<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000763852</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-04236</fileNumber>
      </filer>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptIncludeAllSeriesFlag>true</rptIncludeAllSeriesFlag>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2019-02-28" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>JPMorgan Trust II</registrantFullName>
      <investmentCompFileNo>811-04236</investmentCompFileNo>
      <registrantCik>0000763852</registrantCik>
      <registrantLei>549300IMXLYKELY96B40</registrantLei>
      <registrantstreet1>277 Park Avenue</registrantstreet1>
      <registrantcity>New York</registrantcity>
      <registrantzipCode>10172</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>800-480-4111</registrantphoneNumber>
      <websites>
        <website webpage="www.jpmorganfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>DST Asset Manager Solutions, Inc.</officeName>
          <officeAddress1>2000 Old Colony Drive</officeAddress1>
          <officeCity>Quincy</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
          <officeRecordsZipCode>02169</officeRecordsZipCode>
          <officePhone>6174835000</officePhone>
          <booksRecordsDesc>records relating to its functions as transfer agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>JPMorgan Distribution Services Inc.</officeName>
          <officeAddress1>1111 Polaris Parkway</officeAddress1>
          <officeCity>Columbus</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>43240</officeRecordsZipCode>
          <officePhone>2015951958</officePhone>
          <booksRecordsDesc>records relating to its functions as principal underwriter and shareholder servicing agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>JPMorgan Chase Bank, N.A.</officeName>
          <officeAddress1>383 Madison Ave</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10179</officeRecordsZipCode>
          <officePhone>2122706000</officePhone>
          <booksRecordsDesc>records relating to its functions as sub-administrator and fund accounting agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>J.P. Morgan Investment Management Inc.</officeName>
          <officeAddress1>383 Madison Ave</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10179</officeRecordsZipCode>
          <officePhone>8003431113</officePhone>
          <booksRecordsDesc>records relating to its functions as investment adviser</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>JPMorgan Chase Bank, N.A.</officeName>
          <officeAddress1>4 Chase Metrotech Center</officeAddress1>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>11245</officeRecordsZipCode>
          <officePhone>7182420609</officePhone>
          <booksRecordsDesc>records relating to its functions as custodian</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="JPMorgan Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>28</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>John F. Finn</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Dr. Robert A. Oden Jr</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mary E. Martinez</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-21552"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Stephen P. Fisher</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21552"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Frankie D. Hughes</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-21295"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Peter C. Marshall</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08437"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Marilyn McCoy</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-05526"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Marian U. Pardo</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-07874"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Dennis P. Harrington</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-22575"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mitchell M. Merin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21295"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Kathleen M. Gallagher</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-05526"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Dr. Matthew Goldstein</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-07874"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Raymond Kanner</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22575"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-22915"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-07874"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21552"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Stephen M. Ungerman</ccoName>
          <crdNumber>002315698</crdNumber>
          <ccoStreet1>277 Park Avenue</ccoStreet1>
          <ccoCity>New York</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NY"/>
          <ccoZipCode>10172</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-25608"/>
        <releaseNumberInfo releaseNumber="IC-26466"/>
        <releaseNumberInfo releaseNumber="IC-25654"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>JPMorgan Distributions Services, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-52700</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000104234</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-OH"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Pricewaterhouse Coopers, LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-NY"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="JPMorgan Liquid Assets Money Market Fund" seriesId="S000003905"/>
        <seriesInfo seriesName="JPMorgan Municipal Money Market Fund" seriesId="S000003906"/>
        <seriesInfo seriesName="JPMorgan Core Bond Fund" seriesId="S000003477"/>
        <seriesInfo seriesName="JPMorgan Municipal Income Fund" seriesId="S000003497"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Government Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003485</mgmtInvSeriesId>
