JPMorgan Trust IV

N-CSR 1 d828147dncsr.htm JPMORGAN TRUST IV JPMorgan Trust IV

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: 811-23117

JPMorgan Trust IV

(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, 2019 through February 29, 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).

Annual Report

J.P. Morgan Money Market Funds

February 29, 2020

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).

LOGO

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			88

Financial Highlights			120

Notes to Financial Statements			152

Report of Independent Registered Public Accounting Firm			167

Trustees			168

Officers			171

Schedule of Shareholder Expenses			172

Tax Letter			177

Privacy Policy — Located at the back of this Annual Report

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

April 3, 2020 (Unaudited)

Dear Shareholders,

Amid the unprecedented global response to the COVID-19 pandemic, all of us at J.P. Morgan Asset Management sincerely hope that you and your loved ones are safe and healthy. We continue to closely monitor the situation globally and implement protocols and processes based on recommendations from relevant authorities aimed at protecting our clients, shareholders, employees, businesses and the broader public health.

“Our detailed planning and investments in technology have allowed us to maintain our high level of service to our clients and shareholders and help them navigate the current uncertainty even as our people have transitioned to working from home and ensuring the well-being of their own households.”
— Andrea L. Lisher

We want to assure you that J.P. Morgan Asset Management is deeply committed to protecting and serving our clients and shareholders through this crisis. We regularly plan and exercise against various events and coordinate closely with regulators, vendors and industry parties, among others, striving for seamless and consistent execution. Throughout each year, we test

our resiliency capabilities and core functions. Past events, such as hurricanes or other emergencies, have helped to prepare us for rare events, including multi-day outages. Our technology teams and systems employ distributed operating models and our client services have extensive capabilities through multiple global call centers and digital channels.

Our detailed planning and investments in technology have allowed us to maintain our high level of service to our clients and shareholders and help them navigate the current uncertainty even as our people have transitioned to working from home and ensuring the well-being of their own households.

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

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	1

J.P. Morgan Money Market Funds

FUNDS COMMENTARY

April 15, 2020

Dear Shareholders,

We are dealing with an extraordinary global COVID-19 crisis and an unprecedented financial markets environment. Throughout our history, JPMorgan Asset Management Global Liquidity has helped clients navigate shifting market environments while drawing on JPMorgan’s global resources and expertise to deliver effective short-term fixed income strategies. This current, extraordinary environment is no different.

Subsequent to the twelve month reporting period ended February 29, 2020, a global erosion in equity prices, government bond yields dropping to historical lows and oil prices collapsing led to industry-wide large redemptions from prime money market funds, which typically invest in short-term taxable commercial debt securities. Investor concerns that liquidity would evaporate in the market for these funds drove a sharp increase in asset outflows in the first two weeks of March 2020. Conversely, U.S. government and U.S. Treasury money market funds saw significant asset inflows during this time. JPMorgan government and Treasury money market funds have seen large net asset inflows and assets under management in the JPMorgan U.S. Government Money Market Fund have swelled to more than $200 billion from about $150 billion at the end of 2019.¹

The U.S. Federal Reserve (the “Fed”) responded swiftly in March, taking aggressive actions, including reducing its target range for the fed funds interest rate by 100 basis points (bps), to its effective lower bound of 0-25 bps; restarting its quantitative easing program, committing to purchase an unlimited amount of U.S. Treasury bonds and mortgage-backed securities; lowering the primary credit rate at the discount window by 15 bps to 0.25%; and lowering required bank reserved ratios to zero. In the following weeks, prime money markets largely stabilized but by the end of the month an estimated $157 billion in assets — roughly 14% of industry-wide money market assets under management — had been redeemed by investors in prime money market funds.²

Fed policy actions included other measures designed to support market liquidity and the flow of credit. The central bank created the Commercial Paper Funding Facility and the Money Market Fund Liquidity Facility and reinstated its Term Asset-Backed Securities Lending Facility in addition to interest rate reductions. These actions — plus a $2.3 trillion stimulus package from the U.S. Congress — resulted in improved liquidity for front-end fixed income markets. By April 15, JPMorgan’s prime

money market funds had recorded net inflows of about $20 billion, recovering about 70% of assets under management that had flowed out of our prime funds from March 12 to March 31.³ We believe the experience and knowledge of the JPMorgan Asset Management Global Liquidity team and JPMorgan’s standing as one of the largest global providers of prime money market funds provides us with the expertise and scale to continue to serve our fund shareholders in the face of the global impact of COVID-19.

In the larger picture, market data have displayed some uncanny similarities in directionality and magnitude between the current global crisis and the financial crisis of 2008-09. The market data for both periods show sizable declines in equity prices, indicating a significant weakening of corporate profitability. In addition, in both periods we can see a greater widening in front-end credit spreads than in long-term credit spreads, indicating a pronounced lack of liquidity in the short-term fixed income markets. Furthermore, the current monetary response is also similar to actions taken in 2008-09, with the Fed implementing a zero interest rate policy and making large-scale asset purchases.

Notable differences, from a markets perspective, include the depth of the labor market stress, the size and speed of the U.S. government’s fiscal response and the health of the U.S. financial system. Recent initial weekly jobless claims have hit record highs, which indicates there will likely be more short-term stress on the average consumer in the current downturn than during the 2008-09 financial crisis and recession that followed it. However, the U.S. Congress’s fiscal rescue response now totals nearly double what it approved during the 2008-09 financial crisis and it appears that there is Congressional support to do more, if necessary. Additionally, the banking system today remains relatively strong, which should enable the Fed to funnel capital to those segments of the economy that need it most.

Over the long term, our significant and long standing investments in both talent and technology allow JPMorgan Global Liquidity to continue to provide our shareholders with opportunities and solutions throughout market cycles and global turmoil. We thank you for your continued partnership and trust in our company and our products.

John T. Donohue

CEO of Asset Management Americas, Head and CIO of the Global Liquidity Business

Cranedata.com, April 15, 2020.

Cranedata.com, March 31, 2020.

Cranedata.com, April 15, 2020.



2	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan Prime Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$63.0 Billion
Weighted Average Maturity^^		31 calendar days
Weighted Average Life^^^		81 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	47.4	%
8–30 calendar days	18.5
31–60 calendar days	17.4
61–90 calendar days	8.2
91–180 calendar days	7.5
181+ calendar days	1.0


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Class C Shares	0.87	%
Academy Shares	1.67
Agency Shares	1.59
Capital Shares	1.67
IM Shares	1.68
Institutional Class Shares	1.64
Morgan Shares	1.33
Premier Shares	1.39
Reserve Shares	1.14

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.

^	Commenced operations on May 15, 2019.

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

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

*	Percentages indicated are based upon total investments as of February 29, 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 (2.60)%, 1.50%, 1.54%, 1.64%, 1.68%, 1.58%, 1.33%, 1.37% and 0.95% 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	3

JPMorgan Institutional Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$970.4 Million
Weighted Average Maturity^		30 calendar days
Weighted Average Life^^		34 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	73.5	%
8–30 calendar days	4.8
31–60 calendar days	2.9
61–90 calendar days	9.3
91–180 calendar days	7.2
181+ calendar days	2.3


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	0.92	%
Capital Shares	1.01
IM Shares	1.03
Institutional Class Shares	0.98

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.

*	Percentages indicated are based upon total investments as of February 29, 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 0.83%, 0.95%, 1.00% and 0.90% 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	FEBRUARY 29, 2020

JPMorgan Securities Lending Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$3.5 Billion
Weighted Average Maturity^		24 calendar days
Weighted Average Life^^		56 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	53.2	%
8–30 calendar days	20.2
31–60 calendar days	10.3
61–90 calendar days	11.6
91–180 calendar days	4.7


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency SL Shares	1.75	%

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.

*	Percentages indicated are based upon total investments as of February 29, 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 1.65% 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	5

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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, ETrade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares**
Net Assets as of February 29, 2020		$10.8 Billion
Weighted Average Maturity^^		29 calendar days
Weighted Average Life^^^		68 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	53.9	%
8–30 calendar days	15.9
31–60 calendar days	13.7
61–90 calendar days	7.4
91–180 calendar days	8.6
181+ calendar days	0.5


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Class C Shares	0.87	%
Agency Shares	1.59
Capital Shares	1.67
Institutional Class Shares	1.64
Investor Shares	1.33
Morgan Shares	1.25
Premier Shares	1.39
Reserve Shares	1.14

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.

*	Percentages indicated are based upon total investments as of February 29, 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 0.69%, 1.55%, 1.65%, 1.60%, 1.31%, 1.24%, 1.39% and 1.14% 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	FEBRUARY 29, 2020

JPMorgan U.S. Government Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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, ETrade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares**
Net Assets as of February 29, 2020		$159.2 Billion
Weighted Average Maturity^^		27 calendar days
Weighted Average Life^^^		91 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	68.1	%
8–30 calendar days	12.0
31–60 calendar days	5.5
61–90 calendar days	3.2
91–180 calendar days	7.5
181+ calendar days	3.7


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Academy Shares	1.48	%
Agency Shares	1.40
Capital Shares	1.48
E*Trade Shares	0.66
IM Shares	1.52
Institutional Class Shares	1.45
Investor Shares	1.17
Morgan Shares	1.07
Premier Shares	1.22
Reserve Shares	0.97
Service Shares	0.61

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

^	Commenced operations on May 15, 2019.

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

*	Percentages indicated are based upon total investments as of February 29, 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 1.47%, 1.37%, 1.47%, 0.62%, 1.52%, 1.42%, 1.17%, 1.07%, 1.22%, 0.97% and 0.61% 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	7

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$31.1 Billion
Weighted Average Maturity^		34 calendar days
Weighted Average Life^^		62 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	65.4	%
8–30 calendar days	14.7
31–60 calendar days	4.6
61–90 calendar days	1.6
91–180 calendar days	4.2
181+ calendar days	9.5


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Class C Shares	0.66	%
Agency Shares	1.38
Capital Shares	1.46
IM Shares	1.49
Institutional Class Shares	1.43
Investor Shares	1.14
Morgan Shares	1.04
Premier Shares	1.19
Reserve Shares	0.94

^†	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.

*	Percentages indicated are based upon total investments as of February 29, 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 0.49%, 1.34%, 1.44%, 1.49%, 1.40%, 1.13%, 1.04%, 1.19% and 0.94% 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	FEBRUARY 29, 2020

JPMorgan Federal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$3.1 Billion
Weighted Average Maturity^		43 calendar days
Weighted Average Life^^		80 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	20.3	%
8–30 calendar days	26.8
31–60 calendar days	29.4
61–90 calendar days	13.9
91–180 calendar days	6.3
181+ calendar days	3.3


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	1.37	%
Institutional Class Shares	1.42
Morgan Shares	1.04
Premier Shares	1.19

^†	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.

*	Percentages indicated are based upon total investments as of February 29, 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 1.34%, 1.39%, 1.03% and 1.19% 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	9

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

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$66.1 Billion
Weighted Average Maturity^^		45 calendar days
Weighted Average Life^^^		96 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	20.0	%
8–30 calendar days	36.4
31–60 calendar days	24.3
61–90 calendar days	7.4
91–180 calendar days	3.0
181+ calendar days	8.9


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	1.37	%
Capital Shares	1.45
IM Shares	1.48
Institutional Class Shares	1.42
Morgan Shares	1.04
Premier Shares	1.18
Reserve Shares	0.93

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

^	Commenced operations on January 15, 2020.

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

*	Percentages indicated are based upon total investments as of February 29, 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 1.32%, 1.42%, 1.48%, 1.37%, 1.02%, 1.18% and 0.92% 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	FEBRUARY 29, 2020

JPMorgan Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$12.5 Billion
Weighted Average Maturity^		27 calendar days
Weighted Average Life^^		27 calendar days


MATURITY SCHEDULE**^
2–7 calendar days	81.7	%
8–30 calendar days	1.3
31–60 calendar days	2.0
61–90 calendar days	5.4
91–180 calendar days	5.4
181+ calendar days	4.2


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	0.92	%
Institutional Class Shares	0.97
Morgan Shares	0.58
Premier Shares	0.73
Reserve Shares	0.48

^†	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.

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

**	Percentages indicated are based upon total investments as of February 29, 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 0.89%, 0.94%, 0.55%, 0.73% and 0.48% 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	11

JPMorgan Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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, ETrade^, Institutional Class, Morgan, Premier and Service Shares**
Net Assets as of February 29, 2020		$2.0 Billion
Weighted Average Maturity^^		31 calendar days
Weighted Average Life^^^		33 calendar days


MATURITY SCHEDULE**^^
1 calendar day	0.0	%***
2–7 calendar days	82.2
8–30 calendar days	2.1
31–60 calendar days	1.5
61–90 calendar days	1.8
91–180 calendar days	6.3
181+ calendar days	6.1


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	0.97	%
Institutional Class Shares	1.02
Morgan Shares	0.64
Premier Shares	0.78
Service Shares	0.18

^†	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.

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

**	Percentages indicated are based upon total investments as of February 29, 2020.

***	Amount rounds to less than 0.05%.

⁽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 0.88%, 0.93%, 0.58%, 0.73% and 0.13% 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	FEBRUARY 29, 2020

JPMorgan California Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$576.7 Million
Weighted Average Maturity^^^		27 calendar days
Weighted Average Life^^^^		28 calendar days


MATURITY SCHEDULE**^^^
2–7 calendar days	75.8	%
31–60 calendar days	5.7
61–90 calendar days	8.3
91–180 calendar days	8.5
181+ calendar days	1.7


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	0.84	%
Institutional Class Shares	0.89
Morgan Shares	0.51
Premier Shares	0.65
Service Shares	0.05

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

^	Commenced operations on March 1, 2019.

^^	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.

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

**	Percentages indicated are based upon total investments as of February 29, 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 0.75%, 0.80%, 0.45%, 0.61% and 0.01% 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	13

JPMorgan New York Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2020		$2.7 Billion
Weighted Average Maturity^^^		23 calendar days
Weighted Average Life^^^^		24 calendar days


MATURITY SCHEDULE**^^^
2–7 calendar days	86.4	%
8–30 calendar days	0.8
31–60 calendar days	0.2
61–90 calendar days	1.1
91–180 calendar days	9.1
181+ calendar days	2.4


7-DAY SEC YIELD AS OF FEBRUARY 29, 2020⁽¹⁾
Agency Shares	0.92	%
Institutional Class Shares	0.97
Morgan Shares	0.59
Premier Shares	0.73
Reserve Shares	0.48
Service Shares	0.13

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

^	Commenced operations on March 1, 2019.

^^	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.

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

**	Percentages indicated are based upon total investments as of February 29, 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 0.85%, 0.90%, 0.55%, 0.70%, 0.45% and 0.09% 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	FEBRUARY 29, 2020

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 28.7%

Barclays Capital, Inc., 1.83%, dated 2/28/2020, due 4/3/2020, repurchase price $400,710, collateralized by Collateralized Mortgage Obligations, 0.00% - 27.77%, due 10/25/2021 - 5/11/2063, FHLMC, 5.88% - 12.63%, due 10/25/2029 - 1/25/2050 and FNMA Connecticut Avenue Securities, 0.00% - 7.38%, due 7/25/2029 - 1/25/2040, with a value of $432,000.		400,000		400,000

Barclays Capital, Inc., 1.86%, dated 2/28/2020, due 4/3/2020, repurchase price $190,343, collateralized by Collateralized Mortgage Obligations, 0.00% - 4.58%, due 12/15/2021 - 2/18/2053 and FHLMC, 5.38% - 6.46%, due 5/25/2043 - 2/25/2050, with a value of $205,200.		190,000		190,000

BMO Capital Markets Corp., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $52,007, collateralized by Asset-Backed Securities, 1.67% - 4.43%, due 12/20/2022 - 1/15/2069, Collateralized Mortgage Obligations, 4.09%, due 10/13/2048, Corporate Bonds, 2.20% - 8.13%, due 3/18/2021 - 6/15/2048, Corporate Notes, 2.15%, due 4/29/2021 and Sovereign Government Securities, 2.38%, due 1/29/2021, with a value of $67,726.		52,000		52,000

BMO Capital Markets Corp., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $110,015, collateralized by Asset-Backed Securities, 1.74% - 4.74%, due 6/21/2021 - 8/15/2068, Corporate Bonds, 2.20% - 8.63%, due 3/15/2020 - 2/24/2050, Corporate Notes, 2.25% - 3.65%, due 2/12/2021 - 6/12/2024, FHLMC, 2.54% - 3.16%, due 5/25/2025 - 7/25/2026, FNMA, 9.12%, due 6/25/2037 and Sovereign Government Securities, 2.38%, due 1/29/2021, with a value of $117,024.		110,000		110,000

BMO Capital Markets Corp., 1.70%, dated 2/28/2020, due 3/6/2020, repurchase price $25,008, collateralized by Asset-Backed Securities, 2.05% - 8.99%, due 3/13/2026 - 2/15/2050, Collateralized Mortgage Obligations, 2.81% - 4.41%, due 8/17/2046 - 3/11/2050, Corporate Bonds, 1.88% - 5.25%, due 3/27/2020 - 2/15/2030, Corporate Notes, 2.45%, due 1/9/2030 and FHLMC, 4.00%, due 5/1/2046, with a value of $27,040.		25,000		25,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


BMO Capital Markets Corp., 1.85%, dated 2/28/2020, due 3/6/2020, repurchase price $45,016, collateralized by Asset-Backed Securities, 0.00% - 8.99%, due 1/16/2024 - 6/26/2056, Collateralized Mortgage Obligations, 0.11% - 5.53%, due 4/25/2032 - 8/25/2055, Corporate Bonds, 2.05% - 8.63%, due 5/21/2021 - 1/1/2999, Corporate Notes, 2.65%, due 6/12/2024, FHLMC, 2.50% - 4.00%, due 6/25/2027 - 2/1/2050 and GNMA, 3.00% - 5.00%, due 1/20/2050 - 2/20/2050, with a value of $48,516.		45,000		45,000

BMO Capital Markets Corp., 1.86%, dated 2/28/2020, due 3/6/2020, repurchase price $100,036, collateralized by Asset-Backed Securities, 0.00% - 3.69%, due 11/18/2021 - 6/26/2056, Collateralized Mortgage Obligations, 0.02% - 1.24%, due 6/10/2038 - 1/15/2049, Corporate Bonds, 2.13% - 10.88%, due 5/18/2020 - 5/15/2050, Corporate Notes, 1.88% - 2.75%, due 2/12/2021 - 5/19/2022, Municipal Debt Securities, 2.13% - 2.64%, due 8/25/2031 - 10/25/2037 and Sovereign Government Securities, 2.38%, due 1/29/2021, with a value of $106,664.		100,000		100,000

BNP Paribas SA, 1.74%, dated 2/28/2020, due 3/3/2020, repurchase price $175,034, collateralized by Asset-Backed Securities, 2.01% - 9.84%, due 5/15/2025 - 8/15/2042, Collateralized Mortgage Obligations, 3.98% - 5.40%, due 1/25/2050 - 5/25/2057, Corporate Bonds, 0.00% - 8.63%, due 8/15/2020 - 1/1/2999, Sovereign Government Securities, 4.88% - 8.75%, due 1/22/2021 - 1/23/2050 and U.S. Treasury Securities, 0.63% - 1.50%, due 1/31/2022 - 4/15/2023, with a value of $186,594.		175,000		175,000

Bofa Securities, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $400,056, collateralized by Common Stocks, 0.00%, due 1/1/2999 and Preferred Stocks, 3.36% - 8.25%, due 5/1/2029 - 1/1/2999, with a value of $432,000.		400,000		400,000

Bofa Securities, Inc., 1.93%, dated 2/28/2020, due 4/3/2020, repurchase price $841,576, collateralized by Corporate Bonds, 2.63% - 5.95%, due 6/4/2020 - 12/1/2086 and Corporate Notes, 2.63% - 4.75%, due 2/4/2021 - 4/15/2058, with a value of $882,001.		840,000		840,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Bofa Securities, Inc., 1.98%, dated 2/28/2020, due 4/3/2020, repurchase price $175,337, collateralized by Corporate Bonds, 2.60% - 7.50%, due 1/19/2022 - 1/26/2050 and Corporate Notes, 3.46% - 3.65%, due 5/24/2021 - 9/1/2049, with a value of $183,750.		175,000		175,000

Bofa Securities, Inc., 1.98%, dated 2/28/2020, due 4/3/2020, repurchase price $303,383, collateralized by Commercial Paper, 0.00%, due 3/2/2020 - 5/19/2020, Corporate Bonds, 0.00% - 14.00%, due 3/15/2020 - 1/1/2999, Corporate Notes, 0.00% - 8.63%, due 3/25/2020 - 6/19/2032 and FNMA, 2.50%, due 12/1/2049, with a value of $322,261.		302,800		302,800

Citigroup Global Markets Holdings, Inc., 1.97%, dated 2/28/2020, due 3/5/2020, repurchase price $227,274, collateralized by Asset-Backed Securities, 2.00% - 9.15%, due 12/16/2024 - 10/25/2069, Collateralized Mortgage Obligations, 1.25% - 5.42%, due 6/15/2034 - 12/16/2072, FHLMC, 3.75% - 4.75%, due 12/26/2030 - 11/26/2057 and FNMA Connecticut Avenue Securities, 3.66% - 6.26%, due 3/25/2031 - 1/25/2040, with a value of $246,354.		227,200		227,200

Citigroup Global Markets Holdings, Inc., 1.82%, dated 2/28/2020, due 4/18/2020, repurchase price $223,362, collateralized by Asset-Backed Securities, 0.00% - 7.26%, due 9/15/2021 - 10/28/2064, Collateralized Mortgage Obligations, 0.00% - 5.16%, due 7/15/2030 - 6/30/2053, Corporate Bonds, 0.00% - 11.50%, due 3/6/2020 - 1/1/2999, Corporate Notes, 0.00% - 8.75%, due 3/2/2020 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.31%, due 10/25/2030 and Municipal Debt Securities, 0.00%, due 7/1/2046, with a value of $238,737.		222,800		222,800

Credit Suisse Securities USA LLC, 1.78%, dated 2/28/2020, due 3/6/2020, repurchase price $90,031, collateralized by Asset-Backed Securities, 0.00% - 6.50%, due 8/15/2026 - 10/15/2116 and Collateralized Mortgage Obligations, 0.00% - 9.72%, due 7/20/2020 - 8/25/2045, with a value of $98,517.		90,000		90,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $5,500,729, collateralized by U.S. Treasury Securities, 0.13% - 3.00%, due 1/15/2023 - 2/15/2047, with a value of $5,610,000.		5,500,000		5,500,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by U.S. Treasury Securities, 2.00% - 2.25%, due 4/30/2024 - 5/31/2024, with a value of $1,020,000.		1,000,000		1,000,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by U.S. Treasury Securities, 0.38% - 3.00%, due 7/15/2025 - 9/30/2025, with a value of $1,020,002.		1,000,000		1,000,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $3,000,400, collateralized by U.S. Treasury Securities, 0.25% - 4.38%, due 11/15/2027 - 5/15/2040, with a value of $3,060,004.		3,000,000		3,000,000

HSBC Securities USA, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $20,003, collateralized by Asset-Backed Securities, 2.22% - 3.03%, due 6/15/2039 - 1/15/2043 and Municipal Debt Securities, 0.00%, due 8/1/2031, with a value of $21,203.		20,000		20,000

HSBC Securities USA, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $60,008, collateralized by Corporate Bonds, 2.40% - 6.63%, due 1/14/2022 - 4/15/2049, Corporate Notes, 2.82% - 4.67%, due 9/21/2023 - 3/6/2038 and Sovereign Government Securities, 3.25%, due 4/16/2030, with a value of $63,009.		60,000		60,000

HSBC Securities USA, Inc., 1.83%, dated 2/28/2020, due 3/2/2020, repurchase price $51,008, collateralized by Corporate Bonds, 4.00% - 7.75%, due 12/15/2025 - 11/15/2029, with a value of $55,088.		51,000		51,000

ING Financial Markets LLC, 1.73%, dated 2/28/2020, due 3/2/2020, repurchase price $189,027, collateralized by Corporate Bonds, 3.20% - 8.20%, due 1/27/2025 - 11/21/2029 and Sovereign Government Securities, 4.63% - 6.88%, due 1/13/2028 - 3/17/2036, with a value of $204,149.		189,000		189,000

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

ING Financial Markets LLC, 1.73%, dated 2/28/2020, due 3/2/2020, repurchase price $300,043, collateralized by Corporate Bonds, 3.20% - 5.30%, due 1/27/2025 - 11/21/2029 and Sovereign Government Securities, 3.95% - 6.75%, due 1/22/2021 - 2/17/2045, with a value of $322,933.		300,000		300,000

ING Financial Markets LLC, 1.75%, dated 2/28/2020, due 3/10/2020, repurchase price $200,107, collateralized by Corporate Bonds, 5.30%, due 1/27/2025 and Sovereign Government Securities, 4.63% - 6.49%, due 1/22/2021 - 1/13/2028, with a value of $213,156.		200,000		200,000

Mitsubishi UFJ Trust & Banking Corp., 1.78%, dated 2/28/2020, due 3/4/2020, repurchase price $500,124, collateralized by Corporate Bonds, 0.00% - 4.15%, due 5/13/2022 - 5/1/2030 and Corporate Notes, 2.45%, due 1/9/2030, with a value of $522,125.		500,000		500,000

Societe Generale SA, 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $200,028, collateralized by Commercial Paper, 0.00%, due 3/31/2020, Corporate Bonds, 1.74% - 6.95%, due 5/5/2020 - 7/1/2054, Corporate Notes, 2.00% - 5.25%, due 2/22/2021 - 11/17/2045 and Sovereign Government Securities, 2.04% - 7.88%, due 3/29/2021 - 1/31/2050, with a value of $210,029.		200,000		200,000

Societe Generale SA, 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $300,042, collateralized by Commercial Paper, 0.00%, due 3/31/2020, Corporate Bonds, 1.88% - 8.60%, due 3/30/2020 - 1/1/2999, Corporate Notes, 2.00% - 5.90%, due 11/16/2020 - 1/1/2999 and Sovereign Government Securities, 1.75% - 7.88%, due 3/15/2022 - 1/31/2050, with a value of $315,103.		300,000		300,000

Societe Generale SA, 1.75%, dated 2/28/2020, due 3/2/2020, repurchase price $587,086, collateralized by Asset-Backed Securities, 1.78% - 6.90%, due 2/25/2036 - 11/15/2039, Collateralized Mortgage Obligations, 1.87% - 5.91%, due 7/17/2034 - 7/17/2047, Corporate Bonds, 3.09% - 11.13%, due 3/15/2020 - 2/28/2057, Corporate Notes, 3.12% - 8.00%, due 3/25/2020 - 1/20/2023 and Sovereign Government Securities, 4.25% - 8.75%, due 3/9/2020 - 1/1/2999, with a value of $633,991.		587,000		587,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Societe Generale SA, 1.88%, dated 2/28/2020, due 3/2/2020, repurchase price $200,031, collateralized by Asset-Backed Securities, 2.11% - 4.68%, due 7/25/2035 - 2/15/2048, Collateralized Mortgage Obligations, 3.81% - 5.62%, due 10/15/2036 - 11/25/2039, Corporate Bonds, 3.38% - 10.75%, due 3/15/2020 - 8/15/2047, Corporate Notes, 6.72% - 8.00%, due 3/25/2020 - 12/1/2022 and Sovereign Government Securities, 2.70% - 11.88%, due 4/15/2024 - 2/17/2045, with a value of $215,564.		200,000		200,000

Societe Generale SA, 1.78%, dated 2/28/2020, due 3/3/2020, repurchase price $250,049, collateralized by Corporate Bonds, 2.60% - 12.00%, due 12/15/2022 - 2/7/2030, Corporate Notes, 2.18% - 3.12%, due 11/16/2020 - 1/20/2023 and Sovereign Government Securities, 4.50% - 10.13%, due 4/15/2024 - 5/11/2047, with a value of $268,764.		250,000		250,000

Societe Generale SA, 1.68%, dated 2/28/2020, due 3/4/2020, repurchase price $205,048, collateralized by Asset-Backed Securities, 4.15% - 4.68%, due 2/25/2033 - 2/15/2048, Corporate Bonds, 1.80% - 6.76%, due 11/3/2020 - 2/21/2050 and Corporate Notes, 1.95% - 4.05%, due 11/16/2020 - 9/25/2034, with a value of $215,458.		205,000		205,000

Societe Generale SA, 1.78%, dated 2/28/2020, due 3/4/2020, repurchase price $22,005, collateralized by Asset-Backed Securities, 2.11%, due 7/25/2035, Corporate Bonds, 9.50% - 9.70%, due 5/14/2024 - 12/30/2024 and Sovereign Government Securities, 6.00% - 6.75%, due 4/7/2026 - 5/30/2040, with a value of $23,768.		22,000		22,000

Societe Generale SA, 1.88%, dated 2/28/2020, due 3/31/2020, repurchase price $370,618, collateralized by Asset-Backed Securities, 1.80%, due 4/25/2037, Collateralized Mortgage Obligations, 3.60%, due 7/17/2047, Corporate Bonds, 3.63% - 10.50%, due 8/15/2022 - 10/7/2079, Corporate Notes, 3.50% - 6.35%, due 12/1/2021 - 2/20/2024 and Sovereign Government Securities, 4.25% - 11.88%, due 2/4/2021 - 1/1/2999, with a value of $400,205.		370,000		370,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	17

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

UBS Securities LLC, 1.78%, dated 2/28/2020, due 3/6/2020, repurchase price $300,104, collateralized by Asset-Backed Securities, 2.48%, due 11/9/2020, Corporate Bonds, 2.20% - 10.75%, due 6/8/2020 - 1/1/2999, Corporate Notes, 2.35% - 7.30%, due 3/26/2020 - 6/26/2048 and Certificates of Deposit, 1.90%, due 4/30/2020, with a value of $320,647.		300,000		300,000

Wells Fargo Securities LLC, 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $150,021, collateralized by Commercial Paper, 0.00%, due 3/3/2020 - 3/12/2020, with a value of $157,522.		150,000		150,000

Wells Fargo Securities LLC, 1.73%, dated 2/28/2020, due 3/2/2020, repurchase price $100,014, collateralized by Common Stocks, 0.00%, due 1/1/2999 and Preferred Stocks, 3.00% - 8.50%, due 1/1/2999, with a value of $108,016.		100,000		100,000

Wells Fargo Securities LLC, 1.73%, dated 2/28/2020, due 3/2/2020, repurchase price $154,022, collateralized by Commercial Paper, 0.00%, due 3/12/2020 - 5/5/2020 and Certificates of Deposit, 0.00%, due 3/16/2020 - 11/13/2020, with a value of $161,754.		154,000		154,000

Wells Fargo Securities LLC, 1.73%, dated 2/28/2020, due 3/4/2020, repurchase price $100,024, collateralized by Commercial Paper, 0.00%, due 3/3/2020 - 3/25/2020, with a value of $105,035.		100,000		100,000


Total Repurchase Agreements (Cost $18,112,800)				18,112,800

Corporate Notes — 1.6%

Banks — 1.1%

Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.16%), 1.74%, 3/2/2020 (b)		50,000		50,011

Barclays Bank plc (United Kingdom)

(ICE LIBOR USD 1 Month + 0.05%), 1.70%, 3/13/2020 (b) (c)		200,000		200,000

(ICE LIBOR USD 1 Month + 0.05%), 1.68%, 3/24/2020 (b) (c)		420,000		420,000


				670,011


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Consumer Finance — 0.5%

Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.09%), 1.98%, 3/16/2020 (b)		300,000		300,144


Total Corporate Notes (Cost $970,000)				970,155

U.S. Treasury Obligations — 1.0%

U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.12%), 1.63%, 3/2/2020 (b) (Cost $649,875)		650,000		650,335

Municipal Bonds — 0.2%

Alaska — 0.1%

Alaska Housing Finance Corp., State Capital Project Series 2018A, Rev., VRDO, 1.62%, 3/6/2020 (d)		52,100		52,100


California — 0.0% (e)

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments

Series H-4, Rev., VRDO, LOC: Bank of China, 1.68%, 3/6/2020 (d)		14,160		14,160

Series H-3, Rev., VRDO, LOC: Bank of China, 1.70%, 3/6/2020 (d)		8,945		8,945


				23,105


Michigan — 0.1%

Michigan Finance Authority Series 2019D, Rev., VRDO, LOC: PNC Bank NA, 1.65%, 3/6/2020 (d)		65,000		65,000


Total Municipal Bonds (Cost $140,205)				140,205

Short-Term Investments — 68.2%

Certificates of Deposit — 41.0%

Agricultural Bank of China Ltd. (China) 2.30%, 3/10/2020		75,000		75,016

Banco del Estado de Chile (Chile) 1.92%, 4/6/2020		50,000		50,018

Bank of Montreal (Canada) 2.00%, 3/18/2020		500,000		500,113

1.72%, 5/6/2020 (f)		50,000		49,860

Bank of Nova Scotia (The) (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.33%), 1.91%, 3/2/2020 (b)		100,000		100,109

(ICE LIBOR USD 1 Month + 0.17%), 1.84%, 3/6/2020 (b)		55,000		55,016

(ICE LIBOR USD 1 Month + 0.17%), 1.84%, 3/10/2020 (b)		50,000		50,015

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

(ICE LIBOR USD 3 Month + 0.10%), 2.01%, 4/6/2020 (b)		110,000		110,055

(ICE LIBOR USD 3 Month + 0.11%), 2.02%, 4/6/2020 (b)		60,000		60,035

(ICE LIBOR USD 3 Month + 0.05%), 1.92%, 4/8/2020 (b)		60,000		60,018

(ICE LIBOR USD 3 Month + 0.08%), 1.95%, 4/8/2020 (b)		180,000		180,060

1.95%, 4/16/2020		150,000		150,101

(ICE LIBOR USD 3 Month + 0.05%), 1.85%, 4/28/2020 (b)		85,000		85,000

(ICE LIBOR USD 3 Month + 0.13%), 1.87%, 5/6/2020 (b)		150,000		150,121

BNP Paribas SA (France)

(ICE LIBOR USD 1 Month + 0.28%), 1.94%, 3/2/2020 (b)		150,000		150,175

(ICE LIBOR USD 1 Month + 0.32%), 1.99%, 3/7/2020 (b)		108,000		108,113

(ICE LIBOR USD 1 Month + 0.21%), 1.88%, 3/9/2020 (b)		70,000		70,026

(ICE LIBOR USD 3 Month + 0.08%), 1.99%, 4/3/2020 (b)		180,000		180,074

(ICE LIBOR USD 3 Month + 0.15%), 2.02%, 4/7/2020 (b)		108,000		108,060

Canadian Imperial Bank of Commerce (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (b)		115,000		115,052

(ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/6/2020 (b)		66,000		66,019

Chiba Bank Ltd. (Japan) 1.86%, 3/6/2020		50,003		50,003

China Construction Bank Corp. (China) 1.62%, 3/3/2020		150,000		150,000

2.30%, 3/9/2020		100,000		100,018

2.31%, 3/13/2020		40,000		40,011

2.30%, 3/30/2020		125,000		125,069

2.25%, 4/7/2020		100,000		100,066

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 1 Month + 0.18%), 1.83%, 3/5/2020 (b)		75,000		75,018

(ICE LIBOR USD 1 Month + 0.22%), 1.83%, 3/27/2020 (b)		50,000		50,010

(ICE LIBOR USD 3 Month + 0.06%), 1.90%, 4/17/2020 (b)		99,997		99,997


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Certificates of Deposit — continued

Cooperatieve Rabobank UA (Netherlands)

(ICE LIBOR USD 1 Month + 0.19%), 1.84%, 3/20/2020 (b)		250,000		250,077

1.66%, 6/15/2020 (f)		150,000		149,328

Credit Agricole Corporate and Investment Bank (France)

(ICE LIBOR USD 3 Month + 0.13%), 1.96%, 4/10/2020 (b)		75,000		75,037

1.79%, 7/28/2020 (f)		250,000		248,538

Credit Agricole SA (France) 1.77%, 7/24/2020 (f)		150,000		149,143

1.76%, 8/3/2020 (f)		125,000		124,242

1.79%, 8/3/2020 (f)		275,000		273,334

Credit Industriel Desjardins, Inc. (Canada) 1.73%, 11/16/2020 (f)		195,000		193,026

Credit Industriel et Commercial (France)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (b)		200,000		200,096

2.25%, 3/24/2020 (f)		200,000		199,789

(ICE LIBOR USD 3 Month + 0.04%), 1.95%, 4/6/2020 (b)		100,000		100,020

(ICE LIBOR USD 3 Month + 0.08%), 1.98%, 4/6/2020 (b)		150,000		150,062

1.92%, 5/12/2020 (f)		150,000		149,544

2.00%, 5/26/2020 (f)		400,000		398,577

1.85%, 9/10/2020 (f)		450,000		446,474

Credit Suisse AG (Switzerland)

(ICE LIBOR USD 1 Month + 0.31%), 1.96%, 3/3/2020 (b)		350,000		350,386

(ICE LIBOR USD 3 Month + 0.10%), 2.04%, 4/1/2020 (b)		100,000		100,036

(ICE LIBOR USD 3 Month + 0.17%), 2.01%, 4/16/2020 (b)		395,000		395,277

1.96%, 4/20/2020 (f)		500,000		498,888

DZ Bank AG (Germany) 2.28%, 3/13/2020 (f)		185,000		184,885

1.90%, 4/27/2020 (f)		350,000		349,102

1.89%, 5/14/2020 (f)		250,000		249,184

1.92%, 5/15/2020 (f)		145,000		144,520

1.78%, 7/24/2020 (f)		100,000		99,407

1.76%, 7/30/2020 (f)		145,000		144,110

HSBC Bank USA NA (ICE LIBOR USD 3 Month + 0.02%), 1.83%, 4/23/2020 (b)		210,000		210,032

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	19

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

Industrial & Commercial Bank of China Ltd. (China) 2.31%, 3/20/2020		100,000		100,035

2.32%, 3/31/2020		250,000		250,128

ING Bank NV (Netherlands)

(ICE LIBOR USD 1 Month + 0.33%), 2.00%, 3/12/2020 (b)		165,000		165,153

(ICE LIBOR USD 3 Month + 0.12%), 1.99%, 4/8/2020 (b)		583,000		583,277

(ICE LIBOR USD 3 Month + 0.10%), 1.84%, 5/5/2020 (b)		331,000		331,000

(ICE LIBOR USD 3 Month + 0.08%), 1.82%, 5/6/2020 (b)		185,000		185,000

(ICE LIBOR USD 3 Month + 0.18%), 1.91%, 5/10/2020 (b)		295,000		295,101

1.93%, 7/27/2020		95,000		95,161

1.91%, 7/31/2020		150,000		150,255

KBC Bank NV (Ireland) 2.02%, 3/9/2020 (f)		257,000		256,888

Mitsubishi UFJ Trust & Banking Corp. (United Kingdom)

(ICE LIBOR USD 1 Month + 0.12%), 1.74%, 3/26/2020 (b)		20,000		20,005

1.97%, 4/20/2020 (f)		140,000		139,666

1.78%, 4/23/2020 (f)		100,000		99,749

1.76%, 4/30/2020 (f)		85,000		84,760

Mizuho Bank Ltd. (Japan) 1.98%, 3/4/2020 (f)		100,000		99,978

(ICE LIBOR USD 1 Month + 0.10%), 1.77%, 3/10/2020 (b)		150,000		150,052

2.12%, 3/10/2020 (f)		100,000		99,952

(ICE LIBOR USD 1 Month + 0.07%), 1.73%, 3/12/2020 (b)		200,000		200,038

(ICE LIBOR USD 1 Month + 0.27%), 1.94%, 3/12/2020 (b)		125,000		125,073

1.94%, 3/20/2020 (f)		300,000		299,728

(ICE LIBOR USD 1 Month + 0.14%), 1.75%, 3/27/2020 (b)		175,000		175,104

1.94%, 7/20/2020		200,000		200,441

1.81%, 7/23/2020 (f)		225,000		223,676

Mizuho International plc (United Kingdom) 2.00%, 4/14/2020 (f)		50,000		49,901

MUFG Bank Ltd. (Japan)

(ICE LIBOR USD 1 Month + 0.19%), 1.85%, 3/12/2020 (b)		50,000		50,005

2.23%, 3/13/2020		160,000		160,041


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Certificates of Deposit — continued

(ICE LIBOR USD 1 Month + 0.25%), 1.90%, 3/13/2020 (b)		100,000		100,051

2.23%, 3/19/2020 (f)		100,000		99,914

1.95%, 5/5/2020		75,000		75,059

1.97%, 5/15/2020 (f)		150,000		149,509

1.97%, 7/24/2020		300,000		300,718

1.93%, 7/28/2020		75,000		75,173

1.66%, 8/14/2020 (f)		100,000		99,271

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.20%), 1.86%, 3/3/2020 (b)		210,000		210,081

(ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/10/2020 (b)		255,000		255,124

(ICE LIBOR USD 3 Month + 0.13%), 1.81%, 5/25/2020 (b)		325,000		325,407

(ICE LIBOR USD 3 Month + 0.13%), 1.77%, 5/27/2020 (b)		245,000		245,309

Natixis SA (France)

(ICE LIBOR USD 3 Month + 0.11%), 2.01%, 3/4/2020 (b)		175,000		175,087

2.25%, 3/18/2020		195,000		195,070

(ICE LIBOR USD 3 Month + 0.11%), 2.02%, 4/2/2020 (b)		300,000		300,191

2.00%, 4/8/2020		385,000		385,203

1.96%, 6/5/2020		145,000		145,219

1.98%, 6/5/2020		85,000		85,133

1.72%, 8/3/2020		150,000		150,057

Nordea Bank AB (Finland) (ICE LIBOR USD 3 Month + 0.05%), 1.93%, 4/9/2020 (b)		95,000		95,009

Norinchukin Bank (The) (Japan) 1.90%, 3/11/2020		175,000		175,019

1.85%, 4/7/2020		50,000		50,017

1.94%, 4/9/2020		30,000		30,014

1.95%, 4/14/2020 (f)		100,000		99,788

1.96%, 4/28/2020 (f)		200,000		199,455

1.90%, 5/5/2020		140,000		140,120

Oversea-Chinese Banking Corp. Ltd. (Singapore) 2.26%, 3/13/2020 (f)		175,000		174,885

Rabobank International (Netherlands)

(ICE LIBOR USD 1 Month + 0.19%), 1.85%, 3/2/2020 (b)		375,000		375,089

(ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/8/2020 (b)		240,000		240,127

(ICE LIBOR USD 1 Month + 0.22%), 1.83%, 3/27/2020 (b)		100,000		100,013

Royal Bank of Canada (Canada) (ICE LIBOR USD 1 Month + 0.17%), 1.82%, 3/14/2020 (b)		100,000		100,035

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

Skandinaviska Enskilda Banken AB (Sweden)

(ICE LIBOR USD 1 Month + 0.28%), 1.88%, 3/2/2020 (b)		220,000		220,223

(ICE LIBOR USD 3 Month + 0.05%), 1.96%, 3/2/2020 (b)		50,000		50,010

(ICE LIBOR USD 3 Month + 0.05%), 1.96%, 4/6/2020 (b)		200,000		200,041

1.91%, 6/5/2020		137,000		137,194

1.80%, 6/8/2020		125,000		125,150

1.90%, 7/24/2020		300,000		300,700

Standard Chartered Bank (United Kingdom)

2.05%, 3/2/2020		125,000		125,004

(ICE LIBOR USD 1 Month + 0.28%), 1.94%, 3/18/2020 (b)		150,000		150,095

(ICE LIBOR USD 3 Month + 0.06%), 1.96%, 4/14/2020 (b)		150,000		150,043

(ICE LIBOR USD 3 Month + 0.10%), 1.79%, 5/20/2020 (b)		75,000		75,021

1.72%, 8/7/2020 (f)		175,000		173,879

1.69%, 8/14/2020 (f)		165,000		163,904

Sumitomo Mitsui Banking Corp. (Japan)

(ICE LIBOR USD 1 Month + 0.27%), 1.92%, 3/2/2020 (b)		150,000		150,071

(ICE LIBOR USD 1 Month + 0.26%), 1.93%, 3/8/2020 (b)		100,000		100,027

(ICE LIBOR USD 1 Month + 0.25%), 1.92%, 3/9/2020 (b)		50,000		50,033

(ICE LIBOR USD 1 Month + 0.14%), 1.75%, 3/27/2020 (b)		350,000		350,139

(ICE LIBOR USD 1 Month + 0.12%), 1.72%, 3/28/2020 (b)		325,000		325,110

(ICE LIBOR USD 3 Month + 0.05%), 1.96%, 4/2/2020 (b)		150,000		150,030

(ICE LIBOR USD 3 Month + 0.00%), 1.85%, 4/14/2020 (b)		200,000		200,014

Sumitomo Mitsui Trust Bank Ltd. (Japan)

(ICE LIBOR USD 1 Month + 0.08%), 1.74%, 3/4/2020 (b)		30,000		30,004

(ICE LIBOR USD 3 Month + 0.00%), 1.85%, 4/14/2020 (b)		150,000		150,011

1.81%, 5/18/2020 (f)		50,000		49,830

Sumitomo Mitsui Trust International Ltd. (Japan)

1.99%, 4/9/2020 (f)		75,000		74,868

1.75%, 5/11/2020 (f)		200,000		199,379

Sumitomo Trust & Banking Co., Ltd. (Japan) 1.99%, 4/14/2020 (f)		100,000		99,803

Svenska Handelsbanken AB (Sweden)

(ICE LIBOR USD 1 Month + 0.19%), 1.86%, 3/5/2020 (b)		105,000		105,036


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

(ICE LIBOR USD 1 Month + 0.10%), 1.77%, 3/10/2020 (b)		200,000		200,076

(ICE LIBOR USD 3 Month + 0.07%), 1.98%, 4/2/2020 (b)		110,000		110,045

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.20%), 1.81%, 3/2/2020 (b)		75,000		75,051

(ICE LIBOR USD 1 Month + 0.19%), 1.85%, 3/2/2020 (b)		126,000		126,072

(ICE LIBOR USD 1 Month + 0.25%), 1.85%, 3/2/2020 (b)		175,000		175,155

(ICE LIBOR USD 1 Month + 0.24%), 1.86%, 3/27/2020 (b)		150,000		150,127

(ICE LIBOR USD 3 Month + 0.19%), 2.06%, 4/7/2020 (b)		216,000		216,243

1.90%, 4/14/2020 (f)		350,000		349,331

Wells Fargo Bank NA

(US Federal Funds Effective Rate (continuous series) + 0.36%), 1.94%, 3/2/2020 (b)		375,000		375,452

(ICE LIBOR USD 1 Month + 0.34%), 2.01%, 3/7/2020 (b)		165,000		165,241

(ICE LIBOR USD 1 Month + 0.18%), 1.85%, 3/9/2020 (b)		233,000		233,045

(ICE LIBOR USD 3 Month + 0.11%), 2.02%, 4/6/2020 (b)		555,000		555,092

(ICE LIBOR USD 3 Month + 0.09%), 1.94%, 4/14/2020 (b)		175,000		175,000

(ICE LIBOR USD 3 Month + 0.09%), 1.90%, 4/22/2020 (b)		199,999		199,999


Total Certificates of Deposit (Cost $25,832,354)				25,849,224


Commercial Paper — 18.4%

Albion Capital Corp., SA (Luxembourg) 1.98%, 3/16/2020 (f)		40,000		39,971

Alpine Securitization LLC (Switzerland) 1.92%, 5/4/2020 (c) (f)		125,000		124,618

(ICE LIBOR USD 3 Month + 0.08%), 1.81%, 5/21/2020 (b) (c)		35,000		35,000

Atlantic Asset Securitization LLC 1.89%, 3/13/2020 (c) (f)		50,000		49,968

Australia & New Zealand Banking Group Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.03%), 1.96%, 4/6/2020 (b) (c)		95,000		95,013

(ICE LIBOR USD 3 Month + 0.09%), 1.76%, 5/27/2020 (b) (c)		255,000		255,111

Banco del Estado de Chile (Chile) 1.88%, 3/30/2020 (c) (f)		1,311		1,311

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	21

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

Bank of Nova Scotia (The) (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.34%), 1.95%, 3/2/2020 (b) (c)		100,000		100,107

(ICE LIBOR USD 1 Month + 0.17%), 1.85%, 3/14/2020 (b) (c)		175,000		175,061

(ICE LIBOR USD 3 Month + 0.07%), 1.95%, 4/14/2020 (b) (c)		100,000		100,017

Banque et Caisse d Epargne de l Etat (Luxembourg)

2.17%, 4/3/2020 (f)		40,000		39,942

1.91%, 6/2/2020 (f)		40,000		39,847

Barclays Bank plc (United Kingdom)

1.73%, 5/1/2020 (c) (f)		200,000		199,429

1.72%, 5/12/2020 (c) (f)		170,000		169,432

Barton Capital LLC 1.73%, 5/8/2020 (c) (f)		100,000		99,679

Bedford Row Funding Corp.

(ICE LIBOR USD 1 Month + 0.15%), 1.80%, 3/26/2020 (b) (c)		60,000		60,009

(ICE LIBOR USD 3 Month + 0.09%), 2.02%, 4/7/2020 (b) (c)		100,000		100,034

(ICE LIBOR USD 3 Month + 0.07%), 1.97%, 4/8/2020 (b) (c)		50,000		50,006

BNG Bank NV (Netherlands)

1.58%, 3/4/2020 (c) (f)		250,000		249,944

(ICE LIBOR USD 1 Month + 0.17%), 1.87%, 3/9/2020 (b) (c)		150,000		150,027

BNP Paribas SA (France) 1.56%, 3/2/2020 (f)		1,000		1,000

Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.22%), 1.92%, 3/8/2020 (b) (c)		200,000		200,135

Cedar Springs Capital Co. LLC

1.62%, 3/6/2020 (c) (f)		60,100		60,079

1.65%, 3/11/2020 (c) (f)		35,000		34,980

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 3 Month + 0.12%), 2.04%, 3/4/2020 (b) (c)		200,000		200,149

(ICE LIBOR USD 3 Month + 0.08%), 1.95%, 4/6/2020 (b) (c)		40,000		40,017

(ICE LIBOR USD 3 Month + 0.05%), 1.85%, 4/22/2020 (b)		35,000		35,000

Cooperatieve Rabobank UA (ICE LIBOR USD 1 Month + 0.00%), 1.77%, 3/3/2020 (b)		100,000		100,014

Credit Industriel et Commercial (France)

(ICE LIBOR USD 1 Month + 0.21%), 1.89%, 3/13/2020 (b) (c)		30,000		30,013

(ICE LIBOR USD 1 Month + 0.25%), 1.88%, 3/26/2020 (b) (c)		175,000		175,148


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Commercial Paper — continued

Credit Suisse AG (Switzerland)

(US Federal Funds Effective Rate (continuous series) + 0.34%), 1.95%, 3/2/2020 (b)		245,000		245,182

DBS Bank Ltd. (Singapore) 1.93%, 4/13/2020 (c) (f)		160,000		159,686

DNB Bank ASA (Norway) (ICE LIBOR USD 1 Month + 0.19%), 1.84%, 3/27/2020 (b) (c)		250,000		250,069

Erste Finance Delaware LLC (Austria) 1.58%, 3/2/2020 (c) (f)		30,890		30,886

1.89%, 3/10/2020 (c) (f)		170,000		169,922

Fairway Finance Co. LLC

(ICE LIBOR USD 1 Month + 0.20%), 1.90%, 3/9/2020 (b) (c)		85,000		85,018

(ICE LIBOR USD 1 Month + 0.22%), 1.90%, 3/13/2020 (b) (c)		100,000		100,041

Federation des caisses Desjardins du Quebec (Canada)

(ICE LIBOR USD 3 Month + 0.10%), 2.02%, 3/11/2020 (b) (c)		25,000		25,012

(ICE LIBOR USD 3 Month + 0.08%), 2.04%, 3/23/2020 (b) (c)		100,000		100,033

(ICE LIBOR USD 3 Month + 0.09%), 1.95%, 4/15/2020 (b) (c)		150,000		150,060

First Abu Dhabi Bank PJSC (United Arab Emirates)

1.84%, 4/14/2020 (c) (f)		400,000		399,224

1.71%, 5/12/2020 (c) (f)		440,000		438,651

1.69%, 5/15/2020 (c) (f)		300,000		299,046

Gotham Funding Corp. 1.90%, 3/11/2020 (c) (f)		85,000		84,954

HSBC Bank plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.06%), 2.00%, 3/3/2020 (b) (c)		85,000		85,020

ING US Funding LLC (Netherlands)

(ICE LIBOR USD 3 Month + 0.15%), 2.11%, 3/16/2020 (b)		50,000		50,037

(ICE LIBOR USD 3 Month + 0.15%), 2.11%, 3/18/2020 (b) (c)		200,000		200,140

Kells Funding LLC 1.66%, 6/4/2020 (c) (f)		150,000		149,374

Lloyds Bank plc (United Kingdom) 1.78%, 3/27/2020		150,000		150,064

LMA-Americas LLC 2.00%, 4/7/2020 (c) (f)		40,000		39,932

1.98%, 5/11/2020 (c) (f)		25,000		24,919

1.70%, 5/18/2020 (c) (f)		70,000		69,751

1.91%, 6/1/2020 (c) (f)		80,000		79,666

1.91%, 6/2/2020 (f)		60,000		59,747

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

Macquarie Bank Ltd. (Australia) 1.91%, 3/16/2020 (c)		80,000		80,027

Matchpoint Finance plc (Ireland)

Series A, 1.89%, 3/11/2020 (c) (f)		100,000		99,946

Series A, 1.98%, 4/13/2020 (c) (f)		77,000		76,844

Series A, 1.91%, 5/5/2020 (c) (f)		100,000		99,706

Series A, 1.90%, 6/1/2020 (c) (f)		90,000		89,632

MetLife Short Term Funding LLC 1.91%, 6/26/2020 (c) (f)		25,000		24,876

MUFG Bank Ltd. (Japan) 2.24%, 3/13/2020 (f)		15,000		14,991

National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.14%), 1.84%, 3/4/2020 (b) (c)		160,000		160,115

National Bank of Canada (Canada)

(ICE LIBOR USD 1 Month + 0.22%), 1.86%, 3/27/2020 (b) (c)		130,000		130,026

(ICE LIBOR USD 3 Month + 0.00%), 1.87%, 4/16/2020 (b) (c)		120,000		120,009

Natixis SA (France) (ICE LIBOR USD 3 Month + 0.03%), 1.86%, 4/23/2020 (b)		130,000		130,016

Nederlandse Waterschapsbank NV (Netherlands) 1.65%, 6/12/2020 (c) (f)		350,000		348,433

Old Line Funding LLC (US Federal Funds Effective Rate (continuous series) + 0.35%), 1.96%, 3/2/2020 (b) (c)		100,000		100,120

Oversea-Chinese Banking Corp. Ltd. (Singapore)

(ICE LIBOR USD 3 Month + 0.13%), 2.00%, 4/10/2020 (b) (c)		65,000		65,032

1.95%, 4/16/2020 (c) (f)		200,000		199,572

(ICE LIBOR USD 3 Month + 0.09%), 1.73%, 5/28/2020 (b) (c)		40,000		40,020

Royal Bank of Canada (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.36%), 1.97%, 3/2/2020 (b) (c)		177,000		177,220

(ICE LIBOR USD 1 Month + 0.18%), 1.87%, 3/3/2020 (b) (c)		125,000		125,040

(ICE LIBOR USD 1 Month + 0.20%), 1.90%, 3/12/2020 (b) (c)		100,000		100,061

(ICE LIBOR USD 3 Month + 0.06%), 1.93%, 4/17/2020 (b) (c)		300,000		300,037

(ICE LIBOR USD 3 Month + 0.05%), 1.88%, 4/28/2020 (b) (c)		100,000		100,009

Sheffield Receivables Co. LLC (United Kingdom) 1.90%, 3/4/2020 (c) (f)		150,000		149,965

1.90%, 3/10/2020 (c) (f)		102,000		101,948


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Sinopec Century Bright 1.70%, 3/2/2020 (f)		45,000		44,994

Skandinaviska Enskilda Banken AB (Sweden)

1.88%, 7/21/2020 (c) (f)		100,000		99,474

1.89%, 7/24/2020 (c) (f)		150,000		149,197

Societe Generale SA (France) (ICE LIBOR USD 3 Month + 0.02%), 1.90%, 4/14/2020 (b) (c)		75,000		75,011

Starbird Funding Corp. 1.98%, 4/7/2020 (c) (f)		50,000		49,912

Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.81%, 4/29/2020 (c) (f)		40,000		39,897

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.10%), 1.80%, 3/10/2020 (b) (c)		50,000		50,019

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.14%), 1.84%, 3/4/2020 (b) (c)		65,000		65,041

(ICE LIBOR USD 1 Month + 0.15%), 1.85%, 3/5/2020 (b) (c)		150,000		150,109

(ICE LIBOR USD 3 Month + 0.19%), 2.17%, 3/27/2020 (b) (c)		200,000		200,215

(ICE LIBOR USD 3 Month + 0.07%), 1.97%, 4/7/2020 (b) (c)		175,000		175,058

Toyota Credit de Puerto Rico Corp. 1.72%, 7/1/2020 (f)		50,000		49,737

Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.23%), 1.93%, 3/9/2020 (b)		100,000		100,040

Toyota Motor Finance Netherlands BV (Japan) (ICE LIBOR USD 3 Month + 0.12%), 1.99%, 4/10/2020 (b)		60,000		60,027

UBS AG (Switzerland)

2.24%, 3/13/2020 (c) (f)		400,000		399,748

(ICE LIBOR USD 3 Month + 0.10%), 2.04%, 4/3/2020 (b) (c)		200,000		200,047

(ICE LIBOR USD 3 Month + 0.04%), 1.88%, 4/23/2020 (b) (c)		60,000		60,000

Versailles Commercial Paper LLC

1.89%, 3/9/2020 (c) (f)		50,000		49,977

1.90%, 3/12/2020 (c) (f)		50,000		49,971

1.81%, 4/7/2020 (c) (f)		45,000		44,921

Victory Receivables Corp. 1.60%, 3/2/2020 (c) (f)		100,000		99,986

Westpac Securities NZ Ltd. (New Zealand) (ICE LIBOR USD 3 Month + 0.06%), 1.99%, 4/6/2020 (b) (c)		77,000		77,018


Total Commercial Paper (Cost $11,577,063)				11,581,539

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	23

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Time Deposits — 7.9%

Australia & New Zealand Banking Group Ltd.

1.60%, 3/3/2020		750,000		750,000

1.60%, 3/6/2020		300,000		300,000

Chiba Bank Ltd. 1.60%, 3/2/2020		100,000		100,000

Citibank NA 1.60%, 3/3/2020		800,000		800,000

Credit Agricole Corporate and Investment Bank 1.63%, 3/5/2020		800,000		800,000

DBS Bank Ltd. (Singapore) 1.61%, 3/2/2020		200,000		200,000

First Abu Dhabi Bank PJSC 1.58%, 3/2/2020		320,947		320,947

Mizuho Bank Ltd.

1.59%, 3/2/2020		900,000		900,000

1.59%, 3/2/2020		500,000		500,000

Nordea Bank AB 1.57%, 3/2/2020		300,000		300,000


Total Time Deposits (Cost $4,970,947)				4,970,947


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


U.S. Treasury Obligations — 0.9%

U.S. Treasury Bills

1.89%, 3/19/2020(f) (Cost $549,482)		550,000		549,630


Total Short-Term Investments (Cost $42,929,846)				42,951,340

Total Investments — 99.7% (Cost $62,802,726)				62,824,835
Other Assets Less Liabilities — 0.3%				216,293

NET ASSETS — 100.0%				63,041,128

Percentages indicated are based on net assets.

Abbreviations


FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LOC		Letter of Credit
PJSC		Public Joint Stock Company
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, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 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 February 29, 2020.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		The rate shown is the effective yield as of February 29, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 68.5%

Alabama — 0.7%

Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series B, Rev., VRDO, LOC: Societe Generale, 1.19%, 3/6/2020 (b) (c)		7,055		7,055


Alaska — 2.5%

Alaska Housing Finance Corp. Series D, Rev., VRDO, LIQ: FHLB, 1.15%, 3/6/2020 (b)		10,625		10,625

City of Valdez, Exxon Pipeline Co. Project

Series 1993-C, Rev., VRDO, 1.20%, 3/2/2020 (b)		6,650		6,650

Series B, Rev., VRDO, 1.20%, 3/2/2020 (b)		7,225		7,225


				24,500


Arizona — 0.6%

Tender Option Bond Trust Receipts/Certificates

Series 2019-XF0848, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		2,250		2,250

Series 2019-XG0231, Rev., VRDO, LOC: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		4,065		4,065


				6,315


California — 1.9%

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments

Series H-1, Rev., VRDO, LOC: Bank of China, 1.19%, 3/6/2020 (b)		7,125		7,125

Series H-2, Rev., VRDO, LOC: Bank of China, 1.20%, 3/6/2020 (b)		6,795		6,795

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-26, Rev., VRDO, LOC: Royal Bank of Canada, 1.30%, 3/6/2020 (b) (c)		5,000		5,000


				18,920


Colorado — 0.6%

State of Colorado, General Fund Tax

Rev., TRAN, 3.00%, 6/26/2020		760		765

Rev., TRAN, 5.00%, 6/26/2020		715		724

Tender Option Bond Trust Receipts/Certificates Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 1.24%, 3/6/2020 (b) (c)		4,925		4,925


				6,414


Connecticut — 2.1%

Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series 2020A-3, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b)		5,000		5,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Connecticut — continued

Tender Option Bond Trust Receipts/Certificates Series 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 1.33%, 3/6/2020 (b) (c)		10,000		10,000

Town of Waterford GO, BAN, 2.25%, 7/23/2020		5,600		5,627


				20,627


District of Columbia — 2.6%

Tender Option Bond Trust Receipts/Certificates

Series 2019-XG0267, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		14,130		14,130

Series 2019-BAML8002, Rev., VRDO, LOC: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		10,445		10,445


				24,575


Florida — 6.5%

City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 1.21%, 3/2/2020 (b)		11,400		11,400

Tender Option Bond Trust Receipts/Certificates

Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 3/2/2020 (b) (c)		5,665		5,665

Series 2018-ZM0615, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		7,500		7,500

Series 2019-XF2808, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		2,500		2,500

Series 2019-XL0107, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		2,650		2,650

Series 2019-XF0776, Rev., VRDO, LIQ: Bank of America NA, 1.19%, 3/6/2020 (b) (c)		2,000		2,000

Series 2019-XF0749, Rev., VRDO, LIQ: Royal Bank of Canada, 1.20%, 3/6/2020 (b) (c)		7,735		7,735

Series 2019-XG0252, Rev., VRDO, AMBAC, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		9,600		9,600

Series 2019-XG0241, Rev., VRDO, LIQ: Bank of America NA, 1.21%, 3/6/2020 (b) (c)		2,000		2,000

Series 2019-G113, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 3/6/2020 (b) (c)		12,000		12,000


				63,050


Georgia — 1.0%

Tender Option Bond Trust Receipts/Certificates

Series 2020-ZF0871, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/6/2020 (b) (c)		4,765		4,765

Series 2020-ZF0872, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/6/2020 (b) (c)		2,000		2,000

Series 2020-ZF0873, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/6/2020 (b) (c)		3,000		3,000


				9,765

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	25

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Idaho — 0.1%

State of Idaho GO, TAN, 3.00%, 6/30/2020		890		896


Illinois — 0.7%

County of Kane, Glenwood School for Boys Rev., VRDO, LOC: Northern Trust Co., 1.20%, 3/6/2020 (b)		3,450		3,450

Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.18%, 3/6/2020 (b)		1,980		1,980

Illinois Housing Development Authority, Homeowner Mortgage Series 2018-A-2, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLB, 1.17%, 3/6/2020 (b)		1,325		1,325


				6,755


Indiana — 0.8%

Indiana Finance Authority, Parkview Health System Obligated Group Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.20%, 3/2/2020 (b)		2,225		2,225

Tender Option Bond Trust Receipts/Certificates

Series 2019-XF0756, Rev., VRDO, LIQ: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		1,875		1,875

Series 2019-XG0242, Rev., VRDO, LIQ: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		3,500		3,500


				7,600


Iowa — 4.5%

Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 1.18%, 3/6/2020 (b)		31,980		31,980

Iowa Finance Authority, Wellness Facility, Community of Marshall Town Project Rev., VRDO, LOC: Northern Trust Co., 1.21%, 3/6/2020 (b)		7,225		7,225

Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		3,750		3,750


				42,955


Kentucky — 0.5%

RBC Municipal Products, Inc. Trust Series G116, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 3/6/2020 (b) (c)		5,000		5,000


Louisiana — 0.5%

East Baton Rouge Parish Industrial Development Board, Inc., Exxonmobile Project, Gulf Opportunity Zone Series 2010B, Rev., VRDO, 1.18%, 3/2/2020 (b)		2,300		2,300


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Louisiana — continued

Tender Option Bond Trust Receipts/Certificates Series 2019-XM0738, Rev., VRDO, LOC: Royal Bank of Canada, 1.19%, 3/6/2020 (b) (c)		3,245		3,245


				5,545


Maine — 1.4%

Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2749, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		1,785		1,785

Town of Yarmouth GO, BAN, 1.75%, 4/30/2020		11,800		11,814


				13,599


Maryland — 3.2%

City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.23%, 3/6/2020 (b) (c)		6,665		6,665

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-28, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 3/6/2020 (b) (c)		7,615		7,615

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		3,350		3,350

Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		3,750		3,750

Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.20%, 3/6/2020 (b) (c)		4,000		4,000

Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 3/6/2020 (b) (c)		5,000		5,000


				30,380


Massachusetts — 0.1%

City of Quincy GO, BAN, 2.25%, 7/10/2020		1,135		1,140


Michigan — 4.7%

Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.15%, 3/6/2020 (b)		5,990		5,990

L’Anse Creuse Public Schools GO, VRDO, Q-SBLF, LOC: TD Bank NA, 1.13%, 3/6/2020 (b)		14,850		14,850

Michigan Finance Authority, CHE Trinity Health Credit Group Series MI-1, Rev., VRDO, 1.12%, 6/1/2020 (b)		11,500		11,500

Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., LIQ: Industrial & Commercial Bank of China, 1.24%, 3/6/2020 (b)		10,000		10,000

Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		4,200		4,200


				46,540

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Mississippi — 3.4%

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project

Series 2010 H, Rev., VRDO, 1.20%, 3/2/2020 (b)		2,545		2,545

Series C, Rev., VRDO, 1.20%, 3/2/2020 (b)		20,000		20,000

Mississippi Development Bank, Industrial Water System Project Series 2009, Rev., VRDO, 1.20%, 3/2/2020 (b)		10,385		10,385


				32,930


Missouri — 1.4%

RBC Municipal Products, Inc. Trust, Floater Certificates Series C17, Rev., VRDO, LOC: Royal Bank of Canada, 1.19%, 3/6/2020 (b) (c)		4,000		4,000

Tender Option Bond Trust Receipts/Certificates

Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 1.20%, 3/6/2020 (b) (c)		5,000		5,000

Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 1.21%, 3/6/2020 (b) (c)		4,950		4,950


				13,950


Nebraska — 0.8%

Tender Option Bond Trust Receipts/Certificates Series 2018-XF2558, Rev., VRDO, LIQ: Citibank NA, 1.20%, 3/6/2020 (b) (c)		8,000		8,000


Nevada — 1.6%

Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2733, GO, VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		15,000		15,000


New Jersey — 2.0%

Borough of Beachwood Series 2020A, GO, BAN, 2.00%, 3/4/2021		5,000		5,055

Passaic County Improvement Authority, City of Paterson Project Rev., BAN, GTD, 3.00%, 8/25/2020		5,625		5,681

Township of East Windsor GO, BAN, 2.00%, 12/4/2020		8,700		8,768


				19,504


New York — 6.6%

City of New York, Fiscal Year 2012

Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.19%, 3/2/2020 (b)		6,400		6,400

Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 1.21%, 3/2/2020 (b)		2,300		2,300

Metropolitan Transportation Authority

Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.18%, 3/2/2020 (b)		1,125		1,125


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Series 2005E-3, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		784		784

Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		2,700		2,700

Series 2018B, Subseries 2018-B-1, Rev., BAN, 5.00%, 5/15/2020		4,805		4,844

Series 2018B-1, Rev., BAN, 5.00%, 5/15/2020		250		252

Series 2018B-1A, Rev., BAN, 5.00%, 5/15/2020		795		802

Series 2018B-1C, Rev., BAN, 5.00%, 5/15/2020		1,930		1,946

Series 2018B-1E, Rev., BAN, 5.00%, 5/15/2020		2,840		2,863

Series 2019C, Rev., BAN, 4.00%, 7/1/2020		950		960

Series 2019D-2, Rev., BAN, 4.00%, 7/1/2020		3,045		3,076

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.19%, 3/2/2020 (b)		14,150		14,150

New York City Transitional Finance Authority, Future Tax Secured

Subseries C4, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.21%, 3/2/2020 (b)		5,075		5,075

Series D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.25%, 3/2/2020 (b)		2,725		2,725

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.22%, 3/2/2020 (b)		4,055		4,055

Tender Option Bond Trust Receipts/Certificates Series 2018-XF0238, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		10,000		10,000


				64,057


North Carolina — 1.9%

Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 1.20%, 3/6/2020 (b) (c)		3,415		3,415

University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.23%, 3/2/2020 (b)		14,400		14,400


				17,815


Ohio — 0.9%

State of Ohio, University Hospitals Health System, Inc. Series 2018-B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		2,320		2,320

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	27

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Ohio — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF0670, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/6/2020 (b) (c)		2,000		2,000

Series 2018-XF2613-1, Rev., VRDO, LIQ: Citibank NA, 1.23%, 3/6/2020 (b) (c)		4,000		4,000


				8,320


Pennsylvania —2.1%

Pennsylvania Turnpike Commission Series 2nd, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		10,150		10,150

Tender Option Bond Trust Receipts/Certificates Series 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		10,000		10,000


				20,150


Rhode Island — 1.8%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF2712, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Morgan Stanley Bank, 1.19%, 3/6/2020 (b) (c)		3,700		3,700

Series 2019-ZF2826, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		3,570		3,570

Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 1.20%, 3/6/2020 (b) (c)		6,035		6,035

Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 1.20%, 3/6/2020 (b) (c)		4,050		4,050


				17,355


South Carolina — 1.9%

County of Richland GO, BAN, 3.00%, 2/25/2021		5,000		5,101

South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 1.26%, 3/6/2020 (b)		5,000		5,000

Tender Option Bond Trust Receipts/Certificates Series 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 3/6/2020 (b) (c)		5,000		5,000

Town of Lexington, Combined Waterworks and Sewer System Rev., BAN, 2.50%, 10/27/2020		3,330		3,365


				18,466


Texas — 5.8%

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project

Series A, Rev., VRDO, 1.20%, 3/2/2020 (b)		250		250

Series A-2, Rev., VRDO, 1.20%, 3/2/2020 (b)		1,170		1,170

Subseries A-3, Rev., VRDO, 1.20%, 3/2/2020 (b)		300		300


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Texas — continued

State of Texas Rev., TRAN, 4.00%, 8/27/2020		15,000		15,232

State of Texas, Veterans

GO, VRDO, LIQ: TD Bank NA, 1.16%, 3/6/2020 (b)		5,000		5,000

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		8,270		8,270

Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		4,025		4,025

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 1.18%, 3/6/2020 (b) (c)		4,000		4,000

Series 2018-XF0648, GO, VRDO, PSF-GTD, LIQ: TD Bank NA, 1.18%, 3/6/2020 (b) (c)		3,745		3,745

Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		5,995		5,995

Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		3,840		3,840

Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		3,335		3,335


				55,162


Utah — 0.6%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.19%, 3/6/2020 (b) (c)		3,425		3,425

Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 1.21%, 3/6/2020 (b) (c)		3,000		3,000


				6,425


Virginia — 0.4%

Tender Option Bond Trust Receipts/Certificates Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		4,230		4,230


Washington — 0.1%

Washington State Housing Finance Commission, The Overlake School Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.15%, 3/6/2020 (b)		865		865


West Virginia — 1.2%

West Virginia Hospital Finance Authority, University Health System Rev., VRDO, LOC: TD Bank NA, 1.14%, 3/6/2020 (b)		11,895		11,895


Wisconsin — 1.0%

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2541, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		3,400		3,400

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Wisconsin — continued

Series 2018-XF2634, Rev., VRDO, LIQ: Credit Suisse, 1.18%, 3/6/2020 (b) (c)		2,000		2,000

Series 2018-XG0174, Rev., VRDO, LIQ: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		4,000		4,000


				9,400


Total Municipal Bonds (Cost $665,058)				665,155


	SHARES (000)
Variable Rate Demand Preferred Shares — 9.3%

New York — 1.0%

Nuveen New York AMT-Free Quality Municipal Income Fund Series 3, LIQ: Citibank NA, 1.19%, 3/6/2020 # (c)		10,000		10,000


Other — 8.3%

Nuveen AMT-Free Municipal Credit Income Fund

Series 1, LIQ: Citibank NA, 1.21%, 3/6/2020 # (c)		11,000		11,000

Series 5, LIQ: Societe Generale, 1.21%, 3/6/2020 #(c)		20,000		20,000

Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.21%, 3/6/2020 # (c)		9,000		9,000

Nuveen AMT-Free Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.20%, 3/6/2020 # (c)		5,000		5,000

Series 4, LIQ: Barclays Bank plc, 1.21%, 3/6/2020 # (c)		30,000		30,000

Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.21%, 3/6/2020 # (c)		5,000		5,000


				80,000


Total Variable Rate Demand Preferred Shares (Cost $90,000)				90,000


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 21.7%

Commercial Paper — 21.7%

City of Dallas 1.10%, 3/3/2020		6,350		6,350

City of Garland 1.25%, 3/4/2020		4,625		4,625

1.12%, 5/6/2020		5,000		4,999

1.20%, 5/6/2020		10,000		10,000

City of Houston Series E-1, 1.10%, 3/19/2020		10,000		10,000

County of Harris

Series B, 1.10%, 5/7/2020		3,561		3,560


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Series C, 1.12%, 5/7/2020		3,065		3,065

Series C, 1.07%, 6/4/2020		3,000		2,999

County of Hillsborough, Capital Improvement Program

Series A, 1.03%, 3/12/2020		3,600		3,600

Series A, 1.17%, 4/30/2020		6,000		6,000

County of York, National Rural Utilities Cooperative Finance Corp.

Series 00B3, 1.07%, 3/2/2020		10,200		10,200

Dallas Area Rapid Transit, Senior Lien

Series I, 1.07%, 3/25/2020		6,000		5,999

District of Columbia 1.05%, 3/12/2020		6,300		6,300

Harris County Toll Road Authority (The)

Series E-1, 1.08%, 3/12/2020		7,645		7,645

Series E-1, 1.19%, 3/12/2020		7,500		7,500

Health and Educational Facilities Authority of the State of Missouri Series 14-C, 1.18%, 6/11/2020		5,000		4,999

Illinois Finance Authority 1.11%, 3/4/2020 Series 12-H, 1.21%, 5/7/2020		10,000 5,600		10,000 5,600

Indiana Finance Authority Series D-2, 1.12%, 7/7/2020		7,710		7,707

Jacksonville Health Care Authority 1.17%, 8/10/2020		5,000		4,999

Las Vegas Valley Water District Series 04-B, 1.00%, 3/3/2020		5,000		5,000

Louisville and Jefferson County Metropolitan Sewer District Series A-1, 1.05%, 5/20/2020		5,000		4,999

Lower Colorado River Authority Series B, 0.98%, 5/20/2020		4,477		4,471

Massachusetts Bay Transportation Authority

Series A, 1.00%, 3/5/2020		7,000		7,000

Series A, 1.15%, 4/2/2020		5,000		5,000

Omaha Public Power District

Series A, 1.15%, 3/9/2020		5,000		5,000

Series A, 1.06%, 4/2/2020		5,000		5,000

Series A, 1.10%, 5/20/2020		4,975		4,973

Southwestern Illinois Development Authority

Series 17-B, 1.10%, 4/6/2020		4,870		4,869

Series 17-B, 1.21%, 5/7/2020		4,500		4,500

Texas Public Finance Authority 1.10%, 5/5/2020		5,000		4,999

University of Houston Series A, 1.20%, 6/10/2020		679		679

University of Missouri Series A, 1.20%, 3/6/2020		2,200		2,200

University of Texas System (The)

Series A, 1.24%, 3/31/2020		5,000		5,000

Series A, 1.06%, 4/2/2020		8,000		7,999

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	29

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-term Investments — continued

Commercial Paper —continued

Series A, 1.25%, 5/4/2020		5,000		5,000

Series A, 1.25%, 5/14/2020		5,000		5,000

Series A, 0.99%, 6/5/2020		2,500		2,497


Total Commercial Paper (Cost $210,349)				210,333


Total Short-Term Investments (Cost $210,349)				210,333

Total Investments — 99.5% (Cost $965,407)				965,488
Other Assets Less Liabilities — 0.5%				4,880

NET ASSETS — 100.0%				970,368

Percentages indicated are based on net assets.

Abbreviations


AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
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
LIQ		Liquidity Agreement
LOC		Letter of Credit
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
Rev.		Revenue
TAN		Tax Anticipation Note
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 February 29, 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 February 29, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 15.7%

Bofa Securities, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $100,014, collateralized by Common Stocks, 0.00%, due 1/1/2999 and Preferred Stocks, 3.50% - 7.60%, due 1/1/2999, with a value of $108,000.		100,000		100,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $300,040, collateralized by U.S. Treasury Securities, 2.00%, due 5/31/2024, with a value of $306,001.		300,000		300,000

HSBC Securities USA, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $15,002, collateralized by Corporate Bonds, 3.52% - 5.70%, due 10/27/2028 -11/1/2047, Corporate Notes, 2.63% -4.43%, due 4/19/2021 - 7/23/2030 and Sovereign Government Securities, 3.13% -7.13%, due 9/6/2023 - 1/29/2026, with a value of $15,752.		15,000		15,000

HSBC Securities USA, Inc., 1.83%, dated 2/28/2020, due 3/2/2020, repurchase price $15,002, collateralized by Corporate Bonds, 5.38% - 10.50%, due 6/15/2025 -11/1/2026, with a value of $16,203.		15,000		15,000

Societe Generale SA, 1.68%, dated 2/28/2020, due 3/4/2020, repurchase price $25,006, collateralized by Asset-Backed Securities, 1.81% - 6.94%, due 11/18/2028 - 5/25/2046, Collateralized Mortgage Obligations, 3.60% - 4.31%, due 10/15/2036 - 7/17/2047, Corporate Bonds, 3.38% - 9.50%, due 12/30/2024 -2/21/2050 and Sovereign Government Securities, 4.50%, due 1/30/2030, with a value of $27,009.		25,000		25,000

Societe Generale SA, 1.78%, dated 2/28/2020, due 3/4/2020, repurchase price $76,019, collateralized by Asset-Backed Securities, 1.81% - 5.52%, due 11/15/2026 - 4/25/2037, Collateralized Mortgage Obligations, 4.31% - 5.91%, due 8/15/2034 - 11/14/2039, Corporate Bonds, 4.63% - 11.13%, due 8/15/2022 -2/28/2030, Corporate Notes, 6.72%, due 12/1/2022 and Sovereign Government Securities, 4.75% - 7.63%, due 9/20/2022 - 3/17/2036, with a value of $82,108.		76,000		76,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Societe Generale SA, 1.88%, dated 2/28/2020, due 3/31/2020, repurchase price $10,017, collateralized by FNMA Connecticut Avenue Securities, 3.66%, due 1/25/2040 and Sovereign Government Securities, 6.63% - 11.88%, due 1/15/2030 - 2/17/2045, with a value of $10,817.		10,000		10,000


Total Repurchase Agreements (Cost $541,000)				541,000

Municipal Bonds — 0.8%

Michigan — 0.6%

Michigan Finance Authority

Series 2019D, Rev., VRDO, LOC: PNC Bank NA, 1.65%, 3/6/2020(b)		20,000		20,000


New York — 0.2%

New York State Housing Finance Agency, 222 East 44th Street Housing Series 2017A, Rev., VRDO, LOC: Bank of China, 1.70%, 3/2/2020(b)		7,500		7,500


Total Municipal Bonds (Cost $27,500)				27,500

Short-Term Investments — 83.8%

Commercial Paper — 41.8%

ABN AMRO Funding USA LLC (Netherlands) 1.88%, 5/6/2020 (c) (d)		4,000		3,988

American Honda Finance Corp. 1.67%, 5/21/2020 (d)		19,875		19,807

Antalis SA (France) 1.72%, 5/4/2020 (c) (d)		11,710		11,676

Atlantic Asset Securitization LLC 1.95%, 3/10/2020 (c) (d)		55,000		54,973

Banco del Estado de Chile (Chile)

Series A, 1.71%, 5/7/2020 (c) (d)		50,000		49,837

Series A, 1.68%, 5/26/2020 (c) (d)		43,000		42,819

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 3 Month + 0.12%), 1.84%, 5/19/2020 (c) (e)		40,000		40,031

Banque et Caisse d Epargne de I Etat (Luxembourg) 1.92%, 5/27/2020 (d)		40,000		39,856

Barclays Bank plc (United Kingdom) 1.59%, 3/2/2020 (c) (d)		80,000		79,993

1.72%, 5/12/2020 (c) (d)		20,000		19,933

Barton Capital LLC 1.60%, 3/2/2020 (c) (d)		49,000		48,993

BNP Paribas SA (France)

(ICE LIBOR USD 3 Month + 0.07%), 1.98%, 4/9/2020 (e)		75,000		75,027

China Construction Bank Corp. (China) 1.59%, 3/2/2020 (c) (d)		130,000		129,989

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

Concord Minutemen Capital Co., LLC Series A, 1.65%, 3/9/2020 (c) (d)		25,000		24,988

CRC Funding LLC 1.68%, 5/5/2020 (c) (d)		15,000		14,955

Credit Suisse AG (Switzerland) (US Federal Funds Effective Rate (continuous series) + 0.34%), 1.95%, 3/2/2020 (e)		20,000		20,015

First Abu Dhabi Bank PJSC (United Arab Emirates) 1.83%, 4/14/2020 (c) (d)		47,500		47,408

1.80%, 4/15/2020 (c) (d)		55,000		54,891

HSBC Bank plc (United Kingdom) (ICE LIBOR USD 1 Month + 0.24%), 1.93%, 3/12/2020 (c) (e)		60,000		60,023

Industrial & Commercial Bank of China Ltd. (China) 1.59%, 3/2/2020 (c) (d)		14,860		14,858

Intercontinental Exchange, Inc. 1.71%, 5/14/2020 (c) (d)		15,000		14,947

Matchpoint Finance plc (Ireland) Series A, 1.62%, 3/2/2020 (c) (d)		60,000		59,995

MUFG Bank Ltd. (Japan) 2.35%, 3/2/2020 (d)		16,000		15,998

2.26%, 3/5/2020 (d)		5,000		4,999

National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.16%), 1.82%, 3/24/2020 (c) (e)		6,000		6,000

Natixis SA (France) 1.71%, 8/3/2020 (d)		3,652		3,631

1.71%, 8/7/2020 (d)		2,762		2,745

Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.10%), 2.02%, 3/10/2020 (c) (e)		50,000		50,023

Pfizer, Inc. 2.00%, 3/12/2020 (c) (d)		50,000		49,972

1.65%, 6/9/2020 (c) (d)		17,000		16,928

Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.08%), 1.85%, 5/5/2020 (c) (e)		100,000		100,034

Sheffield Receivables Co. LLC (United Kingdom) 1.91%, 3/2/2020 (c) (d)		20,000		19,997

1.90%, 3/10/2020 (c) (d)		20,000		19,990

1.70%, 5/11/2020 (c) (d)		9,000		8,971

1.65%, 5/20/2020 (c) (d)		19,945		19,873

Sinopec Century Bright 1.70%, 3/2/2020 (d)		30,000		29,996

State of the Netherlands (Netherlands) 1.60%, 3/2/2020 (c) (d)		100,000		99,991

Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.90%, 3/4/2020 (c) (d)		5,000		4,999

Toyota Motor Credit Corp. 1.90%, 6/4/2020 (d)		35,000		34,856

Victory Receivables Corp. 1.65%, 4/15/2020 (c) (d)		28,000		27,941


Total Commercial Paper (Cost $1,445,709)				1,445,946


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — 29.4%

Banco del Estado de Chile (Chile) 1.85%, 4/8/2020		10,000		10,003

Bank of Nova Scotia (The) (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.33%), 1.91%, 3/2/2020 (e)		60,000		60,065

(ICE LIBOR USD 1 Month + 0.17%), 1.82%, 3/13/2020 (e)		45,000		45,016

BNP Paribas SA (France)

(ICE LIBOR USD 1 Month + 0.21%), 1.88%, 3/9/2020 (e)		30,000		30,011

Canadian Imperial Bank of Commerce (Canada) (US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (e)		25,000		25,011

Chiba Bank Ltd. (Japan) 1.90%, 3/3/2020		30,000		30,001

2.00%, 3/4/2020		4,197		4,197

2.00%, 3/11/2020		9,810		9,811

2.00%, 3/12/2020		5,582		5,583

1.72%, 4/9/2020		19,000		19,001

Credit Industriel et Commercial (France) (US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (e)		43,000		43,026

Credit Suisse AG (Switzerland) (ICE LIBOR USD 3 Month + 0.17%), 2.01%, 4/16/2020 (e)		40,000		40,028

Mizuho Bank Ltd. (Japan) 1.94%, 7/20/2020		60,000		60,132

MUFG Bank Ltd. (Japan) 1.97%, 5/15/2020 (d)		15,000		14,951

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.20%), 1.86%, 3/3/2020 (e)		40,000		40,015

(ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/10/2020 (e)		30,000		30,015

Natixis SA (France) 2.33%, 3/6/2020		15,000		15,002

1.98%, 6/5/2020		14,000		14,022

1.72%, 8/3/2020		30,000		30,012

Norinchukin Bank (The) (Japan) 2.03%, 3/10/2020		45,000		45,006

2.03%, 3/12/2020		16,000		16,003

Rabobank International (Netherlands) (ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/8/2020 (e)		25,000		25,013

Royal Bank of Canada (Canada) (US Federal Funds Effective Rate (continuous series) + 0.18%), 1.76%, 3/2/2020 (e)		30,000		30,000

Shizuoka Bank (Japan) 1.82%, 3/13/2020		28,000		28,002

1.73%, 4/9/2020		36,000		36,006

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

1.70%, 4/20/2020		4,000		4,001

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 1 Month + 0.25%), 1.92%, 3/9/2020 (e)		50,000		50,033

Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.94%, 4/22/2020		35,000		35,021

Svenska Handelsbanken AB (Sweden)

(ICE LIBOR USD 1 Month + 0.19%), 1.86%, 3/5/2020 (e)		45,000		45,015

(ICE LIBOR USD 1 Month + 0.25%), 1.87%, 3/26/2020 (e)		30,000		30,023

Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 1 Month + 0.24%), 1.86%, 3/27/2020 (e)		40,000		40,034

Wells Fargo Bank NA

(ICE LIBOR USD 1 Month + 0.18%), 1.83%, 3/3/2020 (e)		70,000		70,022

(ICE LIBOR USD 3 Month + 0.08%), 1.96%, 3/9/2020 (e)		30,000		30,011

(ICE LIBOR USD 3 Month + 0.09%), 1.90%, 4/22/2020 (e)		7,000		7,000


Total Certificates of Deposit (Cost $1,016,529)				1,017,092


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Time Deposits — 11.2%

Credit Agricole Corporate and Investment Bank 1.58%, 3/2/2020		36,765		36,765

Erste Group Bank AG 1.58%, 3/2/2020		170,000		170,000

First Abu Dhabi Bank PJSC 1.58%, 3/2/2020		69,000		69,000

Mizuho Bank Ltd. 1.59%, 3/2/2020		110,000		110,000


Total Time Deposits (Cost $385,765)				385,765


U.S. Treasury Obligations — 1.4%

U.S. Treasury Bills 1.88%, 3/19/2020 (d) (Cost $49,953)		50,000		49,967


Total Short-Term Investments (Cost $2,897,956)				2,898,770

Total Investments — 100.3% (Cost $3,466,456)				3,467,270
Liabilities in Excess of Other Assets — (0.3)%				(11,446	)

NET ASSETS — 100.0%				3,455,824

Percentages indicated are based on net assets.


