
Berry Global, Inc. 4.88%, 7/15/2026 (g)		800		850
Diversified Financial Services — 0.3%
Sabre GLBL, Inc. 5.38%, 4/15/2023 (g)		1,900		1,919
Diversified Telecommunication Services — 1.0%
CCO Holdings LLC
5.38%, 5/1/2025 (g)		1,000		1,029
5.13%, 5/1/2027 (g)		3,000		3,194
5.00%, 2/1/2028 (g)		1,900		2,009
				6,232
Electric Utilities — 0.0% (h)
Texas Competitive Electric Holdings Co. LLC 8.50%, 10/20/2020 ‡ (d)		75,000		38
Electrical Equipment — 0.4%
Sensata Technologies BV 5.00%, 10/1/2025 (g)		2,279		2,477
Electronic Equipment, Instruments & Components — 0.2%
Ingram Micro, Inc. 5.00%, 8/10/2022		1,400		1,421
Entertainment — 0.2%
Cinemark USA, Inc. 4.88%, 6/1/2023		1,279		1,177

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 155

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — 0.2%
JBS USA LUX SA 5.88%, 7/15/2024 (g)		1,000		1,020
Health Care Providers & Services — 0.8%
Centene Corp. 4.75%, 1/15/2025		1,057		1,087
HCA, Inc. 5.38%, 2/1/2025		750		845
Tenet Healthcare Corp. 7.50%, 4/1/2025 (g)		3,100		3,401
				5,333
Health Care Technology — 0.1%
IQVIA, Inc. 5.00%, 10/15/2026 (g)		700		731
Hotels, Restaurants & Leisure — 0.2%
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (g)		1,268		1,230
Household Durables — 0.2%
Newell Brands, Inc. 4.70%, 4/1/2026 (i)		1,000		1,083
Household Products — 0.3%
Spectrum Brands, Inc. 6.13%, 12/15/2024		2,000		2,060
Machinery — 0.3%
Colfax Corp. 6.00%, 2/15/2024 (g)		2,000		2,075
Media — 0.4%
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024		1,727		1,693
Gray Television, Inc. 5.13%, 10/15/2024 (g)		1,000		1,022
				2,715
Oil, Gas & Consumable Fuels — 0.2%
DCP Midstream Operating LP 3.88%, 3/15/2023		250		253
PBF Logistics LP 6.88%, 5/15/2023		500		496
Sunoco LP 4.88%, 1/15/2023		250		254
Targa Resources Partners LP 5.25%, 5/1/2023		250		251
				1,254
Pharmaceuticals — 0.2%
Bausch Health Cos., Inc. 7.00%, 3/15/2024 (g)		1,000		1,039
Road & Rail — 0.1%
Avis Budget Car Rental LLC 5.50%, 4/1/2023		579		584
Specialty Retail — 0.3%
Staples, Inc. 7.50%, 4/15/2026 (g)		2,500		2,226
Trading Companies & Distributors — 0.3%
United Rentals North America, Inc. 4.63%, 10/15/2025		2,000		2,045

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — 0.2%
Sprint Corp. 7.88%, 9/15/2023		1,050		1,221
Total Corporate Bonds (Cost $52,437)				53,023
	SHARES (000)
Preferred Stocks — 0.7%
Specialty Retail — 0.7%
Claire’s Stores, Inc. * ‡ (Cost $1,124)		2		4,300
Common Stocks — 0.4%
Aerospace & Defense — 0.0% (h)
Remington Outdoor Co., Inc. * ‡		419		—	(e)
Food & Staples Retailing — 0.0% (h)
Moran Foods Backstop Equity * ‡		167		167
Media — 0.1%
Clear Channel Outdoor Holdings, Inc.*		369		432
iHeartMedia, Inc., Class A *		18		170
				602
Specialty Retail — 0.3%
Claire’s Stores, Inc. * ‡		3		1,863
Total Common Stocks (Cost $9,782)				2,632
	NO. OF RIGHTS (000)
Rights — 0.2%
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $—)		1,250		1,376
	NO. OF WARRANTS (000)
Warrants — 0.2%
Wireless Telecommunication Services — 0.2%
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡ (Cost $2,479)		138		1,039
	PRINCIPAL AMOUNT ($000)
Collateralized Mortgage Obligations — 0.0%
Southcross Holdco Equity 0.00%, 7/9/2070‡ (Cost $470)		136		—

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 5.3%
Investment Companies — 5.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (j) (k) (Cost $33,801)		33,801		33,801
Total Investments — 100.4% (Cost $680,863)				643,156
Liabilities in Excess of Other Assets — (0.4)%				(2,828	)
Net Assets — 100.0%				640,328

Percentages indicated are based on net assets.

Abbreviations

DIP	Debtor-in-Possession
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SCA	Limited partnership with share capital
USD	United States Dollar
(a)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	All or a portion of this security is unsettled as of August 31, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(d)	Defaulted security.
(e)	Amount rounds to less than one thousand.

(f)	Fund is subject to legal or contractual restrictions on the resale of the security.
(g)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(h)	Amount rounds to less than 0.1% of net assets.
(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 August 31, 2020.
(j)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)	The rate shown is the current yield as of August 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 157

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Treasury Obligations — 28.4%
U.S. Treasury Bonds
8.00%, 11/15/2021		3,635			3,979
7.25%, 8/15/2022		3,935			4,484
7.13%, 2/15/2023		2,500			2,929
5.25%, 11/15/2028		20,000			27,534
3.75%, 11/15/2043		45,000			66,392
3.00%, 5/15/2045		31,000			41,238
2.75%, 11/15/2047		35,000			45,212
2.00%, 2/15/2050		43,000			48,395
1.25%, 5/15/2050		25,000			23,578
U.S. Treasury Inflation Indexed Bonds 1.38%, 2/15/2044		27,500			43,505
U.S. Treasury Notes
2.75%, 8/15/2021		10,000			10,246
2.00%, 11/30/2022		100,000			104,173
2.63%, 2/28/2023		25,000			26,548
2.13%, 11/30/2023		65,000			69,108
2.25%, 11/15/2024		35,000			37,968
1.13%, 2/28/2025		25,000			25,990
0.50%, 3/31/2025		50,000			50,576
0.38%, 4/30/2025		40,000			40,220
2.00%, 8/15/2025		20,000			21,695
1.63%, 2/15/2026		20,000			21,392
1.13%, 2/28/2027		65,000			67,826
0.63%, 3/31/2027		30,000			30,327
2.25%, 8/15/2027		30,000			33,623
1.50%, 2/15/2030		25,000			26,898
0.63%, 5/15/2030		25,000			24,828
Total U.S. Treasury Obligations (Cost $827,173)					898,664
Mortgage-Backed Securities — 23.5%
FHLMC
Pool # 611141, ARM, 3.77%, 1/1/2027 (a)		35			35
Pool # 846812, ARM, 3.74%, 4/1/2030 (a)		4			4
Pool # 1G2627, ARM, 3.57%, 3/1/2037 (a)		277			289
FHLMC Gold Pools, 20 Year
Pool # C90830, 4.50%, 5/1/2024		58			63
FHLMC Gold Pools, 30 Year
Pool # A01017, 9.00%, 6/1/2021		—	(b)		—	(b)
Pool # C00078, 9.00%, 11/1/2021		—	(b)		—	(b)
Pool # C80091, 6.50%, 1/1/2024		17			19
Pool # G00229, 8.50%, 5/1/2024		4			4
Pool # C00354, 8.50%, 7/1/2024		9			10
Pool # C00376, 8.00%, 11/1/2024		8			8
Pool # C00418, 7.00%, 8/1/2025		2			2

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # C00414, 7.50%, 8/1/2025		9		9
Pool # D63303, 7.00%, 9/1/2025		2		2
Pool # G00981, 8.50%, 7/1/2028		13		15
Pool # C00742, 6.50%, 4/1/2029		92		103
Pool # C00785, 6.50%, 6/1/2029		26		29
Pool # C47318, 7.00%, 9/1/2029		296		337
Pool # C01292, 6.00%, 2/1/2032		34		40
Pool # A16155, 5.50%, 11/1/2033		57		63
Pool # C03589, 4.50%, 10/1/2040		641		717
Pool # Q41177, 3.50%, 6/1/2046		18,366		20,156
Pool # G61334, 4.00%, 3/1/2047		4,832		5,450
Pool # Q54902, 4.00%, 3/1/2048		9,108		9,730
Pool # Q54950, 4.00%, 3/1/2048		7,394		8,143
Pool # Q59727, 4.00%, 11/1/2048		9,864		10,777
FHLMC UMBS, 30 Year
Pool # ZT1593, 3.50%, 1/1/2049		4,046		4,273
Pool # RA2675, 2.00%, 6/1/2050		19,583		20,193
Pool # RA2484, 3.00%, 6/1/2050		9,910		10,489
Pool # RA2904, 3.00%, 6/1/2050		14,881		15,838
Pool # RA2970, 2.50%, 7/1/2050		14,889		15,719
Pool # QB2020, 2.50%, 8/1/2050		9,122		9,675
FNMA
Pool # 620061, ARM, 1.93%, 11/1/2027 (a)		19		19
Pool # 89406, ARM, 2.13%, 6/1/2029 (a)		4		4
Pool # 563497, ARM, 1.93%, 11/1/2040 (a)		17		17
FNMA UMBS, 15 Year
Pool # MA0512, 4.00%, 9/1/2025		714		758
FNMA UMBS, 20 Year
Pool # 762498, 5.00%, 11/1/2023		97		106
FNMA UMBS, 30 Year
Pool # 190257, 7.00%, 2/1/2024		11		12
Pool # 315500, 7.00%, 8/1/2025		15		16
Pool # 250575, 6.50%, 6/1/2026		13		15
Pool # 483802, 5.50%, 2/1/2029		149		170
Pool # 524949, 7.50%, 3/1/2030		13		14
Pool # 545639, 6.50%, 4/1/2032		148		174
Pool # 702435, 5.50%, 5/1/2033		791		929
Pool # 709441, 5.50%, 7/1/2033		320		372
Pool # 730711, 5.50%, 8/1/2033		417		491
Pool # 743127, 5.50%, 10/1/2033		348		410
Pool # 747628, 5.00%, 11/1/2033		812		935
Pool # 753662, 5.50%, 12/1/2033		561		658
Pool # 755615, 5.50%, 1/1/2034		593		697

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 811755, 7.00%, 3/1/2035		1,411		1,756
Pool # 845834, 5.50%, 10/1/2035		336		386
Pool # 888201, 5.50%, 2/1/2036		151		177
Pool # 831409, 5.50%, 4/1/2036		658		768
Pool # 867420, 5.50%, 5/1/2036		353		412
Pool # 745802, 6.00%, 7/1/2036		685		811
Pool # 969708, 4.50%, 3/1/2038		149		164
Pool # AE1216, 3.50%, 1/1/2041		1,146		1,244
Pool # AE1260, 3.50%, 8/1/2041		669		727
Pool # AB5378, 3.50%, 5/1/2042		2,295		2,492
Pool # AO6710, 4.00%, 6/1/2042		3,761		4,283
Pool # AR5147, 3.00%, 3/1/2043		2,371		2,548
Pool # AT8192, 4.00%, 6/1/2043		2,516		2,778
Pool # AS1112, 4.00%, 11/1/2043		5,642		6,230
Pool # BM1109, 4.00%, 10/1/2044		4,291		4,881
Pool # AS4073, 4.00%, 12/1/2044		2,308		2,533
Pool # AL8660, 4.00%, 6/1/2045		6,215		7,087
Pool # AS5648, 3.50%, 7/1/2045		2,422		2,629
Pool # AS6208, 3.50%, 10/1/2045		1,656		1,797
Pool # AS6344, 3.50%, 12/1/2045		3,226		3,502
Pool # BM5560, 4.00%, 1/1/2046		12,721		14,491
Pool # AL8030, 4.00%, 2/1/2046		4,126		4,657
Pool # AX5520, 3.00%, 5/1/2046		1,132		1,215
Pool # AX5546, 3.00%, 9/1/2046		1,664		1,787
Pool # AX5547, 3.50%, 9/1/2046		2,469		2,680
Pool # BM3744, 4.00%, 3/1/2047		12,688		14,453
Pool # BM1049, 4.00%, 4/1/2047		15,420		16,966
Pool # CA0411, 4.00%, 9/1/2047		8,583		9,783
Pool # CA0861, 3.50%, 11/1/2047		5,095		5,529
Pool # BJ1666, 4.00%, 12/1/2047		7,964		8,676
Pool # BM3477, 4.00%, 1/1/2048		7,273		8,069
Pool # CA1006, 4.00%, 1/1/2048		9,320		10,436
Pool # CA1361, 3.50%, 2/1/2048		3,749		4,067
Pool # BD9074, 3.50%, 3/1/2048		1,796		1,948
Pool # BJ4640, 4.00%, 3/1/2048		3,329		3,623
Pool # BD9078, 4.00%, 4/1/2048		2,798		3,067
Pool # BD9077, 3.50%, 5/1/2048		1,332		1,445
Pool # BD9083, 4.00%, 7/1/2048		3,118		3,418
Pool # CA2489, 4.50%, 10/1/2048		5,176		5,590
Pool # BN7416, 3.50%, 9/1/2049		2,844		3,085
Pool # BO1418, 3.50%, 9/1/2049		6,978		7,355
Pool # BO1427, 3.50%, 9/1/2049		8,976		9,461
Pool # CA4431, 3.50%, 10/1/2049		14,375		15,151
Pool # MA3803, 3.50%, 10/1/2049		7,697		8,109
Pool # FM2014, 3.00%, 11/1/2049		14,082		15,089

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # BN0803, 3.50%, 12/1/2049		5,047			5,319
Pool # MA3872, 3.50%, 12/1/2049		7,627			8,037
Pool # BN0807, 3.50%, 1/1/2050		3,192			3,366
Pool # FM2437, 3.00%, 2/1/2050		22,512			23,859
Pool # CA6144, 2.50%, 6/1/2050		24,788			26,104
Pool # BP7345, 3.00%, 6/1/2050		19,734			20,876
Pool # BP9369, 2.00%, 7/1/2050		9,981			10,291
Pool # CA6322, 2.50%, 7/1/2050		19,887			20,942
Pool # BQ1645, 2.50%, 8/1/2050		10,000			10,527
FNMA, Other
Pool # AL1353, 3.25%, 1/1/2022 (a)		6,410			6,545
Pool # AL1463, 3.26%, 1/1/2022 (a)		2,146			2,197
Pool # AM8674, 2.81%, 4/1/2025		6,500			7,062
Pool # AM4660, 3.77%, 12/1/2025		4,222			4,766
Pool # AN0571, 3.10%, 1/1/2026		6,500			7,233
Pool # AL8963, 2.92%, 5/1/2026 (a)		3,188			3,498
Pool # AN2493, 2.36%, 8/1/2026		3,930			4,234
Pool # AM6381, 3.29%, 8/1/2026		10,000			11,222
Pool # AM7199, 3.30%, 11/1/2026		3,000			3,392
Pool # AL9769, 2.63%, 12/1/2026 (a)		6,639			7,246
Pool # AN4635, 3.01%, 2/1/2027		6,832			7,668
Pool # FN0040, 3.00%, 6/1/2027 (a)		4,522			5,066
Pool # AN6800, 2.97%, 9/1/2027		3,450			3,885
Pool # AN6825, 2.80%, 10/1/2027		4,000			4,465
Pool # AN9486, 3.57%, 6/1/2028		12,449			14,556
Pool # 405220, 6.00%, 9/1/2028		13			15
Pool # BL0550, 3.77%, 11/1/2028		2,660			3,136
Pool # AN3908, 3.12%, 1/1/2029		8,250			9,445
Pool # BL1950, 3.47%, 3/1/2029		12,718			14,601
Pool # AN8493, 3.30%, 2/1/2030		4,884			5,531
Pool # BM5425, 3.16%, 3/1/2030 (a)		5,000			5,765
Pool # BL4576, 2.70%, 10/1/2031		15,000			16,699
Pool # AN8412, 3.39%, 2/1/2033		4,580			5,327
Pool # AN8464, 3.33%, 3/1/2033		6,617			7,686
Pool # BL2944, 3.19%, 7/1/2034		1,700			1,922
Pool # BL3288, 2.52%, 9/1/2034		12,000			13,222
Pool # BL4331, 2.41%, 10/1/2034		16,000			17,398
Pool # BL7125, 2.04%, 6/1/2037		8,484			8,848
GNMA I, 30 Year
Pool # 306081, 9.00%, 8/15/2021		13			14
Pool # 780284, 9.00%, 12/15/2021		1			1
Pool # 321560, 8.00%, 7/15/2022		2			2
Pool # 337141, 7.50%, 8/15/2022		4			4
Pool # 339969, 7.00%, 12/15/2022		—	(b)		—	(b)
Pool # 332022, 7.00%, 1/15/2023		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 159

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 346572, 7.00%, 5/15/2023		1			1
Pool # 349788, 6.50%, 6/15/2023		—	(b)		—	(b)
Pool # 358801, 7.50%, 6/15/2023		5			5
Pool # 359588, 7.50%, 6/15/2023		6			6
Pool # 322200, 6.50%, 7/15/2023		7			7
Pool # 346673, 7.00%, 7/15/2023		3			3
Pool # 354538, 7.00%, 7/15/2023		—	(b)		—	(b)
Pool # 357782, 7.00%, 7/15/2023		1			1
Pool # 360889, 7.00%, 7/15/2023		1			1
Pool # 344505, 6.50%, 8/15/2023		3			3
Pool # 356717, 6.50%, 8/15/2023		2			2
Pool # 345375, 6.50%, 9/15/2023		8			8
Pool # 345391, 6.50%, 10/15/2023		2			3
Pool # 354681, 8.00%, 10/15/2023		8			8
Pool # 370927, 6.50%, 11/15/2023		—	(b)		—	(b)
Pool # 346944, 6.50%, 12/15/2023		1			1
Pool # 349265, 6.50%, 12/15/2023		7			7
Pool # 365740, 6.50%, 12/15/2023		1			1
Pool # 369830, 6.50%, 12/15/2023		1			1
Pool # 370289, 6.50%, 12/15/2023		—	(b)		1
Pool # 354747, 6.50%, 2/15/2024		61			67
Pool # 362341, 6.50%, 2/15/2024		21			23
Pool # 370338, 6.50%, 2/15/2024		1			1
Pool # 379328, 7.00%, 3/15/2024		3			3
Pool # 391552, 7.00%, 3/15/2024		32			33
Pool # 379001, 7.00%, 4/15/2024		10			11
Pool # 780029, 9.00%, 11/15/2024		1			1
Pool # 401860, 7.50%, 6/15/2025		1			1
Pool # 377557, 8.00%, 7/15/2025		6			7
Pool # 422308, 7.50%, 3/15/2026		13			13
Pool # 412644, 8.00%, 7/15/2026		4			4
Pool # 436445, 8.00%, 8/15/2026		—	(b)		—	(b)
Pool # 432398, 7.50%, 3/15/2027		13			13
Pool # 462562, 7.50%, 2/15/2028		20			20
Pool # 472679, 7.00%, 6/15/2028		1			1
Pool # 784010, 4.00%, 3/15/2045		496			540
Pool # 626938, 4.00%, 4/15/2045		345			393
Pool # 784041, 4.00%, 8/15/2045		3,604			3,919
Pool # 784208, 4.00%, 7/15/2046		5,115			5,564
Pool # 784897, 2.50%, 10/15/2049		10,758			11,593
Pool # BU5359, 3.00%, 4/15/2050		25,762			27,259
GNMA II, 30 Year
Pool # 2324, 8.00%, 11/20/2026		11			13
Pool # 2344, 8.00%, 12/20/2026		18			20
Pool # 2512, 8.00%, 11/20/2027		44			49
Total Mortgage-Backed Securities (Cost $714,261)					746,925

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 23.5%
FHLMC, REMIC
Series 1343, Class LA, 8.00%, 8/15/2022		6		6
Series 1367, Class K, 5.50%, 9/15/2022		40		42
Series 2688, Class DG, 4.50%, 10/15/2023		135		140
Series 1785, Class A, 6.00%, 10/15/2023		454		479
Series 1591, Class E, 10.00%, 10/15/2023		8		9
Series 1633, Class Z, 6.50%, 12/15/2023		77		82
Series 1694, Class PK, 6.50%, 3/15/2024		45		48
Series 3798, Class AY, 3.50%, 1/15/2026		2,312		2,434
Series 3809, Class BC, 3.50%, 2/15/2026		1,822		1,918
Series 4181, Class VA, 3.00%, 5/15/2026		1,932		1,999
Series 3188, Class GE, 6.00%, 7/15/2026		770		844
Series 3926, Class MW, 4.50%, 9/15/2026		6,328		6,819
Series 1999, Class PU, 7.00%, 10/15/2027		38		43
Series 2031, Class PG, 7.00%, 2/15/2028		86		99
Series 2035, Class PC, 6.95%, 3/15/2028		260		295
Series 2064, Class PD, 6.50%, 6/15/2028		162		187
Series 2095, Class PE, 6.00%, 11/15/2028		137		155
Series 4066, Class VB, 3.50%, 1/15/2029		4,651		4,881
Series 4050, Class VE, 4.00%, 1/15/2029		5,000		5,320
Series 4314, Class DY, 3.50%, 3/15/2029		1,450		1,631
Series 4336, Class YB, 3.00%, 5/15/2029		2,624		2,817
Series 2152, Class BD, 6.50%, 5/15/2029		55		62
Series 2162, Class TH, 6.00%, 6/15/2029		304		343
Series 4002, Class MV, 4.00%, 1/15/2030		10,542		10,967
Series 3737, Class DG, 5.00%, 10/15/2030		1,436		1,537
Series 3981, Class PA, 3.00%, 4/15/2031		7,456		7,708
Series 2367, Class ME, 6.50%, 10/15/2031		220		248
Series 2647, Class A, 3.25%, 4/15/2032		97		104
Series 2480, Class EJ, 6.00%, 8/15/2032		244		267
Series 4156, Class SB, IF, 5.27%, 1/15/2033 (a)		1,583		1,720
Series 4170, Class TS, IF, 5.76%, 2/15/2033 (a)		3,868		4,330
Series 4186, Class JE, 2.00%, 3/15/2033		10,562		11,088
Series 4188, Class JG, 2.00%, 4/15/2033		6,729		7,016
Series 4206, Class DA, 2.00%, 5/15/2033		5,017		5,241
Series 2611, Class QZ, 5.00%, 5/15/2033		2,811		3,133
Series 2882, Class QD, 4.50%, 7/15/2034		301		316
Series 2927, Class GA, 5.50%, 10/15/2034		127		131
Series 4429, Class HB, 3.00%, 1/15/2035		6,293		7,136
Series 2915, Class MU, 5.00%, 1/15/2035		1,728		2,011
Series 5000, Class CB, 1.25%, 1/25/2035		9,803		10,003
Series 4448, Class DY, 3.00%, 3/15/2035		5,542		6,225
Series 4458, Class BW, 3.00%, 4/15/2035		10,000		11,153

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3085, Class VS, HB, IF, 28.07%, 12/15/2035 (a)		288			502
Series 3181, Class OP, PO, 7/15/2036		978			913
Series 4867, Class WF, 0.57%, 4/15/2037 (a)		10,407			10,467
Series 3413, Class B, 5.50%, 4/15/2037		313			354
Series 3325, Class JL, 5.50%, 6/15/2037		2,713			3,144
Series 3341, Class PE, 6.00%, 7/15/2037		1,932			2,262
Series 4365, Class HZ, 3.00%, 1/15/2040		6,621			7,125
Series 3699, Class QH, 5.50%, 7/15/2040		2,122			2,356
Series 3772, Class PE, 4.50%, 12/15/2040		4,297			4,941
Series 4047, Class PB, 3.50%, 1/15/2041		12,000			12,741
Series 3927, Class PC, 4.50%, 9/15/2041		3,970			4,744
Series 4002, Class CY, 3.50%, 2/15/2042		4,819			5,605
Series 4039, Class SA, IF, IO, 6.34%, 5/15/2042 (a)		6,025			1,137
Series 4061, Class LB, 3.50%, 6/15/2042		3,570			4,217
Series 4062, Class GY, 4.00%, 6/15/2042		6,109			7,345
Series 4091, Class BQ, 2.00%, 8/15/2042		5,000			5,152
Series 4091, Class PB, 2.00%, 8/15/2042		3,673			3,780
Series 4122, Class PY, 3.00%, 10/15/2042		3,000			3,377
Series 4394, Class PL, 3.50%, 10/15/2044		5,000			5,834
Series 4594, Class GN, 2.50%, 2/15/2045		3,211			3,373
Series 4606, Class KP, 2.50%, 7/15/2046		19,648			20,970
Series 4748, Class HE, 3.00%, 1/15/2048		6,567			7,218
Series 4974, Class PH, 1.50%, 6/25/2048		4,761			4,858
Series 4933, Class PA, 2.50%, 10/25/2049		14,021			14,594
Series 4937, Class MD, 2.50%, 10/25/2049		46,991			49,320
Series 4925, Class PA, 3.00%, 10/25/2049		19,315			20,865
FHLMC, STRIPS
Series 155, IO, 7.00%, 11/1/2023		8			1
Series 264, Class 30, 3.00%, 7/15/2042		8,366			9,020
Series 267, Class 30, 3.00%, 8/15/2042		4,752			5,031
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-54, Class 2A, 6.50%, 2/25/2043		1,222			1,502
Series T-56, Class A, PO, 5/25/2043		678			659
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)		1,080			1,360
FNMA, Grantor Trust, Whole Loan
Series 2004-T1, Class 1A2, 6.50%, 1/25/2044		248			294
FNMA, REMIC
Series G92-35, Class EB, 7.50%, 7/25/2022		1			1
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(b)		—	(b)
Series 1993-146, Class E, PO, 5/25/2023		16			16
Series 1993-110, Class H, 6.50%, 5/25/2023		21			22

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1993-217, Class H, PO, 8/25/2023		4		4
Series 2012-63, Class VA, 4.00%, 8/25/2023		8,096		8,263
Series 1993-205, Class H, PO, 9/25/2023		3		3
Series 1993-228, Class G, PO, 9/25/2023		4		4
Series 1993-155, Class PJ, 7.00%, 9/25/2023		353		377
Series 2003-128, Class DY, 4.50%, 1/25/2024		602		626
Series 1994-51, Class PV, 6.00%, 3/25/2024		424		451
Series 1994-37, Class L, 6.50%, 3/25/2024		101		108
Series 2010-117, Class DY, 4.50%, 10/25/2025		5,000		5,458
Series 2010-155, Class B, 3.50%, 1/25/2026		3,763		3,949
Series 1998-58, Class PC, 6.50%, 10/25/2028		334		380
Series 2000-8, Class Z, 7.50%, 2/20/2030		129		149
Series 2002-92, Class FB, 0.83%, 4/25/2030 (a)		285		287
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		183		30
Series 2003-67, Class SA, HB, IF, 44.36%, 10/25/2031 (a)		61		123
Series 2011-145, Class PB, 3.50%, 1/25/2032		11,500		12,786
Series 2012-100, Class AY, 3.00%, 9/25/2032		5,750		6,471
Series 2013-50, Class YO, PO, 1/25/2033		4,227		3,917
Series 2003-21, Class PZ, 4.50%, 3/25/2033		1,547		1,699
Series 2013-106, Class PY, 3.00%, 10/25/2033		5,300		5,930
Series 2013-130, Class GY, 3.50%, 1/25/2034		3,699		4,368
Series 2014-2, Class QB, 3.00%, 2/25/2034		2,745		3,080
Series 2004-46, Class QD, HB, IF, 23.30%, 3/25/2034 (a)		360		487
Series 2004-54, Class FL, 0.58%, 7/25/2034 (a)		676		680
Series 2015-11, Class AQ, 3.00%, 3/25/2035		6,000		6,677
Series 2005-22, Class EH, 5.00%, 4/25/2035		2,975		3,440
Series 2015-28, Class GB, 3.50%, 5/25/2035		4,000		4,689

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 161

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2015-41, Class AY, 3.00%, 6/25/2035		4,653		5,324
Series 2015-51, Class LY, 3.00%, 7/25/2035		4,429		4,880
Series 2005-58, Class EP, 5.50%, 7/25/2035		334		376
Series 2006-3, Class SB, IF, IO, 6.52%, 7/25/2035 (a)		1,465		154
Series 2015-59, Class EB, 3.00%, 8/25/2035		5,879		6,544
Series 2005-83, Class LA, 5.50%, 10/25/2035		500		566
Series 2005-116, Class PC, 6.00%, 1/25/2036		2,352		2,660
Series 2006-51, Class FP, 0.53%, 3/25/2036 (a)		2,839		2,844
Series 2016-28, Class DW, 3.50%, 5/25/2036		4,491		5,342
Series 2006-81, Class FA, 0.53%, 9/25/2036 (a)		37		38
Series 2006-110, PO, 11/25/2036		407		384
Series 2007-76, Class PE, 6.00%, 8/25/2037		1,147		1,368
Series 2012-47, Class QE, 4.00%, 5/25/2038		559		560
Series 2010-47, Class MB, 5.00%, 9/25/2039		2,853		3,300
Series 2010-68, Class EP, 4.50%, 12/25/2039		1,223		1,301
Series 2010-11, Class CB, 4.50%, 2/25/2040		186		207
Series 2010-4, Class SL, IF, 11.19%, 2/25/2040 (a)		46		69
Series 2012-115, Class ME, 1.75%, 3/25/2042		4,271		4,355
Series 2012-60, Class EP, 3.00%, 4/25/2042		2,323		2,469
Series 2012-50, Class HY, 4.00%, 5/25/2042		5,566		6,698
Series 2012-141, Class PB, 2.50%, 12/25/2042		1,400		1,493
Series 2012-139, Class JA, 3.50%, 12/25/2042		5,093		5,632
Series 2013-128, Class AO, PO, 12/25/2043		11,441		10,638
Series 2015-48, Class DE, 3.00%, 10/25/2044		11,897		13,143
Series 2016-45, Class PC, 3.00%, 9/25/2045		9,480		10,083

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-38, Class NA, 3.00%, 1/25/2046		11,006		11,874
Series 2019-71, Class CA, 2.50%, 7/25/2046		19,360		20,172
Series 2019-38, Class PC, 3.00%, 2/25/2048		12,579		13,161
Series 2019-65, Class PA, 2.50%, 5/25/2048		14,152		14,761
Series 2019-42, Class KA, 3.00%, 7/25/2049		21,107		22,784
Series 2019-81, Class JA, 2.50%, 9/25/2049		14,585		15,339
Series 2019-77, Class ZL, 3.00%, 1/25/2050		25,504		27,137
Series 2020-12, Class JC, 2.00%, 3/25/2050		38,947		40,579
FNMA, REMIC Trust, Whole Loan
Series 1999-W4, Class A9, 6.25%, 2/25/2029		71		80
Series 2002-W7, Class A4, 6.00%, 6/25/2029		796		925
Series 2003-W1, Class 1A1, 5.22%, 12/25/2042 (a)		437		484
Series 2003-W1, Class 2A, 5.72%, 12/25/2042 (a)		235		264
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044		1,442		1,740
Series 2009-W1, Class A, 6.00%, 12/25/2049		644		746
FNMA, REMIC, Whole Loan
Series 2009-89, Class A1, 5.41%, 5/25/2035		212		224
FNMA, STRIPS
Series 278, Class 3, 2.48%, 11/25/2023 (a)		124		126
Series 278, Class 1, 2.17%, 8/25/2025 (a)		451		458
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034		2,505		2,772
Series 2008-15, Class NB, 4.50%, 2/20/2038		381		422
Series 2008-40, Class SA, IF, IO, 6.24%, 5/16/2038 (a)		2,254		421
Series 2009-42, Class TX, 4.50%, 6/20/2039		7,132		7,971
Series 2009-69, Class WM, 5.50%, 8/20/2039		1,897		2,190
Series 2011-29, Class Z, 5.00%, 5/20/2040		16,064		18,990

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2012-126, Class BE, 2.00%, 10/20/2042		4,000		4,030
Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058 ‡		2,808		3,113
Series 2020-1, Class M55G, 3.00%, 8/25/2059		21,934		23,461
Total Collateralized Mortgage Obligations (Cost $704,439)				745,175
Commercial Mortgage-Backed Securities — 11.9%
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ14, Class A2, 2.81%, 9/25/2024		5,145		5,505
Series K046, Class A2, 3.21%, 3/25/2025		6,026		6,682
Series K048, Class A2, 3.28%, 6/25/2025 (a)		6,500		7,245
Series K049, Class A2, 3.01%, 7/25/2025		3,519		3,888
Series K052, Class A2, 3.15%, 11/25/2025		6,716		7,493
Series K734, Class A2, 3.21%, 2/25/2026		5,060		5,670
Series K067, Class A2, 3.19%, 7/25/2027		6,558		7,522
Series K069, Class A2, 3.19%, 9/25/2027 (a)		3,000		3,439
Series K087, Class A1, 3.59%, 10/25/2027		5,298		5,942
Series W5FX, Class AFX, 3.34%, 4/25/2028 (a)		3,436		3,884
Series K078, Class A2, 3.85%, 6/25/2028		5,779		6,926
Series K081, Class A2, 3.90%, 8/25/2028 (a)		9,055		10,912
Series K086, Class A2, 3.86%, 11/25/2028 (a)		7,320		8,837
Series K086, Class A1, 3.67%, 12/25/2028		2,693		3,027
Series K088, Class A2, 3.69%, 1/25/2029		8,700		10,408
Series K158, Class A1, 3.90%, 7/25/2030		9,178		10,686
Series K-1511, Class A1, 3.28%, 10/25/2030		9,738		11,099
Series K-1511, Class A3, 3.54%, 3/25/2034		10,000		12,162
Series K-1512, Class A3, 3.06%, 4/25/2034		10,000		11,845
Series Q007, Class APT2, 3.32%, 10/25/2047 (a)		7,146		7,693
FNMA ACES
Series 2015-M13, Class A2, 2.80%, 6/25/2025 (a)		4,464		4,798
Series 2016-M1, Class A2, 2.94%, 1/25/2026 (a)		19,357		21,274
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (a)		6,000		6,489

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-M4, Class A2, 2.67%, 12/25/2026 (a)		6,387		6,951
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (a)		4,394		4,852
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (a)		12,000		13,363
Series 2018-M4, Class A2, 3.15%, 3/25/2028 (a)		15,000		16,889
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (a)		9,930		11,511
Series 2019-M1, Class A2, 3.67%, 9/25/2028 (a)		10,615		12,395
Series 2019-M2, Class A2, 3.75%, 11/25/2028 (a)		13,500		15,899
Series 2019-M5, Class A2, 3.27%, 2/25/2029		8,720		9,980
Series 2019-M25, Class A2, 2.33%, 11/25/2029 (a)		14,000		15,147
Series 2020-M8, Class A2, 1.82%, 2/25/2030		9,700		10,203
Series 2019-M21, Class 2A2, 2.35%, 2/25/2031		17,000		17,713
Series 2019-M4, Class A2, 3.61%, 2/25/2031		7,500		8,935
Series 2019-M31, Class A2, 2.85%, 4/25/2034		5,500		6,018
Series 2020-M8, Class AL, 2.01%, 3/25/2035		17,994		18,651
Series 2020-M24, Class A3, 1.75%, 1/25/2037		15,000		15,065
Series 2019-M14, Class AL2, 3.07%, 4/25/2048		10,000		10,795
Total Commercial Mortgage-Backed Securities (Cost $346,537)				377,793
U.S. Government Agency Securities — 4.8%
FFCB
5.75%, 5/11/2026		10,000		12,911
5.75%, 12/7/2028		12,824		17,779
3.33%, 4/28/2037		15,000		18,439
FNMA
6.25%, 5/15/2029		10,000		14,427
7.25%, 5/15/2030		10,000		8,849
FNMA, STRIPS
17.26%, 5/29/2026 (c)		9,200		8,838
2.58%, 10/8/2027 (c)		8,000		7,436
Resolution Funding Corp. STRIPS
2.12%, 10/15/2020 (c)		18,300		18,297
2.47%, 1/15/2021 (c)		5,000		4,995

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 163

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued
DN, 20.03%, 4/15/2028 (c)		15,000		13,837
DN, 5.68%, 1/15/2030 (c)		15,700		13,979
DN, 19.24%, 4/15/2030 (c)		5,000		4,435
Tennessee Valley Authority 0.75%, 5/15/2025		7,000		7,107
Total U.S. Government Agency Securities (Cost $124,557)				151,329
Asset-Backed Securities — 1.0%
FNMA, Grantor Trust
Series 2017-T1, Class A, 2.90%, 6/25/2027 (Cost $29,072)		28,946		31,848

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 5.8%
Investment Companies — 5.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $185,494)		185,494		185,494
Total Investments — 98.9% (Cost $2,931,533)				3,137,228
Other Assets Less Liabilities — 1.1%				36,497
NET ASSETS — 100.0%				3,173,725

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 August 31, 2020.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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.
UMBS	Uniform Mortgage-Backed Securities
(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 August 31, 2020.
(b)	Amount rounds to less than one thousand.
(c)	The rate shown is the effective yield as of August 31, 2020.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 78.9%
Aerospace & Defense — 1.0%
Bombardier, Inc. (Canada)
6.00%, 10/15/2022 (a)		7,317		6,219
7.50%, 12/1/2024 (a)		17,210		12,908
BWX Technologies, Inc.
5.38%, 7/15/2026 (a)		9,187		9,624
4.13%, 6/30/2028 (a)		6,313		6,581
Howmet Aerospace, Inc.
5.13%, 10/1/2024		7,000		7,508
6.88%, 5/1/2025		3,405		3,891
5.90%, 2/1/2027		5,825		6,586
6.75%, 1/15/2028		5,659		6,565
5.95%, 2/1/2037		7,024		7,942
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		7,576		7,647
TransDigm, Inc. 6.25%, 3/15/2026 (a)		15,807		16,680
Triumph Group, Inc. 8.88%, 6/1/2024 (a)		1,361		1,436
				93,587
Air Freight & Logistics — 0.3%
XPO Logistics, Inc.
6.50%, 6/15/2022 (a)		390		391
6.13%, 9/1/2023 (a)		10,564		10,736
6.75%, 8/15/2024 (a)		19,399		20,628
				31,755
Airlines — 0.2%
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a)		19,894		20,739
Auto Components — 2.5%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		10,637		9,972
Adient US LLC
9.00%, 4/15/2025 (a)		10,219		11,343
7.00%, 5/15/2026 (a)		6,395		6,870
Allison Transmission, Inc.
5.00%, 10/1/2024 (a)		17,350		17,524
4.75%, 10/1/2027 (a)		9,665		10,100
5.88%, 6/1/2029 (a)		963		1,054
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		17,440		17,985
6.25%, 3/15/2026		17,664		18,005
6.50%, 4/1/2027		12,516		12,860
6.88%, 7/1/2028		5,535		5,764
Clarios Global LP 6.75%, 5/15/2025 (a)		17,102		18,324

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Auto Components — continued
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024 (a)		10,880		11,533
5.63%, 11/15/2026 (a)		30,427		17,177
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (a)		681		718
Dana, Inc.
5.50%, 12/15/2024		3,455		3,524
5.38%, 11/15/2027		9,785		10,378
5.63%, 6/15/2028		2,658		2,804
Delphi Technologies plc 5.00%, 10/1/2025 (a)		24,092		27,615
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		3,050		3,060
4.88%, 3/15/2027		4,881		4,866
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)		7,004		7,444
Tenneco, Inc.
5.38%, 12/15/2024		5,124		3,945
5.00%, 7/15/2026		12,404		9,086
				231,951
Automobiles — 0.4%
Ford Motor Co.
8.50%, 4/21/2023		5,527		6,110
9.00%, 4/22/2025		12,522		14,653
9.63%, 4/22/2030		4,398		5,765
General Motors Co.
7.70%, 4/15/2016 ‡ (b)		25,800		—	(c)
7.40%, 9/1/2025 ‡ (b)		9,300		—	(c)
6.13%, 10/1/2025		4,720		5,539
6.80%, 10/1/2027		4,720		5,767
Motors Liquidation Co.
8.25%, 7/15/2023 ‡ (b)		20,000		—	(c)
8.10%, 6/15/2024 ‡ (b)		12,550		—	(c)
6.75%, 5/1/2028 ‡ (b) (d)		10,255		—	(c)
8.38%, 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)
				37,834
Banks — 0.9%
Bank of America Corp. Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (g)		17,177		19,273
Barclays plc (United Kingdom)
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (e) (f) (g)		6,252		6,622

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 165

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024 (e) (f) (g)		10,787		11,800
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (e) (f) (g)		5,195		5,227
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (g)		2,725		2,942
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (e) (f) (g)		9,565		10,857
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (e) (f) (g)		3,452		4,091
Natwest Group plc (United Kingdom) (USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (e) (f) (g)		4,790		5,035
Societe Generale SA (France) (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (e) (f) (g)		14,360		14,875
				80,722
Biotechnology — 0.1%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		5,685		5,771
Building Products — 1.2%
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (a)		2,240		2,336
American Woodmark Corp. 4.88%, 3/15/2026 (a)		640		651
Forterra Finance LLC 6.50%, 7/15/2025 (a)		6,495		6,909
Griffon Corp. 5.75%, 3/1/2028		19,595		20,795
JELD-WEN, Inc. 6.25%, 5/15/2025 (a)		8,820		9,469
4.88%, 12/15/2027 (a)		14,431		15,008
PGT Innovations, Inc. 6.75%, 8/1/2026 (a)		7,637		8,152
Standard Industries, Inc.
6.00%, 10/15/2025 (a)		16,585		17,105
5.00%, 2/15/2027 (a)		4,865		5,080
4.75%, 1/15/2028 (a)		3,910		4,115
3.38%, 1/15/2031 (a)		5,199		5,160
Summit Materials LLC
5.13%, 6/1/2025 (a)		8,090		8,171
5.25%, 1/15/2029 (a)		4,515		4,730
				107,681

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — 0.2%
LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		14,219		14,788
MSCI, Inc.
4.75%, 8/1/2026 (a)		1,375		1,430
5.38%, 5/15/2027 (a)		5,910		6,381
				22,599
Chemicals — 2.1%
Axalta Coating Systems LLC
4.88%, 8/15/2024 (a)		2,280		2,336
4.75%, 6/15/2027 (a)		10,653		11,159
Chemours Co. (The)
6.63%, 5/15/2023		2,990		3,005
7.00%, 5/15/2025		20,289		20,745
5.38%, 5/15/2027		1,305		1,312
CVR Partners LP 9.25%, 6/15/2023 (a)		46,612		45,795
Element Solutions, Inc. 3.88%, 9/1/2028 (a)		3,418		3,489
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (a)		1,929		2,006
Hexion, Inc. 7.88%, 7/15/2027 (a)		5,960		5,975
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (a)		14,996		15,178
Nouryon Holding BV (Netherlands) 8.00%, 10/1/2026 (a)		3,492		3,741
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)		1,550		1,538
5.00%, 5/1/2025 (a)		9,382		9,382
5.25%, 6/1/2027 (a)		20,566		19,898
OCI NV (Netherlands) 5.25%, 11/1/2024 (a)		4,706		4,835
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		1,218		1,304
4.50%, 10/15/2029		3,052		3,266
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		17,704		17,754
Valvoline, Inc. 4.38%, 8/15/2025		8,485		8,805
Venator Finance SARL 9.50%, 7/1/2025 (a)		6,750		7,088
W.R. Grace & Co.-Conn. 4.88%, 6/15/2027 (a)		5,040		5,279
				193,890
Commercial Services & Supplies — 1.5%
ACCO Brands Corp. 5.25%, 12/15/2024 (a)		14,571		14,902
ADT Security Corp. (The) 4.88%, 7/15/2032 (a)		7,500		8,025
Allied Universal Holdco LLC
6.63%, 7/15/2026 (a)		4,938		5,296
9.75%, 7/15/2027 (a)		3,446		3,816
Aramark Services, Inc. 5.00%, 2/1/2028 (a)		12,498		12,514
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		22,249		23,104

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Clean Harbors, Inc. 4.88%, 7/15/2027 (a)		1,052		1,104
Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a)		9,805		10,075
GFL Environmental, Inc. (Canada)
4.25%, 6/1/2025 (a)		1,000		1,019
3.75%, 8/1/2025 (a)		14,355		14,444
Harsco Corp. 5.75%, 7/31/2027 (a)		1,949		2,037
ILFC E-Capital Trust I
(USD Constant Maturity 30 Year + 1.55%), 3.02%, 12/21/2065 (a) (f)		2,554		1,303
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (a)		4,567		4,647
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		4,288		4,292
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (a)		2,543		2,696
5.75%, 4/15/2026 (a)		17,345		19,165
3.38%, 8/31/2027 (a)		9,054		9,021
				137,460
Communications Equipment — 1.0%
CommScope Technologies LLC
6.00%, 6/15/2025 (a)		10,067		10,321
5.00%, 3/15/2027 (a)		7,470		7,414
CommScope, Inc.
5.50%, 3/1/2024 (a)		8,847		9,135
6.00%, 3/1/2026 (a)		19,051		20,241
8.25%, 3/1/2027 (a)		20,545		22,239
7.13%, 7/1/2028 (a)		8,830		9,424
Plantronics, Inc. 5.50%, 5/31/2023 (a)		17,130		16,171
				94,945
Construction & Engineering — 0.2%
MasTec, Inc. 4.50%, 8/15/2028 (a)		14,386		14,674
Pike Corp. 5.50%, 9/1/2028 (a)		7,866		7,905
				22,579
Construction Materials — 0.2%
Cemex SAB de CV (Mexico)
7.75%, 4/16/2026 (a)		11,090		11,633
7.38%, 6/5/2027 (a)		4,998		5,413
				17,046
Consumer Finance — 2.8%
Ally Financial, Inc.
5.75%, 11/20/2025		26,202		29,412
8.00%, 11/1/2031		8,769		11,913

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		19,319		15,938
Ford Motor Credit Co. LLC
5.09%, 1/7/2021		4,740		4,746
3.47%, 4/5/2021		4,135		4,135
5.88%, 8/2/2021		40,060		40,913
3.22%, 1/9/2022		7,500		7,462
3.35%, 11/1/2022		4,000		3,994
3.09%, 1/9/2023		4,890		4,860
3.37%, 11/17/2023		10,719		10,775
4.69%, 6/9/2025		2,260		2,322
5.13%, 6/16/2025		7,150		7,513
4.39%, 1/8/2026		13,005		13,230
4.54%, 8/1/2026		26,611		27,160
4.27%, 1/9/2027		13,424		13,525
4.13%, 8/17/2027		13,200		13,179
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024 (a) (h)		12,340		7,275
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.27%, 12/21/2065 (a) (f)		26,531		14,526
OneMain Finance Corp.
6.88%, 3/15/2025		5,670		6,395
7.13%, 3/15/2026		14,005		16,070
6.63%, 1/15/2028		1,300		1,484
				256,827
Containers & Packaging — 1.9%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (a)		3,738		3,899
4.13%, 8/15/2026 (a)		4,250		4,434
5.25%, 8/15/2027 (a)		36,385		37,854
Berry Global, Inc. 4.88%, 7/15/2026 (a)		9,925		10,545
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)		4,553		4,783
Greif, Inc. 6.50%, 3/1/2027 (a)		18,524		19,728
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (a)		21,692		23,265
10.50%, 7/15/2027 (a)		1,417		1,555
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (a)		19,635		19,930
7.25%, 4/15/2025 (a)		14,954		14,538
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		7,810		8,591
Reynolds Group Issuer, Inc. 5.13%, 7/15/2023 (a)		11,305		11,471

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 167

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Containers & Packaging — continued
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026 (a) (i)		5,803		6,120
8.50%, 8/15/2027 (a) (i)		5,412		5,953
				172,666
Distributors — 0.3%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)		580		597
Performance Food Group, Inc.
6.88%, 5/1/2025 (a)		1,365		1,454
5.50%, 10/15/2027 (a)		8,339		8,693
Wolverine Escrow LLC
8.50%, 11/15/2024 (a)		2,500		1,925
9.00%, 11/15/2026 (a)		18,865		14,527
13.13%, 11/15/2027 (a)		7,055		4,903
				32,099
Diversified Consumer Services — 0.2%
Service Corp. International
8.00%, 11/15/2021		10,675		11,422
4.63%, 12/15/2027		890		959
3.38%, 8/15/2030		6,931		7,061
				19,442
Diversified Financial Services — 0.7%
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		21,942		22,278
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (a)		8,101		8,698
8.25%, 11/15/2026 (a)		11,477		12,711
Sabre GLBL, Inc.
5.38%, 4/15/2023 (a)		285		288
5.25%, 11/15/2023 (a)		785		779
9.25%, 4/15/2025 (a)		4,680		5,207
7.38%, 9/1/2025 (a)		14,400		15,042
				65,003
Diversified Telecommunication Services — 7.9%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027 (a)		12,389		14,201
6.00%, 2/15/2028 (a)		6,555		6,555
Altice France SA (France)
7.38%, 5/1/2026 (a)		28,167		29,904
8.13%, 2/1/2027 (a)		10,201		11,374
CCO Holdings LLC
5.75%, 2/15/2026 (a)		55,205		57,859
5.50%, 5/1/2026 (a)		50,297		52,560

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
5.13%, 5/1/2027 (a)		51,660		55,019
5.88%, 5/1/2027 (a)		16,345		17,183
5.00%, 2/1/2028 (a)		7,379		7,803
5.38%, 6/1/2029 (a)		2,091		2,298
4.75%, 3/1/2030 (a)		30,544		32,815
4.25%, 2/1/2031 (a)		23,313		24,355
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		785		869
Series Y, 7.50%, 4/1/2024		7,240		8,208
5.63%, 4/1/2025		4,042		4,360
5.13%, 12/15/2026 (a)		16,460		17,070
4.00%, 2/15/2027 (a)		11,590		11,778
Series G, 6.88%, 1/15/2028		4,143		4,557
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (a)		13,403		13,856
8.00%, 10/15/2025 (a)		6,014		6,428
Embarq Corp. 8.00%, 6/1/2036		37,571		45,056
Frontier Communications Corp.
7.13%, 1/15/2023 (b)		3,700		1,517
7.63%, 4/15/2024 (b)		3,282		1,362
6.88%, 1/15/2025 (b)		13,438		5,360
11.00%, 9/15/2025 (b)		10,429		4,458
8.50%, 4/1/2026 (a) (b) (i)		19,083		19,322
8.00%, 4/1/2027 (a) (b) (i)		5,000		5,025
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023 (b)		29,162		19,393
8.00%, 2/15/2024 (a) (b) (i)		13,382		13,650
8.50%, 10/15/2024 (a) (b)		40,649		27,640
9.75%, 7/15/2025 (a) (b)		8,659		5,975
Level 3 Financing, Inc.
5.13%, 5/1/2023		678		678
5.38%, 1/15/2024		1,875		1,896
5.38%, 5/1/2025		37,110		38,220
5.25%, 3/15/2026		7,881		8,217
4.25%, 7/1/2028 (a)		12,280		12,639
3.63%, 1/15/2029 (a)		6,906		6,924
Sprint Capital Corp.
6.88%, 11/15/2028		2,000		2,558
8.75%, 3/15/2032		44,653		67,446
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		10,686		13,301
6.00%, 9/30/2034		2,580		3,135
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		9,240		10,201

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 5/15/2029 (a)		2,815		3,044
4.50%, 8/15/2030 (a)		18,837		19,830
Windstream Services LLC
9.00%, 6/30/2025 (a) (b)		9,577		479
8.63%, 10/31/2025 (a) (b) (i)		9,328		5,649
				722,027
Electric Utilities — 0.8%
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (a)		6,055		6,463
4.50%, 9/15/2027 (a)		1,828		1,997
NRG Energy, Inc.
7.25%, 5/15/2026		3,280		3,507
6.63%, 1/15/2027		15,745		16,851
5.75%, 1/15/2028		7,134		7,758
PG&E Corp.
5.00%, 7/1/2028		18,745		18,698
5.25%, 7/1/2030		2,206		2,200
Texas Competitive Electric Holdings Co. LLC
11.50%, 10/1/2020 ‡ (b)		15,375		—	(c)
8.50%, 10/20/2020 ‡ (b)		83,215		41
8.50%, 12/31/2020 ‡ (b)		70,354		1
Vistra Operations Co. LLC
5.50%, 9/1/2026 (a)		12,717		13,353
5.63%, 2/15/2027 (a)		123		130
				70,999
Electrical Equipment — 0.2%
Sensata Technologies BV
4.88%, 10/15/2023 (a)		11,133		11,745
5.00%, 10/1/2025 (a)		2,699		2,933
				14,678
Electronic Equipment, Instruments & Components — 0.4%
CDW LLC
5.50%, 12/1/2024		3,001		3,330
5.00%, 9/1/2025		6,323		6,552
4.25%, 4/1/2028		8,432		8,812
3.25%, 2/15/2029		6,767		6,912
MTS Systems Corp. 5.75%, 8/15/2027 (a)		8,555		8,665
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a)		4,306		4,295
				38,566

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Energy Equipment & Services — 0.6%
Archrock Partners LP 6.88%, 4/1/2027 (a)		1,752		1,805
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)		4,310		1,940
Oceaneering International, Inc. 6.00%, 2/1/2028		2,865		1,814
Precision Drilling Corp. (Canada)
5.25%, 11/15/2024		1,292		908
7.13%, 1/15/2026 (a)		8,000		5,440
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (a)		18,557		7,051
Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164 (e) (g) (h)		7,874		142
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		12,170		10,898
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)		18,068		14,995
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		4,857		4,275
Transocean, Inc.
7.25%, 11/1/2025 (a)		4,323		1,383
7.50%, 1/15/2026 (a)		1,325		411
8.00%, 2/1/2027 (a)		14,220		4,355
				55,417
Entertainment — 1.5%
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (a)		4,861		4,180
12.00% (PIK), 6/15/2026 (a) (h)		12,931		4,650
Cinemark USA, Inc.
4.88%, 6/1/2023		8,979		8,263
8.75%, 5/1/2025 (a)		5,601		6,007
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (a)		7,300		7,173
5.63%, 3/15/2026 (a)		7,696		7,581
6.50%, 5/15/2027 (a)		17,128		18,711
4.75%, 10/15/2027 (a)		9,385		8,878
Netflix, Inc. 4.88%, 4/15/2028		5,445		6,303
5.88%, 11/15/2028		24,339		29,875
5.38%, 11/15/2029 (a)		1,275		1,533
4.88%, 6/15/2030 (a)		9,317		10,796
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)		12,365		12,952
3.00%, 2/15/2031 (a)		7,677		7,639
				134,541

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 169

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — 2.0%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		23,145		18,863
ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		9,775		9,921
4.63%, 10/1/2027 (a)		8,402		8,402
Iron Mountain, Inc. 5.00%, 7/15/2028 (a)		5,366		5,567
4.50%, 2/15/2031 (a)		10,552		10,836
MGM Growth Properties Operating Partnership LP 4.63%, 6/15/2025 (a)		9,207		9,716
5.75%, 2/1/2027		30,270		33,486
4.50%, 1/15/2028		212		218
RHP Hotel Properties LP 5.00%, 4/15/2023		10,503		10,326
4.75%, 10/15/2027		16,574		15,082
SBA Communications Corp. 3.88%, 2/15/2027 (a)		11,891		12,342
Uniti Group LP 6.00%, 4/15/2023 (a)		500		505
8.25%, 10/15/2023		250		248
VICI Properties LP 3.50%, 2/15/2025 (a)		1,685		1,688
4.25%, 12/1/2026 (a)		20,744		21,211
3.75%, 2/15/2027 (a)		9,165		9,142
4.63%, 12/1/2029 (a)		10,140		10,546
4.13%, 8/15/2030 (a)		2,990		2,997
				181,096
Food & Staples Retailing — 1.4%
Albertsons Cos., Inc. 3.50%, 2/15/2023 (a)		1,750		1,789
6.63%, 6/15/2024		2,092		2,159
5.75%, 3/15/2025		28,153		28,928
3.25%, 3/15/2026 (a)		8,712		8,888
7.50%, 3/15/2026 (a)		15,150		16,927
4.63%, 1/15/2027 (a)		3,861		4,080
3.50%, 3/15/2029 (a)		8,708		8,773
New Albertsons LP 7.75%, 6/15/2026		2,278		2,526
6.63%, 6/1/2028		3,704		4,000
7.45%, 8/1/2029		3,725		4,209
8.00%, 5/1/2031		16,387		18,845
Rite Aid Corp. 7.50%, 7/1/2025 (a)		7,923		7,923
8.00%, 11/15/2026 (a)		19,750		19,997

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — continued
Sysco Corp. 5.65%, 4/1/2025		1,980		2,344
5.95%, 4/1/2030		1,385		1,746
				133,134
Food Products — 0.9%
Dole Food Co., Inc. 7.25%, 6/15/2025 (a)		18,406		18,406
Kraft Heinz Foods Co. 4.63%, 1/30/2029		3,000		3,396
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a)		17,711		18,532
4.88%, 5/15/2028 (a)		3,690		4,061
Post Holdings, Inc. 5.00%, 8/15/2026 (a)		31,088		32,262
5.75%, 3/1/2027 (a)		952		1,006
5.63%, 1/15/2028 (a)		505		540
5.50%, 12/15/2029 (a)		505		554
4.63%, 4/15/2030 (a)		6,286		6,561
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (a)		265		273
4.00%, 9/1/2028		1,638		1,667
				87,258
Gas Utilities — 0.2%
AmeriGas Partners LP 5.50%, 5/20/2025		6,407		7,032
5.88%, 8/20/2026		4,381		4,965
5.75%, 5/20/2027		7,858		8,850
				20,847
Health Care Equipment & Supplies — 0.5%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		17,383		18,386
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (a)		5,740		5,927
Hologic, Inc. 4.38%, 10/15/2025 (a)		13,152		13,424
Teleflex, Inc. 4.88%, 6/1/2026		7,750		8,099
				45,836
Health Care Providers & Services — 6.3%
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		2,457		2,488
6.50%, 3/1/2024		5,835		6,010
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (a)		20		20
Centene Corp. 4.75%, 1/15/2025		8,681		8,929
5.25%, 4/1/2025 (a)		20,291		21,052

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
4.25%, 12/15/2027		14,361		15,079
4.63%, 12/15/2029		23,574		25,833
3.38%, 2/15/2030		6,395		6,651
Community Health Systems, Inc. 6.25%, 3/31/2023		8,707		8,729
8.63%, 1/15/2024 (a)		16,727		17,479
DaVita, Inc. 4.63%, 6/1/2030 (a)		9,560		10,050
3.75%, 2/15/2031 (a)		21,711		21,429
Encompass Health Corp. 5.75%, 11/1/2024		7,983		8,023
4.50%, 2/1/2028		14,746		15,120
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		8,401		3,696
HCA, Inc. 5.88%, 5/1/2023		21,240		23,258
5.38%, 2/1/2025		51,840		58,380
5.88%, 2/15/2026		21,930		25,110
5.25%, 6/15/2026		390		460
5.38%, 9/1/2026		50,469		57,282
5.63%, 9/1/2028		22,579		26,854
5.88%, 2/1/2029		14,375		17,461
3.50%, 9/1/2030		25,338		26,573
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (h)		9,996		10,158
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)		7,515		7,985
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)		16,772		11,405
Tenet Healthcare Corp. 8.13%, 4/1/2022		1,175		1,268
4.63%, 7/15/2024		33,643		34,417
4.63%, 9/1/2024 (a)		5,888		6,050
7.50%, 4/1/2025 (a)		6,074		6,664
5.13%, 5/1/2025		23,981		24,461
4.88%, 1/1/2026 (a)		33,731		35,080
6.25%, 2/1/2027 (a)		19,510		20,486
5.13%, 11/1/2027 (a)		14,021		14,792
4.63%, 6/15/2028 (a)		2,766		2,870
US Renal Care, Inc. 10.63%, 7/15/2027 (a)		51		55
				581,657
Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026 (a)		11,433		11,944

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Technology — continued
5.00%, 5/15/2027 (a)		8,589		9,041
				20,985
Hotels, Restaurants & Leisure — 4.5%
Boyd Gaming Corp. 6.38%, 4/1/2026		3,134		3,267
6.00%, 8/15/2026		7,127		7,475
Boyne USA, Inc. 7.25%, 5/1/2025 (a)		15,670		16,610
Carnival Corp. 11.50%, 4/1/2023 (a)		5,792		6,461
10.50%, 2/1/2026 (a)		3,418		3,589
Cedar Fair LP 5.50%, 5/1/2025 (a)		7,175		7,408
5.38%, 4/15/2027		743		739
Chukchansi Economic Development Authority 9.75%, 5/30/2020 (a) (b)		20,268		8,107
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)		13,202		11,222
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		17,466		15,894
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		9,230		10,107
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024 (a)		16,220		13,625
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		1,941		1,943
5.38%, 5/1/2025 (a)		5,858		6,141
5.13%, 5/1/2026		12,688		13,102
5.75%, 5/1/2028 (a)		2,943		3,112
4.88%, 1/15/2030		7,285		7,504
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		9,020		9,324
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		2,051		2,072
4.88%, 4/1/2027		9,112		9,339
Hyatt Hotels Corp. 5.38%, 4/23/2025		3,630		3,929
5.75%, 4/23/2030		2,380		2,727
International Game Technology plc 6.50%, 2/15/2025 (a)		20,396		22,180
5.25%, 1/15/2029 (a)		4,069		4,171
IRB Holding Corp. 7.00%, 6/15/2025 (a)		4,200		4,483
6.75%, 2/15/2026 (a)		246		250

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 171

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		2,975		3,340
4.63%, 6/15/2030		4,512		4,939
Marriott Ownership Resorts, Inc. 6.13%, 9/15/2025 (a)		11,095		11,788
6.50%, 9/15/2026		17,746		18,434
4.75%, 1/15/2028		428		404
MGM Resorts International 7.75%, 3/15/2022		4,435		4,707
6.00%, 3/15/2023		7,780		8,208
6.75%, 5/1/2025		4,740		5,072
5.75%, 6/15/2025		3,017		3,233
4.63%, 9/1/2026		17,218		17,519
5.50%, 4/15/2027		3,000		3,173
Royal Caribbean Cruises Ltd. 10.88%, 6/1/2023 (a)		4,794		5,287
9.13%, 6/15/2023 (a)		6,925		7,289
11.50%, 6/1/2025 (a)		13,871		16,088
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		11,448		11,101
5.50%, 4/15/2027 (a)		11,614		11,324
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		4,652		5,034
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		8,401		8,955
Station Casinos LLC 5.00%, 10/1/2025 (a)		13,135		12,979
4.50%, 2/15/2028 (a)		13,855		13,171
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		12,944		13,866
Wyndham Destinations, Inc. 6.35%, 10/1/2025 (i)		469		492
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		16,917		16,748
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		10,378		10,119
Yum! Brands, Inc. 7.75%, 4/1/2025 (a)		2,975		3,321
4.75%, 1/15/2030 (a)		3,448		3,801
				415,173
Household Durables — 0.7%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)		2,214		2,369
Newell Brands, Inc. 4.88%, 6/1/2025		2,265		2,454
4.70%, 4/1/2026 (i)		21,219		22,972

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Durables — continued
5.87%, 4/1/2036 (i)		4,420		4,973
Tempur Sealy International, Inc. 5.63%, 10/15/2023		13,373		13,607
5.50%, 6/15/2026		18,908		19,782
				66,157
Household Products — 1.0%
Central Garden & Pet Co. 6.13%, 11/15/2023		3,626		3,703
Energizer Holdings, Inc. 6.38%, 7/15/2026 (a)		19,435		20,601
7.75%, 1/15/2027 (a)		8,668		9,494
4.75%, 6/15/2028 (a)		17,831		18,607
Spectrum Brands, Inc. 6.13%, 12/15/2024		7,694		7,925
5.75%, 7/15/2025		23,571		24,336
5.00%, 10/1/2029 (a)		2,169		2,256
5.50%, 7/15/2030 (a)		7,875		8,269
				95,191
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The) 6.00%, 5/15/2026		1,295		1,360
Calpine Corp. 5.25%, 6/1/2026 (a)		18,413		19,220
4.63%, 2/1/2029 (a)		8,994		9,196
5.00%, 2/1/2031 (a)		6,655		6,956
Clearway Energy Operating LLC 5.75%, 10/15/2025		3,850		4,081
5.00%, 9/15/2026		7,263		7,622
				48,435
Interactive Media & Services — 0.0% (j)
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)		777		820
Internet & Direct Marketing Retail — 0.3%
Expedia Group, Inc. 6.25%, 5/1/2025 (a)		4,871		5,351
7.00%, 5/1/2025 (a)		3,772		4,100
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		19,715		18,119
				27,570
IT Services — 0.5%
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		9,296		9,415
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a)		9,253		9,597

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
IT Services — continued
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (a)		5,630		5,799
Exela Intermediate LLC 10.00%, 7/15/2023 (a)		28,990		8,407
Gartner, Inc. 4.50%, 7/1/2028 (a)		2,545		2,660
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		4,820		4,941
Science Applications International Corp. 4.88%, 4/1/2028 (a)		2,550		2,642
				43,461
Leisure Products — 0.6%
Mattel, Inc. 6.75%, 12/31/2025 (a)		45,130		47,894
5.88%, 12/15/2027 (a)		6,105		6,640
Vista Outdoor, Inc. 5.88%, 10/1/2023		4,960		5,041
				59,575
Life Sciences Tools & Services — 0.1%
Avantor, Inc. 6.00%, 10/1/2024 (a)		10,098		10,578
Machinery — 0.7%
EnPro Industries, Inc. 5.75%, 10/15/2026		681		712
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (a)		14,843		14,546
RBS Global, Inc. 4.88%, 12/15/2025 (a)		15,325		15,689
SPX FLOW, Inc. 5.88%, 8/15/2026 (a)		6,474		6,814
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)		1,631		1,757
Terex Corp. 5.63%, 2/1/2025 (a)		16,082		16,281
TriMas Corp. 4.88%, 10/15/2025 (a)		5,000		5,081
Vertical Holdco GmbH (Germany) 7.63%, 7/15/2028 (a)		3,155		3,329
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		3,855		4,014
Welbilt, Inc. 9.50%, 2/15/2024		40		41
				68,264
Media — 6.2%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (a)		24,015		25,629
AMC Networks, Inc. 5.00%, 4/1/2024		265		270
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024		57,195		56,050
5.13%, 8/15/2027 (a)		20,953		21,169
CSC Holdings LLC 5.50%, 5/15/2026 (a)		8,850		9,283
5.50%, 4/15/2027 (a)		29,730		31,706
5.38%, 2/1/2028 (a)		10,162		10,838

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		9,726		7,586
DISH DBS Corp. 6.75%, 6/1/2021		20,674		21,191
5.88%, 7/15/2022		1,470		1,552
5.00%, 3/15/2023		34,382		35,585
5.88%, 11/15/2024		38,318		40,501
7.75%, 7/1/2026		36,752		42,080
Entercom Media Corp. 7.25%, 11/1/2024 (a)		16,821		13,457
6.50%, 5/1/2027 (a)		7,153		6,098
GCI LLC 6.63%, 6/15/2024 (a)		1,540		1,625
6.88%, 4/15/2025		11,220		11,626
Gray Television, Inc. 5.13%, 10/15/2024 (a)		7,380		7,545
5.88%, 7/15/2026 (a)		8,360		8,674
7.00%, 5/15/2027 (a)		12,102		13,130
iHeartCommunications, Inc. 6.38%, 5/1/2026		5,441		5,658
8.38%, 5/1/2027		25,312		25,439
5.25%, 8/15/2027 (a)		7,110		7,092
Lamar Media Corp. 4.88%, 1/15/2029 (a)		3,265		3,420
Liberty Interactive LLC 8.25%, 2/1/2030		4,134		4,444
Meredith Corp. 6.88%, 2/1/2026		20,214		17,560
Midcontinent Communications 5.38%, 8/15/2027 (a)		4,561		4,716
National CineMedia LLC 5.88%, 4/15/2028 (a)		5,420		4,390
Nexstar Broadcasting, Inc. 5.63%, 8/1/2024 (a)		6,360		6,526
5.63%, 7/15/2027 (a)		14,853		15,670
Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		6,183		6,073
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)		1,300		1,300
Sinclair Television Group, Inc. 5.63%, 8/1/2024 (a)		15,978		15,978
Sirius XM Radio, Inc. 3.88%, 8/1/2022 (a)		6,727		6,786
4.63%, 7/15/2024 (a)		1,324		1,377
5.38%, 7/15/2026 (a)		30,431		31,838
5.00%, 8/1/2027 (a)		9,593		10,175
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)		2,635		2,751
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)		9,929		10,298

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 173

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		7,730		8,619
Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)		7,364		8,016
5.13%, 4/15/2027 (a)		12,259		12,964
				576,685
Metals & Mining — 1.5%
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (a)		20,085		20,777
7.00%, 9/30/2026 (a)		8,260		8,838
5.50%, 12/15/2027 (a)		9,867		10,679
Allegheny Technologies, Inc. 5.88%, 12/1/2027		7,169		6,887
Arconic Corp. 6.00%, 5/15/2025 (a)		7,637		8,095
6.13%, 2/15/2028 (a)		9,710		10,244
Carpenter Technology Corp. 6.38%, 7/15/2028		6,581		6,872
Commercial Metals Co. 4.88%, 5/15/2023		5,918		6,155
5.38%, 7/15/2027		4,415		4,686
Constellium SE 5.75%, 5/15/2024 (a)		855		872
5.88%, 2/15/2026 (a)		3,490		3,573
Freeport-McMoRan, Inc. 4.13%, 3/1/2028		10,380		10,847
4.38%, 8/1/2028		8,606		9,042
5.40%, 11/14/2034		4,153		4,695
Novelis Corp. 5.88%, 9/30/2026 (a)		7,125		7,444
4.75%, 1/30/2030 (a)		7,520		7,621
United States Steel Corp. 12.00%, 6/1/2025 (a)		7,239		7,673
				135,000
Multiline Retail — 0.4%
Macy’s, Inc. 8.38%, 6/15/2025 (a)		16,885		17,723
Neiman Marcus Group Ltd. LLC 14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (a) (b) (h)		19,826		5,353
8.00%, 10/25/2024 (a) (b)		53,459		2,940
8.75%, 10/25/2024 (a) (b)		2,852		157
Nordstrom, Inc. 8.75%, 5/15/2025 (a)		13,261		14,634
				40,807

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 7.6%
Antero Midstream Partners LP 5.38%, 9/15/2024		9,435		8,703
5.75%, 3/1/2027 (a)		1,565		1,397
5.75%, 1/15/2028 (a)		8,764		7,747
Antero Resources Corp. 5.13%, 12/1/2022		5,526		4,801
5.63%, 6/1/2023		1,819		1,446
Apache Corp. 3.25%, 4/15/2022		9,000		8,983
4.63%, 11/15/2025		1,812		1,853
4.88%, 11/15/2027		1,812		1,852
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)		11,660		5,713
Blue Racer Midstream LLC 6.13%, 11/15/2022 (a)		22,374		22,263
6.63%, 7/15/2026 (a)		5		4
Buckeye Partners LP 4.13%, 3/1/2025 (a)		8,730		8,773
3.95%, 12/1/2026		10		10
4.13%, 12/1/2027		3,958		3,958
4.50%, 3/1/2028 (a)		7,996		8,163
Callon Petroleum Co. 6.25%, 4/15/2023		12,343		4,367
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		12,348		12,565
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		390		439
Cheniere Energy Partners LP
5.25%, 10/1/2025		6,240		6,385
5.63%, 10/1/2026		6,500		6,813
Chesapeake Energy Corp. 11.50%, 1/1/2025 (a) (b)		9,334		1,209
Comstock Resources, Inc.
7.50%, 5/15/2025 (a)		18,130		17,992
9.75%, 8/15/2026		15,711		16,804
Continental Resources, Inc. 5.00%, 9/15/2022		11,470		11,461
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		5,310		5,229
5.75%, 4/1/2025		13,529		12,943
5.63%, 5/1/2027 (a)		3,670		3,367
DCP Midstream Operating LP
3.88%, 3/15/2023		10,500		10,631
5.63%, 7/15/2027		5,950		6,426
6.75%, 9/15/2037 (a)		6,546		6,546
Delek Logistics Partners LP 6.75%, 5/15/2025		13,634		12,577

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Denbury Resources, Inc. 9.00%, 5/15/2021 (a)		4,669		2,335
Endeavor Energy Resources LP 6.63%, 7/15/2025 (a)		5,206		5,431
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (g)		14,202		5,681
4.40%, 4/1/2024		6,212		5,746
4.15%, 6/1/2025		7,808		6,958
4.85%, 7/15/2026		3,700		3,233
EP Energy LLC
9.38%, 5/1/2024 (a) (b)		6,216		1
8.00%, 11/29/2024 (a) (b)		7,738		8
8.00%, 2/15/2025 (a) (b)		15,015		2
7.75%, 5/15/2026 (a) (b)		26,909		5,852
EQM Midstream Partners LP
4.75%, 7/15/2023		660		673
6.00%, 7/1/2025 (a)		10,930		11,600
4.13%, 12/1/2026		3,075		3,016
6.50%, 7/1/2027 (a)		5,150		5,639
EQT Corp.
7.88%, 2/1/2025 (i)		7,223		8,292
3.90%, 10/1/2027		1,685		1,620
Genesis Energy LP
6.00%, 5/15/2023		7,230		6,762
6.25%, 5/15/2026		7,665		6,480
7.75%, 2/1/2028		6,709		5,971
Global Partners LP
7.00%, 6/15/2023		5,960		5,960
7.00%, 8/1/2027		240		241
Gulfport Energy Corp.
6.00%, 10/15/2024		10,250		6,099
6.38%, 5/15/2025		1,796		1,060
6.38%, 1/15/2026		8,845		5,174
Hilcorp Energy I LP
5.00%, 12/1/2024 (a)		8,040		7,618
5.75%, 10/1/2025 (a)		1,750		1,645
6.25%, 11/1/2028 (a)		9,002		8,462
Holly Energy Partners LP 5.00%, 2/1/2028 (a)		5,425		5,428
Jagged Peak Energy LLC 5.88%, 5/1/2026		10,191		10,395
Martin Midstream Partners LP
10.00%, 2/29/2024 (a)		3,619		3,759
11.50%, 2/28/2025 (a)		16,436		14,669

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
MEG Energy Corp. (Canada)
7.00%, 3/31/2024 (a)		2,332		2,315
6.50%, 1/15/2025 (a)		6,434		6,563
7.13%, 2/1/2027 (a)		11,966		11,448
NuStar Logistics LP
6.00%, 6/1/2026		2,000		2,093
5.63%, 4/28/2027		7,869		7,908
Oasis Petroleum, Inc.
6.88%, 3/15/2022		6,481		1,260
6.88%, 1/15/2023		250		48
6.25%, 5/1/2026 (a)		17,263		3,107
Occidental Petroleum Corp.
2.60%, 4/15/2022		3,535		3,447
2.70%, 8/15/2022		1,680		1,652
2.90%, 8/15/2024		3,455		3,179
3.50%, 6/15/2025		3,325		3,026
8.00%, 7/15/2025		9,681		10,533
5.88%, 9/1/2025		8,999		9,044
8.50%, 7/15/2027		10,497		11,619
6.38%, 9/1/2028		5,974		6,042
8.88%, 7/15/2030		12,183		13,766
6.63%, 9/1/2030		5,974		6,138
Parsley Energy LLC
5.38%, 1/15/2025 (a)		1,000		1,019
5.63%, 10/15/2027 (a)		4,149		4,294
PBF Holding Co. LLC
9.25%, 5/15/2025 (a)		2,871		3,144
6.00%, 2/15/2028 (a)		5,790		4,882
PBF Logistics LP 6.88%, 5/15/2023		6,058		6,009
Peabody Energy Corp. 6.00%, 3/31/2022 (a)		5,828		2,710
QEP Resources, Inc.
5.25%, 5/1/2023		4,482		3,675
5.63%, 3/1/2026		6,000		3,855
Range Resources Corp. 9.25%, 2/1/2026 (a)		12,430		13,089
SM Energy Co. 6.63%, 1/15/2027		7,195		3,526
Southwestern Energy Co. 8.38%, 9/15/2028		10,208		10,565
Summit Midstream Holdings LLC
5.50%, 8/15/2022		3,238		2,121
5.75%, 4/15/2025		12,188		6,947
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (a)		15,255		14,949
5.50%, 1/15/2028 (a)		2,335		2,137
Targa Resources Partners LP
5.25%, 5/1/2023		16,252		16,337

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 175

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.25%, 11/15/2023		785		790
6.75%, 3/15/2024		150		153
5.13%, 2/1/2025		11,582		11,828
5.88%, 4/15/2026		27,479		28,922
5.38%, 2/1/2027		1,455		1,502
6.50%, 7/15/2027		7,560		8,165
5.00%, 1/15/2028		8,650		8,843
6.88%, 1/15/2029		397		439
4.88%, 2/1/2031 (a)		9,862		9,936
TerraForm Power Operating LLC 5.00%, 1/31/2028 (a)		8,579		9,532
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)		13,500		9,790
Whiting Petroleum Corp.
5.75%, 3/15/2021 (b)		6,496		1,462
6.25%, 4/1/2023 (b)		3,730		839
6.63%, 1/15/2026 (b)		5,622		1,321
WPX Energy, Inc.
5.88%, 6/15/2028		20,759		21,071
4.50%, 1/15/2030		6,685		6,384
				700,654
Paper & Forest Products — 0.0% (j)
Boise Cascade Co. 4.88%, 7/1/2030 (a)		2,237		2,422
Personal Products — 0.2%
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		8,975		9,582
Prestige Brands, Inc.
6.38%, 3/1/2024 (a)		140		145
5.13%, 1/15/2028 (a)		3,415		3,581
Revlon Consumer Products Corp. 6.25%, 8/1/2024		6,417		939
				14,247
Pharmaceuticals — 3.0%
Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		6,492		6,395
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		32,965		36,549
8.50%, 1/31/2027 (a)		4,785		5,264
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (a)		514		513
7.00%, 3/15/2024 (a)		15,622		16,231
6.13%, 4/15/2025 (a)		21,469		22,086
5.50%, 11/1/2025 (a)		60,562		62,511
9.00%, 12/15/2025 (a)		41,647		45,591

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
5.75%, 8/15/2027 (a)		3,257		3,498
7.00%, 1/15/2028 (a)		9,333		9,940
5.00%, 1/30/2028 (a)		6,116		6,024
7.25%, 5/30/2029 (a)		7,021		7,706
5.25%, 1/30/2030 (a)		3,000		2,982
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (a)		10,001		10,201
5.00%, 7/15/2027 (a)		6,552		6,912
Endo Dac
5.88%, 10/15/2024 (a)		5,503		5,517
9.50%, 7/31/2027 (a)		8,336		9,024
6.00%, 6/30/2028 (a)		11,312		8,763
Mallinckrodt International Finance SA
5.75%, 8/1/2022 (a)		5,020		1,079
5.63%, 10/15/2023 (a)		5,340		1,068
5.50%, 4/15/2025 (a)		11,780		2,356
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		8,452		9,023
				279,233
Professional Services — 0.1%
Jaguar Holding Co. II
4.63%, 6/15/2025 (a)		3,249		3,379
5.00%, 6/15/2028 (a)		3,255		3,450
				6,829
Real Estate Management & Development — 0.0% (j)
Highland Ranch 6.70%, 9/1/2020 ‡		3,533		3,533
Road & Rail — 0.9%
Ashtead Capital, Inc. (United Kingdom) 4.13%, 8/15/2025 (a)		7,445		7,668
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (a)		1,173		1,150
5.25%, 3/15/2025 (a)		22,141		21,127
10.50%, 5/15/2025 (a)		14,345		16,629
5.75%, 7/15/2027 (a)		9,120		8,743
Hertz Corp. (The)
7.63%, 6/1/2022 (a) (b)		4,543		3,952
5.50%, 10/15/2024 (a) (b)		9,358		3,790
7.13%, 8/1/2026 (a) (b)		22,954		9,296
6.00%, 1/15/2028 (a) (b)		25,758		10,594
				82,949
Semiconductors & Semiconductor Equipment — 1.0%
ams AG (Austria) 7.00%, 7/31/2025 (a)		5,710		5,938
Entegris, Inc.
4.63%, 2/10/2026 (a)		4,926		5,088

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
4.38%, 4/15/2028 (a)		11,000		11,467
MagnaChip Semiconductor Corp. (South Korea) 6.63%, 7/15/2021 (i)		200		200
Microchip Technology, Inc. 4.25%, 9/1/2025 (a)		7,374		7,678
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		16,800		17,530
Qorvo, Inc. 5.50%, 7/15/2026		17,097		18,138
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		22,572		23,647
				89,686
Software — 0.7%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)		6,540		6,874
Ascend Learning LLC 6.88%, 8/1/2025 (a)		200		206
BY Crown Parent LLC 4.25%, 1/31/2026 (a)		6,683		6,824
CDK Global, Inc. 5.25%, 5/15/2029 (a)		19,053		20,785
Nuance Communications, Inc. 5.63%, 12/15/2026		13,096		13,882
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		17,560		18,809
				67,380
Specialty Retail — 1.4%
Asbury Automotive Group, Inc. 4.50%, 3/1/2028 (a)		1,815		1,856
Gap, Inc. (The) 8.38%, 5/15/2023 (a)		10,655		11,880
8.88%, 5/15/2027 (a)		3,130		3,529
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		4,201		4,191
L Brands, Inc. 6.88%, 7/1/2025 (a)		1,529		1,654
9.38%, 7/1/2025 (a)		1,114		1,298
6.88%, 11/1/2035		517		529
6.75%, 7/1/2036		2,538		2,589
PetSmart, Inc. 7.13%, 3/15/2023 (a)		37,810		38,089
5.88%, 6/1/2025 (a)		20,585		21,177
Staples, Inc. 7.50%, 4/15/2026 (a)		32,426		28,866
10.75%, 4/15/2027 (a)		20,744		14,417
				130,075
Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC 7.13%, 6/15/2024 (a)		8,871		9,211
5.85%, 7/15/2025 (a)		1,122		1,316
6.10%, 7/15/2027 (a)		2,245		2,642

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
6.20%, 7/15/2030 (a)		2,245		2,720
Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a)		3,573		3,841
NCR Corp. 8.13%, 4/15/2025 (a)		4,426		4,951
5.75%, 9/1/2027 (a)		14,144		14,852
5.00%, 10/1/2028 (a)		5,985		6,030
6.13%, 9/1/2029 (a)		8,985		9,636
				55,199
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc. 4.88%, 5/15/2026 (a)		5,545		6,037
Thrifts & Mortgage Finance — 0.5%
Nationstar Mortgage Holdings, Inc. 9.13%, 7/15/2026 (a)		9,636		10,483
5.50%, 8/15/2028 (a)		8,008		8,422
Quicken Loans LLC 5.75%, 5/1/2025 (a)		10,293		10,602
5.25%, 1/15/2028 (a)		11,905		12,693
				42,200
Trading Companies & Distributors — 1.4%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		20,086		8,336
H&E Equipment Services, Inc. 5.63%, 9/1/2025		8,530		8,850
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		14,646		15,342
United Rentals North America, Inc.
4.63%, 10/15/2025		13,780		14,089
5.88%, 9/15/2026		18,704		19,906
5.50%, 5/15/2027		462		494
3.88%, 11/15/2027		1,000		1,043
4.88%, 1/15/2028		5,980		6,358
5.25%, 1/15/2030		7,520		8,352
3.88%, 2/15/2031		9,723		10,003
WESCO Distribution, Inc. 5.38%, 6/15/2024		7,514		7,721
7.13%, 6/15/2025 (a)		12,480		13,715
7.25%, 6/15/2028 (a)		12,480		13,923
				128,132
Wireless Telecommunication Services — 3.8%
Hughes Satellite Systems Corp. 7.63%, 6/15/2021		9,578		9,938
6.63%, 8/1/2026		7,784		8,815
Sprint Communications, Inc. 9.25%, 4/15/2022		4,305		4,768
Sprint Corp. 7.25%, 9/15/2021		3,388		3,575
7.88%, 9/15/2023		28,997		33,727

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 177

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
7.13%, 6/15/2024		36,838		42,813
7.63%, 2/15/2025		43,942		52,621
7.63%, 3/1/2026		52,216		64,215
T-Mobile USA, Inc. 6.00%, 3/1/2023		2,500		2,503
6.00%, 4/15/2024		19,188		19,565
6.38%, 3/1/2025		11,088		11,324
3.50%, 4/15/2025 (a)		7,100		7,844
5.13%, 4/15/2025		5,475		5,613
6.50%, 1/15/2026		19,445		20,356
4.50%, 2/1/2026		25,267		26,083
3.75%, 4/15/2027 (a)		7,245		8,193
4.75%, 2/1/2028		21,127		22,764
3.88%, 4/15/2030 (a)		2,245		2,566
United States Cellular Corp. 6.70%, 12/15/2033		1,350		1,752
				349,035
Total Corporate Bonds (Cost $7,332,036)				7,296,964
Loan Assignments — 5.9% (k)
Auto Components — 0.1%
Adient US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 3 Month + 4.25%), 4.43%, 5/6/2024 (f)		3,897		3,862
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (f)		2,727		2,650
				6,512
Automobiles — 0.2%
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.48%, 8/14/2024 (f)		21,007		19,600
Communications Equipment — 0.1%
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 12/15/2024 (f)		8,845		8,583
Containers & Packaging — 0.5%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.52%, 4/3/2024 (f) (l)		21,166		20,077
Graham Packaging Co. Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/4/2027 (f) (l)		21,337		21,295

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Containers & Packaging — continued
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 2/5/2023 (f)		6,933		6,826
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 1/30/2021 (f)		7,087		6,189
				54,387
Distributors — 0.1%
Thyssenkrupp Elevator, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 4.57%, 6/30/2027 (f) (l)		9,983		9,889
Diversified Financial Services — 0.2%
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 5.32%, 10/1/2026 (f) (l)		18,474		18,409
Diversified Telecommunication Services — 0.6%
Altice France SA, 1st Lien Term loan B-13 (France) (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 8/14/2026 (f)		7,141		7,034
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.41%, 3/15/2027 (f)		6,805		6,565
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (f)		7,806		7,798
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.69%, 2/19/2026 (f)		11,742		11,099
Intelsat Jackson Holding, 1st Lien DIP Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 7/13/2022 (f) (l)		10,833		11,013
Intelsat Jackson Holdings, 12/31/2022 (d) (l)		5,416		5,416
Windstream Corp., 1st Lien Term Loan B (1-MONTH PRIME + 5.00%), 8.25%, 3/29/2021 (f)		3,818		2,291
				51,216
Electrical Equipment — 0.0% (j)
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 3/2/2027 (f)		4,444		4,348
Entertainment — 0.0% (j)
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 3/1/2025 (f)		1,305		1,269
Food & Staples Retailing — 0.3%
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 4/1/2024 ‡ (f)		12,671		12,537

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Food & Staples Retailing — continued
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (f)		9,143		6,993
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 10/22/2025 (f)		9,962		9,701
				29,231
Food Products — 0.1%
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (f)		9,099		8,987
Health Care Providers & Services — 0.5%
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 10/10/2025 (f) (l)		9,345		6,744
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (f)		31,515		31,160
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.19%, 6/26/2026 (f)		14,039		13,682
				51,586
Hotels, Restaurants & Leisure — 0.2%
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 7.50%, 12/1/2023 (f)		3,465		3,056
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (f)		11,290		11,130
				14,186
Household Products — 0.0% (j)
Kik Custom Products, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 5/15/2023 (f)		3,405		3,371
IT Services — 0.1%
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 7.50%, 7/12/2023 (f)		6,669		1,967
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 3/9/2027 (f)		10,369		10,056
				12,023
Leisure Products — 0.3%
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (b) (f)		4,920		2,460

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Leisure Products — continued
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (b) (f)		20,056		—	(c)
Hercules Achievement, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/16/2024 (f)		12,779		10,430
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.66%, 12/22/2025 (f) (l)		6,995		6,272
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (f)		4,704		4,473
				23,635
Machinery — 0.2%
Navistar International, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.66%, 11/6/2024 (f)		11,294		10,991
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.36%, 3/28/2025 (f) (l)		5,104		4,810
				15,801
Media — 0.5%
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 5/1/2026 (f)		13,831		13,099
Meredith Corp., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.67%, 1/31/2025 (f)		7,638		7,341
(ICE LIBOR USD 1 Month + 4.25%), 5.25%, 1/31/2025 (f)		11,415		11,224
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 9/18/2026 (f)		8,646		8,474
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026 (f)		8,313		7,530
				47,668
Multiline Retail — 0.2%
Neiman Marcus Group Ltd. LLC, 1st Lien DIP Term Loan (ICE LIBOR USD 1 Month + 12.75%), 14.00%, 10/7/2020 ‡ (f) (l)		12,504		12,692
1.12%, 12/30/2023 ‡ (d) (l)		794		806
Neiman Marcus Group Ltd. LLC, Term Loan (3-MONTH PRIME + 7.50%), 10.75%, 10/25/2023 (f)		8,362		1,345
				14,843

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 179

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Oil, Gas & Consumable Fuels — 0.4%
California Resources Corp., DIP Term Loan (ICE LIBOR USD 1 Month + 9.00%), 10.00%, 1/15/2021 ‡ (f)		19,500		19,500
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022 (f)		35,079		12,677
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (f)		9,873		6,783
				38,960
Personal Products — 0.0% (j)
Revlon Consumer Products Corp., Term Loan B (ICE LIBOR USD 1 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 4.25%, 9/7/2023 (f)		7,608		1,921
Pharmaceuticals — 0.5%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024 (f)		12,505		11,927
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.18%, 6/2/2025 (f)		30,726		30,201
				42,128
Software — 0.2%
Cornerstone OnDemand, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.43%, 4/22/2027 (f)		6,875		6,856
Greeneden US Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 12/1/2023 (f)		4,854		4,770
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 2/25/2027 (f)		2,909		2,843
				14,469
Specialty Retail — 0.4%
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 6.81%, 12/18/2026 (f) (m)		13,408		10,408
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2022 (f)		26,501		26,426
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.25%, 4/16/2026 (f) (l)		1,387		1,175
				38,009

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 0.0% (j)
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.75%, 9/19/2025 (f)		1,425		1,414
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.16%, 4/1/2027 (f)		17,520		17,557
Total Loan Assignments (Cost $596,646)				550,002
	SHARES (000)
Preferred Stocks — 0.5%
Automobiles — 0.0% (j)
General Motors Co.
7.38%, 10/1/2051 ‡		47		—	(c)
General Motors Corp.  — Automotive Division
7.25%, 4/15/2041 ‡		246		—	(c)
7.38%, 5/15/2048 ‡		404		—	(c)
0.68%, 6/1/2049 ‡		50		—	(c)
7.25%, 2/15/2052 ‡		548		—	(c)
Motors Liquidation Co.
0.00%, 7/15/2041 ‡		284		—	(c)
				—	(c)
Banks  — 0.1%
GMAC Capital Trust I Series 2, (ICE LIBOR USD 3 Month + 5.79%), 6.07%, 2/15/2040 ($25 par value) (f)		260		6,378
Communications Equipment  — 0.0% (j)
Goodman Networks, Inc. (Preference) * ‡		358		4
Internet & Direct Marketing Retail  — 0.2%
MYT Holding Co. 10.00%, 6/7/2029 (a)		15,892		14,224
Specialty Retail  — 0.2%
Claire’s Stores, Inc. * ‡		12		21,181
Total Preferred Stocks (Cost $26,232)				41,787
Common Stocks  — 0.4%
Aerospace & Defense  — 0.0% (j)
Remington Outdoor Co., Inc. * ‡		399		—	(c)
Communications Equipment  — 0.0% (j)
Goodman Networks, Inc. * ‡		300		—	(c)
Diversified Financial Services  — 0.0% (j)
ACC Claims Holdings LLC * ‡		7,076		71
Adelphia Recovery Trust * ‡		9,055		—	(c)
				71

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Energy Equipment & Services  — 0.0% (j)
Telford Offshore Holdings Ltd. (Cayman Islands) * ‡		368		138
Food & Staples Retailing  — 0.0% (j)
Moran Foods Backstop Equity * ‡		616		616
Hotels, Restaurants & Leisure  — 0.0% (j)
AMC Entertainment Holdings, Inc., Class A		96		564
Independent Power and Renewable Electricity Producers  — 0.2%
Vistra Corp.		550		10,576
Media  — 0.0% (j)
Clear Channel Outdoor Holdings, Inc. *		2,312		2,705
iHeartMedia, Inc., Class A *		78		719
				3,424
Oil, Gas & Consumable Fuels  — 0.0% (j)
Penn Virginia Corp. *		39		449
Ultra Petroleum Corp. *		195		1
				450
Pharmaceuticals — 0.0% (j)
Advanz Pharma Corp. Ltd. (Canada) *		1,032		3,461
Software — 0.0% (j)
Avaya Holdings Corp. *		282		4,383
Specialty Retail — 0.2%
Claire’s Stores, Inc. * ‡		17		9,187
Total Common Stocks (Cost $59,151)				32,870
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.3%
Hotels, Restaurants & Leisure — 0.0% (j)
Royal Caribbean Cruises Ltd. 4.25%, 6/15/2023 (a)		500		607
Media — 0.3%
DISH Network Corp. 3.38%, 8/15/2026		18,645		18,389
Liberty Interactive LLC 4.00%, 11/15/2029		2,570		1,889
3.75%, 2/15/2030		4,448		3,264
				23,542
Oil, Gas & Consumable Fuels — 0.0% (j)
Whiting Petroleum Corp. 1.25%, 4/1/2020 (b)		2,580		593
Total Convertible Bonds (Cost $23,194)				24,742

INVESTMENTS	NO. OF WARRANTS (000)		VALUE ($000)
Warrants — 0.0% (j)
Oil, Gas & Consumable Fuels — 0.0% (j)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD *		818		29
Wireless Telecommunication Services — 0.0% (j)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		586		4,395
Total Warrants (Cost $10,491)				4,424
	NO. OF RIGHTS (000)
Rights — 0.0% (j)
Independent Power and Renewable Electricity Producers — 0.0% (j)
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $—)		2,797		3,077
	SHARES (000)
Convertible Preferred Stocks — 0.0% (j)
Automobiles — 0.0% (j)
General Motors Co. 5.25%, 3/6/2032 ‡		973		—	(c)
General Motors Corp. — Automotive Division 1.50%, 7/15/2033 ‡		953		—	(c)
Total Convertible Preferred Stocks (Cost $—)				—	(c)
SHORT-TERM INVESTMENTS — 12.9%
INVESTMENT COMPANIES — 12.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (n) (o) (Cost $1,192,070)		1,192,070		1,192,070
Total Investments — 98.9% (Cost $9,239,820)				9,145,936
Other Assets Less Liabilities — 1.1%				102,059
NET ASSETS — 100.0%				9,247,995

Percentages indicated are based on net assets.

Abbreviations

DIP	Debtor-in-Possession
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 181

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(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 August 31, 2020.
(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 August 31, 2020.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

(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 August 31, 2020.
(j)	Amount rounds to less than 0.1% of net assets.
(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 August 31, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(m)	Fund is subject to legal or contractual restrictions on the resale of the security.
(n)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(o)	The rate shown is the current yield as of August 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Centrally Cleared Credit default swap contracts outstanding — sell protection^(a) as of August 31, 2020 (amounts in thousands):

Reference Obligation/Index

Financing Rate Paid by the Fund (%)

Payment Frequency

Maturity Date

Implied Credit Spread (%) (b)

Notional Amount (c)

Upfront Payments (Receipts) ($) (d)

Unrealized Appreciation (Depreciation) ($)

Value ($)

CDX.NA.HY.34-V8

5.00

Quarterly

6/20/2025

3.64

USD 292,500

(1,417

)

19,817

18,400

Abbreviations

CDX	Credit Default Swap Index
USD	United States Dollar

^(a) 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.

^(b) 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.

^(c) 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.

^(d) 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.

182 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 31.2%
Aerospace & Defense — 0.4%
Bombardier, Inc. (Canada)
6.00%, 10/15/2022 (a)		338		287
7.50%, 12/1/2024 (a)		589		442
7.50%, 3/15/2025 (a)		5,000		3,675
BWX Technologies, Inc. 5.38%, 7/15/2026 (a)		1,885		1,975
Howmet Aerospace, Inc.
5.13%, 10/1/2024		4,373		4,691
5.90%, 2/1/2027		3,054		3,453
6.75%, 1/15/2028		118		137
5.95%, 2/1/2037		110		124
TransDigm, Inc. 6.25%, 3/15/2026 (a)		5,712		6,027
Triumph Group, Inc.
5.25%, 6/1/2022		50		39
6.25%, 9/15/2024 (a)		2,566		2,099
7.75%, 8/15/2025		2,540		1,505
				24,454
Air Freight & Logistics — 0.1%
XPO Logistics, Inc.
6.13%, 9/1/2023 (a)		3,005		3,054
6.75%, 8/15/2024 (a)		3,998		4,251
				7,305
Airlines — 0.0% (b)
United Airlines Holdings, Inc.
5.00%, 2/1/2024		266		240
4.88%, 1/15/2025		388		333
				573
Auto Components — 0.9%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		3,620		3,394
Adient US LLC 7.00%, 5/15/2026 (a)		4,760		5,113
Allison Transmission, Inc.
5.00%, 10/1/2024 (a)		2,130		2,151
4.75%, 10/1/2027 (a)		1,648		1,722
5.88%, 6/1/2029 (a)		3,485		3,817
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		9,630		9,931
6.25%, 3/15/2026		828		844
6.50%, 4/1/2027		3,140		3,226
Clarios Global LP
6.25%, 5/15/2026 (a)		2,900		3,076
8.50%, 5/15/2027 (a)		2,780		2,952
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (a)		884		499

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Auto Components — continued
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (a)		2,380		2,508
Dana, Inc. 5.38%, 11/15/2027		2,745		2,911
Delphi Technologies plc 5.00%, 10/1/2025 (a)		2,940		3,370
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		813		814
5.00%, 5/31/2026		503		505
4.88%, 3/15/2027		118		118
Icahn Enterprises LP
6.25%, 2/1/2022		1,575		1,593
6.75%, 2/1/2024		370		381
4.75%, 9/15/2024		500		516
6.25%, 5/15/2026		4,191		4,474
IHO Verwaltungs GmbH (Germany) 4.75% (cash), 9/15/2026 (a) (c)		4,960		5,031
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)		331		352
Tenneco, Inc.
5.38%, 12/15/2024		540		416
5.00%, 7/15/2026		1,335		978
				60,692
Automobiles — 0.0% (b)
General Motors Co. 5.00%, 4/1/2035		240		260
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027 (a)		1,000		840
				1,100
Banks — 0.9%
Banco Mercantil del Norte SA (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (d) (e) (f) (g)		3,700		3,710
Bank of America Corp.
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (d) (e) (g)		716		804
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (d) (e) (g)		34		39
Barclays plc (United Kingdom) (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (d) (e) (g)		9,750		10,326
CIT Group, Inc. 5.25%, 3/7/2025		1,094		1,192
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (d) (e) (g)		43		43
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (d) (e) (g)		865		906

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 183

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (g)		4,714		5,091
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (d) (e) (g)		83		94
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (d) (e) (g)		200		237
Development Bank of the Republic of Belarus JSC (Belarus) 6.75%, 5/2/2024 (a)		2,600		2,444
ING Groep NV (Netherlands) (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (d) (e) (f) (g)		900		948
National Australia Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (e)		1,400		1,559
Natwest Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (d) (e) (g)		5,500		5,781
6.00%, 12/19/2023		665		750
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (d) (e) (g)		12,295		12,952
Societe Generale SA (France)
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (d) (e) (g)		739		765
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (a) (d) (e) (g)		200		228
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022 (a) (d) (e) (g)		500		526
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (e)		5,096		5,271
Wachovia Capital Trust III (ICE LIBOR USD 3 Month + 0.93%), 5.57%, 10/5/2020 (d) (e) (g)		4,738		4,763
				58,429
Building Products — 0.4%
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (a)		125		130
American Woodmark Corp. 4.88%, 3/15/2026 (a)		1,525		1,552
Builders FirstSource, Inc. 6.75%, 6/1/2027 (a)		1,696		1,849
Elementia SAB de CV (Mexico) 5.50%, 1/15/2025 (f)		1,400		1,299

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Building Products — continued
James Hardie International Finance DAC
4.75%, 1/15/2025 (a)		450		464
5.00%, 1/15/2028 (a)		500		531
JELD-WEN, Inc.
6.25%, 5/15/2025 (a)		1,015		1,090
4.63%, 12/15/2025 (a)		440		442
4.88%, 12/15/2027 (a)		950		988
Masonite International Corp.
5.75%, 9/15/2026 (a)		3,330		3,496
5.38%, 2/1/2028 (a)		2,710		2,900
PGT Innovations, Inc. 6.75%, 8/1/2026 (a)		265		283
Standard Industries, Inc.
6.00%, 10/15/2025 (a)		205		211
5.00%, 2/15/2027 (a)		340		355
4.75%, 1/15/2028 (a)		7,193		7,570
3.38%, 1/15/2031 (a)		1,064		1,056
Summit Materials LLC
5.13%, 6/1/2025 (a)		260		263
6.50%, 3/15/2027 (a)		1,145		1,222
				25,701
Capital Markets — 0.4%
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (a) (d) (e) (g)		9,000		9,707
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027 (a) (d) (e) (g)		4,760		4,849
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (d) (e) (g)		5,070		4,867
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (d) (e) (g)		4,072		4,213
LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		1,150		1,196
MSCI, Inc. 5.38%, 5/15/2027 (a)		2,543		2,746
UBS Group AG (Switzerland) (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (d) (e) (f) (g)		250		283
				27,861
Chemicals — 0.8%
Axalta Coating Systems LLC
4.88%, 8/15/2024 (a)		800		820
4.75%, 6/15/2027 (a)		3,740		3,917

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
Chemours Co. (The)
6.63%, 5/15/2023		970		975
7.00%, 5/15/2025		7,326		7,491
CVR Partners LP 9.25%, 6/15/2023 (a)		2,392		2,350
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (a)		3,485		3,624
Hexion, Inc. 7.88%, 7/15/2027 (a)		3,110		3,118
Huntsman International LLC 5.13%, 11/15/2022		200		215
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (a)		2,500		2,530
Nouryon Holding BV (Netherlands) 8.00%, 10/1/2026 (a)		6,070		6,502
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)		3,250		3,226
5.00%, 5/1/2025 (a)		1,272		1,272
5.25%, 6/1/2027 (a)		3,451		3,338
Olin Corp. 5.63%, 8/1/2029		2,620		2,620
Rain CII Carbon LLC 7.25%, 4/1/2025 (a)		150		148
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		1,775		1,901
4.50%, 10/15/2029		2,975		3,183
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		2,026		2,032
Tronox, Inc. 6.50%, 4/15/2026 (a)		1,804		1,858
Valvoline, Inc. 4.38%, 8/15/2025		15		16
				51,136
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 5.25%, 12/15/2024 (a)		2,689		2,750
ADT Security Corp. (The)
4.13%, 6/15/2023		246		257
4.88%, 7/15/2032 (a)		1,405		1,503
Allied Universal Holdco LLC
6.63%, 7/15/2026 (a)		1,542		1,654
9.75%, 7/15/2027 (a)		72		80
Aramark Services, Inc.
5.00%, 4/1/2025 (a)		620		626
5.00%, 2/1/2028 (a)		4,951		4,957
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		995		1,033
Clean Harbors, Inc. 4.88%, 7/15/2027 (a)		2,860		3,000
Covanta Holding Corp.
5.88%, 3/1/2024		200		204
5.88%, 7/1/2025		1,390		1,450

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Services & Supplies — continued
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (a)		1,750		1,761
Harsco Corp. 5.75%, 7/31/2027 (a)		139		145
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (a)		125		125
5.00%, 2/1/2025 (a)		146		149
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		5,180		5,185
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (a)		653		692
5.75%, 4/15/2026 (a)		4,665		5,156
				30,727
Communications Equipment — 0.4%
CommScope Technologies LLC 6.00%, 6/15/2025 (a)		4,096		4,199
CommScope, Inc.
5.50%, 3/1/2024 (a)		170		176
6.00%, 3/1/2026 (a)		7,760		8,244
8.25%, 3/1/2027 (a)		4,945		5,353
Nokia OYJ (Finland) 4.38%, 6/12/2027		2,600		2,846
Plantronics, Inc. 5.50%, 5/31/2023 (a)		2,380		2,247
				23,065
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		1,928		2,114
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048		2,091		2,330
Bioceanico Sovereign Certificate Ltd. (Cayman Islands) Zero Coupon, 6/5/2034 (f)		3,378		2,486
				6,930
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)
5.00%, 10/1/2021		2,164		2,226
4.50%, 9/15/2023		2,900		2,980
Ally Financial, Inc.
4.13%, 2/13/2022		35		36
5.13%, 9/30/2024		128		143
4.63%, 3/30/2025		1,366		1,511
5.75%, 11/20/2025		5,925		6,652
8.00%, 11/1/2031		418		568
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		5,500		5,323
5.13%, 10/1/2023 (a)		160		156
5.25%, 5/15/2024 (a)		355		344

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 185

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		1,166		962
Ford Motor Credit Co. LLC
3.22%, 1/9/2022		934		929
3.09%, 1/9/2023		2,350		2,336
3.37%, 11/17/2023		2,620		2,634
4.69%, 6/9/2025		7,970		8,188
4.39%, 1/8/2026		1,500		1,526
4.54%, 8/1/2026		3,245		3,312
4.27%, 1/9/2027		13,840		13,943
4.13%, 8/17/2027		2,620		2,616
General Motors Financial Co., Inc. 5.25%, 3/1/2026		270		307
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024 (a) (c)		3,580		2,111
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.27%, 12/21/2065 (a) (e)		1,135		621
Navient Corp. 6.13%, 3/25/2024		5,680		5,951
OneMain Finance Corp.
6.13%, 5/15/2022		245		257
5.63%, 3/15/2023		272		288
6.88%, 3/15/2025		935		1,054
7.13%, 3/15/2026		3,197		3,669
6.63%, 1/15/2028		4,603		5,255
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (a)		2,496		2,382
5.50%, 2/15/2024 (a)		990		976
				79,256
Containers & Packaging — 0.8%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (a)		2,246		2,342
5.25%, 8/15/2027 (a)		8,782		9,136
Ball Corp. 4.00%, 11/15/2023		40		43
Berry Global, Inc.
5.13%, 7/15/2023		80		81
4.50%, 2/15/2026 (a)		525		535
4.88%, 7/15/2026 (a)		7,076		7,519
Crown Americas LLC 4.75%, 2/1/2026		860		897
Greif, Inc. 6.50%, 3/1/2027 (a)		1,690		1,800
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		7,145		7,663
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (a)		5,060		5,136
7.25%, 4/15/2025 (a)		5,185		5,041

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Containers & Packaging — continued
OI European Group BV 4.00%, 3/15/2023 (a)		14		14
Sealed Air Corp.
5.13%, 12/1/2024 (a)		1,995		2,195
5.50%, 9/15/2025 (a)		250		280
Smurfit Kappa Treasury Funding DAC (Ireland) 7.50%, 11/20/2025		950		1,162
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026 (a) (h)		6,991		7,372
8.50%, 8/15/2027 (a) (h)		1,545		1,700
				52,916
Distributors — 0.2%
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		4,207		4,386
Wolverine Escrow LLC
8.50%, 11/15/2024 (a)		2,565		1,975
9.00%, 11/15/2026 (a)		5,895		4,539
				10,900
Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 5/15/2024		300		305
7.50%, 4/1/2027		535		647
4.63%, 12/15/2027		2,455		2,645
5.13%, 6/1/2029		3,309		3,667
3.38%, 8/15/2030		1,426		1,453
				8,717
Diversified Financial Services — 0.2%
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		1,203		1,221
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (a)		2,967		3,185
8.25%, 11/15/2026 (a)		201		223
Sabre GLBL, Inc.
5.38%, 4/15/2023 (a)		4,975		5,026
5.25%, 11/15/2023 (a)		875		868
				10,523
Diversified Telecommunication Services — 2.9%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027 (a)		5,232		5,997
6.00%, 2/15/2028 (a)		1,450		1,450
Altice France SA (France)
7.38%, 5/1/2026 (a)		11,290		11,986
8.13%, 2/1/2027 (a)		400		446
5.50%, 1/15/2028 (a)		3,500		3,675

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
CCO Holdings LLC
5.38%, 5/1/2025 (a)		265		273
5.75%, 2/15/2026 (a)		10,531		11,037
5.50%, 5/1/2026 (a)		3,082		3,221
5.13%, 5/1/2027 (a)		18,685		19,899
5.88%, 5/1/2027 (a)		3,524		3,705
5.00%, 2/1/2028 (a)		12,412		13,126
5.38%, 6/1/2029 (a)		1,229		1,351
4.75%, 3/1/2030 (a)		4,817		5,175
4.25%, 2/1/2031 (a)		4,673		4,882
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		388		430
Series Y, 7.50%, 4/1/2024		3,707		4,203
5.63%, 4/1/2025		2,711		2,924
5.13%, 12/15/2026 (a)		6,300		6,533
4.00%, 2/15/2027 (a)		5,090		5,172
Series G, 6.88%, 1/15/2028		17		19
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (a)		1,740		1,799
8.00%, 10/15/2025 (a)		325		347
DKT Finance ApS (Denmark) 9.38%, 6/17/2023 (a)		1,150		1,159
Embarq Corp. 8.00%, 6/1/2036		1,643		1,970
Frontier Communications Corp.
7.63%, 4/15/2024 (i)		158		66
6.88%, 1/15/2025 (i)		357		142
11.00%, 9/15/2025 (i)		369		158
8.50%, 4/1/2026 (a) (h) (i)		2,274		2,302
8.00%, 4/1/2027 (a) (h) (i)		5,235		5,261
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023 (i)		8,602		5,720
8.00%, 2/15/2024 (a) (h) (i)		5,129		5,232
8.50%, 10/15/2024 (a) (i)		5,163		3,511
9.75%, 7/15/2025 (a) (i)		1,765		1,218
Level 3 Financing, Inc.
5.63%, 2/1/2023		42		42
5.38%, 1/15/2024		375		379
5.38%, 5/1/2025		4,436		4,569
5.25%, 3/15/2026		3,416		3,562
4.63%, 9/15/2027 (a)		5,776		6,050
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044 (a)		110		114
Sprint Capital Corp. 6.88%, 11/15/2028		148		189
8.75%, 3/15/2032		12,816		19,358

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		6,765		8,421
6.00%, 9/30/2034		2,211		2,686
7.72%, 6/4/2038		3,920		5,461
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		500		552
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 8/15/2026 (a)		2,560		2,698
5.50%, 5/15/2029 (a)		6,015		6,503
Windstream Services LLC 8.63%, 10/31/2025 (a) (h) (i)		477		289
				195,262
Electric Utilities — 0.5%
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030 (a)		500		599
Empresa de Transmision Electrica SA (Panama) 5.13%, 5/2/2049 (a)		1,100		1,294
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021 (f)		3,900		3,806
Fenix Power Peru SA (Peru) 4.32%, 9/20/2027 (f)		2,678		2,692
Inkia Energy Ltd. (Peru) 5.88%, 11/9/2027 (f)		2,200		2,321
Instituto Costarricense de Electricidad (Costa Rica)
6.95%, 11/10/2021 (f)		1,300		1,300
6.38%, 5/15/2043 (f)		690		535
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (a)		213		227
4.25%, 9/15/2024 (a)		52		55
4.50%, 9/15/2027 (a)		201		220
NRG Energy, Inc.
7.25%, 5/15/2026		2,315		2,475
6.63%, 1/15/2027		495		530
5.75%, 1/15/2028		3,166		3,444
5.25%, 6/15/2029 (a)		294		320
PG&E Corp. 5.00%, 7/1/2028		4,100		4,090
Vistra Operations Co. LLC
5.50%, 9/1/2026 (a)		501		526
5.63%, 2/15/2027 (a)		1,370		1,449
5.00%, 7/31/2027 (a)		3,380		3,585
				29,468

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 187

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electrical Equipment — 0.0% (b)
Sensata Technologies BV
4.88%, 10/15/2023 (a)		255		269
5.63%, 11/1/2024 (a)		200		218
5.00%, 10/1/2025 (a)		517		562
				1,049
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC
5.50%, 12/1/2024		390		433
5.00%, 9/1/2025		468		485
4.25%, 4/1/2028		6,300		6,584
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		2,770		2,922
				10,424
Energy Equipment & Services — 0.2%
Archrock Partners LP 6.88%, 4/1/2027 (a)		1,701		1,752
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)		3,575		1,609
Nabors Industries, Inc. 5.75%, 2/1/2025		414		119
Precision Drilling Corp. (Canada)
7.75%, 12/15/2023		75		59
5.25%, 11/15/2024		201		141
7.13%, 1/15/2026 (a)		3,376		2,295
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (a)		660		251
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		4,650		4,165
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)		259		215
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		313		275
Transocean, Inc.
7.25%, 11/1/2025 (a)		8		3
7.50%, 1/15/2026 (a)		464		144
8.00%, 2/1/2027 (a)		1,645		503
				11,531
Entertainment — 0.4%
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (a)		915		787
12.00% (PIK), 6/15/2026 (a) (c)		2,432		874
Cinemark USA, Inc. 4.88%, 6/1/2023		3,316		3,051
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (a)		3,410		3,350
5.63%, 3/15/2026 (a)		643		633
6.50%, 5/15/2027 (a)		1,985		2,169
4.75%, 10/15/2027 (a)		1,820		1,722