        <mgmtInvLei>549300SMSIKAH2NAKR95</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>7</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009632" sharesOutstandingTickerSymbol="HLGAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R4 Shares" sharesOutstandingClassId="C000171357" sharesOutstandingTickerSymbol="OGGQX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R3 Shares" sharesOutstandingClassId="C000171356" sharesOutstandingTickerSymbol="OGGPX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009635" sharesOutstandingTickerSymbol="OGVCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009631" sharesOutstandingTickerSymbol="OGGYX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009633" sharesOutstandingTickerSymbol="OGGAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R2 Shares" sharesOutstandingClassId="C000070640" sharesOutstandingTickerSymbol="JGBZX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>19140625.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>53782870.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>60096373.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>65783008.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16995233.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Janney Montgomery Scott LLC</principalName>
            <principalFileNo>8-00462</principalFileNo>
            <principalCrdNo>000000463</principalCrdNo>
            <principalLei>549300QQRY1JCFQHYS08</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>16113650.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>61416389.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15628975.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citadel Securities LLC</principalName>
            <principalFileNo>8-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>42895391.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Duncan-Williams, Inc.</principalName>
            <principalFileNo>8-18971</principalFileNo>
            <principalCrdNo>000006950</principalCrdNo>
            <principalLei>25490045VHLUZ7H92Y27</principalLei>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>16277890.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>492266036.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1398350468.12615370</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Mortgage-Backed Securities Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003488</mgmtInvSeriesId>
        <mgmtInvLei>5493003VJIZTX1Q7MD45</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009647" sharesOutstandingTickerSymbol="OMBAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000116212" sharesOutstandingTickerSymbol="OBBCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009648" sharesOutstandingTickerSymbol="JMBUX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009646" sharesOutstandingTickerSymbol="OMBIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg, L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse Securities (USA) LLC</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Duncan-Williams, Inc.</principalName>
            <principalFileNo>8-18971</principalFileNo>
            <principalCrdNo>000006950</principalCrdNo>
            <principalLei>25490045VHLUZ7H92Y27</principalLei>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>61723389.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cantor Fitzgerald &amp; Co.</principalName>
            <principalFileNo>8-00201</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>5493004J7H4GCPG6OB62</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>27560054.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>43493325.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stifel, Nicolaus &amp; Co., Inc.</principalName>
            <principalFileNo>8-01447</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>5WUVMA08EYG4KEUPW589</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>32998846.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>48295743.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>44924448.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Nomura Securities International, Inc.</principalName>
            <principalFileNo>8-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>32241930.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>44838644.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Brean Capital LLC</principalName>
            <principalFileNo>8-40742</principalFileNo>
            <principalCrdNo>000023723</principalCrdNo>
            <principalLei>254900ZZA1UBVDCNQ378</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>102091127.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>39180395.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>670737297.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1986168311.39230780</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Municipal Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003497</mgmtInvSeriesId>
        <mgmtInvLei>4EQGS74NUXVBA5VKOM76</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009686" sharesOutstandingTickerSymbol="OMICX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000195051" sharesOutstandingTickerSymbol="HLTZX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009683" sharesOutstandingTickerSymbol="HLTAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009684" sharesOutstandingTickerSymbol="OTBAX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>M&amp;T Securities, Inc.</principalName>
            <principalFileNo>8-35185</principalFileNo>
            <principalCrdNo>000017358</principalCrdNo>
            <principalLei>254900VRUF9FN7AZI864</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1649160.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>11556505.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Samuel A. Ramirez &amp; Co., Inc.</principalName>
            <principalFileNo>8-19014</principalFileNo>
            <principalCrdNo>000006963</principalCrdNo>
            <principalLei>254900CBKVW7O2ENQA21</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2416940.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Fidelity Investments Institutional Services Co., Inc.</principalName>
            <principalFileNo>8-35097</principalFileNo>
            <principalCrdNo>000017507</principalCrdNo>
            <principalLei>549300XVSM8LN3LQOK63</principalLei>
            <principalStateCountry principalState="US-RI" principalCountry="US"/>