Abbreviations
FNMA		Federal National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LOC		Letter of Credit
PJSC		Public Joint Stock Company
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 February 29, 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 February 29, 2020.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	33

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 26.8%

Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.61%, dated 2/28/2020, due 3/2/20, repurchase price $355,454. ^[2]		355,406		355,406

Barclays Capital, Inc., 1.82%, dated 2/28/2020, due 4/3/2020, repurchase price $30,053, collateralized by Asset-Backed Securities, 0.00% - 6.21%, due 11/10/2025 - 4/15/2033, with a value of $33,000.		30,000		30,000

Barclays Capital, Inc., 1.86%, dated 2/28/2020, due 4/3/2020, repurchase price $10,018, collateralized by Asset-Backed Securities, 4.48% - 6.07%, due 2/25/2023 - 7/16/2040, with a value of $11,000.		10,000		10,000

BMO Capital Markets Corp., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $65,009, collateralized by Asset-Backed Securities, 0.00% - 7.63%, due 11/18/2021 - 3/25/2067, Collateralized Mortgage Obligations, 0.00% - 1.11%, due 2/18/2030 - 1/18/2045, Corporate Bonds, 2.05% - 8.50%, due 5/21/2021 -1/31/2051, Corporate Notes, 2.10% -6.35%, due 2/12/2021 - 1/30/2026, FHLMC, 2.54% - 2.89%, due 7/25/2026 -6/25/2027, FNMA, 6.30%, due 10/17/2038 and Sovereign Government Securities, 2.00% - 3.13%, due 5/17/2022 - 9/25/2023, with a value of $69,156.		65,000		65,000

BMO Capital Markets Corp., 1.86%, dated 2/28/2020, due 3/6/2020, repurchase price $25,009, collateralized by Asset-Backed Securities, 2.06% - 3.69%, due 8/15/2028 - 6/26/2056, Corporate Bonds, 2.20% - 6.25%, due 6/27/2022 -6/15/2048, Corporate Notes, 2.65%, due 2/12/2021 and FHLMC, 2.54%, due 7/25/2026, with a value of $26,378.		25,000		25,000

BNP Paribas SA, 1.74%, dated 2/28/2020, due 3/3/2020, repurchase price $90,017, collateralized by Asset-Backed Securities, 1.63% - 9.10%, due 1/15/2021 -1/28/2070, Corporate Bonds, 0.00% -7.75%, due 10/1/2020 - 6/1/2021, Corporate Notes, 0.00%, due 5/15/2021 and Sovereign Government Securities, 8.75%, due 3/9/2024, with a value of $98,941.		90,000		90,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Bofa Securities, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $100,014, collateralized by Common Stocks, 0.00%, due 1/1/2999 and Preferred Stocks, 3.50% - 7.60%, due 1/1/2999, with a value of $108,000.		100,000		100,000

Bofa Securities, Inc., 1.93%, dated 2/28/2020, due 4/3/2020, repurchase price $175,328, collateralized by Asset-Backed Securities, 0.00% - 4.25%, due 9/15/2023 - 3/25/2066 and Collateralized Mortgage Obligations, 2.66% - 5.34%, due 3/17/2036 - 5/25/2057, with a value of $187,381.		175,000		175,000

Bofa Securities, Inc., 1.98%, dated 2/28/2020, due 4/3/2020, repurchase price $25,048, collateralized by Corporate Bonds, 3.15% - 3.70%, due 1/22/2021 -10/14/2025, with a value of $26,251.		25,000		25,000

Bofa Securities, Inc., 1.98%, dated 2/28/2020, due 4/3/2020, repurchase price $75,144, collateralized by Collateralized Mortgage Obligations, 0.00% - 6.18%, due 8/15/2031 -5/20/2046 and Corporate Bonds, 3.13% -7.88%, due 1/15/2021 -1/27/2041, with a value of $81,001.		75,000		75,000

Credit Suisse Securities USA LLC, 1.78%, dated 2/28/2020, due 3/6/2020, repurchase price $10,003, collateralized by Asset-Backed Securities, 4.11%, due 9/25/2057, with a value of $11,004.		10,000		10,000

Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $200,027, collateralized by U.S. Treasury Securities, 1.75%, due 12/31/2020, with a value of $204,000.		200,000		200,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by U.S. Treasury Securities, 0.38% - 2.25%, due 1/15/2027 - 11/15/2027, with a value of $1,020,005.		1,000,000		1,000,000

HSBC Securities USA, Inc., 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $25,004, collateralized by Corporate Bonds, 1.95% - 4.54%, due 4/12/2021 -7/15/2049 and Corporate Notes, 2.38% -4.45%, due 1/11/2023 - 3/1/2047, with a value of $26,254.		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

HSBC Securities USA, Inc., 1.83%, dated 2/28/2020, due 3/2/2020, repurchase price $34,005, collateralized by Corporate Bonds, 5.13% - 9.75%, due 11/1/2023 -8/1/2027 and Municipal Debt Securities, 0.00%, due 8/1/2031, with a value of $36,726.		34,000		34,000

ING Financial Markets LLC, 1.73%, dated 2/28/2020, due 3/2/2020, repurchase price $100,014, collateralized by Corporate Bonds, 3.20% - 9.35%, due 6/6/2022 - 1/1/2999, with a value of $108,016.		100,000		100,000

Societe Generale SA, 1.75%, dated 2/28/2020, due 3/2/2020, repurchase price $181,026, collateralized by Asset-Backed Securities, 1.73% - 7.23%, due 1/27/2026 - 11/15/2039, Collateralized Mortgage Obligations, 1.82% - 6.00%, due 7/17/2034 - 11/13/2047, Corporate Bonds, 3.96% - 10.75%, due 3/15/2020 -12/29/2049, Corporate Notes, 3.30%, due 11/27/2022, FHLMC, 3.48%, due 9/27/2049 and Sovereign Government Securities, 4.25% - 8.25%, due 3/25/2022 - 1/30/2030, with a value of $195,509.		181,000		181,000

Societe Generale SA, 1.68%, dated 2/28/2020, due 3/4/2020, repurchase price $70,016, collateralized by Asset-Backed Securities, 4.13% - 4.15%, due 11/15/2026 - 2/25/2033, Commercial Paper, 0.00%, due 3/4/2020 - 4/6/2020, Corporate Bonds, 1.55% - 8.35%, due 11/3/2020 - 1/1/2999, Corporate Notes, 1.70% - 6.10%, due 2/22/2021 -1/14/2042 and Sovereign Government Securities, 2.63% - 4.38%, due 2/28/2024 - 4/29/2053, with a value of $73,597.		70,000		70,000

Societe Generale SA, 1.78%, dated 2/28/2020, due 3/4/2020, repurchase price $53,013, collateralized by Asset-Backed Securities, 1.86% - 4.13%, due 11/15/2026 - 4/25/2037, Corporate Bonds, 2.55% - 9.70%, due 5/14/2024 -2/1/2030 and Sovereign Government Securities, 2.63% - 4.25%, due 1/5/2023 - 1/7/2025, with a value of $57,260.		53,000		53,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Societe Generale SA, 1.88%, dated 2/28/2020, due 3/31/2020, repurchase price $70,117, collateralized by Commercial Paper, 0.00%, due 4/6/2020, Corporate Bonds, 3.00% — 8.25%, due 10/1/2022 - 1/1/2999, Corporate Notes, 2.18%, due 11/16/2020, FNMA Connecticut Avenue Securities, 3.66%, due 1/25/2040, Sovereign Government Securities, 3.00% - 11.88%, due 3/9/2020 — 9/30/2049 and U.S. Treasury Securities, 0.38%, due 7/15/2023, with a value of $74,759.		70,000		70,000

Wells Fargo Securities LLC, 1.68%, dated 2/28/2020, due 3/2/2020, repurchase price $100,014, collateralized by Sovereign Government Securities, 1.50% -7.69%, due 4/20/2020 — 1/23/2050, with a value of $105,015.		100,000		100,000

Wells Fargo Securities LLC, 1.73%, dated 2/28/2020, due 3/2/2020, repurchase price $42,006, collateralized by Sovereign Government Securities, 1.50% - 5.95%, due 4/20/2020 — 1/28/2031, with a value of $44,148.		42,000		42,000

Wells Fargo Securities LLC, 1.73%, dated 2/28/2020, due 3/3/2020, repurchase price $55,011, collateralized by Sovereign Government Securities, 1.63% - 3.90%, due 7/15/2020 - 1/19/2027, with a value of $57,769.		55,000		55,000


Total Repurchase Agreements (Cost $2,890,406)				2,890,406

Corporate Notes — 0.5%

Banks — 0.5%

Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.16%), 1.74%, 3/2/2020 (b)		25,000		25,000

Barclays Bank plc (United Kingdom) (ICE LIBOR USD 1 Month + 0.05%), 1.68%, 3/24/2020 (b) (c)		30,000		30,000


Total Corporate Notes (Cost $55,000)				55,000

Municipal Bonds — 0.5%

California — 0.0% (d)

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments

Series H-4, Rev., VRDO, LOC: Bank of China, 1.68%, 3/6/2020 (e)		1,170		1,170

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	35

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

California — continued

Series H-3, Rev., VRDO, LOC: Bank of China, 1.70%, 3/6/2020 (e)		1,175		1,175


				2,345


Michigan — 0.3%

Michigan Finance Authority Series 2019C, Rev., VRDO, LOC: Bank of America NA, 1.61%, 3/7/2020 (e)		29,000		29,000


New York — 0.2%

New York State Housing Finance Agency, 222 East 44th Street Housing Series 2017A, Rev., VRDO, LOC: Bank of China, 1.70%, 3/2/2020 (e)		21,390		21,390


Total Municipal Bonds (Cost $52,735)				52,735

Short-term Investments — 72.7%

Certificates Of Deposit — 34.1%

Agricultural Bank of China Ltd. (China) 2.30%, 3/10/2020		25,000		25,000

Bank of Nova Scotia (The) (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.33%), 1.91%, 3/2/2020 (b)		40,000		40,000

(ICE LIBOR USD 1 Month + 0.17%), 1.84%, 3/6/2020 (b)		10,000		10,000

(ICE LIBOR USD 3 Month + 0.10%), 2.01%, 4/6/2020 (b)		17,000		17,000

(ICE LIBOR USD 3 Month + 0.05%), 1.85%, 4/28/2020 (b)		14,000		14,000

(ICE LIBOR USD 3 Month + 0.13%), 1.87%, 5/6/2020 (b)		50,000		50,000

(ICE LIBOR USD 3 Month + 0.12%), 1.81%, 5/19/2020 (b)		40,000		40,000

BNP Paribas SA (France)

(ICE LIBOR USD 1 Month + 0.28%), 1.94%, 3/2/2020 (b)		20,000		20,000

(ICE LIBOR USD 1 Month + 0.32%), 1.99%, 3/7/2020 (b)		16,000		16,000

(ICE LIBOR USD 1 Month + 0.21%), 1.88%, 3/9/2020 (b)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.08%), 1.99%, 4/3/2020 (b)		30,000		30,000

(ICE LIBOR USD 3 Month + 0.15%), 2.02%, 4/7/2020 (b)		16,000		16,000

Canadian Imperial Bank of Commerce (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (b)		25,000		25,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates Of Deposit — continued

(ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/6/2020 (b)		15,000		15,000

Chiba Bank Ltd. (Japan) 1.69%, 4/17/2020		50,000		50,000

China Construction Bank Corp. (China)

2.30%, 3/9/2020		30,000		30,000

2.30%, 3/27/2020		100,000		100,000

Commonwealth Bank of Australia (Australia) (ICE LIBOR USD 1 Month + 0.18%), 1.83%, 3/5/2020 (b)		25,000		25,000

Cooperatieve Rabobank UA (Netherlands) (ICE LIBOR USD 1 Month + 0.19%), 1.84%, 3/20/2020 (b)		75,000		75,000

Credit Agricole Corporate and Investment Bank (France) 1.79%, 7/28/2020 (f)		75,000		74,446

Credit Agricole SA (France)

1.77%, 7/24/2020 (f)		50,000		49,645

1.79%, 8/3/2020 (f)		50,000		49,616

Credit Industriel Desjardins, Inc. (Canada) 1.73%, 11/16/2020 (f)		25,000		24,692

Credit Industriel et Commercial (France)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (b)		26,000		26,000

(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.89%, 3/2/2020 (b)		18,000		18,000

2.33%, 3/11/2020 (f)		25,000		24,984

2.25%, 3/24/2020 (f)		20,000		19,971

(ICE LIBOR USD 3 Month + 0.08%), 1.98%, 4/6/2020 (b)		25,000		25,000

1.95%, 4/14/2020 (f)		65,000		64,845

1.92%, 5/12/2020 (f)		50,000		49,809

1.84%, 8/20/2020 (f)		50,000		49,563

Credit Suisse AG (Switzerland)

(ICE LIBOR USD 1 Month + 0.31%), 1.96%, 3/3/2020 (b)		60,000		60,000

(ICE LIBOR USD 3 Month + 0.17%), 2.01%, 4/16/2020 (b)		50,000		50,000

DZ Bank AG (Germany) 2.28%, 3/13/2020 (f)		25,000		24,981

1.90%, 4/27/2020 (f)		50,000		49,850

1.92%, 5/15/2020 (f)		15,000		14,940

1.78%, 7/24/2020 (f)		50,000		49,645

1.76%, 7/30/2020 (f)		23,000		22,831

HSBC Bank USA NA

(ICE LIBOR USD 3 Month + 0.02%), 1.83%, 4/23/2020 (b)		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-term Investments — continued

Certificates Of Deposit — continued

Industrial & Commercial Bank of China Ltd. (China) 2.32%, 3/31/2020		100,000		100,000

ING Bank NV (Netherlands)

(ICE LIBOR USD 1 Month + 0.33%), 2.00%, 3/12/2020 (b)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.12%), 1.99%, 4/8/2020 (b)		80,000		80,000

(ICE LIBOR USD 3 Month + 0.10%), 1.84%, 5/5/2020 (b)		39,000		39,000

(ICE LIBOR USD 3 Month + 0.08%), 1.82%, 5/6/2020 (b)		15,000		15,000

(ICE LIBOR USD 3 Month + 0.18%), 1.91%, 5/10/2020 (b)		45,000		45,000

1.93%, 7/27/2020		90,000		90,000

1.91%, 7/31/2020		25,000		25,000

KBC Bank NV (Ireland) 2.02%, 3/9/2020 (f)		20,000		19,991

Mitsubishi UFJ Trust & Banking Corp. (United Kingdom)

1.94%, 3/19/2020 (f)		50,000		49,952

1.97%, 4/20/2020 (f)		60,000		59,836

Mizuho Bank Ltd. (Japan)

2.12%, 3/6/2020 (f)		50,000		49,985

2.12%, 3/10/2020 (f)		25,000		24,987

(ICE LIBOR USD 1 Month + 0.14%), 1.75%, 3/27/2020 (b)		25,000		25,000

1.61%, 5/28/2020		70,000		70,000

1.94%, 7/20/2020		25,000		25,000

1.78%, 7/23/2020 (f)		25,000		24,824

MUFG Bank Ltd. (Japan)

(ICE LIBOR USD 1 Month + 0.19%), 1.85%, 3/12/2020 (b)		25,000		25,000

2.23%, 3/13/2020		9,000		9,000

1.93%, 7/28/2020		25,000		25,000

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.20%), 1.86%, 3/3/2020 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.20%), 1.87%, 3/10/2020 (b)		30,000		30,000

(ICE LIBOR USD 3 Month + 0.13%), 1.81%, 5/25/2020 (b)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.13%), 1.77%, 5/27/2020 (b)		30,000		30,000

Natixis SA (France)

(ICE LIBOR USD 3 Month + 0.11%), 2.01%, 3/4/2020 (b)		75,000		75,000

2.25%, 3/18/2020		60,000		60,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates Of Deposit — continued

2.00%, 4/8/2020		60,000		60,000

1.96%, 6/5/2020		21,000		21,000

1.98%, 6/5/2020		25,000		25,000

2.02%, 6/12/2020		20,000		20,000

Nordea Bank AB (Finland) 2.30%, 3/9/2020		50,000		50,000

Norinchukin Bank (The) (Japan)

1.90%, 3/11/2020		25,000		25,000

1.97%, 4/17/2020 (f)		25,000		24,936

1.90%, 5/5/2020		25,000		25,000

Oversea-Chinese Banking Corp. Ltd. (Singapore)

2.26%, 3/13/2020 (f)		25,000		24,981

(ICE LIBOR USD 3 Month + 0.28%), 2.18%, 3/19/2020 (b)		50,000		50,028

Rabobank International (Netherlands)

(ICE LIBOR USD 1 Month + 0.19%), 1.85%, 3/2/2020 (b)		25,000		25,000

Royal Bank of Canada (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.18%), 1.76%, 3/2/2020 (b)		30,000		30,000

Skandinaviska Enskilda Banken AB (Sweden)

(ICE LIBOR USD 1 Month + 0.28%), 1.88%, 3/2/2020 (b)		35,000		35,000

1.91%, 6/5/2020		17,000		17,000

1.91%, 7/23/2020		50,000		50,000

Standard Chartered Bank (United Kingdom)

(ICE LIBOR USD 1 Month + 0.30%), 1.97%, 3/9/2020 (b)		3,850		3,850

(ICE LIBOR USD 1 Month + 0.28%), 1.94%, 3/18/2020 (b)		50,000		50,000

1.72%, 8/7/2020 (f)		30,000		29,774

1.69%, 8/14/2020 (f)		30,000		29,768

Sumitomo Mitsui Banking Corp. (Japan)

(ICE LIBOR USD 1 Month + 0.27%), 1.92%, 3/2/2020 (b)		30,000		30,000

(ICE LIBOR USD 1 Month + 0.27%), 1.94%, 3/5/2020 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.26%), 1.93%, 3/8/2020 (b)		15,000		15,000

(ICE LIBOR USD 1 Month + 0.25%), 1.92%, 3/9/2020 (b)		5,000		5,000

(ICE LIBOR USD 1 Month + 0.12%), 1.72%, 3/28/2020 (b)		50,000		50,000

(ICE LIBOR USD 3 Month + 0.05%), 1.96%, 4/2/2020 (b)		20,000		20,000

Sumitomo Mitsui Trust International Ltd. (Japan) 1.99%, 4/9/2020 (f)		25,000		24,946

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	37

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-term Investments — continued

Certificates Of Deposit — continued

Sumitomo Trust & Banking Co., Ltd. (Japan) 1.99%, 4/14/2020 (f)		25,000		24,939

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.07%), 1.98%, 4/2/2020 (b)		17,000		17,000

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.19%), 1.85%, 3/2/2020 (b)		17,000		17,000

(ICE LIBOR USD 1 Month + 0.24%), 1.86%, 3/27/2020 (b)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.19%), 2.06%, 4/7/2020 (b)		30,000		30,000

Wells Fargo Bank NA

(US Federal Funds Effective Rate (continuous series) + 0.36%), 1.94%, 3/2/2020 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.34%), 2.01%, 3/7/2020 (b)		24,000		24,000

(ICE LIBOR USD 1 Month + 0.18%), 1.85%, 3/9/2020 (b)		7,000		7,000

(ICE LIBOR USD 3 Month + 0.11%), 2.02%, 4/6/2020 (b)		90,000		90,000

(ICE LIBOR USD 3 Month + 0.09%), 1.94%, 4/14/2020 (b)		50,000		50,000

(ICE LIBOR USD 3 Month + 0.09%), 1.90%, 4/22/2020 (b)		75,000		75,000

Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.15%), 1.81%, 3/3/2020 (b)		50,000		50,000


Total Certificates of Deposit (Cost $3,670,615)				3,670,615


Commercial Paper — 24.2%

Alpine Securitization LLC (Switzerland) (ICE LIBOR USD 3 Month + 0.08%), 1.81%, 5/21/2020 (b) (c)		50,000		50,000

Antalis SA (France) (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 1.61%, 9/1/2020 (c) (f)		27,440		27,216

Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.03%), 1.96%, 4/6/2020 (b) (c)		15,000		15,000

Bank of Nova Scotia (The) (Canada) (US Federal Funds Effective Rate (continuous series) + 0.34%), 1.95%, 3/2/2020 (b) (c)		20,000		20,000

Banque et Caisse d Epargne de l Etat (Luxembourg)

(ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 2.17%, 4/3/2020 (f)		5,000		4,990


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

(ICE LIBOR USD 2 Month + 4.00%; ICE LIBOR USD 3 Month + 4.00%), 1.91%, 6/2/2020 (f)		25,000		24,877

Barclays Bank plc (United Kingdom) 1.72%, 5/12/2020 (c) (f)		40,000		39,863

Barton Capital LLC 1.71%, 5/15/2020 (c) (f)		55,000		54,805

Bedford Row Funding Corp.

(ICE LIBOR USD 1 Month + 0.17%), 1.80%, 3/28/2020 (b) (c)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.07%), 1.97%, 4/8/2020 (b) (c)		20,000		20,000

(ICE LIBOR USD 3 Month + 0.06%), 1.83%, 5/1/2020 (b) (c)		22,000		22,000

BNG Bank NV (Netherlands) 1.98%, 3/3/2020 (c) (f)		40,000		39,995

1.58%, 3/4/2020 (c) (f)		200,000		199,974

(ICE LIBOR USD 1 Month + 0.17%), 1.87%, 3/9/2020 (b) (c)		50,000		50,000

BNP Paribas SA (France) (ICE LIBOR USD 3 Month + 0.10%), 1.81%, 5/25/2020 (b)		50,000		50,000

China Construction Bank Corp. (China) 1.59%, 3/2/2020 (c) (f)		1,000		1,000

Credit Suisse AG (Switzerland)

(US Federal Funds Effective Rate (continuous series) + 0.34%), 1.95%, 3/2/2020 (b)		50,000		50,000

(ICE LIBOR USD 3 Month + 0.17%), 2.14%, 3/16/2020 (b)		15,000		15,000

1.98%, 7/2/2020 (f)		25,000		24,832

DBS Bank Ltd. (Singapore) 1.93%, 4/7/2020 (f)		10,000		9,980

1.93%, 4/13/2020 (c) (f)		10,000		9,977

Dexia Credit Local SA (France) 1.89%, 4/1/2020 (f)		75,000		74,878

DNB Bank ASA (Norway) (ICE LIBOR USD 1 Month + 0.19%), 1.84%, 3/27/2020 (b) (c)		50,000		50,000

First Abu Dhabi Bank PJSC (United Arab Emirates) 1.84%, 4/13/2020 (c) (f)		60,000		59,868

1.80%, 4/15/2020 (c) (f)		59,656		59,522

1.69%, 5/15/2020 (c) (f)		27,000		26,905

1.65%, 5/27/2020 (c) (f)		30,000		29,881

HSBC Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.06%), 2.00%, 3/3/2020 (b) (c)		50,000		50,000

Kells Funding LLC 2.00%, 3/11/2020 (c) (f)		50,000		49,972

1.95%, 4/9/2020 (c) (f)		40,000		39,916

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-term Investments — continued

Commercial Paper — continued

1.89%, 4/17/2020 (c) (f)		25,000		24,938

Lexington Parker Capital Co., LLC 1.65%, 4/13/2020 (c) (f)		25,000		24,951

Lloyds Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.06%), 1.99%, 4/6/2020 (b)		25,000		25,000

LMA-Americas LLC 2.00%, 4/8/2020 (c) (f)		30,000		29,937

1.91%, 5/4/2020 (c) (f)		50,100		49,931

1.91%, 6/2/2020 (f)		43,100		42,888

Matchpoint Finance plc (Ireland) Series A, 1.89%, 3/3/2020 (c) (f)		75,000		74,992

MUFG Bank Ltd. (Japan) 2.26%, 3/5/2020 (f)		61,000		60,985

2.24%, 3/6/2020 (f)		45,000		44,986

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.18%), 1.87%, 3/2/2020 (b) (c)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.14%), 1.84%, 3/4/2020 (b) (c)		30,000		30,000

Old Line Funding LLC

(US Federal Funds Effective Rate (continuous series) + 0.35%), 1.96%, 3/2/2020 (b) (c)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.21%), 1.86%, 3/26/2020 (b) (c)		75,000		75,000

Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.09%), 1.73%, 5/28/2020 (b) (c)		25,000		25,000

PSP Capital, Inc. (Canada) (SOFR + 0.18%), 1.79%, 3/2/2020 (b) (c)		20,000		20,000

Ridgefield Funding Co. LLC (ICE LIBOR USD 1 Month + 0.07%), 1.73%, 3/24/2020 (b) (c)		30,000		30,000

Royal Bank of Canada (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.36%), 1.97%, 3/2/2020 (b) (c)		23,000		23,000

(ICE LIBOR USD 1 Month + 0.20%), 1.90%, 3/12/2020 (b) (c)		15,000		15,000

(ICE LIBOR USD 3 Month + 0.08%), 1.85%, 5/5/2020 (b) (c)		50,000		50,000

Sheffield Receivables Co. LLC (United Kingdom) 1.90%, 3/9/2020 (c) (f)		120,000		119,949

1.70%, 5/11/2020 (c) (f)		5,000		4,984

Sinopec Century Bright 1.70%, 3/2/2020 (f)		49,998		49,998

Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.68%, 4/14/2020 (c) (f)		30,000		29,938

Suncorp-Metway Ltd. (Australia) 1.80%, 7/15/2020 (f)		60,000		59,594


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.10%), 1.80%, 3/10/2020 (b) (c)		10,000		10,000

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.15%), 1.85%, 3/5/2020 (b) (c)		30,000		30,000

1.99%, 3/24/2020 (c) (f)		50,000		49,936

(ICE LIBOR USD 3 Month + 0.19%), 2.17%, 3/27/2020 (b) (c)		100,000		100,000

2.01%, 6/18/2020 (c) (f)		100,000		99,395

Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.23%), 1.93%, 3/9/2020 (b)		50,000		50,000

Toyota Motor Finance Netherlands BV (Japan) (ICE LIBOR USD 3 Month + 0.12%), 1.99%, 4/10/2020 (b)		10,000		10,000

UBS AG (Switzerland)

(ICE LIBOR USD 3 Month + 0.10%), 2.04%, 4/3/2020 (b) (c)		30,000		30,000

(ICE LIBOR USD 3 Month + 0.04%), 1.88%, 4/23/2020 (b) (c)		15,000		15,000

Versailles Commercial Paper LLC 1.89%, 3/9/2020 (c) (f)		50,000		49,979


Total Commercial Paper (Cost $2,600,832)				2,600,832


Time Deposits — 13.5%

Australia & New Zealand Banking Group Ltd. 1.60%, 3/3/2020		250,000		250,000

1.60%, 3/6/2020		200,000		200,000

Credit Agricole Corporate and Investment Bank 1.58%, 3/2/2020		59,905		59,905

Erste Group Bank AG 1.58%, 3/2/2020		316,071		316,071

KBC Bank NV 1.58%, 3/2/2020		475,000		475,000

Swedbank AB 1.58%, 3/2/2020		150,000		150,000


Total Time Deposits (Cost $1,450,976)				1,450,976


U.S. Treasury Obligations — 0.9%

U.S. Treasury Bills 1.89%, 3/19/2020 (f) (Cost $99,906)		100,000		99,906


Total Short-Term Investments (Cost $7,822,329)				7,822,329

Total Investments —100.5% (Cost $10,820,470)*				10,820,470
Liabilities in Excess of Other Assets — (0.5)%				(53,810	)

NET ASSETS — 100.0%				10,766,660

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	39

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


Abbreviations
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LOC		Letter of Credit
PJSC		Public Joint Stock Company
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 February 29, 2020.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 2020.
(f)		The rate shown is the effective yield as of February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[2] Agency Joint Trading Account II — At February 29, 2020, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan Liquid Assets Money Market Fund	$355,406	$	355,454	$	362,514

Repurchase Agreements — At February 29, 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 Liquid Assets Money Market Fund
Bofa Securities, Inc.		1.61	%	$	246,491
Citibank NA		1.61	%		51,591
Citigroup Global Markets Holdings, Inc.		1.61	%		57,324

Total				$	355,406

At February 29, 2020, the Agency Joint Trading Account II was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
FHLB		4.63% - 4.63%		6/12/2020 - 6/12/2020
FHLMC		2.50% - 10.50%		4/1/2020 - 2/1/2050
FNMA		2.00% - 8.50%		3/25/2020 - 10/1/2056
GNMA		2.00% - 9.00%		10/15/2021 - 10/20/2069
U.S. Treasury Securities		0.00% - 3.13%		5/15/2020 - 8/15/2046

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 52.9%

Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.61%, dated 2/28/2020, due 3/2/20, repurchase price $4,400,590. ^[1]		4,400,000		4,400,000

Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.61%, dated 2/28/2020, due 3/2/20, repurchase price $458,354. ^[2]		458,293		458,293

Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 1.61%, dated 2/28/2020, due 3/2/20, repurchase price $89,823. ^[3]		89,811		89,811

Bank of America Corp., 1.61%, dated 2/28/2020, due 3/2/2020, repurchase price $750,101, collateralized by GNMA, 3.50% - 4.00%, due 9/20/2041 - 12/20/2045, with a value of $765,000.		750,000		750,000

Bank of Montreal, 1.56%, dated 2/28/2020, due 3/6/2020, repurchase price $500,152, collateralized by U.S. Treasury Securities, 1.63% - 3.13%, due 9/30/2026 - 5/15/2045, with a value of $511,370.		500,000		500,000

Bank of Nova Scotia (The), 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $250,670, collateralized by U.S. Treasury Securities, 0.13% - 8.00%, due 11/15/2021 - 11/15/2048, with a value of $255,650.		250,637		250,637

Bank of Nova Scotia (The), 1.61%, dated 2/28/2020, due 3/2/2020, repurchase price $1,650,221, collateralized by FHLMC, 2.57% - 4.00%, due 1/1/2043 - 2/1/2050, FNMA, 2.33% - 6.50%, due 10/1/2027 - 2/1/2050 and GNMA, 3.00% - 4.00%, due 3/20/2047 - 11/20/2049, with a value of $1,683,000.		1,650,000		1,650,000

BMO Capital Markets Corp., 1.61%, dated 2/28/2020, due 3/2/2020, repurchase price $400,054, collateralized by FHLMC, 1.38% - 9.00%, due 5/1/2020 - 3/25/2050, FNMA, 2.08% - 9.12%, due 12/25/2021 - 3/25/2050 and GNMA, 1.91% - 5.50%, due 3/20/2031 - 1/20/2070, with a value of $408,790.		400,000		400,000

BMO Capital Markets Corp., 1.61%, dated 2/28/2020, due 3/6/2020, repurchase price $625,196, collateralized by FHLMC, 1.75% - 9.00%, due 4/1/2020 - 12/15/2050, FNMA, 1.75% - 6.30%, due 12/25/2021 - 3/25/2050 and GNMA, 1.85% - 7.00%, due 3/20/2031 - 1/20/2070, with a value of $642,578.		625,000		625,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


BMO Capital Markets Corp., 1.62%, dated 2/28/2020, due 3/6/2020, repurchase price $500,158, collateralized by FHLMC, 2.50% - 5.33%, due 9/25/2020 - 3/25/2050, FNMA, 2.08% - 6.50%, due 9/1/2020 - 3/1/2050 and GNMA, 1.00% - 7.50%, due 6/20/2023 - 1/20/2070, with a value of $513,990.		500,000		500,000

BNP Paribas SA, 1.58%, dated 2/28/2020, due 3/2/2020, repurchase price $500,066, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 4/14/2020 - 8/15/2048, with a value of $510,090.		500,000		500,000

BNP Paribas SA, 1.64%, dated 2/28/2020, due 3/3/2020, repurchase price $1,500,273, collateralized by FFCB, 3.46% - 3.98%, due 1/25/2038 - 4/5/2038, FHLB, 2.79% - 5.25%, due 12/9/2022 - 8/8/2036, FHLMC, 0.00% - 7.00%, due 5/15/2024 - 1/1/2050, FNMA, 0.00% - 7.50%, due 2/1/2023 - 10/1/2056, GNMA, 2.00% - 6.50%, due 4/15/2029 - 1/20/2050 and U.S. Treasury Securities, 0.00% - 8.75%, due 3/10/2020 - 8/15/2048, with a value of $1,536,744.		1,500,000		1,500,000

BNP Paribas SA, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $1,000,311, collateralized by FHLB, 3.90%, due 2/25/2036, FHLMC, 2.16% - 6.42%, due 8/1/2028 - 12/1/2049, FNMA, 0.00% - 6.50%, due 3/23/2028 - 12/1/2049, GNMA, 0.50% - 5.00%, due 7/15/2024 - 1/20/2050 and U.S. Treasury Securities, 0.00% - 8.75%, due 4/7/2020 - 2/15/2048, with a value of $1,024,835.		1,000,000		1,000,000

BNP Paribas SA, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $1,000,311, collateralized by FHLMC, 2.09% - 4.50%, due 5/15/2036 - 1/1/2050, FNMA, 2.50% - 7.00%, due 1/1/2027 - 2/1/2050, GNMA, 3.00% - 6.50%, due 3/15/2034 - 10/15/2049 and U.S. Treasury Securities, 0.00% - 8.75%, due 3/17/2020 - 5/15/2049, with a value of $1,025,406.		1,000,000		1,000,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	41

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

BNP Paribas SA, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $1,000,311, collateralized by FHLB, 1.70%, due 11/30/2020, FHLMC, 3.00% - 7.50%, due 4/1/2028 - 2/1/2050, FNMA, 2.50% - 5.50%, due 7/1/2029 - 10/1/2056, GNMA, 3.00% - 6.50%, due 11/20/2029 - 12/20/2049 and U.S. Treasury Securities, 0.00% - 8.00%, due 3/31/2020 - 8/15/2048, with a value of $1,025,440.		1,000,000		1,000,000

BNP Paribas SA, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $1,000,311, collateralized by FHLMC, 3.50% - 4.00%, due 1/1/2036 - 1/1/2050, FNMA, 3.50% - 7.50%, due 4/1/2027 - 9/1/2049, GNMA, 2.50% - 5.00%, due 11/20/2041 - 11/20/2049 and U.S. Treasury Securities, 0.00% - 3.88%, due 3/5/2020 - 2/15/2049, with a value of $1,025,531.		1,000,000		1,000,000

BNP Paribas SA, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $1,000,311, collateralized by FHLMC, 2.22% - 4.50%, due 11/15/2042 - 2/1/2050, FNMA, 3.00% - 5.00%, due 9/1/2026 - 2/1/2050, GNMA, 2.50% - 5.00%, due 12/20/2045 - 2/20/2050 and U.S. Treasury Securities, 0.00% - 2.88%, due 3/31/2020 - 2/15/2047, with a value of $1,026,830.		1,000,000		1,000,000

BNP Paribas SA, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $2,000,622, collateralized by FHLMC, 2.16% - 7.00%, due 5/15/2024 - 2/1/2050, FNMA, 2.13% - 7.50%, due 10/1/2028 - 2/1/2050, GNMA, 2.28% - 7.00%, due 12/15/2026 - 2/20/2050 and U.S. Treasury Securities, 0.00% - 8.75%, due 3/10/2020 - 2/15/2050, with a value of $2,053,364.		2,000,000		2,000,000

Bofa Securities, Inc., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by FHLMC, 3.00% - 4.00%, due 8/1/2045 - 9/1/2049 and FNMA, 3.00% - 4.00%, due 6/1/2047 - 2/1/2050, with a value of $1,020,000.		1,000,000		1,000,000

Citigroup Global Markets Holdings, Inc., 1.58%, dated 2/28/2020, due 3/2/2020, repurchase price $600,079, collateralized by U.S. Treasury Securities, 0.13% - 2.25%, due 7/31/2021 - 1/15/2022, with a value of $612,000.		600,000		600,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Credit Agricole Corporate and Investment Bank, 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $379,729, collateralized by U.S. Treasury Securities, 2.50% - 5.38%, due 2/15/2022 - 2/15/2031, with a value of $387,273.		379,679		379,679

Daiwa Capital Markets America. Inc., 1.61%, dated 2/28/2020, due 3/2/2020, repurchase price $3,000,403, collateralized by FFCB, 1.43% - 1.60%, due 1/23/2023 - 2/14/2024, FHLB, 0.00% - 2.75%, due 3/4/2020 - 2/25/2025, FHLMC, 2.21% - 5.50%, due 7/1/2024 - 2/1/2050, FNMA, 1.86% - 7.00%, due 6/1/2020 - 3/1/2052, GNMA, 1.95% - 6.00%, due 7/20/2033 - 2/20/2050 and U.S. Treasury Securities, 0.00% - 3.13%, due 3/5/2020 - 5/15/2048, with a value of $3,061,221.		3,000,000		3,000,000

Deutsche Bank Securities, Inc., 1.55%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,129, collateralized by U.S. Treasury Securities, 0.00% - 6.25%, due 5/31/2020 - 2/15/2050, with a value of $1,020,000.		1,000,000		1,000,000

Deutsche Bank Securities, Inc., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $998,952, collateralized by U.S. Treasury Securities, 0.00% - 5.25%, due 5/14/2020 - 11/15/2044, with a value of $1,018,796.		998,820		998,820

Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $3,300,437, collateralized by U.S. Treasury Securities, 0.13% - 4.38%, due 1/15/2021 - 2/15/2050, with a value of $3,366,000.		3,300,000		3,300,000

Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $6,250,828, collateralized by U.S. Treasury Securities, 0.13% - 3.13%, due 1/15/2022 - 5/15/2048, with a value of $6,375,000.		6,250,000		6,250,000

Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $7,500,994, collateralized by U.S. Treasury Securities, 0.13% - 4.38%, due 4/15/2020 - 5/15/2040, with a value of $7,650,000.		7,500,000		7,500,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $3,500,467, collateralized by U.S. Treasury Securities, 2.75% - 4.38%, due 5/15/2040 - 5/15/2044, with a value of $3,570,006.		3,500,000		3,500,000

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $5,700,760, collateralized by U.S. Treasury Securities, 0.13% - 2.75%, due 5/31/2024 - 3/31/2025, with a value of $5,814,003.		5,700,000		5,700,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $7,000,933, collateralized by U.S. Treasury Securities, 1.38% - 3.00%, due 9/30/2025 - 12/31/2026, with a value of $7,140,005.		7,000,000		7,000,000

Goldman Sachs & Co. LLC, 1.50%, dated 2/28/2020, due 3/2/2020, repurchase price $500,063, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 5/15/2021 - 11/15/2049, with a value of $510,000.		500,000		500,000

Goldman Sachs & Co. LLC, 1.60%, dated 2/28/2020, due 3/3/2020, repurchase price $1,500,267, collateralized FHLMC, 2.00% - 7.50%, due 6/1/2025 - 10/1/2049, FNMA, 2.00% - 7.00%, due 12/1/2025 - 11/1/2049 and GNMA, 2.50% - 6.00%, due 2/15/2029 - 2/20/2050, with a value of $1,530,000.		1,500,000		1,500,000

ING Financial Markets LLC, 1.62%, dated 2/28/2020, due 3/2/2020, repurchase price $150,020, collateralized by FHLMC, 3.00% - 4.50%, due 6/1/2042 - 9/1/2049, FNMA, 2.50% - 4.50%, due 11/1/2027 - 5/1/2058 and GNMA, 5.00%, due 11/20/2048, with a value of $153,145.		150,000		150,000

ING Financial Markets LLC, 1.62%, dated 2/28/2020, due 3/6/2020, repurchase price $100,032, collateralized by FHLMC, 2.50% - 5.50%, due 5/1/2035 - 1/1/2050, FNMA, 2.50% - 4.00%, due 2/1/2027 - 9/1/2057 and GNMA, 5.00%, due 11/20/2048, with a value of $102,142.		100,000		100,000

ING Financial Markets LLC, 1.60%, dated 2/28/2020, due 3/13/2020, repurchase price $250,156, collateralized by FHLMC, 2.31% - 5.50%, due 11/1/2039 - 11/1/2049 and FNMA, 2.50% - 6.50%, due 4/1/2026 - 5/1/2058, with a value of $255,680.		250,000		250,000

ING Financial Markets LLC, 1.60%, dated 2/28/2020, due 3/16/2020, repurchase price $200,151, collateralized by FHLMC, 2.44% - 5.00%, due 9/1/2029 - 11/1/2049 and FNMA, 2.50% - 6.00%, due 2/1/2027 - 9/1/2057, with a value of $204,544.		200,000		200,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


ING Financial Markets LLC, 1.61%, dated 2/28/2020, due 3/23/2020, repurchase price $250,268, collateralized by FHLMC, 3.00% - 7.00%, due 9/1/2029 - 11/1/2049 and FNMA, 3.00% - 5.00%, due 11/1/2024 - 5/1/2058, with a value of $255,354.		250,000		250,000

ING Financial Markets LLC, 1.64%, dated 2/28/2020, due 4/3/2020, repurchase price $100,159, collateralized by FHLMC, 3.03% - 5.00%, due 8/1/2040 - 7/1/2048 and FNMA, 2.55% - 3.96%, due 10/1/2027 - 2/1/2050, with a value of $102,270.		100,000		100,000

ING Financial Markets LLC, 1.64%, dated 2/28/2020, due 4/6/2020, repurchase price $100,173, collateralized by FHLMC, 2.31% - 4.62%, due 11/1/2029 - 11/1/2049 and FNMA, 2.50% - 6.50%, due 4/1/2027 - 5/1/2058, with a value of $102,279.		100,000		100,000

ING Financial Markets LLC, 1.64%, dated 2/28/2020, due 4/14/2020, repurchase price $425,891, collateralized by FHLMC, 3.00% - 4.00%, due 7/1/2048 - 8/1/2049, FNMA, 2.50% - 4.50%, due 6/1/2031 - 2/1/2050 and GNMA, 5.00%, due 11/20/2048, with a value of $434,685.		425,000		425,000

Metropolitan Life, 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $700,093, collateralized by U.S. Treasury Securities, 0.00%, due 11/15/2027 - 8/15/2047, with a value of $714,032.		700,000		700,000

Mitsubishi UFJ Trust & Banking Corp., 1.59%, dated 2/28/2020, due 3/6/2020, repurchase price $1,100,340, collateralized by GNMA, 3.00% - 5.00%, due 8/15/2038 - 7/20/2049, with a value of $1,119,432.		1,100,000		1,100,000

Natwest Markets Securities, Inc., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $1,650,219, collateralized by U.S. Treasury Securities, 0.00% - 6.25%, due 4/7/2020 - 2/15/2050, with a value of $1,683,223.		1,650,000		1,650,000

Nomura Securities Co. Ltd., 1.61%, dated 2/28/2020, due 3/2/2020, repurchase price $4,000,537, collateralized by FFCB, 2.35% - 2.70%, due 2/12/2021 - 12/12/2034, FHLMC, 1.13% - 9.00%, due 3/15/2020 - 2/1/2050, FNMA, 1.25% - 8.00%, due 5/1/2020 - 1/1/2058, GNMA, 1.50% - 8.00%, due 9/20/2023 - 11/20/2069 and U.S. Treasury Securities, 0.63% - 0.75%, due 1/15/2026 - 2/15/2045, with a value of $4,080,547.		4,000,000		4,000,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	43

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Norinchukin Bank (The), 1.67%, dated 2/28/2020, due 3/4/2020, repurchase price $200,046, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $203,846.		200,000		200,000

Norinchukin Bank (The), 1.68%, dated 2/28/2020, due 3/10/2020, repurchase price $650,334, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $662,500.		650,000		650,000

Norinchukin Bank (The), 1.60%, dated 2/28/2020, due 4/14/2020, repurchase price $250,511, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $254,808.		250,000		250,000

Norinchukin Bank (The), 1.68%, dated 2/28/2020, due 5/15/2020, repurchase price $451,617, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $458,654.		450,000		450,000

Norinchukin Bank (The), 1.63%, dated 2/28/2020, due 5/27/2020, repurchase price $301,209, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $305,769.		300,000		300,000

Norinchukin Bank (The), 1.43%, dated 2/28/2020, due 6/2/2020, repurchase price $552,075, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $560,577.		550,000		550,000

RBC Capital Markets LLC, 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $1,500,200, collateralized by FHLMC, 2.02% - 3.35%, due 1/25/2023 - 10/25/2039, FNMA, 2.18% - 6.05%, due 4/25/2029 - 12/25/2049, and GNMA, 1.93% - 4.00%, due 7/20/2049 - 11/20/2069, with a value of $1,545,000.		1,500,000		1,500,000

RBC Capital Markets LLC, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $2,000,622, collateralized by FHLMC, 2.10% - 3.40%, due 1/25/2027 - 5/15/2043, FNMA, 1.50% - 6.50%, due 7/1/2020 - 3/25/2043, GNMA, 2.50% - 6.00%, due 4/16/2034 - 1/20/2050, Tennessee Valley Authority, 1.88%, due 8/15/2022 and U.S. Treasury Securities, 0.00% - 6.13%, due 3/10/2020 - 2/15/2050 with a value of $2,043,874.		2,000,000		2,000,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Royal Bank of Canada, 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $2,000,267, collateralized by FHLMC, 2.21% - 2.50%, due 12/15/2037 - 10/25/2048, FNMA, 1.86% - 3.50%, due 7/25/2035 - 6/25/2049, GNMA, 2.10% - 4.00%, due 10/20/2044 - 2/20/2049 and U.S. Treasury Securities, 1.13% - 2.88%, due 1/15/2021 - 8/15/2028, with a value of $2,041,779.		2,000,000		2,000,000

Societe Generale SA, 1.57%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,131, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 3/26/2020 - 2/15/2050, with a value of $1,020,000.		1,000,000		1,000,000

Societe Generale SA, 1.61%, dated 2/28/2020, due 4/24/2020, repurchase price $751,878, collateralized by U.S. Treasury Securities, 0.00% - 8.00%, due 2/29/2020 - 2/15/2049, with a value of $765,000.		750,000		750,000

Sumitomo Mitsui Banking Corp., 1.61%, dated 2/28/2020, due 3/2/2020, repurchase price $3,000,403, collateralized by GNMA, 3.00% - 5.00%, due 6/20/2041 - 5/20/2048, with a value of $3,063,658.		3,000,000		3,000,000

Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.59%, dated 2/28/2020, due 3/2/20, repurchase price $14,381.^[4]		14,379		14,379

Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 1.59%, dated 2/28/2020, due 3/2/20, repurchase price $645,753.^[5]		645,667		645,667

Wells Fargo Securities LLC, 1.60%, dated 2/28/2020, due 3/3/2020, repurchase price $1,000,178, collateralized by FNMA, 3.00% - 4.00%, due 9/1/2049 - 12/1/2049, with a value of $1,020,317.		1,000,000		1,000,000


Total Repurchase Agreements (Cost $84,187,286)				84,187,286

U.S. Government Agency Securities — 35.0%

FFCB

(US Treasury 3 Month Bill Money Market Yield + 0.06%), 1.57%, 3/2/2020 (b)		275,000		275,000

(SOFR + 0.07%), 1.64%, 3/2/2020 (b)		105,000		105,000

(ICE LIBOR USD 1 Month + 0.04%), 1.69%, 3/2/2020 (b)		450,000		450,000

(Federal Reserve Bank Prime Loan Rate US - 2.93%), 1.82%, 3/2/2020 (b)		325,000		325,000

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued

(ICE LIBOR USD 1 Month + 0.03%), 1.69%, 3/3/2020 (b)		349,999		349,999

(ICE LIBOR USD 1 Month - 0.02%), 1.65%, 3/4/2020 (b)		300,000		300,000

(ICE LIBOR USD 1 Month + 0.05%), 1.72%, 3/5/2020 (b)		450,000		449,992

(ICE LIBOR USD 1 Month + 0.35%), 2.02%, 3/5/2020 (b)		50,000		50,141

(ICE LIBOR USD 1 Month + 0.00%), 1.67%, 3/6/2020 (b)		400,000		400,000

(ICE LIBOR USD 1 Month - 0.03%), 1.64%, 3/7/2020 (b)		275,000		275,000

(ICE LIBOR USD 1 Month + 0.00%), 1.67%, 3/7/2020 (b)		90,000		89,989

(ICE LIBOR USD 1 Month + 0.04%), 1.71%, 3/7/2020 (b)		400,000		400,000

(ICE LIBOR USD 1 Month + 0.09%), 1.76%, 3/8/2020 (b)		550,000		549,983

(ICE LIBOR USD 1 Month - 0.01%), 1.65%, 3/14/2020 (b)		250,000		249,986

(ICE LIBOR USD 1 Month - 0.01%), 1.65%, 3/15/2020 (b)		200,000		199,975

(ICE LIBOR USD 1 Month + 0.06%), 1.71%, 3/15/2020 (b)		375,000		374,988

(ICE LIBOR USD 1 Month + 0.05%), 1.70%, 3/16/2020 (b)		50,000		50,000

(ICE LIBOR USD 1 Month + 0.06%), 1.69%, 3/23/2020 (b)		275,000		275,009

(ICE LIBOR USD 1 Month + 0.00%), 1.63%, 3/24/2020 (b)		300,000		299,990

(ICE LIBOR USD 1 Month + 0.04%), 1.67%, 3/24/2020 (b)		550,000		550,000

(ICE LIBOR USD 1 Month + 0.01%), 1.64%, 3/25/2020 (b)		400,000		400,000

(ICE LIBOR USD 1 Month + 0.05%), 1.68%, 3/25/2020 (b)		125,000		125,000

(ICE LIBOR USD 1 Month + 0.04%), 1.65%, 3/27/2020 (b)		185,000		184,994

(ICE LIBOR USD 1 Month + 0.07%), 1.67%, 3/28/2020 (b)		20,001		20,001

(ICE LIBOR USD 1 Month + 0.03%), 1.68%, 3/30/2020 (b)		250,000		250,000

FHLB

DN, 1.55%, 3/2/2020 (c)		1,000,000		999,957

(SOFR + 0.02%), 1.60%, 3/2/2020 (b)		27,000		27,000

(SOFR + 0.03%), 1.60%, 3/2/2020 (b)		310,000		310,000

(SOFR + 0.03%), 1.61%, 3/2/2020 (b)		380,000		380,000

(SOFR + 0.03%), 1.61%, 3/2/2020 (b)		287,000		287,000

(SOFR + 0.03%), 1.61%, 3/2/2020 (b)		274,000		274,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


(SOFR + 0.04%), 1.62%, 3/2/2020 (b)		505,000		505,000

(SOFR + 0.06%), 1.64%, 3/2/2020 (b)		500,000		500,000

(SOFR + 0.06%), 1.64%, 3/2/2020 (b)		330,000		330,000

(SOFR + 0.07%), 1.64%, 3/2/2020 (b)		1,110,000		1,110,000

(SOFR + 0.10%), 1.68%, 3/2/2020 (b)		450,000		450,000

(ICE LIBOR USD 1 Month + 0.04%), 1.69%, 3/2/2020 (b)		900,000		900,000

(SOFR + 0.12%), 1.70%, 3/2/2020 (b)		515,000		515,000

(ICE LIBOR USD 1 Month + 0.05%), 1.71%, 3/2/2020 (b)		150,000		150,000

(SOFR + 0.17%), 1.75%, 3/2/2020 (b)		487,000		487,000

DN, 1.55%, 3/3/2020 (c)		500,000		499,957

(ICE LIBOR USD 3 Month - 0.22%), 1.67%, 3/3/2020 (b)		1,500,000		1,500,000

(ICE LIBOR USD 1 Month - 0.02%), 1.64%, 3/4/2020 (b)		500,000		500,000

(ICE LIBOR USD 1 Month - 0.02%), 1.64%, 3/4/2020 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.22%), 1.67%, 3/5/2020 (b)		500,000		500,000

(ICE LIBOR USD 1 Month + 0.05%), 1.72%, 3/5/2020 (b)		1,000,000		1,000,000

(ICE LIBOR USD 1 Month + 0.00%), 1.67%, 3/10/2020 (b)		225,000		225,000

(ICE LIBOR USD 1 Month - 0.06%), 1.60%, 3/11/2020 (b)		500,000		500,000

(ICE LIBOR USD 1 Month - 0.06%), 1.61%, 3/11/2020 (b)		1,500,000		1,500,000

(ICE LIBOR USD 3 Month - 0.22%), 1.67%, 3/12/2020 (b)		500,000		500,000

(ICE LIBOR USD 1 Month + 0.00%), 1.65%, 3/14/2020 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.22%), 1.67%, 3/15/2020 (b)		1,150,000		1,150,000

(ICE LIBOR USD 1 Month - 0.04%), 1.62%, 3/16/2020 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.22%), 1.67%, 3/16/2020 (b)		350,000		350,000

1.92%, 3/19/2020		999,999		999,999

(ICE LIBOR USD 3 Month - 0.22%), 1.71%, 3/23/2020 (b)		700,000		700,000

(ICE LIBOR USD 1 Month - 0.03%), 1.60%, 3/24/2020 (b)		250,000		250,000

(ICE LIBOR USD 1 Month - 0.03%), 1.60%, 3/24/2020 (b)		625,000		625,000

(ICE LIBOR USD 1 Month - 0.03%), 1.59%, 3/26/2020 (b)		250,000		250,000

(ICE LIBOR USD 1 Month - 0.03%), 1.59%, 3/26/2020 (b)		500,000		500,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	45

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued

(ICE LIBOR USD 1 Month + 0.05%), 1.67%, 3/26/2020 (b)		1,500,000		1,500,000

(ICE LIBOR USD 1 Month + 0.05%), 1.67%, 3/26/2020 (b)		500,000		500,000

(ICE LIBOR USD 1 Month - 0.02%), 1.59%, 3/27/2020 (b)		1,000,000		1,000,000

(ICE LIBOR USD 1 Month - 0.01%), 1.59%, 3/28/2020 (b)		1,000,000		1,000,000

(ICE LIBOR USD 3 Month - 0.22%), 1.67%, 3/30/2020 (b)		500,000		500,000

2.38%, 3/30/2020		579,000		579,224

(ICE LIBOR USD 3 Month - 0.09%), 1.82%, 4/4/2020 (b)		500,000		500,000

1.70%, 4/9/2020		250,000		249,993

(ICE LIBOR USD 3 Month - 0.10%), 1.78%, 4/9/2020 (b)		1,300,000		1,300,000

(ICE LIBOR USD 3 Month - 0.10%), 1.75%, 4/13/2020 (b)		700,000		700,000

(ICE LIBOR USD 3 Month - 0.13%), 1.71%, 4/14/2020 (b)		100,000		100,000

(ICE LIBOR USD 3 Month - 0.12%), 1.72%, 4/14/2020 (b)		600,000		600,000

1.61%, 4/20/2020		1,000,000		999,971

1.61%, 4/24/2020		1,000,000		999,968

(ICE LIBOR USD 3 Month - 0.18%), 1.62%, 4/28/2020 (b)		1,250,000		1,250,000

(ICE LIBOR USD 3 Month - 0.12%), 1.63%, 5/5/2020 (b)		1,000,000		1,000,000

(ICE LIBOR USD 3 Month - 0.20%), 1.65%, 5/16/2020 (b)		1,800,000		1,800,000

(ICE LIBOR USD 3 Month - 0.20%), 1.65%, 5/16/2020 (b)		1,000,000		1,000,000

1.93%, 6/11/2020		1,500,000		1,500,000

1.93%, 6/12/2020		1,000,000		1,000,000

1.98%, 6/16/2020		1,425,000		1,425,000

1.63%, 6/30/2020		750,000		749,958

1.68%, 7/30/2020		1,250,000		1,249,980

1.69%, 7/30/2020		1,000,000		1,000,000

2.63%, 10/1/2020		204,930		206,083

FHLMC

(SOFR + 0.02%), 1.60%, 3/2/2020 (b)		1,500,000		1,500,000

(SOFR + 0.02%), 1.60%, 3/2/2020 (b)		1,180,000		1,180,000

(SOFR + 0.02%), 1.60%, 3/2/2020 (b)		645,000		645,000

(SOFR + 0.03%), 1.61%, 3/2/2020 (b)		875,000		875,000

(SOFR + 0.04%), 1.62%, 3/2/2020 (b)		925,000		925,000

(SOFR + 0.04%), 1.62%, 3/2/2020 (b)		650,000		650,000


Total U.S. Government Agency Securities (Cost $55,760,137)				55,760,137


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 8.1%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.65%, 3/2/2020 (b)		1,775,450		1,775,339

(US Treasury 3 Month Bill Money Market Yield + 0.30%), 1.81%, 3/2/2020 (b)		1,150,000		1,150,095

U.S. Treasury Notes 1.38%, 4/30/2020		390,000		389,698

1.38%, 5/31/2020		200,000		199,733

1.50%, 5/31/2020		500,000		499,550

1.63%, 6/30/2020		300,000		299,733

2.50%, 6/30/2020		700,000		701,522

1.50%, 7/15/2020		788,000		787,056

2.63%, 7/31/2020		1,499,832		1,504,719

1.38%, 8/31/2020		359,000		358,555

2.13%, 8/31/2020		345,665		346,515

2.63%, 8/31/2020		250,000		251,232

1.38%, 9/15/2020		150,000		149,800

2.00%, 9/30/2020		500,000		501,047

1.63%, 10/15/2020		357,214		357,177

1.38%, 10/31/2020		691,000		689,700

1.75%, 10/31/2020		672,000		672,399

2.88%, 10/31/2020		359,000		361,864

1.75%, 11/15/2020		62,000		62,039

2.63%, 11/15/2020		645,000		649,373

1.63%, 11/30/2020		330,000		329,952

2.00%, 11/30/2020		100,000		100,266

2.75%, 11/30/2020		285,000		287,328

1.88%, 12/15/2020		395,000		395,712


Total U.S. Treasury Obligations (Cost $12,820,404)				12,820,404

Total Investments — 96.0% (Cost $152,767,827)*				152,767,827
Other Assets Less Liabilities — 4.0%				6,434,265

NET ASSETS — 100.0%				159,202,092

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

Abbreviations


DN		Discount Notes
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
USD		United States Dollar


(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.
(c)		The rate shown is the effective yield as of February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At February 29, 2020, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$4,400,000	$	4,400,590	$	4,489,171

Repurchase Agreements — At February 29, 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		1.61	%	$	1,400,000
TD Securities (USA) LLC		1.61	%		1,000,000
Wells Fargo Securities LLC		1.61	%		2,000,000

Total				$	4,400,000

At February 29, 2020, the Agency Joint Trading Account I was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
FFCB		1.59% - 3.98%		3/20/2020 - 4/5/2038
FHLB		0.00% - 4.10%		3/4/2020 - 3/16/2037
FHLMC		0.00% - 7.00%		5/1/2020 - 10/15/2058
FNMA		0.00% - 7.50%		10/30/2020 - 8/1/2058
GNMA		2.00% - 8.00%		9/15/2024 - 2/20/2050
Tennessee Valley Authority		1.88% - 7.13%		3/15/2020 - 9/15/2065
U.S. Treasury Securities		0.00% - 8.75%		5/15/2020 - 11/15/2046



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$458,293	$	458,354	$	467,459

Repurchase Agreements — At February 29, 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
Citibank NA		1.61	%	$	66,526
Citigroup Global Markets Holdings, Inc.		1.61	%		73,919
Bofa Securities, Inc.		1.61	%		317,848

Total				$	458,293

At February 29, 2020, the Agency Joint Trading Account II was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
FHLB		4.63% - 4.63%		6/12/2020 - 6/12/2020
FHLMC		2.50% - 10.50%		4/1/2020 - 2/1/2050
FNMA		2.00% - 8.50%		3/25/2020 - 10/1/2056
GNMA		2.00% - 9.00%		10/15/2021 - 10/20/2069
U.S. Treasury Securities		0.00% - 3.13%		5/15/2020 - 8/15/2046

^[3] Agency Joint Trading Account III — At February 29, 2020, certain Funds had undivided interests in the Agency Joint Trading Account III with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$89,811	$	89,823	$	91,644

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	47

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)

Repurchase Agreements — At February 29, 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		1.61	%	$	89,811

At February 29, 2020, the Agency Joint Trading Account III was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
FHLMC		2.09% - 7.00%		3/15/2029 - 2/1/2050
FNMA		2.13% - 7.00%		9/1/2022 - 12/25/2049

^[4] Treasury Joint Trading Account I — At February 29, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$14,379	$	14,381	$	14,668

Repurchase Agreements — At February 29, 2020, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account I were as follows (amounts in thousands):



Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
BNP Paribas SA		1.59	%	$	5,478
Citibank NA		1.59	%		685
Wells Fargo Securities LLC		1.59	%		8,216

Total				$	14,379

At February 29, 2020, the Treasury Joint Trading Account I was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 8.75%		2/29/2020 - 11/15/2049

^[5] Treasury Joint Trading Account III — At February 29, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$645,667	$	645,753	$	658,580

Repurchase Agreements — At February 29, 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		1.59	%	$	383,910
Societe Generale SA		1.59	%		261,757

Total				$	645,667

At February 29, 2020, the Treasury Joint Trading Account III was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 5.25%		3/3/2020 - 2/15/2049

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 59.4%

Bank of Montreal, 1.60%, dated 2/28/2020, due 3/6/2020, repurchase price $250,078, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 8/20/2020 - 5/15/2048, with a value of $256,020.		250,000		250,000

BNP Paribas SA, 1.63%, dated 2/28/2020, due 3/3/2020, repurchase price $1,000,181, collateralized by U.S. Treasury Securities, 0.00% - 7.50%, due 3/12/2020 - 8/15/2049, with a value of $1,024,203.		1,000,000		1,000,000

BNP Paribas SA, 1.60%, dated 2/28/2020, due 4/14/2020, repurchase price $250,511, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 4/14/2020 - 8/15/2049, with a value of $256,031.		250,000		250,000

Bofa Securities, Inc., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by U.S. Treasury Securities, 0.00% - 5.00%, due 5/31/2020 - 8/15/2048, with a value of $1,020,000.		1,000,000		1,000,000

Citigroup Global Markets Holdings, Inc., 1.57%, dated 2/28/2020, due 3/6/2020, repurchase price $950,290, collateralized by U.S. Treasury Securities, 0.75% - 3.63%, due 1/31/2021 - 2/15/2047, with a value of $969,000.		950,000		950,000

Deutsche Bank Securities, Inc., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $499,804, collateralized by U.S. Treasury Securities, 0.00%, due 5/15/2020 - 11/15/2049, with a value of $509,733.		499,738		499,738

Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $750,099, collateralized by U.S. Treasury Securities, 0.13% - 3.00%, due 7/15/2026 - 8/15/2046, with a value of $765,000.		750,000		750,000

Fixed Income Clearing Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $1,500,199, collateralized by U.S. Treasury Securities, 1.50% - 3.13%, due 2/15/2021 - 2/15/2046, with a value of $1,530,000.		1,500,000		1,500,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $500,067, collateralized by U.S. Treasury Securities, 0.38% - 1.75%, due 12/31/2026 - 1/15/2027, with a value of $510,003.		500,000		500,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $750,100, collateralized by U.S. Treasury Securities, 3.13% - 3.38%, due 5/15/2044 - 8/15/2044, with a value of $765,002.		750,000		750,000

Fixed Income Clearing Corp., 1.60%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by U.S. Treasury Securities, 0.38% - 2.88%, due 3/31/2025 - 7/15/2025, with a value of $1,020,005.		1,000,000		1,000,000

HSBC Securities USA, Inc., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $265,035, collateralized by U.S. Treasury Securities, 0.00% - 4.50%, due 8/15/2039 - 11/15/2045, with a value of $270,336.		265,000		265,000

HSBC Securities USA, Inc., 1.59%, dated 2/28/2020, due 3/6/2020, repurchase price $500,155, collateralized by U.S. Treasury Securities, 0.00% - 4.50%, due 9/30/2022 - 2/15/2050, with a value of $510,158.		500,000		500,000

J.P. Morgan Securities LLC, 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $250,033, collateralized by U.S. Treasury Securities, 0.00% - 4.75%, due 7/15/2020 - 11/15/2048, with a value of $255,034.		250,000		250,000

Natixis SA, 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $1,000,133, collateralized by U.S. Treasury Securities, 0.00% - 5.50%, due 3/19/2020 - 2/15/2050, with a value of $1,020,135.		1,000,000		1,000,000

Natixis SA, 1.57%, dated 2/28/2020, due 3/6/2020, repurchase price $1,700,519, collateralized by U.S. Treasury Securities, 0.00% - 5.50%, due 3/19/2020 - 2/15/2050, with a value of $1,740,882.		1,700,000		1,700,000

Natwest Markets Securities, Inc., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $350,046, collateralized by U.S. Treasury Securities, 1.50% - 8.75%, due 8/15/2020 - 9/30/2024, with a value of $357,047.		350,000		350,000

Norinchukin Bank (The), 1.68%, dated 2/28/2020, due 3/10/2020, repurchase price $200,103, collateralized by U.S. Treasury Securities, 2.00% - 3.63%, due 11/15/2026 - 4/15/2028, with a value of $202,868.		200,000		200,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	49

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Norinchukin Bank (The), 1.70%, dated 2/28/2020, due 3/23/2020, repurchase price $250,283, collateralized by U.S. Treasury Securities, 2.00% - 3.63%, due 11/15/2026 - 4/15/2028, with a value of $253,585.		250,000		250,000

Norinchukin Bank (The), 1.60%, dated 2/28/2020, due 4/14/2020, repurchase price $250,511, collateralized by U.S. Treasury Securities, 2.00% - 3.63%, due 11/15/2026 - 4/15/2028, with a value of $253,585.		250,000		250,000

Societe Generale SA, 1.60%, dated 2/28/2020, due 4/9/2020, repurchase price $300,547, collateralized by U.S. Treasury Securities, 0.00% - 8.00%, due 3/3/2020 - 2/15/2050, with a value of $306,000.		300,000		300,000

Sumitomo Mitsui Banking Corp., 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $2,500,331, collateralized by U.S. Treasury Securities, 1.50% - 2.88%, due 10/31/2020 - 8/31/2025, with a value of $2,554,144.		2,500,000		2,500,000

Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $1,935,256.^[1]		1,935,000		1,935,000

Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 1.59%, dated 2/28/2020, due 3/2/2020, repurchase price $538,143. ^[3]		538,072		538,072


Total Repurchase Agreements (Cost $18,487,810)				18,487,810

U.S. Treasury Obligations — 21.8%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.12%), 1.63%, 3/2/2020 (b)		800,000		799,938

(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.65%, 3/2/2020 (b)		700,000		699,790

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 1.73%, 3/2/2020 (b)		400,000		399,814

(US Treasury 3 Month Bill Money Market Yield + 0.30%), 1.81%, 3/2/2020 (b)		150,000		150,000

U.S. Treasury Notes

2.25%, 3/31/2020		200,000		200,058

1.13%, 4/30/2020		48,000		47,944

1.38%, 4/30/2020		67,000		66,923

2.38%, 4/30/2020		346,000		346,299

1.50%, 7/15/2020		100,000		99,880


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


1.63%, 7/31/2020		50,000		49,990

2.00%, 7/31/2020		585,000		585,875

2.63%, 7/31/2020		518,000		519,740

1.38%, 8/31/2020		350,000		349,219

2.13%, 8/31/2020		100,000		100,246

1.38%, 9/15/2020		541,000		540,301

1.63%, 10/15/2020		375,469		375,430

1.38%, 10/31/2020		171,000		170,675

1.75%, 10/31/2020		122,000		122,079

1.75%, 11/15/2020		150,000		150,095

2.63%, 11/15/2020		691,000		695,708

1.63%, 11/30/2020		27,998		27,998

2.00%, 11/30/2020		170,000		170,430

2.75%, 11/30/2020		116,000		116,938


Total U.S. Treasury Obligations (Cost $6,785,370)				6,785,370

Short-Term Investments — 13.6%

U.S. Treasury Obligations — 13.6%

U.S. Treasury Bills 1.55%, 3/10/2020 (c)		2,133,000		2,132,172

1.59%, 3/12/2020 (c)		1,744,000		1,743,153

1.69%, 4/9/2020 (c)		350,000		349,360


Total U.S. Treasury Obligations (Cost $4,224,685)				4,224,685


Total Short-term Investments (Cost $4,224,685)				4,224,685

Total Investments — 94.8% (Cost $29,497,865)*				29,497,865
Other Assets Less Liabilities — 5.2%				1,619,835

NET ASSETS — 100.0%				31,117,700

Percentages indicated are based on net assets.


(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.
(c)		The rate shown is the effective yield as of February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

Additional Investment Information:

^[1] Treasury Joint Trading Account I — At February 29, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$1,935,000	$	1,935,256	$	1,973,949

Repurchase Agreements — At February 29, 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		1.59	%	$	737,143
Citibank NA		1.59	%		92,143
Wells Fargo Securities LLC		1.59	%		1,105,714

Total				$	1,935,000

At February 29, 2020, the Treasury Joint Account I was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 8.75%		2/29/2020 - 11/15/2049

^[3] Treasury Joint Trading Account III — At February 29, 2020, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of March 2, 2020, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$538,072	$	538,143	$	548,833

Repurchase Agreements — At February 29, 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		1.59	%	$	319,935
Societe Generale SA		1.59	%		218,137

Total				$	538,072

At February 29, 2020, the Treasury Joint Account III was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
U.S. Treasury Securities		0.00% - 5.25%		3/3/2020 - 2/15/2049

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	51

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		Value ($000)

U.S. Government Agency Securities — 70.5%

FFCB

(US Federal Funds Effective Rate (continuous series) + 0.11%), 1.69%, 3/2/2020 (b)		42,000		41,997

(US Federal Funds Effective Rate (continuous series) + 0.13%), 1.71%, 3/2/2020 (b)		25,000		25,000

(Federal Reserve Bank Prime Loan Rate US - 2.96%), 1.79%, 3/2/2020 (b)		50,000		50,000

(US Treasury 3 Month Bill Money Market Yield + 0.30%), 1.81%, 3/2/2020 (b)		30,000		30,000

(Federal Reserve Bank Prime Loan Rate US - 2.93%), 1.82%, 3/2/2020 (b)		25,000		25,000

(ICE LIBOR USD 1 Month - 0.01%), 1.65%, 3/15/2020 (b)		50,000		49,994

FHLB

(SOFR + 0.02%), 1.60%, 3/2/2020 (b)		20,000		20,000

(SOFR + 0.03%), 1.60%, 3/2/2020 (b)		25,000		25,000

(SOFR + 0.10%), 1.68%, 3/2/2020 (b)		25,000		25,000

DN, 1.55%, 3/5/2020 (c)		100,000		99,983

DN, 1.55%, 3/6/2020 (c)		136,280		136,251

DN, 1.55%, 3/11/2020 (c)		54,771		54,747

DN, 1.54%, 3/13/2020 (c)		15,000		14,992

DN, 1.57%, 3/16/2020 (c)		100,000		99,935

DN, 1.56%, 3/18/2020 (c)		99,100		99,027

DN, 1.56%, 3/25/2020 (c)		100,000		99,896

DN, 1.56%, 4/3/2020 (c)		150,000		149,786

DN, 1.56%, 4/8/2020 (c)		100,000		99,836

DN, 1.56%, 4/13/2020 (c)		179,850		179,516

DN, 1.57%, 4/15/2020 (c)		26,400		26,348

DN, 1.57%, 4/17/2020 (c)		89,650		89,467

DN, 1.56%, 4/22/2020 (c)		103,702		103,469

DN, 1.57%, 4/27/2020 (c)		100,000		99,751

DN, 1.57%, 5/1/2020 (c)		100,000		99,734

DN, 1.57%, 5/6/2020 (c)		100,000		99,712

DN, 1.58%, 5/8/2020 (c)		100,000		99,703

DN, 1.57%, 5/13/2020 (c)		74,500		74,264

(ICE LIBOR USD 3 Month - 0.20%), 1.65%, 5/16/2020 (b)		50,000		50,000

DN, 1.57%, 6/10/2020 (c)		19,000		18,917

1.93%, 6/11/2020		25,000		25,000

1.98%, 6/16/2020		50,000		50,000


Total U.S. Government Agency Securities (Cost $2,162,325)				2,162,325

U.S. Treasury Obligations — 11.1%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.04%), 1.55%, 3/2/2020 (b)		25,000		24,993


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)




(US Treasury 3 Month Bill Money Market Yield + 0.12%), 1.63%, 3/2/2020 (b)		75,000		74,992

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 1.73%, 3/2/2020 (b)		40,000		40,003

U.S. Treasury Notes

1.63%, 6/30/2020		50,000		50,003

1.63%, 7/31/2020		50,000		49,990

2.63%, 8/31/2020		25,000		25,118

2.00%, 9/30/2020		25,000		25,054

2.63%, 11/15/2020		50,000		50,343


Total U.S. Treasury Obligations (Cost $340,496)				340,496

Short-Term Investments — 17.9%

U.S. Treasury Obligations — 17.9%

U.S. Treasury Bills

1.54%, 3/10/2020 (c)		300,000		299,884

1.50%, 3/24/2020 (c)		100,000		99,904

1.53%, 3/31/2020 (c)		100,000		99,873

1.56%, 4/14/2020 (c)		50,000		49,905


Total U.S. Treasury Obligations (Cost $549,566)				549,566


Total Short-Term Investments (Cost $549,566)				549,566

Total Investments — 99.5% (Cost $3,052,387)*				3,052,387
Other Assets Less Liabilities — 0.5%				16,294

NET ASSETS — 100.0%				3,068,681

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 February 29, 2020.
(c)		The rate shown is the effective yield as of February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)

U.S. Treasury Obligations — 30.5%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.03%), 1.54%, 3/2/2020 (b)		1,593,400		1,593,386

(US Treasury 3 Month Bill Money Market Yield + 0.04%), 1.55%, 3/2/2020 (b)		1,207,775		1,207,761

(US Treasury 3 Month Bill Money Market Yield + 0.05%), 1.56%, 3/2/2020 (b)		1,625,000		1,624,753

(US Treasury 3 Month Bill Money Market Yield + 0.12%), 1.63%, 3/2/2020 (b)		1,974,400		1,974,154

(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.65%, 3/2/2020 (b)		1,750,000		1,749,619

(US Treasury 3 Month Bill Money Market Yield + 0.15%), 1.67%, 3/2/2020 (b)		710,000		709,916

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 1.73%, 3/2/2020 (b)		1,400,000		1,399,919

(US Treasury 3 Month Bill Money Market Yield + 0.30%), 1.81%, 3/2/2020 (b)		300,000		300,000

U.S. Treasury Notes

1.38%, 3/31/2020		1,000,000		999,622

2.25%, 3/31/2020		570,000		570,068

1.50%, 5/31/2020		200,000		199,924

1.88%, 6/30/2020		262,000		262,035

2.50%, 6/30/2020		242,000		242,527

1.50%, 7/15/2020		86,000		85,945

1.63%, 7/31/2020		100,000		99,981

2.00%, 7/31/2020		110,000		110,147

2.63%, 8/15/2020		1,007,500		1,011,862

1.38%, 8/31/2020		300,657		300,226

2.13%, 8/31/2020		682,800		684,409

2.63%, 8/31/2020		1,083,610		1,088,751

1.38%, 9/30/2020		170,000		169,736

2.00%, 9/30/2020		125,000		125,271

1.38%, 10/31/2020		400,000		399,290

2.88%, 10/31/2020		835,000		841,708

1.75%, 11/15/2020		100,000		100,073

2.63%, 11/15/2020		1,330,000		1,339,063

1.63%, 11/30/2020		196,772		196,728

2.00%, 11/30/2020		522,000		523,324

1.75%, 12/31/2020		249,000		249,224


Total U.S. Treasury Obligations (Cost $20,159,422)				20,159,422

Short-Term Investments — 71.8%

U.S. Treasury Obligations — 71.8%

U.S. Treasury Bills

1.55%, 3/3/2020 (c)		2,950,000		2,949,747

1.54%, 3/10/2020 (c)		10,700,000		10,695,884


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)




1.83%, 3/12/2020 (c)		3,075,000		3,073,279

1.55%, 3/17/2020 (c)		5,000,000		4,996,565

1.57%, 3/24/2020 (c)		5,500,000		5,494,489

1.77%, 3/26/2020 (c)		400,000		399,509

1.10%, 3/31/2020 (c)		8,430,000		8,419,345

1.55%, 4/7/2020 (c)		5,000,000		4,992,035

1.56%, 4/9/2020 (c)		1,000,000		998,313

1.56%, 4/14/2020 (c)		500,000		499,049

1.55%, 5/14/2020 (c)		5,000,000		4,984,069


Total U.S. Treasury Obligations (Cost $47,502,284)				47,502,284


Total Short-Term Investments (Cost $47,502,284)				47,502,284

Total Investments — 102.3% (Cost $67,661,706)*				67,661,706
Liabilities in Excess of Other Assets — (2.3)%				(1,544,037	)

NET ASSETS — 100.0%				66,117,669

Percentages indicated are based on net assets.


(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.
(c)		The rate shown is the effective yield as of February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	53

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 69.9%

Alabama — 0.4%

East Alabama Health Care Authority, Health Care Facilities Series B, Rev., VRDO, 1.16%, 3/6/2020 (b)		29,369		29,369

Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 1.20%, 3/2/2020 (b)		1,425		1,425

Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project

Series A, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		6,970		6,970

Series B, Rev., VRDO, LOC: Societe Generale, 1.19%, 3/6/2020 (b) (c)		4,970		4,970

Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2770, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		9,000		9,000


				51,734


Alaska — 0.4%

Alaska Housing Finance Corp., Home Mortgage

Series A, Rev., VRDO, LIQ: FHLB, 1.13%, 3/6/2020 (b)		14,085		14,085

Series B, Rev., VRDO, LIQ: FHLB, 1.13%, 3/6/2020 (b)		14,085		14,085

Alaska Housing Finance Corp., Various, Governmental Purpose Series A, Rev., VRDO, LIQ: FHLB, 1.15%, 3/6/2020 (b)		22,885		22,885

City of Valdez, Exxonmobil Project

Rev., VRDO, 1.18%, 3/2/2020 (b)		2,750		2,750


				53,805


Arizona — 0.7%

Arizona Health Facilities Authority, Catholic Healthcare West Loan 2008 Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/6/2020 (b)		3,680		3,680

Arizona State University Series A, Rev., VRDO, 1.10%, 3/6/2020 (b)		14,750		14,750

Maricopa County Industrial Development Authority, Banner Health Series 2019E, Rev., VRDO, 1.14%, 3/6/2020 (b)		35,800		35,800

Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 1.19%, 3/6/2020 (b)		30,330		30,330

Tender Option Bond Trust Receipts/Certificates Series 2019-BAML8004, Rev., VRDO, LIQ: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		15,000		15,000


				99,560


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


California — 1.2%

California Pollution Control Financing Authority, Solid Waste Disposal, Recology, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.18%, 3/6/2020 (b)		10,185		10,185

City and County of San Francisco, Multi-Family Housing, Transbay Block 8 Tower Apartments

Series H-1, Rev., VRDO, LOC: Bank of China, 1.19%, 3/6/2020 (b)		4,640		4,640

Series H-2, Rev., VRDO, LOC: Bank of China, 1.20%, 3/6/2020 (b)		73,145		73,145

County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b)		5,800		5,800

Tender Option Bond Trust Receipts/Certificates

Series 2019-XG0248, Rev., VRDO, LIQ: Bank of America NA, 1.15%, 3/6/2020 (b) (c)		3,000		3,000

Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.15%, 3/6/2020 (b) (c)		9,000		9,000

Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.18%, 3/6/2020 (b) (c)		7,500		7,500

Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.25%, 3/6/2020 (b) (c)		35,480		35,480


				148,750


Colorado — 2.2%

City of Colorado Springs, Utilities System

Series C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		17,250		17,250

Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.18%, 3/6/2020 (b)		11,445		11,445

Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 1.18%, 3/6/2020 (b)		42,080		42,080

Colorado Housing and Finance Authority, Single Family Mortgage Series 2019 D, Class I, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b)		22,500		22,500

Colorado State Education Loan Program Series 2019A, Rev., TRAN, 3.00%, 6/29/2020		45,000		45,257

County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, FHLMC, LOC: FHLMC, 1.18%, 3/6/2020 (b)		13,765		13,765

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Colorado — continued

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-24, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		12,500		12,500

University of Colorado Hospital Authority

Series 2018-C, Rev., VRDO, LIQ: TD Bank NA, 1.10%, 3/6/2020 (b)		30,000		30,000

Rev., VRDO, 1.14%, 3/6/2020 (b)		38,380		38,380

Rev., VRDO, 1.14%, 3/6/2020 (b)		44,500		44,500


				277,677


Connecticut — 1.5%

Connecticut Housing Finance Authority

Subseries F2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.15%, 3/6/2020 (b)		13,000		13,000

Series A, Subseries A-2, Rev., VRDO, AMT, LIQ: U.S. Bank NA, 1.17%, 3/6/2020 (b)		9,200		9,200

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Subseries B-3, Rev., VRDO, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b)		10,000		10,000

Subseries F-5, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.16%, 3/6/2020 (b)		48,200		48,200

Subseries A-3, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.20%, 3/6/2020 (b)		20,335		20,335

Series D, Subseries D-3, Rev., VRDO, AMT, LIQ: Sumitomo Mitsui Banking Corp., 1.26%, 3/6/2020 (b)		32,930		32,930

Subseries D-3, Rev., VRDO, AMT, LIQ: Sumitomo Mitsui Banking Corp., 1.26%, 3/6/2020 (b)		20,615		20,615

State of Connecticut, Health and Educational Facilities Authority, Yale New Haven Hospital Issue

Series O, Rev., VRDO, 1.16%, 3/6/2020 (b)		21,000		21,000

Tender Option Bond Trust Receipts/Certificates

Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		5,000		5,000


				180,280


District of Columbia — 2.7%

District of Columbia, Georgetown University

Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		22,525		22,525


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


District of Columbia — continued

Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.15%, 3/6/2020 (b)		33,055		33,055

District of Columbia, Medlantic/Helix Issue, Tranche II Series A, Rev., VRDO, LOC: TD Bank NA, 1.08%, 3/6/2020 (b)		21,610		21,610

District of Columbia, The Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		92,755		92,755

District of Columbia, Water and Sewer Authority, Public Utility Subordinated Lien Multimodal, Weekly Rate Period Series B, Subseries B-1, Rev., VRDO, LIQ: TD Bank NA, 1.16%, 3/6/2020 (b)		22,510		22,510

Metropolitan Washington Airports Authority, Airport System

Series A, Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.18%, 3/6/2020 (b)		50,215		50,215

Series D, Subseries D-2, Rev., VRDO, LOC: TD Bank NA, 1.18%, 3/6/2020 (b)		12,625		12,625

RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		50,000		50,000

Tender Option Bond Trust Receipts/Certificates

Series 2019-XF0853, Rev., VRDO, LOC: TD Bank NA, 1.19%, 3/6/2020 (b) (c)		25,690		25,690

Series 2019-XG0267, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		10,110		10,110


				341,095


Florida — 1.3%

City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 1.21%, 3/2/2020 (b)		17,290		17,290

County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 1.08%, 3/6/2020 (b)		5,000		5,000

County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 1.18%, 3/6/2020 (b)		20,000		20,000

Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		15,465		15,465

Highlands County Health Facilities Authority, Adventist Health System Series A, Rev., VRDO, 1.15%, 3/6/2020 (b)		14,350		14,350

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	55

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Florida — continued

Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group

Series I-2, Rev., VRDO, 1.12%, 3/6/2020 (b)		27,800		27,800

Series 2012I, Rev., VRDO, 1.15%, 3/6/2020 (b)		30,300		30,300

Series I-1, Rev., VRDO, 1.15%, 3/6/2020 (b)		25,665		25,665

Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.17%, 3/6/2020 (b)		8,380		8,380

Tender Option Bond Trust Receipts/Certificates Series 2019-XF2817, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		6,400		6,400


				170,650


Georgia — 1.5%

Brookhaven Development Authority, Children’s Healthcare Series D, Rev., VRDO, LIQ: PNC Bank NA, 1.17%, 3/6/2020 (b)		43,000		43,000

Development Authority of Burke County (The), Oglethorpe Power Corp. Vogtle Project Series 2010-A, Rev., VRDO, LOC: Bank of America NA, 1.18%, 3/6/2020 (b)		17,115		17,115

Development Authority of Monroe County (The), Florida Power and Light Co., Project

Rev., VRDO, AMT, 1.22%, 3/2/2020 (b)		20,925		20,925

Rev., VRDO, AMT, 1.27%, 3/2/2020 (b)		48,340		48,340

Fulton County Development Authority, Children’s Healthcare
Rev., VRDO, LIQ: PNC Bank NA, 1.17%, 3/6/2020 (b)		43,750		43,750

Georgia Municipal Electric Authority, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		13,250		13,250

Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.25%, 3/6/2020 (b)		1,490		1,490

Tender Option Bond Trust Receipts/Certificates

Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 1.19%, 3/6/2020 (b) (c)		3,750		3,750

Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 1.19%, 3/6/2020 (b) (c)		7,500		7,500


				199,120


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hawaii — 0.1%

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		20,000		20,000


Idaho — 0.4%

City of Coeur d’Alene Rev., VRDO, LOC: Bank of America NA, 1.25%, 3/6/2020 (b)		2,475		2,475

State of Idaho GO, TAN, 3.00%, 6/30/2020		50,000		50,278


				52,753


Illinois — 3.9%

Chicago O’Hare International Airport, Third Lien Series 2005D, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/6/2020 (b)		77,200		77,200

City of Galesburg, Knox College Project Series 1996, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		4,300		4,300

County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.20%, 3/6/2020 (b)		730		730

County of Lake, Multi-Family Housing, Whispering Oaks Apartments Project Rev., VRDO, FHLMC, LIQ: FHLMC, 1.17%, 3/6/2020 (b)		21,500		21,500

Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 1.15%, 3/6/2020 (b)		3,890		3,890

Illinois Educational Facilities Authority, The Adler Planetarium Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		8,000		8,000

Illinois Finance Authority, Advocate Healthcare Network Subseries C-3A, Rev., VRDO, LIQ: Northern Trust Co., 1.17%, 3/6/2020 (b)		17,150		17,150

Illinois Finance Authority, Bradley University

Series A, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		28,385		28,385

Series B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		12,790		12,790

Illinois Finance Authority, Chicago Historical Society Rev., VRDO, LOC: BMO Harris Bank NA, 1.18%, 3/6/2020 (b)		47,025		47,025

Illinois Finance Authority, Chicago Symphony Orchestra Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		73,015		73,015

Illinois Finance Authority, College 2005 Rev., VRDO, LOC: U.S. Bank NA, 1.13%, 3/6/2020 (b)		4,370		4,370

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Illinois — continued

Illinois Finance Authority, Hospital Sisters Services, Inc., Obligated Group Series 2012-G, Rev., VRDO, LOC: Bank of Montreal, 1.15%, 3/6/2020 (b)		20,945		20,945

Illinois Finance Authority, Mccormick Theological Series 2001-B, Rev., VRDO, LOC: Northern Trust Co., 1.14%, 3/6/2020 (b)		15,250		15,250

Illinois Finance Authority, Northwestern Memorial Hospital

Series 2007A-2, Rev., VRDO, LIQ: U.S. Bank NA, 1.16%, 3/2/2020 (b)		5,595		5,595

Series 2007A-4, Rev., VRDO, LIQ: U.S. Bank NA, 1.16%, 3/2/2020 (b)		7,700		7,700

Series A-1, Rev., VRDO, 1.15%, 3/6/2020 (b)		15,000		15,000

Illinois Finance Authority, St. Ignatius College Preparation Project Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		13,000		13,000

Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.18%, 3/6/2020 (b)		38,820		38,820

Illinois Finance Authority, The Wbez Alliance, Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.15%, 3/6/2020 (b)		15,000		15,000

Illinois Housing Development Authority, Alden Gardens Bloomingdale Rev., VRDO, LOC: BMO Harris Bank NA, 1.15%, 3/6/2020 (b)		7,570		7,570

Illinois Housing Development Authority, Homeowner Mortgage

Series 2018-A-2, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLB, 1.17%, 3/6/2020 (b)		12,500		12,500

Series C-3, Rev., VRDO, AMT, LIQ: FHLB, 1.30%, 3/6/2020 (b)		5,200		5,200

Illinois Housing Development Authority, Multi-Family Housing, Prairie Station Apartments Rev., VRDO, FNMA, LIQ: FNMA, 1.21%, 3/6/2020 (b)		17,900		17,900

Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services Rev., VRDO, LOC: Wells Fargo Bank NA, 1.18%, 3/6/2020 (b)		21,300		21,300

Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.21%, 3/6/2020 (b)		9,000		9,000


				503,135


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Indiana — 0.9%

Indiana Finance Authority, Ascension Health Senior Credit Group

Rev., VRDO, 1.13%, 3/6/2020 (b)		19,750		19,750

Series 2008E-8, Rev., VRDO, 1.17%, 3/6/2020 (b)		15,450		15,450

Indiana Finance Authority, Duke Energy Indiana, Inc., Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.20%, 3/6/2020 (b)		30,610		30,610

Indiana Finance Authority, Educational Facilities, Depauw University Project Series A, Rev., VRDO, LOC: BMO Harris Bank NA, 1.12%, 3/6/2020 (b)		4,910		4,910

Indiana Finance Authority, Stadium Project Series 2005A-1, Rev., VRDO, LIQ: Bank of America NA, 1.21%, 3/6/2020 (b)		21,645		21,645

Indiana Health and Educational Facilities Financing Authority, Community Hospital Lagrange County Series A, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		16,185		16,185

Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.14%, 3/6/2020 (b)		13,620		13,620


				122,170


Iowa — 1.1%

Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project

Rev., VRDO, 1.18%, 3/6/2020 (b)		48,015		48,015

Rev., VRDO, 1.18%, 3/6/2020 (b)		36,750		36,750

Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Series 2011, Rev., VRDO, LOC: Great Western Bank, 1.17%, 3/6/2020 (b)		5,890		5,890

Iowa Finance Authority, Multi-Family Housing Series A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 1.20%, 3/6/2020 (b)		11,130		11,130

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program

Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 1.12%, 3/6/2020 (b)		7,500		7,500

Series B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: U.S. Bank NA, 1.13%, 3/6/2020 (b)		10,000		10,000

Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 1.18%, 3/6/2020 (b)		17,500		17,500

Iowa Finance Authority, Trinity Health Series D, Rev., VRDO, 1.17%, 3/6/2020 (b)		6,740		6,740


				143,525

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	57

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Kansas — 0.6%

City of Wichita Series 298, GO, 4.00%, 10/15/2020		64,390		65,459

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		12,500		12,500


				77,959


Kentucky — 0.9%

Boyle County, Centre College Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		34,035		34,035

Louisville and Jefferson County Metropolitan Sewer and Drainage District Rev., BAN, 3.00%, 10/23/2020		35,000		35,363

Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.31%, 3/2/2020 (b)		15,000		15,000

Louisville/Jefferson County Metropolitan Government, Norton Healthcare Inc. Series 2013C, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		20,900		20,900


				105,298


Louisiana — 0.5%

East Baton Rouge Parish Industrial Development Board, Inc., Exxonmobile Project, Gulf Opportunity Zone Series 2010B, Rev., VRDO, 1.18%, 3/2/2020 (b)		19,400		19,400

Louisiana Public Facilities Authority, Multi-Family Housing, River View Rev., VRDO, FHLMC, LOC: FHLMC, 1.16%, 3/6/2020 (b)		11,200		11,200

State of Louisiana, Gas and Fuels Tax Series 2016-XG0035, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		7,240		7,240

Tender Option Bond Trust Receipts/Certificates Series 2018-BAML7002, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		15,000		15,000


				52,840


Maine — 0.2%

Maine State Housing Authority

Series B2, Rev., VRDO, AMT, LIQ: Bank of America NA, 1.22%, 3/6/2020 (b)		14,000		14,000

Series G, Rev., VRDO, AMT, LIQ: Bank of America NA, 1.22%, 3/6/2020 (b)		10,165		10,165


				24,165


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Maryland — 1.0%

County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.12%, 6/1/2020 (b)		18,000		18,000

Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family, Monteverde Apartments Series E, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.18%, 3/6/2020 (b)		7,000		7,000

Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family, Walker Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.21%, 3/6/2020 (b)		11,700		11,700

Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series D, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b)		1,254		1,254

Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Series 2007, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.13%, 3/6/2020 (b)		20,325		20,325

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		19,460		19,460

Series 2018-XF2763, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		15,000		15,000

Series 2019-ZF2799, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		13,485		13,485

Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		3,300		3,300

Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.20%, 3/6/2020 (b) (c)		7,500		7,500


				117,024


Massachusetts — 2.8%

City of Quincy

Series A, GO, BAN, 3.00%, 6/12/2020		39,699		39,882

GO, BAN, 2.25%, 7/10/2020		50,000		50,159

Commonwealth of Massachusetts

Series 2019A, GO, RAN, 4.00%, 4/23/2020		50,000		50,203

Series 2019B, GO, RAN, 4.00%, 5/21/2020		40,000		40,250

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Massachusetts — continued

Massachusetts Bay Transportation Authority, General Transportation System Series A-1, Rev., VRDO, LIQ: Barclays Bank plc, 1.14%, 3/6/2020 (b)		25,490		25,490

Massachusetts Development Finance Agency, First Mortgage Brookhaven Series B, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b)		1,500		1,500

Massachusetts Health and Educational Facilities Authority, Capital Asset Program

Series M-2, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b)		5,495		5,495

Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b)		1,635		1,635

Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Series 2007A-1, Rev., VRDO, LIQ: Bank of America NA, 1.15%, 3/2/2020 (b)		85,400		85,400

Massachusetts Housing Finance Agency, Single Family Housing Series 208, Rev., VRDO, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b)		3,400		3,400

Rib Floater Trust Various States

Series 2018-012, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		11,870		11,870

Series 2019-004, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		38,000		38,000

Tender Option Bond Trust Receipts/Certificates Series 2018-XF2692, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		4,190		4,190


				357,474


Michigan — 1.4%

Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.15%, 3/6/2020 (b)		890		890

Michigan State Housing Development Authority, Rental Housing

Series D, Rev., VRDO, AMT, LIQ: Bank of America NA, 1.20%, 3/6/2020 (b)		51,535		51,535

Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.23%, 3/6/2020 (b)		32,130		32,130

Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., VRDO, AMT, LIQ: Industrial & Commercial Bank of China, 1.29%, 3/6/2020 (b)		44,765		44,765


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Michigan — continued

Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		6,000		6,000

Tender Option Bond Trust Receipts/Certificates

Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/6/2020 (b) (c)		11,580		11,580

Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/6/2020 (b) (c)		4,075		4,075

Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/6/2020 (b) (c)		21,540		21,540


				172,515


Minnesota — 1.0%

City of Oak Park Heights, Multi-Family Housing, Boutwells Landing Rev., VRDO, FHLMC, LIQ: FHLMC, 1.14%, 3/6/2020 (b)		21,400		21,400

City of Rochester, Health Care Facilities, Mayo Clinic Series A, Rev., VRDO, 1.14%, 3/6/2020 (b)		19,160		19,160

Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.14%, 3/6/2020 (b)		6,940		6,940

Minnesota Housing Finance Agency, Residential Housing Finance

Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b)		37,800		37,800

Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: FHLB, 1.20%, 3/6/2020 (b)		37,535		37,535


				122,835


Mississippi — 3.5%

County of Jackson, Pollution Control, Chevron USA, Inc., Project Rev., VRDO, 1.20%, 3/2/2020 (b)		21,105		21,105

County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.23%, 3/2/2020 (b)		53,650		53,650

Mississippi Business Finance Corp., Chevron USA, Inc., Project Series 2007D, Rev., VRDO, 1.18%, 3/2/2020 (b)		3,525		3,525

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	59

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Mississippi — continued

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project

Series 2007A, Rev., VRDO, 1.18%, 3/2/2020 (b)		32,270		32,270

Series 2010J, Rev., VRDO, 1.18%, 3/2/2020 (b)		16,000		16,000

Series 2011 F, Rev., VRDO, 1.18%, 3/2/2020 (b)		5,200		5,200

Series 2007C, Rev., VRDO, 1.20%, 3/2/2020 (b)		11,560		11,560

Series 2007E, Rev., VRDO, 1.20%, 3/2/2020 (b)		7,750		7,750

Series 2009A, Rev., VRDO, 1.20%, 3/2/2020 (b)		7,690		7,690

Series 2009E, Rev., VRDO, 1.20%, 3/2/2020 (b)		3,700		3,700

Series 2009F, Rev., VRDO, 1.20%, 3/2/2020 (b)		500		500

Series 2010 H, Rev., VRDO, 1.20%, 3/2/2020 (b)		10,035		10,035

Series 2010 I, Rev., VRDO, 1.20%, 3/2/2020 (b)		21,450		21,450

Series 2010G, Rev., VRDO, 1.20%, 3/2/2020 (b)		4,855		4,855

Series 2011 G, Rev., VRDO, 1.20%, 3/2/2020 (b)		16,570		16,570

Series 2011A, Rev., VRDO, 1.20%, 3/2/2020 (b)		17,625		17,625

Series C, Rev., VRDO, 1.20%, 3/2/2020 (b)		2,680		2,680

Series C, Rev., VRDO, 1.20%, 3/2/2020 (b)		3,140		3,140

Series D, Rev., VRDO, 1.20%, 3/2/2020 (b)		15,925		15,925

Series G, Rev., VRDO, 1.20%, 3/2/2020 (b)		21,340		21,340

Series K, Rev., VRDO, 1.20%, 3/2/2020 (b)		60,410		60,410

Series 2009B, Rev., VRDO, 1.23%, 3/2/2020 (b)		3,800		3,800

Series A, Rev., VRDO, 1.16%, 3/6/2020 (b)		27,925		27,925

Series C, Rev., VRDO, 1.16%, 3/6/2020 (b)		24,125		24,125

Mississippi Development Bank, Industrial Water System Project Series 2009, Rev., VRDO, 1.20%, 3/2/2020 (b)		7,895		7,895


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Mississippi — continued

Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services

Series 1, Rev., VRDO, 1.14%, 3/6/2020 (b)		31,725		31,725

Series 1997-1, Rev., VRDO, 1.16%, 3/6/2020 (b)		7,305		7,305


				439,755


Missouri — 2.9%

City of Kansas City, ROE Bartle Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		59,075		59,075

Health and Educational Facilities Authority of the State of Missouri, BJC Health System

Series C, Rev., VRDO, LIQ: BJC Health System, 1.12%, 3/6/2020 (b)		17,835		17,835

Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.14%, 3/6/2020 (b)		76,950		76,950

Series B, Rev., VRDO, LIQ: BJC Health System, 1.14%, 3/6/2020 (b)		77,295		77,295

Health and Educational Facilities Authority of the State of Missouri, SSM Health Series F, Rev., VRDO, 1.33%, 3/2/2020 (b)		4,275		4,275

Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Series 2014G, Rev., VRDO, 1.12%, 3/6/2020 (b)		8,370		8,370

Health and Educational Facilities Authority of the State of Missouri, SSM Healthcare Series D, Rev., VRDO, 1.13%, 3/6/2020 (b)		35,915		35,915

Missouri Development Finance Board, Cultural Facilities, Kauffman Center For The Performing Arts Project Series A, Rev., VRDO, LIQ: PNC Bank NA, 1.15%, 3/2/2020 (b)		25,900		25,900

RBC Municipal Products, Inc. Trust, Floater Certificates Series C17, Rev., VRDO, LOC: Royal Bank of Canada, 1.19%, 3/6/2020 (b) (c)		10,000		10,000

Tender Option Bond Trust Receipts/Certificates

Series 2018-XM0575, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		8,000		8,000

Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 1.21%, 3/6/2020 (b) (c)		25,050		25,050


				348,665

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Nevada — 0.9%

City of Reno, Hospital, Renown Regional Medical Center Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.15%, 3/6/2020 (b)		32,175		32,175

Clark County, Department of Aviation, Nevada Airport System, Subordinate Lien Series C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.20%, 3/6/2020 (b)		8,730		8,730

Clark County, Industrial Development, Southwest Gas Corp. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.16%, 3/6/2020 (b)		16,555		16,555

County of Clark Department of Aviation, Sub Lien Series 2008D-2A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.13%, 3/6/2020 (b)		21,940		21,940

Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.27%, 3/6/2020 (b)		7,550		7,550

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0612, GO, VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		6,840		6,840

Series 2019-G98, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		4,750		4,750


				98,540


New Jersey — 0.5%

Borough of Beachwood Series 2020A, GO, BAN, 2.00%, 3/4/2021		10,039		10,148

Rib Floater Trust Various States

Series 2018-019, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		15,820		15,820

Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.22%, 3/6/2020 (b) (c)		22,210		22,210

Tender Option Bond Trust Receipts/Certificates

Series 2018-XG0168, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		15,450		15,450

Series 2018-XX1091, Rev., VRDO, NATL-RE, LOC: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		9,000		9,000

Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		3,600		3,600


				76,228


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — 12.1%

Albany City School District Series B, GO, BAN, 2.00%, 7/31/2020		27,217		27,290

City of New York

Series F, Subseries F-3, GO, VRDO, LIQ: Bank of America NA, 1.17%, 3/2/2020 (b)		25,200		25,200

Subseries L-5, GO, VRDO, LIQ: Bank of America NA, 1.17%, 3/2/2020 (b)		16,100		16,100

Subseries 2008L-4, GO, VRDO, LOC: U.S. Bank NA, 1.25%, 3/2/2020 (b)		15,295		15,295

City of New York, Fiscal Year 2006 Series I, Subseries I-8, GO, VRDO, LIQ: State Street Bank & Trust, 1.19%, 3/2/2020 (b)		6,960		6,960

City of New York, Fiscal Year 2008 Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 1.21%, 3/2/2020 (b)		28,950		28,950

City of New York, Fiscal Year 2012

Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.19%, 3/2/2020 (b)		22,115		22,115

Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 1.21%, 3/2/2020 (b)		42,405		42,405

City of New York, Fiscal Year 2013

Series A, Subseries A-2, GO, VRDO, LIQ: Mizuho Bank Ltd., 1.19%, 3/2/2020 (b)		70,600		70,600

Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 1.19%, 3/2/2020 (b)		44,705		44,705

City of New York, Fiscal Year 2014

Subseries D-4, GO, VRDO, LOC: TD Bank NA, 1.18%, 3/2/2020 (b)		10,000		10,000

Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		51,550		51,550

City of New York, Fiscal Year 2017 Series A, Subseries A-6, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 1.21%, 3/2/2020 (b)		35,345		35,345

City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 1.17%, 3/2/2020 (b)		30,825		30,825

Metropolitan Transportation Authority

Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/2/2020 (b)		1,340		1,340

Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 1.18%, 3/2/2020 (b)		1,615		1,615

Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		60,455		60,455

Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		9,580		9,580

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	61

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

Subseries E-4, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		25,775		25,775

Series 2018B-1F, Rev., BAN, 5.00%, 5/15/2020		11,815		11,908

Series 2018B-1G, Rev., BAN, 5.00%, 5/15/2020		22,785		22,964

Series 2018B-1H, Rev., BAN, 5.00%, 5/15/2020		12,875		12,975

Series 2019D-2, Rev., BAN, 4.00%, 7/1/2020		52,000		52,467

New York City Housing Development Corp., Multi-Family Rental Housing Series 2001A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		24,800		24,800

New York City Housing Development Corp., Multi-Family Rental Housing, Brittany Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		6,200		6,200

New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		10,630		10,630

New York City Housing Development Corp., Multi-Family Rental Housing, Westport Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		15,000		15,000

New York City Housing Development Corp., Multi-Family, 88 Murray Street Series A, Rev., VRDO, LOC: FNMA, 1.19%, 3/6/2020 (b)		11,700		11,700

New York City Housing Development Corp., Multi-Family, Manhattan Court Series A, Rev., VRDO, LOC: Citibank NA, 1.18%, 3/6/2020 (b)		15,945		15,945

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008

Series BB-5, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/2/2020 (b)		3,765		3,765

Subseries B-1A, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		50,000		50,000

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012

Series 2012A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.17%, 3/2/2020 (b)		10,400		10,400

Series B, Subseries B-1, Rev., VRDO, LIQ: U.S. Bank NA, 1.18%, 3/2/2020 (b)		11,100		11,100


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Series B, Subseries B-4, Rev., VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/2/2020 (b)		5,240		5,240

Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.25%, 3/2/2020 (b)		4,205		4,205

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution

Series 2009BB-2, Rev., VRDO, LIQ: Landesbank Hessen- Thueringen, 1.19%, 3/2/2020 (b)		32,195		32,195

Series BB, Rev., VRDO, LIQ: State Street Bank & Trust, 1.21%, 3/2/2020 (b)		39,485		39,485

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.15%, 3/2/2020 (b)		67,715		67,715

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014

Subseries 2014 AA-3, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/2/2020 (b)		8,850		8,850

Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.19%, 3/2/2020 (b)		21,530		21,530

Subseries AA-4, Rev., VRDO, LIQ: Bank of Montreal, 1.24%, 3/2/2020 (b)		22,440		22,440

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015

Subseries BB-1, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/2/2020 (b)		31,720		31,720

Series 2015-BB-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.20%, 3/2/2020 (b)		45,605		45,605

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.20%, 3/6/2020 (b)		40,050		40,050

New York City Transitional Finance Authority, Future Tax Secured Subseries C4, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.21%, 3/2/2020 (b)		1,100		1,100

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, LIQ: PNC Bank NA, 1.15%, 3/6/2020 (b)		40,510		40,510

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/2/2020 (b)		8,515		8,515

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries A-6, Rev., VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/2/2020 (b)		8,350		8,350

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Subseries A-4, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/2/2020 (b)		29,700		29,700

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Subseries C-6, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.20%, 3/6/2020 (b)		36,000		36,000

New York City Transitional Finance Authority, Future Tax Secured, New York City Recovery

Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.20%, 3/6/2020 (b)		6,910		6,910

Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.22%, 3/6/2020 (b)		1,105		1,105

New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.14%, 3/6/2020 (b)		9,245		9,245

New York State Dormitory Authority, Court Facilities Lease Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.25%, 3/6/2020 (b)		59,525		59,525

New York State Energy Research and Development Authority

Series 2010A-1, Rev., VRDO, LOC:Bank of Nova Scotia, 1.16%, 3/6/2020 (b)		24,000		24,000

Series C, Subseries C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.16%, 3/6/2020 (b)		1,010		1,010

New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.15%, 3/6/2020 (b)		920		920

New York State Housing Finance Agency

Series A, Rev., VRDO, LOC: FNMA, 1.19%, 3/6/2020 (b)		18,100		18,100

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		1,700		1,700

New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		2,400		2,400


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

New York State Housing Finance Agency, Weyant Green Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.25%, 3/6/2020 (b)		100		100

New York State Housing Finance Agency, Worth Street

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		3,400		3,400

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		2,100		2,100

RBC Municipal Products, Inc. Trust Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 1.22%, 3/2/2020 (b) (c)		10,000		10,000

RBC Municipal Products, Inc. Trust, Floater Certificates Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		27,000		27,000

Tender Option Bond Trust Receipts/Certificates

Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/2/2020 (b) (c)		49,370		49,370

Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		35,000		35,000

Series 2018-E-129, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		35,000		35,000


				1,516,054


North Carolina — 1.2%

Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.15%, 3/6/2020 (b)		23,165		23,165

Charlotte-Mecklenburg Hospital Authority, Health Care Series E, Rev., VRDO, AGM, LOC: TD Bank NA, 1.19%, 3/6/2020 (b)		27,805		27,805

City of Raleigh, Downtown Improvement Projects

Series B-1, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.12%, 3/6/2020 (b)		10,350		10,350

Series B-2, COP, VRDO, LIQ: PNC Bank NA, 1.15%, 3/6/2020 (b)		29,625		29,625

City of Raleigh, Enterprise System Series 2008A, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/6/2020 (b)		16,440		16,440

Forsyth County Series A, GO, VRDO, LIQ: Wells Fargo Bank NA, 1.14%, 3/6/2020 (b)		4,525		4,525

North Carolina Medical Care Commission, Moses Cone Health System Series 2004A, Rev., VRDO, 1.14%, 3/6/2020 (b)		31,770		31,770

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	63

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

North Carolina — continued

Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc. Series 2010, Rev., VRDO, LOC: Credit Industriel et Commercial, 1.17%, 3/6/2020 (b)		14,800		14,800

University of North Carolina, University Hospital at Chapel Hill Series B, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.20%, 3/2/2020 (b)		375		375


				158,855


Ohio — 1.7%

City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		200		200

Cleveland-Cuyahoga County, Port Authority Cultural Facility, Museum of Art Project Series B, Rev., VRDO, LIQ: PNC Bank NA, 1.15%, 3/6/2020 (b)		20,000		20,000

Columbus Regional Airport Authority, Flightsafety International Inc., Project Series B, Rev., VRDO, AMT, 1.20%, 3/6/2020 (b)		15,040		15,040

County of Hamilton, Cincinnati Children’s Hospital Medical Center Rev., VRDO, 1.17%, 3/6/2020 (b)		27,950		27,950

County of Hamilton, Hospital Facilities, The Elizabeth Gamble Deaconess Home Association

Series A, Rev., VRDO, LOC: Northern Trust Co., 1.15%, 3/6/2020 (b)		13,250		13,250

Series B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		9,500		9,500

County of Montgomery, Hospital Facilities, Premier Health Partners Obligated Group Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		29,425		29,425

Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Series 2013-B-2, Rev., VRDO, LIQ: Bank of New York Mellon, 1.26%, 3/2/2020 (b)		20,025		20,025

RBC Municipal Products, Inc. Trust, Floater Certificates Series E-119, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		15,000		15,000

State of Ohio, Cleveland Clinic Health System

Series 2019E, Rev., VRDO, LIQ: PNC Bank NA, 1.25%, 3/2/2020 (b)		16,235		16,235


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Ohio — continued

Series 2019 D2, Rev., VRDO, 1.14%, 3/6/2020 (b)		8,400		8,400

State of Ohio, University Hospitals Health System, Inc. Series 2018-B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		5,470		5,470

Tender Option Bond Trust Receipts/Certificates

Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		25,000		25,000

Series 2019-E-134, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		12,800		12,800

Series 2020-XL0126, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		4,800		4,800


				223,095



Oregon — 0.1%

Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		7,500		7,500


Other — 1.3%

Eagle Tax-Exempt Trust Series 0055F, Class A, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 1.19%, 3/6/2020 (b) (c)		35,335		35,335

FHLMC, Multi-Family Housing

Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 3/6/2020 (b) (c)		16,890		16,890

Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 3/6/2020 (b) (c)		38,425		38,425

Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.20%, 3/6/2020 (b) (c)		5,085		5,085

Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.20%, 3/6/2020 (b) (c)		32,547		32,547

Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.22%, 3/6/2020 (b) (c)		19,430		19,430

Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.22%, 3/6/2020 (b) (c)		10,895		10,895

SunAmerica Taxable Trust, Various States Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.21%, 3/6/2020 (b)		690		690


				159,297

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Pennsylvania — 3.7%

Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2008-A, Rev., VRDO, LIQ: Bank of New York Mellon, 1.25%, 3/2/2020 (b)		3,450		3,450

Bucks County IDA, Grand View Hospital

Series A, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		400		400

Series B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		19,200		19,200

County of Allegheny

Series C, GO, VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		33,775		33,775

Series C-51, GO, VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		12,000		12,000

Fayette County Hospital Authority, Regional Health System Series A, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		25,030		25,030

Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 3/6/2020 (b)		18,910		18,910

Series A-T2, Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 3/6/2020 (b)		690		690

Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.21%, 3/6/2020 (b)		17,080		17,080

Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		2,200		2,200

Philadelphia Gas Works Co., 1998 General Ordinance

Series B, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		18,115		18,115

Series E, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		24,770		24,770

Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.13%, 3/6/2020 (b)		12,300		12,300

RBC Municipal Products, Inc. Trust, Floater Certificates

Series E-110, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/2/2020 (b) (c)		15,000		15,000

Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/2/2020 (b) (c)		160,095		160,095

Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		72,250		72,250


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Pennsylvania — continued

Tender Option Bond Trust Receipts/Certificates

Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		5,070		5,070

Series 2018-XG0201, Rev., VRDO, GTD, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		20,000		20,000


				460,335


Rhode Island — 0.3%

Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 1.19%, 3/6/2020 (b)		1,390		1,390

Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008 B, Rev., VRDO, LOC: TD Bank NA, 1.08%, 3/6/2020 (b)		7,045		7,045

Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.30%, 3/6/2020 (b)		7,000		7,000

Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 1.20%, 3/2/2020 (b)		450		450

Tender Option Bond Trust Receipts/Certificates Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		9,000		9,000


				24,885


South Carolina — 1.2%

County of Richland GO, BAN, 3.00%, 2/25/2021		83,800		85,494

South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 1.26%, 3/6/2020 (b)		40,000		40,000

Tender Option Bond Trust Receipts/Certificates Series 2019-BAML5004, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		30,725		30,725


				156,219


South Dakota — 0.1%

South Dakota Housing Development Authority Series 2020B, Rev., VRDO, 1.15%, 3/6/2020 (b)		16,500		16,500

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	65

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Tennessee — 1.0%

Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/2/2020 (b)		12,400		12,400

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Arbor Knoll Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 3/6/2020 (b)		13,400		13,400

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		15,390		15,390

Series 2018-BAML5001, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		72,455		72,455


				113,645


Texas — 7.4%

Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		7,800		7,800

City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Series A, Rev., VRDO, LOC: Citibank NA, 1.15%, 3/6/2020 (b)		16,340		16,340

City of Houston, Combined Utility System, First Lien

Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		10,600		10,600

Series B-2, Rev., VRDO, LOC: Citibank NA, 1.15%, 3/6/2020 (b)		21,000		21,000

County of Harris, Industrial Development Corp., Exxon Corp., Project Series B, Rev., VRDO, 1.18%, 3/2/2020 (b)		7,100		7,100

Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl LP Project Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.19%, 3/6/2020 (b)		12,000		12,000

Gulf Coast Waste Disposal Authority, Pollution Control, Exxon Project Rev., VRDO, 1.18%, 3/2/2020 (b)		12,400		12,400

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System

Rev., VRDO, 1.16%, 3/6/2020 (b)		25,000		25,000

Series D, Rev., VRDO, 1.16%, 3/6/2020 (b)		18,500		18,500


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Texas — continued

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project

Series A-2, Rev., VRDO, 1.20%, 3/2/2020 (b)		1,300		1,300

Subseries A-3, Rev., VRDO, 1.20%, 3/2/2020 (b)		100		100

North Texas Tollway Authority System Series 2016-XG0036, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		6,750		6,750

RBC Municipal Products, Inc. Trust Series E141, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		25,000		25,000

RBC Municipal Products, Inc. Trust, Floater Certificates

Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		10,000		10,000

Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		5,400		5,400

State of Texas Rev., TRAN, 4.00%, 8/27/2020		270,410		273,977

State of Texas, Transportation Commission, Multi Mode Mobility Fund Series 2006B, GO, VRDO, LIQ: Texas Comptroller of Public Accounts, 1.16%, 3/6/2020 (b)		10,000		10,000

State of Texas, Veterans

Series 2011C, GO, VRDO, LIQ: FHLB, 1.15%, 3/6/2020 (b)		15,000		15,000

GO, VRDO, LIQ: TD Bank NA, 1.16%, 3/6/2020 (b)		70,000		70,000

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		12,790		12,790

Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		9,775		9,775

State of Texas, Veterans Housing Assistance Program

Series 2001-C2, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		23,250		23,250

Series 2004-A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		19,680		19,680

Series 2007-A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		26,360		26,360

Series 2008-A, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		27,770		27,770

Series 2008-B, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		26,150		26,150

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Texas — continued

Tarrant County Cultural Education Facilities Finance Corp., Baylor Health Care System Project Rev., VRDO, LOC: TD Bank NA, 1.19%, 3/2/2020 (b)		9,990		9,990

Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.15%, 3/6/2020 (b)		20,200		20,200

Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System

Series 2008-C, Rev., VRDO, 1.17%, 3/6/2020 (b)		35,900		35,900

Series 2012-B, Rev., VRDO, 1.17%, 3/6/2020 (b)		24,000		24,000

Series A, Rev., VRDO, 1.17%, 3/6/2020 (b)		47,580		47,580

Tender Option Bond Trust Receipts/Certificates

Series 2018-XM0685, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		34,815		34,815

Series 2018-G-84, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		7,125		7,125

Series 2018-G-85, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		6,175		6,175

Series 2018-XF2669, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		17,820		17,820

Series 2018-XG0193, Rev., VRDO, GNMA COLL, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		4,000		4,000

Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		5,000		5,000

Series 2015-XM0071, Rev., VRDO, AGM, LIQ: Bank of America NA, 1.21%, 3/6/2020 (b) (c)		1,360		1,360

Texas Department of Housing and Community Affairs, Single Family Mortgage Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 1.18%, 3/6/2020 (b)		11,645		11,645


				919,652


Utah — 0.9%

Central Utah Water Conservancy District, Limited Tax Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.18%, 3/6/2020 (b)		20,800		20,800


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utah — continued

County of Utah Hospital, IHC Health Services, Inc.

