SEC Division of Investment Management staff letter: JP Morgan Municipal Money Market Fund

.JPMorga n Trust II
270 Park A venue
New York, NY 1 0017
January 27, 2014
Via E lectron ic Mail (IM shareholderproposals@sec.gov) U.S. Securities and Exchange Commission Division of Investment Management Office of Disclosure and Review 100 F Street, N .E. Washington, D.C. 20549-8626 Re: JPMorgan Tmst II on behalf of JPMorgan Municipal Money Market Fund Shareholder Proposal Submitted by William L. Rosenfeld, Trustee, Willian1 L. Rosenfeld Trust UAD 03/13/2003 Ladies and Gentlemen:
This letter is submitted by JPMorgan Trust II (the "Trust"), a registered open-end investment company on behalf of its series JPMorgan Municipal Money Market Fund (the "Fund" or the "Municipal Money Market Fund") Lmder Rule 14a-8U) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") to notify the Securities and Exchange Commission (the '"Commission") of the Municipal Money Market Fund's intention to exclude a stockholder proposal from the proxy materials for a special meeting of shareholders of the Trust to be held in 2014. William L. Rosenfeld, Trustee, William L. Rosenfeld Trust UAD 03113/2003 (the "Proponent") submitted a shareholder proposal on November 17,2010 (the "Proposal"). A copy of the Proponent 's letter and Proposal is attached hereto as Exhibit A. The Trust respectfully requests that the Commission's Division of Investment Management staff (the "Staff') not recommend that enforcement action be taken by the Commission against the Municipal Money Market Fund if the Trust excludes the Proposal from its 2014 proxy materials for the reasons set forth below. The Tmst intends to file definitive proxy materials for a special meeting of shareholders early in the second quarter of2014. Tlus letter and its exhibits are being submitted via e-mail to IMshareholderproposals@sec.gov. A copy of this letter and its exhibits will also be sent to the Proponent.
I. BACKGROUND
On November 17, 2010, the Proponent sent a letter to the Fund that included the Proposal. The Proposal references investments in PetroChina and inc ludes a resolution which would require the JPMorgan Board of Trustees "to institute transparent procedures to prevent holding investments in companies that, in management judgment, substantially contribute to genocide or crimes

against humanity .. . " On January 24,2011, the Trust sent a letter to the Proponent via overnight mail indicating that the Fund did not anticipate calling a shareholder meeting in the near term. The letter further provided that, in the event the Fund were to call a meeting, the Fund "would likely file a proposal with the [SEC] pursuant to Rule 14a-8(i)(5) to exclude [the] proposal" given that the Municipal Money Market Fund did not hold PetroChina and does not make investments in "companies" as contemplated by the Proposal. As of the date of submission of this letter, the Fund has not received any further correspondence from the Proponent. The Municipal Money Market Fund's Board of Trustees supports responsible investing and the view that human rights concerns should be taken into consideration when making investment decisions. J.P. Mo rgan fnvestment Management Inc. ("JPMIM"), an indirect wholly owned subsid iary of JPMorgan Chase & Co. ("JPMorgan Chase"), serves as investment adviser to the Fund. JPMorgan Chase has stated that it supports fundamental principles of human rights across all lines of its business and each region of the world in whjch it operates and has adopted a Human Ri ghts Statement to memorialize this commitment. 1 JPMorgan's Asset Management business of which JPMIM is a part has adopted the United Nations Principles for Responsible Investing and the Extractive Industries Transparency Irutiative.2 While the Fund and JPMIM support the Proponent's commitment to responsible investing, the Fund is submitting this request to exclude the Proposal under R ule 14a-8(i)(5) from the Fund's 2014 proxy given the limited nature ofthe investments that the Fund can make as a registered money market fund .
II. BASIS FOR EXCL USION
Rule 14a-8(i)(5) - The Proposal May Be Excluded Pursuant To Rule 14a-8(i)(S) Because The Proposal Relates To Operations Which Account For Less Than 5 Percent Of The Fund's Total Assets At The End Of Its Most Recent Fiscal Yea r, And For Less Than 5( o Of Its Net Earnings And Gross Sales For Its Most Recent Fiscal Year, And Is Not Otbenvise Significantly Related To T he Fund' s Business. The Proposal references PetroChina and includes a resolution wmch would require the Board to adopt procedures to prevent the Fund from holding investments in "companies" that "substantially contribute to genocide or crimes against humaruty." However, the Fund does not invest in "PetroChina" or "companies" as referenced in the Proposal. The Fund is regulated as a money market fund under the Investment Company Act of 1940 ("1940 Act") and, consistent with its name, focuses its investments on municipal securities. As a consequence, the Proposal is not relevant to the Fund's business of investing in municipal securities through short-term money market instruments. Under Rule l 4a-8(i)(5), a proposal may be excluded on the basis of relevance if the proposal:
(1) relates to operations which account for less than 5 percent of the Fund's total assets at the end of its most recent fiscal year; (2) relates to operations which account for less than 5 percent of the Fund' s net earnings and gross sales for its most recent fiscal year; and 1 The Human Rights Statement is avai lable at: http://www.jpmorganchase.com/corporate/Coporate