            <principalTotalPurchaseSale>1694190.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC Capital Markets LLC</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2660742.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stern Brothers &amp; Co.</principalName>
            <principalFileNo>8-33724</principalFileNo>
            <principalCrdNo>000016325</principalCrdNo>
            <principalLei>254900LVNKT0KYN1O170</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>2248660.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5579809.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Janney Montgomery Scott LLC</principalName>
            <principalFileNo>8-00462</principalFileNo>
            <principalCrdNo>000000463</principalCrdNo>
            <principalLei>549300QQRY1JCFQHYS08</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>1753952.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PNC Capital Markets LLC</principalName>
            <principalFileNo>8-32493</principalFileNo>
            <principalCrdNo>000015647</principalCrdNo>
            <principalLei>7OGNSSLOQJ8U3B9Y5F18</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>3044922.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>12377414.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>50296365.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>201085515.00000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Core Plus Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003478</mgmtInvSeriesId>
        <mgmtInvLei>JW89OQCNJOLWVS3KT374</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>10</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009620" sharesOutstandingTickerSymbol="HLIPX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R2 Shares" sharesOutstandingClassId="C000070639" sharesOutstandingTickerSymbol="JCPZX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009623" sharesOutstandingTickerSymbol="OBDCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009624" sharesOutstandingTickerSymbol="JCPUX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R5 Shares" sharesOutstandingClassId="C000173238" sharesOutstandingTickerSymbol="JCPYX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R3 Shares" sharesOutstandingClassId="C000173236" sharesOutstandingTickerSymbol="JCPPX"/>
          <sharesOutstanding sharesOutstandingClassName="Class L Shares" sharesOutstandingClassId="C000077257" sharesOutstandingTickerSymbol="JCBIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009621" sharesOutstandingTickerSymbol="ONIAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R4 Shares" sharesOutstandingClassId="C000173237" sharesOutstandingTickerSymbol="JCPQX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>128980082.000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>222048.29000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Group Holdings Ltd</pricingServiceName>
            <pricingServiceLei>2138005LTLTVZ4WMEX25</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg, L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services S.C.A.</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse Securities (USA) LLC</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Merrill Lynch Pierce Fenner &amp; Smith, Inc.</custodianName>
            <custodianLei>8NAV47T0Y26Q87Y0QP81</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>67693.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>59788.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co., Inc.</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>192597.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNY Mellon Capital Markets, LLC</brokerName>
            <brokerFileNo>8-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>49350.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>25355.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>47109.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>INTL FCStone Credit Trading LLC</brokerName>
            <brokerFileNo>8-49291</brokerFileNo>
            <brokerCrdNo>000041025</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1183.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank Securities, Inc.</brokerName>
            <brokerFileNo>8-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>35221.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>478330.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>516390720.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>422694317.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>482607664.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1238616723.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>693260106.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>5290685015.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>871173975.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>490818032.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Nomura Securities International, Inc.</principalName>
            <principalFileNo>8-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>511721870.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1240558829.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>14040022338.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>13428343355.39000100</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan U.S.Government Money Market Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003909</mgmtInvSeriesId>
        <mgmtInvLei>549300NQ5E5B7ZV4T516</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>14</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Morgan Shares" sharesOutstandingClassId="C000010942" sharesOutstandingTickerSymbol="MJGXX"/>
          <sharesOutstanding sharesOutstandingClassName="E*Trades Shares" sharesOutstandingClassId="C000165407" sharesOutstandingTickerSymbol="JUSXX"/>
          <sharesOutstanding sharesOutstandingClassName="Eagle Shares" sharesOutstandingClassId="C000111395" sharesOutstandingTickerSymbol="JJGXX"/>
          <sharesOutstanding sharesOutstandingClassName="Direct Shares" sharesOutstandingClassId="C000078597" sharesOutstandingTickerSymbol="JGDXX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000078417" sharesOutstandingTickerSymbol="JGMXX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000010940" sharesOutstandingTickerSymbol="IJGXX"/>