Series C, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.10%, 3/6/2020 (b)		37,340		37,340

Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.14%, 3/6/2020 (b)		8,725		8,725

Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.14%, 3/6/2020 (b)		13,215		13,215

County of Weber, IHC Health Services, Inc. Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.10%, 3/6/2020 (b)		2,340		2,340

Utah Water Finance Agency Series B-2, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.18%, 3/6/2020 (b)		25,000		25,000


				107,420


Vermont — 0.1%

Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 1.14%, 3/6/2020 (b)		10,000		10,000


Virginia — 1.2%

Albermarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018A-B, Rev., VRDO, LIQ: TD Bank NA, 1.15%, 3/2/2020 (b)		5,605		5,605

Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series A, Rev., VRDO, LIQ: TD Bank NA, 1.15%, 3/6/2020 (b)		15,705		15,705

Loudoun County Economic Development Authority, Howard Huges Medical Institute Series E, Rev., VRDO, 1.15%, 3/6/2020 (b)		20,500		20,500

Loudoun County Sanitation Authority, Water and Sewer System Rev., VRDO, LIQ: Bank of America NA, 1.15%, 3/6/2020 (b)		5,425		5,425

Tender Option Bond Trust Receipts/Certificates

Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		8,170		8,170

Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		7,500		7,500

Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		7,000		7,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	67

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Virginia — continued

Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 1.19%, 3/6/2020 (b) (c)		8,500		8,500

Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 1.19%, 3/6/2020 (b) (c)		5,415		5,415

Virginia Small Business Financing Authority, Carilion Clinic Obligated Group Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.15%, 3/6/2020 (b)		58,445		58,445


				142,265


Washington — 1.7%

Chelan County Public Utility District No.1 Series B, Rev., VRDO, LIQ: Barclays Bank plc, 1.19%, 3/6/2020 (b)		17,360		17,360

County of King, Junior Lien, Sewer Series B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.18%, 3/6/2020 (b)		22,000		22,000

Port of Seattle, Subordinate Lien Series 1997, Rev., VRDO, LOC: Bank of America NA, 1.19%, 3/6/2020 (b)		28,280		28,280

Port of Tacoma, Subordinate Lien

Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b)		19,000		19,000

Rev., VRDO, AMT, LOC: PNC Bank NA, 1.23%, 3/6/2020 (b)		14,300		14,300

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		8,800		8,800

Series 2018-ZF2682, Rev., VRDO, GTD, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		7,000		7,000

Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		27,180		27,180

Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		13,065		13,065

Washington State Housing Finance Commission, Multi-Family Housing, The New Haven Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 3/6/2020 (b)		17,400		17,400


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Washington — continued

Washington State Housing Finance Commission, Multi-Family Housing, Urban Center Apartments Project Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 1.14%, 3/6/2020 (b)		23,860		23,860

Washington State Housing Finance Commission, Multi-Family Housing, Vintage Spokane Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		15,095		15,095


				213,340


West Virginia — 0.1%

West Virginia Hospital Finance Authority, Hospital Series 2018-D, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		8,190		8,190


Wisconsin — 0.7%

City of Milwaukee Series 2019 R2, Rev., RAN, 4.00%, 5/7/2020		55,000		55,230

Public Finance Authority Series 2019 C, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/2/2020 (b)		6,000		6,000

Wisconsin Housing and Economic Development Authority, Home Ownership

Series 2019 B, Rev., VRDO, FNMA COLL, LIQ: FHLB, 1.15%, 3/6/2020 (b)		8,000		8,000

Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b)		11,205		11,205


				80,435


Wyoming — 0.6%

County of Sublette, Wyoming Pollution Control, Exxonmobile Project Rev., VRDO, 1.18%, 3/2/2020 (b)		5,000		5,000

County of Uinta, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 1.20%, 3/2/2020 (b)		45,185		45,185

Wyoming Community Development Authority

Series 2, Rev., VRDO, LIQ: RBC Capital Markets, 1.15%, 3/6/2020 (b)		9,000		9,000

Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b)		9,750		9,750

Rev., VRDO, LIQ: Bank of America NA, 1.16%, 3/6/2020 (b)		10,000		10,000


				78,935


Total Municipal Bonds (Cost $8,754,174)				8,754,174

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 9.2%

California — 2.1%

Nuveen California AMT-Free Quality Municipal Income Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 # (c)		5,000		5,000

Nuveen California Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.24%, 3/6/2020 # (c)		26,800		26,800

Series 4, LIQ: Royal Bank of Canada, 1.26%, 3/6/2020 # (c)		58,500		58,500

Series 7, LIQ: Royal Bank of Canada, 1.26%, 3/6/2020 # (c)		21,000		21,000

Series 1, LIQ: Societe Generale, 1.27%, 3/6/2020 # (c)		59,200		59,200

Series 2, LIQ: Citibank NA, 1.27%, 3/6/2020 # (c)		27,500		27,500

Series 6, LIQ: Citibank NA, 1.27%, 3/6/2020 # (c)		67,600		67,600


				265,600


New York — 0.5%

Nuveen New York AMT-Free Quality Municipal Income Fund

Series 1, LIQ: Citibank NA, 1.19%, 3/6/2020 # (c)		18,600		18,600

Series 5, LIQ: TD Bank NA, 1.19%, 3/6/2020 # (c)		40,000		40,000


				58,600


Other — 6.6%

BlackRock MuniYield Investment Fund LIQ: TD Bank NA, 1.27%, 3/6/2020 # (c)		27,400		27,400

Nuveen AMT-Free Municipal Credit Income Fund

Series 1, LIQ: Citibank NA, 1.21%, 3/6/2020 # (c)		24,000		24,000

Series 5, LIQ: Societe Generale, 1.21%, 3/6/2020 # (c)		127,000		127,000

Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.21%, 3/6/2020 # (c)		124,300		124,300

Nuveen AMT-Free Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.20%, 3/6/2020 # (c)		173,500		173,500

Series 2, LIQ: Citibank NA, 1.21%, 3/6/2020 # (c)		92,000		92,000

Series 4, LIQ: Barclays Bank plc, 1.21%, 3/6/2020 # (c)		28,600		28,600

Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.21%, 3/6/2020 # (c)		25,000		25,000


INVESTMENTS (a)	SHARES (000)		VALUE ($000)


Other — continued

Nuveen Quality Municipal Income Fund

Series 1, LIQ: Barclays Bank plc, 1.29%, 3/6/2020 # (c)		51,600		51,600

Series 2, LIQ: Barclays Bank plc, 1.29%, 3/6/2020 # (c)		151,900		151,900


				825,300


Total Variable Rate Demand Preferred Shares (Cost $1,149,500)				1,149,500


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 14.3%

Commercial Paper — 14.3%

Alachua County Health Facilities Authority Series 08-A, 1.10%, 4/2/2020		31,240		31,240

City of Dallas 1.10%, 3/3/2020		50,000		50,000

City of Garland 1.12%, 5/6/2020		6,000		6,000

City of Rochester

Series 08-C, 1.22%, 3/4/2020		88,000		88,000

1.12%, 5/21/2020		100,000		100,000

1.17%, 8/10/2020		50,000		50,000

County of Harris Series C, 1.12%, 5/7/2020		27,000		27,000

County of Miami-Dade 1.12%, 3/17/2020		13,000		13,000

County of York Series 00B2, 1.07%, 3/2/2020		34,000		34,000

County of York, National Rural Utilities Cooperative Finance Corp. Series 00B3, 1.07%, 3/2/2020		10,600		10,600

District of Columbia 1.05%, 3/12/2020		45,000		45,000

Harris County Toll Road Authority (The) Series E-1, 1.08%, 3/12/2020		35,000		35,000

Health & Educational Facilities Authority of the State of Missouri Series 14-B, 1.20%, 3/3/2020		35,000		35,000

Health and Educational Facilities Authority of the State of Missouri

Series 14-D, 1.05%, 5/7/2020		50,000		50,000

Series 14-E, 1.05%, 5/7/2020		50,000		50,000

Series 14-C, 1.18%, 6/11/2020		45,000		45,000

Illinois Finance Authority

1.11%, 3/4/2020		64,040		64,040

Series 12-H, 1.21%, 5/7/2020		25,000		25,000

Series 12-I, 1.21%, 5/21/2020		28,760		28,760

Indiana Finance Authority Series D-2, 1.12%, 7/7/2020		60,000		60,000

Jacksonville Health Care Authority 1.17%, 8/10/2020		115,000		115,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	69

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-term Investments — continued

Commercial Paper — continued

Las Vegas Valley Water District Series 04-B, 1.00%, 3/3/2020		145,000		145,000

Lower Colorado River Authority Series B, 0.98%, 5/20/2020		50,000		49,938

Maryland Health and Higher Educational Facilities Authority Series B, 1.05%, 4/2/2020		26,690		26,690

Massachusetts Health and Educational Facilities Authority

Series H-2, 1.20%, 3/5/2020		19,585		19,585

Series H-2, 1.20%, 4/2/2020		18,340		18,340

Series H-2, 1.08%, 4/6/2020		13,835		13,835

Series H-2, 1.10%, 4/7/2020		10,750		10,750

Omaha Public Power District

Series A, 1.15%, 3/9/2020		10,000		10,000

Series A, 1.02%, 3/10/2020		10,050		10,050

Series A, 1.02%, 3/11/2020		14,300		14,300

Series A, 1.13%, 6/5/2020		10,000		10,000

Regents of the University of Michigan Series B, 1.20%, 3/5/2020		49,760		49,760

Regents of the University of Minnesota Series 05-A, 1.09%, 3/4/2020		38,000		38,000

Southwestern Illinois Development Authority

Series 17-B, 1.10%, 4/6/2020		45,000		45,000

Series 17-B, 1.21%, 5/7/2020		8,000		8,000

State of Wisconsin

Series 06-A, 1.07%, 3/6/2020		19,574		19,574

Series 16-A, 1.07%, 3/6/2020		24,515		24,515


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

The Harris County Toll Road Authority Series E-2, 1.20%, 3/12/2020		23,770		23,770

University of Texas System (The)

Series A, 1.24%, 3/31/2020		20,000		20,000

Series A, 1.06%, 4/2/2020		12,500		12,500

Series A, 1.25%, 5/4/2020		25,000		25,000

Series A, 1.25%, 5/4/2020		15,000		15,000

Series A, 1.25%, 5/5/2020		25,000		25,000

Series A, 1.25%, 5/14/2020		20,000		20,000

Series A, 1.24%, 5/18/2020		25,000		25,000

Series A, 1.29%, 5/26/2020		17,000		17,000

Series A, 1.29%, 5/29/2020		15,000		15,000

Series A, 0.99%, 6/5/2020		22,500		22,475

Series A, 1.15%, 7/10/2020		25,000		25,000

Series A, 1.15%, 7/10/2020		25,000		25,000

Series A, 1.20%, 9/10/2020		20,000		20,000

Wisconsin Health and Educational Facilities Authority Series 13-A, 1.07%, 3/6/2020		29,415		29,415


Total Commercial Paper (Cost $1,796,137)				1,796,137


Total Short-Term Investments (Cost $1,796,137)				1,796,137

Total Investments — 93.4% (Cost $11,699,811) *				11,699,811
Other Assets Less Liabilities — 6.6%				821,768

NET ASSETS — 100.0%				12,521,579

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
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
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
TAN		Tax Anticipation Note
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 February 29, 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 February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 58.3%

Alabama — 0.4%

Alabama Housing Finance Authority, Multi-Family Housing, Alison Apartments Project Series 2007-B, Rev., VRDO, LOC: U.S. Bank NA, 1.20%, 3/6/2020 (b)		7,855		7,855


Arizona — 0.6%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF2758, Rev., VRDO, LIQ: Barclays Bank plc, 1.21%, 3/6/2020 (b) (c)		3,125		3,125

Series 2018-ZM0615, Rev., VRDO, LIQ: Royal Bank of Canada, 1.23%, 3/6/2020 (b) (c)		7,500		7,500


				10,625


California — 1.5%

Alameda County IDA, Plyproperties Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.19%, 3/6/2020 (b)		3,475		3,475

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2724, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.20%, 3/6/2020 (b) (c)		10,000		10,000

Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.25%, 3/6/2020 (b) (c)		7,000		7,000

Series 2019-BAML8003, Rev., VRDO, LOC: Bank of America NA, 1.25%, 3/6/2020 (b) (c)		10,000		10,000


				30,475


Colorado — 3.2%

Colorado State Education Loan Program Series 2019A, Rev., TRAN, 3.00%, 6/29/2020		5,000		5,029

Tender Option Bond Trust Receipts/Certificates

Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/6/2020 (b) (c)		52,895		52,895

Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		3,250		3,250

Series 2019-XF0757, Rev., VRDO, LOC: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		4,780		4,780


				65,954


District of Columbia — 0.6%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZM0610, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		4,365		4,365

Series 2019-XM0792, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		4,000		4,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


District of Columbia — continued

Series 2019-XF2794, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.20%, 3/6/2020 (b) (c)		3,100		3,100

Series 2017-ZM0554, Rev., VRDO, LIQ: Citibank NA, 1.21%, 3/6/2020 (b) (c)		2,500		2,500


				13,965


Florida — 6.6%

Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Rev., VRDO, LOC: Citibank NA, 1.18%, 3/6/2020 (b)		3,130		3,130

Collier County Housing Finance Authority, Multi-Family Housing-Sawgrass Pines Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		5,900		5,900

County of Broward, Florida Power and Light Co., Project

Rev., VRDO, 1.27%, 3/2/2020 (b)		30,000		30,000

Series 2018A, Rev., VRDO, AMT, 1.27%, 3/2/2020 (b)		7,000		7,000

Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 1.21%, 3/6/2020 (b)		13,960		13,960

Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Series I-2, Rev., VRDO, 1.12%, 3/6/2020 (b)		14,150		14,150

Hillsborough County, Housing Finance Authority, Multi-Family Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.18%, 3/6/2020 (b)		5,935		5,935

Lee County Industrial Development Authority, Florida Power and Light Co., Project Rev., VRDO, AMT, 1.27%, 3/2/2020 (b)		19,120		19,120

RBC Municipal Products, Inc. Trust Series G-115, Rev., VRDO, LOC: Royal Bank of Canada, 1.40%, 9/1/2020 (b) (c)		6,000		6,000

Tender Option Bond Trust Receipts/Certificates

Series 2019-XX1109, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		3,890		3,890

Series 2017-ZF2503, Rev., VRDO, LIQ: Citibank NA, 1.21%, 3/6/2020 (b) (c)		3,750		3,750

Series 2018-XM0701, Rev., VRDO, LIQ: Citibank NA, 1.21%, 3/6/2020 (b) (c)		3,400		3,400

Series 2019-ZF0826, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/6/2020 (b) (c)		2,800		2,800

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	71

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Florida — continued

Series 2019-XM0804, Rev., VRDO, LIQ: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		4,445		4,445

Series 2020-XF0861, Rev., VRDO, LIQ: TD Bank NA, 1.23%, 3/6/2020 (b) (c)		3,970		3,970

Volusia County Housing Finance Authority, Saxon Trace Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.17%, 3/6/2020 (b)		6,500		6,500


				133,950


Georgia — 0.6%

Development Authority of Monroe County (The), Florida Power and Light Co., Project Rev., VRDO, AMT, 1.22%, 3/2/2020 (b)		3,575		3,575

Fulton County Development Authority, Airport Facility, FlightSafety International, Inc. Series B, Rev., VRDO, 1.26%, 3/6/2020 (b)		6,850		6,850

Valdosta-Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 1.24%, 3/6/2020 (b)		1,705		1,705


				12,130


Illinois — 0.6%

County of Will, ExxonMobil Project Rev., VRDO, 1.24%, 3/2/2020 (b)		8,040		8,040

Tender Option Bond Trust Receipts/Certificates Series 2018-XM0686, Rev., VRDO, LOC: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		4,160		4,160


				12,200


Indiana — 0.5%

City of Indianapolis, Multi-Family Housing, Nora Commons Class B, Rev., VRDO, LOC: U.S. Bank NA, 1.23%, 3/6/2020 (b)		620		620

Indiana Finance Authority, Parkview Health System Obligated Group Series 2009D, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.20%, 3/2/2020 (b)		2,115		2,115

Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Rev., VRDO, LOC: Bank of America NA, 1.24%, 3/6/2020 (b)		4,100		4,100

Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 1.25%, 3/6/2020 (b)		1,860		1,860

Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/6/2020 (b) (c)		2,500		2,500


				11,195


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Iowa — 0.2%

Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 1.18%, 3/6/2020 (b)		5,000		5,000


Kansas — 1.0%

City of Mission, Multi-Family Housing, The Falls Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 1.21%, 3/6/2020 (b)		7,750		7,750

City of Wichita Series 298, GO, 4.00%, 10/15/2020		12,000		12,199


				19,949


Kentucky — 3.7%

Kenton County Airport Board, Flight Safety International, Inc. Series A, Rev., VRDO, 1.26%, 3/6/2020 (b)		13,600		13,600

Louisville Regional Airport Authority Series A, Rev., VRDO, 1.21%, 3/2/2020 (b)		22,600		22,600

Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding

Series C, Rev., VRDO, 1.30%, 3/2/2020 (b)		18,100		18,100

Series A, Rev., VRDO, 1.31%, 3/2/2020 (b)		20,000		20,000


				74,300


Louisiana — 1.0%

Parish of St Bernard, Mobil Oil Rev., VRDO, 1.24%, 3/2/2020 (b)		8,000		8,000

Tender Option Bond Trust Receipts/Certificates Series 2019-BAML7003, Rev., VRDO, LOC: Bank of America NA, 1.33%, 8/12/2020 (b) (c)		12,450		12,450


				20,450


Maryland — 1.2%

Maryland Community Development Administration, Department of Housing and Community Development, Residential Series G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 1.28%, 3/6/2020 (b)		17,270		17,270

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series B, Rev., VRDO, AMT, LOC: PNC Bank NA, 1.18%, 3/6/2020 (b)		8,450		8,450


				25,720


Massachusetts — 0.7%

City of Lynn GO, BAN, 2.00%, 9/1/2020		8,102		8,132

Greater Attleboro-Taunton Regional Transit Authority Rev., RAN, 2.00%, 8/21/2020		5,000		5,015

Nashoba Valley Technical High School District GO, BAN, 2.00%, 9/11/2020		2,000		2,005


				15,152

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Michigan — 1.0%

L’Anse Creuse Public Schools GO, VRDO, Q-SBLF, LOC: TD Bank NA, 1.13%, 3/6/2020 (b)		3,950		3,950

Michigan State Housing Development Authority, Single Family Mortgage

Series D, Rev., LIQ: Industrial & Commercial Bank of China, 1.24%, 3/6/2020 (b)		4,890		4,890

Series B, Rev., VRDO, AMT, LIQ: Industrial & Commercial Bank of China, 1.29%, 3/6/2020 (b)		10,000		10,000

Tender Option Bond Trust Receipts/Certificates Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,000		3,000


				21,840


Mississippi — 2.8%

County of Jackson, Chevron USA, Inc. Project Rev., VRDO, 1.24%, 3/2/2020 (b)		180		180

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project

Series 2007E, Rev., VRDO, 1.20%, 3/2/2020 (b)		43,650		43,650

Series 2009E, Rev., VRDO, 1.20%, 3/2/2020 (b)		13,380		13,380

Mississippi Development Bank, Industrial Water System Project Series 2009, Rev., VRDO, 1.20%, 3/2/2020 (b)		130		130


				57,340


Missouri — 1.0%

Rib Floater Trust Various States Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		10,000		10,000

St. Charles County Industrial Development Authority, Remington Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 3/6/2020 (b)		10,700		10,700


				20,700


Nebraska — 0.5%

Tender Option Bond Trust Receipts/Certificates Series 2018-XF2551, Rev., VRDO, LIQ: Citibank NA, 1.20%, 3/6/2020 (b) (c)		9,635		9,635


Nevada — 0.2%

Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0633, GO, VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		4,100		4,100


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New Jersey — 2.7%

Borough of Butler GO, BAN, 2.00%, 9/11/2020		7,233		7,260

Borough of Palisades Park GO, BAN, 2.00%, 3/20/2020		3,280		3,281

Borough of Paulsboro GO, BAN, 2.00%, 8/31/2020		4,902		4,919

Borough of Roselle GO, BAN, 2.00%, 11/18/2020		10,000		10,048

Borough of Somerville GO, BAN, 1.75%, 11/5/2020		4,157		4,170

Borough of Wood-Ridge GO, BAN, 2.00%, 11/6/2020		2,149		2,159

Essex County Improvement Authority Rev., AMT, GTD, 3.00%, 11/1/2020		400		404

Township of Lyndhurst

GO, BAN, 2.75%, 3/13/2020		400		400

GO, BAN, 1.88%, 9/10/2020		900		903

Township of Mount Olive GO, BAN, 2.00%, 12/11/2020		3,374		3,392

Township of Teaneck GO, BAN, 2.00%, 6/26/2020		9,750		9,773

Township of Vernon GO, BAN, 2.00%, 9/4/2020		7,366		7,393


				54,102


New York — 6.9%

Binghamton City School District GO, BAN, 2.00%, 10/2/2020		6,500		6,522

City of Syracuse, City Purposes Series 2019B, GO, RAN, 2.00%, 7/7/2020		5,000		5,012

Herricks Union Free School District GO, TAN, 2.00%, 6/19/2020		3,000		3,006

Liverpool Central School District GO, BAN, 2.00%, 6/26/2020		2,000		2,004

Metropolitan Transportation Authority

Series 2018B-1E, Rev., BAN, 5.00%, 5/15/2020		2,000		2,015

Series 2019D-2, Rev., BAN, 4.00%, 7/1/2020		4,500		4,540

New York City Industrial Development Agency, Empowerment Zone, Tiago Holdings, LLC Project Rev., VRDO, LOC: TD Bank NA, 1.15%, 3/6/2020 (b)		32,000		32,000

New York City Transitional Finance Authority, Future Tax Secured Series D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.25%, 3/2/2020 (b)		465		465

New York State Housing Finance Agency, 350 West 43rd Street Housing

Series 2004A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.32%, 3/2/2020 (b)		5,000		5,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	73

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.32%, 3/2/2020 (b)		13,635		13,635

Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.32%, 3/2/2020 (b)		2,230		2,230

New York State Housing Finance Agency, 455 West 37th Street Housing Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 1.32%, 3/2/2020 (b)		55,050		55,050

Palmyra Macedon Central School District GO, BAN, 2.00%, 7/21/2020		4,500		4,512

State of New York Mortgage Agency, Homeowner Mortgage Series 135, Rev., VRDO, AMT, LIQ: Barclays Bank plc, 1.27%, 3/2/2020 (b)		2,500		2,500

Town of Eastchester GO, BAN, 2.00%, 9/4/2020		2,183		2,190


				140,681


North Carolina — 0.1%

Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,000		3,000


Ohio — 1.1%

City of Brecksville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 2/25/2021		4,875		4,918

City of Twinsburg, Gleneagles Clubhouse Improvements, Limited Tax GO, BAN, 2.00%, 2/25/2021		2,300		2,315

Finneytown Local School District GO, BAN, 2.25%, 4/15/2020		4,000		4,005

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,905		3,905

Sycamore Community City School District GO, BAN, 2.25%, 4/15/2020		8,000		8,010


				23,153


Oregon — 1.9%

Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 1.22%, 3/6/2020 (b)		235		235

Port of Portland, Oregon International Airport, Multimodal Variable Rate

Subseries 18A, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.30%, 3/6/2020 (b)		26,350		26,350


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Oregon — continued

Subseries 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.30%, 3/6/2020 (b)		7,615		7,615

Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 1.22%, 3/2/2020 (b)		3,600		3,600


				37,800


Other — 2.7%

Eagle Tax-Exempt Trust Series 0055F, Class A, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 1.19%, 3/6/2020 (b) (c)		7,665		7,665

FHLMC, Multi-Family Housing

Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 3/6/2020 (b) (c)		10,000		10,000

Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 3/6/2020 (b) (c)		10,000		10,000

Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.20%, 3/6/2020 (b) (c)		13,785		13,785

Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.22%, 3/6/2020 (b) (c)		4,490		4,490

Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.22%, 3/6/2020 (b) (c)		5,840		5,840

SunAmerica Taxable Trust, Various States Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.21%, 3/6/2020 (b)		1,310		1,310


				53,090


Pennsylvania — 0.6%

City of Philadelphia, Water and Wastewater Series B, Rev., VRDO, LOC: TD Bank NA, 1.08%, 3/6/2020 (b)		1,540		1,540

Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2006-93B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 1.19%, 3/6/2020 (b)		3,120		3,120

Southeastern Pennsylvania Transportation Authority Rev., 3.00%, 3/1/2020		30		30

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0702, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		2,000		2,000

Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 1.21%, 3/6/2020 (b) (c)		4,490		4,490


				11,180


Rhode Island — 0.5%

Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, University Heights Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.30%, 3/6/2020 (b)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

South Carolina — 0.5%

South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 1.26%, 3/6/2020 (b)		5,000		5,000

Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0824, Rev., VRDO, LOC: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		2,325		2,325

Town of Lexington, Combined Waterworks and Sewer System Rev., BAN, 2.50%, 10/27/2020		3,000		3,024


				10,349


Tennessee — 1.0%

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Arbor Crest Rev., VRDO, FNMA, LOC: FNMA, 1.15%, 3/6/2020 (b)		12,750		12,750

Tender Option Bond Trust Receipts/Certificates

Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 1.21%, 3/6/2020 (b) (c)		4,420		4,420

Series 2019-XG0268, Rev., VRDO, LOC: Bank of America NA, 1.22%, 3/6/2020 (b) (c)		3,475		3,475


				20,645


Texas — 10.0%

Dallas-Fort Worth International Airport Facility Improvement Corp., Flight Safety Project Series 1999, Rev., VRDO, 1.26%, 3/6/2020 (b)		12,900		12,900

Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project

Rev., VRDO, 1.24%, 3/2/2020 (b)		8,275		8,275

Series B, Rev., VRDO, 1.24%, 3/2/2020 (b)		5,245		5,245

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project

Series B, Rev., VRDO, 1.24%, 3/2/2020 (b)		25,100		25,100

Subseries B-4, Rev., VRDO, 1.24%, 3/2/2020 (b)		2,475		2,475

Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.22%, 3/6/2020 (b)		3,425		3,425

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,000		3,000

State of Texas Rev., TRAN, 4.00%, 8/27/2020		40,000		40,523


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Texas — continued

State of Texas, Veterans

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust,

1.18%, 3/6/2020 (b)		170		170

Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/6/2020 (b)		5,165		5,165

GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.23%, 3/6/2020 (b)		11,915		11,915

State of Texas, Veterans Housing Assistance Program Series 2007-B, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.23%, 3/6/2020 (b)		27,445		27,445

Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.15%, 3/6/2020 (b)		3,200		3,200

Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.19%, 3/2/2020 (b)		8,015		8,015

Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0465, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/6/2020 (b) (c)		48,605		48,605


				205,458


Virginia — 0.8%

Tender Option Bond Trust Receipts/Certificates Series 2018-BAML0004, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.25%, 3/6/2020 (b) (c)		15,190		15,190


Washington — 0.3%

Tender Option Bond Trust Receipts/Certificates Series 2018-XF0658, Rev., VRDO, LIQ: Bank of America NA, 1.23%, 3/6/2020 (b) (c)		5,610		5,610


West Virginia — 0.5%

Tender Option Bond Trust Receipts/Certificates Series 2020-XL0130, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.18%, 3/6/2020 (b) (c)		11,085		11,085


Wyoming — 0.8%

County of Laramie, Industrial Development, Cheyenne Light Fuel and Power Co. Project Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.21%, 3/6/2020 (b)		7,000		7,000

County of Lincoln, Wyoming Pollution Control, ExxonMobile Project Series 2014, Rev., VRDO, AMT, 1.22%, 3/2/2020 (b)		9,615		9,615


				16,615


Total Municipal Bonds (Cost $1,190,493)				1,190,493

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	75

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 4.1%

California — 0.5%

Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 1.26%, 3/6/2020 # (c)		10,000		10,000


Other — 3.6%

BlackRock MuniYield Quality Fund III, Inc. LIQ: Citibank NA, 1.29%, 3/6/2020 # (c)		30,000		30,000

Nuveen Quality Municipal Income Fund

Series 2, LIQ: Barclays Bank plc, 1.29%, 3/6/2020 # (c)		20,000		20,000

Series 3, LIQ: Barclays Bank plc, 1.29%, 3/6/2020 # (c)		24,200		24,200


				74,200


Total Variable Rate Demand Preferred Shares (Cost $84,200)				84,200


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 3.0%

Commercial Paper — 3.0%

City of Atlanta Series K-4, 1.50%, 3/23/2020		2,500		2,500

County of Harris

Series A-1, 1.15%, 3/5/2020		450		450

Series B, 1.15%, 3/5/2020		100		100

Series C, 1.15%, 3/5/2020		250		250

1.20%, 3/12/2020		950		950

Series A-1, 1.12%, 5/7/2020		1,785		1,785

Series A-1, 1.07%, 6/4/2020		1,250		1,250

County of Hillsborough, Capital Improvement Program Series A, 1.17%, 4/30/2020		3,000		3,000

County of Miami-Dade Series A-1, 1.12%, 3/17/2020		15,000		15,000

Harris County Toll Road Authority (The)

Series E-2, 1.08%, 3/12/2020		3,950		3,950

Series E-1, 1.20%, 3/12/2020		1,830		1,830

Indiana Finance Authority Series D-2, 1.12%, 7/7/2020		3,000		3,000

Massachusetts Bay Transportation Authority Series A, 1.15%, 4/2/2020		4,700		4,700

Omaha Public Power District Series A, 1.06%, 4/2/2020		3,700		3,700

Southwestern Illinois Development Authority Series 17-B, 1.21%, 5/7/2020		2,500		2,500


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

University of Texas System (The)

Series A, 1.25%, 5/4/2020		5,000		5,000

Series A, 1.29%, 5/29/2020		10,000		10,000


Total Commercial Paper (Cost $59,965)				59,965


Total Short-Term Investments (Cost $59,965)				59,965

Total Investments — 65.4% (Cost $1,334,658)*				1,334,658
Other Assets Less Liabilities — 34.6%				705,466

NET ASSETS — 100.0%				2,040,124

Percentages indicated are based on net assets.

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
GO		General Obligation
GTD		Guaranteed
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
LOC		Letter of Credit
Q-SBLF		Qualified School Bond Loan Fund
RAN		Revenue Anticipation Note
Rev.		Revenue
TAN		Tax Anticipation Note
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 February 29, 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 February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 73.6%

California — 73.6%

Alameda Public Financing Authority, Multi-Family Housing, Eagle Village/Parrot Village Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.08%, 3/6/2020 (b)		200		200

California Certificate Series 2016-XF2252, GO, VRDO, LIQ: Citibank NA, 1.11%, 3/6/2020 (b) (c)		6,240		6,240

California Infrastructure and Economic Development Bank, Industrial Development, Silva Corks USA LLC Project Rev., VRDO, LOC: Bank of America NA, 1.33%, 3/6/2020 (b)		1,690		1,690

California Municipal Finance Authority, Chevron USA, Inc., Project Rev., VRDO, 1.10%, 3/2/2020 (b)		1,250		1,250

California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project

Series 2010A, Rev., VRDO, 1.05%, 3/2/2020 (b)		7,400		7,400

Series 2010-A, Rev., VRDO, 1.10%, 3/2/2020 (b)		17,060		17,060

California Pollution Control Financing Authority, Solid Waste Disposal, Recology, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.18%, 3/6/2020 (b)		2,200		2,200

California Public Finance Authority, Sharp Healthcare Series 2017B, Rev., VRDO, LOC: Barclays Bank plc, 1.10%, 3/2/2020 (b)		9,400		9,400

California State Public Works Board, Capital Projects Series 2019C, Rev., 5.00%, 11/1/2020		1,495		1,534

California Statewide Communities Development Authority, Rady Children’s Hospital Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.05%, 3/2/2020 (b)		10,090		10,090

City and County of San Francisco, Multi-Family Housing, Transbay Block 8 Tower Apartments Series H-1, Rev., VRDO, LOC: Bank of China, 1.19%, 3/6/2020 (b)		13,250		13,250

City and County of San Francisco, Multiple Capital Appreciation Projects COP, 5.00%, 4/1/2020		6,000		6,020

City of Irvine, Reassessment District No. 93-14 VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.09%, 3/2/2020 (b)		25,366		25,366

City of Los Angeles

Rev., TRAN, 5.00%, 6/25/2020		13,340		13,506

Series 2017B, GO, 5.00%, 9/1/2020		400		408

City of Los Angeles Department of Airports, Private Activity Rev., AMT, 5.00%, 5/15/2020		1,000		1,008


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


California — continued

City of Los Angeles, Harbor Department Series A, Rev., AMT, 5.00%, 8/1/2020		500		508

City of Los Angeles, Queen Portfolio Apartments Series 2007D, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.30%, 3/6/2020 (b)		700		700

City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		8,500		8,500

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		2,000		2,000

Coast Community College District Series A, GO, 5.00%, 8/1/2020		310		315

County of Los Angeles Rev., TRAN, 5.00%, 6/30/2020		2,200		2,228

County of Riverside

Rev., TRAN, 5.00%, 6/30/2020		5,565		5,636

Series 2019A, Rev., 1.38%, 10/22/2020		5,500		5,510

Daly City Housing Development Finance Agency, Multi-Family, Serramonte Del Rey Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.10%, 3/6/2020 (b)		8,000		8,000

Fremont Public Financing Authority Rev., 5.00%, 10/1/2020		2,180		2,231

Los Angeles Department of Water & Power System

Series 2019A-3, Rev., VRDO, LIQ: Citibank NA, 1.05%, 3/2/2020 (b)		1,255		1,255

Series A-2, Rev., VRDO, LIQ: TD Bank NA, 1.05%, 3/2/2020 (b)		8,770		8,770

Series B-3, Rev., VRDO, LIQ: Barclays Bank plc, 1.05%, 3/2/2020 (b)		15,000		15,000

Los Angeles Department of Water and Power System

Subseries B-4, Rev., VRDO, LIQ: Citibank NA, 1.16%, 3/2/2020 (b)		15,000		15,000

Series A-6, Rev., VRDO, LIQ: Bank of America NA, 1.19%, 3/2/2020 (b)		8,510		8,510

Series 2013B, Rev., 5.00%, 7/1/2020		315		319

Metropolitan Water District of Southern California

Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 1.16%, 3/2/2020 (b)		7,420		7,420

Series 2017A, Rev., VRDO, LIQ: Citibank NA, 1.19%, 3/2/2020 (b)		12,990		12,990

Modesto Public Financing Authority Rev., VRDO, LOC: Bank of the West, 1.00%, 3/6/2020 (b)		11,165		11,165

RBC Municipal Products, Inc. Trust VRDO, LOC: Royal Bank of Canada, 1.30%, 3/6/2020 (b) (c)		2,000		2,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	77

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

California — continued

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-6, GO, VRDO, LOC: Royal Bank of Canada, 1.15%, 3/6/2020 (b) (c)		6,000		6,000

Regents of the University of California Series 2013AL-3, Rev., VRDO, 1.16%, 3/2/2020 (b)		11,000		11,000

Regents of the University of California Medical Center Pooled Series 2013K, Rev., VRDO, 1.10%, 3/2/2020 (b)		4,765		4,765

Regents of the University of California, Medical Center Pooled Series 2007B-1, Rev., VRDO, 1.10%, 3/2/2020 (b)		5,300		5,300

San Diego Unified School District Series A, Rev., TRAN, 5.00%, 6/30/2020		660		668

San Marcos Unified School District Series 2016-ZF2390, GO, VRDO, LIQ: Citibank NA, 1.12%, 3/6/2020 (b) (c)		7,760		7,760

Sonoma County Junior College District Series 2014B, GO, 4.00%, 8/1/2020		8,800		8,909

State of California Series 2005B5, GO, VRDO, LOC: MUFG Union Bank NA, 1.18%, 3/2/2020 (b)		4,000		4,000

State of California, Kindergarten University Public Education Facilities Series 2004B-5, GO, VRDO, LOC: U.S. Bank NA, 1.18%, 3/2/2020 (b)		6,125		6,125

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2534, GO, VRDO, LIQ: Citibank NA, 1.11%, 3/6/2020 (b) (c)		920		920

Series 2018-YX1098, Rev., VRDO, LIQ: Barclays Bank plc, 1.13%, 3/6/2020 (b) (c)		3,500		3,500

Series 2019-XL0109, Rev., VRDO, LIQ: Barclays Bank plc, 1.13%, 3/6/2020 (b) (c)		1,250		1,250

Series 2017-XF0607, Rev., VRDO, LIQ: TD Bank NA, 1.15%, 3/6/2020 (b) (c)		3,330		3,330

Series 2018-G-92, GO, VRDO, LOC: Royal Bank of Canada, 1.15%, 3/6/2020 (b) (c)		1,500		1,500

Series 2018-XF0727, Rev., VRDO, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b) (c)		1,500		1,500

Series 2018-XG0182, Rev., VRDO, LOC: Barclays Bank plc, 1.15%, 3/6/2020 (b) (c)		6,030		6,030

Series 2018-XL0059, Rev., VRDO, LOC: Barclays Bank plc, 1.15%, 3/6/2020 (b) (c)		3,000		3,000

Series 2018-XM0696, Rev., VRDO, LIQ: Bank of America NA, 1.15%, 3/6/2020 (b) (c)		2,295		2,295

Series 2019-XF0753, GO, VRDO, LIQ: Royal Bank of Canada, 1.15%, 3/6/2020 (b) (c)		2,000		2,000

Series 2019-XL0117, Rev., VRDO, LOC: Royal Bank of Canada, 1.15%, 3/6/2020 (b) (c)		2,000		2,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


California — continued

Series 2020-XF0862, GO, VRDO, LIQ: TD Bank NA, 1.15%, 3/6/2020 (b) (c)		7,650		7,650

Series E-67, Rev., VRDO, LOC: Royal Bank of Canada, 1.15%, 3/6/2020 (b) (c)		3,000		3,000

Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.15%, 3/6/2020 (b) (c)		5,400		5,400

Series 2018-XG0181, GO, VRDO, LIQ: Bank of America NA, 1.16%, 3/6/2020 (b) (c)		4,985		4,985

Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 1.16%, 3/6/2020 (b) (c)		2,230		2,230

Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.16%, 3/6/2020 (b) (c)		4,750		4,750

Series 2020-XF0863, GO, VRDO, LIQ: Bank of America NA, 1.16%, 3/6/2020 (b) (c)		11,460		11,460

Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		7,615		7,615

Series 2018-ZF2744, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		6,900		6,900

Series 2019-XL0112, Rev., VRDO, LIQ: Barclays Bank plc, 1.17%, 3/6/2020 (b) (c)		1,050		1,050

Series 2018-ZM0585, GO, VRDO, LIQ: Wells Fargo Bank NA, 1.18%, 3/6/2020 (b) (c)		3,750		3,750

Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		7,785		7,785

Series 2016-ZF2386, GO, VRDO, LIQ: Citibank NA, 1.20%, 3/6/2020 (b) (c)		5,340		5,340

Series 2017-XF0578, GO, VRDO, LIQ: TD Bank NA, 1.20%, 3/6/2020 (b) (c)		1,190		1,190

Series 2018-XF2724, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.20%, 3/6/2020 (b) (c)		10,000		10,000

Series 2019-XM0750, Rev., VRDO, LIQ: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		2,250		2,250

Series 2017-ZF0581, Rev., VRDO, LIQ: Royal Bank of Canada, 1.21%, 3/6/2020 (b) (c)		2,375		2,375

Series 2017-ZM0473, Rev., VRDO, LIQ: Royal Bank of Canada, 1.21%, 3/6/2020 (b) (c)		2,600		2,600

Series 2017-ZM0487, Rev., VRDO, LIQ: Royal Bank of Canada, 1.21%, 3/6/2020 (b) (c)		1,465		1,465

Series 2019-BAML8003, Rev., VRDO, LOC: Bank of America NA, 1.25%, 3/6/2020 (b) (c)		15,870		15,870


Total Municipal Bonds (Cost $424,196)				424,196

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 7.6%

California — 7.6%

BlackRock MuniYield California Quality Fund, Inc. Series W-7, LIQ: TD Bank NA, 1.24%, 3/6/2020 # (c)		5,000		5,000

Nuveen California AMT-Free Quality Municipal Income Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 # (c)		20,000		20,000

Nuveen California Quality Municipal Income Fund

Series 4, LIQ: Royal Bank of Canada, 1.26%, 3/6/2020 # (c)		7,000		7,000

Series 1, LIQ: Societe Generale, 1.27%, 3/6/2020 # (c)		7,000		7,000

Series 6, LIQ: Citibank NA, 1.27%, 3/6/2020 # (c)		5,100		5,100


Total Variable Rate Demand Preferred Shares (Cost $44,100)				44,100


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 18.6%

Commercial Paper — 18.6%

California State University Institute

Series A, 0.95%, 5/6/2020		5,900		5,900

California Statewide Communities Development Authority

Series 08-C, 1.20%, 3/5/2020		5,000		5,000

Series D, 1.10%, 6/11/2020		12,000		12,000

Series 09-D, 0.95%, 7/8/2020		5,000		5,000

City of San Diego Series A, 0.89%, 5/12/2020		6,000		6,000

Los Angeles County Capital Asset Leasing Corp. 1.05%, 4/8/2020		1,700		1,700

1.09%, 5/14/2020		5,000		5,000

1.10%, 5/19/2020		1,400		1,400


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Municipal Improvement Corp. of Los Angeles

Series A-1, 0.91%, 3/5/2020		9,605		9,605

Series A-3, 1.10%, 5/12/2020		2,500		2,500

San Diego County Water Authority Series 10, 1.13%, 5/13/2020		5,000		5,000

San Diego Public Facilities Financing Authority Series B, 0.83%, 4/2/2020		5,704		5,704

San Francisco City & County Public Utilities Commission Wastewater Series A-2, 0.89%, 4/1/2020		2,740		2,740

State of California

Series 11A5, 0.89%, 4/6/2020		4,000		4,000

Series A, 0.90%, 4/22/2020		5,000		5,000

Series A-1, 1.08%, 5/12/2020		2,500		2,500

Series 11A5, 1.10%, 5/12/2020		3,750		3,750

State of California Department of Water Resources 1.07%, 4/7/2020		7,615		7,615

University of California

Series A, 1.10%, 5/12/2020		4,000		4,000

Series A, 1.10%, 5/13/2020		8,500		8,500

Series A, 1.12%, 5/13/2020		2,000		2,000

West Basin Financing Corp. 0.90%, 3/4/2020		2,500		2,500


Total Commercial Paper (Cost $107,414)				107,414


Total Short-Term Investments (Cost $107,414)				107,414

Total Investments — 99.8% (Cost $575,710)*				575,710
Other Assets Less Liabilities — 0.2%				1,007

NET ASSETS — 100.0%				576,717

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
LIQ		Liquidity Agreement
LOC		Letter of Credit
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 February 29, 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 February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	79

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 83.7%

New York — 83.7%

Addison Central School District GO, BAN, 2.00%, 7/17/2020		10,200		10,228

Albany Industrial Development Agency, Civic Facility, Living Resources Corp. Project Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.18%, 3/6/2020 (b)		2,490		2,490

Allegany-Limestone Central School District GO, BAN, 2.00%, 6/26/2020		5,000		5,011

Amherst Development Corp., Student Housing Facility, South Lake Village Project Series 2010B, Rev., VRDO, LOC: HSBC Bank USA NA, 1.24%, 3/6/2020 (b)		12,620		12,620

Battery Park City Authority, Junior

Series D-1, Rev., VRDO, LIQ: TD Bank NA, 1.11%, 3/6/2020 (b)		10,000		10,000

Series D-2, Rev., VRDO, LIQ: TD Bank NA, 1.12%, 3/6/2020 (b)		5,000		5,000

Berlin Central School District Series 2019B, GO, BAN, 2.00%, 7/24/2020		8,250		8,271

Binghamton City School District GO, BAN, 2.00%, 10/2/2020		10,000		10,034

Brighton Central School District GO, BAN, 2.00%, 6/30/2020		10,000		10,024

Build NYC Resource Corp., The Asia Society Project Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		1,860		1,860

Center Moriches Union Free School District GO, TAN, 2.00%, 6/25/2020		6,400		6,413

Cheektowaga-Maryvale Union Free School District GO, BAN, 2.00%, 7/14/2020		5,500		5,515

City of Kingston Series B, GO, BAN, 2.00%, 8/26/2020		9,732		9,769

City of New York, Fiscal Year 2012

Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.19%, 3/2/2020 (b)		11,715		11,715

Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 1.21%, 3/2/2020 (b)		3,350		3,350

City of New York, Fiscal Year 2013 Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 1.19%, 3/2/2020 (b)		10,650		10,650

City of New York, Fiscal Year 2014 Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		12,200		12,200

City of New York, Fiscal Year 2017 Series A, Subseries A-7, GO, VRDO, LOC: Bank of the West, 1.23%, 3/2/2020 (b)		22,290		22,290


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

City of New York, Fiscal Year 2018 Subseries E-5, GO, VRDO, LOC: TD Bank NA, 1.18%, 3/2/2020 (b)		13,175		13,175

City of Rome Series B, GO, BAN, 2.00%, 6/17/2020		4,141		4,149

City of Syracuse, City Purposes Series 2019B, GO, RAN, 2.00%, 7/7/2020		10,000		10,025

Cold Spring Harbor Central School District GO, TAN, 2.00%, 6/25/2020		3,820		3,827

County of Broome GO, TAN, 1.75%, 3/4/2020		6,750		6,750

County of Livingston GO, BAN, 2.00%, 9/10/2020		2,576		2,585

County of Montgomery GO, BAN, 2.00%, 10/9/2020		7,470		7,496

East Quogue Union Free School District GO, TAN, 2.00%, 6/25/2020		3,000		3,007

East Williston Union Free School District GO, TAN, 2.00%, 6/25/2020		3,500		3,508

Elmont Union Free School District GO, TAN, 2.00%, 6/25/2020		5,000		5,011

Erie County Industrial Development Agency (The), Canisius High School Series 2008, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.25%, 3/6/2020 (b)		10,820		10,820

Erie County Industrial Development Agency (The), Our Lady Victory Corp. Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.25%, 3/6/2020 (b)		2,000		2,000

Fayetteville-Manlius Central School District

Series 2020A, GO, BAN, 1.75%, 7/17/2020		7,834		7,851

Series 2019B, GO, BAN, 2.00%, 7/30/2020		3,200		3,210

Franklin County Civic Development Corp., Alice Hyde Medical Center Project Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.25%, 3/6/2020 (b)		4,220		4,220

Greenport Union Free School District GO, TAN, 2.00%, 6/25/2020		2,900		2,907

Hammondsport Central School District GO, BAN, 1.75%, 6/26/2020		2,400		2,404

Hannibal Central School District GO, BAN, 2.00%, 7/31/2020		900		902

Hendrick Hudson Central School District GO, BAN, 2.50%, 5/14/2020		4,000		4,010

Herricks Union Free School District GO, TAN, 2.00%, 6/19/2020		3,000		3,006

Lafayette Central School District GO, BAN, 2.00%, 6/26/2020		5,400		5,413

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

Liverpool Central School District Series 2019A, GO, BAN, 2.00%, 9/25/2020		3,867		3,879

Marion Central School District GO, BAN, 2.00%, 6/26/2020		2,000		2,005

Mattituck-Cutchogue Union Free School District GO, TAN, 2.00%, 6/25/2020		8,500		8,518

Metropolitan Transportation Authority

Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/2/2020 (b)		2,000		2,000

Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.18%, 3/2/2020 (b)		19,160		19,160

Subseries B-1, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.14%, 3/6/2020 (b)		17,040		17,040

Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		25,000		25,000

Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		17,300		17,300

Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 1.15%, 3/6/2020 (b)		34,185		34,185

Series 2018B, Subseries 2018-B-1, Rev., BAN, 5.00%, 5/15/2020		2,500		2,519

Series 2018B-1A, Rev., BAN, 5.00%, 5/15/2020		2,290		2,307

Series 2018B-1C, Rev., BAN, 5.00%, 5/15/2020		7,410		7,464

Series 2018B-1E, Rev., BAN, 5.00%, 5/15/2020		3,500		3,526

Series 2019C, Rev., BAN, 4.00%, 7/1/2020		1,090		1,100

Series 2019D-2, Rev., BAN, 4.00%, 7/1/2020		23,320		23,529

Monticello Central School District GO, BAN, 2.00%, 9/18/2020		10,010		10,051

Nassau County Industrial Development Housing Agency Rev., VRDO, LOC: FNMA, 1.18%, 3/6/2020 (b)		13,500		13,500

Nassau County Interim Finance Authority, Sales Tax Secured Series B, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.10%, 3/6/2020 (b)		30,000		30,000

Nassau Health Care Corp., Nassau County Guaranteed

Series 2009C-2, Rev., VRDO, GTD, LOC: Bank of America NA, 1.14%, 3/6/2020 (b)		19,460		19,460

Series 2009D-1, Rev., VRDO, GTD, LOC: Bank of America NA, 1.14%, 3/6/2020 (b)		4,490		4,490

Series 2009D-2, Rev., VRDO, GTD, LOC: Bank of America NA, 1.14%, 3/6/2020 (b)		17,360		17,360


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Subseries C1, Rev., VRDO, GTD, LOC: Bank of America NA, 1.14%, 3/6/2020 (b)		17,620		17,620

Subseries B-1, Rev., VRDO, GTD, LOC: Bank of America NA, 1.15%, 3/6/2020 (b)		28,170		28,170

New York City Health & Hospital Corp., Health System Series C, Rev., VRDO, LOC: TD Bank NA, 1.14%, 3/6/2020 (b)		14,125		14,125

New York City Housing Development Corp., Multi-Family Housing Series 2009A, Rev., VRDO, LOC: FHLMC, 1.13%, 3/6/2020 (b)		8,700		8,700

New York City Housing Development Corp., Multi-Family Housing, Ogden Avenue Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		4,660		4,660

New York City Housing Development Corp., Multi-Family Mortgage, 1405 Fifth Avenue Apartments Series A, Rev., VRDO, LOC: Citibank NA, 1.18%, 3/6/2020 (b)		9,790		9,790

New York City Housing Development Corp., Multi-Family Mortgage, 500 East 165th Street Apartments Series 2006 A, Rev., VRDO, LOC: Bank of America NA, 1.20%, 3/6/2020 (b)		6,500		6,500

New York City Housing Development Corp., Multi-Family Mortgage, Bathgate Avenue Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (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, 1.23%, 3/6/2020 (b)		6,665		6,665

New York City Housing Development Corp., Multi-Family Mortgage, Bruckner by the Bridge Series A, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 1.14%, 3/6/2020 (b)		13,990		13,990

New York City Housing Development Corp., Multi-Family Mortgage, Elliott Chelsea Development Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.15%, 3/6/2020 (b)		17,145		17,145

New York City Housing Development Corp., Multi-Family Mortgage, Markham Gardens Apartments Series 2006 A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.19%, 3/6/2020 (b)		5,800		5,800

New York City Housing Development Corp., Multi-Family Mortgage, Reverend Ruben Diaz Rev., VRDO, FHLMC, LIQ: FHLMC, 1.19%, 3/6/2020 (b)		2,305		2,305

New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.13%, 3/6/2020 (b)		10,170		10,170

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	81

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

New York City Housing Development Corp., Multi-Family Rental Housing Series 2001A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		7,900		7,900

New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 3/6/2020 (b)		22,045		22,045

New York City Housing Development Corp., Multi-Family Rental Housing, Brittany Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		29,400		29,400

New York City Housing Development Corp., Multi-Family Rental Housing, Gold Street Series A, Rev., VRDO, LOC: FNMA, 1.20%, 3/6/2020 (b)		20,000		20,000

New York City Housing Development Corp., Multi-Family Rental Housing, Lexington Courts Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.15%, 3/6/2020 (b)		8,270		8,270

New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		2,300		2,300

New York City Housing Development Corp., Multi-Family, Pearl LLC Series 2006A, Rev., VRDO, LOC: FNMA, 1.20%, 3/6/2020 (b)		6,100		6,100

New York City Industrial Development Agency, 123 Washington LLC Project Series 2007, Rev., VRDO, LOC: Bank of China, 1.22%, 3/2/2020 (b)		27,255		27,255

New York City Industrial Development Agency, Civic Facility, New York Congregational Nursing Center Project Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.25%, 3/6/2020 (b)		300		300

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2009 Subseries BB-1, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.22%, 3/2/2020 (b)		15,050		15,050

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014

Subseries 2014 AA-3, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/2/2020 (b)		16,285		16,285

Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.19%, 3/2/2020 (b)		28,200		28,200


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 2015 Series 2015-BB-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.20%, 3/2/2020 (b)		10,160		10,160

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016 Series AA-2, Rev., VRDO, LIQ: PNC Bank NA, 1.25%, 3/2/2020 (b)		500		500

New York City Transitional Finance Authority Future Tax Secured Subseries C-5, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/2/2020 (b)		5,015		5,015

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, LIQ: PNC Bank NA, 1.15%, 3/6/2020 (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, 1.19%, 3/2/2020 (b)		19,850		19,850

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		3,855		3,855

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.13%, 3/6/2020 (b)		3,230		3,230

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.22%, 3/2/2020 (b)		9,700		9,700

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.22%, 3/2/2020 (b)		7,850		7,850

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Subseries A-4, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/2/2020 (b)		5,100		5,100

New York City Transitional Finance Authority, Future Tax Secured, New York City Recovery Series 1, Subseries 1D, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.22%, 3/2/2020 (b)		5,195		5,195

New York City Trust for Cultural Resources, American Museum Series 2014B2, Rev., VRDO, 1.15%, 3/6/2020 (b)		8,000		8,000

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

New York City Trust for Cultural Resources, Metropolitan Museum of Art

Subseries A-1, Rev., VRDO, 1.12%, 3/6/2020 (b)		21,825		21,825

Subseries A-2, Rev., VRDO, 1.12%, 3/6/2020 (b)		13,230		13,230

New York City Water and Sewer System, Second General Resolution Series CC-1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 3/6/2020 (b)		980		980

New York State Dormitory Authority, Blythedale Children’s Hospital Rev., VRDO, LOC: TD Bank NA, 1.19%, 3/6/2020 (b)		2,090		2,090

New York State Dormitory Authority, Catholic Health System Series 2019 B, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.15%, 3/6/2020 (b)		17,000		17,000

New York State Dormitory Authority, City University System, CONS Fifth General Resolution

Series D, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		30,000		30,000

Series C, Rev., VRDO, LOC: Bank of America NA, 1.15%, 3/6/2020 (b)		17,465		17,465

New York State Dormitory Authority, Court Facilities Lease Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.25%, 3/6/2020 (b)		10,000		10,000

New York State Dormitory Authority, Highland Community Development Corp. Series B, Rev., VRDO, LOC: HSBC Bank USA NA, 1.11%, 3/6/2020 (b)		2,735		2,735

New York State Dormitory Authority, Metropolitan Museum of Art Series B, Rev., VRDO, 1.00%, 3/6/2020 (b)		80		80

New York State Dormitory Authority, Northern Westchester Hospital Series 2009, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/6/2020 (b)		2,270		2,270

New York State Dormitory Authority, Remarketing

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 3/6/2020 (b)		43,260		43,260

Series B-1, Rev., VRDO, LOC: Barclays Bank plc, 1.15%, 3/6/2020 (b)		1,825		1,825

New York State Dormitory Authority, St. John’s University

Series 2008B-1, Rev., VRDO, LOC: Bank of America NA, 1.12%, 3/6/2020 (b)		1,105		1,105

Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.12%, 3/6/2020 (b)		5,035		5,035


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

New York State Dormitory Authority, State Personal Income Tax Series C, Rev., 5.00%, 3/15/2020		500		501

New York State Dormitory Authority, Teresian House Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.18%, 3/6/2020 (b)		13,200		13,200

New York State Dormitory Authority, University of Rochester Series 2006A-1, Rev., VRDO, LOC: Barclays Bank plc, 1.15%, 3/6/2020 (b)		10,205		10,205

New York State Energy Research and Development Authority

Series 2010A-1, Rev., VRDO, LOC:Bank of Nova Scotia, 1.16%, 3/6/2020 (b)		10,000		10,000

Series 2004C-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.23%, 3/6/2020 (b)		15,700		15,700

New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.15%, 3/6/2020 (b)		29,600		29,600

New York State Housing Finance Agency

Series 2002A, Rev., VRDO, LOC: FNMA, 1.20%, 3/6/2020 (b)		5,500		5,500

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.20%, 3/6/2020 (b)		7,050		7,050

New York State Housing Finance Agency, 10 Barclay Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.18%, 3/6/2020 (b)		8,055		8,055

New York State Housing Finance Agency, 222 East 44th Street Housing

Series A, Rev., VRDO, LOC: Bank of China, 1.20%, 3/6/2020 (b)		23,300		23,300

Series A, Rev., VRDO, LOC: Bank of China, 1.20%, 3/6/2020 (b)		23,250		23,250

New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.12%, 3/6/2020 (b)		63,500		63,500

New York State Housing Finance Agency, 363 West 30th Street Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.19%, 3/6/2020 (b)		9,985		9,985

New York State Housing Finance Agency, 42nd and 10th Housing

Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.12%, 3/6/2020 (b)		14,000		14,000

Series A, Rev., VRDO, AMT, LIQ: FHLMC, 1.17%, 3/6/2020 (b)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	83

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

New York State Housing Finance Agency, 42nd West 10th Street Housing Series A, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 1.12%, 3/6/2020 (b)		37,205		37,205

New York State Housing Finance Agency, 505 East 37th Street Housing

Series 2009A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.22%, 3/2/2020 (b)		7,050		7,050

Series 2009B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.22%, 3/2/2020 (b)		7,000		7,000

New York State Housing Finance Agency, 600 West 42nd Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.14%, 3/6/2020 (b)		8,400		8,400

New York State Housing Finance Agency, Clarkstown Maplewood Gardens Housing Series 2009A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.15%, 3/6/2020 (b)		455		455

New York State Housing Finance Agency, Clinton Park Housing Series 2010A, Rev., VRDO, LIQ: FHLMC, 1.14%, 3/6/2020 (b)		11,120		11,120

New York State Housing Finance Agency, College Arms Series 2008A, Rev., VRDO, LIQ: FHLMC, 1.14%, 3/6/2020 (b)		7,090		7,090

New York State Housing Finance Agency, Historic Front Street Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.16%, 3/6/2020 (b)		5,650		5,650

New York State Housing Finance Agency, Housing, 160 Madison Avenue Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.20%, 3/2/2020 (b)		36,925		36,925

New York State Housing Finance Agency, Liberty Street Realty LLC Series 2003 A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.14%, 3/6/2020 (b)		7,000		7,000

New York State Housing Finance Agency, Service Contract Series M-1, Rev., VRDO, LOC: Bank of America NA, 1.13%, 3/6/2020 (b)		2,050		2,050

New York State Housing Finance Agency, Theater Row, Tower Housing Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.23%, 3/6/2020 (b)		11,300		11,300

New York State Housing Finance Agency, Tribeca Green Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.17%, 3/6/2020 (b)		39,560		39,560


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

New York State Housing Finance Agency, Union Square South Housing Series 1996-A, Rev., VRDO, FNMA, LOC: FNMA, 1.19%, 3/6/2020 (b)		39,850		39,850

New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.23%, 3/6/2020 (b)		1,600		1,600

North Shore Central School District GO, TAN, 2.00%, 6/25/2020		5,000		5,010

North Syracuse Central School District GO, BAN, 2.00%, 8/7/2020		10,800		10,835

Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project Series 2007, Rev., VRDO, LOC: HSBC Bank USA NA, 1.25%, 3/6/2020 (b)		4,250		4,250

Oyster Bay-East Norwich Central School District GO, TAN, 2.00%, 6/23/2020		5,200		5,211

Port Chester-Rye Union Free School District GO, BAN, 2.50%, 6/12/2020		9,700		9,733

Putnam Valley Central School District GO, BAN, 2.00%, 7/17/2020		2,000		2,005

RBC Municipal Products, Inc. Trust, Floater Certificates (Canada)

Series 2018-G5, GO, VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		6,000		6,000

Series E-137, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		23,000		23,000

Sag Harbor Union Free School District Series 2019A, GO, BAN, 2.50%, 6/5/2020		2,000		2,006

Schalmont Central School District GO, BAN, 2.00%, 9/3/2020		1,297		1,302

Seaford Union Free School District GO, TAN, 2.00%, 6/25/2020		5,000		5,012

Shenendehowa Central School District GO, BAN, 1.95%, 6/26/2020		3,000		3,006

Skaneateles Central School District GO, BAN, 2.00%, 7/23/2020		4,900		4,913

South Glens Falls Central School District Series 2019A, GO, BAN, 2.00%, 7/24/2020		1,145		1,148

State of New York Mortgage Agency, Homeowner Mortgage

Series 207, Rev., VRDO, LIQ: Royal Bank of Canada, 1.17%, 3/6/2020 (b)		14,000		14,000

Series 129, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.21%, 3/6/2020 (b)		5,500		5,500

Tender Option Bond Trust Receipts/Certificates

Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 1.22%, 3/2/2020 (b) (c)		38,950		38,950

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

Series E-120, Rev., VRDO, LOC: Royal Bank of Canada, 1.22%, 3/2/2020 (b) (c)		12,200		12,200

Series 2015-ZF0264, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		6,265		6,265

Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		4,015		4,015

Series 2017-XF0564, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		3,000		3,000

Series 2018-XF0238, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		13,815		13,815

Series 2018-XF0634, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		7,440		7,440

Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		6,185		6,185

Series 2018-XF0636, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		13,985		13,985

Series 2018-XF0697, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		5,355		5,355

Series 2018-XF2646, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		4,540		4,540

Series 2018-XF2656, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		2,400		2,400

Series 2018-XF2704, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		4,000		4,000

Series 2018-XF2757, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		11,000		11,000

Series 2018-XM0695, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		20,000		20,000

Series 2018-ZF2769, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		2,500		2,500

Series 2018-ZF2772, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		9,785		9,785

Series 2018-ZM0682, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		5,000		5,000

Series 2019-XF0838, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		1,600		1,600

Series 2019-XF0858, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		2,800		2,800

Series 2019-XL0102, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		10,225		10,225

Series 2019-XL0122, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		2,940		2,940

Series 2019-XM0783, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.17%, 3/6/2020 (b) (c)		1,215		1,215


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Series 2019-XM0784, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.17%, 3/6/2020 (b) (c)		3,330		3,330

Series 2019-ZF0831, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		2,450		2,450

Series 2019-ZF0832, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		945		945

Series 2019-ZF2777, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		6,000		6,000

Series 2019-ZF2778, Rev., VRDO, LIQ: Citibank NA, 1.17%, 3/6/2020 (b) (c)		5,000		5,000

Series 2020-XF0865, Rev., VRDO, AGM, LOC: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		5,330		5,330

Series 2020-XF0880, Rev., VRDO, LIQ: TD Bank NA, 1.17%, 3/6/2020 (b) (c)		9,035		9,035

Series 2020-XF2852, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		5,000		5,000

Series 2020-XG0272, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		8,120		8,120

Series 2020-XG0273, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		2,000		2,000

Series 2020-XG0276, Rev., VRDO, LOC: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		16,370		16,370

Series 2020-XG0277, Rev., VRDO, AGM, LOC: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		13,260		13,260

Series 2020-ZM0807, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		5,950		5,950

Series 2020-ZM0808, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.17%, 3/6/2020 (b) (c)		10,430		10,430

Series ZM0544, Rev., VRDO, LIQ: Bank of America NA, 1.17%, 3/6/2020 (b) (c)		2,220		2,220

Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		7,400		7,400

Series 2016-XM0438, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		4,000		4,000

Series 2016-ZM0129, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		4,240		4,240

Series 2016-ZM0138, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		2,500		2,500

Series 2016-ZM0139, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,500		3,500

Series 2017-XF0593, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		4,355		4,355

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	85

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

Series 2017-XF0598, Rev., VRDO, LIQ: TD Bank NA, 1.18%, 3/6/2020 (b) (c)		3,000		3,000

Series 2017-XG0112, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		5,600		5,600

Series 2017-XM0505, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.18%, 3/6/2020 (b) (c)		8,961		8,960

Series 2017-ZM0513, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/6/2020 (b) (c)		7,500		7,500

Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 1.18%, 3/6/2020 (b) (c)		20,000		20,000

Series 2018-XF2529, Rev., VRDO, LIQ: Citibank NA, 1.18%, 3/6/2020 (b) (c)		2,625		2,625

Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		8,000		8,000

Series 2018-ZF0271, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,170		3,170

Series 2018-ZF2740, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		2,600		2,600

Series 2018-ZM0600, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.18%, 3/6/2020 (b) (c)		7,500		7,500

Series 2018-ZM0661, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.18%, 3/6/2020 (b) (c)		5,000		5,000

Series 2019-XF0829, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		6,600		6,600

Series 2019-XF0839, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,000		3,000

Series 2019-XF0847, Rev., VRDO, LOC: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		22,230		22,230

Series 2019-XF0849, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		2,500		2,500

Series 2019-XM0724, Rev., VRDO, LIQ: Royal Bank of Canada, 1.18%, 3/6/2020 (b) (c)		3,000		3,000

Series 2019-BAML-5009, Rev., VRDO, LOC: Bank of America NA, 1.19%, 3/6/2020 (b) (c)		20,024		20,024

Series 2019-XL0110, Rev., VRDO, LIQ: Royal Bank of Canada, 1.19%, 3/6/2020 (b) (c)		5,230		5,230

Series XF2481, Rev., VRDO, LOC: Barclays Bank plc, 1.19%, 3/6/2020 (b) (c)		2,160		2,160

Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 1.20%, 3/6/2020 (b) (c)		23,000		23,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Series 2017-XF2488, Rev., VRDO, LIQ: Citibank NA, 1.20%, 3/6/2020 (b) (c)		2,500		2,500

Series 2018-XM0616, Rev., VRDO, LIQ: Citibank NA, 1.20%, 3/6/2020 (b) (c)		10,425		10,425

Series 2019-XG0265, Rev., VRDO, LIQ: Bank of America NA, 1.20%, 3/6/2020 (b) (c)		12,080		12,080

Series 2016-Zf0269, Rev., VRDO, LIQ: TD Bank NA, 1.22%, 3/6/2020 (b) (c)		2,000		2,000

Series 2018-XF0683, Rev., VRDO, LIQ: TD Bank NA, 1.22%, 3/6/2020 (b) (c)		2,000		2,000

Town of Aurora Series 2019A, GO, BAN, 1.50%, 4/2/2020		4,400		4,401

Town of Greece GO, BAN, 2.00%, 10/16/2020		2,500		2,509

Town of Huntington GO, BAN, 2.00%, 9/24/2020		1,000		1,004

Town of Islip Series 2019A, GO, BAN, 2.00%, 5/15/2020		2,600		2,604

Town of Lansing GO, BAN, 2.00%, 9/10/2020		2,153		2,161

Town of North Hempstead Series 2019B, GO, BAN, 2.00%, 9/25/2020		1,013		1,016

Town of Orchard Park GO, BAN, 2.00%, 8/21/2020		5,215		5,235

Town of Southold GO, BAN, 2.00%, 9/24/2020		9,279		9,315

Town of Victor GO, BAN, 2.00%, 7/30/2020		3,586		3,598

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Subseries 2005B-3, Rev., VRDO, LOC: State Street Bank & Trust, 1.18%, 3/2/2020 (b)		14,000		14,000

Union Endicott Central School District GO, BAN, 2.00%, 10/22/2020		1,393		1,398

Victor Central School District Series 2019B, GO, BAN, 2.00%, 9/18/2020		2,536		2,546

Village of Kings Point

GO, BAN, 2.00%, 7/24/2020		2,905		2,914

Series 2019B, GO, BAN, 2.00%, 7/24/2020		3,160		3,168

Village of Pelham Series 2019A, GO, BAN, 2.00%, 9/18/2020		3,265		3,278

Warrensburg Central School District GO, BAN, 2.00%, 6/25/2020		4,000		4,009

Waterloo Central School District GO, BAN, 2.25%, 6/26/2020		4,000		4,012

West Hempstead Union Free School District GO, 2.00%, 6/25/2020		4,900		4,910


Total Municipal Bonds (Cost $2,259,898)				2,259,898

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 6.1%

New York — 6.1%

BlackRock MuniYield New York Quality Fund, Inc. Series W-7, LIQ: Citibank NA, 1.27%, 3/6/2020 # (c)		50,000		50,000

Nuveen New York AMT-Free Quality Municipal Income Fund

Series 1, LIQ: Citibank NA, 1.19%, 3/6/2020 # (c)		10,000		10,000

Series 2, LIQ: Citibank NA, 1.19%, 3/6/2020 # (c)		51,600		51,600

Series 3, LIQ: Citibank NA, 1.19%, 3/6/2020 # (c)		33,200		33,200

Nuveen New York Quality Municipal Income Fund Series 1, LIQ: TD Bank NA, 1.26%, 3/6/2020 # (c)		20,300		20,300


Total Variable Rate Demand Preferred Shares (Cost $165,100)				165,100


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 0.8%

Commercial Paper — 0.8%

Port Authority of New York and New Jersey

1.15%, 3/11/2020		19,070		19,070

Series B, 1.16%, 5/13/2020		4,040		4,040


Total Commercial Paper (Cost $23,110)				23,110


Total Short-Term Investments (Cost $23,110)				23,110

Total Investments — 90.6% (Cost $2,448,108)*				2,448,108
Other Assets Less Liabilities — 9.4%				254,419

NET ASSETS — 100.0%				2,702,527

Percentages indicated are based on net assets.

Abbreviations


AGM		Insured by Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
CONS		Consolidated Bonds
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 February 29, 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 February 29, 2020.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020

(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	$	44,712,035	$	965,488		$	2,926,270
Repurchase agreements, at value		18,112,800		—			541,000
Cash		585,848		—			—	(a)
Receivables:
Investment securities sold		—		26,982			—
Interest from non-affiliates		74,862		2,416			3,639

Total Assets		63,485,545		994,886			3,470,909


LIABILITIES:
Payables:
Due to custodian		—		—	(a)		—
Distributions		62,051		808			4,808
Investment securities purchased		370,000		23,532			10,000
Accrued liabilities:
Investment advisory fees		4,079		54			60
Administration fees		2,808		37			44
Distribution fees		3		—			—
Service fees		2,419		20			—
Custodian and accounting fees		431		32			52
Trustees’ and Chief Compliance Officer’s fees		12		—			—	(a)
Registration fees		1,714		—			71
Other		900		35			50

Total Liabilities		444,417		24,518			15,085

Net Assets	$	63,041,128	$	970,368		$	3,455,824

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund		JPMorgan Securities Lending Money Market Fund
NET ASSETS:
Paid-in-Capital	$	63,019,523	$	970,284	$	3,455,003
Total distributable earnings (loss)		21,605		84		821

Total Net Assets	$	63,041,128	$	970,368	$	3,455,824

Net Assets:
Class C	$	806	$	—	$	—
Academy		150,519		—		—
Agency		2,517,667		41,696		—
Agency SL		—		—		3,455,824
Capital		33,683,247		228,168		—
IM		5,541,728		391,386		—
Institutional Class		15,607,982		309,118		—
Morgan		2,880,586		—		—
Premier		2,646,576		—		—
Reserve		12,017		—		—

Total	$	63,041,128	$	970,368	$	3,455,824

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		806		—		—
Academy		150,432		—		—
Agency		2,515,932		41,694		—
Agency SL		—		—		3,455,145
Capital		33,665,946		228,159		—
IM		5,538,605		391,382		—
Institutional Class		15,599,645		309,104		—
Morgan		2,878,315		—		—
Premier		2,645,084		—		—
Reserve		12,008		—		—
Net Asset Value offering and redemption price per share
Class C	$	1.0005	$	—	$	—
Academy		1.0006		—		—
Agency		1.0007		1.0001		—
Agency SL		—		—		1.0002
Capital		1.0005		1.0000		—
IM		1.0006		1.0000		—
Institutional Class		1.0005		1.0000		—
Morgan		1.0008		—		—
Premier		1.0006		—		—
Reserve		1.0007		—		—


Cost of investments in non-affiliates	$	44,689,926	$	965,407	$	2,925,456
Cost of repurchase agreements		18,112,800		—		541,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020 (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	$	7,930,064		$	68,580,541	$	11,010,055
Repurchase agreements, at value		2,890,406			84,187,286		18,487,810
Cash		14,970			6,160,416		754,117
Receivables:
Investment securities sold		—			167,141		847,910
Fund shares sold		—			2,628		—
Interest from non-affiliates		11,947			228,557		40,937

Total Assets		10,847,387			159,326,569		31,140,829


LIABILITIES:
Payables:
Distributions		7,933			92,847		16,896
Investment securities purchased		70,000			—		—
Fund shares redeemed		—			872		—
Accrued liabilities:
Investment advisory fees		677			9,946		1,957
Administration fees		464			6,813		1,341
Distribution fees		49			741		230
Service fees		1,163			7,805		1,860
Custodian and accounting fees		79			655		154
Trustees’ and Chief Compliance Officer’s fees		—	(a)		18		3
Registration fees		112			2,604		2
Other		250			2,176		686

Total Liabilities		80,727			124,477		23,129

Net Assets	$	10,766,660		$	159,202,092	$	31,117,700

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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	$	10,766,866		$	159,207,765		$	31,118,658
Total distributable earnings (loss)		(206	)		(5,673	)		(958	)

Total Net Assets	$	10,766,660		$	159,202,092		$	31,117,700

Net Assets:
Class C	$	18,423		$	—		$	292,824
Academy		—			85,026			—
Agency		1,452,745			14,132,125			1,744,289
Capital		2,295,874			86,263,432			9,945,933
E*Trade		—			298,348			—
IM		—			7,443,910			37,429
Institutional Class		3,412,753			43,246,064			16,887,054
Investor		7,904			684,791			29,937
Morgan		543,317			2,064,159			734,856
Premier		3,031,847			4,095,749			1,439,412
Reserve		3,797			20,829			5,966
Service		—			867,659			—

Total	$	10,766,660		$	159,202,092		$	31,117,700


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		18,425			—			292,833
Academy		—			85,026			—
Agency		1,452,747			14,132,404			1,744,352
Capital		2,295,873			86,266,738			9,946,178
E*Trade		—			298,355			—
IM		—			7,444,143			37,429
Institutional Class		3,412,769			43,247,691			16,887,616
Investor		7,904			684,833			29,938
Morgan		543,323			2,064,159			734,884
Premier		3,031,855			4,095,848			1,439,459
Reserve		3,797			20,829			5,966
Service		—			867,719			—
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00


Cost of investments in non-affiliates	$	7,930,064		$	68,580,541		$	11,010,055
Cost of repurchase agreements		2,890,406			84,187,286			18,487,810

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	91

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020 (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	$	3,052,387	$	67,661,706	$	11,699,811
Cash		15,756		1,092,430		18
Receivables:
Investment securities sold		14,113		—		901,355
Investment securities sold—delayed delivery securities		—		—		2,270
Fund shares sold		3,803		—		—
Interest from non-affiliates		2,004		56,909		29,340

Total Assets		3,088,063		68,811,045		12,632,794


LIABILITIES:
Payables:
Due to custodian		14,113		—		—
Distributions		2,160		52,746		7,306
Investment securities purchased		—		2,627,364		100,653
Fund shares redeemed		2,234		—		—
Accrued liabilities:
Investment advisory fees		195		4,197		797
Administration fees		134		2,875		546
Distribution fees		3		586		345
Service fees		230		3,361		1,192
Custodian and accounting fees		17		293		72
Trustees’ and Chief Compliance Officer’s fees		—		2		1
Registration fees		4		1,551		147
Other		292		401		156

Total Liabilities		19,382		2,693,376		111,215

Net Assets	$	3,068,681	$	66,117,669	$	12,521,579

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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	$	3,068,849		$	66,118,477		$	12,521,853
Total distributable earnings (loss)		(168	)		(808	)		(274	)

Total Net Assets	$	3,068,681		$	66,117,669		$	12,521,579

Net Assets:
Agency	$	242,716		$	4,197,262		$	782,269
Capital		—			32,963,549			—
IM		—			11,885			—
Institutional Class		2,572,379			22,282,460			9,173,460
Morgan		34,728			2,023,440			10,842
Premier		218,858			2,537,050			847,483
Reserve		—			2,102,023			1,707,525

Total	$	3,068,681		$	66,117,669		$	12,521,579


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		242,753			4,197,300			782,276
Capital		—			32,963,904			—
IM		—			11,885			—
Institutional Class		2,572,766			22,282,738			9,173,408
Morgan		34,735			2,023,462			10,842
Premier		218,889			2,537,069			847,431
Reserve		—			2,102,029			1,707,442
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00


Cost of investments in non-affiliates	$	3,052,387		$	67,661,706		$	11,699,811

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	93

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020 (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	$	1,334,658	$	575,710		$	2,448,108
Receivables:
Due from custodian		—		8,510			—
Investment securities sold		701,430		—			250,029
Investment securities sold—delayed delivery securities		495		—			1,450
Interest from non-affiliates		4,811		1,570			6,147

Total Assets		2,041,394		585,790			2,705,734


LIABILITIES:
Payables:
Due to custodian		1		—			24
Distributions		453		265			1,405
Investment securities purchased		—		8,516			1,031
Accrued liabilities:
Investment advisory fees		89		24			124
Administration fees		62		17			85
Distribution fees		36		14			10
Service fees		145		78			276
Custodian and accounting fees		19		12			17
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—
Registration fees		363		41			174
Other		102		106			61

Total Liabilities		1,270		9,073			3,207

Net Assets	$	2,040,124	$	576,717		$	2,702,527

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Municipal Money Market Fund			JPMorgan California Municipal Money Market Fund			JPMorgan New York Municipal Money Market Fund
NET ASSETS:
Paid-in-Capital	$	2,040,132		$	576,722		$	2,702,344
Total distributable earnings (loss)		(8	)		(5	)		183

Total Net Assets	$	2,040,124		$	576,717		$	2,702,527

Net Assets:
Agency	$	112,747		$	24,892		$	262,677
E*Trade		—			—			—
Institutional Class		1,688,150			287,724			1,625,406
Morgan		35,473			2,447			62,178
Premier		135,261			233,249			742,781
Reserve		—			—			1,122
Service		68,493			28,405			8,363

Total	$	2,040,124		$	576,717		$	2,702,527


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		112,746			24,889			262,654
E*Trade		—			—			—
Institutional Class		1,688,155			287,670			1,625,300
Morgan		35,473			2,447			62,169
Premier		135,261			233,216			742,714
Reserve		—			—			1,122
Service		68,488			28,400			8,361
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00


Cost of investments in non-affiliates	$	1,334,658		$	575,710		$	2,448,108

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	95

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2020

(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	$	1,255,993		$	13,642		$	77,388
Interest income from affiliates		8,220			—	(a)		—	(a)

Total investment income		1,264,213			13,642			77,388


EXPENSES:
Investment advisory fees		44,495			783			2,740
Administration fees		31,966			562			1,972
Distribution fees (See Note 4)		36			—			—
Service fees (See Note 4)		48,376			482			—
Custodian and accounting fees		1,693			141			218
Interest expense to affiliates		1			—	(a)		—	(a)
Professional fees		701			57			85
Trustees’ and Chief Compliance Officer’s fees		228			28			38
Printing and mailing costs		24			—	(a)		8
Registration and filing fees		2,847			98			155
Transfer agency fees (See Note 2.G.)		1,710			130			107
Offering costs (See Note 2.E.)		—			—	(a)		25
Other		377			18			27

Total expenses		132,454			2,299			5,375

Less fees waived		(12,571	)		(478	)		(3,295	)
Less expense reimbursements		(45	)		(11	)		(25	)

Net expenses		119,838			1,810			2,055

Net investment income (loss)		1,144,375			11,832			75,333


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		218			51			10
Change in net unrealized appreciation/depreciation on investments in non-affiliates		13,052			114			331

Net realized/unrealized gains (losses)		13,270			165			341

Change in net assets resulting from operations	$	1,157,645		$	11,997		$	75,674

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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	$	177,300		$	3,082,363		$	608,358
Interest income from affiliates		311			73,504			13,299
Income from interfund lending (net)		194			—			—

Total investment income		177,805			3,155,867			621,657


EXPENSES:
Investment advisory fees		6,364			120,612			23,822
Administration fees		4,556			86,774			17,155
Distribution fees (See Note 4)		559			16,690			3,136
Service fees (See Note 4)		12,978			130,526			31,402
Custodian and accounting fees		301			2,406			633
Professional fees		146			1,686			395
Trustees’ and Chief Compliance Officer’s fees		52			591			139
Printing and mailing costs		60			281			15
Registration and filing fees		1,025			6,030			333
Transfer agency fees (See Note 2.G.)		258			3,070			702
Other		2			865			190

Total expenses		26,301			369,531			77,922

Less fees waived		(2,755	)		(34,334	)		(8,669	)

Net expenses		23,546			335,197			69,253

Net investment income (loss)		154,259			2,820,670			552,404


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		25			(82	)		(198	)

Change in net assets resulting from operations	$	154,284		$	2,820,588		$	552,206

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	97

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2020 (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	$	57,924		$	1,191,087		$	200,164
Interest income from affiliates		493			22,200			—	(a)

Total investment income		58,417			1,213,287			200,164


EXPENSES:
Investment advisory fees		2,232			47,817			11,172
Administration fees		1,610			34,359			8,071
Distribution fees (See Note 4)		35			7,119			4,354
Service fees (See Note 4)		3,326			60,703			19,775
Custodian and accounting fees		75			1,161			354
Interest expense to affiliates		2			—			13
Professional fees		65			686			224
Trustees’ and Chief Compliance Officer’s fees		35			241			80
Printing and mailing costs		54			181			26
Registration and filing fees		94			2,544			336
Transfer agency fees (See Note 2.G.)		109			1,335			308
Other		24			308			151

Total expenses		7,661			156,454			44,864

Less fees waived		(1,153	)		(14,691	)		(4,338	)

Net expenses		6,508			141,763			40,526

Net investment income (loss)		51,909			1,071,524			159,638


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		119			711			33

Change in net assets resulting from operations	$	52,028		$	1,072,235		$	159,671

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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	$	38,299		$	7,137		$	29,046

Total investment income		38,299			7,137			29,046


EXPENSES:
Investment advisory fees		2,089			442			1,725
Administration fees		1,511			318			1,235
Distribution fees (See Note 4)		1,295			422			260
Service fees (See Note 4)		3,571			1,200			4,307
Custodian and accounting fees		100			59			87
Interest expense to affiliates		5			5			3
Professional fees		85			48			71
Trustees’ and Chief Compliance Officer’s fees		35			27			32
Printing and mailing costs		132			—	(a)		—	(a)
Registration and filing fees		954			163			332
Transfer agency fees (See Note 2.G.)		64			16			64
Other		18			14			18

Total expenses		9,859			2,714			8,134

Less fees waived		(1,945	)		(358	)		(809	)

Net expenses		7,914			2,356			7,325

Net investment income (loss)		30,385			4,781			21,721


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		113			248			242

Change in net assets resulting from operations	$	30,498		$	5,029		$	21,963

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,144,375		$	884,549		$	11,832		$	7,858
Net realized gain (loss)		218			131			51			14
Change in net unrealized appreciation/depreciation		13,052			8,894			114			(33	)

Change in net assets resulting from operations		1,157,645			893,574			11,997			7,839


DISTRIBUTIONS TO SHAREHOLDERS:
Class C		(13	)		(21	)		—			—
Academy (b)		(457	)		—			—			—
Agency		(49,744	)		(40,387	)		(618	)		(83	)
Capital		(597,060	)		(535,595	)		(2,326	)		(263	)
IM		(117,603	)		(40,957	)		(5,287	)		(5,663	)
Institutional Class		(289,111	)		(212,564	)		(3,653	)		(1,859	)
Morgan		(48,418	)		(28,290	)		—			—
Premier		(41,832	)		(26,502	)		—			—
Reserve		(183	)		(346	)		—			—

Total distributions to shareholders		(1,144,421	)		(884,662	)		(11,884	)		(7,868	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,946,055			8,474,416			26,906			943,378


NET ASSETS:
Change in net assets		15,959,279			8,483,328			27,019			943,349
Beginning of period		47,081,849			38,598,521			943,349			—

End of period	$	63,041,128		$	47,081,849		$	970,368		$	943,349

(a)	Commencement of operations was March 1, 2018.

(b)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Year Ended February 29, 2020			Period Ended February 28, 2019 (a)			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	75,333		$	15,410		$	154,259		$	64,681
Net realized gain (loss)		10			1			25			6
Change in net unrealized appreciation/depreciation		331			483			—			—

Change in net assets resulting from operations		75,674			15,894			154,284			64,687


DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—			—			(277	)		(279	)
Agency		—			—			(16,604	)		(6,245	)
Agency SL		(75,337	)		(15,410	)		—			—
Capital		—			—			(30,328	)		(5,669	)
Institutional Class		—			—			(62,194	)		(35,769	)
Investor		—			—			(127	)		(179	)
Morgan		—			—			(6,659	)		(3,399	)
Premier		—			—			(38,021	)		(13,059	)
Reserve		—			—			(65	)		(87	)

Total distributions to shareholders		(75,337	)		(15,410	)		(154,275	)		(64,686	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		589,948			2,865,055			5,465,305			3,508,402


NET ASSETS:
Change in net assets		590,285			2,865,539			5,465,314			3,508,403
Beginning of period		2,865,539			—			5,301,346			1,792,943

End of period	$	3,455,824		$	2,865,539		$	10,766,660		$	5,301,346

(a)	Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,820,670		$	2,578,969		$	552,404		$	506,910
Net realized gain (loss)		(82	)		(3,877	)		(198	)		(176	)

Change in net assets resulting from operations		2,820,588			2,575,092			552,206			506,734


DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—			—			(3,629	)		(4,095	)
Academy (a)		(216	)		—			—			—
Agency		(230,142	)		(222,066	)		(38,568	)		(25,590	)
Capital		(1,543,302	)		(1,466,420	)		(146,413	)		(103,670	)
Eagle Class (b)		(16,148	)		(37,312	)		—			—
Eagle Private Wealth Class (c)		—	(d)		—	(d)		—			—
E*Trade		(3,113	)		(3,012	)		—			—
IM		(130,326	)		(89,246	)		(10,160	)		(48,958	)
Institutional Class		(768,011	)		(635,300	)		(322,365	)		(304,942	)
Investor		(15,053	)		(14,298	)		(518	)		(622	)
Morgan		(28,533	)		(21,441	)		(11,478	)		(6,356	)
Premier		(64,204	)		(67,583	)		(19,186	)		(12,497	)
Reserve		(268	)		(542	)		(88	)		(180	)
Service		(21,354	)		(21,750	)		—			—

Total distributions to shareholders		(2,820,670	)		(2,578,970	)		(552,405	)		(506,910	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		13,842,318			(6,980,523	)		1,434,312			7,326,156


NET ASSETS:
Change in net assets		13,842,236			(6,984,401	)		1,434,113			7,325,980
Beginning of period		145,359,856			152,344,257			29,683,587			22,357,607

End of period	$	159,202,092		$	145,359,856		$	31,117,700		$	29,683,587

(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.