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Entertainment — continued
Netflix, Inc.
5.88%, 2/15/2025		50		58
4.88%, 4/15/2028		3,845		4,451
5.88%, 11/15/2028		5,335		6,549
5.38%, 11/15/2029 (a)		202		243
4.88%, 6/15/2030 (a)		1,855		2,149
WMG Acquisition Corp. 5.50%, 4/15/2026 (a)		525		546
				26,582
Equity Real Estate Investment Trusts (REITs) — 0.7%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		3,421		2,788
ESH Hospitality, Inc.
5.25%, 5/1/2025 (a)		3,700		3,755
4.63%, 10/1/2027 (a)		1,915		1,915
GEO Group, Inc. (The) 5.88%, 10/15/2024		250		196
GLP Capital LP
5.25%, 6/1/2025		225		243
5.75%, 6/1/2028		250		285
HAT Holdings I LLC 5.25%, 7/15/2024 (a)		483		506
Iron Mountain, Inc.
4.88%, 9/15/2027 (a)		3,444		3,572
5.25%, 3/15/2028 (a)		763		803
4.88%, 9/15/2029 (a)		1,325		1,377
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		4,022		4,344
5.75%, 2/1/2027		2,400		2,655
MPT Operating Partnership LP 4.63%, 8/1/2029		1,472		1,571
RHP Hotel Properties LP 5.00%, 4/15/2023		875		860
4.75%, 10/15/2027		5,575		5,073
SBA Communications Corp. 4.88%, 9/1/2024		1,225		1,258
Uniti Group LP
6.00%, 4/15/2023 (a)		4,795		4,845
8.25%, 10/15/2023		99		98
7.13%, 12/15/2024 (a)		65		62
VICI Properties LP
3.50%, 2/15/2025 (a)		590		591
4.25%, 12/1/2026 (a)		3,443		3,521
3.75%, 2/15/2027 (a)		1,945		1,940
4.63%, 12/1/2029 (a)		1,532		1,593
4.13%, 8/15/2030 (a)		2,240		2,246
				46,097

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc.
6.63%, 6/15/2024		467		482
5.75%, 3/15/2025		6,124		6,293
3.25%, 3/15/2026 (a)		1,787		1,823
7.50%, 3/15/2026 (a)		1,480		1,654
4.63%, 1/15/2027 (a)		1,755		1,854
5.88%, 2/15/2028 (a)		1,317		1,422
3.50%, 3/15/2029 (a)		1,783		1,796
4.88%, 2/15/2030 (a)		1,160		1,247
Cencosud SA (Chile) 6.63%, 2/12/2045 (f)		2,600		3,032
New Albertsons LP
6.63%, 6/1/2028		8		9
7.45%, 8/1/2029		113		128
8.00%, 5/1/2031		870		1,000
Rite Aid Corp.
7.50%, 7/1/2025 (a)		2,814		2,814
8.00%, 11/15/2026 (a)		3,876		3,924
Tesco plc (United Kingdom) 6.15%, 11/15/2037 (a)		870		1,123
				28,601
Food Products — 0.5%
B&G Foods, Inc. 5.25%, 4/1/2025		2,741		2,836
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)		1,640		1,740
Dole Food Co., Inc. 7.25%, 6/15/2025 (a)		650		650
JBS USA LUX SA
5.88%, 7/15/2024 (a)		299		305
5.75%, 6/15/2025 (a)		1,228		1,268
6.75%, 2/15/2028 (a)		1,253		1,386
6.50%, 4/15/2029 (a)		757		859
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a)		4,405		4,609
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (a)		2,695		2,769
5.88%, 9/30/2027 (a)		397		422
Post Holdings, Inc.
5.00%, 8/15/2026 (a)		2,852		2,960
5.75%, 3/1/2027 (a)		342		361
5.63%, 1/15/2028 (a)		100		107
5.50%, 12/15/2029 (a)		4,455		4,884
4.63%, 4/15/2030 (a)		1,095		1,143
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026 (a)		3,000		3,045
				29,344

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		189		206
5.50%, 5/20/2025		3,952		4,338
5.88%, 8/20/2026		2,038		2,309
5.75%, 5/20/2027		277		312
				7,165
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		2,257		2,387
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025 (a)		1,093		1,129
4.38%, 9/15/2027 (a)		3,560		3,723
Hologic, Inc. 4.38%, 10/15/2025 (a)		4,315		4,404
Teleflex, Inc. 4.88%, 6/1/2026		386		403
				12,046
Health Care Providers & Services — 2.0%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		738		748
6.50%, 3/1/2024		211		217
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (a)		375		370
Centene Corp.
4.75%, 1/15/2025		421		433
5.25%, 4/1/2025 (a)		873		906
5.38%, 6/1/2026 (a)		7,395		7,819
4.25%, 12/15/2027		3,261		3,424
4.63%, 12/15/2029		3,950		4,329
3.38%, 2/15/2030		1,140		1,186
Community Health Systems, Inc.
6.25%, 3/31/2023		4,288		4,299
8.63%, 1/15/2024 (a)		5,285		5,523
8.13%, 6/30/2024 (a)		815		566
8.00%, 3/15/2026 (a)		101		105
DaVita, Inc. 3.75%, 2/15/2031 (a)		3,063		3,023
Encompass Health Corp.
5.75%, 11/1/2024		378		380
5.75%, 9/15/2025		1,960		2,027
4.50%, 2/1/2028		4,630		4,748
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		1,122		494
HCA, Inc.
5.88%, 5/1/2023		355		389
5.38%, 2/1/2025		2,180		2,455
5.88%, 2/15/2026		15,089		17,277

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 189

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
5.25%, 6/15/2026		145		171
5.63%, 9/1/2028		11,934		14,193
5.88%, 2/1/2029		17,085		20,752
3.50%, 9/1/2030		1,515		1,589
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (c)		456		463
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)		1,018		692
Tenet Healthcare Corp.
6.75%, 6/15/2023		1,765		1,880
4.63%, 7/15/2024		1,712		1,751
4.63%, 9/1/2024 (a)		86		88
5.13%, 5/1/2025		3,302		3,368
4.88%, 1/1/2026 (a)		9,842		10,236
6.25%, 2/1/2027 (a)		10,278		10,792
5.13%, 11/1/2027 (a)		2,291		2,417
				129,110
Health Care Technology — 0.1%
IQVIA, Inc.
5.00%, 10/15/2026 (a)		2,787		2,912
5.00%, 5/15/2027 (a)		2,912		3,065
				5,977
Hotels, Restaurants & Leisure — 1.5%
1011778 BC ULC (Canada)
4.25%, 5/15/2024 (a)		1,658		1,689
5.00%, 10/15/2025 (a)		2,725		2,799
3.88%, 1/15/2028 (a)		1,970		2,019
Boyd Gaming Corp.
6.38%, 4/1/2026		2,069		2,157
6.00%, 8/15/2026		1,625		1,704
Boyne USA, Inc. 7.25%, 5/1/2025 (a)		594		630
Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		2,240		2,145
CCM Merger, Inc. 6.00%, 3/15/2022 (a)		1,038		1,033
Cedar Fair LP
5.38%, 4/15/2027		24		24
5.25%, 7/15/2029		1,975		1,914
Cirsa Finance International SARL (Spain) 7.88%, 12/20/2023 (a)		1,820		1,638
Colt Merger Sub, Inc. 5.75%, 7/1/2025 (a)		234		245
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)		726		617

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hotels, Restaurants & Leisure — continued
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		851		774
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		1,032		1,130
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024 (a)		982		825
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		4,492		4,638
4.88%, 1/15/2030		1,404		1,446
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		459		474
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		1,379		1,393
4.88%, 4/1/2027		3,059		3,135
International Game Technology plc
6.25%, 2/15/2022 (a)		1,227		1,261
6.50%, 2/15/2025 (a)		1,825		1,985
6.25%, 1/15/2027 (a)		3,085		3,380
IRB Holding Corp. 6.75%, 2/15/2026 (a)		858		872
KFC Holding Co. 4.75%, 6/1/2027 (a)		1,440		1,512
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		3,565		3,703
4.75%, 1/15/2028		18		17
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026 (a)		3,050		2,966
MGM Resorts International
6.00%, 3/15/2023		745		786
5.75%, 6/15/2025		4,419		4,736
4.63%, 9/1/2026		4,428		4,505
5.50%, 4/15/2027		4,150		4,389
Motion Bondco DAC (United Kingdom) 6.63%, 11/15/2027 (a)		500		431
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023 (a)		1,180		1,301
11.50%, 6/1/2025 (a)		3,418		3,965
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		4,321		4,275
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (a)		3,291		3,191
5.50%, 4/15/2027 (a)		1,740		1,697
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		3,716		3,961

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Station Casinos LLC
5.00%, 10/1/2025 (a)		3,136		3,099
4.50%, 2/15/2028 (a)		760		722
Wyndham Destinations, Inc.
4.25%, 3/1/2022		8		8
6.35%, 10/1/2025 (h)		143		150
5.75%, 4/1/2027 (h)		1,508		1,546
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		5,189		5,137
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		4,453		4,342
Yum! Brands, Inc. 4.75%, 1/15/2030 (a)		3,563		3,928
				100,294
Household Durables — 0.4%
Lennar Corp. 5.88%, 11/15/2024		117		131
4.75%, 5/30/2025		874		957
5.25%, 6/1/2026		4,166		4,701
5.00%, 6/15/2027		1,100		1,251
Newell Brands, Inc.
4.70%, 4/1/2026 (h)		6,000		6,496
5.87%, 4/1/2036 (h)		2,780		3,128
PulteGroup, Inc. 5.00%, 1/15/2027		1,460		1,664
Tempur Sealy International, Inc.
5.63%, 10/15/2023		1,162		1,182
5.50%, 6/15/2026		6,754		7,067
Toll Brothers Finance Corp. 3.80%, 11/1/2029		595		628
				27,205
Household Products — 0.3%
Central Garden & Pet Co. 5.13%, 2/1/2028		2,775		2,942
Energizer Holdings, Inc. 7.75%, 1/15/2027 (a)		5,700		6,243
Spectrum Brands, Inc.
6.13%, 12/15/2024		673		693
5.75%, 7/15/2025		4,325		4,465
5.00%, 10/1/2029 (a)		2,578		2,681
				17,024
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)
5.50%, 4/15/2025		3,838		3,953
5.13%, 9/1/2027		500		540
Calpine Corp.
5.25%, 6/1/2026 (a)		6,286		6,562
4.63%, 2/1/2029 (a)		1,000		1,022

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — continued
Clearway Energy Operating LLC
5.75%, 10/15/2025		55		58
5.00%, 9/15/2026		316		332
				12,467
Industrial Conglomerates — 0.0% (b)
Grupo KUO SAB de CV (Mexico) 5.75%, 7/7/2027 (a)		1,100		1,035
Insurance — 0.0% (b)
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (a) (e)		600		720
Internet & Direct Marketing Retail — 0.1%
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a)		551		585
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		2,900		2,666
				3,251
IT Services — 0.1%
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (a)		1,515		1,560
Exela Intermediate LLC 10.00%, 7/15/2023 (a)		998		289
Gartner, Inc. 5.13%, 4/1/2025 (a)		1,813		1,886
VeriSign, Inc. 4.75%, 7/15/2027		5		5
				3,740
Leisure Products — 0.2%
Mattel, Inc.
3.15%, 3/15/2023		765		752
6.75%, 12/31/2025 (a)		8,363		8,875
5.88%, 12/15/2027 (a)		2,635		2,866
Vista Outdoor, Inc. 5.88%, 10/1/2023		350		356
				12,849
Life Sciences Tools & Services — 0.1%
Avantor, Inc. 6.00%, 10/1/2024 (a)		7,180		7,521
Machinery — 0.2%
Amsted Industries, Inc. 5.63%, 7/1/2027 (a)		116		123
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		530		536
Colfax Corp.
6.00%, 2/15/2024 (a)		1,935		2,008
6.38%, 2/15/2026 (a)		23		25
EnPro Industries, Inc. 5.75%, 10/15/2026		265		277

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 191

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Machinery — continued
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (a)		130		127
RBS Global, Inc. 4.88%, 12/15/2025 (a)		2,525		2,586
SPX FLOW, Inc. 5.88%, 8/15/2026 (a)		295		310
Tennant Co. 5.63%, 5/1/2025		679		705
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		2,085		2,172
Wabash National Corp. 5.50%, 10/1/2025 (a)		660		653
Welbilt, Inc. 9.50%, 2/15/2024		295		299
				9,821
Marine — 0.1%
MV24 Capital BV (Brazil)
6.75%, 6/1/2034 (a)		4,300		4,439
6.75%, 6/1/2034 (f)		488		503
				4,942
Media — 2.4%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (a)		7,710		8,228
AMC Networks, Inc.
5.00%, 4/1/2024		2,730		2,782
4.75%, 8/1/2025		1,785		1,847
Charter Communications Operating LLC
4.91%, 7/23/2025		30		35
6.38%, 10/23/2035		221		305
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		4,560		4,469
5.13%, 8/15/2027 (a)		11,409		11,526
CSC Holdings LLC
6.75%, 11/15/2021		115		121
5.25%, 6/1/2024		1,168		1,264
5.50%, 4/15/2027 (a)		400		427
5.38%, 2/1/2028 (a)		210		224
6.50%, 2/1/2029 (a)		6,970		7,854
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a)		369		332
Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		9,755		7,609
DISH DBS Corp.
6.75%, 6/1/2021		730		748
5.88%, 7/15/2022		580		612
5.00%, 3/15/2023		704		729
5.88%, 11/15/2024		24,468		25,863
7.75%, 7/1/2026		8,220		9,412

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Entercom Media Corp.
7.25%, 11/1/2024 (a)		2,875		2,300
6.50%, 5/1/2027 (a)		1,123		957
GCI LLC
6.63%, 6/15/2024 (a)		615		649
6.88%, 4/15/2025		1,725		1,787
Gray Television, Inc.
5.13%, 10/15/2024 (a)		109		111
5.88%, 7/15/2026 (a)		1,237		1,283
7.00%, 5/15/2027 (a)		3,427		3,719
iHeartCommunications, Inc.
6.38%, 5/1/2026		3,253		3,384
8.38%, 5/1/2027		1,354		1,361
5.25%, 8/15/2027 (a)		3,128		3,120
Lamar Media Corp.
5.00%, 5/1/2023		7		7
5.75%, 2/1/2026		1,030		1,074
3.75%, 2/15/2028 (a)		710		709
4.00%, 2/15/2030 (a)		500		511
Liberty Interactive LLC 8.25%, 2/1/2030		275		296
Meredith Corp. 6.88%, 2/1/2026		4,270		3,709
Midcontinent Communications 5.38%, 8/15/2027 (a)		326		337
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024 (a)		1,235		1,267
5.63%, 7/15/2027 (a)		5,683		5,996
Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		3,463		3,401
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220		236
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (a)		890		890
5.88%, 3/15/2026 (a)		184		184
5.13%, 2/15/2027 (a)		3,210		3,122
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (a)		202		210
5.38%, 7/15/2026 (a)		1,264		1,322
5.00%, 8/1/2027 (a)		10,277		10,901
5.50%, 7/1/2029 (a)		1,664		1,828
TEGNA, Inc.
4.63%, 3/15/2028 (a)		1,360		1,374
5.00%, 9/15/2029 (a)		2,090		2,102
Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028 (a)		2,400		2,551

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)		2,900		3,027
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (e)		530		550
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (e)		509		567
Videotron Ltd. (Canada)
5.38%, 6/15/2024 (a)		190		207
5.13%, 4/15/2027 (a)		7,040		7,445
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027 (a)		1,050		1,105
Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		2,363		2,484
4.88%, 1/15/2030 (a)		2,750		2,916
				163,386
Metals & Mining — 0.7%
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (a)		6,290		6,506
7.00%, 9/30/2026 (a)		945		1,011
6.13%, 5/15/2028 (a)		2,625		2,835
Allegheny Technologies, Inc. 7.88%, 8/15/2023 (h)		135		142
ArcelorMittal SA (Luxembourg) 7.25%, 10/15/2039 (h)		200		257
Commercial Metals Co.
4.88%, 5/15/2023		40		42
5.38%, 7/15/2027		359		381
Constellium SE
6.63%, 3/1/2025 (a)		2,610		2,688
5.88%, 2/15/2026 (f)		2,150		2,201
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		59		61
5.13%, 3/15/2023 (a)		165		173
5.13%, 5/15/2024 (a)		174		188
4.50%, 9/15/2027 (a)		1,830		1,977
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		2,488		2,601
4.38%, 8/1/2028		2,060		2,164
4.25%, 3/1/2030		1,708		1,794
5.40%, 11/14/2034		98		111
5.45%, 3/15/2043		2,072		2,330
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041 (a)		685		814

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — continued
Hudbay Minerals, Inc. (Peru)
7.25%, 1/15/2023 (a)		160		162
7.63%, 1/15/2025 (a)		85		88
Indonesia Asahan Aluminium Persero PT (Indonesia)
6.53%, 11/15/2028 (f)		1,050		1,305
6.76%, 11/15/2048 (f)		3,600		4,769
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		3,750		3,709
Nexa Resources SA (Peru) 5.38%, 5/4/2027 (f)		1,900		2,010
Novelis Corp.
5.88%, 9/30/2026 (a)		3,762		3,930
4.75%, 1/30/2030 (a)		1,620		1,642
Steel Dynamics, Inc.
4.13%, 9/15/2025		399		408
5.00%, 12/15/2026		28		30
				46,329
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Arbor Realty Trust, Inc. Series QIB, REIT, 4.50%, 3/15/2027 (a)		20,000		17,772
Multiline Retail — 0.1%
Macy’s, Inc. 8.38%, 6/15/2025 (a)		3,100		3,253
Neiman Marcus Group Ltd. LLC 14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (a) (c) (i)		57		16
				3,269
Oil, Gas & Consumable Fuels — 3.8%
AI Candelaria Spain SLU (Spain) 7.50%, 12/15/2028 (f)		4,300		4,719
Antero Midstream Partners LP
5.38%, 9/15/2024		4,290		3,958
5.75%, 3/1/2027 (a)		675		602
5.75%, 1/15/2028 (a)		695		614
Antero Resources Corp.
5.13%, 12/1/2022		7,592		6,595
5.63%, 6/1/2023		300		239
Apache Corp. 4.63%, 11/15/2025		2,304		2,356
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (a)		3,495		2,420
Blue Racer Midstream LLC
6.13%, 11/15/2022 (a)		7,705		7,667
6.63%, 7/15/2026 (a)		905		796

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 193

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
BP Capital Markets plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (g)		17,690		18,574
Buckeye Partners LP
4.13%, 3/1/2025 (a)		1,635		1,643
3.95%, 12/1/2026		2,260		2,240
4.13%, 12/1/2027		1,610		1,610
4.50%, 3/1/2028 (a)		1,635		1,669
5.60%, 10/15/2044		900		828
Callon Petroleum Co.
6.25%, 4/15/2023		1,687		597
6.13%, 10/1/2024		294		96
6.38%, 7/1/2026		159		47
Cenovus Energy, Inc. (Canada)
5.38%, 7/15/2025		2,950		3,002
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		350		404
Cheniere Energy Partners LP
5.25%, 10/1/2025		3,038		3,109
5.63%, 10/1/2026		32		34
4.50%, 10/1/2029		3,845		3,996
Chesapeake Energy Corp. 11.50%, 1/1/2025 (a) (i)		3,304		428
CNX Resources Corp. 5.88%, 4/15/2022		852		856
Comstock Resources, Inc.
7.50%, 5/15/2025 (a)		1,100		1,092
9.75%, 8/15/2026		1,539		1,627
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (h)		340		335
5.75%, 4/1/2025		229		219
5.63%, 5/1/2027 (a)		4,235		3,886
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (d) (e) (g)		235		173
DCP Midstream Operating LP
3.88%, 3/15/2023		350		354
5.38%, 7/15/2025		4,290		4,609
6.75%, 9/15/2037 (a)		124		124
5.60%, 4/1/2044		25		24
Delek Logistics Partners LP 6.75%, 5/15/2025		575		530
Denbury Resources, Inc. 9.00%, 5/15/2021 (a)		1,725		863
Diamondback Energy, Inc. 5.38%, 5/31/2025		3,390		3,530
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		4,145		4,704

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (d) (e) (g)		223		168
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(d) (e) (g)		11,705		10,217
5.30%, 4/15/2047		430		413
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (d) (e) (g)		460		184
4.40%, 4/1/2024		374		346
4.15%, 6/1/2025		4,292		3,825
4.85%, 7/15/2026		1,215		1,062
EP Energy LLC
9.38%, 5/1/2024 (a) (i)		499		–	(j)
8.00%, 11/29/2024 (a) (i)		310		–	(j)
7.75%, 5/15/2026 (a) (i)		982		214
EQM Midstream Partners LP
4.75%, 7/15/2023		880		897
6.00%, 7/1/2025 (a)		1,990		2,112
Genesis Energy LP
6.00%, 5/15/2023		53		50
6.25%, 5/15/2026		455		385
7.75%, 2/1/2028		2,665		2,371
Global Partners LP
7.00%, 6/15/2023		119		119
7.00%, 8/1/2027		635		638
Gulfport Energy Corp.
6.63%, 5/1/2023		3,075		1,876
6.00%, 10/15/2024		6,189		3,682
6.38%, 1/15/2026		27		16
Hilcorp Energy I LP
5.00%, 12/1/2024 (a)		370		351
5.75%, 10/1/2025 (a)		163		153
6.25%, 11/1/2028 (a)		292		274
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025 (f)		2,490		2,584
6.50%, 6/30/2027 (f)		2,700		2,817
6.75%, 6/30/2030 (f)		1,553		1,618
Martin Midstream Partners LP
10.00%, 2/29/2024 (a)		116		121
11.50%, 2/28/2025 (a)		527		470
Matador Resources Co. 5.88%, 9/15/2026		455		396

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
MEG Energy Corp. (Canada)
7.00%, 3/31/2024 (a)		3,481		3,455
6.50%, 1/15/2025 (a)		3,949		4,028
7.13%, 2/1/2027 (a)		2,262		2,164
MPLX LP 4.50%, 4/15/2038		750		794
Murphy Oil Corp. 5.75%, 8/15/2025		2,680		2,569
NAK Naftogaz Ukraine via Kondor Finance plc (Ukraine) 7.63%, 11/8/2026 (f)		4,700		4,583
NuStar Logistics LP
6.00%, 6/1/2026		1,579		1,652
5.63%, 4/28/2027		336		338
Oasis Petroleum, Inc.
6.88%, 3/15/2022		3,819		742
6.88%, 1/15/2023		2,458		472
6.25%, 5/1/2026 (a)		1,895		341
Occidental Petroleum Corp.
2.70%, 8/15/2022		405		398
8.00%, 7/15/2025		2,604		2,833
5.88%, 9/1/2025		1,225		1,231
8.50%, 7/15/2027		2,762		3,057
6.38%, 9/1/2028		1,225		1,239
8.88%, 7/15/2030		3,112		3,517
6.63%, 9/1/2030		1,225		1,259
Oil and Gas Holding Co. BSCC (The) (Bahrain)
7.63%, 11/7/2024 (f)		1,400		1,536
8.38%, 11/7/2028 (f)		700		802
Parsley Energy LLC
5.38%, 1/15/2025 (a)		1,140		1,161
5.25%, 8/15/2025 (a)		2,500		2,568
PBF Holding Co. LLC 6.00%, 2/15/2028 (a)		3,460		2,918
PBF Logistics LP 6.88%, 5/15/2023		195		193
Peabody Energy Corp.
6.00%, 3/31/2022 (a)		50		23
6.38%, 3/31/2025 (a)		236		79
Petroleos Mexicanos (Mexico)
7.69%, 1/23/2050 (f)		1,100		981
7.69%, 1/23/2050 (a)		800		713
6.95%, 1/28/2060 (a)		15,390		12,791
Plains All American Pipeline LP
Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (d) (e) (g)		475		333
QEP Resources, Inc.
5.38%, 10/1/2022		135		118
5.25%, 5/1/2023		85		70

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
5.63%, 3/1/2026		79		51
Range Resources Corp.
5.00%, 3/15/2023		6,465		6,441
SM Energy Co.
6.13%, 11/15/2022		3,580		2,794
5.00%, 1/15/2024		38		22
6.75%, 9/15/2026		179		88
6.63%, 1/15/2027		2,778		1,361
Southern Gas Corridor CJSC (Azerbaijan) 6.88%, 3/24/2026 (f)		3,200		3,819
Southwestern Energy Co.
6.45%, 1/23/2025 (h)		2,165		2,175
7.50%, 4/1/2026		4,275		4,296
7.75%, 10/1/2027		160		164
State Oil Co. of the Azerbaijan Republic (Azerbaijan) 6.95%, 3/18/2030 (f)		2,860		3,554
Summit Midstream Holdings LLC 5.75%, 4/15/2025		431		246
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		740		707
Sunoco LP
4.88%, 1/15/2023		63		64
5.50%, 2/15/2026		218		225
6.00%, 4/15/2027		623		663
5.88%, 3/15/2028		19		20
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (a)		224		220
5.50%, 1/15/2028 (a)		54		49
Targa Resources Partners LP
5.25%, 5/1/2023		43		43
4.25%, 11/15/2023		175		176
6.75%, 3/15/2024		2,315		2,357
5.13%, 2/1/2025		170		174
5.88%, 4/15/2026		7,125		7,499
5.38%, 2/1/2027		75		77
6.50%, 7/15/2027		3,016		3,257
5.00%, 1/15/2028		2,230		2,280
6.88%, 1/15/2029		2,240		2,475
4.88%, 2/1/2031 (a)		2,025		2,040
TerraForm Power Operating LLC
4.25%, 1/31/2023 (a)		255		264
5.00%, 1/31/2028 (a)		172		191
Transcanada Trust (Canada) (ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (e)		6,000		6,390

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 195

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026 (a)		4,100		4,443
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)		471		342
Whiting Petroleum Corp.
5.75%, 3/15/2021 (i)		3,365		757
6.25%, 4/1/2023 (i)		2,940		662
6.63%, 1/15/2026 (i)		797		187
WPX Energy, Inc.
8.25%, 8/1/2023		1,521		1,709
5.75%, 6/1/2026		2,977		3,040
5.88%, 6/15/2028		1,000		1,015
				253,823
Paper & Forest Products — 0.0% (b)
Clearwater Paper Corp. 4.50%, 2/1/2023		206		208
Personal Products — 0.1%
Coty, Inc. 6.50%, 4/15/2026 (a)		280		231
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		2,000		2,135
Prestige Brands, Inc. 6.38%, 3/1/2024 (a)		3,750		3,871
Revlon Consumer Products Corp. 6.25%, 8/1/2024		207		30
				6,267
Pharmaceuticals — 1.0%
Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		395		389
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		10,452		11,588
8.50%, 1/31/2027 (a)		4,349		4,784
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (a)		7		7
5.88%, 5/15/2023 (a)		92		92
7.00%, 3/15/2024 (a)		2,949		3,064
6.13%, 4/15/2025 (a)		5,981		6,153
5.50%, 11/1/2025 (a)		10,779		11,127
9.00%, 12/15/2025 (a)		5,295		5,796
5.75%, 8/15/2027 (a)		2,215		2,379
7.00%, 1/15/2028 (a)		140		149
5.00%, 1/30/2028 (a)		6,204		6,111
7.25%, 5/30/2029 (a)		156		171
5.25%, 1/30/2030 (a)		2,673		2,657
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (a)		277		283
5.00%, 7/15/2027 (a)		980		1,033

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
Endo Dac
5.88%, 10/15/2024 (a)		700		702
9.50%, 7/31/2027 (a)		135		146
6.00%, 6/30/2028 (a)		171		132
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (a)		445		89
5.50%, 4/15/2025 (a)		225		45
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		5,830		6,224
				63,121
Professional Services — 0.0% (b)
AMN Healthcare, Inc. 5.13%, 10/1/2024 (a)		420		427
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (a)		756		821
				1,248
Real Estate Management & Development — 0.0% (b)
Celulosa Arauco y Constitucion SA (Chile) 4.25%, 4/30/2029 (f)		2,300		2,455
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		54		55
				2,510
Road & Rail — 0.3%
Ashtead Capital, Inc. (United Kingdom)
4.13%, 8/15/2025 (a)		2,000		2,060
4.38%, 8/15/2027 (a)		500		520
4.00%, 5/1/2028 (a)		2,630		2,729
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (a)		1,015		995
5.25%, 3/15/2025 (a)		3,436		3,279
10.50%, 5/15/2025 (a)		1,000		1,159
5.75%, 7/15/2027 (a)		648		621
Georgian Railway JSC (Georgia) 7.75%, 7/11/2022 (f)		3,000		3,120
Hertz Corp. (The)
7.63%, 6/1/2022 (a) (i)		443		385
6.25%, 10/15/2022 (i)		185		75
5.50%, 10/15/2024 (a) (i)		5,875		2,380
7.13%, 8/1/2026 (a) (i)		2,755		1,116
6.00%, 1/15/2028 (a) (i)		1,450		596
Prumo Participacoes e Investimentos S/A (Brazil)
7.50%, 12/31/2031 (a)		1,251		1,310
7.50%, 12/31/2031 (f)		894		935
				21,280

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — 0.2%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		788		857
Broadcom Corp. 3.50%, 1/15/2028		870		942
Entegris, Inc. 4.63%, 2/10/2026 (a)		3,955		4,085
Qorvo, Inc. 5.50%, 7/15/2026		2,519		2,672
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		5,275		5,526
				14,082
Software — 0.2%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)		605		636
Ascend Learning LLC 6.88%, 8/1/2025 (a)		1,350		1,391
CDK Global, Inc.
4.88%, 6/1/2027		2,890		3,048
5.25%, 5/15/2029 (a)		1,639		1,788
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (a)		445		473
Nuance Communications, Inc. 5.63%, 12/15/2026		684		725
Open Text Corp. (Canada)
5.88%, 6/1/2026 (a)		508		533
3.88%, 2/15/2028 (a)		1,235		1,271
Solera LLC 10.50%, 3/1/2024 (a)		201		211
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		4,174		4,470
				14,546
Specialty Retail — 0.6%
eG Global Finance plc (United Kingdom) 6.75%, 2/7/2025 (a)		2,500		2,584
Gap, Inc. (The) 8.88%, 5/15/2027 (a)		2,730		3,078
L Brands, Inc.
5.25%, 2/1/2028		57		55
7.50%, 6/15/2029		1,254		1,336
6.75%, 7/1/2036		4,435		4,523
Penske Automotive Group, Inc. 5.50%, 5/15/2026		3,335		3,473
PetSmart, Inc.
7.13%, 3/15/2023 (a)		3,880		3,909
5.88%, 6/1/2025 (a)		6,781		6,976
Staples, Inc.
7.50%, 4/15/2026 (a)		8,935		7,954
10.75%, 4/15/2027 (a)		3,080		2,141
				36,029
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC
5.88%, 6/15/2021 (a)		99		99

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
7.13%, 6/15/2024 (a)		247		256
6.02%, 6/15/2026 (a)		4,170		4,910
EMC Corp. 3.38%, 6/1/2023		2,695		2,783
NCR Corp.
5.75%, 9/1/2027 (a)		3,770		3,958
5.00%, 10/1/2028 (a)		1,204		1,213
6.13%, 9/1/2029 (a)		3,491		3,744
Western Digital Corp. 4.75%, 2/15/2026		3,068		3,320
				20,283
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		35		37
William Carter Co. (The) 5.63%, 3/15/2027 (a)		3,510		3,729
				3,766
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 10/1/2025 (a)		2,190		2,081
Nationstar Mortgage Holdings, Inc. 9.13%, 7/15/2026 (a)		440		479
Quicken Loans LLC
5.75%, 5/1/2025 (a)		983		1,012
5.25%, 1/15/2028 (a)		285		304
				3,876
Tobacco — 0.3%
BAT Capital Corp. (United Kingdom)
3.46%, 9/6/2029		11,930		12,955
4.39%, 8/15/2037		1,230		1,339
4.54%, 8/15/2047		910		991
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		1,360		1,680
				16,965
Trading Companies & Distributors — 0.5%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		835		347
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)		2,710		2,787
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (a)		2,875		2,850
H&E Equipment Services, Inc. 5.63%, 9/1/2025		2,690		2,791
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		5,058		5,298
United Rentals North America, Inc.
4.63%, 10/15/2025		905		925
5.88%, 9/15/2026		2,705		2,879

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 197

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Trading Companies & Distributors — continued
5.50%, 5/15/2027		5,925		6,339
3.88%, 11/15/2027		885		923
4.88%, 1/15/2028		4,625		4,917
3.88%, 2/15/2031		2,067		2,126
WESCO Distribution, Inc.
5.38%, 6/15/2024		245		252
7.13%, 6/15/2025 (a)		1,500		1,648
				34,082
Wireless Telecommunication Services — 1.4%
C&W Senior Financing DAC (Ireland) 6.88%, 9/15/2027 (a)		2,620		2,744
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		2,620		2,869
6.63%, 8/1/2026		1,919		2,173
Millicom International Cellular SA (Colombia) 5.13%, 1/15/2028 (f)		2,600		2,715
Sprint Corp.
7.25%, 9/15/2021		115		121
7.88%, 9/15/2023		1,582		1,840
7.13%, 6/15/2024		7,672		8,916
7.63%, 2/15/2025		6,859		8,214
7.63%, 3/1/2026		17,132		21,069
Telefonica Celular del Paraguay SA (Paraguay)
5.88%, 4/15/2027 (a)		800		843
5.88%, 4/15/2027 (f)		500		527
T-Mobile USA, Inc.
6.00%, 3/1/2023		200		200
6.38%, 3/1/2025		1,380		1,409
3.50%, 4/15/2025 (a)		1,990		2,199
5.13%, 4/15/2025		75		77
6.50%, 1/15/2026		10,415		10,904
4.50%, 2/1/2026		3,656		3,774
3.75%, 4/15/2027 (a)		1,995		2,256
4.75%, 2/1/2028		7,101		7,651
3.88%, 4/15/2030 (a)		1,995		2,280
United States Cellular Corp. 6.70%, 12/15/2033		790		1,025
Vodafone Group plc (United Kingdom) (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (e)		3,300		3,970
				87,776
Total Corporate Bonds (Cost $2,041,131)				2,024,428

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 23.2%
20 Times Square Trust Series 2018-20TS, Class F, 3.20%, 5/15/2035 ‡ (a) (k)		600		548
BAMLL Re-REMIC Trust Series 2013-FRR3, Class A, PO, 6/26/2023 (a)		7,500		6,383
Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 6.02%, 2/10/2051 (k)		193		205
Bancorp Commercial Mortgage Trust Series 2019-CRE5, Class D, 2.51%, 3/15/2036 ‡ (a) (k)		1,000		907
BANK
Series 2019-BN21, Class XA, IO, 1.00%, 10/17/2052 (k)		125,814		8,308
Series 2019-BN23, Class XA, IO, 0.82%, 12/15/2052 (k)		38,999		2,174
Series 2019-BN23, Class E, 2.50%, 12/15/2052 ‡ (a)		3,000		2,026
Series 2017-BNK9, Class D, 2.80%, 11/15/2054 (a)		2,149		1,637
Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (a)		1,000		759
Series 2018-BN12, Class D, 3.00%, 5/15/2061 ‡ (a)		1,250		807
Series 2019-BN19, Class XA, IO, 1.10%, 8/15/2061 (k)		22,259		1,563
Series 2019-BN20, Class XA, IO, 0.96%, 9/15/2062 (k)		55,250		3,428
Series 2019-BN24, Class XA, IO, 0.77%, 11/15/2062 (k)		100,567		5,247
Series 2020-BN25, Class XA, IO, 0.89%, 1/15/2063 (k)		191,924		13,124
Series 2020-BN25, Class E, 2.50%, 1/15/2063 ‡ (a)		4,250		2,861
Series 2020-BN26, Class XA, IO, 1.36%, 3/15/2063 (k)		149,893		13,654
Series 2020-BN26, Class D, 2.50%, 3/15/2063 (a)		3,250		2,479
Barclays Commercial Mortgage Trust
Series 2019-C4, Class D, 3.25%, 8/15/2052 ‡ (a)		3,410		2,624
Series 2019-C5, Class XA, IO, 1.02%, 11/15/2052 (k)		96,521		5,805
BBCMS Mortgage Trust Series 2018-TALL, Class E, 2.60%, 3/15/2037 (a) (k)		6,000		5,547
Benchmark Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (a)		1,900		1,517
BX Commercial Mortgage Trust Series 2020-VIV2, Class C, 3.66%, 3/9/2044 (a) (k)		25,175		23,884

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class G, 3.41%, 12/15/2037 ‡ (a) (k)		1,000		952
CD Mortgage Trust
Series 2017-CD3, Class D, 3.25%, 2/10/2050 (a)		700		532
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (a)		266		176
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.35%, 11/10/2049 ‡ (a) (k)		1,900		1,477
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036 ‡ (a) (k)		790		806
Series 2019-PRM, Class E, 4.89%, 5/10/2036 (a) (k)		4,500		4,614
Series 2012-GC8, Class D, 5.04%, 9/10/2045 ‡ (a) (k)		1,875		1,541
Series 2015-GC31, Class D, 4.19%, 6/10/2048 ‡ (k)		3,800		3,363
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (a)		2,285		1,753
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (a)		1,294		1,015
Series 2020-GC46, Class XA, IO, 1.11%, 2/15/2053 (k)		165,903		12,344
Series 2019-GC41, Class E, 3.00%, 8/10/2056 ‡ (a)		5,000		3,657
Series 2015-GC33, Class D, 3.17%, 9/10/2058 ‡		8,000		5,773
Series 2015-GC33, Class E, 4.72%, 9/10/2058 ‡ (a) (k)		4,330		2,573
Series 2019-C7, Class XA, IO, 1.01%, 12/15/2072 (k)		148,855		9,678
COMM Mortgage Trust Series 2014-LC17, Class D, 3.69%, 10/10/2047 (a)		500		417
Commercial Mortgage Trust
Series 2020-CBM, Class D, 3.75%, 2/10/2037 ‡ (a) (k)		1,630		1,484
Series 2020-CBM, Class E, 3.75%, 2/10/2037 ‡ (a) (k)		2,670		2,257
Series 2020-CBM, Class F, 3.75%, 2/10/2037 (a) (k)		17,870		14,296
Series 2013-CR8, Class D, 4.08%, 6/10/2046 ‡ (a) (k)		750		712
Series 2013-CR13, Class E, 5.05%, 11/10/2046 ‡ (a) (k)		1,500		871
Series 2014-UBS2, Class D, 5.16%, 3/10/2047 ‡ (a) (k)		3,210		2,648

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2014-CR19, Class E, 4.37%, 8/10/2047 ‡ (a) (k)		6,000		3,440
Series 2014-CR19, Class D, 4.87%, 8/10/2047 (a) (k)		2,500		2,172
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (a)		3,760		2,157
Series 2014-CR20, Class E, 3.22%, 11/10/2047 ‡ (a)		1,000		596
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (a)		2,510		1,890
Series 2014-CR21, Class D, 4.07%, 12/10/2047 ‡ (a) (k)		2,600		1,850
Series 2015-LC19, Class D, 2.87%, 2/10/2048 ‡ (a)		1,000		877
Series 2015-CR22, Class D, 4.24%, 3/10/2048 ‡ (a) (k)		4,174		3,610
Series 2015-CR23, Class D, 4.44%, 5/10/2048 ‡ (k)		1,490		1,286
Series 2015-LC21, Class E, 3.25%, 7/10/2048 ‡ (a)		3,000		1,533
Series 2015-LC21, Class D, 4.48%, 7/10/2048 (k)		4,200		3,398
Series 2016-CR28, Class E, 4.29%, 2/10/2049 ‡ (a) (k)		3,588		2,673
Series 2013-CR11, Class D, 5.29%, 8/10/2050 ‡ (a) (k)		3,402		2,684
Series 2019-GC44, Class E, 2.50%, 8/15/2057 (a)		3,493		2,460
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		1		1
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.39%, 5/15/2036 ‡ (a) (k)		4,400		4,383
CSAIL Commercial Mortgage Trust
Series 2016-C5, Class D, 3.72%, 11/15/2048 ‡ (a) (k)		2,750		2,036
Series 2019-C16, Class C, 4.24%, 6/15/2052 ‡ (k)		2,500		2,413
Series 2019-C18, Class XA, IO, 1.21%, 12/15/2052 (k)		53,379		3,797
Series 2019-C18, Class E, 2.50%, 12/15/2052 ‡ (a)		6,515		4,502
Series 2019-C18, Class C, 4.08%, 12/15/2052 ‡ (k)		4,327		4,030
DBJPM Mortgage Trust
Series 2016-C3, Class D, 3.63%, 8/10/2049 (a) (k)		800		606

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 199

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2017-C6, Class D, 3.38%, 6/10/2050 (a) (k)		1,800		1,579
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 (k)		38,620		5,765
FHLMC Multiclass Certificates
Series 2020-RR06, Class AX, IO, 1.88%, 10/27/2028 (k)		50,000		6,303
Series 2020-RR06, Class BX, IO, 1.84%, 5/27/2033 (k)		20,000		3,254
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K016, Class X1, IO, 1.64%, 10/25/2021 (k)		15,120		193
Series K721, Class X1, IO, 0.44%, 8/25/2022 (k)		63,468		356
Series K033, Class X1, IO, 0.41%, 7/25/2023 (k)		6,596		50
Series K729, Class X1, IO, 0.49%, 10/25/2024 (k)		18,735		230
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (k)		99,966		1,792
Series K731, Class X3, IO, 2.18%, 5/25/2025 (k)		11,529		974
Series K733, Class X3, IO, 2.26%, 1/25/2026 (k)		17,500		1,706
Series KC06, Class X1, IO, 0.90%, 6/25/2026 (k)		39,727		1,445
Series K736, Class X1, IO, 1.44%, 7/25/2026 (k)		91,970		5,910
Series K734, Class X3, IO, 2.24%, 7/25/2026 (k)		26,250		2,756
Series K737, Class X1, IO, 0.75%, 10/25/2026 (k)		138,216		4,728
Series KC04, Class X1, IO, 1.41%, 12/25/2026 (k)		48,001		2,705
Series K738, Class X1, IO, 1.63%, 1/25/2027 (k)		44,693		3,750
Series K064, Class X3, IO, 2.21%, 5/25/2027 (k)		18,830		2,251
Series KC05, Class X1, IO, 1.20%, 6/25/2027 (k)		107,467		6,445
Series K075, Class X3, IO, 2.20%, 5/25/2028 (k)		5,471		736
Series K078, Class X3, IO, 2.29%, 10/25/2028 (k)		2,680		376
Series K082, Class X3, IO, 2.29%, 10/25/2028 (k)		27,200		3,891
Series K084, Class X3, IO, 2.31%, 11/25/2028 (k)		19,450		2,867

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series K090, Class X1, IO, 0.85%, 2/25/2029 (k)		32,070		1,754
Series K094, Class X1, IO, 1.02%, 6/25/2029 (k)		32,951		2,229
Series K095, Class X1, IO, 1.08%, 6/25/2029 (k)		51,800		3,732
Series K097, Class X1, IO, 1.22%, 7/25/2029 (k)		74,294		6,293
Series K096, Class X3, IO, 2.11%, 7/25/2029 (k)		48,669		6,944
Series K101, Class X3, IO, 1.95%, 10/25/2029 (k)		35,000		4,775
Series K090, Class X3, IO, 2.39%, 10/25/2029 (k)		97,000		15,957
Series K103, Class X1, IO, 0.76%, 11/25/2029 (k)		120,944		6,328
Series K104, Class X1, IO, 1.13%, 1/25/2030 (k)		77,126		6,922
Series K105, Class X1, IO, 1.65%, 1/25/2030 (k)		52,876		6,471
Series K109, Class X1, IO, 1.70%, 4/25/2030 (k)		17,995		2,302
Series K111, Class X1, IO, 1.68%, 5/25/2030 (k)		19,997		2,582
Series K114, Class X1, IO, 1.21%, 6/25/2030 (k)		10,000		941
Series K113, Class X1, IO, 1.49%, 6/25/2030 (k)		119,000		13,692
Series K105, Class X3, IO, 2.04%, 6/25/2030 (k)		43,410		6,342
Series K-1511, Class X3, IO, 3.54%, 4/25/2034 (k)		30,261		9,148
Series K723, Class X3, IO, 1.98%, 10/25/2034 (k)		6,850		359
Series K153, Class X3, IO, 3.90%, 4/25/2035 (k)		4,450		1,332
Series Q012, Class X, IO, 4.24%, 9/25/2035 (k)		38,000		9,992
Series K155, Class X3, IO, 3.23%, 5/25/2036 (k)		5,560		1,487
Series K-1510, Class X3, IO, 3.52%, 1/25/2037 (k)		24,400		7,245
Series K-1516, Class X3, IO, 3.57%, 10/25/2038 (k)		22,000		7,283
Series K036, Class X3, IO, 2.18%, 12/25/2041 (k)		3,253		200
Series K720, Class X3, IO, 1.38%, 8/25/2042 (k)		16,800		353

SEE NOTES TO FINANCIAL STATEMENTS.

200 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series K721, Class X3, IO, 1.34%, 11/25/2042 (k)		12,550		313
Series K041, Class X3, IO, 1.70%, 11/25/2042 (k)		4,580		278
Series K718, Class X3, IO, 1.48%, 2/25/2043 (k)		6,035		101
Series K054, Class X3, IO, 1.65%, 4/25/2043 (k)		2,745		209
Series K047, Class X3, IO, 1.55%, 6/25/2043 (k)		3,400		211
Series K050, Class X3, IO, 1.61%, 10/25/2043 (k)		5,232		358
Series K051, Class X3, IO, 1.67%, 10/25/2043 (k)		4,995		361
Series K052, Class X3, IO, 1.67%, 1/25/2044 (k)		2,915		218
Series K726, Class X3, IO, 2.21%, 7/25/2044 (k)		21,130		1,463
Series K067, Class X3, IO, 2.19%, 9/25/2044 (k)		8,580		1,064
Series K727, Class X3, IO, 2.07%, 10/25/2044 (k)		15,000		1,064
Series K068, Class X3, IO, 2.13%, 10/25/2044 (k)		19,730		2,398
Series K059, Class X3, IO, 1.98%, 11/25/2044 (k)		8,000		806
Series K729, Class X3, IO, 2.04%, 11/25/2044 (k)		21,410		1,556
Series K724, Class X3, IO, 1.93%, 12/25/2044 (k)		4,930		276
Series K070, Class X3, IO, 2.11%, 12/25/2044 (k)		42,245		5,234
Series K730, Class X3, IO, 2.10%, 2/25/2045 (k)		47,270		3,709
Series K065, Class X3, IO, 2.26%, 7/25/2045 (k)		13,305		1,648
Series K071, Class X3, IO, 2.08%, 11/25/2045 (k)		12,470		1,521
Series K072, Class X3, IO, 2.21%, 12/25/2045 (k)		20,640		2,688
Series K089, Class X3, IO, 2.37%, 1/25/2046 (k)		93,789		14,719
Series K087, Class X3, IO, 2.39%, 1/25/2046 (k)		59,464		9,156
Series K079, Class X3, IO, 2.33%, 7/25/2046 (k)		9,000		1,306
Series K097, Class X3, IO, 2.09%, 9/25/2046 (k)		51,390		7,372

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series K081, Class X3, IO, 2.31%, 9/25/2046 (k)		29,425		4,291
Series K103, Class X3, IO, 1.91%, 12/25/2046 (k)		80,100		10,739
Series K104, Class X3, IO, 1.90%, 2/25/2047 (k)		25,300		3,578
Series K088, Class X3, IO, 2.42%, 2/25/2047 (k)		59,034		9,487
Series K093, Class X3, IO, 2.28%, 5/25/2047 (k)		50,764		7,777
Series K092, Class X3, IO, 2.32%, 5/25/2047 (k)		46,583		7,283
Series K094, Class X3, IO, 2.20%, 7/25/2047 (k)		19,360		2,905
Series K095, Class X3, IO, 2.17%, 8/25/2047 (k)		66,697		9,874
Series K736, Class X3, IO, 2.08%, 9/25/2047 (k)		83,580		8,583
Series K099, Class X3, IO, 2.02%, 10/25/2047 (k)		49,100		6,843
Series K098, Class X3, IO, 2.07%, 10/25/2047 (k)		95,472		13,445
Series K737, Class X3, IO, 1.83%, 1/25/2048 (k)		43,661		4,134
Series K111, Class X3, IO, 3.29%, 4/25/2048 (k)		16,505		3,984
Series K108, Class X3, IO, 3.61%, 4/25/2048 (k)		75,067		19,281
Series K738, Class X3, IO, 3.43%, 5/25/2048 (k)		71,537		13,097
Series K112, Class X3, IO, 3.10%, 7/25/2048 (k)		21,670		4,956
Series K114, Class X3, IO, 2.83%, 8/25/2048 (k)		10,750		2,256
FNMA ACES
Series 2014-M13, Class X2, IO, 0.17%, 8/25/2024 (k)		74,660		975
Series 2016-M12, Class X2, IO, 0.08%, 9/25/2026 (k)		135,052		1,040
Series 2019-M28, Class XAV3, IO, 1.22%, 2/25/2027 (k)		36,643		1,954
Series 2017-M8, Class X, IO, 0.23%, 5/25/2027 (k)		177,921		2,449
Series 2020-M33, Class X, IO, 2.06%, 6/25/2028 (k)		43,403		4,696
Series 2019-M30, Class X4, IO, 1.08%, 8/25/2028 (k)		49,948		2,488
Series 2020-M10, Class X6, IO, 1.50%, 8/25/2028 (k)		37,000		3,505

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 201

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2019-M31, Class X, IO, 0.99%, 9/25/2028 (k)		57,657		4,485
Series 2019-M30, Class X1, IO, 0.44%, 11/25/2028 (k)		84,787		1,773
Series 2020-M10, Class X3, IO, 1.44%, 11/25/2028 (k)		68,761		5,741
Series 2020-M10, Class X5, IO, 1.55%, 11/25/2028 (k)		59,900		5,971
Series 2019-M32, Class X2, IO, 1.19%, 10/25/2029 (k)		29,302		2,292
Series 2019-M30, Class X2, IO, 0.30%, 12/25/2029 (k)		127,878		1,957
Series 2019-M21, Class X2, IO, 1.47%, 2/25/2031 (k)		16,919		1,803
Series 2020-M15, Class X1, IO, 1.58%, 9/25/2031 (k)		26,401		2,734
Series 2020-M21, Class XA, IO, 1.21%, 3/25/2032 (k)		82,524		7,834
Series 2019-M30, Class X5, IO, 0.46%, 5/25/2033 (k)		198,967		5,223
Series 2019-M31, Class X1, IO, 1.20%, 4/25/2034 (k)		40,755		4,428
Series 2018-M15, Class X, IO, 0.83%, 1/25/2036 (k)		9,356		538
Series 2020-M6, Class XL, IO, 1.11%, 11/25/2049 (k)		33,606		2,788
FNMA, Multifamily REMIC Trust
Series 2020-M37, Class X, IO, 1.23%, 4/25/2032 (k)		108,905		9,212
Series 2020-M31, Class X1, IO, 0.90%, 10/25/2032 (k)		99,958		5,567
Series 2020-M31, Class X2, IO, 1.35%, 12/25/2032 (k)		33,522		3,515
FREMF Mortgage Trust
Series 2017-KF29, Class B, 4.00%, 2/25/2024 (a) (k)		184		180
Series 2017-KF32, Class B, 2.70%, 5/25/2024 (a) (k)		308		292
Series 2017-KF35, Class B, 2.90%, 8/25/2024 (a) (k)		206		201
Series 2017-KF38, Class B, 2.65%, 9/25/2024 (a) (k)		402		387
Series 2017-KF41, Class B, 2.65%, 11/25/2024 (a) (k)		163		157
Series 2018-KF49, Class B, 2.05%, 6/25/2025 (a) (k)		708		673
Series 2018-KC02, Class B, 4.22%, 7/25/2025 (a) (k)		2,520		2,537

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-KF53, Class B, 2.20%, 10/25/2025 (k)		1,514		1,425
Series 2019-KF58, Class B, 2.30%, 1/25/2026 (a) (k)		831		787
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (a) (k)		5,000		5,131
Series 2019-K735, Class C, 4.16%, 5/25/2026 (a) (k)		4,774		4,961
Series 2019-KC06, Class B, 3.82%, 9/25/2026 (a) (k)		7,609		7,328
Series 2016-KF24, Class B, 5.15%, 10/25/2026 (a) (k)		107		108
Series 2017-KF33, Class B, 2.70%, 6/25/2027 (a) (k)		4,185		3,958
Series 2017-KF40, Class B, 2.85%, 11/25/2027 (a) (k)		216		205
Series 2018-KF50, Class B, 2.05%, 7/25/2028 (a) (k)		313		287
Series 2018-KF56, Class B, 2.60%, 11/25/2028 (a) (k)		1,026		972
Series 2019-KW08, Class B, 4.39%, 1/25/2029 (a) (k)		10,000		10,026
Series 2019-KF59, Class B, 2.50%, 2/25/2029 (a) (k)		992		921
Series 2019-KF61, Class B, 2.35%, 4/25/2029 (a) (k)		1,942		1,818
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (a) (k)		3,000		2,811
Series 2019-KF63, Class B, 2.50%, 5/25/2029 (a) (k)		2,982		2,787
Series 2019-KW09, Class B, 4.15%, 5/25/2029 (a) (k)		12,670		12,504
Series 2019-KF65, Class B, 2.55%, 7/25/2029 (a) (k)		1,900		1,782
Series 2019-KC05, Class B, 4.15%, 7/25/2029 (a) (k)		16,737		16,557
Series 2019-KF70, Class B, 2.45%, 9/25/2029 (a) (k)		3,000		2,871
Series 2019-KF71, Class B, 2.45%, 10/25/2029 (a) (k)		5,534		5,138
Series 2019-KF73, Class B, 2.60%, 11/25/2029 (a) (k)		12,268		11,566
Series 2020-KF76, Class B, 2.90%, 1/25/2030 (a) (k)		3,500		3,323
Series 2016-K53, Class B, 4.16%, 3/25/2049 (a) (k)		69		76
Series 2017-K67, Class B, 4.08%, 9/25/2049 (a) (k)		145		161

SEE NOTES TO FINANCIAL STATEMENTS.

202 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2017-K67, Class C, 4.08%, 9/25/2049 (a) (k)		2,010		2,108
Series 2017-K728, Class B, 3.76%, 11/25/2050 (a) (k)		250		269
Series 2017-K728, Class C, 3.76%, 11/25/2050 (a) (k)		105		110
Series 2019-K89, Class C, 4.43%, 1/25/2051 (a) (k)		9,000		9,678
Series 2019-K87, Class C, 4.47%, 1/25/2051 (a) (k)		4,250		4,610
Series 2019-K734, Class C, 4.19%, 2/25/2051 (a) (k)		4,150		4,318
Series 2019-K97, Class C, 3.89%, 9/25/2051 (a) (k)		2,000		2,103
Series 2019-K103, Class B, 3.57%, 12/25/2051 (a) (k)		2,303		2,478
Series 2019-K103, Class C, 3.57%, 12/25/2051 (a) (k)		10,158		10,067
Series 2019-K102, Class B, 3.65%, 12/25/2051 (a) (k)		7,932		8,682
Series 2019-K102, Class C, 3.65%, 12/25/2051 (a) (k)		9,100		9,216
Series 2020-K104, Class C, 3.54%, 2/25/2052 (a) (k)		13,102		13,164
Series 2019-K90, Class C, 4.46%, 2/25/2052 (a) (k)		2,000		2,202
Series 2019-K88, Class C, 4.53%, 2/25/2052 (a) (k)		6,700		7,239
Series 2019-K93, Class C, 4.26%, 5/25/2052 (a) (k)		10,500		11,117
Series 2019-K92, Class C, 4.34%, 5/25/2052 (a) (k)		7,000		7,507
Series 2019-K94, Class C, 4.10%, 7/25/2052 (a) (k)		13,000		13,462
Series 2019-K95, Class C, 4.05%, 8/25/2052 (a) (k)		8,250		8,517
Series 2019-K98, Class C, 3.86%, 10/25/2052 (a) (k)		12,873		13,300
Series 2019-K100, Class B, 3.61%, 11/25/2052 (a) (k)		5,188		5,660
Series 2019-K100, Class C, 3.61%, 11/25/2052 (a) (k)		10,000		10,178
Series 2020-K737, Class B, 3.41%, 1/25/2053 (a) (k)		3,750		4,067
Series 2020-K737, Class C, 3.41%, 1/25/2053 (a) (k)		6,000		6,136
Series 2020-K105, Class C, 3.53%, 3/25/2053 (a) (k)		13,000		12,789

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FRR Re-REMIC Trust
Series 2018-C1, Class BK43, 2.89%, 2/27/2048 ‡ (a) (k)		6,013		4,979
Series 2018-C1, Class A725, 2.76%, 2/27/2050 (a)		1,000		866
Series 2018-C1, Class B725, 3.09%, 2/27/2050 ‡ (a) (k)		2,225		1,889
GNMA
Series 2013-72, IO, 0.47%, 11/16/2047 (k)		138,494		3,277
Series 2014-172, IO, 0.71%, 1/16/2049 (k)		40,811		1,299
Series 2012-44, IO, 0.22%, 3/16/2049 (k)		8,269		43
Series 2015-48, IO, 0.66%, 2/16/2050 (k)		3,644		134
Series 2013-15, IO, 0.62%, 8/16/2051 (k)		11,032		269
Series 2013-80, IO, 0.71%, 3/16/2052 (k)		23,558		675
Series 2015-86, IO, 0.65%, 5/16/2052 (k)		25,142		866
Series 2013-7, IO, 0.33%, 5/16/2053 (k)		81,325		1,366
Series 2012-89, IO, 0.50%, 12/16/2053 (k)		16,483		213
Series 2012-115, IO, 0.42%, 4/16/2054 (k)		45,856		1,047
Series 2014-124, Class IE, IO, 0.71%, 5/16/2054 (k)		20,510		618
Series 2013-48, IO, 0.63%, 7/16/2054 (k)		9,463		303
Series 2014-186, IO, 0.70%, 8/16/2054 (k)		6,365		227
Series 2014-130, Class IB, IO, 0.82%, 8/16/2054 (k)		2,016		66
Series 2015-93, IO, 0.68%, 11/16/2054 (k)		32,497		983
Series 2013-179, IO, 0.55%, 1/16/2055 (k)		57,139		801
Series 2013-178, IO, 0.44%, 6/16/2055 (k)		42,266		834
Series 2016-102, IO, 0.74%, 10/16/2055 (k)		30,996		1,242
Series 2015-33, IO, 0.70%, 2/16/2056 (k)		39,692		1,597
Series 2015-59, IO, 0.92%, 6/16/2056 (k)		10,328		460
Series 2016-97, IO, 1.04%, 7/16/2056 (k)		42,662		2,729
Series 2014-110, IO, 0.68%, 1/16/2057 (k)		25,649		898
Series 2016-177, IO, 0.74%, 1/16/2057 (k)		75,198		3,874
Series 2015-172, IO, 0.78%, 3/16/2057 (k)		19,345		818
Series 2016-13, IO, 0.84%, 4/16/2057 (k)		22,038		1,103

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 203

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2015-115, IO, 0.52%, 7/16/2057 (k)		4,001		141
Series 2016-40, IO, 0.69%, 7/16/2057 (k)		46,029		1,926
Series 2017-151, IO, 0.71%, 9/16/2057 (k)		19,159		1,044
Series 2017-146, IO, 0.76%, 9/16/2057 (k)		51,634		2,905
Series 2017-173, IO, 1.36%, 9/16/2057 (k)		19,514		1,557
Series 2016-105, IO, 0.98%, 10/16/2057 (k)		19,097		1,074
Series 2016-56, IO, 0.88%, 11/16/2057 (k)		43,605		2,295
Series 2016-157, IO, 0.92%, 11/16/2057 (k)		36,146		2,259
Series 2016-71, Class QI, IO, 0.95%, 11/16/2057 (k)		77,213		4,577
Series 2016-96, IO, 0.93%, 12/16/2057 (k)		3,599		198
Series 2016-155, IO, 0.83%, 2/16/2058 (k)		77,919		4,874
Series 2016-130, IO, 1.01%, 3/16/2058 (k)		48,920		3,100
Series 2016-92, IO, 0.90%, 4/16/2058 (k)		1,401		78
Series 2016-119, IO, 1.06%, 4/16/2058 (k)		151,904		8,477
Series 2016-151, IO, 1.06%, 6/16/2058 (k)		105,138		7,039
Series 2017-41, IO, 0.75%, 7/16/2058 (k)		19,430		1,055
Series 2016-87, IO, 0.97%, 8/16/2058 (k)		42,899		2,520
Series 2017-3, IO, 0.82%, 9/16/2058 (k)		95,710		5,345
Series 2016-175, IO, 0.85%, 9/16/2058 (k)		33,144		1,878
Series 2017-54, IO, 0.62%, 12/16/2058 (k)		22,185		1,171
Series 2017-81, IO, 0.81%, 12/16/2058 (k)		24,297		1,367
Series 2017-23, IO, 0.72%, 5/16/2059 (k)		24,811		1,249
Series 2017-86, IO, 0.78%, 5/16/2059 (k)		9,649		535
Series 2017-51, IO, 0.80%, 5/16/2059 (k)		13,505		807
Series 2017-148, IO, 0.65%, 7/16/2059 (k)		30,395		1,473
Series 2017-69, IO, 0.80%, 7/16/2059 (k)		15,243		868
Series 2017-171, IO, 0.69%, 9/16/2059 (k)		5,995		341
Series 2018-57, IO, 0.41%, 10/16/2059 (k)		121,426		5,398

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-157, IO, 0.57%, 12/16/2059 (k)		9,804		493
Series 2018-9, IO, 0.54%, 1/16/2060 (k)		158,002		8,229
Series 2019-135, IO, 0.88%, 2/16/2060 (k)		52,485		3,728
Series 2019-67, IO, 0.90%, 2/16/2060 (k)		27,847		2,037
Series 2018-106, IO, 0.49%, 4/16/2060 (k)		26,688		1,358
Series 2018-119, IO, 0.67%, 5/16/2060 (k)		42,463		2,572
Series 2018-98, IO, 0.47%, 8/16/2060 (k)		104,668		5,357
Series 2019-9, IO, 0.65%, 8/16/2060 (k)		38,307		2,582
Series 2019-32, IO, 0.66%, 5/16/2061 (k)		111,683		7,913
Series 2019-53, Class IA, IO, 0.74%, 6/16/2061 (k)		10,335		743
Series 2019-155, IO, 0.67%, 7/16/2061 (k)		181,809		11,855
Series 2020-28, IO, 0.86%, 11/16/2061 (k)		22,070		1,645
Series 2020-56, IO, 1.05%, 11/16/2061 (k)		92,761		7,863
Series 2020-124, IO, 1.21%, 12/16/2061 (k)		18,490		1,765
Series 2020-14, IO, 0.76%, 2/16/2062 (k)		158,326		11,370
Series 2020-2, IO, 0.81%, 3/16/2062 (k)		87,100		6,190
Series 2020-27, IO, 0.90%, 3/16/2062 ‡ (k)		29,302		2,207
Series 2020-110, IO, 1.10%, 3/16/2062 (k)		49,932		4,498
Series 2020-94, IO, 1.20%, 3/16/2062 (k)		114,338		10,643
Series 2020-73, IO, 1.32%, 3/16/2062 (k)		59,724		5,929
Series 2020-23, IO, 0.79%, 4/16/2062 (k)		141,703		10,016
Series 2020-38, IO, 0.95%, 4/16/2062 (k)		143,143		11,721
Series 2020-70, IO, 1.00%, 4/16/2062 (k)		69,761		5,876
Series 2020-54, IO, 1.02%, 4/16/2062 (k)		199,016		17,013
Series 2020-89, Class IA, IO, 1.25%, 4/16/2062 (k)		49,867		4,801
Series 2020-72, IO, 1.19%, 5/16/2062 (k)		110,717		10,282
Series 2020-91, Class IU, IO, 1.27%, 5/16/2062 (k)		260,925		24,074
Series 2020-50, IO, 0.79%, 6/16/2062 (k)		84,662		6,241
Series 2020-106, Class IC, IO, 1.07%, 6/16/2062 (k)		99,864		9,025
Series 2020-111, IO, 1.05%, 9/15/2062 (k)		22,583		1,964
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.90%, 11/10/2045 ‡ (a) (k)		400		360

SEE NOTES TO FINANCIAL STATEMENTS.

204 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (a)		3,550		2,204
Series 2013-GC12, Class D, 4.59%, 6/10/2046 ‡ (a) (k)		2,240		1,728
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		1,810		1,278
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a) (k)		2,000		1,626
Series 2020-GC45, Class XA, IO, 0.68%, 2/13/2053 (k)		74,874		3,835
Series 2020-GC45, Class E, 2.85%, 2/13/2053 ‡ (a) (k)		7,000		4,879
Series 2020-GC47, Class XA, IO, 1.25%, 5/12/2053 (k)		80,868		7,341
Harvest Commercial Capital Loan Trust Series 2019-1, Class A, 3.29%, 9/25/2046 (a) (k)		11,343		11,433
Jackson Park Trust
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (a) (k)		3,725		3,484
Series 2019-LIC, Class F, 3.24%, 10/14/2039 (a) (k)		24,015		20,733
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-C16, Class D, 5.19%, 12/15/2046 ‡ (a) (k)		250		235
Series 2015-JP1, Class E, 4.39%, 1/15/2049 ‡ (a) (k)		3,250		2,258
JPMBB Commercial Mortgage Securities Trust
Series 2015-C33, Class D2, 4.27%, 12/15/2048 ‡ (a) (k)		1,000		779
Series 2016-C1, Class D1, 4.39%, 3/15/2049 (a) (k)		1,500		1,439
JPMCC Re-REMIC Trust Series 2015-FRR2, Class BK39, PO, 8/27/2047 (a)		1,500		1,291
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (k)		19		18
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (k)		151		87
MF1 Multifamily Housing Mortgage Loan Trust Series 2019-Q009, Class B, 2.90%, 4/25/2024 ‡ (a) (k)		3,840		3,810
MMFL Re-REMIC Trust Series 2019-1, Class A, 1.57%, 1/28/2024 (a) (k)		3,924		3,611
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C15, Class D, 5.07%, 4/15/2047 ‡ (a) (k)		1,000		832
Series 2014-C17, Class D, 4.90%, 8/15/2047 ‡ (a) (k)		6,750		3,776

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2014-C18, Class D, 3.39%, 10/15/2047 ‡ (a)		7,157		5,818
Series 2015-C27, Class E, 3.24%, 12/15/2047 ‡ (a) (k)		2,500		1,507
Series 2015-C27, Class F, 3.24%, 12/15/2047 ‡ (a) (k)		6,334		3,096
Series 2014-C19, Class E, 3.25%, 12/15/2047 ‡ (a)		6,500		3,930
Series 2015-C21, Class XA, IO, 1.02%, 3/15/2048 (k)		22,249		673
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (a) (k)		1,000		863
Series 2019-L3, Class D, 2.50%, 11/15/2052 (a) (k)		4,500		3,707
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053 (k)		31,345		4,600
Multifamily Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.88%, 10/15/2049 ‡ (a) (k)		6,622		6,359
Series 2019-01, Class M10, 3.43%, 10/15/2049 ‡ (a) (k)		26,000		23,961
Series 2020-01, Class M10, 3.93%, 3/25/2050 (a) (k)		25,000		22,972
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 2.81%, 4/14/2036 ‡ (a) (k)		3,500		3,328
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class XA, IO, 1.29%, 2/13/2053 (a) (k)		95,108		8,700
Series 2020-RR1, Class A2, 2.53%, 2/13/2053 (a)		4,000		4,095
Series 2020-RR1, Class B, 3.48%, 2/13/2053 ‡ (a)		11,440		11,585
Series 2020-RR1, Class C, 3.98%, 2/13/2053 ‡ (a) (k)		4,750		4,661
Series 2020-RR1, Class D, 4.06%, 2/13/2053 ‡ (a) (k)		4,750		3,466
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (k)		3,844		3,907
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (a) (k)		235		229
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (a) (k)		427		406
Series 2019-1, Class A, 3.76%, 3/25/2049 (a) (k)		4,010		4,034
Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (a) (k)		1,870		1,854

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 205

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2019-3, Class A, 3.03%, 10/25/2049 (a) (k)		4,383		4,341
Wells Fargo Commercial Mortgage Trust
Series 2010-C1, Class C, 5.80%, 11/15/2043 ‡ (a) (k)		1,300		1,297
Series 2014-LC18, Class D, 3.96%, 12/15/2047 (a) (k)		4,000		3,290
Series 2015-NXS1, Class E, 2.88%, 5/15/2048 ‡ (a) (k)		3,230		1,999
Series 2017-C38, Class D, 3.00%, 7/15/2050 ‡ (a)		1,000		773
Series 2019-C52, Class XA, IO, 1.77%, 8/15/2052 (k)		16,725		1,836
Series 2020-C55, Class D, 2.50%, 2/15/2053 ‡ (a)		4,500		3,346
Series 2020-C55, Class E, 2.50%, 2/15/2053 ‡ (a)		6,850		4,334
Series 2020-C57, Class C, 4.16%, 8/15/2053 (k)		13,830		13,439
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class BK20, PO, 5/27/2045 (a)		8,000		7,366
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (a) (k)		6,540		4,975
Total Commercial Mortgage-Backed Securities (Cost $1,570,652)				1,506,763
Asset-Backed Securities — 19.4%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022 ‡ (a)		1,118		1,118
ABFC Trust Series 2002-OPT1, Class M1, 1.27%, 5/25/2032 ‡ (k)		246		243
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021 (a)		43		43
Series 2019-1, Class A, 3.75%, 5/20/2022 (a)		97		98
Series 2019-1, Class B, 4.47%, 10/20/2022 (a)		4,133		4,138
Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		3,438		3,456
Series 2018-1, Class C, 6.81%, 2/21/2023 (a)		1,510		1,508
Series 2020-A, Class A, 6.00%, 3/20/2023 (a)		6,067		6,108
Series 2019-2, Class B, 3.63%, 8/21/2023 (a)		12,470		12,550
Series 2019-1, Class C, 6.41%, 2/20/2024 (a)		2,280		2,229

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-2, Class C, 5.24%, 10/21/2024 (a)		11,285		11,010
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033 ‡ (a)		375		375
Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (a)		812		826
Affirm Asset Securitization Trust Series 2020-A, Class A, 2.95%, 2/18/2025 (a)		8,000		8,022
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023 (a)		95		96
Series 2019-2, Class B, 3.05%, 5/12/2023 (a)		490		493
Series 2017-2, Class E, 5.52%, 3/12/2024 (a)		1,330		1,348
Series 2018-2, Class E, 5.16%, 9/10/2024 (a)		560		581
Series 2018-3, Class E, 5.17%, 10/15/2024 (a)		1,810		1,871
Series 2019-1, Class D, 3.81%, 4/14/2025 (a)		1,580		1,633
Series 2019-1, Class E, 4.84%, 4/14/2025 (a)		1,035		1,066
Series 2019-2, Class C, 3.17%, 6/12/2025 (a)		790		803
Series 2019-2, Class D, 3.41%, 6/12/2025 (a)		6,780		6,968
Series 2019-2, Class E, 4.29%, 6/12/2025 (a)		555		569
Series 2019-3, Class E, 3.80%, 9/12/2025 (a)		1,393		1,395
Series 2019-4, Class C, 2.69%, 12/12/2025 (a)		5,307		5,419
Series 2019-4, Class D, 2.97%, 12/12/2025 (a)		5,600		5,697
Series 2019-4, Class E, 3.85%, 12/12/2025 (a)		4,990		5,009
Series 2020-1, Class C, 2.19%, 3/13/2026 (a)		5,850		5,917
Series 2020-1, Class E, 3.32%, 3/13/2026 (a)		10,080		9,818
Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		2,000		2,101
Series 2020-2, Class D, 5.65%, 5/13/2026 (a)		900		988
AmeriCredit Automobile Receivables Trust Series 2019-1, Class D, 3.62%, 3/18/2025		495		514

SEE NOTES TO FINANCIAL STATEMENTS.

206 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-11, Class M2, 2.65%, 12/25/2033 ‡ (k)		276		273
AMSR Trust
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 ‡ (a)		10,005		10,378
Series 2019-SFR1, Class F, 3.87%, 1/19/2039 ‡ (a) (k)		5,310		5,099
Series 2019-SFR1, Class G, 4.86%, 1/19/2039 ‡ (a) (k)		2,125		2,032
Series 2019-SFR1, Class H, 6.04%, 1/19/2039 ‡ (a) (k)		2,125		2,005
Aqua Finance Trust
Series 2019-A, Class C, 4.01%, 7/16/2040 ‡ (a)		7,400		7,431
Series 2020-AA, Class C, 3.97%, 7/17/2046 (a)		4,250		4,269
Arivo Acceptance Auto Loan Receivables Trust
Series 2019-1, Class B, 3.37%, 6/15/2025 (a)		4,500		4,494
Series 2019-1, Class C, 4.35%, 6/15/2026 (a)		1,500		1,481
Avis Budget Rental Car Funding AESOP LLC
Series 2016-2A, Class A, 2.72%, 11/20/2022 (a)		1,400		1,420
Series 2019-1A, Class A, 3.45%, 3/20/2023 (a)		5,656		5,774
Series 2017-1A, Class A, 3.07%, 9/20/2023 (a)		1,500		1,533
Series 2018-1A, Class C, 4.73%, 9/20/2024 (a)		560		578
Series 2019-2A, Class A, 3.35%, 9/22/2025 (a)		5,385		5,662
Series 2019-2A, Class C, 4.24%, 9/22/2025 (a)		3,000		3,059
Series 2019-3A, Class A, 2.36%, 3/20/2026 (a)		13,500		13,784
Series 2019-3A, Class B, 2.65%, 3/20/2026 (a)		3,000		3,020
Series 2020-2A, Class A, 2.02%, 2/20/2027 (a)		3,750		3,797
Series 2020-2A, Class B, 2.96%, 2/20/2027 (a)		1,800		1,860
Series 2020-2A, Class C, 4.25%, 2/20/2027 (a)		1,800		1,839
BlueMountain CLO Ltd. (Cayman Islands) Series 2012-2A, Class DR2, 3.15%, 11/20/2028 ‡ (a) (k)		600		558

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		261		261
Series 2018-1, Class B, 6.05%, 2/15/2033 ‡ (a)		984		997
Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		15,384		15,381
Series 2018-2, Class C, 6.66%, 6/15/2033 (a)		992		994
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		9,908		9,933
Series 2019-1, Class C, 6.95%, 7/15/2034 ‡ (a)		5,217		5,210
BXG Receivables Note Trust Series 2018-A, Class C, 4.44%, 2/2/2034 (a)		2,013		2,000
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027 ‡ (a)		960		960
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050 (a)		3,500		3,516
Series 2020-1A, Class A5, 3.48%, 2/15/2050 (a)		3,000		3,018
Series 2020-1A, Class B1, 4.17%, 2/15/2050 ‡ (a)		3,500		3,418
Series 2020-1A, Class B2, 4.52%, 2/15/2050 ‡ (a)		4,290		4,131
Series 2020-1A, Class B3, 4.95%, 2/15/2050 ‡ (a)		4,510		4,260
Carvana Auto Receivables Trust
Series 2019-1A, Class D, 3.88%, 10/15/2024 (a)		2,000		2,056
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		4,591		4,686
Series 2019-1A, Class E, 5.64%, 1/15/2026 (a)		500		517
Series 2019-2A, Class E, 5.01%, 4/15/2026 (a)		3,000		3,042
Series 2019-3A, Class E, 4.60%, 7/15/2026 (a)		9,700		9,761
Series 2019-4A, Class E, 4.70%, 10/15/2026 (a)		6,990		6,945
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044 (a) (k)		8,067		8,360
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032 ‡ (h)		147		153
CF Hippolyta LLC
Series 2020-1, Class A1, 1.69%, 7/15/2060 (a)		6,000		6,087

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 207

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-1, Class B1, 2.28%, 7/15/2060 (a)		4,450		4,534
CIG Auto Receivables Trust
Series 2017-1A, Class B, 3.81%, 5/15/2023 (a)		75		75
Series 2017-1A, Class C, 5.33%, 12/16/2024 (a)		500		500
Series 2019-1A, Class D, 4.85%, 5/15/2026 (a)		1,660		1,674
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (a)		32		32
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (a)		143		143
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (a)		1,704		1,701
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (a)		11,728		11,299
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (a)		4,530		4,408
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-54, Class PT, HB, 26.15%, 2/15/2045 (a) (k)		19,957		16,907
Series 2020-4, Class PT, HB, 25.97%, 3/15/2045 ‡ (a) (k)		7,229		6,204
Series 2020-8, Class PT, HB, 25.93%, 4/17/2045 (a) (k)		7,410		6,523
Consumer Loan Underlying Bond Credit Trust
Series 2018-P2, Class C, 5.21%, 10/15/2025 ‡ (a)		1,500		1,452
Series 2019-46, Class PT, HB, 25.49%, 12/15/2044 (a) (k)		13,855		12,111
CoreVest American Finance Trust
Series 2019-1, Class E, 5.49%, 3/15/2052 ‡ (a)		575		588
Series 2019-2, Class E, 5.39%, 6/15/2052 ‡ (a) (k)		1,250		1,247
Series 2019-3, Class XB, IO, 1.55%, 10/15/2052 (a) (k)		53,875		5,104
Series 2019-3, Class XA, IO, 2.19%, 10/15/2052 (a) (k)		46,550		3,795
Series 2019-3, Class D, 3.76%, 10/15/2052 ‡ (a)		8,689		8,441
Series 2019-3, Class E, 4.90%, 10/15/2052 ‡ (a) (k)		3,650		3,440
CPS Auto Receivables Trust
Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		400		409

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-B, Class C, 3.35%, 1/15/2024 (a)		160		163
Series 2020-A, Class B, 2.36%, 2/15/2024 (a)		3,200		3,249
Series 2019-A, Class D, 4.35%, 12/16/2024 (a)		3,120		3,237
Series 2020-A, Class D, 2.90%, 12/15/2025 (a)		1,950		1,983
Credit Acceptance Auto Loan Trust Series 2020-1A, Class B, 2.39%, 4/16/2029 (a)		4,550		4,632
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-4, Class M1, 0.90%, 7/25/2034 ‡ (k)		1,431		1,401
Diamond Resorts Owner Trust
Series 2018-1, Class D, 5.90%, 1/21/2031 ‡ (a)		815		796
Series 2019-1A, Class D, 5.25%, 2/20/2032 ‡ (a)		3,069		2,890
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022 ‡ (a) (h)		6,825		6,825
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		213		216
Series 2019-3, Class B, 2.65%, 2/15/2024		870		886
Series 2018-3, Class D, 4.30%, 9/16/2024		1,456		1,520
Series 2019-3, Class C, 2.90%, 8/15/2025		2,080		2,147
Series 2019-3, Class D, 3.18%, 10/15/2026		1,780		1,821
Series 2020-1, Class D, 2.70%, 5/17/2027		2,000		2,048
Driven Brands Funding LLC
Series 2019-2A, Class A2, 3.98%, 10/20/2049 (a)		3,940		4,122
Series 2020-1A, Class A2, 3.79%, 7/20/2050 (a)		500		522
DT Auto Owner Trust
Series 2017-2A, Class E, 6.03%, 1/15/2024 (a)		1,320		1,356
Series 2018-3A, Class D, 4.19%, 7/15/2024 (a)		1,230		1,275
Series 2017-3A, Class E, 5.60%, 8/15/2024 (a)		905		933
Series 2019-1A, Class D, 3.87%, 11/15/2024 (a)		2,990		3,090
Series 2017-4A, Class E, 5.15%, 11/15/2024 (a)		1,925		1,969
Series 2018-1A, Class E, 5.42%, 3/17/2025 (a)		1,055		1,076
Series 2019-3A, Class D, 2.96%, 4/15/2025 (a)		2,300		2,328

SEE NOTES TO FINANCIAL STATEMENTS.

208 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-2A, Class E, 5.54%, 6/16/2025 (a)		1,200		1,230
Series 2019-4A, Class C, 2.73%, 7/15/2025 (a)		7,500		7,664
Series 2020-1A, Class D, 2.55%, 11/17/2025 (a)		5,260		5,292
Series 2018-3A, Class E, 5.33%, 11/17/2025 (a)		1,340		1,377
Series 2019-1A, Class E, 4.94%, 2/17/2026 (a)		2,735		2,773
Series 2020-2A, Class B, 2.08%, 3/16/2026 (a)		2,000		2,029
Series 2020-2A, Class C, 3.28%, 3/16/2026 (a)		3,437		3,582
Series 2020-2A, Class D, 4.73%, 3/16/2026 (a)		3,770		4,057
Series 2019-3A, Class E, 3.85%, 8/17/2026 (a)		3,500		3,503
Series 2020-1A, Class E, 3.48%, 2/16/2027 (a)		5,500		5,345
Series 2020-2A, Class E, 7.17%, 6/15/2027 (a)		2,130		2,265
E3 (Cayman Islands) Series 2019-1, Class C, 5.00%, 9/20/2055 ‡ (a)		1,191		1,195
Elara HGV Timeshare Issuer LLC Series 2019-A, Class C, 3.45%, 1/25/2034 ‡ (a)		2,222		2,184
Exeter Automobile Receivables Trust
Series 2016-2A, Class D, 8.25%, 4/17/2023 (a)		1,210		1,234
Series 2018-3A, Class C, 3.71%, 6/15/2023 (a)		738		748
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		773		788
Series 2016-3A, Class D, 6.40%, 7/17/2023 (a)		3,750		3,864
Series 2018-1A, Class D, 3.53%, 11/15/2023 (a)		1,500		1,539
Series 2017-2A, Class D, 6.39%, 2/15/2024 (a)		1,000		1,016
Series 2019-3A, Class C, 2.79%, 5/15/2024 (a)		2,360		2,406
Series 2018-3A, Class D, 4.35%, 6/17/2024 (a)		1,515		1,570
Series 2020-2A, Class B, 2.08%, 7/15/2024 (a)		3,000		3,037
Series 2018-3A, Class E, 5.43%, 8/15/2024 (a)		9,255		9,874
Series 2018-1A, Class E, 4.64%, 10/15/2024 (a)		2,260		2,295

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-3A, Class D, 5.28%, 10/15/2024 (a)		1,000		1,014
Series 2019-1A, Class D, 4.13%, 12/16/2024 (a)		14,475		15,003
Series 2020-1A, Class C, 2.49%, 1/15/2025 (a)		4,940		5,039
Series 2019-2A, Class D, 3.71%, 3/17/2025 (a)		1,000		1,034
Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)		6,591		6,863
Series 2018-2A, Class E, 5.33%, 5/15/2025 (a)		1,100		1,124
Series 2018-4A, Class E, 5.38%, 7/15/2025 (a)		2,810		2,875
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		4,260		4,352
Series 2018-3A, Class F, 6.55%, 8/25/2025 (a)		5,130		5,336
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)		7,490		7,559
Series 2020-1A, Class D, 2.73%, 12/15/2025 (a)		10,000		10,133
Series 2019-1A, Class E, 5.20%, 1/15/2026 (a)		6,375		6,582
Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)		1,000		1,071
Series 2019-2A, Class E, 4.68%, 5/15/2026 (a)		5,520		5,625
Series 2019-3A, Class E, 4.00%, 8/17/2026 (a)		7,092		7,057
Series 2019-4A, Class E, 3.56%, 10/15/2026 (a)		11,000		10,870
Series 2020-1A, Class E, 3.74%, 1/15/2027 (a)		12,860		12,398
Series 2020-2A, Class E, 7.19%, 9/15/2027 (a)		10,510		11,419
FirstKey Homes Trust Series 2020-SFR1, Class F2, 4.28%, 9/17/2025 (a)		9,000		9,048
Flagship Credit Auto Trust Series 2016-1, Class D, 8.59%, 5/15/2023 (a)		1,000		1,023
Series 2016-3, Class E, 6.25%, 10/15/2023 (a)		1,110		1,141
Series 2017-R, 8.24%, 10/18/2023		615		584
Series 2016-2, Class D, 8.56%, 11/15/2023 (a)		1,290		1,339
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		175		180
Series 2017-2, Class E, 5.55%, 7/15/2024 (a)		530		553

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 209

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-1, Class D, 4.08%, 2/18/2025 (a)		3,833		4,002
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		4,100		4,238
Series 2020-1, Class C, 2.24%, 1/15/2026 (a)		10,000		10,159
Series 2020-1, Class D, 2.48%, 3/16/2026 (a)		4,000		4,010
Series 2019-2, Class E, 4.52%, 12/15/2026 (a)		4,500		4,513
FORA Financial Asset Securitization LLC Series 2019-1, Class A, 4.02%, 10/15/2024 (a)		226		226
Foundation Finance Trust
Series 2019-1A, Class B, 4.22%, 11/15/2034 (a)		855		854
Series 2019-1A, Class C, 5.66%, 11/15/2034 ‡ (a)		3,055		2,994
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (a)		600		601
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (a)		11,550		11,532
Series 2019-1, Class C, 5.39%, 6/18/2026 (a)		8,200		8,139
Series 2020-FP1, Class B, 3.06%, 3/18/2027 (a)		6,150		6,105
Series 2020-FP1, Class C, 4.37%, 3/18/2027 ‡ (a)		5,000		4,749
Series 2020-3FP, Class B, 4.18%, 9/20/2027 (a)		3,000		3,018
Genesis Sales Finance Master Trust Series 2019-AA, Class A, 4.68%, 8/20/2023 (a)		2,650		2,666
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class B, 3.32%, 3/15/2024 (a)		1,748		1,801
Series 2019-1A, Class C, 3.87%, 12/16/2024 (a)		1,140		1,178
Series 2019-4A, Class C, 3.06%, 8/15/2025 (a)		1,050		1,070
Series 2020-1A, Class C, 2.72%, 11/17/2025 (a)		5,000		5,063
Series 2019-1A, Class D, 4.94%, 12/15/2025 (a)		830		843
Series 2019-2A, Class D, 4.52%, 2/17/2026 (a)		1,000		1,006
Series 2019-4A, Class D, 4.09%, 8/17/2026 (a)		950		949
Series 2020-1A, Class D, 3.68%, 11/16/2026 (a)		1,250		1,205

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025 (a)		680		705
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (a)		778		768
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (a)		482		486
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (a)		373		381
Hertz Vehicle Financing II LP Series 2019-3A, Class C, 3.43%, 12/26/2025 (a)		6,500		6,350
Kabbage Funding LLC
Series 2019-1, Class B, 4.07%, 3/15/2024 ‡ (a)		1,000		959
Series 2019-1, Class C, 4.61%, 3/15/2024 ‡ (a)		1,000		845
Series 2019-1, Class D, 5.69%, 3/15/2024 ‡ (a)		13,579		7,334
Lending Point Asset Securitization Trust Series 2020-1, Class C, 4.14%, 2/10/2026 ‡ (a)		4,500		4,330
Lendingpoint Asset Securitization Trust Series 2019-2, Class B, 3.73%, 11/10/2025 ‡ (a)		12,000		12,000
Lendmark Funding Trust
Series 2018-1A, Class B, 4.09%, 12/21/2026 ‡ (a)		790		807
Series 2018-1A, Class C, 5.03%, 12/21/2026 (a)		1,305		1,339
Series 2018-2A, Class D, 6.78%, 4/20/2027 (a)		2,500		2,431
Series 2019-1A, Class C, 3.90%, 12/20/2027 ‡ (a)		800		691
Series 2019-1A, Class D, 5.34%, 12/20/2027 ‡ (a)		3,000		2,383
Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (a)		3,040		2,823
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/2027 (a)		2,946		2,959
Series 2019-1A, Class C, 5.07%, 3/15/2027‡ (a)		3,500		3,320
Long Beach Mortgage Loan Trust Series 2003-4, Class M2, 2.80%, 8/25/2033 ‡ (k)		48		49
LP LMS Asset Securitization Trust Series 2019-1A, Class A, 4.21%, 11/10/2025 (a)		7,104		7,201
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		160		162

SEE NOTES TO FINANCIAL STATEMENTS.

210 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Mariner Finance Issuance Trust Series 2019-AA, Class D, 5.44%, 7/20/2032 ‡ (a)		5,120		4,711
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024 ‡ (a)		105		106
Series 2017-3A, Class D, 5.03%, 12/15/2024 ‡ (a)		4,500		4,438
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (a)		26,917		21,974
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (a) (h)		211		212
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (a) (h)		167		167
New Residential Mortgage LLC Series 2020-FNT1, Class A, 5.44%, 6/25/2025 (a)		23,479		23,650
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class D, 4.69%, 5/25/2023 ‡ (a)		549		533
Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (a)		464		449
Octane Receivables Trust
Series 2019-1A, Class A, 3.16%, 9/20/2023 (a)		7,250		7,231
Series 2019-1A, Class B, 3.77%, 7/22/2024 ‡ (a)		12,591		12,463
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (a)		540		541
OneMain Direct Auto Receivables Trust Series 2018-1A, Class D, 4.40%, 1/14/2028 (a)		580		598
OneMain Financial Issuance Trust
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (a)		745		771
Series 2017-1A, Class D, 4.52%, 9/14/2032 ‡ (a)		1,100		1,102
Series 2018-2A, Class D, 4.29%, 3/14/2033 ‡ (a)		1,500		1,563
Series 2020-2A, Class A, 1.75%, 9/14/2035 (a)		13,500		13,589
Series 2020-2A, Class B, 2.21%, 9/14/2035 (a)		4,000		4,043
Series 2020-2A, Class C, 2.76%, 9/14/2035 (a)		2,000		2,013
Series 2020-2A, Class D, 3.45%, 9/14/2035 (a)		7,000		7,065

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Orange Lake Timeshare Trust
Series 2018-A, Class C, 3.74%, 11/8/2030 (a)		2,775		2,753
Series 2019-A, Class D, 4.93%, 4/9/2038 ‡ (a)		3,268		3,146
Oxford Finance Funding LLC Series 2020-1A, Class A2, 3.10%, 2/15/2028 (a)		4,000		4,058
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.53%, 4/25/2023 (a) (k)		4,626		4,445
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 3.03%, 2/25/2023 (a) (k)		4,655		4,546
Series 2018-GT2, Class A, 2.83%, 8/25/2025 (a) (k)		4,320		4,128
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 3.92%, 7/25/2035 ‡ (h)		268		273
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024 (a)		1,160		1,192
Series 2018-1A, Class E, 5.03%, 1/15/2026 (a)		720		738
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL2, Class A2, 5.93%, 12/27/2058 ‡ (a) (h)		3,020		3,007
Series 2019-CFL1, Class A2, 4.95%, 1/25/2059 ‡ (a) (h)		4,551		4,226
Series 2019-NPL3, Class A2, 4.58%, 7/27/2059 ‡ (a) (h)		2,500		2,409
Progress Residential Trust
Series 2019-SFR1, Class E, 4.47%, 8/17/2035 ‡ (a)		2,000		2,055
Series 2018-SFR3, Class D, 4.43%, 10/17/2035 (a)		1,047		1,083
Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (a)		524		541
Series 2019-SFR2, Class E, 4.14%, 5/17/2036 ‡ (a)		4,000		4,118
Series 2019-SFR3, Class E, 3.37%, 9/17/2036 ‡ (a)		6,100		6,247
Prosper Marketplace Issuance Trust Series 2019-2A, Class B, 3.69%, 9/15/2025 ‡ (a)		2,081		2,081
PRPM LLC Series 2020-1A, Class A1, 2.98%, 2/25/2025 ‡ (a) (h)		5,446		5,417
RAMP Trust Series 2002-RS2, Class AI5, 5.48%, 3/25/2032 ‡ (k)		91		94
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044 (a) (k)		14,961		13,933

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 211

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		1,480		1,482
Series 2019-1, Class C, 4.11%, 11/15/2028 ‡ (a)		5,110		4,951
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (h)		139		140
Series 2005-2, Class M1, 5.05%, 8/25/2035 ‡ (h)		578		618
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a)		251		258
Republic FInance Issuance Trust Series 2019-A, Class A, 3.43%, 11/22/2027 (a)		4,185		4,195
Santander Drive Auto Receivables Trust
Series 2020-2, Class B, 0.96%, 11/15/2024		1,500		1,504
Series 2017-3, Class E, 4.97%, 1/15/2025		5,770		6,004
Series 2019-1, Class D, 3.65%, 4/15/2025		1,410		1,455
Series 2020-2, Class C, 1.46%, 9/15/2025		2,500		2,520
Series 2018-2, Class E, 5.02%, 9/15/2025		5,584		5,728
Series 2020-2, Class D, 2.22%, 9/15/2026		2,350		2,389
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (a)		1,242		1,252
Series 2018-A, Class F, 6.80%, 9/15/2025 (a)		2,527		2,544
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032 (a)		11,500		12,256
Series 2019-A, Class C, 3.00%, 1/26/2032 (a)		4,120		4,325
Series 2019-A, Class D, 3.45%, 1/26/2032 (a)		8,085		8,418
Security National Mortgage Loan Trust Series 2004-2A, Class AF3, 5.77%, 11/25/2034 ‡ (a) (k)		87		87
Sierra Timeshare Receivables Funding LLC
Series 2019-1A, Class D, 4.75%, 1/20/2036 ‡ (a)		735		722
Series 2019-2A, Class D, 4.54%, 5/20/2036 ‡ (a)		2,079		2,001
Series 2019-3A, Class D, 4.18%, 8/20/2036 ‡ (a)		4,806		4,557
Series 2020-2A, Class D, 6.59%, 7/20/2037 (a)		4,600		4,655
Small Business Lending Trust Series 2020-A, Class C, 5.01%, 12/15/2026 ‡ (a)		3,250		2,232
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026 (a)		100		102

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-6, Class C, 4.02%, 11/25/2026 ‡ (a)		100		101
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027 (a)		450		463
Series 2018-1, Class C, 3.97%, 2/25/2027 ‡ (a)		450		455
Sonic Capital LLC Series 2020-1A, Class A2II, 4.34%, 1/20/2050 (a)		2,985		3,173
Springleaf Funding Trust Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (a)		900		904
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (a) (h)		4,688		4,640
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 1.15%, 9/25/2034 ‡ (k)		179		177
Tesla Auto Lease Trust
Series 2019-A, Class D, 3.37%, 1/20/2023 (a)		2,700		2,778
Series 2020-A, Class D, 2.33%, 2/20/2024 (a)		2,000		2,016
Series 2020-A, Class E, 4.64%, 8/20/2024 (a)		2,500		2,524
Tif Funding II LLC Series 2020-1A, Class A, 3.00%, 8/20/2045 (a)		5,000		5,018
Tricolor Auto Securitization Trust Series 2018-1A, Class B, 7.30%, 2/16/2021 (a)		2,700		2,776
United Auto Credit Securitization Trust Series 2018-1, Class D, 3.52%, 11/10/2022 (a)		53		53
US Auto Funding LLC
Series 2019-1A, Class C, 5.34%, 3/15/2023 (a)		7,000		7,089
Series 2018-1A, Class B, 7.50%, 7/15/2023 (a)		1,845		1,914
VCAT LLC Series 2020-NPL1, Class A1, 3.67%, 8/25/2050 (a) (h)		6,000		6,000
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049 ‡ (a) (h)		7,850		7,588
Series 2019-NPL4, Class A2, 5.44%, 8/25/2049 ‡ (a) (h)		3,910		3,648
Series 2019-NPL5, Class A1B, 4.25%, 9/25/2049 (a) (h)		9,495		9,335
Series 2019-NPL7, Class A1B, 3.97%, 10/25/2049 ‡ (a) (h)		9,000		8,698
Series 2019-NPL8, Class A1B, 4.09%, 11/25/2049 (a) (h)		15,000		14,496
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 ‡ (a) (h)		12,000		11,537
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 ‡ (a) (h)		8,218		8,240

SEE NOTES TO FINANCIAL STATEMENTS.

212 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Veros Automobile Receivables Trust Series 2018-1, Class D, 5.74%, 8/15/2025 (a)		2,500		2,510
VM DEBT TRUST Series 2019-1, 9.50%, 5/31/2024		9,270		8,219
VMD-WL1 4.71%, 1/31/2021		7,594		7,549
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (a) (h)		17,435		16,837
VOLT LXXXIII LLC Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049 ‡ (a) (h)		12,130		11,835
VOLT LXXXIV LLC Series 2019-NP10, Class A1B, 3.97%, 12/27/2049 ‡ (a) (h)		14,250		13,823
VOLT LXXXV LLC Series 2020-NPL1, Class A1B, 3.72%, 1/25/2050 ‡ (a) (h)		25,000		23,924
Voya CLO Ltd. (Cayman Islands) Series 2016-3A, Class CR, 3.52%, 10/18/2031 ‡ (a) (k)		535		502
Welk Resorts LLC
Series 2019-AA, Class C, 3.34%, 6/15/2038 (a)		4,155		4,003
Series 2019-AA, Class D, 4.03%, 6/15/2038 ‡ (a)		1,638		1,493
Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (a)		11,772		12,169
Westlake Automobile Receivables Trust
Series 2018-3A, Class D, 4.00%, 10/16/2023 (a)		3,240		3,339
Series 2018-3A, Class E, 4.90%, 12/15/2023 (a)		670		692
Series 2018-2A, Class E, 4.86%, 1/16/2024 (a)		450		466
Series 2019-1A, Class D, 3.67%, 3/15/2024 (a)		3,350		3,460
Series 2019-1A, Class E, 4.49%, 7/15/2024 (a)		950		983
Series 2018-1A, Class F, 5.60%, 7/15/2024 (a)		3,500		3,497
Series 2019-3A, Class C, 2.49%, 10/15/2024 (a)		1,630		1,661
Series 2019-3A, Class D, 2.72%, 11/15/2024 (a)		6,310		6,418
Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		1,013		1,040
Series 2018-2A, Class F, 6.04%, 1/15/2025 (a)		1,320		1,325
Series 2018-3A, Class F, 6.02%, 2/18/2025 (a)		3,690		3,684

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-3A, Class E, 3.59%, 3/17/2025 (a)		600		591
Series 2019-2A, Class E, 4.02%, 4/15/2025 (a)		4,815		4,858
Series 2020-2A, Class C, 2.01%, 7/15/2025 (a)		1,000		1,013
Series 2020-2A, Class D, 2.76%, 1/15/2026 (a)		2,000		2,048
Series 2019-1A, Class F, 5.67%, 2/17/2026 (a)		3,009		2,971
Series 2019-2A, Class F, 5.00%, 3/16/2026 (a)		1,880		1,824
Series 2019-3A, Class F, 4.72%, 4/15/2026 (a)		1,400		1,345
Total Asset-backed Securities (Cost $1,280,765)				1,260,253
Collateralized Mortgage Obligations — 19.0%
ACC 1/15/2021 ‡		7,357		7,357
Acre Series 2017-B, 8.39%, 12/22/2021 ‡		500		495
Adjustable Rate Mortgage Trust Series 2006-2, Class 1A4, 3.91%, 5/25/2036 (k)		1,743		1,655
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		33		35
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		22		22
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		28		27
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		79		76
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		543		529
Series 2005-J14, Class A3, 5.50%, 12/25/2035		351		286
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		660		514
Angel Oak Mortgage Trust
Series 2019-5, Class M1, 3.30%, 10/25/2049 ‡ (a) (k)		8,000		7,796
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (a) (k)		2,470		2,386
Series 2020-1, Class M1, 3.16%, 12/25/2059 ‡ (a) (k)		4,400		4,276
Series 2020-1, Class B1, 3.76%, 12/25/2059 ‡ (a) (k)		1,550		1,473
Angel Oak Mortgage Trust I LLC Series 2018-PB1, Class A, 4.00%, 8/25/2021 (a)		107		107

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 213

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (a)		1,214		1,216
Series 2019-RTL1, Class A2, 4.95%, 8/25/2022 (a) (k)		2,000		2,048
Series 2019-RTL1, Class M, 6.90%, 1/25/2023 ‡ (a) (k)		3,000		3,017
Series 2018-RTL1, Class M, 7.39%, 5/25/2023 ‡ (a) (h)		1,700		1,419
Arroyo Mortgage Trust
Series 2019-3, Class M1, 4.20%, 10/25/2048 ‡ (a) (k)		1,000		1,017
Series 2019-2, Class A3, 3.80%, 4/25/2049 (a) (k)		1,553		1,594
Banc of America Alternative Loan Trust Series 2005-3, Class 2A1, 5.50%, 4/25/2020		4		4
Banc of America Funding Trust Series 2007-5, Class 4A1, 0.55%, 7/25/2037 (k)		459		293
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 3.28%, 8/25/2034 (k)		147		148
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033 ‡ (h)		124		119
Bellemeade Re Ltd. (Bermuda)
Series 2018-3A, Class M1B, 2.03%, 10/25/2028 ‡ (a) (k)		619		614
Series 2018-3A, Class M2, 2.93%, 10/25/2028 ‡ (a) (k)		1,140		1,086
Series 2019-1A, Class M2, 2.88%, 3/25/2029 ‡ (a) (k)		1,000		914
Series 2019-3A, Class B1, 2.68%, 7/25/2029 ‡ (a) (k)		1,000		872
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.93%, 5/25/2023 (a) (k)		840		802
Series 2018-GT1, Class B, 3.68%, 5/25/2023 ‡ (a) (k)		850		736
CIM Trust Series 2019-INV3, Class A11, 1.12%, 8/25/2049 (a) (k)		5,540		5,511
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		55		55
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019 ‡		6		6
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		118		120

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050 (a) (k)		2,040		2,059
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1ED2, 1.28%, 4/25/2031 (a) (k)		196		194
Series 2018-R07, Class 1M2, 2.58%, 4/25/2031 (a) (k)		9,211		9,171
Series 2018-R07, Class 1B1, 4.53%, 4/25/2031 ‡ (a) (k)		8,186		7,804
Series 2019-R01, Class 2M2, 2.63%, 7/25/2031 (a) (k)		14,529		14,383
Series 2019-R01, Class 2B1, 4.53%, 7/25/2031 ‡ (a) (k)		1,000		935
Series 2019-R02, Class 1B1, 4.33%, 8/25/2031 ‡ (a) (k)		10,130		9,648
Series 2019-R04, Class 2B1, 5.43%, 6/25/2039 (a) (k)		5,000		4,399
Series 2019-R05, Class 1M2, 2.18%, 7/25/2039 ‡ (a) (k)		1,533		1,527
Series 2019-R05, Class 1B1, 4.28%, 7/25/2039 (a) (k)		1,500		1,282
Series 2019-R06, Class 2B1, 3.93%, 9/25/2039 (a) (k)		26,974		21,983
Series 2019-R07, Class 1M2, 2.28%, 10/25/2039 (a) (k)		14,839		14,765
Series 2019-R07, Class 1B1, 3.58%, 10/25/2039 ‡ (a) (k)		3,000		2,444
Series 2020-R01, Class 1M2, 2.23%, 1/25/2040 ‡ (a) (k)		3,800		3,648
Series 2020-R01, Class 1B1, 3.43%, 1/25/2040 ‡ (a) (k)		2,000		1,388
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 0.73%, 6/25/2035 (k)		299		227
CSMA SFR Holdings II (United Kingdom)
Zero Coupon, 7/31/2023 ‡		6,810		6,674
Deephaven Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059 ‡ (a) (k)		1,500		1,418
Series 2019-2A, Class B2, 5.79%, 4/25/2059 ‡ (a) (k)		1,500		1,322
Series 2019-3A, Class B1, 4.26%, 7/25/2059 ‡ (a) (k)		2,000		1,902
Series 2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (a) (k)		2,000		1,757
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (a) (k)		6,690		6,479
Series 2019-4A, Class B2, 4.92%, 10/25/2059 ‡ (a) (k)		5,650		5,188

SEE NOTES TO FINANCIAL STATEMENTS.

214 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2020-1, Class A1, 2.34%, 1/25/2060 (a) (k)		4,025		4,065
Series 2020-1, Class A3, 2.65%, 1/25/2060 (a) (k)		5,094		5,052
Series 2020-1, Class M1, 3.01%, 1/25/2060 ‡ (a) (k)		9,500		8,942
Series 2020-1, Class B1, 3.66%, 1/25/2060 ‡ (a) (k)		4,000		3,784
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033 (h)		152		158
DT Asset Trust 5.84%, 12/16/2022		500		501
Eagle RE Ltd. (Bermuda)
Series 2019-1, Class M1B, 1.98%, 4/25/2029 ‡ (a) (k)		541		537
Series 2019-1, Class M2, 3.48%, 4/25/2029 ‡ (a) (k)		2,240		2,136
FHLMC 1.63%, 5/25/2035 (k)		5,999		1,006
FHLMC STACR Trust
Series 2018-HQA2, Class M2, 2.48%, 10/25/2048 (a) (k)		8,430		8,218
Series 2018-HQA2, Class B1, 4.43%, 10/25/2048 (a) (k)		1,670		1,499
Series 2019-HQA2, Class M2, 2.23%, 4/25/2049 (a) (k)		1,453		1,426
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQA2, Class M3, 4.98%, 5/25/2028 (k)		2,887		2,982
Series 2016-DNA1, Class M3, 5.72%, 7/25/2028 (k)		12,697		13,428
Series 2016-HQA1, Class M3, 6.53%, 9/25/2028 (k)		1,963		2,076
Series 2016-HQA2, Class M3, 5.33%, 11/25/2028 (k)		16,767		17,438
Series 2016-DNA3, Class M3, 5.17%, 12/25/2028 (k)		5,213		5,422
Series 2016-DNA4, Class M3, 3.98%, 3/25/2029 (k)		2,413		2,491
Series 2016-HQA4, Class M3, 4.08%, 4/25/2029 (k)		16,338		16,952
Series 2017-HQA1, Class M2, 3.73%, 8/25/2029 (k)		10,804		11,020
Series 2017-DNA2, Class M2, 3.63%, 10/25/2029 (k)		2,720		2,784
Series 2017-DNA2, Class B1, 5.33%, 10/25/2029 (k)		7,000		7,088
Series 2017-HQA2, Class B1, 4.93%, 12/25/2029 (k)		2,500		2,494

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-DNA3, Class M2, 2.68%, 3/25/2030 (k)		1,860		1,874
Series 2017-DNA3, Class B1, 4.63%, 3/25/2030 (k)		3,500		3,483
Series 2017-HQA3, Class B1, 4.63%, 4/25/2030 (k)		1,000		935
Series 2018-HQA1, Class M2, 2.48%, 9/25/2030 (k)		8,676		8,502
Series 2018-HQA1, Class B1, 4.53%, 9/25/2030 (k)		7,510		6,834
FHLMC, REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,833		235
Series 4149, IO, 3.00%, 1/15/2033		524		55
Series 4160, IO, 3.00%, 1/15/2033		1,688		168
Series 4212, Class MI, IO, 3.00%, 6/15/2033		2,181		221
Series 2916, Class S, IF, IO, 7.09%, 1/15/2035 (k)		2,893		677
Series 3145, Class GI, IF, IO, 6.44%, 4/15/2036 (k)		2,551		555
Series 4116, Class LS, IF, IO, 6.04%, 10/15/2042 (k)		395		94
Series 4495, Class PI, IO, 4.00%, 9/15/2043		656		62
Series 4321, Class PI, IO, 4.50%, 1/15/2044		513		80
Series 4670, Class TI, IO, 4.50%, 1/15/2044		937		105
Series 4550, Class DI, IO, 4.00%, 3/15/2044		485		51
Series 4612, Class QI, IO, 3.50%, 5/15/2044		727		65
Series 4612, Class PI, IO, 3.50%, 6/15/2044		59		6
Series 4657, Class QI, IO, 4.00%, 9/15/2044		764		76
Series 4585, Class JI, IO, 4.00%, 5/15/2045		458		67
Series 4628, Class PI, IO, 4.00%, 7/15/2045		477		59
Series 4844, Class PI, IO, 4.50%, 1/15/2046		2,550		121
Series 4842, Class PI, IO, 4.50%, 4/15/2046		551		37
Series 4599, Class SA, IF, IO, 5.84%, 7/15/2046 (k)		359		76
Series 4681, Class SD, IF, IO, 5.99%, 5/15/2047 (k)		878		167

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 215

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 4694, Class SA, IF, IO, 5.94%, 6/15/2047 (k)		1,339		210
Series 4689, Class SD, IF, IO, 5.99%, 6/15/2047 (k)		1,296		249
Series 4717, Class SP, IF, IO, 5.94%, 8/15/2047 (k)		34,203		8,375
Series 4707, Class SA, IF, IO, 5.99%, 8/15/2047 (k)		1,102		254
Series 4709, Class SE, IF, IO, 5.99%, 8/15/2047 (k)		890		181
Series 4714, Class SA, IF, IO, 5.99%, 8/15/2047 (k)		988		211
Series 4769, IO, 4.00%, 9/15/2047		6,098		625
Series 4746, Class SC, IF, IO, 5.99%, 1/15/2048 (k)		13,952		3,107
Series 4844, Class S, IF, IO, 5.94%, 11/15/2048 (k)		11,262		1,596
Series 4910, Class PI, IO, 5.00%, 7/25/2049		3,230		626
Series 4902, Class SA, IF, IO, 5.89%, 8/25/2049 (k)		38,935		6,992
Series 4919, Class SH, IF, IO, 5.84%, 9/25/2049 (k)		28,294		4,412
Series 4906, Class QS, IF, IO, 5.89%, 9/25/2049 (k)		26,606		5,905
Series 4925, Class SA, IF, IO, 5.89%, 10/25/2049 (k)		41,475		7,724
Series 4932, Class SA, IF, IO, 5.84%, 11/25/2049 (k)		35,580		6,298
Series 4931, Class SY, IF, IO, 5.89%, 11/25/2049 (k)		30,843		5,704
Series 4937, Class MS, IF, IO, 5.89%, 12/25/2049 (k)		65,923		12,017
Series 4954, Class SY, IF, IO, 5.89%, 2/25/2050 (k)		37,205		7,419
Series 4983, Class SY, IF, IO, 5.94%, 5/25/2050 (k)		24,531		5,680
Series 4983, Class SA, IF, IO, 5.94%, 6/25/2050 (k)		22,101		4,723
Series 4995, Class SB, IF, IO, 5.94%, 7/25/2050 (k)		20,637		4,965
Series 4839, Class WS, IF, IO, 5.94%, 8/15/2056 (k)		42,047		10,885
FHLMC, STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		371		21
Series 277, Class S6, IF, IO, 5.89%, 9/15/2042 (k)		27,955		5,251
Series 311, Class S1, IF, IO, 5.79%, 8/15/2043 (k)		1,584		251

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 342, Class S7, IF, IO, 5.95%, 2/15/2045 (k)		16,320		3,731
Flagstar Mortgage Trust Series 2020-1INV, Class A11, 1.03%, 3/25/2050 (a) (k)		2,682		2,672
FNMA, Connecticut Avenue Securities Class 1M2, 6.17% (k)		2,862		3,026
Series 2015-C03, Class 1M2, 5.18%, 7/25/2025 ‡ (k)		3,656		3,766
Series 2016-C01, Class 2M2, 7.13%, 8/25/2028 (k)		4,758		5,020
Series 2016-C03, Class 1M2, 5.48%, 10/25/2028 (k)		2,492		2,592
Series 2016-C03, Class 2M2, 6.08%, 10/25/2028 (k)		1,230		1,290
Series 2016-C05, Class 2M2, 4.63%, 1/25/2029 (k)		1,958		2,027
Series 2016-C06, Class 1M2, 4.43%, 4/25/2029 (k)		24,394		25,064
Series 2016-C07, Class 2M2, 4.52%, 5/25/2029 (k)		6,211		6,398
Series 2017-C01, Class 1M2, 3.73%, 7/25/2029 (k)		8,789		8,966
Series 2017-C01, Class 1B1, 5.93%, 7/25/2029 (k)		16,485		16,980
Series 2017-C02, Class 2M2, 3.83%, 9/25/2029 (k)		12,106		12,288
Series 2017-C02, Class 2B1, 5.68%, 9/25/2029 (k)		5,500		5,524
Series 2017-C03, Class 1B1, 5.03%, 10/25/2029 (k)		3,000		2,962
Series 2017-C05, Class 1M2, 2.37%, 1/25/2030 (k)		11,367		11,139
Series 2017-C05, Class 1B1, 3.78%, 1/25/2030 (k)		2,760		2,555
Series 2017-C06, Class 1M2, 2.83%, 2/25/2030 (k)		2,412		2,395
Series 2017-C06, Class 2B1, 4.63%, 2/25/2030 (k)		8,015		7,534
Series 2017-C07, Class 2M2, 2.68%, 5/25/2030 (k)		4,940		4,900
Series 2017-C07, Class 1B1, 4.18%, 5/25/2030 (k)		5,200		4,940
Series 2018-C01, Class 1B1, 3.73%, 7/25/2030 (k)		2,870		2,644
Series 2018-C02, Class 2M2, 2.38%, 8/25/2030 (k)		1,451		1,421
Series 2018-C03, Class 1M2, 2.32%, 10/25/2030 (k)		325		318

SEE NOTES TO FINANCIAL STATEMENTS.