          <sharesOutstanding sharesOutstandingClassName="Premier Shares" sharesOutstandingClassId="C000010943" sharesOutstandingTickerSymbol="OGSXX"/>
          <sharesOutstanding sharesOutstandingClassName="Capital Shares" sharesOutstandingClassId="C000010941" sharesOutstandingTickerSymbol="OGVXX"/>
          <sharesOutstanding sharesOutstandingClassName="IM Shares" sharesOutstandingClassId="C000115393" sharesOutstandingTickerSymbol="MGMXX"/>
          <sharesOutstanding sharesOutstandingClassName="Agency Shares" sharesOutstandingClassId="C000010945" sharesOutstandingTickerSymbol="OGAXX"/>
          <sharesOutstanding sharesOutstandingClassName="Reserve Shares" sharesOutstandingClassId="C000010944" sharesOutstandingTickerSymbol="RJGXX"/>
          <sharesOutstanding sharesOutstandingClassName="Service Shares" sharesOutstandingClassId="C000010946" sharesOutstandingTickerSymbol="SJGXX"/>
          <sharesOutstanding sharesOutstandingClassName="Eagle Private Wealth Shares" sharesOutstandingClassId="C000191013" sharesOutstandingTickerSymbol="AIKXX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Money Market Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Natixis Securities Americas LLC</principalName>
            <principalFileNo>8-00719</principalFileNo>
            <principalCrdNo>000001101</principalCrdNo>
            <principalLei>549300L8G1E7ZHVEOG75</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>736010000000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>499550000000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>1193914782289.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Nomura Securities International, Inc.</principalName>
            <principalFileNo>8-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1819265476418.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Daiwa Capital Markets America, Inc.</principalName>
            <principalFileNo>8-12242</principalFileNo>
            <principalCrdNo>000001576</principalCrdNo>
            <principalLei>M67H5PRC0NQKM73ZAS82</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>721884917589.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>441977580133.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>808444732137.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP Paribas Securities Corp.</principalName>
            <principalFileNo>8-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>RCNB6OTYUAMMP879YW96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>795577552557.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2974199188182.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MUFG Securities Americas, Inc.</principalName>
            <principalFileNo>8-43026</principalFileNo>
            <principalCrdNo>000019685</principalCrdNo>
            <principalLei>K5HU16E3LMSVCCJJJ255</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>470265884805.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>12872732322664.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>140604584618.31000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <interfundLendingDetails isInterfundLending="Y">
          <interfundLending interfundLendingLoanAverage="16929000" interfundLendingDaysOutstanding="114"/>
        </interfundLendingDetails>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan U.S. Treasury Plus Money Market Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003910</mgmtInvSeriesId>
        <mgmtInvLei>549300WIC5LVF25Z1127</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>10</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Premier Shares" sharesOutstandingClassId="C000010951" sharesOutstandingTickerSymbol="PJTXX"/>
          <sharesOutstanding sharesOutstandingClassName="Morgan Shares" sharesOutstandingClassId="C000010950" sharesOutstandingTickerSymbol="MJTXX"/>
          <sharesOutstanding sharesOutstandingClassName="IM Shares" sharesOutstandingClassId="C000115394" sharesOutstandingTickerSymbol="MJPXX"/>
          <sharesOutstanding sharesOutstandingClassName="Agency Shares" sharesOutstandingClassId="C000010953" sharesOutstandingTickerSymbol="AJTXX"/>
          <sharesOutstanding sharesOutstandingClassName="Reserve Shares" sharesOutstandingClassId="C000010952" sharesOutstandingTickerSymbol="HTIXX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000010954" sharesOutstandingTickerSymbol="HGOXX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000010949" sharesOutstandingTickerSymbol="OTCXX"/>
          <sharesOutstanding sharesOutstandingClassName="Capital Shares" sharesOutstandingClassId="C000165408" sharesOutstandingTickerSymbol="JTCXX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000010947" sharesOutstandingTickerSymbol="IJTXX"/>
          <sharesOutstanding sharesOutstandingClassName="Direct Shares" sharesOutstandingClassId="C000078598" sharesOutstandingTickerSymbol="JUDXX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Money Market Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Natixis Securities Americas LLC</principalName>
            <principalFileNo>8-00719</principalFileNo>
            <principalCrdNo>000001101</principalCrdNo>
            <principalLei>549300L8G1E7ZHVEOG75</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>675000000000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP Paribas Securities Corp.</principalName>
            <principalFileNo>8-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>RCNB6OTYUAMMP879YW96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>325222594176.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>138534025454.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBS Securities Inc.</principalName>
            <principalFileNo>8-37135</principalFileNo>
            <principalCrdNo>000011707</principalCrdNo>
            <principalLei>ZE2ZWJ5BTIQJ8M0C6K34</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>188845381683.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>878418757003.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>104892980620.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>124464226634.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Securities LLC</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>126848799485.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>361549357760.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Mizuho Securities (USA) LLC</principalName>