102	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	51,909		$	58,381		$	1,071,524		$	746,543
Net realized gain (loss)		119			13			711			(222	)

Change in net assets resulting from operations		52,028			58,394			1,072,235			746,321


DISTRIBUTIONS TO SHAREHOLDERS:
Agency		(3,685	)		(2,217	)		(66,255	)		(41,806	)
Capital		—			—			(546,192	)		(376,988	)
IM (a)		—			—			(25	)		—
Institutional Class		(45,076	)		(52,791	)		(364,514	)		(258,873	)
Morgan		(515	)		(433	)		(29,187	)		(27,970	)
Premier		(2,733	)		(2,945	)		(38,642	)		(24,668	)
Reserve		—			—			(27,410	)		(16,269	)

Total distributions to shareholders		(52,009	)		(58,386	)		(1,072,225	)		(746,574	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(681,168	)		691,739			16,533,512			14,571,405


NET ASSETS:
Change in net assets		(681,149	)		691,747			16,533,522			14,571,152
Beginning of period		3,749,830			3,058,083			49,584,147			35,012,995

End of period	$	3,068,681		$	3,749,830		$	66,117,669		$	49,584,147

(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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	159,638		$	196,826		$	30,385		$	33,600
Net realized gain (loss)		33			1,154			113			255

Change in net assets resulting from operations		159,671			197,980			30,498			33,855


DISTRIBUTIONS TO SHAREHOLDERS:
Agency		(9,975	)		(12,956	)		(1,494	)		(2,215	)
Eagle Class (a)		—			—			(1,387	)		(4,615	)
Institutional Class		(128,036	)		(156,952	)		(25,445	)		(24,246	)
Morgan		(91	)		(96	)		(185	)		(157	)
Premier		(9,288	)		(10,954	)		(1,279	)		(1,365	)
Reserve		(12,603	)		(16,694	)		—			—
Service		—			—			(749	)		(1,260	)

Total distributions to shareholders		(159,993	)		(197,652	)		(30,539	)		(33,858	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(4,045,909	)		(315,886	)		(1,058,068	)		421,121


NET ASSETS:
Change in net assets		(4,046,231	)		(315,558	)		(1,058,109	)		421,118
Beginning of period		16,567,810			16,883,368			3,098,233			2,677,115

End of period	$	12,521,579		$	16,567,810		$	2,040,124		$	3,098,233

(a)	Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan California Municipal Money Market Fund						JPMorgan New York Municipal Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,781		$	2,933		$	21,721		$	8,056
Net realized gain (loss)		248			148			242			6

Change in net assets resulting from operations		5,029			3,081			21,963			8,062


DISTRIBUTIONS TO SHAREHOLDERS:
Agency (a)		(124	)		—			(2,365	)		—
Eagle Class (b)		(24	)		(88	)		(60	)		(191	)
Institutional Class (a)		(2,358	)		—			(10,243	)		—
Morgan		(18	)		(17	)		(1,002	)		(1,189	)
Premier		(2,220	)		(2,469	)		(7,987	)		(6,521	)
Reserve		—			—			(10	)		(13	)
Service		(270	)		(518	)		(91	)		(177	)

Total distributions to shareholders		(5,014	)		(3,092	)		(21,758	)		(8,091	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		187,235			84,390			1,727,911			295,217


NET ASSETS:
Change in net assets		187,250			84,379			1,728,116			295,188
Beginning of period		389,467			305,088			974,411			679,223

End of period	$	576,717		$	389,467		$	2,702,527		$	974,411

(a)	Commencement of offering of class of shares effective March 1, 2019.

(b)	Liquidated on November 25, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019 (a)
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	6		$	—		$	—
Distributions reinvested		13			21			—			—
Cost of shares redeemed		(425	)		(821	)		—			—

Change in net assets resulting from Class C capital transactions	$	(412	)	$	(794	)	$	—		$	—

Academy (b)
Proceeds from shares issued	$	150,020		$	—		$	—		$	—
Distributions reinvested		457			—			—			—

Change in net assets resulting from Academy capital transactions	$	150,477		$	—		$	—		$	—

Agency
Proceeds from shares issued	$	214,440,317		$	208,462,873		$	141,665		$	34,694
Distributions reinvested		6,895			5,212			—	(c)		1
Cost of shares redeemed		(214,403,768	)		(207,488,850	)		(117,118	)		(17,546	)

Change in net assets resulting from Agency capital transactions	$	43,444		$	979,235		$	24,547		$	17,149

Capital
Proceeds from shares issued	$	203,523,806		$	192,273,369		$	1,037,579		$	113,212
Distributions reinvested		212,739			212,051			14			10
Cost of shares redeemed		(196,787,160	)		(190,418,265	)		(882,404	)		(40,287	)

Change in net assets resulting from Capital capital transactions	$	6,949,385		$	2,067,155		$	155,189		$	72,935

IM
Proceeds from shares issued	$	53,762,592		$	10,849,841		$	5,668,758		$	4,979,384
Distributions reinvested		2,352			775			—	(c)		145
Cost of shares redeemed		(50,121,236	)		(10,986,734	)		(5,752,779	)		(4,504,146	)

Change in net assets resulting from IM capital transactions	$	3,643,708		$	(136,118	)	$	(84,021	)	$	475,383

Institutional Class
Proceeds from shares issued	$	85,497,068		$	55,247,913		$	2,757,931		$	835,339
Distributions reinvested		48,602			41,157			1			219
Cost of shares redeemed		(81,633,030	)		(52,166,752	)		(2,826,741	)		(457,647	)

Change in net assets resulting from Institutional Class capital transactions	$	3,912,640		$	3,122,318		$	(68,809	)	$	377,911

Morgan
Proceeds from shares issued	$	613,721,690		$	307,090,167		$	—		$	—
Distributions reinvested		3,561			3,741			—			—
Cost of shares redeemed		(613,239,003	)		(305,439,466	)		—			—

Change in net assets resulting from Morgan capital transactions	$	486,248		$	1,654,442		$	—		$	—

Premier
Proceeds from shares issued	$	69,228,079		$	40,290,030		$	—		$	—
Distributions reinvested		1,244			1,477			—			—
Cost of shares redeemed		(68,467,754	)		(39,500,495	)		—			—

Change in net assets resulting from Premier capital transactions	$	761,569		$	791,012		$	—		$	—

Reserve
Proceeds from shares issued	$	2,424,770		$	4,012,689		$	—		$	—
Distributions reinvested		23			73			—			—
Cost of shares redeemed		(2,425,797	)		(4,015,596	)		—			—

Change in net assets resulting from Reserve capital transactions	$	(1,004	)	$	(2,834	)	$	—		$	—

Total change in net assets resulting from capital transactions	$	15,946,055		$	8,474,416		$	26,906		$	943,378

(a)	Commencement of operations was March 1, 2018.

(b)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019 (a)
SHARE TRANSACTIONS:
Class C
Issued		—			6			—			—
Reinvested		13			21			—			—
Redeemed		(425	)		(821	)		—			—

Change in Class C Shares		(412	)		(794	)		—			—

Academy (b)
Issued		149,975			—			—			—
Reinvested		457			—			—			—

Change in Academy Shares		150,432			—			—			—

Agency
Issued		214,348,639			208,425,101			141,661			34,693
Reinvested		6,892			5,212			—	(c)		1
Redeemed		(214,312,930	)		(207,450,783	)		(117,115	)		(17,546	)

Change in Agency Shares		42,601			979,530			24,546			17,148

Capital
Issued		203,471,472			192,248,217			1,037,557			113,211
Reinvested		212,670			212,014			14			10
Redeemed		(196,736,156	)		(190,393,300	)		(882,346	)		(40,287	)

Change in Capital Shares		6,947,986			2,066,931			155,225			72,934

IM
Issued		53,745,178			10,848,505			5,668,624			4,979,388
Reinvested		2,351			775			—	(c)		145
Redeemed		(50,104,592	)		(10,985,420	)		(5,752,627	)		(4,504,148	)

Change in IM Shares		3,642,937			(136,140	)		(84,003	)		475,385

Institutional Class
Issued		85,474,302			55,241,965			2,757,820			835,334
Reinvested		48,585			41,149			1			219
Redeemed		(81,611,351	)		(52,161,197	)		(2,826,628	)		(457,642	)

Change in Institutional Class Shares		3,911,536			3,121,917			(68,807	)		377,911

Morgan
Issued		613,432,479			307,042,558			—			—
Reinvested		3,560			3,740			—			—
Redeemed		(612,952,228	)		(305,391,593	)		—			—

Change in Morgan Shares		483,811			1,654,705			—			—

Premier
Issued		69,204,821			40,284,169			—			—
Reinvested		1,244			1,477			—			—
Redeemed		(68,444,952	)		(39,494,691	)		—			—

Change in Premier Shares		761,113			790,955			—			—

Reserve
Issued		2,423,689			4,012,072			—			—
Reinvested		23			73			—			—
Redeemed		(2,424,725	)		(4,014,969	)		—			—

Change in Reserve Shares		(1,013	)		(2,824	)		—			—

(a)	Commencement of operations was March 1, 2018.

(b)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	107

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
	Year Ended February 29, 2020			Period Ended February 28, 2019 (a)			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	13,606		$	17,379
Distributions reinvested		—			—			275			279
Cost of shares redeemed		—			—			(17,530	)		(17,852	)

Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(3,649	)	$	(194	)

Agency
Proceeds from shares issued	$	—		$	—		$	2,393,073		$	946,895
Distributions reinvested		—			—			2,765			295
Cost of shares redeemed		—			—			(1,485,097	)		(563,714	)

Change in net assets resulting from Agency capital transactions	$	—		$	—		$	910,741		$	383,476

Agency SL
Proceeds from shares issued	$	24,507,300		$	7,082,500		$	—		$	—
Distributions reinvested		1			145			—			—
Cost of shares redeemed		(23,917,353	)		(4,217,590	)		—			—

Change in net assets resulting from Agency SL capital transactions	$	589,948		$	2,865,055		$	—		$	—

Capital
Proceeds from shares issued	$	—		$	—		$	3,670,986		$	1,101,524
Distributions reinvested		—			—			12,365			660
Cost of shares redeemed		—			—			(1,945,970	)		(642,507	)

Change in net assets resulting from Capital capital transactions	$	—		$	—		$	1,737,381		$	459,677

Institutional Class
Proceeds from shares issued	$	—		$	—		$	4,691,517		$	3,885,697
Distributions reinvested		—			—			21,795			12,958
Cost of shares redeemed		—			—			(4,018,108	)		(2,169,444	)

Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	695,204		$	1,729,211

Investor
Proceeds from shares issued	$	—		$	—		$	3,928		$	19,039
Distributions reinvested		—			—			127			173
Cost of shares redeemed		—			—			(4,298	)		(19,681	)

Change in net assets resulting from Investor capital transactions	$	—		$	—		$	(243	)	$	(469	)

Morgan
Proceeds from shares issued	$	—		$	—		$	622,663		$	316,847
Distributions reinvested		—			—			6,392			3,328
Cost of shares redeemed		—			—			(393,322	)		(168,640	)

Change in net assets resulting from Morgan capital transactions	$	—		$	—		$	235,733		$	151,535

Premier
Proceeds from shares issued	$	—		$	—		$	4,742,192		$	1,950,030
Distributions reinvested		—			—			11,491			141
Cost of shares redeemed		—			—			(2,862,793	)		(1,163,026	)

Change in net assets resulting from Premier capital transactions	$	—		$	—		$	1,890,890		$	787,145

Reserve
Proceeds from shares issued	$	—		$	—		$	410		$	1,161
Distributions reinvested		—			—			64			87
Cost of shares redeemed		—			—			(1,226	)		(3,227	)

Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	(752	)	$	(1,979	)

Total change in net assets resulting from capital transactions	$	589,948		$	2,865,055		$	5,465,305		$	3,508,402

(a)	Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Year Ended February 29, 2020			Period Ended February 28, 2019 (a)			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class C
Issued		—			—			13,606			17,379
Reinvested		—			—			275			279
Redeemed		—			—			(17,530	)		(17,852	)

Change in Class C Shares		—			—			(3,649	)		(194	)

Agency
Issued		—			—			2,393,073			946,895
Reinvested		—			—			2,765			295
Redeemed		—			—			(1,485,097	)		(563,714	)

Change in Agency Shares		—			—			910,741			383,476

Agency SL
Issued		24,504,701			7,082,844			—			—
Reinvested		1			145			—			—
Redeemed		(23,914,801	)		(4,217,745	)		—			—

Change in Agency SL Shares		589,901			2,865,244			—			—

Capital
Issued		—			—			3,670,986			1,101,524
Reinvested		—			—			12,365			660
Redeemed		—			—			(1,945,970	)		(642,507	)

Change in Capital Shares		—			—			1,737,381			459,677

Institutional Class
Issued		—			—			4,691,517			3,885,697
Reinvested		—			—			21,795			12,958
Redeemed		—			—			(4,018,108	)		(2,169,444	)

Change in Institutional Class Shares		—			—			695,204			1,729,211

Investor
Issued		—			—			3,928			19,039
Reinvested		—			—			127			173
Redeemed		—			—			(4,298	)		(19,681	)

Change in Investor Shares		—			—			(243	)		(469	)

Morgan
Issued		—			—			622,661			316,846
Reinvested		—			—			6,392			3,328
Redeemed		—			—			(393,322	)		(168,639	)

Change in Morgan Shares		—			—			235,731			151,535

Premier
Issued		—			—			4,742,192			1,950,030
Reinvested		—			—			11,491			141
Redeemed		—			—			(2,862,793	)		(1,163,026	)

Change in Premier Shares		—			—			1,890,890			787,145

Reserve
Issued		—			—			410			1,161
Reinvested		—			—			64			87
Redeemed		—			—			(1,226	)		(3,227	)

Change in Reserve Shares		—			—			(752	)		(1,979	)

(a)	Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	222,137		$	178,940
Distributions reinvested		—			—			3,629			4,094
Cost of shares redeemed		—			—			(308,170	)		(224,858	)

Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(82,404	)	$	(41,824	)

Academy (a)
Proceeds from shares issued	$	85,020		$	—		$	—		$	—
Distributions reinvested		6			—			—			—

Change in net assets resulting from Academy capital transactions	$	85,026		$	—		$	—		$	—

Agency
Proceeds from shares issued	$	1,276,267,711		$	1,353,183,882		$	170,809,933		$	124,453,173
Distributions reinvested		9,104			6,868			3,887			2,907
Cost of shares redeemed		(1,273,257,104	)		(1,355,984,012	)		(171,083,496	)		(123,372,740	)

Change in net assets resulting from Agency capital transactions	$	3,019,711		$	(2,793,262	)	$	(269,676	)	$	1,083,340

Capital
Proceeds from shares issued	$	1,239,463,988		$	1,198,580,018		$	76,540,607		$	54,777,524
Distributions reinvested		689,238			666,003			33,856			27,610
Cost of shares redeemed		(1,227,280,092	)		(1,218,601,159	)		(73,053,662	)		(51,881,006	)

Change in net assets resulting from Capital capital transactions	$	12,873,134		$	(19,355,138	)	$	3,520,801		$	2,924,128

Eagle Class (b)
Proceeds from shares issued	$	543,448		$	4,923,912		$	—		$	—
Distributions reinvested		14,518			36,954			—			—
Cost of shares redeemed		(4,416,056	)		(2,275,477	)		—			—

Change in net assets resulting from Eagle Class capital transactions	$	(3,858,090	)	$	2,685,389		$	—		$	—

Eagle Private Wealth Class (c)
Distributions reinvested	$	—	(d)	$	—	(d)	$	—		$	—
Cost of shares redeemed		(21	)		—			—			—

Change in net assets resulting from Eagle Private Wealth Class capital transactions	$	(21	)	$	—	(d)	$	—		$	—

*ETrade**
Proceeds from shares issued	$	228,719		$	279,841		$	—		$	—
Distributions reinvested		3,113			3,012			—			—
Cost of shares redeemed		(208,477	)		(299,680	)		—			—

Change in net assets resulting from E*Trade capital transactions	$	23,355		$	(16,827	)	$	—		$	—

IM
Proceeds from shares issued	$	53,182,765		$	36,187,070		$	1,226,373		$	10,181,348
Distributions reinvested		40,503			40,933			6,783			28,953
Cost of shares redeemed		(51,888,343	)		(32,612,636	)		(2,647,217	)		(11,810,374	)

Change in net assets resulting from IM capital transactions	$	1,334,925		$	3,615,367		$	(1,414,061	)	$	(1,600,073	)

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	358,725,290		$	373,572,925		$	89,228,169		$	111,302,840
Distributions reinvested		510,121			324,296			221,403			190,534
Cost of shares redeemed		(357,857,934	)		(364,571,713	)		(90,328,833	)		(107,227,739	)

Change in net assets resulting from Institutional Class capital transactions	$	1,377,477		$	9,325,508		$	(879,261	)	$	4,265,635

Investor
Proceeds from shares issued	$	317,919		$	990,064		$	170,196		$	133,947
Distributions reinvested		15,053			14,298			11			8
Cost of shares redeemed		(775,851	)		(624,967	)		(168,853	)		(154,190	)

Change in net assets resulting from Investor capital transactions	$	(442,879	)	$	379,395		$	1,354		$	(20,235	)

Morgan
Proceeds from shares issued	$	311,978,401		$	208,722,801		$	166,379,043		$	80,166,283
Distributions reinvested		7,869			7,865			855			761
Cost of shares redeemed		(311,582,589	)		(208,301,366	)		(166,279,543	)		(79,816,151	)

Change in net assets resulting from Morgan capital transactions	$	403,681		$	429,300		$	100,355		$	350,893

Premier
Proceeds from shares issued	$	163,482,618		$	164,890,575		$	27,622,521		$	15,269,775
Distributions reinvested		5,220			3,317			6,993			3,317
Cost of shares redeemed		(162,337,604	)		(167,448,259	)		(27,171,290	)		(14,903,539	)

Change in net assets resulting from Premier capital transactions	$	1,150,234		$	(2,554,367	)	$	458,224		$	369,553

Reserve
Proceeds from shares issued	$	13,945		$	1,561,266		$	1,498		$	1,360,549
Distributions reinvested		268			451			87			103
Cost of shares redeemed		(12,851	)		(1,601,583	)		(2,605	)		(1,365,913	)

Change in net assets resulting from Reserve capital transactions	$	1,362		$	(39,866	)	$	(1,020	)	$	(5,261	)

Service
Proceeds from shares issued	$	335,160		$	2,999,804		$	—		$	—
Distributions reinvested		21,353			21,750			—			—
Cost of shares redeemed		(2,482,110	)		(1,677,576	)		—			—

Change in net assets resulting from Service capital transactions	$	(2,125,597	)	$	1,343,978		$	—		$	—

Total change in net assets resulting from capital transactions	$	13,842,318		$	(6,980,523	)	$	1,434,312		$	7,326,156

(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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class C
Issued		—			—			222,129			178,940
Reinvested		—			—			3,629			4,094
Redeemed		—			—			(308,159	)		(224,858	)

Change in Class C Shares		—			—			(82,401	)		(41,824	)

Academy (a)
Issued		85,020			—			—			—
Reinvested		6			—			—			—

Change in Academy Shares		85,026			—			—			—

Agency
Issued		1,276,267,274			1,353,183,800			170,809,890			124,453,173
Reinvested		9,104			6,868			3,887			2,907
Redeemed		(1,273,256,883	)		(1,355,984,012	)		(171,083,444	)		(123,372,736	)

Change in Agency Shares		3,019,495			(2,793,344	)		(269,667	)		1,083,344

Capital
Issued		1,239,463,766			1,198,580,023			76,540,547			54,777,524
Reinvested		689,238			666,003			33,856			27,610
Redeemed		(1,227,279,800	)		(1,218,600,907	)		(73,053,452	)		(51,881,006	)

Change in Capital Shares		12,873,204			(19,354,881	)		3,520,951			2,924,128

Eagle Class (b)
Issued		543,315			4,923,910			—			—
Reinvested		14,518			36,954			—			—
Redeemed		(4,416,055	)		(2,275,477	)		—			—

Change in Eagle Class Shares		(3,858,222	)		2,685,387			—			—

Eagle Private Wealth Class (c)
Reinvested		—	(d)		—	(d)		—			—
Redeemed		(20	)		—			—			—

Change in Eagle Private Wealth Class Shares		(20	)		—	(d)		—			—

*ETrade**
Issued		228,715			279,832			—			—
Reinvested		3,114			3,012			—			—
Redeemed		(208,471	)		(299,680	)		—			—

Change in E*Trade Shares		23,358			(16,836	)		—			—

IM
Issued		53,182,729			36,187,065			1,226,280			10,181,266
Reinvested		40,503			40,933			6,783			28,953
Redeemed		(51,888,257	)		(32,612,636	)		(2,647,216	)		(11,810,374	)

Change in IM Shares		1,334,975			3,615,362			(1,414,153	)		(1,600,155	)

Institutional Class
Issued		358,725,178			373,572,906			89,227,998			111,302,840
Reinvested		510,121			324,296			221,403			190,534
Redeemed		(357,857,535	)		(364,571,713	)		(90,328,769	)		(107,227,661	)

Change in Institutional Class Shares		1,377,764			9,325,489			(879,368	)		4,265,713

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS: (continued)
Investor
Issued		317,915			990,065			170,195			133,947
Reinvested		15,053			14,298			11			8
Redeemed		(775,846	)		(624,961	)		(168,852	)		(154,190	)

Change in Investor Shares		(442,878	)		379,402			1,354			(20,235	)

Morgan
Issued		311,978,292			208,722,785			166,379,004			80,166,283
Reinvested		7,869			7,865			855			761
Redeemed		(311,582,523	)		(208,301,364	)		(166,279,491	)		(79,816,151	)

Change in Morgan Shares		403,638			429,286			100,368			350,893

Premier
Issued		163,482,569			164,890,457			27,622,517			15,269,775
Reinvested		5,220			3,317			6,993			3,317
Redeemed		(162,337,574	)		(167,448,259	)		(27,171,261	)		(14,903,539	)

Change in Premier Shares		1,150,215			(2,554,485	)		458,249			369,553

Reserve
Issued		13,945			1,561,264			1,498			1,360,549
Reinvested		267			451			87			103
Redeemed		(12,851	)		(1,601,583	)		(2,605	)		(1,365,913	)

Change in Reserve Shares		1,361			(39,868	)		(1,020	)		(5,261	)

Service
Issued		335,116			2,999,798			—			—
Reinvested		21,353			21,750			—			—
Redeemed		(2,482,066	)		(1,677,576	)		—			—

Change in Service Shares		(2,125,597	)		1,343,972			—			—

(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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	2,960,215		$	1,456,233		$	388,303,998		$	290,643,445
Distributions reinvested		686			347			7,638			7,057
Cost of shares redeemed		(2,866,309	)		(1,435,910	)		(386,681,435	)		(290,064,493	)

Change in net assets resulting from Agency capital transactions	$	94,592		$	20,670		$	1,630,201		$	586,009

Capital
Proceeds from shares issued	$	—		$	—		$	298,441,950		$	229,066,272
Distributions reinvested		—			—			225,598			188,850
Cost of shares redeemed		—			—			(289,232,259	)		(224,935,268	)

Change in net assets resulting from Capital capital transactions	$	—		$	—		$	9,435,289		$	4,319,854

IM (a)
Proceeds from shares issued	$	—		$	—		$	18,801		$	—
Distributions reinvested		—			—			25			—
Cost of shares redeemed		—			—			(6,941	)		—

Change in net assets resulting from IM capital transactions	$	—		$	—		$	11,885		$	—

Institutional Class
Proceeds from shares issued	$	9,696,291		$	10,425,426		$	71,922,177		$	61,988,985
Distributions reinvested		15,541			16,645			68,397			66,667
Cost of shares redeemed		(10,556,887	)		(9,693,272	)		(67,566,674	)		(55,295,514	)

Change in net assets resulting from Institutional Class capital transactions	$	(845,055	)	$	748,799		$	4,423,900		$	6,760,138

Morgan
Proceeds from shares issued	$	50,871		$	86,809		$	84,584,237		$	53,209,341
Distributions reinvested		480			389			21,565			20,549
Cost of shares redeemed		(45,913	)		(90,133	)		(84,591,494	)		(52,838,733	)

Change in net assets resulting from Morgan capital transactions	$	5,438		$	(2,935	)	$	14,308		$	391,157

Premier
Proceeds from shares issued	$	1,131,836		$	822,795		$	20,764,723		$	21,201,215
Distributions reinvested		765			456			7,211			8,063
Cost of shares redeemed		(1,068,744	)		(898,046	)		(20,294,193	)		(19,998,870	)

Change in net assets resulting from Premier capital transactions	$	63,857		$	(74,795	)	$	477,741		$	1,210,408

Reserve
Proceeds from shares issued	$	—		$	—		$	18,891,281		$	9,672,898
Distributions reinvested		—			—			437			120
Cost of shares redeemed		—			—			(18,351,530	)		(8,369,179	)

Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	540,188		$	1,303,839

Total change in net assets resulting from capital transactions	$	(681,168	)	$	691,739		$	16,533,512		$	14,571,405

(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.



114	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Agency
Issued		2,960,176			1,456,230			388,303,998			290,643,445
Reinvested		686			347			7,638			7,057
Redeemed		(2,866,254	)		(1,435,900	)		(386,681,435	)		(290,064,493	)

Change in Agency Shares		94,608			20,677			1,630,201			586,009

Capital
Issued		—			—			298,441,950			229,066,272
Reinvested		—			—			225,598			188,850
Redeemed		—			—			(289,232,259	)		(224,935,268	)

Change in Capital Shares		—			—			9,435,289			4,319,854

IM (a)
Issued		—			—			18,794			—
Reinvested		—			—			32			—
Redeemed		—			—			(6,941	)		—

Change in IM Shares		—			—			11,885			—

Institutional Class
Issued		9,696,225			10,425,417			71,922,177			61,988,985
Reinvested		15,541			16,645			68,397			66,667
Redeemed		(10,556,853	)		(9,693,266	)		(67,566,674	)		(55,295,514	)

Change in Institutional Class Shares		(845,087	)		748,796			4,423,900			6,760,138

Morgan
Issued		50,870			86,804			84,584,237			53,209,341
Reinvested		480			389			21,565			20,549
Redeemed		(45,908	)		(90,132	)		(84,591,494	)		(52,838,733	)

Change in Morgan Shares		5,442			(2,939	)		14,308			391,157

Premier
Issued		1,131,835			822,779			20,764,723			21,201,215
Reinvested		765			456			7,211			8,063
Redeemed		(1,068,731	)		(898,030	)		(20,294,193	)		(19,998,870	)

Change in Premier Shares		63,869			(74,795	)		477,741			1,210,408

Reserve
Issued		—			—			18,891,281			9,672,898
Reinvested		—			—			437			120
Redeemed		—			—			(18,351,530	)		(8,369,179	)

Change in Reserve Shares		—			—			540,188			1,303,839

(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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	871,757		$	1,881,247		$	212,906		$	327,541
Distributions reinvested		330			926			160			205
Cost of shares redeemed		(1,153,739	)		(1,649,384	)		(227,454	)		(341,416	)

Change in net assets resulting from Agency capital transactions	$	(281,652	)	$	232,789		$	(14,388	)	$	(13,670	)

Eagle Class (a)
Proceeds from shares issued	$	—		$	—		$	142,010		$	654,485
Distributions reinvested		—			—			1,270			4,571
Cost of shares redeemed		—			—			(708,765	)		(642,629	)

Change in net assets resulting from Eagle Class capital transactions	$	—		$	—		$	(565,485	)	$	16,427

Institutional Class
Proceeds from shares issued	$	33,994,016		$	47,004,898		$	10,468,155		$	12,422,726
Distributions reinvested		14,858			13,824			18,565			14,148
Cost of shares redeemed		(37,237,476	)		(46,587,179	)		(10,802,030	)		(12,008,484	)

Change in net assets resulting from Institutional Class capital transactions	$	(3,228,602	)	$	431,543		$	(315,310	)	$	428,390

Morgan
Proceeds from shares issued	$	8,331		$	8,505		$	34,138		$	16,338
Distributions reinvested		90			93			185			156
Cost of shares redeemed		(7,463	)		(8,268	)		(14,749	)		(14,389	)

Change in net assets resulting from Morgan capital transactions	$	958		$	330		$	19,574		$	2,105

Premier
Proceeds from shares issued	$	1,170,039		$	2,529,757		$	167,754		$	238,003
Distributions reinvested		189			111			95			39
Cost of shares redeemed		(1,385,434	)		(3,027,490	)		(161,846	)		(225,100	)

Change in net assets resulting from Premier capital transactions	$	(215,206	)	$	(497,622	)	$	6,003		$	12,942

Reserve
Proceeds from shares issued	$	10,411,802		$	11,795,597		$	—		$	—
Distributions reinvested		17			27			—			—
Cost of shares redeemed		(10,733,226	)		(12,278,550	)		—			—

Change in net assets resulting from Reserve capital transactions	$	(321,407	)	$	(482,926	)	$	—		$	—

Service
Proceeds from shares issued	$	—		$	—		$	36,138		$	202,460
Distributions reinvested		—			—			749			1,260
Cost of shares redeemed		—			—			(225,349	)		(228,793	)

Change in net assets resulting from Service capital transactions	$	—		$	—		$	(188,462	)	$	(25,073	)

Total change in net assets resulting from capital transactions	$	(4,045,909	)	$	(315,886	)	$	(1,058,068	)	$	421,121

(a)	Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Agency
Issued		871,757			1,881,247			212,902			327,541
Reinvested		330			926			160			205
Redeemed		(1,153,739	)		(1,649,384	)		(227,454	)		(341,416	)

Change in Agency Shares		(281,652	)		232,789			(14,392	)		(13,670	)

Eagle Class (a)
Issued		—			—			142,010			654,485
Reinvested		—			—			1,270			4,571
Redeemed		—			—			(708,738	)		(642,629	)

Change in Eagle Class Shares		—			—			(565,458	)		16,427

Institutional Class
Issued		33,994,016			47,004,898			10,468,118			12,422,726
Reinvested		14,858			13,824			18,565			14,148
Redeemed		(37,237,476	)		(46,587,179	)		(10,802,030	)		(12,008,484	)

Change in Institutional Class Shares		(3,228,602	)		431,543			(315,347	)		428,390

Morgan
Issued		8,331			8,505			34,138			16,338
Reinvested		90			93			185			156
Redeemed		(7,463	)		(8,268	)		(14,748	)		(14,389	)

Change in Morgan Shares		958			330			19,575			2,105

Premier
Issued		1,170,039			2,529,757			167,753			238,003
Reinvested		189			111			95			39
Redeemed		(1,385,434	)		(3,027,490	)		(161,846	)		(225,100	)

Change in Premier Shares		(215,206	)		(497,622	)		6,002			12,942

Reserve
Issued		10,411,802			11,795,597			—			—
Reinvested		17			27			—			—
Redeemed		(10,733,226	)		(12,278,550	)		—			—

Change in Reserve Shares		(321,407	)		(482,926	)		—			—

Service
Issued		—			—			36,138			202,460
Reinvested		—			—			749			1,260
Redeemed		—			—			(225,334	)		(228,793	)

Change in Service Shares		—			—			(188,447	)		(25,073	)

(a)	Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	117

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
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Agency (a)
Proceeds from shares issued	$	66,539		$	—		$	715,020		$	—
Distributions reinvested		—	(b)		—			—	(b)		—
Cost of shares redeemed		(41,639	)		—			(452,366	)		—

Change in net assets resulting from Agency capital transactions	$	24,900		$	—		$	262,654		$	—

Eagle Class (c)
Proceeds from shares issued	$	8,563		$	23,392		$	18,662		$	132,491
Distributions reinvested		22			88			56			191
Cost of shares redeemed		(18,855	)		(25,066	)		(53,610	)		(105,940	)

Change in net assets resulting from Eagle Class capital transactions	$	(10,270	)	$	(1,586	)	$	(34,892	)	$	26,742

Institutional Class (a)
Proceeds from shares issued	$	996,142		$	—		$	4,204,905		$	—
Distributions reinvested		—	(b)		—			145			—
Cost of shares redeemed		(708,396	)		—			(2,579,748	)		—

Change in net assets resulting from Institutional Class capital transactions	$	287,746		$	—		$	1,625,302		$	—

Morgan
Proceeds from shares issued	$	2,313		$	3,229		$	32,103		$	16,699
Distributions reinvested		18			16			959			1,132
Cost of shares redeemed		(1,474	)		(2,965	)		(103,021	)		(20,094	)

Change in net assets resulting from Morgan capital transactions	$	857		$	280		$	(69,959	)	$	(2,263	)

Premier
Proceeds from shares issued	$	1,046,355		$	1,170,244		$	2,924,871		$	3,564,732
Distributions reinvested		996			1,264			4,126			4,057
Cost of shares redeemed		(1,073,578	)		(1,078,331	)		(2,955,568	)		(3,284,847	)

Change in net assets resulting from Premier capital transactions	$	(26,227	)	$	93,177		$	(26,571	)	$	283,942

Reserve
Proceeds from shares issued	$	—		$	—		$	3,749		$	2,960
Distributions reinvested		—			—			10			13
Cost of shares redeemed		—			—			(4,206	)		(3,689	)

Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	(447	)	$	(716	)

Service
Proceeds from shares issued	$	23,376		$	178,362		$	21,226		$	53,898
Distributions reinvested		269			517			91			176
Cost of shares redeemed		(113,416	)		(186,360	)		(49,493	)		(66,562	)

Change in net assets resulting from Service capital transactions	$	(89,771	)	$	(7,481	)	$	(28,176	)	$	(12,488	)

Total change in net assets resulting from capital transactions	$	187,235		$	84,390		$	1,727,911		$	295,217

(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.



118	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	JPMorgan California Municipal Money Market Fund						JPMorgan New York Municipal Money Market Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Agency (a)
Issued		66,522			—			715,020			—
Reinvested		—	(b)		—			—	(b)		—
Redeemed		(41,633	)		—			(452,366	)		—

Change in Agency Shares		24,889			—			262,654			—

Eagle Class (c)
Issued		8,557			23,392			18,661			132,491
Reinvested		22			88			56			191
Redeemed		(18,844	)		(25,061	)		(53,610	)		(105,940	)

Change in Eagle Class Shares		(10,265	)		(1,581	)		(34,893	)		26,742

Institutional Class (a)
Issued		995,953			—			4,204,902			—
Reinvested		—	(b)		—			145			—
Redeemed		(708,283	)		—			(2,579,747	)		—

Change in Institutional Class Shares		287,670			—			1,625,300			—

Morgan
Issued		2,312			3,229			32,103			16,699
Reinvested		18			16			959			1,132
Redeemed		(1,473	)		(2,965	)		(103,008	)		(20,094	)

Change in Morgan Shares		857			280			(69,946	)		(2,263	)

Premier
Issued		1,046,255			1,170,201			2,924,859			3,564,732
Reinvested		996			1,264			4,126			4,057
Redeemed		(1,073,445	)		(1,078,317	)		(2,955,566	)		(3,284,847	)

Change in Premier Shares		(26,194	)		93,148			(26,581	)		283,942

Reserve
Issued		—			—			3,749			2,960
Reinvested		—			—			10			13
Redeemed		—			—			(4,206	)		(3,689	)

Change in Reserve Shares		—			—			(447	)		(716	)

Service
Issued		23,339			178,349			21,226			53,898
Reinvested		269			517			91			176
Redeemed		(113,330	)		(186,320	)		(49,493	)		(66,562	)

Change in Service Shares		(89,722	)		(7,454	)		(28,176	)		(12,488	)

(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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Prime Money Market Fund*
Class C
Year Ended February 29, 2020	$	1.0003	$	0.0134		$	0.0002		$	0.0136		$	(0.0134	)	$	—	(d)	$	(0.0134	)
Year Ended February 28, 2019		1.0001		0.0133			0.0002			0.0135			(0.0133	)		—	(d)		(0.0133	)
Year Ended February 28, 2018		1.0004		0.0039	(e)		—	(d)		0.0039			(0.0042	)		—	(d)		(0.0042	)
Year Ended February 28, 2017		1.0000		0.0001	(e)		0.0006			0.0007			(0.0003	)		—	(d)		(0.0003	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Academy
May 15, 2019 (g) through February 29, 2020		1.0003		0.0162			0.0003			0.0165			(0.0162	)		—			(0.0162	)

Agency
Year Ended February 29, 2020		1.0003		0.0205			0.0004			0.0209			(0.0205	)		—	(d)		(0.0205	)
Year Ended February 28, 2019		1.0001		0.0204			0.0002			0.0206			(0.0204	)		—	(d)		(0.0204	)
Year Ended February 28, 2018		1.0004		0.0114	(e)		(0.0004	)		0.0110			(0.0113	)		—	(d)		(0.0113	)
Year Ended February 28, 2017		1.0000		0.0036	(e)		0.0016			0.0052			(0.0048	)		—	(d)		(0.0048	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Capital
Year Ended February 29, 2020		1.0003		0.0213			0.0002			0.0215			(0.0213	)		—	(d)		(0.0213	)
Year Ended February 28, 2019		1.0001		0.0212			0.0002			0.0214			(0.0212	)		—	(d)		(0.0212	)
Year Ended February 28, 2018		1.0004		0.0122	(e)		(0.0004	)		0.0118			(0.0121	)		—	(d)		(0.0121	)
Year Ended February 28, 2017		1.0000		0.0047	(e)		0.0014			0.0061			(0.0057	)		—	(d)		(0.0057	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

IM
Year Ended February 29, 2020		1.0003		0.0216			0.0003			0.0219			(0.0216	)		—	(d)		(0.0216	)
Year Ended February 28, 2019		1.0001		0.0215			0.0002			0.0217			(0.0215	)		—	(d)		(0.0215	)
Year Ended February 28, 2018		1.0004		0.0124	(e)		(0.0004	)		0.0120			(0.0123	)		—	(d)		(0.0123	)
Year Ended February 28, 2017		1.0000		0.0055	(e)		0.0007			0.0062			(0.0058	)		—	(d)		(0.0058	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Institutional Class
Year Ended February 29, 2020		1.0003		0.0210			0.0002			0.0212			(0.0210	)		—	(d)		(0.0210	)
Year Ended February 28, 2019		1.0001		0.0209			0.0002			0.0211			(0.0209	)		—	(d)		(0.0209	)
Year Ended February 28, 2018		1.0004		0.0119	(e)		(0.0004	)		0.0115			(0.0118	)		—	(d)		(0.0118	)
Year Ended February 28, 2017		1.0000		0.0044	(e)		0.0014			0.0058			(0.0054	)		—	(d)		(0.0054	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Morgan
Year Ended February 29, 2020		1.0003		0.0180			0.0005			0.0185			(0.0180	)		—	(d)		(0.0180	)
Year Ended February 28, 2019		1.0001		0.0179			0.0002			0.0181			(0.0179	)		—	(d)		(0.0179	)
Year Ended February 28, 2018		1.0004		0.0089	(e)		(0.0005	)		0.0084			(0.0087	)		—	(d)		(0.0087	)
Year Ended February 28, 2017		1.0000		0.0014	(e)		0.0012			0.0026			(0.0022	)		—	(d)		(0.0022	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.005.

(g)	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.



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


$	1.0005		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


	1.0006		1.66			150,519		0.18			1.69			0.26


	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


	1.0005		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


	1.0006		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


	1.0005		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


	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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
*JPMorgan Prime Money Market Fund (continued)**
Premier
Year Ended February 29, 2020	$	1.0003	$	0.0186		$	0.0003		$	0.0189		$	(0.0186	)	$	—	(d)	$	(0.0186	)
Year Ended February 28, 2019		1.0001		0.0185			0.0002			0.0187			(0.0185	)		—	(d)		(0.0185	)
Year Ended February 28, 2018		1.0004		0.0096	(e)		(0.0005	)		0.0091			(0.0094	)		—	(d)		(0.0094	)
Year Ended February 28, 2017		1.0000		0.0020	(e)		0.0013			0.0033			(0.0029	)		—	(d)		(0.0029	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Reserve
Year Ended February 29, 2020		1.0003		0.0161			0.0004			0.0165			(0.0161	)		—	(d)		(0.0161	)
Year Ended February 28, 2019		1.0001		0.0160			0.0002			0.0162			(0.0160	)		—	(d)		(0.0160	)
Year Ended February 28, 2018		1.0004		0.0062	(e)		0.0004			0.0066			(0.0069	)		—	(d)		(0.0069	)
Year Ended February 28, 2017		1.0000		0.0003	(e)		0.0013			0.0016			(0.0012	)		—	(d)		(0.0012	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.005.

(g)	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.



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


$	1.0006		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


	1.0007		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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Institutional Tax Free Money Market Fund
Agency
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
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
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
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.



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


$	1.0001		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)


	1.0000		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)


	1.0000		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)


	1.0000		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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Securities Lending Money Market Fund
Agency SL
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.



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


$	1.0002		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.



FEBRUARY 29, 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) (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
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
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
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)

*ETrade** (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
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
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
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.



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


	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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 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) (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)
Premier
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
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.



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



FEBRUARY 29, 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) (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
May 15, 2019 (e) through February 29, 2020	$	1.00	$	0.01		$	—	(f)	$	0.01		$	(0.01	)	$	—		$	(0.01	)

Agency
Year Ended February 29, 2020		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Capital
Year Ended February 29, 2020		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

*ETrade**
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
March 9, 2016 (e) through February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

IM
Year Ended February 29, 2020		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Institutional Class
Year Ended February 29, 2020		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Investor
Year Ended February 29, 2020		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Morgan
Year Ended February 29, 2020		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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)	Commencement of offering of class of shares.

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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		1.47	%	$	85,026		0.18	%		1.49	%		0.21	%


	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		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		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		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		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		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


	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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 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 U.S. Government Money Market Fund (continued)
Premier
Year Ended February 29, 2020	$	1.00	$	0.02		$	—	(f)	$	0.02		$	(0.02	)	$	—		$	(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Reserve
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Service
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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)	Commencement of offering of class of shares.

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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



FEBRUARY 29, 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 U.S. Treasury Plus Money Market Fund
Class C
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
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
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
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
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
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)

Morgan
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)

(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.



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


	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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 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. Treasury Plus Money Market Fund (continued)
Premier
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
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.



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



FEBRUARY 29, 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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Federal Money Market Fund
Agency
Year Ended February 29, 2020	$	1.00	$	0.02		$	—	(c)	$	0.02		$	(0.02	)	$	—	(c)	$	(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Institutional Class
Year Ended February 29, 2020		1.00		0.02			—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Morgan
Year Ended February 29, 2020		1.00		0.01			0.01			0.02			(0.02	)		—	(c)		(0.02	)
Year Ended February 28, 2019		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2018		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Premier
Year Ended February 29, 2020		1.00		0.02			—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
Year Ended February 28, 2019		1.00		0.02			—	(c)		0.02			(0.02	)		—	(c)		(0.02	)
Year Ended February 28, 2018		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

(a)	Calculated based upon average shares outstanding.

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

(c)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


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


$	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		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		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		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.



FEBRUARY 29, 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 100% U.S. Treasury Securities Money Market Fund
Agency
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
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
January 15, 2020 (f) through February 29, 2020		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)

Institutional Class
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
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
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
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.



142	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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		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		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		0.18			11,885		0.15			1.46			0.15


	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		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		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		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.



FEBRUARY 29, 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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Free Money Market Fund
Agency
Year Ended February 29, 2020	$	1.00	$	0.01		$	—	(c)	$	0.01		$	(0.01	)	$	—	(c)	$	(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Institutional Class
Year Ended February 29, 2020		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2018		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Morgan
Year Ended February 29, 2020		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2018		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Premier
Year Ended February 29, 2020		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2018		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

Reserve
Year Ended February 29, 2020		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(c)		0.01			(0.01	)		—	(c)		(0.01	)
Year Ended February 28, 2018		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2017		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2016		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

(a)	Calculated based upon average shares outstanding.

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

(c)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


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


$	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		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		0.84			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		0.98			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		0.73			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.



FEBRUARY 29, 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 Municipal Money Market Fund
Agency
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)

*ETrade** (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
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
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
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
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.



146	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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		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		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		0.87			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		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		0.41			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.



FEBRUARY 29, 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 California Municipal Money Market Fund
Agency
March 1, 2019 (e) through February 29, 2020	$	1.00	$	0.01		$	—	(f)	$	0.01		$	(0.01	)	$	—	(f)	$	(0.01	)

*ETrade** (g)
For the Period Ended September 21, 2016		1.00		—	(f)		—			—	(f)		—	(f)		—			—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Institutional Class
March 1, 2019 (e) through February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)

Morgan
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Premier
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
March 9, 2016 (e) through February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Service
Year Ended February 29, 2020		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2019		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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)	Commencement of offering of class of shares.

(f)	Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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		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		1.15			287,724		0.21			1.03			0.30


	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		0.91			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		0.32			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.



FEBRUARY 29, 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 New York Municipal Money Market Fund
Agency
March 1, 2019 (e) through February 29, 2020	$	1.00	$	0.01		$	—	(f)	$	0.01		$	(0.01	)	$	—	(f)	$	(0.01	)

*ETrade** (g)
For the Period Ended September 21, 2016		1.00		—	(f)		—			—	(f)		—	(f)		—			—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Institutional Class
March 1, 2019 (e) through February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)

Morgan
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Premier
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
March 9, 2016 (e) through February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Reserve
Year Ended February 29, 2020		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2019		1.00		0.01			—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Service
Year Ended February 29, 2020		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2019		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2018		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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)	Commencement of offering of class of shares.

(f)	Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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		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		1.20			1,625,406		0.21			1.09			0.26


	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		0.96			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		0.70			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		0.36			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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020

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⁽²⁾	Agency, Capital, IM and Institutional Class	JPM IV	Diversified
JPMorgan Securities Lending Money Market Fund⁽³⁾	Agency SL	JPM IV	Diversified
JPMorgan Liquid Assets Money Market Fund	Class C, Agency, Capital, E*Trade⁽⁴⁾, Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
JPMorgan U.S. Government Money Market Fund	Academy⁽¹⁾, Agency, Capital, Direct⁽⁵⁾, Eagle Class⁽⁶⁾, Eagle Private Wealth Class⁽⁷⁾, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service	JPM II	Diversified
JPMorgan U.S. Treasury Plus Money Market Fund	Class C, Agency, Capital, Direct⁽⁵⁾, IM, Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
JPMorgan Federal Money Market Fund	Agency, Institutional Class, Morgan and Premier	JPM I	Diversified
JPMorgan 100% U.S. Treasury Securities Money Market Fund	Agency, Capital, IM⁽⁸⁾, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Tax Free Money Market Fund	Agency, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Municipal Money Market Fund	Agency, Eagle Class⁽⁶⁾, E*Trade⁽¹⁰⁾, Institutional Class, Morgan, Premier and Service	JPM II	Diversified
JPMorgan California Municipal Money Market Fund	Agency⁽⁹⁾, Eagle Class⁽⁶⁾, E*Trade⁽¹⁰⁾, Institutional Class⁽⁹⁾, Morgan, Premier and Service	JPM I	Diversified
JPMorgan New York Municipal Money Market Fund	Agency⁽⁹⁾, Eagle Class⁽⁶⁾, E*Trade⁽¹⁰⁾, Institutional Class⁽⁹⁾, Morgan, Premier, Reserve and Service	JPM I	Diversified

⁽¹⁾	Commenced operations on May 15, 2019.

⁽²⁾	The JPMorgan Institutional Tax Free Money Market Fund commenced operations on March 1, 2018.

⁽³⁾	The JPMorgan Securities Lending Money Market Fund commenced operations on September 19, 2018.

⁽⁴⁾	E*Trade Shares of JPMorgan Liquid Assets Money Market Fund had no assets from the close of business on October 19, 2016.

⁽⁵⁾	On November 25, 2019, Direct Shares of JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund liquidated.

⁽⁶⁾	On November 25, 2019, the Eagle Class Shares of JPMorgan U.S. Government Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund liquidated.

⁽⁷⁾	On December 9, 2019, the Eagle Private Wealth Class of JPMorgan U.S. Government Money Market Fund liquidated.

⁽⁸⁾	Commenced operations on January 15, 2020.

⁽⁹⁾	Commenced operations on March 1, 2019.

⁽¹⁰⁾	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.

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.



152	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) is to aim to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.

The investment objective of JPMorgan Tax Free Money Market Fund (“Tax Free Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.

The investment objective of JPMorgan Municipal Money Market Fund (“Municipal Money Market Fund”) is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

The 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. This includes also monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

For the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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 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)	$	—	$	62,824,835	$	—	$	62,824,835


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)	$	—	$	965,488	$	—	$	965,488


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)	$	—	$	3,467,270	$	—	$	3,467,270

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)	$	—	$	10,820,470	$	—	$	10,820,470



154	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


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)	$	—	$	152,767,827	$	—	$	152,767,827


U.S. Treasury Plus Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	29,497,865	$	—	$	29,497,865


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)	$	—	$	3,052,387	$	—	$	3,052,387


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)	$	—	$	67,661,706	$	—	$	67,661,706


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)	$	—	$	11,699,811	$	—	$	11,699,811


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)	$	—	$	1,334,658	$	—	$	1,334,658


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)	$	—	$	575,710	$	—	$	575,710


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)	$	—	$	2,448,108	$	—	$	2,448,108

(a)	All portfolio holdings designated as level 2 are disclosed individually on the SOIs. Please refer to the SOIs for specifics of the major categories of portfolio holdings.

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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

As of February 29, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.

C. Repurchase Agreements — The Funds may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. The Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties and collateral.

The Funds’ repurchase agreements are not subject to master netting arrangements.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Tax Free Money Market Fund, 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 Tax Free Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund had delayed delivery securities outstanding as of February 29, 2020, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities.

E. Offering and Organization Costs — Total offering costs of approximately $119,000 and $44,000 paid in connection with the offering of shares of Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, respectively, were amortized on a straight line basis over 12 months from the date the fund commenced operations. Costs paid in connection with the organization of Institutional Tax Free Money Fund and Securities Lending Money Market Fund, if any, were recorded as an expense at the time it commenced operations. For the year ended February 29, 2020, total offering costs amortized rounds to less than $1,000 and approximately $25,000 for the Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, respectively.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

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



156	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 29, 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	$	26		n/a		n/a	$	3		n/a		$	8		n/a		n/a			n/a		n/a		n/a			n/a
Academy		21		n/a		n/a		n/a	$	2			n/a		n/a		n/a			n/a		n/a		n/a			n/a
Agency		94	$	29		n/a		18		237			52	$	4	$	77		$	19	$	4	$	—	(a)	$	4
Agency SL		n/a		n/a	$	107		n/a		n/a			n/a		n/a		n/a			n/a		n/a		n/a			n/a
Capital		623		31		n/a		17		1,572			181		n/a		606			n/a		n/a		n/a			n/a
Eagle Class		n/a		n/a		n/a		n/a		31			n/a		n/a		n/a			n/a		3		—	(a)		—	(a)
Eagle Private Wealth Class		n/a		n/a		n/a		n/a		—	(a)		n/a		n/a		n/a			n/a		n/a		n/a			n/a
E*Trade		n/a		n/a		n/a		n/a		6			n/a		n/a		n/a			n/a		n/a		n/a			n/a
IM		150		35		n/a		n/a		143			19		n/a		—	(a)		n/a		n/a		n/a			n/a
Institutional Class		361		35		n/a		83		850			379		77		473			232		41		5			15
Investor		n/a		n/a		n/a		1		21			1		n/a		n/a			n/a		n/a		n/a			n/a
Morgan		318		n/a		n/a		89		89			33		23		81			5		3		1			23
Premier		89		n/a		n/a		42		66			27		5		56			18		9		8			19
Reserve		28		n/a		n/a		5		2			2		n/a		42			34		n/a		n/a			—	(a)
Service		n/a		n/a		n/a		n/a		51			n/a		n/a		n/a			n/a		4		2			3

Total	$	1,710	$	130	$	107	$	258	$	3,070		$	702	$	109	$	1,335		$	308	$	64	$	16		$	64

(a)	Amount rounds to less than one thousand.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 29, 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.

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

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

Paid-in-Capital

Accumulated
undistributed
(distributions
in excess of)
net investment
income

Accumulated
net realized
gains (losses)

100% U.S. Treasury Securities Money Market Fund

—

(a)

—

(a)

(a)	Amount rounds to less than one thousand.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser 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.



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	157

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

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 year ended February 29, 2020, the effective rate was 0.06% 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, Eagle Class, 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, Direct, Eagle Private Wealth Class, 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

Eagle Class

E*Trade

Morgan

Reserve

Service

Prime Money Market Fund

0.75

n/a

0.25

n/a

Institutional Tax Free Money Market Fund

n/a

Securities Lending Money Market Fund

n/a

Liquid Assets Money Market Fund

0.75

n/a

0.60

0.10

0.25

n/a

U.S. Government Money Market Fund

n/a

0.25

0.60

0.10

0.25

0.60

U.S. Treasury Plus Money Market Fund

0.75

n/a

0.10

0.25

n/a

Federal Money Market Fund

n/a

0.10

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.10

0.25

n/a

Tax Free Money Market Fund

n/a

0.10

0.25

n/a

Municipal Money Market Fund

n/a

0.25

0.60

0.10

n/a

0.60

California Municipal Money Market Fund

n/a

0.25

0.60

0.10

n/a

0.60

New York Municipal Money Market Fund

n/a

0.25

0.60

0.10

0.25

0.60

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

In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the year ended February 29, 2020, JPMDS retained the following amounts (in thousands):


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

(a)	Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to 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

Direct

Eagle Class

Eagle
Private

Wealth
Class

Prime Money Market Fund

0.25

0.05

0.15

0.05

n/a

Institutional Tax Free Money Market Fund

n/a

0.15

0.05

n/a

Securities Lending Money Market Fund

n/a

Liquid Assets Money Market Fund

0.25

n/a

0.15

0.05

n/a

U.S. Government Money Market Fund

n/a

0.05

0.15

0.05

0.15

0.30

0.15

U.S. Treasury Plus Money Market Fund

0.25

n/a

0.15

0.05

0.15

n/a

Federal Money Market Fund

n/a

0.15

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.15

0.05

n/a

Tax Free Money Market Fund

n/a

0.15

n/a

Municipal Money Market Fund

n/a

0.15

n/a

0.30

n/a

California Municipal Money Market Fund

n/a

0.15

n/a

0.30

n/a

New York Municipal Money Market Fund

n/a

0.15

n/a

0.30

n/a



158	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	*ETrade**			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 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

Institutional Tax Free Money Market Fund

n/a

0.26

n/a

0.18

n/a

Securities Lending Money Market Fund

n/a

0.06

n/a

Liquid Assets Money Market Fund

0.97

n/a

0.26

n/a

0.18

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

Federal Money Market Fund

n/a

0.26

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.26

n/a

0.18

n/a

Tax Free Money Market Fund

n/a

0.26

n/a

Municipal Money Market Fund

n/a

0.26

n/a

0.70

n/a

California Municipal Money Market Fund

n/a

0.26

n/a

0.70

n/a

New York Municipal Money Market Fund

n/a

0.26

n/a

0.70

n/a



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	159

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)


	*ETrade**			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 year ended February 29, 2020, and are in place until at least June 30, 2020. In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 29, 2020. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the year ended February 29, 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	$	34	$	—	$	12,537	$	12,571	$	45
Institutional Tax Free Money Market Fund		123		82		273		478		11
Securities Lending Money Market Fund		1,977		1,318		—		3,295		25
Liquid Assets Money Market Fund		122		78		2,555		2,755		—
U.S. Government Money Market Fund		95		—		34,239		34,334		—
U.S. Treasury Plus Money Market Fund		18		—		8,651		8,669		—
Federal Money Market Fund		95		63		995		1,153		—
100% U.S. Treasury Securities Money Market Fund		38		—		14,653		14,691		—
Tax Free Money Market Fund		—		—		4,338		4,338		—
Municipal Money Market Fund		629		419		892		1,940		—
California Municipal Money Market Fund		155		103		95		353		—
New York Municipal Money Market Fund		162		106		540		808		—


	Voluntary Waivers
	Distribution Fees
Municipal Money Market Fund	$	5
California Municipal Money Market Fund		5
New York Municipal Money Market Fund		1

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 year ended February 29, 2020, Tax Free Money Market Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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



160	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

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 year ended February 29, 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	$	813,401	$	2,108,485	$	—
Tax Free Money Market Fund		2,811,695		2,072,343		—
Municipal Money Market Fund		772,736		1,313,286		—
California Municipal Money Market Fund		233,034		172,134		—
New York Municipal Money Market Fund		1,782,115		746,735		—

4. Class-Specific Expenses

The Funds’ class specific gross expenses for the year ended February 29, 2020 were as follows (amounts in thousands):


	Distribution		Service
Prime Money Market Fund
Class C	$	7	$	2
Academy		—		14
Agency		—		3,648
Capital		—		14,299
Institutional Class		—		13,964
Morgan		—		9,543
Premier		—		6,872
Reserve		29		34

	$	36	$	48,376

Institutional Tax Free Money Market Fund
Agency	$	—	$	80
Capital		—		98
Institutional Class		—		304

	$	—	$	482

Liquid Assets Money Market Fund
Class C	$	154	$	51
Agency		—		1,289
Capital		—		755
Institutional Class		—		3,007
Investor		—		25
Morgan		395		1,383
Premier		—		6,456
Reserve		10		12

	$	559	$	12,978

U.S. Government Money Market Fund
Academy	$	—	$	7
Agency		—		18,782
Capital		—		40,478
Eagle Class		2,275		2,730
Eagle Private Wealth Class		—		—	(a)
E*Trade		1,696		848
Institutional Class		—		40,685
Investor		—		3,147
Morgan		1,902		6,657
Premier		—		11,750
Reserve		47		57
Service		10,770		5,385

	$	16,690	$	130,526



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	161

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)


	Distribution		Service
U.S. Treasury Plus Money Market Fund
Class C	$	2,347	$	782
Agency		—		3,132
Capital		—		3,875
Institutional Class		—		17,158
Investor		—		114
Morgan		773		2,706
Premier		—		3,616
Reserve		16		19

	$	3,136	$	31,402

Federal Money Market Fund
Agency	$	—	$	308
Institutional Class		—		2,376
Morgan		35		122
Premier		—		520

	$	35	$	3,326

100% U.S. Treasury Securities Money Market Fund
Agency	$	—	$	5,643
Capital		—		14,804
Institutional Class		—		19,967
Morgan		1,984		6,944
Premier		—		7,183
Reserve		5,135		6,162

	$	7,119	$	60,703

Tax Free Money Market Fund
Agency	$	—	$	1,276
Institutional Class		—		10,425
Morgan		11		39
Premier		—		2,824
Reserve		4,343		5,211

	$	4,354	$	19,775

Municipal Money Market Fund
Agency	$	—	$	186
Eagle Class		349		419
Institutional Class		—		2,044
Morgan		22		77
Premier		—		383
Service		924		462

	$	1,295	$	3,571

California Municipal Money Market Fund
Agency	$	—	$	20
Eagle Class		7		8
Institutional Class		—		219
Morgan		3		9
Premier		—		738
Service		412		206

	$	422	$	1,200



162	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	Distribution		Service
New York Municipal Money Market Fund
Agency	$	—	$	334
Eagle Class		15		19
Institutional Class		—		943
Morgan		119		416
Premier		—		2,530
Reserve		4		4
Service		122		61

	$	260	$	4,307

(a)	Amount rounds to less than one thousand.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 29, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	62,802,726	$	22,188	$	79	$	22,109
Institutional Tax Free Money Market Fund		965,407		97		16		81
Securities Lending Money Market Fund		3,466,456		862		48		814
U.S. Government Money Market Fund		152,767,852		33,464		33,489		(25	)
U.S. Treasury Plus Money Market Fund		29,498,043		249		427		(178	)
100% U.S. Treasury Securities Money Market Fund		67,661,830		1,066		1,190		(124	)

Estimated tax cost and unrealized appreciation (depreciation) in value of investments for funds not listed equals their books’ cost and unrealized appreciation (depreciation) in value of investments.

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

The tax character of distributions paid during the year ended February 29, 2020 was as follows (amounts in thousands):


	Ordinary Income*		Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	1,144,421	$	—	$	—	$	1,144,421
Institutional Tax Free Money Market Fund		93		—		11,791		11,884
Securities Lending Money Market Fund		75,337		—		—		75,337
Liquid Assets Money Market Fund		154,275		—		—		154,275
U.S. Government Money Market Fund		2,820,670		—		—		2,820,670
U.S. Treasury Plus Money Market Fund		552,405		—		—		552,405
Federal Money Market Fund		52,009		—		—		52,009
100% U.S. Treasury Securities Money Market Fund		1,072,186		39		—		1,072,225
Tax Free Money Market Fund		246		356		159,391		159,993
Municipal Money Market Fund		77		79		30,383		30,539
California Municipal Money Market Fund		154		90		4,770		5,014
New York Municipal Money Market Fund		265		20		21,473		21,758

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



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	163

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

The tax character of distributions paid during the year ended February 28, 2019 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	884,662	$	—	$	—	$	884,662
Institutional Tax Free Money Market Fund		47		—		7,821		7,868
Securities Lending Money Market Fund		15,410		—		—		15,410
Liquid Assets Money Market Fund		64,686		—		—		64,686
U.S. Government Money Market Fund		2,578,970		—		—		2,578,970
U.S. Treasury Plus Money Market Fund		506,910		—		—		506,910
Federal Money Market Fund		58,386		—		—		58,386
100% U.S. Treasury Securities Money Market Fund		746,574		—		—		746,574
Tax Free Money Market Fund		1,060		326		196,266		197,652
Municipal Money Market Fund		57		206		33,595		33,858
California Municipal Money Market Fund		51		109		2,932		3,092
New York Municipal Money Market Fund		6		37		8,048		8,091

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

As of February 29, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Tax Exempt Income		Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	64,619	$	—		$	—	$	22,109
Institutional Tax Free Money Market Fund		3		—			824		81
Securities Lending Money Market Fund		4,830		—			—		814
Liquid Assets Money Market Fund		8,106		—			—		—
U.S. Government Money Market Fund		92,933		(2,409	)		—		(25	)
U.S. Treasury Plus Money Market Fund		16,890		(191	)		—		(178	)
Federal Money Market Fund		2,187		—			—		—
100% U.S. Treasury Securities Money Market Fund		52,768		—			—		(124	)
Tax Free Money Market Fund		—		6			7,633		—
Municipal Money Market Fund		2		—			543		—
California Municipal Money Market Fund		16		—			291		—
New York Municipal Money Market Fund		174		32			1,481		—

The cumulative timing differences primarily consist of distributions payable.

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		Late Year Ordinary Loss Deferral
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.



164	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 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
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 February 29, 2020, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the year ended February 29, 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	$	20,093		96	$	194

Interest earned as a result of lending money to another fund for the year ended February 29, 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 year ended February 29, 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 February 29, 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		64.6	%		—		—
Institutional Tax Free Money Market Fund		1		99.8			—		—
Securities Lending Money Market Fund		—		—			1		100.0	%
Liquid Assets Money Market Fund		1		57.2			—		—
U.S. Government Money Market Fund		1		30.3			—		—
U.S. Treasury Plus Money Market Fund		1		17.6			3		49.9
Federal Money Market Fund		1		61.3			1		20.5
100% U.S. Treasury Securities Money Market Fund		1		46.0			—		—
Tax Free Money Market Fund		1		45.6			1		43.1
Municipal Money Market Fund		1		30.0			1		61.3
California Municipal Money Market Fund		2		80.2			1		11.7
New York Municipal Money Market Fund		2		96.1			—		—



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	165

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

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 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.

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 February 29, 2020, Municipal Money Market Fund and New York Municipal Money Market Fund had net redemptions of $513,079,000 and $791,053,000, which represented 25% and 29%, respectively, of the Funds’ net assets as of February 29, 2020.



166	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 29, 2020, the related statements of operations for the year ended February 29, 2020 and the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2020, the results of each of their operations for the year then ended and the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


JPMorgan Prime Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund		Statements of changes in net assets for each of the two years in the period ended February 29, 2020 and the financial highlights for each of the periods indicated therein
JPMorgan Institutional Tax Free Money Market Fund		Statement of changes in net assets and the financial highlights for the year ended February 29, 2020 and the period March 1, 2018 (commencement of operations) through February 28, 2019
JPMorgan Securities Lending Money Market Fund		Statement of changes in net assets and the financial highlights for the year ended February 29, 2020 and the period September 19, 2018 (commencement of operations) through February 28, 2019

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 28, 2020

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



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	167

TRUSTEES

(Unaudited)

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


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None



168	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	127	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	127	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	127	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	169

TRUSTEES

(Unaudited) (continued)

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

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (127 funds).

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

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

***

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

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



170	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

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

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



FEBRUARY 29, 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, September 1, 2019, and continued to hold your shares at the end of the reporting period, February 29, 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 September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Prime Money Market Fund
Class C
Actual*	$	1,000.00	$	1,005.40	$	4.84		0.97	%
Hypothetical*		1,000.00		1,020.04		4.87		0.97
Academy
Actual*		1,000.00		1,009.40		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
Agency
Actual*		1,000.00		1,009.10		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Capital
Actual*		1,000.00		1,009.40		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
IM
Actual*		1,000.00		1,009.60		0.75		0.15
Hypothetical*		1,000.00		1,024.12		0.75		0.15
Institutional Class
Actual*		1,000.00		1,009.20		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,007.80		2.55		0.51
Hypothetical*		1,000.00		1,022.33		2.56		0.51
Premier
Actual*		1,000.00		1,008.10		2.25		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Reserve
Actual*		1,000.00		1,006.90		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70



172	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Institutional Tax Free Money Market Fund
Agency
Actual*	$	1,000.00	$	1,004.90	$	1.30		0.26	%
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Capital
Actual*		1,000.00		1,005.20		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
IM
Actual*		1,000.00		1,005.30		0.80		0.16
Hypothetical*		1,000.00		1,024.07		0.81		0.16
Institutional Class
Actual*		1,000.00		1,005.10		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21

JPMorgan Securities Lending Money Market Fund
Agency SL
Actual*		1,000.00		1,009.80		0.05		0.01
Hypothetical*		1,000.00		1,024.81		0.05		0.01

JPMorgan Liquid Assets Money Market Fund
Class C
Actual*		1,000.00		1,005.20		4.84		0.97
Hypothetical*		1,000.00		1,020.04		4.87		0.97
Agency
Actual*		1,000.00		1,008.80		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Capital
Actual*		1,000.00		1,009.20		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
Institutional Class
Actual*		1,000.00		1,009.00		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Investor
Actual*		1,000.00		1,007.50		2.55		0.51
Hypothetical*		1,000.00		1,022.33		2.56		0.51
Morgan
Actual*		1,000.00		1,007.10		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,007.80		2.25		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Reserve
Actual*		1,000.00		1,006.60		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70

JPMorgan U.S. Government Money Market Fund
Academy
Actual*		1,000.00		1,008.10		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
Agency
Actual*		1,000.00		1,007.70		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Capital
Actual*		1,000.00		1,008.10		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Government Money Market Fund (continued)
*ETrade**
Actual*	$	1,000.00	$	1,004.00	$	4.98		1.00	%
Hypothetical*		1,000.00		1,019.89		5.02		1.00
IM
Actual*		1,000.00		1,008.30		0.75		0.15
Hypothetical*		1,000.00		1,024.12		0.75		0.15
Institutional Class
Actual*		1,000.00		1,008.00		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Investor
Actual*		1,000.00		1,006.50		2.49		0.50
Hypothetical*		1,000.00		1,022.38		2.51		0.50
Morgan
Actual*		1,000.00		1,006.10		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,006.80		2.25		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Reserve
Actual*		1,000.00		1,005.50		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70
Service
Actual*		1,000.00		1,003.80		5.23		1.05
Hypothetical*		1,000.00		1,019.64		5.27		1.05

JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Actual*		1,000.00		1,004.00		4.83		0.97
Hypothetical*		1,000.00		1,020.04		4.87		0.97
Agency
Actual*		1,000.00		1,007.60		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Capital
Actual*		1,000.00		1,008.00		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
IM
Actual*		1,000.00		1,008.20		0.70		0.14
Hypothetical*		1,000.00		1,024.17		0.70		0.14
Institutional Class
Actual*		1,000.00		1,007.90		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Investor
Actual*		1,000.00		1,006.40		2.49		0.50
Hypothetical*		1,000.00		1,022.38		2.51		0.50
Morgan
Actual*		1,000.00		1,005.90		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,006.70		2.20		0.44
Hypothetical*		1,000.00		1,022.68		2.21		0.44
Reserve
Actual*		1,000.00		1,005.40		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70



174	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Federal Money Market Fund
Agency
Actual*	$	1,000.00	$	1,007.70	$	1.30		0.26	%
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Institutional Class
Actual*		1,000.00		1,007.90		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,006.00		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,006.70		2.25		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45

JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Actual*		1,000.00		1,007.50		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Capital
Actual*		1,000.00		1,007.90		0.90		0.18
Hypothetical*		1,000.00		1,023.97		0.91		0.18
IM
Actual**		1,000.00		1,001.80		0.19		0.15
Hypothetical*		1,000.00		1,024.12		0.75		0.15
Institutional Class
Actual*		1,000.00		1,007.80		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,005.80		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,006.60		2.25		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Reserve
Actual*		1,000.00		1,005.30		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70

JPMorgan Tax Free Money Market Fund
Agency
Actual*		1,000.00		1,004.90		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Institutional Class
Actual*		1,000.00		1,005.10		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,003.20		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,004.00		2.24		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Reserve
Actual*		1,000.00		1,002.70		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70

JPMorgan Municipal Money Market Fund
Agency
Actual*		1,000.00		1,005.10		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	175

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Municipal Money Market Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	1,005.30	$	1.05		0.21	%
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,003.40		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,004.10		2.24		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Service
Actual*		1,000.00		1,001.20		5.17		1.04
Hypothetical*		1,000.00		1,019.69		5.22		1.04

JPMorgan California Municipal Money Market Fund
Agency
Actual*		1,000.00		1,004.80		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Institutional Class
Actual*		1,000.00		1,005.00		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,003.10		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,003.80		2.24		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Service
Actual*		1,000.00		1,001.00		5.12		1.03
Hypothetical*		1,000.00		1,019.74		5.17		1.03

JPMorgan New York Municipal Money Market Fund
Agency
Actual*		1,000.00		1,004.80		1.30		0.26
Hypothetical*		1,000.00		1,023.57		1.31		0.26
Institutional Class
Actual*		1,000.00		1,005.00		1.05		0.21
Hypothetical*		1,000.00		1,023.82		1.06		0.21
Morgan
Actual*		1,000.00		1,003.10		2.94		0.59
Hypothetical*		1,000.00		1,021.93		2.97		0.59
Premier
Actual*		1,000.00		1,003.80		2.24		0.45
Hypothetical*		1,000.00		1,022.63		2.26		0.45
Reserve
Actual*		1,000.00		1,002.60		3.49		0.70
Hypothetical*		1,000.00		1,021.38		3.52		0.70
Service
Actual*		1,000.00		1,000.90		5.17		1.04
Hypothetical*		1,000.00		1,019.69		5.22		1.04

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 46/366 (to reflect the one-half year period). Commencement of operations was January 15, 2020.



176	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 29, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 29, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 29, 2020 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan 100% U.S. Treasury Securities Money Market Fund	$	39
JPMorgan Tax Free Money Market Fund		356
JPMorgan Municipal Money Market Fund		79
JPMorgan California Municipal Money Market Fund		90
JPMorgan New York Municipal Money Market Fund		20

Qualified Interest Income (QII) and Short Term Capital Gain

Each fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 29, 2020 (amounts in thousands):


	Qualified Interest Income		Short-Term Capital Gain
JPMorgan Prime Money Market Fund	$	628,367	$	45
JPMorgan Liquid Assets Money Market Fund		87,101		14
JPMorgan U.S. Government Money Market Fund		2,820,670		—
JPMorgan U.S. Treasury Plus Money Market Fund		552,405		—
JPMorgan Federal Money Market Fund		51,911		98
JPMorgan 100% U.S. Treasury Securities Money Market Fund		1,071,522		664

Tax-Exempt Income

Each fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 29, 2020 (amounts in thousands):


	Exempt Distributions Paid
JPMorgan Institutional Tax Free Money Market Fund	$	11,791
JPMorgan Tax Free Money Market Fund		159,391
JPMorgan Municipal Money Market Fund		30,383
JPMorgan California Municipal Money Market Fund		4,770
JPMorgan New York Municipal Money Market Fund		21,473

Treasury Income

Each fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 29, 2020:


	Income from U.S. Treasury Obligations
JPMorgan Prime Money Market Fund		2.2	%
JPMorgan Securities Lending Money Market Fund		2.3
JPMorgan Liquid Assets Money Market Fund		1.8
JPMorgan U.S. Government Money Market Fund		10.7
JPMorgan U.S. Treasury Plus Money Market Fund		37.4
JPMorgan Federal Money Market Fund		22.4
JPMorgan 100% U.S. Treasury Securities Money Market Fund		98.0



FEBRUARY 29, 2020	J.P. MORGAN MONEY MARKET FUNDS	177

LOGO

Rev. January 2011



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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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



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



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

LOGO



Page 2



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



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



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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q 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.

LOGO

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. February 2020.		AN-MMKT-220

Annual Report

J.P. Morgan SMA Funds

February 29, 2020

JPMorgan Core Focus SMA Fund

LOGO

CONTENTS



Letter to Shareholders			1

Fund Commentary			2

Schedule of Portfolio Investments			4

Financial Statements			14

Financial Highlights			18

Notes to Financial Statements			20

Report of Independent Registered Public Accounting Firm			27

Trustees			28

Officers			31

Schedule of Shareholder Expenses			32

Liquidity Risk Management Program			33

Tax Letter			34

Privacy Policy — Located at the back of this Annual Report

Investments in the 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 the 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 the 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 the Fund.

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

LETTER TO SHAREHOLDERS

April 3, 2020 (Unaudited)

Dear Shareholders,

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	1

JPMorgan Core Focus SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund*		9.73%
Bloomberg Barclays U.S. Aggregate Index		11.68%

Net Assets as of 2/29/2020 (In Thousands)	$	28,481,412
Duration as of 2/29/2020		4.0 Years

INVESTMENT OBJECTIVE**

The JPMorgan Core Focus SMA Fund (the “Fund”) seeks to maximize total return.

HOW DID THE MARKET PERFORM?

Overall, interest rates declined during the reporting period amid slowing but still positive growth in the U.S. economy. Financial markets largely rallied in the first months of the reporting period, but investor concerns about slowing global economic growth and an increase in U.S.-China trade tensions drove an increase in market volatility and weighed down asset prices toward the middle of the period.

Amid market volatility, investors flocked to longer-dated U.S. Treasury bonds in August, which drove the yields on the 30-year U.S. Treasury bond below 2% for the first time. More notably, yields on 10-year U.S. Treasury bonds fell below yields on two-year U.S. Treasury bonds for the first time since 2007.

By late 2019 and into early 2020, financial markets strengthened on the back of positive developments in U.S.-China trade negotiations. However, in the final weeks of the reporting period those trade concerns were replaced by investor worries about the impact of COVID-19. Global bond and equity markets experienced sharp declines in late February 2020.

U.S. Treasury bonds generally benefitted as investors sought a perceived safe haven amid volatile markets. By the end of the reporting period, demand for 10-year Treasury bonds had pushed their yield to a record low 1.1%. For the twelve months ended February 29, 2020, the Bloomberg Barclays U.S. Aggregate Index returned 11.68%.

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

For the twelve months ended February 29, 2020, the Fund underperformed the Bloomberg Barclays US Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight allocation to the 20-to-30 year portion of the yield curve, which benefitted the most from falling interest rates during the period, was a leading detractor from performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

The Fund’s overweight allocations to asset-backed securities, non-agency mortgage-backed securities and commercial mortgage-backed securities were leading contributors to relative performance amid investor demand for asset classes with relatively attractive yields.

HOW WAS THE FUND POSITIONED?

The Fund was invested primarily in a diversified portfolio of corporate bonds, U.S. government and agency securities, asset-backed securities, and mortgage-related and mortgage-backed securities.


PORTFOLIO COMPOSITION***
Asset-Backed Securities	29.5	%
Collateralized Mortgage Obligations	27.2
Corporate Bonds	23.8
Commercial Mortgage-Backed Securities	6.4
U.S. Treasury Obligations	2.5
Mortgage-Backed Securities	1.5
Short-Term Investments	9.1

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

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

***

Percentages indicated are based on total investments as of February 29, 2020. The Fund’s portfolio composition is subject to change.



2	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2020

	INCEPTION DATE OF FUND		1 YEAR			SINCE INCEPTION
JPMORGAN CORE FOCUS SMA FUND		March 1, 2018		9.73	%		6.77	%

LIFE OF FUND PERFORMANCE (3/1/18 TO 2/29/20)

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 1-800-766-7722.

The Fund commenced operations on March 1, 2018.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan Core Focus SMA Fund and the Bloomberg Barclays U.S. Aggregate Index from March 1, 2018 to February 29, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. 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 securities included in the benchmark, if applicable. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Bloomberg Barclays U.S. Aggregate 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.

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

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

The Fund is offered as a component of the JPMorgan Core Focus SMA Managed Account Strategy (“SMA Strategy”) to participants in separately managed account programs. The SMA Strategy consists of a separately managed account that holds both the Fund and other securities and investments directly for the SMA clients. As a result, the Fund will not hold all of the core bond investments of the SMA Strategy but rather will invest in certain securities and investments that can be traded more efficiently if held by an investment company rather than directly. Since the Fund will be used as part of a SMA Strategy, it is not intended to be a stand-alone core bond investment strategy.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	3

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — 29.4%

American Credit Acceptance Receivables Trust

Series 2016-3, Class C, 4.26%, 8/12/2022 (a)		28,884		28,951

Series 2019-3, Class A, 2.44%, 12/12/2022 (a)		67,002		67,219

Series 2017-1, Class D, 3.54%, 3/13/2023 (a)		201,942		203,752

Series 2020-1, Class B, 2.08%, 12/13/2023 (a)		94,000		94,437

AmeriCredit Automobile Receivables Series 2015-4, Class D, 3.72%, 12/8/2021		225,000		225,865

B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		19,839		19,902

Business Jet Securities LLC

Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		141,850		145,662

Series 2018-2, Class B, 5.44%, 6/15/2033 (a)		146,633		150,968

Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		115,569		118,933

CarMax Auto Owner Trust Series 2020-1, Class B, 2.21%, 9/15/2025		112,000		114,644

CoreVest American Finance Trust Series 2019-2, Class B, 3.42%, 6/15/2052 ‡ (a)		250,000		269,278

CPS Auto Receivables Trust

Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		89,673		90,189

Series 2018-B, Class B, 3.23%, 7/15/2022 (a)		83,704		84,016

Series 2019-C, Class B, 2.63%, 8/15/2023 (a)		130,000		131,791

Credit Acceptance Auto Loan Trust

Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		250,000		254,099

Series 2020-1A, Class A, 2.01%, 2/15/2029 (a)		250,000		252,261

DT Auto Owner Trust

Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		95,297		95,924

Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		88,000		89,741

Series 2020-1A, Class B, 2.16%, 5/15/2024 (a)		50,000		50,427

Series 2019-1A, Class C, 3.61%, 11/15/2024 (a)		90,000		92,230

Series 2019-2A, Class C, 3.18%, 2/18/2025 (a)		190,000		194,581

Exeter Automobile Receivables Trust

Series 2018-2A, Class B, 3.27%, 5/16/2022 (a)		25,712		25,750


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Series 2019-4A, Class A, 2.18%, 1/17/2023 (a)		145,969		146,379

Series 2019-3A, Class B, 2.58%, 8/15/2023 (a)		195,000		197,393

Series 2020-1A, Class B, 2.26%, 4/15/2024 (a)		40,000		40,482

First Investors Auto Owner Trust

Series 2016-2A, Class C, 2.53%, 7/15/2022 (a)		200,000		200,733

Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		45,000		45,177

Series 2019-1A, Class B, 3.02%, 3/17/2025 (a)		120,000		123,580

Flagship Credit Auto Trust

Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		100,000		102,596

Series 2017-2, Class B, 2.57%, 4/15/2023 (a)		64,104		64,235

Series 2018-2, Class B, 3.56%, 5/15/2023 (a)		150,000		153,374

Series 2019-1, Class A, 3.11%, 8/15/2023 (a)		166,984		169,027

Series 2019-2, Class A, 2.83%, 10/16/2023 (a)		205,923		208,260

Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		400,000		406,979

Series 2019-3, Class B, 2.48%, 8/15/2024 (a)		225,000		228,984

Series 2019-1, Class D, 4.08%, 2/18/2025 (a)		167,000		177,225

FREED ABS Trust

Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		35,333		35,654

Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		115,000		115,405

GLS Auto Receivables Issuer Trust

Series 2019-1A, Class A, 3.37%, 1/17/2023 (a)		29,796		30,035

Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		51,685		52,109

Series 2019-3A, Class A, 2.58%, 7/17/2023 (a)		102,239		102,986

GLS Auto Receivables Trust

Series 2018-3A, Class A, 3.35%, 8/15/2022 (a)		35,415		35,594

Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		125,000		127,668

Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (b)		138,256		148,439

SEE NOTES TO FINANCIAL STATEMENTS.



4	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued

HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		77,286		81,320

Hyundai Auto Lease Securitization Trust Series 2019-A, Class A3, 2.98%, 7/15/2022 (a)		150,000		152,494

Lendmark Funding Trust Series 2019-1A, Class A, 3.00%, 12/20/2027 (a)		175,000		179,416

Marlette Funding Trust

Series 2018-2A, Class A, 3.06%, 7/17/2028 (a)		2,925		2,927

Series 2019-1A, Class A, 3.44%, 4/16/2029 (a)		152,773		154,616

Series 2020-1A, Class A, 2.24%, 3/15/2030 (a)		200,000		200,917

OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		104,000		104,327

OneMain Direct Auto Receivables Trust Series 2017-2A, Class B, 2.55%, 11/14/2023 (a)		85,709		85,828

OneMain Financial Issuance Trust Series 2016-1A, Class A, 3.66%, 2/20/2029 (a)		5,281		5,288

Progress Residential Trust Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (a)		98,694		98,761

Prosper Marketplace Issuance Trust

Series 2018-2A, Class A, 3.35%, 10/15/2024 (a)		14,264		14,292

Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		85,178		85,730

Santander Drive Auto Receivables Trust

Series 2017-1, Class C, 2.58%, 5/16/2022		22,627		22,660

Series 2018-1, Class B, 2.63%, 7/15/2022		37,823		37,851

Series 2017-3, Class C, 2.76%, 12/15/2022		33,223		33,358

Series 2019-1, Class B, 3.21%, 9/15/2023		90,000		90,939

Santander Retail Auto Lease Trust Series 2018-A, Class D, 3.75%, 12/20/2022 (a)		200,000		202,674

SoFi Consumer Loan Program LLC

Series 2016-3, Class A, 3.05%, 12/26/2025 (a)		19,828		19,882

Series 2017-1, Class A, 3.28%, 1/26/2026 (a)		28,424		28,560

Series 2017-2, Class A, 3.28%, 2/25/2026 (a)		30,625		30,831


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Springleaf Funding Trust Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (a)		100,000		102,533

Tesla Auto Lease Trust Series 2018-B, Class A, 3.71%, 8/20/2021 (a)		45,453		46,189

Tidewater Auto Receivables Trust Series 2018-AA, Class C, 3.84%, 11/15/2024 (a)		250,000		255,495

Towd Point Mortgage Trust Series 2017-6, Class A1, 2.75%, 10/25/2057 ‡ (a) (b)		71,474		73,270

Vericrest Opportunity Loan Trust

Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049 ‡ (a) (c)		119,881		119,906

Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (c)		150,000		150,941

Westgate Resorts LLC

Series 2018-1A, Class A, 3.38%, 12/20/2031 (a)		138,824		141,230

Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (a)		138,824		141,214


Total Asset-Backed Securities (Cost $8,227,294)				8,376,383

Collateralized Mortgage Obligations — 27.1%

FHLMC, REMIC

Series 2488, Class GM, 6.00%, 8/15/2032		31,738		35,347

Series 4151, Class YC, 2.50%, 1/15/2033		230,088		234,752

Series 2740, Class PE, 5.50%, 1/15/2034		115,830		134,456

Series 2943, Class ZC, 5.00%, 2/15/2034		42,450		48,169

Series 2768, Class PK, 5.00%, 3/15/2034		37,345		40,752

Series 3237, Class CE, 5.50%, 11/15/2036		50,000		63,186

Series 3249, Class CB, 4.25%, 12/15/2036		43,401		47,959

Series 3258, Class XX, 5.50%, 12/15/2036		53,000		61,765

Series 4031, Class AB, 5.50%, 6/15/2037		137,729		160,459

Series 3404, Class DC, 5.50%, 1/15/2038		50,000		63,312

Series 3601, Class HB, 5.00%, 11/15/2039		25,000		30,141

Series 3626, Class ME, 5.00%, 1/15/2040		29,000		34,577

Series 3680, Class ZA, 4.50%, 6/15/2040		144,544		161,850

Series 3777, Class WA, 4.00%, 12/15/2040		134,412		147,409

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	5

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued

Series 3772, Class NE, 4.50%, 12/15/2040		180,000		223,435

Series 3939, Class AZ, 4.00%, 3/15/2041		195,579		211,549

Series 4240, Class DK, 4.00%, 11/15/2042		72,384		79,789

Series 4283, Class EW, 4.50%, 12/15/2043 (b)		121,273		133,278

FNMA, REMIC

Series 2013-17, Class YM, 4.00%, 3/25/2033		98,452		109,683

Series 2003-32, Class UJ, 5.50%, 5/25/2033		26,309		30,040

Series 2003-82, Class Z, 5.50%, 8/25/2033		44,004		50,759

Series 2004-17, Class H, 5.50%, 4/25/2034		103,992		121,812

Series 2004-31, Class MZ, 4.25%, 5/25/2034		29,259		36,444

Series 2004-36, Class CB, 5.00%, 5/25/2034		28,000		31,915

Series 2004-91, Class BR, 5.50%, 12/25/2034		36,898		42,340

Series 2009-13, Class PM, 4.00%, 4/25/2035		103,618		107,833

Series 2005-29, Class WQ, 5.50%, 4/25/2035		123,740		144,199

Series 2005-109, Class GD, 6.00%, 10/25/2035		18,750		20,678

Series 2015-65, Class LD, 3.50%, 1/25/2036		80,000		90,827

Series 2005-122, Class PY, 6.00%, 1/25/2036		71,000		86,221

Series 2006-24, Class Z, 5.50%, 4/25/2036		120,615		136,856

Series 2007-36, Class PH, 5.50%, 4/25/2037		34,948		40,957

Series 2007-60, Class ZB, 4.75%, 5/25/2037		258,916		293,336

Series 2009-42, Class TZ, 4.50%, 3/25/2039		219,599		249,494

Series 2009-66, Class KE, 4.00%, 9/25/2039		65,755		71,217

Series 2009-105, Class DB, 4.50%, 12/25/2039		25,000		30,678

Series 2010-43, Class EM, 5.00%, 5/25/2040		20,600		26,825

Series 2010-87, Class PJ, 3.50%, 6/25/2040		30,889		32,037


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Series 2010-59, Class EB, 5.00%, 6/25/2040		300,000		399,333

Series 2011-146, Class LX, 3.50%, 10/25/2040		200,000		213,935

Series 2011-1, Class QA, 4.50%, 10/25/2040		91,636		97,738

Series 2010-133, Class GP, 4.00%, 11/25/2040		250,000		292,311

Series 2010-123, Class KU, 4.50%, 11/25/2040		123,589		147,929

Series 2010-129, Class PZ, 4.50%, 11/25/2040		240,818		276,706

Series 2010-136, Class CY, 4.00%, 12/25/2040		290,000		336,371

Series 2010-141, Class AL, 4.00%, 12/25/2040		188,708		208,302

Series 2010-154, Class KZ, 4.50%, 1/25/2041		44,228		61,030

Series 2011-55, Class BZ, 3.50%, 6/25/2041		169,715		187,917

Series 2011-115, Class UC, 4.00%, 11/25/2041		70,000		86,479

Series 2013-114, Class LM, 4.00%, 3/25/2042		200,000		229,414

Series 2012-120, Class PA, 3.50%, 10/25/2042		86,840		93,734

Series 2014-19, Class Z, 4.50%, 4/25/2044		260,882		316,749

Series 2015-61, Class PV, 3.50%, 5/25/2044		21,592		23,454

Series 2016-32, Class PA, 3.00%, 12/25/2045		148,235		158,676

GNMA

Series 2003-46, Class HA, 4.50%, 6/20/2033		94,171		102,330

Series 2004-55, Class MC, 5.50%, 7/20/2034		22,666		25,990

Series 2005-16, Class CA, 5.00%, 2/20/2035		29,000		33,196

Series 2005-17, Class GE, 5.00%, 2/20/2035		163,009		184,690

Series 2008-25, Class AD, 4.50%, 3/20/2038		116,529		127,452

Series 2009-16, Class ZD, 6.00%, 3/20/2039		155,655		181,837

Series 2009-58, Class PA, 4.50%, 7/20/2039		190,160		210,100

Series 2010-69, Class ME, 3.00%, 4/20/2040		66,471		67,703


Total Collateralized Mortgage Obligations (Cost $7,048,275)				7,729,712

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 23.7%

Aerospace & Defense — 0.4%

Boeing Co. (The) 3.95%, 8/1/2059		10,000		10,949

Northrop Grumman Corp.

3.20%, 2/1/2027		30,000		32,263

3.85%, 4/15/2045		20,000		22,707

United Technologies Corp. 4.63%, 11/16/2048		40,000		53,714


				119,633


Automobiles — 0.4%

General Motors Co. 5.15%, 4/1/2038		30,000		30,606

Hyundai Capital America 3.45%, 3/12/2021 (a)		30,000		30,544

Nissan Motor Acceptance Corp. 3.15%, 3/15/2021 (a)		60,000		60,832


				121,982


Banks — 3.4%

Bank of America Corp. (ICE LIBOR USD 3 Month + 0.93%),

2.82%, 7/21/2023 (d)		65,000		66,813

4.20%, 8/26/2024		60,000		65,866

5.00%, 1/21/2044		55,000		74,586

(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (d)		15,000		18,139

Citigroup, Inc.

3.75%, 6/16/2024		41,000		44,246

3.20%, 10/21/2026		19,000		20,228

8.13%, 7/15/2039		30,000		52,047

Citizens Financial Group, Inc. 2.38%, 7/28/2021		50,000		50,490

Commonwealth Bank of Australia (Australia) 3.45%, 3/16/2023 (a)		70,000		74,264

Fifth Third Bancorp 3.65%, 1/25/2024		35,000		37,509

Huntington Bancshares, Inc. 2.30%, 1/14/2022		50,000		50,480

Mitsubishi UFJ Financial Group, Inc. (Japan)

3.46%, 3/2/2023		45,000		47,329

3.78%, 3/2/2025		45,000		49,303

3.74%, 3/7/2029		15,000		16,819

Regions Financial Corp. 2.75%, 8/14/2022		40,000		41,076

Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		30,000		30,361

Sumitomo Mitsui Financial Group, Inc. (Japan)

3.10%, 1/17/2023		25,000		26,083

3.36%, 7/12/2027		25,000		27,345

Wells Fargo & Co.

Series M, 3.45%, 2/13/2023		70,000		73,393

4.65%, 11/4/2044		30,000		36,503


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Banks — continued

Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		65,000		68,530


				971,410


Beverages — 0.6%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026		30,000		32,699

4.90%, 2/1/2046		25,000		30,891

Anheuser-Busch InBev Finance, Inc. (Belgium) 4.90%, 2/1/2046		10,000		12,255

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		15,000		16,912

4.95%, 1/15/2042		30,000		37,670

Keurig Dr Pepper, Inc.

4.60%, 5/25/2028		15,000		17,289

5.09%, 5/25/2048		5,000		6,355

Molson Coors Beverage Co. 4.20%, 7/15/2046		15,000		15,579


				169,650


Biotechnology — 0.5%

AbbVie, Inc.

3.60%, 5/14/2025		50,000		53,936

4.70%, 5/14/2045		15,000		17,690

4.88%, 11/14/2048		15,000		18,459

Gilead Sciences, Inc.

3.70%, 4/1/2024		30,000		32,282

4.80%, 4/1/2044		15,000		19,199


				141,566


Building Products — 0.1%

Masco Corp. 4.45%, 4/1/2025		25,000		27,851


Capital Markets — 1.3%

Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		15,000		22,778

Goldman Sachs Group, Inc. (The)

4.00%, 3/3/2024		50,000		54,352

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		65,000		74,139

Macquarie Group Ltd. (Australia)

6.25%, 1/14/2021 (a)		30,000		31,188

(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (d)		20,000		21,955

Morgan Stanley

4.00%, 7/23/2025		90,000		99,931

3.13%, 7/27/2026		35,000		37,301

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	7

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Capital Markets — continued

3.95%, 4/23/2027		25,000		27,522


				369,166


Chemicals — 0.6%

DuPont de Nemours, Inc. 4.49%, 11/15/2025		100,000		112,729

Mosaic Co. (The)

3.25%, 11/15/2022		10,000		10,398

4.05%, 11/15/2027		10,000		10,575

Nutrien Ltd. (Canada)

3.00%, 4/1/2025		20,000		21,066

6.13%, 1/15/2041		20,000		26,656


				181,424


Construction Materials — 0.1%

Martin Marietta Materials, Inc. 3.45%, 6/1/2027		30,000		32,259


Consumer Finance — 0.5%

American Express Co. 2.50%, 8/1/2022		30,000		30,587

Capital One Financial Corp.

4.20%, 10/29/2025		15,000		16,280

3.75%, 3/9/2027		25,000		27,310

General Motors Financial Co., Inc.

4.20%, 3/1/2021		25,000		25,591

3.25%, 1/5/2023		20,000		20,610

HSBC Finance Corp. 6.68%, 1/15/2021		30,000		31,182


				151,560


Diversified Financial Services — 0.3%

ORIX Corp. (Japan) 3.70%, 7/18/2027		30,000		33,004

Shell International Finance BV (Netherlands) 5.50%, 3/25/2040		25,000		34,800

Voya Financial, Inc. 3.65%, 6/15/2026		20,000		22,126


				89,930


Diversified Telecommunication Services — 1.0%

AT&T, Inc.

3.00%, 6/30/2022		25,000		25,793

3.40%, 5/15/2025		30,000		32,007

5.35%, 9/1/2040		65,000		81,654

Telefonica Emisiones SA (Spain)

5.13%, 4/27/2020		10,000		10,047

7.05%, 6/20/2036		15,000		21,643

Verizon Communications, Inc.

4.33%, 9/21/2028		41,000		48,128

4.86%, 8/21/2046		55,000		73,186


				292,458


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Electric Utilities — 1.0%

Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036		20,000		27,280

Duke Energy Corp. 2.65%, 9/1/2026		25,000		26,041

3.75%, 9/1/2046		25,000		27,740

Emera US Finance LP (Canada)

3.55%, 6/15/2026		10,000		10,858

4.75%, 6/15/2046		20,000		23,492

Entergy Louisiana LLC

4.00%, 3/15/2033		40,000		48,327

Fortis, Inc. (Canada)

3.06%, 10/4/2026		19,000		20,160

Indiana Michigan Power Co.

Series K, 4.55%, 3/15/2046		15,000		19,235

Metropolitan Edison Co.

3.50%, 3/15/2023 (a)		15,000		15,824

PNM Resources, Inc.

3.25%, 3/9/2021		15,000		15,213

PPL Capital Funding, Inc.

3.10%, 5/15/2026		20,000		21,204

Southern Co. (The)

3.25%, 7/1/2026		30,000		32,229


				287,603


Electrical Equipment — 0.1%

Eaton Corp.

3.10%, 9/15/2027		25,000		27,265


Electronic Equipment, Instruments & Components — 0.3%

Arrow Electronics, Inc.

3.25%, 9/8/2024		15,000		15,571

3.88%, 1/12/2028		15,000		15,825

Corning, Inc.

5.35%, 11/15/2048		20,000		25,832

4.38%, 11/15/2057		15,000		16,363


				73,591


Energy Equipment & Services — 0.3%

Halliburton Co.

3.80%, 11/15/2025		25,000		27,419

4.50%, 11/15/2041		10,000		10,637

Schlumberger Holdings Corp.

4.00%, 12/21/2025 (a)		15,000		16,485

4.30%, 5/1/2029 (a)		30,000		33,307


				87,848

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Equity Real Estate Investment Trusts (REITs) — 1.6%

American Tower Corp.

5.00%, 2/15/2024		30,000		33,645

3.95%, 3/15/2029		15,000		16,694

Boston Properties LP 3.40%, 6/21/2029		25,000		27,311

Brixmor Operating Partnership LP 3.65%, 6/15/2024		25,000		26,842

EPR Properties 5.25%, 7/15/2023		15,000		16,379

Healthpeak Properties, Inc. 3.25%, 7/15/2026		50,000		53,941

Host Hotels & Resorts LP 3.88%, 4/1/2024		15,000		16,181

Liberty Property LP 4.40%, 2/15/2024		35,000		38,956

Life Storage LP 4.00%, 6/15/2029		5,000		5,585

National Retail Properties, Inc.

3.80%, 10/15/2022		20,000		21,191

4.00%, 11/15/2025		20,000		22,201

Realty Income Corp. 3.65%, 1/15/2028		25,000		28,048

Simon Property Group LP 4.75%, 3/15/2042		10,000		12,568

UDR, Inc.

4.40%, 1/26/2029		20,000		23,007

3.20%, 1/15/2030		10,000		10,562

3.00%, 8/15/2031		20,000		20,898

VEREIT Operating Partnership LP 4.88%, 6/1/2026		10,000		11,415

Welltower, Inc.

4.00%, 6/1/2025		25,000		27,557

4.13%, 3/15/2029		20,000		22,798

6.50%, 3/15/2041		10,000		14,825


				450,604


Food & Staples Retailing — 0.1%

Kroger Co. (The) 5.15%, 8/1/2043		20,000		25,071


Food Products — 0.2%

Campbell Soup Co. 3.65%, 3/15/2023		6,000		6,326

Conagra Brands, Inc. 5.30%, 11/1/2038		5,000		6,069

Mead Johnson Nutrition Co. (United Kingdom) 4.60%, 6/1/2044		20,000		25,571

Tyson Foods, Inc.

3.95%, 8/15/2024		15,000		16,372

5.15%, 8/15/2044		10,000		12,852


				67,190


Health Care Equipment & Supplies — 0.5%

Abbott Laboratories

3.75%, 11/30/2026		17,000		19,175

4.75%, 11/30/2036		15,000		19,612

5.30%, 5/27/2040		15,000		21,274


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Health Care Equipment & Supplies — continued

Becton Dickinson and Co.

2.89%, 6/6/2022		10,000		10,267

3.70%, 6/6/2027		10,000		11,045

Boston Scientific Corp.

3.85%, 5/15/2025		13,000		14,321

4.70%, 3/1/2049		10,000		13,049

Zimmer Biomet Holdings, Inc.

3.70%, 3/19/2023		6,000		6,348

3.55%, 4/1/2025		10,000		10,735


				125,826


Health Care Providers & Services — 0.8%

Aetna, Inc.