Responsibilitv/human-rights.htm
2 The United Nations PTinciples for Responsible Investing are available at: http://www.unpri.org/principles/.

(3) is not otherwise significantly related to the Fw1d's business. The Fund is able to satisfy that the Proposal should be excluded from the 2014 Proxy based on the three conditions set forth above. In order to satisfy the first condition to exclusion under Rule 14a-8(i)(5), the Proposal must relate to operations which account for less than 5 percent of the Fund's total assets at the end of its most recent fiscal year. As shown on its annual report for the fiscal year ended February 28, 2013 (copy attached as Exhibit B), the Fund focuses in municipal securities and did not invest in Petro-China or the types of "companies" that are the subject of the Proposal. As a result, the fi rst condition for excluding the Proposal from the 2014 Proxy is satisfied as the Proposal relates to operations which account for less than 5 percent of the Fund's total assets at the end ofits most recent fiscal year. Because the Fund did not invest in "companies" that are the subject of the Proposal as of the end of its most recent fiscal year, the second condition in Rule 14a-8(i)(5) is also satisfied. Under the second condition for exclusion from the 2014 Proxy, the Proposal must relate to operations which account for less than 5 percent of the Fund's net earnings and gross sales for its most recent fiscal year. Given that the Fund, as a municipal money market fund, did not invest in "companies" as referenced in the Proposal, the Fund's earnings or returns and proceeds from sales ofinvestments were wholly unrelated to the Proposal and the second condition is satisfied. Finally, the Proposal is "not otherwise significantly related to the Fund's business" and therefore meets the third condition for exclusion under Rule 14a-8(i)(5). As indicated in the Fund's July 1, 2013 prospectus, the Fund invests in municipal securities that are issued by or on behalf of states, territories and possessions of the United States and their respective authorities, agencies and other groups with authority to act for municipalities. The Fund ' s investments may include short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations, participations in pool of municipal obligations, taxable money market instruments and repurchase agreements. (See the Fund's prospectus attached as Exhibit C). The Fund does not invest in equities. In addition, the Fund has limitations on its investments including requirements that the Fund may only invest in U.S. dollar-denominated securities and investments that meet the maturity, credit and quality standards required by Rule 2a-7 under the 1940 Act. Because of the regulations applicable to the Fund as a money market fund and the Fund's focus on municipal securities, the Fund does not have exposure to PetroChina and does not make investments in "companies" as contemplated by the Proposal. As a result, the Proposal is not "significantly related" to the Fund's business of
investing in municipal securities through short-term money market instruments.
III. CONCLUSION
Based on the foregoing analysis, the Fund hereby respectfully requests that the Staff confi1m that it will not recommend enforcement action be taken by the Commission against the Fund if the Fund excludes the Proposal from its 2014 proxy materials. We would be happy to provide any additional inf01mation and answer any questions that the Staff may have regarding this submission. If we can be of any further assistance in the matter, please do not hesitate to contact me at 212-684-0894 or Jessica Ditullio at (614) 901-1410 or via e-mail at frank.j.nasta@ jpmorgan.com