            <principalFileNo>8-37710</principalFileNo>
            <principalCrdNo>000019647</principalCrdNo>
            <principalLei>7TK5RJIZDFROZCA6XF66</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>105286761150.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>3438167329652.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>27063295578.06000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan High Yield Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003486</mgmtInvSeriesId>
        <mgmtInvLei>15QB5UY3VV3GNSMNPX63</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>9</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009640" sharesOutstandingTickerSymbol="JHYUX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R3 Shares" sharesOutstandingClassId="C000192734" sharesOutstandingTickerSymbol="JRJYX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R2 Shares" sharesOutstandingClassId="C000070641" sharesOutstandingTickerSymbol="JHYZX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009636" sharesOutstandingTickerSymbol="OHYFX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R4 Shares" sharesOutstandingClassId="C000192735" sharesOutstandingTickerSymbol="JRJKX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R5 Shares" sharesOutstandingClassId="C000033521" sharesOutstandingTickerSymbol="JYHRX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009637" sharesOutstandingTickerSymbol="OHYAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009639" sharesOutstandingTickerSymbol="OGHCX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Group Holdings Ltd</pricingServiceName>
            <pricingServiceLei>2138005LTLTVZ4WMEX25</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse Securities (USA) LLC</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>INTL FCStone Credit Trading LLC</brokerName>
            <brokerFileNo>8-49291</brokerFileNo>
            <brokerCrdNo>000041025</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7168.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNY Mellon Capital Markets, LLC</brokerName>
            <brokerFileNo>8-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9571.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>16739.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>379904438.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>308568237.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>294108244.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>633823710.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>690971593.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1458356993.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC Capital Markets LLC</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>266482233.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1182209258.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>522214654.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>585630943.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>7136998349.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>8742609332.88846020</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Short-Intermediate Municipal Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003499</mgmtInvSeriesId>
        <mgmtInvLei>8EG1U7EOD8DPT7MPIX12</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>4</numAuthorizedClass>
        <numAddedClass>1</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000077258" sharesOutstandingTickerSymbol="JIMIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009692" sharesOutstandingTickerSymbol="OSTAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009694" sharesOutstandingTickerSymbol="STMCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000205207" sharesOutstandingTickerSymbol="OSTSX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg, L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>37666971.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>108862686.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>TD Securities (USA) LLC</principalName>
            <principalFileNo>8-36747</principalFileNo>
            <principalCrdNo>000018476</principalCrdNo>
            <principalLei>SUVUFHICNZMP2WKHG940</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>46821937.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>132337101.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Raymond James &amp; Associates, Inc.</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>110643724.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN Financial Securities Corp.</principalName>
            <principalFileNo>8-51393</principalFileNo>
            <principalCrdNo>000046346</principalCrdNo>
            <principalLei>PHDL2C07HIPM5DUL8S59</principalLei>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>30746448.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>94462131.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>143540427.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>294922192.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC Capital Markets LLC</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>25131404.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1279623057.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1592077728.00000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Short Duration Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003490</mgmtInvSeriesId>
        <mgmtInvLei>F9RLRLTOX821HGOUUJ26</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>4</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009657" sharesOutstandingTickerSymbol="JSDUX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009654" sharesOutstandingTickerSymbol="OGLVX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009656" sharesOutstandingTickerSymbol="OSTCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009653" sharesOutstandingTickerSymbol="HLLVX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>247753.000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>247.80000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services S.C.A.</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse Securities (USA) LLC</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>229949048.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>355937021.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>386286443.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>867591561.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Industrial and Commercial Bank of China Financial Services LLC</principalName>