2.80%, 6/15/2023		35,000		35,931

Anthem, Inc.

3.35%, 12/1/2024		15,000		15,959

4.63%, 5/15/2042		20,000		23,157

CVS Health Corp.

3.70%, 3/9/2023		30,000		31,706

4.30%, 3/25/2028		41,000		45,881

4.78%, 3/25/2038		27,000		31,843

HCA, Inc.

4.50%, 2/15/2027		20,000		22,115

5.25%, 6/15/2049		15,000		17,438


				224,030


Hotels, Restaurants & Leisure — 0.2%

McDonald’s Corp. 3.80%, 4/1/2028		35,000		39,008

Starbucks Corp. 4.45%, 8/15/2049		15,000		18,115


				57,123


Independent Power and Renewable Electricity Producers — 0.2%

Exelon Generation Co. LLC 5.75%, 10/1/2041		45,000		53,320


Industrial Conglomerates — 0.4%

General Electric Co.

3.38%, 3/11/2024		20,000		21,114

6.75%, 3/15/2032		45,000		60,454

4.13%, 10/9/2042		23,000		24,576


				106,144


Insurance — 1.3%

American Financial Group, Inc. 3.50%, 8/15/2026		20,000		21,773

American International Group, Inc.

3.75%, 7/10/2025		20,000		21,820

3.88%, 1/15/2035		25,000		28,523

4.38%, 1/15/2055		15,000		17,145

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	9

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Insurance — continued

Athene Global Funding

3.00%, 7/1/2022 (a)		25,000		25,841

2.95%, 11/12/2026 (a)		30,000		31,596

Athene Holding Ltd. 4.13%, 1/12/2028		10,000		10,645

Cincinnati Financial Corp. 6.92%, 5/15/2028		20,000		26,984

Lincoln National Corp.

4.20%, 3/15/2022		15,000		15,831

3.63%, 12/12/2026		15,000		16,488

4.35%, 3/1/2048		20,000		22,847

Markel Corp.

3.50%, 11/1/2027		20,000		21,819

5.00%, 5/20/2049		15,000		18,889

Marsh & McLennan Cos., Inc. 4.38%, 3/15/2029		30,000		34,962

Principal Financial Group, Inc. 3.70%, 5/15/2029		5,000		5,689

Prudential Financial, Inc. 3.88%, 3/27/2028		30,000		33,882


				354,734


Media — 0.8%

Charter Communications Operating LLC 5.75%, 4/1/2048		10,000		11,925

Comcast Corp.

3.38%, 2/15/2025		30,000		32,401

3.15%, 3/1/2026		30,000		32,337

3.20%, 7/15/2036		40,000		43,280

6.40%, 5/15/2038		30,000		44,516

4.50%, 1/15/2043		15,000		18,770

Cox Communications, Inc.

3.15%, 8/15/2024 (a)		25,000		26,342

4.60%, 8/15/2047 (a)		15,000		17,572


				227,143


Metals & Mining — 0.1%

Glencore Funding LLC (Switzerland)

4.63%, 4/29/2024 (a)		15,000		16,178


Multiline Retail — 0.0% (e)

Dollar General Corp.

4.13%, 5/1/2028		5,000		5,746


Multi-Utilities — 0.3%

Dominion Energy, Inc.

Series D, 2.85%, 8/15/2026		25,000		26,287

Series C, 4.05%, 9/15/2042		20,000		22,513


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Multi-Utilities — continued

Sempra Energy

2.40%, 3/15/2020		20,000		20,000

3.80%, 2/1/2038		25,000		28,015


				96,815


Oil, Gas & Consumable Fuels — 3.2%

Apache Corp.

4.38%, 10/15/2028		20,000		21,036

4.25%, 1/15/2044		25,000		22,154

APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		30,000		33,327

Boardwalk Pipelines LP 5.95%, 6/1/2026		20,000		23,086

Buckeye Partners LP 5.85%, 11/15/2043		10,000		9,200

Canadian Natural Resources Ltd. (Canada)

3.80%, 4/15/2024		15,000		15,940

6.45%, 6/30/2033		15,000		20,098

Cenovus Energy, Inc. (Canada) 3.00%, 8/15/2022		25,000		25,753

Enbridge, Inc. (Canada)

4.25%, 12/1/2026		20,000		22,307

4.50%, 6/10/2044		15,000		17,381

Energy Transfer Operating LP 6.25%, 4/15/2049		15,000		17,288

Energy Transfer Partners LP 5.88%, 3/1/2022		15,000		16,014

Enterprise Products Operating LLC

3.75%, 2/15/2025		30,000		32,667

3.13%, 7/31/2029		15,000		15,684

5.10%, 2/15/2045		35,000		41,972

Kinder Morgan Energy Partners LP 3.95%, 9/1/2022		25,000		26,179

Magellan Midstream Partners LP 4.20%, 10/3/2047		10,000		11,255

Marathon Petroleum Corp. 6.50%, 3/1/2041		15,000		20,239

MPLX LP

4.88%, 6/1/2025		10,000		11,110

4.13%, 3/1/2027		15,000		16,083

4.50%, 4/15/2038		10,000		10,107

5.20%, 3/1/2047		15,000		15,810

Nexen, Inc. (China) 5.88%, 3/10/2035		20,000		27,444

Noble Energy, Inc.

3.85%, 1/15/2028		15,000		15,527

5.05%, 11/15/2044		30,000		30,775

Occidental Petroleum Corp.

2.90%, 8/15/2024		20,000		20,270

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

3.20%, 8/15/2026		20,000		20,363

3.50%, 8/15/2029		20,000		20,180

4.50%, 7/15/2044		15,000		14,323

ONEOK, Inc.

3.40%, 9/1/2029		30,000		31,012

4.45%, 9/1/2049		15,000		15,391

Petroleos Mexicanos (Mexico) 6.50%, 1/23/2029		13,000		13,371

Phillips 66 4.88%, 11/15/2044		20,000		24,069

Plains All American Pipeline LP 3.55%, 12/15/2029		30,000		29,513

Spectra Energy Partners LP 4.50%, 3/15/2045		20,000		22,350

Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033		20,000		26,305

Sunoco Logistics Partners Operations LP

4.00%, 10/1/2027		10,000		10,467

5.35%, 5/15/2045		30,000		30,973

TransCanada PipeLines Ltd. (Canada)

4.88%, 1/15/2026		25,000		28,371

4.63%, 3/1/2034		15,000		17,534

4.75%, 5/15/2038		20,000		23,250

5.00%, 10/16/2043		10,000		12,449

Williams Cos., Inc. (The) 3.90%, 1/15/2025		20,000		21,489


				900,116


Pharmaceuticals — 0.5%

Allergan Funding SCS

3.80%, 3/15/2025		15,000		16,390

4.55%, 3/15/2035		10,000		11,938

4.85%, 6/15/2044		15,000		18,291

Bristol-Myers Squibb Co. 4.63%, 5/15/2044 (a)		10,000		13,010

Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		50,000		53,630

Zoetis, Inc.

4.50%, 11/13/2025		15,000		17,184

4.70%, 2/1/2043		15,000		19,369


				149,812


Road & Rail — 0.6%

Burlington Northern Santa Fe LLC 4.40%, 3/15/2042		30,000		36,791

CSX Corp. 4.30%, 3/1/2048		20,000		24,164

ERAC USA Finance LLC 5.63%, 3/15/2042 (a)		30,000		40,661

JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		40,000		44,450


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Road & Rail — continued

Norfolk Southern Corp. 4.65%, 1/15/2046		10,000		12,856


				158,922


Semiconductors & Semiconductor Equipment — 0.2%

Broadcom Corp.

2.65%, 1/15/2023		20,000		20,363

3.88%, 1/15/2027		25,000		26,218


				46,581


Software — 0.5%

Microsoft Corp. 4.20%, 11/3/2035		60,000		75,543

Oracle Corp. 3.85%, 7/15/2036		60,000		69,541


				145,084


Specialty Retail — 0.1%

Advance Auto Parts, Inc. 4.50%, 12/1/2023		25,000		27,475

Lowe’s Cos., Inc.

4.65%, 4/15/2042		10,000		12,292


				39,767


Technology Hardware, Storage & Peripherals — 0.2%

Apple, Inc. 4.65%, 2/23/2046		30,000		39,903

Dell International LLC 4.42%, 6/15/2021 (a)		25,000		25,752


				65,655


Tobacco — 0.3%

BAT Capital Corp. (United Kingdom)

3.22%, 8/15/2024		15,000		15,751

3.56%, 8/15/2027		20,000		21,113

Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		35,000		41,867


				78,731


Trading Companies & Distributors — 0.5%

Air Lease Corp.

3.50%, 1/15/2022		25,000		25,701

3.25%, 3/1/2025		10,000		10,455

3.25%, 10/1/2029		20,000		20,299

Aviation Capital Group LLC

2.88%, 1/20/2022 (a)		30,000		30,554

3.50%, 11/1/2027 (a)		20,000		20,745

International Lease Finance Corp.

4.63%, 4/15/2021		35,000		36,047


				143,801

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	11

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Wireless Telecommunication Services — 0.2%

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		20,000		21,480

4.38%, 5/30/2028		25,000		28,757

5.00%, 5/30/2038		11,000		13,480


				63,717


Total Corporate Bonds (Cost $6,160,714)				6,747,306

Commercial Mortgage-Backed Securities — 6.4%

20 Times Square Trust

Series 2018-20TS, Class D, 3.10%, 5/15/2035 (a) (b)		100,000		101,927

Series 2018-20TS, Class E, 3.10%, 5/15/2035 ‡ (a) (b)		100,000		100,854

Citigroup Commercial Mortgage Trust

Series 2013-GC11, Class A3, 2.82%, 4/10/2046		23,593		24,407

Series 2014-GC19, Class A3, 3.75%, 3/10/2047		8,323		8,947

Series 2014-GC23, Class A3, 3.36%, 7/10/2047		12,593		13,470

Commercial Mortgage Trust

Series 2014-UBS2, Class A4, 3.69%, 3/10/2047		15,000		16,066

Series 2014-CR17, Class A4, 3.70%, 5/10/2047		29,158		31,363

Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		23,871		25,538

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K731, Class AM, 3.60%, 2/25/2025 (b)		200,000		217,058

Series K090, Class A2, 3.42%, 2/25/2029		120,000		136,419

FREMF Mortgage Trust Series 2013-K26, Class B, 3.60%, 12/25/2045 (a) (b)		99,000		103,905

GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class AS, 2.83%, 11/21/2035 ‡ (a) (b)		150,000		149,954

GS Mortgage Securities Trust

Series 2013-GC16, Class AS, 4.65%, 11/10/2046		111,000		122,022

Series 2013-GC16, Class B, 5.16%, 11/10/2046 (b)		50,000		55,569

JP Morgan Chase Commercial Mortgage Securities Trust

Series 2013-LC11, Class A4, 2.69%, 4/15/2046		13,593		14,059

Series 2011-C5, Class B, 5.42%, 8/15/2046 (a) (b)		169,000		177,036

JPMBB Commercial Mortgage Securities Trust Series 2013-C15, Class C, 5.20%, 11/15/2045 (b)		30,000		32,983


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)



JPMCC Re-REMIC Trust Series 2014-FRR1, Class BK10, 2.44%, 11/27/2049 ‡ (a) (b)		180,000		178,842

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2014-C18, Class A2, 3.19%, 10/15/2047		4,670		4,667

Series 2015-C27, Class A3, 3.47%, 12/15/2047		130,000		140,843

Wells Fargo Commercial Mortgage Trust Series 2015-NXS4, Class A3, 3.45%, 12/15/2048		130,000		141,552

WFRBS Commercial Mortgage Trust Series 2013-C13, Class A3, 2.75%, 5/15/2045		26,291		27,249


Total Commercial Mortgage-Backed Securities (Cost $1,716,918)				1,824,730

U.S. Treasury Obligations — 2.5%

U.S. Treasury Bonds

3.75%, 11/15/2043		7,000		9,920

2.38%, 11/15/2049		65,000		75,875

U.S. Treasury Notes

2.63%, 2/28/2023		265,000		278,581

2.75%, 2/15/2028		230,000		259,388

2.88%, 5/15/2028		17,600		20,070

1.75%, 11/15/2029		70,000		73,910


Total U.S. Treasury Obligations (Cost $657,986)				717,744

Mortgage-Backed Securities — 1.5%

FNMA, Other

Pool # AM4660, 3.77%, 12/1/2025		132,569		147,669

Pool # AM5940, 3.24%, 6/1/2026		67,780		74,098

Pool # AM6428, 3.58%, 8/1/2029		86,667		99,300

Pool # AM6430, 3.58%, 8/1/2029		86,667		99,300


Total Mortgage-Backed Securities (Cost $379,411)				420,367


	SHARES
Short-Term Investments — 9.1%

Investment Companies — 9.1%

JPMorgan Prime Money Market Fund Class Institutional Shares, 1.62% (f) (g) (Cost $2,582,210)		2,581,635		2,582,926

Total Investments — 99.7% (Cost $26,772,808)				28,399,168
Other Assets Less Liabilities — 0.3%				82,244

NET ASSETS — 100.0%				28,481,412

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


Abbreviations

ABS		Asset-backed securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REMIC		Real Estate Mortgage Investment Conduit
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, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 2020.


(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 29, 2020.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.
(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 February 29, 2020.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	13

STATEMENT OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020



	JPMorgan Core Focus SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	25,816,242
Investments in affiliates, at value		2,582,926
Cash		3,748
Receivables:
Interest from non-affiliates		114,573
Dividends from affiliates		3,633
Due from Adviser		16,174

Total Assets		28,537,296


LIABILITIES:
Accrued liabilities:
Custodian and accounting fees		10,033
Printing and mailing costs		3,084
Audit fees		40,779
Other		1,988

Total Liabilities		55,884

Net Assets	$	28,481,412


NET ASSETS:
Paid-in-Capital	$	26,837,907
Total distributable earnings (loss)		1,643,505

Total Net Assets	$	28,481,412


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		2,680,648

Net asset value, offering and redemption price per share (a)	$	10.62

Cost of investments in non-affiliates	$	24,190,598
Cost of investments in affiliates		2,582,210

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

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2020



	JPMorgan Core Focus SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	891,860
Interest income from affiliates		3,631
Dividend income from affiliates		39,516

Total investment income		935,007


EXPENSES:
Administration fees		20,470
Custodian and accounting fees		59,365
Interest expense to affiliates		13
Professional fees		83,759
Trustees’ and Chief Compliance Officer’s fees		25,197
Printing and mailing costs		10,332
Registration and filing fees		614
Transfer agency fees		262
Other		2,453

Total expenses		202,465

Less fees waived		(20,482	)
Less expense reimbursements		(181,983	)

Net expenses		—

Net investment income (loss)		935,007


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		55,681
Investments in affiliates		57

Net realized gain (loss)		55,738

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,526,059
Investments in affiliates		527

Change in net unrealized appreciation/depreciation		1,526,586

Net realized/unrealized gains (losses)		1,582,324

Change in net assets resulting from operations	$	2,517,331

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	15

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Core Focus SMA Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	935,007		$	892,368
Net realized gain (loss)		55,738			(25,308	)
Distributions of capital gains received from investment company affiliates		—			44
Change in net unrealized appreciation/depreciation		1,526,586			96,977

Change in net assets resulting from operations		2,517,331			964,081


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(946,315	)		(888,795	)


CAPITAL TRANSACTIONS:
Proceeds from shares issued		—			25,000,000
Distributions reinvested		946,315			888,795

Change in net assets resulting from capital transactions		946,315			25,888,795


NET ASSETS:
Change in net assets		2,517,331			25,964,081
Beginning of period		25,964,081			—

End of period	$	28,481,412		$	25,964,081


SHARE TRANSACTIONS:
Issued		—			2,500,000
Reinvested		91,450			89,198

Change in Shares		91,450			2,589,198

(a)	Commencement of operations was March 1, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	17

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 Focus SMA Fund
Year Ended February 29, 2020	$	10.03	$	0.36	$	0.59	$	0.95	$	(0.36	)	$	—	(g)	$	(0.36	)
March 1, 2018 (h) through February 28, 2019		10.00		0.35		0.03		0.38		(0.35	)		—			(0.35	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(f)

The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of a “separately managed account” strategy offered through programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program.

(g)	Amount rounds to less than $0.005.

(h)	Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)

$	10.62		9.62	%	$	28,481,412		—	%		3.43	%		0.74	%		25	%
	10.03		3.88			25,964,081		—	(i)		3.53	(i)		0.85	(i)		38

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	19

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020

1. Organization

JPMorgan Trust IV (the “Trust”) was formed on November 11, 2015, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:


				Diversification Classification
JPMorgan Core Focus SMA Fund⁽¹⁾				Diversified

⁽¹⁾	Commenced operations on March 1, 2018.

The investment objective of the Fund is to seek to maximize total return.

Shares of the Fund may be purchased only by or on behalf of separately managed accounts where J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), serves as the investment adviser, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Fund’s shares may not be purchased directly by individuals.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, thus, follows 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 Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at 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 Board.

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

A market-based approach is primarily used to value the Fund’s 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 Board. 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.

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

See the table 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 the Fund at February 29, 2020.



20	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 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 Fund’s 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 Fund’s assumptions in determining the fair value of investments).

The following table represents each valuation input by sector as presented on the Schedule of Portfolio Investments:


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	7,420,480	$	955,903	$	8,376,383
Collateralized Mortgage Obligations		—		7,729,712		—		7,729,712
Commercial Mortgage-Backed Securities		–		1,395,080		429,650		1,824,730
Corporate Bonds		—		6,747,306		—		6,747,306
Mortgage-Backed Securities		—		420,367		—		420,367
U.S. Treasury Obligations		—		717,744		—		717,744
Short-Term Investments
Investment Companies		2,582,926		—		—		2,582,926

Total Investments in Securities	$	2,582,926	$	24,430,689	$	1,385,553	$	28,399,168

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


	Balance as of February 28, 2019		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2020
Investments in Securities:
Asset-Backed Securities	$	1,018,884	$	—	(a)	$	28,997	$	129	$	534,986	$	(627,093	)	$	—	$	—		$	955,903
Commercial Mortgage-Backed Securities		865,834		—			10,260		484		—		(351,441	)		—		(95,487	)		429,650

Total	$	1,884,718	$	—	(a)	$	39,257	$	613	$	534,986	$	(978,534	)	$	—	$	(95,487	)	$	1,385,553

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.

There were no significant transfers into or out of level 3 for the year ended February 29, 2020.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	21

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

The change in net unrealized appreciation (depreciation) attributable to securities owned at February 29, 2020, which were valued using significant unobservable inputs (level 3) amounted to $41,206. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at February 29, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	955,903	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (12.31%)
				Yield (Discount Rate of Cash Flows)		1.55% - 3.35% (2.49%)

Asset-Backed Securities		955,903

		279,696	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.49% - 2.84% (2.62%)

Commercial Mortgage-Backed Securities		279,696

Total	$	1,235,599

The table above does not include certain level 3 securities that are valued by brokers and pricing services. At February 29, 2020, the value of these securities was $149,954. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally 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.

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

As of February 29, 2020, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.


For the year ended February 29, 2020
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 29, 2020		Shares at February 29, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.62% (a) (b)	$	983,692	$	7,135,889	$	5,537,239	$	57	$	527	$	2,582,926		2,581,635	$	39,516	$	—

(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 February 29, 2020.

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

E. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.



22	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund’s tax positions for all open tax years and has determined that as of February 29, 2020, no liability for Federal income tax is required in the Fund’s 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. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts:


Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	2,797	$	(2,690	)	$	(107	)

The reclassifications for the Fund relate primarily to callable bonds.

H. Recent Accounting Pronouncement — In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of March 1, 2019, the amortized cost basis of investments was reduced by $2,797 and unrealized appreciation of investments was increased by $2,797. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Fund. It should be understood, however, that the Fund is an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the 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 the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s respective average daily net assets in excess of $25 billion. For the year February 29, 2020, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.E. JPMorgan Chase Bank N.A. (“JPMCB”) serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares. JPMDS receives no compensation in its capacity as the Fund’s underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amount paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	23

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) are borne by the Fund pursuant to contractual arrangements with the Adviser through June 30, 2020.

For the year ended February 29, 2020, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.


Contractual Waivers Administration Fees		Contractual Reimbursements
$	20,470	$	181,983

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and 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 Fund’s investment in such affiliated money market fund.

The amount of these waivers resulting from investments in these money market funds for the year ended February 29, 2020 was $12.

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The 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 Statement of Operations.

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

During the year ended February 29, 2020, the 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 Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended February 29, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	6,169,518	$	6,904,331	$	139,284	$	—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 29, 2020 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	26,776,774	$	1,628,296	$	5,902	$	1,622,394

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds.

The tax character of distributions paid during the year ended February 29, 2020 was as follows:

Ordinary
Income*

Net

Long-Term
Capital Gains

Total
Distributions
Paid

944,347

1,968

946,315

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



24	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

The tax character of distributions paid during the year ended February 28, 2019 was as follows:


						Ordinary Income*
						$	888,795

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

As of February 29, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	9,815	$	28,399	$	1,619,597

The cumulative timing differences primarily consist of trustee deferred compensation.

During the year ended February 29, 2020, the Fund utilized capital loss carryforwards as follows:


Capital Loss Utilized
Short-Term		Long-Term
$	6,050	$	—

6. Borrowings

The Fund relies 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 Fund 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 the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund during the year ended February 29, 2020.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. 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 the 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 Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 29, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month 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 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended February 29, 2020.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	25

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of February 29, 2020 the Fund had one individual shareholder and/or affiliated omnibus account that owned 100% of the Fund’s outstanding shares.

Significant shareholder transactions by this shareholder may impact the Fund’s performance.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. 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 Fund is subject to risks associated with securities with contractual cash flows including asset-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

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 Fund is 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 the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s 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 Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.



26	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust IV and Shareholders of JPMorgan Core Focus SMA Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Core Focus SMA Fund (one of the funds constituting JPMorgan Trust IV, referred to hereafter as the “Fund”) as of February 29, 2020, the related statement of operations for the year ended February 29, 2020 and the statements of changes in net assets and the financial highlights for the year ended February 29, 2020 and for the period March 1, 2018 (commencement of operations) through February 28, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 29, 2020, the results of its operations for the year ended February 29, 2020, and the changes in its net assets and the financial highlights for the year ended February 29, 2020 and for the period March 1, 2018 (commencement of operations) through February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 28, 2020

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



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	27

TRUSTEES

(Unaudited)

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


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None



28	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	127	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	127	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	127	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	29

TRUSTEES

(Unaudited) (continued)

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

(2)

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

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

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



30	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

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

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



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	31

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, 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 Fund 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 the Fund at the beginning of the reporting period, September 1, 2019, and continued to hold your shares at the end of the reporting period, February 29, 2020.

Actual Expenses

For the 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 in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period^†*		Annualized Expense Ratio
JPMorgan Core Focus SMA Fund
Actual	$	1,000.00	$	1,029.40	$	0.00		0.00	%
Hypothetical		1,000.00		1,024.86		0.00		0.00

†

Reflects the fact that no fees or expenses are borne by the Fund. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

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



32	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Fund has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interest in the Fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Fund (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.



FEBRUARY 29, 2020	J.P. MORGAN SMA FUNDS	33

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended February 29, 2020. The information and distributions reported in this letter may differ

from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Long Term Capital Gain

The Fund distributed $1,968, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 29, 2020.

Treasury Income

The Fund had 1.50% or the maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 29, 2020.



34	J.P. MORGAN SMA FUNDS	FEBRUARY 29, 2020

LOGO

Rev. January 2011



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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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



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



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

LOGO



Page 2



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



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



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

FOR MORE INFORMATION:

INVESTMENT ADVISER

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, New York 10172

PLACEMENT AGENT

JPMorgan Institutional Investments, Inc.

277 Park Avenue

New York, New York 10172

This report is open and authorized for distribution only to qualified and accredited investors who have received a copy of the Funds’ Confidential Offering Memorandum. This document may not be copied, faxed or otherwise distributed to the general public.

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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. Each Fund’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-343-1113 and 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 Fund’s voting record is available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

LOGO

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. February 2020.		AN-CFSMA-220

Annual Report

J.P. Morgan Municipal Bond Funds

February 29, 2020

JPMorgan High Yield Municipal Fund

JPMorgan Municipal Income Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Ultra-Short Municipal Fund

LOGO

CONTENTS



Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan High Yield Municipal Fund			3

JPMorgan Municipal Income Fund			5

JPMorgan Short-Intermediate Municipal Bond Fund			7

JPMorgan Tax Free Bond Fund			9

JPMorgan Ultra-Short Municipal Fund			11

Schedules of Portfolio Investments			13

Financial Statements			126

Financial Highlights			140

Notes to Financial Statements			150

Report of Independent Registered Public Accounting Firm			164

Trustees			165

Officers			168

Schedule of Shareholder Expenses			169

Liquidity Risk Management Program			171

Tax Letter			172

Privacy Policy — Located at the back of this Annual Report

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

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

April 3, 2020

(Unaudited)

Dear Shareholders,

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)



2	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan High Yield Municipal Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		13.02%
Bloomberg Barclays U.S. Municipal Index		9.46%
Bloomberg Barclays High Yield Municipal Bond Index		14.40%

Net Assets as of 2/29/2020 (In Thousands) .	$	534,756
Duration as of 2/29/2020		7.0 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 29, 2020, the Fund’s Class I Shares outperformed the Bloomberg Barclays US Municipal Bond Index (the “Benchmark”) and underperformed Bloomberg Barclays High Yield Municipal Index.

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

The Fund’s underweight positions in the transportation, industrial development revenue/pollution control revenue and housing sectors were leading detractors from relative performance during the reporting period.

HOW WAS THE FUND POSITIONED?

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

The Fund’s largest allocations were to bonds rated BBB and BB, while its smallest allocations were in bonds rated AAA and single-A. At the end of the reporting period, the Fund’s overall duration was 7.0 years compared with 5.0 years for the Benchmark.


CREDIT QUALITY ALLOCATIONS***
AAA	8.8	%
AA	12.4
A	9.1
BBB	31.0
BB	13.5
B	0.6
NR	24.6

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

***

Percentages indicated are based on total investments as of February 29, 2020. The Fund’s portfolio composition is subject to change.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	3

JPMorgan High Yield Municipal Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2020

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		September 17, 2007
With Sales Charge*				8.61	%		3.67	%		4.21	%
Without Sales Charge				12.81			4.46			4.61
CLASS C SHARES		September 17, 2007
With CDSC**				11.29			3.93			4.09
Without CDSC				12.29			3.93			4.09
CLASS I SHARES		September 17, 2007		13.02			4.57			4.72
CLASS R6 SHARES		November 1, 2018		13.12			4.60			4.73

Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/10 TO 2/29/20)

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 February 28, 2010 to February 29, 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 redemptions of Fund shares.



4	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)* .		7.36%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		7.65%

Net Assets as of 2/29/2020 (In Thousands)	$	285,420
Duration as of 2/29/2020		4.7 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 29, 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 position and shorter duration in housing sector bonds was a leading detractor from performance. Generally, bonds with shorter duration experience a smaller increase in price compared with longer duration bonds when interest rates fall. The Fund’s overweight position in bonds rated AAA and its underweight positions in the industrial development revenue/pollution control revenue and transportation sectors also detracted from relative performance.

The Fund’s overweight positions in the hospital and leasing sectors were leading contributors to relative performance. The Fund’s underweight positions in pre-refunded bonds and bonds rated AA also helped relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. At the end of the twelve month period, the Fund’s overall duration was generally in line with that of the Benchmark.


CREDIT QUALITY ALLOCATIONS***
AAA	29.5	%
AA	42.2
A	21.2
BBB	4.3
NR	2.8

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

***

Percentages indicated are based on total investments as of February 29, 2020. The Fund’s portfolio composition is subject to change.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	5

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge*			3.05	%		2.04	%		2.77	%
Without Sales Charge			7.04			2.81			3.17
CLASS C SHARES	November 4, 1997
With CDSC**			5.52			2.25			2.59
Without CDSC			6.52			2.25			2.59
CLASS I SHARES	February 9, 1993		7.36			3.07			3.44
CLASS R6 SHARES	November 6, 2017		7.36			3.10			3.45

Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/10 TO 2/29/20)

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 Municipal Income Fund and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index from February 28, 2010 to February 29, 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 reinvestment 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.



6	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		5.12%
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index		4.24%

Net Assets as of 2/29/2020 (In Thousands)	$	1,661,367
Duration as of 2/29/2020		3.6 years

INVESTMENT OBJECTIVE**

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

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

For twelve months ended February 29, 2020, the Fund outperformed the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overall longer duration was a leading contributor to performance. Generally, bonds of longer duration will experience a larger increase in price when interest rates fall. The Fund’s overweight positions in the hospital and leasing sectors and its underweight position in pre-refunded bonds also helped relative performance. The Fund’s overweight positions in bonds rate single-A and BBB also contributed to relative performance.

The Fund’s overweight positions in the electric and local general obligation bond sectors were leading detractors from relative performance. The Fund’s underweight position in the industrial development revenue/pollution control revenue sector and its overweight position in California bonds also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

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


CREDIT QUALITY ALLOCATIONS***
AAA	17.3	%
AA	49.8
A	20.4
BBB	7.9
B	0.0	(a)
NR	4.6

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

***

Percentages indicated are based on total investments as of February 29, 2020. The Fund’s portfolio composition is subject to change.

(a)

Amount rounds to less than 0.05%.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	7

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge*			2.77	%		1.29	%		1.14	%
Without Sales Charge			5.12			1.74			1.36
CLASS C SHARES	November 1, 2001
With CDSC**			3.52			1.24			0.86
Without CDSC			4.52			1.24			0.86
CLASS I SHARES	June 19, 2009		5.56			2.23			1.86
CLASS R6 SHARES	October 1, 2018		5.61			2.22			1.86

Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (2/28/10 TO 2/29/20)

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 $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 February 28, 2010 to February 29, 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.

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



8	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			10.37%
Bloomberg Barclays US Municipal Index			9.46%

Net Assets as of 2/29/2020 (In Thousands)			$551,778
Duration as of 2/29/2020			6.5 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 29, 2020, the Fund outperformed the Bloomberg Barclays US Municipal Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall. The Fund’s underweight positions in bonds rated AA and higher and its overweight positions in bonds rated single-A and lower also contributed to relative performance. The Fund’s overweight positions in the hospital and leasing sectors also helped relative performance.

The Fund’s overweight position in the electric sector and its underweight positions in the transportation and special tax sectors were leading detractors from relative performance. The Fund’s underweight allocation to bonds issued by California also detracted from 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	16.3	%
AA	49.2
A	19.7
BBB	13.8
NR	1.0

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

***

Percentages indicated are based on total investments as of February 29, 2020. The Fund’s portfolio composition is subject to change.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge*			6.22	%		3.01	%		3.71	%
Without Sales Charge			10.37			3.79			4.11
CLASS C SHARES	July 1, 2008
With CDSC**			8.73			3.15			3.43
Without CDSC			9.73			3.15			3.43
CLASS I SHARES	February 1, 1995		10.66			4.02			4.31
CLASS R6 SHARES	October 1, 2018		10.72			4.04			4.32

Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/10 TO 2/29/20)

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 $10,000 invested in Class A Shares of the JPMorgan Tax Free Bond Fund and the Bloomberg Barclays U.S. Municipal Index from February 28, 2010 to February 29, 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.

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



10	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Ultra-Short Municipal Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			1.96%
Bloomberg Barclays 1 Year Municipal Bond Index			2.48%

Net Assets as of 2/29/2020 (In Thousands)			$4,157,511
Duration as of 2/29/2020			0.8 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 29, 2020, the Fund underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”).

The Fund’s out-of-Benchmark exposure to floating rate notes, which were used tactically to maintain liquidity in the portfolio and typically do not experience price appreciation when interest rates fall, detracted from performance relative to the Benchmark. The Fund’s overweight allocation to local general obligation bonds and its underweight allocation to bonds rated single-A and BBB also detracted from relative performance.

The Fund’s out-of-Benchmark allocation to bonds with maturities of two years or longer was a leading contributor to relative performance. The Fund’s underweight allocation to bonds issued by California and its overweight allocations to bonds issued by Illinois and New Jersey also contributed to relative performance. The Fund’s underweight allocation to pre-refunded bonds also helped 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	11.0	%
AA	45.1
A	14.5
BBB	4.5
BB	0.2
NR	24.7

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

***

Percentages indicated are based on total investments as of February 29, 2020. The Fund’s portfolio composition is subject to change.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	11

JPMorgan Ultra-Short Municipal Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2020

	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2016
With Sales Charge*			(0.52	)%		0.48	%
Without Sales Charge			1.76			1.09
CLASS I SHARES	May 31, 2016		1.96			1.29

Sales Charge for Class A Shares is 2.25%.

LIFE OF FUND PERFORMANCE (5/31/16 TO 2/29/20)

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 February 29, 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.

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 redemptions of Fund shares.



12	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 94.7% (a)

Alabama — 0.4%

Utility — 0.4%

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (b)		2,000		2,074


Alaska — 0.5%

Industrial Development Revenue/Pollution Control Revenue — 0.5%

Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		345

Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036		2,000		2,329


				2,674


Total Alaska				2,674


Arizona — 6.2%

Education — 2.5%

Arizona Industrial Development Authority, Academics of Math and Science Projects

Rev., 4.00%, 7/1/2029 (c)		400		443

Rev., 5.00%, 7/1/2039 (c)		1,000		1,161

Arizona Industrial Development Authority, Cadence Campus Project

Series 2020A, Rev., 4.00%, 7/15/2030 (c)		500		560

Series 2020A, Rev., 4.00%, 7/15/2040 (c)		800		877

Arizona Industrial Development Authority, Equitable School Revolving Funds

Series A, Rev., 5.00%, 11/1/2044		750		930

Series A, Rev., 4.00%, 11/1/2049		1,000		1,138

Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects

Series 2019A, Rev., 3.55%, 7/15/2029 (c)		1,360		1,459

Series 2019A, Rev., 5.00%, 7/15/2039 (c)		1,325		1,509

Series 2019A, Rev., 5.00%, 7/15/2049 (c)		1,675		1,883

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		434

Series 2018A, Rev., 5.00%, 7/1/2033		150		185

Series 2018A, Rev., 5.00%, 7/1/2037		200		245

La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project

Series 2018A, Rev., 5.00%, 2/15/2028		200		233

Series 2018A, Rev., 5.00%, 2/15/2038		405		480


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Maricopa County Industrial Development Authority, Arizona Autism Charter Schools Project

Series 2020A, Rev., 4.00%, 7/1/2030 (c)		320		359

Series 2020A, Rev., 5.00%, 7/1/2040 (c)		620		721

Series 2020A, Rev., 5.00%, 7/1/2050 (c)		780		892


				13,509


Hospital — 1.5%

Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2044		7,000		8,127


Industrial Development Revenue/Pollution Control Revenue — 2.1%

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project

Series 2019A, Rev., 5.00%, 1/1/2029		1,500		1,837

Series 2019A, Rev., 5.00%, 1/1/2037		1,000		1,203

Series 2019A, Rev., 5.00%, 1/1/2038		1,000		1,196

Series 2019A, Rev., 4.25%, 1/1/2039		1,000		1,116

Series 2019A, Rev., 4.50%, 1/1/2049		2,000		2,202

Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects

Series 2018A, Rev., 5.00%, 7/15/2028 (c)		1,000		1,157

Series 2018A, Rev., 5.75%, 7/15/2038 (c)		1,000		1,197

Glendale Industrial Development Authority, Terraces of Phoenix Project

Series 2018A, Rev., 4.00%, 7/1/2028		450		484

Series 2018A, Rev., 5.00%, 7/1/2033		600		669

Series 2018A, Rev., 5.00%, 7/1/2038		300		332


				11,393


Utility — 0.1%

City of Mesa, Utility System

Rev., AGM, 5.25%, 7/1/2029 (d)		160		221

Rev., AGM, 5.25%, 7/1/2029		40		55


				276


Total Arizona				33,305


California — 2.1%

Education — 0.9%

California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project

Rev., 5.00%, 5/1/2037		750		916

Rev., 5.00%, 5/1/2038		400		487

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	13

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

California Municipal Finance Authority, John Adams Academies Lincoln Project

Series 2019A, Rev., 4.00%, 10/1/2029 (c)		410		432

Series 2019A, Rev., 5.00%, 10/1/2039 (c)		900		992

California Public Finance Authority, Laverne Elementary Preparatory Academy

Series 2019A, Rev., 4.25%, 6/15/2029 (c)		795		825

Series 2019A, Rev., 5.00%, 6/15/2039 (c)		785		819

California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District

Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030		200		165


				4,636


General Obligation — 0.1%

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		72

Sunnyvale Elementary School District, Election 2004 Series C, GO, 5.50%, 9/1/2034		175		264


				569


Hospital — 0.7%

California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047		500		603

California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		238

California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		239

California Statewide Communities Development Authority, Adventist Health System Series 2018A, Rev., 3.50%, 3/1/2038		2,000		2,189

Palomar Health Rev., 5.00%, 11/1/2039		500		590


				3,859


Housing — 0.1%

California Municipal Finance Authority, Linxs Apartments Project, Senior Lien

Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		269

Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		266


				535


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — 0.1%

California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025 (b)		250		275


Utility — 0.2%

California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		850		1,036

Los Angeles Department of Water and Power System Series A, Rev., 5.25%, 7/1/2039		250		259


				1,295


Total California				11,169


Colorado — 8.8%

Certificate of Participation/Lease — 0.9%

South Suburban Park & Recreation District

COP, 4.00%, 12/15/2035		2,015		2,363

COP, 4.00%, 12/15/2036		1,350		1,579

COP, 4.00%, 12/15/2037		500		582


				4,524


Education — 0.3%

Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project

Series 2018A, Rev., 5.00%, 12/1/2032		500		631

Series 2018A, Rev., 5.00%, 12/1/2033		500		630

Series 2018A, Rev., 4.00%, 12/1/2048		500		558


				1,819


General Obligation — 4.6%

Aviation Station, North Metropolitan District No. 2 Series A, GO, 5.00%, 12/1/2039		750		820

Bradburn Metropolitan District No. 2

Series 2018A, GO, 5.00%, 12/1/2038		500		561

Series 2018B, GO, 7.25%, 12/15/2047		500		518

Copperleaf Metropolitan District No. 4, Limited Tax, Convertible to Unlimited Tax

Series 2020A, GO, 5.00%, 12/1/2039		775		842

Series 2020A, GO, 5.00%, 12/1/2049		1,000		1,077

Cottonwood Highlands Metropolitan District No. 1 Series 2019A, GO, 5.00%, 12/1/2049		900		977

Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,154

DIATC Metropolitan District

GO, 3.25%, 12/1/2029 (c)		590		606

GO, 5.00%, 12/1/2039 (c)		1,240		1,361

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039		1,375		1,493

Mirabelle Metropolitan District No. 2, Limited Tax

Series 2020A, GO, 5.00%, 12/1/2039		700		767

Series 2020A, GO, 5.00%, 12/1/2049		1,250		1,354

Painted Prairie Metropolitan District No. 2 GO, 5.25%, 12/1/2048		2,000		2,129

STC Metropolitan District No. 2

Series 2019A, GO, 3.00%, 12/1/2025		555		568

Series 2019A, GO, 4.00%, 12/1/2029		1,000		1,080

Series 2019A, GO, 5.00%, 12/1/2038		1,700		1,880

Thompson Crossing Metropolitan District No. 4

GO, 5.00%, 12/1/2039		1,400		1,535

GO, 5.00%, 12/1/2049		1,500		1,632

Trails at Crowfoot Metropolitan District No. 3

Series A, GO, 4.38%, 12/1/2030		620		658

Series A, GO, 5.00%, 12/1/2039		1,000		1,081

Vauxmont Metropolitan District, Senior Limited Tax, Convertible to Unlimited Tax GO, AGM, 5.00%, 12/1/2050 (e)		1,500		1,812

Willow Bend Metropolitan District Series A, GO, 5.00%, 12/1/2039		600		656


				24,561


Hospital — 1.9%

Colorado Health Facilities Authority, Christian Living Neighborhoods

Rev., 4.00%, 1/1/2023		620		658

Rev., 4.00%, 1/1/2025		660		726

Rev., 4.00%, 1/1/2026		520		580

Rev., 4.00%, 1/1/2028		500		570

Rev., 4.00%, 1/1/2038		550		603

Rev., 5.00%, 1/1/2038		1,550		1,803

Colorado Health Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		2,000		2,307

Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series A, Rev., 5.25%, 5/15/2028		1,000		1,205

Denver Health and Hospital Authority, Healthcare Series 2019A, Rev., 4.00%, 12/1/2037		1,250		1,461


				9,913


Other Revenue — 1.1%

Copper Ridge Metropolitan District

Rev., 4.00%, 12/1/2029		1,000		1,057

Rev., 5.00%, 12/1/2039		1,000		1,083


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Painted Prairie Public Improvement Authority

Rev., 4.00%, 12/1/2029		1,000		1,038

Rev., 5.00%, 12/1/2039		2,500		2,677


				5,855


Utility — 0.0% (f)

Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023		90		100


Total Colorado				46,772


Connecticut — 1.4%

Education — 0.8%

Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue

Series A-1, Rev., 5.00%, 10/1/2029 (c)		400		453

Series A-1, Rev., 4.50%, 10/1/2034 (c)		2,350		2,584

Series A-1, Rev., 5.00%, 10/1/2039 (c)		1,000		1,114

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2024		200		206


				4,357


General Obligation — 0.2%

State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,257


Hospital — 0.1%

Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Issue Series G-1, Rev., 5.00%, 7/1/2034 (c)		225		276


Other Revenue — 0.3%

Town of Hamden, Whitney Center Project Rev., 5.00%, 1/1/2030		1,500		1,706


Total Connecticut				7,596


Delaware — 0.2%

Housing — 0.0% (f)

Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		140		143


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		824


Total Delaware				967

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	15

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

District of Columbia — 0.2%

Education — 0.2%

District of Columbia, International School Issue Rev., 5.00%, 7/1/2039		650		816


Other Revenue — 0.0% (f)

District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039		200		229


Total District of Columbia				1,045


Florida — 8.8%

Education — 4.9%

Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project

Series A, Rev., 5.00%, 12/15/2029		405		464

Series A, Rev., 5.00%, 12/15/2039		1,775		1,995

Capital Trust Agency, Inc., Franklin Academy Project

Rev., 4.00%, 12/15/2025 (c)		300		327

Rev., 5.00%, 12/15/2026 (c)		300		345

Rev., 5.00%, 12/15/2027 (c)		330		377

Rev., 5.00%, 12/15/2028 (c)		345		392

Rev., 5.00%, 12/15/2029 (c)		365		412

Rev., 5.00%, 12/15/2030 (c)		510		572

Rev., 5.00%, 12/15/2035 (c)		1,080		1,191

Rev., 5.00%, 12/15/2040 (c)		1,200		1,312

Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project

Series 2020A, Rev., 3.00%, 12/15/2029 (c)		420		441

Series 2020A, Rev., 5.00%, 12/15/2039 (c)		640		766

County of Lake, Imagine South Lake Charter School Project

Series A, Rev., 5.00%, 1/15/2029 (c)		500		571

Series A, Rev., 5.00%, 1/15/2039 (c)		550		625

Series A, Rev., 5.00%, 1/15/2049 (c)		825		925

County of Palm Beach, Atlantic University

Rev., 5.00%, 4/1/2029 (c)		400		463

Rev., 5.00%, 4/1/2039 (c)		900		1,041

Florida Development Finance Corp., Imagine School at Broward Project

Series A, Rev., 4.00%, 12/15/2029 (c)		260		294

Series A, Rev., 5.00%, 12/15/2034 (c)		525		639

Series A, Rev., 5.00%, 12/15/2039 (c)		305		366

Florida Development Finance Corp., Pepin Academies of Pasco County, Inc. Project Series 2020A, Rev., 5.00%, 1/1/2040 (c)		2,430		2,639


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Florida Higher Educational Facilities Financial Authority, Ringling College Project

Rev., 5.00%, 3/1/2034		385		485

Rev., 5.00%, 3/1/2035		1,165		1,464

Rev., 5.00%, 3/1/2036		1,230		1,541

Rev., 5.00%, 3/1/2037		1,130		1,413

Rev., 5.00%, 3/1/2044		2,000		2,459

Florida Higher Educational Facilities Financial Authority, St. Leo University Project Series 2019, Rev., 5.00%, 3/1/2039		750		891

Lakeland Educational Facilities, Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025		500		545

Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (c)		1,060		1,165


				26,120


Hospital — 0.3%

Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		636

Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,218


				1,854


Industrial Development Revenue/Pollution Control Revenue — 1.8%

Lee County Industrial Development Authority, Shell Point/Waterside Health Project Rev., 5.00%, 11/15/2039		1,340		1,621

Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates

Series 2019A, Rev., 5.00%, 1/1/2029		440		511

Series 2019A, Rev., 5.00%, 1/1/2039		400		456

Seminole County Industrial Development Authority, Legacy Pointe at UCF Project

Series 2019B-2, Rev., 3.75%, 11/15/2025		2,000		2,027

Series 2019B-1, Rev., 4.25%, 11/15/2026		2,000		2,027

Series 2019A, Rev., 5.00%, 11/15/2029		1,000		1,053

Series 2019A, Rev., 5.25%, 11/15/2039		2,000		2,102


				9,797


Other Revenue — 0.4%

City of Venice, Village on the Isle Project

Rev., 5.00%, 1/1/2037		1,000		1,158

Rev., 5.00%, 1/1/2047		1,000		1,138


				2,296

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.0% (f)

Charlotte County, Utility System Rev., AGM, 5.25%, 10/1/2024 (d)		70		75


Transportation — 0.7%

County of Broward, Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044		3,000		3,515


Utility — 0.7%

Charlotte County, Utility System Rev., AGM, 5.25%, 10/1/2024		130		139

County of Palm Beach, Tuscan Gardens of Delray Beach Project

Series 2018-A, Rev., 4.25%, 4/2/2022 (b)		1,000		1,008

Series 2018C, Rev., VRDO, 6.25%, 4/2/2022 (b)		1,000		1,000

JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		27

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding, Inc., Project

Rev., 5.00%, 7/1/2029		625		756

Tampa Bay Water Utility System, Revenue Refunding and Improvement Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		719


				3,649


Total Florida				47,306


Georgia — 0.2%

Hospital — 0.1%

Glynn-Brunswick Memorial Hospital Authority, Health System Project Rev., 4.00%, 8/1/2036		375		445


Housing — 0.0% (f)

Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 12/1/2029		10		10


Other Revenue — 0.0% (f)

Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		287


Transportation — 0.1%

City of Atlanta, Airport Series 2012C, Rev., 5.00%, 1/1/2042		500		531


Total Georgia				1,273


Idaho — 0.0% (f)

Education — 0.0% (f)

Idaho Housing and Finance Association, Compass Public Charter School, Inc. Project Series A, Rev., 4.63%, 7/1/2029 (c)		180		201


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Illinois — 6.3%

Education — 0.6%

Illinois Finance Authority, University of Illinois, Champaign Project

Series 2019A, Rev., 5.00%, 10/1/2036		300		386

Series 2019A, Rev., 5.00%, 10/1/2037		400		513

Series 2019A, Rev., 5.00%, 10/1/2038		400		511

Series 2019A, Rev., 5.00%, 10/1/2039		350		446

Series 2019A, Rev., 5.00%, 10/1/2044		1,000		1,261


				3,117


General Obligation — 2.4%

Grundy and Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		600		735

Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027		50		65

State of Illinois

Series 2012, GO, 4.13%, 3/1/2028		170		178

Series 2017A, GO, 4.00%, 12/1/2033		5,000		5,712

State of Illinois, Rebuild Illinois Program Series 2019B, GO, 4.00%, 11/1/2035		5,000		5,839


				12,529


Hospital — 0.8%

Upper Illinois River Valley Development Authority, Morris Hospital

Series 2018, Rev., 5.00%, 12/1/2027		1,145		1,384

Series 2018, Rev., 5.00%, 12/1/2028		1,050		1,289

Series 2018, Rev., 5.00%, 12/1/2029		875		1,069

Series 2018, Rev., 5.00%, 12/1/2033		250		301

Series 2018, Rev., 5.00%, 12/1/2034		20		24


				4,067


Housing — 0.9%

Illinois Finance Authority, Lutheran Life Communities Obligated Group

Series 2019A, Rev., 5.00%, 11/1/2029		1,590		1,811

Series 2019A, Rev., 5.00%, 11/1/2030		1,940		2,201

Series 2019A, Rev., 5.00%, 11/1/2035		900		1,010


				5,022


Other Revenue — 1.0%

Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028		1,610		1,730

Sales Tax Securitization Corp., Second Lien

Series 2020A, Rev., 5.00%, 1/1/2037		1,800		2,345

Series 2020A, Rev., 4.00%, 1/1/2040		1,095		1,291


				5,366

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	17

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.0% (f)

Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2024 (d)		150		156


Transportation — 0.6%

Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		609

Illinois State Toll Highway Authority Series A, Rev., 4.00%, 1/1/2037		2,000		2,395

Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		302


				3,306


Water & Sewer — 0.0% (f)

City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		195


Total Illinois				33,758


Indiana — 2.1%

Education — 0.5%

City of Anderson, Economic Development, Anderson University Rev., 6.00%, 10/1/2042		1,500		1,583

Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044		1,090		1,216


				2,799


Hospital — 0.4%

Indiana Finance Authority, Goshen Health

Series A, Rev., 5.00%, 11/1/2035		665		845

Series A, Rev., 4.00%, 11/1/2036		235		272

Series A, Rev., 4.00%, 11/1/2037		330		379

Series A, Rev., 4.00%, 11/1/2038		340		390

Series A, Rev., 4.00%, 11/1/2039		360		412


				2,298


Housing — 0.0% (f)

Indiana Housing and Community Development Authority, Home First Mortgage

Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		25		26

Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		10		10


				36


Other Revenue — 0.9%

City of Franklin, Otterbeit Homes

Series B, Rev., 4.00%, 7/1/2036		870		996


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Series B, Rev., 4.00%, 7/1/2037		905		1,034

Series B, Rev., 4.00%, 7/1/2038		940		1,071

Series B, Rev., 4.00%, 7/1/2039		750		852

Series B, Rev., 4.00%, 7/1/2040		500		566


				4,519


Utility — 0.2%

Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030		1,000		1,142


Water & Sewer — 0.1%

Indiana State Finance Authority, Wastewater Utility, First Lien Series 2101A, Rev., 5.25%, 10/1/2031		250		267


Total Indiana				11,061


Iowa — 0.6%

Education — 0.1%

Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 3.75%, 12/1/2033		550		590


Housing — 0.2%

Iowa Finance Authority, Northcrest Inc. Project

Series 2018A, Rev., 5.00%, 3/1/2028		890		1,003

Series 2018A, Rev., 5.00%, 3/1/2038		250		278


				1,281


Utility — 0.3%

Iowa Finance Authority, Phs Council Bluffs, Inc. Project

Rev., 3.95%, 8/1/2023		150		154

Rev., 4.45%, 8/1/2028		250		265

Rev., 5.00%, 8/1/2033		485		522

Rev., 5.00%, 8/1/2038		370		395


				1,336


Total Iowa				3,207


Kansas — 0.5%

Hospital — 0.5%

City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.

Series A, Rev., 5.00%, 5/15/2032		500		576

Series A, Rev., 5.00%, 5/15/2039		850		968

City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.

Series 2018 I, Rev., 5.00%, 5/15/2033		500		564

Series I, Rev., 5.00%, 5/15/2038		500		560


				2,668


Total Kansas				2,668

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Kentucky — 0.3%

Hospital — 0.3%

City of Ashland, Kings Daughters Medical Center

Series 2016A, Rev., 4.00%, 2/1/2036		1,000		1,083

Series 2016A, Rev., 5.00%, 2/1/2040		500		575


				1,658


Total Kentucky				1,658


Louisiana — 0.8%

Education — 0.6%

Louisiana Public Facilities Authority, Young Audiences Charter School Project

Series A, Rev., 5.00%, 4/1/2030 (c)		525		579

Series A, Rev., 5.00%, 4/1/2039 (c)		1,425		1,532

Series A, Rev., 5.00%, 4/1/2049 (c)		1,135		1,204


				3,315


Hospital — 0.1%

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		609


Housing — 0.0% (f)

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


Transportation — 0.1%

New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		296


Total Louisiana				4,260


Maine — 0.0% (f)

Prerefunded — 0.0% (f)

Maine Health and Higher Educational Facilities Authority Series A, Rev., 5.00%, 7/1/2025 (d)		25		28


Maryland — 0.7%

Education — 0.7%

County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037 (c)		1,500		1,743

Maryland Economic Development Corp., Bowie State University Project

Rev., 4.00%, 7/1/2040		300		343

Rev., 4.00%, 7/1/2050		1,500		1,689


				3,775


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 0.0% (f)

Maryland Economic Development Corp. Series A, Rev., 5.13%, 6/1/2020 (d)		40		41


Total Maryland				3,816


Massachusetts — 1.9%

Education — 1.0%

Massachusetts Development Finance Agency, Emerson College

Rev., 5.00%, 1/1/2037		500		618

Rev., 5.00%, 1/1/2038		405		499

Rev., 5.00%, 1/1/2043		500		610

Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043		500		594

Massachusetts Development Finance Agency, Suffolk University

Rev., 5.00%, 7/1/2036		450		571

Rev., 5.00%, 7/1/2037		605		767

Massachusetts Educational Financing Authority Series B, Rev., AMT, 3.63%, 7/1/2034		1,000		1,124

Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028		350		445


				5,228


Other Revenue — 0.7%

Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (c)		2,000		2,157

Massachusetts Development Finance Agency, Orchid Cove, Inc.

Rev., 4.00%, 10/1/2029		925		1,040

Rev., 4.00%, 10/1/2039		500		547

Rev., 5.00%, 10/1/2039		250		289


				4,033


Transportation — 0.2%

Massachusetts Bay Transportation Authority Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		409

Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		580


				989


Water & Sewer — 0.0% (f)

Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		146


Total Massachusetts				10,396

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	19

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Michigan — 3.0%

Education — 0.2%

Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		861


General Obligation — 0.3%

City of Detroit

GO, 5.00%, 4/1/2035		500		583

GO, 5.00%, 4/1/2036		500		582

GO, 5.00%, 4/1/2037		500		580


				1,745


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Kentwood Economic Development Corp., Holland Home Obligated Group Rev., 5.00%, 11/15/2032		1,390		1,645

Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		40		41


				1,686


Other Revenue — 0.6%

Michigan Strategic Fund, Holland Home Obligated Group

Rev., 5.00%, 11/15/2034		1,900		2,240

Rev., 5.00%, 11/15/2043		750		870


				3,110


Transportation — 0.1%

Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		428


Utility — 1.5%

Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project

Rev., 5.00%, 5/15/2032		2,000		2,331

Rev., 5.00%, 5/15/2037		1,230		1,419

Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,892

Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Project Rev., 5.00%, 11/15/2034		1,280		1,544


				8,186


Total Michigan				16,016


Minnesota — 0.7%

Hospital — 0.2%

City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		875


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.5%

City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		791

City of Wayzata, Folkestone Senior Living Community

Rev., 5.00%, 8/1/2032		100		114

Rev., 5.00%, 8/1/2033		200		228

Rev., 5.00%, 8/1/2035		200		227

Rev., 3.75%, 8/1/2036		250		268

Rev., 3.75%, 8/1/2037		500		535

Rev., 4.00%, 8/1/2038		350		377

Rev., 4.00%, 8/1/2039		250		269

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		4		4

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		70		71

Minnesota Housing Finance Agency, Residential Housing Finance Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		5		5


				2,889


Total Minnesota				3,764


Mississippi — 0.6%

Hospital — 0.5%

Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project

Series A, Rev., 4.00%, 1/1/2039		1,250		1,443

Series A, Rev., 4.00%, 1/1/2040		1,000		1,151


				2,594


Other Revenue — 0.1%

Mississippi Development Bank, Harrison County, Coliseum and Convention Center

Series A, Rev., GTD, 5.25%, 1/1/2030		160		215

Series 2010A, Rev., GTD, 5.25%, 1/1/2034		100		139


				354


Total Mississippi				2,948


Missouri — 1.9%

Education — 0.6%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects

Series 2019A, Rev., 5.00%, 2/1/2029		550		638

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,163

Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,141


				2,942


General Obligation — 0.0% (f)

Independence School District, Direct Deposit Program Series A, GO, 5.25%, 3/1/2031		250		261


Housing — 0.0% (f)

Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program

Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		30		31

Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		20		20


				51


Industrial Development Revenue/Pollution Control Revenue — 0.1%

St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028		630		739


Other Revenue — 1.1%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects

Series 2019C, Rev., 4.00%, 2/1/2032		390		448

Series 2019C, Rev., 4.00%, 2/1/2033		865		987

Series 2019C, Rev., 4.00%, 2/1/2034		1,000		1,138

Series 2019C, Rev., 5.00%, 2/1/2042		2,500		3,101


				5,674


Transportation — 0.1%

Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		487


Total Missouri				10,154


Montana — 0.1%

General Obligation — 0.1%

Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		375


Housing — 0.0% (f)

Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		110		115


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 0.0% (f)

City of Billings, Airport Series 2010A, Rev., AMT, 5.00%, 7/1/2020		100		101


Total Montana				591


Nebraska — 0.4%

Hospital — 0.4%

Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Obligated Group

Series 2019A, Rev., 4.00%, 1/1/2034		1,000		1,135

Series 2019A, Rev., 4.00%, 1/1/2037		1,000		1,130


				2,265


Total Nebraska				2,265


Nevada — 0.1%

Other Revenue — 0.0% (f)

City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (c)		215		220


Transportation — 0.1%

City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		428


Total Nevada				648


New Hampshire — 0.3%

Education — 0.0% (f)

City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027		100		130


Housing — 0.0% (f)

New Hampshire Housing Finance Authority, Single Family Mortgage Series 2011A, Rev., AMT, 5.25%, 7/1/2028		15		16


Utility — 0.3%

New Hampshire Business Finance Authority, The Vista Project

Series A, Rev., 5.25%, 7/1/2039 (c)		200		221

Series A, Rev., 5.63%, 7/1/2046 (c)		1,000		1,117


				1,338


Total New Hampshire				1,484


New Jersey — 4.8%

Education — 1.4%

New Jersey Economic Development Authority, School Facilities Construction Series EEE, Rev., 5.00%, 6/15/2043		4,000		4,895

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	21

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

New Jersey Higher Education Student Assistance Authority, Senior Student Loan

Series 2018A, Rev., AMT, 3.75%, 12/1/2031		750		849

Series 2018A, Rev., AMT, 4.00%, 12/1/2032		400		461

Series A, Rev., AMT, 4.00%, 12/1/2033		500		575

Series 2018A, Rev., AMT, 4.00%, 12/1/2034		300		344

Series A, Rev., AMT, 4.00%, 12/1/2035		200		229


				7,353


Hospital — 0.3%

New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,750


Industrial Development Revenue/Pollution Control Revenue — 1.0%

New Jersey Economic Development Authority, Black House EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (c)		2,000		2,068

New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project

Series 2018A, Rev., 5.13%, 11/1/2029 (c)		210		235

Series 2018-A, Rev., 6.25%, 11/1/2038 (c)		525		620

New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc. Project Series 2018-A, Rev., 5.00%, 10/1/2033 (c)		1,000		1,107

New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		1,200		1,399


				5,429


Transportation — 1.5%

New Jersey Economic Development Authority, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		444

New Jersey Economic Development Authority, Transit Transportation Project

Series 2020A, Rev., 4.00%, 11/1/2037		1,500		1,746

Series 2020A, Rev., 4.00%, 11/1/2038		750		870

Series 2020A, Rev., 4.00%, 11/1/2039		2,000		2,313

New Jersey Transportation Trust Fund Authority Series 2019BB, Rev., 4.00%, 6/15/2036		1,000		1,156

New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.25%, 6/15/2033		1,335		1,492


				8,021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 0.6%

New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (c)		3,000		3,070


Total New Jersey				25,623


New Mexico — 0.6%

Housing — 0.0% (f)

New Mexico Mortgage Finance Authority, Single Family Mortgage Program

Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		60		61

Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		10		10


				71


Other Revenue — 0.2%

City of Santa Fe, El Castillo Retirement Residences Project Series 2019A, Rev., 5.00%, 5/15/2034		650		756


Utility — 0.4%

New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project

Series A, Rev., 5.00%, 7/1/2033		360		425

Series A, Rev., 5.00%, 7/1/2034		375		442

Series A, Rev., 5.00%, 7/1/2039		1,225		1,436


				2,303


Total New Mexico				3,130


New York — 3.5%

Education — 1.7%

Build Resource Corp., Inwood Academy for Leadership Charter School Project

Series 2018A, Rev., 4.88%, 5/1/2031 (c)		500		588

Series 2018A, Rev., 5.13%, 5/1/2038 (c)		250		295

New York State Dormitory Authority, Montefiore Obligated Group

Series 2020A, Rev., AGM, 3.00%, 9/1/2050		1,850		1,985

Series 2020A, Rev., 4.00%, 9/1/2050		3,600		4,172

Onondaga Civic Development Corp., Le Moyne College Project

Rev., 5.00%, 1/1/2037		300		370

Rev., 5.00%, 1/1/2038		200		246

Rev., 5.00%, 1/1/2043		500		611

Yonkers Economic Development Corp., Charter School of Educational Excellence Project

Series 2019A, Rev., 4.00%, 10/15/2029		200		225

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Series 2019A, Rev., 5.00%, 10/15/2039		315		371


				8,863


Hospital — 0.2%

Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		1,082


Housing — 0.1%

Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Series 2019, Rev., 5.00%, 7/1/2042		365		428


Industrial Development Revenue/Pollution Control Revenue — 1.0%

Monroe County Industrial Development Corp., St. Anns Community Project

Rev., 4.00%, 1/1/2030		2,000		2,212

Rev., 5.00%, 1/1/2040		2,145		2,426

Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029 (e)		750		871


				5,509


Other Revenue — 0.2%

New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		758

New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing Series 2005B, Rev., 5.50%, 10/15/2030 (d)		390		558


				1,316


Prerefunded — 0.1%

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series BB, Rev., 5.25%, 6/15/2044 (d)		250		271

New York City Water and Sewer System Series 2011EE, Rev., 5.38%, 6/15/2043 (d)		290		300


				571


Transportation — 0.2%

New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project

Rev., AMT, 4.00%, 1/1/2036		500		568

Rev., AMT, 5.00%, 1/1/2036		375		463


				1,031


Water & Sewer — 0.0% (f)

New York City Water and Sewer System Series EE, Rev., 5.38%, 6/15/2043		150		155


Total New York				18,955


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


North Carolina — 0.6%

Hospital — 0.6%

North Carolina Medical Care Commission, Retirement Facilities First Mortgage

Series 2019A, Rev., 5.00%, 1/1/2029		560		674

Series 2019A, Rev., 5.00%, 1/1/2030		655		787

Series 2019A, Rev., 5.00%, 1/1/2031		625		749

North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Davidson Project Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,150


				3,360


Total North Carolina				3,360


North Dakota — 0.1%

Housing — 0.0% (f)

North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042		50		52


Utility — 0.1%

McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		210		212


Total North Dakota				264


Ohio — 4.4%

Education — 2.5%

Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project

Rev., 5.00%, 12/1/2028		500		590

Rev., 5.00%, 12/1/2033		270		314

Rev., 5.00%, 12/1/2038		685		786

Ohio Higher Educational Facility Commission, Tiffin University 2019 Project

Rev., 5.00%, 11/1/2034		2,875		3,467

Rev., 5.00%, 11/1/2039		4,890		5,826

Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		2,000		2,390


				13,373


General Obligation — 0.1%

County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement

GO, NATL-RE, 5.25%, 12/1/2025		185		230

Greene County Series 2007A, GO, AMBAC, 5.25%, 12/1/2028		45		58


				288

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	23

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 0.7%

City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380		444

County of Ross, Adena Health System Rev., 5.00%, 12/1/2039		1,000		1,269

County of Warren, Otterbein Homes

Series A, Rev., 4.00%, 7/1/2037		1,000		1,154

Series A, Rev., 4.00%, 7/1/2039		500		574

Franklin County Health Care Improvement, Presbyterian Services Series 2010A, Rev., 5.00%, 7/1/2020		100		100


				3,541


Housing — 0.0% (f)

Ohio Housing Finance Agency, Single Family Mortgage Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		20		20


Other Revenue — 0.7%

Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048		3,210		3,677


Transportation — 0.4%

Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project

Rev., 5.00%, 12/1/2033		1,000		1,191

Rev., 5.25%, 12/1/2038		500		597

Rev., 5.50%, 12/1/2043		500		601


				2,389


Total Ohio				23,288


Oklahoma — 0.9%

Hospital — 0.2%

Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,227


Transportation — 0.6%

Oklahoma Development Finance Authority (The), Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		2,380		2,396

Tulsa Airports Improvement Trust

Series A, Rev., AMT, 5.00%, 6/1/2024		300		346

Series A, Rev., AMT, 5.00%, 6/1/2025		420		487


				3,229


Water & Sewer — 0.1%

Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2040		220		233


Total Oklahoma				4,689


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Oregon — 0.4%

General Obligation — 0.1%

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


				230


Hospital — 0.3%

Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project

Series 2018A, Rev., 5.00%, 5/15/2038		220		250

Series 2018A, Rev., 5.00%, 5/15/2043		310		349

Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,189


				1,788


Housing — 0.0% (f)

Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		25		26


Prerefunded — 0.0% (f)

State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/1/2031 (d)		105		112


Total Oregon				2,156


Pennsylvania — 9.1%

Education — 1.3%

Allegheny County Higher Education Building Authority, Duquesne University Series 2011A, Rev., 5.00%, 3/1/2020		160		160

Dallas Area Municipal Authority, Misericordia University Project

Rev., 3.25%, 5/1/2023		200		205

Rev., 5.00%, 5/1/2029		650		792

Rev., 5.00%, 5/1/2039		1,100		1,298

Montgomery County Higher Education and Health Authority, Arcadia University

Rev., 5.00%, 4/1/2034		275		353

Rev., 4.00%, 4/1/2035		205		239

Rev., 4.00%, 4/1/2036		520		604

Rev., 4.00%, 4/1/2037		545		632

Rev., 4.00%, 4/1/2038		695		803

Rev., 4.00%, 4/1/2039		725		835

Philadelphia Authority for Industrial Development, Independence Charter School

Rev., 4.00%, 6/15/2029		360		380

Rev., 5.00%, 6/15/2039		500		544


				6,845

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 2.6%

Aliquippa School District

GO, 3.75%, 12/1/2033		2,000		2,270

GO, 3.88%, 12/1/2037		1,250		1,414

Allentown City School District

Series C, GO, 4.00%, 2/1/2034		1,580		1,853

Series B, GO, 5.00%, 2/1/2034		1,300		1,665

Series C, GO, 4.00%, 2/1/2035		1,000		1,171

The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,433

West Mifflin School District

GO, 3.00%, 4/1/2034		1,000		1,077

GO, 3.00%, 4/1/2038		1,400		1,492

Wilkes-Barre Area School District

Series 2019, GO, 3.50%, 4/15/2038		370		412

Series 2019, GO, 3.50%, 4/15/2039		230		255

Series 2019, GO, 3.75%, 4/15/2044		1,000		1,122


				14,164


Hospital — 2.2%

Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		574

Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 4.00%, 7/15/2037		2,000		2,375

Berks County Industrial Development Authority, Healthcare Facilities

Rev., 5.00%, 5/15/2033		500		579

Series 2017A, Rev., 5.00%, 5/15/2037		250		296

Rev., 5.00%, 5/15/2038		500		577

Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		1,000		1,231

Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project

Series 2019B, Rev., 2.88%, 12/15/2023		1,000		1,001

Series 2019A, Rev., 5.00%, 6/15/2032		545		641

Series 2019A, Rev., 5.00%, 6/15/2033		570		669

Series 2019A, Rev., 5.00%, 6/15/2038		1,110		1,290

Lancaster County Hospital Authority, Saint Anne’s Retirement Community, Incorporated Project

Rev., 5.00%, 3/1/2040		250		292

Rev., 5.00%, 3/1/2045		500		578

Rev., 5.00%, 3/1/2050		500		576

West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		849


				11,528


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.0% (f)

Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		20		20


Industrial Development Revenue/Pollution Control Revenue — 1.2%

Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044		2,475		2,797

Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		70		82

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 4.00%, 12/1/2034		170		193

Series 2019, Rev., 4.00%, 12/1/2035		175		198

Series 2019, Rev., 4.00%, 12/1/2036		175		198

Series 2019, Rev., 4.00%, 12/1/2037		100		113

Series 2019, Rev., 4.00%, 12/1/2038		100		113

Series 2019, Rev., 5.00%, 12/1/2044		350		418

Series 2019, Rev., 5.00%, 12/1/2049		500		595

Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project Rev., 5.00%, 11/1/2039		1,000		1,150

Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029 (c)		700		760


				6,617


Other Revenue — 1.2%

Allentown Neighborhood Improvement Zone Development Authority, City Center Project

Rev., 5.00%, 5/1/2033 (c)		250		304

Rev., 5.00%, 5/1/2042 (c)		250		297

Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group

Rev., 3.00%, 1/1/2024		1,000		1,018

Rev., 3.38%, 1/1/2029		4,545		4,670


				6,289


Prerefunded — 0.1%

Allegheny County Airport Authority, Pittsburgh International Airport Series 2012A-1, Rev., 5.00%, 1/1/2026 (d)		350		375


Utility — 0.5%

Franklin County Industrial Development Authority, Haven Inc. Project

Rev., 5.00%, 12/1/2029		195		222

Rev., 5.00%, 12/1/2039		385		430

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	25

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

Rev., 5.00%, 12/1/2049		500		553

Lancaster Industrial Development Authority, Willow Valley Communities Project Rev., 5.00%, 12/1/2044		1,425		1,701


				2,906


Total Pennsylvania				48,744


Rhode Island — 0.1%

Education — 0.0% (f)

Rhode Island Student Loan Authority, Senior Series 2017A, Rev., AMT, 5.00%, 12/1/2024		100		117


Transportation — 0.1%

Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022		250		272


Total Rhode Island				389


South Carolina — 1.6%

Education — 1.0%

South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project

Series A, Rev., 4.00%, 12/1/2029 (c)		1,130		1,281

Series A, Rev., 5.00%, 12/1/2034 (c)		1,405		1,708

Series A, Rev., 5.00%, 12/1/2039 (c)		1,795		2,149


				5,138


Industrial Development Revenue/Pollution Control Revenue — 0.5%

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,668

South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project

Series 2020A, Rev., 5.00%, 11/15/2028		210		247

Series 2020A, Rev., 5.00%, 11/15/2029		110		130

Series 2020A, Rev., 5.00%, 11/15/2042		580		661


				2,706


Other Revenue — 0.1%

South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community Series 2019A, Rev., 4.00%, 4/1/2034		605		691


Total South Carolina				8,535


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


South Dakota — 0.1%

Education — 0.1%

South Dakota Health and Educational Facilities Authority, Sanford Health Rev., 5.00%, 11/1/2045		500		580


Housing — 0.0% (f)

South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031		45		47


Total South Dakota				627


Tennessee — 1.6%

Hospital — 1.4%

Chattanooga Health Educational & Housing Facility Board, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,154

Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project

Series 2019A, Rev., 5.00%, 10/1/2029		1,350		1,392

Series 2019A, Rev., 5.50%, 10/1/2034		2,850		3,000

Series 2019A, Rev., 5.75%, 10/1/2054		1,000		1,037

Series 2019A, Rev., 5.75%, 10/1/2059		1,000		1,024


				7,607


Housing — 0.2%

Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project

Rev., 4.50%, 6/1/2028 (c)		500		555

Rev., 5.13%, 6/1/2036 (c)		425		491

Tennessee Housing Development Agency, Homeownership Program

Series A, Rev., AMT, 4.50%, 7/1/2031		25		26

Series 1A, Rev., AMT, 4.50%, 1/1/2038		65		67


				1,139


Total Tennessee				8,746


Texas — 4.4%

Education — 3.2%

Arlington Higher Education Finance Corp., Winfree Academy Charter Schools

Series 2019A, Rev., 5.15%, 8/15/2029		450		500

Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,154

Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Series 2019A, Rev., 5.00%, 8/15/2039		3,000		3,200

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

New Hope Cultural Education Facilities Finance Corp. Series 2020A, Rev., 5.00%, 1/1/2030		1,075		1,237

New Hope Cultural Education Facilities Finance Corp., Beta Academy

Series A, Rev., 3.38%, 8/15/2029 (c)		300		308

Series A, Rev., 4.00%, 8/15/2029 (c)		330		364

Series A, Rev., 5.00%, 8/15/2039 (c)		1,035		1,152

Series A, Rev., 5.00%, 8/15/2049 (c)		670		716

New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		1,071

New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project

Series 2020A, Rev., 5.00%, 1/1/2035		865		987

Series 2020A, Rev., 5.00%, 1/1/2040		790		894

Series 2020A, Rev., 5.00%, 1/1/2055		2,000		2,246

New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,123

New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project

Rev., 4.00%, 1/1/2029		300		320

Rev., 5.00%, 1/1/2039		205		226

Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.

Rev., 4.25%, 6/15/2028		150		157

Rev., 5.00%, 6/15/2033		150		159

Rev., 5.00%, 6/15/2038		250		264

Permanent University Fund — Texas A&M University System

Series B, Rev., 5.25%, 7/1/2028		140		188

Series B, Rev., 5.25%, 7/1/2030		395		553

Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		194


				17,013


General Obligation — 0.1%

North East Independent School District GO, PSF-GTD, 5.25%, 2/1/2027		200		257


Hospital — 0.2%

Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		1,008


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.3%

New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas Series A-1, Rev., 5.00%, 12/1/2039		1,420		1,606

Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		25		26


				1,632


Other Revenue — 0.2%

City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028 (c)		940		1,072


Transportation — 0.0% (f)

Dallas Area Rapid Transit, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		179


Utility — 0.2%

Matagorda County Navigation District No. 1, Central Power and Light Co. Project Rev., 2.60%, 11/1/2029		1,000		1,081


Water & Sewer — 0.2%

City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027 (d)		30		28

Texas Water Development Board, State Water Implementation Series 2019A, Rev., 4.00%, 10/15/2044		900		1,074


				1,102


Total Texas				23,344


Utah — 1.3%

Education — 0.7%

Utah Charter School Finance Authority

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		302

Series A, Rev., 5.00%, 4/15/2039		700		888

Utah Charter School Finance Authority, Mountain West Montessori Academy Project

Series 2020A, Rev., 3.13%, 6/15/2029 (c)		750		762

Series 2020A, Rev., 5.00%, 6/15/2039 (c)		475		539

Series 2020A, Rev., 5.00%, 6/15/2049 (c)		825		920


				4,010


Other Revenue — 0.1%

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		628


				676

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	27

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.5%

Utah Infrastructure Agency

Rev., 4.00%, 10/15/2033		500		559

Rev., 4.00%, 10/15/2036		500		558

Rev., 4.00%, 10/15/2039		700		771

Rev., 4.00%, 10/15/2042		475		520


				2,408


Total Utah				7,094


Vermont — 0.1%

Education — 0.1%

Vermont Student Assistance Corp., Education Loan

Series A, Rev., AMT, 4.00%, 6/15/2032		200		220

Series A, Rev., AMT, 4.00%, 6/15/2033		250		275

Series 2018A, Rev., AMT, 4.00%, 6/15/2034		200		219


				714


Total Vermont				714


Virginia — 3.9%

Education — 0.2%

Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		834


Hospital — 1.2%

Chesapeake Hospital Authority, Regional Medical Center

Rev., 4.00%, 7/1/2035		1,000		1,193

Rev., 4.00%, 7/1/2036		1,175		1,385

Rev., 4.00%, 7/1/2037		1,205		1,417

Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047 (e)		1,550		2,434


				6,429


Housing — 0.8%

Norfolk Redevelopment and Housing Authority, Harbors Edge Project

Series 2019B, Rev., 4.00%, 1/1/2025		2,000		2,001

Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,109

Series 2019A, Rev., 4.38%, 1/1/2039		1,250		1,355


				4,465


Industrial Development Revenue/Pollution Control Revenue — 1.1%

Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living

Series 2019A, Rev., 4.75%, 9/1/2029		1,000		1,066


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — continued

Series 2019A, Rev., 5.00%, 9/1/2034		2,000		2,128

Roanoke Economic Development Authority, Richfield Living

Rev., 4.30%, 9/1/2030		770		783

Rev., 5.00%, 9/1/2040		1,640		1,708


				5,685


Prerefunded — 0.0% (f)

Virginia Resources Authority, Infrastructure, Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2025 (d)		70		75


Utility — 0.6%

Fredericksburg Economic Development Authority, Stadium Project

Series B, Rev., 6.13%, 9/1/2029 (c)		2,000		2,075

Series B, Rev., 7.00%, 9/1/2044 (c)		1,000		1,051


				3,126


Total Virginia				20,614


Washington — 2.5%

General Obligation — 0.5%

Pend Oreille County, Public Hospital District No. 1

GO, 5.00%, 12/1/2033		1,000		1,195

GO, 5.00%, 12/1/2038		1,255		1,485


				2,680


Hospital — 0.2%

Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,154


Housing — 0.9%

Washington State Housing Finance Commission, Homeownership Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 4/1/2029		20		20

Washington State Housing Finance Commission, The Heart Stone Project

Series 2018A, Rev., 4.50%, 7/1/2028 (c)		965		1,060

Series 2018A, Rev., 5.00%, 7/1/2038 (c)		825		910

Washington State Housing Finance Commission, Transforming Age Projects

Series 2019A, Rev., 5.00%, 1/1/2034 (c)		745		873

Series 2019A, Rev., 5.00%, 1/1/2039 (c)		1,495		1,733


				4,596

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.3%

Washington State Housing Finance Commission, Judson Park Project

Rev., 4.00%, 7/1/2028 (c)		535		576

Rev., 5.00%, 7/1/2033 (c)		535		597

Rev., 5.00%, 7/1/2038 (c)		300		331


				1,504


Utility — 0.6%

Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		2,605		3,160


Total Washington				13,094


West Virginia — 0.6%

Hospital — 0.6%

West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.

Series 2019A, Rev., 5.00%, 9/1/2038		1,250		1,583

Series 2019A, Rev., 5.00%, 9/1/2039		1,400		1,766


				3,349


Total West Virginia				3,349


Wisconsin — 5.0%

Education — 3.9%

Public Finance Authority, Community School of Davidson Project

Rev., 3.75%, 10/1/2023		300		308

Rev., 5.00%, 10/1/2033		775		891

Public Finance Authority, Coral Academy of Sciences

Series 2019A, Rev., 5.00%, 6/1/2029 (c)		370		422

Series 2019A, Rev., 5.00%, 6/1/2039 (c)		710		790

Public Finance Authority, Minnesota College of Osteopathic Medicine

Series 2019A-1, Rev., 5.50%, 12/1/2048 (c)		17		17

Series 2019A-2, Rev., 7.25%, 12/1/2048 (c)		46		46

Public Finance Authority, Piedmont Community Charter School

Rev., 5.00%, 6/15/2027		160		195

Rev., 5.00%, 6/15/2028		505		622

Rev., 5.00%, 6/15/2034		215		265

Rev., 5.00%, 6/15/2039		390		473

Rev., 5.00%, 6/15/2049		1,000		1,194

Public Finance Authority, Roseman University of Health Sciences Project

Rev., 5.00%, 4/1/2030 (c) (e)		500		625

Rev., 5.00%, 4/1/2040 (c) (e)		1,155		1,402


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Rev., 5.00%, 4/1/2050 (c) (e)		1,000		1,196

Public Finance Authority, Ultimate Medical Academy Project

Series 2019A, Rev., 5.00%, 10/1/2028 (c)		2,000		2,384

Series 2019A, Rev., 5.00%, 10/1/2029 (c)		1,850		2,232

Series 2019A, Rev., 5.00%, 10/1/2034 (c)		500		598

Public Finance Authority, Wilson Preparatory Academy

Series 2019A, Rev., 4.13%, 6/15/2029 (c)		545		581

Series 2019A, Rev., 5.00%, 6/15/2039 (c)		500		537

Series 2019A, Rev., 5.00%, 6/15/2049 (c)		1,100		1,173

Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin Rev., 4.00%, 2/1/2045 (e)		675		772

Wisconsin Health and Educational Facilities Authority, St. Camillus Health System

Series 2019A, Rev., 5.00%, 11/1/2026		355		405

Series 2019A, Rev., 5.00%, 11/1/2027		370		427

Series 2019A, Rev., 5.00%, 11/1/2028		470		543

Series 2019A, Rev., 5.00%, 11/1/2029		315		363

Series 2019A, Rev., 5.00%, 11/1/2030		515		590

Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 4.25%, 9/15/2035		1,500		1,571


				20,622


Hospital — 0.2%

Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.

Series B, Rev., 5.00%, 7/1/2038		150		181

Series A, Rev., 5.00%, 7/1/2044		210		251

Series A, Rev., 5.00%, 7/1/2049		750		895


				1,327


Other Revenue — 0.9%

Public Finance Authority Rev., 4.25%, 10/1/2038 (c)		2,000		2,058

Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029 (c)		1,000		1,030

Public Finance Authority, The Evergreens Obligated Group Rev., 5.00%, 11/15/2044		1,565		1,831


				4,919


Total Wisconsin				26,868


Total Municipal Bonds (Cost $475,518)				506,687

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	29

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)

Common Stocks — 0.0% (f)

Oil, Gas & Consumable Fuels — 0.0% (f)

Southcross Holdco Equity ‡ (Cost $12)		—	(g)		3

Short-Term Investments — 8.4%

Investment Companies — 8.4%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (h) (i) (Cost $44,883)		44,883			44,883

Total Investments — 103.1% (Cost $520,413)					551,573
Liabilities in Excess of Other Assets — (3.1)%					(16,817	)

NET ASSETS — 100.0%					534,756

Percentages indicated are based on net assets.


Abbreviations
AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
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
LIQ		Liquidity Agreement
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RE		Reinsured
Rev.		Revenue
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, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 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)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Amount rounds to less than one thousand.
(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 February 29, 2020.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 97.1% (a)

Alabama — 0.5%

Utility — 0.5%

The Lower Alabama Gas District, Gas Project Series 2016A, Rev., 5.00%, 9/1/2031		1,000		1,318


Alaska — 0.3%

Housing — 0.3%

Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		695		737


Arizona — 2.7%

Education — 0.7%

University of Arizona (The), Stimulus Plan for Economic and Educational Development

Series 2020A, Rev., 5.00%, 8/1/2025		250		305

Series 2020A, Rev., 5.00%, 8/1/2026		700		876

Series 2020A, Rev., 5.00%, 8/1/2027		750		964


				2,145


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032		200		256


Water & Sewer — 1.9%

City of Scottsdale, Water and Sewer Rev., 5.25%, 7/1/2022		2,645		2,919

City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,532


				5,451


Total Arizona				7,852


California — 0.4%

Hospital — 0.2%

California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026		410		502


Other Revenue — 0.2%

State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045		545		579


Total California				1,081


Colorado — 3.4%

Certificate of Participation/Lease — 0.3%

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		413


				916


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — 0.7%

Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project

Rev., 4.00%, 9/1/2020		450		457

Rev., 5.00%, 9/1/2022		470		516

Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 1.56%, 4/1/2020 (b)		970		966


				1,939


General Obligation — 1.4%

Pueblo City Schools District No. 60 GO, 5.00%, 12/15/2031		3,000		4,051


Housing — 1.0%

Colorado Housing and Finance Authority Series 2020B, Rev., 3.75%, 5/1/2050		2,150		2,387

Colorado Housing and Finance Authority, Single Family Mortgage Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049		295		332


				2,719


Total Colorado				9,625


Connecticut — 3.9%

Education — 1.8%

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program

Series 2010A, Rev., 5.25%, 11/15/2023		1,560		1,609

Series A, Rev., 5.25%, 11/15/2024		1,500		1,549

Series 2019B, Rev., AMT, 5.00%, 11/15/2027		250		312

University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035		1,250		1,596


				5,066


Hospital — 0.1%

Connecticut State Health and Educational Facilities Authority, Yale New Haven Series B, Rev., 1.80%, 7/1/2024 (c)		225		232


Housing — 2.0%

Connecticut Housing Finance Authority, Home Mortgage Finance Program

Series D-1, Rev., 1.35%, 5/15/2022		175		177

Series D-1, Rev., 1.45%, 5/15/2023		1,020		1,033

Series D-1, Rev., 1.50%, 11/15/2023		1,220		1,238

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Series 2020A-1, Rev., 3.50%, 11/15/2045		1,360		1,519

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — continued

Series A-1, Rev., 4.00%, 11/15/2045		300		318

Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,025		1,107

Subseries A-1, Rev., 4.00%, 11/15/2047		345		372


				5,764


Total Connecticut				11,062


Delaware — 1.0%

Hospital — 1.0%

Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034		2,200		2,744


Housing — 0.0% (d)

Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		165		169


Total Delaware				2,913


District of Columbia — 1.1%

Transportation — 0.4%

Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series 2017B, Rev., 5.00%, 7/1/2025		1,000		1,218


Water & Sewer — 0.7%

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045		1,500		1,796


Total District of Columbia				3,014


Florida — 8.2%

Certificate of Participation/Lease — 2.7%

Polk County School District Series 2019B, COP, 5.00%, 1/1/2026		515		635

School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027		3,000		3,661

South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,731

St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031		570		754


				7,781


Hospital — 0.9%

Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036		1,000		1,280

Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021 (e)		1,100		1,178


				2,458


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.0% (d)

Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		85		86


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		928


Other Revenue — 0.8%

Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,296


Utility — 2.1%

City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,941


Water & Sewer — 1.4%

Broward County, Water and Sewer Utility Series 2019A, Rev., 5.00%, 10/1/2038		3,000		3,942


Total Florida				23,432


Georgia — 1.2%

Hospital — 0.6%

Columbus Medical Center Hospital Authority, Piedmont Healthcare Series 2019B, Rev., 5.00%, 7/1/2029 (c)		500		649

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026		860		1,040


				1,689


Housing — 0.6%

Georgia Housing and Finance Authority, Single Family Mortgage

Series A, Rev., 4.00%, 12/1/2047		565		608

Series B, Rev., 4.00%, 12/1/2047		1,050		1,136


				1,744


Total Georgia				3,433


Guam — 0.3%

Water & Sewer — 0.3%

Guam Government Waterworks Authority, Water and Wastewater System (Guam)

Rev., 5.00%, 7/1/2023		375		419

Rev., 5.00%, 7/1/2024		300		345


				764


Total Guam				764

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Illinois — 3.7%

General Obligation — 1.8%

Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027		505		592

Will County Forest Preserve District, Limited Tax

GO, 5.00%, 12/15/2035		1,170		1,515

GO, 5.00%, 12/15/2036		1,460		1,885

GO, 4.00%, 12/15/2037		1,000		1,191


				5,183


Hospital — 0.2%

Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		440


Housing — 1.1%

City of Aurora, Single Family Mortgage

Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		92		94

Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		109		111

Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049		1,950		2,176

Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		835		895


				3,276


Other Revenue — 0.6%

Southwestern Illinois Development Authority, Southwestern Flood Prevention District Council Project

Rev., 5.00%, 4/15/2026		250		306

Rev., 5.00%, 4/15/2027		365		457

Rev., 5.00%, 4/15/2028		390		500

Rev., 5.00%, 4/15/2029		290		378


				1,641


Total Illinois				10,540


Indiana — 3.6%

Hospital — 0.7%

Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034		1,670		2,021


Housing — 0.5%

Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		140		143


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049		1,000		1,117


				1,260


Industrial Development Revenue/Pollution Control Revenue — 0.8%

County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,281


Other Revenue — 1.1%

Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2019F, Rev., 5.00%, 1/1/2037		2,500		3,228


Water & Sewer — 0.5%

Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030		1,250		1,377


Total Indiana				10,167


Iowa — 1.1%

Education — 0.5%

Iowa Student Loan Liquidity Corp. Series 2019B, Rev., AMT, 5.00%, 12/1/2029		300		400

Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,192


				1,592


Housing — 0.6%

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,570		1,678


Total Iowa				3,270


Kentucky — 1.1%

Education — 0.2%

Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2020		515		519


Hospital — 0.9%

Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc. Series 2020C, Rev., 5.00%, 3/10/2020 (c) (f)		2,000		2,501


Total Kentucky				3,020


Louisiana — 0.3%

Housing — 0.0% (d)

East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		13		13

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	33

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.3%

Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		866


Total Louisiana				879


Maine — 0.5%

Housing — 0.3%

Maine State Housing Authority

Series A-1, Rev., AMT, 4.50%, 11/15/2028		110		114

Series B, Rev., AMT, 4.00%, 11/15/2043		100		103

Series A, Rev., 4.00%, 11/15/2045		605		641


				858


Other Revenue — 0.2%

City of Portland, General Airport Rev., 5.00%, 1/1/2031		370		488


Total Maine				1,346


Maryland — 1.2%

Housing — 0.5%

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048		1,150		1,249


Other Revenue — 0.7%

County of Baltimore, Mcdonogh School Facility

Series 2019B, Rev., 3.00%, 9/1/2024		320		335

Series 2019B, Rev., 3.00%, 9/1/2025		475		497

County of Baltimore, Riderwood Village, Inc. Project

Rev., 4.00%, 1/1/2032		475		556

Rev., 4.00%, 1/1/2033		600		700


				2,088


Total Maryland				3,337


Massachusetts — 5.1%

Education — 0.8%

Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021		1,000		1,053

Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,221


				2,274


Housing — 0.6%

Massachusetts Housing Finance Agency, Single Family Housing

Series 169, Rev., 4.00%, 12/1/2044		125		130


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Series 183, Rev., 3.50%, 12/1/2046		245		258

Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049		1,250		1,395


				1,783


Water & Sewer — 3.7%

Massachusetts Clean Water Trust (The), Pool Program Rev., 5.25%, 8/1/2024		3,000		3,586

Massachusetts Water Resources Authority

Series B, Rev., AGM, 5.25%, 8/1/2028		3,000		4,040

Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,754


				10,380


Total Massachusetts				14,437


Michigan — 0.9%

Education — 0.3%

Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		716


Housing — 0.3%

Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047		845		900


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)		570		572

Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		380		388


				960


Total Michigan				2,576


Minnesota — 2.2%

Education — 0.1%

Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027 (f)		300		379


General Obligation — 0.0% (d)

State of Minnesota Series A, GO, 5.00%, 10/1/2021 (e)		35		37


Hospital — 0.5%

City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029		965		1,300

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 1.6%

Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program

Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		155		159

Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040		113		114

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		50		50

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		220		222

Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		60		62

Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation

Rev., 5.25%, 8/1/2024		1,015		1,078

Rev., 5.25%, 8/1/2025		1,070		1,136

Rev., 5.25%, 8/1/2026		825		876

Minnesota Housing Finance Agency, Residential Housing Finance

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		75		76

Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		690		744


				4,517


Total Minnesota				6,233


Mississippi — 0.8%

Hospital — 0.2%

Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Series B2, Rev., VRDO, 1.07%, 6/1/2020 (c)		665		665


Housing — 0.6%

Mississippi Home Corp., Home Ownership Mortgage Series A, Rev., GNMA COLL, 4.50%, 12/1/2031		50		50

Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048		1,515		1,679


				1,729


Total Mississippi				2,394


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Missouri — 1.7%

Hospital — 0.5%

Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031		1,000		1,305


Housing — 1.2%

Missouri Housing Development Commission, First Place Homeownership Loan Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050		2,000		2,214

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		1,280		1,350


				3,564


Total Missouri				4,869


Nebraska — 0.7%

Hospital — 0.7%

Madison County Hospital Authority No. 1, Faith Regional Health Services Project

Rev., 5.00%, 7/1/2030		1,020		1,193

Rev., 5.00%, 7/1/2031		720		840


				2,033


Total Nebraska				2,033


Nevada — 0.5%

Hospital — 0.5%

City of Carson, Carson Tahoe Regional Healthcare Project

Rev., 5.00%, 9/1/2026		555		680

Rev., 5.00%, 9/1/2029		620		769


				1,449


Total Nevada				1,449


New Hampshire — 1.9%

Education — 1.9%

City of Manchester, School Facilities

Rev., NATL-RE, 5.50%, 6/1/2024		3,545		4,219

Rev., NATL-RE, 5.50%, 6/1/2027		900		1,170


				5,389


Total New Hampshire				5,389

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	35

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New Jersey — 4.4%

Education — 1.5%

New Jersey Educational Facilities Authority, Green Bonds

Series 2020A, Rev., 5.00%, 7/1/2033 (f)		350		471

Series 2020A, Rev., 5.00%, 7/1/2034 (f)		280		375

New Jersey Higher Education Student Assistance Authority Series A, Rev., 5.00%, 12/1/2024		1,100		1,304

New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		2,056


				4,206


General Obligation — 0.9%

City of Englewood GO, 2.00%, 3/27/2020		1,000		1,001

Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,466


				2,467


Hospital — 1.1%

New Jersey Health Care Facilities Financing Authority, University Hospital Issue

Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,090

Series A, Rev., AGM, 5.00%, 7/1/2023		820		922

Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,304


				3,316


Housing — 0.9%

New Jersey Housing and Mortgage Finance Agency, Multi-Family, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (c)		1,000		1,006

New Jersey Housing and Mortgage Finance Agency, Oceanport Gardens Series C, Rev., 1.58%, 6/1/2020 (c)		365		366

New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		1,105		1,242


				2,614


Total New Jersey				12,603


New Mexico — 0.5%

Housing — 0.5%

New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050		1,230		1,370


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — 4.9%

Education — 0.6%

New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 5.00%, 9/1/2027		1,325		1,694


General Obligation — 0.7%

Johnson City Central School District GO, BAN, 2.00%, 8/7/2020		1,000		1,004

Tioga Central School District GO, BAN, 2.00%, 8/14/2020		1,000		1,004


				2,008


Housing — 0.9%

New York Mortgage Agency Rev., AMT, 5.00%, 4/1/2028		65		66

New York Mortgage Agency, Homeowner Mortgage

Series 197, Rev., 3.50%, 10/1/2044		1,145		1,212

Series 195, Rev., 4.00%, 10/1/2046		1,120		1,193


				2,471


Transportation — 1.2%

Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,110

Port Authority of New York and New Jersey, Consolidated, 194th Series Rev., 5.00%, 10/15/2030		2,000		2,446


				3,556


Water & Sewer — 1.5%

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		1,213

New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution Series 2011B, Rev., 5.00%, 6/15/2028		3,000		3,162


				4,375


Total New York				14,104


North Carolina — 1.1%

Education — 0.4%

University of North Carolina at Charlotte (The)

Series 2020A, Rev., 5.00%, 10/1/2025		85		104

Series 2020A, Rev., 5.00%, 10/1/2026		500		631

Series 2020A, Rev., 5.00%, 10/1/2027		200		259


				994

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.3%

North Carolina Housing Finance Agency Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050		670		756


Other Revenue — 0.4%

County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000		1,262


Total North Carolina				3,012


North Dakota — 1.8%

Housing — 1.1%

North Dakota Housing Finance Agency, Home Mortgage Finance Program

Series F, Rev., AMT, 4.50%, 1/1/2035		85		86

Series 2016D, Rev., 3.50%, 7/1/2046		390		417

Series D, Rev., 4.00%, 7/1/2046		1,155		1,231

Series 2017D, Rev., FHA, 4.00%, 1/1/2048		1,210		1,316


				3,050


Utility — 0.7%

McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		2,000		2,024


Total North Dakota				5,074


Ohio — 4.7%

Education — 0.7%

Ohio Higher Educational Facility Commission, Case Western Reserve University Project

Series 2019C, Rev., 1.63%, 12/1/2026 (c)		500		516

Series 2019B, Rev., 5.00%, 12/1/2031		750		994

University of Akron (The) Series 2019A, Rev., 5.00%, 1/1/2030		310		410


				1,920


General Obligation — 0.7%

Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500		1,866


Housing — 0.3%

Ohio Housing Finance Agency, Single Family Mortgage Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		860		928


Industrial Development Revenue/Pollution Control Revenue — 1.9%

Ohio Water Development Authority, Water Pollution Control Loan Fund

Series 2019A, Rev., 5.00%, 6/1/2029		2,645		3,552

Series B, Rev., 5.00%, 12/1/2029		1,615		1,984


				5,536


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — 0.4%

Ohio Housing Finance Agency, Mortgage-Backed Securities Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050		1,000		1,130


Utility — 0.7%

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2026		855		1,055

American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035		825		1,055


				2,110


Total Ohio				13,490


Oklahoma — 0.2%

Housing — 0.2%

Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/1/2038		275		275

Oklahoma Housing Finance Agency Rev., 1.60%, 1/1/2022 (c)		200		201


				476


Other Revenue — 0.0% (d)

IDK Partners III Trust, Mortgage Pass-Through Certificates Series 1999A, Class A, Rev., 5.10%, 8/1/2023 ‡		7		7


Total Oklahoma				483


Oneida Tribe of Indians of Wisconsin — 0.3%

Housing — 0.3%

Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (c)		980		981


Oregon — 0.1%

Housing — 0.1%

Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		385		398


Pennsylvania — 3.6%

Education — 0.0% (d)

Pennsylvania Higher Educational Facilities Authority Rev., 4.00%, 8/15/2034		175		212


Hospital — 0.3%

Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 5.00%, 7/15/2033		600		785

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	37

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.6%

Pennsylvania Housing Finance Agency, Single Family Mortgage

Series 121, Rev., 3.50%, 10/1/2046		1,175		1,238

Series 122, Rev., AMT, 4.00%, 10/1/2046		375		403


				1,641


Industrial Development Revenue/Pollution Control Revenue — 2.7%

Chester County Industrial Development Authority, Longwood Gardens Project

Rev., 4.00%, 12/1/2023		500		560

Rev., 4.00%, 12/1/2024		345		396

Rev., 4.00%, 12/1/2025		250		294

Rev., 4.00%, 12/1/2026		250		300

Rev., 5.00%, 12/1/2027		200		260

Rev., 5.00%, 12/1/2035		175		228

Rev., 5.00%, 12/1/2036		185		240

Rev., 5.00%, 12/1/2037		200		259

Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project

Rev., 5.00%, 12/1/2023		2,020		2,308

Rev., AGM, 5.00%, 12/1/2026		1,550		1,935

Rev., AGM, 5.00%, 12/1/2027		680		856


				7,636


Total Pennsylvania				10,274


South Carolina — 0.8%

Housing — 0.4%

South Carolina State Housing Finance and Development Authority

Series A, Rev., 4.00%, 1/1/2047		305		327

Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		750		812


				1,139


Other Revenue — 0.4%

Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,214


Total South Carolina				2,353


South Dakota — 2.2%

Housing — 2.2%

South Dakota Housing Development Authority Series 2020A, Rev., 3.75%, 11/1/2050		2,500		2,796

South Dakota Housing Development Authority, Homeownership Mortgage

Series 2015D, Rev., 4.00%, 11/1/2045		1,315		1,402


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Series A, Rev., 4.00%, 5/1/2049		2,020		2,236


				6,434


Total South Dakota				6,434


Tennessee — 0.6%

Housing — 0.6%

Tennessee Housing Development Agency, Residential Finance Program

Series 2B, Rev., AMT, 4.00%, 7/1/2043		155		163

Rev., 3.50%, 1/1/2048		1,525		1,632


				1,795


Total Tennessee				1,795


Texas — 10.4%

Education — 3.3%

Brazos Higher Education Authority, Inc., Student Loan Program

Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025		350		413

Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026		500		605

Clifton Higher Education Finance Corp., Idea Public Schools Rev., PSF-GTD, 4.00%, 8/15/2030		1,300		1,596

University of Texas (The), Board of Regents, Financing System Series 2019A, Rev., 5.00%, 8/15/2033		5,000		6,647


				9,261


General Obligation — 3.5%

Boerne School District GO, PSF-GTD, 5.00%, 2/1/2029		1,000		1,333

Clear Creek Independent School District Series B, GO, PSF-GTD, 1.35%, 8/15/2022 (c)		500		504

Northside Independent School District GO, PSF-GTD, 1.60%, 8/1/2024 (c)		350		357

Pasadena Independent School District Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (c)		750		765

Pflugerville Independent School District Series A, GO, PSF-GTD, 2.25%, 8/15/2022 (c)		1,200		1,236

Socorro Independent School District Series A, GO, PSF-GTD, 5.00%, 8/15/2024		2,000		2,357

State of Texas GO, VRDO, LIQ: FHLB, 1.20%, 3/10/2020 (c)		2,945		2,945

State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033		450		542


				10,039

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 0.3%

Irving Hospital Authority, Baylor Scott and White Medical Center

Series 2017A, Rev., 5.00%, 10/15/2026		250		304

Series 2017A, Rev., 5.00%, 10/15/2027		500		607


				911


Housing — 0.5%

Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		175		181

Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049		1,210		1,358


				1,539


Other Revenue — 0.4%

Midtown Redevelopment Authority, Tax Increment

Rev., 4.00%, 1/1/2031 (f)		365		447

Rev., 4.00%, 1/1/2032 (f)		500		607


				1,054


Transportation — 1.6%

Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046		1,000		1,184

Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032		2,800		3,419


				4,603


Water & Sewer — 0.8%

City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027		665		860

Texas Water Development Board, State Water Implementation Series 2019A, Rev., 5.00%, 4/15/2023		1,300		1,468


				2,328


Total Texas				29,735


Utah — 2.9%

Housing — 1.7%

Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045		1,125		1,211

Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,625


				4,836


Other Revenue — 0.5%

Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,299


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 0.7%

Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033		1,700		2,144


Total Utah				8,279


Vermont — 2.3%

Education — 1.9%

Vermont Student Assistance Corp., Education Loan

Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,118

Series 2016A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,612

Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,542


				5,272


Housing — 0.4%

Vermont Housing Finance Agency, Multiple Purpose

Series B, Rev., AMT, 4.13%, 11/1/2042		70		71

Series B, Rev., AMT, 3.75%, 11/1/2045		1,065		1,114


				1,185


Total Vermont				6,457


Washington — 4.8%

Education — 0.3%

Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035		710		927


Hospital — 0.8%

Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,353


Housing — 1.5%

King County Housing Authority, Highland Village Project

Rev., 5.00%, 1/1/2027		125		155

Rev., 5.00%, 1/1/2028		125		160

Rev., 5.00%, 1/1/2029		125		161

Rev., 4.00%, 1/1/2031		330		396

Rev., 4.00%, 1/1/2034		500		594

Washington State Housing Finance Commission, Single Family Program

Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		300		314

Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		2,300		2,442


				4,222


Other Revenue — 2.2%

FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2039		5,000		6,272


Total Washington				13,774

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	39

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Wisconsin — 2.9%

Education — 2.2%

Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.