or jessica.k.ditullio@jpmorgan.com. Please acknowledge receipt of this letter by return e-mail. Thank you for your attention to this matter. Very truly yours, Frank ~~~ J. Nasta, Secretary cc: JPMorgan Municipal Money Market Fund- Shareholder Proposal Submitted by William
L. Rosenfeld, Trustee, William L. Rosenfeld Trust UAD 03 / 13/2003

Exhibit A

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34 Moreland Ave.
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JP,1organ l"rusl II
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I am \Hit ing to suhmit the atladJcd shareh1)1der propo:->al tl>r inclusion in the JPMo rgan Munic1pal \Ioney Markcr l'und·~ nc'\1 pro'\y :-.tatcme nt and for presentation at !hi.· n~.:x.t sharehol der meeting. I hold shares or .IPMorg:m fvhmicipal Mrmcy Mnrkc\ rund E* 'l RADE Class (uckcr JM L.X.. via my r 't mJI.' • \CLl>Ulll 6 1 0~ i ...! .,:-·J. i k t\ e hcc11 a fund shareholder contin uo us!)' f'o r U\ cr one ~ 1.:a r. i am attaching <.1 (.'('P! of a statemcni fwm L:TraJl· con firming 111_:.. ownership of shares \ it h a nwrJ...et \·aluc in execs~ of$2.000 over a ~t.::.lr ugo. I hmc cominuously hdd at least $2.000 of the fund :-.im:e th at dak· and it is 111) intention to continue to do so. Plt:a::-c confirm rl.'ceipll) t this letter. If for any n:asnn }~>U choose to ~xclude this proposal ti·om ynur pro>..y pleasi.! noti t\ me: at tht: uhov l.' address. f'hank. ~ ou i(lr: our considc:rati o n. SillC('!'cl) . \ llliarn I .. Rosc nfc iJ_ lrustct:
William 1.. Rosenkld Trust
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Genocide-free Investing