            <principalFileNo>8-66471</principalFileNo>
            <principalCrdNo>000131487</principalCrdNo>
            <principalLei>5493003O0P1GJ0O8CI80</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>256386516.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>485390530.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>213050094.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>199114294.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>177810390.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Nomura Securities International, Inc.</principalName>
            <principalFileNo>8-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>443280735.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>5292319593.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3387259403.92307710</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Core Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003477</mgmtInvSeriesId>
        <mgmtInvLei>DQ695W4P67V7A4LC6I09</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>9</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class R5 Shares" sharesOutstandingClassId="C000033520" sharesOutstandingTickerSymbol="JCBRX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009618" sharesOutstandingTickerSymbol="OBOCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009615" sharesOutstandingTickerSymbol="WOBDX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R3 Shares" sharesOutstandingClassId="C000173234" sharesOutstandingTickerSymbol="JCBPX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009619" sharesOutstandingTickerSymbol="JCBUX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R2 Shares" sharesOutstandingClassId="C000070638" sharesOutstandingTickerSymbol="JCBZX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R4 Shares" sharesOutstandingClassId="C000173235" sharesOutstandingTickerSymbol="JCBQX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009616" sharesOutstandingTickerSymbol="PGBOX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>56979263.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>50069.52000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg, L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse Securities (USA) LLC</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>969033046.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1395125874.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>660994643.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>973024537.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>688954908.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>673696570.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>910085702.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citadel Securities LLC</principalName>
            <principalFileNo>8-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>529909083.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities (USA) Inc.</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>447575443.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>535696754.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>10959428225.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>28836813279.41768600</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="16857000" daysCreditUsed="1"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="16857000" interfundBorrowingDaysOutstanding="1"/>
        </interfundBorrowingDetails>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Municipal Money Market Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003906</mgmtInvSeriesId>
        <mgmtInvLei>549300TC3G2FB1WBWX91</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>7</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Premier Shares" sharesOutstandingClassId="C000010930" sharesOutstandingTickerSymbol="HTOXX"/>
          <sharesOutstanding sharesOutstandingClassName="Morgan Shares" sharesOutstandingClassId="C000010929" sharesOutstandingTickerSymbol="MJMXX"/>
          <sharesOutstanding sharesOutstandingClassName="E*Trade Shares" sharesOutstandingClassId="C000017366" sharesOutstandingTickerSymbol="JMEXX"/>
          <sharesOutstanding sharesOutstandingClassName="Eagle Shares" sharesOutstandingClassId="C000171131" sharesOutstandingTickerSymbol="MSJXX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000010928" sharesOutstandingTickerSymbol="IJMXX"/>
          <sharesOutstanding sharesOutstandingClassName="Agency Shares" sharesOutstandingClassId="C000010932" sharesOutstandingTickerSymbol="JMAXX"/>
          <sharesOutstanding sharesOutstandingClassName="Service Shares" sharesOutstandingClassId="C000010933" sharesOutstandingTickerSymbol="SJMXX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Money Market Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>RBC Capital Markets LLC</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>390707912.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>822525000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PNC Capital Markets LLC</principalName>
            <principalFileNo>8-32493</principalFileNo>
            <principalCrdNo>000015647</principalCrdNo>
            <principalLei>7OGNSSLOQJ8U3B9Y5F18</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>121730000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3149575000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>U.S. Bancorp Investments, Inc.</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>440820000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>221242000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>589840000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>935145000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>109500000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1497634180.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>8418049092.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>3016891913.72353650</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Tax Free Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003500</mgmtInvSeriesId>