216 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2018-C04, Class 2M2, 2.73%, 12/25/2030 (k)		4,439		4,392
Series 2018-C04, Class 2B1, 4.68%, 12/25/2030 (k)		4,250		3,888
Series 2018-C05, Class 1M2, 2.53%, 1/25/2031 (k)		1,158		1,142
Series 2018-C05, Class 1B1, 4.43%, 1/25/2031 (k)		3,000		2,760
Series 2018-C06, Class 1M2, 2.18%, 3/25/2031 (k)		1,379		1,347
Series 2018-C06, Class 2M2, 2.28%, 3/25/2031 (k)		955		931
Series 2018-C06, Class 1B1, 3.93%, 3/25/2031 (k)		15,310		14,122
Series 2018-C06, Class 2B1, 4.28%, 3/25/2031 (k)		2,860		2,673
FNMA, REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,209		101
Series 2012-93, Class FS, IF, IO, 5.97%, 9/25/2032 (k)		3,901		727
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		3,635		353
Series 2003-76, Class SB, IF, IO, 6.87%, 8/25/2033 (k)		2,856		510
Series 2006-42, Class LI, IF, IO, 6.38%, 6/25/2036 (k)		2,406		438
Series 2011-79, Class SD, IF, IO, 5.72%, 8/25/2041 (k)		6,773		1,348
Series 2011-78, Class JS, IF, IO, 5.82%, 8/25/2041 (k)		3,081		692
Series 2012-101, Class SC, IF, IO, 5.82%, 9/25/2042 (k)		12,517		2,148
Series 2012-127, Class AI, IO, 4.00%, 11/25/2042		771		105
Series 2012-133, Class HS, IF, IO, 5.97%, 12/25/2042 (k)		357		91
Series 2012-133, Class NS, IF, IO, 5.97%, 12/25/2042 (k)		1,629		392
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		628		70
Series 2015-35, Class SA, IF, IO, 5.42%, 6/25/2045(k)		17,756		3,167
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		524		80
Series 2016-56, Class ST, IF, IO, 5.82%, 8/25/2046 (k)		8,860		2,112
Series 2016-63, Class AS, IF, IO, 5.82%, 9/25/2046 (k)		185		42

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-75, Class SC, IF, IO, 5.92%, 10/25/2046 (k)		12,309		2,600
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		678		97
Series 2016-95, Class ES, IF, IO, 5.82%, 12/25/2046 (k)		3,050		724
Series 2017-13, Class AS, IF, IO, 5.87%, 2/25/2047 (k)		1,118		248
Series 2017-6, Class SB, IF, IO, 5.87%, 2/25/2047 (k)		218		45
Series 2017-16, Class SM, IF, IO, 5.87%, 3/25/2047 (k)		7,079		1,431
Series 2017-39, Class ST, IF, IO, 5.92%, 5/25/2047 (k)		2,736		623
Series 2017-70, Class SA, IF, IO, 5.97%, 9/25/2047 (k)		1,726		387
Series 2017-69, Class SH, IF, IO, 6.02%, 9/25/2047 (k)		1,534		330
Series 2017-81, Class SM, IF, IO, 6.02%, 10/25/2047 (k)		29,176		7,183
Series 2017-90, Class SP, IF, IO, 5.97%, 11/25/2047 (k)		4,690		1,147
Series 2017-93, Class SA, IF, IO, 5.97%, 11/25/2047 (k)		27,041		4,950
Series 2017-102, Class IJ, IO, 3.50%, 12/25/2047		1,400		132
Series 2017-112, Class SC, IF, IO, 5.97%, 1/25/2048 (k)		6,007		1,090
Series 2018-16, Class SN, IF, IO, 6.07%, 3/25/2048 (k)		4,066		685
Series 2018-27, Class SE, IF, IO, 6.02%, 5/25/2048 (k)		5,537		1,249
Series 2018-67, Class SN, IF, IO, 6.02%, 9/25/2048 (k)		10,786		2,122
Series 2019-32, Class PI, IO, 5.00%, 10/25/2048		2,257		365
Series 2018-73, Class SC, IF, IO, 6.02%, 10/25/2048 (k)		7,894		1,551
Series 2018-78, Class SA, IF, IO, 6.02%, 10/25/2048 (k)		32,035		5,621
Series 2019-47, Class QI, IO, 4.50%, 6/25/2049		4,594		763
Series 2019-31, Class S, IF, IO, 5.87%, 7/25/2049 (k)		19,395		4,214
Series 2019-37, Class CS, IF, IO, 5.87%, 7/25/2049 (k)		6,686		1,695
Series 2019-42, Class SK, IF, IO, 5.87%, 8/25/2049 (k)		14,648		2,691
Series 2019-62, Class SP, IF, IO, 5.87%, 11/25/2049 (k)		30,340		6,880

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 217

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2019-65, Class SP, IF, IO, 5.87%, 11/25/2049 (k)		39,134		7,352
Series 2020-54, Class AS, IF, IO, 5.97%, 8/25/2050 (k)		49,233		11,039
Series 2017-57, Class SA, IF, IO, 5.92%, 8/25/2057 (k)		1,331		271
FNMA, STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		331		22
Series 421, Class C3, IO, 4.00%, 7/25/2030		563		52
FTF 8.00%, 9/30/2024		6,500		3,315
GCAT Trust
Series 2020-NQM1, Class M1, 2.93%, 1/25/2060 ‡ (a) (k)		10,871		10,230
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 ‡ (a) (k)		3,000		2,844
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		51		51
GNMA
Series 2013-182, Class MS, IF, IO, 5.98%, 12/20/2043 (k)		15,814		3,874
Series 2015-110, Class MS, IF, IO, 5.55%, 8/20/2045 (k)		11,211		1,798
Series 2016-33, Class US, IF, IO, 5.89%, 3/20/2046 (k)		18,185		3,363
Series 2016-49, Class SB, IF, IO, 5.89%, 4/20/2046 (k)		7,202		1,475
Series 2016-48, Class DS, IF, IO, 5.94%, 4/20/2046 (k)		30,879		6,383
Series 2016-83, Class SA, IF, IO, 5.94%, 6/20/2046 (k)		4,305		879
Series 2016-108, Class SN, IF, IO, 5.92%, 8/20/2046 (k)		21,401		4,861
Series 2016-108, Class SM, IF, IO, 5.94%, 8/20/2046 (k)		4,869		1,128
Series 2016-111, Class SA, IF, IO, 5.94%, 8/20/2046 (k)		8,306		1,889
Series 2016-120, Class NS, IF, IO, 5.94%, 9/20/2046 (k)		5,508		1,230
Series 2016-120, Class SA, IF, IO, 5.94%, 9/20/2046 (k)		27,945		6,523
Series 2016-146, Class NS, IF, IO, 5.94%, 10/20/2046 (k)		6,793		1,593
Series 2016-147, Class AS, IF, IO, 5.94%, 10/20/2046 (k)		10,054		2,019
Series 2017-192, Class PI, IO, 4.00%, 1/20/2047		2,082		168
Series 2017-36, Class SL, IF, IO, 6.04%, 3/16/2047 (k)		11,331		2,382

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-132, Class KI, IO, 3.50%, 3/20/2047		2,719		238
Series 2017-68, Class DS, IF, IO, 5.99%, 5/20/2047 (k)		22,549		4,836
Series 2017-68, Class SA, IF, IO, 5.99%, 5/20/2047 (k)		5,063		1,040
Series 2017-80, Class AS, IF, IO, 6.04%, 5/20/2047 (k)		5,598		1,201
Series 2017-85, Class SA, IF, IO, 5.99%, 6/20/2047 (k)		8,282		1,582
Series 2017-101, Class SK, IF, IO, 6.04%, 7/20/2047 (k)		12,444		2,503
Series 2017-107, Class KS, IF, IO, 6.04%, 7/20/2047 (k)		11,529		2,097
Series 2017-120, Class ES, IF, IO, 6.04%, 8/20/2047 (k)		9,602		2,148
Series 2017-134, Class SB, IF, IO, 6.04%, 9/20/2047 (k)		7,874		1,319
Series 2017-134, Class SD, IF, IO, 6.04%, 9/20/2047 (k)		12,124		2,627
Series 2017-155, Class KS, IF, IO, 6.04%, 10/20/2047 (k)		8,741		1,540
Series 2017-161, Class DS, IF, IO, 6.09%, 10/20/2047 (k)		5,965		1,457
Series 2017-163, Class HS, IF, IO, 6.04%, 11/20/2047 (k)		17,044		3,148
Series 2017-180, Class SD, IF, IO, 6.04%, 12/20/2047 (k)		8,785		2,024
Series 2018-7, Class DS, IF, IO, 5.54%, 1/20/2048 (k)		5,960		890
Series 2018-6, Class CS, IF, IO, 6.04%, 1/20/2048 (k)		6,633		1,502
Series 2018-36, Class SG, IF, IO, 6.04%, 3/20/2048 (k)		5,643		1,192
Series 2018-46, Class AS, IF, IO, 6.04%, 3/20/2048 (k)		20,553		4,891
Series 2018-63, Class BS, IF, IO, 6.04%, 4/20/2048 (k)		13,435		2,903
Series 2018-63, Class SB, IF, IO, 6.04%, 4/20/2048 (k)		7,358		1,260
Series 2018-65, Class DS, IF, IO, 6.04%, 5/20/2048 (k)		8,282		1,954
Series 2018-125, Class SU, IF, IO, 6.04%, 9/20/2048 (k)		25,200		4,908
Series 2018-147, Class SD, IF, IO, 5.99%, 10/20/2048 (k)		5,576		1,125
Series 2019-33, Class PI, IO, 4.00%, 11/20/2048		209		39
Series 2019-1, Class SG, IF, IO, 5.89%, 1/20/2049 (k)		20,215		3,848

SEE NOTES TO FINANCIAL STATEMENTS.

218 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2019-49, Class SB, IF, IO, 5.38%, 4/20/2049 (k)		12,557		2,070
Series 2019-42, Class SJ, IF, IO, 5.89%, 4/20/2049 (k)		13,419		1,944
Series 2019-43, Class LS, IF, IO, 5.89%, 4/20/2049 (k)		5,925		1,110
Series 2019-65, Class ST, IF, IO, 5.89%, 5/20/2049 (k)		20,662		3,216
Series 2019-56, Class GS, IF, IO, 5.99%, 5/20/2049 (k)		13,558		2,712
Series 2019-71, Class SA, IF, IO, 5.99%, 6/20/2049 (k)		22,324		4,263
Series 2019-71, Class SK, IF, IO, 5.99%, 6/20/2049 (k)		19,242		3,328
Series 2019-85, Class CS, IF, IO, 5.94%, 7/20/2049 (k)		34,831		6,917
Series 2019-86, Class ST, IF, IO, 5.94%, 7/20/2049 (k)		21,402		3,325
Series 2019-89, Class KS, IF, IO, 5.94%, 7/20/2049 (k)		26,966		4,456
Series 2019-103, Class SC, IF, IO, 5.89%, 8/20/2049 (k)		37,511		6,770
Series 2019-99, Class SJ, IF, IO, 5.89%, 8/20/2049 (k)		19,352		3,214
Series 2019-97, Class GS, IF, IO, 5.94%, 8/20/2049(k)		44,183		7,876
Series 2019-115, Class SA, IF, IO, 5.89%, 9/20/2049 (k)		18,320		3,199
Series 2019-115, Class US, IF, IO, 5.89%, 9/20/2049 (k)		22,206		4,242
Series 2019-119, Class SA, IF, IO, 5.89%, 9/20/2049 (k)		32,439		5,940
Series 2019-120, Class DS, IF, IO, 5.89%, 9/20/2049 (k)		23,189		4,366
Series 2019-115, Class SD, IF, IO, 5.94%, 9/20/2049 (k)		45,523		5,849
Series 2019-115, Class SW, IF, IO, 5.94%, 9/20/2049 (k)		45,161		7,172
Series 2019-117, Class SA, IF, IO, 5.94%, 9/20/2049 (k)		26,606		5,480
Series 2019-132, Class SK, IF, IO, 5.89%, 10/20/2049 (k)		27,889		4,249
Series 2019-138, Class SW, IF, IO, 5.89%, 10/20/2049 (k)		5,385		973
Series 2019-137, Class PI, IO, 3.50%, 11/20/2049		27,537		3,212
Series 2019-158, Class SG, IF, IO, 5.89%, 12/20/2049 (k)		29,092		5,101
Series 2020-11, Class LS, IF, IO, 5.89%, 1/20/2050 (k)		82,414		13,221

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-11, Class SN, IF, IO, 5.89%, 1/20/2050 (k)		31,335		5,421
Series 2020-33, Class SB, IF, IO, 5.89%, 3/20/2050 (k)		33,909		8,728
Series 2020-86, Class TS, IF, IO, 5.44%, 6/20/2050 (k)		18,299		3,374
Series 2020-101, Class SA, IF, IO, 6.04%, 7/20/2050 (k)		99,121		24,635
Series 2020-101, Class SJ, IF, IO, 6.04%, 7/20/2050 (k)		74,661		17,469
Series 2015-H13, Class GI, IO, 1.61%, 4/20/2065 (k)		2,594		114
Series 2017-H14, Class FG, 1.59%, 6/20/2067 (k)		549		561
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		448		451
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (a) (k)		179		90
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 3.79%, 9/25/2035 (k)		183		185
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.34%, 1/25/2047 (k)		9,857		9,297
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (a) (k)		2,220		2,225
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (a) (k)		2,600		2,627
Series 2019-3, Class B1, 4.02%, 11/25/2059 ‡ (a) (k)		5,000		4,657
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		1,500		1,500
Impac CMB Trust Series 2005-1, Class 1A2, 0.80%, 4/25/2035 (k)		348		335
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 3.29%, 9/25/2037 (k)		16,684		13,738
J.P. Morgan Alternative Loan Trust Series 2006-S3, Class A4, 6.31%, 8/25/2036 (h)		3,259		3,114
JP Morgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		60		65
Lehman Mortgage Trust Series 2007-7, Class 5A7, 6.50%, 8/25/2037		14,767		10,781
LHOME Mortgage Trust
Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (a) (h)		1,125		1,136
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (a) (h)		8,580		8,148

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 219

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		12,000		12,099
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024 (a) (h)		9,300		8,764
Series 2020-RTL1, Class A2, 3.72%, 10/25/2024 (a) (h)		4,250		3,939
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.92%, 8/25/2033 ‡ (k)		63		65
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		60		62
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 2.95%, 8/25/2033 (k)		90		88
New Residential Mortgage Loan Trust
Series 2019-2A, Class A1IB, IO, 1.00%, 12/25/2057 (a) (k)		19,593		531
Series 2018-3A, Class A1IC, IO, 1.50%, 5/25/2058 (a) (k)		41,254		1,761
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 ‡ (a) (k)		3,042		2,794
OBX Trust
Series 2020-INV1, Class A11, 1.08%, 12/25/2049 (a) (k)		3,760		3,733
Series 2019-EXP1, Class 2A1B, 1.13%, 1/25/2059 (a) (k)		4,115		4,033
Series 2019-EXP3, Class 2A1B, 1.08%, 10/25/2059 (a) (k)		2,704		2,708
Series 2020-EXP1, Class 2A1, 0.93%, 2/25/2060 (a) (k)		4,585		4,544
P -stlb 9.25%, 10/11/2026 ‡		7,700		7,700
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A, 2.92%, 5/27/2023 (a) (k)		2,352		2,202
Series 2019-1R, Class A, 2.17%, 3/27/2024 (a) (k)		5,766		5,473
PRPM
Series 2019-GS1, Class A1, 3.50%, 10/25/2024 (a) (k)		12,233		12,180
Series 2019-GS1, Class A2, 4.75%, 10/25/2024 (a) (k)		4,806		4,719
PRPM LLC
Series 2019-1A, Class A1, 4.50%, 1/25/2024 (a) (h)		1,808		1,821
Series 2020-2, Class A1, 3.67%, 8/25/2025 (a) (h)		1,965		1,965
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034 125				129
Repo Buyer 8.32%, 5/14/2022 ‡		3,999		3,999

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repo Buyer RRI Trust 3.06%, 4/14/2055 ‡		9,976		9,677
RSFR Series 2020-1, Class PT, 4.21%, 2/17/2025 (a) (h)		19,898		17,671
SART
5.64%, 2/15/2024 ‡		1,001		973
4.75%, 7/15/2024		440		438
4.76%, 6/15/2025		1,063		1,068
SART CRR
Series 4, Class B, 4.70%, 10/15/2024 ‡		2,004		1,945
5.01%, 4/15/2026 ‡		1,526		1,483
4.60%, 7/15/2026 ‡		1,888		1,832
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.02%, 7/25/2056 (k)		28,469		28
STACR Trust
Series 2018-HRP1, Class B1, 3.93%, 4/25/2043 ‡ (a) (k)		2,830		2,556
Series 2018-HRP2, Class M3, 2.58%, 2/25/2047 ‡ (a) (k)		14,145		13,348
Series 2018-DNA3, Class B1, 4.08%, 9/25/2048 ‡ (a) (k)		2,300		2,084
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class B1, 5.29%, 3/25/2048 (a) (k)		1,000		1,038
Series 2019-1, Class M1, 3.76%, 6/25/2049 ‡ (a) (k)		3,500		3,426
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 1.81%, 10/25/2037 (k)		2,564		2,376
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 1.02%, 5/25/2047 (k)		17,252		13,055
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (a) (h)		940		949
TVC Mortgage Trust Series 2020-RTL1, Class A2, 3.97%, 9/25/2024 (a) (h)		5,500		5,144
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058 (a) (k)		367		371
Series 2018-INV2, Class A1FL, 1.38%, 10/25/2058 (a) (k)		4,254		4,236
Series 2019-4, Class M1, 3.21%, 11/25/2059 ‡ (a) (k)		5,200		5,236
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 ‡ (a) (k)		7,606		6,877
Series 2019-4, Class B1, 3.86%, 11/25/2059 ‡ (a) (k)		2,200		2,047

SEE NOTES TO FINANCIAL STATEMENTS.

220 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (a) (k)		1,190		1,190
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (a)		750		694
Series 2020-1, Class A2, 2.64%, 1/25/2060 (a) (h)		6,307		6,437
Series 2020-1, Class A3, 2.72%, 1/25/2060 (a) (h)		4,483		4,565
Series 2020-1, Class M1, 3.02%, 1/25/2060 ‡ (a) (k)		1,990		1,871
Series 2020-1, Class B1, 3.62%, 1/25/2060 ‡ (a) (k)		1,150		999
Series 2020-2, Class A1, 2.23%, 5/25/2060 (a) (k)		946		951
Visio Trust Series 2019-2, Class B1, 3.91%, 11/25/2054 ‡ (a) (k)		820		772
VOLT PT 7/27/2023 ‡		19,687		18,851
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		138		143
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.87%, 8/25/2033 (k)		156		156
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		147		152
Series 2005-AR7, Class A3, 2.96%, 8/25/2035 (k)		100		101
Total Collateralized Mortgage Obligations (Cost $1,273,127)				1,231,531
Foreign Government Securities — 2.3%
Arab Republic of Egypt (Egypt) 7.05%, 1/15/2032 (f)		5,600		5,565
Democratic Socialist Republic of Sri Lanka (Sri Lanka) 6.20%, 5/11/2027 (f)		7,850		6,400
Dominican Republic Government Bond (Dominican Republic) 5.88%, 1/30/2060 (a)		13,650		13,044
Federal Republic of Nigeria (Nigeria) 7.14%, 2/23/2030 (f)		5,100		5,127
Hashemite Kingdom of Jordan (Jordan) 7.38%, 10/10/2047 (f)		4,700		4,900
Kingdom of Bahrain (Bahrain) 7.00%, 10/12/2028 (f)		1,900		2,163
Republic of Angola (Angola)
8.00%, 11/26/2029 (a)		5,720		4,712
8.00%, 11/26/2029 (f)		500		412
9.13%, 11/26/2049 (f)		5,100		4,118

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Republic of Belarus (Belarus) 6.88%, 2/28/2023 (f)		1,600		1,572
Republic of Costa Rica (Costa Rica)
4.38%, 4/30/2025 (f)		1,100		1,018
5.63%, 4/30/2043 (f)		1,200		985
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028 (f)		13,737		14,253
5.75%, 12/31/2032 (f) (h)		2,541		2,484
Republic of El Salvador (El Salvador)
8.63%, 2/28/2029 (f)		5,400		5,532
7.63%, 2/1/2041 (f)		4,400		4,049
7.12%, 1/20/2050 (f)		3,700		3,182
Republic of Ghana (Ghana)
7.88%, 2/11/2035 (a)		1,420		1,298
8.95%, 3/26/2051 (f)		500		464
8.75%, 3/11/2061 (a)		3,300		3,003
Republic of Guatemala (Guatemala) 4.90%, 6/1/2030 (a)		2,100		2,363
Republic of Kenya (Kenya)
6.88%, 6/24/2024 (f)		1,700		1,747
8.00%, 5/22/2032 (a)		1,780		1,824
8.00%, 5/22/2032 (f)		1,400		1,435
Republic of Namibia (Namibia) 5.25%, 10/29/2025 (f)		4,900		4,967
Republic of Paraguay (Paraguay)
6.10%, 8/11/2044 (f)		6,375		8,519
5.40%, 3/30/2050 (a)		2,970		3,742
Republic of Senegal (Senegal)
6.25%, 5/23/2033 (f)		1,400		1,440
6.75%, 3/13/2048 (f)		4,500		4,472
Republic of South Africa (South Africa) 5.75%, 9/30/2049		6,020		5,382
State of Qatar (Qatar) 4.40%, 4/16/2050 (a)		6,900		8,953
Sultanate of Oman Government Bond (Oman)
4.88%, 2/1/2025 (f)		4,100		4,016
5.38%, 3/8/2027 (f)		1,400		1,363
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2020 (f)		1,700		1,697
8.99%, 2/1/2024 (f)		3,400		3,705
9.75%, 11/1/2028 (f)		3,700		4,230
United Arab Emirates Government Bond (United Arab Emirates) 3.88%, 4/16/2050 (a)		2,100		2,565
Total Foreign Government Securities (Cost $152,020)				146,701

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 221

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — 1.5%
FNMA UMBS, 30 Year Pool # MA4055, 2.50%, 6/1/2050		67,146		70,659
GNMA I 5.94%, 1/20/2050 (k)		10,865		1,943
GNMA II, 30 Year
Pool # BF2605, 5.50%, 5/20/2048		1,196		1,341
Pool # BN2462, 4.50%, 6/20/2048		216		232
Pool # BH2761, 4.50%, 9/20/2048		2,526		2,801
Pool # BJ4027, 4.50%, 9/20/2048		618		685
Pool # BJ4052, 4.50%, 9/20/2048		525		580
Pool # BH5219, 4.50%, 10/20/2048		642		711
Pool # BI9909, 4.50%, 10/20/2048		946		1,047
Pool # BJ0977, 4.50%, 10/20/2048		605		671
Pool # BJ4126, 4.50%, 10/20/2048		873		968
Pool # BJ4168, 4.50%, 10/20/2048		1,193		1,322
Pool # BJ4297, 4.50%, 10/20/2048		882		976
Pool # BJ4354, 4.50%, 10/20/2048		686		759
Pool # BJ4396, 4.50%, 10/20/2048		1,201		1,329
Pool # BJ9835, 4.50%, 1/20/2049		1,190		1,333
Pool # BJ9839, 4.38%, 4/20/2049		670		740
Pool # BL9253, 4.50%, 6/20/2049		783		846
Pool # BN2463, 4.50%, 6/20/2049		238		258
Pool # BJ9846, 4.50%, 7/20/2049		1,701		1,910
Pool # BM5450, 4.50%, 7/20/2049		1,162		1,259
Pool # BJ9850, 4.50%, 8/20/2049		749		827
Pool # BJ9854, 4.50%, 9/20/2049		1,082		1,215
Pool # BJ9863, 4.50%, 11/20/2049		1,581		1,777
Pool # BQ8922, 4.50%, 12/20/2049		742		858
Total Mortgage-Backed Securities (Cost $95,765)				97,047
	SHARES (000)
Exchange-Traded Funds — 0.7%
SPDR Blackstone (Cost $43,261)		975		43,700
Preferred Stocks — 0.2%
Electric Utilities — 0.2%
SCE Trust II 5.10%, 5/5/2020 ($25 par value) (l)		54		1,344
SCE Trust VI 5.00%, 6/26/2022 ($25 par value) (l)		240		5,762
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value)		193		5,176
				12,282

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — 0.0% (b)
MetLife, Inc. Series F, 4.75%, 3/15/2025 ($25 par value) (l)		97		2,570
Internet & Direct Marketing Retail — 0.0% (b)
MYT Holding Co.
10.00%, 6/7/2029 (a)		16		15
Total Preferred Stocks (Cost $14,275)				14,867
	PRINCIPAL AMOUNT ($000)
Loan Assignments — 0.1% (m)
Aerospace & Defense — 0.0% (b)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 10/4/2024 (e)		4		3
Automobiles — 0.0% (b)
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.47%, 8/14/2024 (e)		99		92
Chemicals — 0.0% (b)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.06%, 6/1/2024 (e)		259		253
Construction & Engineering — 0.0% (b)
Thor, Inc. 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 4.25%), 4.25%, 5/15/2025 ‡ (e)		967		943
Containers & Packaging — 0.0% (b)
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 1/30/2021 (e)		96		84
Diversified Consumer Services — 0.0% (b)
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.01%, 8/3/2026 (e)		89		88
Diversified Telecommunication Services — 0.0% (b)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (e)		206		206
Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023 (e)		50		50
				256

SEE NOTES TO FINANCIAL STATEMENTS.

222 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Electric Utilities — 0.0% (b)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (e)		44		37
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (e)		2		2
				39
Food & Staples Retailing — 0.1%
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 4/1/2024 ‡ (e)		2,141		2,119
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (e)		77		59
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.41%, 10/22/2025 (e)		262		255
				2,433
Health Care Providers & Services — 0.0% (b)
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (e)		1,285		1,271
Hotels, Restaurants & Leisure — 0.0% (b)
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 7.50%, 12/1/2023 (e)		290		256
Interactive Media & Services — 0.0% (b)
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/3/2023 (e)		145		143
Leisure Products — 0.0% (b)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (e) (i)		58		29
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (e) (i)		247		—
				29
Oil, Gas & Consumable Fuels — 0.0% (b)
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022 (e)		220		80
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (e)		678		466
				546

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — 0.0% (b)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024 (e)		674		643
Software — 0.0% (b)
Greeneden US Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.41%, 12/1/2023 (e)		96		95
Specialty Retail — 0.0%(b)
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 6.81%, 12/18/2026 (e) (n)		12		10
Total Loan Assignments (Cost $7,345)				7,184
Municipal Bonds — 0.0% (b) (o)
California — 0.0% (b)
Los Angeles Community College District Series E, GO, 6.75%, 8/1/2049		100		184
Orange County Water District Series 2017B, Rev., 4.06%, 8/15/2041		290		319
Regents of the University of California Series R, Rev., 5.77%, 5/15/2043		140		206
University of California Series J, Rev., 4.13%, 5/15/2045		100		124
University of California, Medical Center Series F, Rev., 6.58%, 5/15/2049		255		409
Total California				1,242
Colorado — 0.0% (b)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175		190
Illinois — 0.0% (b)
Illinois Finance Authority Series A, Rev., 4.00%, 10/1/2049		25		26
Indiana — 0.0% (b)
Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series B-2, Rev., 6.12%, 1/15/2040		240		360
New Jersey — 0.0% (b)
New Jersey Transportation Trust Fund Authority, Transportation System Series 2012A, Rev., 5.00%, 6/15/2042		25		26
Texas — 0.0% (b)
North Texas Tollway Authority System
Series B, Rev., 6.72%, 1/1/2049		131		236
Total Municipal Bonds (Cost $1,740)				2,080

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 223

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 0.0% (b)
Aerospace & Defense — 0.0%
Remington Outdoor Co., Inc. * ‡		5			—
Capital Markets — 0.0% (b)
UCI Holdings LLC (New Zealand) * ‡		2			55
Food & Staples Retailing — 0.0% (b)
Moran Foods Backstop Equity * ‡		45			45
Media — 0.0% (b)
Clear Channel Outdoor Holdings, Inc. *		6			6
iHeartMedia, Inc., Class A*		—	(j)		3
					9
Oil, Gas & Consumable Fuels — 0.0% (b)
Battalion Oil Corp. *		1			6
Specialty Retail — 0.0% (b)
Claire’s Stores, Inc. * ‡		—	(j)		5
Total Common Stocks (Cost $125)					120
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.0% (b)
Oil, Gas & Consumable Fuels — 0.0% (b)
Whiting Petroleum Corp. 1.25%, 4/1/2020 (i) (Cost $149)		149			34
	NO. OF WARRANTS (000)
Warrants — 0.0% (b)
Wireless Telecommunication Services — 0.0% (b)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡ (Cost $37)		2			16
	SHARES (000)
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (p) (q) (Cost $97,743)		97,670			97,748
Total Investments — 99.1% (Cost $6,578,135)					6,432,472
Other Assets Less Liabilities — 0.9%					57,619
NET ASSETS — 100.0%					6,490,091

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
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.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
SPDR	Standard & Poor’s Depository Receipts
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.
UMBS	Uniform Mortgage-Backed 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.

SEE NOTES TO FINANCIAL STATEMENTS.

224 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

(b)	Amount rounds to less than 0.1% of net assets.
(c)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(d)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2020.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(f)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(g)	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 August 31, 2020.

(i)	Defaulted security.
(j)	Amount rounds to less than one thousand.
(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(l)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of August 31, 2020.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	Fund is subject to legal or contractual restrictions on the resale of the security.
(o)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(p)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(q)	The rate shown is the current yield as of August 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2020 (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		4,448			12/2020		USD		982,730			408
U.S. Treasury 5 Year Note		296			12/2020		USD		37,296			25
U.S. Treasury 10 Year Note		292			12/2020		USD		40,634			(11	)
U.S. Treasury 10 Year Ultra Note		1,787			12/2020		USD		284,468			(180	)
U.S. Treasury Long Bond		97			12/2020		USD		16,993			(127	)
U.S. Treasury Ultra Bond		361			12/2020		USD		79,206			(1,183	)
												(1,068	)
Short Contracts
U.S. Treasury 2 Year Note		(3,904	)		12/2020		USD		(862,540	)		(435	)
U.S. Treasury 5 Year Note		(1,256	)		12/2020		USD		(158,256	)		(111	)
U.S. Treasury 10 Year Note		(8,502	)		12/2020		USD		(1,183,107	)		(1,470	)
U.S. Treasury Ultra Bond		(56	)		12/2020		USD		(12,287	)		154
												(1,862	)
												(2,930	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 225

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection^(a) as of August 31, 2020 (amounts in thousands):

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.EM.32-V3		1.00		Quarterly		Barclays Bank plc		12/20/2024		1.57		USD 99,045		8,549		(6,548	)		2,001
CDX.NA.EM.32-V3		1.00		Quarterly		Barclays Bank plc		12/20/2024		1.57		USD 12,381		1,110		(859	)		251
														9,659		(7,407	)		2,252

OTC Credit default swap contracts outstanding — sell protection^(e) as of August 31, 2020 (amounts in thousands):

REFERENCE OBLIGATION/INDEX	FINANCING RATE RECEIVED BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		5.40		USD 5,000		(57	)		(718	)		(775	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		5.40		USD 7,500		(41	)		(1,122	)		(1,163	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		5.40		USD 5,000		(177	)		(598	)		(775	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		5.40		USD 5,000		(253	)		(522	)		(775	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 5,000		(251	)		(524	)		(775	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 2,500		(125	)		(262	)		(387	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 12,500		(378	)		(1,559	)		(1,937	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 12,500		(141	)		(1,797	)		(1,938	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 5,500		(66	)		(786	)		(852	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 8,017		(97	)		(1,146	)		(1,243	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		5.40		USD 12,500		(61	)		(1,878	)		(1,939	)
														(1,647	)		(10,912	)		(12,559	)
														8,012			(18,319	)		(10,307	)

Centrally Cleared Credit default swap contracts outstanding — buy protection^(a) as of August 31, 2020 (amounts in thousands):

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%)  (b)		NOTIONAL AMOUNT (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.EM.33-V2		1.00		Quarterly		6/20/2025		1.73		USD 59,500		6,044		(4,279	)		1,765
CDX.NA.EM.33-V2		1.00		Quarterly		6/20/2025		1.73		USD 40,409		4,273		(3,073	)		1,200
CDX.NA.EM.33-V2		1.00		Quarterly		6/20/2025		1.73		USD 9,950		1,017		(721	)		296
CDX.NA.EM.33-V2		1.00		Quarterly		6/20/2025		1.73		USD 10,630		1,126		(811	)		315
CDX.NA.EM.33-V2		1.00		Quarterly		6/20/2025		1.73		USD 40,390		4,280		(3,081	)		1,199
CDX.NA.EM.33-V2		1.00		Quarterly		6/20/2025		1.73		USD 16,150		1,703		(1,223	)		480
												18,443		(13,188	)		5,255
CDX.NA.HY.34-V8		5.00		Quarterly		6/20/2025		3.64		USD 383,230		5,195		(29,303	)		(24,108	)
												23,638		(42,491	)		(18,853	)

^(a)   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.

^(b)  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.

SEE NOTES TO FINANCIAL STATEMENTS.

226 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

^(c)   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.

^(d)  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).

^(e)  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.

Abbreviations
CDX	Credit Default Swap Index
CMBX	Commercial Mortgage-Backed Securities Index
USD	United States Dollar

Summary of total OTC swap contracts outstanding as of August 31, 2020 (amounts in thousands):

	NET UPFRONT PAYMENTS (RECEIPTS) ($)			VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		9,659			2,252
Liabilities
OTC Credit default swap contracts outstanding — sell protection		(1,647	)		(12,559	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 227

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 33.7%
Aerospace & Defense — 1.1%
Boeing Co. (The) 4.88%, 5/1/2025		541		588
General Dynamics Corp. 2.25%, 11/15/2022		1,000		1,037
L3Harris Technologies, Inc.
3.85%, 12/15/2026		475		547
4.85%, 4/27/2035		500		661
Lockheed Martin Corp.
2.50%, 11/23/2020		338		339
3.35%, 9/15/2021		211		218
3.55%, 1/15/2026		700		799
Northrop Grumman Corp. 2.93%, 1/15/2025		1,800		1,964
Precision Castparts Corp.
2.50%, 1/15/2023		500		523
3.25%, 6/15/2025		800		893
Raytheon Technologies Corp.
3.20%, 3/15/2024 (a)		300		324
3.15%, 12/15/2024 (a)		476		518
3.95%, 8/16/2025		3,450		3,947
4.13%, 11/16/2028		500		595
4.63%, 11/16/2048		311		408
Textron, Inc. 3.00%, 6/1/2030		1,100		1,154
				14,515
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		200		187
Automobiles — 0.2%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021 (a)		250		253
Daimler Finance North America LLC (Germany) 2.13%, 3/10/2025 (a)		1,250		1,296
Hyundai Capital America
3.00%, 6/20/2022 (a)		530		547
2.85%, 11/1/2022 (a)		266		275
Volkswagen Group of America Finance LLC (Germany) 2.50%, 9/24/2021 (a)		345		352
				2,723
Banks — 6.0%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021 (a)		450		454
ANZ New Zealand Int’l Ltd. (New Zealand) 2.75%, 1/22/2021 (a)		700		707
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a)		1,000		1,131

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Bank of America Corp.
3.30%, 1/11/2023		32		34
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		21		22
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		3,987		4,267
4.00%, 1/22/2025		1,154		1,293
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (c)		1,500		1,589
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (c)		1,500		1,649
4.45%, 3/3/2026		556		645
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)		4,000		4,035
Bank of Montreal (Canada)
2.35%, 9/11/2022		100		104
2.50%, 6/28/2024		500		535
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)		1,580		1,724
Bank of Nova Scotia (The) (Canada)
2.80%, 7/21/2021		630		644
2.20%, 2/3/2025		600		637
Barclays plc (United Kingdom) 3.65%, 3/16/2025		1,255		1,372
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		500		543
BNP Paribas SA (France)
3.38%, 1/9/2025 (a)		800		874
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a) (c)		500		559
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		1,050		1,137
Capital One Bank USA NA 3.38%, 2/15/2023		660		699
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (c)		2,000		2,084
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		1,500		1,632
3.40%, 5/1/2026		650		729
(SOFR + 1.15%), 2.67%, 1/29/2031 (c)		2,400		2,555
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		2,000		2,375
Citizens Financial Group, Inc. 4.30%, 12/3/2025		500		575
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025 (a)		1,339		1,517
Cooperatieve Rabobank UA (Netherlands)
3.88%, 2/8/2022		903		950
2.63%, 7/22/2024 (a)		400		428

SEE NOTES TO FINANCIAL STATEMENTS.

228 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Credit Agricole SA (France) 3.75%, 4/24/2023 (a)		775		837
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 4.55%, 4/17/2026		500		586
Discover Bank
4.20%, 8/8/2023		447		492
2.45%, 9/12/2024		900		954
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		800		876
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		1,800		1,946
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (c)		1,000		1,048
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (c)		1,250		1,407
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		491		496
Huntington Bancshares, Inc. 2.55%, 2/4/2030		1,600		1,678
ING Groep NV (Netherlands) 3.95%, 3/29/2027		406		471
KeyBank NA 3.30%, 6/1/2025		800		897
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		500		510
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (c)		350		368
3.75%, 1/11/2027		869		977
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		221		229
3.76%, 7/26/2023		864		941
2.19%, 2/25/2025		1,550		1,631
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		580		602
2.60%, 9/11/2022		300		312
(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 7/10/2024 (c)		500		506
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		1,435		1,565
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		620		728
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (a)		591		629
PNC Bank NA 2.45%, 11/5/2020		356		357
PNC Financial Services Group, Inc. (The) 2.55%, 1/22/2030		800		869
Regions Financial Corp. 2.75%, 8/14/2022		402		419

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		1,097		1,299
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		250		252
Societe Generale SA (France) 4.25%, 9/14/2023 (a)		1,200		1,302
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (a)		1,200		1,317
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c)		600		623
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 7/16/2024		1,982		2,127
2.45%, 9/27/2024		800		851
Svenska Handelsbanken AB (Sweden) 3.90%, 11/20/2023		442		491
Toronto-Dominion Bank (The) (Canada) 3.15%, 9/17/2020		1,000		1,001
Truist Bank 2.75%, 5/1/2023		1,500		1,585
US Bancorp
Series V, 2.63%, 1/24/2022		732		755
3.60%, 9/11/2024		215		239
Wachovia Corp. 7.57%, 8/1/2026 (d)		700		909
Wells Fargo & Co.
3.00%, 2/19/2025		368		400
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (c)		1,200		1,264
3.00%, 4/22/2026		800		877
4.30%, 7/22/2027		2,000		2,299
Westpac Banking Corp. (Australia)
2.50%, 6/28/2022		1,100		1,144
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)		500		518
				79,083
Beverages — 0.9%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, 1/23/2025		4,250		4,836
4.75%, 1/23/2029		395		482
Coca-Cola Co. (The) 1.45%, 6/1/2027		382		395
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		250		269
1.85%, 9/1/2032		401		400
Constellation Brands, Inc.
3.15%, 8/1/2029		400		435
2.88%, 5/1/2030		119		128

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 229

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — continued
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		1,000		1,042
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		745		867
4.60%, 5/25/2028		400		483
PepsiCo, Inc.
2.38%, 10/6/2026		200		219
2.63%, 7/29/2029		1,400		1,557
				11,113
Biotechnology — 0.6%
AbbVie, Inc.
2.90%, 11/6/2022		500		526
3.85%, 6/15/2024 (a)		1,250		1,378
2.95%, 11/21/2026 (a)		578		636
4.25%, 11/14/2028		1,000		1,190
3.20%, 11/21/2029 (a)		475		526
Amgen, Inc. 2.20%, 2/21/2027		356		377
Baxalta, Inc. 3.60%, 6/23/2022		35		37
Biogen, Inc. 2.25%, 5/1/2030		394		404
Gilead Sciences, Inc.
2.55%, 9/1/2020		300		300
3.70%, 4/1/2024		1,456		1,607
3.50%, 2/1/2025		35		39
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		231		225
				7,245
Building Products — 0.0% (b)
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (a)		222		243
Capital Markets — 2.6%
Ameriprise Financial, Inc. 4.00%, 10/15/2023		550		611
Bank of New York Mellon Corp. (The)
4.15%, 2/1/2021		440		447
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		1,000		1,037
3.40%, 1/29/2028		1,500		1,742
BlackRock, Inc. 3.20%, 3/15/2027		400		454
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023 (a)		470		517
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026		850		970
Charles Schwab Corp. (The) 3.20%, 3/2/2027		250		280
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		2,320		2,590

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		600		620
3.95%, 2/27/2023		500		528
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		1,195		1,200
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		500		513
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		196		204
4.00%, 3/3/2024		2,250		2,493
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		403		439
4.25%, 10/21/2025		1,592		1,812
3.50%, 11/16/2026		1,200		1,338
3.85%, 1/26/2027		1,000		1,139
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		384		435
Invesco Finance plc 3.75%, 1/15/2026		436		491
Jefferies Group LLC 6.88%, 4/15/2021		400		415
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025 (a)		1,000		1,065
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021 (a)		800		817
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		200		239
Morgan Stanley
5.75%, 1/25/2021		687		702
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		3,600		3,890
3.70%, 10/23/2024		1,000		1,116
5.00%, 11/24/2025		622		731
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		400		421
4.35%, 9/8/2026		880		1,027
Nomura Holdings, Inc. (Japan) 2.68%, 7/16/2030		453		470
State Street Corp. 3.10%, 5/15/2023		1,724		1,843
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		219		227
UBS AG (Switzerland) 2.45%, 12/1/2020 (a)		200		201
UBS Group AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		700		729
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		449		498
				34,251

SEE NOTES TO FINANCIAL STATEMENTS.

230 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — 0.4%
Dow Chemical Co. (The) 3.50%, 10/1/2024		800		875
Ecolab, Inc. 3.25%, 1/14/2023		330		350
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		93		107
Mosaic Co. (The) 3.25%, 11/15/2022		243		254
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		168		186
Praxair, Inc. 2.20%, 8/15/2022		500		516
Rohm & Haas Co. 7.85%, 7/15/2029		315		449
Sherwin-Williams Co. (The) 3.30%, 2/1/2025		225		244
3.45%, 6/1/2027		670		760
Westlake Chemical Corp. 3.60%, 8/15/2026		1,150		1,255
				4,996
Commercial Services & Supplies — 0.1%
Republic Services, Inc.
3.55%, 6/1/2022		417		437
1.45%, 2/15/2031		254		250
				687
Communications Equipment — 0.0% (b)
Cisco Systems, Inc. 2.90%, 3/4/2021		181		183
2.95%, 2/28/2026		200		226
				409
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025 (a)		250		283
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		260		290
3.50%, 12/15/2027		300		336
				909
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		400		402
3.30%, 1/23/2023		1,200		1,198
4.50%, 9/15/2023		234		241
4.45%, 10/1/2025		800		794
3.65%, 7/21/2027		594		554
American Express Co.
3.38%, 5/17/2021		1,000		1,019
2.50%, 7/30/2024		1,000		1,067
American Honda Finance Corp. 2.40%, 6/27/2024		800		848
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024 (a)		660		610
2.88%, 2/15/2025 (a)		900		799

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
Caterpillar Financial Services Corp.
2.75%, 8/20/2021		510		522
2.85%, 6/1/2022		900		939
John Deere Capital Corp.
3.15%, 10/15/2021		650		671
2.70%, 1/6/2023		298		315
3.45%, 3/13/2025		500		563
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		250		248
5.50%, 2/15/2024 (a)		650		641
Toyota Motor Credit Corp. 2.63%, 1/10/2023		800		840
				12,271
Containers & Packaging — 0.2%
International Paper Co. 3.80%, 1/15/2026		950		1,084
Packaging Corp. of America 3.00%, 12/15/2029		300		328
WRKCo, Inc.
3.00%, 9/15/2024		350		377
4.90%, 3/15/2029		150		185
				1,974
Diversified Financial Services — 0.8%
AIG Global Funding 2.30%, 7/1/2022 (a)		200		206
Blackstone 3.65%, 7/14/2023 (a)		550		554
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		900		929
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		490		513
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.96%, 9/19/2023 (a)		820		886
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		1,250		1,454
ORIX Corp. (Japan) 2.90%, 7/18/2022		277		288
Shell International Finance BV (Netherlands)
3.40%, 8/12/2023		150		163
3.25%, 5/11/2025		2,500		2,793
2.88%, 5/10/2026		788		877
3.88%, 11/13/2028		500		589
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024 (a)		400		435
				9,687
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
4.10%, 2/15/2028		200		233
4.30%, 2/15/2030		1,500		1,792

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 231

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		114		117
Verizon Communications, Inc.
5.15%, 9/15/2023		1,600		1,818
2.63%, 8/15/2026		1,000		1,101
4.33%, 9/21/2028		1,508		1,826
4.02%, 12/3/2029		533		640
4.40%, 11/1/2034		350		437
5.25%, 3/16/2037		320		433
				8,397
Electric Utilities — 1.7%
Arizona Public Service Co. 3.35%, 6/15/2024		372		400
Baltimore Gas and Electric Co. 2.80%, 8/15/2022		1,595		1,657
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (a)		476		518
4.55%, 11/15/2030 (a)		290		348
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (a)		237		242
Connecticut Light and Power Co. (The)
Series A, 3.20%, 3/15/2027		700		783
DTE Electric Co.
3.90%, 6/1/2021		200		203
2.65%, 6/15/2022		197		204
3.65%, 3/15/2024		500		548
Duke Energy Carolinas LLC
3.95%, 11/15/2028		1,500		1,814
6.45%, 10/15/2032		50		71
Duke Energy Corp. 3.55%, 9/15/2021		233		239
Duke Energy Progress LLC 2.80%, 5/15/2022		461		479
Edison International 3.55%, 11/15/2024		600		639
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (a)		425		492
3.63%, 5/25/2027 (a)		450		501
Entergy Arkansas LLC
3.05%, 6/1/2023		765		808
3.50%, 4/1/2026		260		297
Entergy Mississippi LLC 2.85%, 6/1/2028		269		294
Evergy, Inc.
4.85%, 6/1/2021		813		831
2.90%, 9/15/2029		368		398
FirstEnergy Corp. Series B, 4.25%, 3/15/2023		700		742
Fortis, Inc. (Canada) 3.06%, 10/4/2026		341		373
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		100		106

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Interstate Power & Light Co. 4.10%, 9/26/2028		1,000		1,188
ITC Holdings Corp. 2.95%, 5/14/2030 (a)		251		272
Kentucky Utilities Co. 3.30%, 10/1/2025		200		220
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		94		105
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a)		938		1,029
Ohio Power Co. Series M, 5.38%, 10/1/2021		1,200		1,266
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		300		393
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		256		278
PPL Capital Funding, Inc. 4.20%, 6/15/2022		752		795
PPL Electric Utilities Corp. 2.50%, 9/1/2022		224		231
Progress Energy, Inc. 4.40%, 1/15/2021		260		261
Public Service Co. of New Hampshire 3.50%, 11/1/2023		283		307
Public Service Co. of Oklahoma 4.40%, 2/1/2021		220		224
Southern California Edison Co. 3.88%, 6/1/2021		958		975
Southern Co. (The) 3.25%, 7/1/2026		500		561
Virginia Electric & Power Co. Series C, 2.75%, 3/15/2023		1,600		1,682
				22,774
Electrical Equipment — 0.0% (b)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		350		364
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028		926		1,012
Energy Equipment & Services — 0.1%
Halliburton Co.
8.75%, 2/15/2021		750		776
3.80%, 11/15/2025		22		24
Schlumberger Holdings Corp. 3.75%, 5/1/2024 (a)		460		501
				1,301
Entertainment — 0.2%
Walt Disney Co. (The)
3.70%, 10/15/2025		1,000		1,138
7.43%, 10/1/2026		600		807
				1,945

SEE NOTES TO FINANCIAL STATEMENTS.

232 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2027		285		325
3.38%, 8/15/2031		475		539
American Tower Corp.
3.50%, 1/31/2023		860		919
2.40%, 3/15/2025		400		426
American Tower Trust #1 3.07%, 3/15/2023 (a)		500		512
AvalonBay Communities, Inc.
3.35%, 5/15/2027		225		252
2.45%, 1/15/2031		900		958
Boston Properties LP 3.80%, 2/1/2024		909		988
Brixmor Operating Partnership LP 3.85%, 2/1/2025		375		398
Crown Castle International Corp. 4.45%, 2/15/2026		1,200		1,392
Duke Realty LP 3.63%, 4/15/2023		672		715
Essex Portfolio LP 1.65%, 1/15/2031		529		513
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		163		178
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		269		284
Healthpeak Properties, Inc. 3.88%, 8/15/2024		2,098		2,338
Kimco Realty Corp. 2.70%, 10/1/2030		475		486
Mid-America Apartments LP 1.70%, 2/15/2031		287		282
National Retail Properties, Inc. 3.60%, 12/15/2026		247		268
Prologis LP 1.25%, 10/15/2030		362		353
Realty Income Corp. 3.25%, 10/15/2022		600		631
3.88%, 7/15/2024		400		443
Regency Centers LP 2.95%, 9/15/2029		266		274
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		400		423
Simon Property Group LP
2.00%, 9/13/2024		1,200		1,241
2.45%, 9/13/2029		520		520
SITE Centers Corp. 3.63%, 2/1/2025		100		102
UDR, Inc.
2.95%, 9/1/2026		106		114
3.20%, 1/15/2030		583		648
2.10%, 8/1/2032		306		307
Ventas Realty LP
3.75%, 5/1/2024		470		503
3.50%, 2/1/2025		90		97
4.13%, 1/15/2026		158		177

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Welltower, Inc. 4.50%, 1/15/2024		900		987
				18,593
Food & Staples Retailing — 0.4%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (a)		600		645
Costco Wholesale Corp. 2.75%, 5/18/2024		1,094		1,182
Kroger Co. (The)
4.50%, 1/15/2029		950		1,165
5.40%, 7/15/2040		92		118
Sysco Corp. 3.25%, 7/15/2027		200		215
Walmart, Inc.
3.30%, 4/22/2024		200		219
3.05%, 7/8/2026		700		789
3.70%, 6/26/2028		1,000		1,186
				5,519
Food Products — 0.5%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		561		644
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		107		108
Campbell Soup Co.
3.95%, 3/15/2025		300		338
2.38%, 4/24/2030		576		599
Cargill, Inc. 3.30%, 3/1/2022 (a)		900		932
General Mills, Inc. 4.00%, 4/17/2025		1,200		1,365
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		89		103
Mondelez International, Inc. 2.75%, 4/13/2030		18		20
Smithfield Foods, Inc. 5.20%, 4/1/2029 (a)		556		615
Tyson Foods, Inc.
2.25%, 8/23/2021		313		318
3.90%, 9/28/2023		500		548
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		200		223
				5,813
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		350		386
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		843		848
ONE Gas, Inc. 2.00%, 5/15/2030		248		258
				1,492
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories
3.88%, 9/15/2025		1,284		1,469
3.75%, 11/30/2026		650		760

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 233

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
Becton Dickinson and Co.
3.36%, 6/6/2024		100		109
3.70%, 6/6/2027		1,500		1,700
Boston Scientific Corp. 3.75%, 3/1/2026		500		573
Medtronic, Inc. 3.50%, 3/15/2025		1,868		2,102
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		174		186
3.55%, 4/1/2025		530		588
				7,487
Health Care Providers & Services — 0.9%
Anthem, Inc.
3.30%, 1/15/2023		700		745
3.65%, 12/1/2027		1,000		1,149
Cigna Corp. 3.50%, 6/15/2024		400		440
CommonSpirit Health 3.35%, 10/1/2029		733		779
CVS Health Corp.
3.70%, 3/9/2023		432		465
4.10%, 3/25/2025		705		804
2.70%, 8/21/2040		750		730
HCA, Inc. 4.13%, 6/15/2029		1,250		1,438
Laboratory Corp. of America Holdings 3.25%, 9/1/2024		1,000		1,099
Quest Diagnostics, Inc.
2.95%, 6/30/2030		93		101
2.80%, 6/30/2031		391		423
UnitedHealth Group, Inc.
4.70%, 2/15/2021		255		257
3.38%, 11/15/2021		187		192
2.75%, 2/15/2023		365		384
2.88%, 3/15/2023		645		686
3.75%, 7/15/2025		1,200		1,374
				11,066
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp.
3.38%, 5/26/2025		1,250		1,395
3.80%, 4/1/2028		440		511
Starbucks Corp.
2.70%, 6/15/2022		326		338
2.25%, 3/12/2030		850		878
				3,122
Independent Power and Renewable Electricity Producers — 0.0% (b)
Exelon Generation Co. LLC
3.40%, 3/15/2022		90		94

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — continued
4.25%, 6/15/2022		90		95
				189
Industrial Conglomerates — 0.2%
General Electric Co. 5.88%, 1/14/2038		70		81
Honeywell International, Inc. 4.25%, 3/1/2021		1,200		1,224
Roper Technologies, Inc.
3.00%, 12/15/2020		208		209
3.80%, 12/15/2026		1,000		1,157
				2,671
Insurance — 1.4%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029 (a)		595		671
Allstate Corp. (The) 3.15%, 6/15/2023		651		702
American International Group, Inc.
3.75%, 7/10/2025		818		917
3.90%, 4/1/2026		400		458
Assurant, Inc. 4.20%, 9/27/2023		145		156
Athene Global Funding 2.75%, 6/25/2024 (a)		550		578
Chubb INA Holdings, Inc. 2.70%, 3/13/2023		1,900		1,998
CNA Financial Corp.
3.95%, 5/15/2024		499		551
4.50%, 3/1/2026		364		427
Guardian Life Global Funding
2.50%, 5/8/2022 (a)		500		518
3.40%, 4/25/2023 (a)		230		248
Jackson National Life Global Funding 3.05%, 4/29/2026 (a)		1,135		1,246
Liberty Mutual Group, Inc.
4.25%, 6/15/2023 (a)		210		230
4.57%, 2/1/2029 (a)		1,640		1,981
Lincoln National Corp. 4.20%, 3/15/2022		864		913
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		449		533
Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024		700		775
Metropolitan Life Global Funding I
3.88%, 4/11/2022 (a)		426		450
3.00%, 1/10/2023 (a)		1,600		1,696
New York Life Global Funding 2.35%, 7/14/2026 (a)		953		1,027
Principal Financial Group, Inc. 3.13%, 5/15/2023		471		501
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		650		857
				17,433

SEE NOTES TO FINANCIAL STATEMENTS.

234 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Interactive Media & Services — 0.2%
Alphabet, Inc. 1.10%, 8/15/2030		2,000		1,989
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.15%, 8/22/2027		900		1,031
3.88%, 8/22/2037		350		437
				1,468
IT Services — 0.2%
DXC Technology Co. 4.25%, 4/15/2024		151		164
Fidelity National Information Services, Inc. 3.75%, 5/21/2029		208		244
International Business Machines Corp. 3.50%, 5/15/2029		1,800		2,087
Western Union Co. (The) 3.60%, 3/15/2022		100		104
				2,599
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 3.20%, 8/15/2027		1,250		1,409
Machinery — 0.2%
Illinois Tool Works, Inc. 3.50%, 3/1/2024		1,400		1,537
Parker-Hannifin Corp. 3.30%, 11/21/2024		228		250
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		900		1,019
Xylem, Inc. 3.25%, 11/1/2026		111		124
				2,930
Media — 1.1%
Charter Communications Operating LLC 4.91%, 7/23/2025		2,460		2,862
Comcast Corp.
3.00%, 2/1/2024		1,168		1,262
3.70%, 4/15/2024		1,500		1,664
3.38%, 2/15/2025		1,226		1,367
3.95%, 10/15/2025		209		241
3.15%, 3/1/2026		221		248
3.90%, 3/1/2038		1,136		1,358
Cox Communications, Inc. 3.50%, 8/15/2027 (a)		615		692
Discovery Communications LLC 3.95%, 3/20/2028		900		1,018
Fox Corp. 4.71%, 1/25/2029		910		1,092
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		285		319
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		500		777
ViacomCBS, Inc. 3.70%, 8/15/2024		1,019		1,118
				14,018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028 (a)		1,000		1,134
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (a)		500		491
Nucor Corp. 4.00%, 8/1/2023		305		333
Steel Dynamics, Inc. 3.45%, 4/15/2030		28		31
				1,989
Multiline Retail — 0.2%
Dollar General Corp. 3.50%, 4/3/2030		1,750		2,008
Target Corp. 2.25%, 4/15/2025		959		1,028
				3,036
Multi-Utilities — 0.2%
CMS Energy Corp. 2.95%, 2/15/2027		170		182
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		690		801
Consumers Energy Co. 2.85%, 5/15/2022		137		142
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		350		364
NiSource, Inc. 3.95%, 3/30/2048		100		119
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030		417		413
Sempra Energy 4.05%, 12/1/2023		192		211
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		939		963
				3,195
Oil, Gas & Consumable Fuels — 3.1%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		922		1,040
BP Capital Markets America, Inc.
3.22%, 11/28/2023		750		809
3.22%, 4/14/2024		3,067		3,317
Cameron LNG LLC 2.90%, 7/15/2031 (a)		146		160
Chevron Corp.
1.55%, 5/11/2025		300		312
2.95%, 5/16/2026		1,200		1,336
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024		833		924
Concho Resources, Inc. 2.40%, 2/15/2031		125		122
Ecopetrol SA (Colombia)
4.13%, 1/16/2025		467		493
5.38%, 6/26/2026		773		853
Enbridge, Inc. (Canada) 2.50%, 1/15/2025		400		422
Energy Transfer Operating LP
3.60%, 2/1/2023		267		277
4.90%, 2/1/2024		570		614

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 235

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.05%, 3/15/2025		182		194
2.90%, 5/15/2025		2,700		2,775
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (a)		1,145		1,239
Enterprise Products Operating LLC
3.35%, 3/15/2023		225		240
3.90%, 2/15/2024		263		289
3.75%, 2/15/2025		850		949
3.70%, 2/15/2026		651		738
3.95%, 2/15/2027		596		680
Equinor ASA (Norway) 2.88%, 4/6/2025		1,179		1,293
Exxon Mobil Corp.
2.71%, 3/6/2025		1,200		1,301
2.61%, 10/15/2030		1,268		1,377
Kinder Morgan, Inc. 3.15%, 1/15/2023		1,500		1,577
Marathon Petroleum Corp. 3.63%, 9/15/2024		964		1,039
MPLX LP
3.38%, 3/15/2023		200		211
4.13%, 3/1/2027		518		572
4.25%, 12/1/2027		118		132
2.65%, 8/15/2030		364		361
Newfield Exploration Co. 5.38%, 1/1/2026		1,200		1,191
Noble Energy, Inc.
3.85%, 1/15/2028		350		397
3.25%, 10/15/2029		600		665
ONEOK Partners LP 3.38%, 10/1/2022		600		625
ONEOK, Inc. 3.40%, 9/1/2029		1,000		983
Phillips 66 3.90%, 3/15/2028		700		791
Pioneer Natural Resources Co. 1.90%, 8/15/2030		600		580
Plains All American Pipeline LP
3.65%, 6/1/2022		705		725
3.85%, 10/15/2023		800		846
Suncor Energy, Inc. (Canada)
3.60%, 12/1/2024		1,350		1,488
5.95%, 12/1/2034		300		365
Sunoco Logistics Partners Operations LP 5.95%, 12/1/2025		506		593
TC PipeLines LP 3.90%, 5/25/2027		141		152
Texas Eastern Transmission LP 2.80%, 10/15/2022 (a)		1,153		1,182
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		821		879
Total Capital International SA (France)
2.70%, 1/25/2023		200		211
3.75%, 4/10/2024		600		667

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		2,345		2,559
Williams Cos., Inc. (The) 3.90%, 1/15/2025		262		288
				40,833
Pharmaceuticals — 1.2%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		616		603
Bristol-Myers Squibb Co.
3.95%, 10/15/2020		700		703
2.00%, 8/1/2022		1,210		1,246
3.25%, 8/15/2022		600		634
2.90%, 7/26/2024		1,000		1,090
3.40%, 7/26/2029		561		655
Eli Lilly and Co. 3.38%, 3/15/2029		600		698
Merck & Co., Inc. 3.40%, 3/7/2029		750		876
Mylan, Inc. 3.13%, 1/15/2023 (a)		600		633
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		1,153		1,280
Pfizer, Inc. 3.20%, 9/15/2023		3,200		3,469
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		700		784
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030		1,800		1,827
Zoetis, Inc. 3.00%, 9/12/2027		900		1,004
				15,502
Real Estate Management & Development — 0.0% (b)
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (a)		219		245
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (a)		325		352
				597
Road & Rail — 1.0%
Burlington Northern Santa Fe LLC 4.10%, 6/1/2021		2,000		2,037
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		1,146		1,204
CSX Corp.
3.25%, 6/1/2027		1,068		1,207
4.25%, 3/15/2029		500		603
ERAC USA Finance LLC
4.50%, 8/16/2021 (a)		315		326
3.85%, 11/15/2024 (a)		650		715
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		463

SEE NOTES TO FINANCIAL STATEMENTS.

236 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — continued
Norfolk Southern Corp.
2.90%, 2/15/2023		562		592
3.85%, 1/15/2024		750		825
2.90%, 6/15/2026		200		222
Penske Truck Leasing Co. LP 4.20%, 4/1/2027 (a)		1,250		1,408
Ryder System, Inc. 4.63%, 6/1/2025		800		923
Union Pacific Corp.
3.75%, 3/15/2024		800		879
3.25%, 1/15/2025		850		928
2.40%, 2/5/2030		600		648
				12,980
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc.
2.95%, 1/12/2021		600		605
3.13%, 12/5/2023		122		132
Broadcom, Inc. 4.11%, 9/15/2028		2,687		3,019
Intel Corp. 2.45%, 11/15/2029		1,400		1,522
QUALCOMM, Inc.
3.25%, 5/20/2027		913		1,030
2.15%, 5/20/2030		691		729
Texas Instruments, Inc. 2.75%, 3/12/2021		790		799
				7,836
Software — 0.7%
Intuit, Inc.
1.35%, 7/15/2027		166		170
1.65%, 7/15/2030		1,100		1,129
Microsoft Corp.
3.13%, 11/3/2025		1,800		2,019
2.40%, 8/8/2026		1,200		1,311
Oracle Corp.
2.50%, 5/15/2022		540		558
2.95%, 11/15/2024		1,600		1,747
2.65%, 7/15/2026		1,800		1,973
6.50%, 4/15/2038		50		77
				8,984
Specialty Retail — 0.5%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		250		273
AutoZone, Inc. 4.00%, 4/15/2030		823		979
Home Depot, Inc. (The)
3.75%, 2/15/2024		486		538
2.95%, 6/15/2029		1,500		1,690

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Specialty Retail — continued
Lowe’s Cos., Inc.
3.13%, 9/15/2024		1,004		1,097
3.65%, 4/5/2029		638		738
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300		343
3.60%, 9/1/2027		463		533
				6,191
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.75%, 1/13/2025		1,700		1,855
3.20%, 5/13/2025		1,154		1,294
2.90%, 9/12/2027		2,474		2,782
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		700		709
				6,640
Thrifts & Mortgage Finance — 0.1%
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (a)		963		963
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000		1,079
Philip Morris International, Inc. 3.38%, 8/11/2025		850		949
				2,028
Trading Companies & Distributors — 0.4%
Air Lease Corp. 3.88%, 7/3/2023		400		416
3.00%, 9/15/2023		1,400		1,407
3.63%, 4/1/2027		1,240		1,251
Aircastle Ltd. 4.40%, 9/25/2023		550		546
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)		860		884
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021 (a)		500		504
3.50%, 10/10/2024 (a)		400		423
				5,431
Water Utilities — 0.1%
American Water Capital Corp. 3.40%, 3/1/2025		664		737
Wireless Telecommunication Services — 0.4%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		693		721

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 237

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		608		692
T-Mobile USA, Inc. 3.88%, 4/15/2030 (a)		1,400		1,600
Vodafone Group plc (United Kingdom) 3.75%, 1/16/2024		1,800		1,973
				4,986
Total Corporate Bonds (Cost $405,976)				435,812
U.S. Treasury Obligations — 21.1%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2021 (e)		24,751		27,133
0.13%, 1/15/2022		3,000		3,486
0.13%, 4/15/2022		81,779		88,655
U.S. Treasury Inflation Linked Notes
0.13%, 1/15/2023		102,499		118,659
0.13%, 1/15/2030		30,294		33,921
Total U.S. Treasury Obligations (Cost $264,162)				271,854
Commercial Mortgage-Backed Securities — 12.6%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a) (f)		1,162		1,156
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		1,400		1,356
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ08, Class A2, 2.36%, 8/25/2022		248		253
Series KJ13, Class A2, 2.86%, 8/25/2022		994		1,026
Series KJ18, Class A2, 3.07%, 8/25/2022		1,088		1,122
Series KF12, Class A, 0.85%, 9/25/2022 (f)		33		33
Series KJ09, Class A2, 2.84%, 9/25/2022		341		354
Series KSMC, Class A2, 2.62%, 1/25/2023		6,000		6,289
Series K027, Class A2, 2.64%, 1/25/2023		800		836
Series KJ11, Class A2, 2.93%, 1/25/2023		1,107		1,167
Series K029, Class A2, 3.32%, 2/25/2023		2,045		2,178
Series K034, Class A2, 3.53%, 7/25/2023 (f)		5,000		5,398
Series K036, Class A2, 3.53%, 10/25/2023 (f)		3,000		3,261
Series K038, Class A2, 3.39%, 3/25/2024		4,768		5,203
Series K727, Class AM, 3.04%, 7/25/2024		1,400		1,517
Series K039, Class A2, 3.30%, 7/25/2024		2,550		2,796
Series J22F, Class A2, 4.09%, 9/25/2024		356		391
Series K729, Class A2, 3.14%, 10/25/2024		1,219		1,333
Series K041, Class A2, 3.17%, 10/25/2024		7,000		7,692
Series K046, Class A2, 3.21%, 3/25/2025		2,503		2,776

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (f)		2,000		2,238
Series KPLB, Class A, 2.77%, 5/25/2025		1,750		1,901
Series K048, Class A2, 3.28%, 6/25/2025 (f)		3,480		3,879
Series K049, Class A2, 3.01%, 7/25/2025		2,469		2,728
Series KLU2, Class A7, 2.23%, 9/25/2025 (f)		550		584
Series K056, Class A2, 2.53%, 5/25/2026		4,000		4,366
Series K058, Class A1, 2.34%, 7/25/2026		1,693		1,781
Series K737, Class AM, 2.10%, 10/25/2026		3,110		3,339
Series K060, Class A2, 3.30%, 10/25/2026		2,000		2,282
Series K066, Class A2, 3.12%, 6/25/2027		1,362		1,550
Series K067, Class A2, 3.19%, 7/25/2027		1,686		1,934
Series K069, Class A2, 3.19%, 9/25/2027 (f)		3,500		4,012
Series K070, Class A2, 3.30%, 11/25/2027 (f)		910		1,051
Series K072, Class A2, 3.44%, 12/25/2027		473		551
Series K073, Class A2, 3.35%, 1/25/2028		2,759		3,201
Series K081, Class A1, 3.88%, 2/25/2028		1,251		1,428
Series K077, Class A2, 3.85%, 5/25/2028 (f)		1,690		2,026
Series K078, Class A2, 3.85%, 6/25/2028		1,541		1,847
Series K079, Class A2, 3.93%, 6/25/2028		3,600		4,335
Series K083, Class A2, 4.05%, 9/25/2028 (f)		594		727
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,587		1,636
Series 2013-M9, Class A2, 2.39%, 1/25/2023 (f)		4,062		4,194
Series 2013-M13, Class A2, 2.63%, 4/25/2023 (f)		1,522		1,590
Series 2014-M1, Class A2, 3.33%, 7/25/2023 (f)		2,452		2,593
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)		5,971		6,454
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (f)		2,233		2,411
Series 2014-M8, Class A2, 3.06%, 6/25/2024 (f)		5,518		5,922
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (f)		4,561		4,937
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (f)		1,874		2,020
Series 2016-M6, Class A2, 2.49%, 5/25/2026		800		864

SEE NOTES TO FINANCIAL STATEMENTS.

238 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)		1,400		1,561
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)		1,500		1,670
Series 2017-M12, Class A2, 3.18%, 6/25/2027 (f)		4,145		4,665
Series 2017-M13, Class A2, 3.04%, 9/25/2027 (f)		472		531
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (f)		3,400		3,766
Series 2018-M4, Class A2, 3.15%, 3/25/2028 (f)		2,415		2,719
Series 2018-M9, Class APT2, 3.23%, 4/25/2028 (f)		3,599		4,022
Series 2018-M14, Class A2, 3.70%, 8/25/2028 (f)		400		475
Series 2017-M5, Class A2, 3.29%, 4/25/2029 (f)		3,500		4,014
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (f)		1,384		1,591
Series 2018-M13, Class A1, 3.82%, 3/25/2030 (f)		739		867
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.81%, 1/25/2048 (a) (f)		1,500		1,605
Series 2016-K722, Class B, 3.98%, 7/25/2049 (a) (f)		735		771
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.74%, 12/12/2049 ‡ (a) (f)		449		—	(g)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		870		873
Morgan Stanley Capital I Trust Series 2007-HQ11, Class X, IO, 0.37%, 2/12/2044 ‡ (a) (f)		281		—	(g)
MRCD Mark Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		300		309
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		866		876
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		1,486		1,554
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,040		1,074
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		2,750		2,749

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
WFRBS Commercial Mortgage Trust Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,724		1,749
Total Commercial Mortgage-Backed Securities (Cost $150,700)				161,959
Mortgage-Backed Securities — 10.9%
FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024		4		4
FHLMC Gold Pools, 20 Year Pool # C91030, 5.50%, 5/1/2027		62		68
Pool # C91802, 3.50%, 1/1/2035		4,696		5,077
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033		144		165
Pool # A57681, 6.00%, 12/1/2036		1		1
Pool # G06493, 4.50%, 5/1/2041		852		953
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042		992		1,073
FHLMC UMBS, 30 Year Pool # ZM6956, 4.50%, 6/1/2048		2,145		2,379
FNMA Pool # AM2292, ARM, 0.51%, 1/1/2023 (f)		798		796
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024		2		2
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032		743		803
Pool # AP9584, 3.00%, 10/1/2032		3,416		3,673
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032		285		334
Pool # 735503, 6.00%, 4/1/2035		72		85
Pool # 888460, 6.50%, 10/1/2036		444		539
Pool # 888890, 6.50%, 10/1/2037		10		12
Pool # 949320, 7.00%, 10/1/2037		43		48
Pool # 995149, 6.50%, 10/1/2038		25		29
Pool # 994410, 7.00%, 11/1/2038		224		270
Pool # AD9151, 5.00%, 8/1/2040		513		591
Pool # AE0681, 4.50%, 12/1/2040		1,022		1,142
Pool # BM3500, 4.00%, 9/1/2047		2,072		2,313
Pool # BM3499, 4.00%, 12/1/2047		2,282		2,499
Pool # BE8354, 4.00%, 3/1/2048		1,491		1,594
FNMA, Other
Pool # AM3165, 3.05%, 10/1/2020		1,782		1,781
Pool # 468066, 4.30%, 6/1/2021		3,022		3,082
Pool # 468614, 3.86%, 7/1/2021		1,095		1,109
Pool # 468159, 4.26%, 7/1/2021		939		952
Pool # AM6602, 2.63%, 9/1/2021		1,310		1,324
Pool # 469873, 3.03%, 12/1/2021		1,161		1,183

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 239

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AL2044, 3.82%, 5/1/2022 (f)		1,526		1,549
Pool # 471513, 2.90%, 6/1/2022		1,002		1,031
Pool # 471881, 2.67%, 7/1/2022		2,000		2,058
Pool # 471828, 2.65%, 8/1/2022		2,000		2,061
Pool # AM1804, 2.19%, 12/1/2022		840		864
Pool # AM1619, 2.34%, 12/1/2022		2,328		2,400
Pool # AM2285, 2.41%, 1/1/2023		3,425		3,539
Pool # AL3594, 2.70%, 4/1/2023 (f)		1,566		1,639
Pool # AM3301, 2.35%, 5/1/2023		2,161		2,250
Pool # AM3244, 2.52%, 5/1/2023		3,000		3,135
Pool # AM3432, 2.40%, 7/1/2023		2,957		3,082
Pool # AM4628, 3.69%, 11/1/2023		1,123		1,213
Pool # AM4716, 3.38%, 12/1/2023		1,435		1,555
Pool # AM7290, 2.97%, 12/1/2024		395		430
Pool # AM8674, 2.81%, 4/1/2025		2,200		2,390
Pool # AM8846, 2.68%, 5/1/2025		1,902		2,050
Pool # AN0029, 3.10%, 9/1/2025		2,428		2,689
Pool # AN1413, 2.49%, 5/1/2026		832		901
Pool # AN1497, 2.61%, 6/1/2026		860		939
Pool # AN1243, 2.64%, 6/1/2026		1,600		1,749
Pool # AN1247, 2.64%, 6/1/2026		1,576		1,723
Pool # AN3076, 2.46%, 10/1/2026		1,700		1,846
Pool # BL1211, 4.01%, 2/1/2027		591		678
Pool # AM8529, 3.03%, 4/1/2027		2,387		2,685
Pool # AN6732, 2.83%, 5/1/2027		1,200		1,331
Pool # AN7338, 3.06%, 11/1/2027		1,000		1,134
Pool # AN7943, 3.10%, 1/1/2028		2,500		2,847
Pool # AN1161, 3.05%, 4/1/2028		990		1,126
Pool # AN9486, 3.57%, 6/1/2028		3,716		4,344
Pool # AN2069, 2.35%, 8/1/2028		1,440		1,569
Pool # AN2466, 2.57%, 8/1/2028		2,360		2,607
Pool # AM4410, 4.25%, 10/1/2028		1,613		1,863
Pool # BL0907, 3.88%, 12/1/2028		700		826
Pool # AN6158, 2.99%, 7/1/2029		500		571
Pool # AN6099, 3.04%, 7/1/2029		500		573
Pool # BM4162, 3.20%, 10/1/2029 (f)		493		567
Pool # BL4333, 2.52%, 11/1/2029		1,200		1,304
Pool # 109707, 3.80%, 9/1/2033		416		478
Pool # MA1125, 4.00%, 7/1/2042		1,442		1,572
Pool # MA1437, 3.50%, 5/1/2043		1,718		1,860
Pool # MA1463, 3.50%, 6/1/2043		1,570		1,700
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 9/25/2050 (h)		2,102		2,212
TBA, 2.00%, 10/25/2050 (h)		26,820		27,594
TBA, 2.50%, 10/25/2050 (h)		1,398		1,469

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038		128		148
Pool # BA7567, 4.50%, 5/20/2048		2,765		2,991
Pool # BI0416, 4.50%, 11/20/2048		260		284
Pool # BM9692, 4.50%, 7/20/2049		1,137		1,232
Total Mortgage-Backed Securities (Cost $134,261)				140,539
Asset-Backed Securities — 10.7%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		270		271
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		442		404
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		192		179
Ally Auto Receivables Trust
Series 2018-1, Class A3, 2.35%, 6/15/2022		264		265
Series 2018-2, Class A3, 2.92%, 11/15/2022		987		998
Series 2019-1, Class A3, 2.91%, 9/15/2023		522		534
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		32		28
Series 2016-3, Class AA, 3.00%, 10/15/2028		173		161
Series 2017-1, Class AA, 3.65%, 2/15/2029		234		224
American Credit Acceptance Receivables Trust
Series 2019-4, Class B, 2.43%, 10/12/2023 (a)		455		461
Series 2020-3, Class A, 0.62%, 10/13/2023 (a)		870		870
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		1,120		1,165
AmeriCredit Automobile Receivables Trust
Series 2017-4, Class A3, 2.04%, 7/18/2022		25		25
Series 2018-1, Class A3, 3.07%, 12/19/2022		558		563
Series 2018-2, Class A3, 3.15%, 3/20/2023		857		867
Series 2018-3, Class A3, 3.38%, 7/18/2023		4,909		4,998
Series 2019-1, Class A3, 2.97%, 11/20/2023		485		495

SEE NOTES TO FINANCIAL STATEMENTS.

240 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-2, Class A3, 2.28%, 1/18/2024		1,850		1,887
Series 2020-1, Class A3, 1.11%, 8/19/2024		820		829
Series 2020-2, Class A3, 0.66%, 12/18/2024		166		166
Ascentium Equipment Receivables Trust Series 2017-1A, Class A3, 2.29%, 6/10/2021 (a)		34		34
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (a)		710		725
BA Credit Card Trust
Series 2018-A2, Class A2, 3.00%, 9/15/2023		6,750		6,866
Series 2019-A1, Class A1, 1.74%, 1/15/2025		1,600		1,644
BMW Vehicle Lease Trust Series 2018-1, Class A3, 3.26%, 7/20/2021		107		107
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		589		590
CarMax Auto Owner Trust
Series 2017-1, Class A3, 1.98%, 11/15/2021		52		52
Series 2017-3, Class A3, 1.97%, 4/15/2022		110		111
Series 2017-4, Class A3, 2.11%, 10/17/2022		75		76
Series 2018-1, Class A3, 2.48%, 11/15/2022		292		295
Series 2018-2, Class A3, 2.98%, 1/17/2023		4,957		5,035
Series 2018-3, Class A3, 3.13%, 6/15/2023		1,697		1,732
Series 2018-4, Class A3, 3.36%, 9/15/2023		277		285
Series 2019-1, Class A3, 3.05%, 3/15/2024		800		823
Series 2020-1, Class A3, 1.89%, 12/16/2024		692		712
Series 2020-3, Class A3, 0.62%, 3/17/2025		665		668
Carvana Auto Receivables Trust Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		1,100		1,129
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1, 2.49%, 1/20/2023		6,794		6,853
CNH Equipment Trust
Series 2017-A, Class A3, 2.07%, 5/16/2022		95		95
Series 2017-B, Class A3, 1.86%, 9/15/2022		90		90
Series 2017-C, Class A3, 2.08%, 2/15/2023		128		129

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		243		231
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052 (a)		297		311
CPS Auto Receivables Trust
Series 2019-D, Class A, 2.17%, 12/15/2022 (a)		98		98
Series 2020-A, Class A, 2.09%, 5/15/2023 (a)		330		333
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026 (a)		28		28
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		213		214
Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		880		889
Series 2019-3A, Class A, 2.38%, 11/15/2028 (a)		265		272
Series 2020-1A, Class A, 2.01%, 2/15/2029 (a)		1,575		1,613
Dell Equipment Finance Trust Series 2019-1, Class A3, 2.83%, 3/22/2024 (a)		1,090		1,112
Drive Auto Receivables Trust
Series 2019-4, Class A3, 2.16%, 5/15/2023		255		257
Series 2020-1, Class A3, 2.02%, 11/15/2023		385		390
Series 2018-2, Class C, 3.63%, 8/15/2024		335		337
Series 2020-2, Class B, 1.42%, 3/17/2025		160		162
DT Auto Owner Trust
Series 2019-1A, Class A, 3.08%, 9/15/2022 (a)		41		41
Series 2019-2A, Class C, 3.18%, 2/18/2025 (a)		650		664
Exeter Automobile Receivables Trust
Series 2019-3A, Class A, 2.59%, 9/15/2022 (a)		177		178
Series 2019-4A, Class A, 2.18%, 1/17/2023 (a)		176		177
Series 2020-1A, Class A, 2.05%, 6/15/2023 (a)		360		362
Fifth Third Auto Trust Series 2019-1, Class A4, 2.69%, 11/16/2026		355		371
First Investors Auto Owner Trust
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		80		80
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		313		317
Flagship Credit Auto Trust
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		232		233

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 241

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		173		174
Series 2017-2, Class B, 2.57%, 4/15/2023 (a)		7		7
Series 2019-2, Class A, 2.83%, 10/16/2023 (a)		2,067		2,099
Series 2019-2, Class B, 2.92%, 4/15/2025 (a)		650		667
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		310		320
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		819		830
Series 2019-A, Class A3, 2.90%, 5/15/2022		4,205		4,249
Series 2020-A, Class A3, 1.85%, 3/15/2023		600		609
Series 2020-B, Class A4, 0.69%, 10/15/2023		456		458
Ford Credit Auto Owner Trust Series 2018-B, Class A4, 3.38%, 3/15/2024		340		359
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		480		480
GLS Auto Receivables Issuer Trust Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		159		160
GM Financial Automobile Leasing Trust
Series 2018-3, Class A3, 3.18%, 6/21/2021		285		286
Series 2019-1, Class A3, 2.98%, 12/20/2021		753		759
Series 2019-3, Class A3, 2.03%, 6/20/2022		810		821
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class A3, 2.32%, 7/18/2022		97		98
Series 2018-2, Class A3, 2.81%, 12/16/2022		787		797
Series 2018-3, Class A3, 3.02%, 5/16/2023		5,215		5,315
Harley-Davidson Motorcycle Trust Series 2019-A, Class A3, 2.34%, 2/15/2024		865		881
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		277		290
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		39		39
Series 2018-2, Class A3, 3.01%, 5/18/2022		675		683

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-3, Class A3, 2.95%, 8/22/2022		3,379		3,427
Series 2019-4, Class A3, 1.83%, 1/18/2024		525		538
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022 (a)		1,275		1,286
Series 2019-A, Class A3, 2.98%, 7/15/2022 (a)		6,685		6,767
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		104		104
Series 2018-A, Class A3, 2.79%, 7/15/2022		525		531
Series 2018-B, Class A3, 3.20%, 12/15/2022		604		613
John Deere Owner Trust
Series 2017-B, Class A3, 1.82%, 10/15/2021		13		13
Series 2018-B, Class A3, 3.08%, 11/15/2022		1,008		1,023
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024 ‡ (a)		60		59
Mercedes-Benz Auto Lease Trust
Series 2018-B, Class A3, 3.21%, 9/15/2021		333		336
Series 2019-A, Class A3, 3.10%, 11/15/2021		206		208
Series 2019-B, Class A3, 2.00%, 10/17/2022		75		76
Series 2020-A, Class A3, 1.84%, 12/15/2022		722		734
Nissan Auto Lease Trust
Series 2020-A, Class A2A, 1.80%, 5/16/2022		5,585		5,628
Series 2019-B, Class A3, 2.27%, 7/15/2022		495		502
Series 2019-A, Class A4, 2.78%, 7/15/2024		305		312
Nissan Auto Receivables Owner Trust
Series 2017-C, Class A3, 2.12%, 4/18/2022		108		109
Series 2018-C, Class A3, 3.22%, 6/15/2023		980		1,004
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		1,479		1,496
Santander Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.00%, 12/15/2022		24		24
Series 2019-2, Class A3, 2.59%, 5/15/2023		351		353

SEE NOTES TO FINANCIAL STATEMENTS.

242 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-2, Class A3, 0.67%, 4/15/2024		262		262
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022 (a)		1,820		1,859
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		133		124
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,676
Tesla Auto Lease Trust
Series 2018-B, Class A, 3.71%, 8/20/2021 (a)		588		594
Series 2019-A, Class A3, 2.16%, 10/20/2022 (a)		370		380
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		5,600		5,644
Series 2020-A, Class A3, 1.66%, 5/15/2024		350		358
Series 2020-C, Class A4, 0.57%, 10/15/2025		532		533
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,178		1,144
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,215		1,136
Series 2018-1, Class AA, 3.50%, 3/1/2030		745		698
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		700		707
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049 ‡ (a) (d)		333		331
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		1,255		1,242
Series 2020-NPL5, Class A1A, 2.98%, 3/25/2050 ‡ (a) (d)		814		808
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 ‡ (a) (d)		1,279		1,283
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		1,040		1,059
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (d)		736		733
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		1,307		1,297
Westlake Automobile Receivables Trust Series 2020-2A, Class A2A, 0.93%, 2/15/2024 (a)		1,065		1,070
World Financial Network Credit Card Master Trust
Series 2018-A, Class A, 3.07%, 12/16/2024		2,677		2,707
Series 2018-B, Class A, 3.46%, 7/15/2025		1,564		1,608

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		1,955			1,999
Series 2017-B, Class A3, 1.95%, 2/15/2023		152			153
Series 2018-C, Class A3, 3.13%, 11/15/2023		6,452			6,587
Series 2019-B, Class A3, 2.59%, 7/15/2024		917			940
World Omni Automobile Lease Securitization Trust
Series 2018-B, Class A3, 3.19%, 12/15/2021		894			903
Series 2019-A, Class A3, 2.94%, 5/16/2022		900			917
Total Asset-Backed Securities (Cost $136,195)					137,387
Collateralized Mortgage Obligations — 7.7%
Bear Stearns ALT-A Trust Series 2004-6, Class 1A, 0.82%, 7/25/2034 (f)		45			45
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		11			11
Series 2004-HYB4, Class WA, 3.86%, 12/25/2034 ‡ (f)		25			25
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033		15			15
FHLMC, REMIC
Series 3874, Class DW, 3.50%, 6/15/2021		253			254
Series 2626, Class JC, 5.00%, 6/15/2023		319			331
Series 2649, Class WB, 3.50%, 7/15/2023		227			232
Series 1578, Class K, 6.90%, 9/15/2023		7			7
Series 2685, Class DT, 5.00%, 10/15/2023		253			264
Series 2687, Class JH, 5.00%, 10/15/2023		61			64
Series 2701, Class AC, 5.00%, 11/15/2023		415			435
Series 3521, Class B, 4.00%, 4/15/2024		328			340
Series 3544, Class BC, 4.00%, 6/15/2024		30			31
Series 3546, Class NB, 4.00%, 6/15/2024		1,399			1,455
Series 3562, Class JC, 4.00%, 8/15/2024		658			686
Series 3563, Class BD, 4.00%, 8/15/2024		429			446
Series 3571, Class MY, 4.00%, 9/15/2024		157			162
Series 3575, Class EB, 4.00%, 9/15/2024		446			464
Series 3577, Class B, 4.00%, 9/15/2024		705			738
Series 3578, Class KB, 4.00%, 9/15/2024		109			114

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 243

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2989, Class TG, 5.00%, 6/15/2025		429		457
Series 2988, Class TY, 5.50%, 6/15/2025		18		20
Series 3816, Class HA, 3.50%, 11/15/2025		1,537		1,634
Series 3087, Class KX, 5.50%, 12/15/2025		50		53
Series 3787, Class AY, 3.50%, 1/15/2026		605		637
Series 3794, Class LB, 3.50%, 1/15/2026		551		581
Series 3102, Class CE, 5.50%, 1/15/2026		645		689
Series 3123, Class HT, 5.00%, 3/15/2026		69		74
Series 3121, Class JD, 5.50%, 3/15/2026		21		23
Series 3150, Class EQ, 5.00%, 5/15/2026		240		256
Series 3898, Class KH, 3.50%, 6/15/2026		796		840
Series 3885, Class AC, 4.00%, 6/15/2026		498		520
Series 3911, Class B, 3.50%, 8/15/2026		829		876
Series 3959, Class PB, 3.00%, 11/15/2026		2,500		2,703
Series 4337, Class VJ, 3.50%, 6/15/2027		1,727		1,827
Series 3337, Class MD, 5.50%, 6/15/2027		39		43
Series 2110, Class PG, 6.00%, 1/15/2029		101		114
Series 3563, Class LB, 4.00%, 8/15/2029		23		25
Series 3653, Class B, 4.50%, 4/15/2030		137		151
Series 3824, Class EY, 3.50%, 3/15/2031		360		392
Series 2525, Class AM, 4.50%, 4/15/2032		607		681
Series 2441, Class GF, 6.50%, 4/15/2032		21		25
Series 2436, Class MC, 7.00%, 4/15/2032		13		15
Series 2760, Class KT, 4.50%, 9/15/2032		84		94
Series 2505, Class D, 5.50%, 9/15/2032		114		133
Series 2544, Class KE, 5.50%, 12/15/2032		66		76
Series 2557, Class HL, 5.30%, 1/15/2033		155		179
Series 2575, Class PE, 5.50%, 2/15/2033		44		52
Series 2586, Class WG, 4.00%, 3/15/2033		194		216
Series 2596, Class QD, 4.00%, 3/15/2033		163		181
Series 2621, Class QH, 5.00%, 5/15/2033		176		199
Series 2649, Class PJ, 3.50%, 6/15/2033		10		10
Series 2624, Class QH, 5.00%, 6/15/2033		237		273
Series 2648, Class BK, 5.00%, 7/15/2033		18		20
Series 4238, Class UY, 3.00%, 8/15/2033		3,650		4,017
Series 2673, Class PE, 5.50%, 9/15/2033		396		467
Series 2696, Class DG, 5.50%, 10/15/2033		334		388
Series 2725, Class TA, 4.50%, 12/15/2033		284		338
Series 2733, Class ME, 5.00%, 1/15/2034		333		386
Series 2768, Class PK, 5.00%, 3/15/2034		254		281
Series 3659, Class VG, 5.00%, 9/15/2034		438		451
Series 2934, Class KG, 5.00%, 2/15/2035		245		284
Series 3077, Class TO, PO, 4/15/2035		15		15
Series 2960, Class JH, 5.50%, 4/15/2035		702		816
Series 3082, Class PW, 5.50%, 12/15/2035		51		60
Series 3084, Class BH, 5.50%, 12/15/2035		1,115		1,315

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3098, Class KG, 5.50%, 1/15/2036		1,010			1,172
Series 3136, Class CO, PO, 4/15/2036		29			28
Series 3145, Class AJ, 5.50%, 4/15/2036		37			42
Series 3819, Class ZQ, 6.00%, 4/15/2036		714			851
Series 3200, PO, 8/15/2036		71			68
Series 3270, Class AT, 5.50%, 1/15/2037		34			40
Series 3272, Class PA, 6.00%, 2/15/2037		8			9
Series 3348, Class HT, 6.00%, 7/15/2037		58			69
Series 3747, Class PA, 4.00%, 4/15/2038		52			53
Series 4085, Class FB, 0.56%, 1/15/2039 (f)		178			178
Series 3501, Class A, 4.50%, 1/15/2039		199			217
Series 3508, Class PK, 4.00%, 2/15/2039		4			5
Series 3513, Class A, 4.50%, 2/15/2039		19			21
Series 4219, Class JA, 3.50%, 8/15/2039		961			984
Series 3827, Class BM, 5.50%, 8/15/2039		110			111
Series 3653, Class HJ, 5.00%, 4/15/2040		875			1,011
Series 3677, Class KB, 4.50%, 5/15/2040		1,499			1,691
Series 3677, Class PB, 4.50%, 5/15/2040		875			952
Series 3904, Class EC, 2.00%, 8/15/2040		168			170
Series 3715, Class PC, 4.50%, 8/15/2040		214			242
Series 3955, Class HB, 3.00%, 12/15/2040		215			225
Series 3828, Class PU, 4.50%, 3/15/2041		88			93
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f)		362			401
Series 3956, Class EB, 3.25%, 11/15/2041		1,673			1,828
Series 3963, Class JB, 4.50%, 11/15/2041		1,650			1,921
Series 4026, Class MQ, 4.00%, 4/15/2042		105			117
Series 4616, Class HP, 3.00%, 9/15/2046		2,138			2,319
Series 3688, Class GT, 7.38%, 11/15/2046 (f)		37			44
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042		956			1,066
FNMA, REMIC
Series 2010-103, Class GB, 4.00%, 9/25/2020		—	(g)		—	(g)
Series 2010-135, Class HE, 3.00%, 1/25/2021		1			—	(g)
Series 2011-75, Class BL, 3.50%, 8/25/2021		332			334
Series 2007-113, Class DB, 4.50%, 12/25/2022		—	(g)		—	(g)
Series 2003-5, Class EQ, 5.50%, 2/25/2023		25			26
Series 2003-48, Class TC, 5.00%, 6/25/2023		32			33
Series 2003-55, Class HY, 5.00%, 6/25/2023		28			30

SEE NOTES TO FINANCIAL STATEMENTS.

244 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2008-70, Class BY, 4.00%, 8/25/2023		13			13
Series 2006-22, Class CE, 4.50%, 8/25/2023		96			99
Series 2008-65, Class CD, 4.50%, 8/25/2023		—	(g)		—	(g)
Series 2004-44, Class KT, 6.00%, 6/25/2024		109			113
Series 2004-53, Class NC, 5.50%, 7/25/2024		44			46
Series 2009-71, Class MB, 4.50%, 9/25/2024		27			28
Series 2004-70, Class EB, 5.00%, 10/25/2024		90			93
Series 2010-49, Class KB, 4.00%, 5/25/2025		554			574
Series 2010-41, Class DC, 4.50%, 5/25/2025		174			180
Series 1997-57, Class PN, 5.00%, 9/18/2027		122			133
Series 2009-39, Class LB, 4.50%, 6/25/2029		101			111
Series 2009-96, Class DB, 4.00%, 11/25/2029		141			152
Series 2010-28, Class DE, 5.00%, 4/25/2030		300			335
Series 2001-63, Class TC, 6.00%, 12/25/2031		59			68
Series 2001-81, Class HE, 6.50%, 1/25/2032		155			183
Series 2002-75, Class GB, 5.50%, 11/25/2032		78			83
Series 2011-39, Class ZA, 6.00%, 11/25/2032		617			719
Series 2002-85, Class PE, 5.50%, 12/25/2032		52			60
Series 2003-21, Class OU, 5.50%, 3/25/2033		36			41
Series 2003-26, Class EB, 3.50%, 4/25/2033		800			882
Series 2003-23, Class CH, 5.00%, 4/25/2033		43			50
Series 2003-63, Class YB, 5.00%, 7/25/2033		130			149
Series 2003-69, Class N, 5.00%, 7/25/2033		246			283
Series 2003-80, Class QG, 5.00%, 8/25/2033		368			409
Series 2003-85, Class QD, 5.50%, 9/25/2033		141			164

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-94, Class CE, 5.00%, 10/25/2033		33		36
Series 2005-5, Class CK, 5.00%, 1/25/2035		257		283
Series 2005-29, Class WC, 4.75%, 4/25/2035		450		494
Series 2005-48, Class TD, 5.50%, 6/25/2035		276		321
Series 2005-53, Class MJ, 5.50%, 6/25/2035		349		409
Series 2005-62, Class CP, 4.75%, 7/25/2035		21		21
Series 2005-58, Class EP, 5.50%, 7/25/2035		30		34
Series 2005-68, Class BE, 5.25%, 8/25/2035		250		294
Series 2005-68, Class PG, 5.50%, 8/25/2035		140		160
Series 2005-110, Class MB, 5.50%, 9/25/2035		1		1
Series 2005-102, Class PG, 5.00%, 11/25/2035		460		536
Series 2005-110, Class GL, 5.50%, 12/25/2035		554		648
Series 2006-49, Class PA, 6.00%, 6/25/2036		61		73
Series 2009-19, Class PW, 4.50%, 10/25/2036		348		394
Series 2006-114, Class HE, 5.50%, 12/25/2036		392		461
Series 2007-33, Class HE, 5.50%, 4/25/2037		31		36
Series 2007-71, Class KP, 5.50%, 7/25/2037		58		64
Series 2007-71, Class GB, 6.00%, 7/25/2037		225		269
Series 2007-65, Class KI, IF, IO, 6.44%, 7/25/2037 (f)		8		1
Series 2009-86, Class OT, PO, 10/25/2037		44		41
Series 2013-83, Class CA, 3.50%, 10/25/2037		159		160
Series 2010-9, Class MD, 5.00%, 2/25/2038		77		80
Series 2011-22, Class MA, 6.50%, 4/25/2038		52		52
Series 2008-72, Class BX, 5.50%, 8/25/2038		22		25
Series 2008-74, Class B, 5.50%, 9/25/2038		10		11
Series 2009-62, Class HJ, 6.00%, 5/25/2039		243		262

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 245

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-37, Class KI, IF, IO, 5.82%, 6/25/2039 (f)		11		2
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		14		3
Series 2009-92, Class AD, 6.00%, 11/25/2039		729		808
Series 2009-112, Class ST, IF, IO, 6.07%, 1/25/2040 (f)		106		23
Series 2010-22, Class PE, 5.00%, 3/25/2040		2,347		2,657
Series 2010-37, Class CY, 5.00%, 4/25/2040		1,337		1,534
Series 2010-35, Class SB, IF, IO, 6.24%, 4/25/2040 (f)		42		7
Series 2010-54, Class EA, 4.50%, 6/25/2040		49		54
Series 2010-64, Class DM, 5.00%, 6/25/2040		7		8
Series 2010-71, Class HJ, 5.50%, 7/25/2040		176		206
Series 2010-123, Class BP, 4.50%, 11/25/2040		3,328		3,758
Series 2011-5, Class CP, 4.50%, 11/25/2040		172		184
Series 2011-41, Class KL, 4.00%, 5/25/2041		1,006		1,154
Series 2011-50, Class LP, 4.00%, 6/25/2041		500		569
Series 2012-137, Class CF, 0.48%, 8/25/2041 (f)		501		499
Series 2012-103, Class DA, 3.50%, 10/25/2041		197		206
Series 2012-14, Class DE, 3.50%, 3/25/2042		1,000		1,108
Series 2012-139, Class JA, 3.50%, 12/25/2042		527		583
Series 2013-104, Class CY, 5.00%, 10/25/2043		2,250		2,864
Series 2019-65, Class PA, 2.50%, 5/25/2048		472		492
Series 2009-96, Class CB, 4.00%, 11/25/2049		27		30
FNMA, STRIPS
Series 293, Class 1, PO, 12/25/2024		14		14
Series 314, Class 1, PO, 7/25/2031		44		42
GNMA
Series 2002-44, Class JC, 6.00%, 7/20/2032		27		27
Series 2002-79, Class KL, 5.50%, 11/20/2032		263		272

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-10, Class KJ, 5.50%, 2/20/2033		71		77
Series 2003-29, Class PD, 5.50%, 4/16/2033		261		287
Series 2003-33, Class NE, 5.50%, 4/16/2033		150		162
Series 2003-65, Class AP, 5.50%, 8/20/2033		95		109
Series 2003-77, Class TK, 5.00%, 9/16/2033		345		370
Series 2004-16, Class GC, 5.50%, 2/20/2034		994		1,134
Series 2004-54, Class BG, 5.50%, 7/20/2034		21		24
Series 2004-93, Class PD, 5.00%, 11/16/2034		654		729
Series 2004-101, Class BE, 5.00%, 11/20/2034		516		582
Series 2005-11, Class PL, 5.00%, 2/20/2035		235		267
Series 2005-26, Class XY, 5.50%, 3/20/2035		914		1,023
Series 2005-33, Class AY, 5.50%, 4/16/2035		244		278
Series 2005-49, Class B, 5.50%, 6/20/2035		79		91
Series 2005-51, Class DC, 5.00%, 7/20/2035		194		214
Series 2005-56, Class BD, 5.00%, 7/20/2035		30		34
Series 2006-7, Class ND, 5.50%, 8/20/2035		30		35
Series 2007-37, Class LB, 5.50%, 6/16/2037		225		259
Series 2007-79, Class BL, 5.75%, 8/20/2037		165		188
Series 2008-7, Class PQ, 5.00%, 2/20/2038		450		500
Series 2008-9, Class PW, 5.25%, 2/20/2038		516		585
Series 2009-106, Class ST, IF, IO, 5.84%, 2/20/2038 (f)		153		27
Series 2008-23, Class YA, 5.25%, 3/20/2038		121		137
Series 2008-35, Class NF, 5.00%, 4/20/2038		123		139
Series 2008-34, Class PG, 5.25%, 4/20/2038		144		160

SEE NOTES TO FINANCIAL STATEMENTS.

246 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2008-33, Class PB, 5.50%, 4/20/2038		433		496
Series 2008-38, Class BG, 5.00%, 5/16/2038		683		769
Series 2008-43, Class NB, 5.50%, 5/20/2038		203		231
Series 2010-7, Class EA, 5.00%, 6/16/2038		39		39
Series 2008-56, Class PX, 5.50%, 6/20/2038		391		440
Series 2008-58, Class PE, 5.50%, 7/16/2038		1,054		1,212
Series 2008-62, Class SA, IF, IO, 5.99%, 7/20/2038 (f)		3		—	(g)
Series 2008-76, Class US, IF, IO, 5.74%, 9/20/2038 (f)		86		16
Series 2011-97, Class WA, 6.12%, 11/20/2038 (f)		992		1,164
Series 2008-95, Class DS, IF, IO, 7.14%, 12/20/2038 (f)		83		17
Series 2009-14, Class AG, 4.50%, 3/20/2039		140		156
Series 2009-72, Class SM, IF, IO, 6.09%, 8/16/2039 (f)		198		37
Series 2009-61, Class AP, 4.00%, 8/20/2039		17		19
Series 2010-130, Class BD, 4.00%, 12/20/2039		322		350
Series 2010-157, Class OP, PO, 12/20/2040		164		156
Series 2014-H11, Class VA, 0.66%, 6/20/2064 (f)		1,478		1,480
Series 2015-H20, Class FA, 0.63%, 8/20/2065 (f)		2,048		2,049
Series 2015-H26, Class FG, 0.68%, 10/20/2065 (f)		1,469		1,472
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		108		112
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 3.84%, 11/25/2033 (f)		234		235
Series 2007-A1, Class 5A5, 3.75%, 7/25/2035 (f)		50		49
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (f)		61		61
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		54		56
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 0.81%, 10/25/2028 (f)		105		102

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2004-B, Class A1, 0.67%, 5/25/2029 (f)		160			155
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.62%, 4/25/2034 (f)		36			39
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		8			8
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(g)		—	(g)
Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058		608			675
Series 2020-1, Class M55G, 3.00%, 8/25/2059		5,483			5,865
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		706			769
Sequoia Mortgage Trust Series 2004-11, Class A1, 0.76%, 12/20/2034 (f)		298			291
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 0.86%, 1/19/2034 (f)		129			124
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 3.23%, 12/25/2044 (f)		167			164
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		572			661
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 3.93%, 10/25/2033 (f)		122			119
Total Collateralized Mortgage Obligations (Cost $94,420)					99,594
U.S. Government Agency Securities — 1.0%
FNMA 2.63%, 9/6/2024 (Cost $11,882)		11,959			13,075
Foreign Government Securities — 0.4%
Republic of Colombia (Colombia) 3.00%, 1/30/2030		900			923
7.38%, 9/18/2037		300			429
Republic of Panama (Panama) 4.00%, 9/22/2024		347			382
3.16%, 1/23/2030		400			436
United Mexican States (Mexico) 3.63%, 3/15/2022		568			596
4.00%, 10/2/2023		694			756
3.60%, 1/30/2025		1,076			1,171
4.13%, 1/21/2026		332			370
Total Foreign Government Securities (Cost $4,681)					5,063

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 247

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.9%
Investment Companies — 3.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (i) (j) (Cost $50,626)		50,609		50,649
Total Investments — 102.0% (Cost $1,252,903)				1,315,932
Liabilities in Excess of Other Assets — (2.0)%				(26,256	)
Net Assets — 100.0%				1,289,676

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 August 31, 2020.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed 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 August 31, 2020.
(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 August 31, 2020.
(e)	All or a portion of this security is deposited with the broker as initial margin for 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 August 31, 2020.
(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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

248 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Centrally Cleared Inflation-linked swap contracts outstanding as of August 31, 2020 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS) $			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CPI-U at termination	0.58% at termination		Receive		4/2/2025		USD	37,065		—			1,960			1,960
CPI-U at termination	0.85% at termination		Receive		3/24/2030		USD	8,204		—			905			905
CPI-U at termination	0.91% at termination		Receive		3/19/2030		USD	24,101		—			2,498			2,498
CPI-U at termination	1.08% at termination		Receive		3/26/2030		USD	6,253		—			536			536
CPI-U at termination	1.23% at termination		Receive		3/17/2030		USD	14,000		—			982			982
CPI-U at termination	1.24% at termination		Receive		3/17/2030		USD	54,814		—			3,805			3,805
CPI-U at termination	1.25% at termination		Receive		6/24/2022		USD	23,609		(9	)		277			268
CPI-U at termination	1.31% at termination		Receive		6/25/2022		USD	12,430		(1	)		132			131
CPI-U at termination	1.35% at termination		Receive		3/4/2025		USD	13,361		—			181			181
CPI-U at termination	1.37% at termination		Receive		3/4/2025		USD	13,361		—			168			168
CPI-U at termination	1.37% at termination		Receive		3/4/2025		USD	6,680		—			82			82
CPI-U at termination	1.38% at termination		Receive		3/6/2025		USD	32,505		—			396			396
CPI-U at termination	1.39% at termination		Receive		6/29/2025		USD	18,551		—			539			539
CPI-U at termination	1.39% at termination		Receive		6/29/2025		USD	144,424		(10	)		4,176			4,166
CPI-U at termination	1.42% at termination		Receive		3/5/2025		USD	15,543		—			156			156
CPI-U at termination	1.55% at termination		Receive		8/4/2022		USD	77,122		(19	)		758			739
CPI-U at termination	1.68% at termination		Receive		8/10/2022		USD	77,260		—			463			463
CPI-U at termination	1.86% at termination		Receive		8/10/2030		USD	41,112		—			929			929
CPI-U at termination	1.86% at termination		Receive		8/10/2030		USD	13,874		—			323			323
CPI-U at termination	2.04% at termination		Receive		9/2/2030		USD	11,248		—			—			—
										(39	)		19,266			19,227
CPI-U at termination	1.18% at termination		Receive		3/4/2022		USD	33,402		—			(34	)		(34	)
CPI-U at termination	1.69% at termination		Receive		2/19/2025		USD	10,986		—			(48	)		(48	)
CPI-U at termination	1.70% at termination		Receive		2/14/2025		USD	8,175		—			(39	)		(39	)
										—			(121	)		(121	)
										(39	)		19,145			19,106

Abbreviations

CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar

(a) Value of floating rate index at August 31, 2020 was 2.60%.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 249

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — 36.5%
Accredited Mortgage Loan Trust Series 2003-3, Class A1, 5.21%, 1/25/2034 ‡ (a)		736		774
American Credit Acceptance Receivables Trust
Series 2020-2, Class A, 1.65%, 12/13/2023 (b)		3,064		3,086
Series 2020-1, Class B, 2.08%, 12/13/2023 (b)		3,133		3,158
American Express Credit Account Master Trust
Series 2019-1, Class A, 2.87%, 10/15/2024		4,265		4,435
Series 2018-5, Class A, 0.50%, 12/15/2025 (c)		10,000		10,011
AmeriCredit Automobile Receivables Trust
Series 2019-2, Class A3, 2.28%, 1/18/2024		9,000		9,179
Series 2020-1, Class A3, 1.11%, 8/19/2024		2,820		2,852
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 1.45%, 8/25/2033 ‡ (c)		169		168
Amortizing Residential Collateral Trust Series 2002-BC9, Class M1, 1.83%, 12/25/2032 ‡ (c)		1,698		1,667
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1998-3, Class M1A, 0.81%, 9/25/2028 ‡ (c)		109		108
AMSR Trust Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (b)		7,120		7,130
Amur Equipment Finance Receivables VIII LLC Series 2020-1A, Class A2, 1.68%, 8/20/2025 (b)		4,285		4,299
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class A, 3.45%, 3/20/2023 (b)		1,429		1,459
Series 2019-3A, Class A, 2.36%, 3/20/2026 (b)		10,490		10,710
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		116		116
Bank of The West Auto Trust Series 2017-1, Class A3, 2.11%, 1/15/2023 (b)		652		656
Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 1.42%, 1/25/2035 ‡ (c)		977		969
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 1.08%, 12/25/2033 ‡ (c)		570		554
BRE Grand Islander Timeshare Issuer LLC Series 2019-A, Class A, 3.28%, 9/26/2033 (b)		2,977		3,023

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Business Jet Securities LLC
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		3,195		3,194
Series 2019-1, Class A, 4.21%, 7/15/2034 (b)		6,020		6,036
BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034 (b)		2,349		2,441
CarMax Auto Owner Trust Series 2020-3, Class A3, 0.62%, 3/17/2025		3,095		3,108
CarNow Auto Receivables Trust Series 2020-1A, Class A, 1.76%, 2/15/2023 (b)		4,362		4,370
Carvana Auto Receivables Trust
Series 2019-1A, Class A3, 3.08%, 11/15/2022 (b)		2,806		2,820
Series 2019-2A, Class A3, 2.58%, 3/15/2023 (b)		7,553		7,610
Series 2019-3A, Class A3, 2.34%, 6/15/2023 (b)		6,285		6,345
Series 2019-3A, Class B, 2.51%, 4/15/2024 (b)		3,340		3,416
Centex Home Equity Loan Trust Series 2002-A, Class MV1, 1.03%, 1/25/2032 ‡ (c)		111		110
CF Hippolyta LLC Series 2020-1, Class A1, 1.69%, 7/15/2060 (b)		2,565		2,602
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023 (b)		13		13
Series 2019-1A, Class A, 3.33%, 8/15/2024 (b)		1,283		1,299
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7, 0.53%, 8/8/2024 (c)		5,000		5,019
CNH Equipment Trust Series 2019-C, Class A3, 2.01%, 12/16/2024		4,200		4,318
CoreVest American Finance Trust
Series 2019-1, Class A, 3.32%, 3/15/2052 (b)		3,372		3,602
Series 2020-2, Class A, 3.38%, 5/15/2052 (b)		2,053		2,236
Countrywide Asset-Backed Certificates
Series 2003-BC2, Class 2A1, 0.78%, 6/25/2033 ‡ (c)		113		107
Series 2003-BC5, Class M1, 1.23%, 9/25/2033 ‡ (c)		60		62
Series 2004-S1, Class M2, 5.58%, 2/25/2035 ‡ (a)		29		29
CPS Auto Receivables Trust
Series 2020-B, Class A, 1.15%, 7/17/2023 (b)		2,958		2,967

SEE NOTES TO FINANCIAL STATEMENTS.