Shareholder Proposa l for JPMorgan Municipal Money Market Fund

WHEREAS:
JPM_organ ~hase & Co r JPMorgan") has released no genoctde-free mvesung policy. It may at any time mcrease such holdmgs or mvolve new mutual funds As a result, tndtvtdua ls through the tr JPMorgan Munictpal Money Market Fund shares, may inadvertently tnvest rn companies helping to fund genocrde. We bel!eve :hat
1) Investors do not want their pens tons and family savings connected to genocide
a) Reasonable people may disagree about what constitutes socially responsible mvest1ng, but few people want thetr savtngs connected to genoctde b) In the face of the most extreme human rights cnses investment companies share responsibtltty. alo ng w1th government. to act c) In KRC Research's 2010 stud y 88°'c! of respondents sa1d they would like their mutual funds to be genocide-free. dl Millions of people have voted for shareholder proposals s1m11ar to this one. submitted by supporters of Investors Against Genoc1de d~:~;:llte active management oppos1tion
2) fh1s problem 1s particularly Important to fund shareholr).:;n, because JPM,xgan:
J) I l as been a large ho:der 0i rc::doL,nma fc, tt:::ars. A January 2010 filing show s holdings of 1 070.760.070 Hshares. worth S1 3 b:lhon PetroChma. through its closely related parent China Natio'1al Petroleum Company. is tnternationally recogmzed as the worst offender help1ng fund the Government of Sudan's genoctde in Darfur b) Con tinued to buy shares of problem companies even after becommg aware of the investment's connection to the Darfur genocrde. c ) Claims that tt ·supports fundamental principles of human rights across all our lines of busmess" but has taken no action to avo•d these problem Investments d) L1m1ts the effectiveness of U.S. sanctions by investing 1n foretgn compames which do busmess prohibited to US companies
3) A policy agamst mvestments m genoctde must:
a) Be clear and transparent b) Apply today and to any future genoc1de. c) Prevent purchastr>g stl<Jres of cornpan1es known to substantially contnbute to genoc1de or cnmes agatnst humamty dl If the fund already holds problem companies and can influence the1r behavior ttme-hmtted engagement may be appropnate If not. problem investments should be sold
4) There are no sound financial fiduc1ary . or legal reasons that prevent the fund from having a policy agamst
investments m genocide. as TIAA-CREF demonstrated m 2009. a) Ample compet1t1ve Investment chotces ex 1st even for tndex funds. b) Avotd1ng a small number of problem companres need not have a Significant effect on performance. as shown 1n Gary Bnnson s classic asset allocation study c t Even the most conservattve legal concerns can be addressed by a small change to the prospectus dl Management can easily obtam independent assessments of problem compan1es and thetr connection to genoc1de 5' Investor pressure can help mfluence foreign governments, as in South Africa Similar divestment pressure on Taltsman Energy helped end the conflict tn South Sudan. RESOLVED:
Shareholders request that the Board mstitute tra nsparent procedures to prevent hold1ng investments in companies that. tn management's JUdgment, substantially contribute to genoc1de or cnmes aga1nst r,umamty the most egregtous vtolattons of human nghts

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Exhibit B

Annual Report
J.P. Morgan Money Market Funds

February 28, 2013
JPMorgan Prime Money Market Fund
JPMorgan Liquid Assets Money Market Fund
JPMorgan U.S. Government Money Market Fund JPMorgan U.S. Treasury Plus Money Market Fund JPMorgan Federal Money Market Fund JPMorgan 100% U.S. Treasury Securities Money Market Fund JPMorgan Tax Free Money Market Fund JPMorgan Municipal Money Market Fund

CONTENTS
CEO’s Letter ..................................................................................... 1

Fund Facts:

JPMorgan Prime Money Market Fund .............................................................. 2

JPMorgan Liquid Assets Money Market Fund ......................................................... 3

JPMorgan U.S. Government Money Market Fund ...................................................... 4

JPMorgan U.S. Treasury Plus Money Market Fund ..................................................... 5

JPMorgan Federal Money Market Fund ............................................................. 6

JPMorgan 100% U.S. Treasury Securities Money Market Fund ........................................... 7

JPMorgan Tax Free Money Market Fund ............................................................ 8

JPMorgan Municipal Money Market Fund ........................................................... 9

Schedules of Portfolio Investments .................................................................... 10

Financial Statements ............................................................................... 66

Financial Highlights ................................................................................ 92

Notes to Financial Statements ........................................................................ 116

Report of Independent Registered Public Accounting Firm ................................................. 126

Trustees ........................................................................................ 127

Officers ......................................................................................... 129

Schedule of Shareholder Expenses .................................................................... 130

Tax Letter ....................................................................................... 135

Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although a Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a Fund. Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund. Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER
MARCH 18, 2013 (Unaudited)
Dear Shareholder:
Equity markets in most parts of the world posted strong returns for the twelve months ended February 28, 2013. This positive momentum has carried into March and, according to recent industry net flows into equity strategies, many investors are beginning to allocate more assets to stocks. The U.S. Federal Reserve has maintained its commitment to accommodative policies, a stance that has been largely followed by central banks and policy makers around the world. Chinese policymakers have recently reversed gears, adopting a more progrowth stance, while the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. “The U.S. Federal Reserve has maintained its commitment to accommodative policies, a stance that has been largely followed by central banks and policy makers around the world.” Stock returns across market capitalizations, countries and investment styles varied during the reporting period. Supported by improving economic data, especially in the real estate market, U.S. stocks outperformed international and emerging market stocks during the twelve months ended February 28, 2013. U.S. Treasury yields remain low Despite a recent uptick in the last few months, yields for U.S. Treasury securities remain near historically low levels. The yield for 10-year U.S. Treasury securities ended February 2013 at 1.9%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.3% and 3.1%, respectively. As the low interest rate environment persists, an increasing amount of fixed income investors are turning to asset classes like high yield bonds and emerging market debt in search of higher yielding securities. Higher demand for these securities as well as strong fundamentals led to positive returns for high yield bonds and emerging market debt during the twelve months ended February 28, 2013. Meanwhile, the reviving U.S. real estate market, along with the gradual cleansing of the excess of the mortgage bubble, has recently bolstered returns for mortgage-backed securities. Maintain exposure to a variety of asset classes Many signs are pointing to a steadily improving global economic backdrop. The U.S. economy has weathered the uncertainty of political gridlock and the February jobs report was unambiguously positive with 236,000 jobs added, a decline in the unemployment rate, and good gains in both wages and the length of the workweek. In addition, housing numbers, retail sales and industrial production all showed positive momentum in the first quarter. Meanwhile, China seems to be avoiding the economic “hard landing” that many investors feared, evidenced by its recently strong economic growth. Of course, other parts of the world appear to be on less solid ground. Tension in the Middle East remains
elevated. While aggressive actions taken by the ECB have quelled concerns surrounding Europe’s debt crisis, many countries are facing deteriorating economic conditions that in many cases are being exacerbated by austerity measures. The recent announcement of a plan to tax bank deposits in Cyprus serves as a reminder of the market volatility that can result from policy developments in the region. As always, we encourage investors to maintain an appropriately balanced portfolio of stocks, bonds and alternative investments. On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111. Sincerely yours, George C.W. Gatch CEO, Global Funds Management J.P. Morgan Asset Management FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 1

JPMorgan Prime Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital Primary Investments ............................. High quality, short-term, U.S. dollar-denominated money market instruments Suggested investment time frame .................. Short-term Share classes offered ............................ Class B, Class C, Agency, Capital, Cash Management, Direct, Eagle Class, IM Shares, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares

Net Assets as of 2/28/2013 ....................... $109.6 Billion

Weighted Average Maturity^ ....................... 57 days

Weighted Average Life^^ ......................... 72 days

S&P rating* (a) ................................. AAAm

Moody’s rating* (b) .............................. Aaa-mf

(a) Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. (b) Rating incorporates Moody’s combined assessment of a fund’s Portfolio Credit Profile with an evaluation of its Portfolio Stability Profile and reflects consideration of other factors such as sponsor quality, the fund’s management and legal factors. MATURITY SCHEDULE^ 7-DAY SEC YIELD AS OF 2/28/2013 (1) 1 day ........................................ 17.9% Class B Shares ................................. 0.01% 2–7 days ..................................... 9.1 Class C Shares ................................. 0.01 8–30 days .................................... 18.5 Agency Shares ................................ 0.03 31–60 days ................................... 17.9 Capital Shares ................................. 0.10 61–90 days ................................... 17.6 Cash Management Shares ........................ 0.01 91–180 days .................................. 12.8 Direct Shares ................................. 0.01 181+ days .................................... 6.2 Eagle Class Shares ............................. 0.01 IM Shares .................................... 0.12 Institutional Class Shares ........................ 0.07 Investor Shares ................................ 0.01 Morgan Shares ................................ 0.01 Premier Shares ................................ 0.01 Reserve Shares ................................ 0.01 Service Shares ................................ 0.01 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the
date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