        <mgmtInvLei>C2FBU9YCW7ZC5833BZ12</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>1</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009697" sharesOutstandingTickerSymbol="PMBAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009695" sharesOutstandingTickerSymbol="JTFCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009696" sharesOutstandingTickerSymbol="PRBIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000205208" sharesOutstandingTickerSymbol="RUNFX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg, L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Merrill Lynch Pierce Fenner &amp; Smith, Inc.</custodianName>
            <custodianLei>8NAV47T0Y26Q87Y0QP81</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>671.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co., Inc.</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>222.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>453.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>119.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>117.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1582.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>41654700.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Raymond James &amp; Associates, Inc.</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>10217633.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>69266192.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>45148846.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>13393442.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>U.S. Bancorp Investments, Inc.</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>11600000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15495511.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Samuel A. Ramirez &amp; Co., Inc.</principalName>
            <principalFileNo>8-19014</principalFileNo>
            <principalCrdNo>000006963</principalCrdNo>
            <principalLei>254900CBKVW7O2ENQA21</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15169624.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC Capital Markets LLC</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>20600124.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>14899599.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>322953531.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>359285931.00000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Limited Duration Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003492</mgmtInvSeriesId>
        <mgmtInvLei>SJDDXG06V4PVHZQZP374</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>4</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000009663" sharesOutstandingTickerSymbol="ONUAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I Shares" sharesOutstandingClassId="C000009662" sharesOutstandingTickerSymbol="HLGFX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6 Shares" sharesOutstandingClassId="C000009666" sharesOutstandingTickerSymbol="JUSUX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000009665" sharesOutstandingTickerSymbol="OGUCX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>CITIBANK N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J. P. Morgan Investment Management Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services S.C.A.</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Merrill Lynch Pierce Fenner &amp; Smith, Inc.</custodianName>
            <custodianLei>8NAV47T0Y26Q87Y0QP81</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>18688234.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Janney Montgomery Scott LLC</principalName>
            <principalFileNo>8-00462</principalFileNo>
            <principalCrdNo>000000463</principalCrdNo>
            <principalLei>549300QQRY1JCFQHYS08</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>29859375.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Drexel Hamilton LLC</principalName>
            <principalFileNo>8-67576</principalFileNo>
            <principalCrdNo>000143570</principalCrdNo>
            <principalLei>254900MVVWQEFWE3M609</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>15630130.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>39117660.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>42280052.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Nomura Securities International, Inc.</principalName>
            <principalFileNo>8-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>13293305.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities, Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>23498386.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>56078748.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15737639.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>40987876.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>343734601.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1036628138.72999980</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Corporate Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intrepid America Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Intermediate Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Economies Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Unconstrained Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Opportunistic Equity Long/Short Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Research Enhanced Index Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Mid Cap Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Intrepid Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Strategic Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Systematic Alpha Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Core Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Limited Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Sustainable Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Growth and Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Intrepid Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return SMA Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Liquid Assets Money Market Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000003905</mgmtInvSeriesId>