250 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-A, Class B, 2.36%, 2/15/2024 (b)		2,080		2,112
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class B, 3.02%, 4/15/2026 (b)		2,713		2,717
Series 2020-2A, Class A, 1.37%, 7/16/2029 (b)		2,760		2,770
CWHEQ Revolving Home Equity Loan Trust
Series 2005-E, Class 2A, 0.38%, 11/15/2035 ‡ (c)		119		113
Series 2005-M, Class A1, 0.40%, 2/15/2036 ‡ (c)		496		452
Diamond Resorts Owner Trust
Series 2018-1, Class A, 3.70%, 1/21/2031 (b)		976		1,014
Series 2019-1A, Class A, 2.89%, 2/20/2032 (b)		5,722		5,833
Discover Card Execution Note Trust
Series 2019-A2, Class A, 0.43%, 12/15/2023 (c)		4,097		4,104
Series 2019-A1, Class A1, 3.04%, 7/15/2024		3,160		3,278
Drive Auto Receivables Trust
Series 2019-2, Class A3, 3.04%, 3/15/2023		706		708
Series 2019-4, Class B, 2.23%, 1/16/2024		2,210		2,244
DT Auto Owner Trust Series 2020-2A, Class A, 1.14%, 1/16/2024 (b)		3,586		3,597
Exeter Automobile Receivables Trust
Series 2019-3A, Class A, 2.59%, 9/15/2022 (b)		1,072		1,076
Series 2017-3A, Class B, 2.81%, 9/15/2022 (b)		1,574		1,579
Series 2020-2A, Class A, 1.13%, 8/15/2023 (b)		3,293		3,303
Series 2019-4A, Class B, 2.30%, 12/15/2023 (b)		5,220		5,276
Series 2019-1A, Class C, 3.82%, 12/16/2024 (b)		2,365		2,414
First Franklin Mortgage Loan Trust
Series 2002-FF1, Class M1, 1.23%, 4/25/2032 ‡ (c)		94		90
Series 2002-FF4, Class M1, 1.75%, 2/25/2033 ‡ (c)		578		430
Series 2003-FFH1, Class M2, 2.80%, 9/25/2033 ‡ (c)		251		227
Series 2004-FF8, Class M4, 1.78%, 10/25/2034 ‡ (c)		207		148

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
First Investors Auto Owner Trust Series 2020-1A, Class A, 1.49%, 1/15/2025 (b)		4,469		4,504
FirstKey Homes Trust Series 2020-SFR1, Class A, 1.34%, 9/17/2025 (b)		8,105		8,122
Flagship Credit Auto Trust
Series 2017-2, Class B, 2.57%, 4/15/2023 (b)		59		59
Series 2019-2, Class A, 2.83%, 10/16/2023 (b)		1,833		1,861
FORT CRE LLC Series 2018-1A, Class A1, 1.53%, 11/16/2035 (b) (c)		5,000		4,900
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		576		577
Series 2019-1, Class A, 3.42%, 6/18/2026 (b)		200		200
Series 2020-FP1, Class A, 2.52%, 3/18/2027 (b)		2,912		2,912
Fremont Home Loan Trust Series 2005-C, Class M2, 0.91%, 7/25/2035 ‡ (c)		2,668		2,636
GLS Auto Receivables Issuer Trust Series 2019-1A, Class A, 3.37%, 1/17/2023 (b)		433		436
GLS Auto Receivables Trust
Series 2018-1A, Class A, 2.82%, 7/15/2022 (b)		697		699
Series 2018-3A, Class A, 3.35%, 8/15/2022 (b)		273		274
Series 2018-2A, Class B, 3.71%, 3/15/2023 (b)		1,836		1,855
GM Financial Consumer Automobile Receivables Trust Series 2019-1, Class A3, 2.97%, 11/16/2023		3,093		3,160
Goodgreen (Cayman Islands)
Series 2018-1A, Class A, 3.93%, 10/15/2053 (b) (c)		3,825		4,058
Series 2019-1A, Class A, 3.86%, 10/15/2054 (b)		2,874		3,047
Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053 (b)		2,352		2,432
GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 0.34%, 9/15/2030 ‡ (c)		20		19
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		1,904		1,994
Hertz Fleet Lease Funding LP Series 2018-1, Class A2, 3.23%, 5/10/2032 (b)		813		818
Hertz Vehicle Financing II LP Series 2017-2A, Class A, 3.29%, 10/25/2023 (b)		1,358		1,358

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 251

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Hertz Vehicle Financing LLC Series 2018-2A, Class A, 3.65%, 6/27/2022 (b)		2,158		2,156
Hilton Grand Vacations Trust
Series 2018-AA, Class A, 3.54%, 2/25/2032 (b)		1,160		1,216
Series 2020-AA, Class A, 2.74%, 2/25/2039 (b)		2,219		2,294
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024 ‡ (b)		981		971
Lehman Home Equity Loan Trust Series 1998-1, Class A1, 7.00%, 5/25/2028 ‡		3		1
Lendmark Funding Trust
Series 2019-1A, Class A, 3.00%, 12/20/2027 (b)		8,400		8,222
Series 2019-2A, Class A, 2.78%, 4/20/2028 (b)		6,003		6,032
Long Beach Mortgage Loan Trust Series 2004-1, Class M3, 1.23%, 2/25/2034 ‡ (c)		59		59
Mariner Finance Issuance Trust Series 2020-AA, Class A, 2.19%, 8/21/2034 (b)		2,610		2,617
Marlette Funding Trust
Series 2019-1A, Class A, 3.44%, 4/16/2029 (b)		1,018		1,028
Series 2019-2A, Class A, 3.13%, 7/16/2029 (b)		992		1,003
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4, 3.25%, 10/15/2024		840		857
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (b) (c)		1,478		1,552
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-WMC4, Class M5, 1.15%, 4/25/2035 ‡ (c)		3,297		3,319
New Century Home Equity Loan Trust Series 2003-5, Class AII, 0.98%, 11/25/2033 ‡ (c)		177		159
New Residential Advance Receivables Trust Advance Receivables Backed Series 2020-T1, Class AT1, 1.43%, 8/15/2053 (b)		9,535		9,541
Nissan Auto Lease Trust Series 2018-A, Class A4, 3.35%, 9/15/2023		2,685		2,723
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		521		518
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (b)		3,018		3,053
OneMain Financial Issuance Trust Series 2020-1A, Class A, 3.84%, 5/14/2032 (b)		4,650		4,898
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		2,503		2,547

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Progress Residential Trust
Series 2017-SFR1, Class A, 2.77%, 8/17/2034 (b)		995		1,012
Series 2018-SFR1, Class A, 3.26%, 3/17/2035 (b)		2,792		2,818
Series 2019-SFR1, Class A, 3.42%, 8/17/2035 (b)		9,491		9,814
Series 2018-SFR2, Class A, 3.71%, 8/17/2035 ‡ (b)		5,525		5,671
Series 2018-SFR3, Class A, 3.88%, 10/17/2035 (b)		4,995		5,141
Series 2019-SFR2, Class A, 3.15%, 5/17/2036 (b)		6,982		7,229
Series 2019-SFR4, Class A, 2.69%, 10/17/2036 (b)		8,500		8,748
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (b)		5,055		5,163
Prosper Marketplace Issuance Trust Series 2019-1A, Class A, 3.54%, 4/15/2025 (b)		54		54
RASC Trust Series 2003-KS4, Class MI2, 5.51%, 6/25/2033 ‡ (a)		523		443
Santander Retail Auto Lease Trust
Series 2019-A, Class A3, 2.77%, 6/20/2022 (b)		6,060		6,189
Sierra Timeshare Receivables Funding LLC
Series 2019-2A, Class A, 2.59%, 5/20/2036 (b)		1,637		1,683
Series 2020-2A, Class A, 1.33%, 7/20/2037 (b)		2,491		2,491
SoFi Consumer Loan Program LLC
Series 2016-1, Class A, 3.26%, 8/25/2025 (b)		381		383
Series 2017-1, Class A, 3.28%, 1/26/2026 (b)		53		53
Series 2017-3, Class A, 2.77%, 5/25/2026 (b)		147		148
Series 2017-4, Class A, 2.50%, 5/26/2026 (b)		223		225
Series 2017-5, Class A2, 2.78%, 9/25/2026 (b)		1,323		1,335
SoFi Consumer Loan Program Trust
Series 2018-3, Class A2, 3.67%, 8/25/2027 (b)		3,055		3,088
Series 2019-1, Class A, 3.24%, 2/25/2028 (b)		600		606
SoFi Professional Loan Program LLC
Series 2016-B, Class A1, 1.38%, 6/25/2033 (b) (c)		381		381

SEE NOTES TO FINANCIAL STATEMENTS.

252 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-B, Class A1, 1.23%, 4/25/2035 (b) (c)		336		336
Series 2015-C, Class A1, 1.23%, 8/27/2035 (b) (c)		272		272
Series 2017-E, Class A1, 0.68%, 11/26/2040 (b) (c)		358		357
SoFi Professional Loan Program Trust Series 2018-B, Class A2FX, 3.34%, 8/25/2047 (b)		4,574		4,723
Structured Asset Investment Loan Trust Series 2003-BC2, Class A3, 0.88%, 4/25/2033 ‡ (c)		50		49
Synchrony Card Funding LLC Series 2019-A2, Class A, 2.34%, 6/15/2025		5,800		5,972
Synchrony Credit Card Master Note Trust Series 2017-2, Class A, 2.62%, 10/15/2025		3,077		3,199
Tesla Auto Lease Trust
Series 2018-B, Class A, 3.71%, 8/20/2021 (b)		2,431		2,458
Series 2019-A, Class A2, 2.13%, 4/20/2022 (b)		6,999		7,080
Series 2020-A, Class A3, 0.68%, 12/20/2023 (b)		3,835		3,836
Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058 ‡ (b) (c)		5,853		6,232
Toyota Auto Receivables Owner Trust Series 2020-C, Class A4, 0.57%, 10/15/2025		5,300		5,310
Tricon American Homes Series 2020-SFR1, Class A, 1.50%, 7/17/2038 (b)		6,000		5,996
Tricon American Homes Trust
Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (b)		4,216		4,227
Series 2019-SFR1, Class A, 2.75%, 3/17/2038 (b)		3,293		3,443
US Auto Funding LLC Series 2019-1A, Class A, 3.61%, 4/15/2022 (b)		679		682
USASF Receivables LLC Series 2020-1A, Class A, 2.47%, 2/15/2023 (b)		2,860		2,865
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049 ‡ (a) (b)		3,920		3,904
Series 2019-NPL5, Class A1A, 3.35%, 9/25/2049 ‡ (a) (b)		4,236		4,234
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (b)		6,599		6,531
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 ‡ (a) (b)		6,739		6,756

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Verizon Owner Trust
Series 2017-3A, Class A1B, 0.43%, 4/20/2022 (b) (c)		546		546
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,449
Series 2019-B, Class A1A, 2.33%, 12/20/2023		9,000		9,233
Veros Automobile Receivables Trust Series 2020-1, Class A, 1.67%, 9/15/2023 (b)		3,103		3,108
Volkswagen Auto Loan Enhanced Trust Series 2020-1, Class A2A, 0.93%, 12/20/2022		2,250		2,257
VOLT LXXX LLC Series 2019-NPL6, Class A1A, 3.23%, 10/25/2049 ‡ (a) (b)		5,751		5,701
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (a) (b)		2,929		2,914
VOLT LXXXIV LLC Series 2019-NP10, Class A1A, 3.43%, 12/27/2049 ‡ (a) (b)		3,985		3,978
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (b)		4,602		4,580
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (a) (b)		6,533		6,485
VOLT LXXXVIII LLC Series 2020-NPL4, Class A1, 2.98%, 3/25/2050 ‡ (a) (b)		5,614		5,533
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034 (b)		3,498		3,560
Westlake Automobile Receivables Trust
Series 2020-2A, Class A2A, 0.93%, 2/15/2024 (b)		9,175		9,214
Series 2020-2A, Class B, 1.32%, 7/15/2025 (b)		1,625		1,634
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		8,158		8,390
Total Asset-Backed Securities (Cost $475,255)				480,949
Collateralized Mortgage Obligations — 34.2%
Alternative Loan Trust
Series 2004-J4, Class 1A6, 5.40%, 6/25/2034 (a)		3		3
Series 2004-33, Class 3A3, 3.69%, 12/25/2034 (c)		214		218
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (b)		3,222		3,228
Banc of America Funding Trust Series 2006-1, Class 2A1, 5.50%, 1/25/2036		171		169

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 253

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Banc of America Mortgage Trust
Series 2004-D, Class 2A2, 3.80%, 5/25/2034 (c)		181		179
Series 2005-A, Class 3A1, 4.00%, 2/25/2035 (c)		15		14
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 1.18%, 11/25/2034 ‡ (c)		210		46
Connecticut Avenue Securities Trust Series 2020-R01, Class 1M1, 0.98%, 1/25/2040 ‡ (b) (c)		3,919		3,899
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-5, Class 1A1, 5.00%, 7/25/2020		27		27
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		422		441
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 3.32%, 10/25/2033 (c)		405		418
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.03%, 2/25/2020 (c)		65		65
FHLMC — GNMA Series 1, Class S, IF, IO, 8.79%, 10/25/2022 (c)		1		—	(d)
FHLMC, REMIC
Series 3952, Class MA, 3.00%, 11/15/2021		184		186
Series 1343, Class LA, 8.00%, 8/15/2022		2		2
Series 1370, Class JA, 1.31%, 9/15/2022 (c)		2		2
Series 1379, Class W, 0.34%, 10/15/2022 (c)		2		2
Series 1508, Class KA, 1.36%, 5/15/2023 (c)		1		1
Series 1689, Class M, PO, 3/15/2024		36		35
Series 2033, Class PR, PO, 3/15/2024		20		20
Series 1771, Class PK, 8.00%, 2/15/2025		25		28
Series 1981, Class Z, 6.00%, 5/15/2027		8		9
Series 1974, Class ZA, 7.00%, 7/15/2027		45		51
Series 2338, Class FN, 0.66%, 8/15/2028 (c)		16		16
Series 3737, Class DG, 5.00%, 10/15/2030		479		512
Series 2477, Class FZ, 0.71%, 6/15/2031 (c)		6		6
Series 2416, Class SA, IF, 15.28%, 2/15/2032 (c)		33		45
Series 2416, Class SH, IF, 15.68%, 2/17/2032 (c)		16		20

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 4120, Class KI, IO, 3.00%, 10/15/2032		1,841		154
Series 5000, Class CB, 1.25%, 1/25/2035		9,803		10,002
Series 3300, Class FA, 0.46%, 8/15/2035 (c)		224		223
Series 3085, Class VS, HB, IF, 28.07%, 12/15/2035 (c)		197		344
Series 4867, Class WF, 0.57%, 4/15/2037 (c)		19,285		19,395
Series 4350, Class AF, 0.52%, 12/15/2037 (c)		4,403		4,376
Series 4350, Class FK, 0.52%, 6/15/2038 (c)		4,614		4,597
Series 4515, Class FA, 0.54%, 8/15/2038 (c)		2,652		2,657
Series 4350, Class KF, 0.52%, 1/15/2039 (c)		919		912
Series 4111, Class FA, 0.51%, 8/15/2039 (c)		274		274
Series 3832, Class PL, 5.00%, 8/15/2039		182		184
Series 4448, Class TF, 0.49%, 5/15/2040 (c)		5,334		5,309
Series 4480, Class FM, 0.52%, 6/15/2040 (c)		5,207		5,214
Series 3860, Class FP, 0.56%, 6/15/2040 (c)		1,528		1,531
Series 4457, Class KF, 0.52%, 10/15/2040 (c)		8,621		8,637
Series 4363, Class FA, 0.54%, 9/15/2041 (c)		4,019		4,007
Series 4413, Class WF, 0.52%, 10/15/2041 (c)		3,620		3,602
Series 4559, Class AF, 0.67%, 3/15/2042 (c)		2,402		2,426
Series 4074, Class FE, 0.56%, 7/15/2042 (c)		3,488		3,451
Series 4150, Class F, 0.53%, 1/15/2043 (c)		7,284		7,298
Series 4161, Class YF, 0.53%, 2/15/2043 (c)		5,335		5,345
Series 4281, Class FB, 0.71%, 12/15/2043 (c)		5,127		5,169
Series 4606, Class FL, 0.66%, 12/15/2044 (c)		7,620		7,659
Series 4594, Class GN, 2.50%, 2/15/2045		3,211		3,373
FHLMC, STRIPS
Series 343, Class F4, 0.52%, 10/15/2037 (c)		4,938		4,915
Series 328, Class S4, IF, IO, 3.16%, 2/15/2038 (c)		7,531		436

SEE NOTES TO FINANCIAL STATEMENTS.

254 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-51, Class 1A, PO, 9/25/2042		47			42
Series T-54, Class 4A, 3.92%, 2/25/2043 (c)		1,632			1,750
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.29%, 12/25/2034 (c)		195			193
Flagstar Mortgage Trust
Series 2018-5, Class A2, 4.00%, 9/25/2048 (b) (c)		1,244			1,281
Series 2019-2, Class A2, 3.50%, 12/25/2049 (b) (c)		7,012			7,211
FNMA Trust, Whole Loan Series 2004-W2, Class 4A, 3.82%, 2/25/2044 (c)		253			265
FNMA, Grantor Trust, Whole Loan
Series 2002-T6, Class A4, 4.42%, 3/25/2041 (c)		686			734
Series 2001-T8, Class A1, 7.50%, 7/25/2041		217			261
FNMA, REMIC
Series 1991-142, Class PL, 8.00%, 10/25/2021		5			5
Series 1991-156, Class F, 1.48%, 11/25/2021 (c)		7			7
Series 1992-91, Class SQ, HB, IF, 9,334.87%, 5/25/2022 (c)		—	(d)		—	(d)
Series 1992-112, Class GB, 7.00%, 7/25/2022		15			16
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(d)		—	(d)
Series 1992-154, Class SA, IF, IO, 5.40%, 8/25/2022 (c)		1			—	(d)
Series 1992-200, Class FK, 1.98%, 11/25/2022 (c)		7			7
Series 1993-27, Class S, IF, 9.49%, 2/25/2023 (c)		8			9
Series 1993-146, Class E, PO, 5/25/2023		18			18
Series 1993-110, Class H, 6.50%, 5/25/2023		18			19
Series 1993-119, Class H, 6.50%, 7/25/2023		2			2
Series 1993-165, Class FH, 1.33%, 9/25/2023 (c)		9			9
Series 1993-179, Class FM, 1.93%, 10/25/2023 (c)		47			47
Series G94-9, Class PJ, 6.50%, 8/17/2024		152			163
Series 2012-114, Class VE, 3.50%, 10/25/2025		2,416			2,484

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-26, Class AV, 3.50%, 4/25/2026		2,760		2,901
Series 1997-74, Class E, 7.50%, 10/20/2027		16		19
Series 2001-9, Class F, 0.41%, 2/17/2031 (c)		17		17
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		39		6
Series 2003-21, Class FK, 0.58%, 3/25/2033 (c)		13		13
Series 2013-43, Class YH, 2.50%, 5/25/2033		1,504		1,587
Series 2004-17, Class BF, 0.53%, 1/25/2034 (c)		318		318
Series 2006-3, Class SB, IF, IO, 6.52%, 7/25/2035 (c)		419		44
Series 2006-16, Class HZ, 5.50%, 3/25/2036		293		339
Series 2006-124, Class FC, 0.53%, 1/25/2037 (c)		1,226		1,233
Series 2014-23, Class FA, 0.47%, 10/25/2039 (c)		20,258		20,196
Series 2012-38, Class PA, 2.00%, 9/25/2041		1,754		1,803
Series 2013-54, Class HF, 0.38%, 10/25/2041 (c)		2,856		2,851
Series 2012-93, Class ME, 2.50%, 1/25/2042		2,666		2,790
Series 2012-13, Class FA, 0.76%, 2/25/2042 (c)		10,774		10,858
Series 2012-31, Class FB, 0.73%, 4/25/2042 (c)		10,946		11,020
Series 2013-23, Class KJ, 2.25%, 5/25/2042		2,985		3,100
Series 2012-119, Class FB, 0.53%, 11/25/2042 (c)		6,634		6,645
Series 2012-139, Class JA, 3.50%, 12/25/2042		3,653		4,039
Series 2013-6, Class FL, 0.58%, 2/25/2043 (c)		1,327		1,332
Series 2014-49, Class AF, 0.49%, 8/25/2044 (c)		237		237
Series 2015-42, Class BF, 0.48%, 6/25/2045 (c)		5,831		5,812
Series 2016-25, Class LA, 3.00%, 7/25/2045		12,555		13,358
Series 2016-33, Class JA, 3.00%, 7/25/2045		4,519		4,805

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 255

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2015-91, Class AF, 0.54%, 12/25/2045 (c)		5,307		5,288
Series 2016-58, Class SA, IO, 2.76%, 8/25/2046 (c)		21,058		977
Series 2017-108, Class PA, 3.00%, 6/25/2047		3,659		3,905
Series 2017-104, Class LA, 3.00%, 11/25/2047		3,004		3,232
Series 2019-38, Class PC, 3.00%, 2/25/2048		5,432		5,683
Series 2019-77, Class FP, 0.73%, 1/25/2050 (c)		18,015		18,134
Series 2014-66, Class WF, 0.52%, 10/25/2054 (c)		2,569		2,567
FNMA, REMIC Trust, Whole Loan
Series 2003-W4, Class 5A, 3.82%, 10/25/2042 (c)		679		708
Series 2003-W15, Class 3A, 4.09%, 12/25/2042 (c)		756		850
Series 2003-W1, Class 2A, 5.72%, 12/25/2042 (c)		168		189
Series 2009-W1, Class A, 6.00%, 12/25/2049		337		390
GNMA
Series 2011-158, Class EB, 4.00%, 12/20/2026		2,358		2,619
Series 2010-166, Class GP, 3.00%, 4/20/2039		1,469		1,517
Series 2012-61, Class FM, 0.56%, 5/16/2042 (c)		4,951		4,978
Series 2012-H21, Class FA, 0.66%, 7/20/2062 (c)		2,145		2,147
Series 2012-H29, Class FA, 0.68%, 10/20/2062 (c)		3,595		3,599
Series 2013-H16, Class FA, 0.70%, 7/20/2063 (c)		10,636		10,652
Series 2014-H07, Class FC, 0.76%, 5/20/2064 (c)		13,200		13,266
Series 2014-H11, Class JA, 0.66%, 6/20/2064 (c)		3,827		3,831
Series 2014-H17, Class FM, 0.66%, 8/20/2064 (c)		10,587		10,591
Series 2015-H03, Class FD, 0.80%, 1/20/2065 (c)		6,326		6,355
Series 2015-H04, Class FL, 0.63%, 2/20/2065 (c)		11,360		11,360
Series 2015-H12, Class FJ, 0.59%, 5/20/2065 (c)		12,479		12,468

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-H14, Class FB, 0.59%, 5/20/2065 (c)		16,413		16,398
Series 2015-H12, Class FA, 0.64%, 5/20/2065 (c)		7,031		6,987
Series 2015-H19, Class FN, 0.60%, 7/20/2065 (c)		11,618		11,606
Series 2015-H23, Class TA, 0.63%, 9/20/2065 (c)		14,598		14,598
GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034		425		449
GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034		169		174
Impac CMB Trust
Series 2004-3, Class 3A, 0.82%, 3/25/2034 (c)		5		5
Series 2004-6, Class 1A2, 0.95%, 10/25/2034 (c)		99		97
Series 2005-5, Class A1, 0.82%, 8/25/2035 (c)		654		638
IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 3.68%, 3/25/2037 (c)		385		354
JP Morgan Mortgage Trust Series 2003-A1, Class 1A1, 3.15%, 10/25/2033 (c)		54		54
LHOME Mortgage Trust Series 2020-RTL1, Class A1, 3.23%, 10/25/2024 (b)		2,500		2,498
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (c)		110		109
Series 2004-13, Class 3A7B, 2.11%, 11/21/2034 (c)		364		370
MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 0.58%, 2/25/2033 (c)		56		50
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
Series 2002-TBC1, Class B1, 1.16%, 9/15/2030 ‡ (c)		46		45
Series 2002-TBC1, Class B2, 1.56%, 9/15/2030 ‡ (c)		23		23
Series 2001-TBC1, Class B1, 1.04%, 11/15/2031 ‡ (c)		155		151
Merrill Lynch Mortgage Investors Trust
Series 2004-D, Class A1, 0.83%, 9/25/2029 (c)		214		209
Series 2004-1, Class 2A3, 3.00%, 12/25/2034 (c)		145		142
Metlife Securitization Trust Series 2018-1A, Class A, 3.75%, 3/25/2057 (b) (c)		4,019		4,300

SEE NOTES TO FINANCIAL STATEMENTS.

256 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2003-HYB1, Class A4, 2.65%, 3/25/2033 (c)		108		106
Series 2003-HYB1, Class B1, 2.65%, 3/25/2033 ‡ (c)		91		63
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.62%, 4/25/2034 (c)		1,191		1,288
Series 2004-5AR, Class 3A3, 3.16%, 7/25/2034 (c)		144		146
Series 2004-5AR, Class 3A5, 3.16%, 7/25/2034 (c)		813		821
Series 2004-11AR, Class 1A2A, 0.49%, 1/25/2035 (c)		322		338
MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 1.01%, 8/15/2032 ‡ (c)		81		76
NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 0.62%, 2/25/2035 (b) (c)		822		687
New Residential Mortgage Loan Trust Series 2018-4A, Class A1S, 0.93%, 1/25/2048 (b) (c)		3,176		3,132
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A3, Class A1, 5.50%, 8/25/2033 (a)		229		238
Prime Mortgage Trust Series 2005-2, Class 2A1, 6.22%, 10/25/2032 (c)		320		327
PRPM LLC Series 2020-2, Class A1, 3.67%, 8/25/2025 (a) (b)		7,828		7,829
RALI Trust Series 2003-QS16, Class A1, 5.00%, 8/25/2018		10		4
RFMSI Trust
Series 2005-SA2, Class 2A2, 3.72%, 6/25/2035 (c)		862		845
Series 2006-SA4, Class 2A1, 5.16%, 11/25/2036 (c)		356		315
Seasoned Credit Risk Transfer Trust Series 2020-1, Class M55G, 3.00%, 8/25/2059		11,881		12,708
Sequoia Mortgage Trust
Series 11, Class A, 1.06%, 12/20/2032 (c)		17		17
Series 2003-3, Class A2, 1.12%, 7/20/2033 (c)		99		95
Series 2004-11, Class A2, 1.27%, 12/20/2034 (c)		745		727
Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 0.86%, 3/19/2034 (c)		53		51

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 0.91%, 7/19/2032 (c)		445		377
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-24A, Class 2A, 2.91%, 7/25/2033 (c)		693		681
Series 2003-40A, Class 4A, 3.21%, 1/25/2034 (c)		272		262
Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 3.21%, 12/25/2044 (c)		2,175		2,081
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR3, Class A1, 3.66%, 6/25/2034 (c)		518		519
Series 2004-AR11, Class A, 3.35%, 10/25/2034 (c)		287		285
Total Collateralized Mortgage Obligations (Cost $445,162)				449,559
Corporate Bonds — 9.3%
Banks — 3.7%
Banco Santander SA (Spain) 2.75%, 5/28/2025		2,000		2,126
Bank of America Corp. (ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e)		1,724		1,817
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 3 Month + 0.66%), 0.97%, 9/13/2023 (e)		3,000		3,029
Citigroup, Inc. (ICE LIBOR USD 3 Month + 1.07%), 1.39%, 12/8/2021 (e)		4,000		4,043
Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.33%), 0.60%, 10/30/2020 (b) (e)		5,000		5,003
HSBC USA, Inc. 9.30%, 6/1/2021		2,000		2,121
Mitsubishi UFJ Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.06%), 1.37%, 9/13/2021 (e)		2,539		2,561
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.14%), 1.45%, 9/13/2021 (e)		3,000		3,029
(ICE LIBOR USD 3 Month + 0.94%), 1.20%, 2/28/2022 (e)		4,000		4,039
Sumitomo Mitsui Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 0.97%), 1.24%, 1/11/2022 (e)		3,000		3,026
Truist Financial Corp. 1.20%, 8/5/2025		4,000		4,088
Wells Fargo & Co. (ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (e)		6,400		6,675

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 257

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.66%), 0.97%, 9/9/2022 (e)		6,000		6,030
				47,587
Biotechnology — 0.6%
AbbVie, Inc. (ICE LIBOR USD 3 Month + 0.65%), 0.90%, 11/21/2022 (b) (e)		8,500		8,541
Capital Markets — 0.3%
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (e)		1,000		1,041
Morgan Stanley 2.50%, 4/21/2021		2,925		2,966
				4,007
Chemicals — 0.2%
Mosaic Co. (The) 3.25%, 11/15/2022		2,559		2,671
Consumer Finance — 1.8%
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.61%), 0.92%, 9/9/2021 (e)		3,000		3,014
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.45%), 0.72%, 10/30/2020 (e)		5,000		5,002
Caterpillar Financial Services Corp. 0.95%, 5/13/2022		7,000		7,073
General Motors Financial Co., Inc. (ICE LIBOR USD 3 Month + 1.55%), 1.82%, 1/14/2022 (e)		4,000		4,015
Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.69%), 0.96%, 1/11/2022 (e)		4,000		4,029
				23,133
Diversified Telecommunication Services — 0.3%
AT&T, Inc. 1.65%, 2/1/2028		4,335		4,394
Electric Utilities — 0.4%
Pacific Gas and Electric Co. 1.75%, 6/16/2022		5,850		5,870
Health Care Providers & Services — 0.3%
CVS Health Corp. (ICE LIBOR USD 3 Month + 0.72%), 1.03%, 3/9/2021 (e)		3,500		3,511
Insurance — 1.0%
Chubb INA Holdings, Inc. 2.30%, 11/3/2020		880		882
Metropolitan Life Global Funding I (SOFR + 0.57%), 0.64%, 9/7/2020 (b) (e)		6,000		6,000
New York Life Global Funding 2.00%, 4/13/2021 (b)		1,234		1,247
Protective Life Global Funding 1.17%, 7/15/2025 (b)		5,190		5,228
				13,357

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
IT Services — 0.3%
Western Union Co. (The) 3.60%, 3/15/2022		3,700		3,852
Oil, Gas & Consumable Fuels — 0.1%
Phillips 66 Partners LP 2.45%, 12/15/2024		1,585		1,642
Wireless Telecommunication Services — 0.3%
Vodafone Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.99%), 1.26%, 1/16/2024 (e)		3,600		3,627
Total Corporate Bonds (Cost $120,582)				122,192
Commercial Mortgage-Backed Securities — 6.7%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (b) (c)		3,291		3,274
BAMLL Commercial Mortgage Securities Trust
Series 2015-200P, Class A, 3.22%, 4/14/2033 (b)		3,500		3,769
Series 2018-DSNY, Class A, 1.01%, 9/15/2034 (b) (c)		6,000		5,802
Bayview Commercial Asset Trust
Series 2004-3, Class A2, 0.81%, 1/25/2035 (b) (c)		163		159
Series 2005-2A, Class A2, 0.53%, 8/25/2035 (b) (c)		677		596
Series 2005-2A, Class M1, 0.61%, 8/25/2035 ‡ (b) (c)		135		115
Series 2007-3, Class A2, 0.47%, 7/25/2037 (b) (c)		650		569
BBCMS Mortgage Trust Series 2020-C7, Class A2, 2.02%, 4/15/2053		1,000		1,034
BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036 (b)		1,738		1,701
BHMS Series 2018-ATLS, Class A, 1.41%, 7/15/2035 (b) (c)		6,000		5,737
BX Commercial Mortgage Trust Series 2018-IND, Class A, 0.91%, 11/15/2035 (b) (c)		1,710		1,704
BXMT Ltd. Series 2017-FL1, Class A, 1.03%, 6/15/2035 (b) (c)		1,515		1,505
Commercial Mortgage Trust Series 2020-CBM, Class A1, 2.31%, 2/10/2037 (b) (c)		12,200		11,819
Exantas Capital Corp. Ltd. (Cayman Islands) Series 2018-RSO6, Class A, 0.99%, 6/15/2035 (b) (c)		142		141
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KL3W, Class AFLW, 0.60%, 8/25/2025 (c)		10,000		10,040

SEE NOTES TO FINANCIAL STATEMENTS.

258 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series K086, Class A1, 3.67%, 12/25/2028		1,792		2,014
Series Q007, Class APT2, 3.32%, 10/25/2047 (c)		3,573		3,846
FNMA ACES Series 2017-M15, Class ATS1, 2.99%, 11/25/2027		4,284		4,518
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (b)		5,000		5,316
One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 9/15/2054 (b)		5,000		5,329
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 2/10/2032 (b)		5,000		5,174
PFP Ltd. (Cayman Islands) Series 2019-5, Class A, 1.13%, 4/14/2036 (b) (c)		2,111		2,050
UBS Commercial Mortgage Trust
Series 2018-C10, Class A1, 3.18%, 5/15/2051		4,375		4,482
Series 2018-C14, Class A2, 4.26%, 12/15/2051		6,346		6,901
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		1,155		1,168
Total Commercial Mortgage-Backed Securities (Cost $87,704)				88,763
Mortgage-Backed Securities — 6.7%
FHLMC
Pool # 645083, ARM, 3.09%, 12/1/2021 (c)		3		3
Pool # 846013, ARM, 2.73%, 6/1/2022 (c)		1		1
Pool # 611299, ARM, 3.39%, 1/1/2023 (c)		34		34
Pool # 845297, ARM, 4.05%, 2/1/2023 (c)		5		5
Pool # 846144, ARM, 3.43%, 6/1/2025 (c)		4		4
Pool # 755248, ARM, 3.16%, 12/1/2026 (c)		79		79
Pool # 785866, ARM, 3.94%, 12/1/2026 (c)		2		2
Pool # 611141, ARM, 3.77%, 1/1/2027 (c)		15		15
Pool # 788688, ARM, 3.16%, 8/1/2027 (c)		73		73
Pool # 788665, ARM, 4.28%, 11/1/2027 (c)		14		14
Pool # 846774, ARM, 3.51%, 12/1/2027 (c)		31		31
Pool # 788664, ARM, 2.66%, 7/1/2028 (c)		17		17
Pool # 786902, ARM, 4.10%, 10/1/2029 (c)		9		9
Pool # 846716, ARM, 3.99%, 12/1/2029 (c)		2		2
Pool # 645242, ARM, 4.14%, 1/1/2030 (c)		8		8
Pool # 846812, ARM, 3.74%, 4/1/2030 (c)		8		8
Pool # 611278, ARM, 3.15%, 7/1/2030 (c)		118		117
Pool # 847263, ARM, 3.37%, 4/1/2032 (c)		60		61
FHLMC Gold Pools, 30 Year
Pool # C00387, 9.00%, 2/1/2025		3		3
Pool # C35263, 7.50%, 5/1/2028		2		3
Pool # G00981, 8.50%, 7/1/2028		7		8
FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028		2,566		2,707
FHLMC UMBS, 30 Year
Pool # RA2459, 4.00%, 4/1/2050 (f)		16,239		17,509
Pool # RA2904, 3.00%, 6/1/2050		9,921		10,559
Pool # RA2970, 2.50%, 7/1/2050		9,926		10,479

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FNMA
Pool # 116590, ARM, 3.50%, 12/1/2020 (c)		—	(d)		—	(d)
Pool # 124510, ARM, 2.32%, 11/1/2021 (c)		1			1
Pool # 241828, ARM, 3.25%, 11/1/2023 (c)		5			5
Pool # 276617, ARM, 3.23%, 4/1/2024 (c)		7			7
Pool # 323269, ARM, 3.92%, 1/1/2025 (c)		94			93
Pool # 326092, ARM, 3.73%, 7/1/2025 (c)		—	(d)		—	(d)
Pool # 313555, ARM, 3.85%, 6/1/2026 (c)		1			1
Pool # 423291, ARM, 3.20%, 8/1/2026 (c)		42			42
Pool # 70179, ARM, 3.54%, 7/1/2027 (c)		5			5
Pool # 535984, ARM, 3.67%, 12/1/2028 (c)		15			15
Pool # 576757, ARM, 4.04%, 3/1/2029 (c)		17			17
Pool # 323798, ARM, 3.76%, 5/1/2029 (c)		3			3
Pool # 540206, ARM, 2.40%, 5/1/2030 (c)		24			23
Pool # 594577, ARM, 4.58%, 11/1/2030 (c)		31			32
Pool # 124945, ARM, 3.03%, 1/1/2031 (c)		1			1
Pool # 555563, ARM, 3.47%, 5/1/2033 (c)		92			93
Pool # 725111, ARM, 3.62%, 9/1/2033 (c)		34			35
Pool # 788301, ARM, 3.51%, 2/1/2034 (c)		60			61
Pool # 545182, ARM, 2.95%, 3/1/2038 (c)		6			6
FNMA UMBS, 15 Year Pool # AD1969, 4.00%, 2/1/2025		857			910
FNMA UMBS, 20 Year
Pool # 254911, 5.00%, 10/1/2023		583			637
Pool # MA1338, 3.00%, 2/1/2033		1,910			2,038
Pool # MA1401, 3.00%, 4/1/2033		743			790
Pool # MA1490, 3.00%, 7/1/2033		2,409			2,570
FNMA UMBS, 30 Year
Pool # 50748, 7.50%, 6/1/2023		—	(d)		—	(d)
Pool # 331955, 7.50%, 11/1/2024		10			10
Pool # 567874, 7.50%, 10/1/2030		26			26
Pool # 995724, 6.00%, 4/1/2039		306			361
Pool # AD0588, 5.00%, 12/1/2039		1,363			1,576
Pool # AD9721, 5.50%, 8/1/2040		467			526
Pool # BM3048, 4.00%, 10/1/2042		5,432			6,191
Pool # AS4592, 4.00%, 2/1/2045		7,693			8,441
Pool # BM5560, 4.00%, 1/1/2046		6,758			7,698
Pool # CA0411, 4.00%, 9/1/2047		6,384			7,276
Pool # CA2489, 4.50%, 10/1/2048		3,106			3,354
FNMA, 30 Year
Pool # 345876, 8.50%, 10/1/2024		2			2
Pool # 595470, 7.00%, 3/1/2027		6			6
Pool # 421016, 8.00%, 11/1/2027		2			2
FNMA, Other
Pool # 570566, 12.00%, 11/1/2030		48			51
Pool # BK7908, 4.00%, 11/1/2048		2,982			3,166
GNMA I, 15 Year Pool # 723171, 4.50%, 10/15/2024		482			504

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 259

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
GNMA I, 30 Year
Pool # 378315, 7.00%, 6/15/2024		4			4
Pool # 780029, 9.00%, 11/15/2024		—	(d)		—	(d)
Pool # 781090, 9.50%, 7/15/2025		3			3
Pool # 412336, 8.00%, 10/15/2027		5			6
GNMA II, 30 Year
Pool # 314478, 7.85%, 12/20/2021		2			2
Pool # 314483, 7.40%, 2/20/2022		3			3
Pool # 314500, 7.40%, 3/20/2022		5			5
Pool # 334396, 7.25%, 8/20/2022		6			7
Pool # 1429, 7.50%, 10/20/2023		2			2
Pool # 2036, 8.00%, 7/20/2025		6			7
Pool # 2270, 8.00%, 8/20/2026		10			11
Total Mortgage-Backed Securities (Cost $85,463)					88,376

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 7.7%
Investment Companies — 7.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (g) (h) (Cost $100,906)		100,889		100,970
Total Investments — 101.1% (Cost $1,315,072)				1,330,809
Liabilities in Excess of Other Assets — (1.1)%				(14,760	)
Net Assets — 100.0%				1,316,049

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 August 31, 2020.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
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.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(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 August 31, 2020.
(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, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(d)	Amount rounds to less than one thousand.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

260 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — 60.5%
FHLMC
Pool # 645242, ARM, 4.14%, 1/1/2030 (a)		5			5
Pool # 781087, ARM, 3.98%, 12/1/2033 (a)		63			64
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (a)		33			33
Pool # 782979, ARM, 3.88%, 1/1/2035 (a)		68			72
Pool # 1B2844, ARM, 3.58%, 3/1/2035 (a)		38			39
Pool # 1Q0007, ARM, 3.07%, 12/1/2035 (a)		43			43
Pool # 972200, ARM, 3.77%, 3/1/2036 (a)		61			62
Pool # 1J1380, ARM, 4.28%, 3/1/2036 (a)		45			48
Pool # 1H2618, ARM, 3.23%, 5/1/2036 (a)		40			43
Pool # 1G2557, ARM, 3.51%, 6/1/2036 (a)		117			124
Pool # 1A1085, ARM, 2.95%, 8/1/2036 (a)		63			65
Pool # 1Q0105, ARM, 3.07%, 9/1/2036 (a)		42			44
Pool # 1A1096, ARM, 3.23%, 10/1/2036 (a)		118			123
Pool # 1N0249, ARM, 3.34%, 10/1/2036 (a)		18			18
Pool # 1B7163, ARM, 3.94%, 10/1/2036 (a)		3			3
Pool # 1J1348, ARM, 4.21%, 10/1/2036 (a)		112			113
Pool # 1G2671, ARM, 3.66%, 11/1/2036 (a)		62			63
Pool # 1Q0737, ARM, 3.66%, 11/1/2036 (a)		71			72
Pool # 782760, ARM, 3.72%, 11/1/2036 (a)		133			140
Pool # 1J1378, ARM, 3.76%, 11/1/2036 (a)		63			66
Pool # 1G1386, ARM, 3.91%, 12/1/2036 (a)		24			25
Pool # 1J1516, ARM, 3.70%, 2/1/2037 (a)		22			23
Pool # 1J0282, ARM, 3.88%, 2/1/2037 (a)		43			43
Pool # 1G1555, ARM, 4.09%, 2/1/2037 (a)		29			31
Pool # 1J1543, ARM, 4.36%, 2/1/2037 (a)		12			12
Pool # 1Q0739, ARM, 2.97%, 3/1/2037 (a)		116			122
Pool # 1Q0697, ARM, 3.01%, 5/1/2037 (a)		59			61
Pool # 1B3485, ARM, 2.66%, 7/1/2037 (a)		15			15
Pool # 1G2229, ARM, 3.86%, 9/1/2037 (a)		32			33
Pool # 1K0134, ARM, 3.60%, 10/1/2037 (a)		13			13
Pool # 1Q0722, ARM, 3.95%, 4/1/2038 (a)		43			46
Pool # 1Q0789, ARM, 3.83%, 5/1/2038 (a)		23			23
FHLMC Gold Pools, 15 Year
Pool # G13753, 5.50%, 2/1/2021		—	(b)		—	(b)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # G13073, 6.00%, 7/1/2021		1			1
Pool # G13012, 6.00%, 3/1/2022		—	(b)		—	(b)
Pool # G12825, 6.50%, 3/1/2022		4			4
Pool # G12978, 5.50%, 12/1/2022		47			49
FHLMC Gold Pools, 20 Year
Pool # C91042, 5.50%, 5/1/2027		275			304
Pool # C91158, 6.50%, 1/1/2028		180			198
Pool # C91180, 5.50%, 3/1/2028		87			97
Pool # D98938, 4.00%, 2/1/2032		608			652
FHLMC Gold Pools, 30 Year
Pool # D53146, 6.50%, 5/1/2024		1			1
Pool # C18115, 6.00%, 11/1/2028		1			1
Pool # C00701, 6.50%, 1/1/2029		25			28
Pool # G03029, 6.00%, 10/1/2029		47			52
Pool # C68485, 7.00%, 7/1/2032		19			22
Pool # G01448, 7.00%, 8/1/2032		35			41
Pool # C75791, 5.50%, 1/1/2033		86			99
Pool # C01735, 4.00%, 10/1/2033		60			64
Pool # A13625, 5.50%, 10/1/2033		271			319
Pool # A16253, 6.00%, 11/1/2033		28			32
Pool # A16843, 6.00%, 12/1/2033		65			74
Pool # A24712, 6.50%, 7/1/2034		53			60
Pool # A28796, 6.50%, 11/1/2034		101			120
Pool # A46417, 7.00%, 4/1/2035		253			309
Pool # A46987, 5.50%, 7/1/2035		505			592
Pool # A80290, 5.00%, 11/1/2035		595			686
Pool # G05713, 6.50%, 12/1/2035		497			572
Pool # A54679, 6.50%, 6/1/2036		34			40
Pool # C02637, 7.00%, 10/1/2036		148			174
Pool # C02660, 6.50%, 11/1/2036		88			102
Pool # G04077, 6.50%, 3/1/2038		150			175
Pool # G05190, 7.50%, 9/1/2038		24			29
Pool # C03466, 5.50%, 3/1/2040		144			166
Pool # A93511, 5.00%, 8/1/2040		1,375			1,585
Pool # G06493, 4.50%, 5/1/2041		1,893			2,117
Pool # G60039, 3.00%, 4/1/2043		6,344			6,837
Pool # G60105, 5.00%, 6/1/2044		2,701			3,101
Pool # Q37784, 3.50%, 12/1/2045		1,639			1,757
Pool # Q39412, 3.50%, 3/1/2046		1,487			1,598
Pool # Q40797, 3.50%, 5/1/2046		2,282			2,436
Pool # Q40922, 3.50%, 6/1/2046		1,157			1,237
Pool # Q42079, 3.50%, 7/1/2046		1,875			1,997
Pool # V84637, 4.00%, 9/1/2048		1,919			2,046
Pool # Q61709, 4.50%, 2/1/2049		3,830			4,139
Pool # Q62088, 4.50%, 2/1/2049		940			1,044

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 261

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
FHLMC Gold Pools, Other
Pool # G80208, Class 360, 10.50%, 7/20/2021		—	(b)		—	(b)
Pool # G20027, 10.00%, 10/1/2030		9			10
Pool # B90491, 7.50%, 1/1/2032		151			174
Pool # U80047, 4.00%, 9/1/2032		531			572
Pool # U80068, 3.50%, 10/1/2032		731			786
Pool # U80125, 3.50%, 1/1/2033		1,618			1,740
Pool # U80173, 3.50%, 1/1/2033		1,672			1,798
Pool # U80265, 3.50%, 4/1/2033		2,005			2,157
Pool # L10221, 6.00%, 1/1/2034		44			47
Pool # L10224, 6.00%, 12/1/2034		120			130
Pool # H00158, 6.00%, 4/1/2036		213			225
Pool # L10291, 6.50%, 11/1/2036		288			336
Pool # P51353, 6.50%, 11/1/2036		122			138
Pool # P50595, 6.50%, 12/1/2036		430			499
Pool # P51361, 6.50%, 12/1/2036		101			121
Pool # G20028, 7.50%, 12/1/2036		167			190
Pool # G80365, 6.50%, 10/17/2038		154			180
Pool # U90690, 3.50%, 6/1/2042		5,949			6,438
Pool # U90975, 4.00%, 6/1/2042		3,353			3,671
Pool # T65101, 4.00%, 10/1/2042		919			966
Pool # U90378, 4.00%, 11/1/2042		5,187			5,684
Pool # U90542, 4.00%, 12/1/2042		2,360			2,586
Pool # U91449, 4.00%, 5/1/2043		4,587			5,026
Pool # U99051, 3.50%, 6/1/2043		878			949
Pool # U99134, 4.00%, 1/1/2046		2,564			2,808
Pool # U69030, 4.50%, 1/1/2046		2,015			2,228
Pool # U69039, 4.00%, 2/1/2046		4,387			4,804
FHLMC UMBS, 30 Year
Pool # RA1617, 3.50%, 8/1/2049		5,560			5,863
Pool # RA1623, 4.00%, 9/1/2049		5,336			5,765
Pool # QA5403, 4.00%, 11/1/2049		1,182			1,294
Pool # QA5096, 4.00%, 12/1/2049		5,493			5,859
Pool # QA5982, 4.00%, 12/1/2049		1,068			1,170
Pool # RA2008, 4.00%, 1/1/2050		7,179			7,828
Pool # QA7351, 3.00%, 2/1/2050		658			697
Pool # RA2272, 3.50%, 2/1/2050		29,189			31,628
Pool # QA9332, 2.50%, 5/1/2050		8,306			8,745
Pool # QB0097, 4.00%, 5/1/2050		919			1,006
FNMA
Pool # 54844, ARM, 2.52%, 9/1/2027 (a)		3			3
Pool # 303532, ARM, 4.00%, 3/1/2029 (a)		8			8
Pool # 555258, ARM, 2.28%, 1/1/2033 (a)		64			65
Pool # 722421, ARM, 2.29%, 7/1/2033 (a)		18			18

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 686040, ARM, 2.63%, 7/1/2033 (a)		90		91
Pool # 746299, ARM, 2.95%, 9/1/2033 (a)		59		62
Pool # 743546, ARM, 3.49%, 11/1/2033 (a)		143		144
Pool # 749923, ARM, 3.90%, 11/1/2033 (a)		4		4
Pool # 766610, ARM, 3.71%, 1/1/2034 (a)		42		43
Pool # 735648, ARM, 3.71%, 2/1/2034 (a)		49		49
Pool # 770377, ARM, 3.11%, 4/1/2034 (a)		44		44
Pool # 751531, ARM, 2.71%, 5/1/2034 (a)		58		58
Pool # 778908, ARM, 2.55%, 6/1/2034 (a)		40		40
Pool # 800422, ARM, 2.07%, 8/1/2034 (a)		254		257
Pool # 793062, ARM, 2.42%, 8/1/2034 (a)		49		50
Pool # 735332, ARM, 3.51%, 8/1/2034 (a)		71		74
Pool # 790964, ARM, 2.27%, 9/1/2034 (a)		15		15
Pool # 735740, ARM, 2.79%, 10/1/2034 (a)		72		72
Pool # 896463, ARM, 3.13%, 10/1/2034 (a)		134		142
Pool # 803599, ARM, 3.47%, 10/1/2034 (a)		89		89
Pool # 803594, ARM, 3.48%, 10/1/2034 (a)		49		50
Pool # 794797, ARM, 3.49%, 10/1/2034 (a)		63		65
Pool # 810896, ARM, 2.57%, 1/1/2035 (a)		535		553
Pool # 816594, ARM, 2.00%, 2/1/2035 (a)		20		21
Pool # 745862, ARM, 3.07%, 4/1/2035 (a)		99		101
Pool # 735539, ARM, 3.67%, 4/1/2035 (a)		208		219
Pool # 821378, ARM, 2.14%, 5/1/2035 (a)		84		85
Pool # 823660, ARM, 2.88%, 5/1/2035 (a)		48		48
Pool # 821179, ARM, 3.39%, 5/1/2035 (a)		15		15
Pool # 745766, ARM, 3.32%, 6/1/2035 (a)		46		47
Pool # 832801, ARM, 2.91%, 9/1/2035 (a)		48		49
Pool # 849251, ARM, 3.15%, 1/1/2036 (a)		56		58
Pool # 920843, ARM, 3.65%, 3/1/2036 (a)		855		917
Pool # 872825, ARM, 2.81%, 6/1/2036 (a)		131		138
Pool # 892868, ARM, 2.52%, 7/1/2036 (a)		58		59
Pool # 886558, ARM, 2.49%, 8/1/2036 (a)		48		51
Pool # 920547, ARM, 3.35%, 9/1/2036 (a)		133		139
Pool # 894239, ARM, 3.15%, 10/1/2036 (a)		47		47
Pool # 900191, ARM, 4.04%, 10/1/2036 (a)		60		61
Pool # 902818, ARM, 3.75%, 11/1/2036 (a)		13		13

SEE NOTES TO FINANCIAL STATEMENTS.

262 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 902955, ARM, 3.86%, 12/1/2036 (a)		37			38
Pool # 905189, ARM, 3.94%, 12/1/2036 (a)		22			22
Pool # 995919, ARM, 2.77%, 7/1/2037 (a)		136			142
Pool # 938346, ARM, 2.92%, 7/1/2037 (a)		27			27
Pool # AD0085, ARM, 2.39%, 11/1/2037 (a)		75			78
Pool # AD0179, ARM, 3.67%, 12/1/2037 (a)		62			66
Pool # 966946, ARM, 3.79%, 1/1/2038 (a)		17			17
FNMA UMBS, 15 Year
Pool # 995886, 6.00%, 4/1/2021		—	(b)		—	(b)
Pool # 938569, 6.00%, 7/1/2021		—	(b)		—	(b)
Pool # AD0142, 6.00%, 8/1/2021		2			2
Pool # 888834, 6.50%, 4/1/2022		5			5
Pool # 995428, 5.50%, 11/1/2023		13			13
Pool # 995456, 6.50%, 2/1/2024		58			61
Pool # AD0133, 5.00%, 8/1/2024		51			54
Pool # AX7598, 3.00%, 1/1/2030		2,635			2,802
FNMA UMBS, 20 Year
Pool # 254002, 7.50%, 9/1/2021		1			1
Pool # 254305, 6.50%, 5/1/2022		16			17
Pool # 555791, 6.50%, 12/1/2022		20			22
Pool # 889889, 6.50%, 7/1/2024		16			18
Pool # 257055, 6.50%, 12/1/2027		93			105
Pool # AE0049, 6.00%, 9/1/2029		89			99
Pool # MA0602, 3.50%, 12/1/2030		1,023			1,083
Pool # AP3582, 3.50%, 8/1/2032		1,519			1,642
Pool # AL6238, 4.00%, 1/1/2035		1,727			1,918
FNMA UMBS, 30 Year
Pool # 689977, 8.00%, 3/1/2027		26			28
Pool # 695533, 8.00%, 6/1/2027		13			14
Pool # 756020, 8.50%, 12/1/2027		12			12
Pool # 527285, 7.00%, 11/1/2028		7			8
Pool # 755973, 8.00%, 11/1/2028		96			111
Pool # 455759, 6.00%, 12/1/2028		19			21
Pool # 776702, 4.50%, 5/1/2029		14			15
Pool # 889020, 6.50%, 11/1/2029		109			123
Pool # 567036, 8.50%, 2/1/2030		30			31
Pool # 598559, 6.50%, 8/1/2031		31			38
Pool # 613000, 7.00%, 11/1/2031		26			26
Pool # 610591, 7.00%, 1/1/2032		50			58
Pool # 788150, 6.00%, 3/1/2032		23			26
Pool # 649734, 7.00%, 6/1/2032		30			32
Pool # 668825, 7.00%, 8/1/2032		9			9

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 682078, 5.50%, 11/1/2032		220		258
Pool # 668562, 6.00%, 12/1/2032		43		49
Pool # 675555, 6.00%, 12/1/2032		23		26
Pool # AL0045, 6.00%, 12/1/2032		237		278
Pool # 357363, 5.50%, 3/1/2033		352		413
Pool # 674349, 6.00%, 3/1/2033		16		18
Pool # 688625, 6.00%, 3/1/2033		28		32
Pool # 688655, 6.00%, 3/1/2033		19		21
Pool # 695584, 6.00%, 3/1/2033		8		9
Pool # 702901, 6.00%, 5/1/2033		213		251
Pool # 695403, 5.00%, 6/1/2033		138		158
Pool # 995656, 7.00%, 6/1/2033		186		221
Pool # 723852, 5.00%, 7/1/2033		61		70
Pool # 729296, 5.00%, 7/1/2033		154		175
Pool # 726912, 4.00%, 8/1/2033		7		8
Pool # 753696, 4.00%, 8/1/2033		25		27
Pool # 729379, 6.00%, 8/1/2033		27		30
Pool # 726914, 6.50%, 8/1/2033		13		15
Pool # 737825, 6.00%, 9/1/2033		39		45
Pool # AA7943, 4.00%, 10/1/2033		401		450
Pool # 750977, 4.50%, 11/1/2033		41		46
Pool # 725017, 5.50%, 12/1/2033		330		388
Pool # 759424, 5.50%, 1/1/2034		75		88
Pool # 751182, 5.50%, 3/1/2034		62		73
Pool # 751341, 5.50%, 3/1/2034		19		22
Pool # 767378, 5.50%, 3/1/2034		37		42
Pool # 776565, 4.00%, 4/1/2034		368		397
Pool # AC1317, 4.50%, 9/1/2034		294		322
Pool # 820347, 5.00%, 9/1/2035		60		69
Pool # 745281, 6.00%, 1/1/2036		46		54
Pool # 888417, 6.50%, 1/1/2036		95		108
Pool # 833629, 7.00%, 3/1/2036		29		33
Pool # 893268, 6.50%, 8/1/2036		69		77
Pool # 833657, 7.50%, 8/1/2036		18		21
Pool # AA0922, 6.00%, 9/1/2036		255		302
Pool # 878225, 6.50%, 10/1/2036		107		126
Pool # 985683, 8.00%, 10/1/2036		93		112
Pool # 888476, 7.50%, 5/1/2037		57		73
Pool # 945870, 6.50%, 8/1/2037		61		70
Pool # 946338, 7.00%, 9/1/2037		43		51
Pool # 888707, 7.50%, 10/1/2037		126		152
Pool # 889883, 6.50%, 3/1/2038		108		123
Pool # AC9081, 6.50%, 9/1/2038		167		204
Pool # 909236, 7.00%, 9/1/2038		358		446
Pool # 934591, 7.00%, 10/1/2038		64		81

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 263

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AB2869, 6.00%, 11/1/2038		285		337
Pool # 995504, 7.50%, 11/1/2038		43		52
Pool # 257510, 7.00%, 12/1/2038		168		199
Pool # AD0753, 7.00%, 1/1/2039		304		364
Pool # 890661, 7.00%, 2/1/2039		1,509		1,782
Pool # AD0780, 7.50%, 4/1/2039		646		863
Pool # AD6377, 5.50%, 5/1/2040		170		197
Pool # AD4951, 5.00%, 7/1/2040		2,520		2,894
Pool # BM5364, 4.00%, 4/1/2042		2,877		3,184
Pool # AL6839, 5.00%, 4/1/2042		1,629		1,855
Pool # AR8128, 3.50%, 3/1/2043		1,785		1,937
Pool # AL8256, 3.00%, 8/1/2043		3,829		4,211
Pool # AZ8089, 4.00%, 7/1/2045		1,451		1,569
Pool # BA2343, 4.00%, 9/1/2045		3,857		4,200
Pool # BC9441, 3.50%, 4/1/2046		532		575
Pool # BC6982, 4.00%, 4/1/2046		3,104		3,384
Pool # BD0299, 3.50%, 5/1/2046		642		687
Pool # BC1249, 3.50%, 6/1/2046		644		686
Pool # BD1243, 3.50%, 6/1/2046		711		758
Pool # BD3066, 3.50%, 7/1/2046		2,122		2,273
Pool # BD3088, 3.50%, 7/1/2046		630		671
Pool # BD5248, 3.50%, 8/1/2046		3,091		3,324
Pool # BD7764, 3.50%, 9/1/2046		1,897		2,033
Pool # BE5870, 3.50%, 1/1/2047		4,772		5,154
Pool # BH4665, 4.00%, 6/1/2047		6,442		7,059
Pool # BH7626, 4.00%, 8/1/2047		2,660		2,858
Pool # BM3500, 4.00%, 9/1/2047		3,730		4,163
Pool # BH7663, 4.00%, 10/1/2047		5,183		5,615
Pool # BJ1778, 4.50%, 10/1/2047		1,464		1,601
Pool # BM3044, 4.00%, 11/1/2047		4,234		4,658
Pool # BE8351, 4.00%, 2/1/2048		2,243		2,399
Pool # BM3455, 4.50%, 2/1/2048		3,440		3,862
Pool # BK7006, 4.50%, 6/1/2048		1,477		1,606
Pool # BD9084, 4.50%, 7/1/2048		2,114		2,374
Pool # BK9303, 4.00%, 8/1/2048		6,617		7,191
Pool # CA4662, 3.50%, 9/1/2048		3,611		3,952
Pool # 890863, 5.00%, 9/1/2048		4,179		4,733
Pool # BN1829, 4.50%, 10/1/2048		3,630		3,969
Pool # BN4960, 5.00%, 12/1/2048		1,861		2,041
Pool # BM5430, 5.00%, 1/1/2049		5,007		5,677
Pool # BN5013, 5.00%, 1/1/2049		4,167		4,725
Pool # BN6788, 4.50%, 2/1/2049		1,559		1,685
Pool # BK0317, 4.00%, 3/1/2049		3,127		3,349
Pool # BO0719, 5.00%, 6/1/2049		1,863		2,116
Pool # BO0721, 5.00%, 6/1/2049		3,641		4,110

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # BO0722, 5.00%, 6/1/2049		2,760		3,108
Pool # BO4280, 4.00%, 7/1/2049		6,734		7,297
Pool # BN8529, 4.50%, 7/1/2049		992		1,091
Pool # BO3436, 4.50%, 7/1/2049		4,433		4,938
Pool # BO0718, 5.00%, 7/1/2049		2,243		2,556
Pool # BO0720, 5.00%, 7/1/2049		2,943		3,335
Pool # BO2496, 5.00%, 7/1/2049		3,679		4,207
Pool # BO2497, 5.00%, 7/1/2049		4,233		4,834
Pool # BO2498, 5.00%, 7/1/2049		5,042		5,729
Pool # BO2499, 5.00%, 7/1/2049		1,439		1,633
Pool # BO3408, 5.00%, 7/1/2049		1,397		1,530
Pool # BO3749, 4.00%, 8/1/2049		2,569		2,814
Pool # BO3999, 4.00%, 8/1/2049		3,460		3,694
Pool # BO1036, 4.50%, 8/1/2049		1,057		1,141
Pool # BO2495, 5.00%, 8/1/2049		3,693		4,232
Pool # BK8769, 3.50%, 10/1/2049		5,510		5,813
Pool # CA4363, 4.00%, 10/1/2049		5,940		6,351
Pool # BO2888, 4.00%, 11/1/2049		3,790		4,061
Pool # BO4387, 4.00%, 11/1/2049		3,493		3,757
Pool # BP1125, 4.00%, 12/1/2049		1,109		1,209
Pool # FM2526, 4.00%, 12/1/2049		6,436		7,017
Pool # BP1128, 4.00%, 1/1/2050		1,504		1,626
Pool # BP1132, 4.00%, 1/1/2050		1,727		1,916
Pool # BP1141, 4.00%, 1/1/2050		960		1,029
Pool # BP1847, 4.50%, 1/1/2050		1,993		2,237
Pool # BP6363, 3.00%, 4/1/2050		8,958		9,476
Pool # BP5296, 3.50%, 4/1/2050		5,794		6,340
Pool # BP5302, 4.00%, 4/1/2050		4,380		4,688
Pool # BP7684, 2.50%, 5/1/2050		5,308		5,590
Pool # BP7685, 2.50%, 5/1/2050		5,916		6,259
Pool # BP8335, 2.50%, 5/1/2050		6,925		7,415
Pool # BP8337, 3.00%, 5/1/2050		5,164		5,589
Pool # CA5729, 3.00%, 5/1/2050		15,132		15,981
Pool # BO4404, 2.50%, 6/1/2050		5,885		6,219
Pool # BP4091, 2.50%, 6/1/2050		7,927		8,364
Pool # BP8336, 2.50%, 6/1/2050		10,036		10,568
Pool # BP8338, 3.00%, 6/1/2050		6,121		6,625
Pool # BK2693, 3.50%, 6/1/2050		2,441		2,605
Pool # BP9337, 3.50%, 6/1/2050		5,585		6,119
Pool # BP9950, 3.50%, 6/1/2050		5,451		5,747
Pool # BO4410, 3.00%, 8/1/2050		6,500		6,934
Pool # BQ1646, 3.00%, 8/1/2050		5,300		5,724
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		15		16
Pool # 252155, 7.00%, 10/1/2028		29		32

SEE NOTES TO FINANCIAL STATEMENTS.

264 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 252334, 6.50%, 2/1/2029		87			96
Pool # 252409, 6.50%, 3/1/2029		85			95
Pool # 253275, 8.50%, 3/1/2030		1			1
Pool # 535442, 8.50%, 6/1/2030		2			2
Pool # 653815, 7.00%, 2/1/2033		19			20
Pool # 752786, 6.00%, 9/1/2033		39			43
Pool # 954255, 6.50%, 8/1/2037		673			773
Pool # 931717, 6.50%, 8/1/2039		311			355
Pool # CA3030, 4.50%, 1/1/2049		9,961			11,138
Pool # CA4047, 4.00%, 8/1/2049		11,338			12,245
Pool # CA4520, 3.50%, 11/1/2049		7,169			7,745
FNMA, Other
Pool # FN0022, 3.57%, 12/1/2020 (a)		217			217
Pool # 466689, 3.59%, 12/1/2020		655			655
Pool # FN0003, 4.30%, 1/1/2021 (a)		237			237
Pool # 467278, 4.35%, 2/1/2021		1,760			1,760
Pool # 468243, 3.97%, 6/1/2021		2,166			2,189
Pool # 468237, 4.02%, 6/1/2021		3,000			3,033
Pool # 468066, 4.30%, 6/1/2021		1,333			1,360
Pool # 468102, 4.34%, 6/1/2021		9,000			9,103
Pool # 458063, 9.16%, 6/15/2021		—	(b)		—	(b)
Pool # 468614, 3.86%, 7/1/2021		2,106			2,133
Pool # 468667, 3.94%, 7/1/2021		4,000			4,086
Pool # 468665, 3.97%, 7/1/2021		3,003			3,043
Pool # 468564, 4.06%, 7/1/2021		2,807			2,845
Pool # 468128, 4.33%, 7/1/2021		1,134			1,150
Pool # 468699, 4.05%, 8/1/2021		2,751			2,796
Pool # AM6602, 2.63%, 9/1/2021		600			607
Pool # AM7314, 2.63%, 11/1/2021		2,000			2,038
Pool # 469552, 3.43%, 11/1/2021		2,212			2,256
Pool # 469873, 3.03%, 12/1/2021		6,841			6,972
Pool # 470324, 3.03%, 1/1/2022		3,825			3,905
Pool # 470302, 3.13%, 1/1/2022		1,670			1,707
Pool # 470350, 3.24%, 1/1/2022		4,434			4,536
Pool # 470546, 2.99%, 2/1/2022		2,000			2,045
Pool # 470622, 2.75%, 3/1/2022		763			784
Pool # 923803, 5.00%, 4/1/2022		4			4
Pool # 471177, 2.94%, 5/1/2022		3,371			3,465
Pool # 471199, 3.00%, 5/1/2022		2,709			2,786
Pool # 471151, 3.02%, 5/1/2022		4,280			4,403
Pool # 471313, 3.08%, 5/1/2022		2,112			2,174
Pool # 471599, 2.60%, 6/1/2022		4,512			4,628
Pool # 471747, 2.76%, 6/1/2022		6,850			6,970
Pool # 471674, 2.79%, 6/1/2022		1,869			1,921
Pool # 471735, 2.79%, 6/1/2022		2,251			2,315

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 471256, 2.98%, 6/1/2022		3,000		3,092
Pool # 471839, 2.67%, 7/1/2022		4,998		5,140
Pool # 471947, 2.75%, 7/1/2022		1,593		1,640
Pool # 471828, 2.65%, 8/1/2022		8,320		8,573
Pool # 471871, 2.86%, 8/1/2022		3,816		3,941
Pool # 471901, 2.90%, 9/1/2022		2,700		2,793
Pool # AM0903, 2.53%, 10/1/2022		3,728		3,843
Pool # AM0904, 2.53%, 10/1/2022		4,695		4,840
Pool # AM1196, 2.37%, 11/1/2022		3,921		4,038
Pool # AM0585, 2.38%, 11/1/2022		1,711		1,762
Pool # AM1619, 2.34%, 12/1/2022		4,135		4,262
Pool # AM0811, 2.42%, 12/1/2022		2,983		3,079
Pool # AM1835, 2.53%, 12/1/2022		2,000		2,070
Pool # AM2111, 2.34%, 1/1/2023		3,171		3,273
Pool # AM2859, 2.65%, 3/1/2023		2,000		2,087
Pool # AM3069, 2.64%, 4/1/2023		1,760		1,840
Pool # AM3563, 2.51%, 6/1/2023		855		893
Pool # AM3990, 3.74%, 7/1/2023		942		1,011
Pool # AM4066, 3.59%, 8/1/2023		3,000		3,227
Pool # AM4044, 3.49%, 9/1/2023		6,012		6,451
Pool # AM4716, 3.38%, 12/1/2023		1,435		1,555
Pool # AM7024, 2.90%, 12/1/2024		1,000		1,085
Pool # AM7589, 2.95%, 12/1/2024		1,909		2,069
Pool # AM7290, 2.97%, 12/1/2024		1,152		1,252
Pool # AM7576, 3.04%, 12/1/2024		1,979		2,157
Pool # AM7124, 3.11%, 12/1/2024		3,956		4,324
Pool # AM7682, 2.84%, 1/1/2025		1,652		1,789
Pool # AM7571, 2.89%, 1/1/2025		1,510		1,640
Pool # AN0029, 3.10%, 9/1/2025		2,327		2,576
Pool # AN0287, 2.95%, 11/1/2025		4,500		4,960
Pool # AM4660, 3.77%, 12/1/2025		4,869		5,497
Pool # AM6381, 3.29%, 8/1/2026		5,000		5,611
Pool # 468574, 4.55%, 8/1/2026		2,622		2,981
Pool # 468573, 4.76%, 8/1/2026		2,566		2,974
Pool # AM6808, 3.24%, 10/1/2026		1,969		2,208
Pool # AM7321, 3.12%, 11/1/2026		954		1,070
Pool # 469615, 4.08%, 11/1/2026		9,766		11,178
Pool # AM7118, 3.14%, 12/1/2026		1,787		1,998
Pool # AN4571, 3.07%, 2/1/2027		1,734		1,942
Pool # AN4363, 3.25%, 2/1/2027		4,217		4,745
Pool # AN4917, 3.13%, 3/1/2027		4,100		4,627
Pool # AM8529, 3.03%, 4/1/2027		995		1,119
Pool # BL1958, 3.42%, 4/1/2027		3,278		3,711
Pool # 470893, 3.46%, 4/1/2027		2,117		2,374
Pool # AM8745, 2.81%, 5/1/2027		1,660		1,841

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 265

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AM8595, 2.83%, 5/1/2027		4,000		4,457
Pool # AM8987, 2.79%, 6/1/2027		905		1,001
Pool # AM9169, 3.08%, 6/1/2027		2,327		2,620
Pool # AN6318, 3.18%, 8/1/2027		3,000		3,306
Pool # AM0414, 2.87%, 9/1/2027		1,300		1,457
Pool # 109421, 3.75%, 9/1/2028		1,953		2,273
Pool # AN9248, 3.81%, 9/1/2028		5,250		5,546
Pool # BL0920, 3.82%, 9/1/2028		2,488		2,919
Pool # AN3828, 2.67%, 12/1/2028		3,622		4,035
Pool # BL0819, 3.95%, 12/1/2028		5,075		6,014
Pool # AN4154, 3.17%, 1/1/2029		6,060		6,995
Pool # AN4349, 3.35%, 1/1/2029		2,970		3,458
Pool # BL1430, 3.85%, 1/1/2029		3,000		3,558
Pool # AN5989, 3.21%, 7/1/2029		2,996		3,395
Pool # AM7013, 3.39%, 12/1/2029		1,410		1,612
Pool # AN7947, 3.16%, 1/1/2030		2,000		2,306
Pool # AN8154, 3.17%, 2/1/2030		6,375		7,347
Pool # AN8514, 3.27%, 2/1/2030		1,985		2,302
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,306
Pool # AN6878, 3.11%, 4/1/2030		917		1,049
Pool # AM9014, 3.20%, 6/1/2030		1,472		1,681
Pool # AM9755, 3.32%, 8/1/2030		2,348		2,746
Pool # AM9676, 3.37%, 9/1/2030		1,381		1,592
Pool # AM9218, 3.39%, 9/1/2030		2,469		2,829
Pool # AN0099, 3.28%, 11/1/2030		7,010		8,073
Pool # 467096, 4.97%, 2/1/2031		2,977		3,548
Pool # AN1676, 2.99%, 5/1/2031		3,850		4,373
Pool # AI2479, 5.00%, 5/1/2031		388		427
Pool # AN4187, 3.49%, 1/1/2032		1,982		2,310
Pool # AN6123, 3.06%, 8/1/2032		800		903
Pool # AN6651, 2.94%, 10/1/2032		664		751
Pool # AD8548, 5.50%, 1/1/2033		168		183
Pool # AR7484, 3.50%, 2/1/2033		1,485		1,596
Pool # AT7117, 3.50%, 6/1/2033		1,777		1,911
Pool # 754922, 5.50%, 9/1/2033		66		76
Pool # 762520, 4.00%, 11/1/2033		296		320
Pool # BL1425, 4.06%, 1/1/2034		2,906		3,446
Pool # AM9188, 3.12%, 6/1/2035		2,000		2,326
Pool # 847108, 6.50%, 10/1/2035		75		86
Pool # 881628, 5.00%, 1/1/2036		23		25
Pool # 256128, 6.00%, 2/1/2036		21		24
Pool # 868763, 6.50%, 4/1/2036		7		7
Pool # 872740, 6.50%, 6/1/2036		60		70
Pool # 907742, 7.00%, 12/1/2036		36		41
Pool # 256651, 6.00%, 3/1/2037		27		31

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 888408, 6.00%, 3/1/2037		97			112
Pool # 888373, 7.00%, 3/1/2037		49			54
Pool # 888796, 6.00%, 9/1/2037		129			145
Pool # 888698, 7.00%, 10/1/2037		153			176
Pool # 953501, 7.00%, 11/1/2037		141			162
Pool # 257172, 5.50%, 4/1/2038		33			38
Pool # AD0810, 6.00%, 11/1/2039		1			1
Pool # AB1830, 3.50%, 11/1/2040		757			808
Pool # AL2606, 4.00%, 3/1/2042		450			471
Pool # AO6757, 4.00%, 6/1/2042		2,042			2,237
Pool # AO7225, 4.00%, 7/1/2042		1,480			1,622
Pool # AO9352, 4.00%, 7/1/2042		838			919
Pool # AO9353, 4.00%, 7/1/2042		802			878
Pool # AP0838, 4.00%, 7/1/2042		7,456			8,164
Pool # MA1125, 4.00%, 7/1/2042		601			655
Pool # MA1177, 3.50%, 9/1/2042		765			828
Pool # MA1178, 4.00%, 9/1/2042		1,675			1,832
Pool # MA1213, 3.50%, 10/1/2042		3,707			4,012
Pool # AR1397, 3.00%, 1/1/2043		1,508			1,613
Pool # AB8517, 3.00%, 2/1/2043		809			865
Pool # MA1373, 3.50%, 3/1/2043		3,661			3,963
Pool # MA1437, 3.50%, 5/1/2043		1,130			1,224
Pool # MA1442, 4.00%, 5/1/2043		2,937			3,216
Pool # MA1463, 3.50%, 6/1/2043		1,847			1,999
Pool # MA1552, 3.00%, 8/1/2043		1,041			1,114
Pool # MA1582, 3.50%, 9/1/2043		242			262
Pool # MA2434, 3.50%, 9/1/2045		1,275			1,375
Pool # MA2493, 3.50%, 12/1/2045		273			294
Pool # BC1157, 3.50%, 1/1/2046		1,065			1,149
Pool # MA2545, 3.50%, 2/1/2046		545			587
Pool # BC4832, 3.50%, 3/1/2046		669			722
Pool # AS6970, 3.50%, 4/1/2046		3,992			4,307
Pool # BC8400, 3.50%, 5/1/2046		884			954
Pool # AS7424, 3.50%, 6/1/2046		1,753			1,892
Pool # MA2658, 3.50%, 6/1/2046		5,721			6,172
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 9/25/2050 (c)		27,026			28,446
TBA, 2.00%, 10/25/2050 (c)		89,835			92,426
TBA, 2.50%, 10/25/2050 (c)		17,974			18,884
GNMA I, 30 Year
Pool # 608665, 6.50%, 8/15/2022		49			50
Pool # 313110, 7.50%, 11/15/2022		—	(b)		—	(b)
Pool # 554105, 6.50%, 3/15/2023		15			15
Pool # 345288, 7.50%, 3/15/2023		2			2
Pool # 623185, 7.00%, 8/15/2023		8			8

SEE NOTES TO FINANCIAL STATEMENTS.

266 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 628407, 6.50%, 11/15/2023		14		15
Pool # 782507, 9.50%, 10/15/2024		2		2
Pool # 441957, 6.38%, 8/15/2026		36		40
Pool # 780653, 6.50%, 10/15/2027		298		333
Pool # 450038, 7.50%, 7/15/2028		5		5
Pool # 486537, 7.50%, 9/15/2028		4		4
Pool # 486631, 6.50%, 10/15/2028		2		2
Pool # 556255, 6.50%, 10/15/2031		34		38
Pool # 569568, 6.50%, 1/15/2032		205		239
Pool # 611453, 7.00%, 4/15/2032		10		11
Pool # 569423, 7.00%, 5/15/2032		49		55
Pool # 591882, 6.50%, 7/15/2032		20		22
Pool # 552665, 7.00%, 7/15/2032		52		60
Pool # 782032, 7.00%, 10/15/2032		118		140
Pool # 591420, 7.50%, 1/15/2033		19		19
Pool # 607645, 6.50%, 2/15/2033		18		20
Pool # 604168, 6.50%, 4/15/2033		36		39
Pool # 615786, 7.00%, 5/15/2033		19		20
Pool # 781614, 7.00%, 6/15/2033		45		55
Pool # 638733, 7.00%, 3/15/2037		161		177
Pool # AT7652, 4.00%, 8/15/2046		2,133		2,279
Pool # 784450, 4.00%, 2/15/2048		8,712		9,217
Pool # BI6468, 5.00%, 12/15/2048		6,021		6,868
Pool # BM1750, 5.00%, 4/15/2049		3,907		4,432
Pool # BM4206, 5.00%, 4/15/2049		1,960		2,212
Pool # BM4207, 5.00%, 4/15/2049		1,177		1,327
Pool # BM4208, 5.00%, 4/15/2049		4,773		5,379
Pool # BM1957, 5.00%, 5/15/2049		5,980		6,815
Pool # BN4051, 5.00%, 6/15/2049		4,183		4,719
Pool # BN4052, 5.00%, 6/15/2049		5,784		6,521
Pool # BN4053, 5.00%, 6/15/2049		6,907		7,788
Pool # BM9691, 4.50%, 7/15/2049		10,961		12,047
Pool # BM2141, 5.00%, 7/15/2049		4,455		5,071
Pool # BM2163, 5.00%, 7/15/2049		6,839		7,751
Pool # BM2281, 5.00%, 7/15/2049		5,648		6,435
Pool # BM2305, 5.00%, 8/15/2049		4,459		5,055
Pool # BV2390, 3.50%, 7/15/2050		2,199		2,366
Pool # BW7021, 3.50%, 8/15/2050		4,293		4,520
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		2		2
Pool # 2006, 8.50%, 5/20/2025		3		3
Pool # 2234, 8.00%, 6/20/2026		1		2
Pool # 2270, 8.00%, 8/20/2026		2		2
Pool # 2324, 8.00%, 11/20/2026		1		1
Pool # 2499, 8.00%, 10/20/2027		3		4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 2549, 7.50%, 2/20/2028		1		1
Pool # 2646, 7.50%, 9/20/2028		4		4
Pool # 737076, 6.50%, 10/20/2033		188		213
Pool # 616732, 6.50%, 9/20/2034		128		139
Pool # 748766, 6.50%, 1/20/2039		43		45
Pool # 752496, 6.50%, 1/20/2039		153		183
Pool # 783389, 6.00%, 8/20/2039		847		967
Pool # 783444, 5.50%, 9/20/2039		172		198
Pool # 742853, 3.88%, 4/20/2040		2,450		2,677
Pool # 742810, 3.88%, 6/20/2040		1,907		2,075
Pool # 742801, 3.88%, 8/20/2040		797		869
Pool # 742876, 3.25%, 11/20/2040		1,499		1,632
Pool # 742878, 3.88%, 11/20/2040		6,154		6,725
Pool # 742883, 3.25%, 2/20/2041		3,042		3,309
Pool # 742885, 3.75%, 2/20/2041		477		517
Pool # 742884, 3.88%, 2/20/2041		3,615		3,930
Pool # 751810, 3.50%, 3/20/2041		1,006		1,092
Pool # AE8053, 4.00%, 12/20/2043		1,873		2,044
Pool # AJ9020, 4.50%, 10/20/2044		297		317
Pool # 783967, 4.25%, 12/20/2044		1,897		2,069
Pool # AK8803, 4.00%, 3/20/2046		1,606		1,786
Pool # AS8110, 3.75%, 8/20/2046		2,489		2,686
Pool # AY2378, 3.25%, 2/20/2047		349		370
Pool # AY2381, 4.25%, 7/20/2047		1,310		1,457
Pool # AY2388, 4.25%, 9/20/2047		3,645		4,056
Pool # AY2392, 4.25%, 11/20/2047		4,242		4,719
Pool # BB8795, 4.00%, 1/20/2048		6,122		6,815
Pool # AY2395, 4.25%, 1/20/2048		3,526		3,921
Pool # AY2404, 4.25%, 5/20/2048		5,139		5,716
Pool # BG6360, 5.00%, 5/20/2048		4,562		5,139
Pool # BF2645, 5.50%, 5/20/2048		1,689		1,922
Pool # AY2405, 4.25%, 6/20/2048		6,133		6,824
Pool # BD0531, 5.00%, 6/20/2048		2,541		2,795
Pool # BD0532, 5.00%, 6/20/2048		2,080		2,263
Pool # BF2971, 5.00%, 6/20/2048		2,660		2,970
Pool # AY2407, 4.25%, 7/20/2048		2,409		2,679
Pool # AY2408, 4.50%, 7/20/2048		1,518		1,707
Pool # BG7397, 4.50%, 7/20/2048		1,687		1,870
Pool # BF3017, 5.00%, 7/20/2048		1,516		1,671
Pool # AY2409, 4.25%, 8/20/2048		1,941		2,158
Pool # AY2410, 4.50%, 8/20/2048		1,264		1,420
Pool # BD0550, 5.00%, 8/20/2048		3,694		4,054
Pool # BG7389, 5.00%, 8/20/2048		1,956		2,191
Pool # BG7391, 5.00%, 8/20/2048		2,523		2,803
Pool # AY2412, 4.50%, 9/20/2048		6,018		6,763

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 267

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 784626, 4.50%, 10/20/2048		3,178		3,439
Pool # BI4488, 4.50%, 11/20/2048		2,406		2,628
Pool # BK2584, 5.00%, 11/20/2048		1,178		1,308
Pool # BK2585, 5.00%, 11/20/2048		3,386		3,772
Pool # BK2586, 5.00%, 11/20/2048		3,191		3,514
Pool # BI6431, 4.50%, 12/20/2048		3,510		3,901
Pool # BI6669, 4.50%, 12/20/2048		2,941		3,237
Pool # BH3133, 5.00%, 12/20/2048		5,295		5,962
Pool # BJ7083, 5.00%, 12/20/2048		1,437		1,605
Pool # BJ7084, 5.00%, 12/20/2048		4,120		4,587
Pool # BK7169, 5.00%, 12/20/2048		3,453		3,805
Pool # BJ1334, 5.00%, 1/20/2049		5,416		6,086
Pool # BJ9637, 5.00%, 1/20/2049		1,735		1,948
Pool # BJ9641, 5.00%, 1/20/2049		2,961		3,352
Pool # BJ9642, 5.00%, 1/20/2049		1,956		2,206
Pool # BJ9824, 4.50%, 2/20/2049		2,531		2,845
Pool # BJ9825, 4.50%, 2/20/2049		1,459		1,638
Pool # BK7188, 4.50%, 2/20/2049		4,527		4,955
Pool # BJ9630, 5.00%, 2/20/2049		1,349		1,510
Pool # BJ9633, 5.00%, 2/20/2049		1,940		2,177
Pool # BK7189, 5.00%, 2/20/2049		4,124		4,551
Pool # BK7198, 4.50%, 3/20/2049		3,410		3,691
Pool # BL6765, 5.50%, 5/20/2049		6,849		7,673
Pool # BN0907, 4.50%, 6/20/2049		1,284		1,401
Pool # BN1498, 5.00%, 6/20/2049		3,311		3,674
Pool # BN1499, 5.00%, 6/20/2049		5,901		6,523
Pool # BN1500, 5.50%, 6/20/2049		1,641		1,879
Pool # BN2627, 4.00%, 7/20/2049		3,420		3,784
Pool # BN2628, 4.00%, 7/20/2049		4,459		4,919
Pool # BO0521, 4.00%, 7/20/2049		1,507		1,617
Pool # BM9692, 4.50%, 7/20/2049		2,936		3,182
Pool # BN0879, 5.00%, 7/20/2049		497		547
Pool # BO3160, 5.00%, 7/20/2049		1,094		1,248
Pool # BP4237, 5.00%, 7/20/2049		1,380		1,570
Pool # BP4238, 5.00%, 7/20/2049		1,084		1,233
Pool # BP4240, 5.00%, 7/20/2049		986		1,120
Pool # BP4241, 5.00%, 7/20/2049		1,519		1,724
Pool # BP4242, 5.00%, 7/20/2049		986		1,121
Pool # BL9354, 4.00%, 8/20/2049		3,440		3,830
Pool # BM2418, 4.00%, 8/20/2049		3,864		4,201
Pool # BN0884, 4.00%, 8/20/2049		1,155		1,244
Pool # BN0889, 4.50%, 8/20/2049		1,235		1,346
Pool # BN7048, 4.50%, 8/20/2049		4,870		5,359
Pool # BN7049, 4.50%, 8/20/2049		6,557		7,302
Pool # BN0890, 5.00%, 8/20/2049		725		829

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # BN0891, 5.00%, 8/20/2049		985		1,102
Pool # BN0892, 5.00%, 8/20/2049		1,106		1,237
Pool # BN0893, 5.00%, 8/20/2049		1,574		1,791
Pool # BO3257, 5.00%, 8/20/2049		1,182		1,346
Pool # BP4290, 5.00%, 8/20/2049		1,181		1,318
Pool # BP4291, 5.00%, 8/20/2049		1,300		1,443
Pool # BP4292, 5.00%, 8/20/2049		2,794		3,103
Pool # BP4293, 5.00%, 8/20/2049		2,102		2,328
Pool # BP4294, 5.00%, 8/20/2049		1,942		2,153
Pool # BN0896, 4.00%, 9/20/2049		1,724		1,862
Pool # BI0930, 4.50%, 9/20/2049		2,910		3,248
Pool # BM9714, 4.50%, 9/20/2049		4,022		4,449
Pool # 784810, 5.00%, 9/20/2049		7,663		8,669
Pool # AC2995, 5.00%, 9/20/2049		4,974		5,562
Pool # BP2853, 5.00%, 9/20/2049		4,265		4,768
Pool # BP8644, 5.00%, 9/20/2049		1,548		1,767
Pool # BP8645, 5.00%, 9/20/2049		1,929		2,195
Pool # BQ3138, 4.00%, 10/20/2049		1,133		1,242
Pool # AC2994, 4.50%, 10/20/2049		1,580		1,739
Pool # BQ9513, 3.50%, 11/20/2049		4,954		5,288
Pool # BQ3791, 4.00%, 11/20/2049		4,948		5,441
Pool # BR2638, 4.00%, 11/20/2049		512		567
Pool # 784847, 4.50%, 11/20/2049		7,305		8,040
Pool # BP2896, 4.50%, 11/20/2049		3,157		3,525
Pool # BP7772, 4.50%, 11/20/2049		842		931
Pool # BP8665, 4.50%, 11/20/2049		1,417		1,566
Pool # BP8666, 4.50%, 11/20/2049		2,059		2,261
Pool # BP8667, 5.00%, 11/20/2049		1,233		1,408
Pool # BP8668, 5.00%, 11/20/2049		1,049		1,173
Pool # BR1542, 5.00%, 11/20/2049		1,978		2,200
Pool # BP8669, 5.50%, 11/20/2049		1,185		1,364
Pool # BP7668, 3.50%, 12/20/2049		11,530		12,360
Pool # BP7795, 3.50%, 12/20/2049		3,344		3,576
Pool # BP8670, 3.50%, 12/20/2049		1,099		1,185
Pool # BL9372, 4.00%, 12/20/2049		1,952		2,174
Pool # BP5516, 4.00%, 12/20/2049		2,058		2,265
Pool # BP8672, 4.00%, 12/20/2049		1,050		1,172
Pool # BP8673, 4.00%, 12/20/2049		1,222		1,352
Pool # BP8674, 4.00%, 12/20/2049		1,497		1,626
Pool # BQ3790, 4.00%, 12/20/2049		7,912		8,706
Pool # BJ9866, 4.50%, 12/20/2049		3,761		4,227
Pool # BL9374, 4.50%, 12/20/2049		1,240		1,374
Pool # BP8676, 4.50%, 12/20/2049		1,017		1,126
Pool # BP8677, 4.50%, 12/20/2049		2,222		2,455
Pool # BP8678, 5.00%, 12/20/2049		1,471		1,678

SEE NOTES TO FINANCIAL STATEMENTS.

268 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BP8679, 5.50%, 12/20/2049		1,193		1,376
Pool # BP8021, 3.50%, 1/20/2050		2,882		3,118
Pool # BP8681, 3.50%, 1/20/2050		1,570		1,662
Pool # BL9379, 4.00%, 1/20/2050		3,199		3,567
Pool # BP8682, 4.00%, 1/20/2050		1,604		1,791
Pool # BP8683, 4.00%, 1/20/2050		1,745		1,931
Pool # BT0281, 4.00%, 1/20/2050		6,007		6,621
Pool # BP8688, 4.50%, 1/20/2050		2,597		2,870
Pool # BR0539, 4.50%, 1/20/2050		5,163		5,772
Pool # BP8020, 3.50%, 2/20/2050		2,738		2,962
Pool # BP8022, 3.50%, 2/20/2050		2,018		2,183
Pool # BQ1338, 4.00%, 2/20/2050		7,579		8,454
Pool # BQ7054, 4.00%, 2/20/2050		2,708		3,012
Pool # BS8384, 5.00%, 2/20/2050		2,947		3,266
Pool # BS8400, 3.00%, 3/20/2050		8,947		9,431
Pool # BT0397, 3.00%, 3/20/2050		1,766		1,863
Pool # BQ4110, 3.50%, 3/20/2050		10,581		11,581
Pool # BS5879, 3.50%, 3/20/2050		1,488		1,612
Pool # BS8411, 3.50%, 3/20/2050		11,117		11,713
Pool # BT0399, 3.50%, 3/20/2050		3,302		3,492
Pool # BT3628, 3.50%, 3/20/2050		3,085		3,375
Pool # BT3629, 3.50%, 3/20/2050		1,341		1,467
Pool # BT8043, 3.50%, 3/20/2050		1,423		1,555
Pool # BT8044, 3.50%, 3/20/2050		3,707		4,030
Pool # BT8045, 3.50%, 3/20/2050		4,550		4,907
Pool # BT8046, 3.50%, 3/20/2050		6,688		7,191
Pool # BT8047, 3.50%, 3/20/2050		4,406		4,767
Pool # BT8048, 3.50%, 3/20/2050		4,597		5,031
Pool # BS5873, 4.00%, 3/20/2050		1,416		1,566
Pool # BS5874, 4.00%, 3/20/2050		3,973		4,395
Pool # BT3736, 3.50%, 4/20/2050		3,828		4,089
Pool # BU3072, 5.00%, 4/20/2050		2,416		2,720
Pool # BQ4098, 3.00%, 5/20/2050		9,454		9,978
Pool # BR3899, 3.00%, 5/20/2050		1,058		1,115
Pool # BT4019, 3.00%, 5/20/2050		4,925		5,192
Pool # BQ7069, 3.25%, 5/20/2050		2,642		2,794
Pool # BQ7083, 3.25%, 5/20/2050		1,009		1,064
Pool # BS7609, 3.50%, 5/20/2050		5,970		6,320
Pool # BT3843, 3.50%, 5/20/2050		3,264		3,508
Pool # BQ7073, 4.00%, 5/20/2050		1,233		1,308
Pool # BV2935, 4.50%, 5/20/2050		2,280		2,545
Pool # BV6609, 4.50%, 5/20/2050		767		857
Pool # BV6631, 4.50%, 5/20/2050		1,857		2,073
Pool # BV6670, 4.50%, 5/20/2050		1,105		1,224
Pool # MA6661, 5.50%, 5/20/2050		257		283

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # BT4096, 3.00%, 6/20/2050		6,589		6,946
Pool # BU7682, 3.00%, 6/20/2050		6,043		6,431
Pool # BQ7084, 3.25%, 6/20/2050		2,824		3,039
Pool # BV8680, 3.50%, 6/20/2050		2,271		2,449
Pool # BV8683, 3.50%, 6/20/2050		1,319		1,416
Pool # BV8684, 3.50%, 6/20/2050		1,714		1,822
Pool # BV8685, 3.50%, 6/20/2050		2,664		2,820
Pool # BQ7086, 4.00%, 6/20/2050		3,391		3,771
Pool # BQ7092, 4.00%, 6/20/2050		5,484		5,881
Pool # BR3901, 4.00%, 6/20/2050		4,498		5,021
Pool # BT4070, 4.00%, 6/20/2050		2,251		2,491
Pool # BV8688, 4.00%, 6/20/2050		2,336		2,518
Pool # BQ7087, 4.25%, 6/20/2050		1,063		1,183
Pool # BV2372, 4.50%, 6/20/2050		3,319		3,715
Pool # BV6632, 4.50%, 6/20/2050		3,429		3,828
Pool # BQ7088, 5.00%, 6/20/2050		1,454		1,658
Pool # BV8696, 3.00%, 7/20/2050		3,687		3,887
Pool # BV8711, 3.00%, 7/20/2050		4,087		4,309
Pool # BV8727, 3.00%, 7/20/2050		2,932		3,105
Pool # BW0561, 3.00%, 7/20/2050		1,932		2,036
Pool # BV8699, 3.50%, 7/20/2050		1,974		2,128
Pool # BV8700, 3.50%, 7/20/2050		1,991		2,107
Pool # BV8716, 3.50%, 7/20/2050		2,371		2,510
Pool # BU7564, 4.00%, 7/20/2050		3,660		4,086
Pool # BV8702, 4.00%, 7/20/2050		1,069		1,161
Pool # BW5975, 4.00%, 7/20/2050		3,947		4,225
Pool # BW5994, 4.00%, 7/20/2050		3,126		3,439
Pool # BV2395, 4.50%, 7/20/2050		3,169		3,566
Pool # BV8722, 2.50%, 8/20/2050		4,099		4,316
Pool # BV8726, 3.00%, 8/20/2050		1,048		1,129
Pool # BX4922, 3.00%, 8/20/2050		1,067		1,142
Pool # BX4923, 3.00%, 8/20/2050		3,082		3,249
Pool # BW1746, 3.25%, 8/20/2050		4,704		4,957
Pool # BR3911, 3.50%, 8/20/2050		5,000		5,472
Pool # BV2402, 3.50%, 8/20/2050		7,663		8,273
Pool # BX4927, 3.50%, 8/20/2050		1,442		1,533
Pool # BX4928, 3.50%, 8/20/2050		2,386		2,526
Pool # BX4939, 3.50%, 8/20/2050		3,238		3,475
Pool # BW1747, 4.00%, 8/20/2050		1,000		1,112
Pool # BW7383, 4.00%, 8/20/2050		5,500		6,164
Pool # BW7033, 4.50%, 8/20/2050		1,110		1,242
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		1,247		1,321
Pool # AH5895, 4.00%, 6/20/2034		344		371
Pool # 4285, 6.00%, 11/20/2038		38		42

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 269

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BO1377, 3.75%, 2/20/2040		1,235		1,348
Pool # AC0979, 4.11%, 4/20/2063 (a)		508		519
Pool # AC0977, 4.05%, 5/20/2063 (a)		471		480
Pool # AC0973, 4.20%, 5/20/2063 (a)		284		288
Total Mortgage-Backed Securities (Cost $1,804,686)				1,862,196
Collateralized Mortgage Obligations — 18.5%
Acre 6.25%, 12/22/2021 ‡		3,315		3,282
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		669		676
Series 2005-1CB, Class 1A6, IF, IO, 6.92%, 3/25/2035 ‡ (a)		396		65
Series 2005-22T1, Class A2, IF, IO, 4.89%, 6/25/2035 ‡ (a)		1,821		316
Series 2005-20CB, Class 3A8, IF, IO, 4.57%, 7/25/2035 ‡ (a)		2,104		313
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		73		49
Series 2005-37T1, Class A2, IF, IO, 4.87%, 9/25/2035 ‡ (a)		3,407		580
Series 2005-54CB, Class 1A2, IF, IO, 4.67%, 11/25/2035 ‡ (a)		2,382		393
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		399		382
Series 2005-54CB, Class 1A7, 5.50%, 11/25/2035		13		12
Series 2005-57CB, Class 3A2, IF, IO, 4.92%, 12/25/2035 ‡ (a)		276		38
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		204		199
Series 2005-86CB, Class A11, 5.50%, 2/25/2036		280		230
Series 2006-7CB, Class 1A2, IF, IO, 5.13%, 5/25/2036 ‡ (a)		9,297		2,274
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		349		262
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75%, 12/25/2035 (a) (d)		10		10
Angel Oak Mortgage Trust I LLC Series 2017-1, Class A3, 3.64%, 1/25/2047 (a) (d)		48		48
Antler Mortgage Trust
Series 2019-RTL1, Class A1, 4.46%, 6/27/2022 (d)		5,400		5,415
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (d)		2,577		2,582

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-RTL1, Class A2, 4.95%, 8/25/2022 (a) (d)		4,008		4,104
ASG Resecuritization Trust Series 2011-1, Class 2A35, 6.00%, 9/28/2036 (d)		160		153
Banc of America Alternative Loan Trust
Series 2005-12, Class CBIO, IO, 5.75%, 1/25/2036 ‡		665		101
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		61		49
Series 2004-3, Class 1A1, 5.50%, 10/25/2034		115		122
Series 2004-C, Class 1A1, 4.41%, 12/20/2034 (a)		133		131
Series 2005-1, Class 30IO, IO, 5.50%, 2/25/2035 ‡		224		38
Series 2005-E, Class 4A1, 3.86%, 3/20/2035 (a)		52		52
Series 2005-4, Class 30, PO, 8/25/2035 ‡		32		26
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		126		121
Series 2005-7, Class 30, PO, 11/25/2035 ‡		18		16
Series 2005-8, Class 30, PO, 1/25/2036 ‡		84		63
Banc of America Mortgage Trust
Series 2003-C, Class 3A1, 4.00%, 4/25/2033 (a)		74		72
Series 2003-J, Class 3A2, 3.41%, 11/25/2033 (a)		157		157
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (d)		55		55
Bear Stearns ARM Trust
Series 2003-4, Class 3A1, 3.16%, 7/25/2033 (a)		116		117
Series 2003-7, Class 3A, 3.31%, 10/25/2033 (a)		41		39
Series 2004-1, Class 12A1, 3.82%, 4/25/2034 (a)		216		207
Series 2004-2, Class 14A, 3.69%, 5/25/2034 (a)		84		80
Series 2006-1, Class A1, 3.84%, 2/25/2036 (a)		354		355
Bear Stearns Asset-Backed Securities Trust Series 2003-AC5, Class A1, 5.75%, 10/25/2033 (e)		267		279
Cascade Funding Mortgage Trust Series 2018-RM1, Class A1, 4.58%, 6/25/2048 (d) (e)		1,645		1,648
Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates Series 2003-9, Class 1P, PO, 11/25/2033 ‡		9		9

SEE NOTES TO FINANCIAL STATEMENTS.

270 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Chase Mortgage Finance Trust
Series 2007-A2, Class 2A1, 3.53%, 6/25/2035 (a)		205		202
Series 2007-A1, Class 2A1, 3.16%, 2/25/2037 (a)		61		61
Series 2007-A1, Class 7A1, 3.36%, 2/25/2037 (a)		80		79
Series 2007-A1, Class 9A1, 3.77%, 2/25/2037 (a)		157		154
Series 2007-A1, Class 1A3, 3.78%, 2/25/2037 (a)		787		776
CHL Mortgage Pass-Through Trust
Series 2004-3, PO, 4/25/2034 ‡		14		11
Series 2004-3, Class A26, 5.50%, 4/25/2034		141		143
Series 2004-HYB1, Class 2A, 3.27%, 5/20/2034 (a)		48		46
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (a)		292		284
Series 2004-7, Class 2A1, 3.56%, 6/25/2034 (a)		42		43
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		360		372
Series 2004-13, Class 1A4, 5.50%, 8/25/2034		242		251
Series 2004-HYB6, Class A3, 3.55%, 11/20/2034 (a)		180		180
Series 2005-16, Class A23, 5.50%, 9/25/2035		99		90
Series 2005-22, Class 2A1, 3.46%, 11/25/2035 (a)		522		481
Series 2007-4, Class 1A52, IF, IO, 5.22%, 5/25/2037 ‡ (a)		1,807		445
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-6, Class A, PO, 9/25/2035 ‡		25		21
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		1		—	(b)
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (a)		100		100
Citigroup Mortgage Loan Trust
Series 2009-10, Class 1A1, 3.50%, 9/25/2033 (a) (d)		216		214
Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (d)		620		621
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class WPO2, PO, 6/25/2031 ‡		6		5

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-1, Class WA2, 6.50%, 6/25/2031 ‡		6		6
Series 2003-1, Class 3, PO, 9/25/2033 ‡		31		28
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		7		7
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		35		36
Series 2004-UST1, Class A6, 2.95%, 8/25/2034 (a)		31		30
Series 2004-UST1, Class A3, 3.81%, 8/25/2034 (a)		58		56
Series 2005-1, Class 2A1A, 2.51%, 2/25/2035 (a)		126		107
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		285		296
Series 2005-5, Class 1A2, 3.06%, 8/25/2035 (a)		356		279
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (a) (f)		1,618		26
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 3A1, 5.25%, 8/25/2019		32		29
Series 2003-1, Class DB1, 6.73%, 2/25/2033 (a)		413		421
Series 2003-AR15, Class 3A1, 3.49%, 6/25/2033 (a)		222		219
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		87		90
Series 2004-AR2, Class 2A1, 3.61%, 3/25/2034 (a)		259		265
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A3, 5.25%, 11/25/2033		104		106
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		146		149
Series 2003-29, Class 1A1, 6.50%, 12/25/2033		208		214
Series 2003-29, Class 5A1, 7.00%, 12/25/2033		153		161
Series 2004-4, Class 2A4, 5.50%, 9/25/2034		128		132
Series 2004-8, Class 1A4, 5.50%, 12/25/2034		209		218
Series 2005-4, Class 2X, IO, 5.50%, 6/25/2035 ‡ (a)		705		68
Series 2005-9, Class DX, IO, 5.50%, 10/25/2035 ‡		508		6

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 271

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
CSMA SFR Holdings II (United Kingdom) Zero Coupon, 7/31/2023 ‡		5,545			5,434
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.03%, 2/25/2020 (a)		39			39
FHLMC, REMIC
Series 1065, Class J, 9.00%, 4/15/2021		—	(b)		—	(b)
Series 1084, Class F, 1.11%, 5/15/2021 (a)		—	(b)		—	(b)
Series 1084, Class S, HB, IF, 44.50%, 5/15/2021 (a)		—	(b)		—	(b)
Series 1133, Class H, 7.00%, 9/15/2021		—	(b)		—	(b)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 189, Class K, HB, 1,009.50%, 10/15/2021		—	(b)		—	(b)
Series 3688, Class CU, 6.92%, 11/15/2021 (a)		10			11
Series 3511, IO, 5.00%, 12/15/2021		1			—	(b)
Series 3282, Class YD, 5.50%, 2/15/2022		202			206
Series 2462, Class NB, 6.50%, 6/15/2022		24			24
Series 1343, Class LB, 7.50%, 8/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		3			3
Series 1395, Class G, 6.00%, 10/15/2022		1			1
Series 1374, Class Z, 7.00%, 10/15/2022		4			4
Series 1401, Class J, 7.00%, 10/15/2022		10			10
Series 2535, Class BK, 5.50%, 12/15/2022		12			12
Series 1470, Class F, 1.76%, 2/15/2023 (a)		1			1
Series 1466, Class PZ, 7.50%, 2/15/2023		19			20
Series 1798, Class F, 5.00%, 5/15/2023		9			10
Series 1518, Class G, IF, 8.79%, 5/15/2023 (a)		6			7
Series 1505, Class QB, HB, IF, 20.36%, 5/15/2023 (a)		1			1
Series 2033, Class J, 5.60%, 6/15/2023		38			40
Series 1526, Class L, 6.50%, 6/15/2023		3			4
Series 1541, Class O, 0.00%, 7/15/2023 (a)		8			8
Series 1677, Class Z, 7.50%, 7/15/2023		28			30
Series 1570, Class F, 2.18%, 8/15/2023 (a)		2			2
Series 1552, Class IA, HB, IF, 20.58%, 8/15/2023 (a)		67			80
Series 1570, Class SA, HB, IF, 24.01%, 8/15/2023 (a)		5			5
Series 1578, Class K, 6.90%, 9/15/2023		18			19
Series 1578, Class V, IO, 7.00%, 9/15/2023		2			—	(b)
Series 2571, Class SK, HB, IF, 33.80%, 9/15/2023 (a)		11			15
Series 1591, Class PV, 6.25%, 10/15/2023		36			38

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1602, Class SA, HB, IF, 22.18%, 10/15/2023 (a)		8		10
Series 1813, Class I, PO, 11/15/2023		79		78
Series 1813, Class J, IF, IO, 5.75%, 11/15/2023 (a)		305		21
Series 2720, Class PC, 5.00%, 12/15/2023		92		97
Series 1628, Class LZ, 6.50%, 12/15/2023		50		53
Series 1638, Class H, 6.50%, 12/15/2023		52		56
Series 2283, Class K, 6.50%, 12/15/2023		11		12
Series 1644, Class K, 6.75%, 12/15/2023		21		22
Series 1658, Class GZ, 7.00%, 1/15/2024		60		65
Series 1865, Class D, PO, 2/15/2024		6		6
Series 1760, Class ZD, 0.10%, 2/15/2024 (a)		86		85
Series 2756, Class NA, 5.00%, 2/15/2024		25		27
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (a)		6		7
Series 1686, Class SH, IF, 18.84%, 2/15/2024 (a)		1		2
Series 1699, Class FC, 0.77%, 3/15/2024 (a)		3		3
Series 1695, Class EB, 7.00%, 3/15/2024		25		27
Series 2033, Class SN, HB, IF, 28.37%, 3/15/2024 (a)		2		—	(b)
Series 2306, Class K, PO, 5/15/2024		6		6
Series 2306, Class SE, IF, IO, 10.00%, 5/15/2024 (a)		15		2
Series 1745, Class D, 7.50%, 8/15/2024		12		13
Series 3614, Class QB, 4.00%, 12/15/2024		1,039		1,090
Series 2967, Class S, HB, IF, 32.93%, 4/15/2025 (a)		22		28
Series 3022, Class SX, IF, 16.47%, 8/15/2025 (a)		27		34
Series 1829, Class ZB, 6.50%, 3/15/2026		16		17
Series 1863, Class Z, 6.50%, 7/15/2026		34		37
Series 1899, Class ZE, 8.00%, 9/15/2026		18		21
Series 1963, Class Z, 7.50%, 1/15/2027		19		22
Series 2470, Class SL, IF, 9.00%, 1/15/2027 (a)		8		8
Series 1985, Class PR, IO, 8.00%, 7/15/2027		6		1
Series 2065, Class PX, IO, 0.75%, 8/17/2027		2,576		27
Series 1987, Class PE, 7.50%, 9/15/2027		8		9
Series 2038, Class PN, IO, 7.00%, 3/15/2028		5		1
Series 2042, Class T, 7.00%, 3/15/2028		3		4

SEE NOTES TO FINANCIAL STATEMENTS.

272 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2040, Class PE, 7.50%, 3/15/2028		43		50
Series 2060, Class Z, 6.50%, 5/15/2028		14		16
Series 2061, Class DC, IO, 6.50%, 6/15/2028		35		3
Series 2075, Class PH, 6.50%, 8/15/2028		94		107
Series 2086, Class GB, 6.00%, 9/15/2028		15		17
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		7		1
Series 2110, Class PG, 6.00%, 1/15/2029		64		73
Series 2111, Class SB, IF, IO, 7.34%, 1/15/2029 (a)		84		11
Series 2125, Class JZ, 6.00%, 2/15/2029		24		26
Series 2130, Class QS, 6.00%, 3/15/2029		52		58
Series 2132, Class ZL, 6.50%, 3/15/2029		14		16
Series 2132, Class SB, HB, IF, 29.88%, 3/15/2029 (a)		10		16
Series 2141, IO, 7.00%, 4/15/2029		2		—	(b)
Series 2303, Class ZN, 8.50%, 4/15/2029		138		162
Series 2163, Class PC, IO, 7.50%, 6/15/2029		7		1
Series 2178, Class PB, 7.00%, 8/15/2029		15		17
Series 2201, Class C, 8.00%, 11/15/2029		21		24
Series 2204, Class GB, 8.00%, 12/20/2029 (a)		2		2
Series 2209, Class TC, 8.00%, 1/15/2030		83		99
Series 2210, Class Z, 8.00%, 1/15/2030		47		57
Series 2224, Class CB, 8.00%, 3/15/2030		15		18
Series 2247, Class Z, 7.50%, 8/15/2030		11		13
Series 2256, Class MC, 7.25%, 9/15/2030		50		60
Series 2254, Class Z, 9.00%, 9/15/2030		104		130
Series 2259, Class ZM, 7.00%, 10/15/2030		59		70
Series 2271, Class PC, 7.25%, 12/15/2030		67		80
Series 2296, Class PD, 7.00%, 3/15/2031		22		26
Series 2303, Class ZD, 7.00%, 4/15/2031		333		400
Series 2694, Class BA, 4.00%, 6/15/2031		19		20
Series 2359, Class ZB, 8.50%, 6/15/2031		50		61
Series 2388, Class UZ, 8.50%, 6/15/2031		18		22
Series 2344, Class ZD, 6.50%, 8/15/2031		143		166
Series 2344, Class ZJ, 6.50%, 8/15/2031		15		18
Series 2345, Class NE, 6.50%, 8/15/2031		9		10
Series 2372, Class F, 0.66%, 10/15/2031 (a)		10		10
Series 2367, Class ZK, 6.00%, 10/15/2031		180		209
Series 2368, Class AS, HB, IF, 20.51%, 10/15/2031 (a)		6		8
Series 2383, Class FD, 0.66%, 11/15/2031 (a)		10		10

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2399, Class TH, 6.50%, 1/15/2032		155		183
Series 2410, Class OE, 6.38%, 2/15/2032		31		33
Series 2494, Class SX, IF, IO, 6.84%, 2/15/2032 (a)		393		66
Series 2410, Class QX, IF, IO, 8.49%, 2/15/2032 (a)		29		6
Series 2410, Class QS, IF, 19.08%, 2/15/2032 (a)		36		58
Series 2433, Class SA, HB, IF, 20.51%, 2/15/2032 (a)		81		125
Series 2431, Class F, 0.66%, 3/15/2032 (a)		481		482
Series 2464, Class FE, 1.16%, 3/15/2032 (a)		125		128
Series 2423, Class MC, 7.00%, 3/15/2032		41		49
Series 2423, Class MT, 7.00%, 3/15/2032		49		58
Series 2444, Class ES, IF, IO, 7.79%, 3/15/2032 (a)		33		7
Series 2450, Class SW, IF, IO, 7.84%, 3/15/2032 (a)		38		8
Series 2434, Class TC, 7.00%, 4/15/2032		52		62
Series 2436, Class MC, 7.00%, 4/15/2032		69		79
Series 2450, Class GZ, 7.00%, 5/15/2032		42		51
Series 3393, Class JO, PO, 9/15/2032		154		145
Series 2513, Class ZC, 5.50%, 10/15/2032		114		135
Series 2517, Class Z, 5.50%, 10/15/2032		94		104
Series 2835, Class QO, PO, 12/15/2032		46		44
Series 2552, Class FP, 1.16%, 1/15/2033 (a)		664		677
Series 2557, Class HL, 5.30%, 1/15/2033		448		518
Series 2586, Class WI, IO, 6.50%, 3/15/2033		126		25
Series 2611, Class SQ, IF, 12.68%, 5/15/2033 (a)		33		45
Series 2631, Class SA, IF, 14.55%, 6/15/2033 (a)		22		30
Series 2692, Class SC, IF, 12.96%, 7/15/2033 (a)		81		108
Series 2671, Class S, IF, 14.46%, 9/15/2033 (a)		36		51
Series 2725, Class SC, IF, 8.84%, 11/15/2033 (a)		90		98
Series 2722, Class PF, 0.76%, 12/15/2033 (a)		914		914
Series 2763, Class ZA, 6.00%, 3/15/2034		3,264		3,838
Series 2779, Class ZC, 6.00%, 4/15/2034		2,009		2,383
Series 2802, Class ZY, 6.00%, 5/15/2034		247		308
Series 3318, Class BT, IF, 7.00%, 5/15/2034 (a)		1,008		1,147

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 273

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2990, Class SL, HB, IF, 23.90%, 6/15/2034 (a)		40		51
Series 3611, PO, 7/15/2034		189		180
Series 3305, Class MB, IF, 2.64%, 7/15/2034 (a)		66		70
Series 3077, Class TO, PO, 4/15/2035		128		125
Series 2990, Class WP, IF, 16.58%, 6/15/2035 (a)		2		3
Series 3035, Class Z, 5.85%, 9/15/2035		886		1,029
Series 3117, Class EO, PO, 2/15/2036		119		112
Series 3117, Class OG, PO, 2/15/2036		112		107
Series 3117, Class OK, PO, 2/15/2036		121		115
Series 3143, Class BC, 5.50%, 2/15/2036		217		255
Series 3122, Class OH, PO, 3/15/2036		20		19
Series 3134, PO, 3/15/2036		17		16
Series 3152, Class MO, PO, 3/15/2036		224		213
Series 3122, Class ZB, 6.00%, 3/15/2036		26		39
Series 3138, PO, 4/15/2036		70		67
Series 3607, Class AO, PO, 4/15/2036		157		145
Series 3607, Class BO, PO, 4/15/2036		157		150
Series 3137, Class XP, 6.00%, 4/15/2036		676		806
Series 3219, Class DI, IO, 6.00%, 4/15/2036		105		23
Series 3149, Class SO, PO, 5/15/2036		58		50
Series 3151, PO, 5/15/2036		197		186
Series 3153, Class EO, PO, 5/15/2036		108		99
Series 3210, PO, 5/15/2036		145		145
Series 3604, PO, 5/15/2036		161		147
Series 3998, Class GF, 0.61%, 5/15/2036 (a)		506		507
Series 3171, Class MO, PO, 6/15/2036		94		92
Series 3179, Class OA, PO, 7/15/2036		85		81
Series 3194, Class SA, IF, IO, 6.94%, 7/15/2036 (a)		39		7
Series 3200, PO, 8/15/2036		141		135
Series 3232, Class ST, IF, IO, 6.54%, 10/15/2036 (a)		142		30
Series 3237, Class AO, PO, 11/15/2036		166		151
Series 3704, Class DT, 7.50%, 11/15/2036		864		1,063
Series 3704, Class ET, 7.50%, 12/15/2036		622		776
Series 3260, Class CS, IF, IO, 5.98%, 1/15/2037 (a)		102		21
Series 3262, Class SG, IF, IO, 6.24%, 1/15/2037 (a)		28		4
Series 3274, Class JO, PO, 2/15/2037		33		32
Series 3274, Class MO, PO, 2/15/2037		60		57

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3275, Class FL, 0.60%, 2/15/2037 (a)		36		36
Series 3288, Class GS, IF, 0.00%, 3/15/2037 (a)		27		27
Series 3290, Class SB, IF, IO, 6.29%, 3/15/2037 (a)		275		56
Series 3373, Class TO, PO, 4/15/2037		127		118
Series 3316, Class JO, PO, 5/15/2037		18		18
Series 3607, PO, 5/15/2037		393		367
Series 3322, Class NS, IF, 7.00%, 5/15/2037 (a)		725		864
Series 3371, Class FA, 0.76%, 9/15/2037 (a)		44		45
Series 3385, Class SN, IF, IO, 5.84%, 11/15/2037 (a)		69		11
Series 3387, Class SA, IF, IO, 6.26%, 11/15/2037 (a)		198		38
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (e)		692		5
Series 3404, Class SC, IF, IO, 5.84%, 1/15/2038 (a)		279		58
Series 3451, Class SA, IF, IO, 5.89%, 5/15/2038 (a)		53		6
Series 3537, Class MI, IO, 5.00%, 6/15/2038		487		86
Series 3461, Class LZ, 6.00%, 6/15/2038		111		130
Series 3481, Class SJ, IF, IO, 5.69%, 8/15/2038 (a)		399		79
Series 3895, Class WA, 5.70%, 10/15/2038 (a)		263		299
Series 3546, Class A, 3.18%, 2/15/2039 (a)		49		51
Series 3511, Class SA, IF, IO, 5.84%, 2/15/2039 (a)		94		17
Series 3531, Class SA, IF, IO, 6.14%, 5/15/2039 (a)		282		26
Series 3549, Class FA, 1.36%, 7/15/2039 (a)		44		44
Series 4580, Class PT, 6.92%, 8/15/2039 (a)		1,516		1,775
Series 3572, Class JS, IF, IO, 6.64%, 9/15/2039 (a)		296		49
Series 3795, Class EI, IO, 5.00%, 10/15/2039		559		41
Series 3621, PO, 1/15/2040		275		260
Series 3621, Class BO, PO, 1/15/2040		189		180
Series 3623, Class LO, PO, 1/15/2040		259		238
Series 3632, Class BS, IF, 16.96%, 2/15/2040 (a)		790		1,165

SEE NOTES TO FINANCIAL STATEMENTS.