Series 2017A, Rev., 5.00%, 9/1/2022		520		563

Series 2017A, Rev., 5.00%, 9/1/2023		550		613

Series 2017A, Rev., 5.00%, 9/1/2024		580		664

Series 2017A, Rev., 5.00%, 9/1/2025		235		275

Series 2017A, Rev., 5.00%, 9/1/2026		385		461

Series 2017A, Rev., 5.00%, 9/1/2027		785		957

Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin

Rev., 4.00%, 2/1/2021 (f)		425		436

Rev., 4.00%, 2/1/2022 (f)		280		296

Rev., 4.00%, 2/1/2023 (f)		280		304

Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.

Series C, Rev., 5.00%, 2/15/2027		400		503

Series C, Rev., 5.00%, 2/15/2028		575		715

Series C, Rev., 5.00%, 2/15/2029		375		465


				6,252


Hospital — 0.7%

Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.

Rev., 5.00%, 7/1/2024		250		291

Rev., 5.00%, 7/1/2025		250		300


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035		1,165		1,487


				2,078


Total Wisconsin				8,330


Wyoming — 0.3%

Other Revenue — 0.3%

Wyoming Community Development Authority Series 5, Rev., 4.00%, 12/1/2046		855		925


Total Municipal Bonds (Cost $261,855)				277,041

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 4.8%

Investment Companies — 4.8%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (g) (h) (Cost $13,683)		13,683		13,683

Total Investments — 101.9% (Cost $275,538)				290,724
Liabilities in Excess of Other Assets — (1.9)%				(5,304	)

NET ASSETS — 100.0%				285,420

Percentages indicated are based on net assets.

Abbreviations


AGM		Insured by Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
BRRH		Boca Raton Regional Hospital
CHESLA		Connecticut Higher Education Supplemental Loan Authority
COLL		Collateral
COP		Certificate of Participation
FHA		Federal Housing Administration
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LIQ		Liquidity Agreement
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RE		Reinsured
Rev.		Revenue
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 February 29, 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 February 29, 2020.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Security is prerefunded or escrowed to maturity.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Investment in 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 February 29, 2020.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 98.6% (a)

Alabama — 1.6%

Industrial Development Revenue/Pollution Control Revenue — 0.2%

Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (b)		3,625		3,718


Other Revenue — 0.0% (c)

Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		560


Utility — 1.4%

Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., VRDO, 1.77%, 3/10/2020 (b)		7,500		7,500

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (b)		8,320		8,627

Southeast Alabama Gas Supply District (The), Project No. 1

Series A, Rev., 5.00%, 4/1/2021		2,865		2,987

Series A, Rev., 5.00%, 4/1/2022		3,220		3,473


				22,587


Total Alabama				26,865


Alaska — 0.1%

General Obligation — 0.1%

State of Alaska Series A, GO, 5.00%, 8/1/2029		1,300		1,566


Utility — 0.0% (c)

City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023		500		573


Total Alaska				2,139


Arizona — 1.9%

General Obligation — 0.5%

City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,799

Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029		3,950		5,159


				7,958


Hospital — 0.3%

Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025		3,540		4,200


Industrial Development Revenue/Pollution Control Revenue — 1.1%

Maricopa County Industrial Development Authority, Banner Health

Series B, Rev., 5.00%, 10/18/2022 (b)		7,370		8,156


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — continued

Series C, Rev., 5.00%, 10/18/2024 (b)		9,000		10,649


				18,805


Other Revenue — 0.0% (c)

Town of Marana, Excise Tax

Series B, Rev., 4.00%, 7/1/2020		75		76

Series 2017B, Rev., 5.00%, 7/1/2021		100		105


				181


Total Arizona				31,144


Arkansas — 0.8%

Education — 0.3%

University of Arkansas, UAMS Campus

Rev., 5.00%, 3/1/2020		535		535

Rev., 5.00%, 3/1/2025		500		603

Rev., 5.00%, 3/1/2026		1,000		1,201

University of Central Arkansas, Student Housing System

Series 2017A, Rev., 5.00%, 11/1/2021		1,600		1,704

Series 2019C, Rev., AGM, 4.00%, 11/1/2025		110		127

Series 2019C, Rev., AGM, 4.00%, 11/1/2026		240		279

Series 2019C, Rev., AGM, 4.00%, 11/1/2027		180		209


				4,658


Other Revenue — 0.5%

Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		407

City of Little Rock, Hotel and Restaurant Rev., 5.00%, 7/1/2020		580		588

City of Rogers Series B, Rev., 5.00%, 11/1/2027		3,855		4,847

County of Sharp

Rev., 5.00%, 3/1/2024		595		679

Rev., 5.00%, 3/1/2025		600		704

Rev., 5.00%, 3/1/2026		685		824


				8,049


Total Arkansas				12,707


California — 17.6%

Certificate of Participation/Lease — 0.1%

City of Chula Vista, Police Facility Project

COP, 5.00%, 10/1/2021		360		385

COP, 5.00%, 10/1/2022		465		517

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Certificate of Participation/Lease — continued

COP, 5.00%, 10/1/2023		1,000		1,156

Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		145


				2,203


Education — 1.0%

California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024		1,675		1,885

California Municipal Finance Authority, California Lutheran University

Rev., 5.00%, 10/1/2025		275		331

Rev., 5.00%, 10/1/2026		150		185

Rev., 5.00%, 10/1/2027		150		189

Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (b)		11,505		13,060


				15,650


General Obligation — 7.2%

Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,161

City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025		5,310		5,834

County of Sacramento, San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2020		775		789

County of Santa Clara, Moreland School District

GO, 5.00%, 8/1/2021		1,000		1,062

Grossmont Healthcare District

Series D, GO, 5.00%, 7/15/2026		1,225		1,504

Series D, GO, 5.00%, 7/15/2027		1,285		1,573

Grossmont Healthcare District, Election of 2006 Series 2015C, GO, 5.00%, 7/15/2026		1,000		1,228

Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026		5,000		6,331

Novato Unified School District

Series A, GO, 4.00%, 2/1/2022		535		570

Series A, GO, 5.00%, 2/1/2023		685		773

Series A, GO, 5.00%, 8/1/2025		1,500		1,789

Series A, GO, 5.00%, 8/1/2026		1,800		2,146

Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,380

Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,185

Salinas Union High School District GO, BAN, Zero Coupon, 8/1/2020		2,000		1,984


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

San Francisco Bay Area Rapid Transit District, Election of 2004

Series D, GO, 3.00%, 8/1/2022		2,735		2,894

Series 2015D, GO, 5.00%, 8/1/2027		1,500		1,848

Series 2015D, GO, 5.00%, 8/1/2028		1,685		2,072

San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,700

San Mateo County Community College District GO, 5.00%, 9/1/2026		1,095		1,304

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

State of California, Various Purpose

Series B, GO, 5.00%, 9/1/2023		2,810		3,223

GO, 5.00%, 11/1/2023		3,560		4,108

GO, 5.00%, 3/1/2026		13,210		15,919

GO, 5.00%, 9/1/2026		4,900		6,195

GO, 4.00%, 8/1/2028		4,000		4,773

GO, 5.00%, 9/1/2028		2,500		2,655

GO, 4.00%, 8/1/2029		4,180		4,973

GO, 5.00%, 8/1/2029		7,830		9,846

GO, 4.00%, 8/1/2030		10,000		11,856

Whittier Union School District GO, 5.00%, 8/1/2023		10,495		12,059


				119,830


Hospital — 1.8%

California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (b)		9,850		10,510

California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,304

California Health Facilities Financing Authority, Providence Health and Services

Series 2014A, Rev., 5.00%, 10/1/2021		750		802

Series 2014A, Rev., 5.00%, 10/1/2022		1,500		1,667

California Health Facilities Financing Authority, St. Joseph Health System Series 2013D, Rev., 5.00%, 10/15/2020 (b)		12,870		13,193

California Municipal Finance Authority, NorthBay Healthcare Group

Series 2017A, Rev., 5.00%, 11/1/2023		500		566

Series 2017A, Rev., 5.00%, 11/1/2024		800		930

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028		250		324


				30,296


Other Revenue — 2.2%

Alameda County Transport Authority, Sales Tax

Rev., 5.00%, 3/1/2020		1,240		1,240

Rev., 4.00%, 3/1/2022		5,000		5,340

California Infrastructure and Economic Development Bank, The J. Paul Getty Trust

Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 1.44%, 4/1/2020 (d)		3,250		3,261

Series 2011A-3, Rev., (ICE LIBOR USD 3 Month + 0.37%), 1.48%, 4/1/2020 (d)		8,000		8,002

Series 2011A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%), 1.48%, 4/1/2020 (d)		7,000		7,002

California Municipal Finance Authority, Biola University Rev., 5.00%, 10/1/2021		370		393

Contra Costa County Transportation Authority, Sales Tax

Series A, Rev., 5.00%, 3/1/2023		2,420		2,735

Series A, Rev., 5.00%, 3/1/2024		2,000		2,347

Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2021		1,000		1,053

San Diego County Regional Transportation Commission, Sales Tax

Series A, Rev., 5.00%, 4/1/2021		250		262

Series A, Rev., 5.00%, 4/1/2022		100		109

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		1,901

Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,206

Stockton Public Financing Authority

Rev., 5.00%, 3/1/2027		630		789

Rev., 5.00%, 3/1/2029		465		608


				36,248


Prerefunded — 0.3%

Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2032 (e)		1,275		1,361

California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2038 (e)		2,820		3,188


				4,549


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 2.4%

Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series S-7, Rev., 4.00%, 4/1/2029		20,000		24,301

City of Los Angeles, Department of Airports

Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,669

Series C, Rev., 5.00%, 5/15/2022		750		821

Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,688

Series B, Rev., 4.00%, 5/15/2024		365		416

Series C, Rev., 5.00%, 5/15/2024		700		825

Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,251

Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,342

Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		3,054


				40,367


Utility — 1.3%

Los Angeles Department of Water and Power System Series A, Rev., 5.00%, 7/1/2025		100		122

Sacramento Municipal Utility District, Electric

Series E, Rev., 5.00%, 8/15/2022		2,740		3,030

Series E, Rev., 5.00%, 8/15/2027		105		137

San Francisco City and County Public Utilities Commission Water, Green Bonds Series 2018C, Rev., 2.13%, 10/1/2023 (b)		10,000		10,374

Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2026		1,000		1,056

Southern California Public Power Authority, Magnolia Power Project Series 1, Rev., 2.00%, 7/1/2020 (b)		7,000		7,006

Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		448


				22,173


Water & Sewer — 1.3%

Burlingame Financing Authority Water and Wastewater Rev., 4.00%, 4/1/2020		250		251

California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.37%, 3/10/2020 (d)		10,000		10,007

City of Los Angeles, Wastewater System Series 2015-A, Rev., 5.00%, 6/1/2022		2,750		3,017

East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2020		3,000		3,032

Eastern Municipal Water District, Water and Wastewater

Series C, Rev., 5.00%, 7/1/2021		2,530		2,678

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	43

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — continued

Series C, Rev., 5.00%, 7/1/2022		1,700		1,872


				20,857


Total California				292,173


Colorado — 2.0%

Certificate of Participation/Lease — 0.2%

City of Aurora

COP, 3.00%, 12/1/2020		125		127

COP, 4.00%, 12/1/2022		375		407

City of Longmont

Series A, COP, 5.00%, 12/1/2021		100		107

Series A, COP, 5.00%, 12/1/2022		100		111

Series A, COP, 5.00%, 12/1/2024		100		115

Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement

COP, 3.00%, 6/15/2020		250		252

COP, 3.00%, 6/15/2021		1,000		1,028

County of Boulder, Flood Reconstruction Projects

COP, 5.00%, 12/1/2022		720		742

COP, 5.00%, 12/1/2023		500		515

COP, 5.00%, 12/1/2025		500		515

County of Eagle COP, 5.00%, 12/1/2022		200		222


				4,141


Education — 0.3%

University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2022		1,080		1,180

University of Colorado, University Enterprise Series A, Rev., 5.00%, 6/1/2022		3,150		3,441


				4,621


General Obligation — 0.1%

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		597


				923


Hospital — 0.8%

Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (b)		10,000		12,124

Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 5.00%, 9/1/2022		150		164


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (b)		1,120		1,167


				13,455


Other Revenue — 0.0% (c)

Denver Convention Center Hotel Authority Rev., 4.00%, 12/1/2020		500		510


Prerefunded — 0.2%

Regional Transportation District

Series A, COP, 5.00%, 6/1/2023 (e)		2,000		2,021

Series A, COP, 5.00%, 6/1/2025 (e)		1,700		1,717


				3,738


Transportation — 0.4%

Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2027		5,000		6,111


Total Colorado				33,499


Connecticut — 1.4%

Hospital — 0.6%

Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series 2020B-2, Rev., 5.00%, 1/1/2027 (b)		7,750		9,653


Housing — 0.0% (c)

Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (b)		750		753


Special Tax — 0.8%

State of Connecticut, Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026		10,000		12,461


Total Connecticut				22,867


District of Columbia — 0.2%

Hospital — 0.0% (c)

District of Columbia Children’s Hospital Rev., 5.00%, 7/15/2021		500		528


Transportation — 0.2%

Metropolitan Washington Airports Authority, Airport System Series 2013C, Rev., 5.00%, 10/1/2021		1,475		1,571

Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029		1,120		1,440


				3,011


Total District of Columbia				3,539

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Florida — 2.2%

Certificate of Participation/Lease — 0.1%

School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		791

Seminole County School Board Series A, COP, 5.00%, 7/1/2020		210		213


				1,004


Education — 0.8%

Board of Governors of the University of Florida, Student Activity Rev., 5.00%, 7/1/2020		1,660		1,683

Florida Higher Educational Facilities Financial Authority, Institute of Technology

Rev., 5.00%, 10/1/2022		115		126

Rev., 5.00%, 10/1/2023		125		140

State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		10,726


				12,675


Transportation — 0.1%

Miami-Dade County Expressway Authority, Toll System

Series A, Rev., 5.00%, 7/1/2020		1,550		1,570

Series 2014A, Rev., 5.00%, 7/1/2022		625		681


				2,251


Utility — 1.2%

City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/10/2020 (b)		20,000		20,000


Water & Sewer — 0.0% (c)

JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025		250		304


Total Florida				36,234


Georgia — 1.9%

Education — 0.3%

Development Authority for Fulton County, Tech Athletic Association, Inc.

Rev., 5.00%, 10/1/2022 (e)		4,855		5,370

Rev., 5.00%, 10/1/2022		145		160


				5,530


General Obligation — 1.3%

Cook County School District, Sales Tax GO, 5.00%, 10/1/2021		1,495		1,591

State of Georgia

Series I, GO, 5.00%, 7/1/2021		8,165		8,621

Series 2016E, GO, 5.00%, 12/1/2025		6,750		8,356

Series F, GO, 5.00%, 7/1/2028		2,000		2,547


				21,115


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — 0.3%

Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien

Series 2015A-1, Rev., 5.00%, 7/1/2027		1,000		1,210

Series 2015A-1, Rev., 5.00%, 7/1/2028		1,000		1,208

Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project

Series 2017, Rev., 5.00%, 7/1/2023		325		368

Series 2017, Rev., 5.00%, 7/1/2025		250		302

Series 2017, Rev., 5.00%, 7/1/2026		275		343

Series 2017, Rev., 5.00%, 7/1/2028		375		476

Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,155


				5,062


Total Georgia				31,707


Hawaii — 0.6%

General Obligation — 0.6%

City and County of Honolulu, Rail Transit Project Series 2017H, GO, VRDO, 1.45%, 3/10/2020 (b)		2,200		2,200

State of Hawaii Series EF, GO, 5.00%, 11/1/2021		7,640		8,171


				10,371


Total Hawaii				10,371


Illinois — 8.5%

Education — 1.1%

Illinois Finance Authority, DePaul University

Rev., 5.00%, 10/1/2023		200		228

Rev., 5.00%, 10/1/2025		300		363

Rev., 5.00%, 10/1/2028		250		308

Illinois Finance Authority, Downers Grove Community High School District Number 99 Project

Series 2020A, Rev., 4.00%, 12/15/2032		1,300		1,595

Series 2020A, Rev., 4.00%, 12/15/2033		3,740		4,537

Series 2020A, Rev., 4.00%, 12/15/2034		1,700		2,054

Series 2020A, Rev., 4.00%, 12/15/2035		1,340		1,610

Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project

Series 2019, Rev., 4.00%, 1/15/2030		1,960		2,351

Series 2019, Rev., 4.00%, 1/15/2032		2,120		2,517

University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,793


				18,356

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	45

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 4.6%

Champaign County Community Unit School District No. 4 Champaign

GO, 4.00%, 6/1/2028		1,255		1,527

GO, 4.00%, 6/1/2029		1,000		1,231

GO, 4.00%, 6/1/2030		1,285		1,560

GO, 4.00%, 6/1/2031		1,250		1,499

GO, 4.00%, 6/1/2032		1,000		1,183

Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation

Series 2020A, GO, Zero Coupon, 1/1/2025		960		898

Series 2020A, GO, Zero Coupon, 1/1/2027		385		346

Series 2020A, GO, Zero Coupon, 1/1/2028		570		501

City of Chicago

Series 2015C, GO, 5.00%, 1/1/2022 (e)		3,335		3,586

Series 2015C, GO, 5.00%, 1/1/2022		1,665		1,773

City of Waukegan

Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,292

Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,384

Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,483

Cook County Community Consolidated School District No. 65 Evanston GO, 4.00%, 12/1/2030		1,225		1,464

Cook County Community School District No. 97 Oak Park

GO, 4.00%, 1/1/2028		500		605

GO, 4.00%, 1/1/2029		375		452

GO, 4.00%, 1/1/2030		285		342

Cook County High School District No. 207 Maine Township

Series 2019A, GO, 5.00%, 12/1/2027		1,915		2,448

Series 2019A, GO, 5.00%, 12/1/2028		1,930		2,514

Series 2019A, GO, 4.00%, 12/1/2029		1,945		2,363

Cook County School District No. 69, Skokie, Limited Tax

GO, 4.00%, 12/1/2026 (f)		470		557

GO, 4.00%, 12/1/2027 (f)		490		590

GO, 4.00%, 12/1/2028 (f)		545		665

GO, 4.00%, 12/1/2029 (f)		515		624

GO, 4.00%, 12/1/2030 (f)		200		241

GO, 4.00%, 12/1/2031 (f)		820		984

GO, 4.00%, 12/1/2033 (f)		1,530		1,820

Cook County School District No. 99 Cicero

Series 2019B, GO, 5.00%, 12/1/2024		505		589

Series 2019B, GO, 5.00%, 12/1/2025		515		615


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Cook County, Proviso Township High School District No. 209

GO, 5.00%, 12/1/2022		2,975		3,276

GO, 5.00%, 12/1/2023		2,350		2,665

County of Cook, Township High School District No. 205 Series 2016A, GO, 5.00%, 12/1/2023		5		6

County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		385

DuPage County School District No. 2 Bensenville, Alternate Revenue Source

GO, 4.00%, 5/1/2032		615		736

GO, 4.00%, 5/1/2033		1,280		1,524

Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028		565		671

Glenview Park District

GO, 5.00%, 12/1/2026		300		374

GO, 5.00%, 12/1/2029		350		443

Grundy and Kendall Counties Consolidated Grade School District No. 60-C

GO, 4.00%, 2/1/2030		1,145		1,351

GO, 4.00%, 2/1/2031		1,190		1,396

GO, 4.00%, 2/1/2032		620		724

Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027		355		441

Kane County School District No. 131 Aurora East Side

Series 2020A, GO, AGM, 5.00%, 12/1/2026 (f)		115		143

Series 2020B, GO, AGM, 5.00%, 12/1/2026 (f)		210		261

Series 2020A, GO, AGM, 4.00%, 12/1/2027 (f)		105		126

Series 2020A, GO, AGM, 4.00%, 12/1/2028 (f)		65		79

Series 2020B, GO, AGM, 4.00%, 12/1/2028 (f)		135		164

Series 2020A, GO, AGM, 4.00%, 12/1/2029 (f)		65		79

Series 2020B, GO, AGM, 4.00%, 12/1/2029 (f)		40		48

Series 2020A, GO, AGM, 4.00%, 12/1/2030 (f)		80		96

Series 2020A, GO, AGM, 4.00%, 12/1/2031 (f)		100		119

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2020A, GO, AGM, 4.00%, 12/1/2032 (f)		110		131

Series 2020A, GO, AGM, 4.00%, 12/1/2033 (f)		125		148

Lincoln Land Community College District No. 526

GO, 5.00%, 12/15/2021		305		327

GO, 4.00%, 12/15/2022		440		465

Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community

GO, AGM, 4.00%, 5/1/2025		400		452

GO, AGM, 4.00%, 5/1/2026		200		230

GO, AGM, 4.00%, 5/1/2028		350		413

GO, AGM, 4.00%, 5/1/2029		1,000		1,157

McHenry County, Woodstock Community Unit School District No. 200 GO, 5.00%, 1/15/2021		300		311

Peoria County Community Unit School District No. 309 Brimfield

GO, AGM, 4.00%, 4/1/2026		750		860

GO, AGM, 4.00%, 4/1/2027		780		910

GO, AGM, 4.00%, 4/1/2028		410		485

GO, AGM, 4.00%, 4/1/2029		240		288

GO, AGM, 4.00%, 4/1/2030		375		448

GO, AGM, 4.00%, 4/1/2031		410		488

State of Illinois

Series D, GO, 5.00%, 11/1/2020		10,000		10,264

Series D, GO, 5.00%, 11/1/2023		5,000		5,680

Will County Forest Preservation District GO, 5.00%, 12/15/2027		805		1,038

Will County Township High School District No. 204 Joliet

GO, 4.00%, 1/1/2028		500		595

GO, 4.00%, 1/1/2029		250		295

GO, 4.00%, 1/1/2030		1,420		1,669


				76,897


Hospital — 0.4%

Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (b)		3,750		3,780

Illinois Finance Authority, Silver Cross Hospital and Medical Centers

Series C, Rev., 5.00%, 8/15/2021		150		158

Series 2015C, Rev., 5.00%, 8/15/2022		500		544


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group Series A, Rev., 5.00%, 2/15/2027		2,000		2,523


				7,005


Other Revenue — 1.9%

Peoria Public Building Commission

Series A, Rev., AGM, 4.00%, 12/1/2025		700		804

Series A, Rev., AGM, 4.00%, 12/1/2026		1,000		1,163

Series A, Rev., AGM, 4.00%, 12/1/2027		1,270		1,501

Series A, Rev., AGM, 5.00%, 12/1/2028		1,200		1,523

Series A, Rev., AGM, 5.00%, 12/1/2029		2,400		3,035

Sales Tax Securitization Corp.

Series C, Rev., 5.00%, 1/1/2024		3,000		3,443

Series C, Rev., 5.00%, 1/1/2025		4,250		5,026

State of Illinois, Sales Tax, Junior Obligation

Series 2018A, Rev., 5.00%, 6/15/2021		4,600		4,826

Series A, Rev., 5.00%, 6/15/2022		4,600		4,999

Series A, Rev., 5.00%, 6/15/2023		4,600		5,154


				31,474


Water & Sewer — 0.5%

City of Waukegan, First Lien, Water and Sewer System

Series C, Rev., AGM, 5.00%, 12/30/2023		535		611

Series C, Rev., AGM, 5.00%, 12/30/2026		680		838

Series C, Rev., AGM, 5.00%, 12/30/2027		710		889

Illinois Finance Authority, State Clean Water Revolving Funds Series 1998B, Rev., 5.00%, 1/1/2029		4,000		4,950


				7,288


Total Illinois				141,020


Indiana — 1.0%

Education — 0.1%

New Albany Floyd County School Building Corp.

Rev., 5.00%, 7/15/2021		700		739

Rev., 5.00%, 7/15/2022		835		915

Purdue University, Student Fee

Series DD, Rev., 5.00%, 7/1/2025		870		1,058

Series DD, Rev., 5.00%, 7/1/2027		10		13


				2,725


Hospital — 0.5%

Indiana Finance Authority, Health Obligation

Series C, Rev., 5.00%, 12/1/2021		2,355		2,524

Series B, Rev., 2.25%, 7/1/2025 (b)		5,000		5,339


				7,863

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	47

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.1%

Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,140


Utility — 0.3%

City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		5,000		5,462


Total Indiana				17,190


Iowa — 0.8%

Hospital — 0.8%

Iowa Finance Authority, Health Systems Rev., VRDO, 1.72%, 3/10/2020 (b) (g)		13,100		13,100


Kansas — 1.2%

General Obligation — 0.3%

Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		215

Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025		1,750		2,133

Wyandotte County Unified School District No. 202

Series 2019A, GO, AGM, 5.00%, 9/1/2025		400		482

Series 2019A, GO, AGM, 5.00%, 9/1/2026		220		273

Series 2019A, GO, AGM, 5.00%, 9/1/2027		325		412

Series 2019A, GO, AGM, 5.00%, 9/1/2028		400		512

Series 2019A, GO, AGM, 5.00%, 9/1/2029		375		479


				4,506


Hospital — 0.0% (c)

University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024		275		319


Other Revenue — 0.3%

City of Wichita, Sales Tax, River District Stadium Star Bond Project

Rev., 5.00%, 9/1/2025		300		365

Rev., 5.00%, 9/1/2026		465		582

Overland Park Development Corp., Overland Park Convention Center

Rev., 4.00%, 3/1/2022		1,455		1,538

Rev., 5.00%, 3/1/2023		1,520		1,693


				4,178


Utility — 0.5%

Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029		6,820		8,115


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — 0.1%

City of Wichita, Water and Sewer Utility System Series 2014A, Rev., 5.00%, 10/1/2022		2,200		2,434


Total Kansas				19,552


Kentucky — 1.6%

Education — 0.1%

Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,512


Hospital — 1.2%

City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center

Rev., 5.00%, 2/1/2025		625		727

Rev., 5.00%, 2/1/2026		1,085		1,292

Rev., 5.00%, 2/1/2027		1,310		1,596

Rev., 4.00%, 2/1/2033		580		658

Rev., 4.00%, 2/1/2034		500		565

Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 3/10/2020 (b) (f)		10,500		14,037


				18,875


Prerefunded — 0.0% (c)

Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2026 (e)		250		259


Utility — 0.3%

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 (b)		2,500		2,780

Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (b)		2,250		2,288


				5,339


Total Kentucky				25,985


Louisiana — 1.4%

Hospital — 0.6%

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 1.80%, 3/10/2020 (d)		10,000		10,032


Other Revenue — 0.5%

Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032		5,815		7,078

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — continued

Louisiana Public Facilities Authority, Tulane University Project

Rev., 5.00%, 12/15/2022		230		256

Rev., 5.00%, 12/15/2025		250		304


				7,638


Water & Sewer — 0.3%

City of Shreveport, Water and Sewer, Junior Lien

Series C, Rev., 3.00%, 12/1/2021		175		181

Series C, Rev., 5.00%, 12/1/2022		270		299

Series 2018C, Rev., 5.00%, 12/1/2023		365		418

Series 2019B, Rev., AGM, 4.00%, 12/1/2025		400		463

Series 2018C, Rev., 5.00%, 12/1/2025		915		1,111

Series 2018C, Rev., 5.00%, 12/1/2026		500		622

Series 2019B, Rev., AGM, 5.00%, 12/1/2026		360		448

Series 2019B, Rev., AGM, 5.00%, 12/1/2027		600		762

Series 2019B, Rev., AGM, 5.00%, 12/1/2028		500		650

Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		393


				5,347


Total Louisiana				23,017


Maryland — 0.8%

General Obligation — 0.8%

State of Maryland, State and Local Facilities Loan of 2013 Series A, GO, 5.00%, 8/1/2020		12,795		13,017


Massachusetts — 2.9%

Education — 0.2%

Massachusetts Development Finance Agency, Suffolk University

Rev., 5.00%, 7/1/2025		525		629

Rev., 5.00%, 7/1/2026		435		534

Rev., 5.00%, 7/1/2027		420		527

Rev., 5.00%, 7/1/2028		525		670


				2,360


General Obligation — 1.3%

City of Boston Series 2014A, GO, 5.00%, 3/1/2023		7,360		8,301


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Commonwealth of Massachusetts

Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 1.73%, 5/1/2020 (d)		3,000		3,006

Series D, GO, 4.00%, 9/1/2030		8,290		9,641


				20,948


Hospital — 0.6%

Massachusetts Development Finance Agency, Partners Healthcare System Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 1.65%, 3/10/2020 (d)		10,000		10,016


Prerefunded — 0.0% (c)

Massachusetts Development Finance Agency, Lahey Health System Series F, Rev., 5.00%, 8/15/2026 (e)		500		509


Transportation — 0.3%

Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023		4,840		5,482


Water & Sewer — 0.5%

Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025		6,775		8,296


Total Massachusetts				47,611


Michigan — 2.1%

Education — 0.7%

University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (b)		10,000		11,215


General Obligation — 0.7%

Avondale School District Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029		1,835		2,441

City of Royal Oak, Capital Improvement

GO, 5.00%, 4/1/2027		625		792

GO, 5.00%, 4/1/2028		245		317

Grosse Pointe Public School System GO, 4.00%, 5/1/2027		765		917

Jackson Public Schools, Unlimited Tax

GO, Q-SBLF, 4.00%, 5/1/2025		570		654

GO, Q-SBLF, 4.00%, 5/1/2026		885		1,036

GO, Q-SBLF, 4.00%, 5/1/2027		1,090		1,301

Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,087

Northville Public Schools, School Building and Site

Series II, GO, 5.00%, 5/1/2027		375		477

Series II, GO, 5.00%, 5/1/2028		600		780

Series II, GO, 5.00%, 5/1/2029		250		332

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	49

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Troy School District, School Building and Site

GO, Q-SBLF, 5.00%, 5/1/2020		500		503

GO, Q-SBLF, 5.00%, 5/1/2021		550		577

GO, Q-SBLF, 5.00%, 5/1/2022		500		545


				11,759


Hospital — 0.2%

Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		2,250		2,714


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (b)		2,600		2,607


Other Revenue — 0.0% (c)

Michigan Finance Authority, Local Government Loan Program Series B, Rev., 4.00%, 11/1/2020		455		464


Transportation — 0.2%

Gerald R Ford International Airport Authority, Limited Tax

Rev., GTD, 5.00%, 1/1/2023		1,560		1,741

Rev., GTD, 5.00%, 1/1/2024		1,400		1,618


				3,359


Water & Sewer — 0.2%

City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		376

Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,397


				2,773


Total Michigan				34,891


Minnesota — 0.5%

Certificate of Participation/Lease — 0.1%

Duluth Independent School District No. 709

Series 2019B, COP, 5.00%, 2/1/2024		210		241

Series 2019C, COP, 5.00%, 2/1/2024		295		338

Series 2019B, COP, 5.00%, 2/1/2025		185		219

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		389

Series 2019B, COP, 5.00%, 2/1/2027		185		230

Series 2019B, COP, 5.00%, 2/1/2028		175		222

Series 2019C, COP, 5.00%, 2/1/2028		350		444


				2,686


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — 0.1%

Minnesota Higher Education Facilities Authority Series L, Rev., 4.00%, 4/1/2020		350		351

Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.

Rev., 4.00%, 12/1/2024		100		112

Rev., 4.00%, 12/1/2025		185		210

Rev., 4.00%, 12/1/2026		185		213

Rev., 4.00%, 12/1/2027		195		228

Rev., 4.00%, 12/1/2028		240		284


				1,398


Transportation — 0.1%

Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport Series A, Rev., 5.00%, 1/1/2022		1,000		1,076


Utility — 0.2%

Western Minnesota Municipal Power Agency, Power Supply

Series A, Rev., 5.00%, 1/1/2023		1,500		1,674

Series 2014A, Rev., 5.00%, 1/1/2024		1,000		1,157


				2,831


Total Minnesota				7,991


Mississippi — 0.9%

Education — 0.2%

Medical Center Educational Building Corp. Rev., 5.00%, 6/1/2031		3,105		4,070


General Obligation — 0.1%

County of Harrison

Series A, GO, 5.00%, 10/1/2027		800		1,023

Series A, GO, 5.00%, 10/1/2028		345		451


				1,474


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Mississippi Business Finance Corp., Pollution Control Series 2002, Rev., 3.20%, 9/1/2028		4,000		4,182


Other Revenue — 0.2%

Mississippi Development Bank, Rankin County Project Rev., 5.00%, 3/1/2023		750		840

State of Mississippi Series 2019A, Rev., 5.00%, 10/15/2028		1,400		1,833


				2,673

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 0.1%

Mississippi Development Bank, Rankin County, Mississippi General Obligation Bond Project

Rev., 5.00%, 8/1/2026		350		437

Rev., 5.00%, 8/1/2027		350		446

Rev., 5.00%, 8/1/2028		525		684

Rev., 5.00%, 8/1/2029		425		565


				2,132


Total Mississippi				14,531


Missouri — 0.9%

Certificate of Participation/Lease — 0.4%

City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,073

City of St. Peters

COP, 4.00%, 5/1/2026		705		828

COP, 4.00%, 5/1/2027		730		874

COP, 4.00%, 5/1/2028		760		925

COP, 4.00%, 5/1/2029		760		937

COP, 4.00%, 5/1/2030		545		681

COP, 4.00%, 5/1/2031		550		693


				6,011


Education — 0.1%

Health and Educational Facilities Authority of the State of Missouri

Rev., 4.00%, 10/1/2020		300		305

Rev., 4.00%, 10/1/2021		300		314

Health and Educational Facilities Authority of the State of Missouri, BJC Health System Rev., 5.00%, 1/1/2021		225		233


				852


General Obligation — 0.0% (c)

County of Clay, North Kansas City School District 74, Refunding and Improvement, Missouri Direct Deposit Program

GO, 5.00%, 3/1/2022		350		379


Industrial Development Revenue/Pollution Control Revenue — 0.0% (c)

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		569


Other Revenue — 0.2%

County of Greene, Special Obligation

Rev., 4.00%, 12/1/2028		300		366

Rev., 4.00%, 12/1/2029		200		248

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		3,000		3,329


				3,943


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 0.2%

St. Louis Lambert International Airport

Rev., 5.00%, 7/1/2021		1,575		1,661

Rev., 5.00%, 7/1/2022		1,000		1,096

Rev., 5.00%, 7/1/2023		1,080		1,228


				3,985


Total Missouri				15,739


Montana — 0.2%

General Obligation — 0.2%

Gallatin County High School District No. 7 Bozeman, School Building Series 2017A, GO, 5.00%, 12/1/2023		515		595

Missoula County Elementary School District No. 1, School Building GO, 5.00%, 7/1/2024		520		612

State of Montana, Long-Range Building Program

GO, 5.00%, 8/1/2021		690		731

GO, 5.00%, 8/1/2022		1,000		1,101

Yellowstone County, School District No. 2 Billings, School Building GO, 5.00%, 6/15/2020		650		658


				3,697


Total Montana				3,697


Nebraska — 0.1%

Certificate of Participation/Lease — 0.1%

Southeast Community College

COP, 5.00%, 12/15/2021		200		215

COP, 5.00%, 12/15/2026		275		350

COP, 5.00%, 12/15/2027		495		643

COP, 5.00%, 12/15/2028		540		713


				1,921


Total Nebraska				1,921


New Hampshire — 0.5%

General Obligation — 0.2%

State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,467


Other Revenue — 0.3%

New Hampshire Municipal Bond Bank

Series 2020A, Rev., 5.00%, 2/15/2029		1,870		2,514

Series 2020A, Rev., 4.00%, 2/15/2031		1,240		1,536

Series 2020A, Rev., 4.00%, 2/15/2032		1,300		1,600


				5,650


Total New Hampshire				9,117

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	51

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New Jersey — 3.7%

Education — 0.4%

New Jersey Economic Development Authority, School Facilities Construction

Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,777

Series DDD, Rev., 5.00%, 6/15/2026		1,840		2,239

New Jersey Institute of Technology, Tax-Exempt

Series 2020A, Rev., 5.00%, 7/1/2027		175		224

Series 2020A, Rev., 5.00%, 7/1/2028		200		262

Series 2020A, Rev., 5.00%, 7/1/2029		270		361

Series 2020A, Rev., 5.00%, 7/1/2030		415		551

Series 2020A, Rev., 5.00%, 7/1/2032		725		955


				6,369


General Obligation — 0.9%

County of Passaic GO, 5.00%, 2/1/2021		90		93

State of New Jersey Series Q, GO, 5.00%, 8/15/2020		10,075		10,260

State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,242

Township of South Brunswick GO, 5.00%, 9/1/2022		425		467


				15,062


Housing — 0.2%

New Jersey Housing and Mortgage Finance Agency, Multi-Family Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (b)		3,000		3,024


Other Revenue — 0.2%

Bergen County Improvement Authority (The) Rev., GTD, 4.00%, 10/15/2031		1,190		1,507

Bergen County Improvement Authority (The), Fort Lee Project Rev., GTD, 4.00%, 10/15/2030		475		604

Monmouth County Improvement Authority (The)

Series 2019B, Rev., GTD, 4.00%, 12/1/2033		1,000		1,258

Series 2019B, Rev., GTD, 4.00%, 12/1/2034		790		992


				4,361


Transportation — 2.0%

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement

Series A, Rev., 5.00%, 6/15/2028		3,000		3,620

Series A, Rev., 5.00%, 6/15/2029		5,350		6,439

Series A, Rev., 5.00%, 6/15/2031		4,750		5,682


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — continued

New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 1.86%, 4/1/2020 (d)		10,000		10,069

South Jersey Transportation Authority

Series 2019A, Rev., AGM, 5.00%, 11/1/2029		1,700		2,244

Series 2019A, Rev., AGM, 5.00%, 11/1/2030		1,500		1,971

Series 2019A, Rev., AGM, 5.00%, 11/1/2031		1,500		1,965

Series 2019A, Rev., AGM, 5.00%, 11/1/2032		1,000		1,307


				33,297


Total New Jersey				62,113


New Mexico — 0.2%

General Obligation — 0.2%

County of Sandoval

GO, 5.00%, 8/1/2024		1,100		1,297

GO, 5.00%, 8/1/2025		500		610

GO, 5.00%, 8/1/2026		650		815


				2,722


Other Revenue — 0.0% (c)

New Mexico Finance Authority, Senior Lien Public Project Series 2103B, Rev., 5.00%, 6/1/2021		800		842


Total New Mexico				3,564


New York — 9.2%

Education — 0.7%

New York State Dormitory Authority Series 2019A, Rev., 5.00%, 7/1/2027		4,630		6,012

New York State Dormitory Authority, Columbia University Series 2015B, Rev., 5.00%, 10/1/2021		585		625

New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027		3,225		4,115

New York State Dormitory Authority, The New School Series 2015A, Rev., 5.00%, 7/1/2024		1,100		1,284


				12,036


General Obligation — 1.3%

Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,685

City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025		540		650

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

City of New York, Fiscal Year 2012 Subseries G-1, GO, 5.00%, 4/1/2020 (e)		3,860		3,873

County of Orange, Public Improvement

Series B, GO, 5.00%, 3/1/2021		1,510		1,576

GO, 5.00%, 2/1/2023		1,000		1,123

County of Suffolk, Longwood Central School District

GO, 5.00%, 6/15/2026		365		462

GO, 5.00%, 6/15/2027		795		1,007

Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,238

State of New York Series 2019A, GO, 5.00%, 3/1/2026		3,250		4,079

Town of East Hampton

GO, 5.00%, 5/15/2021		1,000		1,053

GO, 5.00%, 5/15/2023		1,000		1,140

White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,833


				21,719


Hospital — 0.5%

Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		579

Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023		800		905

New York State Dormitory Authority, Memorial Sloan, Kettering Cancer Center Series 1, Rev., 4.00%, 7/1/2031		4,255		5,400

New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center Series 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,262


				8,146


Industrial Development Revenue/Pollution Control Revenue — 0.2%

New York State Energy Research and Development Authority, Pollution Control, Electric and Gas Corp., Project Series C, Rev., 2.00%, 5/1/2020 (b)		3,000		3,005


Other Revenue — 1.9%

Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Series 2016A, Rev., 5.00%, 7/15/2020		500		507

City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		500		508


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

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		3,804

New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2026		5,000		6,154

New York State Dormitory Authority, State Sales Tax

Series A, Rev., 5.00%, 3/15/2021		2,000		2,088

Series 2017A, Rev., 5.00%, 3/15/2024		6,135		7,165

Sales Tax Asset Receivable Corp., Fiscal Year 2015

Series 2015A, Rev., 5.00%, 10/15/2022		4,800		5,341

Series 2015A, Rev., 5.00%, 10/15/2025		4,500		5,381

Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025		400		479


				31,427


Special Tax — 0.1%

New York State Dormitory Authority, Personal Income Tax Series 2011G, Rev., 5.00%, 8/15/2021		1,110		1,178


Transportation — 3.2%

Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Rev., 5.00%, 1/1/2021		815		844

Metropolitan Transportation Authority

Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%), 1.71%, 4/1/2020 (d)		4,790		4,794

Subseries A-1, Rev., 5.00%, 11/15/2020		1,435		1,476

Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,555

Metropolitan Transportation Authority, Green Bonds Series B-2, Rev., 4.00%, 11/15/2032		4,000		4,768

New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023		9,200		10,123

Niagara Frontier Transportation Authority, Buffalo Niagara International Airport

Series 2019A, Rev., AMT, 5.00%, 4/1/2028		265		334

Series 2019A, Rev., AMT, 5.00%, 4/1/2029		265		341

Port Authority of New York and New Jersey Series 207, Rev., AMT, 5.00%, 9/15/2023		4,325		4,921

Triborough Bridge and Tunnel Authority

Subseries 2005B-2, Rev., VRDO, LOC: Citibank NA, 1.21%, 3/2/2020 (b)		19,400		19,400

Series A, Rev., 5.00%, 11/15/2024		3,290		3,735


				54,291

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	53

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 0.1%

Long Island Power Authority, Electric System

Series 2017, Rev., 5.00%, 9/1/2025		500		608

Series 2017, Rev., 5.00%, 9/1/2027		500		641

Series 2017, Rev., 5.00%, 9/1/2028		750		961


				2,210


Water & Sewer — 1.2%

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2006 Series B, Rev., VRDO, LIQ: State Street Bank & Trust, 1.23%, 3/2/2020 (b)		19,500		19,500


Total New York				153,512


North Carolina — 1.9%

Education — 0.4%

University of North Carolina, Chapel Hill Series B, Rev., VRDO, 1.46%, 4/1/2020 (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		507


				6,257


General Obligation — 0.6%

State of North Carolina Series D, GO, 4.00%, 6/1/2020		9,670		9,747


Hospital — 0.9%

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b)		13,805		14,783


Other Revenue — 0.0% (c)

State of North Carolina Series 2017B, Rev., 5.00%, 5/1/2022		700		763


Total North Carolina				31,550


Ohio — 2.8%

Education — 0.1%

Ohio Higher Educational Facility Commission, Oberlin College Rev., 5.00%, 10/1/2020		1,000		1,024


General Obligation — 0.3%

City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		233

Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds

GO, 5.00%, 12/1/2028		2,300		2,875

Series 2018, GO, 4.00%, 12/1/2032		1,250		1,453


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Lexington Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2031		1,050		1,277


				5,838


Hospital — 1.3%

Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		400

County of Allen, Hospital Facilities, Mercy Health Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.75%), 1.90%, 3/10/2020 (d)		10,800		10,806

County of Lake, Hospital Facilities, Lake Hospital System, Inc.

Rev., 5.00%, 8/15/2023		1,445		1,628

Rev., 5.00%, 8/15/2024		1,655		1,923

Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 1.58%, 3/10/2020 (d)		4,000		4,006

State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 1.36%, 3/2/2020 (b)		2,500		2,500


				21,263


Other Revenue — 0.7%

Buckeye Tobacco Settlement Financing Authority

Series 2020A-2, Class I, Rev., 5.00%, 6/1/2029		4,000		5,346

Series 2020A-2, Class I, Rev., 5.00%, 6/1/2030		2,130		2,892

City of Cleveland, Subordinate Lien, Public Facilities Improvements

Series 2018A, Rev., 5.00%, 10/1/2025		150		183

Series 2018A, Rev., 5.00%, 10/1/2027		250		320

Series 2018A, Rev., 5.00%, 10/1/2028		250		323

Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project

Rev., 5.00%, 12/1/2025		250		300

Rev., 5.00%, 12/1/2026		625		768

Rev., 5.00%, 12/1/2029		800		1,030


				11,162


Utility — 0.3%

American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (b)		5,000		5,089

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.1%

Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021		1,375		1,476


Total Ohio				45,852


Oklahoma — 1.7%

Education — 1.7%

Bryan County School Finance Authority, Durant Public Schools Project

Rev., 4.00%, 12/1/2028		385		468

Rev., 4.00%, 12/1/2029		415		511

Rev., 4.00%, 12/1/2030		435		533

Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project

Rev., 5.00%, 9/1/2025		365		436

Rev., 5.00%, 9/1/2026		820		1,003

Rev., 5.00%, 9/1/2027		1,250		1,559

Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2025		3,050		3,659

Custer County Economic Development Authority, Thomas Fay Public Schools

Rev., 4.00%, 12/1/2025		700		808

Rev., 4.00%, 12/1/2027		1,255		1,481

Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project

Rev., 5.00%, 9/1/2028		375		483

Rev., 5.00%, 9/1/2029		1,175		1,513

Grady County School Finance Authority, Tuttle Public Schools Project

Rev., 4.00%, 9/1/2029		300		371

Rev., 4.00%, 9/1/2030		430		528

Muskogee Industrial Trust, Educational Facilities, Muskogee Public Schools Project

Rev., 5.00%, 9/1/2024		890		1,030

Rev., 5.00%, 9/1/2025		850		1,009

Rev., 5.00%, 9/1/2026		1,800		2,183

Rev., 5.00%, 9/1/2027		480		594

Rev., 4.00%, 9/1/2028		2,500		2,952

Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project

Rev., 5.00%, 10/1/2022		500		551

Rev., 5.00%, 10/1/2023		355		405

Rev., 5.00%, 10/1/2025		1,000		1,216


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,123

Wagoner County School Development Authority, Wagoner Public Schools Project

Rev., 4.00%, 9/1/2025		625		714

Rev., 4.00%, 9/1/2027		725		855

Rev., 4.00%, 9/1/2028		300		360


				27,345


Other Revenue — 0.0% (c)

Cleveland County Justice Authority, Sales Tax, Detention Facility Project Rev., 4.00%, 3/1/2020		500		500


Total Oklahoma				27,845


Oregon — 0.2%

Transportation — 0.2%

Port of Portland, International Airport

Series 23, Rev., 5.00%, 7/1/2023		1,000		1,136

Series 23, Rev., 5.00%, 7/1/2024		1,595		1,875


				3,011


Water & Sewer — 0.0% (c)

City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023		40		46


Total Oregon				3,057


Pennsylvania — 6.1%

Education — 0.7%

Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022		5,055		5,601

State Public School Building Authority, Community College of Philadelphia Project

Rev., 5.00%, 6/15/2021		2,760		2,897

Rev., 5.00%, 6/15/2024		2,625		3,035


				11,533


General Obligation — 2.6%

Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,265

County of Chester GO, 4.00%, 7/15/2028		2,500		3,119

County of Northampton

Series A, GO, 4.00%, 10/1/2026		750		888

Series A, GO, 4.00%, 10/1/2027		1,565		1,851

Series A, GO, 4.00%, 10/1/2028		920		1,085

County of Westmoreland Series A, GO, 5.00%, 8/15/2028		3,000		3,932

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	55

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Panther Valley School District

GO, 2.00%, 10/15/2026		750		764

GO, 2.00%, 10/15/2027		680		689

GO, 2.00%, 10/15/2028		300		303

GO, 2.00%, 10/15/2029		300		302

Penn Hills School District

GO, 5.00%, 10/1/2026		4,845		5,989

GO, 5.00%, 10/1/2027		3,585		4,536

GO, 5.00%, 10/1/2028		3,585		4,635

GO, 5.00%, 10/1/2029		3,815		5,021

Quaker Valley School District

GO, 5.00%, 10/1/2028 (f)		350		460

GO, 5.00%, 10/1/2029 (f)		425		571

GO, 5.00%, 10/1/2030 (f)		250		338

GO, 5.00%, 10/1/2031 (f)		325		437

GO, 5.00%, 10/1/2032 (f)		350		469

GO, 5.00%, 10/1/2033 (f)		325		434

GO, 5.00%, 10/1/2034 (f)		400		533

GO, 5.00%, 10/1/2035 (f)		350		465

Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		379

Upper St. Clair Township School District

Series 2019B, GO, 4.00%, 10/1/2028		575		685

Series 2019B, GO, 4.00%, 10/1/2029		420		498


				43,648


Hospital — 0.4%

Berks County Industrial Development Authority, Tower Health Project

Rev., 5.00%, 11/1/2023		1,000		1,140

Rev., 5.00%, 11/1/2024		1,000		1,176

Chester County Health and Education Facilities Authority, Main Line Health System

Series 2020A, Rev., 5.00%, 9/1/2026		250		314

Series 2020A, Rev., 5.00%, 9/1/2027		200		259

Series 2020A, Rev., 5.00%, 9/1/2028		175		231

Series 2020A, Rev., 5.00%, 9/1/2029		175		236

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024		1,000		1,175

Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,696

Southcentral General Authority, Wellspan Health Obligation Group Series 2014A, Rev., 5.00%, 6/1/2024		380		444


				6,671


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — 0.4%

Lehigh County Industrial Development Authority, Pollution Control

Series 2016B, Rev., 1.80%, 8/15/2022 (b)		4,000		4,070

Series 2016A, Rev., 1.80%, 9/1/2022 (b)		2,500		2,534


				6,604


Other Revenue — 0.1%

Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2022		555		604

Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020 (b)		1,000		1,000


				1,604


Transportation — 0.8%

Pennsylvania Turnpike Commission

Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 1.75%, 3/10/2020 (d)		13,000		13,115

Series A, Rev., 5.00%, 12/1/2021		655		702


				13,817


Water & Sewer — 1.1%

Allegheny County Sanitary Authority, Sewer

Rev., 5.00%, 12/1/2021		3,500		3,750

Rev., 5.00%, 12/1/2022		3,000		3,336

Rev., 5.00%, 12/1/2023		4,000		4,609

Charleroi Borough Authority, Water System

Rev., AGM, 4.00%, 12/1/2024		175		198

Rev., AGM, 4.00%, 12/1/2025		150		174

Rev., AGM, 4.00%, 12/1/2026		100		118

Rev., AGM, 4.00%, 12/1/2027		125		149

City of Philadelphia, Water and Wastewater

Series A, Rev., 5.00%, 7/1/2022		1,510		1,656

Series 2014A, Rev., 5.00%, 7/1/2024		2,595		3,053

Pittsburgh Water and Sewer Authority Series A, Rev., 5.00%, 9/1/2023		270		307


				17,350


Total Pennsylvania				101,227


Rhode Island — 0.1%

General Obligation — 0.1%

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2019 Series 2019C, GO, 4.00%, 1/15/2034		1,000		1,201

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.0% (c)

Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GRAN, 5.00%, 6/15/2022		25		27


Total Rhode Island				1,228


South Dakota — 0.1%

Education — 0.1%

South Dakota Health and Educational Facilities Authority

Series B, Rev., 4.00%, 11/1/2020		625		638

Series B, Rev., 4.00%, 11/1/2021		500		525

Series B, Rev., 5.00%, 11/1/2022		375		414


				1,577


Other Revenue — 0.0% (c)

South Dakota State Building Authority Series B, Rev., 5.00%, 6/1/2021		485		510


Total South Dakota				2,087


Tennessee — 0.7%

General Obligation — 0.5%

County of Rutherford Series A, GO, 5.00%, 4/1/2026		1,165		1,406

State of Tennessee Series A, GO, 4.00%, 8/1/2025		7,000		7,543


				8,949


Other Revenue — 0.0% (c)

Metropolitan Government of Nashville and Davidson, County Sports Authority, Public Improvement Rev., 5.00%, 7/1/2020		5		5


Utility — 0.2%

Tennessee Energy Acquisition Corp., Gas Project

Series A, Rev., 4.00%, 5/1/2022		1,460		1,548

Series A, Rev., 4.00%, 5/1/2023		1,400		1,518


				3,066


Total Tennessee				12,020


Texas — 10.7%

Education — 1.0%

Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,182

Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project

Series 2018C, Rev., 5.00%, 8/1/2026		250		312

Series 2018C, Rev., 5.00%, 8/1/2027		200		256

Series 2018C, Rev., 5.00%, 8/1/2029		325		414


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		790		820

County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital Series 3, Rev., (ICE LIBOR USD 1 Month + 0.85%), 1.94%, 3/10/2020 (d)		7,500		7,503

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026		1,910		2,262

Southwest Higher Education Authority, Inc., Southern Methodist University Project

Series 2017, Rev., 5.00%, 10/1/2021		425		453

Series 2017, Rev., 5.00%, 10/1/2022		400		442

Series 2017, Rev., 5.00%, 10/1/2023		400		458

Texas State University System Series 2019A, Rev., 4.00%, 3/15/2034		2,250		2,685


				16,787


General Obligation — 3.6%

Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029		2,000		2,429

City of Abilene GO, 5.00%, 2/15/2021		475		494

City of Colony GO, 5.00%, 8/15/2020		610		622

City of Denton GO, 5.00%, 2/15/2023		1,045		1,171

City of El Paso, Refunding and Improvement

GO, 5.00%, 8/15/2021		530		562

GO, 5.00%, 8/15/2025		4,035		4,887

City of Galveston GO, 4.00%, 5/1/2024		635		712

City of Houston, Public Improvement

Series A, GO, 5.00%, 3/1/2021		3,000		3,125

Series A, GO, 5.00%, 3/1/2025		1,195		1,436

College of the Mainland GO, 4.00%, 8/15/2034		2,860		3,400

Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		1,000		1,121

County of Kaufman

Series 2020A, GO, 5.00%, 2/15/2028 (f)		270		350

Series 2020A, GO, 5.00%, 2/15/2029 (f)		285		377

Series 2020A, GO, 5.00%, 2/15/2030 (f)		300		395

Series 2020A, GO, 5.00%, 2/15/2031 (f)		630		825

Series 2020A, GO, 5.00%, 2/15/2032 (f)		660		862

Series 2020A, GO, 4.00%, 2/15/2033 (f)		345		416

Series 2020A, GO, 4.00%, 2/15/2034 (f)		360		431

Series 2020A, GO, 4.00%, 2/15/2035 (f)		375		447

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	57

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

County of Kaufman, Unlimited Tax Road

GO, 5.00%, 2/15/2030 (f)		665		876

GO, 5.00%, 2/15/2031 (f)		205		268

GO, 5.00%, 2/15/2032 (f)		425		556

GO, 4.00%, 2/15/2033 (f)		300		362

GO, 4.00%, 2/15/2034 (f)		465		558

GO, 4.00%, 2/15/2035 (f)		300		359

Forney Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,544

Galveston County, Unlimited Tax Road

Series 2017, GO, 4.00%, 2/1/2024		980		1,095

Series 2017, GO, 4.00%, 2/1/2025		800		917

Georgetown Independent School District

Series C, GO, PSF-GTD, 4.00%, 8/15/2032		2,165		2,611

Series C, GO, PSF-GTD, 4.00%, 8/15/2033		2,315		2,786

Series C, GO, PSF-GTD, 4.00%, 8/15/2034		1,465		1,759

Harris County Fresh Water Supply District No. 61 Series 2019, GO, AGM, 3.00%, 9/1/2025		530		578

Hereford Independent School District, School Building

GO, PSF-GTD, 4.00%, 2/15/2028		1,420		1,687

GO, PSF-GTD, 4.00%, 2/15/2029		1,480		1,760

GO, PSF-GTD, 4.00%, 2/15/2030		1,000		1,177

GO, PSF-GTD, 4.00%, 2/15/2031		700		818

Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027		290		316

Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029		525		639

Lewisville Independent School District, School Building

GO, PSF-GTD, 5.00%, 8/15/2025		750		858

GO, PSF-GTD, 5.00%, 8/15/2026		750		856

GO, PSF-GTD, 5.00%, 8/15/2027		650		741

New Braunfels Independent School District, Unlimited Tax, School Building Bonds GO, PSF-GTD, 4.00%, 2/1/2034		1,000		1,184

Pasadena Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2028		1,000		1,160

Pharr San Juan Alamo Independent School District Series 2015ISD, GO, PSF-GTD, 4.00%, 2/1/2030		4,000		4,507

Richardson Independent School District Series 2019, GO, PSF-GTD, 5.00%, 2/15/2029		3,165		4,115

S & S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		580		703


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		275


				59,127


Hospital — 0.2%

Irving Hospital Authority, Baylor Scott and White Medical Center

Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 2.25%, 3/10/2020 (d)		1,750		1,771

Series 2017A, Rev., 5.00%, 10/15/2022		250		274

Series 2017A, Rev., 5.00%, 10/15/2028		250		303

Series 2017A, Rev., 5.00%, 10/15/2029		500		603


				2,951


Other Revenue — 4.1%

Austin Convention Enterprises, Inc., Convention Center Hotel First Tier

Series 2017A, Rev., 5.00%, 1/1/2021		500		516

Series 2017A, Rev., 5.00%, 1/1/2022		750		800

Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series 2017B, Rev., 5.00%, 1/1/2021		800		823

Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023		4,700		5,113

State of Texas Rev., TRAN, 4.00%, 8/27/2020		60,000		60,926


				68,178


Prerefunded — 0.0% (c)

Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023 (e)		60		65


Transportation — 1.1%

Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		1,545		1,606

City of Austin, Airport System

Series 2017B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,362

Series 2017B, Rev., AMT, 5.00%, 11/15/2027		585		727

Series 2017B, Rev., AMT, 5.00%, 11/15/2028		630		781

Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		11,123

North Texas Tollway Authority System, First Tier Series A, Rev., 4.00%, 1/1/2033		2,500		2,897


				18,496

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 0.6%

City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022		560		615

City of San Antonio, Electric and Gas Systems Series B, Rev., 2.00%, 12/1/2021 (b)		6,480		6,556

Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		1,705		2,029

West Travis County Public Utility Agency

Series 2017, Rev., 5.00%, 8/15/2022		545		598

Series 2017, Rev., 5.00%, 8/15/2023		325		368

Series 2017, Rev., 5.00%, 8/15/2027		350		445


				10,611


Water & Sewer — 0.1%

City of Galveston, Waterworks and Sewer System

Rev., 5.00%, 5/1/2020		245		246

Rev., 5.00%, 5/1/2021		265		278

City of Garland, Water & Sewer System Series 2018A, Rev., 5.00%, 3/1/2026		1,030		1,273


				1,797


Total Texas				178,012


Utah — 1.3%

General Obligation — 0.3%

State of Utah GO, 5.00%, 7/1/2021		4,925		5,202


Other Revenue — 0.9%

Utah Infrastructure Agency, Telecommunication Revenue Series A, Rev., 5.00%, 10/15/2025		10,380		12,196

West Valley City Municipal Building Authority

Rev., AGM, 4.00%, 2/1/2024		500		556

Rev., AGM, 5.00%, 2/1/2025		250		297

Rev., AGM, 5.00%, 2/1/2027		720		903

Rev., AGM, 5.00%, 2/1/2029		1,070		1,334


				15,286


Transportation — 0.1%

Salt Lake City Corp. Airport Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,091


Total Utah				21,579


Vermont — 0.1%

Education — 0.1%

University of Vermont and State Agricultural College

Rev., 5.00%, 10/1/2021		750		800


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Rev., 5.00%, 10/1/2022		855		944


				1,744


Other Revenue — 0.0% (c)

Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		429


Total Vermont				2,173


Virginia — 3.0%

Education — 1.6%

Virginia College Building Authority, 21st Century College and Equipment Programs

Series 2017E, Rev., 5.00%, 2/1/2027		20,000		25,506

Series 2017C, Rev., 5.00%, 2/1/2028		1,000		1,275


				26,781


General Obligation — 0.9%

City of Lynchburg, Public Improvement

GO, 4.00%, 8/1/2031		1,000		1,248

GO, 4.00%, 8/1/2032		1,000		1,240

County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026		7,715		9,299

Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,398


				14,185


Transportation — 0.1%

Virginia Resources Authority, Infrastructure Series C, Rev., 5.00%, 11/1/2027		1,235		1,577


Water & Sewer — 0.4%

Fairfax County Water Authority, Water Series B, Rev., 5.25%, 4/1/2024		5,615		6,627


Total Virginia				49,170


Washington — 1.3%

Hospital — 1.3%

Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (b)		17,000		20,600


Utility — 0.0% (c)

Snohomish County Public Utility District No. 1 Rev., 5.00%, 12/1/2025		500		616


Total Washington				21,216


West Virginia — 0.2%

Utility — 0.2%

West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (b)		2,905		3,009

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	59

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Wisconsin — 1.6%

Education — 0.1%

Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,288


General Obligation — 1.5%

Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027		200		258

State of Wisconsin

Series A, GO, 5.00%, 5/1/2026		5,050		6,150

Series 1, GO, 5.00%, 11/1/2026		1,135		1,441

Sun Prairie Area School District GO, 4.00%, 3/1/2028		2,500		3,014

Wauwatosa School District, School Building and Improvement

Series 2019A, GO, 5.00%, 3/1/2027		5,025		6,415

Series 2019A, GO, 5.00%, 3/1/2029		6,025		7,670


				24,948


Hospital — 0.0% (c)

Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025		325		392


Total Wisconsin				26,628


Total Municipal Bonds (Cost $1,570,853)				1,637,466


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 0.0% (c)

FNMA, REMIC Series 2002-36, Class FS, 2.16%, 6/25/2032 (b) (Cost $134)		134		134


	SHARES (000)
Short-Term Investments — 2.9%

Investment Companies — 2.9%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (h) (i) (Cost $48,402)		48,403		48,403

Total Investments — 101.5% (Cost $1,619,389)				1,686,003
Liabilities in Excess of Other Assets — (1.5)%				(24,636	)

NET ASSETS — 100.0%				1,661,367

Percentages indicated are based on net assets.

Abbreviations


AGM		Insured by Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
COP		Certificate of Participation
FNMA		Federal National Mortgage Association
GO		General Obligation
GRAN		Grant Revenue Anticipation Note
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
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, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 2020.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.
(e)		Security is prerefunded or escrowed to maturity.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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 February 29, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 97.1% (a)

Alabama — 1.0%

Hospital — 0.0% (b)

UAB Medicine Finance Authority Series B-2, Rev., 5.00%, 9/1/2037		30		37


Other Revenue — 0.2%

Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2029		1,000		1,148

UAB Medicine Finance Authority Series B-2, Rev., 3.50%, 9/1/2035		160		176


				1,324


Utility — 0.3%

Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (c)		500		555

Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (c)		835		930


				1,485


Water & Sewer — 0.5%

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


				2,594


Total Alabama				5,440


Alaska — 0.5%

Education — 0.0% (b)

University of Alaska Series S, Rev., 4.00%, 10/1/2021		70		73


Housing — 0.2%

Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		690		732


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044		1,500		1,715


Total Alaska				2,520


Arizona — 1.0%

Education — 0.2%

Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project

Series 2018A, Rev., 5.00%, 7/1/2032		350		434


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Series 2018A, Rev., 5.00%, 7/1/2033		150		185

Series 2018A, Rev., 5.00%, 7/1/2037		200		245

University of Arizona Rev., 5.00%, 6/1/2033		40		50


				914


General Obligation — 0.0% (b)

City of Flagstaff Series 2014B, GO, 5.00%, 7/1/2020		25		25

County of Pima GO, 5.00%, 7/1/2020		20		20

Maricopa County Special Health Care District Series 2018C, GO, 5.00%, 7/1/2033		10		13

Maricopa County Unified School District No. 11, Peoria School Improvement GO, 4.00%, 7/1/2034		10		12


				70


Industrial Development Revenue/Pollution Control Revenue — 0.8%

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049		4,000		4,404


Other Revenue — 0.0% (b)

City of Buckeye Rev., 4.00%, 7/1/2020		25		25

City of Chandler Rev., 5.00%, 7/1/2028		25		31

City of Phoenix Civic Improvement Corp., Capital Appreciation Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2036		125		197

County of Pinal Rev., 4.00%, 8/1/2036		50		60


				313


Transportation — 0.0% (b)

Pima County Regional Transportation Authority Rev., 5.00%, 6/1/2020		30		30


Water & Sewer — 0.0% (b)

City of Phoenix Civic Improvement Corp., Junior Lien Water System Rev., 5.00%, 7/1/2020		20		20


Total Arizona				5,751


Arkansas — 0.2%

Education — 0.1%

Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		227

University of Arkansas, Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027		100		128

University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		123


				478

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	61

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.0% (b)

State of Arkansas, Four-Lane Highway Construction and Improvement Series 2013, GO, 5.00%, 6/15/2021		60		63


Hospital — 0.1%

County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029		350		430


Total Arkansas				971


California — 4.9%

Certificate of Participation/Lease — 0.3%

City of Palm Springs Series B, COP, Zero Coupon, 4/15/2021 (d)		100		99

Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,699


				1,798


Education — 0.3%

California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039		500		571

California School Finance Authority, Green Dot Public School Projects

Series 2018A, Rev., 5.00%, 8/1/2020 (e)		50		51

Series 2018A, Rev., 5.00%, 8/1/2021 (e)		50		53

Series 2018A, Rev., 5.00%, 8/1/2022 (e)		80		87

Series 2018A, Rev., 5.00%, 8/1/2023 (e)		175		197

Series 2018A, Rev., 5.00%, 8/1/2024 (e)		160		185

Series 2018A, Rev., 5.00%, 8/1/2025 (e)		150		179

Series 2018A, Rev., 5.00%, 8/1/2026 (e)		150		183

Series 2018A, Rev., 5.00%, 8/1/2027 (e)		150		186

Series 2018A, Rev., 5.00%, 8/1/2028 (e)		190		241


				1,933


General Obligation — 1.9%

Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032		60		76

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

El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		900		869

Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2024		60		69

Mount San Antonio Community College District, Election of 2008 Series A, GO, Zero Coupon, 8/1/2043		7,150		7,754


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo GO, Zero Coupon, 8/1/2037		2,450		1,108

South Monterey County Joint Union High School District, Election of 2018 Series A-1, GO, AGM, 5.00%, 8/1/2035		15		19


				10,605


Hospital — 0.9%

California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2041		250		303

California Municipal Finance Authority, Eisenhower Medical Center Series 2017A, Rev., 5.00%, 7/1/2042		1,000		1,196

California Public Finance Authority, Henry Mayo Newhall Hospital

Rev., 5.00%, 10/15/2037		500		588

Rev., 5.00%, 10/15/2047		1,000		1,158

California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045		1,500		1,632


				4,877


Other Revenue — 0.0% (b)

California State Public Works Board, Riverside Campus Series 2017H, Rev., 5.00%, 4/1/2027		10		13


Transportation — 0.3%

Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series S-7, Rev., 4.00%, 4/1/2032		35		42

City of Los Angeles, Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,399


				1,441


Utility — 0.4%

Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		2,000		2,139


Water & Sewer — 0.8%

City of Fairfield Rev., 4.00%, 4/1/2020		5		5

East Bay Municipal Utility District, Wastewater System Series 2015A-1, Rev., 5.00%, 6/1/2036		2,450		2,945

East Bay Municipal Utility District, Water System Series B, Rev., 5.00%, 6/1/2033		515		622

Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		830


				4,402


Total California				27,208

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Colorado — 2.8%

Certificate of Participation/Lease — 0.8%

Adams County, Colorado Refunding and Improvement COP, 4.00%, 12/1/2040		2,815		3,162

Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,000		1,208

State of Colorado Series 2018A, COP, 5.00%, 9/1/2031		20		25


				4,395


General Obligation — 0.3%

Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037		1,000		1,302

Vauxmont Metropolitan District, Subordinate Limited Tax, Convertible to Unlimited Tax

GO, AGM, 5.00%, 12/15/2024		265		307

GO, AGM, 5.00%, 12/15/2025		250		295


				1,904


Hospital — 1.3%

Colorado Health Facilities Authority, Commonspirit Health Series A-2, Rev., 4.00%, 8/1/2049		2,500		2,865

Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,203

Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045		1,000		1,115

Denver Health and Hospital Authority, Healthcare Series 2019A, Rev., 4.00%, 12/1/2040		1,635		1,894


				7,077


Other Revenue — 0.0% (b)

City of Grand Junction Rev., 5.00%, 3/1/2020		25		25


Prerefunded — 0.4%

State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2032 (d)		2,000		2,087


Total Colorado				15,488


Connecticut — 1.0%

Education — 0.4%

Connecticut State Health and Educational Facilities Authority

Series K-1, Rev., 5.00%, 7/1/2034		725		885

Series K-1, Rev., 5.00%, 7/1/2036		450		548

Series K-1, Rev., 5.00%, 7/1/2039		490		592

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., AMT, 5.00%, 11/15/2020		300		308


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		18


				2,351


General Obligation — 0.2%

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		189

Town of New Canaan

GO, 4.00%, 10/1/2036		240		292

GO, 4.00%, 10/1/2037		395		479

GO, 4.00%, 10/1/2039		100		120

Town of Stonington Series 2012A, GO, 4.00%, 9/1/2020		15		15

Town of Wallingford GO, 4.00%, 3/15/2021		20		21


				1,195


Hospital — 0.2%

Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025		1,000		1,200


Housing — 0.2%

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Series B-2, Rev., 4.00%, 11/15/2032		280		288

Series A-1, Rev., 4.00%, 11/15/2045		95		101

Subseries A-1, Rev., 4.00%, 11/15/2047		330		356


				745


Prerefunded — 0.0% (b)

City of New Britain GO, AGM, 3.00%, 3/15/2021 (d)		25		25


Special Tax — 0.0% (b)

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		70


				101


Total Connecticut				5,617


Delaware — 0.9%

Education — 0.4%

Delaware Economic Development Authority, Newark Charter School, Inc. Project

Series A, Rev., 5.00%, 9/1/2036		500		597

Series A, Rev., 5.00%, 9/1/2046		500		586

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	63

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045		500		804


				1,987


General Obligation — 0.0% (b)

County of New Castle GO, 5.00%, 4/1/2027		25		32


Hospital — 0.3%

Delaware State Health Facilities Authority, Bayhealth Medical Center Project

Series 2017A, Rev., 4.00%, 7/1/2033		25		29

Series 2017A, Rev., 4.00%, 7/1/2043		1,275		1,446


				1,475


Housing — 0.0% (b)

Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		300		307


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		1,000		1,177


Total Delaware				4,978


District of Columbia — 2.5%

Other Revenue — 1.1%

District of Columbia, Income Tax Series 2019C, Rev., 5.00%, 10/1/2032		3,000		4,035

District of Columbia, Kipp DC Project

Series 2017B, Rev., 5.00%, 7/1/2027		30		37

Series 2017B, Rev., 5.00%, 7/1/2037		25		31

Rev., 4.00%, 7/1/2039		600		688

Rev., 4.00%, 7/1/2044		1,240		1,404

District of Columbia, National Public Radio, Inc. Series 2016, Rev., 5.00%, 4/1/2024		25		29


				6,224


Prerefunded — 0.2%

District of Columbia

Series A, Rev., 6.00%, 7/1/2043 (d)		500		585

Series A, Rev., 6.00%, 7/1/2048 (d)		500		585


				1,170


Transportation — 1.2%

Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042		5,010		6,258


Total District of Columbia				13,652


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Florida — 3.3%

Certificate of Participation/Lease — 0.0% (b)

Monroe County School District

Series A, COP, 5.00%, 6/1/2032		100		125

Series A, COP, 5.00%, 6/1/2034		40		50


				175


Education — 0.4%

Florida Atlantic University Finance Corp., Student Housing Project

Series 2019A, Rev., 5.00%, 7/1/2031		15		19

Series 2019B, Rev., 5.00%, 7/1/2034		120		155

Volusia County Educational Facility Authority, Embry-Riddle Aeronautical

Series 2020A, Rev., 4.00%, 10/15/2037		725		848

Series 2020A, Rev., 4.00%, 10/15/2038		750		874

Series 2020A, Rev., 4.00%, 10/15/2039		350		407


				2,303


General Obligation — 1.2%

County of Miami-Dade Series A, GO, 5.00%, 7/1/2036		2,745		3,596

Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,843

School Board of Miami-Dade County (The) GO, 5.00%, 3/15/2020		40		40


				6,479


Hospital — 1.1%

City of South Miami Health Facilities Authority, Inc., Baptist Health Rev., 4.00%, 8/15/2042		20		23

Orange County Health Facilities Authority

Series B, Rev., 4.00%, 10/1/2045		215		238

Palm Beach County Health Facilities Authority, Baptist Health Rev., 4.00%, 8/15/2049		5,000		5,787

South Broward Hospital District, Memorial Healthcare System Series 2016, Rev., 5.00%, 5/1/2023		10		11


				6,059


Housing — 0.0% (b)

Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		30		31


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Florida Department of Environmental Protection Series 2011A, Rev., 5.00%, 7/1/2020		20		20

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.1%

City of Jacksonville Series B, Rev., 5.00%, 10/1/2024		20		24

County of Miami-Dade Series 2016, Rev., 4.00%, 10/1/2040		105		118

Orange County Convention Center Series 2016A, Rev., 4.00%, 10/1/2036		40		46


				188


Prerefunded — 0.0% (b)

Palm Beach County Health Facilities Authority, Bethesda Healthcare System, Inc. Project

Series A, Rev., AGM, 4.75%, 7/1/2025 (d)		5		5

Series A, Rev., AGM, 5.25%, 7/1/2040 (d)		5		5


				10


Transportation — 0.0% (b)

Florida’s Turnpike Enterprise, Department of Transportation

Series A, Rev., 5.00%, 7/1/2020		35		36

Series 2018A, Rev., 5.00%, 7/1/2033		55		72


				108


Utility — 0.5%

City of Leesburg, Electric System Rev., 5.00%, 10/1/2031		15		18

City of Port St. Lucie, Utility Systems Series 2018, Rev., 5.00%, 9/1/2028		25		32

City of Tallahassee, Utility System Series 2017, Rev., 5.00%, 10/1/2023		10		11

County of Sarasota, Utility System

Series 2019A, Rev., 5.00%, 10/1/2038		25		33

Series 2016A, Rev., 4.00%, 10/1/2043		65		73

Florida Governmental Utility Authority

Rev., AGM, 4.00%, 10/1/2034		600		728

Rev., AGM, 4.00%, 10/1/2035		1,000		1,210

Florida Governmental Utility Authority, Aloha Utility System Rev., AGM, 4.00%, 10/1/2036		370		447


				2,552


Water & Sewer — 0.0% (b)

City of Lauderhill, Water & Sewer System Rev., 4.00%, 10/1/2027		15		18

County of St. Johns, Water and Sewer

Rev., 4.00%, 6/1/2020		20		20

Rev., 5.00%, 6/1/2020		35		36

East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028		30		39


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — continued

JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2020 (d)		20		20


				133


Total Florida				18,058


Georgia — 4.3%

Education — 0.4%

Georgia Higher Education Facilities Authority USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038		2,000		2,356


Hospital — 1.0%

Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		2,915		3,340

Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Series 2017, Rev., 4.00%, 8/15/2041		1,000		1,142

Glynn-Brunswick Memorial Hospital Authority, Health System Project Rev., 4.00%, 8/1/2038		1,000		1,180


				5,662


Housing — 0.1%

Georgia Housing and Finance Authority, Single Family Mortgage

Series A, Rev., AMT, 5.00%, 6/1/2029		15		15

Subseries A-1, Rev., AMT, 4.00%, 6/1/2044		140		147

Lawrenceville Building Authority Rev., 5.00%, 4/1/2020		25		25


				187


Other Revenue — 0.0% (b)

Metropolitan Atlanta Rapid Transit Authority, Sales tax Series 2005A, Rev., NATL-RE, 5.00%, 7/1/2020		25		25


Prerefunded — 0.0% (b)

Brunswick-Glynn County, Joint Water & Sewer Commission Series C, Rev., AGM, 4.50%, 6/1/2035 (d)		5		5

Dahlonega Downtown Development Authority, North Georgia MBA, LLC Project Rev., AGC, 4.75%, 7/1/2040 (d)		5		5

Medical Center Hospital Authority, Columbus Regional Healthcare System, Inc. Project Rev., GRAN, AGM, 5.00%, 8/1/2045 (d)		5		5


				15


Transportation — 0.0% (b)

Metropolitan Atlanta Rapid Transit Authority Series A, Rev., NATL-RE, 5.25%, 7/1/2028		110		147

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	65

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 2.8%

Main Street Natural Gas, Inc., Gas Supply

Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (c)		5,000		5,504

Series 2019B, Rev., 4.00%, 12/2/2024 (c)		8,600		9,824


				15,328


Total Georgia				23,720


Hawaii — 0.4%

General Obligation — 0.4%

City and County of Honolulu Series A, GO, 5.00%, 10/1/2037		1,970		2,381


Idaho — 0.0% (b)

Education — 0.0% (b)

University of Idaho Series 2018A, Rev., 5.00%, 4/1/2035		25		32


Illinois — 4.2%

General Obligation — 1.4%

City of Oak Forest Series 2016B, GO, 3.00%, 12/15/2020		365		371

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		316

State of Illinois

Series 2018A, GO, 5.00%, 10/1/2021		50		53

Series 2012A, GO, 4.00%, 1/1/2024		15		16

GO, 5.00%, 5/1/2024		205		236

Series D, GO, 5.00%, 11/1/2024		325		379

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		27

GO, 5.00%, 5/1/2027		175		200

GO, 5.00%, 6/1/2027		25		30

Series 2009A, GO, 4.00%, 9/1/2027		115		115

Series 2016, GO, 5.00%, 11/1/2028		20		24

Series 2012A, GO, 4.00%, 1/1/2029		45		47

GO, 5.50%, 1/1/2030		20		27

GO, 4.13%, 11/1/2031		20		23

Series 2016, GO, 4.00%, 6/1/2033		15		17

Series 2016, GO, 4.00%, 6/1/2036		25		28

GO, 4.00%, 6/1/2037		45		50

GO, 5.50%, 7/1/2038		3,000		3,367

Village of Arlington Heights GO, 4.00%, 12/1/2034		130		146

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,245


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

General Obligation — continued

Village of Hoffman Estates GO, 5.00%, 12/1/2033		80		103

Village of Midlothian

GO, AGM, 4.00%, 1/1/2022 (f)		10		10

GO, AGM, 4.00%, 1/1/2023 (f)		10		11

GO, AGM, 4.00%, 1/1/2024 (f)		75		82

GO, AGM, 4.00%, 1/1/2025 (f)		40		45

GO, AGM, 4.00%, 1/1/2026 (f)		65		74

GO, AGM, 4.00%, 1/1/2027 (f)		85		99

GO, AGM, 4.00%, 1/1/2028 (f)		65		77

GO, AGM, 4.00%, 1/1/2029 (f)		95		113

Will County School District No. 86 Joliet Series A, GO, 4.00%, 3/1/2024		220		243

Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033		35		37


				7,760


Hospital — 0.3%

Illinois Finance Authority, Healthcare Enterprises, Inc.

Series C, Rev., 5.00%, 3/1/2033		305		368

Series 2017C, Rev., 5.00%, 3/1/2034		205		247

Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 4.00%, 2/15/2041		930		1,065


				1,680


Housing — 0.0% (b)

Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2016A, Rev., 5.00%, 11/1/2031		10		12


Other Revenue — 1.5%

Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021		200		210

Sales Tax Securitization Corp.

Series C, Rev., 5.00%, 1/1/2026		3,500		4,255

Series C, Rev., 5.25%, 1/1/2043		1,500		1,907

Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 4.00%, 1/1/2040		1,395		1,646

State of Illinois Series 2016C, Rev., 5.00%, 6/15/2022		25		27

State of Illinois, Sales Tax Series D, Rev., 5.00%, 6/15/2027		15		18


				8,063

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.2%

Chicago O’Hare International Airport, Third Lien Series 2011A, Rev., 5.75%, 1/1/2039 (d)		1,260		1,312

Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 4.00%, 2/15/2041 (d)		20		24

Illinois Finance Authority, University of Chicago Medical Center Series C, Rev., 4.50%, 8/15/2026 (d)		5		5


				1,341


Transportation — 0.8%

Chicago O’Hare International Airport, Third Lien Series 2011A, Rev., 5.75%, 1/1/2039		240		249

Illinois State Toll Highway Authority

Series 2019C, Rev., 5.00%, 1/1/2031		3,000		4,015

Series 2019A, Rev., 4.00%, 1/1/2044		25		29


				4,293


Water & Sewer — 0.0% (b)

Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2040		105		136


Total Illinois				23,285


Indiana — 1.6%

Education — 0.4%

Greenfield Middle School Building Corp.

Rev., 4.00%, 1/15/2026		100		116

Rev., 4.00%, 7/15/2031		240		279

Rev., 4.00%, 7/15/2032		350		405

Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Rev., 5.00%, 1/15/2023		10		11

Indiana Finance Authority, Butler University Project Rev., 4.00%, 2/1/2040		25		29

Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034		1,100		1,376

University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029		25		33


				2,249


General Obligation — 0.0% (b)

Gary Community School Corp. GO, 4.00%, 7/15/2023		230		249


Hospital — 0.2%

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		1,263


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Indiana Finance Authority, Parkview Health Series A, Rev., 4.00%, 11/1/2048		50		57

Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046		15		17


				1,356


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Clarksville Redevelopment Authority, Economic Development Lease Rental Rev., 4.00%, 2/1/2029		310		372


Other Revenue — 0.1%

City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028		180		217

Clarksville Redevelopment Authority, District Tax Increment Rev., 5.00%, 1/15/2031		30		39

Indiana Finance Authority Series 2012M, Rev., 4.00%, 7/1/2020		100		101


				357


Prerefunded — 0.8%

Carmel Redevelopment Authority Rev., 5.00%, 7/1/2025 (d)		5		5

Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2030 (d)		4,000		4,319


				4,324


Utility — 0.0% (b)

Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042		30		36


Total Indiana				8,943


Iowa — 0.1%

General Obligation — 0.0% (b)

City of Bettendorf Series 2013A, GO, 4.00%, 6/1/2020		30		30

City of Council Bluffs Series 2018A, GO, 5.00%, 6/1/2020		25		25

Waukee Community School District, Capital Loan Notes Series 2016A, GO, 5.00%, 6/1/2020		25		26


				81


Housing — 0.1%

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program

Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2028		25		25

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	67

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — continued

Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		465		493


				518


Other Revenue — 0.0% (b)

Iowa Finance Authority, Revolving Fund — Green Bonds Rev., 5.00%, 8/1/2034		15		19


Total Iowa				618


Kansas — 0.0% (b)

General Obligation — 0.0% (b)

Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022		50		54


Kentucky — 0.4%

Certificate of Participation/Lease — 0.0% (b)

Commonwealth of Kentucky COP, 4.00%, 6/15/2032		30		33


Education — 0.0% (b)

Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028		20		23


Hospital — 0.4%

City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036		1,750		1,895


Housing — 0.0% (b)

Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028		20		21


Transportation — 0.0% (b)

Kentucky Turnpike Authority, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023		30		34


Total Kentucky				2,006


Louisiana — 1.0%

General Obligation — 0.5%

State of Louisiana

Series 2019A, GO, 5.00%, 3/1/2020		20		20

Series 2014C, GO, 5.00%, 8/1/2020		25		25

Series 2019A, GO, 5.00%, 3/1/2035		2,000		2,610


				2,655


Hospital — 0.3%

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Series 2015A1, Rev., 5.00%, 6/1/2039		25		31

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,239


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043		50		56


				1,326


Other Revenue — 0.2%

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

Tobacco Settlement Financing Corp., Asset-Backed Series 2013A, Rev., 5.25%, 5/15/2035		1,000		1,111


				1,247


Prerefunded — 0.0% (b)

East Ouachita Parish School District GO, 4.25%, 3/1/2032 (d)		5		5


Utility — 0.0% (b)

State of Louisiana, Gas and Fuels Tax Series 2012A-1, Rev., 5.00%, 5/1/2020		45		45


Total Louisiana				5,278


Maine — 0.1%

Housing — 0.1%

Maine State Housing Authority Series A, Rev., 4.00%, 11/15/2045		365		387


Other Revenue — 0.0% (b)

Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021		100		105


Total Maine				492


Maryland — 1.5%

Certificate of Participation/Lease — 1.4%

Baltimore County, Equipment Acquisition Program Series 2019, COP, 5.00%, 3/1/2029		5,735		7,625


General Obligation — 0.0% (b)

County of Charles GO, 4.00%, 3/1/2020		20		20


Hospital — 0.0% (b)

Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023		115		129


Housing — 0.0% (b)

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031		225		238

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.0% (b)

State of Maryland, State and Local Facilities Loan GO, 3.00%, 3/15/2023 (d)		40		40


Transportation — 0.0% (b)

Maryland State Transportation Authority Series 2017, Rev., 5.00%, 7/1/2028		10		13


Water & Sewer — 0.1%

City of Baltimore, Stormwater Projects Series 2019A, Rev., 4.00%, 7/1/2044		50		59

City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033		270		330

Maryland Water Quality Financing Administration Revolving Loan Fund Series 2014, Rev., 5.00%, 3/1/2020		50		50


				439


Total Maryland				8,504


Massachusetts — 2.3%

Education — 0.8%

Massachusetts Development Finance Agency, Emerson College

Rev., 5.00%, 1/1/2036		825		1,023

Rev., 5.00%, 1/1/2037		315		389

University of Massachusetts Building Authority, Senior Lien

Series 1, Rev., 5.00%, 11/1/2020		10		10

Series 2020-1, Rev., 5.00%, 11/1/2034		2,000		2,690


				4,112


General Obligation — 0.8%

City of Boston Series A, GO, 5.00%, 4/1/2020		20		20

City of Lowell, Municipal Purpose Loan Series 2018, GO, 5.00%, 3/1/2028		90		119

Commonwealth of Massachusetts Series E, GO, 5.00%, 9/1/2020		25		25

Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		4,291

Town of Bellingham GO, 4.00%, 6/15/2032		10		12

Town of Dartmouth GO, 4.00%, 4/15/2020		25		25

Town of Plymouth, Municipal Purpose Loan GO, 5.00%, 5/1/2020		20		20


				4,512


Housing — 0.2%

Massachusetts Housing Finance Agency, Single Family Housing

Series 177, Rev., AMT, 4.00%, 6/1/2039		410		433

Series 167, Rev., 4.00%, 12/1/2043		260		271


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Housing — continued

Series 169, Rev., 4.00%, 12/1/2044		485		505


				1,209


Transportation — 0.5%

Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,820


Total Massachusetts				12,653


Michigan — 1.3%

General Obligation — 0.2%

Grand Rapids Public Schools Series 2019, GO, AGM, 5.00%, 11/1/2043		1,000		1,269

Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 5/1/2033		10		13

Whitehall District Schools GO, AGM, 5.00%, 5/1/2033		25		31


				1,313


Hospital — 0.4%

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054		2,000		2,358


Housing — 0.0% (b)

Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046		120		127


Other Revenue — 0.2%

Michigan State Building Authority, Facilities Program Series 2015I, Rev., 4.00%, 4/15/2040		120		133

Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043		750		870


				1,003


Prerefunded — 0.0% (b)

Kalamazoo Hospital Finance Authority, Bronson Methodist Hospital Series A, Rev., 5.00%, 5/15/2036 (d)		5		5

Zeeland Public Schools GO, AGM, 4.50%, 5/1/2030 (d)		5		5


				10


Transportation — 0.3%

State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2036		1,500		1,600


Water & Sewer — 0.2%

City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2045		600		777


Total Michigan				7,188

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	69

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Minnesota — 2.7%

Certificate of Participation/Lease — 0.1%

Duluth Independent School District No. 709

Series 2019B, COP, 5.00%, 2/1/2021		150		155

Series 2019B, COP, 5.00%, 2/1/2022		160		172


				327


Education — 0.3%

Minnesota Higher Education Facilities Authority, Carleton College

Rev., 4.00%, 3/1/2032		1,000		1,173

Rev., 4.00%, 3/1/2033		500		586


				1,759


General Obligation — 1.4%

Aurora Independent School District No. 2711, School Building, Capital Appreciation

Series 2017B, GO, Zero Coupon, 2/1/2026		150		133

Series 2017B, GO, Zero Coupon, 2/1/2027		400		343

Series 2017B, GO, Zero Coupon, 2/1/2028		225		185

Series 2017B, GO, Zero Coupon, 2/1/2030		880		663

City of Excelsior Series 2019A, GO, 5.00%, 2/1/2027		100		127

City of Hopkins Series 2017B, GO, 4.00%, 2/1/2026		25		29

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		1,120

Series 2019F, GO, Zero Coupon, 2/1/2030		700		576

Series 2019F, GO, Zero Coupon, 2/1/2031		545		433

Lakeville Independent School District No. 194 , Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2028		25		32

State of Minnesota Series A, GO, 5.00%, 8/1/2020		20		20

Virginia Independent School District No. 706 Series A, GO, 5.00%, 2/1/2030		3,000		3,872


				7,551


Hospital — 0.6%

City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048		3,000		3,437


Housing — 0.3%

Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		45		46


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Housing — 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%, 12/1/2026		15		15

Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		13		13

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		60		61

Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program

Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 1/1/2031		15		15

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		30		31

Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035		50		51

Minnesota Housing Finance Agency, Residential Housing Finance

Series 2014A, Rev., AMT, 4.00%, 7/1/2038		220		233

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		65		66

Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		605		645

Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		350		377


				1,553


Other Revenue — 0.0% (b)

Minnesota Public Facilities Authority Series 2010A, Rev., 5.00%, 3/1/2020		25		25


Prerefunded — 0.0% (b)

Perham Hospital District Rev., 6.35%, 3/1/2035 (d)		5		5


Total Minnesota				14,657


Mississippi — 0.7%

Education — 0.5%

Mississippi Development Bank, Lafayette County School District General Obligation Bond Project Rev., 4.00%, 4/1/2033		20		24

Mississippi Development Bank, Northwest Mississippi Community College Improvement Project Rev., 4.00%, 3/1/2050 (f)		2,335		2,733


				2,757

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.2%

Mississippi Development Bank, Water and Sewer System Project, Special Obligation Rev., AGM, 6.88%, 12/1/2040		1,000		1,202


Total Mississippi				3,959


Missouri — 1.1%

Certificate of Participation/Lease — 0.0% (b)

City of Sedalia COP, 4.00%, 7/15/2035		205		234


Education — 0.9%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects

Series 2019A, Rev., 5.00%, 2/1/2034		1,000		1,152

Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,140

Health and Educational Facilities Authority of the State of Missouri, SSM Health Series A, Rev., 4.00%, 6/1/2048		2,160		2,448


				4,740


General Obligation — 0.0% (b)

St. Louis County Reorganized School District No. R-6 Series 2017, GO, 5.00%, 2/1/2023		10		11


Housing — 0.2%

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		385		406

Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		480		515

Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program

Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		5		5

Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		30		31


				957


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2010B, Rev., 5.00%, 7/1/2025		35		36


Prerefunded — 0.0% (b)

Health and Educational Facilities Authority of the State of Missouri, SSM Healthcare Series B, Rev., 4.50%, 6/1/2025 (d)		5		5


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — 0.0% (b)

Metropolitan St. Louis Sewer District Series 2017A, Rev., 5.00%, 5/1/2034		10		13


Total Missouri				5,996


Montana — 0.3%

Hospital — 0.3%

Montana Facility Finance Authority, SCL Health System Series A, Rev., 4.00%, 1/1/2038		1,200		1,442


Housing — 0.0% (b)

Montana Board of Housing, Single Family Homeownership

Series B2, Rev., AMT, 5.00%, 12/1/2027		155		162

Series A-2, Rev., AMT, 4.00%, 12/1/2038		105		110


				272


Prerefunded — 0.0% (b)

Montana Facility Finance Authority, Community Medical Center, Inc. Project Series 2010D, Rev., 5.50%, 6/1/2035 (d)		5		5


Total Montana				1,719


Nebraska — 0.7%

Hospital — 0.0% (b)

Douglas County Hospital Authority No. 2, Health Facilities Series 2016, Rev., 5.00%, 5/15/2030		10		12


Utility — 0.7%

Central Plains Energy Project No. 3

Series 2017A, Rev., 5.00%, 9/1/2034		1,000		1,372

Series 2017A, Rev., 5.00%, 9/1/2042		1,500		2,221

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		225

Series 2016A, Rev., 5.00%, 1/1/2035		25		30


				3,967


Total Nebraska				3,979


Nevada — 0.6%

General Obligation — 0.0% (b)

State of Nevada, Natural Resources Series 2016D, GO, 5.00%, 5/1/2020		30		30


Transportation — 0.1%

City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		428

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	71

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 0.5%

Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049		2,500		2,866


Water & Sewer — 0.0% (b)

Truckee Meadows Water Authority Series 2016, Rev., 5.00%, 7/1/2031		15		19


Total Nevada				3,343


New Hampshire — 0.0% (b)

Housing — 0.0% (b)

New Hampshire Housing Finance Authority, Single Family Mortgage

Series C, Rev., AMT, 4.00%, 1/1/2028		35		36

Series 2011A, Rev., AMT, 5.25%, 7/1/2028		5		5


				41


Total New Hampshire				41


New Jersey — 5.3%

Certificate of Participation/Lease — 0.0% (b)

County of Middlesex COP, 4.00%, 6/15/2022		110		118


Education — 0.9%

New Jersey Economic Development Authority, School Facilities Construction Series NN, Rev., 5.00%, 3/1/2024		150		166

New Jersey Educational Facilities Authority Series 2016B, Rev., 5.00%, 9/1/2036		105		125

New Jersey Educational Facilities Authority, Green Bonds Series 2020A, Rev., 5.00%, 7/1/2045 (f)		3,500		4,552


				4,843


General Obligation — 0.0% (b)

Livingston Township School District GO, 4.00%, 7/15/2020		80		81

Township of South Brunswick GO, 5.00%, 7/1/2020		30		30


				111


Housing — 0.2%

New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		880		989


Industrial Development Revenue/Pollution Control Revenue — 0.6%

New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027		240		291

New Jersey Economic Development Authority, College Avenue Redevelopment Project Rev., 5.00%, 6/15/2020		60		61


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — continued

New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		2,800		3,264


				3,616


Other Revenue — 0.8%

Gloucester County Improvement Authority (The), Landfill Project Series 2016A, Rev., GTD, 4.00%, 3/1/2020		25		25

Monmouth County Improvement Authority Rev., GTD, 5.00%, 12/1/2020		60		62

Morris County Improvement Authority, Morris County General Obligation Bond Project Rev., GTD, 4.00%, 5/1/2020		20		20

Tobacco Settlement Financing Corp.