        <mgmtInvLei>549300YB4R95BBT2L396</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>9</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Instutional Shares" sharesOutstandingClassId="C000010918" sharesOutstandingTickerSymbol="IJLXX"/>
          <sharesOutstanding sharesOutstandingClassName="E*Trade Class Shares" sharesOutstandingClassId="C000070649" sharesOutstandingTickerSymbol="JLEXX"/>
          <sharesOutstanding sharesOutstandingClassName="Capital Shares" sharesOutstandingClassId="C000010922" sharesOutstandingTickerSymbol="CJLXX"/>
          <sharesOutstanding sharesOutstandingClassName="Premier Shares" sharesOutstandingClassId="C000010924" sharesOutstandingTickerSymbol="PJLXX"/>
          <sharesOutstanding sharesOutstandingClassName="Morgan Shares" sharesOutstandingClassId="C000010923" sharesOutstandingTickerSymbol="MJLXX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000010921" sharesOutstandingTickerSymbol="OPCXX"/>
          <sharesOutstanding sharesOutstandingClassName="Agency Shares" sharesOutstandingClassId="C000010926" sharesOutstandingTickerSymbol="AJLXX"/>
          <sharesOutstanding sharesOutstandingClassName="Reserve Shares" sharesOutstandingClassId="C000010925" sharesOutstandingTickerSymbol="HPIXX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Shares" sharesOutstandingClassId="C000010927" sharesOutstandingTickerSymbol="HLPXX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Money Market Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Asset Manager Solutions, Inc.</transferAgentName>
            <transferAgentFileNo>84-00896</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>000110037</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Czech Republic and Slovakia, a.s.</custodianName>
            <custodianLei>KR6LSKV3BTSJRD41IF75</custodianLei>
            <custodianCountry>CZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG Depository and Clearing Centre</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services S.C.A.</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>7W1GMC6J4KGLBBUSYP52</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Nordea Bank Abp</custodianName>
            <custodianLei>529900ODI3047E2LIV03</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>JPMorgan Distribution Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>000104234</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>CRD</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BMO Harris Financial Advisors, Inc.</principalName>
            <principalFileNo>8-67064</principalFileNo>
            <principalCrdNo>000137115</principalCrdNo>
            <principalLei>I76JA5DDIWUWCSTTXS58</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>13484989014.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>7714465751.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ICAP Corporates LLC</principalName>
            <principalFileNo>8-12726</principalFileNo>
            <principalCrdNo>000002762</principalCrdNo>
            <principalLei>78E0W5ARMBFSS8K1Y274</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>21792305372.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>21209800944.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith, Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>31499483114.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Tullett Prebon Financial Services LLC</principalName>
            <principalFileNo>8-43487</principalFileNo>
            <principalCrdNo>000028196</principalCrdNo>
            <principalLei>5493002MIGPVI71S2611</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>33496881339.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Agricole Securities (USA) Inc.</principalName>
            <principalFileNo>8-13753</principalFileNo>
            <principalCrdNo>000000190</principalCrdNo>
            <principalLei>549300WO2DKF0Q3YMV43</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>7717287000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SG Americas Securities, LLC</principalName>
            <principalFileNo>8-66125</principalFileNo>
            <principalCrdNo>000128351</principalCrdNo>
            <principalLei>549300F35UE0BOM1WJ55</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>23502810872.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Mizuho Securities (USA) LLC</principalName>
            <principalFileNo>8-37710</principalFileNo>
            <principalCrdNo>000019647</principalCrdNo>
            <principalLei>7TK5RJIZDFROZCA6XF66</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10863993165.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Erste Group Bank AG</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>PQOH26KWDF7CG10L6792</principalLei>
            <principalCountry>AU</principalCountry>
            <principalTotalPurchaseSale>9392759500.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>224793456976.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>3105073410.44000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Institutional Tax Free Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust III" secFileNo="811-22915"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Flexible Long/Short Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Plus Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN INSURANCE TRUST" secFileNo="811-07874"/>
                <creditUser fundName="JPMORGAN FLEMING MUTUAL FUND GROUP" secFileNo="811-08189"/>
                <creditUser fundName="UNDISCOVERED MANAGERS FUNDS" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Opportunities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartSpending 2050 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Securities Lending Money Market Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Focus SMA Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <interfundLendingDetails isInterfundLending="Y">
          <interfundLending interfundLendingLoanAverage="19841000" interfundLendingDaysOutstanding="86"/>
        </interfundLendingDetails>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="JPMorgan Trust II" signedDate="2019-05-13" signature="Timothy J. Clemens" title="Treasurer and Principal Financial Officer"/>
  </formData>
</edgarSubmission>