274 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3714, Class IP, IO, 5.00%, 8/15/2040		1,091			122
Series 3966, Class BF, 0.66%, 10/15/2040 (a)		668			670
Series 3747, Class PY, 4.00%, 10/15/2040		1,500			1,781
Series 3747, Class CY, 4.50%, 10/15/2040		2,373			2,855
Series 3740, Class SC, IF, IO, 5.84%, 10/15/2040 (a)		561			103
Series 3753, PO, 11/15/2040		1,665			1,585
Series 3770, Class PY, 5.00%, 12/15/2040		1,655			2,052
Series 3860, Class PZ, 5.00%, 5/15/2041		3,173			3,850
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (a)		116			130
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (a)		213			236
Series 3966, Class NA, 4.00%, 12/15/2041		1,700			1,904
Series 4015, Class MY, 3.50%, 3/15/2042		1,000			1,114
Series 4830, Class K, 4.00%, 8/15/2042		190			190
Series 4136, Class HS, IF, 3.84%, 11/15/2042 (a)		1,099			1,143
Series 4177, Class MQ, 2.50%, 3/15/2043		1,000			1,065
Series 4274, Class EM, 4.00%, 11/15/2043		1,000			1,261
Series 4280, Class EO, PO, 12/15/2043		1,274			1,104
Series 4281, Class OB, PO, 12/15/2043		1,367			1,187
Series 4377, Class JP, 3.00%, 8/15/2044		4,779			5,131
Series 4456, Class SA, IF, IO, 5.99%, 3/15/2045 (a)		7,110			1,378
Series 4480, Class SE, IF, IO, 6.02%, 6/15/2045 (a)		6,804			1,351
Series 4708, Class F, 0.46%, 8/15/2047 (a)		4,959			4,938
Series 4888, Class AZ, 4.00%, 12/15/2048		5,886			6,557
Series 4903, Class SN, IF, IO, 5.94%, 8/25/2049 (a)		17,967			3,742
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(b)		—	(b)
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(b)		—	(b)
Series 191, IO, 8.00%, 1/1/2028		447			77
Series 197, PO, 4/1/2028		182			177
Series 233, Class 11, IO, 5.00%, 9/15/2035		231			40
Series 233, Class 12, IO, 5.00%, 9/15/2035		134			25
Series 233, Class 13, IO, 5.00%, 9/15/2035		317			55
Series 239, Class S30, IF, IO, 7.54%, 8/15/2036 (a)		437			110
Series 262, Class 35, 3.50%, 7/15/2042		13,190			14,714
Series 299, Class 300, 3.00%, 1/15/2043		681			722
Series 310, PO, 9/15/2043		1,687			1,540

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.27%, 7/25/2032 (a)		178		202
Series T-76, Class 2A, 1.94%, 10/25/2037 (a)		2,069		2,219
Series T-42, Class A5, 7.50%, 2/25/2042		631		780
Series T-51, Class 2A, 7.50%, 8/25/2042 (a)		51		69
Series T-54, Class 2A, 6.50%, 2/25/2043		1,128		1,386
Series T-54, Class 3A, 7.00%, 2/25/2043		525		651
Series T-56, Class A5, 5.23%, 5/25/2043		949		1,101
Series T-58, Class A, PO, 9/25/2043		74		65
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)		42		53
Series T-59, Class 1AP, PO, 10/25/2043		76		60
Series T-62, Class 1A1, 2.37%, 10/25/2044 (a)		909		936
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.53%, 10/25/2034 (a)		230		228
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		221		168
Series 2007-FA4, Class 1A2, IF, IO, 5.47%, 8/25/2037 ‡ (a)		3,348		867
FNMA Trust, Whole Loan
Series 2003-W17, Class 1A7, 5.75%, 8/25/2033		3,168		3,639
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		239		284
Series 2003-W8, Class 3F1, 0.58%, 5/25/2042 (a)		155		154
Series 2003-W2, Class 1A1, 6.50%, 7/25/2042		200		237
Series 2003-W8, Class 2A, 7.00%, 10/25/2042		135		162
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		185		218
Series 2005-W3, Class 2AF, 0.40%, 3/25/2045 (a)		401		400
Series 2005-W4, Class 3A, 3.55%, 6/25/2045 (a)		907		967
Series 2005-W4, Class 1A1, 6.00%, 8/25/2045		153		178
Series 2006-W2, Class 1AF1, 0.40%, 2/25/2046 (a)		208		208
FNMA, Grantor Trust, Whole Loan
Series 2001-T7, Class A1, 7.50%, 2/25/2041		336		403

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 275

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2001-T12, Class A2, 7.50%, 8/25/2041		217			261
Series 2001-T10, PO, 12/25/2041		13			13
Series 2002-T4, Class A2, 7.00%, 12/25/2041		137			161
Series 2002-T4, Class A3, 7.50%, 12/25/2041		310			373
Series 2002-T16, Class A2, 7.00%, 7/25/2042		127			155
Series 2002-T19, Class A2, 7.00%, 7/25/2042		296			359
Series 2004-T1, Class 1A1, 6.00%, 1/25/2044		214			251
Series 2004-T3, Class PT1, 10.15%, 1/25/2044 (a)		170			208
FNMA, REMIC
Series 1990-134, Class SC, HB, IF, 21.34%, 11/25/2020 (a)		—	(b)		—	(b)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(b)		—	(b)
Series 1991-44, Class G, 8.50%, 5/25/2021		—	(b)		—	(b)
Series 1991-60, Class PM, HB, 1,009.00%, 6/25/2021		—	(b)		—	(b)
Series G92-7, Class JQ, 8.50%, 1/25/2022		2			2
Series G92-14, Class Z, 7.00%, 2/25/2022		—	(b)		—	(b)
Series 2007-15, Class NO, PO, 3/25/2022		10			10
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(b)		—	(b)
Series 1996-59, Class J, 6.50%, 8/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		2			2
Series G92-62, Class B, PO, 10/25/2022		1			1
Series G92-61, Class Z, 7.00%, 10/25/2022		10			10
Series G93-1, Class KA, 7.90%, 1/25/2023		8			8
Series 1993-108, Class D, PO, 2/25/2023		—	(b)		—	(b)
Series 1993-27, Class S, IF, 9.49%, 2/25/2023 (a)		8			8
Series 1993-25, Class J, 7.50%, 3/25/2023		17			18
Series 1993-31, Class K, 7.50%, 3/25/2023		3			3
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (a)		7			7
Series 1993-54, Class Z, 7.00%, 4/25/2023		36			38
Series 1993-62, Class SA, IF, 18.94%, 4/25/2023 (a)		2			2

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1998-43, Class SA, HB, IF, 21.25%, 4/25/2023 (a)		16			3
Series 1993-97, Class FA, 1.43%, 5/25/2023 (a)		2			2
Series 2008-47, Class SI, IF, IO, 6.32%, 6/25/2023 (a)		28			1
Series 1993-162, Class F, 1.13%, 8/25/2023 (a)		5			5
Series 1996-14, Class SE, IF, IO, 10.00%, 8/25/2023 (a)		27			3
Series 1993-228, Class G, PO, 9/25/2023		2			2
Series 1993-165, Class SD, IF, 13.41%, 9/25/2023 (a)		1			1
Series 2000-18, Class EC, PO, 10/25/2023		51			51
Series 1993-179, Class SB, HB, IF, 26.77%, 10/25/2023 (a)		8			10
Series 1993-230, Class FA, 0.78%, 12/25/2023 (a)		2			2
Series 2002-1, Class UD, HB, IF, 23.89%, 12/25/2023 (a)		12			16
Series 1994-26, Class J, PO, 1/25/2024		127			126
Series 2009-9, IO, 5.00%, 2/25/2024		—	(b)		—	(b)
Series 2009-12, IO, 4.50%, 3/25/2024		—	(b)		—	(b)
Series 1994-37, Class L, 6.50%, 3/25/2024		12			12
Series G94-7, Class PJ, 7.50%, 5/17/2024		70			76
Series 2004-53, Class NC, 5.50%, 7/25/2024		69			72
Series 1995-2, Class Z, 8.50%, 1/25/2025		4			4
Series 2006-72, Class HO, PO, 8/25/2026		57			55
Series 2006-94, Class GI, IF, IO, 6.47%, 10/25/2026 (a)		627			68
Series 2006-94, Class GK, HB, IF, 32.37%, 10/25/2026 (a)		26			40
Series G97-2, Class ZA, 8.50%, 2/17/2027		20			23
Series 1997-20, IO, 1.84%, 3/25/2027 (a)		5			—	(b)
Series 1997-27, Class J, 7.50%, 4/18/2027		4			5
Series 1997-24, Class Z, 8.00%, 4/18/2027		5			5
Series 1997-46, Class Z, 7.50%, 6/17/2027		116			130
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		4			—	(b)
Series 1998-30, Class ZA, 6.50%, 5/20/2028		254			288
Series 1998-36, Class ZB, 6.00%, 7/18/2028		32			36
Series 2002-7, Class FD, 0.88%, 4/25/2029 (a)		71			72
Series 1999-62, Class PB, 7.50%, 12/18/2029		27			32

SEE NOTES TO FINANCIAL STATEMENTS.

276 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2000-52, IO, 8.50%, 1/25/2031		5		1
Series 2002-60, Class FA, 0.93%, 2/25/2031 (a)		232		234
Series 2002-60, Class FB, 0.93%, 2/25/2031 (a)		232		234
Series 2001-4, Class ZA, 6.50%, 3/25/2031		236		272
Series 2001-7, Class PF, 7.00%, 3/25/2031		18		22
Series 2002-50, Class ZA, 6.00%, 5/25/2031		342		389
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		28		5
Series 2001-49, Class LZ, 8.50%, 7/25/2031		51		61
Series 2001-38, Class FB, 0.68%, 8/25/2031 (a)		76		77
Series 2001-36, Class DE, 7.00%, 8/25/2031		43		51
Series 2001-44, Class PD, 7.00%, 9/25/2031		20		24
Series 2001-44, Class PU, 7.00%, 9/25/2031		30		36
Series 2001-53, Class FX, 0.53%, 10/25/2031 (a)		222		221
Series 2003-52, Class SX, HB, IF, 22.42%, 10/25/2031 (a)		12		19
Series 2001-61, Class Z, 7.00%, 11/25/2031		121		145
Series 2001-72, Class SX, IF, 17.06%, 12/25/2031 (a)		12		17
Series 2002-1, Class SA, HB, IF, 24.62%, 2/25/2032 (a)		6		9
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (a)		139		5
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (a)		7		9
Series 2002-30, Class Z, 6.00%, 5/25/2032		200		235
Series 2002-37, Class Z, 6.50%, 6/25/2032		13		15
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		277		46
Series 2004-61, Class FH, 0.98%, 11/25/2032 (a)		1,143		1,159
Series 2011-39, Class ZA, 6.00%, 11/25/2032		1,235		1,438
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (a)		46		55
Series 2004-59, Class BG, PO, 12/25/2032		62		59
Series 2002-77, Class S, IF, 14.16%, 12/25/2032 (a)		29		39

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-2, Class F, 0.93%, 2/25/2033 (a)		491		497
Series 2003-14, Class TI, IO, 5.00%, 3/25/2033		271		19
Series 2003-22, Class UD, 4.00%, 4/25/2033		385		429
Series 2003-39, IO, 6.00%, 5/25/2033 (a)		21		4
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		451		97
Series 2004-4, Class QI, IF, IO, 6.92%, 6/25/2033 (a)		112		6
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		587		134
Series 2004-4, Class QM, IF, 13.85%, 6/25/2033 (a)		28		31
Series 2003-132, Class OA, PO, 8/25/2033		18		17
Series 2003-132, Class PI, IO, 5.50%, 8/25/2033		47		3
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		209		38
Series 2003-74, Class SH, IF, 9.85%, 8/25/2033 (a)		27		34
Series 2003-86, Class ZA, 5.50%, 9/25/2033		236		271
Series 2003-91, Class SD, IF, 12.21%, 9/25/2033 (a)		31		39
Series 2003-105, Class AZ, 5.50%, 10/25/2033		1,262		1,470
Series 2003-116, Class SB, IF, IO, 7.42%, 11/25/2033 (a)		234		50
Series 2006-44, Class P, PO, 12/25/2033		449		426
Series 2003-122, Class ZJ, 6.00%, 12/25/2033		1,329		1,582
Series 2004-87, Class F, 0.93%, 1/25/2034 (a)		183		186
Series 2003-130, Class SX, IF, 11.26%, 1/25/2034 (a)		12		14
Series 2003-131, Class SK, IF, 15.85%, 1/25/2034 (a)		24		28
Series 2004-46, Class EP, PO, 3/25/2034		134		133
Series 2004-28, Class PF, 0.58%, 3/25/2034 (a)		336		336
Series 2004-17, Class H, 5.50%, 4/25/2034		375		443
Series 2004-25, Class SA, IF, 19.04%, 4/25/2034 (a)		89		133
Series 2004-46, Class SK, IF, 16.02%, 5/25/2034 (a)		39		55

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 277

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-36, Class SA, IF, 19.04%, 5/25/2034 (a)		156		241
Series 2004-46, Class QB, HB, IF, 23.30%, 5/25/2034 (a)		66		105
Series 2004-50, Class VZ, 5.50%, 7/25/2034		1,549		1,774
Series 2004-51, Class SY, IF, 13.89%, 7/25/2034 (a)		20		25
Series 2014-44, Class B, 2.50%, 8/25/2034		928		998
Series 2005-7, Class LO, PO, 2/25/2035		480		457
Series 2005-15, Class MO, PO, 3/25/2035		113		104
Series 2005-13, Class FL, 0.58%, 3/25/2035 (a)		97		97
Series 2006-60, Class DO, PO, 4/25/2035		4		4
Series 2005-74, Class SK, IF, 19.65%, 5/25/2035 (a)		195		256
Series 2005-56, Class S, IF, IO, 6.53%, 7/25/2035 (a)		289		68
Series 2005-66, Class SV, IF, IO, 6.57%, 7/25/2035 (a)		319		34
Series 2005-103, Class SC, IF, 10.95%, 7/25/2035 (a)		268		350
Series 2005-66, Class SG, IF, 16.94%, 7/25/2035 (a)		107		160
Series 2005-68, Class PG, 5.50%, 8/25/2035		264		302
Series 2005-73, Class PS, IF, 16.26%, 8/25/2035 (a)		75		104
Series 2005-90, PO, 9/25/2035		108		107
Series 2005-90, Class AO, PO, 10/25/2035		35		34
Series 2010-39, Class OT, PO, 10/25/2035		145		141
Series 2005-84, Class XM, 5.75%, 10/25/2035		151		171
Series 2005-90, Class ES, IF, 16.44%, 10/25/2035 (a)		257		370
Series 2005-106, Class US, HB, IF, 23.92%, 11/25/2035 (a)		160		245
Series 2006-15, Class OT, PO, 1/25/2036		1		1
Series 2006-8, Class WQ, PO, 3/25/2036		449		411
Series 2006-16, Class HZ, 5.50%, 3/25/2036		146		170
Series 2006-8, Class WN, IF, IO, 6.52%, 3/25/2036 (a)		1,646		401
Series 2006-23, Class KO, PO, 4/25/2036		65		64
Series 2006-27, Class OH, PO, 4/25/2036		144		137
Series 2006-44, Class GO, PO, 6/25/2036		183		172
Series 2006-50, Class JO, PO, 6/25/2036		109		102

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2006-50, Class PS, PO, 6/25/2036		155		152
Series 2006-53, Class US, IF, IO, 6.40%, 6/25/2036 (a)		290		57
Series 2006-113, PO, 7/25/2036		20		20
Series 2006-58, PO, 7/25/2036		180		171
Series 2006-58, Class AP, PO, 7/25/2036		67		63
Series 2006-65, Class QO, PO, 7/25/2036		75		71
Series 2006-56, Class FT, 0.93%, 7/25/2036 (a)		709		756
Series 2006-63, Class ZH, 6.50%, 7/25/2036		222		266
Series 2006-72, Class TO, PO, 8/25/2036		86		80
Series 2006-79, Class DO, PO, 8/25/2036		117		114
Series 2007-7, Class SG, IF, IO, 6.32%, 8/25/2036 (a)		254		88
Series 2006-77, Class PC, 6.50%, 8/25/2036		617		710
Series 2006-78, Class BZ, 6.50%, 8/25/2036		154		181
Series 2006-86, Class OB, PO, 9/25/2036		160		152
Series 2006-90, Class AO, PO, 9/25/2036		125		120
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		871		194
Series 2006-110, PO, 11/25/2036		93		88
Series 2006-111, Class EO, PO, 11/25/2036		53		49
Series 2006-105, Class ME, 5.50%, 11/25/2036		896		1,047
Series 2006-115, Class OK, PO, 12/25/2036		194		180
Series 2006-119, PO, 12/25/2036		57		55
Series 2006-118, Class A2, 0.24%, 12/25/2036 (a)		100		99
Series 2006-120, Class PF, 0.43%, 12/25/2036 (a)		130		129
Series 2006-117, Class GS, IF, IO, 6.47%, 12/25/2036 (a)		154		26
Series 2006-120, IO, 6.50%, 12/25/2036		333		68
Series 2015-91, Class AC, 7.50%, 12/25/2036		2,331		2,916
Series 2006-126, Class AO, PO, 1/25/2037		330		309
Series 2007-1, Class SD, HB, IF, 37.95%, 2/25/2037 (a)		33		116
Series 2007-14, Class OP, PO, 3/25/2037		105		101
Series 2007-16, Class FC, 0.93%, 3/25/2037 (a)		45		47
Series 2009-63, Class P, 5.00%, 3/25/2037		28		31

SEE NOTES TO FINANCIAL STATEMENTS.

278 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-22, Class SC, IF, IO, 5.90%, 3/25/2037 (a)		36		1
Series 2007-18, Class MZ, 6.00%, 3/25/2037		354		400
Series 2007-14, Class ES, IF, IO, 6.26%, 3/25/2037 (a)		4,178		787
Series 2010-54, Class FD, 0.42%, 5/25/2037 (a)		8,275		8,247
Series 2007-39, Class EF, 0.43%, 5/25/2037 (a)		38		38
Series 2007-46, Class ZK, 5.50%, 5/25/2037		718		812
Series 2007-54, Class FA, 0.58%, 6/25/2037 (a)		134		135
Series 2007-54, Class WI, IF, IO, 5.92%, 6/25/2037 (a)		429		89
Series 2007-72, Class EK, IF, IO, 6.22%, 7/25/2037 (a)		953		193
Series 2007-65, Class KI, IF, IO, 6.44%, 7/25/2037 (a)		231		38
Series 2007-60, Class AX, IF, IO, 6.97%, 7/25/2037 (a)		330		85
Series 2007-76, Class ZG, 6.00%, 8/25/2037		313		367
Series 2007-78, Class CB, 6.00%, 8/25/2037		84		100
Series 2007-79, Class SB, HB, IF, 23.37%, 8/25/2037 (a)		34		56
Series 2007-88, Class VI, IF, IO, 6.36%, 9/25/2037 (a)		147		32
Series 2009-86, Class OT, PO, 10/25/2037		515		478
Series 2007-100, Class SM, IF, IO, 6.27%, 10/25/2037 (a)		361		74
Series 2007-91, Class ES, IF, IO, 6.28%, 10/25/2037 (a)		500		110
Series 2007-112, Class SA, IF, IO, 6.27%, 12/25/2037 (a)		871		201
Series 2007-116, Class HI, IO, 2.50%, 1/25/2038 (a)		764		31
Series 2008-1, Class BI, IF, IO, 5.73%, 2/25/2038 (a)		275		53
Series 2008-12, Class CO, PO, 3/25/2038		610		576
Series 2008-16, Class IS, IF, IO, 6.02%, 3/25/2038 (a)		153		24
Series 2008-10, Class XI, IF, IO, 6.05%, 3/25/2038 (a)		145		28
Series 2008-20, Class SA, IF, IO, 6.81%, 3/25/2038 (a)		257		56

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-79, Class UA, 7.00%, 3/25/2038		27		32
Series 2008-32, Class SA, IF, IO, 6.67%, 4/25/2038 (a)		51		10
Series 2008-27, Class SN, IF, IO, 6.72%, 4/25/2038 (a)		82		16
Series 2008-44, PO, 5/25/2038		17		15
Series 2011-47, Class ZA, 5.50%, 7/25/2038		462		538
Series 2008-53, Class CI, IF, IO, 7.02%, 7/25/2038 (a)		134		25
Series 2008-80, Class SA, IF, IO, 5.67%, 9/25/2038 (a)		251		49
Series 2008-81, Class SB, IF, IO, 5.67%, 9/25/2038 (a)		182		31
Series 2008-80, Class GP, 6.25%, 9/25/2038		19		22
Series 2010-148, Class MA, 4.00%, 2/25/2039		38		38
Series 2009-4, Class BD, 4.50%, 2/25/2039		27		30
Series 2009-6, Class GS, IF, IO, 6.37%, 2/25/2039 (a)		132		28
Series 2009-17, Class QS, IF, IO, 6.47%, 3/25/2039 (a)		137		25
Series 2009-62, Class HJ, 6.00%, 5/25/2039		122		131
Series 2009-52, Class PI, IO, 5.00%, 7/25/2039		324		52
Series 2009-47, Class MT, 7.00%, 7/25/2039		22		26
Series 2009-69, PO, 9/25/2039		123		116
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		205		37
Series 2009-84, Class WS, IF, IO, 5.72%, 10/25/2039 (a)		99		15
Series 2009-92, Class AD, 6.00%, 11/25/2039		182		202
Series 2009-103, Class MB, 3.60%, 12/25/2039 (a)		632		659
Series 2009-99, Class SC, IF, IO, 6.00%, 12/25/2039 (a)		79		12
Series 2009-99, Class WA, 6.30%, 12/25/2039 (a)		461		533
Series 2009-113, Class FB, 0.73%, 1/25/2040 (a)		147		148
Series 2009-112, Class ST, IF, IO, 6.07%, 1/25/2040 (a)		264		56

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 279

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-1, Class WA, 6.22%, 2/25/2040 (a)		958		1,096
Series 2010-23, Class KS, IF, IO, 6.92%, 2/25/2040 (a)		222		39
Series 2010-16, Class WB, 6.21%, 3/25/2040 (a)		1,576		1,828
Series 2010-16, Class WA, 6.44%, 3/25/2040 (a)		769		882
Series 2010-49, Class SC, IF, 12.31%, 3/25/2040 (a)		369		499
Series 2010-40, Class FJ, 0.78%, 4/25/2040 (a)		155		156
Series 2010-35, Class SB, IF, IO, 6.24%, 4/25/2040 (a)		218		38
Series 2010-43, Class FD, 0.78%, 5/25/2040 (a)		411		416
Series 2010-42, Class S, IF, IO, 6.22%, 5/25/2040 (a)		90		17
Series 2010-61, Class WA, 6.02%, 6/25/2040 (a)		290		338
Series 2010-68, Class SA, IF, IO, 4.82%, 7/25/2040 (a)		844		119
Series 2010-103, Class ME, 4.00%, 9/25/2040		886		984
Series 2010-111, Class AM, 5.50%, 10/25/2040		1,072		1,282
Series 2010-123, Class FL, 0.61%, 11/25/2040 (a)		91		91
Series 2010-125, Class SA, IF, IO, 4.26%, 11/25/2040 (a)		987		118
Series 2010-130, Class CY, 4.50%, 11/25/2040		2,721		3,214
Series 2010-147, Class SA, IF, IO, 6.35%, 1/25/2041 (a)		2,257		529
Series 2011-20, Class MW, 5.00%, 3/25/2041		1,674		2,015
Series 2011-30, Class LS, IO, 3.00%, 4/25/2041 (a)		576		38
Series 2011-75, Class FA, 0.73%, 8/25/2041 (a)		126		126
Series 2011-118, Class LB, 7.00%, 11/25/2041		902		1,115
Series 2011-118, Class MT, 7.00%, 11/25/2041		1,420		1,748
Series 2011-118, Class NT, 7.00%, 11/25/2041		1,418		1,703
Series 2013-2, Class LZ, 3.00%, 2/25/2043		562		554
Series 2013-4, Class AJ, 3.50%, 2/25/2043		2,931		3,278
Series 2013-92, PO, 9/25/2043		1,774		1,633

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-101, Class DO, PO, 10/25/2043		1,841		1,598
Series 2018-11, Class LA, 3.50%, 7/25/2045		4,839		5,046
Series 2015-85, Class HD, 3.00%, 11/25/2045		74		74
Series 2018-63, Class DA, 3.50%, 9/25/2048		3,849		4,081
Series 2018-68, Class DZ, 4.00%, 9/25/2048		2,166		2,379
Series 2019-20, Class H, 3.50%, 5/25/2049		4,325		4,600
Series 2019-32, Class SD, IF, IO, 5.87%, 6/25/2049 (a)		9,408		1,711
Series 2010-103, Class SB, IF, IO, 5.92%, 11/25/2049 (a)		714		72
Series 2011-2, Class WA, 5.85%, 2/25/2051 (a)		174		200
Series 2011-43, Class WA, 5.81%, 5/25/2051 (a)		209		244
Series 2011-58, Class WA, 5.43%, 7/25/2051 (a)		564		656
Series 2012-21, Class WA, 5.63%, 3/25/2052 (a)		881		1,034
FNMA, REMIC Trust Series 2006-72, Class GO, PO, 8/25/2036		131		127
FNMA, REMIC Trust, Whole Loan
Series 2004-W4, Class A7, 5.50%, 6/25/2034		757		884
Series 2007-W2, Class 1A1, 0.50%, 3/25/2037 (a)		209		209
Series 2007-W3, Class 1A3, 6.75%, 4/25/2037		120		136
Series 2007-W7, Class 1A4, HB, IF, 38.13%, 7/25/2037 (a)		16		34
Series 2001-W3, Class A, 7.00%, 9/25/2041 (a)		438		489
Series 2002-W10, IO, 0.91%, 8/25/2042 (a)		1,648		34
Series 2003-W4, Class 2A, 5.77%, 10/25/2042 (a)		25		29
Series 2003-W1, Class 1A1, 5.22%, 12/25/2042 (a)		190		211
Series 2003-W1, Class 2A, 5.72%, 12/25/2042 (a)		122		137
Series 2004-W11, Class 1A1, 6.00%, 5/25/2044		412		502
Series 2006-W3, Class 2A, 6.00%, 9/25/2046		168		191

SEE NOTES TO FINANCIAL STATEMENTS.

280 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-W3, Class 1AF1, 0.42%, 10/25/2046 (a)		135			133
Series 2009-W1, Class A, 6.00%, 12/25/2049		920			1,065
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.38%, 6/27/2036 (a)		251			247
Series 2007-64, Class FB, 0.55%, 7/25/2037 (a)		201			202
Series 2007-106, Class A7, 6.20%, 10/25/2037 (a)		69			80
Series 2003-7, Class A1, 6.50%, 12/25/2042		219			255
FNMA, STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(b)		—
Series 213, Class 2, IO, 8.00%, 3/25/2023		38			3
Series 218, Class 2, IO, 7.50%, 4/25/2023		53			4
Series 265, Class 2, 9.00%, 3/25/2024		1			2
Series 300, Class 1, PO, 9/25/2024		64			62
Series 293, Class 1, PO, 12/25/2024		124			122
Series 285, Class 1, PO, 2/25/2027		3			3
Series 331, Class 13, IO, 7.00%, 11/25/2032		136			28
Series 345, Class 6, IO, 5.00%, 12/25/2033 (a)		64			9
Series 351, Class 7, IO, 5.00%, 4/25/2034 (a)		143			19
Series 356, Class 3, IO, 5.00%, 1/25/2035		180			26
Series 365, Class 8, IO, 5.50%, 5/25/2036		231			48
Series 373, Class 1, PO, 7/25/2036		1,438			1,375
Series 374, Class 5, IO, 5.50%, 8/25/2036		82			15
Series 393, Class 6, IO, 5.50%, 4/25/2037		41			6
Series 383, Class 32, IO, 6.00%, 1/25/2038		197			42
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.53%, 6/19/2035 (a)		360			338
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		68			68
Series 2001-35, Class SA, IF, IO, 8.09%, 8/16/2031 (a)		47			—	(b)
Series 2010-14, Class AO, PO, 12/20/2032		5			5
Series 2003-11, Class SK, IF, IO, 6.08%, 2/16/2033 (a)		198			1
Series 2008-29, PO, 2/17/2033		17			17
Series 2003-24, PO, 3/16/2033		7			7
Series 2003-41, Class ID, IO, 5.50%, 5/20/2033		247			31
Series 2003-90, PO, 10/20/2033		19			18

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2010-41, Class WA, 5.82%, 10/20/2033 (a)		907		1,026
Series 2003-112, Class SA, IF, IO, 4.93%, 12/16/2033 (a)		290		36
Series 2005-24, Class ST, IF, 7.50%, 1/17/2034 (a)		7		7
Series 2004-28, Class S, IF, 19.22%, 4/16/2034 (a)		76		115
Series 2004-46, Class AO, PO, 6/20/2034		100		95
Series 2004-73, Class AE, IF, 14.52%, 8/17/2034 (a)		16		17
Series 2010-103, Class WA, 5.71%, 8/20/2034 (a)		471		544
Series 2004-73, Class JL, IF, IO, 6.39%, 9/16/2034 (a)		980		203
Series 2004-71, Class ST, IF, 7.00%, 9/20/2034 (a)		23		25
Series 2004-90, Class SI, IF, IO, 5.94%, 10/20/2034 (a)		313		54
Series 2005-68, Class DP, IF, 16.04%, 6/17/2035 (a)		85		111
Series 2010-14, Class CO, PO, 8/20/2035		714		676
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (a)		939		152
Series 2005-72, Class AZ, 5.50%, 9/20/2035		596		678
Series 2005-68, Class KI, IF, IO, 6.14%, 9/20/2035 (a)		584		126
Series 2005-85, IO, 5.50%, 11/16/2035		241		33
Series 2010-14, Class BO, PO, 11/20/2035		110		105
Series 2006-16, Class OP, PO, 3/20/2036		100		94
Series 2006-22, Class AO, PO, 5/20/2036		69		68
Series 2006-38, Class SW, IF, IO, 6.34%, 6/20/2036 (a)		134		9
Series 2006-34, PO, 7/20/2036		58		57
Series 2006-59, Class SD, IF, IO, 6.54%, 10/20/2036 (a)		90		17
Series 2011-22, Class WA, 5.86%, 2/20/2037 (a)		1,262		1,464
Series 2007-57, PO, 3/20/2037		233		225
Series 2007-17, Class JO, PO, 4/16/2037		78		71
Series 2007-17, Class JI, IF, IO, 6.65%, 4/16/2037 (a)		565		128
Series 2010-129, Class AW, 5.95%, 4/20/2037 (a)		481		555
Series 2007-31, Class AO, PO, 5/16/2037		400		364
Series 2007-25, Class FN, 0.46%, 5/16/2037 (a)		62		62

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 281

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-28, Class BO, PO, 5/20/2037		14		13
Series 2007-26, Class SC, IF, IO, 6.04%, 5/20/2037 (a)		267		47
Series 2007-36, Class HO, PO, 6/16/2037		13		13
Series 2007-36, Class SE, IF, IO, 6.31%, 6/16/2037 (a)		268		40
Series 2007-36, Class SG, IF, IO, 6.31%, 6/20/2037 (a)		402		63
Series 2007-45, Class QA, IF, IO, 6.48%, 7/20/2037 (a)		117		18
Series 2007-40, Class SD, IF, IO, 6.59%, 7/20/2037 (a)		285		50
Series 2007-42, Class SB, IF, IO, 6.59%, 7/20/2037 (a)		286		49
Series 2007-50, Class AI, IF, IO, 6.62%, 8/20/2037 (a)		187		17
Series 2008-20, PO, 9/20/2037		42		42
Series 2007-53, Class SW, IF, 19.73%, 9/20/2037 (a)		38		51
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		169		11
Series 2009-79, Class OK, PO, 11/16/2037		179		171
Series 2007-74, Class SL, IF, IO, 6.38%, 11/16/2037 (a)		767		107
Series 2007-76, Class SA, IF, IO, 6.37%, 11/20/2037 (a)		234		33
Series 2007-79, Class SY, IF, IO, 6.39%, 12/20/2037 (a)		324		49
Series 2008-2, Class MS, IF, IO, 7.00%, 1/16/2038 (a)		188		37
Series 2008-1, PO, 1/20/2038		40		38
Series 2015-137, Class WA, 5.50%, 1/20/2038 (a)		379		448
Series 2008-13, Class PI, IO, 5.50%, 2/16/2038		544		77
Series 2008-10, Class S, IF, IO, 5.67%, 2/20/2038 (a)		128		17
Series 2009-106, Class ST, IF, IO, 5.84%, 2/20/2038 (a)		765		137
Series 2008-33, Class XS, IF, IO, 7.54%, 4/16/2038 (a)		129		24
Series 2008-36, Class SH, IF, IO, 6.14%, 4/20/2038 (a)		290		1
Series 2012-52, Class WA, 6.18%, 4/20/2038 (a)		2,939		3,458
Series 2008-40, Class SA, IF, IO, 6.24%, 5/16/2038 (a)		1,082		202
Series 2008-55, Class SA, IF, IO, 6.04%, 6/20/2038 (a)		141		24

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-62, Class SA, IF, IO, 5.99%, 7/20/2038 (a)		816		119
Series 2012-59, Class WA, 5.58%, 8/20/2038 (a)		544		633
Series 2008-71, Class SC, IF, IO, 5.84%, 8/20/2038 (a)		52		7
Series 2009-25, Class SE, IF, IO, 7.44%, 9/20/2038 (a)		135		23
Series 2011-97, Class WA, 6.12%, 11/20/2038 (a)		1,389		1,630
Series 2008-93, Class AS, IF, IO, 5.54%, 12/20/2038 (a)		217		30
Series 2008-96, Class SL, IF, IO, 5.84%, 12/20/2038 (a)		159		15
Series 2011-163, Class WA, 5.87%, 12/20/2038 (a)		1,393		1,628
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		44		2
Series 2008-95, Class DS, IF, IO, 7.14%, 12/20/2038 (a)		557		113
Series 2009-6, Class SA, IF, IO, 5.94%, 2/16/2039 (a)		181		23
Series 2009-10, Class SA, IF, IO, 5.79%, 2/20/2039 (a)		305		46
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		948		152
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		196		34
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		233		51
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		71		10
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		164		31
Series 2009-102, Class SM, IF, IO, 6.24%, 6/16/2039 (a)		35		—	(b)
Series 2009-43, Class SA, IF, IO, 5.79%, 6/20/2039 (a)		198		29
Series 2009-42, Class SC, IF, IO, 5.92%, 6/20/2039 (a)		382		57
Series 2009-64, Class SN, IF, IO, 5.94%, 7/16/2039 (a)		335		50
Series 2009-54, Class JZ, 5.50%, 7/20/2039		1,394		1,620
Series 2009-67, Class SA, IF, IO, 5.89%, 8/16/2039 (a)		284		44
Series 2009-72, Class SM, IF, IO, 6.09%, 8/16/2039 (a)		522		98
Series 2009-104, Class AB, 7.00%, 8/16/2039		403		448

SEE NOTES TO FINANCIAL STATEMENTS.

282 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-106, Class AS, IF, IO, 6.24%, 11/16/2039 (a)		583		111
Series 2015-91, Class W, 5.26%, 5/20/2040 (a)		1,076		1,248
Series 2013-75, Class WA, 5.15%, 6/20/2040 (a)		550		634
Series 2011-137, Class WA, 5.57%, 7/20/2040 (a)		1,973		2,325
Series 2010-130, Class CP, 7.00%, 10/16/2040		397		479
Series 2010-157, Class OP, PO, 12/20/2040		1,129		1,075
Series 2011-100, Class MY, 4.00%, 7/20/2041		1,948		2,150
Series 2012-24, Class WA, 5.56%, 7/20/2041 (a)		2,834		3,299
Series 2013-26, Class AK, 4.68%, 9/20/2041 (a)		1,449		1,654
Series 2014-188, Class W, 4.60%, 10/20/2041 (a)		1,353		1,507
Series 2012-141, Class WA, 4.54%, 11/16/2041 (a)		3,944		4,359
Series 2012-141, Class WC, 3.68%, 1/20/2042 (a)		2,292		2,538
Series 2012-141, Class WB, 4.00%, 9/16/2042 (a)		3,322		3,750
Series 2012-138, Class PT, 4.00%, 11/16/2042 (a)		3,602		4,036
Series 2013-54, Class WA, 4.81%, 11/20/2042 (a)		2,019		2,311
Series 2017-99, Class PT, 6.01%, 8/20/2044 (a)		1,201		1,428
Series 2019-31, Class HC, 3.50%, 5/20/2046		6,013		6,237
Series 2018-160, Class PA, 3.50%, 7/20/2046		6,116		6,371
Series 2016-90, Class LI, IO, 4.00%, 7/20/2046		4,509		458
Series 2019-111, IO, 5.00%, 4/20/2049		14,778		1,800
Series 2019-65, Class ST, IF, IO, 5.89%, 5/20/2049 (a)		17,967		2,796
Series 2019-112, Class GS, IF, IO, 5.91%, 9/20/2049 (a)		5,593		790
Series 2019-112, Class SG, IF, IO, 5.94%, 9/20/2049 (a)		5,786		1,090
Series 2020-47, Class AI, IO, 4.50%, 4/16/2050		12,273		1,920
Series 2020-85, Class IA, IO, 4.50%, 6/20/2050		35,603		5,531

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-97, Class AI, IO, 4.75%, 7/20/2050		14,984		1,720
Series 2020-97, Class IA, IO, 5.00%, 7/20/2050		19,271		2,393
Series 2020-122, Class HI, IO, 3.00%, 8/20/2050		26,782		4,042
Series 2020-112, Class GI, IO, 4.50%, 8/20/2050		22,000		3,548
Series 2012-H24, Class FG, 0.59%, 4/20/2060 (a)		22		22
Series 2013-H03, Class FA, 0.46%, 8/20/2060 (a)		6		6
Series 2013-H05, Class FB, 0.56%, 2/20/2062 (a)		61		61
Series 2013-H07, Class MA, 0.71%, 4/20/2062 (a)		8		8
Series 2012-H08, Class FC, 0.73%, 4/20/2062 (a)		2,670		2,676
Series 2013-H02, Class HF, 0.46%, 11/20/2062 (a)		15		15
Series 2013-H01, Class JA, 0.48%, 1/20/2063 (a)		3,155		3,145
Series 2013-H04, Class SA, 0.58%, 2/20/2063 (a)		2,216		2,212
Series 2013-H08, Class BF, 0.56%, 3/20/2063 (a)		1,221		1,219
Series 2013-H07, Class HA, 0.57%, 3/20/2063 (a)		3,801		3,796
Series 2013-H09, Class HA, 1.65%, 4/20/2063		906		910
Series 2014-H17, Class FC, 0.66%, 7/20/2064 (a)		774		775
Series 2015-H32, Class FH, 0.82%, 12/20/2065 (a)		3,732		3,758
Series 2016-H13, Class FD, 0.62%, 5/20/2066 (a)		5,046		5,007
Series 2016-H13, Class FT, 0.74%, 5/20/2066 (a)		2,300		2,304
Series 2016-H11, Class FD, 1.40%, 5/20/2066 (a)		1,999		2,014
Series 2016-H16, Class FC, 1.02%, 7/20/2066 (a)		6,812		6,842
Series 2016-H26, Class FC, 1.16%, 12/20/2066 (a)		1,537		1,566
Series 2017-H05, Class FC, 0.91%, 2/20/2067 (a)		1,654		1,670
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067 (a)		6,362		681

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 283

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2017-H11, Class XI, IO, 2.27%, 5/20/2067 (a)		16,849		1,688
Series 2017-H14, Class XI, IO, 1.81%, 6/20/2067 (a)		7,427		630
Series 2017-H14, Class AI, IO, 2.18%, 6/20/2067 (a)		8,775		912
Series 2020-H11, Class GI, IO, 3.33%, 7/20/2067 (a)		7,574		720
Series 2017-H16, Class F, 0.59%, 8/20/2067 (a)		4,243		4,204
Series 2017-H17, Class FQ, 2.39%, 9/20/2067 (a)		5,439		5,434
Series 2018-H13, Class DF, 0.56%, 7/20/2068 (a)		5,185		5,128
Series 2019-H09, Class IB, IO, 1.81%, 4/20/2069 (a)		22,046		972
Series 2019-H14, Class IE, IO, 0.95%, 5/20/2069 (a)		66,053		1,929
Series 2019-H10, Class IB, IO, 2.07%, 5/20/2069 (a)		30,607		1,631
Series 2019-H12, Class JI, IO, 2.04%, 7/20/2069 (a)		27,947		1,657
Series 2019-H14, Class KI, IO, 2.28%, 7/20/2069 (a)		19,114		1,281
Series 2019-H15, Class IJ, IO, 2.19%, 8/20/2069 (a)		22,615		1,635
Series 2019-H18, Class CI, IO, 2.60%, 10/20/2069 (a)		39,189		3,198
Series 2019-H18, Class KI, IO, 2.35%, 11/20/2069 (a)		22,144		1,428
Series 2020-H02, Class DI, IO, 2.21%, 12/20/2069 (a)		31,892		2,169
Series 2020-H05, Class FK, 0.77%, 3/20/2070 (a)		7,190		7,252
Series 2020-H05, IO, 2.53%, 3/20/2070 (a)		36,917		3,068
Series 2020-H07, Class DI, IO, 2.46%, 4/20/2070 (a)		51,111		4,539
Series 2020-H09, Class IE, IO, 3.03%, 5/20/2070 (a)		14,765		1,544
GNMA, Whole Loan Series 2020-H04, Class FH, 0.76%, 2/20/2070 (a)		6,022		6,073
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		3,017		3,040
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (d)		250		247
Series 2004-4, Class 1AF, 0.58%, 6/25/2034 (a) (d)		129		108

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-RP2, Class 1AF, 0.53%, 3/25/2035 (a) (d)		242		217
Series 2005-RP3, Class 1AF, 0.53%, 9/25/2035 (a) (d)		1,551		1,282
Series 2005-RP3, Class 1AS, IO, 4.25%, 9/25/2035 ‡ (a) (d)		705		100
Series 2006-RP2, Class 1AS2, IF, IO, 5.90%, 4/25/2036 ‡ (a) (d)		1,394		242
GSR Mortgage Loan Trust
Series 2003-6F, Class A2, 0.58%, 9/25/2032 (a)		2		2
Series 2003-7F, Class 1A4, 5.25%, 6/25/2033		187		193
Series 2003-13, Class 1A1, 3.15%, 10/25/2033 (a)		44		44
Series 2004-3F, Class 3A8, 13.50%, 2/25/2034		21		24
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		294		305
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		275		281
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		176		184
Series 2005-5F, Class 8A3, 0.68%, 6/25/2035 (a)		44		41
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		446		463
Series 2006-1F, Class 1AP, PO, 2/25/2036 ‡		124		99
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,838		1,368
Headlands Residential LLC
Series 2017-RPL1, Class A, 5.87%, 8/25/2022 (d) (e)		3,325		3,398
Series 2018-RPL1, Class A, 4.25%, 6/25/2023 (d) (e)		3,570		3,643
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (d) (e)		6,000		6,007
Impac CMB Trust Series 2005-2, Class 2M1, 0.95%, 4/25/2035 ‡ (a)		55		51
Impac Secured Assets CMN Owner Trust Series 2001-8, Class A6, 6.44%, 1/25/2032		321		336
Impac Secured Assets Trust Series 2006-2, Class 2A1, 0.53%, 8/25/2036 (a)		129		128
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A, 3.38%, 3/25/2036 (a)		111		97

SEE NOTES TO FINANCIAL STATEMENTS.

284 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A2, 3.84%, 11/25/2033 (a)		196		198
Series 2006-A2, Class 5A3, 3.84%, 11/25/2033 (a)		355		358
Series 2004-A3, Class 4A1, 3.26%, 7/25/2034 (a)		18		18
Series 2006-A2, Class 4A1, 3.09%, 8/25/2034 (a)		232		236
Series 2006-A3, Class 6A1, 3.10%, 8/25/2034 (a)		92		88
Series 2004-A4, Class 1A1, 2.88%, 9/25/2034 (a)		54		52
Series 2004-S1, Class 1A7, 5.00%, 9/25/2034		8		8
Series 2005-A1, Class 3A4, 3.74%, 2/25/2035 (a)		160		154
Series 2007-A1, Class 5A2, 3.75%, 7/25/2035 (a)		114		111
Legacy Mortgage Asset Trust
Series 2020-GS1, Class A1, 2.88%, 10/25/2059 (d) (e)		4,809		4,813
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.96%, 4/25/2036 (a)		232		202
Series 2007-6, Class 1A8, 6.00%, 7/25/2037		92		92
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		400		235
LHOME Mortgage Trust
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024 (d)		2,595		2,608
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (d)		5,500		5,546
Series 2020-RTL1, Class A1, 3.23%, 10/25/2024 (d)		7,250		7,242
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (a)		66		66
Series 2004-3, Class 4A2, 2.90%, 4/25/2034 (a)		37		33
Series 2004-4, Class 2A1, 3.89%, 5/25/2034 (a)		18		17
Series 2004-13, Class 3A7, 3.32%, 11/21/2034 (a)		339		345
Series 2004-15, Class 3A1, 4.16%, 12/25/2034 (a)		106		98

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
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		6			6
Series 2003-4, Class 2A1, 6.25%, 6/25/2033		195			206
Series 2003-8, Class 3A1, 5.50%, 12/25/2033		34			35
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		59			61
Series 2004-1, Class 30, PO, 2/25/2034 ‡		53			47
Series 2004-3, Class 30, PO, 4/25/2034 ‡		108			91
Series 2004-3, Class 30X1, IO, 6.00%, 4/25/2034 ‡		65			11
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		161			165
Series 2004-5, Class 30, PO, 6/25/2034 ‡		128			106
Series 2004-5, Class 30X1, IO, 6.00%, 6/25/2034 ‡		34			5
Series 2004-6, Class 30X1, IO, 5.50%, 7/25/2034 ‡		51			7
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		541			573
Series 2004-7, Class 30, PO, 8/25/2034 ‡		32			27
Series 2004-7, Class AX1, IO, 5.50%, 8/25/2034 ‡		162			23
Series 2005-3, Class AX2, IO, 6.00%, 4/25/2035 ‡		1,000			161
MASTR Asset Securitization Trust
Series 2003-11, Class 15, PO, 12/25/2018 ‡		—	(b)		—	(b)
Series 2003-12, Class 6A1, 5.00%, 12/25/2033		47			48
Series 2004-P7, Class A6, 5.50%, 12/27/2033 (d)		68			68
Series 2004-1, Class 30, PO, 2/25/2034 ‡		7			6
Series 2004-3, PO, 3/25/2034 ‡		4			3
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 0.52%, 5/25/2035 (a) (d)		1,459			797
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (d)		92			77
Merrill Lynch Mortgage Investors Trust
Series 2003-A, Class 2A2, 1.13%, 3/25/2028 (a)		78			75
Series 2003-E, Class A1, 0.79%, 10/25/2028 (a)		360			354

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 285

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-F, Class A1, 0.81%, 10/25/2028 (a)		581			569
Series 2004-D, Class A2, 1.03%, 9/25/2029 (a)		262			249
Series 2004-E, Class A2A, 1.67%, 11/25/2029 (a)		114			113
Series 2003-A5, Class 2A6, 2.95%, 8/25/2033 (a)		150			146
Series 2004-A4, Class A2, 3.16%, 8/25/2034 (a)		226			231
Series 2004-1, Class 2A1, 3.00%, 12/25/2034 (a)		184			181
Merrill Lynch Mortgage Investors Trust MLMI
Series 2003-A4, Class 2A, 3.73%, 7/25/2033 (a)		63			62
Series 2005-A1, Class 3A, 4.04%, 12/25/2034 (a)		23			23
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.62%, 4/25/2034 (a)		298			322
MortgageIT Trust Series 2005-5, Class A1, 0.69%, 12/25/2035 (a)		66			63
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (d)		265			263
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		21			22
Series 2003-A1, Class A2, 6.00%, 5/25/2033		24			25
P-stla 7.25%, 10/11/2026 ‡		3,200			3,200
Prime Mortgage Trust
Series 2004-CL1, Class 1A1, 6.00%, 2/25/2034		212			225
Series 2005-4, Class 2, PO, 10/25/2035 ‡		83			64
PRPM Series 2019-GS1, Class A1, 3.50%, 10/25/2024 (a) (d)		2,185			2,175
RALI Trust
Series 2002-QS16, Class A3, IF, 16.26%, 10/25/2017 (a)		—	(b)		—	(b)
Series 2003-QS9, Class A3, IF, IO, 7.37%, 5/25/2018 ‡ (a)		1			—	(b)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(b)		—
Series 2003-QS12, Class A2A, IF, IO, 7.42%, 6/25/2018 ‡ (a)		—	(b)		—

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		3		2
Series 2004-QA4, Class NB3, 4.48%, 9/25/2034 ‡ (a)		227		219
Series 2004-QA6, Class NB2, 3.79%, 12/26/2034 (a)		89		76
Series 2005-QA6, Class A32, 4.41%, 5/25/2035 (a)		655		455
Series 2005-QA10, Class A31, 4.34%, 9/25/2035 (a)		82		69
Series 2007-QS1, Class 1A1, 6.00%, 1/25/2037		169		162
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.31%, 11/25/2033 (a) (d)		110		110
Series 2009-1, Class 1A1, 6.50%, 2/26/2036 (a) (d)		203		209
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052 (a) (d)		1,968		1,987
Series 2017-INV1, Class M1, 3.90%, 11/25/2052 ‡ (a) (d)		2,058		2,022
Repo Buyer 8.32%, 5/14/2022 ‡		5,499		5,499
Repo Buyer RRI Trust 3.06%, 4/14/2055 ‡		4,640		4,501
Residential Asset Securitization Trust
Series 2003-A5, Class A1, 5.50%, 6/25/2033		128		132
Series 2004-IP2, Class 1A1, 3.89%, 12/25/2034 (a)		347		343
Series 2005-A2, Class A4, IF, IO, 4.87%, 3/25/2035 ‡ (a)		1,999		404
Series 2005-A16, Class AX, IO, 5.75%, 2/25/2036 ‡		793		153
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		280		273
Series 2006-A6, Class 2A13, 6.00%, 7/25/2036		231		189
RFMSI Trust Series 2005-SA4, Class 1A1, 2.86%, 9/25/2035 (a)		133		117
RMIP 5.60%, 8/25/2021 ‡		2,073		2,031
Seasoned Credit Risk Transfer Trust
Series 2017-4, Class MT, 3.50%, 6/25/2057 ‡		4,098		4,605
Series 2019-1, Class M55D, 4.00%, 7/25/2058		5,253		5,827
Series 2019-3, Class M55D, 4.00%, 10/25/2058		4,324		4,795
Series 2019-4, Class M55D, 4.00%, 2/25/2059		4,210		4,679

SEE NOTES TO FINANCIAL STATEMENTS.

286 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2020-1, Class M55G, 3.00%, 8/25/2059		6,580		7,038
Sequoia Mortgage Trust
Series 2003-1, Class 1A, 0.92%, 4/20/2033 (a)		263		258
Series 2004-8, Class A1, 0.86%, 9/20/2034 (a)		476		456
Series 2004-8, Class A2, 1.06%, 9/20/2034 (a)		378		368
Series 2004-9, Class A1, 0.84%, 10/20/2034 (a)		1,008		965
Series 2004-10, Class A1A, 0.78%, 11/20/2034 (a)		374		353
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 0.82%, 10/19/2034 (a)		519		511
Series 2005-AR5, Class A3, 0.41%, 7/19/2035 (a)		833		805
Structured Asset Securities Corp. Series 2003-37A, Class 2A, 3.53%, 12/25/2033 (a)		643		618
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3, 3.49%, 11/25/2033 (a)		131		130
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.82%, 9/25/2043 (a)		34		33
Series 2004-1, Class II2A, 2.35%, 3/25/2044 ‡ (a)		30		30
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (e)		3,440		3,491
TVC Mortgage Trust Series 2020-RTL1, Class A1, 3.47%, 9/25/2024 (d)		6,660		6,784
Vendee Mortgage Trust
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		693		745
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		162		184
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		88		99
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		194		222
Series 1998-1, Class 2E, 7.00%, 3/15/2028		146		164
vMobo, Inc. 7.50%, 5/31/2024		9,427		8,892
VOLT PT 7/27/2023 ‡		6,000		5,883
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-S1, Class A5, 5.50%, 4/25/2033		164		169
Series 2003-S3, Class 1A4, 5.50%, 6/25/2033		73		77
Series 2003-AR7, Class A7, 2.68%, 8/25/2033 (a)		175		171

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-AR8, Class A, 2.87%, 8/25/2033 (a)		154		155
Series 2003-AR9, Class 2A, 3.01%, 9/25/2033 (a)		123		116
Series 2003-AR9, Class 1A6, 3.50%, 9/25/2033 (a)		591		576
Series 2003-S9, Class P, PO, 10/25/2033 ‡		9		8
Series 2003-AR11, Class A6, 3.93%, 10/25/2033 (a)		448		435
Series 2003-S9, Class A8, 5.25%, 10/25/2033		420		432
Series 2004-AR3, Class A1, 3.66%, 6/25/2034 (a)		36		36
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (a)		245		245
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		785		812
Series 2006-AR10, Class 2P, 3.26%, 9/25/2036 ‡ (a)		42		34
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-1, Class 1A1, 5.50%, 3/25/2035		54		54
Series 2005-2, Class 1A4, IF, IO, 4.87%, 4/25/2035 ‡ (a)		2,810		421
Series 2005-4, Class CB7, 5.50%, 6/25/2035		372		353
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		260		255
Series 2005-11, Class A4, IF, IO, 4.77%, 1/25/2036 ‡ (a)		4,348		663
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA2, Class 2A, 7.00%, 7/25/2033		211		227
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-U, Class A1, 3.85%, 10/25/2034 (a)		450		446
Series 2007-7, Class A7, 6.00%, 6/25/2037		186		186
Total Collateralized Mortgage Obligations (Cost $545,712)				570,148
Asset-Backed Securities — 11.2%
ABFC Trust Series 2005-AQ1, Class A4, 4.63%, 1/25/2034 ‡ (e)		175		178
Accelerated Assets LLC Series 2018-1, Class B, 4.51%, 12/2/2033 ‡ (d)		2,374		2,375
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (d)		1,806		1,931

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 287

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 ‡ (d)		4,390		4,776
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (d)		3,975		4,371
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (d)		3,092		3,339
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (d)		4,085		4,503
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (d)		1,500		1,665
Series 2014-SFR3, Class B, 4.20%, 12/17/2036 (d)		4,350		4,701
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (d)		1,570		1,705
Series 2014-SFR3, Class D, 5.04%, 12/17/2036 ‡ (d)		3,650		3,938
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (d)		3,172		3,536
Series 2015-SFR2, Class A, 3.73%, 10/17/2052 ‡ (d)		1,833		1,994
Series 2015-SFR2, Class D, 5.04%, 10/17/2052 ‡ (d)		3,100		3,381
Series 2015-SFR2, Class E, 6.07%, 10/17/2052 ‡ (d)		3,600		4,026
B2R Mortgage Trust
Series 2015-2, Class A, 3.34%, 11/15/2048 (d)		185		185
Series 2016-1, Class A, 2.57%, 6/15/2049 (d)		1,592		1,595
Series 2016-1, Class B, 3.87%, 6/15/2049 ‡ (d)		2,000		2,018
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (d)		142		143
Camillo Issuer LLC
Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		3,821		3,812
Series 2018-SFR1, Class A, 5.25%, 6/5/2028 ‡ (d)		2,800		2,800
CARS-DB4 LP Series 2020-1A, Class B1, 4.17%, 2/15/2050 ‡ (d)		11,500		11,232
Chase Funding Trust
Series 2002-3, Class 1A5, 5.91%, 6/25/2032 ‡ (e)		819		820
Series 2003-4, Class 1A5, 5.09%, 5/25/2033 ‡ (e)		421		438
Series 2003-6, Class 1A7, 4.99%, 11/25/2034 ‡ (e)		283		295

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colony American Finance Ltd. (Cayman Islands) Series 2016-2, Class A, 2.55%, 11/15/2048 (d)		1,248		1,251
CoreVest American Finance Trust
Series 2017-2, Class M, 5.62%, 12/25/2027 ‡ (d)		2,200		2,160
Series 2019-3, Class XB, IO, 1.55%, 10/15/2052 (a) (d)		27,000		2,558
Series 2019-3, Class XA, IO, 2.19%, 10/15/2052 (a) (d)		23,276		1,898
Series 2019-3, Class A, 2.71%, 10/15/2052 (d)		3,037		3,185
Diamond Resorts Owner Trust
Series 2016-1, Class A, 3.08%, 11/20/2028 (d)		1,524		1,523
Series 2017-1A, Class A, 3.27%, 10/22/2029 (d)		588		593
Series 2017-1A, Class B, 4.11%, 10/22/2029 ‡ (d)		401		399
Series 2018-1, Class B, 4.19%, 1/21/2031 ‡ (d)		2,332		2,361
Series 2019-1A, Class B, 3.53%, 2/20/2032 ‡ (d)		3,870		3,862
Series 2019-1A, Class C, 4.02%, 2/20/2032 ‡ (d)		3,803		3,644
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022 ‡ (d) (e)		7,300		7,300
E3 (Cayman Islands)
Series 2019-1, Class B, 4.15%, 9/20/2055 ‡ (d)		2,431		2,489
Series 2019-1, Class C, 5.00%, 9/20/2055 ‡ (d)		1,704		1,710
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		5,858		6,445
FNMA, REMIC Trust Series 2001-W4, Class AF6, 5.61%, 1/25/2032 (e)		62		68
FORT CRE LLC Series 2018-1A, Class C, 3.01%, 11/16/2035 ‡ (a) (d)		900		827
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047 ‡ (d)		848		838
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (d)		2,820		2,859
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (d)		412		435
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (d)		1,453		1,523

SEE NOTES TO FINANCIAL STATEMENTS.

288 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042 ‡ (d)		1,687		1,699
Series 2016-4B, Class B, 4.99%, 9/20/2047 ‡ (d)		1,864		1,906
HERO Funding III (Cayman Islands) Series 2017-1A, Class A, 3.50%, 9/21/2043 (d)		1,231		1,270
HERO Funding Trust
Series 2015-1A, Class A, 3.84%, 9/21/2040 (d)		36		39
Series 2016-2A, Class A, 3.75%, 9/20/2041 (d)		1,478		1,537
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (d)		989		1,009
Series 2016-4A, Class A1, 3.57%, 9/20/2047 (d)		2,972		3,110
Series 2016-4A, Class A2, 4.29%, 9/20/2047 (d)		2,972		3,146
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (d)		1,295		1,388
Series 2017-2A, Class A1, 3.28%, 9/20/2048 (d)		2,023		2,090
HERO Residual Funding (Cayman Islands) Series 2016-1R, Class A1, 4.50%, 9/21/2042 (d)		466		443
Hilton Grand Vacations Trust Series 2020-AA, Class B, 4.22%, 2/25/2039 ‡ (d)		4,170		4,301
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.38%, 3/25/2036 ‡ (a)		46		45
Home Partners of America Trust Series 2019-1, Class E, 3.60%, 9/17/2039 (d)		4,165		3,996
KGS-Alpha SBA COOF Trust
Series 2012-3, Class A, IO, 3.39%, 9/25/2026 ‡ (a) (d)		197		2
Series 2012-4, Class A, IO, 0.97%, 9/25/2037 ‡ (a) (d)		7,855		195
Series 2012-6, Class A, IO, 0.71%, 5/25/2039 ‡ (a) (d)		5,766		86
Series 2015-2, Class A, IO, 3.67%, 7/25/2041 ‡ (a) (d)		832		98
Long Beach Mortgage Loan Trust
Series 2004-1, Class M1, 0.93%, 2/25/2034 ‡ (a)		535		519
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (d)		2,010		2,027

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (d)		792		798
Madison Avenue Manufactured Housing Contract Trust Series 2002-A, IO, 0.30%, 3/25/2032 ‡		54,884		359
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (d)		1,539		1,650
Mid-State Capital Trust
Series 2010-1, Class A, 3.50%, 12/15/2045 (d)		339		345
Series 2010-1, Class M, 5.25%, 12/15/2045 ‡ (d)		523		541
MVW LLC
Series 2020-1A, Class B, 2.73%, 10/20/2037 (d)		2,952		3,028
Series 2020-1A, Class C, 4.21%, 10/20/2037 ‡ (d)		1,968		2,040
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.00%, 11/25/2033 ‡ (e)		241		249
Orange Lake Timeshare Trust Series 2019-A, Class C, 3.61%, 4/9/2038 ‡ (d)		4,837		4,709
Pretium Mortgage Credit Partners I LLC
Series 2019-CFL1, Class A1, 3.72%, 1/25/2059 ‡ (d) (e)		4,870		4,845
Series 2020-NPL1, Class A1, 2.86%, 5/27/2059 (d) (e)		8,874		8,791
Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (d) (e)		4,935		4,891
Progress Residential Trust
Series 2017-SFR2, Class C, 3.40%, 12/17/2034 ‡ (d)		2,320		2,331
Series 2019-SFR1, Class E, 4.47%, 8/17/2035 ‡ (d)		6,400		6,575
Series 2019-SFR2, Class E, 4.14%, 5/17/2036 ‡ (d)		6,285		6,471
Series 2019-SFR3, Class E, 3.37%, 9/17/2036 ‡ (d)		7,300		7,476
Series 2019-SFR4, Class E, 3.44%, 10/17/2036 ‡ (d)		1,325		1,358
PRPM LLC
Series 2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (d) (e)		8,181		8,130
Series 2019-4A, Class A1, 3.35%, 11/25/2024 ‡ (d) (e)		6,239		6,267
Series 2020-1A, Class A1, 2.98%, 2/25/2025 ‡ (d) (e)		5,310		5,282

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 289

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (e)		479		153
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%, 9/20/2052 (d)		533		553
Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (d)		346		356
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (d)		1,724		1,724
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.20%, 1/25/2036 ‡ (e)		71		69
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class C, 4.17%, 9/20/2035 ‡ (d)		467		478
Series 2019-1A, Class C, 3.77%, 1/20/2036 ‡ (d)		1,960		1,987
Series 2019-3A, Class B, 2.75%, 8/20/2036 ‡ (d)		6,233		6,291
Structured Asset Securities Corp. Pass-Through Certificates
Series 2002-AL1, Class A2, 3.45%, 2/25/2032 ‡		106		102
Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		314		305
Tricon American Homes Trust Series 2016-SFR1, Class C, 3.49%, 11/17/2033 ‡ (d)		1,247		1,253
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049 ‡ (d) (e)		5,800		5,606
Series 2019-NPL5, Class A1B, 4.25%, 9/25/2049 (d) (e)		5,900		5,802
Series 2019-NPL7, Class A1B, 3.97%, 10/25/2049 ‡ (d) (e)		3,500		3,383
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 ‡ (d) (e)		3,777		3,777
Series 2019-NPL8, Class A1B, 4.09%, 11/25/2049 (d) (e)		5,980		5,779
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (d) (e)		3,696		3,658
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 ‡ (d) (e)		4,010		3,855
Series 2020-NPL5, Class A1A, 2.98%, 3/25/2050 ‡ (d) (e)		5,928		5,884
Series 2020-NPL5, Class A1B, 3.47%, 3/25/2050 ‡ (d) (e)		4,258		4,128
VMD-WL1 4.71%, 1/31/2021		3,417		3,397

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
VOLT LXXX LLC
Series 2019-NPL6, Class A1A, 3.23%, 10/25/2049 ‡ (d) (e)		2,538		2,515
Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (d) (e)		2,800		2,704
VOLT LXXXIII LLC Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049 ‡ (d) (e)		6,360		6,205
VOLT LXXXIV LLC Series 2019-NP10, Class A1A, 3.43%, 12/27/2049 ‡ (d) (e)		5,313		5,303
VOLT LXXXV LLC
Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (d) (e)		8,480		8,439
Series 2020-NPL1, Class A1B, 3.72%, 1/25/2050 ‡ (d) (e)		7,500		7,177
VOLT LXXXVII LLC
Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (d) (e)		7,840		7,783
Series 2020-NPL3, Class A1B, 3.67%, 2/25/2050 ‡ (d) (e)		4,000		3,875
VOLT LXXXVIII LLC Series 2020-NPL4, Class A1, 2.98%, 3/25/2050 ‡ (d) (e)		6,484		6,391
VSE VOI Mortgage LLC Series 2018-A, Class A, 3.56%, 2/20/2036 (d)		810		844
Welk Resorts LLC
Series 2019-AA, Class A, 2.80%, 6/15/2038 (d)		3,635		3,692
Series 2019-AA, Class C, 3.34%, 6/15/2038 (d)		3,595		3,464
Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (d)		4,611		4,766
Total Asset-Backed Securities (Cost $341,647)				344,425
Commercial Mortgage-Backed Securities — 7.5%
BAMLL Commercial Mortgage Securities Trust
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (a) (d)		2,500		2,690
Series 2016-FR14, Class A, 2.82%, 2/27/2048 (a) (d)		5,185		5,126
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.92%, 5/27/2021 (a) (d)		1,985		1,975
Series 2014-FRR5, Class AK30, PO, 6/27/2045 (d)		4,500		4,139
Series 2016-FR13, Class A, 1.59%, 8/27/2045 (a) (d)		6,365		6,182
Series 2015-FR11, Class AK25, 2.52%, 9/27/2045 (a) (d)		4,500		4,501

SEE NOTES TO FINANCIAL STATEMENTS.

290 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2014-FRR5, Class A714, PO, 1/27/2047 (d)		3,000		2,972
Series 2014-FRR8, Class A, 2.13%, 11/26/2047 (a) (d)		3,585		3,233
Bancorp Commercial Mortgage Trust
Series 2019-CRE5, Class D, 2.51%, 3/15/2036 ‡ (a) (d)		2,000		1,813
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (d)		966		910
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (d)		4,100		3,970
Series 2012-SHOW, Class E, 4.16%, 11/5/2036 (a) (d)		3,575		2,861
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (d)		1,500		1,604
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (a) (d)		1,247		1,225
Series 2013-CR9, Class XB, IO, 0.25%, 7/10/2045 ‡ (a) (d)		140,329		857
Series 2012-CR2, Class XA, IO, 1.79%, 8/15/2045 ‡ (a)		4,638		108
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		1,500		1,642
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		1,542		1,716
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		1,562		1,739
CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class UESB, 4.38%, 10/15/2032 ‡ (a) (d)		7,969		8,148
Series 2017-CX10, Class UESC, 4.38%, 10/15/2032 ‡ (a) (d)		2,900		2,734
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (d)		1,700		1,252
DBWF Mortgage Trust Series 2015-LCM, Class A1, 3.00%, 6/10/2034 (d)		1,155		1,135
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		1,231		1,277
Series KJ07, Class A2, 2.31%, 12/25/2022		3,043		3,161
Series KS01, Class A2, 2.52%, 1/25/2023		1,892		1,954
Series KPLB, Class A, 2.77%, 5/25/2025		321		349
Series K065, Class A2, 3.24%, 4/25/2027		1,848		2,115
Series K065, Class AM, 3.33%, 5/25/2027		993		1,139
Series K077, Class AM, 3.85%, 5/25/2028 (a)		4,025		4,823

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA ACES
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		2,978		3,041
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (a)		1,801		1,945
Series 2014-M9, Class A2, 3.10%, 7/25/2024 (a)		4,138		4,479
Series 2015-M3, Class A2, 2.72%, 10/25/2024		2,774		2,971
Series 2015-M7, Class A2, 2.59%, 12/25/2024		1,063		1,135
Series 2015-M2, Class A3, 3.13%, 12/25/2024 (a)		1,939		2,091
Series 2015-M13, Class A2, 2.80%, 6/25/2025 (a)		3,091		3,322
Series 2016-M6, Class A2, 2.49%, 5/25/2026		2,900		3,133
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (a)		1,890		2,044
Series 2017-M15, Class A2, 3.06%, 9/25/2027 (a)		5,000		5,602
Series 2018-M7, Class A2, 3.15%, 3/25/2028 (a)		4,377		4,996
Series 2019-M1, Class A2, 3.67%, 9/25/2028 (a)		4,615		5,389
Series 2020-M39, Class 1A1, 0.75%, 11/25/2028		16,485		16,363
Series 2020-M38, Class 2A1, 1.59%, 11/25/2028		1,330		1,397
Series 2020-M38, Class X2, IO, 2.11%, 11/25/2028 (a)		5,625		751
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (a)		1,255		1,443
Series 2020-M39, Class X1, IO, 2.15%, 7/25/2030 (a)		56,670		7,831
FREMF Mortgage Trust
Series 2015-K720, Class B, 3.51%, 7/25/2022 (a) (d)		1,000		1,032
Series 2014-K39, Class C, 4.28%, 8/25/2047 (a) (d)		3,099		3,237
Series 2014-K41, Class C, 3.96%, 11/25/2047 (a) (d)		1,830		1,955
Series 2014-K40, Class C, 4.21%, 11/25/2047 (a) (d)		1,626		1,748
Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (d)		5,075		5,429
Series 2015-K46, Class C, 3.82%, 4/25/2048 (a) (d)		3,000		3,122

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 291

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2015-K48, Class B, 3.76%, 8/25/2048 (a) (d)		5,545		5,946
Series 2015-K48, Class C, 3.76%, 8/25/2048 (a) (d)		5,000		5,097
Series 2015-K49, Class C, 3.85%, 10/25/2048 (a) (d)		3,000		3,083
Series 2015-K50, Class B, 3.91%, 10/25/2048 (a) (d)		2,100		2,270
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (d)		1,000		1,090
Series 2016-K722, Class B, 3.98%, 7/25/2049 (a) (d)		5,250		5,506
Series 2016-K59, Class B, 3.70%, 11/25/2049 (a) (d)		1,902		2,056
GS Mortgage Securities Trust Series 2006-GG8, Class X, IO, 1.27%, 11/10/2039 ‡ (a) (d)		1,919		4
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15, Class X1, IO, 0.39%, 6/12/2043 ‡ (a)		4,058		4
JPMCC Re-REMIC Trust
Series 2015-FRR2, Class AK36, 2.18%, 12/27/2046 (a) (d)		3,500		3,289
Series 2014-FRR1, Class BK10, 1.81%, 11/27/2049 (a) (d)		3,500		3,447
Series 2014-FRR1, Class AK10, 4.29%, 11/27/2049 (d)		456		453
Ladder Capital Commercial Mortgage Trust
Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (d)		2,686		3,006
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class XCL, IO, 0.39%, 2/15/2041 ‡ (a) (d)		2,507		—	(b)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		395		397
Morgan Stanley Capital I Trust Series 2012-C4, Class A3, 2.99%, 3/15/2045		192		192
MRCD Mark Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (d)		5,000		5,146
Series 2019-PARK, Class E, 2.72%, 12/15/2036 ‡ (d)		7,000		6,545
Multifamily Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.88%, 10/15/2049 ‡ (a) (d)		3,500		3,361
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 2.81%, 4/14/2036 ‡ (a) (d)		3,000		2,852
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (d)		2,123		2,082

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
UBS Commercial Mortgage Trust Series 2012-C1, Class XA, IO, 2.25%, 5/10/2045 (a) (d)		5,603		126
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (d)		3,015		3,049
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		896
Series 2012-C2, Class XA, IO, 1.45%, 5/10/2063 ‡ (a) (d)		10,150		196
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,300		1,343
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (d)		2,500		2,499
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (d)		2,991		3,084
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Class XC, IO, 0.00%, 3/15/2045 ‡ (a) (d)		476		—	(b)
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (d)		1,184		1,194
Series 2013-C11, Class D, 4.40%, 3/15/2045 ‡ (a) (d)		750		661
Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,149		1,166
Total Commercial Mortgage-Backed Securities (Cost $220,624)				231,846
U.S. Treasury Obligations — 0.0% (g)
U.S. Treasury STRIPS Bonds 7.09%, 11/15/2030 (h) (Cost $94)		150		137
	SHARES (000)
Short-Term Investments — 6.5%
Investment Companies — 6.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (i) (j) (Cost $201,011)		200,892		201,053
Total Investments — 104.2% (Cost $3,113,774)				3,209,805
Liabilities in Excess of Other Assets — (4.2)%				(129,167	)
NET ASSETS — 100.0%				3,080,638

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

292 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Abbreviations

ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2020.
CSMC	Credit Suisse Mortgage Trust
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
Re-REMIC	Combined 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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
(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 August 31, 2020.
(b)	Amount rounds to less than one thousand.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(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 August 31, 2020.
(f)	Defaulted security.
(g)	Amount rounds to less than 0.1% of net assets.
(h)	The rate shown is the effective yield as of August 31, 2020.
(i)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 293

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 33.9%
Aerospace & Defense — 0.5%
Boeing Co. (The) 4.88%, 5/1/2025		7,100		7,723
Leidos, Inc. 2.95%, 5/15/2023 (a)		4,150		4,365
3.63%, 5/15/2025 (a)		985		1,097
Northrop Grumman Corp. 2.55%, 10/15/2022		10,185		10,655
				23,840
Auto Components — 0.1%
Toyota Industries Corp. (Japan) 3.11%, 3/12/2022 (a)		4,050		4,180
Automobiles — 1.7%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021 (a)		1,826		1,851
3.80%, 4/6/2023 (a)		16,490		17,836
Daimler Finance North America LLC (Germany) 2.85%, 1/6/2022 (a)		1,178		1,211
3.40%, 2/22/2022 (a)		5,000		5,195
2.70%, 6/14/2024 (a)		6,150		6,523
Hyundai Capital America 3.95%, 2/1/2022 (a)		1,500		1,555
3.00%, 6/20/2022 (a)		1,445		1,490
2.85%, 11/1/2022 (a)		7,987		8,262
2.38%, 2/10/2023 (a)		7,302		7,482
5.75%, 4/6/2023 (a)		7,500		8,349
Volkswagen Group of America Finance LLC (Germany) 4.00%, 11/12/2021 (a)		2,700		2,809
2.90%, 5/13/2022 (a)		13,965		14,491
				77,054
Banks — 15.7%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021 (a)		4,075		4,109
3.40%, 8/27/2021 (a)		3,700		3,803
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		2,415		2,645
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (b)		4,465		4,844
ANZ New Zealand Int’l Ltd. (New Zealand) 2.88%, 1/25/2022 (a)		3,000		3,105
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		1,256		1,360
Australia & New Zealand Banking Group Ltd. (Australia) 4.88%, 1/12/2021 (a)		1,000		1,017
2.63%, 11/9/2022		6,055		6,364

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Banco Santander SA (Spain) 2.71%, 6/27/2024		15,000		15,999
2.75%, 5/28/2025		4,400		4,677
Bank of America Corp. 5.00%, 5/13/2021		4,605		4,756
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (b)		13,625		13,927
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (b)		5,370		5,559
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		5,450		5,744
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (b)		13,480		14,662
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)		9,635		10,511
2.00%, 2/21/2025 (a)		7,750		8,142
Bank of Nova Scotia (The) (Canada) 2.00%, 11/15/2022		14,818		15,340
1.95%, 2/1/2023		2,285		2,366
Banque Federative du Credit Mutuel SA (France) 2.70%, 7/20/2022 (a)		6,000		6,241
2.13%, 11/21/2022 (a)		11,835		12,240
3.75%, 7/20/2023 (a)		1,480		1,609
Barclays Bank plc (United Kingdom) 5.14%, 10/14/2020		1,310		1,316
10.18%, 6/12/2021 (a)		2,080		2,222
1.70%, 5/12/2022		7,470		7,607
Barclays plc (United Kingdom) 3.68%, 1/10/2023		2,835		2,940
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (b)		7,355		7,733
BBVA USA 3.50%, 6/11/2021		2,820		2,878
2.88%, 6/29/2022		3,824		3,934
BNP Paribas SA (France) 2.95%, 5/23/2022 (a)		5,000		5,197
3.50%, 3/1/2023 (a)		2,100		2,236
3.80%, 1/10/2024 (a)		14,267		15,542
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (a)		5,410		5,616
Canadian Imperial Bank of Commerce (Canada) 0.95%, 6/23/2023		4,480		4,534
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		2,500		2,597
3.10%, 4/2/2024		4,805		5,205

SEE NOTES TO FINANCIAL STATEMENTS.

294 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Citigroup, Inc. 2.70%, 10/27/2022		2,500		2,615
(SOFR + 0.87%), 2.31%, 11/4/2022 (b)		3,960		4,040
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (b)		13,924		14,407
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (b)		6,966		7,260
(SOFR + 2.75%), 3.11%, 4/8/2026 (b)		8,525		9,249
Citizens Bank NA 2.55%, 5/13/2021		3,640		3,690
Citizens Financial Group, Inc. 2.38%, 7/28/2021		1,620		1,646
Cooperatieve Rabobank UA (Netherlands)
2.75%, 1/10/2022		500		517
3.88%, 2/8/2022		2,000		2,102
Credit Agricole SA (France) 3.38%, 1/10/2022 (a)		5,000		5,184
3.75%, 4/24/2023 (a)		8,885		9,591
3.88%, 4/15/2024 (a)		6,095		6,756
(SOFR Index + 1.68%), 1.91%, 6/16/2026 (a) (b)		3,990		4,120
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022		3,000		3,190
3.80%, 6/9/2023		5,550		5,994
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (a)		800		813
Discover Bank 3.20%, 8/9/2021		3,000		3,071
DNB Bank ASA (Norway) 2.15%, 12/2/2022 (a)		14,706		15,263
Federation des Caisses Desjardins du Quebec (Canada) 2.05%, 2/10/2025 (a)		4,430		4,625
Fifth Third Bancorp 3.50%, 3/15/2022		1,000		1,044
2.60%, 6/15/2022		6,850		7,099
2.38%, 1/28/2025		3,196		3,394
First Horizon National Corp. 3.50%, 12/15/2020		1,970		1,981
HSBC Holdings plc (United Kingdom) 2.95%, 5/25/2021		3,710		3,781
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (b)		5,218		5,426
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (b)		6,364		6,678
(SOFR + 1.54%), 1.64%, 4/18/2026 (b)		8,890		8,961
HSBC USA, Inc. 9.30%, 6/1/2021		1,400		1,485
Huntington Bancshares, Inc. 7.00%, 12/15/2020		1,815		1,849
3.15%, 3/14/2021		803		813

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
ING Groep NV (Netherlands) 4.10%, 10/2/2023		7,700		8,499
KeyBank NA 2.50%, 11/22/2021		750		770
KeyCorp 2.90%, 9/15/2020		4,000		4,004
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		13,774		14,044
2.25%, 8/14/2022		600		621
Lloyds Banking Group plc (United Kingdom) 3.00%, 1/11/2022		1,200		1,241
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (b)		17,350		17,925
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023 (b)		6,845		6,911
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025 (b)		5,850		6,432
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.54%, 7/26/2021		1,600		1,645
3.22%, 3/7/2022		1,400		1,458
2.62%, 7/18/2022		800		832
2.67%, 7/25/2022		3,535		3,675
3.76%, 7/26/2023		4,272		4,654
3.41%, 3/7/2024		2,970		3,236
2.19%, 2/25/2025		13,695		14,405
1.41%, 7/17/2025		5,310		5,402
Mizuho Financial Group, Inc. (Japan) 2.95%, 2/28/2022		4,290		4,446
2.60%, 9/11/2022		536		558
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (b)		5,022		5,208
(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 7/10/2024 (b)		21,195		21,453
National Bank of Canada (Canada) 2.15%, 10/7/2022 (a)		3,890		4,022
2.10%, 2/1/2023		5,755		5,958
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023 (b)		3,750		3,772
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (b)		6,535		6,818
3.88%, 9/12/2023		7,780		8,442
NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023 (a)		6,015		6,214
Nordea Bank Abp (Finland) 4.88%, 5/13/2021 (a)		700		720

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 295

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
4.25%, 9/21/2022 (a)		870		926
1.00%, 6/9/2023 (a)		3,120		3,161
3.75%, 8/30/2023 (a)		1,115		1,207
Royal Bank of Canada (Canada) 1.95%, 1/17/2023		6,800		7,047
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		5,000		5,048
2.88%, 8/5/2021		5,100		5,215
3.57%, 1/10/2023		10,000		10,354
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b)		5,660		5,661
Santander UK plc (United Kingdom) 2.13%, 11/3/2020		1,000		1,003
2.10%, 1/13/2023		6,070		6,285
Skandinaviska Enskilda Banken AB (Sweden) 2.63%, 11/17/2020 (a)		850		854
2.80%, 3/11/2022		1,700		1,763
3.05%, 3/25/2022 (a)		1,600		1,664
0.85%, 9/2/2025 (a)		7,160		7,155
Societe Generale SA (France) 3.25%, 1/12/2022 (a)		1,905		1,967
4.25%, 9/14/2023 (a)		2,850		3,092
3.88%, 3/28/2024 (a)		2,890		3,129
2.63%, 10/16/2024 (a)		4,570		4,776
2.63%, 1/22/2025 (a)		3,500		3,662
1.38%, 7/8/2025 (a)		9,555		9,775
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022 (a) (b)		12,840		13,072
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (b)		15,645		16,275
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.44%, 10/19/2021		900		921
2.85%, 1/11/2022		1,890		1,951
2.78%, 7/12/2022		3,010		3,139
1.47%, 7/8/2025		4,045		4,131
Svenska Handelsbanken AB (Sweden) 2.45%, 3/30/2021		1,000		1,013
0.63%, 6/30/2023 (a)		3,350		3,361
Truist Bank 2.85%, 4/1/2021		300		304
2.80%, 5/17/2022		1,500		1,561
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (b)		1,610		1,655
1.25%, 3/9/2023		7,780		7,932

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Truist Financial Corp. 2.90%, 3/3/2021		3,125		3,160
2.05%, 5/10/2021		2,500		2,527
3.05%, 6/20/2022		8,275		8,644
Wells Fargo & Co. 2.50%, 3/4/2021		7,634		7,719
2.10%, 7/26/2021		8,248		8,376
3.07%, 1/24/2023		7,095		7,340
3.75%, 1/24/2024		600		655
(SOFR + 1.60%), 1.65%, 6/2/2024 (b)		13,175		13,470
(SOFR + 2.00%), 2.19%, 4/30/2026 (b)		4,065		4,248
Wells Fargo Bank NA 3.63%, 10/22/2021		3,300		3,418
(ICE LIBOR USD 3 Month + 0.61%), 2.90%, 5/27/2022 (b)		1,100		1,120
				728,322
Beverages — 0.2%
Coca-Cola European Partners plc (United Kingdom) 3.50%, 9/15/2020		1,460		1,462
3.25%, 8/19/2021		350		354
Constellation Brands, Inc. 3.75%, 5/1/2021		2,000		2,044
Keurig Dr Pepper, Inc. 3.55%, 5/25/2021		1,000		1,024
2.53%, 11/15/2021		1,255		1,282
3.13%, 12/15/2023		1,735		1,868
Pernod Ricard SA (France) 5.75%, 4/7/2021 (a)		415		428
4.45%, 1/15/2022 (a)		600		632
				9,094
Biotechnology — 0.7%
AbbVie, Inc. 5.00%, 12/15/2021 (a)		420		439
2.30%, 11/21/2022 (a)		19,695		20,467
2.60%, 11/21/2024 (a)		5,500		5,894
Gilead Sciences, Inc. 4.40%, 12/1/2021		5,015		5,211
				32,011
Building Products — 0.0% (c)
Masco Corp. 3.50%, 4/1/2021		815		826
Capital Markets — 4.2%
Ameriprise Financial, Inc. 3.00%, 3/22/2022		1,035		1,075
3.00%, 4/2/2025		4,755		5,206

SEE NOTES TO FINANCIAL STATEMENTS.

296 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
Credit Suisse AG (Switzerland) 1.00%, 5/5/2023		9,135		9,270
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023 (a)		24,956		25,912
Deutsche Bank AG (Germany) 3.13%, 1/13/2021		12,000		12,092
3.15%, 1/22/2021		1,325		1,336
Goldman Sachs Group, Inc. (The) 2.88%, 2/25/2021		1,000		1,010
5.25%, 7/27/2021		7,063		7,375
2.35%, 11/15/2021		1,200		1,205
3.00%, 4/26/2022		2,375		2,414
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (b)		18,799		19,288
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (b)		6,825		7,103
3.50%, 4/1/2025		8,685		9,623
Macquarie Bank Ltd. (Australia) 2.10%, 10/17/2022 (a)		13,725		14,203
3.90%, 1/15/2026 (a)		6,880		7,883
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (a) (b)		2,000		2,093
Morgan Stanley 5.75%, 1/25/2021		4,236		4,327
3.13%, 1/23/2023		10,319		10,941
3.75%, 2/25/2023		4,362		4,708
4.00%, 7/23/2025		3,205		3,667
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)		4,805		5,055
Nomura Holdings, Inc. (Japan) 1.85%, 7/16/2025		8,625		8,788
State Street Corp.
(SOFR + 2.69%), 2.82%, 3/30/2023 (a) (b)		5,355		5,549
UBS AG (Switzerland) 1.75%, 4/21/2022 (a)		8,310		8,479
UBS Group AG (Switzerland) 2.65%, 2/1/2022 (a)		3,626		3,738
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (b)		8,160		8,205
4.13%, 9/24/2025 (a)		5,000		5,730
				196,275
Chemicals — 0.0% (c)
International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		651		652

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — 2.4%
AerCap Ireland Capital DAC (Ireland) 3.95%, 2/1/2022		1,105		1,119
3.50%, 5/26/2022		1,625		1,634
4.63%, 7/1/2022		7,540		7,726
3.30%, 1/23/2023		3,500		3,494
American Express Co. 3.00%, 2/22/2021		1,000		1,010
American Honda Finance Corp. 2.05%, 1/10/2023		4,674		4,850
0.88%, 7/7/2023		9,380		9,465
Avolon Holdings Funding Ltd. (Ireland) 5.13%, 10/1/2023 (a)		4,787		4,653
5.25%, 5/15/2024 (a)		2,625		2,546
Capital One Financial Corp. 3.05%, 3/9/2022		5,340		5,536
3.20%, 1/30/2023		2,500		2,643
2.60%, 5/11/2023		6,365		6,674
3.75%, 4/24/2024		6,775		7,422
Caterpillar Financial Services Corp. 1.93%, 10/1/2021		1,952		1,986
2.95%, 2/26/2022		7,135		7,419
1.90%, 9/6/2022		6,140		6,330
John Deere Capital Corp. 0.70%, 7/5/2023		5,900		5,957
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (a)		2,250		2,234
4.50%, 3/15/2023 (a)		1,490		1,422
5.50%, 2/15/2024 (a)		5,000		4,929
Toyota Motor Credit Corp. 1.15%, 5/26/2022		14,550		14,780
2.90%, 3/30/2023		8,880		9,443
				113,272
Diversified Financial Services — 0.2%
AIG Global Funding 3.35%, 6/25/2021 (a)		1,685		1,727
2.70%, 12/15/2021 (a)		1,700		1,752
CK Hutchison International 17 II Ltd. (United Kingdom) 2.25%, 9/29/2020 (a)		513		514
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022 (a)		1,200		1,232
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.41%, 2/28/2022 (a)		685		708
3.96%, 9/19/2023 (a)		1,000		1,080
				7,013

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 297

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — 0.8%
Edison International 2.95%, 3/15/2023		7,680		7,907
Emera US Finance LP (Canada) 2.70%, 6/15/2021		1,930		1,960
Enel Finance International NV (Italy) 2.88%, 5/25/2022 (a)		3,100		3,207
Entergy Corp. 0.90%, 9/15/2025		2,915		2,913
Entergy Louisiana LLC 4.80%, 5/1/2021		310		316
Exelon Corp. 3.50%, 6/1/2022 (d)		850		890
Florida Power & Light Co.
(ICE LIBOR USD 3 Month + 0.38%), 0.64%, 7/28/2023 (b)		10,040		10,050
NextEra Energy Capital Holdings, Inc. 2.90%, 4/1/2022		860		893
Progress Energy, Inc. 4.40%, 1/15/2021		6,135		6,166
Southern California Edison Co. 1.85%, 2/1/2022		356		355
Xcel Energy, Inc. 2.60%, 3/15/2022		1,300		1,344
				36,001
Energy Equipment & Services — 0.0% (c)
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		1,190		1,245
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp. 2.25%, 1/15/2022		1,000		1,025
3.00%, 6/15/2023		3,140		3,346
WEA Finance LLC (France) 3.25%, 10/5/2020 (a)		700		701
				5,072
Food Products — 0.2%
Cargill, Inc. 3.25%, 11/15/2021 (a)		2,775		2,873
1.38%, 7/23/2023 (a)		4,420		4,525
McCormick & Co., Inc. 3.50%, 9/1/2023		1,000		1,063
				8,461
Gas Utilities — 0.2%
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		7,023		7,043
Health Care Providers & Services — 0.2%
Anthem, Inc. 2.50%, 11/21/2020		833		837
Cigna Corp. 4.13%, 9/15/2020		3,014		3,018
3.75%, 7/15/2023		1,330		1,448
CVS Health Corp. 3.70%, 3/9/2023		3,771		4,059
				9,362

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Products — 0.0% (c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		800		827
Independent Power and Renewable Electricity Producers — 0.2%
Exelon Generation Co. LLC 3.40%, 3/15/2022		1,798		1,872
3.25%, 6/1/2025		4,675		5,152
				7,024
Industrial Conglomerates — 0.5%
Honeywell International, Inc. 0.48%, 8/19/2022		18,845		18,888
Roper Technologies, Inc. 3.00%, 12/15/2020		830		834
1.00%, 9/15/2025		3,435		3,457
				23,179
Insurance — 1.5%
American International Group, Inc. 3.30%, 3/1/2021		4,015		4,064
Athene Global Funding 4.00%, 1/25/2022 (a)		600		626
3.00%, 7/1/2022 (a)		3,863		3,997
2.75%, 6/25/2024 (a)		2,970		3,123
Jackson National Life Global Funding 3.30%, 6/11/2021 (a)		1,400		1,433
3.30%, 2/1/2022 (a)		1,295		1,346
2.50%, 6/27/2022 (a)		9,615		9,962
Liberty Mutual Group, Inc. 5.00%, 6/1/2021 (a)		800		826
4.95%, 5/1/2022 (a)		500		533
Lincoln National Corp. 4.20%, 3/15/2022		600		634
Marsh & McLennan Cos., Inc. 3.50%, 12/29/2020		565		571
MassMutual Global Funding II 2.00%, 4/15/2021 (a)		2,272		2,297
0.85%, 6/9/2023 (a)		5,690		5,757
Metropolitan Life Global Funding I 3.38%, 1/11/2022 (a)		1,500		1,562
2.40%, 6/17/2022 (a)		1,650		1,708
3.00%, 1/10/2023 (a)		5,600		5,935
1.95%, 1/13/2023 (a)		4,955		5,129
Nationwide Financial Services, Inc. 5.38%, 3/25/2021 (a)		707		723
Pricoa Global Funding I 2.55%, 11/24/2020 (a)		4,417		4,436
3.45%, 9/1/2023 (a)		466		507

SEE NOTES TO FINANCIAL STATEMENTS.

298 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Principal Life Global Funding II 2.25%, 11/21/2024 (a)		6,890		7,302
Protective Life Global Funding 1.08%, 6/9/2023 (a)		2,735		2,774
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (a)		3,770		3,868
3.85%, 9/19/2023 (a)		1,388		1,498
WR Berkley Corp. 5.38%, 9/15/2020		500		501
				71,112
Metals & Mining — 0.2%
Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)		9,180		9,157
Multi-Utilities — 0.2%
Ameren Corp. 2.70%, 11/15/2020		552		554
NiSource, Inc. 0.95%, 8/15/2025		7,710		7,729
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		500		513
				8,796
Oil, Gas & Consumable Fuels — 0.6%
APT Pipelines Ltd. (Australia) 3.88%, 10/11/2022 (a)		5,800		6,095
BG Energy Capital plc (United Kingdom) 4.00%, 10/15/2021 (a)		1,990		2,063
BP Capital Markets America, Inc. 4.50%, 10/1/2020		470		472
2.94%, 4/6/2023		4,027		4,273
BP Capital Markets plc (United Kingdom) 3.99%, 9/26/2023		3,170		3,494
Enbridge Energy Partners LP 4.20%, 9/15/2021		750		772
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		400		416
Marathon Petroleum Corp. 3.40%, 12/15/2020		1,350		1,358
MPLX LP 1.75%, 3/1/2026		7,525		7,522
Pioneer Natural Resources Co. 3.45%, 1/15/2021		425		428
Texas Gas Transmission LLC 4.50%, 2/1/2021 (a)		1,100		1,106
TransCanada PipeLines Ltd. (Canada) 3.80%, 10/1/2020		715		717
				28,716
Pharmaceuticals — 0.4%
Bristol-Myers Squibb Co. 3.55%, 8/15/2022		5,985		6,357
2.75%, 2/15/2023		1,500		1,587
Mylan NV 3.15%, 6/15/2021		1,610		1,640

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		1,072		1,094
2.88%, 9/23/2023		8,647		9,207
				19,885
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		3,000		3,081
Road & Rail — 0.2%
Penske Truck Leasing Co. LP 3.65%, 7/29/2021 (a)		1,000		1,026
Ryder System, Inc. 3.50%, 6/1/2021		645		660
3.35%, 9/1/2025		2,705		2,979
SMBC Aviation Capital Finance DAC (Ireland) 3.00%, 7/15/2022 (a)		6,200		6,324
				10,989
Specialty Retail — 0.2%
Advance Auto Parts, Inc. 4.50%, 1/15/2022		1,200		1,247
AutoZone, Inc. 2.50%, 4/15/2021		1,000		1,010
3.63%, 4/15/2025		5,285		5,927
O’Reilly Automotive, Inc. 3.80%, 9/1/2022		725		766
				8,950
Thrifts & Mortgage Finance — 1.2%
BPCE SA (France) 2.75%, 12/2/2021		500		515
3.00%, 5/22/2022 (a)		18,850		19,584
4.00%, 9/12/2023 (a)		5,195		5,673
Nationwide Building Society (United Kingdom) 2.00%, 1/27/2023 (a)		5,085		5,259
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(b)		8,115		8,485
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024 (a) (b)		6,285		6,698
1.00%, 8/28/2025 (a)		8,220		8,220
				54,434
Tobacco — 0.8%
Altria Group, Inc. 2.85%, 8/9/2022		4,818		5,029
2.35%, 5/6/2025		1,645		1,750
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		2,700		2,912
Philip Morris International, Inc. 2.63%, 2/18/2022		12,340		12,715

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 299

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Tobacco — continued
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		11,059		12,590
				34,996
Trading Companies & Distributors — 0.6%
Air Lease Corp. 2.25%, 1/15/2023		3,095		3,103
2.75%, 1/15/2023		6,305		6,334
4.25%, 9/15/2024		2,500		2,608
2.88%, 1/15/2026		8,340		8,286
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)		4,330		4,453
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (a)		1,900		1,913
				26,697
Wireless Telecommunication Services — 0.0% (c)
Crown Castle Towers LLC 3.72%, 7/15/2023 (a)		1,400		1,459
Total Corporate Bonds (Cost $1,533,709)				1,569,025
Asset-Backed Securities — 20.8%
ACC Trust
Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		5,239		5,267
American Credit Acceptance Receivables Trust
Series 2017-1, Class D, 3.54%, 3/13/2023 (a)		4,243		4,259
Series 2019-1, Class B, 3.32%, 4/12/2023 (a)		1,225		1,230
Series 2017-2, Class D, 3.69%, 6/12/2023 (a)		2,293		2,308
Series 2019-3, Class B, 2.59%, 8/14/2023 (a)		4,900		4,950
Series 2018-2, Class D, 4.07%, 7/10/2024 (a)		1,250		1,283
Series 2018-3, Class D, 4.14%, 10/15/2024 (a)		3,080		3,168
Series 2018-4, Class D, 4.40%, 1/13/2025 (a)		4,000		4,162
Series 2019-2, Class C, 3.17%, 6/12/2025 (a)		7,000		7,118
Series 2019-2, Class D, 3.41%, 6/12/2025 (a)		8,625		8,865
Series 2019-3, Class D, 2.89%, 9/12/2025 (a)		4,907		4,999
Series 2019-4, Class C, 2.69%, 12/12/2025 (a)		5,500		5,616

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-1, Class C, 2.19%, 3/13/2026 (a)		4,270		4,319
Series 2020-2, Class D, 5.65%, 5/13/2026 (a)		4,000		4,391
Series 2020-3, Class C, 1.85%, 6/15/2026 (a)		6,150		6,186
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class D, 2.74%, 12/8/2022		1,400		1,421
Series 2018-2, Class A3, 3.15%, 3/20/2023		3,426		3,467
Series 2017-3, Class B, 2.24%, 6/19/2023		4,816		4,835
Series 2018-2, Class B, 3.45%, 6/18/2024		3,000		3,093
AMSR Trust
Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a)		5,695		5,703
Series 2020-SFR3, Class B, 1.81%, 9/17/2037 (a)		9,780		9,784
Amur Equipment Finance Receivables V LLC
Series 2018-1A, Class A2, 3.24%, 12/20/2023 (a)		2,525		2,543
Amur Equipment Finance Receivables VIII LLC
Series 2020-1A, Class A2, 1.68%, 8/20/2025 (a)		2,145		2,152
Aqua Finance Trust
Series 2020-AA, Class A, 1.90%, 7/17/2046 (a)		4,385		4,392
BCC Funding Corp. XVI LLC
Series 2019-1A, Class A2, 2.46%, 8/20/2024 (a)		8,626		8,692
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD2, Class 2A, 3.60%, 6/25/2043 ‡ (e)		187		190
British Airways Pass-Through Trust (United Kingdom)
Series 2013-1, Class A, 4.63%, 6/20/2024 (a)		1,725		1,651
BXG Receivables Note Trust
Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		178		178
Capital Auto Receivables Asset Trust
Series 2017-1, Class D, 3.15%, 2/20/2025 (a)		3,046		3,110
CarMax Auto Owner Trust
Series 2017-4, Class A3, 2.11%, 10/17/2022		526		529
Carnow Auto Receivables Trust
Series 2019-1A, Class A, 2.72%, 11/15/2022 (a)		7,863		7,924
Series 2019-1A, Class B, 2.71%, 4/17/2023 (a)		6,250		6,303

SEE NOTES TO FINANCIAL STATEMENTS.

300 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-1A, Class C, 3.36%, 6/17/2024 (a)		1,000		1,009
CarNow Auto Receivables Trust
Series 2020-1A, Class A, 1.76%, 2/15/2023 (a)		4,797		4,805
Carvana Auto Receivables Trust
Series 2019-1A, Class A3, 3.08%, 11/15/2022 (a)		3,084		3,100
Series 2019-2A, Class A3, 2.58%, 3/15/2023 (a)		8,856		8,923
Series 2019-3A, Class B, 2.51%, 4/15/2024 (a)		4,070		4,163
Series 2020-N1A, Class B, 2.01%, 3/17/2025 (a)		2,946		2,999
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023 (a)		206		206
Series 2019-1A, Class A, 3.33%, 8/15/2024 (a)		943		955
CNH Equipment Trust
Series 2017-B, Class A3, 1.86%, 9/15/2022		449		451
Colony American Finance Ltd. (Cayman Islands)
Series 2016-2, Class A, 2.55%, 11/15/2048 (a)		1,532		1,535
Consumer Loan Underlying Bond Credit Trust
Series 2018-P1, Class A, 3.39%, 7/15/2025 (a)		25		25
Series 2018-P3, Class A, 3.82%, 1/15/2026 (a)		183		184
CPS Auto Receivables Trust
Series 2019-B, Class A, 2.89%, 5/16/2022 (a)		68		68
Series 2019-A, Class A, 3.18%, 6/15/2022 (a)		112		112
Series 2019-C, Class A, 2.55%, 9/15/2022 (a)		710		712
Series 2019-B, Class B, 3.09%, 4/17/2023 (a)		760		769
Series 2020-A, Class A, 2.09%, 5/15/2023 (a)		2,147		2,165
Series 2017-C, Class D, 3.79%, 6/15/2023 (a)		2,000		2,032
Series 2019-C, Class B, 2.63%, 8/15/2023 (a)		4,785		4,846
Series 2019-D, Class B, 2.35%, 11/15/2023 (a)		4,915		4,968
Series 2019-A, Class B, 3.58%, 12/16/2024 (a)		3,060		3,096

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-B, Class D, 3.69%, 3/17/2025 (a)		2,000		2,050
CPS Auto Trust
Series 2018-C, Class B, 3.43%, 7/15/2022 (a)		335		336
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026 (a)		609		610
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		1,454		1,461
Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		3,750		3,789
Series 2018-2A, Class B, 3.94%, 7/15/2027 (a)		4,000		4,105
Series 2018-3A, Class A, 3.55%, 8/15/2027 (a)		7,178		7,289
Series 2019-1A, Class A, 3.33%, 2/15/2028 (a)		10,000		10,275
Series 2019-3A, Class B, 2.86%, 1/16/2029 (a)		4,250		4,376
Series 2020-1A, Class A, 2.01%, 2/15/2029 (a)		8,835		9,049
Series 2020-2A, Class A, 1.37%, 7/16/2029 (a)		1,955		1,962
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-6, Class M1, 1.08%, 10/25/2034 (e)		135		126
Delta Air Lines Pass-Through Trust
Series 2002-1, Class G-1, 6.72%, 1/2/2023		1,418		1,361
Diamond Resorts Owner Trust
Series 2019-1A, Class A, 2.89%, 2/20/2032 (a)		8,226		8,386
Drive Auto Receivables Trust
Series 2017-2, Class E, 5.27%		7,694		8,030
Series 2019-1, Class B, 3.41%, 6/15/2023		5,164		5,194
Series 2019-2, Class B, 3.17%, 11/15/2023		710		719
Series 2017-AA, Class D, 4.16%, 5/15/2024 (a)		5,371		5,438
Series 2018-2, Class D, 4.14%, 8/15/2024		5,125		5,328
Series 2018-5, Class C, 3.99%, 1/15/2025		5,000		5,144
Series 2018-4, Class D, 4.09%, 1/15/2026		1,625		1,698
DT Auto Owner Trust
Series 2019-1A, Class A, 3.08%, 9/15/2022 (a)		334		335
Series 2018-3A, Class B, 3.56%, 9/15/2022 (a)		2,595		2,609
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		66		66

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 301

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-2A, Class B, 2.99%, 4/17/2023 (a)		1,670		1,694
Series 2019-1A, Class B, 3.41%, 4/17/2023 (a)		3,675		3,706
Series 2019-3A, Class B, 2.60%, 5/15/2023 (a)		1,885		1,905
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		2,987		3,004
Series 2018-1A, Class C, 3.47%, 12/15/2023 (a)		355		356
Series 2017-2A, Class E, 6.03%, 1/15/2024 (a)		1,500		1,541
Series 2019-4A, Class B, 2.36%, 1/16/2024 (a)		1,700		1,724
Series 2017-1A, Class E, 5.79%, 2/15/2024 (a)		2,000		2,032
Series 2018-3A, Class C, 3.79%, 7/15/2024 (a)		8,000		8,172
Series 2019-1A, Class D, 3.87%, 11/15/2024 (a)		8,500		8,785
Series 2017-4A, Class E, 5.15%, 11/15/2024 (a)		9,550		9,770
Series 2019-3A, Class C, 2.74%, 4/15/2025 (a)		6,120		6,213
Series 2019-3A, Class D, 2.96%, 4/15/2025 (a)		4,486		4,540
Series 2019-4A, Class C, 2.73%, 7/15/2025 (a)		10,900		11,141
Series 2020-1A, Class C, 2.29%, 11/17/2025 (a)		7,140		7,254
Series 2020-2A, Class C, 3.28%, 3/16/2026 (a)		3,250		3,387
Exeter Automobile Receivables Trust
Series 2019-2A, Class A, 2.93%, 7/15/2022 (a)		114		114
Series 2019-3A, Class A, 2.59%, 9/15/2022 (a)		404		406
Series 2017-1A, Class C, 3.95%, 12/15/2022 (a)		2,310		2,333
Series 2018-1A, Class C, 3.03%, 1/17/2023 (a)		303		305
Series 2019-1A, Class B, 3.45%, 2/15/2023 (a)		2,543		2,555
Series 2016-2A, Class D, 8.25%, 4/17/2023 (a)		8,748		8,925
Series 2020-1A, Class A, 2.05%, 6/15/2023 (a)		3,101		3,122
Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		4,550		4,640

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-3A, Class B, 2.58%, 8/15/2023 (a)		4,565		4,614
Series 2018-4A, Class C, 3.97%, 9/15/2023 (a)		7,000		7,121
Series 2018-1A, Class D, 3.53%, 11/15/2023 (a)		5,000		5,130
Series 2017-1A, Class D, 6.20%, 11/15/2023 (a)		2,635		2,717
Series 2019-4A, Class B, 2.30%, 12/15/2023 (a)		7,965		8,051
Series 2020-1A, Class B, 2.26%, 4/15/2024 (a)		3,025		3,064
Series 2018-4A, Class D, 4.35%, 9/16/2024 (a)		6,000		6,291
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)		4,065		4,102
Fair Square Issuance Trust
Series 2020-AA, Class A, 2.90%, 9/20/2024 (a)		7,050		7,051
FHLMC Structured Pass-Through Securities Certificates
Series T-20, Class A6, 7.49%, 9/25/2029 (d)		2		2
First Investors Auto Owner Trust
Series 2017-3A, Class A2, 2.41%, 12/15/2022 (a)		179		179
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		671		672
Series 2017-3A, Class B, 2.72%, 4/17/2023 (a)		1,085		1,091
Series 2017-1A, Class E, 5.86%, 11/15/2023 (a)		4,360		4,464
Series 2017-3A, Class C, 3.00%, 1/16/2024 (a)		2,000		2,028
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		1,097		1,112
Series 2018-2A, Class D, 4.28%, 1/15/2025 (a)		3,440		3,595
Series 2020-1A, Class C, 2.55%, 2/17/2026 (a)		2,000		2,055
FirstKey Homes Trust
Series 2020-SFR1, Class A, 1.34%, 9/17/2025 (a)		6,005		6,017
Series 2020-SFR1, Class C, 1.94%, 9/17/2025 (a)		2,307		2,304
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		339		339
Series 2018-1, Class A, 2.59%, 6/15/2022 (a)		82		82

SEE NOTES TO FINANCIAL STATEMENTS.

302 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2018-1, Class B, 3.13%, 1/17/2023 (a)		1,600		1,614
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		2,013		2,028
Series 2018-4, Class A, 3.41%, 5/15/2023 (a)		1,226		1,241
Series 2019-1, Class A, 3.11%, 8/15/2023 (a)		2,699		2,739
Series 2017-3, Class C, 2.91%, 9/15/2023 (a)		4,250		4,313
Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		3,130		3,171
Series 2016-2, Class D, 8.56%, 11/15/2023 (a)		4,000		4,151
Series 2019-3, Class A, 2.33%, 2/15/2024 (a)		2,093		2,125
Series 2018-4, Class C, 4.11%, 10/15/2024 (a)		4,500		4,717
Series 2019-1, Class D, 4.08%, 2/18/2025 (a)		3,750		3,915
Series 2019-3, Class C, 2.74%, 10/15/2025 (a)		6,000		6,209
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		2,970		3,070
Ford Credit Auto Owner Trust
Series 2019-C, Class A3, 1.87%, 3/15/2024		460		471
Series 2016-1, Class A, 2.31%, 8/15/2027 (a)		2,700		2,720
Foundation Finance Trust
Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)		8,768		9,037
Foursight Capital Automobile Receivables Trust
Series 2018-1, Class E, 5.56%, 1/16/2024 (a)		2,500		2,625
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024 (a)		72		72
Series 2019-1, Class A, 3.42%, 6/18/2026 (a)		190		191
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		3,740		3,743
Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		5,294		5,295
Series 2020-3FP, Class A, 2.40%, 9/20/2027 (a)		2,100		2,091
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class A, 3.37%, 1/17/2023 (a)		736		741

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-3A, Class A, 2.58%, 7/17/2023 (a)		1,600		1,616
Series 2019-2A, Class B, 3.32%, 3/15/2024 (a)		1,250		1,288
Series 2019-3A, Class B, 2.72%, 6/17/2024 (a)		2,000		2,039
Series 2019-4A, Class B, 2.78%, 9/16/2024 (a)		3,500		3,587
Series 2019-1A, Class B, 3.65%, 12/16/2024 (a)		1,000		1,021
Series 2019-1A, Class C, 3.87%, 12/16/2024 (a)		4,831		4,994
Series 2019-3A, Class C, 2.96%, 5/15/2025 (a)		9,200		9,404
Series 2020-2A, Class C, 4.57%, 4/15/2026 (a)		5,250		5,637
GLS Auto Receivables Trust
Series 2018-1A, Class A, 2.82%, 7/15/2022 (a)		441		443
Series 2018-3A, Class A, 3.35%, 8/15/2022 (a)		274		275
GMF Floorplan Owner Revolving Trust
Series 2018-4, Class B, 3.68%, 9/15/2023 (a)		4,760		4,819
Hilton Grand Vacations Trust
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)		672		695
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 ‡ (a)		1,591		1,576
Legacy Mortgage Asset Trust
Series 2019-GS5, Class A1, 3.20%, 5/25/2059 ‡ (a) (d)		2,481		2,468
Lending Point Asset Securitization Trust
Series 2020-1, Class A, 2.51%, 2/10/2026 (a)		4,466		4,466
Lendmark Funding Trust
Series 2019-1A, Class A, 3.00%, 12/20/2027 (a)		6,400		6,264
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/2027 (a)		664		667
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		11,418		11,516
Mariner Finance Issuance Trust
Series 2018-AA, Class A, 4.20%, 11/20/2030 (a)		12,490		12,605

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 303

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-AA, Class A, 2.96%, 7/20/2032 (a)		7,845		7,970
Series 2020-AA, Class A, 2.19%, 8/21/2034 (a)		4,900		4,914
Marlette Funding Trust
Series 2018-4A, Class A, 3.71%, 12/15/2028 (a)		571		575
Series 2019-1A, Class A, 3.44%, 4/16/2029 (a)		2,924		2,953
Series 2019-2A, Class A, 3.13%, 7/16/2029 (a)		538		543
Series 2019-3A, Class A, 2.69%, 9/17/2029 (a)		6,272		6,321
Series 2020-1A, Class A, 2.24%, 3/15/2030 (a)		1,983		1,999
Mercedes-Benz Auto Lease Trust
Series 2019-A, Class A4, 3.25%, 10/15/2024		1,500		1,530
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.43%, 3/25/2033 ‡ (e)		239		229
MVW LLC
Series 2020-1A, Class A, 1.74%, 10/20/2037 (a)		4,108		4,175
NCUA Guaranteed Notes Trust
Series 2010-A1, Class A, 0.50%, 12/7/2020 (e)		2,033		2,033
Nissan Auto Lease Trust
Series 2020-A, Class A2A, 1.80%, 5/16/2022		4,488		4,522
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		3,230		3,267
OneMain Financial Issuance Trust
Series 2019-1A, Class A, 3.48%, 2/14/2031 (a)		9,130		9,347
Series 2017-1A, Class A1, 2.37%, 9/14/2032 (a)		683		685
Oportun Funding IX LLC
Series 2018-B, Class A, 3.91%, 7/8/2024 (a)		11,000		11,193
Series 2018-B, Class B, 4.50%, 7/8/2024 (a)		2,000		2,015
Oportun Funding XIII LLC
Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		5,950		5,964

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prestige Auto Receivables Trust
Series 2016-1A, Class D, 5.15%, 11/15/2021 (a)		2,982		2,996
Series 2016-2A, Class D, 3.91%, 11/15/2022 (a)		2,500		2,535
Series 2019-1A, Class B, 2.53%, 1/16/2024 (a)		4,000		4,069
Pretium Mortgage Credit Partners I LLC
Series 2019-CFL1, Class A1, 3.72%, 1/25/2059 ‡ (a) (d)		3,641		3,622
Series 2020-NPL1, Class A1, 2.86%, 5/27/2059 (a) (d)		5,702		5,649
Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (a) (d)		4,886		4,842
Series 2020-NPL2, Class A1, 3.72%, 2/27/2060 ‡ (a) (d)		1,784		1,786
Progress Residential Trust
Series 2017-SFR1, Class D, 3.57%, 8/17/2034 ‡ (a)		2,000		2,038
Series 2018-SFR3, Class C, 4.18%, 10/17/2035 (a)		2,000		2,060
Series 2018-SFR3, Class D, 4.43%, 10/17/2035 (a)		2,500		2,586
Prosper Marketplace Issuance Trust
Series 2019-1A, Class A, 3.54%, 4/15/2025 (a)		139		140
Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		5,259		5,285
Series 2019-2A, Class A, 3.20%, 9/15/2025 (a)		476		477
PRPM LLC
Series 2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (a) (d)		1,336		1,327
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		2,231		2,233
Santander Consumer Auto Receivables Trust
Series 2020-AA, Class C, 3.71%, 2/17/2026 (a)		2,984		3,204
Santander Drive Auto Receivables Trust
Series 2017-3, Class C, 2.76%, 12/15/2022		371		372
Series 2018-4, Class B, 3.27%, 1/17/2023		1,295		1,297
Series 2018-5, Class C, 3.81%, 12/16/2024		8,200		8,335

SEE NOTES TO FINANCIAL STATEMENTS.