Series A, Rev., 4.00%, 6/1/2037		1,000		1,150

Series A, Rev., 5.00%, 6/1/2046		1,000		1,217

Series A, Rev., 5.25%, 6/1/2046		1,500		1,860


				4,334


Transportation — 2.8%

New Jersey Transportation Trust Fund Authority Series BB, Rev., 4.00%, 6/15/2038		1,500		1,724

New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems Series A, Rev., Zero Coupon, 12/15/2036		10,355		6,680

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement

Series A-1, Rev., 5.00%, 6/15/2027		2,670		3,231

Series A, Rev., 5.00%, 6/15/2031		3,000		3,589


				15,224


Total New Jersey				29,235


New Mexico — 0.2%

Housing — 0.2%

New Mexico Mortgage Finance Authority, Single Family Mortgage Program

Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		10		10

Series 2012A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043		105		107

Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048		540		590


				707


Transportation — 0.0% (b)

New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2024		100		101

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.0% (b)

City of Roswell, Joint Water and Sewer System Series B, Rev., 4.00%, 6/1/2020		20		20


Total New Mexico				828


New York — 10.0%

Education — 0.9%

Monroe County Industrial Development Corp., University of Rochester Series 2017C, Rev., 4.00%, 7/1/2033		60		71

New York State Dormitory Authority

Series 2015B, Rev., 5.00%, 7/1/2026		15		18

Series 2018C, Rev., 5.00%, 3/15/2038		1,250		1,598

Series 2019A, Rev., 4.00%, 7/1/2045		2,000		2,408

New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2036		640		964

Tompkins County Development Corp., Ithaca College Rev., 5.00%, 7/1/2032		80		101


				5,160


General Obligation — 0.3%

County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027		10		13

Homer Central School District GO, 4.00%, 3/15/2020		30		30

Springville-Griffith Institute Central School District GO, 3.00%, 6/15/2021		25		26

Sweet Home Central School District Series A, GO, 4.00%, 7/15/2020		15		15

Town of Greenburgh, Public Improvement GO, 5.00%, 4/15/2020		25		25

Town of Orangetown, Rockland County, Sparkill-Palisades Fire District

GO, AGM, 4.00%, 11/15/2040		220		247

GO, AGM, 4.00%, 11/15/2041		205		230

GO, AGM, 4.00%, 11/15/2042		315		352

GO, AGM, 4.00%, 11/15/2043		325		363

Village of Tuxedo Park GO, 4.00%, 8/1/2031		45		54


				1,355


Housing — 0.1%

New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		340		360


Other Revenue — 1.8%

Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Series 2013A, Rev., 3.00%, 3/15/2020		20		20


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Series C, Rev., 5.00%, 11/1/2021		170		175

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		6,356

New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2041		2,000		2,618

TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2020		500		505

Westchester Tobacco Asset Securitization Series 2016B, Rev., 5.00%, 6/1/2025		130		153


				9,827


Prerefunded — 0.0% (b)

Canton Capital Resource Corp., Grasse River Series A, Rev., AGM, 4.13%, 5/1/2024 (d)		5		5

Metropolitan Transportation Authority Series H, Rev., 5.00%, 11/15/2030 (d)		70		78


				83


Special Tax — 0.8%

New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2011A, Rev., 5.00%, 3/15/2020		50		50

New York State Thruway Authority, State Personal Income Tax Series A, Rev., 5.00%, 3/15/2020		25		25

New York State Urban Development Corp., State Personal Income Tax, General Purpose

Series 2013D, Rev., 5.00%, 3/15/2020		30		30

Series 2019A, Rev., 5.00%, 3/15/2042		3,500		4,423


				4,528


Transportation — 3.0%

Metropolitan Transportation Authority Series D, Rev., 5.00%, 11/15/2031		400		498

New York State Thruway Authority Series 2019B, Rev., 4.00%, 1/1/2037		3,000		3,640

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		1,704

Rev., AMT, 5.00%, 1/1/2036		1,125		1,387

Port Authority of New York and New Jersey Series 188, Rev., AMT, 5.00%, 5/1/2024		50		58

Port Authority of New York and New Jersey, Consolidated, 93rd Series Series 93, Rev., 6.13%, 6/1/2094		7,470		9,031

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	73

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — continued

Triborough Bridge and Tunnel Authority Series 2018B, Rev., 5.00%, 11/15/2031		75		107


				16,425


Utility — 0.9%

Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,881


Water & Sewer — 2.2%

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.25%, 3/2/2020 (c)		10,000		10,000

New York State Environmental Facilities Corp. Series B, Rev., 5.50%, 10/15/2020 (d)		40		41

New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution Series 2017A, Rev., 5.00%, 6/15/2037		1,750		2,215


				12,256


Total New York				54,875


North Carolina — 3.1%

Education — 0.6%

North Carolina Capital Facilities Finance Agency, Meredith College

Rev., 5.00%, 6/1/2027		1,060		1,292

Rev., 5.00%, 6/1/2028		905		1,100

Rev., 5.00%, 6/1/2029		350		424

Rev., 5.00%, 6/1/2030		450		542


				3,358


General Obligation — 0.0% (b)

City of High Point GO, 5.00%, 3/1/2020		25		25

City of Winston-Salem Series B, GO, 4.00%, 6/1/2030		10		12

County of Iredell Series 2015C, GO, 5.00%, 4/1/2020		25		25

County of Lee GO, 5.00%, 4/1/2020		50		50

County of Union Series A, GO, 5.00%, 3/1/2020		40		40

State of North Carolina

Series D, GO, 4.00%, 6/1/2020		30		30

Series 2016B, GO, 5.00%, 6/1/2020		25		25


				207


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.1%

North Carolina Housing Finance Agency, Homeownership

Series 2, Rev., 4.25%, 1/1/2028		10		10

Series 1, Rev., AMT, 4.50%, 7/1/2028		25		26

Series A, Rev., AMT, 3.50%, 7/1/2039		275		288


				324


Other Revenue — 1.9%

City of Monroe, Enterprise System Rev., 4.00%, 3/1/2020		75		75

City of Raleigh Series A, Rev., 4.00%, 10/1/2022		30		33

City of Wilmington Rev., 5.00%, 6/1/2020		25		25

County of Burke

Series 2017, Rev., 5.00%, 4/1/2025		15		18

Series 2018, Rev., 5.00%, 4/1/2031		25		31

State of North Carolina Rev., GRAN, 5.00%, 3/1/2033		7,735		10,124

Town of Fuquay-Varina Rev., 5.00%, 11/1/2030		10		13


				10,319


Prerefunded — 0.0% (b)

North Carolina Medical Care Commission, Duke University Health Systems Series A, Rev., 4.75%, 6/1/2035 (d)		5		5

University of North Carolina at Charlotte (The) Series B-1, Rev., 4.00%, 10/1/2025 (d)		5		5


				10


Transportation — 0.5%

North Carolina Turnpike Authority Rev., 5.00%, 7/1/2021		35		37

Raleigh Durham Airport Authority

Series 2020A, Rev., AMT, 5.00%, 5/1/2035		1,000		1,335

Series 2020A, Rev., AMT, 5.00%, 5/1/2036		1,000		1,332


				2,704


Water & Sewer — 0.0% (b)

City of Charlotte Rev., 5.00%, 7/1/2029		10		12

City of Greensborough, Combined Water & Sewer System Rev., 5.00%, 6/1/2027		10		13


				25


Total North Carolina				16,947


North Dakota — 0.1%

Housing — 0.1%

North Dakota Housing Finance Agency, Home Mortgage Finance Program

Series B, Rev., 4.50%, 1/1/2028		80		83

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — continued

Series 2011D, Rev., 4.25%, 7/1/2028		45		46

Series A, Rev., 4.00%, 7/1/2034		230		242

Series 2016D, Rev., 3.50%, 7/1/2046		400		428


				799


Total North Dakota				799


Ohio — 3.5%

Education — 0.0% (b)

Miami University, A State University of Ohio Rev., 5.00%, 9/1/2029		25		31

Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series 2012A, Rev., 5.00%, 12/1/2020		10		10


				41


General Obligation — 1.8%

Athens City School District Series 2019A, GO, 4.00%, 12/1/2040		460		542

County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		2,094

Delaware City School District, School Facilities Construction and Improvement GO, 4.00%, 12/1/2039		160		192

Licking Heights Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2034		10		12

State of Ohio

Series A, GO, 5.00%, 5/1/2031		4,000		5,074

Series A, GO, 5.00%, 5/1/2033		1,500		1,896

State of Ohio, Higher Education Series B, GO, 5.00%, 8/1/2023		110		121


				9,931


Hospital — 0.4%

County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series A, Rev., 5.50%, 7/1/2039		1,000		1,131

County of Warren, Otterbein Homes

Series A, Rev., 5.00%, 7/1/2031		115		139

Series A, Rev., 4.00%, 7/1/2045		740		832


				2,102


Housing — 0.0% (b)

County of Warren, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2032		35		42

Ohio Housing Finance Agency, Single Family Mortgage

Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028		20		20


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029		60		62


				124


Other Revenue — 0.7%

Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048		3,210		3,677


Prerefunded — 0.4%

Greenville City School District, School Improvement

GO, 5.25%, 1/1/2038 (d)		1,000		1,081

GO, 5.25%, 1/1/2041 (d)		1,000		1,081

Ohio Higher Educational Facility Commission Rev., 5.00%, 7/1/2044 (d)		5		5

Streetsboro City School District Series A, GO, 4.00%, 12/1/2036 (d)		5		5


				2,172


Transportation — 0.2%

Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2020A, Rev., 3.22%, 2/15/2048		1,000		1,046


Utility — 0.0% (b)

American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c)		100		102


Total Ohio				19,195


Oklahoma — 0.9%

Hospital — 0.2%

Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048		700		794


Housing — 0.0% (b)

Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program

Series 2011B, Rev., GNMA COLL, 4.50%, 9/1/2027		35		36

Series A, Rev., GNMA COLL, 4.75%, 3/1/2028		20		20


				56


Other Revenue — 0.0% (b)

Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		11

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	75

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.7%

Oklahoma Development Finance Authority (The), Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		2,000		2,014

Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037		1,665		2,017


				4,031


Total Oklahoma				4,892


Oregon — 0.7%

General Obligation — 0.0% (b)

City of Sheridan GO, 4.00%, 12/1/2027		10		12

Clackamas County School District No. 7J Lake Oswego GO, 4.00%, 6/1/2020		25		25


				37


Transportation — 0.0% (b)

State of Oregon, Department of Transportation, User Tax Series 2013A, Rev., 5.00%, 11/15/2022		5		6


Utility — 0.1%

City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031		325		377


Water & Sewer — 0.6%

City of Portland, Water System, Second Lien Series 2020A, Rev., 5.00%, 5/1/2035		2,635		3,531


Total Oregon				3,951


Pennsylvania — 11.3%

Certificate of Participation/Lease — 0.2%

Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046		1,200		1,367


Education — 0.4%

Montgomery County Higher Education and Health Authority, Arcadia University Rev., 4.00%, 9/1/2036		1,655		1,959

Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036		100		117

Swarthmore Borough Authority, Swarthmore College

Rev., 5.00%, 9/15/2023		25		29

Series 2016B, Rev., 4.00%, 9/15/2041		15		17


				2,122


General Obligation — 1.7%

Abington School District Series 2017A, GO, 4.00%, 10/1/2037		15		17


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Central Dauphin School District GO, 4.00%, 2/1/2030		25		29

City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,355

Commonwealth of Pennsylvania Series 2004, GO, AGM, 5.38%, 7/1/2020		150		152

County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035		700		793

Mifflinburg Area School District

Series 2020A, GO, 4.00%, 6/15/2038 (f)		620		721

Series 2020A, GO, 4.00%, 6/15/2039 (f)		335		389

Series 2020A, GO, 4.00%, 6/15/2040 (f)		400		464

North Penn School District Series A, GO, 5.00%, 3/1/2020		25		25

The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,433

Township of Cranberry GO, 4.00%, 3/1/2020		50		50

Township of West Bradford

GO, 4.00%, 12/15/2040 (f)		600		702

GO, 4.00%, 12/15/2045 (f)		1,100		1,274

Upper Merion Area School District GO, 5.00%, 1/15/2036		250		303

West Mifflin School District GO, 3.00%, 4/1/2038		1,400		1,492


				9,199


Hospital — 3.4%

Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044		2,000		2,266

Berks County Industrial Development Authority, Tower Health Project

Rev., 5.00%, 11/1/2036		50		62

Rev., 5.00%, 11/1/2037		430		529

Berks County Municipal Authority (The), Tower Health Project Series 2020B-2, Rev., 5.00%, 2/1/2027 (c)		2,000		2,503

Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036		25		29

DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,345

Lancaster County Hospital Authority, Health Center, Masonic Villages Project

Rev., 5.00%, 11/1/2034		35		42

Rev., 5.00%, 11/1/2036		510		613

Rev., 5.00%, 11/1/2037		250		300

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Montgomery County Higher Education and Health Authority, Thomas Jefferson University

Series 2018A, Rev., 4.00%, 9/1/2038		3,725		4,324

Series 2018A, Rev., 4.00%, 9/1/2043		3,740		4,280

West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project

Rev., 3.00%, 12/15/2023		445		453

Rev., 4.00%, 12/15/2028		1,000		1,109

Rev., 5.00%, 12/15/2038		750		848


				18,703


Housing — 0.2%

Pennsylvania Housing Finance Agency, Single Family Mortgage

Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		20		21

Series 118A, Rev., AMT, 3.50%, 4/1/2040		580		599

Series 122, Rev., AMT, 4.00%, 10/1/2046		375		403


				1,023


Industrial Development Revenue/Pollution Control Revenue — 1.5%

Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049		3,345		3,874

Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group Rev., 5.00%, 11/15/2025		510		552

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 5.00%, 12/1/2044		350		418

Series 2019, Rev., 5.00%, 12/1/2049		500		595

Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (c)		2,950		3,044


				8,483


Other Revenue — 2.1%

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039		9,950		11,422


Prerefunded — 0.0% (b)

Commonwealth of Pennsylvania GO, 5.00%, 5/1/2021 (d)		25		25

Delaware County Authority, Haverford College Rev., 4.25%, 11/15/2022 (d)		5		5


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Prerefunded — continued

Pennsylvania Higher Educational Facilities Authority

Rev., 4.50%, 3/1/2029 (d)		5		5

Rev., 4.50%, 3/1/2030 (d)		5		5


				40


Transportation — 1.2%

Pennsylvania Turnpike Commission

Series E, Rev., 6.00%, 12/1/2030		305		403

Series A, Rev., 5.00%, 12/1/2044		5,000		6,270


				6,673


Water & Sewer — 0.6%

Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,891

Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032		1,000		1,396


				3,287


Total Pennsylvania				62,319


Rhode Island — 0.1%

Education — 0.0% (b)

Rhode Island Health and Educational Building Corp., Public Schools Series A, Rev., AGM, 5.00%, 5/15/2032		25		32

Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2020		300		309


				341


General Obligation — 0.1%

City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028		200		259

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2013 Series A, GO, 3.50%, 10/1/2020		100		101


				360


Total Rhode Island				701


South Carolina — 2.2%

General Obligation — 1.4%

Fort Mill School District No. 4

Series 2013B, GO, SCSDE, 5.00%, 3/1/2020		65		65

Series 2019B, GO, SCSDE, 5.00%, 3/1/2020		50		50

Lexington County School District No. 1 Series 2013A, GO, SCSDE, 5.00%, 3/1/2020		25		25

Spartanburg County School District No. 7

Series 2019D, GO, SCSDE, 5.00%, 3/1/2043		4,000		5,140

Series 2019D, GO, SCSDE, 5.00%, 3/1/2044		1,970		2,526


				7,806

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	77

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.1%

South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		295		317


Other Revenue — 0.0% (b)

City of North Charleston 4.00%, 10/1/2040		90		106

Greenville Public Facilities Corp. Rev., 5.00%, 4/1/2020		20		20


				126


Prerefunded — 0.0% (b)

South Carolina Ports Authority Rev., 5.25%, 7/1/2040 (d)		5		5


Transportation — 0.2%

South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,210


Utility — 0.5%

City of Greenwood, Combined Public Utility

Rev., 5.00%, 12/1/2020		210		216

Rev., 5.00%, 12/1/2022		235		261

Rev., 5.00%, 12/1/2023		220		253

Rev., 5.00%, 12/1/2024		365		432

Rev., 5.00%, 12/1/2026		340		425

Rev., 5.00%, 12/1/2028		250		327

Rev., 5.00%, 12/1/2030		675		895


				2,809


Water & Sewer — 0.0% (b)

Greenwood Metropolitan District Rev., 5.00%, 10/1/2027		10		13

Spartanburg Sanitary Sewer District Series 2009-A, Rev., AGC, 4.50%, 3/1/2020 (d)		25		25


				38


Total South Carolina				12,311


South Dakota — 0.6%

General Obligation — 0.5%

Rapid City Area School District No. 51-4, Capital Outlay

GO, 4.00%, 8/1/2029		1,165		1,365

GO, 4.00%, 8/1/2030		610		709

GO, 4.00%, 8/1/2031		420		487


				2,561


Housing — 0.1%

South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2019A, Rev., 4.00%, 4/1/2036		65		77


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

South Dakota Housing Development Authority, Homeownership Mortgage

Series D, Rev., AMT, 4.00%, 11/1/2029		215		221

Series 2012A, Rev., AMT, 4.50%, 5/1/2031		40		42

Series 2015D, Rev., 4.00%, 11/1/2045		400		426

South Dakota Housing Development Authority, Single Family Mortgage Series 2011 2, Rev., 4.25%, 5/1/2032		50		51


				817


Total South Dakota				3,378


Tennessee — 5.9%

Education — 0.0% (b)

Tennessee State School Bond Authority Series B, Rev., 5.00%, 11/1/2040		35		42


General Obligation — 3.6%

City of Cleveland

Series 2018B, GO, 5.00%, 6/1/2022		205		224

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		371

Series 2018B, GO, 4.00%, 6/1/2031		300		362

Series 2018B, GO, 4.00%, 6/1/2032		310		373

Series 2018B, GO, 4.00%, 6/1/2038		395		464

Series 2018B, GO, 4.00%, 6/1/2039		410		481

City of Oak Ridge

GO, 4.00%, 6/1/2037		695		802

GO, 4.00%, 6/1/2038		720		828

GO, 4.00%, 6/1/2039		750		862

County of Blount Series 2016B, GO, 5.00%, 6/1/2029		4,610		5,723

County of Hamilton

Series 2013B, GO, 4.00%, 3/1/2020		25		25

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		1,824

County of Wilson

GO, 5.00%, 4/1/2030		3,625		4,830

Series 2017A, GO, 4.00%, 4/1/2039		25		29


				19,727


Hospital — 1.0%

Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040		4,000		4,456

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital

Rev., 5.00%, 11/15/2024		800		945

Rev., 4.00%, 11/15/2043		105		120

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board Series A, Rev., 5.00%, 7/1/2035		100		121


				5,642


Housing — 0.0% (b)

Tennessee Housing Development Agency, Homeownership Program

Series A, Rev., AMT, 4.50%, 7/1/2031		65		67

Series 1A, Rev., AMT, 4.50%, 1/1/2038		55		57

Tennessee Housing Development Agency, Housing Finance Program Series A, Rev., 4.50%, 1/1/2028		20		20


				144


Prerefunded — 0.0% (b)

County of Claiborne, Public Improvement Series A, GO, 4.00%, 4/1/2022 (d)		5		5


Transportation — 0.5%

Metropolitan Nashville Airport Authority (The)

Series 2019A, Rev., 5.00%, 7/1/2044		1,000		1,312

Series 2019A, Rev., 5.00%, 7/1/2049		1,000		1,304


				2,616


Utility — 0.8%

Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (c)		4,000		4,588


Total Tennessee				32,764


Texas — 6.2%

Education — 1.1%

Clifton Higher Education Finance Corp., Idea Public Schools

Series B, Rev., 4.00%, 8/15/2023		500		546

Series B, Rev., 5.00%, 8/15/2024		345		401

Series 2016B, Rev., 5.00%, 8/15/2025		460		550

Rev., 6.00%, 8/15/2033		1,250		1,451

Permanent University Fund — Texas A&M University System Series A, Rev., 5.00%, 7/1/2031		210		253

Southwest Higher Education Authority, Inc., Southern Methodist University Project Rev., 5.00%, 10/1/2020		30		31


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital Rev., 5.50%, 9/1/2043		2,300		2,574

Texas State University, Financing System Rev., 5.00%, 3/15/2020		95		95

Texas Woman’s University, Financing System Series 2016, Rev., 4.00%, 7/1/2030		10		11


				5,912


General Obligation — 1.4%

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		26

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		2,655

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

GO, 4.00%, 8/15/2045 (f)		1,000		1,175

City of Garland Series 2018, GO, 5.00%, 2/15/2027		10		13

City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2020		35		35

City of Hutchins GO, 5.00%, 2/15/2027		180		226

City of Laredo

GO, 5.00%, 2/15/2027		30		36

GO, 5.00%, 2/15/2032		40		51

City of Lucas, A Political Subdivision of the State of Texas Located in Collin County GO, 5.00%, 2/1/2028		170		221

City of Mission GO, AGM, 5.00%, 2/15/2031		575		725

City of Pearland GO, 4.00%, 3/1/2032		35		41

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		54

Community Independent School District GO, PSF-GTD, 5.00%, 2/15/2032		100		128

County of Collin, Wylie Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/15/2020		135		134

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	79

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

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		47

County of Travis, Certificate of Obligation Limited Tax GO, 5.00%, 3/1/2020		40		40

County of Travis, Limited Tax Refunding Series 2016A, GO, 5.00%, 3/1/2020		25		25

County of Victoria, Limited Tax 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

El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023		510		573

Ennis Independent School District GO, PSF-GTD, 5.00%, 8/15/2028		30		38

Harris Montgomery Counties Municipal Utility District No. 386 GO, 4.00%, 9/1/2023		15		17

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

McLennan County Junior College District GO, 5.00%, 8/15/2020		20		20

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

Plano Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		40		49

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

Socorro Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		45		55

Stafford Municipal School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 8/15/2029		35		46


				7,656


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.0% (b)

Texas Department of Housing and Community Affairs, Residential Mortgage Series 2011B, Rev., GNMA COLL, 4.25%, 1/1/2034		120		123


Other Revenue — 0.5%

Texas Public Finance Authority Rev., 4.00%, 2/1/2035		2,315		2,774


Prerefunded — 0.8%

Dallas-Fort Worth International Airport, Joint Improvement Series A, Rev., 5.00%, 11/1/2042 (d)		1,965		2,019

Metropolitan Transit Authority of Harris County, Vanderbilt University Medical Center Rev., 5.00%, 11/1/2027 (d)		15		18

North Texas Tollway Authority System, Special Projects System Series A, Rev., 6.00%, 9/1/2041 (d)		2,000		2,153


				4,190


Transportation — 0.0% (b)

Harris County, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022		10		11

North Texas Tollway Authority System, Second Tier Rev., 4.00%, 1/1/2038		200		232


				243


Utility — 0.1%

City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031		50		58

City of San Antonio, Electric and Gas Systems

Rev., 4.00%, 2/1/2028		45		56

Rev., 5.00%, 2/1/2031		230		287

Rev., 5.00%, 2/1/2032		35		43


				444


Water & Sewer — 2.3%

City of Fort Worth Rev., 4.00%, 2/15/2040		3,800		4,428

City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (d)		2,500		3,863

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

San Antonio Water System Series 2017A, Rev., 4.00%, 5/15/2034		60		70

Texas Water Development Board, State Water Implementation

Series B, Rev., 5.00%, 4/15/2026		25		31

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — continued

Series 2019A, Rev., 4.00%, 10/15/2037		500		609

Series 2019A, Rev., 4.00%, 10/15/2044		2,100		2,507

West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045		1,000		1,178


				12,717


Total Texas				34,059


Utah — 0.2%

General Obligation — 0.0% (b)

Central Utah Water Conservancy District, Limited Tax Series 2011A, GO, 5.00%, 4/1/2020		20		20

City of Provo GO, 5.00%, 1/1/2032		10		13

Washington County School District Board of Education GO, 5.00%, 3/1/2020		25		25


				58


Other Revenue — 0.1%

City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039		480		563

Tooele County Municipal Building Authority Series 2017, Rev., 4.00%, 12/15/2042		25		28


				591


Prerefunded — 0.0% (b)

Utah State Board of Regents, Auxiliary and Campus Facilities Series A, Rev., 5.00%, 4/1/2023 (d)		5		5


Transportation — 0.1%

Salt Lake City Corp. Airport Series 2017B, Rev., 5.00%, 7/1/2042		260		321


Total Utah				975


Vermont — 1.4%

Education — 0.9%

Vermont Student Assistance Corp., Education Loan

Series A, Rev., AMT, 5.00%, 6/15/2022		725		786

Series 2018A, Rev., AMT, 3.63%, 6/15/2029		1,000		1,087

Series A, Rev., AMT, 3.75%, 6/15/2030		1,400		1,526

Series A, Rev., AMT, 4.00%, 6/15/2031		500		551

Series A, Rev., AMT, 4.00%, 6/15/2032		200		220

Series A, Rev., AMT, 4.00%, 6/15/2033		250		275

Series 2018A, Rev., AMT, 4.00%, 6/15/2034		200		219


				4,664


General Obligation — 0.4%

City of Burlington, Public Improvement

Series 2019A, GO, 4.00%, 11/1/2037		500		594


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Series 2019A, GO, 4.00%, 11/1/2038		1,025		1,214

Series 2019A, GO, 4.00%, 11/1/2039		435		515


				2,323


Housing — 0.1%

Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 2/1/2026		50		52

Vermont Housing Finance Agency, Multiple Purpose

Series B, Rev., AMT, 4.13%, 11/1/2042		235		238

Series A, Rev., AMT, 4.00%, 11/1/2046		250		267


				557


Other Revenue — 0.0% (b)

Vermont Municipal Bond Bank Series 1, Rev., 5.00%, 12/1/2034		30		37


Total Vermont				7,581


Virginia — 1.1%

Education — 0.0% (b)

Virginia College Building Authority, 21st Century College and Equipment Program Series 2017E, Rev., 5.00%, 2/1/2029		10		13

Virginia Public School Authority Series B, Rev., 5.00%, 8/1/2020		20		20


				33


General Obligation — 0.0% (b)

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


				31


Hospital — 0.9%

Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		5,104


Other Revenue — 0.0% (b)

Virginia Public Building Authority Series B, Rev., 5.00%, 8/1/2020		10		10

Virginia Resources Authority, Infrastructure Series 2017B, Rev., 5.00%, 11/1/2028		10		13

Virginia Resources Authority, Infrastructure and State Moral Obligation

Series 2011B, Rev., 5.00%, 11/1/2023		25		27

Series B, Rev., 5.00%, 11/1/2026		20		21


				71

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	81

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.1%

County of Loudoun, Public Improvement Series A, GO, 4.00%, 12/1/2027 (d)		5		5

Virginia Resources Authority, Infrastructure and State Moral Obligation

Series B, Rev., 5.00%, 11/1/2023 (d)		125		134

Series B, Rev., 5.00%, 11/1/2026 (d)		155		166


				305


Transportation — 0.1%

Capital Region Airport Commission (Richmond International Airport)

Series 2016A, Rev., 4.00%, 7/1/2035		350		400

Series 2016A, Rev., 4.00%, 7/1/2036		320		365


				765


Total Virginia				6,309


Washington — 1.1%

Education — 0.4%

Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022		2,195		2,321


General Obligation — 0.3%

King County School District No. 414 Lake Washington Series 2017, GO, 5.00%, 12/1/2028		15		19

Pierce & 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

State of Washington, Motor Vehicle Fuel Tax Series B-1, GO, 5.00%, 8/1/2020		25		25

State of Washington, Various Purpose Series 2018C, GO, 5.00%, 2/1/2042		1,295		1,629


				1,691


Hospital — 0.2%

Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 5.00%, 8/1/2031		1,000		1,285


Housing — 0.1%

Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032		205		208

Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		290		303


				511


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Prerefunded — 0.0% (b)

County of King Rev., 5.00%, 1/1/2045 (d)		5		5

Vancouver Housing Authority Series A, Rev., 5.00%, 3/1/2025 (d)		5		5


				10


Utility — 0.1%

Chelan County Public Utility District No. 1 Series 2011A, Rev., AMT, 5.50%, 7/1/2026		350		371

City of Lynnwood, Utility System Series 2018, Rev., 5.00%, 12/1/2028		25		33

Energy Northwest, Project 3 Electric System Series C, Rev., 5.00%, 7/1/2023		25		28


				432


Water & Sewer — 0.0% (b)

County of King, Sewer

Series 2102C, Rev., 5.00%, 1/1/2023		40		44

Series 2018B, Rev., 5.00%, 7/1/2031		10		13


				57


Total Washington				6,307


West Virginia — 0.2%

Education — 0.2%

West Virginia Hospital Finance Authority, University Health System Series A, Rev., 4.00%, 6/1/2051		1,000		1,129


Wisconsin — 1.6%

Education — 0.2%

Public Finance Authority, Central District Development Project Rev., 5.00%, 3/1/2027		280		348

Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series 2018A, Rev., 5.00%, 9/15/2040		665		718


				1,066


General Obligation — 0.0% (b)

State of Wisconsin Series 1, GO, 5.00%, 5/1/2020		35		35


Hospital — 1.2%

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		5,481

Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.

Series B, Rev., 5.00%, 7/1/2038		150		181

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Series A, Rev., 5.00%, 7/1/2044		210		251

Series A, Rev., 5.00%, 7/1/2049		750		895


				6,824


Housing — 0.2%

Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048		840		914


Prerefunded — 0.0% (b)

Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.50%, 7/1/2040 (d)		5		5

Wisconsin Health and Educational Facilities Authority, Ministry Health Care, Inc. Series B, Rev., 5.13%, 8/15/2035 (d)		5		5


				10


Total Wisconsin				8,849


Wyoming — 0.0% (b)

Housing — 0.0% (b)

Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		5		5


Total Municipal Bonds (Cost $489,103)				535,940


INVESTMENTS	NO. OF WARRANTS (000)			VALUE ($000)
Warrants — 0.0%

Road & Rail — 0.0%

Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 USD * ‡ (Cost $—)		—	(g)		—


	SHARES (000)
Short-Term Investments — 5.0%

Investment Companies — 5.0%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (h) (i) (Cost $27,432)		27,433			27,433

Total Investments — 102.1% (Cost $516,535)					563,373
Liabilities in Excess of Other Assets — (2.1)%					(11,595	)

NET ASSETS — 100.0%					551,778

Percentages indicated are based on net assets.

Abbreviations


AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
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
GNMA		Government National Mortgage Association
GO		General Obligation
GRAN		Grant Revenue Anticipation Note
GTD		Guaranteed
LIQ		Liquidity Agreement
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RE		Reinsured
Rev.		Revenue
SCSDE		South Carolina School District Enhancement


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)		Amount rounds to less than 0.1% of net assets.
(c)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 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)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Amount rounds to less than one thousand.
(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 February 29, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	83

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)

Futures contracts outstanding as of February 29, 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

(124

)

06/2020

USD

(16,705

)

(259

)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 104.4% (a)

Alabama — 1.1%

Education — 0.0% (b)

Alabama Public School and College Authority, Capital Improvement Series 2014-B, Rev., 5.00%, 1/1/2021		20		21

University of West Alabama

Rev., AGM, 4.00%, 1/1/2022 (c)		150		158

Rev., AGM, 4.00%, 1/1/2023 (c)		120		129

Rev., AGM, 4.00%, 1/1/2024 (c)		125		138

Rev., AGM, 4.00%, 1/1/2025 (c)		150		169


				615


General Obligation — 0.0% (b)

City of Centre

GO, 3.00%, 9/1/2021		100		103

GO, 3.00%, 9/1/2022		110		116

GO, 4.00%, 9/1/2023		215		236

City of Hamilton

GO, 3.00%, 8/1/2020		55		55

GO, 3.00%, 8/1/2021		365		376

GO, 2.00%, 8/1/2022		370		377

GO, 5.00%, 8/1/2023		240		271


				1,534


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Prattville Industrial Development Board, International Paper Company Project

Series 2019C, Rev., 2.00%, 5/1/2020 (d)		430		441

Series 2019B, Rev., 2.00%, 10/1/2024 (d)		450		461


				902


Utility — 1.1%

Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., VRDO, 1.77%, 3/10/2020 (d)		30,000		30,000

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (d)		11,450		11,873

Southeast Alabama Gas Supply District (The), Project No. 1 Series A, Rev., 5.00%, 4/1/2020		1,000		1,003

Southeast Alabama Gas Supply District (The), Project No. 2 Series A, Rev., 4.00%, 6/1/2020		1,000		1,008


				43,884


Total Alabama				46,935


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Alaska — 0.0% (b)

Other Revenue — 0.0% (b)

Alaska Municipal Bond Bank Authority

Series 2019 1, Rev., 5.00%, 5/1/2021		215		225

Series 2019 1, Rev., 5.00%, 5/1/2022		200		217


				442


Total Alaska				442


Arizona — 1.2%

Certificate of Participation/Lease — 0.0% (b)

Arizona State University Series 2018A, COP, 5.00%, 6/1/2020		1,000		1,010


Education — 0.0% (b)

Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project

Series 2018A, Rev., 5.00%, 7/1/2023		140		157

Series 2018A, Rev., 5.00%, 7/1/2024		200		230


				387


General Obligation — 0.2%

Maricopa County School District No. 24-Gila Bend, School Improvement

Series 2019, GO, AGM, 2.00%, 7/1/2020		585		587

Series 2019, GO, AGM, 3.00%, 7/1/2021		575		592

Series 2019, GO, AGM, 4.00%, 7/1/2022		300		321

Series 2019, GO, AGM, 5.00%, 7/1/2023		700		793

Maricopa County School District No. 66, Roosevelt Elementary

GO, 5.00%, 7/1/2020		1,450		1,469

GO, 5.00%, 7/1/2021		1,520		1,602

Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement

Series 2018A, GO, 5.00%, 7/1/2020		1,025		1,038

Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,212


				7,614


Hospital — 0.0% (b)

Industrial Development Authority of the County of Yavapai (The), Regional Medical Center

Rev., 5.00%, 8/1/2021		225		238

Rev., 5.00%, 8/1/2022		380		417

Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 5.00%, 8/1/2023		325		369


				1,024

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	85

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Industrial Development Revenue/Pollution Control Revenue — 0.1%

Coconino County Pollution Control Corp., Nevada Power Company Projects Series B, Rev., 1.60%, 5/21/2020 (d)		1,100		1,101


Other Revenue — 0.7%

Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic Series 2014A, Rev., VRDO, LIQ: Bank of America NA, 1.31%, 3/2/2020 (d)		30,790		30,790


Transportation — 0.2%

Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2020		400		406

Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2020		8,565		8,683


				9,089


Water & Sewer — 0.0% (b)

Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (e)		540		550


Total Arizona				51,565


Arkansas — 0.1%

Education — 0.0% (b)

Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		353

University of Central Arkansas, Student Fee

Series 2020A, Rev., 5.00%, 11/1/2021		150		160

Series 2020A, Rev., 5.00%, 11/1/2022		200		221

Series 2020A, Rev., 5.00%, 11/1/2023		205		233

Series 2020A, Rev., 5.00%, 11/1/2024		160		188

Series 2020A, Rev., 5.00%, 11/1/2025		230		277

Series 2020A, Rev., 5.00%, 11/1/2026		220		272

Series 2020A, Rev., 5.00%, 11/1/2027		200		253

University of Central Arkansas, Student Housing System

Series 2019C, Rev., AGM, 3.00%, 11/1/2021		75		78

Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		89

Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		144


				2,268


Other Revenue — 0.1%

Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		511


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Arkansas Development Finance Authority, Department of Community Correction Project

Rev., 5.00%, 11/1/2021		310		331

Rev., 5.00%, 11/1/2022		410		454

County of Sharp

Rev., 5.00%, 3/1/2021		270		281

Rev., 5.00%, 3/1/2022		495		532

Rev., 5.00%, 3/1/2023		540		598


				2,707


Water & Sewer — 0.0% (b)

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

Northwest Arkansas Conservation Authority, Wastewater Rev., 3.00%, 3/1/2020		280		280


				567


Total Arkansas				5,542


California — 2.0%

Education — 0.2%

California Educational Facilities Authority, Art Center College of Design Series 2018A, Rev., 5.00%, 12/1/2020		180		185

California Municipal Finance Authority, California Lutheran University

Rev., 5.00%, 10/1/2020		325		333

Rev., 5.00%, 10/1/2021		250		265

California Municipal Finance Authority, River Springs Charter School Rev., RAN, 4.00%, 8/15/2020 (f)		1,000		1,009

California School Finance Authority, Green Dot Public School Projects

Series 2018A, Rev., 5.00%, 8/1/2020 (f)		50		51

Series 2018A, Rev., 5.00%, 8/1/2021 (f)		50		52

Series 2018A, Rev., 5.00%, 8/1/2022 (f)		85		93

California School Finance Authority, Kipp Socal Project

Series 2019A, Rev., 5.00%, 7/1/2022 (f)		100		109

Series 2019A, Rev., 5.00%, 7/1/2023 (f)		100		112

Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023		5,500		5,345


				7,554

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.2%

Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022		250		246

Sacramento City Unified School District Series 2019D, GO, 4.00%, 8/1/2021		4,475		4,671

South Bay Union School District GO, BAN, Zero Coupon, 8/1/2022		2,000		1,946


				6,863


Hospital — 0.0% (b)

California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (d)		1,970		2,102

California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		102

Pioneers Memorial Healthcare District Rev., 3.00%, 10/1/2020		265		267


				2,471


Housing — 0.1%

California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project

Rev., 5.00%, 5/15/2023		360		406

Rev., 5.00%, 5/15/2024		300		350

Rev., 5.00%, 5/15/2025		425		510

Rev., 5.00%, 5/15/2026		500		616

Rev., 5.00%, 5/15/2027		725		915

Rev., 5.00%, 5/15/2028		1,000		1,288


				4,085


Other Revenue — 1.1%

California Enterprise Development Authority, Riverside County, Library Facility

Rev., 4.00%, 11/1/2022		100		108

Rev., 4.00%, 11/1/2023		200		223

California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%), 1.51%, 3/10/2020 (g)		17,010		17,034

California Infrastructure and Economic Development Bank, The J. Paul Getty Trust

Series 2012B-2, Rev., (ICE LIBOR USD 1 Month + 0.20%), 1.31%, 4/1/2020 (g)		11,615		11,633

Series 2013A-2, Rev., 1.44%, 4/1/2020 (d)		6,750		6,773

Series 2011A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%), 1.48%, 4/1/2020 (g)		1,000		1,000

California Municipal Finance Authority, Hollywood El Centro Apartments Series 2019A, Rev., 1.40%, 5/1/2021 (d)		1,750		1,761


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

California Statewide Communities Development Authority, Front Porch Communities and Services Series 2017A, Rev., 5.00%, 4/1/2020		75		75

Stockton Public Financing Authority

Rev., 5.00%, 3/1/2023		360		402

Rev., 5.00%, 3/1/2025		570		678

Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 1.35%, 3/10/2020 (d) (f)		5,230		5,230


				44,917


Prerefunded — 0.1%

Pittsburg Unified School District Financing Authority Rev., AGM, 5.50%, 9/1/2046 (e)		3,000		3,215


Utility — 0.0% (b)

California Municipal Finance Authority, San Antonio Gardens Project

Rev., 4.00%, 11/15/2021		270		283

Rev., 4.00%, 11/15/2022		280		301

Rev., 4.00%, 11/15/2023		290		320


				904


Water & Sewer — 0.3%

California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.37%, 3/10/2020 (g)		12,000		12,008

Stockton Public Financing Authority, Green Bonds

Series 2018A, Rev., 5.00%, 10/1/2020		500		512

Series 2018A, Rev., 5.00%, 10/1/2021		450		480


				13,000


Total California				83,009


Colorado — 1.7%

Certificate of Participation/Lease — 0.1%

City of Colorado Springs

COP, 5.00%, 12/1/2020		120		124

COP, 5.00%, 12/1/2021		145		156

COP, 5.00%, 12/1/2022		155		172

COP, 5.00%, 12/1/2023		100		115

Denver Health and Hospital Authority, 550 Acoma, Inc.

COP, 5.00%, 12/1/2020		110		113

COP, 5.00%, 12/1/2021		220		235

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	87

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Certificate of Participation/Lease — continued

COP, 5.00%, 12/1/2022		295		324


				1,239


General Obligation — 0.1%

Arapahoe County School District No. 6 Littleton

Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,775

Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,527

City of Aurora, Sterling Hills West Metropolitan District GO, 5.00%, 12/1/2020		100		103

Interlocken Metropolitan District Series A-1, GO, AGM, 5.00%, 12/1/2020		175		180


				4,585


Hospital — 1.2%

Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		411

Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020 (e)		400		404

Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (d)		1,555		1,619

University of Colorado Hospital Authority

Series 2018-C, Rev., VRDO, LIQ: TD Bank NA, 1.10%, 3/10/2020 (d)		33,100		33,100

Series 2017B-2, Rev., VRDO, 1.14%, 3/10/2020 (d)		14,740		14,740


				50,274


Housing — 0.1%

Colorado Housing and Finance Authority Rev., 1.30%, 1/1/2021 (d)		5,000		5,012


Other Revenue — 0.0% (b)

City of Grand Junction Rev., 5.00%, 3/1/2021		35		36


Transportation — 0.2%

E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., 1.51%, 3/10/2020 (d)		8,000		8,008


Utility — 0.0% (b)

Colorado Water Resources and Power Development Authority, Clean Water Series A, Rev., 5.00%, 3/1/2020		200		200


Water & Sewer — 0.0% (b)

Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		198


Total Colorado				69,552


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Connecticut — 2.4%

Education — 0.1%

Connecticut State Health and Educational Facilities Authority

Series K-1, Rev., 5.00%, 7/1/2021		665		698

Series K-1, Rev., 5.00%, 7/1/2022		675		730

Connecticut State Health and Educational Facilities Authority, Yale University Issue Series B-1, Rev., 5.00%, 7/1/2020 (d)		4,000		4,054


				5,482


General Obligation — 1.8%

City of Bridgeport Series C, GO, GAN, 2.00%, 12/10/2020		21,000		21,124

City of Derby

Series A, GO, 5.00%, 8/1/2020		140		142

Series A, GO, 5.00%, 8/1/2021		220		233

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 Hartford Series B, GO, 4.00%, 4/1/2020 (e)		115		115

City of New Britain

GO, 5.00%, 9/1/2022		50		55

GO, 5.00%, 9/1/2023		110		125

City of New Haven

Series 2019A, GO, 5.00%, 8/1/2021		1,300		1,367

Series 2019B, GO, 5.00%, 2/1/2022		700		748

Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,087

State of Connecticut

Series C, GO, VRDO, LIQ: Bank of America NA, 1.24%, 3/10/2020 (d)		5,030		5,030

Series 2019A, GO, 5.00%, 4/15/2020		28,040		28,177

Series G, GO, 5.00%, 11/1/2021		200		214

Tender Option Bond Trust Receipts/Certificates

Series 2017-YX1047, GO, VRDO, LIQ: Barclays Bank plc, 1.21%, 3/10/2020 (d) (f)		6,890		6,890

Series 2018-YX1095, GO, VRDO, LIQ: Barclays Bank plc, 1.21%, 3/10/2020 (d) (f)		4,500		4,500

Town of Windham GO, BAN, 3.00%, 10/1/2020		6,250		6,323


				76,480


Hospital — 0.3%

Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,066

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series 2020B-1, Rev., 5.00%, 1/1/2025 (d)		8,500		10,075


				11,141


Housing — 0.1%

Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (d)		1,750		1,756


Other Revenue — 0.1%

Tender Option Bond Trust Receipts/Certificates Series 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.21%, 3/10/2020 (d) (f)		4,550		4,550


Total Connecticut				99,409


Delaware — 0.0% (b)

Utility — 0.0% (b)

Delaware Municipal Electric Corp. (The), Middletown and Seaford Project

Series 2019A, Rev., 5.00%, 10/1/2020		195		200

Series 2019A, Rev., 5.00%, 10/1/2021		145		154

Series 2019A, Rev., 5.00%, 10/1/2022		150		165

Series 2019A, Rev., 5.00%, 10/1/2023		220		249


				768


Total Delaware				768


District of Columbia — 0.2%

Education — 0.1%

District of Columbia, International School Issue Rev., 5.00%, 7/1/2022		500		542


Other Revenue — 0.0% (b)

District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023		100		112


Transportation — 0.1%

Metropolitan Washington Airports Authority, Airport System Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.18%, 3/10/2020 (d)		5,930		5,930


Total District of Columbia				6,584


Florida — 4.0%

Education — 0.0% (b)

Florida Higher Educational Facilities Financial Authority, Institute of Technology

Rev., 5.00%, 10/1/2020		115		117

Rev., 5.00%, 10/1/2021		115		122


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Florida Higher Educational Facilities Financial Authority, Ringling College Project

Rev., 4.00%, 3/1/2021		60		62

Rev., 4.00%, 3/1/2022		55		58

Rev., 5.00%, 3/1/2023		185		207

Rev., 5.00%, 3/1/2024		110		127

Florida Higher Educational Facilities Financial Authority, St. Leo University Project

Series 2019, Rev., 5.00%, 3/1/2021		350		362

Series 2019, Rev., 5.00%, 3/1/2022		355		377

Series 2019, Rev., 5.00%, 3/1/2023		410		448


				1,880


General Obligation — 0.0% (b)

City of Lauderhill GO, 3.00%, 1/1/2021		425		433


Hospital — 0.5%

Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Series 2007A-2, Rev., VRDO, 1.15%, 3/10/2020 (d)		15,000		15,000

Lee Memorial Health System

Series 2019A-1, Rev., 5.00%, 4/1/2020		1,875		1,881

Series 2019A-1, Rev., 5.00%, 4/1/2022		750		812

Series 2019A-1, Rev., 5.00%, 4/1/2023		400		449

Series 2019A-1, Rev., 5.00%, 4/1/2024		575		666

Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.12%, 3/10/2020 (d)		880		880


				19,688


Other Revenue — 0.1%

County of Escambia, International Paper Co. Project, Environmental Improvement, Composite Offering 2019 Series 2019B, Rev., 2.00%, 10/1/2024 (d)		775		795

County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		32

Village Community Development District No. 13 Rev.,, 2.63%, 5/1/2024 (f)		500		508

West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area

5.00%, 3/1/2023		1,335		1,496

5.00%, 3/1/2024		1,160		1,340


				4,171

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	89

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.3%

County of Miami-Dade, Water and Sewer System Rev., AGM, 5.00%, 10/1/2029 (e)		10,000		10,246

Orlando-Orange County Expressway Authority Series C, Rev., 5.00%, 7/1/2035 (e)		25		25


				10,271


Transportation — 0.6%

County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 1.18%, 3/10/2020 (d)		8,000		8,000

Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project Series B, Rev., AMT, 1.90%, 3/17/2020 (d)		15,000		15,005


				23,005


Utility — 1.8%

City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/10/2020 (d)		6,100		6,100

County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020		90		92

Orlando Utilities Commission, Utility System

Series 2008-1, Rev., VRDO, LIQ: TD Bank NA, 1.16%, 3/10/2020 (d)		43,000		43,000

Series B, Rev., VRDO, LIQ: TD Bank NA, 1.16%, 3/10/2020 (d)		25,820		25,820


				75,012


Water & Sewer — 0.7%

Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		20		21

JEA Water and Sewer System Series 2008A-1, Rev., VRDO, LIQ: U.S. Bank NA, 1.23%, 3/2/2020 (d)		30,600		30,600


				30,621


Total Florida				165,081


Georgia — 2.8%

Education — 1.4%

Private Colleges & Universities Authority Series C, Rev., (SIFMA Municipal Swap Index Yield + 0.25%), 1.40%, 3/10/2020 (g)		57,865		57,878


General Obligation — 0.1%

Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		32

Dougherty County School District, Sales Tax

Series 2018, GO, 4.00%, 12/1/2020		1,250		1,279

Hall County School District Series 2018, GO, 5.00%, 11/1/2020		1,250		1,285


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Pike County School District GO, 4.00%, 10/1/2020		400		407


				3,003


Hospital — 0.0% (b)

Richmond County Hospital Authority, University Health Services, Inc. Project Rev., RAN, 5.00%, 1/1/2022		100		107


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (d)		1,675		1,718


Other Revenue — 0.0% (b)

Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project

Series 2017, Rev., 5.00%, 7/1/2020		275		278

Series 2017, Rev., 5.00%, 7/1/2021		370		390

Series 2017, Rev., 5.00%, 7/1/2022		300		328


				996


Prerefunded — 0.6%

DeKalb County Hospital Authority, Medical Center, Inc. Project

Rev., RAN, 6.00%, 9/1/2030 (e)		5,470		5,611

Rev., RAN, 6.13%, 9/1/2040 (e)		17,925		18,397


				24,008


Transportation — 0.6%

Georgia State Road and Tollway Authority, Federal Highway Series B, Rev., 5.00%, 6/1/2020		15,445		15,603

Metropolitan Atlanta Rapid Transit Authority

Series A, Rev., 3.00%, 7/1/2020		2,900		2,921

Series A, Rev., 3.75%, 7/1/2021		5,585		5,806


				24,330


Utility — 0.1%

Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/10/2020 (d)		4,145		4,145


Total Georgia				116,185


Hawaii — 0.1%

General Obligation — 0.1%

City and County of Honolulu, Rail Transit Project Series 2017H, GO, VRDO, 1.45%, 3/10/2020 (d)		5,000		5,000

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Idaho — 0.2%

Education — 0.1%

University of Idaho

Series 2020A, Rev., 5.00%, 4/1/2021 (c)		390		406

Series 2020A, Rev., 5.00%, 4/1/2022 (c)		165		178

Series 2020A, Rev., 5.00%, 4/1/2023 (c)		355		398

Series 2020A, Rev., 5.00%, 4/1/2024 (c)		315		365

Series 2020A, Rev., 5.00%, 4/1/2025 (c)		330		395


				1,742


Hospital — 0.1%

Idaho Health Facilities Authority, Trinity Health Credit Group Series 2013ID, Rev., 1.05%, 5/1/2020 (d)		4,450		4,451


Transportation — 0.0% (b)

Idaho Housing and Finance Association, Federal Highway Trust

Series A, Rev., GRAN, 5.00%, 7/15/2020		425		431

Series A, Rev., GRAN, 5.00%, 7/15/2021		25		27


				458


Total Idaho				6,651


Illinois — 6.7%

Education — 1.0%

Cook County School District No. 89, Maywood Melrose Park

Rev., AGM, 4.00%, 12/15/2020		415		424

Rev., AGM, 4.00%, 12/15/2021		515		542

Rev., AGM, 4.00%, 12/15/2022		535		578

Rev., AGM, 4.00%, 12/15/2023		555		613

Rev., AGM, 4.00%, 12/15/2024		580		652

Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project

Rev., 4.00%, 12/1/2020		230		235

Rev., 5.00%, 12/1/2021		250		268

Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 3/10/2020 (d)		9,050		9,050

Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 1.12%, 3/10/2020 (d)		3,425		3,425

Illinois Finance Authority, The University of Chicago Rev., VRDO, 1.14%, 3/10/2020 (d)		20,028		20,028

Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		608

Lake County School District No. 70 Libertyville Series 2019, Rev., 4.00%, 1/1/2023		300		325


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,793

Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates

Series A, Rev., AGM, 4.00%, 12/1/2020		385		394

Series A, Rev., AGM, 4.00%, 12/1/2021		400		421


				40,356


General Obligation — 2.9%

Adams County School District No. 172 GO, AGM, 4.00%, 2/1/2021		300		308

Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		333

Champaign Coles Et Al Counties Community College District No. 505

Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,279

Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,636

Series 2018C, GO, 4.00%, 12/1/2021		465		490

Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation

Series 2020A, GO, Zero Coupon, 1/1/2022		200		196

Series 2020A, GO, Zero Coupon, 1/1/2023		200		194

Series 2020A, GO, Zero Coupon, 1/1/2024		385		366

Chicago Park District, Limited Tax

Series 2011B, GO, 4.00%, 1/1/2021		100		102

Series 2013B, GO, 5.00%, 1/1/2021		100		103

Chicago Park District, Unlimited Tax Series 2011C, GO, 5.00%, 1/1/2022		175		186

Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021		300		319

City of Aurora

Series 2019A, GO, 4.00%, 12/30/2021		470		497

Series 2019A, GO, 4.00%, 12/30/2022		1,525		1,649

Series 2019A, GO, 4.00%, 12/30/2023		1,595		1,769

Series 2019A, GO, 4.00%, 12/30/2024		1,655		1,879

City of Calumet Series 2018, GO, 4.00%, 3/1/2020		150		150

City of Danville

GO, 2.00%, 12/1/2020		170		171

GO, 2.00%, 12/1/2021		255		258

GO, 3.00%, 12/1/2022		140		145

GO, 4.00%, 12/1/2023		145		158

City of Elgin

Series 2020A, GO, 2.00%, 12/15/2021		230		234

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	91

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2020A, GO, 3.00%, 12/15/2022		1,480		1,558

Series 2020A, GO, 3.00%, 12/15/2023		1,025		1,096

City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021		1,040		1,067

City of Rock Island

Series B, GO, AGM, 3.00%, 12/1/2020		200		203

Series A, GO, AGM, 3.00%, 12/1/2021		130		134

Series B, GO, AGM, 3.00%, 12/1/2021		200		207

City of Rockford

Series 2019A, GO, AGM, 4.00%, 12/15/2020		100		102

Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		137

Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		145

Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		153

City of Waukegan

Series A, GO, AGM, 3.00%, 12/30/2020		590		600

Series A, GO, AGM, 4.00%, 12/30/2023		525		577

Clay Wayne and Marion Counties Community Unit School District No. 35

Series 2019, GO, AGM, 5.00%, 12/1/2020		145		149

Series 2019, GO, AGM, 5.00%, 12/1/2021		205		218

Series 2019, GO, AGM, 5.00%, 12/1/2022		165		182

Series 2019, GO, AGM, 5.00%, 12/1/2023		175		198

Cook County

Series 2018, GO, 5.00%, 11/15/2020		900		923

Series 2018, GO, 5.00%, 11/15/2021		700		743

Series A, GO, 5.00%, 11/15/2021		355		376

Series C, GO, 5.00%, 11/15/2022		180		197

Cook County Community College District No. 508 GO, 5.25%, 12/1/2029		250		286

Cook County Community Consolidated School District No. 34 Glenview

GO, 4.00%, 12/1/2020		100		102

GO, 4.00%, 12/1/2021		175		185

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		278

Cook County Community School District No. 97 Oak Park

GO, 4.00%, 1/1/2021		550		564

GO, 4.00%, 1/1/2022		400		423


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, 4.00%, 1/1/2023		300		326

GO, 4.00%, 1/1/2024		275		306

Cook County Community Unit School District No. 401 Elmwood Park Series 2013, GO, 4.00%, 12/1/2023		3,440		3,596

Cook County High School District No. 207 Maine Township

Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,782

Series 2019B, GO, 3.50%, 12/1/2022		325		346

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		102

Series 2019A, GO, 4.00%, 12/1/2021		100		105

Series 2019C, GO, 4.00%, 12/1/2021		165		174

Series 2019A, GO, 4.00%, 12/1/2022		235		252

Series 2019C, GO, 4.00%, 12/1/2022		605		649

Series 2019A, GO, 5.00%, 12/1/2023		345		391

Series 2019C, GO, 5.00%, 12/1/2023		660		747

Cook County School District No. 102 La Grange, Limited Tax

GO, AGM, 4.00%, 12/15/2020 (c)		400		409

GO, AGM, 4.00%, 12/15/2021 (c)		840		883

GO, AGM, 4.00%, 12/15/2022 (c)		825		892

GO, AGM, 4.00%, 12/15/2023 (c)		825		916

GO, AGM, 4.00%, 12/15/2024 (c)		930		1,056

GO, AGM, 4.00%, 12/15/2025 (c)		985		1,142

Cook County School District No. 109 Indian Springs, Limited Tax

Series 2020A, GO, 4.00%, 12/1/2023		125		138

Series 2020A, GO, 4.00%, 12/1/2024		400		450

Cook County School District No. 145, Arbor Park

Series 2019B, GO, 4.00%, 12/1/2021		150		158

Series 2019D, GO, 4.00%, 12/1/2023		110		120

Cook County School District No. 148 Dolton

Series 2018A, GO, 5.00%, 12/1/2021		450		478

Series 2018A, GO, 5.00%, 12/1/2022		725		794

Cook County School District No. 150, South Holland

GO, 4.00%, 4/1/2021		175		181

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		262

Series 2020A, GO, 4.00%, 12/1/2022		510		547

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2020A, GO, 4.00%, 12/1/2023		285		313

Series 2020A, GO, 4.00%, 12/1/2024		255		286

Cook County School District No. 160, Country Club Hills, Limited Tax

Series 2020B, GO, 4.00%, 12/1/2022		180		193

Series 2020B, GO, 4.00%, 12/1/2023		100		110

Series 2020B, GO, 4.00%, 12/1/2024		100		112

Cook County School District No. 63 East Maine

GO, 5.00%, 12/1/2020		2,170		2,237

GO, 5.00%, 12/1/2021		1,845		1,976

GO, 5.00%, 12/1/2022		1,935		2,148

Cook County School District No. 69, Skokie, Limited Tax

GO, 4.00%, 12/1/2024 (c)		315		359

GO, 4.00%, 12/1/2025 (c)		460		535

Cook County School District No. 99 Cicero

Series 2019B, GO, 5.00%, 12/1/2022		350		385

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		204

GO, 4.00%, 12/1/2021		200		211

Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021		2,825		3,022

County of Will

Series 2019, GO, 5.00%, 11/15/2020		810		833

Series 2019, GO, 5.00%, 11/15/2021		270		289

Series 2019, GO, 5.00%, 11/15/2022		475		527

Series 2019, GO, 5.00%, 11/15/2023		525		603

DuPage County Community High School District No. 94

GO, 4.00%, 1/1/2021		200		205

GO, 4.00%, 1/1/2033		10		11

DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022		1,500		1,575

Flagg-Rochelle Community Park District

Series A, GO, AGM, 4.00%, 1/1/2021		100		102

Series A, GO, AGM, 4.00%, 1/1/2022		210		222

Series A, GO, AGM, 4.00%, 1/1/2023		220		236

Series A, GO, AGM, 4.00%, 1/1/2024		225		247

Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		787

Hoffman Estates Park District

Series 2019A, GO, 4.00%, 12/1/2020		1,300		1,329

Series 2019A, GO, 4.00%, 12/1/2021		135		142


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Series 2019B, GO, 4.00%, 12/1/2023		245		272

Jackson County Community Unit School District No. 186 GO, AGM, 4.00%, 12/1/2020		265		271

Joliet Park District, Limited Tax Park GO, 4.00%, 2/1/2021		830		852

Kane County School District No. 131 Aurora East Side

Series 2020A, GO, AGM, 2.00%, 12/1/2020 (c)		185		187

Series 2020B, GO, AGM, 2.00%, 12/1/2020 (c)		220		222

Series 2020A, GO, AGM, 3.00%, 12/1/2021 (c)		175		181

Series 2020B, GO, AGM, 3.00%, 12/1/2021 (c)		255		264

Series 2020A, GO, AGM, 4.00%, 12/1/2022 (c)		120		130

Series 2020B, GO, AGM, 4.00%, 12/1/2022 (c)		220		238

Series 2020A, GO, AGM, 5.00%, 12/1/2023 (c)		145		166

Series 2020B, GO, AGM, 5.00%, 12/1/2023 (c)		235		269

Series 2020A, GO, AGM, 5.00%, 12/1/2024 (c)		240		284

Series 2020A, GO, AGM, 5.00%, 12/1/2025 (c)		55		67

Series 2020B, GO, AGM, 5.00%, 12/1/2025 (c)		115		140

Kendall Kane and Will Counties Community Unit School District No. 308

Series B, GO, 4.00%, 10/1/2020		225		229

Series B, GO, 4.00%, 10/1/2021		255		267

Series B, GO, 5.00%, 10/1/2022		1,375		1,502

La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		444

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		122

Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		166

Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		254

Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		178

Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		266

Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		134

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	93

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community

GO, AGM, 4.00%, 5/1/2020		75		76

GO, AGM, 4.00%, 5/1/2022		750		797

GO, AGM, 4.00%, 5/1/2023		700		761

Sangamon County Community Unit School District No. 5 Ball-Chatham

Series B, GO, 5.00%, 1/1/2022		1,650		1,772

GO, 4.00%, 2/1/2023		2,015		2,177

Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains

Series 2019C, GO, 4.00%, 1/1/2022		165		174

Series 2019C, GO, 4.00%, 1/1/2023		310		334

Series 2019C, GO, 4.00%, 1/1/2024		370		408

State of Illinois

Series D, GO, 5.00%, 11/1/2020		5,000		5,132

GO, 5.00%, 2/1/2024		3,370		3,843

Village of Antioch GO, 3.00%, 12/1/2020		290		294

Village of Bartlett

GO, 5.00%, 12/1/2021		980		1,048

GO, 5.00%, 12/1/2022		1,065		1,179

GO, 5.00%, 12/1/2023		1,130		1,292

Village of Bolingbrook Series A, GO, AGM, 4.00%, 1/1/2021		185		190

Village of Flossmoor

GO, 3.00%, 12/1/2020		585		594

GO, 3.00%, 12/1/2021		605		626

Village of Franklin Park GO, 4.00%, 1/1/2021		500		512

Village of Gilberts Series 2011, GO, 4.00%, 12/1/2021		440		454

Village of Hoffman Estates

Series A, GO, 3.00%, 12/1/2020		110		112

GO, 5.00%, 12/1/2020		270		278

GO, 5.00%, 12/1/2021		210		225

Village of Midlothian

Series 2019A, GO, 4.00%, 1/1/2023		190		204

Series 2019A, GO, 4.00%, 1/1/2024		120		132

Village of Sugar Grove, Kane County, Waterworks and Sewerage GO, 3.00%, 5/1/2020		390		391

Village of Villa Park

Series B, GO, 4.00%, 12/15/2020		125		128

Series B, GO, 4.00%, 12/15/2021		190		200

Series B, GO, 4.00%, 12/15/2022		200		216


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

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		422

Series 2018C, GO, 4.00%, 12/15/2021		505		532

Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		138

Village of Woodridge Series 2017, GO, 3.00%, 2/1/2021		250		255

Washington County Community Unit School District No. 10 West Washington

GO, 4.00%, 1/15/2021		740		759

GO, 4.00%, 1/15/2022		575		607

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		327

Whiteside County Community Unit School District No. 6 Morrison

Series A, GO, AGM, 4.00%, 12/1/2020		205		209

Series A, GO, AGM, 4.00%, 12/1/2021		745		785

Will County Community High School District No. 210 Lincoln-Way

GO, AGM, 4.00%, 1/1/2021		100		102

GO, AGM, 4.00%, 1/1/2022		1,000		1,052

Will County Township High School District No. 204 Joliet

GO, 4.00%, 1/1/2021		75		77

GO, 4.00%, 1/1/2023		125		135

Will, Grundy, Livingston, Cook, Kendal, Lasalle and Kankakee Counties, Joliet Junior College, Community College District No. 525

GO, 5.00%, 1/1/2022		5,275		5,658

GO, 5.00%, 1/1/2023		5,495		6,105

GO, 5.00%, 1/1/2024		2,600		2,986

Winnebago and Stephenson Counties School District No. 323, School Building GO, 5.00%, 11/1/2020		100		103


				120,832


Hospital — 1.5%

Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (d)		250		252

Illinois Finance Authority, Little Company of Mary Hospital and Health Care Centers

Series 2008B, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/10/2020 (d)		42,220		42,220

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.18%, 3/10/2020 (d)		18,840		18,840


				61,312


Housing — 0.1%

Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (d)		5,600		5,635


Other Revenue — 0.9%

City of Rochelle Series A, Rev., AGM, 3.00%, 6/30/2020		275		277

Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 1.13%, 3/10/2020 (d)		6,080		6,080

Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation Series 1992A, Rev., NATL-RE, Zero Coupon, 6/15/2020		130		130

Peoria Public Building Commission

Series A, Rev., AGM, 3.00%, 12/1/2022		75		78

Series A, Rev., AGM, 4.00%, 12/1/2024		655		737

Sales Tax Securitization Corp. Series C, Rev., 5.00%, 1/1/2023		2,700		2,999

St. Charles Public Library District

Series 2019, Rev., 3.00%, 11/1/2020		100		101

Series 2019, Rev., 3.00%, 11/1/2021		85		88

Series 2019, Rev., 4.00%, 11/1/2022		100		107

State of Illinois, Sales Tax, Junior Obligation

Series A, Rev., 5.00%, 6/15/2020		4,600		4,648

Series B, Rev., 5.00%, 6/15/2020		5,000		5,049

Rev., 5.00%, 6/15/2021		110		115

Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,239

Rev., 5.00%, 6/15/2023		990		1,109

Tender Option Bond Trust Receipts/Certificates

Series 2015-XF1045, Rev., VRDO, LOC: Barclays Bank plc, 1.30%, 3/10/2020 (d) (f)		6,550		6,550

Series 2018, Rev., VRDO, LIQ: Barclays Bank plc, 1.30%, 3/10/2020 (d) (f)		4,500		4,500


				37,807


Prerefunded — 0.1%

Chicago O’Hare International Airport, Third Lien Series 2011C, Rev., 6.50%, 1/1/2041 (e)		5,000		5,235


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Special Tax — 0.0% (b)

Village of Hampshire, Special Service Area No. 14, Lakewood Crossing Rev., 1.90%, 3/1/2020		200		200


Transportation — 0.2%

Chicago Midway International Airport, Second Lien

Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,033

Series 2014B, Rev., 5.00%, 1/1/2023		150		167

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		207

Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		282

Illinois State Toll Highway Authority Series 2019C, Rev., 5.00%, 1/1/2025		5,000		5,953


				7,642


Total Illinois				279,019


Indiana — 3.6%

Education — 0.3%

Fort Wayne Community School Building Corp., First Mortgage

Rev., 4.00%, 7/15/2020		165		167

Rev., 4.00%, 1/15/2021		100		103

Rev., 4.00%, 7/15/2021		250		260

Rev., 4.00%, 1/15/2022		250		264

Rev., 4.00%, 7/15/2022		125		134

Hammond Multi-School Building Corp., First Mortgage

Rev., 4.00%, 7/15/2020		615		621

Rev., 4.00%, 7/15/2021		670		695

Indiana Finance Authority, Butler University Project

Rev., 3.00%, 2/1/2021		140		143

Rev., 3.00%, 2/1/2022		210		218

Rev., 3.00%, 2/1/2023		225		238

Indiana Finance Authority, Marian University Project

Series A, Rev., 5.00%, 9/15/2020		50		51

Series A, Rev., 5.00%, 9/15/2021		60		63

Series A, Rev., 5.00%, 9/15/2022		50		55

Series A, Rev., 5.00%, 9/15/2023		75		84

Series A, Rev., 5.00%, 9/15/2024		155		179

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	95

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

North Putnam Middle School Building Corp., Property Tax, First Mortgage

Series 2019, Rev., 3.00%, 1/15/2021		170		173

Series 2019, Rev., 3.00%, 7/15/2021		190		195

Series 2019, Rev., 3.00%, 1/15/2022		250		260

Series 2019, Rev., 3.00%, 7/15/2022		150		157

Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 1.07%, 3/10/2020 (d)		6,575		6,575

South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax

Rev., 4.00%, 7/15/2020		70		71

Rev., 4.00%, 1/15/2021		100		103

Rev., 4.00%, 7/15/2021		80		83

Southmont School Building Corp., Ad Valorem Property Tax Rev., 4.00%, 7/15/2020		190		192

Tippecanoe County School Building Corp.

Rev., 4.00%, 7/15/2020		240		243

Rev., 4.00%, 1/15/2021		300		308

Rev., 4.00%, 7/15/2021		200		208

Rev., 4.00%, 1/15/2022		365		386

Rev., 4.00%, 7/15/2022		275		295

Rev., 4.00%, 1/15/2023		300		326

Rev., 4.00%, 7/15/2023		380		419


				13,269


General Obligation — 0.5%

Fort Wayne Community Schools

GO, 2.00%, 7/15/2020		450		452

GO, 4.00%, 1/15/2021		455		467

GO, 4.00%, 7/15/2021		630		656

GO, 4.00%, 1/15/2022		755		798

Franklin Township Community School Corp.

GO, 4.00%, 7/15/2020		1,415		1,430

GO, 4.00%, 1/15/2021		1,465		1,502

Metropolitan School District of Southwest Allen County

Series 2019B, GO, 4.00%, 7/15/2020		175		177

Series 2019B, GO, 4.00%, 1/15/2021		110		113

Series 2019B, GO, 4.00%, 7/15/2021		100		104

Series 2019B, GO, 4.00%, 1/15/2022		100		106

Series 2019B, GO, 4.00%, 7/15/2022		590		632

Series 2019B, GO, 4.00%, 1/15/2023		520		564

Series 2019B, GO, 4.00%, 7/15/2023		485		533

Series 2019B, GO, 4.00%, 1/15/2024		575		639


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Metropolitan School District Washington Township

GO, 4.00%, 7/15/2021		250		261

GO, 4.00%, 1/15/2022		590		624

Vinton-Tecumseh School Building Corp. Series C, GO, BAN, 2.50%, 4/1/2020		10,000		10,011


				19,069


Hospital — 1.2%

Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (d)		2,700		2,805

Indiana Finance Authority, Health Obligation

Series L, Rev., (SIFMA Municipal Swap Index Yield + 0.28%), 1.43%, 3/10/2020 (g)		10,000		10,003

Series B, Rev., 2.25%, 7/1/2025 (d)		5,000		5,339

Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.14%, 3/10/2020 (d)		1,055		1,055

Indiana Health Facility Financing Authority, Ascension Health Credit Group

Rev., 1.37%, 5/1/2020 (d)		3,675		3,678

Series 2001 A-2, Rev., 2.00%, 2/1/2023 (d)		25,000		25,715


				48,595


Other Revenue — 0.9%

Hammond Local Public Improvement Bond Bank

Series 2020A, Rev., 2.25%, 6/30/2020		2,000		2,004

Series 2020A, Rev., 2.38%, 12/31/2020		2,000		2,012

Indiana Finance Authority, Lease Appropriation Series 2007A-3, Rev., VRDO, LIQ: U.S. Bank NA, 1.24%, 3/2/2020 (d)		27,475		27,475

Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.14%, 3/10/2020 (d)		6,820		6,820


				38,311


Prerefunded — 0.0% (b)

Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., 1.37%, 5/1/2020 (d) (e)		95		95


Utility — 0.7%

City of Rockport, AEP Generating Company Project

Series A, Rev., 1.35%, 9/1/2022 (d)		2,000		2,012

Series B, Rev., 1.35%, 9/1/2022 (d)		2,250		2,263

City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		7,101

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

Indiana Finance Authority, Duke Energy Indiana, Inc., Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.20%, 3/10/2020 (d)		20,000		20,000


				31,376


Water & Sewer — 0.0% (b)

City of Martinsville, Waterworks Rev., AGM, 2.00%, 7/1/2020		310		311

Town of Schererville, Sewage Works

Rev., 2.00%, 3/1/2020		100		100

Rev., 4.00%, 3/1/2021		50		51

Rev., 4.00%, 3/1/2022		75		80

Rev., 4.00%, 3/1/2023		75		81

Rev., 4.00%, 3/1/2024		110		123


				746


Total Indiana				151,461


Iowa — 0.6%

Certificate of Participation/Lease — 0.0% (b)

City of Altoona, Evidencing an Ownership Interest in Base Lease Payments Pursuant to a Lease Purchase Agreement

Series 2020A, COP, 4.00%, 6/1/2022		225		240

Series 2020A, COP, 4.00%, 6/1/2023		275		302

City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		330


				872


Education — 0.0% (b)

North Polk Community School District, Iowa School Infrastructure Sales Series 2020B, Rev., 4.00%, 6/1/2022		450		479


General Obligation — 0.1%

City of Iowa Falls

GO, 3.00%, 6/1/2020		120		121

GO, 3.00%, 6/1/2023		230		244

City of Sac City

GO, 5.00%, 6/1/2020		150		152

GO, 5.00%, 6/1/2021		160		168

County of Plymouth

GO, AGM, 3.00%, 6/1/2020		280		282

GO, AGM, 3.00%, 6/1/2021		565		580

GO, AGM, 3.00%, 6/1/2022		290		302

Waukee Community School District GO, 5.00%, 6/1/2020		45		45


				1,894


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 0.5%

Iowa Finance Authority, Health Systems Rev., VRDO, 1.72%, 3/10/2020 (d) (f)		19,650		19,650


Other Revenue — 0.0% (b)

City of Coralville, Annual Appropriation Series 2018D, Rev., 3.00%, 5/1/2020		300		300

State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		421


				721


Total Iowa				23,616


Kansas — 0.5%

Certificate of Participation/Lease — 0.1%

Johnson County Park and Recreation District

Series 2019B, COP, 3.00%, 9/1/2020		340		343

Series 2019A, COP, 5.00%, 9/1/2020		200		204

Series 2019B, COP, 3.00%, 9/1/2021		255		263

Series 2019A, COP, 5.00%, 9/1/2021		240		255

Series 2019B, COP, 3.00%, 9/1/2022		200		210

Series 2019A, COP, 5.00%, 9/1/2022		250		274

Series 2019B, COP, 3.00%, 9/1/2023		200		213

Series 2019A, COP, 5.00%, 9/1/2023		125		142

Kansas City Kansas Community College

Series 2020A, COP, 4.00%, 4/1/2021		450		464

Series 2020A, COP, 4.00%, 4/1/2022		600		637

Series 2020A, COP, 4.00%, 4/1/2023		800		871

Series 2020A, COP, 4.00%, 4/1/2024		500		558


				4,434


General Obligation — 0.3%

Butler County Unified School District No. 385, Temporary Notes GO, 3.00%, 12/1/2020		815		827

City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022		5,915		5,921

County of Reno, Temporary Notes GO, 3.00%, 12/1/2021		4,605		4,673

Sedgwick County Unified School District No. 267 Renwick

Series 2019A, GO, 3.00%, 11/1/2022		100		105

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		131

Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		426

Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		433


				12,826

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	97

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 0.0% (b)

City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. Series A, Rev., 5.00%, 5/15/2020		440		443


Other Revenue — 0.1%

Overland Park Development Corp., Overland Park Convention Center

Rev., 3.00%, 3/1/2020		2,235		2,235

Rev., 4.00%, 3/1/2021		1,400		1,440


				3,675


Total Kansas				21,378


Kentucky — 1.8%

General Obligation — 0.0% (b)

Lexington-Fayette Urban County Government, Various Purpose Series 2014A, GO, 5.00%, 9/1/2020		20		20


Hospital — 0.8%

City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center

Rev., 5.00%, 2/1/2021		385		398

Rev., 5.00%, 2/1/2022		500		534

Rev., 5.00%, 2/1/2023		600		662

Rev., 5.00%, 2/1/2024		575		652

Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc.

Series 2020B, Rev., 5.00%, 3/10/2020 (c) (d)		22,000		25,179

Series 2020C, Rev., 5.00%, 3/10/2020 (c) (d)		5,000		6,251


				33,676


Housing — 0.3%

Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (d)		3,315		3,342

Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (d)		7,200		7,236


				10,578


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2003A, Rev., 1.85%, 4/1/2021 (d)		10,000		10,088


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — 0.0% (b)

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		1,581


				1,680


Prerefunded — 0.0% (b)

Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2031 (e)		40		42


Transportation — 0.0% (b)

Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,093


Utility — 0.4%

Kentucky Public Energy Authority, Gas Supply

Series 2018A, Rev., 4.00%, 4/1/2020		780		782

Series 2018A, Rev., 4.00%, 4/1/2021		775		800

Series A, Rev., 4.00%, 4/1/2022		1,210		1,283

Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (d)		2,750		2,797

Paducah Electric Plant Board

Rev., 5.00%, 10/1/2020		2,250		2,301

Rev., 5.00%, 10/1/2021		2,300		2,440

Rev., 5.00%, 10/1/2022		2,000		2,194

Rev., 5.00%, 10/1/2023		2,000		2,267


				14,864


Water & Sewer — 0.0% (b)

Kentucky Rural Water Finance Corp., Construction Series E-2018-1, Rev., 2.25%, 3/1/2020		1,565		1,565


Total Kentucky				73,606


Louisiana — 1.5%

General Obligation — 0.3%

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. 31 GO, 3.00%, 3/1/2020		370		370

Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		541

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		153

Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		152

St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		342

St. Tammany Parish Wide School District No. 12 GO, 2.00%, 3/1/2020		200		200

State of Louisiana Series 2013-C, GO, 5.00%, 7/15/2021		10,105		10,683

Zachary Community School District No. 1

GO, 3.00%, 3/1/2021		200		204

GO, 3.00%, 3/1/2022		685		715

GO, 3.00%, 3/1/2023		715		755


				14,614


Hospital — 1.0%

Louisiana Public Facilities Authority, Christus Health Series 2018D, Rev., 5.00%, 7/1/2020		700		709

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 1.80%, 3/10/2020 (g)		40,000		40,126

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project

Rev., 4.00%, 5/15/2020		195		196

Rev., 5.00%, 5/15/2020		325		328


				41,359


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 1.25%, 3/2/2020 (d)		150		150


Other Revenue — 0.2%

City of Youngsville LA

Rev., 3.00%, 12/1/2020		250		254

Rev., 3.00%, 12/1/2021		255		264

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		874

Louisiana Local Government Environmental Facilities and Community Development Authority, Lake Charles Public Improvement Projects Rev., 4.00%, 5/1/2020		200		201


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,595

Louisiana Office Facilities Corp., Lease, Capitol Complex Program Series A, Rev., 5.00%, 5/1/2020		4,290		4,319


				7,507


Water & Sewer — 0.0% (b)

City of Shreveport, Water and Sewer, Junior Lien

Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		343

Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		266


				609


Total Louisiana				64,239


Maryland — 1.2%

Hospital — 1.1%

County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.12%, 6/1/2020 (d)		46,000		46,000


Other Revenue — 0.1%

Maryland Stadium Authority, Construction and Revitalization Program

Series 2018A, Rev., 5.00%, 5/1/2020		800		806

Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,273


				2,079


Total Maryland				48,079


Massachusetts — 4.1%

Education — 0.0% (b)

Massachusetts Development Finance Agency, Suffolk University

Rev., 4.00%, 7/1/2020		250		252

Rev., 5.00%, 7/1/2021		500		527

Rev., 5.00%, 7/1/2022		390		426

Rev., 5.00%, 7/1/2024		350		408

Massachusetts Development Finance Agency, Western New England University

Rev., 5.00%, 9/1/2020		300		306

Rev., 5.00%, 9/1/2021		265		280


				2,199

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	99

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 1.7%

City of Boston Series A, GO, 5.00%, 4/1/2020		10		10

City of Fall River GO, BAN, 1.50%, 2/5/2021		14,094		14,161

City of Greenfield GO, BAN, 2.00%, 10/1/2020		4,853		4,881

City of Lowell GO, BAN, 2.00%, 9/25/2020		4,389		4,413

Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 1.73%, 5/1/2020 (g)		30,000		30,061

Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (d)		5,500		5,613

Masconomet Regional School District GO, 5.00%, 5/1/2020		20		20

Southeastern Massachusetts Regional 911 District GO, BAN, 2.00%, 11/4/2020		7,000		7,040

Town of Bridgewater GO, BAN, 2.25%, 6/26/2020		3,500		3,514


				69,713


Hospital — 0.3%

Massachusetts Development Finance Agency, Partners Healthcare System

Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 1.57%, 3/10/2020 (g)		10,000		10,003

Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 1.65%, 3/10/2020 (g)		1,500		1,503


				11,506


Housing — 0.0% (b)

Massachusetts Housing Finance Agency, Construction Loan Series 2017A, Rev., 1.85%, 6/1/2020		1,630		1,631


Prerefunded — 0.1%

Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2028 (e)		20		21

Massachusetts Clean Water Trust (The), Revolving Funds Subseries 16B, Rev., 5.00%, 8/1/2021 (e)		4,720		4,802


				4,823


Transportation — 2.0%

Massachusetts Bay Transportation Authority, Sales Tax Series A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.13%, 3/10/2020 (d)		30,785		30,785

Massachusetts Port Authority

Series 2019-A, Rev., AMT, 5.00%, 7/1/2020		2,295		2,326


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — continued

Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,160

Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,735

Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (d)		10,000		11,160

Merrimack Valley Regional Transit Authority Rev., RAN, 2.25%, 6/26/2020		8,400		8,429

Metrowest Regional Transit Authority Rev., RAN, 2.00%, 9/18/2020		9,657		9,712

Pioneer Valley Transit Authority Rev., RAN, 2.00%, 7/16/2020		13,000		13,040


				81,347


Water & Sewer — 0.0% (b)

Massachusetts Clean Water Trust (The), Revolving Funds Series 15A, Rev., 5.00%, 8/1/2020		200		204


Total Massachusetts				171,423


Michigan — 2.6%

Education — 0.7%

University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (d)		25,000		28,039


General Obligation — 0.7%

City of Garden, Capital Improvement GO, 4.00%, 10/1/2020		795		809

City of Gladstone, Limited Tax

GO, AGM, 3.00%, 3/1/2021 (c)		250		255

GO, AGM, 3.00%, 3/1/2022 (c)		250		260

GO, AGM, 3.00%, 3/1/2023 (c)		260		275

GO, AGM, 3.00%, 3/1/2024 (c)		265		285

GO, AGM, 3.00%, 3/1/2025 (c)		275		301

City of Marquette, Capital Improvement

GO, 4.00%, 5/1/2020		75		75

GO, 4.00%, 5/1/2021		150		156

City of Marquette, Limited Tax

GO, 3.00%, 5/1/2020		85		85

GO, 3.00%, 5/1/2021		125		128

Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023		200		219

Grand Rapids Public Schools

Series 2019, GO, AGM, 5.00%, 11/1/2020		2,075		2,131

Series 2019, GO, AGM, 5.00%, 11/1/2021		2,225		2,376

Series 2019, GO, AGM, 5.00%, 11/1/2023		1,700		1,949

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Grosse Pointe Public School System

GO, 4.00%, 5/1/2020		500		502

GO, 4.00%, 5/1/2021		240		249

Hopkins Public Schools

Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2020		85		86

Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2021		180		187

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, Unlimited Tax

GO, Q-SBLF, 4.00%, 5/1/2021		1,015		1,052

GO, Q-SBLF, 4.00%, 5/1/2022		1,345		1,433

GO, Q-SBLF, 4.00%, 5/1/2023		605		662

GO, Q-SBLF, 4.00%, 5/1/2024		690		774

Kalamazoo Public Schools, School Building and Site

GO, 4.00%, 5/1/2020		1,820		1,829

GO, 4.00%, 5/1/2021		775		804

Kelloggsville Public Schools, School Building and Site

GO, AGM, 4.00%, 5/1/2021		360		373

GO, AGM, 4.00%, 5/1/2022		380		405

Leland Public School District

GO, AGM, 4.00%, 5/1/2022		510		543

GO, AGM, 4.00%, 5/1/2023		785		860

Marshall Public Schools Series 2016, GO, Q-SBLF, 4.00%, 5/1/2020		850		855

Waterford School District, Unlimited Tax

GO, Q-SBLF, 4.00%, 5/1/2021 (c)		265		274

GO, Q-SBLF, 4.00%, 5/1/2022 (c)		650		693

GO, Q-SBLF, 4.00%, 5/1/2023 (c)		1,340		1,466

GO, Q-SBLF, 4.00%, 5/1/2024 (c)		1,360		1,526

Wayne-Westland Community Schools, Building and Site

Series 2019, GO, Q-SBLF, 4.00%, 5/1/2020		190		191

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2020		875		893

Series 2019, GO, Q-SBLF, 4.00%, 5/1/2021		200		207

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2021		785		824

Series 2019, GO, Q-SBLF, 4.00%, 5/1/2022		160		170

Series 2019, GO, Q-SBLF, 5.00%, 11/1/2022		290		320


				27,051


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 0.4%

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (d)		4,165		4,423

Michigan Finance Authority, CHE Trinity Health Credit Group Series MI-1, Rev., VRDO, 1.12%, 6/1/2020 (d)		11,500		11,500

Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group Series A, Subseries 2016A-1, Rev., 1.37%, 5/1/2020 (d)		2,095		2,097


				18,020


Housing — 0.2%

Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., LIQ: Industrial & Commercial Bank of China, 1.24%, 3/10/2020 (d)		9,905		9,905


Other Revenue — 0.6%

City of Charlevoix, Limited Tax

Rev., 4.00%, 10/1/2020		165		168

Rev., 4.00%, 10/1/2021		215		226

Rev., 4.00%, 10/1/2022		175		188

Rev., 4.00%, 10/1/2023		110		121

Detroit Downtown Development Authority, Tax Increment

Series B, Rev., AGM, 5.00%, 7/1/2020		1,200		1,215

Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		525

Michigan Finance Authority Series A-1, Rev., 4.00%, 8/20/2020		10,000		10,145

Michigan Strategic Fund, Holland Home Obligated Group

Rev., 4.00%, 11/15/2020		200		203

Rev., 4.00%, 11/15/2021		180		186

Rev., 4.00%, 11/15/2022		180		190

Rev., 4.00%, 11/15/2023		190		204

Tender Option Bond Trust Receipts/Certificates Series 2018-XM0717, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 1.35%, 3/10/2020 (d) (f)		9,410		9,410


				22,781


Transportation — 0.0% (b)

Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2021		815		843

Wayne County Airport Authority, Junior Lien Series B, Rev., AMT, 5.00%, 12/1/2020		550		567


				1,410

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	101

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.0% (b)

South Haven Township and Casco Township Water and Sewage Treatment Authority

Rev., 4.00%, 5/1/2021		280		290

Rev., 4.00%, 5/1/2022		285		303

Rev., 4.00%, 5/1/2023		480		525

Rev., 4.00%, 5/1/2024		720		806


				1,924


Total Michigan				109,130


Minnesota — 0.5%

Certificate of Participation/Lease — 0.0% (b)

Duluth Independent School District No. 709

Series 2019B, COP, 5.00%, 2/1/2021		145		150

Series 2019B, COP, 5.00%, 2/1/2022		160		172

Series 2019C, COP, 5.00%, 2/1/2022		135		145

Series 2019B, COP, 5.00%, 2/1/2023		185		205

St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		966


				1,638


Education — 0.1%

Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.