304 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Santander Retail Auto Lease Trust
Series 2019-B, Class A3, 2.30%, 1/20/2023 (a)		7,750		7,929
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A, 3.69%, 9/20/2035 (a)		1,037		1,091
Series 2019-3A, Class A, 2.34%, 8/20/2036 (a)		1,651		1,689
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)		958		958
Series 2020-2A, Class B, 2.32%, 7/20/2037 (a)		3,750		3,765
Skopos Auto Receivables Trust
Series 2019-1A, Class A, 2.90%, 12/15/2022 (a)		3,441		3,466
Small Business Lending Trust
Series 2020-A, Class A, 2.62%, 12/15/2026 (a)		5,731		5,634
SoFi Consumer Loan Program LLC
Series 2017-3, Class A, 2.77%, 5/25/2026 (a)		1,854		1,866
Series 2017-6, Class B, 3.52%, 11/25/2026 (a)		3,000		3,081
Series 2016-5, Class A, 3.06%, 9/25/2028 (a)		29		29
SoFi Consumer Loan Program Trust
Series 2018-4, Class A, 3.54%, 11/26/2027 (a)		810		816
Series 2019-1, Class A, 3.24%, 2/25/2028 (a)		1,200		1,212
Synchrony Credit Card Master Note Trust
Series 2016-2, Class A, 2.21%, 5/15/2024		2,538		2,570
Series 2017-2, Class A, 2.62%, 10/15/2025		3,839		3,992
Tesla Auto Lease Trust
Series 2018-B, Class A, 3.71%, 8/20/2021 (a)		5,326		5,385
Tricon American Homes Trust
Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (a)		6,023		6,039
United Auto Credit Securitization Trust
Series 2018-2, Class D, 4.26%, 5/10/2023 (a)		3,202		3,233
Series 2019-1, Class D, 3.47%, 8/12/2024 (a)		8,250		8,402

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Upstart Securitization Trust
Series 2019-3, Class A, 2.68%, 1/21/2030 (a)		10,845		10,946
Series 2020-1, Class A, 2.32%, 4/22/2030 (a)		6,150		6,202
US Auto Funding LLC
Series 2019-1A, Class A, 3.61%, 4/15/2022 (a)		925		929
Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		1,500		1,516
USASF Receivables LLC
Series 2020-1A, Class A, 2.47%, 2/15/2023 (a)		4,112		4,119
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049 ‡ (a) (d)		4,021		4,005
Series 2019-NPL5, Class A1A, 3.35%, 9/25/2049 ‡ (a) (d)		5,717		5,714
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (a) (d)		1,857		1,842
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 ‡ (a) (d)		3,014		3,014
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		13,014		12,879
Series 2020-NPL5, Class A1A, 2.98%, 3/25/2050 ‡ (a) (d)		6,667		6,617
Verizon Owner Trust
Series 2017-2A, Class B, 2.22%, 12/20/2021 ‡(a)		7,065		7,074
Veros Automobile Receivables Trust
Series 2020-1, Class A, 1.67%, 9/15/2023 (a)		3,882		3,887
Volkswagen Auto Loan Enhanced Trust
Series 2018-1, Class A4, 3.15%, 7/22/2024		3,450		3,580
VOLT LXXX LLC
Series 2019-NPL6, Class A1A, 3.23%, 10/25/2049 ‡ (a) (d)		7,189		7,126
VOLT LXXXIII LLC
Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (a) (d)		4,429		4,407
VOLT LXXXV LLC
Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (d)		6,439		6,407
VOLT LXXXVII LLC
Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 ‡ (a) (d)		10,031		9,958

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 305

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Westgate Resorts LLC
Series 2020-1A, Class A, 2.71%, 3/20/2034 (a)		2,769		2,818
Westlake Automobile Receivables Trust
Series 2019-1A, Class A2A, 3.06%, 5/16/2022 (a)		489		491
Series 2017-2A, Class D, 3.28%, 12/15/2022 (a)		1,420		1,430
Series 2018-1A, Class D, 3.41%, 5/15/2023 (a)		8,890		8,992
Series 2018-3A, Class C, 3.61%, 10/16/2023 (a)		4,117		4,184
Series 2018-2A, Class C, 3.50%, 1/16/2024 (a)		3,527		3,552
Series 2018-2A, Class E, 4.86%, 1/16/2024 (a)		4,800		4,971
Series 2019-1A, Class D, 3.67%, 3/15/2024 (a)		5,000		5,164
Series 2019-2A, Class C, 2.84%, 7/15/2024 (a)		8,455		8,652
Series 2017-2A, Class E, 4.63%, 7/15/2024 (a)		6,000		6,065
Series 2019-3A, Class C, 2.49%, 10/15/2024 (a)		3,065		3,123
Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		5,492		5,639
Series 2020-2A, Class C, 2.01%, 7/15/2025 (a)		2,500		2,532
World Financial Network Credit Card Master Trust
Series 2018-A, Class A, 3.07%, 12/16/2024		10,351		10,465
Series 2016-A, Class A, 2.03%, 4/15/2025		8,830		8,918
Series 2019-B, Class A, 2.49%, 4/15/2026		13,000		13,384
Series 2019-C, Class A, 2.21%, 7/15/2026		3,090		3,164
World Omni Auto Receivables Trust
Series 2017-B, Class A3, 1.95%, 2/15/2023		736		742
Series 2019-A, Class A3, 3.04%, 5/15/2024		3,590		3,686
Total Asset-Backed Securities (Cost $959,816)				966,750
Collateralized Mortgage Obligations — 17.2%
Alternative Loan Trust
Series 2003-J3, Class 2A1, 6.25%, 12/25/2033		12		13
Angel Oak Mortgage Trust LLC
Series 2020-5, Class A1, 1.37%, 5/25/2065 (a) (e)		6,825		6,825

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Antler Mortgage Trust
Series 2019-RTL1, Class A1, 4.46%, 6/27/2022 (a)		6,500			6,518
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (a)		7,628			7,642
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 3.31%, 10/25/2033 (e)		36			34
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		26			26
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A1, 7.00%, 9/25/2033		32			32
Series 2004-UST1, Class A6, 2.95%, 8/25/2034 (e)		217			203
COLT Mortgage Loan Trust
Series 2019-4, Class A1, 2.58%, 11/25/2049 (a) (e)		2,726			2,742
CSFB Mortgage-Backed Pass-Through Certificates
Series 2004-8, Class 6A1, 4.50%, 12/25/2019		67			67
CSMC Mortgage-Backed Trust
Series 2007-5, Class 5A5, 5.46%, 4/1/2037 (e)		488			230
FHLMC — GNMA
Series 31, Class Z, 8.00%, 4/25/2024		85			91
Series 56, Class Z, 7.50%, 9/20/2026		33			38
FHLMC REMIC
Series 3934, Class KB, 5.00%, 10/15/2041		600			697
FHLMC, REMIC
Series 4305, Class EA, 1.75%, 9/15/2020		29			29
Series 3750, Class GB, 2.50%, 10/15/2020		5			5
Series 1056, Class KZ, 6.50%, 3/15/2021		—	(f)		—	(f)
Series 1053, Class G, 7.00%, 3/15/2021		—	(f)		—	(f)
Series 1082, Class C, 9.00%, 5/15/2021		—	(f)		—	(f)
Series 1087, Class I, 8.50%, 6/15/2021		—	(f)		—	(f)
Series 1125, Class Z, 8.25%, 8/15/2021		1			1
Series 3925, Class CA, 2.00%, 9/15/2021		428			430
Series 3929, Class DA, 2.00%, 9/15/2021		317			318
Series 189, Class D, 6.50%, 10/15/2021		—	(f)		—	(f)
Series 1142, Class IA, 7.00%, 10/15/2021		1			1
Series 1169, Class G, 7.00%, 11/15/2021		—	(f)		—	(f)

SEE NOTES TO FINANCIAL STATEMENTS.

306 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3872, Class ND, 2.00%, 12/15/2021		29			29
Series 2418, Class MF, 6.00%, 2/15/2022		38			39
Series 1343, Class LA, 8.00%, 8/15/2022		3			3
Series 1424, Class F, 1.23%, 11/15/2022 (e)		—	(f)		—	(f)
Series 1480, Class LZ, 7.50%, 3/15/2023		15			16
Series 3784, Class F, 0.56%, 7/15/2023 (e)		576			575
Series 3784, Class S, IF, IO, 6.44%, 7/15/2023 (e)		619			41
Series 3229, Class AF, 0.41%, 8/15/2023 (e)		327			326
Series 1560, Class Z, 7.00%, 8/15/2023		42			44
Series 2682, Class JG, 4.50%, 10/15/2023		886			922
Series 2686, Class GC, 5.00%, 10/15/2023		1,017			1,065
Series 2790, Class TN, 4.00%, 5/15/2024		117			122
Series 1754, Class Z, 8.50%, 9/15/2024		20			22
Series 3800, Class CD, 3.10%, 3/15/2025		26			26
Series 1779, Class Z, 8.50%, 4/15/2025		59			67
Series 3763, Class NE, 2.50%, 5/15/2025		181			183
Series 4303, Class VA, 3.50%, 5/15/2025		474			501
Series 2989, Class TG, 5.00%, 6/15/2025		1,717			1,826
Series 2997, Class BC, 5.00%, 6/15/2025		2,197			2,340
Series 3005, Class ED, 5.00%, 7/15/2025		854			908
Series 3973, Class MA, 3.00%, 8/15/2025		129			130
Series 3955, Class WA, 2.50%, 11/15/2025		117			118
Series 3815, Class EA, 4.00%, 12/15/2025		16			16
Series 3826, Class BK, 3.00%, 3/15/2026		731			763
Series 3945, Class CA, 3.00%, 3/15/2026		490			501
Series 3864, Class PG, 3.50%, 5/15/2026		121			127
Series 3887, Class GM, 4.00%, 7/15/2026 (d)		145			155
Series 3903, Class GB, 4.00%, 8/15/2026		755			792
Series 3909, Class HG, 4.00%, 8/15/2026 (d)		403			429
Series 1888, Class Z, 7.00%, 8/15/2026		88			97
Series 3936, Class AB, 3.00%, 10/15/2026		776			810
Series 3946, Class BU, 3.00%, 10/15/2026		285			298
Series 3996, Class BA, 1.50%, 2/15/2027		262			266
Series 4015, Class GL, 2.25%, 3/15/2027		236			245
Series 4020, Class N, 3.00%, 3/15/2027		130			137
Series 4054, Class AE, 1.50%, 4/15/2027		510			517
Series 4039, Class AB, 1.50%, 5/15/2027		448			459
Series 4039, Class PB, 1.50%, 5/15/2027		1,175			1,192
Series 4043, Class PB, 1.50%, 5/15/2027		877			890
Series 4097, Class HJ, 1.50%, 8/15/2027		1,405			1,426
Series 4103, Class HA, 2.50%, 9/15/2027		374			389

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 4361, Class CA, 2.50%, 9/15/2027		928		963
Series 4257, Class A, 2.50%, 10/15/2027		784		804
Series 4131, Class BC, 1.25%, 11/15/2027		248		251
Series 4129, Class AP, 1.50%, 11/15/2027		1,422		1,440
Series 4286, Class J, 2.50%, 11/15/2027		837		850
Series 4141, Class BI, IO, 2.50%, 12/15/2027		6,692		389
Series 4207, Class JD, 1.50%, 5/15/2028		383		386
Series 4204, Class EG, 1.75%, 5/15/2028		2,050		2,103
Series 4204, Class HA, 2.50%, 5/15/2028		5,618		5,855
Series 4217, Class UD, 1.75%, 6/15/2028		599		608
Series 4085, Class VB, 3.50%, 9/15/2028		2,341		2,462
Series 2090, Class F, 0.36%, 10/15/2028 (e)		158		158
Series 4710, Class HV, 3.50%, 11/15/2028		786		804
Series 4304, Class TD, 2.00%, 12/15/2028		3,074		3,159
Series 3523, Class MX, 4.50%, 4/15/2029		166		182
Series 2995, Class FT, 0.41%, 5/15/2029 (e)		184		184
Series 4338, Class TH, 2.25%, 5/15/2029		2,693		2,768
Series 4338, Class GE, 2.50%, 5/15/2029		197		205
Series 4564, Class QA, 3.00%, 7/15/2029		7,656		8,067
Series 3976, Class AE, 2.50%, 8/15/2029		67		67
Series 3984, Class EA, 3.50%, 11/15/2029		71		71
Series 3721, Class DG, 2.75%, 9/15/2030		401		420
Series 3775, Class DB, 4.00%, 12/15/2030		625		685
Series 3779, Class LB, 4.00%, 12/15/2030		676		747
Series 2303, Class FY, 0.46%, 4/15/2031 (e)		211		210
Series 4051, Class MB, 2.00%, 4/15/2031		372		379
Series 2326, Class ZQ, 6.50%, 6/15/2031		218		246
Series 4252, Class MD, 3.00%, 7/15/2031		162		166
Series 2362, Class F, 0.56%, 9/15/2031 (e)		142		142
Series 4254, Class TA, 2.50%, 10/15/2031		1,223		1,265
Series 2500, Class FD, 0.66%, 3/15/2032 (e)		247		247
Series 4318, Class KB, 2.50%, 4/15/2032		638		653
Series 4170, Class QE, 2.00%, 5/15/2032		265		273
Series 4094, Class BF, 0.56%, 8/15/2032 (e)		667		667
Series 2492, Class GH, 6.00%, 8/15/2032		349		408
Series 4120, Class KA, 1.75%, 10/15/2032		1,105		1,138
Series 4142, Class PG, 2.00%, 12/15/2032		168		173
Series 2711, Class FC, 1.06%, 2/15/2033 (e)		1,547		1,576
Series 2602, Class FH, 0.47%, 4/15/2033 (e)		288		287

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 307

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 4206, Class DZ, 3.00%, 5/15/2033		1,610		1,672
Series 4423, Class VN, 3.00%, 5/15/2033		1,100		1,190
Series 2617, Class Z, 5.50%, 5/15/2033		138		161
Series 2662, Class MT, 4.50%, 8/15/2033		160		172
Series 2686, Class KZ, 4.50%, 10/15/2033		1,627		1,785
Series 2693, Class Z, 5.50%, 10/15/2033		256		296
Series 3005, Class PV, IF, 12.47%, 10/15/2033 (e)		9		11
Series 2727, Class PM, 4.50%, 1/15/2034		1,458		1,639
Series 2806, Class FA, 1.16%, 2/15/2034 (e)		431		440
Series 2989, Class MU, IF, IO, 6.84%, 7/15/2034 (e)		1,975		343
Series 3204, Class ZM, 5.00%, 8/15/2034		872		996
Series 2953, Class MF, 0.46%, 12/15/2034 (e)		151		151
Series 2898, Class PG, 5.00%, 12/15/2034		1,102		1,270
Series 3003, Class LD, 5.00%, 12/15/2034		190		221
Series 2901, Class S, IF, 9.92%, 12/15/2034 (e)		409		526
Series 4265, Class FD, 0.56%, 1/15/2035 (e)		487		489
Series 2933, Class EM, 5.50%, 1/15/2035		120		134
Series 2929, Class PG, 5.00%, 2/15/2035		141		160
Series 2941, Class Z, 4.50%, 3/15/2035		1,003		1,117
Series 2953, Class PG, 5.50%, 3/15/2035		496		578
Series 2973, Class EB, 5.50%, 4/15/2035		3,625		3,879
Series 2976, Class HZ, 4.50%, 5/15/2035		473		516
Series 2996, Class PB, 5.50%, 5/15/2035		2,838		3,091
Series 3002, Class BN, 5.00%, 7/15/2035		406		465
Series 3013, Class HZ, 5.00%, 8/15/2035		1,365		1,591
Series 3036, Class NE, 5.00%, 9/15/2035		170		196
Series 3101, Class UZ, 6.00%, 1/15/2036		307		368
Series 3174, Class LF, 0.51%, 5/15/2036 (e)		415		416
Series 3662, Class ZB, 5.50%, 8/15/2036		249		294
Series 4646, Class JV, 3.50%, 11/15/2036		6,446		7,120
Series 3704, Class DC, 4.00%, 11/15/2036		1,000		1,038
Series 3688, Class NB, 4.50%, 11/15/2036		1,089		1,231
Series 3855, Class AM, 6.50%, 11/15/2036		3,360		3,886
Series 3249, Class CL, 4.25%, 12/15/2036		3,072		3,302
Series 3258, Class PM, 5.50%, 12/15/2036		732		837
Series 4655, Class CA, 3.00%, 1/15/2037		121		121
Series 4279, Class JA, 3.00%, 2/15/2037		827		847
Series 4181, Class LA, 3.00%, 3/15/2037		472		474

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3305, Class IW, IF, IO, 6.29%, 4/15/2037 (e)		471		54
Series 3318, Class HF, 0.42%, 5/15/2037 (e)		655		653
Series 3326, Class FG, 0.51%, 6/15/2037 (e)		1,045		1,048
Series 4182, Class C, 3.00%, 6/15/2037		31		31
Series 3724, Class CM, 5.50%, 6/15/2037		511		582
Series 3351, Class ZC, 5.50%, 7/15/2037		1,906		2,239
Series 3420, Class EI, IO, 1.12%, 8/15/2037 (d)		5,466		282
Series 3805, Class PA, 4.50%, 10/15/2037		240		243
Series 3429, Class S, IF, IO, 6.66%, 3/15/2038 (e)		721		167
Series 3459, Class MB, 5.00%, 6/15/2038		180		206
Series 3575, Class ZA, 5.00%, 6/15/2038		6,544		7,603
Series 4378, Class BM, 2.50%, 11/15/2038		606		612
Series 4290, Class CA, 3.50%, 12/15/2038		397		405
Series 4085, Class FB, 0.56%, 1/15/2039 (e)		124		125
Series 3546, Class A, 3.18%, 2/15/2039 (e)		699		722
Series 4061, Class CF, 0.51%, 3/15/2039 (e)		233		233
Series 4059, Class BC, 2.50%, 4/15/2039		77		77
Series 3540, Class A, 5.00%, 5/15/2039		531		583
Series 4428, Class LA, 3.00%, 6/15/2039		1,668		1,745
Series 4346, Class A, 3.50%, 7/15/2039		157		168
Series 3597, Class HM, 4.50%, 8/15/2039		448		484
Series 3569, Class NY, 5.00%, 8/15/2039		942		1,079
Series 4209, Class A, 4.00%, 9/15/2039		289		293
Series 3572, Class JS, IF, IO, 6.64%, 9/15/2039 (e)		681		113
Series 3962, Class FB, 0.66%, 10/15/2039 (e)		75		75
Series 4212, Class LA, 3.00%, 10/15/2039		1,285		1,312
Series 3585, Class KW, 4.50%, 10/15/2039		2,806		3,132
Series 3768, Class MB, 4.00%, 12/15/2039		241		252
Series 3910, Class CT, 4.00%, 12/15/2039		212		218
Series 3609, Class SA, IF, IO, 6.18%, 12/15/2039 (e)		3,231		578
Series 4329, Class KA, 3.00%, 1/15/2040		916		939
Series 4327, Class A, 4.00%, 2/15/2040		162		164
Series 3632, Class PK, 5.00%, 2/15/2040		705		790
Series 4352, Class A, 3.00%, 4/15/2040		335		344
Series 3656, Class PM, 5.00%, 4/15/2040		4,172		4,819

SEE NOTES TO FINANCIAL STATEMENTS.

308 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3819, Class G, 4.00%, 6/15/2040		119		125
Series 3786, Class NA, 4.50%, 7/15/2040		204		217
Series 3960, Class FJ, 0.51%, 8/15/2040 (e)		131		131
Series 3726, Class PA, 3.00%, 8/15/2040		518		541
Series 4655, Class DJ, 3.00%, 10/15/2040		3,955		4,298
Series 4088, Class LE, 4.00%, 10/15/2040		1,325		1,367
Series 3803, Class FY, 0.56%, 1/15/2041 (e)		240		241
Series 4080, Class DA, 2.00%, 3/15/2041		538		556
Series 4288, Class JZ, 2.50%, 3/15/2041		1,073		1,097
Series 3844, Class FA, 0.61%, 4/15/2041 (e)		397		400
Series 3862, Class GA, 4.00%, 4/15/2041		412		459
Series 4074, Class PA, 3.00%, 5/15/2041		2,690		2,797
Series 4050, Class BA, 3.50%, 5/15/2041		4,592		4,757
Series 4229, Class MA, 3.50%, 5/15/2041		11,309		11,901
Series 3859, Class JB, 5.00%, 5/15/2041		589		664
Series 4150, Class JE, 2.00%, 6/15/2041		1,548		1,590
Series 3939, Class BZ, 4.50%, 6/15/2041		4,569		4,847
Series 4150, Class FN, 0.46%, 7/15/2041 (e)		733		734
Series 4105, Class HA, 2.00%, 7/15/2041		2,449		2,511
Series 4150, Class FY, 0.46%, 8/15/2041 (e)		719		719
Series 4152, Class LE, 1.75%, 8/15/2041		7,563		7,669
Series 4143, Class NA, 2.50%, 8/15/2041		7,124		7,400
Series 3966, Class VZ, 4.00%, 12/15/2041		1,644		1,795
Series 4122, Class PA, 1.50%, 2/15/2042		544		555
Series 4215, Class NA, 3.00%, 4/15/2042		296		312
Series 4499, Class AB, 3.00%, 6/15/2042		2,327		2,402
Series 4143, Class AE, 2.00%, 9/15/2042		3,116		3,217
Series 4778, Class EA, 4.00%, 10/15/2042		2,954		2,992
Series 4136, Class EZ, 3.00%, 11/15/2042		826		827
Series 4158, Class TC, 1.75%, 12/15/2042		481		489
Series 4247, Class AK, 4.50%, 12/15/2042		1,062		1,131
Series 4763, Class DA, 4.00%, 1/15/2043		5,465		5,522
Series 4763, Class DN, 4.00%, 1/15/2043		6,831		6,902
Series 4163, Class YZ, 2.50%, 2/15/2043		4,076		4,091
Series 4795, Class MP, 3.50%, 5/15/2043		3,777		3,886
Series 4314, Class LP, 3.50%, 7/15/2043		197		209
Series 4311, Class ED, 2.75%, 9/15/2043		513		526
Series 4480, Class LA, 3.50%, 9/15/2043		824		865
Series 4450, Class NH, 2.00%, 10/15/2043		1,302		1,316
Series 4330, Class PE, 3.00%, 11/15/2043		574		600
Series 4286, Class MP, 4.00%, 12/15/2043		696		761
Series 4316, Class DZ, 3.00%, 3/15/2044		3,030		3,380

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 4338, Class A, 2.50%, 5/15/2044		932			975
Series 4505, Class P, 3.50%, 5/15/2044		2,302			2,479
Series 4360, Class PZ, 3.00%, 7/15/2044		4,193			4,396
Series 4800, Class UA, 3.50%, 12/15/2044		304			310
Series 4425, Class TA, 2.00%, 1/15/2045		866			882
Series 4550, Class TA, 2.00%, 1/15/2045		15,791			16,188
Series 4759, Class MA, 3.00%, 9/15/2045		426			437
Series 4374, Class NC, 3.75%, 2/15/2046 (d)		753			755
Series 4591, Class QE, 2.75%, 4/15/2046		925			950
Series 4830, Class AP, 4.00%, 2/15/2047		2,741			2,927
Series 4682, Class LC, 2.50%, 5/15/2047		1,757			1,816
Series 4922, Class GE, 2.50%, 7/25/2049		3,463			3,567
FHLMC, STRIPS
Series 302, Class 350, 3.50%, 2/15/2028		399			423
Series 218, PO, 2/1/2032		145			141
FNMA, REMIC
Series 1990-106, Class J, 8.50%, 9/25/2020		—	(f)		—	(f)
Series 1990-123, Class G, 7.00%, 10/25/2020		—	(f)		—	(f)
Series 1990-117, Class E, 8.95%, 10/25/2020		—	(f)		—	(f)
Series 1990-132, Class Z, 7.00%, 11/25/2020		—	(f)		—	(f)
Series 1990-137, Class X, 9.00%, 12/25/2020		—	(f)		—	(f)
Series 2011-17, Class CJ, 2.75%, 3/25/2021		18			18
Series 2011-66, Class QA, 3.50%, 7/25/2021		32			33
Series 2011-104, Class DC, 1.50%, 10/25/2021		110			110
Series G92-19, Class M, 8.50%, 4/25/2022		13			13
Series 1992-96, Class B, PO, 5/25/2022		—	(f)		—	(f)
Series G92-40, Class ZC, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		1			1
Series G92-35, Class EA, 8.00%, 7/25/2022		36			37
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(f)		—	(f)
Series 1992-131, Class KB, 8.00%, 8/25/2022		117			123
Series G92-54, Class ZQ, 7.50%, 9/25/2022		1			1
Series 1992-185, Class L, 8.00%, 10/25/2022		120			127
Series G92-64, Class J, 8.00%, 11/25/2022		273			285
Series G92-66, Class K, 8.00%, 12/25/2022		120			126
Series 2011-98, Class VC, 3.50%, 1/25/2023		14			14

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 309

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-116, Class VA, 3.50%, 2/25/2023		497		504
Series 1997-44, Class N, PO, 6/25/2023		79		78
Series 1993-216, Class E, PO, 8/25/2023		44		43
Series 1993-235, Class G, PO, 9/25/2023		3		3
Series 1993-165, Class SN, IF, 11.47%, 9/25/2023 (e)		1		1
Series 2003-106, Class WG, 4.50%, 11/25/2023		2,165		2,252
Series 1993-226, Class PK, 6.00%, 12/25/2023		131		138
Series 1994-15, Class ZK, 5.50%, 2/25/2024		296		312
Series 1994-43, Class PK, 6.35%, 2/25/2024		134		142
Series 2001-40, PO, 4/25/2024		58		57
Series G94-6, Class PJ, 8.00%, 5/17/2024		116		124
Series 2013-52, Class PV, 3.00%, 10/25/2024		1,986		2,055
Series 2010-38, Class B, 4.00%, 4/25/2025		278		289
Series 2011-26, Class EG, 3.00%, 6/25/2025		872		879
Series 2014-3, Class BV, 3.00%, 6/25/2025		1,489		1,506
Series 2011-141, Class CA, 2.00%, 12/25/2025		723		731
Series 2011-17, Class GD, 3.50%, 2/25/2026		131		134
Series 2011-48, Class CN, 4.00%, 6/25/2026(d)		129		140
Series 2011-61, Class B, 3.00%, 7/25/2026		709		740
Series 2011-72, Class KB, 3.50%, 8/25/2026		984		1,033
Series 2013-100, Class VW, 3.00%, 11/25/2026		1,279		1,338
Series 2012-32, Class DE, 3.00%, 12/25/2026		360		374
Series 2015-96, Class EA, 3.00%, 12/25/2026		536		577
Series 2012-26, Class CA, 2.50%, 3/25/2027		1,399		1,441
Series 2012-53, Class BK, 1.75%, 5/25/2027		3,946		4,032
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027		10,873		686
Series 2012-102, Class GA, 1.38%, 9/25/2027		3,097		3,138
Series 2020-9, Class D, 6.50%, 9/25/2027		2,963		3,187

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-127, Class AC, 1.50%, 11/25/2027		995		1,012
Series 2012-124, Class HG, 2.00%, 11/25/2027		634		654
Series 2013-5, Class DA, 1.50%, 2/25/2028		665		673
Series 2014-26, Class HC, 2.50%, 2/25/2028		287		294
Series 2013-13, Class KD, 1.50%, 3/25/2028		485		505
Series 2008-72, IO, 5.00%, 8/25/2028		74		4
Series 2013-137, Class BA, 1.50%, 1/25/2029		828		837
Series 2009-15, Class AC, 5.50%, 3/25/2029		1,259		1,388
Series 2009-58, Class B, 4.50%, 8/25/2029		1,689		1,818
Series 2010-14, Class AC, 4.00%, 3/25/2030		361		392
Series 2013-101, Class HA, 3.00%, 10/25/2030		215		221
Series 2012-14, Class EA, 2.50%, 12/25/2030		105		108
Series 2012-20, Class BD, 2.00%, 1/25/2031		5,133		5,274
Series 2001-38, Class EA, PO, 8/25/2031		76		73
Series 2015-89, Class KE, 2.00%, 11/25/2031		197		203
Series 2012-98, Class QG, 1.75%, 1/25/2032		1,158		1,186
Series 2001-81, Class HE, 6.50%, 1/25/2032		3,138		3,712
Series 2002-34, Class FA, 0.65%, 5/18/2032 (e)		181		182
Series 2016-12, Class EG, 2.00%, 5/25/2032		1,976		2,026
Series 2013-109, Class BA, 3.00%, 10/25/2032		1,355		1,432
Series 2002-64, Class PG, 5.50%, 10/25/2032		2,549		2,946
Series 2004-61, Class FH, 0.98%, 11/25/2032 (e)		1,333		1,352
Series 2002-77, Class TF, 1.15%, 12/18/2032 (e)		256		261
Series 2002-77, Class QG, 5.50%, 12/25/2032		628		710
Series 2002-84, Class DZ, 5.50%, 12/25/2032		393		459
Series 2012-148, Class CK, 1.75%, 1/25/2033		1,991		2,069

SEE NOTES TO FINANCIAL STATEMENTS.

310 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2002-94, Class BZ, 5.50%, 1/25/2033		1,416		1,636
Series 2003-7, Class FB, 0.93%, 2/25/2033 (e)		379		383
Series 2013-18, Class TG, 2.00%, 2/25/2033		943		969
Series 2013-116, Class CE, 3.00%, 4/25/2033		3,062		3,190
Series 2013-31, Class NL, 4.00%, 4/25/2033		778		887
Series 2003-42, Class CI, IO, 6.50%, 5/25/2033		255		45
Series 2003-63, Class A7, 5.50%, 6/25/2033		3,208		3,415
Series 2003-49, IO, 6.50%, 6/25/2033		363		70
Series 2003-58, Class GL, 3.50%, 7/25/2033		187		201
Series 2003-84, Class PZ, 5.00%, 9/25/2033		103		118
Series 2013-119, Class VA, 3.00%, 10/25/2033		2,657		2,772
Series 2003-107, Class ZD, 6.00%, 11/25/2033		2,167		2,560
Series 2014-19, Class VK, 4.50%, 4/25/2034		2,000		2,158
Series 2004-60, Class LB, 5.00%, 4/25/2034		93		95
Series 2004-38, Class AO, PO, 5/25/2034		3,690		3,478
Series 2004-72, Class F, 0.68%, 9/25/2034 (e)		228		229
Series 2004-91, Class BR, 5.50%, 12/25/2034		106		122
Series 2004-90, Class ZU, 6.00%, 12/25/2034		1,475		1,767
Series 2005-5, Class PA, 5.00%, 1/25/2035		650		716
Series 2004-101, Class AR, 5.50%, 1/25/2035		21		23
Series 2005-27, Class HZ, 5.00%, 4/25/2035		2,961		3,395
Series 2005-31, Class PB, 5.50%, 4/25/2035		1,430		1,635
Series 2005-38, Class FK, 0.48%, 5/25/2035 (e)		698		690
Series 2015-41, Class CA, 3.00%, 6/25/2035		1,028		1,098
Series 2005-66, Class PF, 0.43%, 7/25/2035 (e)		252		252
Series 2005-55, Class PN, 5.50%, 7/25/2035		3,367		3,919

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-64, Class PL, 5.50%, 7/25/2035		115		131
Series 2005-103, Class BT, IF, 6.50%, 7/25/2035 (e)		335		392
Series 2006-4, Class PB, 6.00%, 9/25/2035		1,354		1,464
Series 2010-39, Class FT, 1.13%, 10/25/2035 (e)		1,088		1,112
Series 2005-88, Class ZC, 5.00%, 10/25/2035		3,318		3,803
Series 2007-109, Class VZ, 5.00%, 10/25/2035		2,863		3,276
Series 2005-84, Class MB, 5.75%, 10/25/2035		1,593		1,790
Series 2013-114, Class JA, 3.00%, 11/25/2035		306		318
Series 2005-101, Class B, 5.00%, 11/25/2035		1,606		1,848
Series 2005-99, Class AF, 0.53%, 12/25/2035 (e)		164		165
Series 2014-88, Class ER, 2.50%, 2/25/2036		145		151
Series 2006-16, Class FC, 0.48%, 3/25/2036 (e)		160		160
Series 2006-14, Class DB, 5.50%, 3/25/2036		600		689
Series 2006-27, Class BF, 0.48%, 4/25/2036 (e)		312		312
Series 2006-46, Class FW, 0.58%, 6/25/2036 (e)		465		466
Series 2006-42, Class PF, 0.59%, 6/25/2036 (e)		351		352
Series 2006-50, Class PE, 5.00%, 6/25/2036		586		674
Series 2009-71, Class JT, 6.00%, 6/25/2036		314		372
Series 2006-101, Class FC, 0.48%, 7/25/2036 (e)		387		386
Series 2006-101, Class FD, 0.48%, 7/25/2036 (e)		247		246
Series 2006-56, Class DC, 0.83%, 7/25/2036 (e)		417		420
Series 2006-58, Class ST, IF, IO, 6.97%, 7/25/2036 (e)		355		77
Series 2014-23, Class PA, 3.50%, 8/25/2036		3,937		3,966
Series 2007-1, Class NF, 0.43%, 2/25/2037 (e)		609		608
Series 2007-16, Class FC, 0.93%, 3/25/2037 (e)		28		29

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 311

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-22, Class SC, IF, IO, 5.90%, 3/25/2037 (e)		47		2
Series 2007-33, Class MS, IF, IO, 6.41%, 4/25/2037 (e)		2,096		356
Series 2011-71, Class FB, 0.68%, 5/25/2037 (e)		501		502
Series 2007-57, Class ZE, 4.75%, 5/25/2037		754		811
Series 2007-54, Class FA, 0.58%, 6/25/2037 (e)		223		225
Series 2013-55, Class BA, 3.00%, 6/25/2037		1,044		1,056
Series 2007-B2, Class ZA, 5.50%, 6/25/2037		3,355		3,948
Series 2008-93, Class AM, 5.50%, 6/25/2037		208		215
Series 2008-5, Class PE, 5.00%, 8/25/2037		161		185
Series 2007-85, Class SH, IF, IO, 6.32%, 9/25/2037 (e)		1,366		132
Series 2013-74, Class HP, 3.00%, 10/25/2037		369		377
Series 2013-83, Class CA, 3.50%, 10/25/2037		1,510		1,515
Series 2010-68, Class DA, 4.50%, 10/25/2037		66		67
Series 2013-88, Class EA, 3.00%, 11/25/2037		1,228		1,243
Series 2007-117, Class FM, 0.88%, 1/25/2038 (e)		262		267
Series 2007-117, Class MF, 0.88%, 1/25/2038 (e)		491		501
Series 2008-24, Class PF, 0.83%, 2/25/2038 (e)		230		232
Series 2012-22, Class DA, 2.00%, 3/25/2038		3,208		3,236
Series 2008-18, Class SE, IF, IO, 6.09%, 3/25/2038 (e)		141		20
Series 2010-149, Class LB, 4.00%, 4/25/2038		371		374
Series 2008-25, Class DZ, 5.75%, 4/25/2038		562		652
Series 2010-136, Class CA, 2.00%, 6/25/2038		2,377		2,381
Series 2013-139, Class EA, 3.00%, 8/25/2038		1,703		1,731
Series 2013-96, Class YA, 3.50%, 9/25/2038		1,234		1,281
Series 2008-83, Class CA, 6.00%, 9/25/2038		776		926

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2011-48, Class HC, 3.00%, 10/25/2038		292		297
Series 2013-92, Class A, 3.50%, 12/25/2038		2,647		2,680
Series 2013-15, Class EF, 0.53%, 3/25/2039 (e)		207		207
Series 2012-56, Class FG, 0.68%, 3/25/2039 (e)		232		232
Series 2010-134, Class DJ, 2.25%, 3/25/2039		1,581		1,601
Series 2011-104, Class KE, 2.50%, 3/25/2039		57		58
Series 2011-104, Class KY, 4.00%, 3/25/2039		246		259
Series 2012-89, Class FD, 0.63%, 4/25/2039 (e)		1,221		1,223
Series 2009-29, Class LA, 1.32%, 5/25/2039 (e)		1,592		1,608
Series 2009-62, Class HJ, 6.00%, 5/25/2039		434		467
Series 2012-73, Class LF, 0.63%, 6/25/2039 (e)		315		315
Series 2013-25, Class DC, 2.50%, 6/25/2039		894		927
Series 2012-14, Class DA, 2.00%, 7/25/2039		51		51
Series 2009-59, Class HB, 5.00%, 8/25/2039		2,062		2,363
Series 2009-70, Class FA, 1.38%, 9/25/2039 (e)		174		176
Series 2014-82, Class LA, 3.00%, 9/25/2039		1,069		1,086
Series 2009-73, Class HJ, 6.00%, 9/25/2039		206		240
Series 2010-118, Class EF, 0.63%, 10/25/2039 (e)		248		249
Series 2009-86, Class PE, 5.00%, 10/25/2039		5,058		5,844
Series 2013-125, Class AB, 4.00%, 11/25/2039		444		498
Series 2009-87, Class B, 4.50%, 11/25/2039		2,815		3,108
Series 2012-118, Class BE, 2.00%, 12/25/2039		2,246		2,271
Series 2009-112, Class SW, IF, IO, 6.07%, 1/25/2040 (e)		4,037		621
Series 2013-1, Class BA, 3.00%, 2/25/2040		2,303		2,360
Series 2010-35, Class KF, 0.68%, 4/25/2040 (e)		604		607
Series 2011-4, Class PK, 3.00%, 4/25/2040		1,898		1,961

SEE NOTES TO FINANCIAL STATEMENTS.

312 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-37, Class CY, 5.00%, 4/25/2040		94		107
Series 2011-3, Class KA, 5.00%, 4/25/2040		610		650
Series 2011-61, Class ZA, 5.00%, 4/25/2040		1,771		2,043
Series 2011-21, Class PA, 4.50%, 5/25/2040		1,613		1,735
Series 2010-43, Class HJ, 5.50%, 5/25/2040		289		342
Series 2010-58, Class FA, 0.73%, 6/25/2040 (e)		568		573
Series 2010-58, Class FY, 0.91%, 6/25/2040 (e)		245		248
Series 2012-63, Class MA, 4.00%, 6/25/2040		1,262		1,323
Series 2010-64, Class DM, 5.00%, 6/25/2040		1,484		1,679
Series 2015-15, Class EH, 2.50%, 8/25/2040		569		575
Series 2016-66, Class DE, 2.00%, 9/25/2040		2,374		2,385
Series 2012-44, Class LA, 3.50%, 9/25/2040		288		293
Series 2012-9, Class YF, 0.58%, 11/25/2040 (e)		262		262
Series 2013-106, Class GA, 2.50%, 11/25/2040		245		250
Series 2010-126, Class LI, IO, 4.00%, 11/25/2040		1,512		108
Series 2015-44, Class J, 3.50%, 12/25/2040		81		83
Series 2012-70, Class HP, 2.00%, 1/25/2041		4,982		5,129
Series 2011-18, Class KY, 4.00%, 3/25/2041		1,312		1,478
Series 2013-15, Class CP, 1.75%, 4/25/2041		6,369		6,485
Series 2014-70, Class CW, 3.00%, 4/25/2041		10,000		10,578
Series 2011-35, Class PE, 4.00%, 4/25/2041		4,155		4,535
Series 2013-96, Class CA, 4.00%, 4/25/2041		1,159		1,197
Series 2011-53, Class FT, 0.76%, 6/25/2041 (e)		211		213
Series 2011-52, Class GB, 5.00%, 6/25/2041		175		202
Series 2013-77, Class EP, 2.50%, 7/25/2041		3,236		3,327

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-16, Class WH, 4.00%, 7/25/2041		237		245
Series 2011-128, Class KP, 4.50%, 7/25/2041		166		178
Series 2011-59, Class NZ, 5.50%, 7/25/2041		1,157		1,365
Series 2012-147, Class NE, 1.75%, 8/25/2041		4,766		4,828
Series 2012-14, Class PA, 2.00%, 8/25/2041		533		549
Series 2013-72, Class LY, 3.50%, 8/25/2041		1,247		1,315
Series 2013-5, Class AE, 1.75%, 9/25/2041		6,137		6,216
Series 2015-45, Class GA, 2.50%, 9/25/2041		1,539		1,580
Series 2013-126, Class CA, 4.00%, 9/25/2041		664		721
Series 2011-123, Class BP, 2.00%, 10/25/2041		10,635		10,868
Series 2011-141, Class MA, 3.50%, 10/25/2041		1,737		1,871
Series 2012-64, Class PK, 4.50%, 12/25/2041		5,482		5,836
Series 2012-113, Class DC, 2.25%, 1/25/2042		451		465
Series 2012-27, Class PL, 2.00%, 2/25/2042		474		489
Series 2012-139, Class NY, 5.00%, 2/25/2042		2,821		3,158
Series 2012-133, Class AP, 1.75%, 3/25/2042		7,395		7,494
Series 2012-100, Class TL, 4.00%, 4/25/2042		534		581
Series 2012-80, Class EB, 4.50%, 4/25/2042		5,410		5,731
Series 2013-9, Class CB, 5.50%, 4/25/2042		4,793		5,542
Series 2012-128, Class VF, 0.43%, 6/25/2042 (e)		932		931
Series 2013-96, Class FY, 0.53%, 7/25/2042 (e)		345		347
Series 2012-144, Class HP, 1.75%, 7/25/2042		788		816
Series 2013-93, Class PJ, 3.00%, 7/25/2042		1,370		1,432
Series 2012-94, Class K, 2.00%, 9/25/2042		2,458		2,532
Series 2013-81, Class NC, 3.00%, 10/25/2042		1,181		1,244
Series 2013-72, Class AF, 0.43%, 11/25/2042 (e)		146		146

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 313

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2018-22, Class DE, 3.50%, 11/25/2042		705		713
Series 2013-6, Class HD, 1.50%, 12/25/2042		1,138		1,149
Series 2013-35, Class LP, 3.00%, 1/25/2043		6,100		6,745
Series 2013-61, Class BA, 3.00%, 1/25/2043		3,251		3,410
Series 2013-58, Class FP, 0.43%, 2/25/2043 (e)		1,340		1,338
Series 2013-10, Class PA, 1.50%, 2/25/2043		1,610		1,628
Series 2013-64, Class PF, 0.43%, 4/25/2043 (e)		1,034		1,032
Series 2013-66, Class LB, 1.50%, 4/25/2043		164		166
Series 2017-46, Class MG, 3.00%, 4/25/2043		2,482		2,552
Series 2018-38, Class EC, 4.00%, 4/25/2043		68		68
Series 2014-3, Class BL, 2.50%, 6/25/2043		201		206
Series 2014-32, Class DK, 3.00%, 8/25/2043		748		783
Series 2013-92, Class DE, 4.00%, 9/25/2043		600		728
Series 2016-100, Class P, 3.50%, 11/25/2044		196		207
Series 2015-33, Class DT, 2.50%, 6/25/2045		1,019		1,074
Series 2015-33, Class P, 2.50%, 6/25/2045		2,246		2,342
Series 2017-18, Class DA, 3.00%, 8/25/2045		3,696		3,872
Series 2016-84, Class LA, 3.00%, 12/25/2045		2,447		2,562
Series 2016-2, Class GA, 3.00%, 2/25/2046		3,226		3,470
Series 2016-80, Class JP, 3.00%, 11/25/2046		1,092		1,155
Series 2017-85, Class HA, 3.00%, 12/25/2046		2,705		2,934
Series 2017-10, Class FA, 0.58%, 3/25/2047 (e)		454		455
Series 2017-11, Class PH, 2.50%, 3/25/2047		778		816
Series 2019-65, Class PA, 2.50%, 5/25/2048		373		389
Series 2019-11, Class EA, 3.00%, 5/25/2048		2,993		3,115
Series 2020-49, Class GA, 1.50%, 2/25/2049		8,166		8,287

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2020-49, Class GC, 2.00%, 2/25/2049		8,159			8,381
Series 2019-25, Class GQ, 3.50%, 6/25/2049		6,493			6,761
Series 2019-72, Class KA, 2.50%, 9/25/2049		1,357			1,399
FNMA, REMIC Trust, Whole Loan
Series 1995-W3, Class A, 9.00%, 4/25/2025		—	(f)		—	(f)
FNMA, REMIC, Whole Loan
Series 2007-106, Class A7, 6.20%, 10/25/2037 (e)		290			334
Series 2001-50, Class BA, 7.00%, 10/25/2041		116			134
FNMA, STRIPS
Series 268, Class 2, IO, 9.00%, 2/25/2023		—	(f)		—	(f)
Series 289, Class 1, PO, 11/25/2027		148			143
Series 334, Class 17, IO, 6.50%, 2/25/2033 (e)		228			45
Series 334, Class 9, IO, 6.00%, 3/25/2033		520			99
Series 334, Class 13, IO, 6.00%, 3/25/2033 (e)		196			35
Series 356, Class 16, IO, 5.50%, 6/25/2035 (e)		157			26
Series 359, Class 16, IO, 5.50%, 10/25/2035 (e)		149			26
Series 369, Class 19, IO, 6.00%, 10/25/2036 (e)		170			34
Series 369, Class 26, IO, 6.50%, 10/25/2036 (e)		111			24
Series 386, Class 20, IO, 6.50%, 8/25/2038 (e)		240			47
Series 394, Class C3, IO, 6.50%, 9/25/2038		473			100
FNMA, Whole Loan
Series 2007-W1, Class 1AF1, 0.44%, 11/25/2046 (e)		2,100			2,074
GNMA
Series 2011-132, Class GJ, 2.00%, 9/16/2026		557			575
Series 2011-155, Class A, 3.00%, 11/20/2026		166			174
Series 2011-158, Class AB, 3.00%, 11/20/2026		525			545
Series 2012-3, Class AK, 3.00%, 1/16/2027		2,485			2,605
Series 2012-32, Class EG, 3.00%, 3/16/2027		1,162			1,213
Series 2013-75, Class AC, 1.50%, 5/20/2028		2,287			2,327

SEE NOTES TO FINANCIAL STATEMENTS.

314 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-11, PO, 2/16/2033		96		97
Series 2003-11, Class FC, 2.12%, 2/16/2033 (e)		257		258
Series 2003-50, Class F, 1.92%, 5/16/2033 (e)		213		212
Series 2004-39, Class IN, IO, 5.50%, 6/20/2033		249		23
Series 2006-23, Class S, IF, IO, 6.34%, 1/20/2036 (e)		233		2
Series 2006-26, Class S, IF, IO, 6.34%, 6/20/2036 (e)		5,780		873
Series 2007-16, Class KU, IF, IO, 6.49%, 4/20/2037 (e)		3,627		652
Series 2009-106, Class XL, IF, IO, 6.59%, 6/20/2037 (e)		3,378		655
Series 2013-23, Class BP, 3.00%, 9/20/2037		884		912
Series 2010-143, Class PH, 3.00%, 11/16/2037		108		109
Series 2008-75, Class SP, IF, IO, 7.31%, 8/20/2038(e)		1,162		155
Series 2009-14, Class SA, IF, IO, 5.92%, 3/20/2039 (e)		3,543		368
Series 2009-14, Class KS, IF, IO, 6.14%, 3/20/2039 (e)		1,469		216
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		442		96
Series 2010-162, Class PE, 3.00%, 5/20/2039		6		6
Series 2018-63, Class EC, 3.00%, 6/20/2039		1,391		1,411
Series 2009-75, Class NB, 4.50%, 6/20/2039		226		243
Series 2011-48, Class QA, 5.00%, 8/16/2039		120		120
Series 2010-144, Class DA, 4.00%, 9/16/2039		123		129
Series 2013-117, Class A, 2.50%, 10/20/2039		1,009		1,020
Series 2013-167, Class EP, 2.50%, 11/20/2039		1,407		1,431
Series 2011-26, Class PA, 4.00%, 7/20/2040		121		128
Series 2013-71, Class NA, 2.50%, 8/20/2041		151		157
Series 2012-96, Class WP, 6.50%, 8/16/2042		4,433		5,333
Series 2013-42, Class ND, 1.75%, 11/20/2042		397		404

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2013-28, Class DE, 1.75%, 12/20/2042		610			626
Series 2014-12, Class ZA, 3.00%, 1/20/2044		19,489			21,268
Series 2018-29, Class LC, 3.00%, 4/20/2044		2,424			2,451
Series 2015-57, Class AB, 2.00%, 4/20/2045		5,684			5,826
Series 2015-80, Class CP, 4.50%, 6/20/2045		884			976
Series 2015-80, Class CQ, 5.00%, 6/20/2045		638			712
Series 2016-79, Class LA, 3.00%, 9/20/2045		4,031			4,117
Series 2018-124, Class BY, 4.00%, 11/20/2046		4,404			4,551
Series 2018-168, Class NA, 3.00%, 12/20/2046		2,659			2,800
Series 2017-149, Class DA, 2.50%, 6/20/2047		4,816			5,146
Series 2019-74, Class AT, 3.00%, 6/20/2049		1,035			1,114
Series 2010-H26, Class LF, 0.51%, 8/20/2058 (e)		324			324
Series 2010-H03, Class FA, 0.72%, 3/20/2060 (e)		4,483			4,492
Series 2011-H07, Class FA, 0.66%, 2/20/2061 (e)		5,821			5,824
Series 2011-H08, Class FA, 0.76%, 2/20/2061 (e)		3,524			3,533
Series 2011-H11, Class FA, 0.66%, 3/20/2061 (e)		594			594
Series 2011-H11, Class FB, 0.66%, 4/20/2061 (e)		581			582
Series 2011-H21, Class FA, 0.76%, 10/20/2061 (e)		357			358
Series 2013-H05, Class FB, 0.56%, 2/20/2062 (e)		922			921
Series 2012-H14, Class NA, 2.00%, 6/20/2062		—	(f)		—	(f)
Series 2012-H14, Class FK, 0.74%, 7/20/2062 (e)		540			541
Series 2012-H18, Class NA, 0.68%, 8/20/2062 (e)		369			369
Series 2012-H20, Class BA, 0.72%, 9/20/2062 (e)		1,019			1,020
Series 2012-H29, Class FA, 0.68%, 10/20/2062 (e)		192			192
Series 2012-H23, Class WA, 0.68%, 10/20/2062 (e)		440			440

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 315

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2012-H30, Class GA, 0.51%, 12/20/2062 (e)		429		428
Series 2013-H08, Class FA, 0.51%, 3/20/2063 (e)		820		818
Series 2013-H11, Class FA, 0.61%, 4/20/2063 (e)		685		684
Series 2013-H14, Class FG, 0.63%, 5/20/2063 (e)		201		201
Series 2013-H19, Class FC, 0.76%, 8/20/2063 (e)		5,885		5,898
Series 2014-H05, Class FB, 0.76%, 12/20/2063 (e)		810		813
Series 2014-H02, Class FB, 0.81%, 12/20/2063 (e)		2,665		2,677
Series 2014-H14, Class GF, 0.63%, 7/20/2064 (e)		441		441
Series 2014-H16, Class FL, 0.65%, 7/20/2064 (e)		1,074		1,072
Series 2014-H21, Class FA, 0.81%, 10/20/2064 (e)		418		420
Series 2015-H04, Class FL, 0.63%, 2/20/2065 (e)		267		267
Series 2015-H13, Class FG, 0.56%, 4/20/2065 (e)		644		643
Series 2015-H09, Class FA, 0.78%, 4/20/2065 (e)		575		577
Series 2015-H14, Class FB, 0.59%, 5/20/2065 (e)		288		288
Series 2015-H14, Class FA, 0.73%, 6/20/2065 (e)		2,235		2,239
Series 2015-H27, Class FA, 0.91%, 9/20/2065 (e)		2,105		2,124
Series 2015-H29, Class FA, 0.86%, 10/20/2065 (e)		72		72
Series 2017-H07, Class FG, 0.62%, 2/20/2067 (e)		750		750
Series 2017-H14, Class FD, 0.63%, 6/20/2067 (e)		823		823
Series 2017-H16, Class CF, 0.63%, 7/20/2067 (e)		1,069		1,069
Series 2017-H15, Class FN, 0.66%, 7/20/2067 (e)		742		743
Series 2018-H04, Class FG, 0.44%, 2/20/2068 (e)		827		822
Series 2018-H07, Class FE, 0.51%, 2/20/2068 (e)		343		342
Series 2019-H05, Class FT, 0.60%, 4/20/2069 (e)		11,104		11,117
Headlands Residential LLC
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (d)		7,000		7,007

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
JP Morgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019		299			292
Series 2006-A2, Class 4A1, 3.09%, 8/25/2034 (e)		704			716
MASTR Alternative Loan Trust
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		—	(f)		—	(f)
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 1A, 0.71%, 12/8/2020 (e)		5,708			5,711
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		59			59
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2005-AR6, Class 4A1, 0.43%, 12/25/2035 (e)		1,408			517
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025 (a) (d)		1,310			1,310
Verus Securitization Trust
Series 2019-2, Class A1, 3.21%, 5/25/2059 (a) (e)		907			925
Visio Trust
Series 2019-2, Class A1, 2.72%, 11/25/2054 (a) (e)		7,156			7,223
Total Collateralized Mortgage Obligations (Cost $783,651)					797,292
U.S. Treasury Obligations—16.0%
U.S. Treasury Notes 1.25%, 10/31/2021		47,315			47,914
1.50%, 10/31/2021		2,265			2,300
2.00%, 10/31/2021		18,500			18,896
1.75%, 11/30/2021		37,000			37,740
2.50%, 1/15/2022		7,115			7,344
0.13%, 5/31/2022		3,710			3,709
0.13%, 6/30/2022		215,725			215,657
0.13%, 7/31/2022		129,325			129,279
1.63%, 8/31/2022		49,025			50,482
1.50%, 9/15/2022		500			514
1.63%, 11/15/2022		5,235			5,406
2.00%, 11/30/2022		50,505			52,612
1.63%, 12/15/2022		2,216			2,291
1.50%, 1/15/2023		2,515			2,596
2.38%, 1/31/2023		3,090			3,257
0.50%, 3/15/2023		32,365			32,660
1.63%, 4/30/2023		76,240			79,239
0.13%, 5/15/2023		6,250			6,246

SEE NOTES TO FINANCIAL STATEMENTS.

316 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Treasury Obligations— continued
0.25%, 6/15/2023		976			978
0.13%, 7/15/2023		10,845			10,838
0.13%, 8/15/2023		31,185			31,161
Total U.S. Treasury Obligations (Cost $731,827)					741,119
Mortgage-Backed Securities - 7.6%
FHLMC
Pool # 611141, ARM, 3.77%, 1/1/2027 (e)		14			14
Pool # 786211, ARM, 5.75%, 1/1/2027 (e)		1			1
Pool # 846774, ARM, 3.51%, 12/1/2027 (e)		16			17
Pool # 1B2844, ARM, 3.58%, 3/1/2035 (e)		65			66
Pool # 1L1380, ARM, 4.23%, 3/1/2035 (e)		1,373			1,469
Pool # 1L1379, ARM, 4.20%, 10/1/2035 (e)		716			735
Pool # 1G1861, ARM, 4.04%, 3/1/2036 (e)		410			437
Pool # 1J1380, ARM, 4.28%, 3/1/2036 (e)		527			562
Pool # 1J1313, ARM, 2.47%, 6/1/2036 (e)		99			103
Pool # 1G1028, ARM, 2.78%, 7/1/2036 (e)		33			35
Pool # 1N0273, ARM, 2.52%, 8/1/2036 (e)		201			210
Pool # 1K0035, ARM, 2.73%, 8/1/2036 (e)		300			304
Pool # 1J1393, ARM, 3.14%, 10/1/2036 (e)		817			853
Pool # 1J1378, ARM, 3.76%, 11/1/2036 (e)		192			201
Pool # 1N0346, ARM, 2.32%, 12/1/2036 (e)		112			113
Pool # 1J1467, ARM, 3.64%, 12/1/2036 (e)		147			154
Pool # 1J1418, ARM, 3.81%, 12/1/2036 (e)		78			78
Pool # 1J1541, ARM, 3.57%, 1/1/2037 (e)		626			657
Pool # 1J1516, ARM, 3.70%, 2/1/2037 (e)		77			81
Pool # 1J1543, ARM, 4.36%, 2/1/2037 (e)		102			103
Pool # 1N1458, ARM, 3.19%, 3/1/2037 (e)		357			370
Pool # 1J1635, ARM, 3.57%, 3/1/2037 (e)		203			213
Pool # 1J1522, ARM, 4.18%, 3/1/2037 (e)		173			186
Pool # 1Q0339, ARM, 3.88%, 4/1/2037 (e)		33			35
Pool # 1Q0697, ARM, 3.01%, 5/1/2037 (e)		738			766
Pool # 1J1681, ARM, 2.86%, 6/1/2037 (e)		1,214			1,285
Pool # 1J1685, ARM, 2.86%, 6/1/2037 (e)		542			545
Pool # 847871, ARM, 2.96%, 8/1/2037 (e)		118			118
Pool # 1J2834, ARM, 4.15%, 8/1/2037 (e)		157			165
Pool # 1B3605, ARM, 4.53%, 8/1/2037 (e)		217			217
Pool # 1Q0476, ARM, 3.88%, 10/1/2037 (e)		183			185
Pool # 1J2945, ARM, 4.00%, 11/1/2037 (e)		56			56
Pool # 1Q0894, ARM, 3.99%, 1/1/2038 (e)		406			412
Pool # 1Q0722, ARM, 3.95%, 4/1/2038 (e)		364			387
FHLMC Gold Pools, 15 Year
Pool # G13056, 5.50%, 12/1/2020		—	(f)		—	(f)
Pool # G12880, 5.00%, 1/1/2021		—	(f)		—	(f)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # G13621, 6.50%, 8/1/2021		1			1
Pool # J03447, 6.00%, 9/1/2021		5			5
Pool # G13821, 6.00%, 11/1/2021		29			29
Pool # G13274, 5.50%, 10/1/2023		407			424
Pool # G13301, 5.50%, 10/1/2023		1,338			1,404
Pool # J10284, 6.00%, 12/1/2023		37			37
Pool # G13433, 5.50%, 1/1/2024		177			186
Pool # J14494, 4.00%, 2/1/2026		4,074			4,328
Pool # J14783, 4.00%, 3/1/2026		112			119
Pool # J15974, 4.00%, 6/1/2026		1,467			1,557
Pool # G14643, 4.00%, 8/1/2026		136			144
Pool # J18745, 3.00%, 4/1/2027		1,107			1,178
Pool # G14973, 4.00%, 12/1/2028		133			147
Pool # J31731, 3.00%, 5/1/2030		681			729
FHLMC Gold Pools, 20 Year
Pool # G30195, 6.50%, 5/1/2021		—	(f)		—	(f)
Pool # G30262, 6.00%, 10/1/2024		107			119
Pool # G30325, 5.50%, 3/1/2027		961			1,072
Pool # C91261, 4.50%, 8/1/2029		213			232
Pool # C91349, 4.50%, 12/1/2030		200			220
Pool # G30565, 4.50%, 10/1/2031		424			468
Pool # G30701, 5.00%, 11/1/2031		167			188
Pool # C91388, 3.50%, 2/1/2032		4,369			4,722
Pool # C91447, 3.50%, 5/1/2032		337			365
Pool # C91581, 3.00%, 11/1/2032		1,659			1,770
Pool # G30669, 4.50%, 12/1/2033		2,355			2,595
Pool # C91761, 4.00%, 5/1/2034		1,580			1,709
Pool # K92617, 3.00%, 4/1/2035 (g)		6,775			7,182
Pool # C91862, 3.50%, 1/1/2036		6,464			6,988
Pool # C91880, 3.50%, 6/1/2036 (g)		3,741			4,103
FHLMC Gold Pools, 30 Year
Pool # A30588, 6.00%, 7/1/2032		116			130
Pool # G01665, 5.50%, 3/1/2034		2,707			3,186
Pool # G05046, 5.00%, 11/1/2036		159			183
Pool # G03073, 5.50%, 7/1/2037		1,306			1,519
Pool # G04772, 7.00%, 8/1/2038		152			180
Pool # G05798, 5.50%, 1/1/2040		325			376
Pool # G08729, 4.50%, 9/1/2046		1,176			1,281
FHLMC Gold Pools, Other
Pool # T45022, 2.50%, 1/1/2028		6,164			6,384
Pool # U79013, 2.50%, 4/1/2028		1,243			1,305
Pool # U79014, 2.50%, 5/1/2028		1,468			1,541
Pool # T40143, 2.50%, 7/1/2028		1,436			1,488
Pool # U79019, 3.00%, 7/1/2028		250			263

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 317

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities— continued
Pool # U79026, 2.50%, 9/1/2028		313		329
Pool # U49013, 3.00%, 9/1/2028		2,387		2,519
Pool # G20027, 10.00%, 10/1/2030		53		58
Pool # G20028, 7.50%, 12/1/2036		3,199		3,636
FHLMC UMBS, 15 Year
Pool # SB0329, 3.00%, 9/1/2032 (g)		2,252		2,382
Pool # ZS8076, 4.00%, 7/1/2033		4,013		4,316
FNMA
Pool # 325081, ARM, 4.35%, 10/1/2025 (e)		4		4
Pool # 409902, ARM, 3.62%, 6/1/2027 (e)		7		7
Pool # 52597, ARM, 2.51%, 7/1/2027 (e)		2		2
Pool # 725902, ARM, 3.90%, 9/1/2034 (e)		52		52
Pool # 810896, ARM, 2.57%, 1/1/2035 (e)		45		47
Pool # 865095, ARM, 3.78%, 10/1/2035 (e)		742		763
Pool # 848757, ARM, 3.36%, 12/1/2035 (e)		168		169
Pool # 877009, ARM, 3.77%, 3/1/2036 (e)		799		853
Pool # AD0295, ARM, 3.92%, 3/1/2036 (e)		678		683
Pool # 894571, ARM, 4.05%, 3/1/2036 (e)		1,015		1,081
Pool # 871502, ARM, 3.59%, 4/1/2036 (e)		51		52
Pool # 895687, ARM, 3.01%, 5/1/2036 (e)		102		107
Pool # 886952, ARM, 2.55%, 6/1/2036 (e)		3		3
Pool # 882099, ARM, 3.40%, 7/1/2036 (e)		130		132
Pool # 886558, ARM, 2.49%, 8/1/2036 (e)		220		231
Pool # 884722, ARM, 2.53%, 8/1/2036 (e)		132		133
Pool # 745858, ARM, 2.60%, 8/1/2036 (e)		102		107
Pool # 745762, ARM, 2.65%, 8/1/2036 (e)		1		1
Pool # 887714, ARM, 2.67%, 8/1/2036 (e)		117		119
Pool # 882241, ARM, 3.14%, 10/1/2036 (e)		216		218
Pool # AD0296, ARM, 3.23%, 12/1/2036 (e)		485		487
Pool # 905593, ARM, 3.58%, 12/1/2036 (e)		79		83
Pool # 870920, ARM, 3.66%, 12/1/2036 (e)		27		29
Pool # 905196, ARM, 4.08%, 12/1/2036 (e)		29		31
Pool # 920954, ARM, 2.27%, 1/1/2037 (e)		711		735
Pool # 888143, ARM, 3.60%, 1/1/2037 (e)		55		57
Pool # 913984, ARM, 1.96%, 2/1/2037 (e)		386		399
Pool # 910178, ARM, 3.82%, 3/1/2037 (e)		592		596
Pool # 936588, ARM, 2.77%, 4/1/2037 (e)		151		155
Pool # 888750, ARM, 3.64%, 4/1/2037 (e)		103		108
Pool # 948208, ARM, 1.95%, 7/1/2037 (e)		621		639
Pool # 944105, ARM, 2.08%, 7/1/2037 (e)		12		12
Pool # 888620, ARM, 2.44%, 7/1/2037 (e)		107		108
Pool # 950385, ARM, 1.38%, 8/1/2037 (e)		14		14
Pool # 950382, ARM, 1.57%, 8/1/2037 (e)		1,160		1,181
Pool # 995108, ARM, 3.16%, 11/1/2037 (e)		892		935

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AD0081, ARM, 3.43%, 11/1/2037 (e)		292		295
Pool # 952182, ARM, 3.58%, 11/1/2037 (e)		321		336
Pool # 966911, ARM, 3.76%, 12/1/2037 (e)		141		148
FNMA UMBS, 10 Year
Pool # MA2233, 2.50%, 4/1/2025		126		132
Pool # MA3250, 3.00%, 1/1/2028 (g)		4,951		5,208
Pool # MA3315, 3.00%, 3/1/2028		2,770		2,907
Pool # FM3382, 3.50%, 8/1/2028		3,577		3,781
FNMA UMBS, 15 Year
Pool # 995886, 6.00%, 4/1/2021		1		1
Pool # AD0452, 6.00%, 4/1/2021		6		6
Pool # 897937, 6.00%, 8/1/2021		81		82
Pool # 890129, 6.00%, 12/1/2021		29		30
Pool # 889094, 6.50%, 1/1/2023		136		141
Pool # 995286, 6.50%, 3/1/2023		10		10
Pool # AL0229, 5.50%, 9/1/2023		258		266
Pool # AA1035, 6.00%, 12/1/2023		62		64
Pool # AD0471, 5.50%, 1/1/2024		297		303
Pool # 995381, 6.00%, 1/1/2024		105		110
Pool # AE0081, 6.00%, 7/1/2024		457		481
Pool # 931730, 5.00%, 8/1/2024		158		169
Pool # AD0365, 5.50%, 9/1/2024		141		145
Pool # AD0662, 5.50%, 1/1/2025		1,001		1,051
Pool # AL2193, 5.50%, 7/1/2025		1,334		1,402
Pool # AJ5336, 3.00%, 11/1/2026		126		132
Pool # AK0971, 3.00%, 2/1/2027		120		126
Pool # AO0800, 3.00%, 4/1/2027		169		177
Pool # AP7842, 3.00%, 9/1/2027		135		143
Pool # AL3439, 4.00%, 9/1/2027		639		679
Pool # AU6018, 3.00%, 9/1/2028		284		298
Pool # AL4307, 4.00%, 10/1/2028		1,079		1,187
Pool # AL9230, 3.50%, 12/1/2029		6,486		7,013
Pool # AL6105, 4.00%, 12/1/2029		110		117
Pool # MA2246, 3.00%, 4/1/2030		2,738		2,886
Pool # BM3175, 3.50%, 5/1/2032		1,894		2,043
Pool # FM2879, 3.00%, 6/1/2032		2,300		2,447
Pool # BM3172, 3.50%, 6/1/2032		1,448		1,582
Pool # FM3386, 3.50%, 7/1/2034		9,050		9,644
Pool # FM2989, 3.00%, 9/1/2034 (g)		15,601		16,653
Pool # FM3522, 3.00%, 2/1/2035 (g)		14,687		15,671
Pool # BP8813, 3.00%, 7/1/2035		2,388		2,534
FNMA UMBS, 20 Year
Pool # 253946, 7.00%, 8/1/2021		3		3

SEE NOTES TO FINANCIAL STATEMENTS.

318 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities— continued
Pool # 254344, 6.50%, 6/1/2022		159			177
Pool # 745763, 6.50%, 3/1/2025		121			134
Pool # 256714, 5.50%, 5/1/2027		264			293
Pool # MA0214, 5.00%, 10/1/2029		1,392			1,538
Pool # AD5474, 5.00%, 5/1/2030		422			474
Pool # MA0534, 4.00%, 10/1/2030		199			213
Pool # AL4165, 4.50%, 1/1/2031		1,099			1,210
Pool # MA0804, 4.00%, 7/1/2031		199			215
Pool # MA0792, 4.50%, 7/1/2031		1,678			1,848
Pool # MA3894, 4.00%, 9/1/2031		290			313
Pool # 890653, 4.50%, 1/1/2032		813			896
Pool # AL5958, 4.00%, 3/1/2032		2,183			2,340
Pool # MA1037, 3.00%, 4/1/2032		1,938			2,067
Pool # AL1722, 4.50%, 4/1/2032		149			164
Pool # AB5811, 3.00%, 8/1/2032		2,861			3,043
Pool # MA1270, 2.50%, 11/1/2032		1,121			1,186
Pool # AL3190, 4.00%, 12/1/2032		696			753
Pool # MA1802, 3.00%, 1/1/2034		1,270			1,353
Pool # AL8051, 4.00%, 5/1/2034		5,974			6,611
Pool # AL5373, 4.50%, 5/1/2034		767			844
Pool # FM2922, 3.00%, 2/1/2038 (g)		4,341			4,624
FNMA UMBS, 30 Year
Pool # 545334, 8.50%, 9/1/2021		—	(f)		—	(f)
Pool # 250511, 6.50%, 3/1/2026		2			2
Pool # 555889, 8.00%, 12/1/2030		20			22
Pool # 254548, 5.50%, 12/1/2032		1,484			1,735
Pool # 555458, 5.50%, 5/1/2033		2,557			2,999
Pool # AB0054, 4.50%, 12/1/2034		3,852			4,228
Pool # 735503, 6.00%, 4/1/2035		1,893			2,240
Pool # 745275, 5.00%, 2/1/2036		3,523			4,054
Pool # 889118, 5.50%, 4/1/2036		3,651			4,290
Pool # 889209, 5.00%, 5/1/2036		199			228
Pool # 745948, 6.50%, 10/1/2036		290			338
Pool # 889494, 5.50%, 1/1/2037		285			336
Pool # AD0249, 5.50%, 4/1/2037		2,662			3,122
Pool # 995024, 5.50%, 8/1/2037		414			487
Pool # 950302, 7.00%, 8/1/2037		585			703
Pool # 888890, 6.50%, 10/1/2037		826			967
Pool # 929005, 6.00%, 1/1/2038		569			664
Pool # 890268, 6.50%, 10/1/2038		1,472			1,694
Pool # 995149, 6.50%, 10/1/2038		921			1,064
Pool # AL7521, 5.00%, 6/1/2039		522			597
Pool # AC3237, 5.00%, 10/1/2039		233			269

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # AB2025, 5.00%, 1/1/2040		1,336			1,534
Pool # AD6431, 4.50%, 6/1/2040		318			356
Pool # AL2171, 4.00%, 6/1/2042		3,504			3,940
Pool # AO9370, 3.50%, 7/1/2042 (g)		4,747			5,210
Pool # AO7185, 4.00%, 9/1/2042		1,392			1,533
Pool # AB9260, 3.50%, 5/1/2043		4,800			5,205
Pool # BM3560, 4.00%, 11/1/2044		2,287			2,520
Pool # FM3582, 4.00%, 11/1/2044 (g)		2,899			3,252
Pool # AL7590, 3.50%, 10/1/2045		1,330			1,443
Pool # MA4100, 2.00%, 8/1/2050		23,943			24,688
Pool # MA4096, 2.50%, 8/1/2050		23,420			24,646
Pool # MA4120, 2.50%, 9/1/2050 (g)		9,500			9,993
FNMA, 30 Year
Pool # 415460, 8.50%, 3/1/2027		5			5
Pool # 801357, 5.50%, 8/1/2034		70			77
FNMA, Other
Pool # AM8263, 2.42%, 4/1/2022		994			1,016
Pool # AB7351, 2.50%, 12/1/2027		1,169			1,226
Pool # AQ8837, 2.50%, 12/1/2027		815			855
Pool # AQ9357, 2.50%, 1/1/2028		410			425
Pool # AQ9760, 2.50%, 2/1/2028		1,846			1,937
Pool # MA1360, 2.50%, 2/1/2028		2,199			2,306
Pool # MA1557, 3.00%, 8/1/2028		429			453
Pool # BK4847, 2.50%, 4/1/2033		862			913
Pool # MA0896, 4.00%, 11/1/2041		1,179			1,238
Pool # MA1510, 4.00%, 7/1/2043		1,755			1,920
Pool # BM5053, 3.00%, 4/1/2048		1,578			1,636
GNMA I, 15 Year
Pool # 782933, 6.50%, 10/15/2023		142			147
Pool # 783929, 4.00%, 5/15/2026		169			179
GNMA I, 30 Year
Pool # 780010, 9.50%, 3/15/2023		—	(f)		—	(f)
Pool # 403964, 9.00%, 9/15/2024		1			1
Pool # 780831, 9.50%, 12/15/2024		4			4
Pool # 780115, 8.50%, 4/15/2025		3			3
Pool # 780965, 9.50%, 12/15/2025		6			6
Pool # 423946, 9.00%, 10/15/2026		—	(f)		—	(f)
Pool # 687926, 6.50%, 9/15/2038		2,050			2,544
Pool # AE7700, 3.50%, 8/15/2043		1,209			1,285
GNMA II
Pool # 8785, ARM, 2.88%, 5/20/2021 (e)		—	(f)		—	(f)
Pool # 8807, ARM, 3.25%, 7/20/2021 (e)		2			2
Pool # 8938, ARM, 3.00%, 3/20/2022 (e)		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 319

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities— continued
Pool # 8046, ARM, 3.25%, 9/20/2022 (e)		6		6
Pool # 8746, ARM, 3.13%, 11/20/2025 (e)		26		27
Pool # 8790, ARM, 3.00%, 1/20/2026 (e)		11		11
Pool # 80053, ARM, 3.00%, 3/20/2027 (e)		1		1
Pool # 80152, ARM, 3.00%, 1/20/2028 (e)		1		1
GNMA II, 15 Year
Pool # 5136, 4.00%, 8/20/2026		114		121
Pool # 5208, 3.00%, 10/20/2026		1,947		2,027
Pool # 5277, 3.50%, 1/20/2027		359		380
Pool # MA4425, 3.00%, 5/20/2032 (g)		7,581		7,976
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		4		4
Pool # 1989, 8.50%, 4/20/2025		7		7
Pool # 2285, 8.00%, 9/20/2026		7		9
Pool # 2499, 8.00%, 10/20/2027		2		3
Pool # 2525, 8.00%, 12/20/2027		1		1
Pool # 2646, 7.50%, 9/20/2028		4		5
Pool # 4224, 7.00%, 8/20/2038		1,120		1,295
Pool # 4245, 6.00%, 9/20/2038		1,320		1,520
Pool # 4247, 7.00%, 9/20/2038		1,762		2,117
Total Mortgage-Backed Securities (Cost $347,538)				353,312
Commercial Mortgage-Backed Securities — 1.3%
BX Commercial Mortgage Trust
Series 2020-BXLP, Class A, 0.96%, 12/15/2036 (a) (e)		8,138		8,110
COMM Mortgage Trust
Series 2014-CR16, Class AM, 4.28%, 4/10/2047		9,853		10,766
Commercial Mortgage Trust
Series 2020-CBM, Class A2, 2.90%, 2/10/2037 (a)		4,355		4,349
Series 2020-CBM, Class B, 3.10%, 2/10/2037 ‡ (a)		4,765		4,583
Series 2014-UBS3, Class B, 4.31%, 6/10/2047		3,000		3,220
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K114, Class X1, IO, 1.21%, 6/25/2030 (e)		40,000		3,763

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FREMF Mortgage Trust
Series 2014-K41, Class B, 3.96%, 11/25/2047 (a) (e)		7,000		7,676
Series 2015-K49, Class B, 3.85%, 10/25/2048 (a) (e)		5,250		5,653
Series 2017-K726, Class B, 4.13%, 7/25/2049 (a) (e)		7,375		7,885
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class B, 4.92%, 2/15/2047 (e)		3,750		3,976
Series 2014-C18, Class B, 4.63%, 10/15/2047 (e)		1,500		1,614
Total Commercial Mortgage-Backed Securities (Cost $62,376)				61,595
	SHARES (000)
Short-Term Investments — 6.1%
Investment Companies — 6.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (h) (i) (Cost $281,361)		281,361		281,361
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 0.14%, 1/7/2021 (j) (k) (Cost $3,304)		3,305		3,304
Total Short-Term Investments (Cost $284,665)				284,665
Total Investments — 102.9% (Cost $4,703,582)				4,773,758
Liabilities in Excess of Other Assets — (2.9)%				(132,530	)
Net Assets — 100.0%				4,641,228

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

320 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Abbreviations
ABS	Asset-backed securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2020.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
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.
UMBS	Uniform Mortgage-Backed 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)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
(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 August 31, 2020.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(f)	Amount rounds to less than one thousand.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of August 31, 2020.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the effective yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2020 (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	3,442		12/2020		USD		760,467			316
										316
Short Contracts
U.S. Treasury 5 Year Note	(3,854)		12/2020		USD		(485,604	)		(342	)
U.S. Treasury 10 Year Note	(341)		12/2020		USD		(47,452	)		(30	)
U.S. Treasury 10 Year Ultra Note	(106)		12/2020		USD		(16,874	)		18
										(354	)
										(38	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 321

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 44.3%
Aerospace & Defense — 0.4%
Boeing Co. (The) 4.88%, 5/1/2025		8,520		9,269
BWX Technologies, Inc. 5.38%, 7/15/2026 (a)		185		194
Howmet Aerospace, Inc.
5.13%, 10/1/2024		700		750
5.90%, 2/1/2027		555		628
Leidos, Inc. 3.63%, 5/15/2025 (a)		2,990		3,331
Raytheon Technologies Corp. 3.10%, 11/15/2021 (a)		100		102
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		150		151
TransDigm, Inc. 6.25%, 3/15/2026 (a)		1,350		1,425
Triumph Group, Inc.
6.25%, 9/15/2024 (a)		500		409
7.75%, 8/15/2025		385		228
				16,487
Air Freight & Logistics — 0.0% (b)
XPO Logistics, Inc.
6.13%, 9/1/2023 (a)		318		323
6.75%, 8/15/2024 (a)		623		663
				986
Airlines — 0.0% (b)
United Airlines Holdings, Inc.
5.00%, 2/1/2024		200		181
4.88%, 1/15/2025		465		398
				579
Auto Components — 0.3%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		675		633
Adient US LLC
9.00%, 4/15/2025 (a)		450		500
7.00%, 5/15/2026 (a)		620		666
Allison Transmission, Inc.
5.00%, 10/1/2024 (a)		850		859
5.88%, 6/1/2029 (a)		465		509
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		2,065		2,129
Clarios Global LP 6.25%, 5/15/2026 (a)		1,025		1,087
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (a)		1,510		1,591
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023		625		627
Icahn Enterprises LP
6.25%, 2/1/2022		250		253
6.75%, 2/1/2024		365		376
6.25%, 5/15/2026		620		662

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Auto Components — continued
Metalsa SA de CV (Mexico) Series REGS, 4.90%, 4/24/2023 (c)		2,000		1,981
Toyota Industries Corp. (Japan) 3.11%, 3/12/2022 (a)		1,695		1,749
				13,622
Automobiles — 2.2%
BMW Finance NV (Germany) 2.25%, 8/12/2022 (a)		1,890		1,948
BMW US Capital LLC (Germany) 3.80%, 4/6/2023 (a)		13,805		14,932
Daimler Finance North America LLC (Germany)
2.00%, 7/6/2021 (a)		1,500		1,517
3.40%, 2/22/2022 (a)		10,540		10,951
2.55%, 8/15/2022 (a)		5,710		5,912
3.35%, 2/22/2023 (a)		150		159
1.75%, 3/10/2023 (a)		4,960		5,070
Ford Motor Co. 9.00%, 4/22/2025		400		468
Hyundai Capital America
3.00%, 6/20/2022 (a)		4,680		4,827
2.85%, 11/1/2022 (a)		13,345		13,804
2.38%, 2/10/2023 (a)		4,375		4,483
5.75%, 4/6/2023 (a)		6,455		7,185
Volkswagen Group of America Finance LLC (Germany)
2.90%, 5/13/2022 (a)		3,355		3,481
2.70%, 9/26/2022 (a)		7,290		7,579
4.25%, 11/13/2023 (a)		1,605		1,775
3.35%, 5/13/2025 (a)		5,465		6,005
				90,096
Banks — 16.2%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021 (a)		200		202
AIB Group plc (Ireland)
4.75%, 10/12/2023 (a)		2,000		2,191
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (d)		1,520		1,649
ANZ New Zealand Int’l Ltd. (New Zealand)
2.75%, 1/22/2021 (a)		200		202
2.88%, 1/25/2022 (a)		870		900
1.90%, 2/13/2023 (a)		6,900		7,131
3.40%, 3/19/2024 (a)		560		610
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (a)		1,750		1,900
Australia & New Zealand Banking Group Ltd. (Australia) 2.63%, 11/9/2022		6,725		7,069

SEE NOTES TO FINANCIAL STATEMENTS.

322 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Banco Santander SA (Spain)
3.50%, 4/11/2022		7,000		7,298
3.85%, 4/12/2023		6,000		6,455
2.71%, 6/27/2024		11,800		12,587
2.75%, 5/28/2025		3,200		3,401
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		4,820		4,990
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		6,000		6,221
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		9,280		9,779
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (d)		3,590		3,804
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (d)		7,825		8,154
Bank of Montreal (Canada) 2.50%, 6/28/2024		7,330		7,842
Bank of New Zealand (New Zealand)
3.50%, 2/20/2024 (a)		5,190		5,662
2.00%, 2/21/2025 (a)		5,170		5,432
Bank of Nova Scotia (The) (Canada)
2.00%, 11/15/2022		4,080		4,224
1.95%, 2/1/2023		9,099		9,421
1.63%, 5/1/2023		8,115		8,354
Banque Federative du Credit Mutuel SA (France)
2.70%, 7/20/2022 (a)		730		759
2.13%, 11/21/2022 (a)		5,000		5,171
3.75%, 7/20/2023 (a)		15,790		17,164
Barclays Bank plc (United Kingdom) 2.65%, 1/11/2021		2,000		2,013
Barclays plc (United Kingdom)
3.68%, 1/10/2023		11,858		12,299
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (d)		6,115		6,429
BBVA USA
3.50%, 6/11/2021		1,750		1,786
2.88%, 6/29/2022		4,000		4,115
BNP Paribas SA (France)
2.95%, 5/23/2022 (a)		4,000		4,158
(ICE LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/2025 (a) (d)		7,170		7,636
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (d)		4,800		5,005
BNZ International Funding Ltd. (New Zealand)
2.90%, 2/21/2022 (a)		750		779
2.65%, 11/3/2022 (a)		1,500		1,568
3.38%, 3/1/2023 (a)		1,500		1,601

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (d)		15,825		16,441
3.10%, 4/2/2024		6,786		7,350
Capital One Bank USA NA (SOFR + 0.62%), 2.01%, 1/27/2023 (d)		7,490		7,632
Capital One NA 2.15%, 9/6/2022		2,040		2,103
CIT Group, Inc.
5.00%, 8/1/2023		225		238
4.75%, 2/16/2024		235		248
Citigroup, Inc.
(SOFR + 0.87%), 2.31%, 11/4/2022 (d)		4,665		4,759
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		6,130		6,343
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (d)		12,210		12,725
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (f)		680		734
(SOFR + 2.75%), 3.11%, 4/8/2026 (d)		12,730		13,811
Citizens Bank NA 3.25%, 2/14/2022		565		586
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.34%, 6/24/2026 (a) (d)		6,405		6,503
Credit Agricole SA (France)
3.38%, 1/10/2022 (a)		15,000		15,553
3.75%, 4/24/2023 (a)		10,250		11,064
(SOFR Index + 1.68%), 1.91%, 6/16/2026 (a) (d)		4,815		4,972
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 9/15/2022		5,000		5,316
3.80%, 6/9/2023		1,000		1,080
DNB Bank ASA (Norway) 2.15%, 12/2/2022 (a)		8,065		8,371
Fifth Third Bancorp
2.60%, 6/15/2022		100		104
2.38%, 1/28/2025		5,000		5,310
HSBC Holdings plc (United Kingdom)
2.95%, 5/25/2021		200		204
(ICE LIBOR USD 3 Month + 0.65%), 0.97%, 9/11/2021 (d)		300		300
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (d)		4,435		4,612
3.60%, 5/25/2023		4,000		4,301
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		5,130		5,383
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (d)		2,730		2,862

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 323

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.54%), 1.64%, 4/18/2026 (d)		6,405		6,455
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (d)		5,995		6,750
Huntington Bancshares, Inc. 2.30%, 1/14/2022		633		649
Huntington National Bank (The) 3.13%, 4/1/2022		900		936
ING Groep NV (Netherlands)
3.55%, 4/9/2024		475		521
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (d)		7,310		7,438
Lloyds Bank plc (United Kingdom)
3.30%, 5/7/2021		200		204
2.25%, 8/14/2022		1,890		1,955
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (d)		12,345		12,753
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023 (d)		4,545		4,589
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (d)		2,000		2,091
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025 (d)		5,605		6,163
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (d)		4,130		4,342
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 0.89%, 7/26/2021 (d)		85		85
3.54%, 7/26/2021		145		149
3.22%, 3/7/2022		10,825		11,275
2.62%, 7/18/2022		3,325		3,459
3.46%, 3/2/2023		4,000		4,276
2.19%, 2/25/2025		8,175		8,598
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		4,400		4,560
2.60%, 9/11/2022		5,000		5,206
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (d)		6,040		6,263
(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 7/10/2024 (d)		5,000		5,061
MUFG Union Bank NA 3.15%, 4/1/2022		700		730
National Bank of Canada (Canada) 2.15%, 10/7/2022 (a)		9,080		9,387

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (d)		9,370		9,776
3.88%, 9/12/2023		6,935		7,525
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (d)		8,555		9,330
NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023 (a)		7,220		7,459
Nordea Bank Abp (Finland)
2.50%, 9/17/2020 (a)		200		200
1.00%, 6/9/2023 (a)		4,165		4,219
Royal Bank of Canada (Canada)
1.60%, 4/17/2023		5,355		5,531
2.25%, 11/1/2024		4,500		4,797
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		10,711		10,813
2.88%, 8/5/2021		2,000		2,045
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (d)		5,795		5,796
Santander UK plc (United Kingdom)
2.13%, 11/3/2020		2,400		2,407
2.50%, 1/5/2021		385		388
Skandinaviska Enskilda Banken AB (Sweden)
3.05%, 3/25/2022 (a)		1,960		2,038
2.20%, 12/12/2022 (a)		10,925		11,358
Societe Generale SA (France)
3.25%, 1/12/2022 (a)		9,000		9,295
3.88%, 3/28/2024 (a)		1,000		1,083
2.63%, 10/16/2024 (a)		10,975		11,469
2.63%, 1/22/2025 (a)		5,515		5,770
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022 (a) (d)		5,000		5,090
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (d)		20,555		21,382
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (d)		3,475		3,607
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 1/11/2022		830		857
2.78%, 7/12/2022		8,000		8,341
2.78%, 10/18/2022		65		68
3.10%, 1/17/2023		4,075		4,321
2.70%, 7/16/2024		3,075		3,300
1.47%, 7/8/2025		4,615		4,714

SEE NOTES TO FINANCIAL STATEMENTS.

324 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Truist Bank 2.80%, 5/17/2022		1,000		1,040
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (d)		2,594		2,667
1.25%, 3/9/2023		11,000		11,216
Truist Financial Corp.
2.20%, 3/16/2023		2,210		2,304
2.50%, 8/1/2024		1,225		1,309
Wells Fargo & Co.
3.75%, 1/24/2024		5,000		5,462
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (d)		6,225		6,558
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (d)		5,080		5,298
(SOFR + 2.00%), 2.19%, 4/30/2026 (d)		7,150		7,472
Westpac Banking Corp. (Australia) 2.75%, 1/11/2023		9,000		9,495
				674,561
Beverages — 0.4%
Constellation Brands, Inc.
2.70%, 5/9/2022		50		52
2.65%, 11/7/2022		65		68
4.25%, 5/1/2023		7,640		8,363
Keurig Dr Pepper, Inc.
3.55%, 5/25/2021		270		276
4.06%, 5/25/2023		5,500		6,010
				14,769
Biotechnology — 0.6%
AbbVie, Inc.
3.45%, 3/15/2022 (a)		300		312
2.30%, 11/21/2022 (a)		6,185		6,427
2.60%, 11/21/2024 (a)		17,445		18,696
				25,435
Building Products — 0.0% (b)
Griffon Corp. 5.75%, 3/1/2028		290		308
Standard Industries, Inc.
6.00%, 10/15/2025 (a)		700		721
4.75%, 1/15/2028 (a)		405		426
3.38%, 1/15/2031 (a)		168		167
Summit Materials LLC 5.13%, 6/1/2025 (a)		260		263
				1,885
Capital Markets — 4.6%
Ameriprise Financial, Inc. 3.00%, 4/2/2025		6,000		6,569
Credit Suisse AG (Switzerland) 2.80%, 4/8/2022		9,510		9,880

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		17,750		18,430
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (d)		250		272
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (d)		6,840		7,071
Deutsche Bank AG (Germany)
3.15%, 1/22/2021		2,750		2,772
Series D, 5.00%, 2/14/2022		4,950		5,208
3.95%, 2/27/2023		2,020		2,134
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (d) (e) (f)		755		725
3.63%, 1/22/2023		5,000		5,367
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		1,995		2,076
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		18,190		18,953
3.50%, 4/1/2025		7,750		8,587
LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		120		125
Macquarie Bank Ltd. (Australia)
2.10%, 10/17/2022 (a)		3,210		3,322
3.90%, 1/15/2026 (a)		6,620		7,585
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (a) (d)		5,005		5,238
Morgan Stanley
(SOFR + 0.83%), 0.90%, 6/10/2022 (d)		1,395		1,399
4.88%, 11/1/2022		14,000		15,247
3.13%, 1/23/2023		7,500		7,952
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (d)		1,885		2,037
(SOFR + 1.99%), 2.19%, 4/28/2026 (d)		7,750		8,153
MSCI, Inc. 5.38%, 5/15/2027 (a)		800		864
Nomura Holdings, Inc. (Japan) 1.85%, 7/16/2025		9,235		9,409
UBS AG (Switzerland)
2.45%, 12/1/2020 (a)		200		201
1.75%, 4/21/2022 (a)		10,555		10,770
UBS Group AG (Switzerland) 2.65%, 2/1/2022 (a)		6,798		7,009
3.49%, 5/23/2023 (a)		4,054		4,252
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (d)		9,415		9,794
4.13%, 9/24/2025 (a)		4,000		4,584
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (d)		2,865		2,891
				188,876

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 325

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — 0.1%
Air Liquide Finance SA (France) 1.75%, 9/27/2021 (a)		200		203
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		270		283
Celanese US Holdings LLC 3.50%, 5/8/2024		290		310
CF Industries, Inc.
3.40%, 12/1/2021 (a)		92		94
5.15%, 3/15/2034		465		551
Chemours Co. (The) 7.00%, 5/15/2025		1,420		1,451
CVR Partners LP 9.25%, 6/15/2023 (a)		525		516
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027 (a)		1,030		997
OCI NV (Netherlands) 6.63%, 4/15/2023 (a)		450		467
Olin Corp. 5.63%, 8/1/2029		570		570
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		745		797
				6,239
Commercial Services & Supplies — 0.1%
ACCO Brands Corp. 5.25%, 12/15/2024 (a)		12		12
ADT Security Corp. (The) 4.13%, 6/15/2023		315		329
Aramark Services, Inc. 5.00%, 2/1/2028 (a)		655		656
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)		240		268
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		310		322
Clean Harbors, Inc. 4.88%, 7/15/2027 (a)		475		498
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (a)		290		292
Nielsen Finance LLC 5.00%, 4/15/2022 (a)		1,120		1,121
Prime Security Services Borrower LLC 5.25%, 4/15/2024 (a)		730		774
				4,272
Communications Equipment — 0.1%
CommScope, Inc.
5.50%, 3/1/2024 (a)		130		134
6.00%, 3/1/2026 (a)		1,945		2,067
Plantronics, Inc. 5.50%, 5/31/2023 (a)		331		312
				2,513
Construction & Engineering — 0.0% (b)
AECOM 5.13%, 3/15/2027		490		537
Construction Materials — 0.0% (b)
Cemex SAB de CV (Mexico) 5.70%, 1/11/2025 (a)		1,700		1,740
Consumer Finance — 2.2%
AerCap Ireland Capital DAC (Ireland)
4.50%, 5/15/2021		3,800		3,865

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
3.95%, 2/1/2022		4,726		4,786
3.50%, 5/26/2022		7,350		7,390
4.63%, 7/1/2022		4,350		4,457
3.30%, 1/23/2023		8,730		8,713
4.88%, 1/16/2024		10		10
3.50%, 1/15/2025		155		151
Ally Financial, Inc.
5.13%, 9/30/2024		730		817
5.75%, 11/20/2025		915		1,027
American Express Co.
2.75%, 5/20/2022		1,460		1,516
3.40%, 2/27/2023		265		284
(ICE LIBOR USD 3 Month + 0.75%), 1.00%, 8/3/2023 (d)		35		35
3.70%, 8/3/2023		35		38
American Honda Finance Corp. 2.05%, 1/10/2023		8,755		9,084
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		5,500		5,323
5.25%, 5/15/2024 (a)		8,786		8,520
Capital One Financial Corp.
2.60%, 5/11/2023		5,940		6,229
3.50%, 6/15/2023		2,195		2,356
3.90%, 1/29/2024		2,405		2,629
Caterpillar Financial Services Corp. 2.85%, 5/17/2024		480		518
Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		140		116
Ford Motor Credit Co. LLC
3.47%, 4/5/2021		820		820
3.37%, 11/17/2023		415		417
5.13%, 6/16/2025		230		242
4.54%, 8/1/2026		1,385		1,414
4.27%, 1/9/2027		920		927
4.13%, 8/17/2027		415		414
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024 (a) (g)		1,085		640
John Deere Capital Corp. 2.60%, 3/7/2024		1,380		1,479
Navient Corp.
6.13%, 3/25/2024		1,000		1,048
5.00%, 3/15/2027		175		169
OneMain Finance Corp.
7.75%, 10/1/2021		205		215
6.13%, 5/15/2022		740		777
7.13%, 3/15/2026		568		652

SEE NOTES TO FINANCIAL STATEMENTS.

326 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		10,460		10,384
4.50%, 3/15/2023 (a)		2,500		2,386
				89,848
Containers & Packaging — 0.2%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (a)		203		211
5.25%, 8/15/2027 (a)		1,205		1,253
Ball Corp. 5.25%, 7/1/2025		555		629
Berry Global, Inc.
5.13%, 7/15/2023		216		219
4.88%, 7/15/2026 (a)		145		154
Crown Americas LLC 4.75%, 2/1/2026		355		370
Graphic Packaging International LLC 4.75%, 7/15/2027 (a)		350		387
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		1,075		1,153
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (a)		750		761
7.25%, 4/15/2025 (a)		815		792
OI European Group BV 4.00%, 3/15/2023 (a)		12		12
Owens-Brockway Glass Container, Inc. 5.88%, 8/15/2023 (a)		400		426
Sealed Air Corp. 5.13%, 12/1/2024 (a)		345		380
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (h)		600		633
				7,380
Distributors — 0.0% (b)
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		350		365
Wolverine Escrow LLC 9.00%, 11/15/2026 (a)		976		751
				1,116
Diversified Consumer Services — 0.0% (b)
Service Corp. International 4.63%, 12/15/2027		1,275		1,374
Diversified Financial Services — 0.3%
AIG Global Funding
2.70%, 12/15/2021 (a)		748		771
2.30%, 7/1/2022 (a)		985		1,015
CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022 (a)		9,735		9,992
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		525		533
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (a)		450		483
8.25%, 11/15/2026 (a)		325		360

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — continued
Sabre GLBL, Inc. 5.38%, 4/15/2023 (a)		1,100		1,111
				14,265
Diversified Telecommunication Services — 0.8%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027 (a)		425		487
6.00%, 2/15/2028 (a)		240		240
Altice France SA (France) 7.38%, 5/1/2026 (a)		1,725		1,831
AT&T, Inc. 2.30%, 6/1/2027		3,080		3,266
CCO Holdings LLC
4.00%, 3/1/2023 (a)		200		203
5.13%, 5/1/2027 (a)		3,120		3,323
5.00%, 2/1/2028 (a)		3,885		4,108
4.25%, 2/1/2031 (a)		1,026		1,072
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		545		569
Series W, 6.75%, 12/1/2023		245		271
Series Y, 7.50%, 4/1/2024		575		652
5.63%, 4/1/2025		975		1,052
5.13%, 12/15/2026 (a)		800		830
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		270		279
Frontier Communications Corp. 8.00%, 4/1/2027 (a) (h) (i)		1,400		1,407
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023 (i)		1,590		1,058
8.00%, 2/15/2024 (a) (h) (i)		767		782
Level 3 Financing, Inc.
5.63%, 2/1/2023		58		58
5.13%, 5/1/2023		100		100
5.38%, 5/1/2025		495		510
4.63%, 9/15/2027 (a)		605		634
Sprint Capital Corp. 8.75%, 3/15/2032		2,215		3,346
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		1,255		1,562
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		550		607
Verizon Communications, Inc. 3.00%, 3/22/2027		4,790		5,347
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)		1,275		1,379
				34,973
Electric Utilities — 1.1%
AES Panama Generation Holdings SRL (Panama) 4.38%, 5/31/2030 (a)		2,290		2,383
American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021		145		151

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 327

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
American Transmission Systems, Inc. 5.25%, 1/15/2022 (a)		200		212
Ausgrid Finance Pty. Ltd. (Australia) 3.85%, 5/1/2023 (a)		6,087		6,456
Edison International
2.40%, 9/15/2022		6,000		6,119
2.95%, 3/15/2023		5,410		5,570
Emera US Finance LP (Canada) 2.70%, 6/15/2021		2,575		2,616
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021 (c)		1,800		1,757
Evergy, Inc. 2.45%, 9/15/2024		1,300		1,379
Exelon Corp. 3.50%, 6/1/2022 (h)		375		393
FirstEnergy Corp.
2.05%, 3/1/2025		3,390		3,459
Series A, 1.60%, 1/15/2026		2,235		2,214
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20		21
Instituto Costarricense de Electricidad (Costa Rica) 6.95%, 11/10/2021 (c)		1,500		1,500
ITC Holdings Corp. 2.70%, 11/15/2022		5,805		6,062
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		230		268
NextEra Energy Capital Holdings, Inc. 2.90%, 4/1/2022		600		623
NRG Energy, Inc. 7.25%, 5/15/2026		750		802
PG&E Corp. 5.00%, 7/1/2028		845		843
PNM Resources, Inc. 3.25%, 3/9/2021		69		70
Vistra Operations Co. LLC 5.00%, 7/31/2027 (a)		975		1,034
				43,932
Electronic Equipment, Instruments & Components — 0.0% (b)
CDW LLC
5.50%, 12/1/2024		500		555
4.25%, 4/1/2028		830		867
				1,422
Energy Equipment & Services — 0.3%
Archrock Partners LP 6.88%, 4/1/2027 (a)		555		572
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		10,470		10,957
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)		745		335
Nabors Industries, Inc. 4.63%, 9/15/2021		58		47
Precision Drilling Corp. (Canada) 5.25%, 11/15/2024		632		444
Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		526		424
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		145		130
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		195		172
				13,081

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Entertainment — 0.1%
Cinemark USA, Inc.
4.88%, 6/1/2023		739		680
8.75%, 5/1/2025 (a)		270		290
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (a)		740		728
4.75%, 10/15/2027 (a)		10		9
Netflix, Inc.
4.88%, 4/15/2028		685		792
5.88%, 11/15/2028		1,335		1,638
4.88%, 6/15/2030 (a)		495		574
				4,711
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.
3.50%, 1/31/2023		5,305		5,667
3.00%, 6/15/2023		110		117
2.40%, 3/15/2025		2,640		2,814
1.30%, 9/15/2025		3,180		3,233
2.75%, 1/15/2027		3,000		3,263
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		590		481
ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		935		949
HAT Holdings I LLC 5.25%, 7/15/2024 (a)		175		183
Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		725		752
MGM Growth Properties Operating Partnership LP 5.75%, 2/1/2027		1,065		1,178
RHP Hotel Properties LP 4.75%, 10/15/2027		960		874
SBA Communications Corp.
4.00%, 10/1/2022		200		201
4.88%, 9/1/2024		580		596
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		6,294		6,656
VICI Properties LP
3.50%, 2/15/2025 (a)		100		100
4.25%, 12/1/2026 (a)		855		875
3.75%, 2/15/2027 (a)		430		429
4.13%, 8/15/2030 (a)		610		611
WEA Finance LLC (France) 2.88%, 1/15/2027 (a)		3,110		3,094
Welltower, Inc. 3.63%, 3/15/2024		2,325		2,514
				34,587
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc.
3.50%, 2/15/2023 (a)		135		138
6.63%, 6/15/2024		605		625

SEE NOTES TO FINANCIAL STATEMENTS.

328 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food & Staples Retailing — continued
5.75%, 3/15/2025		175		180
3.25%, 3/15/2026 (a)		283		289
4.63%, 1/15/2027 (a)		270		285
5.88%, 2/15/2028 (a)		350		378
3.50%, 3/15/2029 (a)		283		285
4.88%, 2/15/2030 (a)		190		204
Rite Aid Corp. 8.00%, 11/15/2026 (a)		1,044		1,057
Sysco Corp. 5.65%, 4/1/2025		6,000		7,101
				10,542
Food Products — 0.3%
Bunge Ltd. Finance Corp.
3.00%, 9/25/2022		100		104
1.63%, 8/17/2025		10,338		10,395
Campbell Soup Co. 3.65%, 3/15/2023		1,018		1,090
JBS USA LUX SA 5.88%, 7/15/2024 (a)		313		319
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a)		750		785
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		400		411
Post Holdings, Inc.
5.00%, 8/15/2026 (a)		525		545
5.75%, 3/1/2027 (a)		525		555
4.63%, 4/15/2030 (a)		189		197
				14,401
Gas Utilities — 0.0% (b)
AmeriGas Partners LP
5.63%, 5/20/2024		580		634
5.50%, 5/20/2025		455		499
				1,133
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		360		381
Becton Dickinson and Co. (ICE LIBOR USD 3 Month + 0.88%), 1.18%, 12/29/2020 (d)		149		149
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		735		768
Hologic, Inc. 4.38%, 10/15/2025 (a)		610		623
Teleflex, Inc. 4.63%, 11/15/2027		565		600
				2,521
Health Care Providers & Services — 1.1%
Aetna, Inc.
2.75%, 11/15/2022		223		233
2.80%, 6/15/2023		60		63
Anthem, Inc. 2.95%, 12/1/2022		75		79

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Centene Corp.
4.75%, 5/15/2022		125		126
5.38%, 6/1/2026 (a)		590		624
4.25%, 12/15/2027		900		945
3.38%, 2/15/2030		995		1,035
Community Health Systems, Inc. 8.63%, 1/15/2024 (a)		825		862
CVS Health Corp.
3.70%, 3/9/2023		6,769		7,286
4.10%, 3/25/2025		17		19
1.30%, 8/21/2027		7,035		6,991
DaVita, Inc. 3.75%, 2/15/2031 (a)		483		477
Encompass Health Corp.
5.13%, 3/15/2023		250		252
4.50%, 2/1/2028		980		1,005
HCA, Inc.
5.88%, 5/1/2023		485		531
5.38%, 2/1/2025		200		225
5.88%, 2/15/2026		2,065		2,364
5.38%, 9/1/2026		785		891
5.88%, 2/1/2029		3,640		4,422
Laboratory Corp. of America Holdings 2.30%, 12/1/2024		5,740		6,101
Tenet Healthcare Corp.
6.75%, 6/15/2023		560		596
4.88%, 1/1/2026 (a)		2,640		2,746
6.25%, 2/1/2027 (a)		2,135		2,242
				40,115
Health Care Technology — 0.0% (b)
IQVIA, Inc. 5.00%, 5/15/2027 (a)		800		842
Hotels, Restaurants & Leisure — 0.3%
1011778 BC ULC (Canada)
4.25%, 5/15/2024 (a)		625		636
5.00%, 10/15/2025 (a)		360		370
Boyd Gaming Corp. 6.00%, 8/15/2026		125		131
Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		755		723
Cedar Fair LP
5.38%, 6/1/2024		260		261
5.25%, 7/15/2029		345		334
Colt Merger Sub, Inc. 5.75%, 7/1/2025 (a)		71		74
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		271		247

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 329

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		355		389
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		1,050		1,084
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		321		332
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		600		615
International Game Technology plc
6.25%, 2/15/2022 (a)		345		354
6.25%, 1/15/2027 (a)		440		483
KFC Holding Co. 4.75%, 6/1/2027 (a)		715		751
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		575		597
MGM Resorts International
5.75%, 6/15/2025		1,759		1,884
4.63%, 9/1/2026		33		34
5.50%, 4/15/2027		327		346
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		619		612
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		1,175		1,139
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		265		287
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		570		608
Station Casinos LLC 5.00%, 10/1/2025 (a)		470		464
Wyndham Destinations, Inc. 3.90%, 3/1/2023		285		282
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		400		396
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		1,095		1,068
				14,501
Household Durables — 0.1%
Lennar Corp.
4.88%, 12/15/2023		150		161
5.25%, 6/1/2026		965		1,089
Meritage Homes Corp. 6.00%, 6/1/2025		455		515
Newell Brands, Inc. 4.70%, 4/1/2026 (h)		1,500		1,624
PulteGroup, Inc. 5.50%, 3/1/2026		335		385
Tempur Sealy International, Inc.
5.63%, 10/15/2023		625		636
5.50%, 6/15/2026		1,200		1,255
				5,665
Household Products — 0.1%
Central Garden & Pet Co. 5.13%, 2/1/2028		720		763
Energizer Holdings, Inc. 7.75%, 1/15/2027 (a)		845		926

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Products — continued
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		1,900		1,963
Spectrum Brands, Inc.
5.75%, 7/15/2025		750		775
5.00%, 10/1/2029 (a)		660		686
				5,113
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The) 6.00%, 5/15/2026		565		593
Calpine Corp. 5.25%, 6/1/2026 (a)		820		856
Exelon Generation Co. LLC
3.40%, 3/15/2022		380		396
3.25%, 6/1/2025		5,185		5,714
				7,559
Industrial Conglomerates — 0.4%
Honeywell International, Inc. 0.48%, 8/19/2022		14,855		14,888
Roper Technologies, Inc. 1.00%, 9/15/2025		3,075		3,095
				17,983
Insurance — 0.9%
American International Group, Inc. 2.50%, 6/30/2025		2,705		2,892
Athene Global Funding 3.00%, 7/1/2022 (a)		5,165		5,344
Jackson National Life Global Funding
2.25%, 4/29/2021 (a)		115		116
3.30%, 6/11/2021 (a)		250		256
3.30%, 2/1/2022 (a)		970		1,008
3.25%, 1/30/2024 (a)		9,500		10,239
MassMutual Global Funding II 2.25%, 7/1/2022 (a)		1,380		1,431
Protective Life Global Funding
2.16%, 9/25/2020 (a)		150		150
(ICE LIBOR USD 3 Month + 0.52%), 0.83%, 6/28/2021 (a) (d)		150		151
1.08%, 6/9/2023 (a)		3,790		3,844
Reliance Standard Life Global Funding II
2.63%, 7/22/2022 (a)		2,415		2,492
2.15%, 1/21/2023 (a)		4,505		4,622
3.85%, 9/19/2023 (a)		45		49
2.50%, 10/30/2024 (a)		6,190		6,439
Suncorp-Metway Ltd. (Australia) 2.38%, 11/9/2020 (a)		105		105
				39,138
IT Services — 0.0% (b)
Exela Intermediate LLC 10.00%, 7/15/2023 (a)		104		30

SEE NOTES TO FINANCIAL STATEMENTS.

330 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Leisure Products — 0.0% (b)
Mattel, Inc. 6.75%, 12/31/2025 (a)		1,640		1,740
Life Sciences Tools & Services — 0.0% (b)
Avantor, Inc. 6.00%, 10/1/2024 (a)		1,115		1,168
Machinery — 0.0% (b)
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		250		253
Colfax Corp.
6.00%, 2/15/2024 (a)		353		366
6.38%, 2/15/2026 (a)		9		10
RBS Global, Inc. 4.88%, 12/15/2025 (a)		280		287
Tennant Co. 5.63%, 5/1/2025		500		519
Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		335		349
				1,784
Media — 0.6%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (a)		955		1,019
AMC Networks, Inc. 5.00%, 4/1/2024		815		830
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		1,159		1,136
5.13%, 8/15/2027 (a)		1,740		1,758
CSC Holdings LLC
5.88%, 9/15/2022		450		477
5.25%, 6/1/2024		935		1,012
6.50%, 2/1/2029 (a)		1,540		1,736
Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		1,202		938
DISH DBS Corp.
6.75%, 6/1/2021		250		256
5.00%, 3/15/2023		250		259
5.88%, 11/15/2024		1,774		1,875
7.75%, 7/1/2026		2,460		2,816
Entercom Media Corp.
7.25%, 11/1/2024 (a)		900		720
6.50%, 5/1/2027 (a)		177		151
Gray Television, Inc.
5.13%, 10/15/2024 (a)		250		256
7.00%, 5/15/2027 (a)		385		417
iHeartCommunications, Inc. 6.38%, 5/1/2026		800		832
Interpublic Group of Cos., Inc. (The) 3.50%, 10/1/2020		65		65
Lamar Media Corp.
5.75%, 2/1/2026		350		365
3.75%, 2/15/2028 (a)		120		120
4.00%, 2/15/2030 (a)		85		87

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Meredith Corp. 6.88%, 2/1/2026		1,135		986
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024 (a)		300		308
5.63%, 7/15/2027 (a)		925		976
Sinclair Television Group, Inc. 5.13%, 2/15/2027 (a)		610		593
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (a)		780		811
5.38%, 7/15/2026 (a)		1,705		1,784
TEGNA, Inc.
5.50%, 9/15/2024 (a)		500		509
4.63%, 3/15/2028 (a)		235		237
ViacomCBS, Inc. (ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (d)		550		613
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a)		1,185		1,253
				25,195
Metals & Mining — 0.4%
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (a)		545		564
7.00%, 9/30/2026 (a)		1,000		1,070
Arconic Corp. 6.13%, 2/15/2028 (a)		750		791
Commercial Metals Co. 4.88%, 5/15/2023		155		161
Constellium SE
5.75%, 5/15/2024 (a)		250		255
6.63%, 3/1/2025 (a)		250		258
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (a)		215		222
4.50%, 9/15/2027 (a)		450		486
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		407		425
4.38%, 8/1/2028		253		266
4.25%, 3/1/2030		385		404
5.45%, 3/15/2043		520		585
Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)		9,050		9,028
Novelis Corp.
5.88%, 9/30/2026 (a)		350		365
4.75%, 1/30/2030 (a)		280		284
				15,164
Multiline Retail — 0.0% (b)
Macy’s, Inc. 8.38%, 6/15/2025 (a)		540		567

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 331

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multi-Utilities — 0.5%
Ameren Corp.
2.70%, 11/15/2020		573		575
2.50%, 9/15/2024		880		939
Dominion Energy, Inc.
4.10%, 4/1/2021 (h)		1,250		1,275
2.72%, 8/15/2021 (h)		1,150		1,174
Series A, 3.30%, 3/15/2025		6,570		7,296
NiSource, Inc. 0.95%, 8/15/2025		7,250		7,269
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		75		78
0.80%, 8/15/2025		3,480		3,478
Sempra Energy (ICE LIBOR USD 3 Month + 0.45%), 0.76%, 3/15/2021 (d)		195		195
WEC Energy Group, Inc. 3.38%, 6/15/2021		100		102
				22,381
Oil, Gas & Consumable Fuels — 2.8%
Antero Midstream Partners LP 5.38%, 9/15/2024		870		803
Antero Resources Corp. 5.13%, 12/1/2022		1,377		1,196
Apache Corp.
4.63%, 11/15/2025		999		1,022
4.88%, 11/15/2027		59		60
APT Pipelines Ltd. (Australia)
3.88%, 10/11/2022 (a)		10,128		10,644
4.20%, 3/23/2025 (a)		3,088		3,407
Blue Racer Midstream LLC 6.13%, 11/15/2022 (a)		1,730		1,721
BP Capital Markets America, Inc. 3.19%, 4/6/2025		4,000		4,406
Buckeye Partners LP
4.13%, 3/1/2025 (a)		285		286
4.13%, 12/1/2027		725		725
4.50%, 3/1/2028 (a)		285		291
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		388		395
Cheniere Energy Partners LP 5.25%, 10/1/2025		1,575		1,612
Comstock Resources, Inc. 9.75%, 8/15/2026		1,111		1,175
Crestwood Midstream Partners LP 6.25%, 4/1/2023 (h)		930		916
DCP Midstream Operating LP 3.88%, 3/15/2023		785		795
Denbury Resources, Inc. 9.00%, 5/15/2021 (a)		315		158
Diamondback Energy, Inc. 5.38%, 5/31/2025		6,000		6,249
Enbridge, Inc. (Canada)
2.90%, 7/15/2022		75		78
2.50%, 1/15/2025		5,900		6,221

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Energen Corp. 4.63%, 9/1/2021		6,823		6,895
EnLink Midstream Partners LP 4.40%, 4/1/2024		1,085		1,004
EP Energy LLC 7.75%, 5/15/2026 (a) (i)		145		32
EQM Midstream Partners LP 6.00%, 7/1/2025 (a)		80		85
EQT Corp. 7.88%, 2/1/2025 (h)		1,040		1,194
Equinor ASA (Norway) 2.88%, 4/6/2025		7,210		7,906
Exxon Mobil Corp.
1.57%, 4/15/2023		10,795		11,130
2.99%, 3/19/2025		7,095		7,790
Genesis Energy LP 7.75%, 2/1/2028		247		220
Gulfport Energy Corp.
6.63%, 5/1/2023		660		403
6.00%, 10/15/2024		1,080		642
Martin Midstream Partners LP
10.00%, 2/29/2024 (a)		28		30
11.50%, 2/28/2025 (a)		129		115
MEG Energy Corp. (Canada)
6.50%, 1/15/2025 (a)		1,007		1,027
7.13%, 2/1/2027 (a)		378		362
MPLX LP 1.75%, 3/1/2026		9,635		9,632
NuStar Logistics LP
4.80%, 9/1/2020		100		100
6.75%, 2/1/2021		50		50
6.00%, 6/1/2026		470		492
Oasis Petroleum, Inc.
6.88%, 3/15/2022		879		171
6.88%, 1/15/2023		125		24
6.25%, 5/1/2026 (a)		505		91
Occidental Petroleum Corp.
8.00%, 7/15/2025		413		449
5.88%, 9/1/2025		192		193
8.50%, 7/15/2027		444		491
6.38%, 9/1/2028		192		194
8.88%, 7/15/2030		494		559
6.63%, 9/1/2030		192		197
ONEOK, Inc. 2.75%, 9/1/2024		3,370		3,477
Parsley Energy LLC
5.25%, 8/15/2025 (a)		430		442
5.63%, 10/15/2027 (a)		435		450
PBF Holding Co. LLC
9.25%, 5/15/2025 (a)		127		139
6.00%, 2/15/2028 (a)		590		498

SEE NOTES TO FINANCIAL STATEMENTS.

332 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Petroleos Mexicanos (Mexico)
4.50%, 1/23/2026		3,800		3,553
6.88%, 8/4/2026		2,400		2,441
QEP Resources, Inc. 5.25%, 5/1/2023		620		508
Range Resources Corp. 5.00%, 3/15/2023		1,000		996
SM Energy Co.
6.13%, 11/15/2022		625		487
6.63%, 1/15/2027		685		336
Southwestern Energy Co. 6.45%, 1/23/2025 (h)		1,170		1,175
Summit Midstream Holdings LLC 5.50%, 8/15/2022		105		69
Sunoco LP 4.88%, 1/15/2023		85		86
Tallgrass Energy Partners LP 4.75%, 10/1/2023 (a)		610		598
Targa Resources Partners LP
5.25%, 5/1/2023		955		960
5.88%, 4/15/2026		1,285		1,353
6.88%, 1/15/2029		1,180		1,304
4.88%, 2/1/2031 (a)		320		322
TerraForm Power Operating LLC 4.25%, 1/31/2023 (a)		314		325
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)		134		97
Whiting Petroleum Corp. 6.63%, 1/15/2026 (i)		635		149
WPX Energy, Inc.
5.25%, 9/15/2024		750		765
5.75%, 6/1/2026		500		510
				114,678
Paper & Forest Products — 0.0% (b)
Clearwater Paper Corp. 4.50%, 2/1/2023		250		252
Personal Products — 0.0% (b)
Edgewell Personal Care Co. 4.70%, 5/24/2022		475		496
Prestige Brands, Inc. 6.38%, 3/1/2024 (a)		595		615
				1,111
Pharmaceuticals — 0.6%
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		3,465		3,842
8.50%, 1/31/2027 (a)		50		55
Bausch Health Cos., Inc.
5.88%, 5/15/2023 (a)		56		56
7.00%, 3/15/2024 (a)		130		135
6.13%, 4/15/2025 (a)		725		746
5.50%, 11/1/2025 (a)		2,260		2,332

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
7.00%, 1/15/2028 (a)		27		29
5.00%, 1/30/2028 (a)		224		221
5.25%, 1/30/2030 (a)		228		227
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (h)		340		406
EMD Finance LLC (Germany) 2.95%, 3/19/2022 (a)		150		155
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		1,290		1,377
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		9,068		9,655
Upjohn, Inc. 1.65%, 6/22/2025 (a)		5,285		5,428
Zoetis, Inc.
(ICE LIBOR USD 3 Month + 0.44%), 0.69%, 8/20/2021 (d)		185		185
3.25%, 8/20/2021		240		247
				25,096
Professional Services — 0.0% (b)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (a)		400		434
Real Estate Management & Development — 0.0% (b)
China Evergrande Group (China) 8.75%, 6/28/2025 (c)		2,100		1,766
Road & Rail — 0.2%
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (a)		369		362
5.25%, 3/15/2025 (a)		500		477
5.75%, 7/15/2027 (a)		580		556
Hertz Corp. (The)
7.63%, 6/1/2022 (a) (i)		138		120
5.50%, 10/15/2024 (a) (i)		1,820		737
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		463
Ryder System, Inc.
3.50%, 6/1/2021		15		15
3.35%, 9/1/2025		4,405		4,851
				7,581
Semiconductors & Semiconductor Equipment — 0.1%
Analog Devices, Inc. 2.50%, 12/5/2021		75		77
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		575		600
Qorvo, Inc. 5.50%, 7/15/2026		365		387
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		1,620		1,697
				2,761

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 333

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Software — 0.0% (b)
CDK Global, Inc. 4.88%, 6/1/2027		730		770
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		705		755
				1,525
Specialty Retail — 0.5%
AutoZone, Inc. 3.63%, 4/15/2025		6,000		6,729
Gap, Inc. (The) 8.88%, 5/15/2027 (a)		775		874
L Brands, Inc.
5.63%, 10/15/2023		825		861
6.88%, 11/1/2035		500		511
Penske Automotive Group, Inc. 5.50%, 5/15/2026		935		974
PetSmart, Inc.
7.13%, 3/15/2023 (a)		1,245		1,254
5.88%, 6/1/2025 (a)		1,220		1,255
Staples, Inc.
7.50%, 4/15/2026 (a)		1,670		1,486
10.75%, 4/15/2027 (a)		830		577
TJX Cos., Inc. (The) 3.50%, 4/15/2025		7,100		7,924
				22,445
Technology Hardware, Storage & Peripherals — 0.1%
EMC Corp. 3.38%, 6/1/2023		1,989		2,054
NCR Corp.
6.38%, 12/15/2023		450		459
5.75%, 9/1/2027 (a)		970		1,019
5.00%, 10/1/2028 (a)		189		190
Western Digital Corp. 4.75%, 2/15/2026		605		655
Xerox Corp. 4.12%, 3/15/2023 (h)		92		94
				4,471
Textiles, Apparel & Luxury Goods — 0.0% (b)
Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		250		263
William Carter Co. (The) 5.63%, 3/15/2027 (a)		370		393
				656
Thrifts & Mortgage Finance — 1.2%
BPCE SA (France)
3.00%, 5/22/2022 (a)		8,426		8,754
2.75%, 1/11/2023 (a)		5,420		5,694
(ICE LIBOR USD 3 Month + 1.24%), 1.56%, 9/12/2023 (a) (d)		250		253
2.38%, 1/14/2025 (a)		3,855		4,041
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 3/15/2022 (a)		210		208
Nationwide Building Society (United Kingdom)
2.45%, 7/27/2021 (a)		4,965		5,055
2.00%, 1/27/2023 (a)		5,200		5,378
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (a) (d)		5,375		5,620

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Thrifts & Mortgage Finance — continued
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024 (a) (d)		1,000		1,066
3.90%, 7/21/2025 (a)		9,150		10,365
Radian Group, Inc. 4.50%, 10/1/2024		335		337
				46,771
Tobacco — 0.9%
Altria Group, Inc. 2.35%, 5/6/2025		7,085		7,536
BAT Capital Corp. (United Kingdom)
2.76%, 8/15/2022		7,220		7,508
2.79%, 9/6/2024		9,615		10,222
4.70%, 4/2/2027		2,760		3,197
Imperial Brands Finance plc (United Kingdom)
3.75%, 7/21/2022 (a)		1,500		1,567
3.13%, 7/26/2024 (a)		8,410		8,883
Reynolds American, Inc. (United Kingdom) 4.00%, 6/12/2022		150		159
				39,072
Trading Companies & Distributors — 1.1%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		145		60
Air Lease Corp.
3.50%, 1/15/2022		1,500		1,533
3.75%, 2/1/2022		3,919		4,004
2.63%, 7/1/2022		485		488
2.25%, 1/15/2023		5,811		5,826
2.75%, 1/15/2023		9,004		9,046
3.88%, 7/3/2023		3,000		3,117
2.88%, 1/15/2026		7,615		7,566
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)		4,935		5,075
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (a)		600		595
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		1,070		1,121
United Rentals North America, Inc.
3.88%, 11/15/2027		500		521
4.88%, 1/15/2028		1,575		1,675
3.88%, 2/15/2031		327		336
WESCO Distribution, Inc.
5.38%, 6/15/2024		250		257
7.13%, 6/15/2025 (a)		820		901
				42,121
Transportation Infrastructure — 0.2%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (a)		7,105		7,589
Wireless Telecommunication Services — 0.5%
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		50		52
5.25%, 8/1/2026		800		876

SEE NOTES TO FINANCIAL STATEMENTS.

334 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
Sprint Corp.
7.25%, 9/15/2021		300		317
7.88%, 9/15/2023		1,025		1,192
7.13%, 6/15/2024		100		116
7.63%, 2/15/2025		546		654
7.63%, 3/1/2026		2,819		3,467
T-Mobile USA, Inc.
6.00%, 4/15/2024		150		153
6.50%, 1/15/2026		120		126
4.50%, 2/1/2026		328		339
1.50%, 2/15/2026 (a)		10,605		10,757
4.75%, 2/1/2028		3,273		3,526
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		75		82
4.13%, 5/30/2025		135		155
				21,812
Total Corporate Bonds (Cost $1,808,737)				1,856,969
Mortgage-Backed Securities — 13.3%
FHLMC Gold Pools, 15 Year
Pool # J24740, 3.00%, 7/1/2028		83		88
Pool # G15655, 3.00%, 10/1/2028		206		219
Pool # G18528, 3.50%, 10/1/2029		5,381		5,723
Pool # G15890, 3.00%, 7/1/2031		5,680		6,083
FHLMC Gold Pools, 20 Year
Pool # C91649, 3.00%, 4/1/2033		62		66
FHLMC Gold Pools, 30 Year
Pool # G61879, 4.50%, 3/1/2047		442		484
FHLMC UMBS, 15 Year
Pool # ZS8594, 3.00%, 1/1/2031		2,767		2,907
Pool # ZS8598, 3.00%, 2/1/2031		2,933		3,085
Pool # SB0268, 3.00%, 5/1/2033		862		907
Pool # SB0041, 3.50%, 7/1/2034		5,568		6,038
FHLMC UMBS, 30 Year
Pool # ZS9524, 3.50%, 1/1/2044		19,125		21,003
Pool # SD0057, 3.50%, 5/1/2048		8,531		9,362
FNMA UMBS, 15 Year
Pool # BM4202, 3.50%, 12/1/2029		8,666		9,204
Pool # AL8153, 3.00%, 3/1/2031		5,651		6,024
Pool # AL9552, 3.50%, 8/1/2031		552		603
Pool # AS9697, 3.50%, 5/1/2032		211		226
Pool # CA0778, 3.00%, 11/1/2032		351		378
Pool # BM5464, 3.00%, 2/1/2033		4,760		4,993
Pool # MA4074, 2.00%, 7/1/2035		19,900		20,714
Pool # MA4123, 2.00%, 9/1/2035 (j)		31,000		32,269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA UMBS, 20 Year
Pool # MA1446, 3.50%, 5/1/2033		302		321
Pool # MA1527, 3.00%, 8/1/2033		193		206
Pool # MA1921, 3.50%, 6/1/2034		11,505		12,429
Pool # CA1791, 3.50%, 2/1/2038		21,408		23,166
FNMA UMBS, 30 Year
Pool # AB1463, 4.00%, 9/1/2040		11,588		12,856
Pool # AL7453, 4.00%, 2/1/2045		8,124		9,129
Pool # AS7039, 4.50%, 4/1/2046		1,952		2,134
Pool # FM1719, 4.50%, 11/1/2046		21,823		24,361
Pool # CA3519, 4.50%, 5/1/2049		39,254		43,922
FNMA, Other
Pool # BF0125, 4.00%, 7/1/2056		15,961		17,930
Pool # BF0144, 3.50%, 10/1/2056		8,252		9,031
Pool # BF0184, 4.00%, 2/1/2057		5,021		5,641
Pool # BF0263, 3.50%, 5/1/2058		8,186		8,971
Pool # BF0381, 4.00%, 4/1/2059		4,581		5,145
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 9/25/2035 (j)		93,380		97,159
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.00%, 10/25/2050 (j)		111,060		114,264
GNMA II, 30 Year
Pool # MA6820, 3.00%, 8/20/2050		22,300		23,550
Pool # MA6866, 3.00%, 9/20/2050 (j)		15,100		15,968
Total Mortgage-Backed Securities (Cost $547,215)				556,559
U.S. Treasury Obligations — 10.1%
U.S. Treasury Notes
2.25%, 3/31/2021		85		86
2.13%, 5/15/2022		1,595		1,649
1.75%, 7/15/2022		2,620		2,698
1.63%, 12/15/2022		600		620
1.50%, 1/15/2023		72,505		74,842
1.75%, 1/31/2023		435		452
1.38%, 2/15/2023		4,375		4,507
0.50%, 3/15/2023		173,165		174,740
0.25%, 4/15/2023		9,680		9,706
0.13%, 5/15/2023		17,230		17,220
0.25%, 6/15/2023		1,980		1,986
0.13%, 7/15/2023		14,595		14,586
0.13%, 8/15/2023		118,275		118,183
0.25%, 5/31/2025		415		415
2.38%, 5/15/2029		985		1,131
Total U.S. Treasury Obligations (Cost $419,350)				422,821

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 335

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — 9.9%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		5,784		5,814
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023 (a)		382		383
Series 2017-2, Class D, 3.69%, 6/12/2023 (a)		444		447
Series 2019-4, Class B, 2.43%, 10/12/2023 (a)		5,700		5,770
Series 2018-1, Class D, 3.93%, 4/10/2024 (a)		600		610
Series 2018-2, Class E, 5.16%, 9/10/2024 (a)		750		778
Series 2018-3, Class C, 3.75%, 10/15/2024 (a)		324		327
Series 2018-3, Class E, 5.17%, 10/15/2024 (a)		750		775
Series 2019-3, Class D, 2.89%, 9/12/2025 (a)		913		930
Series 2019-3, Class E, 3.80%, 9/12/2025 (a)		577		578
Series 2019-4, Class C, 2.69%, 12/12/2025 (a)		4,010		4,094
Series 2019-4, Class D, 2.97%, 12/12/2025 (a)		2,980		3,031
Series 2019-4, Class E, 3.85%, 12/12/2025 (a)		3,340		3,352
Series 2020-1, Class C, 2.19%, 3/13/2026 (a)		14,630		14,798
Series 2020-1, Class E, 3.32%, 3/13/2026 (a)		5,000		4,871
Series 2020-3, Class C, 1.85%, 6/15/2026 (a)		3,150		3,169
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		5,160		5,289
Series 2017-3, Class D, 3.18%, 7/18/2023		500		515
Series 2019-1, Class C, 3.36%, 2/18/2025		750		790
Series 2019-2, Class C, 2.74%, 4/18/2025		1,000		1,034
Series 2019-2, Class D, 2.99%, 6/18/2025		3,500		3,645
Aqua Finance Trust Series 2020-AA, Class A, 1.90%, 7/17/2046 (a)		4,225		4,232
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (a)		4,730		4,833
BCC Funding Corp. XVI LLC Series 2019-1A, Class A2, 2.46%, 8/20/2024 (a)		14,376		14,486
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		83		84

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050 (a)		1,500		1,507
Series 2020-1A, Class B1, 4.17%, 2/15/2050 ‡ (a)		1,500		1,465
Carvana Auto Receivables Trust
Series 2019-4A, Class B, 2.53%, 7/15/2024 (a)		7,550		7,740
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		1,821		1,859
Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044 (a) (k)		4,745		4,918
CF Hippolyta LLC
Series 2020-1, Class A1, 1.69%, 7/15/2060 (a)		5,310		5,387
Series 2020-1, Class B1, 2.28%, 7/15/2060 (a)		2,935		2,990
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (a)		63		63
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (a)		656		632
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (a)		2,500		2,432
CPS Auto Receivables Trust
Series 2016-B, Class D, 6.58%, 3/15/2022 (a)		3,638		3,706
Series 2017-D, Class C, 3.01%, 10/17/2022 (a)		248		249
Series 2019-B, Class C, 3.35%, 1/15/2024 (a)		4,575		4,671
Series 2020-A, Class B, 2.36%, 2/15/2024 (a)		2,185		2,218
Series 2020-A, Class C, 2.54%, 12/15/2025 (a)		1,690		1,716
Series 2020-A, Class D, 2.90%, 12/15/2025 (a)		1,500		1,525
CPS Auto Trust
Series 2016-D, Class D, 4.53%, 1/17/2023 (a)		130		131
Series 2018-C, Class D, 4.40%, 6/17/2024 (a)		500		515
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		350		361
Series 2018-3A, Class C, 4.04%, 12/15/2027 (a)		350		360
Series 2019-3A, Class A, 2.38%, 11/15/2028 (a)		3,210		3,299

SEE NOTES TO FINANCIAL STATEMENTS.

336 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2019-3A, Class B, 2.86%, 1/16/2029 (a)		9,250		9,526
Drive Auto Receivables Trust
Series 2019-4, Class A2B, 0.51%, 6/15/2022 (k)		427		427
Series 2019-3, Class B, 2.65%, 2/15/2024		1,187		1,209
Series 2018-3, Class D, 4.30%, 9/16/2024		500		522
Series 2019-3, Class C, 2.90%, 8/15/2025		1,000		1,032
Series 2019-4, Class C, 2.51%, 11/17/2025		2,000		2,040
Series 2018-4, Class D, 4.09%, 1/15/2026		500		523
Series 2019-2, Class D, 3.69%, 8/17/2026		500		517
Series 2019-3, Class D, 3.18%, 10/15/2026		3,000		3,069
Series 2019-4, Class D, 2.70%, 2/16/2027		5,000		5,055
DT Auto Owner Trust
Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		196		198
Series 2017-4A, Class D, 3.47%, 7/17/2023 (a)		135		136
Series 2017-2A, Class E, 6.03%, 1/15/2024 (a)		1,500		1,541
Series 2019-4A, Class B, 2.36%, 1/16/2024 (a)		3,560		3,610
Series 2017-1A, Class E, 5.79%, 2/15/2024 (a)		5,000		5,081
Series 2018-3A, Class D, 4.19%, 7/15/2024 (a)		800		829
Series 2019-4A, Class C, 2.73%, 7/15/2025 (a)		2,068		2,113
Series 2019-4A, Class D, 2.85%, 7/15/2025 (a)		5,000		5,108
Series 2020-1A, Class C, 2.29%, 11/17/2025 (a)		5,156		5,238
Series 2020-1A, Class D, 2.55%, 11/17/2025 (a)		3,735		3,758
Series 2020-1A, Class E, 3.48%, 2/16/2027 (a)		5,000		4,860
Exeter Automobile Receivables Trust
Series 2018-3A, Class C, 3.71%, 6/15/2023 (a)		540		547
Series 2016-3A, Class D, 6.40%, 7/17/2023 (a)		3,000		3,091
Series 2017-1A, Class D, 6.20%, 11/15/2023 (a)		1,860		1,918
Series 2019-3A, Class C, 2.79%, 5/15/2024 (a)		1,500		1,529
Series 2018-3A, Class E, 5.43%, 8/15/2024 (a)		3,385		3,611

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		5,000		5,088
Series 2020-1A, Class C, 2.49%, 1/15/2025 (a)		2,700		2,754
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		620		633
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)		5,000		5,046
Series 2020-1A, Class D, 2.73%, 12/15/2025 (a)		1,440		1,459
Series 2019-3A, Class E, 4.00%, 8/17/2026 (a)		810		806
Series 2019-4A, Class E, 3.56%, 10/15/2026 (a)		3,000		2,964
Fair Square Issuance Trust Series 2020-AA, Class A, 2.90%, 9/20/2024 (a)		2,750		2,750
First Investors Auto Owner Trust Series 2019-2A, Class B, 2.47%, 1/15/2025 (a)		3,095		3,168
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		159		160
Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		300		308
Series 2019-4, Class B, 2.53%, 11/17/2025 (a)		3,360		3,455
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		2,480		2,563
Series 2020-1, Class C, 2.24%, 1/15/2026 (a)		3,460		3,516
FORA Financial Asset Securitization LLC Series 2019-1, Class A, 4.02%, 10/15/2024 (a)		136		136
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024 (a)		9		9
Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (a)		200		200
Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (a)		500		500
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (a)		1,000		998
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		2,329		2,331
Series 2019-2, Class B, 3.19%, 11/18/2026 ‡ (a)		6,410		6,321
Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		6,351		6,352

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 337

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (a)		2,389		2,414
Series 2019-4A, Class B, 2.78%, 9/16/2024 (a)		1,500		1,537
Series 2019-3A, Class C, 2.96%, 5/15/2025 (a)		5,000		5,112
Series 2019-4A, Class C, 3.06%, 8/15/2025 (a)		1,200		1,222
GLS Auto Receivables Trust
Series 2018-1A, Class B, 3.52%, 8/15/2023 (a)		500		508
Series 2018-2A, Class C, 4.17%, 4/15/2024 (a)		300		310
Lendmark Funding Trust Series 2019-2A, Class A, 2.78%, 4/20/2028 (a)		11,255		11,309
LL ABS Trust Series 2019-1A, Class A, 2.87%, 3/15/2027 (a)		2,862		2,874
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024 ‡ (a)		71		72
Series 2019-4A, Class A, 2.39%, 12/17/2029 (a)		5,896		5,944
Series 2020-1A, Class A, 2.24%, 3/15/2030 (a)		2,456		2,474
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (a)		744		608
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (a) (h)		264		265
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (a) (h)		380		378
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 0.98%, 8/25/2034 ‡ (k)		576		554
OnDeck Asset Securitization Trust II LLC Series 2019-1A, Class A, 2.65%, 11/18/2024 (a)		2,851		2,852
Oportun Funding IX LLC Series 2018-B, Class A, 3.91%, 7/8/2024 (a)		2,050		2,086
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024 (a)		1,000		1,027
Series 2018-1A, Class C, 3.75%, 10/15/2024 (a)		500		512
Series 2018-1A, Class D, 4.14%, 10/15/2024 (a)		7,240		7,417

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prosper Marketplace Issuance Trust
Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		2,216		2,227
Series 2019-4A, Class A, 2.48%, 2/17/2026 (a)		2,496		2,506
Regional Management Issuance Trust Series 2019-1, Class A, 3.05%, 11/15/2028 (a)		8,182		8,147
Santander Drive Auto Receivables Trust
Series 2017-3, Class E, 4.97%, 1/15/2025		5,000		5,203
Series 2018-4, Class D, 3.98%, 12/15/2025		500		516
Santander Revolving Auto Loan Trust Series 2019-A, Class A, 2.51%, 1/26/2032 (a)		14,400		15,347
Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026 (a)		2,897		2,849
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026 (a)		192		197
Series 2017-6, Class C, 4.02%, 11/25/2026 ‡ (a)		300		302
SoFi Consumer Loan Program Trust Series 2020-A, Class A2FX, 2.54%, 5/15/2046 (a)		2,625		2,729
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031 (a)		2,167		2,325
United Airlines Pass-Through Trust Series 2019-1, Class AA, 4.15%, 8/25/2031		303		300
United Auto Credit Securitization Trust Series 2020-1, Class C, 2.15%, 2/10/2025 (a)		3,800		3,837
Upgrade Receivables Trust Series 2019-2A, Class A, 2.77%, 10/15/2025 (a)		3,187		3,197
Upstart Securitization Trust
Series 2019-2, Class A, 2.90%, 9/20/2029 (a)		2,343		2,363
Series 2020-1, Class A, 2.32%, 4/22/2030 (a)		7,544		7,607
USASF Receivables LLC Series 2020-1A, Class A, 2.47%, 2/15/2023 (a)		3,754		3,760
Vantage Data Centers Issuer LLC Series 2019-1A, Class A2, 3.19%, 7/15/2044 (a)		693		705
Vericrest Opportunity Loan Trust
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (a) (h)		2,675		2,655

SEE NOTES TO FINANCIAL STATEMENTS.

338 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (h)		10,888		10,775
Veros Automobile Receivables Trust Series 2020-1, Class A, 1.67%, 9/15/2023 (a)		4,656		4,663
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (a) (h)		9,152		9,106
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (h)		3,221		3,206
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034 (a)		2,040		2,076
Westlake Automobile Receivables Trust
Series 2018-3A, Class D, 4.00%, 10/16/2023 (a)		500		515
Series 2019-2A, Class C, 2.84%, 7/15/2024 (a)		2,000		2,047
Series 2019-3A, Class C, 2.49%, 10/15/2024 (a)		4,500		4,585
Series 2019-3A, Class D, 2.72%, 11/15/2024 (a)		4,000		4,069
Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		1,000		1,027
Series 2019-3A, Class E, 3.59%, 3/17/2025 (a)		1,700		1,674
Series 2019-3A, Class F, 4.72%, 4/15/2026 (a)		2,000		1,922
Total Asset-Backed Securities (Cost $408,528)				412,896
Collateralized Mortgage Obligations — 9.4%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		264		268
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		228		232
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049 (a) (k)		3,970		4,005
Series 2019-5, Class A3, 2.92%, 10/25/2049 (a) (k)		3,176		3,179
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (a) (k)		1,060		1,024
Series 2019-3, Class A1, 2.93%, 5/25/2059 (a) (k)		1,173		1,185
Series 2019-3, Class B1, 4.10%, 5/25/2059 ‡ (a) (k)		1,000		984
Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1, 3.67%, 7/27/2048 (a) (k)		203		207

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arroyo Mortgage Trust
Series 2019-1, Class A1, 3.80%, 1/25/2049 (a) (k)		268		275
Series 2019-2, Class A3, 3.80%, 4/25/2049 (a) (k)		719		738
CHL Mortgage Pass-Through Trust
Series 2005-J2, Class 3A8, 5.50%, 8/25/2035		768		634
Series 2006-HYB2, Class 2A1B, 3.40%, 4/20/2036 (k)		169		154
CIM Trust
Series 2019-INV2, Class A11, 1.12%, 5/25/2049 ‡ (a) (k)		530		528
Series 2019-INV3, Class A11, 1.12%, 8/25/2049 (a) (k)		3,551		3,533
Citigroup Mortgage Loan Trust, Inc.
Series 2019-IMC1, Class A1, 2.72%, 7/25/2049 (a) (k)		802		813
Series 2019-IMC1, Class A3, 3.03%, 7/25/2049 (a) (k)		758		758
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049 ‡ (a) (k)		410		405
COLT Mortgage Loan Trust
Series 2018-4, Class A1, 4.01%, 12/28/2048 (a) (k)		352		357
Series 2019-3, Class A1, 2.76%, 8/25/2049 (a) (k)		455		460
Series 2019-4, Class A1, 2.58%, 11/25/2049 (a) (k)		1,487		1,496
Series 2019-4, Class A2, 2.84%, 11/25/2049 (a) (k)		1,304		1,318
Series 2019-4, Class A3, 2.99%, 11/25/2049 (a) (k)		1,956		1,969
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2, 2.48%, 8/25/2031 (a) (k)		4,986		4,969
Series 2019-R04, Class 2M2, 2.28%, 6/25/2039 (a) (k)		6,152		6,109
Series 2019-R05, Class 1M2, 2.18%, 7/25/2039 ‡ (a) (k)		1,226		1,221
Series 2019-R06, Class 2M2, 2.28%, 9/25/2039 (a) (k)		9,112		9,062
Series 2019-R07, Class 1M2, 2.28%, 10/25/2039 (a) (k)		2,997		2,982
Series 2020-R01, Class 1M2, 2.23%, 1/25/2040 ‡ (a) (k)		735		706
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9, Class 1A2, 5.25%, 10/25/2035		1,492		1,492

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 339

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Deephaven Residential Mortgage Trust
Series 2017-3A, Class B2, 6.25%, 10/25/2047 ‡ (a) (k)		1,000		936
Series 2019-4A, Class A3, 3.05%, 10/25/2059 (a) (k)		2,158		2,179
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (a) (k)		2,620		2,537
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 0.93%, 10/25/2047 (k)		959		862
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3, 3.48%, 10/25/2027 (k)		1,000		1,017
Series 2017-DNA3, Class M1, 0.93%, 3/25/2030 (k)		37		37
Series 2017-DNA3, Class M2, 2.68%, 3/25/2030 (k)		250		252
Series 2018-HQA1, Class M2, 2.48%, 9/25/2030 (k)		319		313
FHLMC, REMIC
Series 3806, Class L, 3.50%, 2/15/2026		4,794		5,108
Series 4533, Class KA, 3.00%, 11/15/2026		503		533
Series 3703, Class DY, 4.00%, 8/15/2030		226		248
Series 3036, Class NE, 5.00%, 9/15/2035		189		218
Series 3294, Class NE, 5.50%, 3/15/2037		341		403
Series 4284, Class EJ, 3.00%, 10/15/2038		187		189
Series 3820, Class GJ, 3.50%, 12/15/2039		108		112
Series 3904, Class EC, 2.00%, 8/15/2040		48		49
Series 3966, Class AG, 3.00%, 10/15/2040		1,336		1,381
Series 4091, Class TA, 3.00%, 5/15/2041		125		132
Series 4467, Class AB, 3.00%, 7/15/2041		652		663
Series 4048, Class CA, 2.00%, 9/15/2041		337		345
Series 4467, Class DA, 3.00%, 11/15/2041		149		151
Series 4012, Class GS, IF, IO, 6.34%, 3/15/2042 (k)		8,734		2,105
Series 4809, Class HA, 4.50%, 3/15/2043		1,981		1,994
Series 4661, Class HA, 3.00%, 5/15/2043		1,984		2,048
Series 4239, Class LD, 3.00%, 8/15/2043		125		134
Series 4480, Class QA, 3.00%, 11/15/2043		162		170
Series 4711, Class HA, 3.00%, 12/15/2043		94		97
Series 4466, Class NL, 3.50%, 12/15/2043		3,358		3,570
Series 4338, Class SA, IF, IO, 5.84%, 5/15/2044 (k)		10,414		2,023
Series 4623, Class EB, 2.50%, 12/15/2044		310		322
Series 4477, Class SA, IF, IO, 5.99%, 5/15/2045 (k)		8,406		1,702

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 4505, Class SA, IF, IO, 5.99%, 8/15/2045 (k)		6,510		1,678
Series 4843, Class PH, 4.00%, 7/15/2046		3,056		3,118
Series 4681, Class SD, IF, IO, 5.99%, 5/15/2047 (k)		677		129
Series 4924, Class YP, 3.00%, 2/25/2049		5,586		5,954
Series 4906, Class QS, IF, IO, 5.89%, 9/25/2049 (k)		8,752		1,943
Series 4925, Class SA, IF, IO, 5.89%, 10/25/2049 (k)		9,311		1,734
Series 4925, Class SH, IF, IO, 5.94%, 10/25/2049 (k)		15,322		3,185
Series 4937, Class MS, IF, IO, 5.89%, 12/25/2049 (k)		25,021		4,561
Series 4954, Class SB, IF, IO, 5.89%, 2/25/2050 (k)		15,169		3,104
Series 4954, Class SY, IF, IO, 5.89%, 2/25/2050 (k)		15,589		3,109
Series 4632, Class MA, 4.00%, 8/15/2054		11,964		12,952
Series 4634, Class MD, 5.00%, 11/15/2054		26,258		28,467
Series 4630, Class MA, 4.00%, 1/15/2055		22,990		24,475
Series 4839, Class WS, IF, IO, 5.94%, 8/15/2056 (k)		20,561		5,323
FHLMC, STRIPS
Series 306, Class 250, 2.50%, 5/15/2028		151		157
Series 267, Class S5, IF, IO, 5.84%, 8/15/2042 (k)		8,513		1,702
Series 342, Class S7, IF, IO, 5.95%, 2/15/2045 (k)		3,264		746
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.68%, 5/25/2030 (k)		3,087		3,062
Series 2018-C01, Class 1M2, 2.43%, 7/25/2030 (k)		2,427		2,382
Series 2018-C02, Class 2M2, 2.38%, 8/25/2030 (k)		2,637		2,583
Series 2018-C05, Class 1M2, 2.53%, 1/25/2031 (k)		7,107		7,009
FNMA, REMIC
Series 2013-40, Class VA, 3.50%, 5/25/2026		930		978
Series 2017-41, Class MV, 4.00%, 8/25/2028		2,255		2,510
Series 2014-3, Class AM, 2.50%, 1/25/2032		1,649		1,698
Series 2013-67, Class VB, 4.00%, 6/25/2032		400		429

SEE NOTES TO FINANCIAL STATEMENTS.

340 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2014-12, Class ED, 2.50%, 12/25/2032		1,260		1,307
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		2,049		199
Series 2015-80, Class CA, 3.00%, 4/25/2040		461		469
Series 2014-84, Class KA, 3.00%, 11/25/2040		619		638
Series 2013-81, Class AE, 3.50%, 2/25/2041		743		781
Series 2016-11, Class LA, 3.50%, 5/25/2042		2,024		2,092
Series 2015-55, Class QA, 3.50%, 10/25/2042		166		169
Series 2015-2, Class PA, 2.25%, 3/25/2044		171		177
Series 2015-27, Class HA, 3.00%, 3/25/2044		7,366		7,802
Series 2014-75, Class JA, 3.00%, 10/25/2044		430		460
Series 2016-63, Class JA, 2.50%, 12/25/2044		387		404
Series 2017-14, Class DA, 3.00%, 2/25/2045		984		1,030
Series 2015-54, Class FA, 0.53%, 7/25/2045 (k)		113		113
Series 2015-85, Class SA, IF, IO, 5.44%, 11/25/2045 (k)		7,139		1,230
Series 2016-40, Class FA, 0.83%, 7/25/2046 (k)		34		34
Series 2016-74, Class GS, IF, IO, 5.82%, 10/25/2046 (k)		3,047		700
Series 2017-13, Class AS, IF, IO, 5.87%, 2/25/2047 (k)		749		166
Series 2017-31, Class SG, IF, IO, 5.92%, 5/25/2047 (k)		16,611		3,232
Series 2017-47, Class ST, IF, IO, 5.92%, 6/25/2047 (k)		728		179
Series 2017-69, Class SH, IF, IO, 6.02%, 9/25/2047 (k)		736		158
Series 2019-17, Class GB, 4.00%, 10/25/2047		1,542		1,617
Series 2018-27, Class SE, IF, IO, 6.02%, 5/25/2048 (k)		1,505		340
Series 2019-31, Class S, IF, IO, 5.87%, 7/25/2049 (k)		8,438		1,833
Series 2019-42, Class SK, IF, IO, 5.87%, 8/25/2049 (k)		7,743		1,422

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-98, Class A, 4.00%, 6/25/2050		24,680		26,041
Series 2016-98, Class DA, 4.00%, 12/25/2051		34,938		37,978
Series 2017-46, Class LB, 3.50%, 12/25/2052		592		609
Series 2017-49, Class JD, 3.50%, 7/25/2053		2,096		2,166
Series 2017-49, Class JA, 4.00%, 7/25/2053		1,965		2,060
Series 2017-96, Class KA, 3.00%, 1/25/2055		670		706
FWDSecuritization Trust
Series 2019-INV1, Class A3, 3.11%, 6/25/2049 (a) (k)		774		776
Series 2019-INV1, Class M1, 3.48%, 6/25/2049 ‡ (a) (k)		500		483
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059 ‡ (a) (k)		500		505
GCAT Trust
Series 2019-NQM2, Class A1, 2.86%, 9/25/2059 (a) (h)		2,351		2,385
Series 2019-NQM2, Class A3, 3.16%, 9/25/2059 (a) (h)		2,456		2,486
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059 ‡ (a) (k)		2,000		1,945
GNMA
Series 2013-180, Class VM, 3.00%, 8/16/2036		1,000		1,018
Series 2010-101, Class LE, 3.00%, 8/20/2039		79		80
Series 2010-166, Class SD, IF, IO, 5.86%, 12/20/2040 (k)		1,123		263
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042		490		83
Series 2015-123, Class SE, IF, IO, 5.56%, 9/20/2045 (k)		9,636		1,595
Series 2016-108, Class SM, IF, IO, 5.94%, 8/20/2046 (k)		1,352		313
Series 2016-146, Class NS, IF, IO, 5.94%, 10/20/2046 (k)		1,746		409
Series 2017-80, Class AS, IF, IO, 6.04%, 5/20/2047 (k)		1,651		354
Series 2017-93, Class SE, IF, IO, 6.04%, 6/20/2047 (k)		1,778		376
Series 2017-163, Class PA, 3.00%, 7/20/2047		13,923		14,690
Series 2017-117, Class SB, IF, IO, 6.04%, 8/20/2047 (k)		1,129		253

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 341

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2017-134, Class SD, IF, IO, 6.04%, 9/20/2047 (k)		1,656		359
Series 2017-155, Class KS, IF, IO, 6.04%, 10/20/2047 (k)		1,791		316
Series 2017-163, Class HS, IF, IO, 6.04%, 11/20/2047 (k)		7,724		1,427
Series 2017-180, Class SD, IF, IO, 6.04%, 12/20/2047 (k)		1,793		413
Series 2018-36, Class SG, IF, IO, 6.04%, 3/20/2048 (k)		1,519		321
Series 2018-46, Class AS, IF, IO, 6.04%, 3/20/2048 (k)		8,325		1,981
Series 2018-139, Class SB, IF, IO, 5.99%, 10/20/2048 (k)		13,150		2,834
Series 2019-71, Class SK, IF, IO, 5.99%, 6/20/2049 (k)		8,428		1,458
Series 2019-115, Class SW, IF, IO, 5.94%, 9/20/2049 (k)		24,160		3,837
Series 2019-117, Class SA, IF, IO, 5.94%, 9/20/2049 (k)		12,978		2,673
Homeward Opportunities Fund I Trust
Series 2019-1, Class A1, 3.45%, 1/25/2059 (a) (k)		559		567
Series 2019-2, Class A1, 2.70%, 9/25/2059 (a) (k)		1,180		1,192
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		4,255		4,290
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A1, 3.99%, 11/25/2048 (a) (k)		534		548
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (a) (k)		318		324
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (a) (k)		8,625		8,840
Series 2019-NQM5, Class A3, 3.07%, 11/25/2059 (a) (k)		3,847		3,815
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 ‡ (a) (k)		3,041		2,793
OBX Trust
Series 2020-INV1, Class A11, 1.08%, 12/25/2049 (a) (k)		3,992		3,963
Series 2019-EXP3, Class 2A1A, 1.08%, 10/25/2059 (a) (k)		3,021		3,022
Series 2019-EXP3, Class 2A1B, 1.08%, 10/25/2059 (a) (k)		2,160		2,163
PRPM Series 2019-GS1, Class A1, 3.50%, 10/25/2024 (a) (k)		5,243		5,220
PRPM LLC Series 2020-2, Class A1, 3.67%, 8/25/2025 (a) (h)		1,408		1,408

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
RALI Trust Series 2003-QS12, Class A4, 3.35%, 6/25/2018		—	(l)		—	(l)
Spruce Hill Mortgage Loan Trust
Series 2019-SH1, Class A1, 3.40%, 4/29/2049 (a) (k)		425			428
Series 2019-SH1, Class A3, 3.65%, 4/29/2049 (a) (k)		213			215
Starwood Mortgage Residential Trust
Series 2019-1, Class A1, 2.94%, 6/25/2049 (a) (k)		1,220			1,240
Series 2019-1, Class A3, 3.30%, 6/25/2049 (a) (k)		708			716
Series 2019-1, Class M1, 3.76%, 6/25/2049 ‡ (a) (k)		1,000			979
Structured Asset Mortgage Investments II Trust Series 2006-AR6, Class 2A1, 0.37%, 7/25/2046 (k)		1,427			1,113
Verus Securitization Trust
Series 2019-1, Class A1, 3.84%, 2/25/2059 (a) (k)		262			267
Series 2019-2, Class A1, 3.21%, 5/25/2059 (a) (k)		411			419
Series 2019-4, Class A1, 2.64%, 11/25/2059 (a) (h)		3,899			3,985
Series 2019-4, Class M1, 3.21%, 11/25/2059 ‡ (a) (k)		1,600			1,611
Series 2019-4, Class B1, 3.86%, 11/25/2059 ‡ (a) (k)		600			558
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 3.63%, 5/25/2035 (k)		139			139
Total Collateralized Mortgage Obligations (Cost $389,941)					395,441
Commercial Mortgage-Backed Securities — 8.6%
Ashford Hospitality Trust Series 2018-KEYS, Class B, 1.61%, 6/15/2035 ‡ (a) (k)		600			556
Barclays Commercial Mortgage Trust Series 2019-C5, Class XA, IO, 1.02%, 11/15/2052 (k)		112,627			6,774
BHMS Series 2018-ATLS, Class A, 1.41%, 7/15/2035 (a) (k)		500			478
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1.86%, 11/15/2035 ‡ (a) (k)		1,435			1,425
Series 2020-BXLP, Class C, 1.28%, 12/15/2036 ‡ (a) (k)		5,230			5,191
Series 2020-BXLP, Class D, 1.41%, 12/15/2036 ‡ (a) (k)		3,717			3,665

SEE NOTES TO FINANCIAL STATEMENTS.

342 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2020-BXLP, Class F, 2.16%, 12/15/2036 ‡ (a) (k)		7,503		7,391
BX Trust Series 2019-CALM, Class E, 2.16%, 11/25/2032 ‡ (a) (k)		3,750		3,586
BXMT Ltd. Series 2017-FL1, Class D, 2.86%, 6/15/2035 ‡ (a) (k)		300		293
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 2.31%, 12/15/2037 ‡ (a) (k)		200		200
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class C, 1.21%, 7/15/2032 ‡ (a) (k)		365		362
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036 ‡ (a) (k)		400		408
Series 2019-PRM, Class C, 3.90%, 5/10/2036 ‡ (a)		1,750		1,822
Series 2019-PRM, Class D, 4.35%, 5/10/2036 ‡ (a)		2,144		2,221
Series 2019-PRM, Class E, 4.89%, 5/10/2036 (a) (k)		1,000		1,025
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (a)		2,000		1,535
Commercial Mortgage Trust
Series 2015-3BP, Class B, 3.35%, 2/10/2035 ‡ (a) (k)		7,185		7,559
Series 2020-CBM, Class D, 3.75%, 2/10/2037 ‡ (a) (k)		10,000		9,102
Series 2020-CBM, Class E, 3.75%, 2/10/2037 ‡ (a) (k)		10,000		8,452
Series 2014-CR14, Class B, 4.77%, 2/10/2047 (k)		4,523		4,922
Series 2014-UBS2, Class D, 5.16%, 3/10/2047 ‡ (a) (k)		1,500		1,237
Series 2014-UBS3, Class B, 4.31%, 6/10/2047		2,000		2,147
Series 2014-CR19, Class D, 4.87%, 8/10/2047 (a) (k)		3,291		2,860
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (a)		4,000		3,012
Series 2014-CR21, Class D, 4.07%, 12/10/2047 ‡ (a) (k)		4,000		2,847
Series 2015-CR23, Class D, 4.44%, 5/10/2048 ‡ (k)		2,000		1,726
Series 2015-LC21, Class D, 4.48%, 7/10/2048 (k)		1,000		809
Series 2019-GC44, Class XA, IO, 0.77%, 8/15/2057 (k)		66,823		2,964
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class B, 1.39%, 5/15/2036 ‡ (a) (k)		1,200		1,195

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2019-ICE4, Class D, 1.76%, 5/15/2036 ‡ (a) (k)		1,000		984
DBUBS Mortgage Trust Series 2011-LC1A, Class C, 5.79%, 11/10/2046 (a) (k)		245		246
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K018, Class X1, IO, 1.43%, 1/25/2022 (k)		5,046		62
Series K027, Class X1, IO, 0.87%, 1/25/2023 (k)		10,545		149
Series K034, Class X1, IO, 0.22%, 7/25/2023 (k)		163,571		445
Series K033, Class X1, IO, 0.41%, 7/25/2023 (k)		51,237		388
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (k)		58,480		1,048
Series KC06, Class X1, IO, 0.90%, 6/25/2026 (k)		38,000		1,382
Series K734, Class X3, IO, 2.24%, 7/25/2026 (k)		40,000		4,200
Series KC05, Class X1, IO, 1.20%, 6/25/2027 (k)		28,961		1,737
Series K078, Class X1, IO, 0.23%, 6/25/2028 (k)		49,830		460
Series K082, Class X3, IO, 2.29%, 10/25/2028 (k)		8,700		1,245
Series K096, Class X3, IO, 2.11%, 7/25/2029 (k)		48,000		6,848
Series K090, Class X3, IO, 2.39%, 10/25/2029 (k)		32,598		5,362
Series K112, Class X1, IO, 1.54%, 5/25/2030 (k)		24,999		2,978
Series K114, Class X1, IO, 1.21%, 6/25/2030 (k)		66,500		6,255
Series K105, Class X3, IO, 2.04%, 6/25/2030 (k)		40,058		5,853
Series K723, Class X3, IO, 1.98%, 10/25/2034 (k)		7,410		389
Series Q012, Class X, IO, 4.24%, 9/25/2035 (k)		15,000		3,944
Series K025, Class X3, IO, 1.81%, 11/25/2040 (k)		3,360		111
Series K721, Class X3, IO, 1.34%, 11/25/2042 (k)		6,071		152
Series K054, Class X3, IO, 1.65%, 4/25/2043 (k)		3,700		281
Series K068, Class X3, IO, 2.13%, 10/25/2044 (k)		3,368		409
Series K059, Class X3, IO, 1.98%, 11/25/2044 (k)		5,700		574

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 343

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series K061, Class X3, IO, 2.04%, 12/25/2044 (k)		2,775		295
Series K070, Class X3, IO, 2.11%, 12/25/2044 (k)		16,537		2,049
Series K072, Class X3, IO, 2.21%, 12/25/2045 (k)		1,200		156
Series K087, Class X3, IO, 2.39%, 1/25/2046 (k)		14,050		2,163
Series K097, Class X3, IO, 2.09%, 9/25/2046 (k)		20,477		2,938
Series K103, Class X3, IO, 1.91%, 12/25/2046 (k)		44,892		6,019
Series K104, Class X3, IO, 1.90%, 2/25/2047 (k)		25,300		3,578
Series K088, Class X3, IO, 2.42%, 2/25/2047 (k)		10,500		1,687
Series K093, Class X3, IO, 2.28%, 5/25/2047 (k)		50,000		7,660
Series K092, Class X3, IO, 2.32%, 5/25/2047 (k)		39,434		6,166
Series K095, Class X3, IO, 2.17%, 8/25/2047 (k)		25,000		3,701
Series K736, Class X3, IO, 2.08%, 9/25/2047 (k)		50,000		5,135
Series K099, Class X3, IO, 2.02%, 10/25/2047 (k)		13,745		1,916
Series K112, Class X3, IO, 3.10%, 7/25/2048 (k)		8,600		1,967
Series K114, Class X3, IO, 2.83%, 8/25/2048 (k)		10,750		2,256
FNMA ACES Series 2019-M21, Class X2, IO, 1.47%, 2/25/2031 (k)		34,833		3,713
FNMA, Multifamily REMIC Trust Series 2020-M37, Class X, IO, 1.23%, 4/25/2032 (k)		82,877		7,011
FREMF Series 2018-KF46, Class B, 2.10%, 3/25/2028 (a) (k)		320		311
FREMF Mortgage Trust
Series 2017-K727, Class C, 3.87%, 7/25/2024 (a) (k)		2,000		2,076
Series 2017-KF36, Class B, 2.80%, 8/25/2024 (a) (k)		4,194		4,079
Series 2017-KF34, Class B, 2.85%, 8/25/2024 (a) (k)		5,608		5,515
Series 2017-KF38, Class B, 2.65%, 9/25/2024 (a) (k)		139		133
Series 2017-KF39, Class B, 2.65%, 11/25/2024 (a) (k)		155		150

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-KF42, Class B, 2.35%, 12/25/2024 (a) (k)		2,510		2,422
Series 2018-KF53, Class B, 2.20%, 10/25/2025 (k)		1,135		1,069
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (a) (k)		5,000		5,131
Series 2019-KF60, Class B, 2.50%, 2/25/2026 (a) (k)		3,591		3,413
Series 2019-KF62, Class B, 2.20%, 4/25/2026 (a) (k)		926		872
Series 2019-KC06, Class B, 3.82%, 9/25/2026 (a) (k)		7,600		7,320
Series 2018-KSW4, Class B, 2.60%, 10/25/2028 (k)		7,243		6,975
Series 2011-K15, Class B, 5.13%, 8/25/2044 (a) (k)		135		139
Series 2012-K17, Class B, 4.47%, 12/25/2044 (a) (k)		280		290
Series 2012-K18, Class B, 4.38%, 1/25/2045 (a) (k)		385		400
Series 2012-K19, Class B, 4.16%, 5/25/2045 (a) (k)		300		312
Series 2012-K21, Class B, 4.07%, 7/25/2045 (a) (k)		530		554
Series 2012-K22, Class B, 3.81%, 8/25/2045 (a) (k)		190		198
Series 2013-K26, Class B, 3.72%, 12/25/2045 (a) (k)		6,500		6,808
Series 2011-K12, Class B, 4.49%, 1/25/2046 (a) (k)		500		503
Series 2013-K31, Class C, 3.74%, 7/25/2046 (a) (k)		3,000		3,129
Series 2013-K34, Class B, 3.86%, 9/25/2046 (a) (k)		1,000		1,067
Series 2011-K14, Class B, 5.35%, 2/25/2047 (a) (k)		1,100		1,122
Series 2014-K716, Class B, 4.08%, 8/25/2047 (a) (k)		250		254
Series 2014-K40, Class C, 4.21%, 11/25/2047 (a) (k)		2,000		2,151
Series 2011-K13, Class B, 4.76%, 1/25/2048 (a) (k)		600		605
Series 2015-K49, Class B, 3.85%, 10/25/2048 (a) (k)		5,282		5,687
Series 2015-K51, Class C, 4.09%, 10/25/2048 (a) (k)		4,955		5,162
Series 2011-K11, Class B, 4.57%, 12/25/2048 (a) (k)		305		307

SEE NOTES TO FINANCIAL STATEMENTS.

344 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2017-K726, Class C, 4.13%, 7/25/2049 (a) (k)		2,300		2,366
Series 2017-K729, Class B, 3.80%, 11/25/2049 (a) (k)		200		212
Series 2017-K729, Class C, 3.80%, 11/25/2049 (a) (k)		3,000		3,059
Series 2017-K62, Class C, 4.00%, 1/25/2050 (a) (k)		5,081		5,289
Series 2018-K730, Class C, 3.93%, 2/25/2050 (a) (k)		3,000		3,082
Series 2017-K728, Class B, 3.76%, 11/25/2050 (a) (k)		1,825		1,961
GB Trust
Series 2020-FLIX, Class A, 1.29%, 8/15/2037 (a) (k)		5,100		5,110
Series 2020-FLIX, Class B, 1.52%, 8/15/2037 (a) (k)		1,520		1,523
Series 2020-FLIX, Class C, 1.77%, 8/15/2037 (a) (k)		2,000		2,005
GNMA
Series 2015-115, IO, 0.52%, 7/16/2057 (k)		2,431		86
Series 2017-54, IO, 0.62%, 12/16/2058 (k)		16,035		846
Series 2017-23, IO, 0.72%, 5/16/2059 (k)		2,896		146
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class A, 1.07%, 11/21/2035 (a) (k)		53		52
GRACE Mortgage Trust Series 2014-GRCE, Class B, 3.52%, 6/10/2028 ‡ (a)		4,100		4,128
GS Mortgage Securities Corp. Trust
Series 2016-RENT, Class C, 4.20%, 2/10/2029 ‡ (a) (k)		4,200		4,176
Series 2016-RENT, Class E, 4.20%, 2/10/2029 ‡ (a) (k)		2,000		1,974
GS Mortgage Securities Trust
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (a)		2,000		1,242
Series 2013-GC12, Class D, 4.59%, 6/10/2046 ‡ (a) (k)		2,000		1,543
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		1,500		1,059
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.39%, 1/15/2049 ‡ (a) (k)		2,320		1,611
KNDL Mortgage Trust Series 2019-KNSQ, Class A, 0.96%, 5/15/2036 (a) (k)		950		947
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.46%, 7/15/2040 (k)		133		128

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class B, 4.92%, 2/15/2047 (k)		5,000		5,301
Series 2014-C15, Class C, 5.07%, 4/15/2047 (k)		300		314
Series 2014-C17, Class D, 4.90%, 8/15/2047 ‡ (a) (k)		2,000		1,119
Series 2014-C18, Class B, 4.63%, 10/15/2047 (k)		7,000		7,531
Series 2015-C23, Class D, 4.29%, 7/15/2050 ‡ (a) (k)		2,000		1,701
Morgan Stanley Capital I Trust
Series 2018-SUN, Class B, 1.61%, 7/15/2035 ‡ (a) (k)		250		240
Series 2011-C1, Class E, 5.67%, 9/15/2047 (a) (k)		3,000		2,999
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053 (k)		21,297		3,126
MRCD Mark Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		6,960		7,163
Series 2019-PARK, Class B, 2.72%, 12/15/2036 ‡ (a)		6,000		6,052
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (a)		10,000		9,729
Series 2019-PARK, Class E, 2.72%, 12/15/2036 ‡ (a)		7,500		7,013
Multifamily Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.88%, 10/15/2049 ‡ (a) (k)		3,360		3,227
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (a)		283		287
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (k)		2,723		2,767
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B, 3.71%, 3/15/2045 ‡ (k)		150		156
Series 2013-C12, Class B, 3.86%, 3/15/2048 (k)		150		157
Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (a) (k)		1,000		760
Total Commercial Mortgage-Backed Securities (Cost $372,997)				360,017
Foreign Government Securities — 0.9%
Arab Republic of Egypt (Egypt)
6.13%, 1/31/2022 (c)		700		718

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 345

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
5.58%, 2/21/2023 (c)		500		516
5.75%, 5/29/2024 (a)		2,100		2,165
5.88%, 6/11/2025 (c)		500		514
Dominican Republic Government Bond (Dominican Republic) 5.50%, 1/27/2025 (c)		1,900		1,981
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024 (c)		3,300		3,333
Federal Republic of Nigeria (Nigeria)
7.63%, 11/21/2025 (c)		500		529
6.50%, 11/28/2027 (c)		4,400		4,350
Hashemite Kingdom of Jordan (Jordan) 4.95%, 7/7/2025 (a)		1,770		1,768
Islamic Republic of Pakistan (Pakistan) 8.25%, 4/15/2024 (c)		300		327
Lebanese Republic (Lebanon) 6.38%, 3/9/2020 (i)		4,362		796
Republic of Costa Rica (Costa Rica) 4.38%, 4/30/2025 (c)		400		370
Republic of Ecuador (Ecuador) 10.75%, 1/31/2029 (c) (h) (i)		3,249		1,658
Republic of El Salvador (El Salvador) 5.88%, 1/30/2025 (c)		3,800		3,571
Republic of Ghana (Ghana) 6.38%, 2/11/2027 (c)		2,600		2,451
Republic of Kenya (Kenya) 6.88%, 6/24/2024 (c)		3,300		3,391
Republic of Paraguay (Paraguay) 4.95%, 4/28/2031 (a)		960		1,118
Republic of Senegal (Senegal) 8.75%, 5/13/2021 (c)		1,130		1,166
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2020 (c)		100		100
7.75%, 9/1/2023 (c)		3,700		3,933
8.99%, 2/1/2024 (c)		1,600		1,743
Total Foreign Government Securities (Cost $41,135)				36,498
	SHARES (000)
Short-Term Investments — 11.4%
Investment Companies — 11.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.24% (m) (n) (Cost $477,456)		477,082		477,464

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 0.0% (b)
U.S. Treasury Bills 0.16%, 1/7/2021 (o) (p) (Cost $1,481)		1,482		1,481
Total Short-Term Investments (Cost $478,937)				478,945
Total Investments — 107.9% (Cost $4,466,840)				4,520,146
Liabilities in Excess of Other Assets — (7.9)%				(329,227	)
NET ASSETS — 100.0%				4,190,919

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed 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)	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.

SEE NOTES TO FINANCIAL STATEMENTS.

346 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(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 August 31, 2020.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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 August 31, 2020.

(i)	Defaulted security.
(j)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(l)	Amount rounds to less than one thousand.
(m)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(n)	The rate shown is the current yield as of August 31, 2020.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	The rate shown is the effective yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2020 (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		891			12/2020		USD		196,855			82
U.S. Treasury 5 Year Note		536			12/2020		USD		67,536			(14	)
U.S. Treasury Long Bond		115			12/2020		USD		20,147			(94	)
U.S. Treasury Ultra Bond		27			12/2020		USD		5,924			(75	)
												(101	)
Short Contracts
U.S. Treasury 10 Year Note		(573	)		12/2020		USD		(79,737	)		(50	)
U.S. Treasury 10 Year Ultra Note		(251	)		12/2020		USD		(39,956	)		43
												(7	)
												(108	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 347

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Core Bond Fund		JPMorgan Core Plus Bond Fund		JPMorgan Floating Rate Income Fund			JPMorgan Government Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	33,162,756	$	13,967,389	$	609,355		$	2,951,734
Investments in affiliates, at value		3,091,319		1,162,220		33,801			185,494
Investment of cash collateral received from securities loaned, at value (See Note 2.F.)		—		491		—			—
Restricted cash for OTC derivatives		1,290		500		—			—
Cash		8,585		9,544		122			—
Foreign currency, at value		—		290		61			—
Deposits at broker for futures contracts		—		4,439		—			—
Receivables:
Due from custodian		—		9,872		—			—
Investment securities sold		5,806		2,603		23,127			2
Investment securities sold — delayed delivery securities		907,571		362,071		—			—
Fund shares sold		45,100		20,336		—	(a)		33,235
Interest from non-affiliates		141,843		72,662		2,866			8,373
Dividends from affiliates		411		162		—	(a)		3
Tax reclaims		—		—		53			—
Securities lending income (See Note 2.F.)		—		1		—			—
Variation margin on centrally cleared swaps (net upfront payments of $0, $664, $0 and $0, respectively)		—		2,330		—			—
Unrealized appreciation on forward foreign currency exchange contracts		—		21		—			—
Unrealized appreciation on unfunded commitments		—		—		3			—
Outstanding OTC swap contracts, at value (net upfront payments of $0, $1,225, $0 and $0, respectively)		—		2,165		—			—
Total Assets		37,364,681		15,617,096		669,388			3,178,841
LIABILITIES:
Payables:
Due to custodian		—		—		—			4
Investment securities purchased		148,637		29,076		19,542			—
Investment securities purchased — delayed delivery securities		2,405,761		786,853		—			—
Collateral received on securities loaned (See Note 2.F.)		—		491		—			—
Fund shares redeemed		16,743		10,138		8,947			3,792
Variation margin on futures contracts		—		216		—			—
Unrealized depreciation on forward foreign currency exchange contracts		—		129		—			—
Unrealized depreciation on unfunded commitments		—		—		12			—
Accrued liabilities:
Investment advisory fees		7,948		3,610		307			656
Administration fees		1,276		841		42			166
Distribution fees		811		482		12			167
Service fees		1,980		422		19			276
Custodian and accounting fees		341		383		6			32
Trustees’ and Chief Compliance Officer’s fees		9		5		—	(a)		2
Deferred foreign capital gains tax		—		3		—			—
Other		1,474		822		173			21
Total Liabilities		2,584,980		833,471		29,060			5,116
Net Assets	$	34,779,701	$	14,783,625	$	640,328		$	3,173,725

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

348 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund			JPMorgan Floating Rate Income Fund			JPMorgan Government Bond Fund
NET ASSETS:
Paid-in-Capital	$	32,012,522		$	13,828,709		$	987,306		$	2,964,756
Total distributable earnings (loss)		2,767,179			954,916			(346,978	)		208,969
Total Net Assets	$	34,779,701		$	14,783,625		$	640,328		$	3,173,725
Net Assets:
Class A	$	2,265,669		$	1,595,759		$	20,586		$	513,015
Class C		464,259			191,680			11,689			58,040
Class I		11,450,546			3,444,454			278,659			1,759,887
Class R2		83,905			47,869			—			37,265
Class R3		22,828			11,966			—			30,186
Class R4		1,363			4,475			—			19,753
Class R5		323,231			19,171			—			—
Class R6		20,167,900			9,468,251			329,394			755,579
Total	$	34,779,701		$	14,783,625		$	640,328		$	3,173,725
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		182,372			181,518			2,394			45,211
Class C		37,100			21,668			1,364			5,133
Class I		922,364			391,979			32,405			155,190
Class R2		6,764			5,445			—			3,287
Class R3		1,843			1,363			—			2,662
Class R4		110			510			—			1,743
Class R5		26,071			2,181			—			—
Class R6		1,622,426			1,076,517			38,303			66,642
Net Asset Value (a):
Class A — Redemption price per share	$	12.42		$	8.79		$	8.60		$	11.35
Class C — Offering price per share (b)		12.51			8.85			8.57			11.31
Class I — Offering and redemption price per share		12.41			8.79			8.60			11.34
Class R2 — Offering and redemption price per share		12.41			8.79			—			11.34
Class R3 — Offering and redemption price per share		12.39			8.78			—			11.34
Class R4 — Offering and redemption price per share		12.40			8.78			—			11.33
Class R5 — Offering and redemption price per share		12.40			8.79			—			—
Class R6 — Offering and redemption price per share		12.43			8.80			8.60			11.34
Class A maximum sales charge		3.75	%		3.75	%		2.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.90		$	9.13		$	8.80		$	11.79
Cost of investments in non-affiliates	$	30,835,879		$	13,217,744		$	647,062		$	2,746,039
Cost of investments in affiliates		3,090,536			1,161,857			33,801			185,494
Cost of foreign currency		—			269			60			—
Investment securities on loan, at value (See Note 2.F.)		—			6			—			—
Cost of investment of cash collateral (See Note 2.F.)		—			491			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 349

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan High Yield Fund		JPMorgan Income Fund		JPMorgan Inflation Managed Bond Fund		JPMorgan Limited Duration Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	7,953,866	$	6,334,724	$	1,265,283	$	1,229,839
Investments in affiliates, at value		1,192,070		97,748		50,649		100,970
Restricted cash for OTC derivatives		—		12,310		—		—
Cash		—		2,604		—		—
Foreign currency, at value		716		—		—		—
Deposits at broker for futures contracts		—		18,223		—		—
Deposits at broker for centrally cleared swaps		26,968		28,652		—		—
Receivables:
Due from custodian		9,477		—		—		—
Investment securities sold		11,278		17,374		20		746
Investment securities sold — delayed delivery securities		—		27		29,164		—
Fund shares sold		10,550		9,110		553		2,368
Interest and dividends from non-affiliates		113,919		53,038		5,080		1,956
Dividends from affiliates		17		11		7		16
Variation margin on futures contracts		—		426		—		—
Variation margin on centrally cleared swaps (net upfront receipts of $1,417, $0, $39 and $0, respectively)		1,207		—		1,170		—
Unrealized appreciation on unfunded commitments		42		—		—		—
Outstanding OTC swap contracts, at value (net upfront payments of $0, $9,659, $0 and $0, respectively)		—		2,252		—		—
Total Assets		9,320,110		6,576,499		1,351,926		1,335,895
LIABILITIES:
Payables:
Due to custodian		—		—		9		78
Distributions		—		174		—		—
Investment securities purchased		62,234		51,855		893		23
Investment securities purchased — delayed delivery securities		—		—		60,527		17,541
Fund shares redeemed		3,952		16,928		153		1,653
Variation margin on centrally cleared swaps (net upfront payments of $0, $23,638, $0 and $0, respectively)		—		1,836		—		—
Outstanding OTC swap contracts, at value (net upfront receipts of $0, $1,647, $0 and $0, respectively)		—		12,559		—		—
Accrued liabilities:
Investment advisory fees		3,666		1,525		273		168
Administration fees		575		356		65		60
Distribution fees		130		688		6		56
Service fees		303		35		34		94
Custodian and accounting fees		165		55		77		36
Trustees’ and Chief Compliance Officer’s fees		2		4		1		—	(a)
Other		1,088		393		212		137
Total Liabilities		72,115		86,408		62,250		19,846
Net Assets	$	9,247,995	$	6,490,091	$	1,289,676	$	1,316,049

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

350 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan High Yield Fund			JPMorgan Income Fund			JPMorgan Inflation Managed Bond Fund			JPMorgan Limited Duration Bond Fund
NET ASSETS:
Paid-in-Capital	$	9,963,427		$	6,694,592		$	1,312,069		$	1,312,353
Total distributable earnings (loss)		(715,432	)		(204,501	)		(22,393	)		3,696
Total Net Assets	$	9,247,995		$	6,490,091		$	1,289,676		$	1,316,049
Net Assets:
Class A	$	375,280		$	597,787		$	20,845		$	202,678
Class C		77,159			901,560			3,053			23,088
Class I		1,794,916			4,013,870			183,603			345,083
Class R2		5,169			—			—			—
Class R3		479			—			—			—
Class R4		34			—			—			—
Class R5		14,238			—			13,866			—
Class R6		6,980,720			976,874			1,068,309			745,200
Total	$	9,247,995		$	6,490,091		$	1,289,676		$	1,316,049
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		54,928			64,651			1,963			19,932
Class C		11,266			97,508			289			2,296
Class I		261,036			434,558			17,301			33,941
Class R2		757			—			—			—
Class R3		70			—			—			—
Class R4		5			—			—			—
Class R5		2,066			—			1,301			—
Class R6		1,014,811			105,802			100,505			73,174
Net Asset Value (a):
Class A — Redemption price per share	$	6.83		$	9.25		$	10.62		$	10.17
Class C — Offering price per share (b)		6.85			9.25			10.55			10.05
Class I — Offering and redemption price per share		6.88			9.24			10.61			10.17
Class R2 — Offering and redemption price per share		6.82			—			—			—
Class R3 — Offering and redemption price per share		6.88			—			—			—
Class R4 — Offering and redemption price per share		6.88			—			—			—
Class R5 — Offering and redemption price per share		6.89			—			10.66			—
Class R6 — Offering and redemption price per share		6.88			9.23			10.63			10.18
Class A maximum sales charge		3.75	%		3.75	%		3.75	%		2.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	7.10		$	9.61		$	11.03		$	10.40
Cost of investments in non-affiliates	$	8,047,750		$	6,480,392		$	1,202,277		$	1,214,166
Cost of investments in affiliates		1,192,070			97,743			50,626			100,906
Cost of foreign currency		720			—			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 351

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Mortgage-Backed Securities Fund		JPMorgan Short Duration Bond Fund		JPMorgan Short Duration Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	3,008,752	$	4,492,397	$	4,042,682
Investments in affiliates, at value		201,053		281,361		477,464
Cash		789		—		—
Foreign currency, at value		—		—		13
Receivables:
Due from custodian		—		3,929		3,517
Investment securities sold		59		520		146
Investment securities sold — delayed delivery securities		96,170		—		114,368
Fund shares sold		4,795		24,399		45,800
Interest from non-affiliates		9,727		16,012		20,776
Dividends from affiliates		34		3		3
Tax reclaims		—		—		4
Total Assets		3,321,379		4,818,621		4,704,773
LIABILITIES:
Payables:
Investment securities purchased		1,398		90,513		137,055
Investment securities purchased — delayed delivery securities		235,860		82,201		374,102
Fund shares redeemed		2,479		3,173		1,463
Variation margin on futures contracts		—		106		54
Accrued liabilities:
Investment advisory fees		473		685		769
Administration fees		90		221		218
Distribution fees		46		109		39
Service fees		205		87		34
Custodian and accounting fees		86		81		58
Trustees’ and Chief Compliance Officer’s fees		1		2		2
Other		103		215		60
Total Liabilities		240,741		177,393		513,854
Net Assets	$	3,080,638	$	4,641,228	$	4,190,919

SEE NOTES TO FINANCIAL STATEMENTS.

352 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Mortgage-Backed Securities Fund			JPMorgan Short Duration Bond Fund			JPMorgan Short Duration Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	2,953,928		$	4,567,785		$	4,133,591
Total distributable earnings (loss)		126,710			73,443			57,328
Total Net Assets	$	3,080,638		$	4,641,228		$	4,190,919
Net Assets:
Class A	$	176,298		$	440,682		$	166,370
Class C		16,044			31,426			15,535
Class I		1,450,800			1,556,595			688,073
Class R6		1,437,496			2,612,525			3,320,941
Total	$	3,080,638		$	4,641,228		$	4,190,919
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		14,783			39,565			16,982
Class C		1,387			2,801			1,589
Class I		125,054			139,572			70,235
Class R6		123,940			234,261			339,015
Net Asset Value (a):
Class A — Redemption price per share	$	11.93		$	11.14		$	9.80
Class C — Offering price per share (b)		11.57			11.22			9.78
Class I — Offering and redemption price per share		11.60			11.15			9.80
Class R6 — Offering and redemption price per share		11.60			11.15			9.80
Class A maximum sales charge		3.75	%		2.25	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.39		$	11.40		$	10.03
Cost of investments in non-affiliates	$	2,912,763		$	4,422,221		$	3,989,384
Cost of investments in affiliates		201,011			281,361			477,456
Cost of foreign currency		—			—			12

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 353

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund			JPMorgan Floating Rate Income Fund			JPMorgan Government Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	476,643		$	227,824		$	19,033		$	31,340
Interest income from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		—			1			95			—
Dividend income from affiliates		3,403			2,258			33			239
Income from securities lending (net) (See Note 2.F.)		55			74			—	(a)		—
Foreign taxes withheld (net)		—			(20	)		—			—
Total investment income		480,101			230,137			19,161			31,579
EXPENSES:
Investment advisory fees		46,803			21,862			2,071			4,191
Administration fees		7,380			4,889			282			1,123
Distribution fees:
Class A		2,851			2,099			26			635
Class C		1,741			717			47			197
Class R2		212			119			—			92
Class R3		24			13			—			33
Service fees:
Class A		2,851			2,099			26			635
Class C		581			239			16			66
Class I		12,996			3,823			363			2,104
Class L (b)		—			77			—			—
Class R2		106			60			—			46
Class R3		24			13			—			32
Class R4		1			5			—			13
Class R5		159			9			—			—
Custodian and accounting fees		626			447			35			63
Interest expense to affiliates		8			14			—	(a)		—	(a)
Professional fees		209			134			59			48
Trustees’ and Chief Compliance Officer’s fees		75			41			14			19
Printing and mailing costs		1,233			620			10			103
Registration and filing fees		483			230			18			116
Transfer agency fees (See Note 2.K.)		200			110			6			45
Other		246			133			5			19
Total expenses		78,809			37,753			2,978			9,580
Less fees waived		(7,099	)		(4,767	)		(303	)		(1,974	)
Less expense reimbursements		—			—			—			(6	)
Net expenses		71,710			32,986			2,675			7,600
Net investment income (loss)		408,391			197,151			16,486			23,979

(a) Amount rounds to less than one thousand.

(b) On June 2, 2020, JPMorgan Core Plus Bond Fund’s Class L Shares were converted into Class I Shares. Additionally, as of June 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

354 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Core Bond Fund			JPMorgan Core Plus Bond Fund			JPMorgan Floating Rate Income Fund			JPMorgan Government Bond Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	338,792		$	181,617	(a)	$	(56,047	)	$	6,260
Investments in affiliates		(200	)		163			—			—
Futures contracts		—			12,179			—			—
Foreign currency transactions		—			(56	)		—	(b)		—
Forward foreign currency exchange contracts		—			187			—			—
Swaps		—			12,049			—			—
Net realized gain (loss)		338,592			206,139			(56,047	)		6,260
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		58,750			(108,448	)		10,034			43,251
Investments in affiliates		503			96			—			—
Futures contracts		—			(10,859	)		—			—
Foreign currency translations		—			49			4			—
Forward foreign currency exchange contracts		—			(314	)		—			—
Swaps		—			952			—			—
Unfunded commitments		—			—			(5	)		—
Change in net unrealized appreciation/depreciation		59,253			(118,524	)		10,033			43,251
Net realized/unrealized gains (losses)		397,845			87,615			(46,014	)		49,511
Change in net assets resulting from operations	$	806,236		$	284,766		$	(29,528	)	$	73,490

(a) Net of foreign capital gains tax of less than one thousand.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 355

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan High Yield Fund			JPMorgan Income Fund			JPMorgan Inflation Managed Bond Fund			JPMorgan Limited Duration Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	198,301		$	154,416		$	14,864		$	12,556
Interest income from affiliates		—	(a)		1			4			—
Dividend income from non-affiliates		371			580			—			—
Dividend income from affiliates		282			491			91			287
Income from securities lending (net) (See Note 2.F.)		238			59			2			—	(a)
Total investment income		199,192			155,547			14,961			12,843
EXPENSES:
Investment advisory fees		18,057			8,764			1,776			1,258
Administration fees		2,709			2,191			476			472
Distribution fees:
Class A		476			808			28			233
Class C		300			3,122			12			83
Class R2		12			—			—			—
Class R3		1			—			—			—
Service fees:
Class A		476			808			28			233
Class C		100			1,040			4			28
Class I		1,505			4,440			212			420
Class R2		6			—			—			—
Class R3		1			—			—			—
Class R4		—	(a)		—			—			—
Class R5		11			—			7			—
Custodian and accounting fees		163			190			81			63
Interest expense to affiliates		29			25			6			1
Professional fees		103			100			51			43
Trustees’ and Chief Compliance Officer’s fees		24			26			15			15
Printing and mailing costs		496			124			15			38
Registration and filing fees		116			409			38			25
Transfer agency fees (See Note 2.K.)		112			46			9			16
Other		49			62			29			11
Total expenses		24,746			22,155			2,787			2,939
Less fees waived		(1,725	)		(6,415	)		(333	)		(606	)
Less expense reimbursements		—	(a)		(30	)		(1	)		—
Net expenses		23,021			15,710			2,453			2,333
Net investment income (loss)		176,171			139,837			12,508			10,510
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(97,530	)		(106,419	)		(3,453	)		596
Investments in affiliates		—			257			23			—	(a)
Options purchased		—			(3,417	)		—			—
Futures contracts		—			32,667			6,814			—
Foreign currency transactions		—	(a)		—			—			—
Options written		—			1,407			—			—
Swaps		(7,402	)		85,774			(34,900	)		—
Net realized gain (loss)		(104,932	)		10,269			(31,516	)		596
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		7,781			(198,023	)		16,832			(2,051	)
Investments in affiliates		(44	)		(6	)		20			37
Futures contracts		—			(13,811	)		(1,752	)		—
Foreign currency translations		54			—	(a)		—			—
Swaps		19,817			(63,718	)		30,440			—
Unfunded commitments		42			—			—			—
Change in net unrealized appreciation/depreciation		27,650			(275,558	)		45,540			(2,014	)
Net realized/unrealized gains (losses)		(77,282	)		(265,289	)		14,024			(1,418	)
Change in net assets resulting from operations	$	98,889		$	(125,452	)	$	26,532		$	9,092

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

356 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Mortgage-Backed Securities Fund			JPMorgan Short Duration Bond Fund			JPMorgan Short Duration Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	45,145		$	38,199		$	48,682
Interest income from affiliates		—	(a)		—			—
Dividend income from affiliates		373			62			300
Income from securities lending (net) (See Note 2.F.)		—			—	(a)		3
Total investment income		45,518			38,261			48,985
EXPENSES:
Investment advisory fees		3,760			3,636			4,519
Administration fees		1,128			1,239			1,356
Distribution fees:
Class A		197			457			163
Class C		53			110			35
Service fees:
Class A		197			457			163
Class C		18			37			12
Class I		1,723			987			322
Custodian and accounting fees		140			137			124
Interest expense to affiliates		2			1			3
Professional fees		54			55			77
Trustees’ and Chief Compliance Officer’s fees		19			20			20
Printing and mailing costs		98			112			21
Registration and filing fees		64			74			81
Transfer agency fees (See Note 2.K.)		22			59			15
Other		24			16			24
Total expenses		7,499			7,397			6,935
Less fees waived		(2,458	)		(1,927	)		(702	)
Net expenses		5,041			5,470			6,233
Net investment income (loss)		40,477			32,791			42,752
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		29,819			25,104			16,988
Investments in affiliates		(127	)		—			(3	)
Futures contracts		—			(71	)		2,001
Foreign currency transactions		—			—			—	(a)
Swaps		—			—			1,282
Net realized gain (loss)		29,692			25,033			20,268
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(19,418	)		13,134			(909	)
Investments in affiliates		2			—			(12	)
Futures contracts		—			(780	)		(466	)
Foreign currency translations		—			—			1
Change in net unrealized appreciation/depreciation		(19,416	)		12,354			(1,386	)
Net realized/unrealized gains (losses)		10,276			37,387			18,882
Change in net assets resulting from operations	$	50,753		$	70,178		$	61,634

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 357

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Core Bond Fund						JPMorgan Core Plus Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	408,391		$	876,461		$	197,151		$	469,585
Net realized gain (loss)		338,592			310,996			206,139			122,830
Change in net unrealized appreciation/depreciation		59,253			2,336,012			(118,524	)		953,870
Change in net assets resulting from operations		806,236			3,523,469			284,766			1,546,285
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(25,170	)		(62,556	)		(20,726	)		(43,600	)
Class C		(3,618	)		(11,014	)		(1,737	)		(4,226	)
Class I		(127,222	)		(271,840	)		(42,471	)		(75,905	)
Class L (a)		—			—			(2,199	)		(10,655	)
Class R2		(777	)		(2,311	)		(500	)		(722	)
Class R3		(202	)		(353	)		(121	)		(203	)
Class R4		(9	)		(180	)		(53	)		(116	)
Class R5		(3,959	)		(9,144	)		(255	)		(542	)
Class R6		(256,658	)		(666,319	)		(133,645	)		(339,224	)
Total distributions to shareholders		(417,615	)		(1,023,717	)		(201,707	)		(475,193	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		425,746			1,914,260			(970,488	)		578,204
NET ASSETS:
Change in net assets		814,367			4,414,012			(887,429	)		1,649,296
Beginning of period		33,965,334			29,551,322			15,671,054			14,021,758
End of period	$	34,779,701		$	33,965,334		$	14,783,625		$	15,671,054

(a) On June 2, 2020, JPMorgan Core Plus Bond Fund’s Class L Shares were converted into Class I Shares. Additionally, as of June 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

358 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Floating Rate Income Fund						JPMorgan Government Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,486		$	74,631		$	23,979		$	47,041
Net realized gain (loss)		(56,047	)		(32,933	)		6,260			512
Change in net unrealized appreciation/ depreciation		10,033			(11,109	)		43,251			156,975
Change in net assets resulting from operations		(29,528	)		30,589			73,490			204,528
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(470	)		(2,535	)		(3,517	)		(8,417	)
Class C		(252	)		(860	)		(218	)		(520	)
Class I		(6,799	)		(31,627	)		(13,938	)		(25,639	)
Class R2		—			—			(192	)		(689	)
Class R3		—			—			(171	)		(385	)
Class R4		—			—			(94	)		(133	)
Class R6		(10,449	)		(38,411	)		(6,097	)		(11,418	)
Total distributions to shareholders		(17,970	)		(73,433	)		(24,227	)		(47,201	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(318,360	)		(1,172,691	)		730,607			522,884
NET ASSETS:
Change in net assets		(365,858	)		(1,215,535	)		779,870			680,211
Beginning of period		1,006,186			2,221,721			2,393,855			1,713,644
End of period	$	640,328		$	1,006,186		$	3,173,725		$	2,393,855

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 359

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan High Yield Fund						JPMorgan Income Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	176,171		$	467,485		$	139,837		$	120,354
Net realized gain (loss)		(104,932	)		(17,717	)		10,269			7,007
Change in net unrealized appreciation/ depreciation		27,650			(41,764	)		(275,558	)		64,615
Change in net assets resulting from operations		98,889			408,004			(125,452	)		191,976
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,282	)		(30,367	)		(15,967	)		(23,208	)
Class C		(1,734	)		(5,338	)		(18,135	)		(16,011	)
Class I		(30,570	)		(160,714	)		(92,465	)		(62,042	)
Class R2		(112	)		(327	)		—			—
Class R3		(10	)		(19	)		—			—
Class R4		(1	)		(3	)		—			—
Class R5		(564	)		(1,795	)		—			—
Class R6		(142,620	)		(275,599	)		(21,192	)		(20,872	)
Total distributions to shareholders		(184,893	)		(474,162	)		(147,759	)		(122,133	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,520,427			(1,679,729	)		689,408			5,452,541
NET ASSETS:
Change in net assets		2,434,423			(1,745,887	)		416,197			5,522,384
Beginning of period		6,813,572			8,559,459			6,073,894			551,510
End of period	$	9,247,995		$	6,813,572		$	6,490,091		$	6,073,894

SEE NOTES TO FINANCIAL STATEMENTS.

360 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Inflation Managed Bond Fund						JPMorgan Limited Duration Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,508		$	27,607		$	10,510		$	29,411
Net realized gain (loss)		(31,516	)		(5,181	)		596			225
Change in net unrealized appreciation/ depreciation		45,540			48,142			(2,014	)		20,698
Change in net assets resulting from operations		26,532			70,568			9,092			50,334
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(178	)		(572	)		(1,301	)		(3,762	)
Class C		(17	)		(88	)		(103	)		(344	)
Class I		(1,555	)		(4,416	)		(2,767	)		(6,968	)
Class R5		(126	)		(375	)		—			—
Class R6		(10,655	)		(22,043	)		(6,541	)		(18,492	)
Total distributions to shareholders		(12,531	)		(27,494	)		(10,712	)		(29,566	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(112,707	)		241,179			20,564			168,649
NET ASSETS:
Change in net assets		(98,706	)		284,253			18,944			189,417
Beginning of period		1,388,382			1,104,129			1,297,105			1,107,688
End of period	$	1,289,676		$	1,388,382		$	1,316,049		$	1,297,105

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 361

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Mortgage-Backed Securities Fund						JPMorgan Short Duration Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	40,477		$	78,319		$	32,791		$	74,970
Net realized gain (loss)		29,692			13,141			25,033			11,093
Change in net unrealized appreciation/ depreciation		(19,416	)		110,602			12,354			65,770
Change in net assets resulting from operations		50,753			202,062			70,178			151,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,861	)		(3,897	)		(3,320	)		(5,572	)
Class C		(140	)		(304	)		(192	)		(424	)
Class I		(18,484	)		(38,740	)		(8,046	)		(16,478	)
Class R6		(20,587	)		(43,965	)		(22,376	)		(52,709	)
Total distributions to shareholders		(41,072	)		(86,906	)		(33,934	)		(75,183	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		59,048			703,681			1,475,839			(111,701	)
NET ASSETS:
Change in net assets		68,729			818,837			1,512,083			(35,051	)
Beginning of period		3,011,909			2,193,072			3,129,145			3,164,196
End of period	$	3,080,638		$	3,011,909		$	4,641,228		$	3,129,145

SEE NOTES TO FINANCIAL STATEMENTS.

362 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Short Duration Core Plus Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	42,752		$	41,043
Net realized gain (loss)		20,268			1,691
Change in net unrealized appreciation/depreciation		(1,386	)		53,538
Change in net assets resulting from operations		61,634			96,272
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,475	)		(1,895	)
Class C		(84	)		(113	)
Class I		(3,341	)		(3,630	)
Class R6		(39,723	)		(35,361	)
Total distributions to shareholders		(44,623	)		(40,999	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		352,196			3,490,718
NET ASSETS:
Change in net assets		369,207			3,545,991
Beginning of period		3,821,712			275,721
End of period	$	4,190,919		$	3,821,712

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 363

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Core Bond Fund						JPMorgan Core Plus Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	610,492		$	985,175		$	320,684		$	904,706
Distributions reinvested		24,428			60,436			20,304			42,523
Cost of shares redeemed		(653,163	)		(834,777	)		(573,784	)		(493,402	)
Change in net assets resulting from Class A capital transactions	$	(18,243	)	$	210,834		$	(232,796	)	$	453,827
Class C
Proceeds from shares issued	$	109,247		$	126,977		$	28,112		$	51,455
Distributions reinvested		3,462			10,436			1,702			4,115
Cost of shares redeemed		(117,693	)		(236,648	)		(37,311	)		(45,644	)
Change in net assets resulting from Class C capital transactions	$	(4,984	)	$	(99,235	)	$	(7,497	)	$	9,926
Class I
Proceeds from shares issued	$	3,276,728		$	3,894,854		$	857,925		$	1,528,588
Distributions reinvested		121,716			258,158			40,075			71,377
Cost of shares redeemed		(1,862,015	)		(2,335,212	)		(689,813	)		(619,949	)
Conversion from Class L Shares		—			—			295,700			—
Change in net assets resulting from Class I capital transactions	$	1,536,429		$	1,817,800		$	503,887		$	980,016
Class L (a)
Proceeds from shares issued	$	—		$	—		$	20,876		$	85,190
Distributions reinvested		—			—			2,039			10,036
Cost of shares redeemed		—			—			(56,892	)		(116,822	)
Conversion to Class I Shares		—			—			(295,700	)		—
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(329,677	)	$	(21,596	)
Class R2
Proceeds from shares issued	$	13,397		$	21,565		$	6,312		$	39,918
Distributions reinvested		755			2,187			485			631
Cost of shares redeemed		(19,415	)		(30,563	)		(8,628	)		(13,898	)
Change in net assets resulting from Class R2 capital transactions	$	(5,263	)	$	(6,811	)	$	(1,831	)	$	26,651
Class R3
Proceeds from shares issued	$	9,800		$	6,943		$	4,292		$	5,764
Distributions reinvested		123			151			116			191
Cost of shares redeemed		(3,140	)		(2,250	)		(2,166	)		(1,820	)
Change in net assets resulting from Class R3 capital transactions	$	6,783		$	4,844		$	2,242		$	4,135
Class R4
Proceeds from shares issued	$	1,790		$	2,092		$	1,449		$	1,213
Distributions reinvested		9			180			53			116
Cost of shares redeemed		(1,864	)		(6,725	)		(1,105	)		(992	)
Change in net assets resulting from Class R4 capital transactions	$	(65	)	$	(4,453	)	$	397		$	337
Class R5
Proceeds from shares issued	$	68,317		$	104,011		$	5,045		$	5,538
Distributions reinvested		2,571			5,872			255			542
Cost of shares redeemed		(66,527	)		(68,049	)		(5,909	)		(3,345	)
Change in net assets resulting from Class R5 capital transactions	$	4,361		$	41,834		$	(609	)	$	2,735
Class R6
Proceeds from shares issued	$	2,984,844		$	4,404,159		$	1,334,918		$	3,605,167
Distributions reinvested		253,300			644,785			132,117			336,283
Cost of shares redeemed		(4,331,416	)		(5,099,497	)		(2,371,639	)		(4,819,277	)
Change in net assets resulting from Class R6 capital transactions	$	(1,093,272	)	$	(50,553	)	$	(904,604	)	$	(877,827	)
Total change in net assets resulting from capital transactions	$	425,746		$	1,914,260		$	(970,488	)	$	578,204

(a) On June 2, 2020, JPMorgan Core Plus Bond Fund’s Class L Shares were converted into Class I Shares. Additionally, as of June 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

364 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Core Bond Fund						JPMorgan Core Plus Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class A
Issued		49,969			83,262			36,971			107,186
Reinvested		1,991			5,102			2,353			5,038
Redeemed		(53,244	)		(70,455	)		(66,513	)		(58,824	)
Change in Class A Shares		(1,284	)		17,909			(27,189	)		53,400
Class C
Issued		8,855			10,621			3,223			6,067
Reinvested		280			877			196			485
Redeemed		(9,560	)		(19,926	)		(4,306	)		(5,386	)
Change in Class C Shares		(425	)		(8,428	)		(887	)		1,166
Class I
Issued		267,469			328,824			99,148			181,582
Reinvested		9,919			21,804			4,636			8,459
Redeemed		(153,097	)		(197,703	)		(80,532	)		(73,676	)
Conversion from Class L Shares		—			—			34,304			—
Change in Class I Shares		124,291			152,925			57,556			116,365
Class L (a)
Issued		—			—			2,439			10,080
Reinvested		—			—			239			1,190
Redeemed		—			—			(6,751	)		(13,825	)
Conversion to Class I Shares		—			—			(34,264	)		—
Change in Class L Shares		—			—			(38,337	)		(2,555	)
Class R2
Issued		1,093			1,828			732			4,711
Reinvested		62			185			56			75
Redeemed		(1,595	)		(2,597	)		(1,002	)		(1,647	)
Change in Class R2 Shares		(440	)		(584	)		(214	)		3,139
Class R3
Issued		799			586			499			684
Reinvested		10			13			13			23
Redeemed		(259	)		(191	)		(256	)		(215	)
Change in Class R3 Shares		550			408			256			492
Class R4
Issued		145			180			167			142
Reinvested		1			15			6			14
Redeemed		(151	)		(568	)		(129	)		(118	)
Change in Class R4 Shares		(5	)		(373	)		44			38
Class R5
Issued		5,583			8,795			584			654
Reinvested		210			497			30			64
Redeemed		(5,474	)		(5,759	)		(687	)		(398	)
Change in Class R5 Shares		319			3,533			(73	)		320
Class R6
Issued		242,777			371,217			154,108			426,826
Reinvested		20,628			54,439			15,298			39,897
Redeemed		(355,962	)		(430,723	)		(277,198	)		(571,454	)
Change in Class R6 Shares		(92,557	)		(5,067	)		(107,792	)		(104,731	)

(a) On June 2, 2020, JPMorgan Core Plus Bond Fund’s Class L Shares were converted into Class I Shares. Additionally, as of June 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 365

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Floating Rate Income Fund						JPMorgan Government Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,662		$	15,170		$	334,744		$	190,479
Distributions reinvested		469			2,534			2,587			5,280
Cost of shares redeemed		(13,017	)		(104,812	)		(274,655	)		(164,334	)
Change in net assets resulting from Class A capital transactions	$	(9,886	)	$	(87,108	)	$	62,676		$	31,425
Class C
Proceeds from shares issued	$	254		$	720		$	36,718		$	17,684
Distributions reinvested		249			850			206			480
Cost of shares redeemed		(4,013	)		(8,880	)		(19,809	)		(14,052	)
Change in net assets resulting from Class C capital transactions	$	(3,510	)	$	(7,310	)	$	17,115		$	4,112
Class I
Proceeds from shares issued	$	19,372		$	46,158		$	1,441,722		$	750,590
Distributions reinvested		6,640			31,105			12,408			21,432
Cost of shares redeemed		(117,008	)		(687,928	)		(1,000,121	)		(470,496	)
Change in net assets resulting from Class I capital transactions	$	(90,996	)	$	(610,665	)	$	454,009		$	301,526
Class R2
Proceeds from shares issued	$	—		$	—		$	14,341		$	14,444
Distributions reinvested		—			—			171			526
Cost of shares redeemed		—			—			(12,733	)		(24,989	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,779		$	(10,019	)
Class R3
Proceeds from shares issued	$	—		$	—		$	13,268		$	15,011
Distributions reinvested		—			—			41			78
Cost of shares redeemed		—			—			(7,335	)		(7,563	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	5,974		$	7,526
Class R4
Proceeds from shares issued	$	—		$	—		$	13,656		$	4,855
Distributions reinvested		—			—			94			133
Cost of shares redeemed		—			—			(2,044	)		(1,835	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	11,706		$	3,153
Class R6
Proceeds from shares issued	$	48,367		$	109,651		$	315,322		$	325,507
Distributions reinvested		10,449			38,223			4,846			9,533
Cost of shares redeemed		(272,784	)		(615,482	)		(142,820	)		(149,879	)
Change in net assets resulting from Class R6 capital transactions	$	(213,968	)	$	(467,608	)	$	177,348		$	185,161
Total change in net assets resulting from capital transactions	$	(318,360	)	$	(1,172,691	)	$	730,607		$	522,884

SEE NOTES TO FINANCIAL STATEMENTS.

366 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Floating Rate Income Fund						JPMorgan Government Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class A
Issued		314			1,654			29,719			17,734
Reinvested		57			278			229			492
Redeemed		(1,532	)		(11,381	)		(24,291	)		(15,339	)
Change in Class A Shares		(1,161	)		(9,449	)		5,657			2,887
Class C
Issued		31			80			3,268			1,644
Reinvested		30			93			18			45
Redeemed		(482	)		(976	)		(1,760	)		(1,317	)
Change in Class C Shares		(421	)		(803	)		1,526			372
Class I
Issued		2,320			5,026			128,028			69,846
Reinvested		810			3,407			1,096			1,995
Redeemed		(14,277	)		(75,102	)		(88,465	)		(43,877	)
Change in Class I Shares		(11,147	)		(66,669	)		40,659			27,964
Class R2
Issued		—			—			1,273			1,344
Reinvested		—			—			15			49
Redeemed		—			—			(1,131	)		(2,325	)
Change in Class R2 Shares		—			—			157			(932	)
Class R3
Issued		—			—			1,171			1,393
Reinvested		—			—			4			7
Redeemed		—			—			(652	)		(705	)
Change in Class R3 Shares		—			—			523			695
Class R4
Issued		—			—			1,200			453
Reinvested		—			—			8			12
Redeemed		—			—			(181	)		(172	)
Change in Class R4 Shares		—			—			1,027			293
Class R6
Issued		5,842			12,001			27,930			30,254
Reinvested		1,279			4,191			428			887
Redeemed		(32,593	)		(67,201	)		(12,686	)		(13,890	)
Change in Class R6 Shares		(25,472	)		(51,009	)		15,672			17,251

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 367

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan High Yield Fund						JPMorgan Income Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	155,892		$	354,564		$	196,240		$	841,013
Distributions reinvested		9,096			29,963			15,921			23,177
Cost of shares redeemed		(264,641	)		(433,224	)		(402,071	)		(323,187	)
Change in net assets resulting from Class A capital transactions	$	(99,653	)	$	(48,697	)	$	(189,910	)	$	541,003
Class C
Proceeds from shares issued	$	9,339		$	10,540		$	214,808		$	889,300
Distributions reinvested		1,622			4,955			18,096			15,981
Cost of shares redeemed		(24,124	)		(49,920	)		(220,014	)		(50,164	)
Change in net assets resulting from Class C capital transactions	$	(13,163	)	$	(34,425	)	$	12,890		$	855,117
Class I
Proceeds from shares issued	$	1,428,297		$	2,272,875		$	1,687,593		$	3,672,730
Distributions reinvested		28,469			126,196			91,816			61,770
Cost of shares redeemed		(1,026,828	)		(4,461,701	)		(1,253,491	)		(224,227	)
Change in net assets resulting from Class I capital transactions	$	429,938		$	(2,062,630	)	$	525,918		$	3,510,273
Class R2
Proceeds from shares issued	$	818		$	1,508		$	—		$	—
Distributions reinvested		109			284			—			—
Cost of shares redeemed		(1,161	)		(2,796	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	(234	)	$	(1,004	)	$	—		$	—
Class R3
Proceeds from shares issued	$	125		$	110		$	—		$	—
Distributions reinvested		10			19			—			—
Cost of shares redeemed		(32	)		(58	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	103		$	71		$	—		$	—
Class R4
Proceeds from shares issued	$	2		$	2		$	—		$	—
Distributions reinvested		1			3			—			—
Cost of shares redeemed		(3	)		(22	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	—	(a)	$	(17	)	$	—		$	—
Class R5
Proceeds from shares issued	$	2,536		$	10,566		$	—		$	—
Distributions reinvested		442			1,522			—			—
Cost of shares redeemed		(16,031	)		(38,657	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(13,053	)	$	(26,569	)	$	—		$	—
Class R6
Proceeds from shares issued	$	3,039,848		$	2,082,161		$	430,243		$	551,609
Distributions reinvested		137,588			269,892			20,716			20,575
Cost of shares redeemed		(960,947	)		(1,858,511	)		(110,449	)		(26,036	)
Change in net assets resulting from Class R6 capital transactions	$	2,216,489		$	493,542		$	340,510		$	546,148
Total change in net assets resulting from capital transactions	$	2,520,427		$	(1,679,729	)	$	689,408		$	5,452,541

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

368 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan High Yield Fund						JPMorgan Income Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class A
Issued		23,727			49,325			21,659			87,796
Reinvested		1,413			4,182			1,797			2,415
Redeemed		(40,383	)		(60,552	)		(45,290	)		(33,837	)
Change in Class A Shares		(15,243	)		(7,045	)		(21,834	)		56,374
Class C
Issued		1,427			1,465			23,545			92,504
Reinvested		251			690			2,036			1,660
Redeemed		(3,702	)		(6,948	)		(25,040	)		(5,222	)
Change in Class C Shares		(2,024	)		(4,793	)		541			88,942
Class I
Issued		215,557			313,773			188,749			381,861
Reinvested		4,352			17,512			10,323			6,409
Redeemed		(155,755	)		(620,238	)		(141,709	)		(23,308	)
Change in Class I Shares		64,154			(288,953	)		57,363			364,962
Class R2
Issued		123			210			—			—
Reinvested		17			40			—			—
Redeemed		(181	)		(391	)		—			—
Change in Class R2 Shares		(41	)		(141	)		—			—
Class R3
Issued		19			15			—			—
Reinvested		2			3			—			—
Redeemed		(5	)		(8	)		—			—
Change in Class R3 Shares		16			10			—			—
Class R4
Issued		—	(a)		—	(a)		—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—	(a)		(2	)		—			—
Change in Class R4 Shares		—	(a)		(2	)		—			—
Class R5
Issued		388			1,459			—			—
Reinvested		68			211			—			—
Redeemed		(2,414	)		(5,365	)		—			—
Change in Class R5 Shares		(1,958	)		(3,695	)		—			—
Class R6
Issued		466,254			287,792			49,598			58,150
Reinvested		21,004			37,434			2,323			2,144
Redeemed		(144,824	)		(257,556	)		(12,548	)		(2,717	)
Change in Class R6 Shares		342,434			67,670			39,373			57,577

^(a)   Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 369

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Inflation Managed Bond Fund						JPMorgan Limited Duration Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,681		$	5,424		$	64,910		$	98,869
Distributions reinvested		173			560			1,253			3,632
Cost of shares redeemed		(6,775	)		(7,100	)		(52,747	)		(68,758	)
Change in net assets resulting from Class A capital transactions	$	(4,921	)	$	(1,116	)	$	13,416		$	33,743
Class C
Proceeds from shares issued	$	271		$	421		$	6,657		$	9,098
Distributions reinvested		17			88			90			309
Cost of shares redeemed		(1,119	)		(2,842	)		(5,020	)		(9,020	)
Change in net assets resulting from Class C capital transactions	$	(831	)	$	(2,333	)	$	1,727		$	387
Class I
Proceeds from shares issued	$	39,248		$	57,179		$	92,344		$	208,422
Distributions reinvested		1,473			4,128			2,574			6,369
Cost of shares redeemed		(34,680	)		(92,776	)		(92,669	)		(158,490	)
Change in net assets resulting from Class I capital transactions	$	6,041		$	(31,469	)	$	2,249		$	56,301
Class R5
Proceeds from shares issued	$	1,005		$	3,872		$	—		$	—
Distributions reinvested		42			110			—			—
Cost of shares redeemed		(1,815	)		(4,044	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(768	)	$	(62	)	$	—		$	—
Class R6
Proceeds from shares issued	$	40,833		$	461,788		$	76,973		$	122,724
Distributions reinvested		10,655			22,040			6,459			18,284
Cost of shares redeemed		(163,716	)		(207,669	)		(80,260	)		(62,790	)
Change in net assets resulting from Class R6 capital transactions	$	(112,228	)	$	276,159		$	3,172		$	78,218
Total change in net assets resulting from capital transactions	$	(112,707	)	$	241,179		$	20,564		$	168,649

SEE NOTES TO FINANCIAL STATEMENTS.

370 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Inflation Managed Bond Fund						JPMorgan Limited Duration Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
SHARE TRANSACTIONS:
Class A
Issued		163			529			6,435			9,798
Reinvested		17			55			125			360
Redeemed		(664	)		(695	)		(5,265	)		(6,812	)
Change in Class A Shares		(484	)		(111	)		1,295			3,346
Class C
Issued		26			42			670			911
Reinvested		2			9			9			31
Redeemed		(112	)		(279	)		(507	)		(905	)
Change in Class C Shares		(84	)		(228	)		172			37
Class I
Issued		3,786			5,589			9,213			20,647
Reinvested		144			404			258			632
Redeemed		(3,425	)		(9,067	)		(9,241	)		(15,716	)
Change in Class I Shares		505			(3,074	)		230			5,563
Class R5
Issued		97			377			—			—
Reinvested		4			11			—			—
Redeemed		(178	)		(393	)		—			—
Change in Class R5 Shares		(77	)		(5	)		—			—
Class R6
Issued		3,929			44,497			7,609			12,146
Reinvested		1,040			2,152			645			1,811
Redeemed		(16,293	)		(20,282	)		(8,042	)		(6,206	)
Change in Class R6 Shares		(11,324	)		26,367			212			7,751

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 371

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Mortgage-Backed Securities Fund						JPMorgan Short Duration Bond Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,891		$	72,918		$	281,376		$	264,493
Distributions reinvested		1,835			3,855			3,264			5,441
Cost of shares redeemed		(32,288	)		(39,486	)		(154,645	)		(267,711	)
Change in net assets resulting from Class A capital transactions	$	26,438		$	37,287		$	129,995		$	2,223
Class C
Proceeds from shares issued	$	5,896		$	4,812		$	19,102		$	9,343
Distributions reinvested		129			285			190			412
Cost of shares redeemed		(2,946	)		(2,795	)		(11,670	)		(16,476	)
Change in net assets resulting from Class C capital transactions	$	3,079		$	2,302		$	7,622		$	(6,721	)
Class I
Proceeds from shares issued	$	464,302		$	748,922		$	1,155,028		$	220,557
Distributions reinvested		16,529			33,220			8,000			16,051
Cost of shares redeemed		(486,150	)		(341,688	)		(285,846	)		(318,750	)
Change in net assets resulting from Class I capital transactions	$	(5,319	)	$	440,454		$	877,182		$	(82,142	)
Class R6
Proceeds from shares issued	$	450,513		$	354,156		$	813,450		$	640,733
Distributions reinvested		19,673			42,159			21,996			41,848
Cost of shares redeemed		(435,336	)		(172,677	)		(374,406	)		(707,642	)
Change in net assets resulting from Class R6 capital transactions	$	34,850		$	223,638		$	461,040		$	(25,061	)
Total change in net assets resulting from capital transactions	$	59,048		$	703,681		$	1,475,839		$	(111,701	)
SHARE TRANSACTIONS:
Class A
Issued		4,797			6,243			25,518			24,312
Reinvested		156			331			297			501
Redeemed		(2,733	)		(3,381	)		(14,060	)		(24,691	)
Change in Class A Shares		2,220			3,193			11,755			122
Class C
Issued		514			426			1,731			853
Reinvested		11			25			17			38
Redeemed		(257	)		(248	)		(1,056	)		(1,506	)
Change in Class C Shares		268			203			692			(615	)
Class I
Issued		40,491			65,878			103,821			20,237
Reinvested		1,441			2,927			725			1,475
Redeemed		(42,590	)		(30,254	)		(26,135	)		(29,307	)
Change in Class I Shares		(658	)		38,551			78,411			(7,595	)
Class R6
Issued		39,138			31,157			73,226			58,833
Reinvested		1,715			3,719			1,997			3,847
Redeemed		(37,982	)		(15,235	)		(34,104	)		(65,081	)
Change in Class R6 Shares		2,871			19,641			41,119			(2,401	)

SEE NOTES TO FINANCIAL STATEMENTS.

372 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Short Duration Core Plus Fund
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	132,192		$	86,685
Distributions reinvested		1,472			1,892
Cost of shares redeemed		(63,061	)		(96,547	)
Change in net assets resulting from Class A capital transactions	$	70,603		$	(7,970	)
Class C
Proceeds from shares issued	$	9,392		$	5,653
Distributions reinvested		83			110
Cost of shares redeemed		(1,857	)		(3,169	)
Change in net assets resulting from Class C capital transactions	$	7,618		$	2,594
Class I
Proceeds from shares issued	$	588,963		$	158,090
Distributions reinvested		3,341			3,629
Cost of shares redeemed		(93,391	)		(104,424	)
Change in net assets resulting from Class I capital transactions	$	498,913		$	57,295
Class R6
Proceeds from shares issued	$	250,233		$	3,497,274
Distributions reinvested		39,723			35,357
Cost of shares redeemed		(514,894	)		(93,832	)
Change in net assets resulting from Class R6 capital transactions	$	(224,938	)	$	3,438,799
Total change in net assets resulting from capital transactions	$	352,196		$	3,490,718
SHARE TRANSACTIONS:
Class A
Issued		13,618			9,036
Reinvested		154			198
Redeemed		(6,571	)		(10,121	)
Change in Class A Shares		7,201			(887	)
Class C
Issued		970			590
Reinvested		9			11
Redeemed		(195	)		(331	)
Change in Class C Shares		784			270
Class I
Issued		60,444			16,487
Reinvested		347			379
Redeemed		(9,786	)		(10,931	)
Change in Class I Shares		51,005			5,935
Class R6
Issued		25,719			364,050
Reinvested		4,157			3,670
Redeemed		(53,643	)		(9,757	)
Change in Class R6 Shares		(23,767	)		357,963

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 373

STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Income Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net decrease in net assets resulting from operations	$	(125,452	)
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(2,383,467	)
Proceeds from disposition of investment securities		1,642,118
Purchases of short-term investments — affiliates, net		70,477
Change in unrealized (appreciation)/depreciation on investments		198,029
Net realized (gain)/loss on investments in non-affiliates		106,419
Net realized (gain)/loss on investments in affiliates		(257	)
Net realized (gain)/loss on options purchased		3,417
Net amortization (accretion) of income		70,543
Decrease in interest and dividends receivable from non-affiliates		398
Decrease in dividends receivable from affiliates		37
Decrease in securities lending income		39
Decrease in variation margin receivable		8,586
Decrease in due from custodian		8,492
Decrease in collateral received on securities loaned		(133,880	)
Increase in outstanding swap contracts, at value, net		5,827
Increase in variation margin payable		1,836
Increase in investment advisory fees payable		616
Increase in administration fees payable		306
Increase in distribution fees payable		16
Increase in service fees payable		4
Decrease in custodian and accounting fees payable		(3	)
Increase in Trustees’ and Chief Compliance Officer’s fees payable		4
Decrease in other accrued expenses payable		(272	)
Net cash provided (used) by operating activities		(526,167	)
Cash flows provided (used) by financing activities:
Proceeds from shares issued		2,559,309
Payment for shares redeemed		(2,007,566	)
Proceeds from interfund lending		276,911
Payments for interfund lending		(276,911	)
Cash distributions paid to shareholders (net of reinvestments of $146,549)		(1,135	)
Net cash provided (used) by financing activities		550,608
Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		24,441
Restricted and unrestricted cash and foreign currency at beginning of period		37,348
Restricted and unrestricted cash and foreign currency at end of period	$	61,789

Supplemental disclosure of cash flow information:

For the period ended August 31, 2020 the Fund paid approximately $25,000 in interest expense.

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 and foreign currency at the end of period to the Statement of Assets and Liabilities:

	February 29, 2020		August 31, 2020
Cash	$	14,355	$	2,604
Restricted cash for OTC derivatives		650		12,310
Deposits at broker:
Futures contracts		9,721		18,223
Centrally cleared swaps		12,622		28,652
	$	37,348	$	61,789

SEE NOTES TO FINANCIAL STATEMENTS.

374 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	JPMorgan Mortgage-Backed Securities Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	50,753
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(969,657	)
Proceeds from disposition of investment securities		903,304
Purchases of short-term investments — affiliates, net		(4,199	)
Change in unrealized (appreciation)/depreciation on investments		19,416
Net realized (gain)/loss on investments in non-affiliates		(29,819	)
Net realized (gain)/loss on investments in affiliates		127
Net amortization (accretion) of income		6,829
Decrease in interest and dividends receivable from non-affiliates		9,438
Increase in interest receivable from non-affiliates		(9,727	)
Decrease in dividends receivable from affiliates		211
Increase in investment advisory fees payable		79
Increase in administration fees payable		18
Increase in distribution fees payable		10
Increase in service fees payable		17
Increase in custodian and accounting fees payable		30
Increase in Trustees’ and Chief Compliance Officer’s fees payable		1
Decrease in other accrued expenses payable		(57	)
Net cash provided (used) by operating activities		(23,226	)
Cash flows provided (used) by financing activities:
Due to custodian		(13	)
Proceeds from shares issued		985,680
Payment for shares redeemed		(958,746	)
Cash distributions paid to shareholders (net of reinvestments of $38,166)		(2,906	)
Net cash provided (used) by financing activities		24,015
Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		789
Restricted and unrestricted cash and foreign currency at beginning of period		—
Restricted and unrestricted cash and foreign currency at end of period	$	789

Supplemental disclosure of cash flow information:

For the six months ended August 31, 2020 the Fund paid approximately $2,000 in interest expense.

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 and foreign currency at the end of period to the Statement of Assets and Liabilities:

	February 29, 2020		August 31, 2020
Cash	$	—	$	789

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 375

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
Six Months Ended August 31, 2020 (Unaudited)	$	12.27	$	0.13	$	0.16		$	0.29		$	(0.14	)	$	—		$	(0.14	)
Year Ended February 29, 2020		11.33		0.29		1.00			1.29			(0.29	)		(0.06	)		(0.35	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		12.35		0.10		0.16			0.26			(0.10	)		—			(0.10	)
Year Ended February 29, 2020		11.40		0.23		1.00			1.23			(0.22	)		(0.06	)		(0.28	)
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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		12.26		0.15		0.15			0.30			(0.15	)		—			(0.15	)
Year Ended February 29, 2020		11.32		0.32		1.00			1.32			(0.32	)		(0.06	)		(0.38	)
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	)
Class R2
Six Months Ended August 31, 2020 (Unaudited)		12.25		0.11		0.16			0.27			(0.11	)		—			(0.11	)
Year Ended February 29, 2020		11.31		0.25		1.00			1.25			(0.25	)		(0.06	)		(0.31	)
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	)
Class R3
Six Months Ended August 31, 2020 (Unaudited)		12.23		0.12		0.17			0.29			(0.13	)		—			(0.13	)
Year Ended February 29, 2020		11.30		0.28		0.99			1.27			(0.28	)		(0.06	)		(0.34	)
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
Six Months Ended August 31, 2020 (Unaudited)		12.24		0.14		0.16			0.30			(0.14	)		—			(0.14	)
Year Ended February 29, 2020		11.30		0.31		1.00			1.31			(0.31	)		(0.06	)		(0.37	)
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
Six Months Ended August 31, 2020 (Unaudited)		12.24		0.15		0.16			0.31			(0.15	)		—			(0.15	)
Year Ended February 29, 2020		11.30		0.33		1.00			1.33			(0.33	)		(0.06	)		(0.39	)
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	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		12.27		0.16		0.16			0.32			(0.16	)		—			(0.16	)
Year Ended February 29, 2020		11.33		0.34		1.00			1.34			(0.34	)		(0.06	)		(0.40	)
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	)

(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.

376 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	12.42		2.34	%	$	2,265,669		0.74	%		2.13	%		0.84	%		28	%
	12.27		11.55			2,252,691		0.75			2.49			0.86			29
	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
	12.51		2.10			464,259		1.33			1.53			1.34			28
	12.35		10.88			463,544		1.35			1.90			1.36			29
	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
	12.41		2.47			11,450,546		0.49			2.37			0.59			28
	12.26		11.83			9,781,487		0.50			2.74			0.60			29
	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
	12.41		2.25			83,905		1.09			1.78			1.10			28
	12.25		11.18			88,227		1.10			2.14			1.11			29
	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
	12.39		2.38			22,828		0.84			2.01			0.85			28
	12.23		11.38			15,807		0.85			2.38			0.86			29
	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
	12.40		2.50			1,363		0.59			2.25			0.67			28
	12.24		11.72			1,403		0.60			2.66			0.61			29
	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
	12.40		2.59			323,231		0.43			2.43			0.44			28
	12.24		11.91			315,213		0.44			2.79			0.45			29
	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
	12.43		2.63			20,167,900		0.33			2.53			0.34			28
	12.27		11.99			21,046,962		0.34			2.90			0.35			29
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 377

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
Six Months Ended August 31, 2020 (Unaudited)	$	8.71	$	0.11	$	0.08		$	0.19		$	(0.11	)	$	—		$	(0.11	)
Year Ended February 29, 2020		8.10		0.24		0.62			0.86			(0.25	)		—			(0.25	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		8.77		0.08		0.08			0.16			(0.08	)		—			(0.08	)
Year Ended February 29, 2020		8.15		0.19		0.62			0.81			(0.19	)		—			(0.19	)
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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		8.71		0.12		0.08			0.20			(0.12	)		—			(0.12	)
Year Ended February 29, 2020		8.10		0.27		0.61			0.88			(0.27	)		—			(0.27	)
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	)
Class R2
Six Months Ended August 31, 2020 (Unaudited)		8.71		0.09		0.08			0.17			(0.09	)		—			(0.09	)
Year Ended February 29, 2020		8.10		0.21		0.61			0.82			(0.21	)		—			(0.21	)
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	)
Class R3
Six Months Ended August 31, 2020 (Unaudited)		8.70		0.10		0.08			0.18			(0.10	)		—			(0.10	)
Year Ended February 29, 2020		8.09		0.23		0.62			0.85			(0.24	)		—			(0.24	)
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
Six Months Ended August 31, 2020 (Unaudited)		8.70		0.11		0.08			0.19			(0.11	)		—			(0.11	)
Year Ended February 29, 2020		8.09		0.25		0.62			0.87			(0.26	)		—			(0.26	)
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
Six Months Ended August 31, 2020 (Unaudited)		8.71		0.12		0.08			0.20			(0.12	)		—			(0.12	)
Year Ended February 29, 2020		8.10		0.27		0.61			0.88			(0.27	)		—			(0.27	)
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
Six Months Ended August 31, 2020 (Unaudited)		8.72		0.12		0.08			0.20			(0.12	)		—			(0.12	)
Year Ended February 29, 2020		8.10		0.27		0.63			0.90			(0.28	)		—			(0.28	)
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	)

(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.