Rev., 3.00%, 12/1/2020		75		76

Rev., 3.00%, 12/1/2021		75		77

Rev., 3.00%, 12/1/2022		100		105

Rev., 3.00%, 12/1/2023		100		106

Minnesota Higher Education Facilities Authority, Trustees of the Hamline University Series 2017B, Rev., 4.00%, 10/1/2020		780		792

University of Minnesota Series A, Rev., 5.00%, 4/1/2022		2,715		2,949


				4,105


General Obligation — 0.1%

City of Glencoe

Series 2018-A, GO, 3.00%, 8/1/2020		75		76

Series 2018-A, GO, 3.00%, 8/1/2021		80		82

State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,871


				2,029


Hospital — 0.2%

Minneapolis and St. Paul Housing and Redevelopment Authority, Health Care, Allina Health Series 2007C-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.14%, 3/10/2020 (d)		10,000		10,000


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.1%

City of Wayzata, Folkestone Senior Living Community

Rev., 3.00%, 8/1/2022		200		207

Rev., 3.00%, 8/1/2023		100		104

Rev., 3.00%, 8/1/2024		100		105

Duluth Housing and Redevelopment Authority, Public Schools Academy Project

Series 2018-A, Rev., 3.38%, 11/1/2021		330		337

Series 2018-A, Rev., 3.63%, 11/1/2022		345		359

Series 2018-A, Rev., 3.88%, 11/1/2023		325		344

Housing and Redevelopment Authority of The City of St. Paul Minnesota, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020		515		520


				1,976


Other Revenue — 0.0% (b)

State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020		400		400


Total Minnesota				20,148


Mississippi — 1.0%

General Obligation — 0.1%

City of Tupelo

Series 2019, GO, 4.00%, 12/1/2020		360		368

Series 2019, GO, 4.00%, 12/1/2021		125		132

Series 2019, GO, 4.00%, 12/1/2022		245		265

Series 2019, GO, 4.00%, 12/1/2023		315		350

State of Mississippi Series F, GO, 5.00%, 11/1/2020		4,000		4,112


				5,227


Hospital — 0.2%

Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Series B2, Rev., VRDO, 1.07%, 6/1/2020 (d)		4,335		4,335

Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project

Series B, Rev., 5.00%, 1/1/2021		270		279

Series B, Rev., 5.00%, 1/1/2022		320		343

Series B, Rev., 5.00%, 1/1/2023		370		409

Series B, Rev., 5.00%, 1/1/2024		370		422


				5,788


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series E, Rev., VRDO, 1.16%, 3/10/2020 (d)		6,200		6,200

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.6%

County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.23%, 3/2/2020 (d)		25,000		25,000

Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022		100		104

Mississippi Development Bank, Special Obligation, Biloxi project

Rev., 3.00%, 3/1/2020		125		125

Rev., 3.00%, 3/1/2021		130		133

Rev., 3.00%, 3/1/2022		175		181

State of Mississippi Series E, Rev., 5.00%, 10/15/2020		100		103

State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		746


				26,392


Prerefunded — 0.0% (b)

State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2036 (e)		25		27


Total Mississippi				43,634


Missouri — 1.7%

Certificate of Participation/Lease — 0.1%

Belton School District No. 124 Series 2019, COP, AGM, 4.00%, 1/15/2022		100		106

Blue Eye R-V School District COP, 4.00%, 4/1/2021		75		77

City of St. Peters

COP, 4.00%, 5/1/2021		530		549

COP, 4.00%, 5/1/2022		605		645

COP, 4.00%, 5/1/2023		625		684

COP, 4.00%, 5/1/2024		650		730

COP, 4.00%, 5/1/2025		425		488

City of Waynesville Series C, COP, 2.00%, 4/15/2020		250		250

County of Stone COP, 3.00%, 12/1/2020		145		147

St. Louis County Special School District

COP, 4.00%, 4/1/2021		355		367

COP, 4.00%, 4/1/2022		395		420

COP, 4.00%, 4/1/2023		410		447

COP, 4.00%, 4/1/2024		605		677

Village of Country Club

COP, AGM, 3.00%, 4/1/2020		100		100

COP, AGM, 3.00%, 4/1/2021		165		169


				5,856


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — 0.1%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019B, Rev., 2.88%, 2/1/2022		3,270		3,274

Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50


				3,324


General Obligation — 0.1%

Greene County Reorganized School District No. R-8

Series 2019B, GO, 3.00%, 3/1/2022		500		520

Series 2019B, GO, 3.00%, 3/1/2023		595		631

Nixa Public Schools, Missouri Direct Deposit Program

Series 2019B, GO, 4.00%, 3/1/2020		100		100

Series 2019B, GO, 4.00%, 3/1/2021		100		103

Series 2019B, GO, 4.00%, 3/1/2022		175		186

Series 2019B, GO, 5.00%, 3/1/2023		200		224


				1,764


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Cape Girardeau County IDA, South Eastern Health Series 2017A, Rev., 5.00%, 3/1/2020		320		320

Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		306


				626


Other Revenue — 1.4%

City of Kansas City, Roe Bartle Convention Center Series F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 3/10/2020 (d)		4,490		4,490

County of Greene, Special Obligation

Rev., 4.00%, 12/1/2021		205		216

Rev., 4.00%, 12/1/2022		260		281

Rev., 4.00%, 12/1/2023		520		577

Rev., 4.00%, 12/1/2024		540		614

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,439

Missouri Development Finance Board, The Nelson Gallery Foundation Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.23%, 3/2/2020 (d)		39,970		39,970

Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 1.25%, 3/10/2020 (d) (f)		8,200		8,200


				58,787

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	103

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.0% (b)

St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,376


Total Missouri				71,733


Montana — 0.1%

Education — 0.1%

Montana State Board of Regents, Montana State University Series F, Rev., VRDO, 1.60%, 3/10/2020 (d)		3,225		3,225


Nebraska — 0.0% (b)

General Obligation — 0.0% (b)

County of Saunders

GO, 1.00%, 11/1/2021		100		100

GO, 2.00%, 11/1/2022		300		308

GO, 3.00%, 11/1/2023		325		349

GO, 3.00%, 11/1/2024		415		454

Papio-Missouri River Natural Resource District GO, 4.00%, 12/15/2020		405		416


				1,627


Other Revenue — 0.0% (b)

Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020		250		254


Special Tax — 0.0% (b)

City of Omaha

Series A, Rev., 2.20%, 1/15/2021		125		126

Series A, Rev., 5.00%, 1/15/2022		125		135


				261


Total Nebraska				2,142


Nevada — 0.9%

General Obligation — 0.1%

Clark County School District

Series 2014A, GO, 5.00%, 6/15/2020		50		51

Series C, GO, 5.00%, 6/15/2023		2,000		2,267


				2,318


Hospital — 0.0% (b)

City of Carson, Carson Tahoe Regional Healthcare Project

Rev., 5.00%, 9/1/2020		250		255

Rev., 5.00%, 9/1/2027		610		765


				1,020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — 0.1%

County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (d)		4,550		4,623


Other Revenue — 0.0% (b)

City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (f)		885		906


Transportation — 0.5%

Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		19,519


Utility — 0.1%

Clark County, Nevada Power Co. Projects Rev., 1.60%, 5/21/2020 (d)		3,000		3,004


Water & Sewer — 0.1%

County of Washoe, Sierra Pacific Power Company Project Series 2016G, Rev., 1.85%, 4/15/2022 (d)		5,000		5,080


Total Nevada				36,470


New Hampshire — 0.2%

Education — 0.2%

New Hampshire Health and Education Facilities Authority Act, Dartmouth College Rev., VRDO, LIQ: U.S. Bank NA, 1.03%, 3/10/2020 (d)		7,310		7,310


New Jersey — 6.4%

Education — 0.2%

New Jersey Economic Development Authority, School Facilities Construction

Series 2017DDD, Rev., 5.00%, 6/15/2020		500		506

Series PP, Rev., 5.00%, 6/15/2020		200		202

Series XX, Rev., 5.00%, 6/15/2021		5,000		5,245

New Jersey Educational Facilities Authority, The William Paterson University

Series 2012D, Rev., 5.00%, 7/1/2020		100		102

Series C, Rev., 5.00%, 7/1/2021		150		158


				6,213


General Obligation — 5.1%

Borough of Carlstadt GO, BAN, 2.00%, 6/26/2020		5,000		5,013

Borough of Carteret

Series 2019, GO, BAN, 2.25%, 6/5/2020		5,999		6,016

GO, BAN, 1.75%, 1/29/2021		7,147		7,189

Borough of East Rutherford GO, AGM, 5.00%, 12/1/2020		290		299

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Borough of Franklin GO, BAN, 2.00%, 7/31/2020		2,193		2,200

Borough of Haledon GO, BAN, 2.00%, 10/30/2020		3,650		3,673

Borough of Middlesex Series A, GO, BAN, 2.25%, 6/25/2020		5,282		5,302

Borough of Stanhope GO, BAN, 2.00%, 5/21/2020		4,639		4,649

Borough of Sussex GO, BAN, 2.00%, 10/23/2020		2,027		2,038

City of Atlantic, Tax Appeal

Series 2017A, GO, 5.00%, 3/1/2020		650		650

Series 2017B, GO, AGM, 5.00%, 3/1/2020		200		200

City of Bridgeton GO, BAN, 2.00%, 8/21/2020		9,397		9,429

City of Englewood GO, 2.00%, 3/27/2020		5,130		5,134

City of Linwood, Bemporary Nobas GO, BAN, 2.00%, 7/21/2020		4,935		4,949

City of Newark GO, 2.00%, 10/7/2020		49,420		49,648

City of Newark, School Promissory Notes GO, 2.50%, 7/29/2020		30,582		30,739

East Brunswick Township Board of Education, School Energy Savings

GO, 5.00%, 8/1/2020		65		66

GO, 5.00%, 8/1/2021		55		58

GO, 5.00%, 8/1/2022		110		121

Penns Grove-Carneys Point Regional School District GO, GAN, 2.50%, 7/10/2020		7,158		7,189

Township of Franklin GO, BAN, 2.00%, 7/17/2020		3,158		3,167

Township of Galloway GO, BAN, 2.00%, 8/13/2020		6,920		6,947

Township of Haddon Series 2019A, GO, BAN, 2.00%, 10/29/2020		15,758		15,860

Township of Logan GO, BAN, 1.75%, 10/21/2020		2,360		2,371

Township of Lyndhurst GO, BAN, 1.50%, 2/5/2021		4,065		4,080

Township of Pemberton Series 2019, GO, BAN, 2.25%, 6/9/2020		6,230		6,249

Township of Springfield GO, BAN, 2.00%, 7/30/2020		11,000		11,039

Township of Waterford Series 2019A, GO, BAN, 2.00%, 12/1/2020		2,718		2,737

Township of West Orange GO, BAN, 2.00%, 7/24/2020		6,692		6,716

Township of Westampton Series B, GO, BAN, 2.00%, 6/4/2020		2,205		2,209


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Township of Willingboro Series 2019, GO, BAN, 2.75%, 4/24/2020		4,973		4,984


				210,921


Hospital — 0.0% (b)

New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020		375		379


Housing — 0.3%

New Jersey Housing and Mortgage Finance Agency, Multi-Family Conduit, Garden Spires Project Series 2018A, Rev., 2.02%, 8/1/2020 (d)		8,000		8,031

New Jersey Housing and Mortgage Finance Agency, Multi-Family Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (d)		4,500		4,536

New Jersey Housing and Mortgage Finance Agency, Oceanport Gardens Series C, Rev., 1.58%, 6/1/2020 (d)		1,000		1,001


				13,568


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Passaic County Utilities Authority, Solid Waste Disposal

Series 2018, Rev., GTD, 4.25%, 3/1/2020		180		180

Series 2018, Rev., GTD, 4.38%, 3/1/2021		255		264


				444


Other Revenue — 0.2%

Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020		25		25

Tender Option Bond Trust Receipts/Certificates Series 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.27%, 3/10/2020 (d) (f)		5,000		5,000

The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		366

Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2020		3,000		3,029


				8,420


Transportation — 0.6%

New Jersey Transportation Trust Fund Authority Series 2013A, Rev., 5.00%, 6/15/2020		9,635		9,745

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,303

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	105

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — continued

New Jersey Turnpike Authority

Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 1.45%, 4/1/2020 (g)		4,000		4,007

Series B, Rev., 5.00%, 1/1/2025		5,345		5,961


				26,016


Water & Sewer — 0.0% (b)

Logan Township Municipal Utilities Authority Rev., 4.00%, 5/1/2020		100		100


Total New Jersey				266,061


New Mexico — 0.4%

General Obligation — 0.1%

Albuquerque Municipal School District No. 12, Education Technology Notes GO, 5.00%, 8/1/2020		25		25

County of Sandoval

GO, 3.00%, 8/1/2020		330		333

GO, 5.00%, 8/1/2021		535		566

GO, 5.00%, 8/1/2022		560		616

University of New Mexico, Gallup Branch Community College District Series 2012, GO, 2.00%, 10/15/2022		1,500		1,501


				3,041


Other Revenue — 0.1%

City of Farmington, Southern California Edison Co. Four Corners Project Rev., 1.87%, 4/1/2020 (d)		5,000		5,002

City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		604


				5,606


Utility — 0.1%

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		1,530

Series C, Rev., 2.38%, 7/1/2024		1,525		1,531


				3,061


Water & Sewer — 0.1%

City of Rio Rancho, Water and Wastewater System

Rev., 5.00%, 5/15/2020		825		832

Rev., 5.00%, 5/15/2021		720		756

Rev., 5.00%, 5/15/2022		1,250		1,362


				2,950


Total New Mexico				14,658


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — 21.4%

Education — 0.0% (b)

Hempstead Town Local Development Corp., Adelphi University Project

Series 2019, Rev., 4.00%, 2/1/2021		75		77

Series 2019, Rev., 4.00%, 2/1/2022		50		53

Series 2019, Rev., 4.00%, 2/1/2023		100		109

Series 2019, Rev., 4.00%, 2/1/2024		200		223

New York State Dormitory Authority, Dormitory Facilities Series 2015A, Rev., 5.00%, 7/1/2020		10		10

New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,046


				1,518


General Obligation — 14.4%

Batavia City School District GO, BAN, 2.00%, 6/16/2020		8,069		8,092

Beacon City School District GO, BAN, 2.50%, 6/19/2020		8,944		8,984

Brasher Falls Central School District GO, BAN, 2.00%, 7/15/2020		3,900		3,913

City of Ithaca Series B, GO, BAN, 2.00%, 7/24/2020		2,310		2,317

City of Jamestown, Public Improvement

GO, 5.00%, 6/1/2020		450		455

GO, 5.00%, 6/1/2021		475		500

GO, 5.00%, 6/1/2022		500		545

GO, 5.00%, 6/1/2023		525		593

GO, 5.00%, 6/1/2024		545		636

City of Long Beach Series 2020A, GO, BAN, 1.50%, 9/4/2020		21,645		21,688

City of New York Subseries G-4, GO, VRDO, LIQ: Barclays Bank plc, 1.18%, 3/10/2020 (d)		20,000		20,000

City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.19%, 3/2/2020 (d)		76,035		76,035

City of New York, Fiscal Year 2008 Subseries J-10, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ, 1.12%, 3/10/2020 (d)		17,850		17,850

City of New York, Fiscal Year 2010 Series 2010E, GO, 5.00%, 8/1/2022		5,000		5,014

City of New York, Fiscal Year 2012

Subseries 2012G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 1.22%, 3/2/2020 (d)		22,615		22,615

Series 2012A-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ, 1.18%, 3/10/2020 (d)		22,700		22,700

City of Ogdensburg Series 2019, GO, BAN, 3.00%, 4/24/2020		1,500		1,503

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

City of Troy Series B, GO, BAN, 2.00%, 7/31/2020		8,272		8,309

Clifton-Fine Central School District GO, BAN, 1.75%, 7/15/2020		3,980		3,988

County of Clinton Series B, GO, BAN, 2.00%, 7/30/2020		7,389		7,415

County of Orange, Public Improvement GO, 5.00%, 2/1/2023		2,295		2,576

County of Suffolk Series I, GO, TAN, 2.50%, 7/23/2020		11,000		11,064

County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		317

Fallsburg Central School District GO, BAN, 2.00%, 6/26/2020		9,000		9,025

Fort Ann Central School District GO, BAN, 2.25%, 6/26/2020		3,355		3,366

General Brown Central School District GO, BAN, 2.25%, 6/26/2020		5,500		5,521

Geneva City School District GO, RAN, 2.25%, 6/24/2020		6,000		6,021

Germantown Central School District GO, BAN, 2.25%, 6/26/2020		8,890		8,924

Gorham-Middlesex Central School District GO, BAN, 2.25%, 6/25/2020		9,500		9,536

Gouverneur Central School District GO, BAN, 2.00%, 6/26/2020		6,500		6,517

Grand Island Central School District GO, BAN, 2.00%, 8/13/2020		5,300		5,321

Hartford Central School District GO, BAN, 2.00%, 6/18/2020		3,760		3,770

Hempstead Union Free School District

GO, TAN, 2.50%, 6/25/2020		6,750		6,782

Series 2019C, GO, BAN, 2.00%, 7/15/2020		6,000		6,022

Hinsdale Central School District GO, BAN, 2.25%, 6/26/2020		4,570		4,587

Johnson City Central School District GO, BAN, 2.00%, 8/7/2020		2,292		2,301

Lansing Central School District GO, BAN, 2.00%, 6/30/2020		3,150		3,158

Lewiston-Porter Central School District Series A, GO, BAN, 2.50%, 6/17/2020		3,750		3,765

Lynbrook Union Free School District GO, BAN, 2.00%, 6/26/2020		7,000		7,020

Menands Union Free School District GO, BAN, 2.25%, 6/26/2020		7,200		7,225

Morrisville-Eaton Central School District GO, BAN, 2.00%, 6/26/2020		5,372		5,389

Mount Vernon City School District

GO, 5.00%, 12/1/2021		885		950


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, 5.00%, 12/1/2022		1,965		2,195

Peru Central School District GO, BAN, 2.00%, 6/26/2020		5,500		5,514

Poland Central School District GO, BAN, 2.25%, 6/26/2020		11,741		11,786

Rocky Point Union Free School District GO, TAN, 2.00%, 6/25/2020		4,500		4,512

Rome City School District GO, RAN, 2.00%, 2/3/2021		8,000		8,065

Romulus Central School District GO, BAN, 2.00%, 6/26/2020		7,700		7,720

Salamanca City School District GO, BAN, 1.75%, 6/26/2020		8,600		8,616

Sharon Springs Central School District GO, BAN, 2.00%, 6/26/2020		3,540		3,550

Shenendehowa Central School District GO, BAN, 1.95%, 6/26/2020		6,000		6,016

Sherburne Earlville Central School District GO, BAN, 2.00%, 6/26/2020		10,095		10,121

Southwestern Central School District Series B, GO, BAN, 2.00%, 7/22/2020		8,464		8,500

St. Regis Falls Central School District GO, BAN, 2.00%, 7/8/2020		4,751		4,766

Stillwater Central School District GO, BAN, 2.00%, 6/26/2020		6,100		6,119

Tioga Central School District GO, BAN, 2.00%, 8/14/2020		5,150		5,170

Town of LaGrange Series B, GO, BAN, 2.50%, 6/12/2020		3,780		3,795

Town of Oyster Bay Series 2020A, GO, BAN, 2.00%, 3/12/2021 (c)		80,695		81,375

Town of Oyster Bay, Water District Notes Series B, GO, 2.00%, 3/12/2021 (c)		49,190		49,589

Town of Victor GO, BAN, 2.00%, 7/30/2020		5,000		5,019

Wayne Central School District GO, BAN, 2.00%, 7/30/2020		3,500		3,513

Wellsville Central School District, New Issue GO, BAN, 2.00%, 6/26/2020		3,600		3,610

Wheatland Chili Central School District GO, BAN, 2.25%, 6/24/2020		4,940		4,959


				596,819


Hospital — 0.0% (b)

Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series A, Rev., 3.00%, 11/1/2020		575		580

New York State Dormitory Authority, Mount Sinai Hospital Series 2010A, Rev., 5.00%, 7/1/2020 (e)		45		46


				626

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	107

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.3%

New York State Housing Finance Agency, Dock Street Housing Series 2012A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.18%, 3/10/2020 (d)		13,905		13,905


Other Revenue — 3.6%

Battery Park City Authority, Junior Series D-2, Rev., VRDO, LIQ: TD Bank NA, 1.12%, 3/10/2020 (d)		10,000		10,000

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2019 Subseries B-5, Rev., VRDO, LIQ: U.S. Bank NA, 1.25%, 3/2/2020 (d)		40,745		40,745

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/2/2020 (d)		35,000		35,000

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries A-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.12%, 3/10/2020 (d)		21,030		21,030

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 1.32%, 3/2/2020 (d)		22,500		22,500

New York City Transitional Finance Authority, Future Tax-Exempt Series 1999A-1, Rev., VRDO, LIQ: TD Bank NA, 1.18%, 3/10/2020 (d)		10,000		10,000

New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.14%, 3/10/2020 (d)		2,495		2,495

New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group Series 2015A, Rev., 4.00%, 5/1/2020		150		151

New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		483

Tender Option Bond Trust Receipts/Certificates Series 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.28%, 3/10/2020 (d) (f)		6,000		6,000


				148,404


Prerefunded — 0.2%

New York City Municipal Water Finance Authority, Water and Sewer System Rev., 5.00%, 6/15/2047 (e)		7,165		8,146

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2028 (e)		1,120		1,209


				9,355


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Special Tax — 0.0% (b)

New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2014A, Rev., 5.00%, 2/15/2021		200		208


Transportation — 1.7%

Metropolitan Transportation Authority

Series 2018B-1A, Rev., BAN, 5.00%, 5/15/2020		10,010		10,092

Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,000		21,606

New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021		50		52

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		15,642

Niagara Frontier Transportation Authority, Buffalo Niagara International Airport

Series 2019A, Rev., AMT, 5.00%, 4/1/2020		500		502

Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,606

Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		912

Port Authority of New York and New Jersey Series 207, Rev., AMT, 5.00%, 9/15/2023		10,000		11,377

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series D, Rev., VRDO, 1.57%, 3/2/2020 (d)		10,000		9,999


				71,788


Water & Sewer — 1.2%

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, 1.18%, 3/10/2020 (d)		12,560		12,560

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Subseries 2014 AA-3, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 3/2/2020 (d)		25,000		25,000

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 3/10/2020 (d)		5,680		5,680

New York City Water and Sewer System, Second General Resolution Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 1.18%, 3/10/2020 (d)		5,090		5,090


				48,330


Total New York				890,953

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

North Carolina — 0.5%

Education — 0.1%

North Carolina Capital Facilities Finance Agency, Meredith College Rev., 5.00%, 6/1/2020		275		278

University of North Carolina, Chapel Hill Series B, Rev., VRDO, 1.46%, 4/1/2020 (d)		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		122


				4,150


General Obligation — 0.0% (b)

County of Union Series A, GO, 5.00%, 3/1/2020		20		20


Hospital — 0.3%

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., 2.20%, 12/1/2022 (d)		13,500		13,771


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project

Series 2019A, Rev., 2.00%, 10/1/2024 (d)		825		846

Series 2019B, Rev., 2.00%, 10/1/2024 (d)		825		846


				1,692


Other Revenue — 0.0% (b)

County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021		20		21



Transportation — 0.0% (b)

North Carolina Turnpike Authority, Monroe Connector System Series 2011, Rev., 5.00%, 7/1/2020		420		426


Total North Carolina				20,080


Ohio — 4.1%

Certificate of Participation/Lease — 0.0% (b)

Euclid City School District

COP, 4.00%, 12/1/2023		70		77

COP, 4.00%, 12/1/2024		70		79

Goshen Local School District, School Facilities Project COP, 1.50%, 12/15/2020		280		281


				437


General Obligation — 2.0%

Avon Local School District GO, BAN, 2.00%, 9/30/2020 (c)		3,015		3,031


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

City of Brecksville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 2/25/2021		4,875		4,921

City of Elyria

Series 2019-2, GO, 4.00%, 12/1/2021		1,010		1,064

Series 2019-2, GO, 4.00%, 12/1/2022		935		1,012

City of Euclid, Various Purpose Improvement Series 2019, GO, BAN, 3.00%, 4/30/2020		1,350		1,354

City of Gahanna GO, BAN, 3.00%, 8/6/2020		1,400		1,411

City of Lorain, Streetscape Improvements GO, BAN, 3.00%, 6/18/2020		540		543

City of Marysville, Various Purpose Series 2019B, GO, BAN, 3.00%, 3/26/2020		910		911

City of Moraine GO, BAN, 2.50%, 6/25/2020		2,725		2,737

City of Napoleon GO, BAN, 2.00%, 2/25/2021		5,852		5,902

City of Olmsted Falls, Various Purpose Series 2019, GO, BAN, 3.00%, 6/11/2020		1,365		1,372

City of Rocky River GO, BAN, 2.00%, 9/24/2020		3,375		3,394

City of Seven Hills Series 2019C, GO, BAN, 3.50%, 4/9/2020		700		702

City of Seven Hills, Capital Improvement Series 2019, GO, BAN, 3.00%, 4/9/2020		500		501

City of Toledo GO, AGM, 4.00%, 12/1/2020		100		102

City of Toledo, Capital Improvement

GO, AGM, 5.00%, 12/1/2020		615		634

GO, AGM, 5.00%, 12/1/2021		1,275		1,366

GO, AGM, 5.00%, 12/1/2022		1,305		1,447

City of Twinsburg, Gleneagles Clubhouse Improvements, Limited Tax GO, BAN, 2.00%, 2/25/2021		2,300		2,316

City of Willoughby GO, BAN, 2.25%, 6/19/2020		6,400		6,420

County of Licking Series 2019, GO, BAN, 3.00%, 5/8/2020		1,500		1,506

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		5,099

County of Mahoning, Various Purpose Notes GO, 3.00%, 9/16/2020		3,100		3,133

County of Union GO, BAN, 2.00%, 9/9/2020		1,500		1,507

Sycamore Community City School District GO, BAN, 2.25%, 4/15/2020		30,000		30,042

Zanesville City School District GO, 4.00%, 12/1/2021		595		627


				83,554

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	109

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 1.2%

Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		133

City of Centerville, Graceworks Lutheran Services

Rev., 5.00%, 11/1/2020		275		280

Rev., 5.00%, 11/1/2021		285		298

County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (d)		2,000		2,171

County of Franklin, CHE Trinity Health Credit Group Series 2013OH, Rev., 1.05%, 5/1/2020 (d)		5,000		5,001

County of Franklin, Ohio Hospital Facilities Series C, Rev., VRDO, 1.17%, 3/10/2020 (d)		27,470		27,470

County of Ross, Adena Health System

Rev., 5.00%, 12/1/2020		1,000		1,030

Rev., 5.00%, 12/1/2021		335		358

Rev., 5.00%, 12/1/2022		355		393

Rev., 5.00%, 12/1/2023		490		560

County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		53

Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 1.58%, 3/10/2020 (g)		5,000		5,008

State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 1.36%, 3/2/2020 (d)		8,250		8,250


				51,005


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Ohio Water Development Authority, Water Pollution Control Loan Fund

Series 2016 A, Rev., LIQ: TD Bank NA, 1.11%, 3/10/2020 (d)		7,500		7,500

Rev., 5.25%, 12/1/2020		35		36


				7,536


Other Revenue — 0.3%

Buckeye Tobacco Settlement Financing Authority

Series 2020A-2, Class I, Rev., 5.00%, 6/1/2027		2,250		2,886

Series 2020A-2, Class I, Rev., 5.00%, 6/1/2028		3,000		3,931

City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		292


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

City of Whitehall Rev., 2.25%, 12/9/2020		3,810		3,839

County of Mahoning, Various Purpose Sales Tax Supported Improvement Notes Rev., 3.00%, 9/16/2020		750		758

Village of Obetz

Rev., 5.00%, 12/1/2020		185		191

Rev., 5.00%, 12/1/2021		125		134


				12,031


Transportation — 0.1%

Columbus Regional Airport Authority, Columbus Ohio Regional Airport Authority Rev., VRDO, LOC: U.S. Bank NA, 1.14%, 3/10/2020 (d)		5,525		5,525


Utility — 0.3%

American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (d)		10,000		10,178


Total Ohio				170,266


Oklahoma — 0.5%

Education — 0.3%

Bryan County School Finance Authority, Durant Public Schools Project

Rev., 1.15%, 12/1/2020		270		270

Rev., 4.00%, 12/1/2021		140		147

Rev., 4.00%, 12/1/2022		190		205

Rev., 4.00%, 12/1/2023		155		172

Rev., 4.00%, 12/1/2024		165		187

Canadian County Educational Facilities Authority, Yukon Public Schools Project Series 2019, Rev., 5.00%, 12/1/2020		2,050		2,104

Cleveland County Educational Facilities Authority, Lexington Public Schools Project

Series 2019, Rev., 4.00%, 9/1/2020		110		112

Series 2019, Rev., 4.00%, 9/1/2021		150		157

Series 2019, Rev., 4.00%, 9/1/2022		125		133

Series 2019, Rev., 4.00%, 9/1/2023		270		295

Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2020		1,200		1,212

Cushing Educational Facilities Authority, Public Schools Project Rev., 5.00%, 9/1/2020		50		51

Custer County Economic Development Authority, Thomas Fay Public Schools

Rev., 4.00%, 12/1/2021		410		431

Rev., 4.00%, 12/1/2023		450		497

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project

Rev., 3.00%, 3/1/2022		725		754

Rev., 3.00%, 3/1/2023		730		770

Garvin County Educational Facilities Authority, Pernell Public School Project

Rev., 4.00%, 9/1/2021		125		130

Rev., 4.00%, 9/1/2022		135		145

Rev., 4.00%, 9/1/2023		110		121

Rev., 4.00%, 9/1/2024		160		179

Grady County School Finance Authority, Tuttle Public Schools Project

Rev., 4.00%, 9/1/2021		250		261

Rev., 4.00%, 9/1/2022		200		215

Rev., 4.00%, 9/1/2023		300		331

Rev., 4.00%, 9/1/2024		245		277

Kingfisher County Educational Facilities Authority, Lomega Public Schools Project

Rev., 3.00%, 3/1/2022		165		171

Rev., 3.00%, 3/1/2023		385		405

Rev., 3.00%, 3/1/2024		270		289

Muskogee Industrial Trust, Educational Facilities, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023		900		1,013

Tulsa County Industrial Authority, Sand Springs Public Schools Project

Rev., 2.00%, 9/1/2020		70		70

Rev., 5.00%, 9/1/2021		325		345

Rev., 2.00%, 9/1/2022		125		128

Rev., 4.00%, 9/1/2023		175		193

Rev., 4.00%, 9/1/2024		435		487

Wagoner County School Development Authority, Wagoner Public Schools Project

Rev., 4.00%, 9/1/2021		225		235

Rev., 4.00%, 9/1/2023		525		576


				13,068


Housing — 0.1%

Oklahoma Housing Finance Agency, Green Rural Development Portfolio Series 2018, Rev., VRDO, 1.90%, 3/1/2021 (d)		1,500		1,500

Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., 2.37%, 10/1/2020 (d)		2,375		2,393


				3,893


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Elk City Industrial Authority Rev., 2.00%, 5/1/2023		140		143


Prerefunded — 0.0% (b)

Oklahoma Turnpike Authority, Turnpike System, Second Senior Series B, Rev., 5.00%, 1/1/2029 (e)		20		21


Transportation — 0.1%

Oklahoma Development Finance Authority (The), Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		4,885		4,919


Total Oklahoma				22,044


Oregon — 0.4%

General Obligation — 0.1%

County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		1,974

Salem-Keizer School District No. 24J

GO, 4.00%, 6/15/2020		225		227

GO, 4.00%, 6/15/2021		175		182

GO, 5.00%, 6/15/2021		500		527


				2,910


Hospital — 0.2%

Clackamas County Hospital Facility Authority, Legacy Health System Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 1.07%, 3/10/2020 (d)		8,800		8,800


Housing — 0.1%

State of Oregon Housing and Community Services Department, SHA RAD Group II Apartment Projects Rev., 1.45%, 6/1/2022 (d)		3,350		3,376


Total Oregon				15,086


Pennsylvania — 7.9%

Education — 2.7%

Montgomery County Higher Education and Health Authority, Arcadia University

Rev., 5.00%, 4/1/2022		300		324

Rev., 5.00%, 4/1/2023		300		335

Rev., 5.00%, 4/1/2024		300		345

Rev., 5.00%, 4/1/2025		250		296

Rev., 5.00%, 4/1/2026		165		200

Pennsylvania Higher Educational Facilities Authority Series AN, Rev., 5.00%, 6/15/2020		5,975		6,045

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	111

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., 2.72%, 5/1/2021 (d)		2,500		2,505

School District of Philadelphia (The) Series C, Rev., TRAN, 4.00%, 3/31/2020		43,000		43,104

State Public School Building Authority, Community College of Philadelphia Project

Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		310

Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		337

University of Pittsburgh-of the Commonwealth System of Higher Education

Rev., (SIFMA Municipal Swap Index Yield + 0.24%), 1.39%, 3/10/2020 (g)		11,510		11,527

Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 1.51%, 3/10/2020 (g)		47,000		47,048


				112,376


General Obligation — 2.2%

Apollo-Ridge School District

Series 2019A, GO, 2.00%, 9/1/2022		375		383

Series 2019A, GO, 4.00%, 9/1/2023		385		423

Series 2019A, GO, 4.00%, 9/1/2024		450		505

Armstrong School District

Series A, GO, 3.00%, 3/15/2020		165		165

Series B, GO, 3.00%, 3/15/2020		160		160

Series A, GO, 3.00%, 3/15/2021		230		235

Series B, GO, 3.00%, 3/15/2021		105		107

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		253

Series B, GO, 3.00%, 3/15/2023		400		422

Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		14,014

Big Beaver Falls Area School District

GO, 4.00%, 3/15/2022		1,155		1,222

GO, 5.00%, 3/15/2023		1,200		1,337

Burgettstown Area School District

Series A, GO, 3.00%, 3/15/2022		100		103

Series A, GO, 4.00%, 3/15/2023		200		215

Butler Area School District GO, AGM, 4.00%, 10/1/2020		865		880

Carmichaels Area School District

GO, 4.00%, 9/1/2022		190		203

GO, 4.00%, 9/1/2023		150		164


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

City of Altoona, Guaranteed Sewer

GO, AGM, 5.00%, 12/1/2020		315		324

GO, AGM, 5.00%, 12/1/2021		265		283

GO, AGM, 5.00%, 12/1/2022		200		221

GO, AGM, 5.00%, 12/1/2023		300		342

City of Philadelphia Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 1.15%, 3/10/2020 (d)		12,965		12,965

Series 2019A, GO, 5.00%, 8/1/2020		1,725		1,754

Series 2012A, GO, 5.00%, 9/15/2021		45		48

Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,222

Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		571

Connellsville Area School District

Series A, GO, AGM, 2.00%, 5/15/2020		145		145

Series A, GO, AGM, 2.00%, 5/15/2021		70		71

Series A, GO, AGM, 2.00%, 5/15/2022		70		71

Series A, GO, AGM, 2.00%, 5/15/2023		70		72

Cornell School District

GO, AGM, 2.00%, 9/1/2020		200		201

GO, AGM, 2.00%, 9/1/2021		200		203

GO, AGM, 4.00%, 9/1/2022		200		213

County of Armstrong, Commonwealth of Pennsylvania

GO, AGM, 3.00%, 6/1/2020 (c)		345		346

GO, AGM, 3.00%, 6/1/2021 (c)		370		379

Series A, GO, 4.00%, 6/1/2021		230		239

GO, AGM, 4.00%, 6/1/2022 (c)		380		404

Series A, GO, 4.00%, 6/1/2022		430		458

GO, AGM, 4.00%, 6/1/2023 (c)		225		246

Series A, GO, 5.00%, 6/1/2023		225		253

GO, AGM, 4.00%, 6/1/2024 (c)		230		258

GO, AGM, 4.00%, 6/1/2025 (c)		240		275

County of Lackawanna

Series 2020A, GO, 1.00%, 9/15/2020 (c)		300		300

Series 2020A, GO, 3.00%, 3/15/2021 (c)		200		204

Series 2020A, GO, 4.00%, 3/15/2022 (c)		200		212

Series 2020A, GO, 4.00%, 3/15/2023 (c)		200		217

Series 2020A, GO, 4.00%, 3/15/2024 (c)		300		334

Series 2020A, GO, 4.00%, 3/15/2025 (c)		300		341

County of Somerset

GO, 2.00%, 10/1/2020		225		226

GO, 2.00%, 10/1/2021		285		289

GO, 2.00%, 10/1/2022		340		347

GO, 2.00%, 10/1/2023		335		343

GO, 2.00%, 10/1/2024		300		309

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Dallas School District

Series 2019, GO, AGM, 4.00%, 10/15/2020		290		296

Series 2019, GO, AGM, 4.00%, 10/15/2021		275		288

Series 2019, GO, AGM, 4.00%, 10/15/2022		300		324

Series 2019, GO, AGM, 5.00%, 10/15/2023		175		200

Series 2019, GO, AGM, 5.00%, 10/15/2024		325		383

Iroquois School District

GO, 3.00%, 10/1/2020		185		187

GO, 4.00%, 10/1/2021		300		314

GO, 4.00%, 10/1/2022		390		420

GO, 4.00%, 10/1/2023		200		221

Juniata County School District GO, AGM, 5.00%, 11/15/2021		185		198

Mars Area School District

Series 2019B, GO, AGM, 5.00%, 9/1/2020		145		148

Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		127

Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		130

Montour School District GO, 3.00%, 10/1/2023		200		213

Muncy School District GO, 4.00%, 5/15/2023		345		376

Municipality of Monroeville GO, 3.00%, 6/1/2020		1,075		1,081

Municipality of Penn Hills

Series A, GO, 3.00%, 12/1/2020		275		279

Series A, GO, 3.00%, 12/1/2021		340		353

Series A, GO, 3.00%, 12/1/2022		345		363

Series A, GO, 3.00%, 12/1/2023		305		326

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%, 6/1/2020		125		125

GO, AGM, 2.00%, 6/1/2021		150		152

GO, AGM, 2.00%, 6/1/2022		320		326

GO, AGM, 3.00%, 6/1/2023		330		350

Northwestern Lehigh School District

Series 2019, GO, 5.00%, 2/15/2021		155		161

Series 2019, GO, 5.00%, 2/15/2023		680		760

Parkland School District GO, 4.00%, 4/15/2020		1,500		1,506

Penn Hills School District

GO, 3.00%, 10/1/2022		1,725		1,808

GO, 4.00%, 10/1/2023		1,790		1,971

GO, 4.00%, 10/1/2024		1,855		2,090

GO, 5.00%, 10/1/2025		4,615		5,562


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Pittsburgh School District

Series 2019, GO, 5.00%, 9/1/2022		1,690		1,864

Series 2019, GO, 5.00%, 9/1/2023		1,810		2,067

Punxsutawney Area School District

Series 2020A, GO, AGM, 4.00%, 10/15/2020		215		219

Series 2020A, GO, AGM, 4.00%, 10/15/2021		315		331

Series 2020A, GO, AGM, 5.00%, 10/15/2022		290		320

Series 2020A, GO, AGM, 5.00%, 10/15/2023		250		286

Series 2020A, GO, AGM, 5.00%, 10/15/2024		150		177

School District of Philadelphia (The)

Series 2019A, GO, 5.00%, 9/1/2020		600		612

Series 2019A, GO, 5.00%, 9/1/2021		800		848

Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,155

Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,194

School District of the City of Erie (The)

Series 2019B, GO, AGM, 5.00%, 4/1/2020		420		421

Series 2019B, GO, AGM, 5.00%, 4/1/2021		400		417

Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		351

Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		351

Selinsgrove Area School District

Series A, GO, 2.00%, 3/1/2020		100		100

Series B, GO, 3.00%, 3/1/2020		110		110

Series A, GO, 2.00%, 9/1/2020		100		101

Series A, GO, 2.00%, 3/1/2021		5		5

Series B, GO, 3.00%, 3/1/2021		110		112

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		409

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		604

Steel Valley School District

Series 2019B, GO, 3.00%, 11/1/2021		230		237

Series 2019B, GO, 4.00%, 11/1/2022		240		257

Series 2019B, GO, 4.00%, 11/1/2023		250		274

Steelton-Highspire School District

GO, 4.00%, 11/15/2022		60		64

GO, 4.00%, 11/15/2023		85		93

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	113

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Township of Butler

GO, 1.10%, 10/1/2020		1,100		1,100

GO, 4.00%, 10/1/2021		475		497

GO, 5.00%, 10/1/2022		250		275

GO, 5.00%, 10/1/2023		260		295

GO, 5.00%, 10/1/2024		275		321

Township of East Pennsboro, Cumberland County

Series 2019, GO, 3.00%, 9/1/2020		150		151

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		141

GO, AGM, 4.00%, 9/1/2021		100		105

Waynesboro Area School District, Franklin County

Series 2019, GO, 5.00%, 10/1/2020		485		496

Series 2019, GO, 5.00%, 10/1/2021		580		616

Series 2019, GO, 5.00%, 10/1/2022		305		336

Series 2019, GO, 5.00%, 10/1/2023		320		366

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		387

Series 2019, GO, AGM, 4.00%, 4/1/2022		315		334

Series 2019, GO, AGM, 4.00%, 4/1/2023		400		435


				91,271


Hospital — 0.7%

Berks County Municipal Authority (The), Tower Health Project

Series 2020A, Rev., 5.00%, 2/1/2021		400		415

Series 2020A, Rev., 5.00%, 2/1/2022		500		537

Series 2020A, Rev., 5.00%, 2/1/2023		1,300		1,445

Series 2020A, Rev., 5.00%, 2/1/2024		425		488

Series 2020A, Rev., 5.00%, 2/1/2025		600		709

Series 2020B-1, Rev., 5.00%, 2/1/2025 (d)		6,565		7,816

Series 2020A, Rev., 5.00%, 2/1/2026		1,015		1,229

Chester County Health and Education Facilities Authority, Main Line Health System

Series 2020A, Rev., 3.00%, 9/1/2023		230		247

Series 2020A, Rev., 3.00%, 9/1/2024		215		235

Series 2020A, Rev., 5.00%, 9/1/2025		250		305

General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 1.18%, 3/10/2020 (d)		16,000		16,000


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project Series 2019B, Rev., 2.88%, 12/15/2023		1,000		1,001

Northampton County General Purpose Authority, Saint Luke’s Hospital Project Series 2010A, Rev., 5.00%, 8/15/2020		25		25


				30,452


Housing — 0.2%

Indiana County Industrial Development Authority, Residential Revival Indiana Student Housing Project Series 2017C, Rev., BAN, 1.45%, 9/1/2020		6,450		6,451


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		527

Lackawanna County Industrial Development Authority, University of Scranton

Rev., 4.00%, 11/1/2020		100		102

Rev., 5.00%, 11/1/2021		1,000		1,067

Montgomery County Industrial Development Authority, Meadowood Senior Living Project

Series A, Rev., 3.00%, 12/1/2020		250		253

Series A, Rev., 3.00%, 12/1/2021		250		256


				2,205


Other Revenue — 0.6%

Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (f)		250		275

City of Lebanon Authority

Rev., 4.00%, 12/15/2020		405		415

Rev., 4.00%, 12/15/2021		240		253

Rev., 4.00%, 12/15/2022		275		298

Rev., 4.00%, 12/15/2023		360		400

Commonwealth Financing Authority, Tobacco Master Settlement Payment

Series 2018, Rev., 5.00%, 6/1/2020		555		561

Series 2018, Rev., 5.00%, 6/1/2021		535		561

Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020 (d)		250		250

Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 1.15%, 3/10/2020 (d)		4,990		4,990

Spring-Benner-Walker Joint Authority Rev., 4.00%, 9/1/2024		440		492

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-XL0060, Rev., VRDO, LOC: Barclays Bank plc, 1.25%, 3/10/2020 (d) (f)		5,650		5,650

Series 2018-XX1, Rev., VRDO, LOC: Barclays Bank plc, 1.25%, 3/10/2020 (d) (f)		7,800		7,800

Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., 2.25%, 6/1/2020 (d)		1,850		1,851


				23,796


Prerefunded — 0.0% (b)

City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2027 (e)		1,465		1,627

Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2024 (e)		30		31


				1,658


Transportation — 0.8%

Pennsylvania Turnpike Commission

Series 2nd, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/10/2020 (d)		12,855		12,855

Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 1.75%, 3/10/2020 (g)		18,000		18,159

Series B, Subseries B-2, Rev., 5.00%, 6/1/2020		50		51

Series A, Rev., 5.00%, 12/1/2022		1,000		1,111

Series A, Rev., 5.00%, 12/1/2023		1,000		1,151

Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		113


				33,440


Utility — 0.6%

Philadelphia Gas Works Co., 1998 General Ordinance

Series A-2, Rev., VRDO, LOC: TD Bank NA, 1.12%, 3/10/2020 (d)		13,300		13,300

Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.15%, 3/10/2020 (d)		10,585		10,585


				23,885


Water & Sewer — 0.1%

Ambridge Borough Water Authority

Rev., 3.00%, 11/15/2020		195		198

Rev., 4.00%, 11/15/2021		160		168

Rev., 4.00%, 11/15/2022		175		189

Rev., 4.00%, 11/15/2023		175		193


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — continued

Charleroi Borough Authority, Water System

Rev., AGM, 3.00%, 12/1/2020		305		310

Rev., AGM, 4.00%, 12/1/2021		225		237

Rev., AGM, 4.00%, 12/1/2022		165		178

Rev., AGM, 4.00%, 12/1/2023		225		249

Lycoming County Water and Sewer Authority, Guaranteed Sewer

Rev., AGM, 2.00%, 11/15/2020		225		227

Rev., AGM, 4.00%, 11/15/2021		245		257

Rev., AGM, 4.00%, 11/15/2022		200		215

Rev., AGM, 4.00%, 11/15/2023		150		166

Middletown Township Sewer Authority

Rev., 3.00%, 10/1/2020		270		273

Rev., 4.00%, 10/1/2021		330		346

Rev., 4.00%, 10/1/2022		265		285

Rev., 4.00%, 10/1/2023		210		232

Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022		250		275

Upper Allegheny Joint Sanitary Authority

Series 2019A, Rev., AGM, 3.00%, 9/1/2020		125		126

Series 2019A, Rev., AGM, 3.00%, 9/1/2021		285		293

Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		215

Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		237


				4,869


Total Pennsylvania				330,403


Rhode Island — 1.0%

Education — 0.9%

Rhode Island Health and Educational Building Corp., Bryant University Rev., VRDO, LOC: TD Bank NA, 1.14%, 3/10/2020 (d)		25,120		25,120

Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 1.08%, 3/10/2020 (d)		12,120		12,120

Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		16


				37,256


General Obligation — 0.1%

City of Pawtucket

Series 2019C, GO, AGM, 3.00%, 7/15/2020		185		186

Series 2019D, GO, AGM, 3.00%, 7/15/2020		185		186

Series 2019D, GO, AGM, 3.00%, 7/15/2021		125		129

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	115

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2019C, GO, AGM, 4.00%, 7/15/2021		185		193

Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		220

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		417


				1,631


Other Revenue — 0.0% (b)

Providence Public Building Authority, Capital Improvement Series A, Rev., 5.00%, 9/15/2020		200		204


Transportation — 0.0% (b)

Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project Series 2018, Rev., 5.00%, 7/1/2020		585		593

Rhode Island Turnpike and Bridge Authority

Series 2019A, Rev., 5.00%, 10/1/2021		300		319

Series 2019A, Rev., 5.00%, 10/1/2023		125		143


				1,055


Total Rhode Island				40,146


South Carolina — 0.5%

Education — 0.0% (b)

Educational Facilities Authority, Wofford College Series B, Rev., 2.37%, 4/1/2022 (d)		500		513

South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (f)		600		607


				1,120


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021		500		517

South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023		130		138


				655


Transportation — 0.3%

South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 1.51%, 4/1/2020 (g)		9,950		9,993


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — 0.2%

Chester Sewer District, Wastewater System Improvement

Rev., 3.00%, 6/1/2020		75		75

Rev., 3.00%, 6/1/2021		110		113

Rev., 4.00%, 6/1/2023		75		82

Laurens County Water and Sewer Commission, Waterworks Distribution System Rev., BAN, 1.38%, 2/1/2022		7,000		7,027


				7,297


Total South Carolina				19,065


South Dakota — 0.0% (b)

Housing — 0.0% (b)

South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2017, Rev., 5.00%, 4/1/2022		375		406


Other Revenue — 0.0% (b)

South Dakota State Building Authority Series A, Rev., 3.00%, 6/1/2020		200		201


Total South Dakota				607


Tennessee — 2.8%

Education — 0.3%

Knox County Health Educational and Housing Facility Board, Meadowbrook Apartments Project Rev., 1.50%, 7/1/2021 (d)		650		654

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, East Webster Street Apartments Project Rev., 2.05%, 4/1/2020 (d)		2,500		2,502

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Hermitage Flats Apartments Project Rev., 1.50%, 7/1/2020		3,750		3,757

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., 2.10%, 10/1/2020 (d)		6,500		6,540

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2019, Rev., 3.00%, 10/1/2024		525		543


				13,996


General Obligation — 0.1%

City of Memphis, General Improvement GO, 5.00%, 6/1/2020		25		25

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

County of Shelby, Public Improvement Series B, GO, VRDO, 1.15%, 3/10/2020 (d)		1,975		1,975


				2,000


Hospital — 1.6%

Chattanooga Health Educational and Housing Facility Board, Catholic Health Services Series 2004C, Rev., VRDO, 1.26%, 3/10/2020 (d)		21,940		21,940

Rutherford County Health and Educational Facilities Board Rev., 2.50%, 11/1/2020 (d)		3,500		3,533

Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare Series B, Rev., VRDO, AGM, LIQ: U.S. Bank NA, 1.21%, 3/2/2020 (d)		30,000		30,000

Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019B-1, Rev., 4.00%, 12/1/2026		10,000		10,159


				65,632


Housing — 0.5%

Highlands Residential Services, Walnut Village Project Series 2019, Rev., GNMA COLL, 1.80%, 4/1/2021 (d)		1,000		1,007

Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Series 2019, Rev., 1.80%, 5/1/2021 (d)		800		807

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Dandridge Towers Project Rev., 1.87%, 7/1/2020 (d)		2,400		2,405

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (d)		10,000		10,078

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (d)		5,000		5,045


				19,342


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1.55%, 3/1/2022 (d)		1,900		1,919


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 0.3%

Tennergy Corp., Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (d)		10,000		11,744

Tennessee Energy Acquisition Corp., Gas Project

Series A, Rev., 4.00%, 5/1/2020		780		784

Series 2017A, Rev., 4.00%, 5/1/2021		730		755


				13,283


Total Tennessee				116,172


Texas — 6.4%

Education — 0.1%

Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project

Series 2018C, Rev., 5.00%, 8/1/2024		200		235

Series 2018C, Rev., 5.00%, 8/1/2025		200		242

Austin Community College District, Combined Fee

Rev., 5.00%, 2/1/2021		160		166

Rev., 5.00%, 2/1/2022		165		178

Rev., 5.00%, 2/1/2023		170		190

McLennan County Junior College District

Rev., AGM, 3.00%, 4/15/2020		300		301

Rev., AGM, 3.00%, 4/15/2021		350		358

Rev., AGM, 3.00%, 4/15/2022		100		104

New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project

Series 2020A, Rev., 2.10%, 1/1/2023		90		90

Series 2020A, Rev., 2.20%, 1/1/2024		180		182

Series 2020A, Rev., 2.25%, 1/1/2025		315		318

New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project

Rev., 5.00%, 10/1/2020		675		687

Rev., 5.00%, 10/1/2021		1,425		1,489

Rev., 5.00%, 10/1/2022		1,495		1,601

University of Texas (The), Board of Regents, Financing System

Series A, Rev., 5.00%, 8/15/2020		25		25

Series 2016D, Rev., 5.00%, 8/15/2021		25		27


				6,193


General Obligation — 2.7%

Avery Ranch Road District No. 1

Series 2019, GO, 3.00%, 8/15/2022		615		646

Series 2019, GO, 3.00%, 8/15/2023		810		865

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	117

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Big Oaks Municipal Utility District, Waterworks & Sewer System, Combination Unlimited Tax

GO, AGM, 3.00%, 3/1/2021		335		342

GO, AGM, 3.00%, 3/1/2022		345		358

GO, AGM, 3.00%, 3/1/2023		905		954

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		112

Series A, GO, AGM, 3.00%, 5/1/2023		85		90

Brushy Creek Municipal Utility District

GO, 3.00%, 6/1/2021		200		205

GO, 3.00%, 6/1/2022		235		245

GO, 3.00%, 6/1/2023		250		264

City of El Paso

Series 2020A, GO, 5.00%, 8/15/2020 (c)		885		901

Series 2020A, GO, 5.00%, 8/15/2021 (c)		600		636

GO, 5.00%, 8/15/2022 (c)		400		440

GO, 5.00%, 8/15/2023 (c)		515		585

GO, 5.00%, 8/15/2024 (c)		700		823

Series 2020A, GO, 5.00%, 8/15/2024 (c)		275		323

City of Galveston

GO, 3.00%, 5/1/2021		130		133

GO, 4.00%, 5/1/2022		590		629

City of Granbury Series 2018, GO, 2.00%, 8/15/2020		185		186

City of Grand Prairie GO, 5.00%, 2/15/2021		20		21

City of Kenedy, Certificates of Obligation

GO, 4.00%, 5/1/2020		315		317

GO, 4.00%, 5/1/2021		130		135

GO, 4.00%, 5/1/2022		120		127

GO, 4.00%, 5/1/2023		125		136

City of Laredo, A Home Rule City Located in Webb County GO, 5.00%, 2/15/2021		725		753

City of Odessa Series 2017, GO, 4.00%, 3/1/2020		300		300

City of Port Arthur

GO, AGM, 3.00%, 2/15/2021		350		357

Series 2020A, GO, AGM, 3.00%, 2/15/2021		970		989

GO, AGM, 3.00%, 2/15/2022		765		795

Series 2020A, GO, AGM, 4.00%, 2/15/2022		350		370

Series 2020A, GO, AGM, 4.00%, 2/15/2023		365		397

GO, AGM, 5.00%, 2/15/2023		910		1,015

Series 2020A, GO, AGM, 5.00%, 2/15/2024		380		437

Series 2020A, GO, AGM, 5.00%, 2/15/2025		400		475


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

City of Sulphur Springs

Series 2019, GO, AGM, 3.00%, 9/1/2020		100		101

Series 2019, GO, AGM, 3.00%, 9/1/2021		100		103

Series 2019, GO, AGM, 3.00%, 9/1/2022		520		546

City of Universal City

GO, 4.00%, 8/15/2020		215		218

GO, 4.00%, 8/15/2021		140		147

GO, 4.00%, 8/15/2022		145		155

GO, 2.00%, 8/15/2023		230		237

Clear Brook City Municipal Utility District Series 2019, GO, AGM, 2.10%, 2/1/2023		450		460

Clear Creek Independent School District, School Building Series B, GO, PSF-GTD, 1.45%, 8/14/2020 (d)		2,200		2,205

Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		30		32

County of Bexar, Harlandale Independent School District GO, PSF-GTD, 3.00%, 8/15/2021 (d)		4,000		4,037

County of Denton GO, 5.00%, 7/15/2020		50		51

County of Kaufman, Limited Tax

Series 2020A, GO, 5.00%, 2/15/2022 (c)		250		270

Series 2020A, GO, 5.00%, 2/15/2023 (c)		110		123

Series 2020A, GO, 5.00%, 2/15/2024 (c)		125		145

Series 2020A, GO, 5.00%, 2/15/2025 (c)		130		155

County of Kaufman, Unlimited Tax Road

GO, 5.00%, 2/15/2023 (c)		155		174

GO, 5.00%, 2/15/2024 (c)		210		243

GO, 5.00%, 2/15/2025 (c)		255		305

County of La Salle

GO, AGM, 5.00%, 3/1/2020		315		315

GO, AGM, 5.00%, 3/1/2021		345		359

County of La Salle, Unlimited Tax

GO, AGM, 5.00%, 3/1/2020		2,075		2,075

GO, AGM, 5.00%, 3/1/2021		2,135		2,224

Cuero Independent School District, School Building Series 2014, GO, PSF-GTD, 5.00%, 8/15/2021		100		106

Cypress Hill Municipal Utility District No. 1

GO, 2.00%, 9/1/2020		30		30

GO, 2.00%, 9/1/2021		290		294

GO, 2.00%, 9/1/2022		190		194

GO, 3.00%, 9/1/2023		270		287

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Florence Independent School District

GO, PSF-GTD, 3.00%, 8/15/2026		230		241

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		424

Fort Bend County Municipal Utility District No. 116

Series 2019, GO, 3.00%, 9/1/2021		330		340

Series 2019, GO, 3.00%, 9/1/2022		460		480

Series 2019, GO, 3.00%, 9/1/2023		450		478

Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021		190		196

Georgetown Independent School District Series 2019-B, GO, PSF-GTD, 2.75%, 8/1/2022 (d)		8,000		8,325

Greenhawe Water Control and Improvement District No. 2

GO, AGM, 3.00%, 9/1/2022		190		199

GO, AGM, 3.00%, 9/1/2023		200		212

Harris County Fresh Water Supply District No. 61

Series 2019, GO, AGM, 4.00%, 9/1/2023		445		489

Series 2019, GO, AGM, 3.00%, 9/1/2024		695		750

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		200

Harris County Municipal Utility District No. 152

GO, AGM, 3.00%, 8/1/2022		280		292

GO, AGM, 3.00%, 8/1/2023		400		423

Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023		425		448

Harris County Municipal Utility District No. 276

GO, 3.00%, 9/1/2022		365		382

GO, 3.00%, 9/1/2023		745		790

Harris County Municipal Utility District No. 281

Series 2019, GO, 2.00%, 9/1/2020		135		136

Series 2019, GO, 2.00%, 9/1/2021		130		132

Series 2019, GO, 2.00%, 9/1/2022		300		306

Series 2019, GO, 2.00%, 9/1/2023		305		313

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		151

Series 2019, GO, 3.00%, 9/1/2023		115		122

Harris County Municipal Utility District No. 391

GO, 3.00%, 9/1/2020		95		96


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, 3.00%, 9/1/2021		375		386

GO, 3.00%, 9/1/2023		400		424

Harris County Municipal Utility District No. 419

GO, 3.00%, 9/1/2020		75		76

GO, 3.00%, 9/1/2021		70		72

GO, 3.00%, 9/1/2022		175		182

GO, 3.00%, 9/1/2023		455		482

Harris County Municipal Utility District No. 55

GO, 2.00%, 2/1/2021		470		474

GO, 3.00%, 2/1/2022		260		270

GO, 3.00%, 2/1/2023		785		827

Harris County Water Control and Improvement District No. 119

GO, AGM, 2.00%, 10/1/2021		835		848

GO, AGM, 3.00%, 10/1/2022		365		383

GO, AGM, 3.00%, 10/1/2023		375		400

Hunters Glen Municipal Utility District, Waterworks and Sewer System

Series 2019A, GO, AGM, 2.00%, 4/1/2020		120		120

Series 2019A, GO, AGM, 2.00%, 4/1/2021		110		111

Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		337

Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		611

La Joya Independent School District

GO, AGM, 4.00%, 2/15/2021		380		392

GO, AGM, 4.00%, 2/15/2022		390		414

GO, AGM, 4.00%, 2/15/2023		420		456

Lytle Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		255		307

Midlothian Independent School District, Unlimited Tax Series 2017B, GO, PSF-GTD, 2.50%, 8/1/2020 (d)		4,315		4,343

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		189

GO, 2.00%, 10/1/2023		185		191

New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (d)		1,500		1,545

Northside Independent School District, School Building

GO, PSF-GTD, 1.45%, 6/1/2020 (d)		4,000		4,005

GO, PSF-GTD, 2.00%, 6/1/2021 (d)		3,035		3,075

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	119

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

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		102

GO, AGM, 2.00%, 10/1/2023		105		107

Pecan Grove Municipal Utility District, Unlimited Tax

Series 2019, GO, 4.00%, 9/1/2021		560		585

GO, AGM, 3.00%, 9/1/2022 (c)		195		205

Series 2019, GO, 4.00%, 9/1/2022		710		763

GO, AGM, 3.00%, 9/1/2023 (c)		345		368

Series 2019, GO, 4.00%, 9/1/2023		740		816

GO, AGM, 3.00%, 9/1/2024 (c)		600		651

Robstown Independent School District

GO, PSF-GTD, 2.00%, 2/15/2021		325		329

GO, PSF-GTD, 2.00%, 2/15/2022		325		332

GO, PSF-GTD, 3.00%, 2/15/2023		650		689

GO, PSF-GTD, 3.00%, 2/15/2024		360		388

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		189

State of Texas, Veterans

Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.18%, 3/10/2020 (d)		12,370		12,370

GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.20%, 3/10/2020 (d)		19,505		19,505

Town of Horizon City

Series 2019, GO, AGM, 3.00%, 8/15/2020		155		157

Series 2019, GO, AGM, 3.00%, 8/15/2021		300		309

Series 2019, GO, AGM, 3.00%, 8/15/2022		170		178

Series 2019, GO, AGM, 4.00%, 8/15/2023		230		253

Travis County Municipal Utility District No. 4

Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		418

Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		690

Williamson County Municipal Utility District No. 11

GO, AGM, 4.00%, 8/1/2020		255		258

GO, AGM, 4.00%, 8/1/2021		140		146

GO, AGM, 4.00%, 8/1/2022		110		117


				110,285


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 0.8%

Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2020		3,255		3,332

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System

Series 2019C, Rev., VRDO, 1.57%, 3/10/2020 (d)		10,000		10,000

Series 2019C-2, Rev., VRDO, 1.72%, 3/10/2020 (d)		9,000		9,000

Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,873

Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,888

Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,561

Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 5.00%, 7/1/2020		3,460		3,506


				32,160


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Matagorda County Navigation District No. 1, Pollution Control Rev., AMT, 1.75%, 9/1/2020 (d)		4,000		4,012


Other Revenue — 1.9%

City of Irving, Hotel Occupancy

Rev., 5.00%, 8/15/2020		125		127

Rev., 5.00%, 8/15/2021		25		26

Rev., 5.00%, 8/15/2022		50		55

Rev., 5.00%, 8/15/2023		50		57

State of Texas Rev., TRAN, 4.00%, 8/27/2020		75,915		77,087


				77,352


Prerefunded — 0.0% (b)

Austin Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2032 (e)		30		32

Midlothian Independent School District, Unlimited Tax Series 2017B, GO, PSF-GTD, 2.50%, 8/1/2020 (d) (e)		685		689


				721


Transportation — 0.7%

Brazoria County Toll Road Authority, Limited Contract Tax and Subordinate Lien Toll Road Series 2017B, Rev., BAN, GTD, 1.45%, 3/1/2020 (e)		7,000		7,000

Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		2,455		2,552

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — continued

City of Austin, Airport System Series 2019, Rev., AMT, 5.00%, 11/15/2022		4,250		4,700

Harris County Toll Road Authority (The), Senior Lien

Series 2018A, Rev., 5.00%, 8/15/2020		1,500		1,528

Series A, Rev., 5.00%, 8/15/2021		1,500		1,591

Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		133

North Texas Tollway Authority

Series B, Rev., 4.00%, 1/1/2022		800		845

Series B, Rev., 5.00%, 1/1/2023		5,000		5,579

Series B, Rev., 5.00%, 1/1/2024		5,500		6,346

Port Beaumont Navigation District Rev., 4.00%, 9/1/2020		155		157


				30,431


Utility — 0.1%

City of Houston, Combined Utility System, First Lien Series 2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.15%, 3/10/2020 (d)		1,540		1,540

County of Bexar, Tax Exempt Project

Rev., 5.00%, 8/15/2020		235		239

Rev., 5.00%, 8/15/2022		275		302

Rev., 5.00%, 8/15/2023		275		313


				2,394


Water & Sewer — 0.0% (b)

Canyon Regional Water Authority, Wells Ranch I Project Rev., 4.00%, 8/1/2020		20		20

City of Laredo, Waterworks and Sewer System

Rev., 5.00%, 3/1/2020		250		250

Rev., 5.00%, 3/1/2021		125		130

Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2020		675		687


				1,087


Total Texas				264,635


Utah — 0.6%

Education — 0.0% (b)

Utah Charter School Finance Authority

Series A, Rev., 5.00%, 4/15/2020		65		65

Series A, Rev., 5.00%, 4/15/2021		40		42

Series A, Rev., 5.00%, 4/15/2022		35		38

Series A, Rev., 5.00%, 4/15/2023		85		95


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Utah Charter School Finance Authority, Utah Charter Academies Project

Rev., 3.00%, 10/15/2020		220		223

Rev., 4.00%, 10/15/2021		305		319


				782


Hospital — 0.3%

County of Utah Hospital, IHC Health Services, Inc.

Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.09%, 3/10/2020 (d)		2,500		2,500

Series D, Rev., VRDO, LIQ: U.S. Bank NA, 1.09%, 3/10/2020 (d)		11,275		11,275


				13,775


Other Revenue — 0.0% (b)

City of Murray, Sales Tax

Series 2018, Rev., 3.00%, 11/15/2020		235		239

Series 2018, Rev., 4.00%, 11/15/2021		150		158

West Valley City Municipal Building Authority Series 2019, Rev., AGM, 5.00%, 2/1/2021		90		93


				490


Prerefunded — 0.3%

Utah State Board of Regents, University of Utah (The)

Series 2011B, Rev., 5.00%, 8/1/2029 (e)		5,100		5,187

Series 2011B, Rev., 5.00%, 8/1/2030 (e)		5,110		5,197


				10,384


Utility — 0.0% (b)

City of Lehi, Electric Utility

Series 2018, Rev., 5.00%, 6/1/2020		85		86

Series 2018, Rev., 5.00%, 6/1/2021		75		79


				165


Total Utah				25,596


Virginia — 3.6%

Education — 0.2%

Virginia College Building Authority, Public Higher Education Financing Program Series 2014B, Rev., 5.00%, 9/1/2020		7,685		7,846


General Obligation — 0.1%

City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020		200		202

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,558


				1,760

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	121

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 2.0%

Chesapeake Hospital Authority, Regional Medical Center

Rev., 5.00%, 7/1/2023		925		1,049

Rev., 5.00%, 7/1/2024		885		1,037

Fairfax County Industrial Development Authority, Health Care Series C, Rev., VRDO, 1.16%, 3/10/2020 (d)		33,120		33,120

Lynchburg Economic Development Authority, Centra Health Obligated Group Series 2017B, Rev., VRDO, LOC: Branch Banking & Trust, 1.30%, 3/2/2020 (d)		13,725		13,725

Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., VRDO, 1.17%, 3/10/2020 (d)		33,515		33,515


				82,446


Industrial Development Revenue/Pollution Control Revenue — 0.5%

Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (d)		4,250		4,375

Rockingham County Economic Development Authority, Sunnyside Presbyterian Home

Series 2020A, Rev., 4.00%, 12/1/2020		280		286

Series 2020A, Rev., 4.00%, 12/1/2021		270		283

Series 2020A, Rev., 4.00%, 12/1/2022		295		318

Series 2020A, Rev., 4.00%, 12/1/2023		100		110

Wise County Industrial Development Authority Series 2009-A, Rev., 2.15%, 9/1/2020 (d)		7,500		7,542

York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., 1.90%, 6/1/2023 (d)		8,000		8,232


				21,146


Other Revenue — 0.6%

Virginia Public Building Authority, Public Facilities

Series 2014C, Rev., 5.00%, 8/1/2020		18,830		19,159

Series A, Rev., 5.00%, 8/1/2020		5,220		5,311


				24,470


Prerefunded — 0.2%

Fairfax County EDA, Community Services Facilities Projects Series A, Rev., 4.50%, 3/1/2037 (e)		8,235		8,542


Transportation — 0.0% (b)

Peninsula Ports Authority, Dominion Term Association Project Rev., 1.70%, 10/1/2022 (d)		1,550		1,569


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — continued

Virginia Commonwealth Transportation Board, Federal Transportation Series B-G, Rev., GAN, 5.00%, 3/15/2021		25		26


				1,595


Total Virginia				147,805


Washington — 2.0%

General Obligation — 0.0% (b)

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		157

Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		330		354

Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		25		26

Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		175


				791


Hospital — 0.7%

Washington Health Care Facilities Authority, Catholic Health Initiatives

Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.15%, 3/10/2020 (g)		5,000		5,013

Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 2.55%, 3/10/2020 (g)		10,000		10,423

Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (d)		11,000		12,711

Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,323

WBRP 3.2, Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		25		26


				29,496


Housing — 0.6%

King County Housing Authority, Highland Village Project

Rev., 4.00%, 1/1/2022		120		126

Rev., 4.00%, 1/1/2023		100		108

Rev., 5.00%, 1/1/2024		120		138

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — continued

Washington State Housing Finance Commission, Multi-Family Housing, Cathedral Plaza Apartments Rev., 2.37%, 7/1/2020 (d)		13,500		13,555

Washington State Housing Finance Commission, Multi-Family Housing, The O’Malley Apartments Rev., 2.37%, 7/1/2020 (d)		8,500		8,534

Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (f)		3,500		3,520


				25,981


Utility — 0.5%

City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		21

Energy Northwest, Columbia Generating Station Series 2012A, Rev., 5.00%, 7/1/2020		18,750		19,010


				19,031


Water & Sewer — 0.2%

Cascade Water Alliance Rev., 5.00%, 1/1/2021		20		21

City of Seattle, Wastewater System Improvement Rev., 5.00%, 9/1/2020		25		25

County of King, Junior Lien, Sewer Rev., 2.45%, 12/1/2020 (d)		6,615		6,635


				6,681


Total Washington				81,980


West Virginia — 0.1%

General Obligation — 0.0% (b)

Berkeley County Board of Education, Public School

GO, 3.00%, 5/1/2020		830		833

GO, 3.00%, 5/1/2021		395		404

GO, 4.00%, 5/1/2022		600		638

GO, 5.00%, 5/1/2025		360		430


				2,305


Utility — 0.1%

West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (d)		3,805		3,941


Total West Virginia				6,246


Wisconsin — 3.0%

Education — 0.6%

Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021		55		58


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018C-1, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 1.50%, 3/10/2020 (g)		21,865		21,896

Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.

Series 2017A, Rev., 5.00%, 9/1/2020		155		158

Series 2017A, Rev., 5.00%, 9/1/2021		160		168

Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy

Rev., 4.00%, 3/15/2022		110		116

Rev., 4.00%, 3/15/2023		120		129

Rev., 4.00%, 3/15/2024		120		132

Rev., 4.00%, 3/15/2025		125		140

Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		4,058


				26,855


General Obligation — 0.5%

Big Foot Union High School District

Series 2019, GO, 4.00%, 3/1/2020		100		100

Series 2019, GO, 4.00%, 3/1/2021		130		134

Series 2019, GO, 4.00%, 3/1/2022		100		106

Series 2019, GO, 4.00%, 3/1/2023		115		125

City of Fort Atkinson

GO, 3.00%, 2/1/2021		115		117

GO, 3.00%, 2/1/2022		120		125

GO, 4.00%, 2/1/2023		230		249

City of Kenosha GO, 3.00%, 2/1/2021		1,000		1,019

City of Middletown

GO, 3.00%, 3/1/2020		200		200

GO, 3.00%, 3/1/2021		355		363

City of Oak Creek

GO, 3.00%, 4/1/2021		335		342

GO, 3.00%, 4/1/2022		135		141

GO, 3.00%, 4/1/2023		180		191

City of Racine

Series 2019B, GO, 4.00%, 6/1/2021		120		124

Series 2019B, GO, 4.00%, 12/1/2021		165		174

Series 2019B, GO, 4.00%, 12/1/2022		145		157

Series 2019B, GO, 5.00%, 12/1/2023		125		143

City of Shawano, Promissory Notes

Series 2019, GO, 3.00%, 4/1/2020		150		150

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	123

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2020 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2019, GO, 3.00%, 4/1/2021		250		256

Series 2019, GO, 3.00%, 4/1/2022		140		146

Series 2019, GO, 3.00%, 4/1/2023		150		158

City of Watertown, Promissory Notes

GO, 3.00%, 6/1/2023		125		133

GO, 3.00%, 6/1/2024		425		460

City of Waukesha

Series 2019C, GO, 3.00%, 10/1/2020		575		582

Series 2019C, GO, 3.00%, 10/1/2021		450		465

Series 2019C, GO, 3.00%, 10/1/2022		425		448

Series 2019C, GO, 3.00%, 10/1/2023		350		376

County of Douglas

GO, 5.00%, 2/1/2021		350		363

GO, 5.00%, 2/1/2022		520		561

County of Manitowoc

GO, AGM, 3.00%, 11/1/2022		50		52

GO, AGM, 3.00%, 11/1/2023		150		160

County of Manitowoc, Promissory Notes

GO, AGM, 3.00%, 4/1/2021		350		358

GO, AGM, 3.00%, 4/1/2022		875		910

GO, AGM, 3.00%, 4/1/2023		895		947

GO, AGM, 4.00%, 4/1/2024		680		759

County of Rusk, Promissory Notes

GO, 3.00%, 3/1/2021		200		204

GO, 3.00%, 3/1/2022		130		135

GO, 3.00%, 3/1/2023		260		275

GO, 3.00%, 3/1/2024		270		290

Eleva-Strum School District

GO, 3.00%, 4/1/2020		230		230

GO, 3.00%, 4/1/2021		450		460

Gale-Ettrick-Trempealeau School District

GO, 2.00%, 4/1/2020		85		85

GO, 2.00%, 4/1/2021		50		50

GO, 2.00%, 4/1/2022		105		107

GO, 2.00%, 4/1/2023		130		133

Gibraltar Area School District

GO, 4.00%, 3/1/2020		440		440

GO, 4.00%, 3/1/2021		700		722

GO, 4.00%, 3/1/2022		315		334

Lakeshore Technical College District

Series 2019A, GO, 3.00%, 3/1/2022		75		78

Series 2019A, GO, 3.00%, 3/1/2023		110		117

Series 2019A, GO, 3.00%, 3/1/2024		405		434


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		435

Poynette School District

GO, 3.00%, 4/1/2020		125		125

GO, 3.00%, 4/1/2021		100		102

GO, 3.00%, 4/1/2022		340		354

GO, 3.00%, 4/1/2023		265		281

Randall Consolidated School Joint No. 1

GO, 4.00%, 3/1/2020		380		380

GO, 4.00%, 3/1/2021		175		180

Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021		270		277

Village of Mount Pleasant

Series 2019A, GO, 3.00%, 3/1/2020		100		100

Series 2019A, GO, 3.00%, 3/1/2021		285		290

Series 2019A, GO, 3.00%, 3/1/2022		265		275

Series 2019A, GO, 5.00%, 3/1/2023		380		424

Village of Pulaski GO, AGM, 3.00%, 4/1/2020		160		160

Western Technical College District, Promissory Notes Series 2019C, GO, 3.00%, 4/1/2020		150		150

Wittenberg Birnamwood School District

GO, AGM, 4.00%, 3/1/2021		130		134

GO, AGM, 4.00%, 3/1/2022		260		276

GO, AGM, 4.00%, 3/1/2023		280		305


				19,436


Hospital — 1.4%

University of Wisconsin Hospitals and Clinics Series 2018C, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.30%, 3/2/2020 (d)		25,430		25,430

Wisconsin Health and Educational Facilities Authority, Medical College Series 2008B, Rev., VRDO, LOC: U.S. Bank NA, 1.23%, 3/2/2020 (d)		32,930		32,930


				58,360


Other Revenue — 0.3%

City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		683

Village of DeForest Series C, Rev., RAN, 3.00%, 5/1/2023		4,865		4,985

Village of Howard Rev., RAN, 2.00%, 12/1/2021		6,965		7,018


				12,686

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.1%

Wisconsin Department of Transportation

Series 1, Rev., 5.00%, 7/1/2020		2,135		2,165

Series 1, Rev., 5.00%, 7/1/2021		25		26


				2,191


Utility — 0.1%

WPPI Energy, Power Supply System Series A, Rev., 5.00%, 7/1/2020		3,275		3,320


Water & Sewer — 0.0% (b)

City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		527


Total Wisconsin				123,375


Total Municipal Bonds (Cost $4,317,931)				4,338,514


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (h) (i) (Cost $50,592)		50,592		50,592

Total Investments — 105.6% (Cost $4,368,523)				4,389,106
Liabilities in Excess of Other Assets — (5.6)%				(231,595	)

NET ASSETS — 100.0%				4,157,511

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
COP		Certificate of Participation
EDA		Economic Development Authority
FHA		Federal Housing Administration
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
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
Rev.		Revenue
SIFMA		The Securities Industry and Financial Markets Association


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)		Amount rounds to less than 0.1% of net assets.
(c)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 2020.
(e)		Security is prerefunded or escrowed to maturity.
(f)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2020.
(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 February 29, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	125

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020

(Amounts in thousands, except per share amounts)


	JPMorgan High Yield Municipal Fund		JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	506,690	$	277,041		$	1,637,600
Investments in affiliates, at value		44,883		13,683			48,403
Cash		37		—			—
Receivables:
Investment securities sold		110		239			8,369
Investment securities sold — delayed delivery securities		6,644		215			—
Fund shares sold		1,768		687			1,916
Interest from non-affiliates		4,666		2,419			14,873
Dividends from affiliates		27		14			54

Total Assets		564,825		294,298			1,711,215


LIABILITIES:
Payables:
Investment securities purchased		13,388		2,588			8,096
Investment securities purchased — delayed delivery securities		15,377		5,769			31,551
Fund shares redeemed		1,009		348			9,820
Accrued liabilities:
Investment advisory fees		87		53			200
Administration fees		2		9			19
Distribution fees		58		26			13
Service fees		23		18			35
Custodian and accounting fees		20		14			20
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—	(a)
Other		105		53			94

Total Liabilities		30,069		8,878			49,848

Net Assets	$	534,756	$	285,420		$	1,661,367

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan High Yield Municipal Fund			JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
NET ASSETS:
Paid-in-Capital	$	503,098		$	270,730		$	1,608,321
Total distributable earnings (loss)		31,658			14,690			53,046

Total Net Assets	$	534,756		$	285,420		$	1,661,367


Net Assets:
Class A	$	194,623		$	96,844		$	53,408
Class C		37,623			12,868			4,303
Class I		296,450			114,772			641,836
Class R6		6,060			60,936			961,820

Total	$	534,756		$	285,420		$	1,661,367


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,315			9,664			4,919
Class C		3,161			1,298			393
Class I		24,854			11,540			58,798
Class R6		508			6,129			88,149
Net Asset Value (a):
Class A — Redemption price per share	$	11.93		$	10.02		$	10.86
Class C — Offering price per share (b)		11.90			9.92			10.96
Class I — Offering and redemption price per share		11.93			9.95			10.92
Class R6 — Offering and redemption price per share		11.93			9.94			10.91
Class A maximum sales charge		3.75	%		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.39		$	10.41		$	11.11


Cost of investments in non-affiliates	$	475,530		$	261,855		$	1,570,987
Cost of investments in affiliates		44,883			13,683			48,402

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	127

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2020 (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	$	535,940	$	4,338,514
Investments in affiliates, at value		27,433		50,592
Cash		—		—	(a)
Deposits at broker for futures contracts		190		—
Receivables:
Investment securities sold		559		590
Investment securities sold — delayed delivery securities		434		—
Fund shares sold		2,797		19,977
Interest from non-affiliates		4,915		25,193
Dividends from affiliates		19		109
Due from adviser		—		16

Total Assets		572,287		4,434,991


LIABILITIES:
Payables:
Investment securities purchased		6,233		64,191
Investment securities purchased — delayed delivery securities		12,487		191,098
Fund shares redeemed		1,285		20,984
Variation margin on futures contracts		186		—
Accrued liabilities:
Investment advisory fees		120		—
Administration fees		29		—
Distribution fees		60		16
Service fees		13		726
Custodian and accounting fees		19		39
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Other		77		426

Total Liabilities		20,509		277,480

Net Assets	$	551,778	$	4,157,511

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	513,814		$	4,138,364
Total distributable earnings (loss)		37,964			19,147

Total Net Assets	$	551,778		$	4,157,511


Net Assets:
Class A	$	231,815		$	106,625
Class C		26,965			—
Class I		177,584			4,050,886
Class R6		115,414			—

Total	$	551,778		$	4,157,511


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		18,307			10,577
Class C		2,148			—
Class I		14,086			402,172
Class R6		9,157			—

Net Asset Value (a):
Class A — Redemption price per share	$	12.66		$	10.08
Class C — Offering price per share (b)		12.55			—
Class I — Offering and redemption price per share		12.61			10.07
Class R6 — Offering and redemption price per share		12.60			—
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)]	$	13.15		$	10.31


Cost of investments in non-affiliates	$	489,103		$	4,317,931
Cost of investments in affiliates		27,432			50,592

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	129

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2020

(Amounts in thousands)


	JPMorgan High Yield Municipal Fund			JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	11,000		$	6,138		$	33,562
Interest income from affiliates		—	(a)		—	(a)		1
Dividend income from non-affiliates		26			—			—
Dividend income from affiliates		350			153			1,071

Total investment income		11,376			6,291			34,634


EXPENSES:
Investment advisory fees		1,154			695			3,977
Administration fees		247			174			1,193
Distribution fees:
Class A		268			187			106
Class C		203			97			32
Service fees:
Class A		268			187			106
Class C		68			32			11
Class I		480			223			1,547
Custodian and accounting fees		113			67			181
Interest expense to affiliates		—	(a)		—	(a)		—
Professional fees		101			73			80
Trustees’ and Chief Compliance Officer’s fees		26			26			31
Printing and mailing costs		28			12			81
Registration and filing fees		164			73			89
Transfer agency fees (See Note 2.I.)		6			7			16
Other		17			13			23

Total expenses		3,143			1,866			7,473

Less fees waived		(1,026	)		(601	)		(3,815	)
Less expense reimbursements		(68	)		—			(7	)

Net expenses		2,049			1,265			3,651

Net investment income (loss)		9,327			5,026			30,983


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,190			(361	)		5,375
Investments in affiliates		(3	)		(1	)		2

Net realized gain (loss)		1,187			(362	)		5,377

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		28,740			11,661			49,004
Investments in affiliates		—	(a)		—	(a)		1

Change in net unrealized appreciation/depreciation		28,740			11,661			49,005

Net realized/unrealized gains (losses)		29,927			11,299			54,382

Change in net assets resulting from operations	$	39,254		$	16,325		$	85,365

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	14,622		$	54,911
Interest income from affiliates		1			2
Dividend income from non-affiliates		1			—
Dividend income from affiliates		239			1,519

Total investment income		14,863			56,432


EXPENSES:
Investment advisory fees		1,369			5,036
Administration fees		342			2,518
Distribution fees:
Class A		435			137
Class C		208			—
Service fees:
Class A		435			137
Class C		69			—
Class I		390			8,257
Custodian and accounting fees		149			335
Interest expense to affiliates		3			95
Professional fees		97			92
Trustees’ and Chief Compliance Officer’s fees		27			38
Printing and mailing costs		23			44
Registration and filing fees		104			245
Transfer agency fees (See Note 2.I.)		18			24
Other		14			95

Total expenses		3,683			17,053

Less fees waived		(1,093	)		(8,575	)

Net expenses		2,590			8,478

Net investment income (loss)		12,273			47,954


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		765			(652	)
Investments in affiliates		(1	)		17
Futures contracts		(1,286	)		—

Net realized gain (loss)		(522	)		(635	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		34,170			17,937
Investments in affiliates		1			—
Futures contracts		(292	)		—

Change in net unrealized appreciation/depreciation		33,879			17,937

Net realized/unrealized gains (losses)		33,357			17,302

Change in net assets resulting from operations	$	45,630		$	65,256

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	131

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan High Yield Municipal Fund						JPMorgan Municipal Income Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,327		$	4,042		$	5,026		$	4,845
Net realized gain (loss)		1,187			248			(362	)		17
Change in net unrealized appreciation/depreciation		28,740			1,124			11,661			1,465

Change in net assets resulting from operations		39,254			5,414			16,325			6,327


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,137	)		(1,161	)		(1,506	)		(1,687	)
Class C		(644	)		(485	)		(188	)		(306	)
Class I		(5,749	)		(2,376	)		(2,040	)		(2,044	)
Class R6 (a)		(103	)		(4	)		(1,287	)		(1,817	)

Total distributions to shareholders		(9,633	)		(4,026	)		(5,021	)		(5,854	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		346,641			52,086			75,558			(19,210	)


NET ASSETS:
Change in net assets		376,262			53,474			86,862			(18,737	)
Beginning of period		158,494			105,020			198,558			217,295

End of period	$	534,756		$	158,494		$	285,420		$	198,558

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

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	30,983		$	31,530		$	12,273		$	12,567
Net realized gain (loss)		5,377			(4,496	)		(522	)		(1,860	)
Distributions of capital gains received from investment company non-affiliates		—			—			—			8
Change in net unrealized appreciation/depreciation		49,005			18,414			33,879			555

Change in net assets resulting from operations		85,365			45,448			45,630			11,270


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(652	)		(498	)		(4,479	)		(4,427	)
Class C		(41	)		(53	)		(558	)		(780	)
Class I		(12,180	)		(27,873	)		(4,385	)		(6,496	)
Class R6 (a)		(18,526	)		(3,081	)		(2,816	)		(871	)

Total distributions to shareholders		(31,399	)		(31,505	)		(12,238	)		(12,574	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		129,277			(255,405	)		135,787			67,878


NET ASSETS:
Change in net assets		183,243			(241,462	)		169,179			66,574
Beginning of period		1,478,124			1,719,586			382,599			316,025

End of period	$	1,661,367		$	1,478,124		$	551,778		$	382,599

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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	133

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Ultra-Short Municipal Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	47,954		$	35,149
Net realized gain (loss)		(635	)		(280	)
Change in net unrealized appreciation/depreciation		17,937			5,321

Change in net assets resulting from operations		65,256			40,190


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(694	)		(289	)
Class I		(47,204	)		(34,837	)

Total distributions to shareholders		(47,898	)		(35,126	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,051,707			1,018,313


NET ASSETS:
Change in net assets		1,069,065			1,023,377
Beginning of period		3,088,446			2,065,069

End of period	$	4,157,511		$	3,088,446

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan High Yield Municipal Fund						JPMorgan Municipal Income Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	157,088		$	20,871		$	44,590		$	12,450
Distributions reinvested		3,085			1,119			1,476			1,650
Cost of shares redeemed		(18,889	)		(13,888	)		(12,912	)		(20,462	)

Change in net assets resulting from Class A capital transactions	$	141,284		$	8,102		$	33,154		$	(6,362	)

Class C
Proceeds from shares issued	$	22,062		$	3,949		$	4,262		$	1,885
Distributions reinvested		619			453			176			282
Cost of shares redeemed		(5,415	)		(5,304	)		(5,022	)		(4,495	)

Change in net assets resulting from Class C capital transactions	$	17,266		$	(902	)	$	(584	)	$	(2,328	)

Class I
Proceeds from shares issued	$	221,490		$	73,404		$	49,981		$	27,767
Distributions reinvested		5,733			2,340			1,971			1,985
Cost of shares redeemed		(43,564	)		(32,194	)		(15,978	)		(26,769	)

Change in net assets resulting from Class I capital transactions	$	183,659		$	43,550		$	35,974		$	2,983

Class R6 (a)
Proceeds from shares issued	$	5,577		$	1,359		$	14,651		$	29,141
Distributions reinvested		102			4			1,269			1,807
Cost of shares redeemed		(1,247	)		(27	)		(8,906	)		(44,451	)

Change in net assets resulting from Class R6 capital transactions	$	4,432		$	1,336		$	7,014		$	(13,503	)

Total change in net assets resulting from capital transactions	$	346,641		$	52,086		$	75,558		$	(19,210	)

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



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	135

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan High Yield Municipal Fund						JPMorgan Municipal Income Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class A
Issued		13,674			1,939			4,540			1,312
Reinvested		268			104			151			174
Redeemed		(1,633	)		(1,291	)		(1,318	)		(2,157	)

Change in Class A Shares		12,309			752			3,373			(671	)

Class C
Issued		1,928			367			441			201
Reinvested		54			42			18			30
Redeemed		(473	)		(493	)		(518	)		(480	)

Change in Class C Shares		1,509			(84	)		(59	)		(249	)

Class I
Issued		19,345			6,812			5,130			2,949
Reinvested		498			218			202			211
Redeemed		(3,786	)		(2,991	)		(1,639	)		(2,843	)

Change in Class I Shares		16,057			4,039			3,693			317

Class R6 (a)
Issued		485			125			1,508			3,084
Reinvested		9			—	(b)		131			193
Redeemed		(109	)		(2	)		(920	)		(4,719	)

Change in Class R6 Shares		385			123			719			(1,442	)

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

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	32,090		$	12,978		$	122,167		$	27,996
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			21,528
Distributions reinvested		648			493			4,347			4,255
Cost of shares redeemed		(14,332	)		(12,624	)		(40,378	)		(50,846	)

Change in net assets resulting from Class A capital transactions	$	18,406		$	847		$	86,136		$	2,933

Class C
Proceeds from shares issued	$	2,099		$	837		$	6,842		$	3,406
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			6,298
Distributions reinvested		34			45			539			757
Cost of shares redeemed		(2,564	)		(2,741	)		(10,107	)		(7,789	)

Change in net assets resulting from Class C capital transactions	$	(431	)	$	(1,859	)	$	(2,726	)	$	2,672

Class I
Proceeds from shares issued	$	310,487		$	506,582		$	56,040		$	75,091
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			76,798
Distributions reinvested		11,873			27,411			4,060			6,079
Cost of shares redeemed		(275,025	)		(1,650,500	)		(29,103	)		(181,002	)

Change in net assets resulting from Class I capital transactions	$	47,335		$	(1,116,507	)	$	30,997		$	(23,034	)

Class R6 (a)
Proceeds from shares issued	$	300,185		$	940,450		$	37,282		$	95,064
Distributions reinvested		18,420			3,081			2,816			871
Cost of shares redeemed		(254,638	)		(81,417	)		(18,718	)		(10,628	)

Change in net assets resulting from Class R6 capital transactions	$	63,967		$	862,114		$	21,380		$	85,307

Total change in net assets resulting from capital transactions	$	129,277		$	(255,405	)	$	135,787		$	67,878

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

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	137

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 29, 2020			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class A
Issued		3,003			1,248			9,980			2,382
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			1,824
Reinvested		60			48			355			363
Redeemed		(1,341	)		(1,215	)		(3,309	)		(4,325	)

Change in Class A Shares		1,722			81			7,026			244

Class C
Issued		194			81			565			293
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			538
Reinvested		3			4			45			65
Redeemed		(238	)		(262	)		(835	)		(670	)

Change in Class C Shares		(41	)		(177	)		(225	)		226

Class I
Issued		28,928			48,416			4,611			6,441
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			6,534
Reinvested		1,106			2,627			334			520
Redeemed		(25,587	)		(157,651	)		(2,400	)		(15,581	)

Change in Class I Shares		4,447			(106,608	)		2,545			(2,086	)

Class R6 (a)
Issued		27,999			89,640			3,067			8,243
Reinvested		1,717			293			231			75
Redeemed		(23,752	)		(7,748	)		(1,547	)		(912	)

Change in Class R6 Shares		5,964			82,185			1,751			7,406

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

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020


	JPMorgan Ultra-Short Municipal Fund
	Year Ended February 29, 2020			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	117,084		$	167,723
Distributions reinvested		694			289
Cost of shares redeemed		(78,616	)		(101,733	)

Change in net assets resulting from Class A capital transactions	$	39,162		$	66,279

Class I
Proceeds from shares issued	$	3,458,713		$	2,716,009
Distributions reinvested		47,013			34,620
Cost of shares redeemed		(2,493,181	)		(1,798,595	)

Change in net assets resulting from Class I capital transactions	$	1,012,545		$	952,034

Total change in net assets resulting from capital transactions	$	1,051,707		$	1,018,313


SHARE TRANSACTIONS:
Class A
Issued		11,622			16,758
Reinvested		69			29
Redeemed		(7,822	)		(10,156	)

Change in Class A Shares		3,869			6,631

Class I
Issued		344,011			271,523
Reinvested		4,680			3,462
Redeemed		(248,088	)		(179,780	)

Change in Class I Shares		100,603			95,205

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	139

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
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
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
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
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)

(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.



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


	11.90		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


	11.93		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


	11.93		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.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND 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 Municipal Income Fund
Class A
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
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
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
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)

(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.



142	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 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 (including imputed interest) (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including imputed interest)			Portfolio turnover rate (c)


$	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


	9.92		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


	9.95		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


	9.94		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.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND 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 Short-Intermediate Municipal Bond Fund
Class A
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
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
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
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)

(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.



144	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 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)


$	10.86		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


	10.96		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


	10.92		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


	10.91		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.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND 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 Tax Free Bond Fund
Class A
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
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
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
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)

(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.



146	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 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)


$	12.66		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


	12.55		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


	12.61		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


	12.60		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.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND 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
JPMorgan Ultra-Short Municipal Fund
Class A
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 (h) through February 28, 2017		10.00		0.06		(0.01	)		0.05		(0.03	)

Class I
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 (h) through February 28, 2017		10.00		0.06		—	(f)		0.06		(0.04	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

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

(h)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 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)


$	10.08		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	(g)		0.67	(g)		0.85	(g)		71
	10.02		0.52			519		0.44	(g)		0.81	(g)		2.56	(g)		80


	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	(g)		0.90	(g)		0.56	(g)		71
	10.02		0.65			31,656		0.27	(g)		0.74	(g)		2.00	(g)		80

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	149

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020

1. Organization

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⁽¹⁾	JPM I	Diversified
JPMorgan Municipal Income Fund	Class A, Class C, Class I and Class R6	JPM II	Diversified
JPMorgan Short-Intermediate Municipal Bond Fund	Class A, Class C, Class I and Class R6⁽²⁾	JPM II	Diversified
JPMorgan Tax Free Bond Fund	Class A, Class C, Class I and Class R6⁽²⁾	JPM II	Diversified
JPMorgan Ultra-Short Municipal Fund	Class A and Class I	JPM IV	Diversified

⁽¹⁾	Class R6 Shares commenced operations on November 1, 2018 for JPMorgan High Yield Municipal Fund.

⁽²⁾	Class R6 Shares commenced operations on October 1, 2018 for JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund.

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

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

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

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

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

2. Significant Accounting Policies

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.



150	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

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.

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.

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 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).

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
Common Stocks	$	—	$	—	$	3	$	3
Municipal Bonds		—		506,687		—		506,687
Short-Term Investments
Investment Companies		44,883		—		—		44,883

Total Investments in Securities	$	44,883	$	506,687	$	3	$	551,573



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

Municipal Income Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds
Oklahoma
Housing	$	—	$	476	$	—	$	476
Other Revenue		—		—		7		7

Total Oklahoma		—		476		7		483

Other Municipal Bonds		—		276,558		—		276,558

Total Municipal Bonds		—		277,034		7		277,041

Short-Term Investments
Investment Companies		13,683		—		—		13,683

Total Investments in Securities	$	13,683	$	277,034	$	7	$	290,724

Short-Intermediate Municipal Bond Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	48,403	$	1,637,600	$	—	$	1,686,003

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	$	—		$	535,940	$	—		$	535,940
Warrants		—			—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		27,433			—		—			27,433

Total Investments in Securities	$	27,433		$	535,940	$	—	(b)	$	563,373

Depreciation in Other Financial Instruments
Futures Contracts	$	(259	)	$	—	$	—		$	(259	)

Ultra-Short Municipal Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	50,592	$	4,338,514	$	—	$	4,389,106

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

(b)	Value is zero.

As of February 29, 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



152	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

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 February 29, 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 securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until settlement date.

The Funds had when-issued securities, forward commitments or delayed delivery securities outstanding as of February 29, 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 February 29, 2020 are detailed on the SOIs.

The Funds did not have TBA purchase commitments outstanding as of February 29, 2020.

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the 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 year ended February 29, 2020 (amounts in thousands):


	Tax Free Bond Fund
Futures Contracts — Interest:
Average Notional Balance Short	$	17,372
Ending Notional Balance Short		16,705



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

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).

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 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 year ended February 29, 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 table below. Amounts in the tables below are in thousands.

High Yield Municipal Fund


For the year ended February 29, 2020
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 29, 2020		Shares at February 29, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (a)(b)	$	12,206	$	284,407	$	251,727	$	(3	)	$	—	(c)	$	44,883		44,883	$	350	$	—

Municipal Income Fund


For the year ended February 29, 2020
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 29, 2020		Shares at February 29, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (a)(b)	$	14,034	$	90,490	$	90,840	$	(1	)	$	—	(c)	$	13,683		13,683	$	153	$	—



154	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

Short-Intermediate Municipal Bond Fund


For the year ended February 29, 2020
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 29, 2020		Shares at February 29, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (a)(b)	$	47,778	$	670,263	$	669,641	$	2	$	1	$	48,403		48,403	$	1,071	$	—

Tax Free Bond Fund


For the year ended February 29, 2020
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 29, 2020		Shares at February 29, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (a)(b)	$	7,778	$	237,860	$	218,205	$	(1	)	$	1	$	27,433		27,433	$	239	$	—

Ultra-Short Municipal Fund


For the year ended February 29, 2020
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 29, 2020		Shares at February 29, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.02% (a)(b)	$	106,738	$	3,112,404	$	3,168,567	$	17	$	—	$	50,592		50,592	$	1,519	$	—

(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 February 29, 2020.

(c)	Amount rounds to less than one thousand.

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.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

Transfer agency fees are class-specific expenses. The amount of transfer agency fees charged to each share class of the Funds for the year ended February 29, 2020 are as follows (amounts in thousands):


	Class A			Class C			Class I		Class R6			Total
High Yield Municipal Fund
Transfer agency fees	$	2		$	1		$	3	$	—	(a)	$	6

Municipal Income Fund
Transfer agency fees		2			2			2		1			7

Short-Intermediate Municipal Bond Fund
Transfer agency fees		3			—	(a)		6		7			16

Tax Free Bond Fund
Transfer agency fees		11			1			5		1			18

Ultra-Short Municipal Fund
Transfer agency fees		—	(a)		n/a			24		n/a			24

(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 February 29, 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 Funds’ Federal tax returns for the prior three fiscal years remains 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 realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
High Yield Municipal Fund	$	(27	)	$	9		$	18
Municipal Income Fund		(2	)		1			1
Short-Intermediate Municipal Bond Fund		1,220			(382	)		(838	)
Tax Free Bond Fund		8			(9	)		1
Ultra-Short Municipal Fund		329			(317	)		(12	)

The reclassifications for the Funds relate primarily to callable bonds.

L. Recent Accounting Pronouncement — In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of March 1, 2019, the amortized cost basis of investments and unrealized appreciation (depreciation) of investments of the Funds were



156	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

increased (decreased) by the amounts presented in the following table (amounts in thousands). The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.


	Amortized Cost Basis of Investments			Unrealized Appreciation (Depreciation) of Investments
High Yield Municipal Fund		8			(8	)
Municipal Income Fund		2			(2	)
Short-Intermediate Municipal Bond Fund		(1,220	)		1,220
Tax Free Bond Fund		(8	)		8
Ultra-Short Municipal Fund		(329	)		329

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

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to 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 year ended February 29, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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 year ended February 29, 2020, JPMDS retained the following (amounts in thousands):


	Front-End Sales Charge		CDSC
High Yield Municipal Fund		$30	$	—
Municipal Income Fund		6		—
Short-Intermediate Municipal Bond Fund		4		—
Tax Free Bond Fund		20		—	(a)
Ultra-Short Municipal Fund		1		—

(a)	Amount rounds to less than one thousand.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	157

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (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
High Yield Municipal Fund	0.25%		0.25	%		0.25	%
Municipal Income Fund	0.25		0.25			0.25
Short-Intermediate Municipal Bond Fund	0.25		0.25			0.25
Tax Free Bond Fund	0.25		0.25			0.25
Ultra-Short Municipal Fund	0.25		n/a			0.25

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

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	%
Municipal Income Fund	0.70		1.25			0.45			0.35
Short-Intermediate Municipal Bond Fund	0.70		1.20			0.25			0.20
Tax Free Bond Fund	0.67		1.25			0.45			0.40
Ultra-Short Municipal Fund	0.45		n/a			0.25			n/a

The expense limitation agreements were in effect for the year ended February 29, 2020 and are in place until at least June 30, 2020. For the year ended February 29, 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	$	225	$	148	$	623	$	996	$	68
Municipal Income Fund		194		130		263		587		—
Short-Intermediate Municipal Bond Fund		1,486		989		1,246		3,721		7
Tax Free Bond Fund		183		121		767		1,071		—
Ultra-Short Municipal Fund		5,036		2,518		876		8,430		—

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.



158	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended February 29, 2020 were as follows (amounts in thousands):


High Yield Municipal Fund	$	30
Municipal Income Fund		14
Short-Intermediate Municipal Bond Fund		94
Tax Free Bond Fund		22
Ultra-Short Municipal Fund		145

During the year ended February 29, 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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended February 29, 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)
High Yield Municipal Fund	$	389,394	$	57,448
Municipal Income Fund		89,772		15,344
Short-Intermediate Municipal Bond Fund		522,979		364,164
Tax Free Bond Fund		266,643		137,427
Ultra-Short Municipal Fund		2,825,838		1,455,998

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 29, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
High Yield Municipal Fund	$	520,392	$	31,191	$	10	$	31,181
Municipal Income Fund		275,536		15,194		6		15,188
Short-Intermediate Municipal Bond Fund		1,620,257		65,753		7		65,746
Tax Free Bond Fund		516,251		47,122		259		46,863
Ultra-Short Municipal Fund		4,368,854		20,254		2		20,252

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds.

The tax character of distributions paid during the year ended February 29, 2020 was as follows (amounts in thousands):


	Ordinary Income*		Tax Exempt Income		Total Distributions Paid
High Yield Municipal Fund	$	623	$	9,010	$	9,633
Municipal Income Fund		1		5,020		5,021
Short-Intermediate Municipal Bond Fund		7		31,392		31,399
Tax Free Bond Fund		13		12,225		12,238
Ultra-Short Municipal Fund		5		47,893		47,898

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



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	159

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

The tax character of distributions paid during the year ended February 28, 2019 was as follows (amounts in thousands):


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

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

As of February 29, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Tax Exempt Income		Unrealized Appreciation (Depreciation)
High Yield Municipal Fund	$	414	$	—		$	80	$	31,190
Municipal Income Fund		—		(338	)		26		15,190
Short-Intermediate Municipal Bond Fund		—		(11,505	)		102		64,526
Tax Free Bond Fund		—		(8,476	)		41		46,855
Ultra-Short Municipal Fund		—		(905	)		238		19,922

For the Funds, the cumulative timing differences primarily consist of post-October capital loss deferrals.

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
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
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		—

6. Borrowings



160	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

The Funds had no borrowings outstanding from another fund during the year ended February 29, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 29, 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% 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 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 29, 2020.

7. Risks, Concentrations and Indemnifications

As of February 29, 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		16.8	%		3		36.7	%
Municipal Income Fund		1		53.0			2		27.1
Short-Intermediate Municipal Bond Fund		1		89.4			—		—
Tax Free Bond Fund		1		53.6			1		17.8
Ultra-Short Municipal Fund		1		94.9			—		—

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

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



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	161

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2020 (continued)

general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. 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.

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

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

8. Business Combinations

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



162	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

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


	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Tax Aware Income Opportunities Fund							$	(424	)
Class A		2,145	$	21,528	$	10.04
Class C		635		6,298		9.92
Class I		7,654		76,798		10.03

Acquiring Fund
Tax Free Bond Fund							$	12,230
Class A		10,401	$	122,768	$	11.80
Class C		2,106		24,650		11.70
Class I		14,107		165,807		11.75

Post Reorganization
Tax Free Bond Fund							$	11,806
Class A		12,225	$	144,296	$	11.80
Class C		2,644		30,948		11.70
Class I		20,641		242,605		11.75

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

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


Net investment income (loss)	$	13,209
Net realized/unrealized gains (losses)		(1,761	)

Change in net assets resulting from operations	$	11,448

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



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	163

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan High Yield Municipal Fund (one of the funds constituting JPMorgan Trust I), JPMorgan Municipal Income Fund, JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 29, 2020, the related statements of operations for the year ended February 29, 2020, the statements of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of February 29, 2020 and held by the custodian and confirmation of securities owned as of February 29, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 28, 2020

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



164	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

TRUSTEES

(Unaudited)

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


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	165

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	127	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	127	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	127	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



166	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

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

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (127 funds).

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

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

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	167

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

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

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



168	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory, fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2019, and continued to hold your shares at the end of the reporting period, February 29, 2020.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan High Yield Municipal Fund
Class A
Actual	$	1,000.00	$	1,038.40	$	3.24		0.64	%
Hypothetical		1,000.00		1,021.68		3.22		0.64
Class C
Actual		1,000.00		1,036.00		5.77		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class I
Actual		1,000.00		1,038.90		2.74		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		1,039.40		2.23		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44

JPMorgan Municipal Income Fund
Class A
Actual		1,000.00		1,021.70		3.52		0.70
Hypothetical		1,000.00		1,021.38		3.52		0.70
Class C
Actual		1,000.00		1,019.10		6.28		1.25
Hypothetical		1,000.00		1,018.65		6.27		1.25
Class I
Actual		1,000.00		1,023.10		2.21		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		1,022.60		1.71		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	169

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value September 1, 2019		Ending Account Value February 29, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Actual	$	1,000.00	$	1,016.70	$	3.51		0.70	%
Hypothetical		1,000.00		1,021.38		3.52		0.70
Class C
Actual		1,000.00		1,014.80		6.01		1.20
Hypothetical		1,000.00		1,018.90		6.02		1.20
Class I
Actual		1,000.00		1,019.70		1.21		0.24
Hypothetical		1,000.00		1,023.67		1.21		0.24
Class R6
Actual		1,000.00		1,019.10		0.95		0.19
Hypothetical		1,000.00		1,023.92		0.96		0.19

JPMorgan Tax Free Bond Fund
Class A
Actual		1,000.00		1,033.70		3.39		0.67
Hypothetical		1,000.00		1,021.53		3.37		0.67
Class C
Actual		1,000.00		1,031.00		6.31		1.25
Hypothetical		1,000.00		1,018.65		6.27		1.25
Class I
Actual		1,000.00		1,035.00		2.23		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		1,035.20		1.97		0.39
Hypothetical		1,000.00		1,022.92		1.96		0.39

JPMorgan Ultra-Short Municipal Fund
Class A
Actual		1,000.00		1,006.60		2.25		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45
Class I
Actual		1,000.00		1,007.60		1.25		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25

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



170	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a Fund could not meet requests to redeem shares issued by a Fund without significant dilution of remaining investors’ interest in the Funds. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.



FEBRUARY 29, 2020	J.P. MORGAN MUNICIPAL BOND FUNDS	171

TAX LETTER

(Unaudited)

Tax-Exempt Income

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 29, 2020 (amounts in thousands):


	Exempt Distributions Paid
JPMorgan High Yield Municipal Fund	$	9,010
JPMorgan Municipal Income Fund		5,020
JPMorgan Short-Intermediate Municipal Bond Fund		31,392
JPMorgan Tax Free Bond Fund		12,225
JPMorgan Ultra-Short Municipal Fund		47,893



172	J.P. MORGAN MUNICIPAL BOND FUNDS	FEBRUARY 29, 2020

LOGO

Rev. January 2011



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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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



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



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

LOGO



Page 2



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



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



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

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.

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.

LOGO

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. February 2020.		AN-MUNIBOND-220

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)	(1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2020 – $178,251

2019 – $373,127

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2020 – $31,710

2019 – $44,570

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2020 – $55,347

2019 – $73,632

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 29, 2020 and 2019, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2020 – Not applicable

2019 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2020 – 0.0%

2019 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable – Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2019 – $24.8 million

2018 – $32.3 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


JPMorgan Trust IV

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		May 6, 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
		May 6, 2020


By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		May 6, 2020