378 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	8.79		2.19	%	$	1,595,759		0.74	%		2.42	%		0.89	%		35	%
	8.71		10.74			1,818,636		0.74			2.89			0.90			36
	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
	8.85		1.84			191,680		1.38			1.77			1.39			35
	8.77		10.08			197,747		1.39			2.25			1.40			36
	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
	8.79		2.34			3,444,454		0.45			2.69			0.64			35
	8.71		11.06			2,912,783		0.45			3.18			0.65			36
	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
	8.79		1.99			47,869		1.13			2.02			1.14			35
	8.71		10.29			49,308		1.14			2.47			1.20			36
	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
	8.78		2.12			11,966		0.89			2.25			0.90			35
	8.70		10.59			9,629		0.90			2.73			0.91			36
	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
	8.78		2.25			4,475		0.63			2.51			0.65			35
	8.70		10.86			4,057		0.64			3.00			0.65			36
	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
	8.79		2.33			19,171		0.48			2.67			0.49			35
	8.71		11.02			19,644		0.49			3.16			0.50			36
	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
	8.80		2.38			9,468,251		0.38			2.77			0.39			35
	8.72		11.25			10,324,832		0.39			3.26			0.39			36
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 379

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 Floating Rate Income Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	8.93	$	0.17	$	(0.31	)	$	(0.14	)	$	(0.19	)	$	—		$	(0.19	)
Year Ended February 29, 2020		9.23		0.46		(0.32	)		0.14			(0.44	)		—			(0.44	)
September 1, 2018 through February 28, 2019 (f)		9.37		0.21		(0.13	)		0.08			(0.22	)		—			(0.22	)
Year Ended August 31, 2018		9.41		0.36		(0.05	)		0.31			(0.35	)		—			(0.35	)
Year Ended August 31, 2017		9.36		0.35		0.05			0.40			(0.35	)		—			(0.35	)
Year Ended August 31, 2016		9.56		0.40		(0.20	)		0.20			(0.40	)		—			(0.40	)
Year Ended August 31, 2015		10.04		0.38		(0.47	)		(0.09	)		(0.39	)		—	(g)		(0.39	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		8.90		0.15		(0.31	)		(0.16	)		(0.17	)		—			(0.17	)
Year Ended February 29, 2020		9.20		0.40		(0.31	)		0.09			(0.39	)		—			(0.39	)
September 1, 2018 through February 28, 2019 (f)		9.34		0.19		(0.13	)		0.06			(0.20	)		—			(0.20	)
Year Ended August 31, 2018		9.38		0.31		(0.05	)		0.26			(0.30	)		—			(0.30	)
Year Ended August 31, 2017		9.34		0.31		0.04			0.35			(0.31	)		—			(0.31	)
Year Ended August 31, 2016		9.54		0.35		(0.19	)		0.16			(0.36	)		—			(0.36	)
Year Ended August 31, 2015		10.02		0.33		(0.46	)		(0.13	)		(0.35	)		—	(g)		(0.35	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		8.93		0.18		(0.31	)		(0.13	)		(0.20	)		—			(0.20	)
Year Ended February 29, 2020		9.23		0.47		(0.31	)		0.16			(0.46	)		—			(0.46	)
September 1, 2018 through February 28, 2019 (f)		9.37		0.22		(0.13	)		0.09			(0.23	)		—			(0.23	)
Year Ended August 31, 2018		9.41		0.39		(0.05	)		0.34			(0.38	)		—			(0.38	)
Year Ended August 31, 2017		9.37		0.37		0.05			0.42			(0.38	)		—			(0.38	)
Year Ended August 31, 2016		9.57		0.42		(0.19	)		0.23			(0.43	)		—			(0.43	)
Year Ended August 31, 2015		10.05		0.40		(0.46	)		(0.06	)		(0.42	)		—	(g)		(0.42	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		8.93		0.19		(0.32	)		(0.13	)		(0.20	)		—			(0.20	)
Year Ended February 29, 2020		9.24		0.48		(0.32	)		0.16			(0.47	)		—			(0.47	)
September 1, 2018 through February 28, 2019 (f)		9.37		0.23		(0.12	)		0.11			(0.24	)		—			(0.24	)
Year Ended August 31, 2018		9.41		0.40		(0.06	)		0.34			(0.38	)		—			(0.38	)
Year Ended August 31, 2017		9.37		0.39		0.04			0.43			(0.39	)		—			(0.39	)
Year Ended August 31, 2016		9.57		0.43		(0.19	)		0.24			(0.44	)		—			(0.44	)
Year Ended August 31, 2015		10.05		0.41		(0.46	)		(0.05	)		(0.43	)		—	(g)		(0.43	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) The Fund changed its fiscal year end from August 31st to the last day of February.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

380 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	8.60		(1.44	)%	$	20,586		0.99	%		4.07	%		1.17	%		14	%
	8.93		1.49			31,754		0.99			5.05			1.20			46
	9.23		0.87			120,066		0.99			4.58			1.17			12
	9.37		3.38			170,374		0.98			3.88			1.16			38
	9.41		4.36			88,390		0.98			3.76			1.18			51
	9.36		2.30			83,254		0.99			4.29			1.22			41
	9.56		(0.92	)		85,854		0.99			3.85			1.25			16
	8.57		(1.70	)		11,689		1.49			3.58			1.68			14
	8.90		1.00			15,886		1.49			4.36			1.68			46
	9.20		0.63			23,816		1.49			4.09			1.67			12
	9.34		2.87			22,641		1.48			3.35			1.67			38
	9.38		3.74			26,114		1.48			3.25			1.69			51
	9.34		1.78			21,937		1.49			3.79			1.73			41
	9.54		(1.37	)		26,637		1.49			3.35			1.73			16
	8.60		(1.31	)		278,659		0.74			4.32			0.91			14
	8.93		1.76			388,979		0.74			5.19			0.91			46
	9.23		1.00			1,017,750		0.74			4.82			0.90			12
	9.37		3.63			1,460,764		0.73			4.11			0.91			38
	9.41		4.51			1,329,888		0.73			3.96			0.91			51
	9.37		2.55			868,497		0.74			4.51			0.91			41
	9.57		(0.61	)		1,946,646		0.74			4.09			0.92			16
	8.60		(1.27	)		329,394		0.65			4.43			0.66			14
	8.93		1.76			569,567		0.64			5.21			0.66			46
	9.24		1.16			1,060,089		0.64			4.93			0.65			12
	9.37		3.73			1,420,279		0.63			4.21			0.66			38
	9.41		4.61			971,417		0.63			4.10			0.66			51
	9.37		2.65			837,611		0.64			4.67			0.66			41
	9.57		(0.49	)		391,548		0.64			4.18			0.67			16

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 381

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 Government Bond Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	11.16	$	0.08	$	0.19		$	0.27		$	(0.08	)	$	—		$	(0.08	)
Year Ended February 29, 2020		10.32		0.23		0.84			1.07			(0.23	)		—			(0.23	)
Year Ended February 28, 2019		10.27		0.23		0.04			0.27			(0.22	)		—			(0.22	)
Year Ended February 28, 2018		10.54		0.22		(0.26	)		(0.04	)		(0.22	)		(0.01	)		(0.23	)
Year Ended February 28, 2017		10.86		0.22		(0.28	)		(0.06	)		(0.22	)		(0.04	)		(0.26	)
Year Ended February 29, 2016		11.02		0.23		—	(f)		0.23			(0.24	)		(0.15	)		(0.39	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		11.12		0.04		0.20			0.24			(0.05	)		—			(0.05	)
Year Ended February 29, 2020		10.29		0.16		0.83			0.99			(0.16	)		—			(0.16	)
Year Ended February 28, 2019		10.24		0.17		0.04			0.21			(0.16	)		—			(0.16	)
Year Ended February 28, 2018		10.50		0.15		(0.25	)		(0.10	)		(0.15	)		(0.01	)		(0.16	)
Year Ended February 28, 2017		10.83		0.15		(0.29	)		(0.14	)		(0.15	)		(0.04	)		(0.19	)
Year Ended February 29, 2016		10.98		0.15		0.01			0.16			(0.16	)		(0.15	)		(0.31	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		11.15		0.09		0.19			0.28			(0.09	)		—			(0.09	)
Year Ended February 29, 2020		10.32		0.25		0.83			1.08			(0.25	)		—			(0.25	)
Year Ended February 28, 2019		10.26		0.25		0.06			0.31			(0.25	)		—			(0.25	)
Year Ended February 28, 2018		10.53		0.25		(0.26	)		(0.01	)		(0.25	)		(0.01	)		(0.26	)
Year Ended February 28, 2017		10.86		0.25		(0.29	)		(0.04	)		(0.25	)		(0.04	)		(0.29	)
Year Ended February 29, 2016		11.02		0.26		—	(f)		0.26			(0.27	)		(0.15	)		(0.42	)
Class R2
Six Months Ended August 31, 2020 (Unaudited)		11.15		0.06		0.19			0.25			(0.06	)		—			(0.06	)
Year Ended February 29, 2020		10.31		0.19		0.84			1.03			(0.19	)		—			(0.19	)
Year Ended February 28, 2019		10.26		0.19		0.05			0.24			(0.19	)		—			(0.19	)
Year Ended February 28, 2018		10.53		0.19		(0.26	)		(0.07	)		(0.19	)		(0.01	)		(0.20	)
Year Ended February 28, 2017		10.85		0.20		(0.28	)		(0.08	)		(0.20	)		(0.04	)		(0.24	)
Year Ended February 29, 2016		11.01		0.20		0.01			0.21			(0.22	)		(0.15	)		(0.37	)
Class R3
Six Months Ended August 31, 2020 (Unaudited)		11.15		0.07		0.19			0.26			(0.07	)		—			(0.07	)
Year Ended February 29, 2020		10.32		0.21		0.84			1.05			(0.22	)		—			(0.22	)
Year Ended February 28, 2019		10.27		0.22		0.05			0.27			(0.22	)		—			(0.22	)
Year Ended February 28, 2018		10.53		0.21		(0.25	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)
September 9, 2016 (g) through February 28, 2017		10.90		0.09		(0.32	)		(0.23	)		(0.10	)		(0.04	)		(0.14	)
Class R4
Six Months Ended August 31, 2020 (Unaudited)		11.15		0.09		0.18			0.27			(0.09	)		—			(0.09	)
Year Ended February 29, 2020		10.31		0.24		0.84			1.08			(0.24	)		—			(0.24	)
Year Ended February 28, 2019		10.26		0.24		0.05			0.29			(0.24	)		—			(0.24	)
Year Ended February 28, 2018		10.53		0.24		(0.26	)		(0.02	)		(0.24	)		(0.01	)		(0.25	)
September 9, 2016 (g) through February 28, 2017		10.90		0.10		(0.32	)		(0.22	)		(0.11	)		(0.04	)		(0.15	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		11.15		0.10		0.19			0.29			(0.10	)		—			(0.10	)
Year Ended February 29, 2020		10.31		0.27		0.84			1.11			(0.27	)		—			(0.27	)
Year Ended February 28, 2019		10.26		0.27		0.05			0.32			(0.27	)		—			(0.27	)
Year Ended February 28, 2018		10.53		0.26		(0.26	)		—	(f)		(0.26	)		(0.01	)		(0.27	)
August 1, 2016 (g) through February 28, 2017		10.97		0.14		(0.40	)		(0.26	)		(0.14	)		(0.04	)		(0.18	)

(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.

382 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	11.35		2.41	%	$	513,015		0.73	%		1.37	%		0.89	%		41	%
	11.16		10.43			441,395		0.74			2.11			0.91			12
	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
	11.31		2.13			58,040		1.34			0.76			1.38			41
	11.12		9.69			40,117		1.36			1.49			1.41			12
	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
	11.34		2.55			1,759,887		0.46			1.64			0.63			41
	11.15		10.63			1,277,275		0.47			2.37			0.65			12
	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
	11.34		2.24			37,265		1.08			1.03			1.15			41
	11.15		10.05			34,898		1.09			1.77			1.18			12
	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
	11.34		2.37			30,186		0.83			1.28			0.88			41
	11.15		10.23			23,849		0.84			1.99			0.90			12
	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
	11.33		2.41			19,753		0.58			1.52			0.63			41
	11.15		10.61			7,982		0.59			2.24			0.65			12
	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
	11.34		2.62			755,579		0.33			1.77			0.38			41
	11.15		10.89			568,339		0.34			2.49			0.40			12
	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.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 383

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
Six Months Ended August 31, 2020 (Unaudited)	$	7.07	$	0.15	$	(0.23	)	$	(0.08	)	$	(0.16	)	$	—		$	(0.16	)
Year Ended February 29, 2020		7.13		0.38		(0.05	)		0.33			(0.39	)		—			(0.39	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		7.09		0.14		(0.24	)		(0.10	)		(0.14	)		—			(0.14	)
Year Ended February 29, 2020		7.14		0.35		(0.05	)		0.30			(0.35	)		—			(0.35	)
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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		7.12		0.16		(0.23	)		(0.07	)		(0.17	)		—			(0.17	)
Year Ended February 29, 2020		7.17		0.40		(0.04	)		0.36			(0.41	)		—			(0.41	)
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	)
Class R2
Six Months Ended August 31, 2020 (Unaudited)		7.06		0.14		(0.23	)		(0.09	)		(0.15	)		—			(0.15	)
Year Ended February 29, 2020		7.12		0.36		(0.06	)		0.30			(0.36	)		—			(0.36	)
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	)
Class R3
Six Months Ended August 31, 2020 (Unaudited)		7.12		0.15		(0.23	)		(0.08	)		(0.16	)		—			(0.16	)
Year Ended February 29, 2020		7.17		0.38		(0.05	)		0.33			(0.38	)		—			(0.38	)
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
Six Months Ended August 31, 2020 (Unaudited)		7.12		0.16		(0.23	)		(0.07	)		(0.17	)		—			(0.17	)
Year Ended February 29, 2020		7.17		0.39		(0.04	)		0.35			(0.40	)		—			(0.40	)
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
Six Months Ended August 31, 2020 (Unaudited)		7.13		0.17		(0.24	)		(0.07	)		(0.17	)		—			(0.17	)
Year Ended February 29, 2020		7.18		0.41		(0.05	)		0.36			(0.41	)		—			(0.41	)
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	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		7.12		0.16		(0.22	)		(0.06	)		(0.18	)		—			(0.18	)
Year Ended February 29, 2020		7.17		0.41		(0.04	)		0.37			(0.42	)		—			(0.42	)
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	)

(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.

384 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	6.83		(0.94	)%	$	375,280		0.98	%		4.67	%		1.12	%		21	%
	7.07		4.70			496,262		0.99			5.31			1.16			60
	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
	6.85		(1.20	)		77,159		1.48			4.18			1.62			21
	7.09		4.30			94,217		1.49			4.81			1.65			60
	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
	6.88		(0.81	)		1,794,916		0.73			4.76			0.86			21
	7.12		5.07			1,401,211		0.74			5.57			0.92			60
	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
	6.82		(1.12	)		5,169		1.33			4.31			1.45			21
	7.06		4.33			5,636		1.34			4.95			1.50			60
	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
	6.88		(0.98	)		479		1.08			4.48			1.16			21
	7.12		4.71			383		1.09			5.19			1.15			60
	7.17		3.51			316		1.09			5.50			1.30			47
	7.32		1.34			20		1.09			5.20			1.25			47
	6.88		(0.86	)		34		0.83			4.80			3.25			21
	7.12		4.97			35		0.84			5.47			1.11			60
	7.17		3.77			53		0.84			5.70			1.37			47
	7.32		1.49			27		0.84			5.47			1.01			47
	6.89		(0.79	)		14,238		0.68			5.04			0.71			21
	7.13		5.11			28,706		0.69			5.61			0.75			60
	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
	6.88		(0.73	)		6,980,720		0.58			4.91			0.60			21
	7.12		5.23			4,787,122		0.59			5.70			0.64			60
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 385

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 Income Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	9.69	$	0.21	$	(0.43	)	$	(0.22	)	$	(0.22	)	$	—		$	(0.22	)
Year Ended February 29, 2020		9.32		0.45		0.38			0.83			(0.46	)		—	(g)		(0.46	)
Year Ended February 28, 2019		9.36		0.47		(0.04	)		0.43			(0.47	)		—			(0.47	)
Year Ended February 28, 2018		9.54		0.50		(0.19	)		0.31			(0.49	)		—			(0.49	)
Year Ended February 28, 2017		9.10		0.49		0.44			0.93			(0.49	)		—			(0.49	)
Year Ended February 29, 2016		9.86		0.51		(0.77	)		(0.26	)		(0.50	)		—			(0.50	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		9.69		0.19		(0.43	)		(0.24	)		(0.20	)		—			(0.20	)
Year Ended February 29, 2020		9.32		0.40		0.38			0.78			(0.41	)		—	(g)		(0.41	)
Year Ended February 28, 2019		9.36		0.42		(0.04	)		0.38			(0.42	)		—			(0.42	)
Year Ended February 28, 2018		9.54		0.44		(0.19	)		0.25			(0.43	)		—			(0.43	)
Year Ended February 28, 2017		9.10		0.45		0.43			0.88			(0.44	)		—			(0.44	)
Year Ended February 29, 2016		9.86		0.46		(0.78	)		(0.32	)		(0.44	)		—			(0.44	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		9.68		0.22		(0.43	)		(0.21	)		(0.23	)		—			(0.23	)
Year Ended February 29, 2020		9.31		0.48		0.37			0.85			(0.48	)		—	(g)		(0.48	)
Year Ended February 28, 2019		9.35		0.50		(0.05	)		0.45			(0.49	)		—			(0.49	)
Year Ended February 28, 2018		9.53		0.53		(0.20	)		0.33			(0.51	)		—			(0.51	)
Year Ended February 28, 2017		9.10		0.52		0.42			0.94			(0.51	)		—			(0.51	)
Year Ended February 29, 2016		9.86		0.53		(0.77	)		(0.24	)		(0.52	)		—			(0.52	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		9.68		0.22		(0.44	)		(0.22	)		(0.23	)		—			(0.23	)
Year Ended February 29, 2020		9.31		0.47		0.39			0.86			(0.49	)		—	(g)		(0.49	)
Year Ended February 28, 2019		9.35		0.50		(0.05	)		0.45			(0.49	)		—			(0.49	)
Year Ended February 28, 2018		9.53		0.52		(0.19	)		0.33			(0.51	)		—			(0.51	)
Year Ended February 28, 2017		9.09		0.53		0.43			0.96			(0.52	)		—			(0.52	)
Year Ended February 29, 2016		9.86		0.54		(0.78	)		(0.24	)		(0.53	)		—			(0.53	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) 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, for the year ended February 29, 2020 and six months ended August 31, 2020, the Fund did not transact in securities sold short.

(g) Amount rounds to less than $0.005.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

386 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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 (excluding securities sold short) (c)(f)			Portfolio turnover rate (including securities sold short) (c)(f)
$	9.25		(2.14	)%	$	597,787		0.65	%		4.73	%		0.91	%		29	%		—	%
	9.69		9.10			838,317		0.65			4.72			0.97			77			—
	9.32		4.74			280,513		0.64			5.15			1.08			54			62
	9.36		3.25			80,060		0.65			5.22			1.24			40			—
	9.54		10.36			22,787		0.75			5.21			1.62			59			—
	9.10		(2.76	)		14,142		0.75	(h)		5.53	(h)		1.68	(h)		74			—
	9.25		(2.42	)		901,560		1.19			4.13			1.41			29			—
	9.69		8.52			939,761		1.21			4.16			1.46			77			—
	9.32		4.16			74,767		1.19			4.60			1.58			54			62
	9.36		2.69			18,564		1.20			4.65			1.76			40			—
	9.54		9.76			2,085		1.24			4.70			2.15			59			—
	9.10		(3.29	)		696		1.25	(h)		4.83	(h)		2.55	(h)		74			—
	9.24		(2.00	)		4,013,870		0.40			4.91			0.66			29			—
	9.68		9.39			3,652,760		0.40			4.95			0.71			77			—
	9.31		5.03			113,854		0.39			5.45			0.83			54			62
	9.35		3.52			19,319		0.39			5.60			1.04			40			—
	9.53		10.53			34,667		0.46			5.52			1.34			59			—
	9.10		(2.50	)		26,588		0.50	(h)		5.56	(h)		1.67	(h)		74			—
	9.23		(2.10	)		976,874		0.39			4.89			0.41			29			—
	9.68		9.40			643,056		0.40			4.96			0.46			77			—
	9.31		5.04			82,376		0.39			5.37			0.59			54			62
	9.35		3.53			71,862		0.39			5.51			0.69			40			—
	9.53		10.76			22		0.40			5.58			2.27			59			—
	9.09		(2.51	)		20		0.40	(h)		5.63	(h)		2.45	(h)		74			—

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 387

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Inflation Managed Bond Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	10.44	$	0.08	$	0.18		$	0.26		$	(0.08	)
Year Ended February 29, 2020		10.04		0.24		0.39			0.63			(0.23	)
Year Ended February 28, 2019		10.15		0.22		(0.11	)		0.11			(0.22	)
Year Ended February 28, 2018		10.34		0.20		(0.19	)		0.01			(0.20	)
Year Ended February 28, 2017		10.14		0.18		0.19			0.37			(0.17	)
Year Ended February 29, 2016		10.37		0.13		(0.22	)		(0.09	)		(0.14	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		10.39		0.05		0.16			0.21			(0.05	)
Year Ended February 29, 2020		9.98		0.18		0.40			0.58			(0.17	)
Year Ended February 28, 2019		10.09		0.15		(0.10	)		0.05			(0.16	)
Year Ended February 28, 2018		10.29		0.13		(0.19	)		(0.06	)		(0.14	)
Year Ended February 28, 2017		10.09		0.11		0.20			0.31			(0.11	)
Year Ended February 29, 2016		10.33		0.07		(0.23	)		(0.16	)		(0.08	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		10.44		0.09		0.17			0.26			(0.09	)
Year Ended February 29, 2020		10.04		0.26		0.39			0.65			(0.25	)
Year Ended February 28, 2019		10.15		0.24		(0.11	)		0.13			(0.24	)
Year Ended February 28, 2018		10.34		0.22		(0.19	)		0.03			(0.22	)
Year Ended February 28, 2017		10.14		0.20		0.19			0.39			(0.19	)
Year Ended February 29, 2016		10.37		0.16		(0.23	)		(0.07	)		(0.16	)
Class R5
Six Months Ended August 31, 2020 (Unaudited)		10.48		0.10		0.18			0.28			(0.10	)
Year Ended February 29, 2020		10.08		0.26		0.40			0.66			(0.26	)
Year Ended February 28, 2019		10.19		0.23		(0.10	)		0.13			(0.24	)
Year Ended February 28, 2018		10.39		0.21		(0.19	)		0.02			(0.22	)
Year Ended February 28, 2017		10.18		0.20		0.20			0.40			(0.19	)
Year Ended February 29, 2016		10.41		0.16		(0.23	)		(0.07	)		(0.16	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		10.46		0.10		0.17			0.27			(0.10	)
Year Ended February 29, 2020		10.05		0.27		0.41			0.68			(0.27	)
Year Ended February 28, 2019		10.16		0.25		(0.11	)		0.14			(0.25	)
Year Ended February 28, 2018		10.36		0.22		(0.19	)		0.03			(0.23	)
Year Ended February 28, 2017		10.15		0.21		0.20			0.41			(0.20	)
Year Ended February 29, 2016		10.38		0.16		(0.22	)		(0.06	)		(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.

SEE NOTES TO FINANCIAL STATEMENTS.

388 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	10.62		2.55	%	$	20,845		0.75	%		1.59	%		0.90	%		41	%
	10.44		6.39			25,555		0.75			2.30			0.95			146
	10.04		1.13			25,681		0.75			2.16			0.98			74
	10.15		0.12			22,800		0.74			1.91			0.97			68
	10.34		3.63			26,932		0.75			1.76			1.21			41
	10.14		(0.85	)		51,090		0.75			1.32			1.15			27
	10.55		2.08			3,053		1.39			0.95			1.52			41
	10.39		5.83			3,871		1.39			1.74			1.47			146
	9.98		0.48			6,004		1.40			1.51			1.50			74
	10.09		(0.63	)		5,644		1.38			1.24			1.50			68
	10.29		3.05			5,807		1.39			1.08			1.58			41
	10.09		(1.53	)		3,534		1.40			0.67			1.53			27
	10.61		2.56			183,603		0.55			1.80			0.64			41
	10.44		6.57			175,319		0.58			2.52			0.70			146
	10.04		1.28			199,425		0.60			2.34			0.72			74
	10.15		0.26			206,975		0.58			2.12			0.72			68
	10.34		3.83			558,497		0.60			1.91			0.73			41
	10.14		(0.70	)		694,213		0.60			1.52			0.72			27
	10.66		2.70			13,866		0.45			1.89			0.50			41
	10.48		6.62			14,442		0.51			2.57			0.55			146
	10.08		1.33			13,938		0.55			2.33			0.57			74
	10.19		0.23			5,945		0.53			2.00			0.57			68
	10.39		3.95			711		0.52			1.94			0.53			41
	10.18		(0.64	)		11,844		0.55			1.54			0.58			27
	10.63		2.66			1,068,309		0.35			2.00			0.39			41
	10.46		6.84			1,169,195		0.42			2.62			0.44			146
	10.05		1.41			859,081		0.47			2.46			0.47			74
	10.16		0.31			1,199,612		0.45			2.14			0.47			68
	10.36		4.05			855,276		0.47			2.02			0.47			41
	10.15		(0.56	)		798,786		0.46			1.55			0.46			27

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 389

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Limited Duration Bond Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	10.17	$	0.07	$	—	(f)	$	0.07		$	(0.07	)
Year Ended February 29, 2020		10.00		0.22		0.17			0.39			(0.22	)
Year Ended February 28, 2019		9.98		0.21		0.02			0.23			(0.21	)
Year Ended February 28, 2018		9.99		0.14		(0.01	)		0.13			(0.14	)
Year Ended February 28, 2017		9.97		0.09		0.02			0.11			(0.09	)
Year Ended February 29, 2016		10.02		0.07		(0.05	)		0.02			(0.07	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		10.06		0.04		—	(f)		0.04			(0.05	)
Year Ended February 29, 2020		9.89		0.17		0.17			0.34			(0.17	)
Year Ended February 28, 2019		9.87		0.16		0.02			0.18			(0.16	)
Year Ended February 28, 2018		9.88		0.08		(0.01	)		0.07			(0.08	)
Year Ended February 28, 2017		9.86		0.04		0.02			0.06			(0.04	)
Year Ended February 29, 2016		9.91		0.02		(0.05	)		(0.03	)		(0.02	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		10.17		0.08		—	(f)		0.08			(0.08	)
Year Ended February 29, 2020		10.00		0.24		0.18			0.42			(0.25	)
Year Ended February 28, 2019		9.98		0.24		0.02			0.26			(0.24	)
Year Ended February 28, 2018		9.99		0.16		(0.01	)		0.15			(0.16	)
Year Ended February 28, 2017		9.96		0.11		0.04			0.15			(0.12	)
Year Ended February 29, 2016		10.02		0.10		(0.06	)		0.04			(0.10	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		10.19		0.09		(0.01	)		0.08			(0.09	)
Year Ended February 29, 2020		10.01		0.27		0.18			0.45			(0.27	)
Year Ended February 28, 2019		9.99		0.26		0.02			0.28			(0.26	)
Year Ended February 28, 2018		10.00		0.18		(0.01	)		0.17			(0.18	)
Year Ended February 28, 2017		9.98		0.13		0.03			0.16			(0.14	)
Year Ended February 29, 2016		10.03		0.11		(0.04	)		0.07			(0.12	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

390 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	10.17		0.71	%	$	202,678		0.68	%		1.35	%		0.81	%		20	%
	10.17		3.96			189,571		0.69			2.18			0.85			27
	10.00		2.34			152,859		0.68			2.14			0.88			28
	9.98		1.27			121,268		0.68			1.37			0.89			22
	9.99		1.13			149,919		0.68			0.89			0.95			21
	9.97		0.19			198,338		0.68			0.70			0.95			23
	10.05		0.37			23,088		1.18			0.85			1.31			20
	10.06		3.49			21,366		1.19			1.68			1.36			27
	9.89		1.86			20,632		1.18			1.64			1.38			28
	9.87		0.76			17,540		1.18			0.83			1.39			22
	9.88		0.63			41,003		1.18			0.39			1.44			21
	9.86		(0.31	)		50,910		1.18			0.20			1.44			23
	10.17		0.84			345,083		0.43			1.60			0.56			20
	10.17		4.22			342,871		0.44			2.43			0.60			27
	10.00		2.59			281,354		0.43			2.40			0.62			28
	9.98		1.53			214,976		0.43			1.62			0.62			22
	9.99		1.47			238,500		0.43			1.14			0.65			21
	9.96		0.35			323,384		0.43			0.95			0.63			23
	10.18		0.84			745,200		0.23			1.80			0.31			20
	10.19		4.53			743,297		0.24			2.63			0.35			27
	10.01		2.79			652,843		0.23			2.58			0.37			28
	9.99		1.73			658,067		0.23			1.82			0.37			22
	10.00		1.58			757,219		0.23			1.35			0.37			21
	9.98		0.66			680,614		0.23			1.14			0.37			23

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 391

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 Mortgage-Backed Securities Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	11.87	$	0.14	$	0.06		$	0.20	$	(0.14	)	$	—		$	(0.14	)
Year Ended February 29, 2020		11.31		0.33		0.59			0.92		(0.32	)		(0.04	)		(0.36	)
Year Ended February 28, 2019		11.25		0.33		0.06			0.39		(0.33	)		—			(0.33	)
Year Ended February 28, 2018		11.45		0.34		(0.21	)		0.13		(0.33	)		—			(0.33	)
Year Ended February 28, 2017		11.66		0.29		(0.21	)		0.08		(0.28	)		(0.01	)		(0.29	)
Year Ended February 29, 2016		11.65		0.30		0.02			0.32		(0.30	)		(0.01	)		(0.31	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		11.52		0.11		0.05			0.16		(0.11	)		—			(0.11	)
Year Ended February 29, 2020		10.99		0.27		0.57			0.84		(0.27	)		(0.04	)		(0.31	)
Year Ended February 28, 2019		10.95		0.27		0.04			0.31		(0.27	)		—			(0.27	)
Year Ended February 28, 2018		11.15		0.27		(0.20	)		0.07		(0.27	)		—			(0.27	)
Year Ended February 28, 2017		11.36		0.23		(0.20	)		0.03		(0.23	)		(0.01	)		(0.24	)
Year Ended February 29, 2016		11.36		0.23		0.03			0.26		(0.25	)		(0.01	)		(0.26	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		11.55		0.15		0.06			0.21		(0.16	)		—			(0.16	)
Year Ended February 29, 2020		11.02		0.35		0.57			0.92		(0.35	)		(0.04	)		(0.39	)
Year Ended February 28, 2019		10.97		0.35		0.05			0.40		(0.35	)		—			(0.35	)
Year Ended February 28, 2018		11.18		0.36		(0.21	)		0.15		(0.36	)		—			(0.36	)
Year Ended February 28, 2017		11.38		0.31		(0.19	)		0.12		(0.31	)		(0.01	)		(0.32	)
Year Ended February 29, 2016		11.39		0.32		0.01			0.33		(0.33	)		(0.01	)		(0.34	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		11.55		0.16		0.05			0.21		(0.16	)		—			(0.16	)
Year Ended February 29, 2020		11.01		0.37		0.58			0.95		(0.37	)		(0.04	)		(0.41	)
Year Ended February 28, 2019		10.97		0.37		0.04			0.41		(0.37	)		—			(0.37	)
Year Ended February 28, 2018		11.17		0.37		(0.19	)		0.18		(0.38	)		—			(0.38	)
Year Ended February 28, 2017		11.38		0.33		(0.20	)		0.13		(0.33	)		(0.01	)		(0.34	)
Year Ended February 29, 2016		11.39		0.34		0.01			0.35		(0.35	)		(0.01	)		(0.36	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

392 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	11.93		1.71	%	$	176,298		0.64	%		2.38	%		0.86	%		34	%
	11.87		8.25			149,102		0.64			2.88			0.90			23
	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
	11.57		1.44			16,044		1.14			1.88			1.36			34
	11.52		7.69			12,887		1.14			2.38			1.41			23
	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
	11.60		1.81			1,450,800		0.39			2.63			0.60			34
	11.55		8.47			1,451,956		0.39			3.13			0.64			23
	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
	11.60		1.89			1,437,496		0.24			2.78			0.35			34
	11.55		8.73			1,397,964		0.24			3.28			0.39			23
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 393

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 Duration Bond Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	11.00	$	0.10	$	0.14		$	0.24		$	(0.10	)	$	—		$	(0.10	)
Year Ended February 29, 2020		10.72		0.23		0.28			0.51			(0.23	)		—			(0.23	)
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	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		11.08		0.07		0.14			0.21			(0.07	)		—			(0.07	)
Year Ended February 29, 2020		10.80		0.18		0.28			0.46			(0.18	)		—			(0.18	)
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	)		—	(f)		(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	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		11.01		0.11		0.14			0.25			(0.11	)		—			(0.11	)
Year Ended February 29, 2020		10.74		0.26		0.27			0.53			(0.26	)		—			(0.26	)
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	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		11.01		0.11		0.15			0.26			(0.12	)		—			(0.12	)
Year Ended February 29, 2020		10.74		0.27		0.27			0.54			(0.27	)		—			(0.27	)
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		—	(f)		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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

394 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		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)
$	11.14		2.20	%	$	440,682		0.58	%		1.74	%		0.83	%		49	%
	11.00		4.84			305,826		0.66			2.13			0.84			88
	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
	11.22		1.93			31,426		1.08			1.25			1.33			49
	11.08		4.26			23,359		1.17			1.64			1.35			88
	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
	11.15		2.32			1,556,595		0.33			1.94			0.58			49
	11.01		4.99			673,511		0.41			2.38			0.59			88
	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
	11.15		2.35			2,612,525		0.27			2.05			0.32			49
	11.01		5.12			2,126,449		0.29			2.51			0.34			88
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 395

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Short Duration Core Plus Fund
Class A
Six Months Ended August 31, 2020 (Unaudited)	$	9.74	$	0.10	$	0.07		$	0.17		$	(0.11	)
Year Ended February 29, 2020		9.41		0.24		0.31			0.55			(0.22	)
Year Ended February 28, 2019		9.40		0.25		—	(f)		0.25			(0.24	)
Year Ended February 28, 2018		9.59		0.32		(0.19	)		0.13			(0.32	)
Year Ended February 28, 2017		8.87		0.42		0.72			1.14			(0.42	)
Year Ended February 29, 2016		9.76		0.41		(0.89	)		(0.48	)		(0.41	)
Class C
Six Months Ended August 31, 2020 (Unaudited)		9.72		0.07		0.07			0.14			(0.08	)
Year Ended February 29, 2020		9.39		0.18		0.33			0.51			(0.18	)
Year Ended February 28, 2019		9.38		0.20		—	(f)		0.20			(0.19	)
Year Ended February 28, 2018		9.57		0.27		(0.19	)		0.08			(0.27	)
Year Ended February 28, 2017		8.85		0.37		0.72			1.09			(0.37	)
Year Ended February 29, 2016		9.75		0.36		(0.89	)		(0.53	)		(0.37	)
Class I
Six Months Ended August 31, 2020 (Unaudited)		9.74		0.11		0.07			0.18			(0.12	)
Year Ended February 29, 2020		9.40		0.25		0.34			0.59			(0.25	)
Year Ended February 28, 2019		9.39		0.27		—	(f)		0.27			(0.26	)
Year Ended February 28, 2018		9.58		0.35		(0.19	)		0.16			(0.35	)
Year Ended February 28, 2017		8.86		0.44		0.72			1.16			(0.44	)
Year Ended February 29, 2016		9.76		0.43		(0.89	)		(0.46	)		(0.44	)
Class R6
Six Months Ended August 31, 2020 (Unaudited)		9.73		0.12		0.07			0.19			(0.12	)
Year Ended February 29, 2020		9.40		0.24		0.35			0.59			(0.26	)
Year Ended February 28, 2019		9.39		0.28		(0.01	)		0.27			(0.26	)
Year Ended February 28, 2018		9.58		0.35		(0.18	)		0.17			(0.36	)
Year Ended February 28, 2017		8.86		0.45		0.73			1.18			(0.46	)
Year Ended February 29, 2016		9.77		0.44		(0.90	)		(0.46	)		(0.45	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

396 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
	$9.80		1.74	%	$	166,370		0.64	%		2.06	%		0.84	%		61	%
	9.74		5.95			95,222		0.64			2.46			0.92			157
	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
	9.78		1.51			15,535		1.13			1.54			1.35			61
	9.72		5.45			7,825		1.14			1.92			1.41			157
	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
	9.80		1.85			688,073		0.39			2.23			0.60			61
	9.74		6.31			187,225		0.39			2.64			0.65			157
	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
	9.80		1.99			3,320,941		0.33			2.38			0.34			61
	9.73		6.31			3,531,440		0.32			2.47			0.37			157
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 397

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

1. Organization

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

The following are 11 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
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 (1), Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Floating Rate Income Fund	Class A, Class C, Class I and Class R6	JPM I	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

⁽¹⁾  On June 2, 2020, JPMorgan Core Plus Bond Fund’s Class L Shares were converted into Class I Shares of the Fund. Additionally, as of June 2, 2020, the Class L Shares are no longer offered.

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 Floating Rate Income Fund (“Floating Rate Income Fund”) is to seek to provide current income with a secondary objective of capital appreciation.

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 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.

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 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. Class C Shares automatically convert to Class A Shares after ten years. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights 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.

398 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 (“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 August 31, 2020.

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

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

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

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

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

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

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 399

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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

Core Bond Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—	$	2,419,292	$	966,991		$	3,386,283
Collateralized Mortgage Obligations		—		2,379,622		599,734			2,979,356
Commercial Mortgage-Backed Securities		—		2,341,230		177,892			2,519,122
Corporate Bonds		—		9,660,725		—			9,660,725
Foreign Government Securities		—		153,735		—			153,735
Mortgage-Backed Securities		—		6,586,432		—			6,586,432
Municipal Bonds		—		146,115		—			146,115
U.S. Government Agency Securities		—		251,873		—			251,873
U.S. Treasury Obligations		—		7,479,115		—			7,479,115
Short-Term Investments
Investment Companies		3,091,319		—		—			3,091,319
Total Investments in Securities	$	3,091,319	$	31,418,139	$	1,744,617		$	36,254,075
Core Plus Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—	$	1,671,128	$	772,198		$	2,443,326
Collateralized Mortgage Obligations		—		574,923		146,720			721,643
Commercial Mortgage-Backed Securities		—		1,433,148		165,300			1,598,448
Common Stocks
Aerospace & Defense		—		—		—	(a)		—	(a)
Communications Equipment		—		—		—	(a)		—	(a)
Diversified Financial Services		—		—		16			16
Energy Equipment & Services		—		—		13			13
Food & Staples Retailing		—		—		61			61
Independent Power and Renewable Electricity Producers		50		—		—			50
Media		725		—		—			725
Oil, Gas & Consumable Fuels		251		—		—			251
Pharmaceuticals		996		—		—			996
Software		71		—		—			71
Specialty Retail		—		—		1,056			1,056
Total Common Stocks		2,093		—		1,146			3,239
Convertible Preferred Stocks		—		—		—	(a)		—	(a)
Corporate Bonds
Aerospace & Defense		—		54,515		—			54,515
Air Freight & Logistics		—		5,826		—			5,826
Airlines		—		8,691		—			8,691
Auto Components		—		34,264		—			34,264
Automobiles		—		2,870		—	(a)		2,870
Banks		—		704,394		—			704,394
Beverages		—		57,155		—			57,155
Biotechnology		—		111,022		—			111,022
Building Products		—		9,656		—			9,656
Capital Markets		—		299,381		—			299,381
Chemicals		—		40,874		—			40,874
Commercial Services & Supplies		—		33,007		—			33,007
Communications Equipment		—		13,055		—			13,055
Construction & Engineering		—		7,438		—			7,438
Construction Materials		—		1,490		—			1,490

400 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Core Plus Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Consumer Finance	$	—	$	68,823	$	—	$	68,823
Containers & Packaging		—		32,143		—		32,143
Distributors		—		10,011		—		10,011
Diversified Consumer Services		—		9,504		—		9,504
Diversified Financial Services		—		79,659		—		79,659
Diversified Telecommunication Services		—		163,031		—		163,031
Electric Utilities		—		263,710		2		263,712
Electrical Equipment		—		12,565		—		12,565
Electronic Equipment, Instruments & Components		—		13,572		—		13,572
Energy Equipment & Services		—		35,541		—		35,541
Entertainment		—		30,247		—		30,247
Equity Real Estate Investment Trusts (REITs)		—		137,110		—		137,110
Food & Staples Retailing		—		21,356		—		21,356
Food Products		—		53,428		—		53,428
Gas Utilities		—		21,545		—		21,545
Health Care Equipment & Supplies		—		29,324		—		29,324
Health Care Providers & Services		—		171,932		—		171,932
Health Care Technology		—		4,539		—		4,539
Hotels, Restaurants & Leisure		—		74,702		—		74,702
Household Durables		—		21,670		—		21,670
Household Products		—		23,860		—		23,860
Independent Power and Renewable Electricity Producers		—		9,319		—		9,319
Industrial Conglomerates		—		4,404		—		4,404
Insurance		—		89,580		—		89,580
Interactive Media & Services		—		2,536		—		2,536
Internet & Direct Marketing Retail		—		20,898		—		20,898
IT Services		—		38,469		—		38,469
Leisure Products		—		8,774		—		8,774
Life Sciences Tools & Services		—		1,116		—		1,116
Machinery		—		17,354		—		17,354
Marine		—		2,687		—		2,687
Media		—		199,060		—		199,060
Metals & Mining		—		48,681		—		48,681
Mortgage Real Estate Investment Trusts (REITs)		—		26,658		—		26,658
Multiline Retail		—		8,793		—		8,793
Multi-Utilities		—		34,086		—		34,086
Oil, Gas & Consumable Fuels		—		316,179		—		316,179
Personal Products		—		2,845		—		2,845
Pharmaceuticals		—		144,767		—		144,767
Real Estate Management & Development		—		3,841		—		3,841
Road & Rail		—		45,617		—		45,617
Semiconductors & Semiconductor Equipment		—		49,562		—		49,562
Software		—		66,086		—		66,086
Specialty Retail		—		55,014		—		55,014
Technology Hardware, Storage & Peripherals		—		81,448		—		81,448
Textiles, Apparel & Luxury Goods		—		4,632		—		4,632
Thrifts & Mortgage Finance		—		39,197		—		39,197
Tobacco		—		76,992		—		76,992
Trading Companies & Distributors		—		29,046		—		29,046
Transportation Infrastructure		—		1,389		—		1,389
Water Utilities		—		1,458		—		1,458
Wireless Telecommunication Services		—		114,948		—		114,948
Total Corporate Bonds		—		4,207,346		2		4,207,348

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 401

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Core Plus Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Foreign Government Securities	$	—		$	114,106		$	—		$	114,106
Loan Assignments
Chemicals		—			1,136			—			1,136
Construction & Engineering		—			—			5,188			5,188
Containers & Packaging		—			2,478			—			2,478
Diversified Telecommunication Services		—			1,523			—			1,523
Food & Staples Retailing		—			—			1,327			1,327
Hotels, Restaurants & Leisure		—			2,789			—			2,789
Leisure Products		—			—	(a)		95			95
Media		—			1,794			—			1,794
Oil, Gas & Consumable Fuels		—			1,508			—			1,508
Pharmaceuticals		—			589			—			589
Specialty Retail		—			1,190			—			1,190
Total Loan Assignments		—			13,007			6,610			19,617
Mortgage-Backed Securities		—			2,880,033			—			2,880,033
Municipal Bonds		—			30,351			—			30,351
Preferred Stocks
Automobiles		—			—			—	(a)		—	(a)
Communications Equipment		—			—			—	(a)		—	(a)
Internet & Direct Marketing Retail		—			2,185			—			2,185
Specialty Retail		—			—			2,436			2,436
Total Preferred Stocks		—			2,185			2,436			4,621
Rights		—			—			113			113
U.S. Government Agency Securities		—			140,869			—			140,869
U.S. Treasury Obligations		—			1,802,828			—			1,802,828
Warrants
Oil, Gas & Consumable Fuels		—			9			—			9
Wireless Telecommunication Services		—			—			838			838
Total Warrants		—			9			838			847
Short-Term Investments
Investment Companies		1,162,220			—			—			1,162,220
Investment of cash collateral from securities loaned		491			—			—			491
Total Short-Term Investments		1,162,711			—			—			1,162,711
Total Investments in Securities	$	1,164,804		$	12,869,933		$	1,095,363		$	15,130,100
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	21		$	—		$	21
Futures Contracts		2,744			—			—			2,744
Swaps		—			940			—			940
Total Appreciation in Other Financial Instruments	$	2,744		$	961		$	—		$	3,705
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(129	)	$	—		$	(129	)
Futures Contracts		(4,203	)		—			—			(4,203	)
Swaps		—			(762	)		—			(762	)
Total Depreciation in Other Financial Instruments	$	(4,203	)	$	(891	)	$	—		$	(5,094	)

402 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Floating Rate Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	—	$	—	(b)	$	—	(b)
Common Stocks
Aerospace & Defense		—		—		—	(a)		—	(a)
Food & Staples Retailing		—		—		167			167
Media		602		—		—			602
Specialty Retail		—		—		1,863			1,863
Total Common Stocks		602		—		2,030			2,632
Corporate Bonds
Auto Components		—		4,352		—			4,352
Chemicals		—		2,256		—			2,256
Commercial Services & Supplies		—		1,629		—			1,629
Communications Equipment		—		1,416		—			1,416
Consumer Finance		—		4,640		—			4,640
Containers & Packaging		—		850		—			850
Diversified Financial Services		—		1,919		—			1,919
Diversified Telecommunication Services		—		6,232		—			6,232
Electric Utilities		—		—		38			38
Electrical Equipment		—		2,477		—			2,477
Electronic Equipment, Instruments & Components		—		1,421		—			1,421
Entertainment		—		1,177		—			1,177
Food Products		—		1,020		—			1,020
Health Care Providers & Services		—		5,333		—			5,333
Health Care Technology		—		731		—			731
Hotels, Restaurants & Leisure		—		1,230		—			1,230
Household Durables		—		1,083		—			1,083
Household Products		—		2,060		—			2,060
Machinery		—		2,075		—			2,075
Media		—		2,715		—			2,715
Oil, Gas & Consumable Fuels		—		1,254		—			1,254
Pharmaceuticals		—		1,039		—			1,039
Road & Rail		—		584		—			584
Specialty Retail		—		2,226		—			2,226
Trading Companies & Distributors		—		2,045		—			2,045
Wireless Telecommunication Services		—		1,221		—			1,221
Total Corporate Bonds		—		52,985		38			53,023
Loan Assignments
Aerospace & Defense		—		10,175		—			10,175
Air Freight & Logistics		—		1,320		—			1,320
Airlines		—		3,686		—			3,686
Auto Components		—		8,918		—			8,918
Automobiles		—		3,774		—			3,774
Building Products		—		3,586		—			3,586
Chemicals		—		20,875		—			20,875
Commercial Services & Supplies		—		6,356		—			6,356
Communications Equipment		—		13,707		—			13,707
Construction & Engineering		—		4,943		—			4,943
Containers & Packaging		—		22,319		—			22,319
Distributors		—		2,203		—			2,203
Diversified Consumer Services		—		12,818		—			12,818
Diversified Financial Services		—		8,052		—			8,052
Diversified Telecommunication Services		—		43,266		—			43,266
Electric Utilities		—		15,441		—			15,441

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 403

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Floating Rate Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Electrical Equipment	$	—	$	8,885	$	—		$	8,885
Entertainment		—		6,397		—			6,397
Equity Real Estate Investment Trusts (REITs)		—		5,793		—			5,793
Food & Staples Retailing		—		4,869		4,197			9,066
Food Products		—		21,559		—			21,559
Health Care Providers & Services		—		38,659		—			38,659
Hotels, Restaurants & Leisure		—		24,050		—			24,050
Household Products		—		6,136		—			6,136
Independent Power and Renewable Electricity Producers		—		3,812		—			3,812
Insurance		—		11,145		—			11,145
Interactive Media & Services		—		2,375		—			2,375
IT Services		—		13,449		—			13,449
Leisure Products		—		7,340		2,578			9,918
Life Sciences Tools & Services		—		3,840		—			3,840
Machinery		—		8,790		—			8,790
Media		—		66,294		—			66,294
Multiline Retail		—		790		761			1,551
Oil, Gas & Consumable Fuels		—		17,497		2,790			20,287
Paper & Forest Products		—		3,211					3,211
Pharmaceuticals		—		24,999		—			24,999
Real Estate Management & Development		—		4,256		—			4,256
Road & Rail		—		8,628		—			8,628
Software		—		28,747		—			28,747
Specialty Retail		—		13,416		—			13,416
Technology Hardware, Storage & Peripherals		—		7,319		—			7,319
Textiles, Apparel & Luxury Goods		—		1,555		—			1,555
Wireless Telecommunication Services		—		11,409		—			11,409
Total Loan Assignments		—		536,659		10,326			546,985
Preferred Stocks		—		—		4,300			4,300
Rights		—		—		1,376			1,376
Warrants		—		—		1,039			1,039
Short-Term Investments
Investment Companies		33,801		—		—			33,801
Total Investments in Securities	$	34,403	$	589,644	$	19,109	*	$	643,156

* Level 3 securities are valued by brokers and pricing services. At August 31, 2020, the value of these securities was approximately $19,109,000. The inputs for these securities are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

Government Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	31,848	$	—	$	31,848
Collateralized Mortgage Obligations		—		745,175		—		745,175
Commercial Mortgage-Backed Securities		—		377,793		—		377,793
Mortgage-Backed Securities		—		746,925		—		746,925
U.S. Government Agency Securities		—		151,329		—		151,329
U.S. Treasury Obligations		—		898,664		—		898,664
Short-Term Investments
Investment Companies		185,494		—		—		185,494
Total Investments in Securities	$	185,494	$	2,951,734	$	—	$	3,137,228

404 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

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	$	—	$	—	$	—	(a)	$	—	(a)
Communications Equipment		—		—		—	(a)		—	(a)
Diversified Financial Services		—		—		71			71
Energy Equipment & Services		—		—		138			138
Food & Staples Retailing		—		—		616			616
Hotels, Restaurants & Leisure		564		—		—			564
Independent Power and Renewable Electricity Producers		10,576		—		—			10,576
Media		3,424		—		—			3,424
Oil, Gas & Consumable Fuels		450		—		—			450
Pharmaceuticals		3,461		—		—			3,461
Software		4,383		—		—			4,383
Specialty Retail		—		—		9,187			9,187
Total Common Stocks		22,858		—		10,012			32,870
Convertible Bonds		—		24,742		—			24,742
Convertible Preferred Stocks		—		—		—	(a)		—	(a)
Corporate Bonds
Aerospace & Defense		—		93,587		—			93,587
Air Freight & Logistics		—		31,755		—			31,755
Airlines		—		20,739		—			20,739
Auto Components		—		231,951		—			231,951
Automobiles		—		37,834		—	(a)		37,834
Banks		—		80,722		—			80,722
Biotechnology		—		5,771		—			5,771
Building Products		—		107,681		—			107,681
Capital Markets		—		22,599		—			22,599
Chemicals		—		193,890		—			193,890
Commercial Services & Supplies		—		137,460		—			137,460
Communications Equipment		—		94,945		—			94,945
Construction & Engineering		—		22,579		—			22,579
Construction Materials		—		17,046		—			17,046
Consumer Finance		—		256,827		—			256,827
Containers & Packaging		—		172,666		—			172,666
Distributors		—		32,099		—			32,099
Diversified Consumer Services		—		19,442		—			19,442
Diversified Financial Services		—		65,003		—			65,003
Diversified Telecommunication Services		—		722,027		—			722,027
Electric Utilities		—		70,957		42			70,999
Electrical Equipment		—		14,678		—			14,678
Electronic Equipment, Instruments & Components		—		38,566		—			38,566
Energy Equipment & Services		—		55,417		—			55,417
Entertainment		—		134,541		—			134,541
Equity Real Estate Investment Trusts (REITs)		—		181,096		—			181,096
Food & Staples Retailing		—		133,134		—			133,134
Food Products		—		87,258		—			87,258
Gas Utilities		—		20,847		—			20,847
Health Care Equipment & Supplies		—		45,836		—			45,836
Health Care Providers & Services		—		581,657		—			581,657
Health Care Technology		—		20,985		—			20,985
Hotels, Restaurants & Leisure		—		415,173		—			415,173
Household Durables		—		66,157		—			66,157
Household Products		—		95,191		—			95,191
Independent Power and Renewable Electricity Producers		—		48,435		—			48,435
Interactive Media & Services		—		820		—			820

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 405

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

High Yield Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Internet & Direct Marketing Retail	$	—	$	27,570	$	—	$	27,570
IT Services		—		43,461		—		43,461
Leisure Products		—		59,575		—		59,575
Life Sciences Tools & Services		—		10,578		—		10,578
Machinery		—		68,264		—		68,264
Media		—		576,685		—		576,685
Metals & Mining		—		135,000		—		135,000
Multiline Retail		—		40,807		—		40,807
Oil, Gas & Consumable Fuels		—		700,654		—		700,654
Paper & Forest Products		—		2,422		—		2,422
Personal Products		—		14,247		—		14,247
Pharmaceuticals		—		279,233		—		279,233
Professional Services		—		6,829		—		6,829
Real Estate Management & Development		—		—		3,533		3,533
Road & Rail		—		82,949		—		82,949
Semiconductors & Semiconductor Equipment		—		89,686		—		89,686
Software		—		67,380		—		67,380
Specialty Retail		—		130,075		—		130,075
Technology Hardware, Storage & Peripherals		—		55,199		—		55,199
Textiles, Apparel & Luxury Goods		—		6,037		—		6,037
Thrifts & Mortgage Finance		—		42,200		—		42,200
Trading Companies & Distributors		—		128,132		—		128,132
Wireless Telecommunication Services		—		349,035		—		349,035
Total Corporate Bonds		—		7,293,389		3,575		7,296,964
Loan Assignments
Auto Components		—		6,512		—		6,512
Automobiles		—		19,600		—		19,600
Communications Equipment		—		8,583		—		8,583
Containers & Packaging		—		54,387		—		54,387
Distributors		—		9,889		—		9,889
Diversified Financial Services		—		18,409		—		18,409
Diversified Telecommunication Services		—		51,216		—		51,216
Electrical Equipment		—		4,348		—		4,348
Entertainment		—		1,269		—		1,269
Food & Staples Retailing		—		9,701		19,530		29,231
Food Products		—		8,987		—		8,987
Health Care Providers & Services		—		51,586		—		51,586
Hotels, Restaurants & Leisure		—		14,186		—		14,186
Household Products		—		3,371		—		3,371
IT Services		—		12,023		—		12,023
Leisure Products		—		21,175		2,460		23,635
Machinery		—		15,801		—		15,801
Media		—		47,668		—		47,668
Multiline Retail		—		1,345		13,498		14,843
Oil, Gas & Consumable Fuels		—		19,460		19,500		38,960
Personal Products		—		1,921		—		1,921
Pharmaceuticals		—		42,128		—		42,128
Software		—		14,469		—		14,469
Specialty Retail		—		38,009		—		38,009
Technology Hardware, Storage & Peripherals		—		1,414		—		1,414
Wireless Telecommunication Services		—		17,557		—		17,557
Total Loan Assignments		—		495,014		54,988		550,002

406 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

High Yield Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Preferred Stocks
Automobiles	$	—	$	—	$	—	(a)	$	—	(a)
Banks		6,378		—		—			6,378
Communications Equipment		—		—		4			4
Internet & Direct Marketing Retail		—		14,224		—			14,224
Specialty Retail		—		—		21,181			21,181
Total Preferred Stocks		6,378		14,224		21,185			41,787
Rights		—		—		3,077			3,077
Warrants
Oil, Gas & Consumable Fuels		—		29		—			29
Wireless Telecommunication Services		—		—		4,395			4,395
Total Warrants		—		29		4,395			4,424
Short-Term Investments
Investment Companies		1,192,070		—		—			1,192,070
Total Investments in Securities	$	1,221,306	$	7,827,398	$	97,232		$	9,145,936
Appreciation in Other Financial Instruments
Swaps	$	—	$	19,817	$	—		$	19,817
Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—	$	913,356	$	346,897		$	1,260,253
Collateralized Mortgage Obligations		—		1,013,647		217,884			1,231,531
Commercial Mortgage-Backed Securities		—		1,301,124		205,639			1,506,763
Common Stocks
Aerospace & Defense		—		—		—	(b)		—	(b)
Capital Markets		—		—		55			55
Food & Staples Retailing		—		—		45			45
Media		9		—		—			9
Oil, Gas & Consumable Fuels		6		—		—			6
Specialty Retail		—		—		5			5
Total Common Stocks		15		—		105			120
Convertible Bonds		—		34		—			34
Corporate Bonds		—		2,024,428		—			2,024,428
Exchange-Traded Funds		43,700		—		—			43,700
Foreign Government Securities		—		146,701		—			146,701

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 407

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Income Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Loan Assignments
Aerospace & Defense	$	—		$	3		$	—		$	3
Automobiles		—			92			—			92
Chemicals		—			253			—			253
Construction & Engineering		—			—			943			943
Containers & Packaging		—			84			—			84
Diversified Consumer Services		—			88			—			88
Diversified Telecommunication Services		—			256			—			256
Electric Utilities		—			39			—			39
Food & Staples Retailing		—			255			2,178			2,433
Health Care Providers & Services		—			1,271			—			1,271
Hotels, Restaurants & Leisure		—			256			—			256
Interactive Media & Services		—			143			—			143
Leisure Products		—			—	(a)		29			29
Oil, Gas & Consumable Fuels		—			546			—			546
Pharmaceuticals		—			643			—			643
Software		—			95			—			95
Specialty Retail		—			10			—			10
Total Loan Assignments		—			4,034			3,150			7,184
Mortgage-Backed Securities		—			97,047			—			97,047
Municipal Bonds		—			2,080			—			2,080
Preferred Stocks
Electric Utilities		12,282			—			—			12,282
Insurance		2,570			—			—			2,570
Internet & Direct Marketing Retail		—			15			—			15
Total Preferred Stocks		14,852			15			—			14,867
Warrants		—			—			16			16
Short-Term Investments
Investment Companies		97,748			—			—			97,748
Total Investments in Securities	$	156,315		$	5,502,466		$	773,691		$	6,432,472
Appreciation in Other Financial Instruments
Futures Contracts	$	587		$	—		$	—		$	587
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,517	)	$	—		$	—		$	(3,517	)
Swaps		—			(60,810	)		—			(60,810	)
Total Depreciation in Other Financial Instruments	$	(3,517	)	$	(60,810	)	$	—		$	(64,327	)
Inflation Managed Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—		$	131,634		$	5,753		$	137,387
Collateralized Mortgage Obligations		—			99,569			25			99,594
Commercial Mortgage-Backed Securities		—			161,959			—	(a)		161,959
Corporate Bonds		—			435,812			—			435,812
Foreign Government Securities		—			5,063			—			5,063
Mortgage-Backed Securities		—			140,539			—			140,539
U.S. Government Agency Securities		—			13,075			—			13,075
U.S. Treasury Obligations		—			271,854			—			271,854
Short-Term Investments
Investment Companies		50,649			—			—			50,649
Total Investments in Securities	$	50,649		$	1,259,505		$	5,778		$	1,315,932
Appreciation in Other Financial Instruments
Swaps	$	—		$	19,266		$	—		$	19,266
Depreciation in Other Financial Instruments
Swaps	$	—		$	(121	)	$	—		$	(121	)

408 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Limited Duration Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	403,453	$	77,496	$	480,949
Collateralized Mortgage Obligations		—			445,256		4,303		449,559
Commercial Mortgage-Backed Securities		—			88,648		115		88,763
Corporate Bonds		—			122,192		—		122,192
Mortgage-Backed Securities		—			88,376		—		88,376
Short-Term Investments
Investment Companies		100,970			—		—		100,970
Total Investments in Securities	$	100,970		$	1,147,925	$	81,914	$	1,330,809
Mortgage-Backed Securities Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	98,920	$	245,505	$	344,425
Collateralized Mortgage Obligations		—			524,875		45,273		570,148
Commercial Mortgage-Backed Securities		—			200,621		31,225		231,846
Mortgage-Backed Securities		—			1,862,196		—		1,862,196
U.S. Treasury Obligations		—			137		—		137
Short-Term Investments
Investment Companies		201,053			—		—		201,053
Total Investments in Securities	$	201,053		$	2,686,749	$	322,003	$	3,209,805
Short Duration Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	871,323	$	95,427	$	966,750
Collateralized Mortgage Obligations		—			797,292		—		797,292
Commercial Mortgage-Backed Securities		—			57,012		4,583		61,595
Corporate Bonds		—			1,569,025		—		1,569,025
Mortgage-Backed Securities		—			353,312		—		353,312
U.S. Treasury Obligations		—			741,119		—		741,119
Short-Term Investments
Investment Companies		281,361			—		—		281,361
U.S. Treasury Obligations		—			3,304		—		3,304
Total Short-Term Investments		281,361			3,304		—		284,665
Total Investments in Securities	$	281,361		$	4,392,387	$	100,010	$	4,773,758
Appreciation in Other Financial Instruments
Futures Contracts	$	334		$	—	$	—	$	334
Depreciation in Other Financial Instruments
Futures Contracts	$	(372	)	$	—	$	—	$	(372	)

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 409

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Short Duration Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	382,078	$	30,818	$	412,896
Collateralized Mortgage Obligations		—			378,226		17,215		395,441
Commercial Mortgage-Backed Securities		—			249,231		110,786		360,017
Corporate Bonds		—			1,856,969		—		1,856,969
Foreign Government Securities		—			36,498		—		36,498
Mortgage-Backed Securities		—			556,559		—		556,559
U.S. Treasury Obligations		—			422,821		—		422,821
Short-Term Investments
Investment Companies		477,464			—		—		477,464
U.S. Treasury Obligations		—			1,481		—		1,481
Total Short-Term Investments		477,464			1,481		—		478,945
Total Investments in Securities	$	477,464		$	3,883,863	$	158,819	$	4,520,146
Appreciation in Other Financial Instruments
Futures Contracts	$	125		$	—	$	—	$	125
Depreciation in Other Financial Instruments
Futures Contracts	$	(233	)	$	—	$	—	$	(233	)

(a) Amount rounds to less than one thousand.

(b) Value is zero.

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

Core Bond Fund	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities:
Asset-Backed Securities	$	971,469	$	—	(a)	$	(15,167	)	$	(565	)	$	206,237	$	(264,865	)	$	165,881	$	(95,999	)	$	966,991
Collateralized Mortgage Obligations		406,977		—	(a)		3,816			(1,254	)		96,028		(47,134	)		141,301		—			599,734
Commercial Mortgage-Backed Securities		160,021		—			(15,133	)		(545	)		166		(12	)		36,276		(2,881	)		177,892
Total	$	1,538,467	$	—		$	(26,484	)	$	(2,364	)	$	302,431	$	(312,011	)	$	343,458	$	(98,880	)	$	1,744,617

Core Plus Bond Fund	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities:
Asset-Backed Securities	$	612,907		$	(1,808	)	$	(18,247	)	$	(113	)	$	199,221	$	(51,940	)	$	42,921	$	(10,743	)	$	772,198
Collateralized Mortgage Obligations		126,336			—			(1,446	)		1			62,303		(70,223	)		29,749		—			146,720
Commercial Mortgage-Backed Securities		179,594			—			(14,958	)		(193	)		535		(1,889	)		9,042		(6,831	)		165,300
Common Stocks — Aerospace & Defense		11			—			(11	)		—			—		—			—		—			—	(a)
Common Stocks —Communications Equipment		—	(a)		—			—			—			—		—			—		—			—	(a)
Common Stocks — Diversified Financial Services		16			—			13			—			—		(13	)		—		—			16
Common Stocks — Energy Equipment & Services		13			—			—			—			—		—			—		—			13

410 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Core Plus Bond Fund	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Common Stocks — Food & Staples Retailing	$	—		$	—		$	12		$	—		$	49	$	—		$	—	$	—		$	61
Common Stocks — Oil, Gas & Consumable Fuels		120			—			—			—			—		—			—		(120	)		—
Common Stocks — Pharmaceuticals		117			—			—			—			—		—			—		(117	)		—
Common Stocks — Specialty Retail		1,153			—			(97	)		—			—		—			—		—			1,056
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Electric Utilities		2			—			—	(a)		—			—		—			—		—			2
Corporate Bonds — Wireless Telecommunication Services		3,385			159			(422	)		—			—		(3,122	)		—		—			—
Loan Assignments — Construction & Engineering		5,852			—			(24	)		26			—		(666	)		—		—			5,188
Loan Assignments — Food & Staples Retailing		—			—			556			23			748		—			—		—			1,327
Loan Assignments — Leisure Products		189			—			(94	)		—			—		—			—		—			95
Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks —Communications Equipment		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Specialty Retail		2,198			—			238			—			—		—			—		—			2,436
Rights — Independent Power and Renewable Electricity Producers		110			—			3			—			—		—			—		—			113
Warrants — Wireless Telecommunication Services		1,563			—			(725	)		—			—		—			—		—			838
Total	$	933,566		$	(1,649	)	$	(35,202	)	$	(256	)	$	262,856	$	(127,853	)	$	81,712	$	(17,811	)	$	1,095,363

Floating Rate Income Fund	Balance as of February 29, 2020			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 August 31, 2020
Investments in Securities:
Collateralized Mortgage Obligations	$	—		$	—	$	(470	)	$	—	$	470	$	—		$	—	$	—	$	—	(b)
Common Stocks — Aerospace & Defense		293			—		(293	)		—		—		—			—		—		—	(a)
Common Stocks — Food & Staples Retailing		—			—		49			—		118		—			—		—		167
Common Stocks — Oil, Gas & Consumable Fuels		106			—		364			—		—		(470	)		—		—		—
Common Stocks — Specialty Retail		2,034			—		(171	)		—		—		—			—		—		1,863
Corporate Bonds — Electric Utilities		38			—		—			—		—		—			—		—		38
Corporate Bonds — Wireless Telecommunication Services		—	(b)		14		—			—		—		(14	)		—		—		—
Loan Assignments — Food & Staples Retailing		—			—		1,435			63		2,699		—			—		—		4,197

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 411

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Floating Rate Income Fund	Balance as of February 29, 2020		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 August 31, 2020
Loan Assignments — Leisure Products	$	5,154	$	—	$	(2,576	)	$	—	$	—	$	—		$	—	$	—	(a)	$	2,578
Loan Assignments — Multiline Retail		—		—		14			—		747		—			—		—			761
Loan Assignments — Oil, Gas & Consumable Fuels		—		—		—			—		2,790		—			—		—			2,790
Preferred Stocks — Specialty Retail		3,880		—		420			—		—		—			—		—			4,300
Rights — Independent Power and Renewable Electricity Producers		1,337		—		39			—		—		—			—		—			1,376
Warrants — Wireless Telecommunication Services		1,939		—		(900	)		—		—		—			—		—			1,039
Total	$	14,781	$	14	$	(2,089	)	$	63	$	6,824	$	(484	)	$	—	$	—	(a)	$	19,109

High Yield Fund	Balance as of February 29, 2020			Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities:
Common Stocks — Aerospace & Defense	$	279		$	—	$	(279	)	$	—		$	—	$	—		$	—	$	—		$	—	(a)
Common Stocks — Communications Equipment		—	(a)		—		—			—			—		—			—		—			—	(a)
Common Stocks — Diversified Financial Services		71			—		62			—			—		(62	)		—		—			71
Common Stocks — Energy Equipment & Services		138			—		—			—			—		—			—		—			138
Common Stocks — Food & Staples Retailing		—			—		296			—			320		—			—		—			616
Common Stocks — Oil, Gas & Consumable Fuels		624			—		—			—			—		—			—		(624	)		—
Common Stocks — Pharmaceuticals		408			—		—			—			—		—			—		(408	)		—
Common Stocks — Specialty Retail		10,022			—		(835	)		—			—		—			—		—			9,187
Convertible Preferred Stocks — Automobiles		—	(a)		—		—			—			—		—			—		—			—	(a)
Corporate Bonds — Automobiles		—	(a)		—		—			—			—		—			—		—			—	(a)
Corporate Bonds — Electric Utilities		79			—		(37	)		—			—		—			—		—			42
Corporate Bonds — Real Estate Management & Development		4,761			—		(7	)		5			—		(1,226	)		—		—			3,533
Corporate Bonds — Wireless Telecommunication Services		14,155			628		(1,594	)		2			—		(13,191	)		—		—			—
Loan Assignments — Food & Staples Retailing		10,000			194		4,448			237			17,103		(12,452	)		—		—			19,530
Loan Assignments — Leisure Products		4,918			—		(2,458	)		—	(a)		—		—			—		—	(a)		2,460
Loan Assignments — Multiline Retail		—			—		241			—			13,257		—			—		—			13,498
Loan Assignments — Oil, Gas & Consumable Fuels		—			—		—			—			19,500		—			—		—			19,500
Preferred Stocks — Automobiles		—	(a)		—		—			—			—		—			—		—			—	(a)
Preferred Stocks — Communications Equipment		4			—		—			—			—		—			—		—			4
Preferred Stocks — Specialty Retail		19,778			—		1,403			—			—		—			—		—			21,181

412 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

High Yield Fund	Balance as of February 29, 2020		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Rights — Independent Power and Renewable Electricity Producers	$	2,992	$	—	$	85		$	—	$	—	$	—		$	—	$	—		$	3,077
Warrants — Wireless Telecommunication Services		8,205		—		(3,810	)		—		—		—			—		—			4,395
Total	$	76,434	$	822	$	(2,485	)	$	244	$	50,180	$	(26,931	)	$	—	$	(1,032	)	$	97,232

Income Fund	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities
Asset-Backed Securities	$	351,115	$	(516	)	$	(21,109	)	$	20		$	59,296	$	(28,040	)	$	27,489	$	(41,358	)	$	346,897
Collateralized Mortgage Obligations		170,293		—			(13,237	)		(67	)		24,473		(9,630	)		46,912		(860	)		217,884
Commercial Mortgage-Backed Securities		174,388		(7,626	)		(44,393	)		101			32,671		(38,602	)		98,647		(9,547	)		205,639
Common Stocks — Aerospace & Defense		4		—			(4	)		—			—		—			—		—			—	(b)
Common Stocks — Capital Markets		35		—			20			—			—		—			—		—			55
Common Stocks — Food & Staples Retailing		—		—			43			—			2		—			—		—			45
Common Stocks — Specialty Retail		5		—			—	(a)		—			—		—			—		—			5
Corporate Bonds — Wireless Telecommunication Services		5,977		15			(202	)		19			—		(5,809	)		—		—			—
Loan Assignments — Construction & Engineering		1,064		—			(4	)		5			—		(122	)		—		—			943
Loan Assignments — Food & Staples Retailing		—		—			223			18			1,937		—			—		—			2,178
Loan Assignments —Leisure Products		58		—			(29	)		—			—		—			—		—			29
Warrants — Wireless Telecommunication Services		29		—			(13	)		—			—		—			—		—			16
Total	$	702,968	$	(8,127	)	$	(78,705	)	$	96		$	118,379	$	(82,203	)	$	173,048	$	(51,765	)	$	773,691

Limited Duration Bond Fund	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities
Asset-Backed Securities	$	81,449	$	—	(a)	$	(812	)	$	3		$	7,957		$	(26,291	)	$	18,868	$	(3,678	)	$	77,496
Collateralized Mortgage Obligations		5,441		—			(22	)		—	(a)		—	(a)		(1,116	)		—		—			4,303
Commercial Mortgage-Backed Securities		136		—			(15	)		—			—			(6	)		—		—			115
Total	$	87,026	$	—	(a)	$	(849	)	$	3		$	7,957		$	(27,413	)	$	18,868	$	(3,678	)	$	81,914

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 413

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Mortgage-Backed Securities Fund	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities:
Asset-Backed Securities	$	249,350	$	—	(a)	$	(3,958	)	$	(128	)	$	15,757	$	(36,616	)	$	47,699	$	(26,599	)	$	245,505
Collateralized Mortgage Obligations		37,944		1			(107	)		(877	)		6,711		(1,714	)		3,315		—			45,273
Commercial Mortgage-Backed Securities		37,188		—			(2,064	)		(252	)		22		(192	)		—		(3,477	)		31,225
Total	$	324,482	$	1		$	(6,129	)	$	(1,257	)	$	22,490	$	(38,522	)	$	51,014	$	(30,876	)	$	322,003

Short Duration Bond Fund	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2020
Investments in Securities
Asset-Backed Securities	$	83,736		$	—		$	(1,027	)	$	27		$	7,258	$	(25,774	)_	$	31,207	$	—	$	95,427
Collateralized Mortgage Obligations		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—		—		—
Commercial Mortgage-Backed Securities		—			—			(386	)		(4	)		—		—			4,973		—		4,583
Total	$	83,736		$	—	(a)	$	(1,413	)	$	23		$	7,258	$	(25,774	)	$	36,180	$	—	$	100,010

Short Duration Core Plus Fund	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities
Asset-Backed Securities	$	43,733	$	—		$	(710	)	$	(2	)	$	—	$	(6,793	)	$	1,684	$	(7,094	)	$	30,818
Collateralized Mortgage Obligations		24,529		—			(766	)		—	(a)		—		(967	)		—		(5,581	)		17,215
Commercial Mortgage-Backed Securities		82,677		(811	)		(11,365	)		5			—		(9,701	)		55,164		(5,183	)		110,786
Corporate Bonds — Wireless Telecommunication Services		486		2			(6	)		2			—		(484	)		—		—			—
Total	$	151,425	$	(809	)	$	(12,847	)	$	5		$	—	$	(17,945	)	$	56,848	$	(17,858	)	$	158,819

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.

414 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2020, which were valued using significant unobservable inputs (level 3), were as follows (amounts in thousands):

Core Bond Fund	$	(26,405	)
Core Plus Bond Fund		(34,813	)
Floating Rate Income Fund		(2,456	)
High Yield Fund		(700	)
Income Fund		(76,794	)
Limited Duration Bond Fund		(821	)
Mortgage-Backed Securities Fund		(6,087	)
Short Duration Bond Fund		(1,462	)
Short Duration Core Plus Fund		(12,784	)

These amounts are included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Transfers from level 2 and 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 six months ended August 31, 2020 for Core Bond Fund, Income Fund, Limited Duration Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration Core Plus Fund.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2020 for Core Plus Bond Fund, Floating Rate Income Fund, High Yield Fund and Inflation Managed Bond Fund.

Core Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	633,262	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (11.38%)
				Constant Default Rate		0.00% - 4.92% (7.84%)
				Yield (Discount Rate of Cash Flows)		1.43% - 21.22% (4.41%)
Asset-Backed Securities		633,262
		154,717	Discounted Cash Flow	PSA Prepayment Model
				Constant Prepayment Rate		0.00% - 100.00% (92.96%)
				Constant Default Rate		0.00% - 4.92% (7.84%)
				Yield (Discount Rate of Cash Flows)		1.36% - 199.00% (2.58%)
Collateralized Mortgage Obligations		154,717
		157,593	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.99%)
				Yield (Discount Rate of Cash Flows)		(0.99)% - 42.53% (5.28%)
Commercial Mortgage-Backed Securities		157,593
Total	$	945,572

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $799,045,000. 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.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 415

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Core Plus Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	16		Terms of Exchange Offer	Expected Recovery		$0.01 ($0.01)
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
Common Stocks		16
		—	(d)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
		—	(d)	Pending Distribution Amount	Discount for potential outcome (e)		100.00% (100.00%)
Preferred Stocks		—	(d)
		—	(d)	Pending Distribution Amount	Discount for potential outcome (e)		100.00% - 100.00% (100.00%)
Corporate Bonds		—	(d)
		594,784		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (12.29%)
					Constant Default Rate		0.00% - 20.00% (0.10%)
					Yield (Discount Rate of Cash Flows)		1.43% - 21.22% (4.89%)
Asset-Backed Securities		594,784
		1,984		Discounted Cash Flow	Constant Prepayment Rate		8.00% - 19.70% (19.25%)
					Constant Default Rate		0.50% - 1.97% (0.55%)
Collateralized Mortgage Obligations					Yield (Discount Rate of Cash Flows)		2.61% - 5.84% (5.61%)
		1,984
		135,105		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.53%)
Commercial Mortgage-Backed Securities					Yield (Discount Rate of Cash Flows)		(0.99)% - 11.46% (6.56%)
		135,105
Total	$	731,889

^#   The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $363,474,000. 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.

^(b)  Securities senior in the issuing entity capital structure result in this security being valued at zero.

^(c)  Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

^(d)  Amount rounds to less than one thousand.

^(e)  Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield, and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

416 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	687		Terms of Exchange Offer / Restructuring	Expected Recovery	$	0.01 - $1.00 ($0.90)
		—	(b)(c)	Market Comparable Companies	EBITDA Multiple (d)		5.0x (5.0x)
		—	(c)	Pending Distribution Amount	Discount for potential outcome (e)		100.00% (100.00%)
Common Stocks		687
		4		Market Comparable Companies	EBITDA Multiple (d)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
		—	(b)(c)	Pending Distribution Amount	Discount for potential outcome (e)		100.00% (100.00%)
Preferred Stocks		4
		—	(c)	Pending Distribution Amount	Discount for potential outcome (e)		100.00% (100.00%)
Corporate Bonds		—	(c)
		12,537		Terms of Exchange Offer	Expected Recovery		100.00% (100.00%)
		6,993		Market Comparable Companies	EBITDA Multiple (d)		6.0x (6.0x)
Loan Assignments		19,530
Total	$	20,221

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $77,011,000. 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) Securities senior in the issuing entity capital structure result in this security being valued at zero.

(c) Amount rounds to less than one thousand.

(d) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(e) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 417

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Income Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	320,654	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (18.38%)
				Constant Default Rate		0.00% - 16.16% (0.34%)
				Yield (Discount Rate of Cash Flows)		1.55% - 25.00% (6.14%)
Asset-Backed Securities		320,654
		152,458	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (17.77%)
				Constant Default Rate		0.00% - 2.90% (0.05%)
Collateralized Mortgage Obligations				Yield (Discount Rate of Cash Flows)		2.32% - 10.00% (4.80%)
		152,458
		202,314	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.32%)
				Constant Default Rate		0.00% - 5.00% (0.03%)
Commercial Mortgage-Backed Securities				Yield (Discount Rate of Cash Flows)		1.64% - 199.00% (8.67%)
		202,314
		2,119	Terms of Exchange Offer	Expected Recovery		100.00% (100.00%)
		59	Market Comparable Companies	EBITDA Multiple (b)		6.0x (6.0x)
Loan Assignments		2,178
Total	$	677,604

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $96,087,000. 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) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in 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.

418 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Limited Duration Bond Fund

Quantitative Information about Level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	70,739	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (13.48%)
				Constant Default Rate		0.00% - 94.25% (0.54%)
				Yield (Discount Rate of Cash Flows)		1.11% - 39.91% (3.18%)
Asset-Backed Securities		70,739
		4,303	Discounted Cash Flow	PSA Prepayment Model
				Constant Prepayment Rate		0.50% - 10.00% (9.58%)
				Constant Default Rate		0.00% - 5.76% (0.08%)
Collateralized Mortgage Obligations				Yield (Discount Rate of Cash Flows)		1.44% - 9.03% (1.62%)
		4,303
		115	Discounted Cash Flow	Constant Prepayment Rate		6.00% (6.00%)
				Constant Default Rate		1.40% (1.40%)
Commercial Mortgage-Backed Securities				Yield (Discount Rate of Cash Flows)		5.17% (5.17%)
		115
Total	$	75,157

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $6,757,000. 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.

Mortgage-Backed Securities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	224,639	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (11.43%)
				Constant Default Rate		0.00% - 4.00% (0.06%)
				Yield (Discount Rate of Cash Flows)		1.58% - 7.57% (3.89%)
Asset-Backed Securities		224,639
		15,265	Discounted Cash Flow	PSA Prepayment Model
				Constant Prepayment Rate		0.00% - 100.00% (38.53%)
				Constant Default Rate		0.00% - 6.60% (1.29%)
				Yield (Discount Rate of Cash Flows)		1.54% - 199.00% (8.36%)
Collateralized Mortgage Obligations		15,265
		27,518	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.09%)
				Yield (Discount Rate of Cash Flows)		(0.99)% - 42.53% (4.52%)
Commercial Mortgage-Backed Securities		27,518
Total	$	267,422

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $54,581,000. 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.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 419

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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 August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	83,910	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 50.00% (19.32%)
				Constant Default Rate		0.00% - 4.40% (0.01%)
				Yield (Discount Rate of Cash Flows)		0.71% - 4.73% (3.35%)
Asset-Backed Securities		83,910
		4,583	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.05% (4.05%)
Commercial Mortgage-Backed Securities		4,583
Total	$	88,493

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $11,517,000. 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 Core Plus Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	30,818	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.00% (18.74%)
				Constan Default Rate		0.00% - 1.77% (0.03%)
				Yield (Discount Rate of Cash Flows)		1.55% - 13.86% (4.39%)
Asset-Backed Securities		30,818
		17,215	Discounted Cash Flow	Constant Prepayment Rate		10.00% - 25.00% (20.72%)
				Constan Default Rate		0.00% - 0.10% (0.03%)
				Yield (Discount Rate of Cash Flows)		1.59% - 6.51% (4.38%)
Collateralized Mortgage Obligation		17,215
		110,493	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (3.74%)
				Yield (Discount Rate of Cash Flows)		1.35% - 23.00% (5.28%)
Commercial Mortgage-Backed Securities		110,493
Total	$	158,526

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2020, the value of these investments was approximately $293,000. 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.

420 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

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 August 31, 2020, 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. Loan Assignments — Core Plus Bond Fund, Floating Rate Income Fund, High Yield Fund and Income Fund 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 above Funds invest in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, a Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). A Fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

At August 31, 2020, Floating Rate Income Fund had investments in loan assignments that amounted to more than 5% of the Fund’s net assets, by agent bank as follows:

Agent Bank	Percentage
Barclays Bank plc		14.5	%
Credit Suisse International		13.2
Bank of America, N.A.		12.5
JPMorgan Chase Bank, N.A.		8.1
Morgan Stanley		7.7
Deutsche Bank AG		5.4

D. Unfunded Commitments — Floating Rate Income 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-affiliates on the Statements of Operations.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 421

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

At August 31, 2020, Floating Rate Income Fund, High Yield Fund and Income Fund had the following loan commitment outstanding in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):

										Unfunded Commitment				Funded Commitment				Total Commitment
	Security Description	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Floating Rate Income Fund
	CVS Holdings I LP, Delayed Draw Term Loan		08/31/2026		4.250	%		4.410	%	$	214	$	200	$	501	$	469	$	715	$	669
	Moran Foods LLC, 1st Lien Term Loan B		04/01/2023		1.000			11.500			278		278		—		—		278		278
	Neiman Marcus Group Ltd. LLC, 1st Lien DIP Term Loan		12/30/2023		6.375			14.000			157		159		45		45		202		204
	Pathway Vet Alliance LLC, Delayed Draw Term Loan		03/31/2027		2.000			4.160			108		106		—		—		108		106
High Yield Fund
	Intelsat Jackson Holdings		12/31/2022		3.600			6.500			5,416		5,416		5,416		5,416		10,832		10,832
	Moran Foods LLC, 1st Lien Term Loan B		04/01/2023		1.000			11.500			2,149		2,149		—		—		2,149		2,149
	Neiman Marcus Group Ltd. LLC, 1st Lien DIP Term Loan		12/30/2023		6.375			14.000			2,778		2,820		794		806		3,572		3,626
Income Fund
	Moran Foods LLC, 1st Lien Term Loan B		04/01/2023		1.000			11.500			363		363		—		—		363		363

E. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Core Bond Fund, Core Plus Bond 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 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, Income Fund, Inflation Managed Bond Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration Core Plus Fund had delayed delivery securities outstanding as of August 31, 2020, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2020 are detailed on the SOIs.

F. Securities Lending — The Funds are 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 Class IM Shares of the JPMorgan U.S. Government Money Market and/or the Agency SL Class 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.

422 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

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.

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.

The following table presents for each lending Fund, the 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 August 31, 2020 (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 Plus Bond Fund	$	6	$	(6	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended August 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Core Bond Fund	$	3
Core Plus Bond Fund		3
Floating Rate Income Fund		—	(a)
High Yield Fund		5
Income Fund		2
Inflation Managed Bond Fund		—	(a)
Limited Duration Bond Fund		—	(a)
Short Duration Bond Fund		—	(a)
Short Duration Core Plus Fund		1

(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 and Mortgage-Backed Securities Fund did not lend out any securities during the six months ended August 31, 2020. Core Bond Fund, Floating Rate Income Fund, High Yield Fund, Income Fund, Inflation Managed Bond Fund, Limited Duration Bond Fund, Short Duration Bond Fund and Short Duration Core Plus Fund did not have any securities out on loan at August 31, 2020.

G. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 423

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Core Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	1,345,081	$	7,615,806	$	5,869,882	$	(200	)	$	514		$	3,091,319		3,088,848	$	3,403		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		164,034		15,000		178,942		(81	)*		(11	)		—		—		118	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		18,769		61,888		80,657		—			—			—		—		22	*		—
Total	$	1,527,884	$	7,692,694	$	6,129,481	$	(281	)	$	503		$	3,091,319			$	3,543		$	—

Core Plus Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	1,097,752	$	3,728,998	$	3,664,799	$	163		$	106		$	1,162,220		1,161,291	$	2,258		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (a) (b)		155,061		38,000		192,499		(132	)*		(10	)		420		420		116	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (a) (b)		27,522		48,522		75,973		—			—			71		71		15	*		—
Total	$	1,280,335	$	3,815,520	$	3,933,271	$	31		$	96		$	1,162,711			$	2,389		$	—

Floating Rate Income Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	851	$	761	$	1,612	$	—	$	—	$	—		—	$	—	*(c)	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		72,982		246,651		285,832		—		—		33,801		33,801		33			—
Total	$	73,833	$	247,412	$	287,444	$	—	$	—	$	33,801			$	33		$	—

424 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Government Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	163,468	$	1,560,805	$	1,538,779	$	—	$	—	$	185,494		185,494	$	239	$	—

High Yield Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)	$	411,025	$	—	$	410,798	$	(183	)*	$	(44	)	$	—		—	$	269	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		46,920		46,388		93,308		—			—			—		—		28	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		187,602		3,153,563		2,149,095		—			—			1,192,070		1,192,070		282			—
Total	$	645,547	$	3,199,951	$	2,653,201	$	(183	)	$	(44	)	$	1,192,070			$	579		$	—

Income Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	34,094	$	2,133,318	$	2,069,923	$	257		$	2		$	97,748		97,670	$	491		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		122,018		10,000		131,937		(73	)*		(8	)		—		—		94	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		11,862		38,075		49,937		—			—			—		—		10	*		—
Total	$	167,974	$	2,181,393	$	2,251,797	$	184		$	(6	)	$	97,748			$	595		$	—

Inflation Managed Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	36,595	$	400,217	$	386,206	$	23	$	20	$	50,649		50,609	$	91		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		1,453		5,416		6,869		—		—		—		—		1	*		—
Total	$	38,048	$	405,633	$	393,075	$	23	$	20	$	50,649			$	92		$	—

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 425

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Limited Duration Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	95,534	$	295,117	$	289,718	$	—	(c)	$	37	$	100,970		100,889	$	287		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		8		387		395		—			—		—		—		—	*(c)		—
Total	$	95,542	$	295,504	$	290,113	$	—		$	37	$	100,970			$	287		$	—

Mortgage-Backed Securities Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	196,979	$	992,934	$	988,735	$	(127	)	$	2	$	201,053		200,892	$	373	$	—

Short Duration Bond Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	—	$	221	$	221	$	—	$	—	$	—		—	$	—	*(c)	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		43,227		1,451,513		1,213,379		—		—		281,361		281,361		62			—
Total	$	43,227	$	1,451,734	$	1,213,600	$	—	$	—	$	281,361			$	62		$	—

Short Duration Core Plus Fund

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.24% (a) (b)	$	88,599	$	1,329,998	$	941,118	$	(3	)	$	(12	)	$	477,464		477,082	$	300		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		7,158		4,474		11,632		—			—			—		—		3	*		—
Total	$	95,757	$	1,334,472	$	952,750	$	(3	)	$	(12	)	$	477,464			$	303		$	—

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

(b) The rate shown is the current yield as of August 31, 2020.

426 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

(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).

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

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

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

I. Derivatives — Core Plus Bond Fund, High Yield Fund, Income Fund, Inflation Managed Bond Fund, Short Duration 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 potential 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 against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

Notes I(1) — I(4) below describe the various derivatives used by the Funds.

(1). Options — 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 their portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 427

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The Fund may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Fund is considered restricted.

(2). Futures Contracts — Core Plus Bond Fund, Income Fund, Inflation Managed Bond Fund, Short Duration 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 purchased 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 is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Core Plus Bond Fund, High Yield Fund, Income Fund, Inflation Managed Bond Fund and Short Duration Core Plus Fund engaged in various swap transactions, including credit default and interest rate 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 contracts negotiated 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.

428 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

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 central clearinghouse acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

Core Plus Bond Fund, High Yield Fund, Income Fund and Short Duration Core Plus Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Inflation-Linked Swaps

Inflation Managed Bond Fund used inflation-linked swaps to provide inflation protection within their portfolios. 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.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 429

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

(5). Summary of Derivatives Information

The following tables present the value of derivatives held as of August 31, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Core Plus Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			OTC Swaps		Total
Credit contracts	Receivables	$	—		$	—		$	—		$	2,165	$	2,165
Foreign exchange contracts	Receivables		—			21			—			—		21
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		2,744			—			—			—		2,744
Total		$	2,744		$	21		$	—		$	2,165	$	4,930
Gross Liabilities:
Credit contracts	Payables	$	—		$	—		$	(98	)	$	—	$	(98	)
Foreign exchange contracts	Payables		—			(129	)		—			—		(129	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(4,203	)		—			—			—		(4,203	)
Total		$	(4,203	)	$	(129	)	$	(98	)	$	—	$	(4,430	)

(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	$	18,400

(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)			Centrally Cleared Swaps (b)			OTC Swaps			Total
Credit contracts	Receivables	$	—		$	5,255		$	2,252		$	7,507
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		587			—			—			587
Total		$	587		$	5,255		$	2,252		$	8,094
Gross Liabilities:
Credit contracts	Payables	$	—		$	(24,108	)	$	(12,559	)	$	(36,667	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(3,517	)		—			—			(3,517	)
Total		$	(3,517	)	$	(24,108	)	$	(12,559	)	$	(40,184	)

(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.

430 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Inflation Managed Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps (a)
Interest rate contracts	Receivables	$	19,227
Gross Liabilities:
Interest rate contracts	Payables	$	(121	)

(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.

Short Duration Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	334
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(372	)

(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.

Short Duration Core Plus Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	125
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(233	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2020, by primary underlying risk exposure (amounts in thousands):

Core Plus Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps		Total
Credit contracts	$	—		$	—		$	12,049	$	12,049
Foreign exchange contracts		—			187			—		187
Interest rate contracts		12,179			—			—		12,179
Total	$	12,179		$	187		$	12,049	$	24,415
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps		Total
Credit contracts	$	—		$	—		$	952	$	952
Foreign exchange contracts		—			(314	)		—		(314	)
Interest rate contracts		(10,859	)		—			—		(10,859	)
Total	$	(10,859	)	$	(314	)	$	952	$	(10,221	)

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 431

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

High Yield Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	(7,402	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	19,817

Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	85,774		$	85,774
Interest rate contracts		(2,010	)		32,667			—			30,657
Total	$	(2,010	)	$	32,667		$	85,774		$	116,431
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts				Futures Contracts			Swaps			Total
Credit contracts				$	—		$	(63,718	)	$	(63,718	)
Interest rate contracts					(13,811	)		—			(13,811	)
Total				$	(13,811	)	$	(63,718	)	$	(77,529	)

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	$	6,814		$	(34,900	)	$	(28,086	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Swaps			Total
Interest rate contracts	$	(1,752	)	$	30,440		$	28,688

Short Duration Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(71	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(780	)

Short Duration Core Plus Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Swaps		Total
Credit contracts	$	—	$	1,282	$	1,282
Interest rate contracts		2,001		—		2,001
Total	$	2,001	$	1,282	$	3,283
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts					Futures Contracts
Interest rate contracts					$	(466	)

432 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the six months ended August 31, 2020 (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 Bond Fund		Short Duration Core Plus Fund
Futures Contracts — Interest:
Average Notional Balance Long	$	1,868,665	$	—		$	1,521,261		$	262,594	(c)	$	649,663	$	331,456
Average Notional Balance Short		1,348,498		—			1,387,543			65,872	(c)		340,209		179,481
Ending Notional Balance Long		1,376,831		—			1,441,327			—			760,467		290,462
Ending Notional Balance Short		1,327,888		—			2,216,190			—			549,930		119,693
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		10,682		—			—			—			—		—
Average Settlement Value Sold		31,965		—			—			—			—		—
Ending Settlement Value Purchased		13,523		—			—			—			—		—
Ending Settlement Value Sold		26,970		—			—			—			—		—
Exchange-Traded Options:
Average Number of Contracts Purchased		—		—			12,865	(b)		—			—		—
Average Number of Contracts Written		—		—			12,865	(b)		—			—		—
Credit Default Swaps:
Average Notional Balance — Buy Protection		197,739		205,000	(a)		605,124			—			—		12,000	(d)
Average Notional Balance — Sell Protection		—		—			81,017			—			—		—
Ending Notional Balance — Buy Protection		125,000		292,500			671,685			—			—		—
Ending Notional Balance — Sell Protection		—		—			81,017			—			—		—
Interest Rate-Related Swaps (Inflation-Linked Swaps & Interest Rate Swaps):
Average Notional Balance — Pays Fixed Rate		—		—			—			686,440			—		—
Average Notional Balance — Receives Fixed Rate		—		—			—			71,606	(c)		—		—
Ending Notional Balance — Pays Fixed Rate		—		—			—			698,080			—		—

(a) For the period May 1, 2020, through August 31, 2020.

(b) The average number of contracts represents the options contracts held for 9 days during the period.

(c) For the period March 1, 2020, through March 31, 2020.

(d) The average notional balance represents the credit default swaps held for 10 days during the period.

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.F). 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 a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds.

Core Plus Bond Fund’s and Income Fund’s swap contracts at net value and collateral posted by counterparty as of August 31, 2020 are as follows (amounts in thousands):

Fund		Counterparty	Value of swap contracts			Collateral amount
Core Plus Bond Fund	Collateral Received	Barclays Bank plc	$	2,165		$	(2,620	)
Income Fund	Collateral Received	Barclays Bank plc		2,252			(2,600	)
	Collateral Posted	Merrill Lynch International		(3,488	)		3,370
	Collateral Posted	Morgan Stanley		(9,071	)		8,940

The Funds’ derivatives contracts held at August 31, 2020 are not accounted for as hedging instruments under GAAP.

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, net of foreign taxes withheld, if any, 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 Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 433

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Core Bond Fund, Core Plus Bond Fund, Government Bond Fund and Inflation Managed Bond Fund invest 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 applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended August 31, 2020 are as follows (amounts in thousands):

	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	$	58	$	10		$	43		n/a		$	4	$	1		$	—	(a)	$	3		$	81	$	200
Core Plus Bond Fund
Transfer agency fees		37		5			13	$	2	(1)		2		1			—	(a)		—	(a)		50		110
Floating Rate Income Fund
Transfer agency fees		1		1			2		n/a			n/a		n/a			n/a			n/a			2		6
Government Bond Fund
Transfer agency fees		22		2			11		n/a			4		—	(a)		—	(a)		n/a			6		45
High Yield Fund
Transfer agency fees		29		8			51		n/a			3		—	(a)		—	(a)		1			20		112
Income Fund
Transfer agency fees		16		8			21		n/a			n/a		n/a			n/a			n/a			1		46
Inflation Managed Bond Fund
Transfer agency fees		1		2			1		n/a			n/a		n/a			n/a			1			4		9
Limited Duration Bond Fund
Transfer agency fees		8		1			2		n/a			n/a		n/a			n/a			n/a			5		16
Mortgage-Backed Securities Fund
Transfer agency fees		5		1			7		n/a			n/a		n/a			n/a			n/a			9		22
Short Duration Bond Fund
Transfer agency fees		14		2			34		n/a			n/a		n/a			n/a			n/a			9		59
Short Duration Core Plus Fund
Transfer agency fees		2		—	(a)		2		n/a			n/a		n/a			n/a			n/a			11		15

(a) Amount rounds to less than one thousand.

⁽¹⁾  Effective June 2, 2020, Class L Shares of Core Plus Bond Fund were converted into Class I Shares of the Fund.

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 August 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s 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 Funds record 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.

434 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

3. Fees and Other Transactions with Affiliates

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

Core Bond Fund	0.28	%
Core Plus Bond Fund	0.30
Floating Rate Income Fund	0.55
Government Bond Fund	0.28
High Yield Fund	0.50
Income Fund	0.30
Inflation Managed Bond Fund	0.28
Limited Duration Bond Fund	0.20
Mortgage-Backed Securities Fund	0.25
Short Duration Bond Fund	0.22
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 each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2020, the effective annualized rate for Core Bond Fund, Core Plus Bond Fund, Floating Rate Income Fund, Government 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 was 0.04%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07% and 0.07%, respectively, 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 each Fund’s 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, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			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 six months ended August 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Core Bond Fund	$	201	$	1
Core Plus Bond Fund		139		–	(a)
Floating Rate Income Fund		1		–
Government Bond Fund		51		–
High Yield Fund		30		–	(a)
Income Fund		83		1
Inflation Managed Bond Fund		1		–	(a)
Limited Duration Bond Fund		7		1
Mortgage-Backed Securities Fund		16		–
Short Duration Bond Fund		52		—	(a)
Short Duration Core Plus Fund		6		—	(a)

(a) Amount rounds to less than one thousand.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 435

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly 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	%(1)		0.25			0.25			0.25			0.10
Floating Rate Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
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

⁽¹⁾   Effective June 2, 2020, Class L Shares were converted into Class I Shares.

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

JPMDS waived service fees as outlined in Note 3.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. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class 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			n/a			0.46	(1)		n/a	(1)		1.15			n/a			n/a			n/a			n/a
Floating Rate Income Fund		1.00			1.50			0.75			n/a			n/a			n/a			n/a			n/a			n/a
Government Bond Fund		0.75			n/a			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			0.55			n/a			n/a			n/a			n/a			0.45			0.35
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		0.59			1.09			0.34			n/a			n/a			n/a			n/a			n/a			0.28
Short Duration Core Plus Fund		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.33

⁽¹⁾  Effective June 2, 2020, Class L Shares were converted into Class I Shares. The contractual expense limitation for Class I Shares was extended through June 2, 2022 in connection with the conversion of Class L Shares of the Fund into Class I Shares and to June 30, 2022 on July 1, 2020.

Except as noted above, the expense limitation agreements were in effect for the six months ended August 31, 2020 and are in place until at least June 30, 2021.

436 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

For the six months ended August 31, 2020, 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	$	3	$	—	$	5,889	$	5,892	$	—
Core Plus Bond Fund		1		—		3,952		3,953		—
Floating Rate Income Fund		—		—		268		268		—
Government Bond Fund		266		178		1,301		1,745		6
High Yield Fund		103		70		894		1,067		—	(a)
Income Fund		95		64		6,086		6,245		30
Inflation Managed Bond Fund		146		97		57		300		1
Limited Duration Bond Fund		216		144		144		504		—
Mortgage-Backed Securities Fund		926		618		779		2,323		—
Short Duration Bond Fund		404		269		1,171		1,844		—
Short Duration Core Plus Fund		161		107		381		649		—

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

The amounts of waivers resulting from investments in these money market funds for the six months ended August 31, 2020 were as follows (amounts in thousands):

Core Bond Fund	$	1,207
Core Plus Bond Fund		814
Floating Rate Income Fund		35
Government Bond Fund		229
High Yield Fund		658
Income Fund		170
Inflation Managed Bond Fund		33
Limited Duration Bond Fund		102
Mortgage-Backed Securities Fund		135
Short Duration Bond Fund		83
Short Duration Core Plus Fund		53

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

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended August 31, 2020, Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Income Fund, Inflation Managed Bond Fund, Limited Duration Bond 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 Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 437

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

4. Investment Transactions

During the six months ended August 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Core Bond Fund	$	8,593,129	$	6,509,035	$	593,472	$	2,652,750
Core Plus Bond Fund		4,335,148		4,347,501		491,488		1,166,701
Floating Rate Income Fund		105,103		419,414		—		—
Government Bond Fund		1,227,020		822,984		578,241		323,037
High Yield Fund		2,745,504		1,376,004		—		—
Income Fund		2,288,426		1,617,526		—		—
Inflation Managed Bond Fund		170,188		194,621		334,846		430,476
Limited Duration Bond Fund		265,066		234,259		—		—
Mortgage-Backed Securities Fund		1,138,054		956,235		—		18,583
Short Duration Bond Fund		2,244,827		745,588		750,315		871,709
Short Duration Core Plus Fund		1,852,485		1,287,271		645,494		888,963

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Fund	$	33,926,415	$	2,430,825	$	103,165	$	2,327,660
Core Plus Bond Fund		14,381,981		903,028		154,409		748,619
Floating Rate Income Fund		680,863		8,652		46,359		(37,707	)
Government Bond Fund		2,931,533		208,901		3,206		205,695
High Yield Fund		9,238,403		394,448		468,515		(74,067	)
Income Fund		6,609,785		122,858		332,261		(209,403	)
Inflation Managed Bond Fund		1,252,864		83,169		995		82,174
Limited Duration Bond Fund		1,315,072		18,827		3,090		15,737
Mortgage-Backed Securities Fund		3,113,774		112,366		16,335		96,031
Short Duration Bond Fund		4,703,582		75,594		5,456		70,138
Short Duration Core Plus Fund		4,466,840		87,111		33,913		53,198

At February 29, 2020, the following Funds had the following net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Floating Rate Income Fund	$	38,133		$	213,031
Government Bond Fund		719			1,256
High Yield Fund		78,167			430,681
Inflation Managed Bond Fund		70,867			—
Limited Duration Bond Fund		—			12,041
Short Duration Bond Fund		459			18,914
Short Duration Core Plus Fund		682	*		11,030	*

* Amount includes capital loss carry forwards which are limited in future years under Internal Revenue Code sections 381-384.

438 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

During the year ended February 29, 2020 the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Core Bond Fund	$	12,851	$	10,759
Core Plus Bond Fund		44,308		45,309
Government Bond Fund		513		—
Income Fund		746		1,416
Inflation Managed Bond Fund		—		2,273
Limited Duration Bond Fund		—		212
Mortgage-Backed Securities Fund		242		808
Short Duration Bond Fund		10,841		—
Short Duration Core Plus Fund		3,814		—

Specified ordinary losses and net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 29, 2020 the Funds deferred to March 1, 2020 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 Plus Bond Fund	$	287		$	—		$	—
Floating Rate Income Fund		—	(a)		(2,223	)		2,831
Government Bond Fund		—			—			—	(a)
Short Duration Core Plus Fund		—			—			1,529

(a) Amount rounds to less than one thousand.

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 Funds had no borrowings outstanding from another fund at August 31, 2020. Average borrowings from the Facility during the six months ended August 31, 2020 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Government Bond Fund	$	22,305		0.79	%		1	$	—	(a)
High Yield Fund		74,251		1.83			6		23
Income Fund		44,410		0.96			8		9

(a) Amount rounds to less than one thousand.

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2020.

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

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 439

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2020.

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 August 31, 2020, 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		15.6	%		1		13.1	%
Core Plus Bond Fund		1		17.2			2		29.6
Floating Rate Income Fund		1		46.3			—		—
Government Bond Fund		—		—			3		35.9
High Yield Fund		1		29.2			1		11.2
Income Fund		1		20.3			1		31.7
Inflation Managed Bond Fund		3		51.0			—		—
Limited Duration Bond Fund		2		40.5			—		—
Mortgage-Backed Securities Fund		—		—			2		22.1
Short Duration Bond Fund		1		48.1			1		13.7
Short Duration Core Plus Fund		4		66.4			—		—

As of August 31, 2020, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Blend 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 Blend Funds			JPMorgan SmartRetirement Funds
Core Bond Fund		—			—			13.6	%
Floating Rate Income Fund		13.2	%		—			20.4
High Yield Fund		—			—			22.6
Inflation Managed Bond Fund		12.4			11.5	%		51.0
Limited Duration Bond Fund		44.3			—			—
Short Duration Core Plus Fund		—			14.3			62.2

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, Floating Rate Income 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.

440 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

A significant portion of the Funds’ (except Floating Rate Income Fund and High Yield Fund) investments are comprised of asset-backed or mortgage-related securities, including securities backed by sub-prime mortgages.

Floating Rate Income Fund and High Yield Fund may invest up to 100% of the Funds’ total assets in below investment grade securities or unrated securities that JPMIM deems to be of equivalent quality. Such securities may include so called “distressed debt”.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds’ net assets could be adversely affected.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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 possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap 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. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 441

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, March 1, 2020, and continued to hold your shares at the end of the reporting period, August 31, 2020.

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 titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Bond Fund
Class A
Actual	$	1,000.00	$	1,023.40	$	3.77		0.74	%
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class C
Actual		1,000.00		1,021.00		6.78		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class I
Actual		1,000.00		1,024.70		2.50		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49
Class R2
Actual		1,000.00		1,022.50		5.56		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R3
Actual		1,000.00		1,023.80		4.28		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R4
Actual		1,000.00		1,025.00		3.01		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R5
Actual		1,000.00		1,025.90		2.20		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class R6
Actual		1,000.00		1,026.30		1.69		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
JPMorgan Core Plus Bond Fund
Class A
Actual		1,000.00		1,021.90		3.77		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74

442 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Plus Bond Fund (continued)
Class C
Actual	$	1,000.00	$	1,018.40	$	7.02		1.38	%
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class I
Actual		1,000.00		1,023.40		2.30		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R2
Actual		1,000.00		1,019.90		5.75		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R3
Actual		1,000.00		1,021.20		4.53		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R4
Actual		1,000.00		1,022.50		3.21		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63
Class R5
Actual		1,000.00		1,023.30		2.45		0.48
Hypothetical		1,000.00		1,022.79		2.45		0.48
Class R6
Actual		1,000.00		1,023.80		1.94		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
JPMorgan Floating Rate Income Fund
Class A
Actual		1,000.00		985.60		4.95		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class C
Actual		1,000.00		983.00		7.45		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class I
Actual		1,000.00		986.90		3.71		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		987.30		3.26		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65
JPMorgan Government Bond Fund
Class A
Actual		1,000.00		1,024.10		3.72		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class C
Actual		1,000.00		1,021.30		6.83		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Class I
Actual		1,000.00		1,025.50		2.35		0.46
Hypothetical		1,000.00		1,022.89		2.35		0.46
Class R2
Actual		1,000.00		1,022.40		5.51		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class R3
Actual		1,000.00		1,023.70		4.23		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R4
Actual		1,000.00		1,024.10		2.96		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 443

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Government Bond Fund (continued)
Class R6
Actual	$	1,000.00	$	1,026.20	$	1.69		0.33	%
Hypothetical		1,000.00		1,023.54		1.68		0.33
JPMorgan High Yield Fund
Class A
Actual		1,000.00		990.60		4.92		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class C
Actual		1,000.00		988.00		7.42		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class I
Actual		1,000.00		991.90		3.67		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R2
Actual		1,000.00		988.80		6.67		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class R3
Actual		1,000.00		990.20		5.42		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class R4
Actual		1,000.00		991.40		4.17		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R5
Actual		1,000.00		992.10		3.41		0.68
Hypothetical		1,000.00		1,021.78		3.47		0.68
Class R6
Actual		1,000.00		992.70		2.91		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
JPMorgan Income Fund
Class A
Actual		1,000.00		978.60		3.24		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65
Class C
Actual		1,000.00		975.80		5.93		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class I
Actual		1,000.00		980.00		2.00		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40
Class R6
Actual		1,000.00		979.00		1.95		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
JPMorgan Inflation Managed Bond Fund
Class A
Actual		1,000.00		1,025.50		3.83		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		1,020.80		7.08		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class I
Actual		1,000.00		1,025.60		2.81		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55

444 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Inflation Managed Bond Fund (continued)
Class R5
Actual	$	1,000.00	$	1,027.00	$	2.30		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,026.60		1.79		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan Limited Duration Bond Fund
Class A
Actual		1,000.00		1,007.10		3.44		0.68
Hypothetical		1,000.00		1,021.78		3.47		0.68
Class C
Actual		1,000.00		1,003.70		5.96		1.18
Hypothetical		1,000.00		1,019.26		6.01		1.18
Class I
Actual		1,000.00		1,008.40		2.18		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class R6
Actual		1,000.00		1,008.40		1.16		0.23
Hypothetical		1,000.00		1,024.05		1.17		0.23
JPMorgan Mortgage-Backed Securities Fund
Class A
Actual		1,000.00		1,017.10		3.25		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		1,014.40		5.79		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class I
Actual		1,000.00		1,018.10		1.98		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class R6
Actual		1,000.00		1,018.90		1.22		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
JPMorgan Short Duration Bond Fund
Class A
Actual		1,000.00		1,022.00		2.96		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class C
Actual		1,000.00		1,019.30		5.50		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class I
Actual		1,000.00		1,023.20		1.68		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Class R6
Actual		1,000.00		1,023.50		1.38		0.27
Hypothetical		1,000.00		1,023.84		1.38		0.27
JPMorgan Short Duration Core Plus Fund
Class A
Actual		1,000.00		1,017.40		3.25		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		1,015.10		5.74		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 445

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Short Duration Core Plus Fund (continued)
Class I
Actual	$	1,000.00	$	1,018.50	$	1.98		0.39	%
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class R6
Actual		1,000.00		1,019.90		1.68		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33

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

446 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administration services provided by the Adviser in its role as administrator.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 447

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

448 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Core Bond Fund, Core Plus Bond Fund, Government Bond Fund, High Yield Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, and Short Duration Bond Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Floating Rate Income Fund, Income Fund, Inflation Managed Bond Fund and Short Duration Core Plus Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For certain Funds, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of those Funds across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Core Bond Fund’s performance for Class A shares was in the fifth, third and fourth quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fifth, second and third quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth, fourth and third quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 449

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Core Plus Bond Fund’s performance for Class A shares was in the fifth, fourth and third quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and third quintiles based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the contractual expense limitation for Class I Shares was extended through June 2, 2022 in connection with the conversion of Class L Shares of the Fund into Class I Shares and to June 30, 2022 as part of the Fund’s annual prospectus update. The Trustees noted that the performance for Class R6 shares was in the fifth, third and third quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Floating Rate Income Fund’s performance for Class A shares was in the third, fifth and fifth quintiles based upon the Peer Group, and in the fourth, fifth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth quartile based upon the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the fourth quartile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the fourth quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be

reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Government Bond Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the first quintile based upon the Universe for both the one- and three-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the High Yield Fund’s performance for Class A shares was in the fourth, fourth and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the fourth quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the third quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the fourth, fourth and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Income Fund’s performance for Class A shares was in the second, first and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was

450 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

in the first, first and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Inflation Managed Bond Fund’s performance for Class A shares was in the fourth, fourth and first quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, fourth and second quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the third, third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Limited Duration Bond Fund’s performance for Class A shares was in the fifth, fourth and fifth quintiles based upon the Peer Group, and in the fifth, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fifth, third and third quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the fifth, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation

prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Mortgage-Backed Securities Fund’s performance for Class A shares was in the second, second and first quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for Class I shares was in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the second, second and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Short Duration Bond Fund’s performance for Class A shares was in the fifth quintile based upon the Peer Group for each of the one, three-, and five-year periods ended December 31, 2019, and in the fourth, fifth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for Class I shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Short Duration Core Plus Fund’s performance for Class A shares was in the first quintile based upon both the Peer Group and Universe for each of the one-,

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 451

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that performance for Class R6 shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the first quintile based on the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Core Bond Fund’s net advisory fee for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Core Plus Bond Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Floating Rate Income Fund’s net advisory fee for Class A shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Government Bond Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the third and second quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

452 J.P. MORGAN INCOME FUNDS AUGUST 31, 2020

shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the High Yield Fund’s net advisory fee for Class A shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Income Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Inflation Managed Bond Fund’s net advisory fee and actual total expenses for Class A shares were in the third and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total

expenses for Class R6 shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Limited Duration Bond Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mortgage-Backed Securities Fund’s net advisory fee and actual total expenses for Class A, Class I, and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Short Duration Bond Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Short Duration Core Plus Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second and first quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

AUGUST 31, 2020 J.P. MORGAN INCOME FUNDS 453

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

A copy of proxy policies and procedures is available without charge upon request by 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. August 2020. SAN-INC2-820

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. 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.

Not applicable.

(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
	November 2, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	November 2, 2020
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	November 2, 2020