This rating is historical and is based upon the Fund’s credit quality, market price exposure and management.
Percentages indicated are based upon total investments as of February 28, 2013. (1) The yields for Class B Shares, Class C Shares, Agency Shares, Capital Shares, Cash Management Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.88)%, (0.88)%, (0.03)%, 0.07%, (0.68)%, (0.02)%, (0.43)%, 0.12%, 0.02%, (0.23)%, (0.23)%, (0.17)%, (0.43)% and (0.78)% for Class B Shares, Class C Shares, Agency Shares, Capital Shares, Cash Management Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Prime Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. 2 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

JPMorgan Liquid Assets Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Seeks current income with liquidity and stability of principal Primary Investments ............................. High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations Suggested investment time frame .................. Short-term Share classes offered ............................ Class B, Class C, Agency, Capital, ETrade, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares Net Assets as of 2/28/2013 ....................... $11.8 Billion Weighted Average Maturity^ ....................... 58 days Weighted Average Life^^ ......................... 71 days MATURITY SCHEDULE^

1 day ........................................ 15.8% 2–7 days ..................................... 12.6 8–30 days .................................... 16.3 31–60 days ................................... 18.9 61–90 days ................................... 14.9 91–180 days .................................. 15.2 181+ days .................................... 6.3 7-DAY SEC YIELD AS OF 2/28/2013 (1)

Class B Shares ................................. 0.01% Class C Shares ................................. 0.01 Agency Shares ................................ 0.03 Capital Shares ................................. 0.11 E*Trade Shares ................................ 0.05 Institutional Class Shares ........................ 0.08 Investor Shares ................................ 0.01 Morgan Shares ................................ 0.01 Premier Shares ................................ 0.01 Reserve Shares ................................ 0.01 Service Shares ................................ 0.01 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

Percentages indicated are based upon total investments as of February 28, 2013.
(1) The yields for Class B Shares, Class C Shares, Agency Shares, Capital Shares, ETrade Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.89)%, (0.89)%, (0.04)%, 0.06%, (0.79)%, 0.01%, (0.24)%, (0.34)%, (0.19)%, (0.45)% and (0.82)% for Class B Shares, Class C Shares, Agency Shares, Capital Shares, ETrade Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Liquid Assets Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 3

JPMorgan U.S. Government Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Seeks high current income with liquidity and stability of principal

Primary Investments ............................. High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations Suggested investment time frame .................. Short-term

Share classes offered ............................ Agency, Capital, Direct, Eagle Class, IM Shares, Institutional Class,

Investor, Morgan, Premier, Reserve and Service Shares

Net Assets as of 2/28/2013 ....................... $61.2 Billion

Weighted Average Maturity^ ....................... 55 days

Weighted Average Life^^ ......................... 64 days

S&P rating* (a) ................................. AAAm

Moody’s rating* (b) .............................. Aaa-mf

(a) Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. (b) Rating incorporates Moody’s combined assessment of a fund’s Portfolio Credit Profile with an evaluation of its Portfolio Stability Profile and reflects consideration of other factors such as sponsor quality, the fund’s management and legal factors. MATURITY SCHEDULE^ 7-DAY SEC YIELD AS OF 2/28/2013 (1) 1 day ........................................ 20.1% Agency Shares ................................ 0.01% 2–7 days ..................................... 16.0 Capital Shares ................................. 0.01 8–30 days .................................... 10.2 Direct Shares ................................. 0.01 31–60 days ................................... 14.9 Eagle Class Shares ............................. 0.01 61–90 days ................................... 14.9 IM Shares .................................... 0.01 91–180 days .................................. 18.9 Institutional Class Shares ........................ 0.01 181+ days .................................... 5.0 Investor Shares ................................ 0.01 Morgan Shares ................................ 0.01 Premier Shares ................................ 0.01 Reserve Shares ................................ 0.01 Service Shares ................................ 0.01 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for
redemption, the date on which the redemption payment must be made.

This rating is historical and is based upon the Fund’s credit quality, market price exposure and management.
Percentages indicated are based upon total investments as of February 28, 2013. (1) The yields for Agency Shares, Capital Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.16)%, (0.06)%, (0.16)%, (0.56)%, (0.01)%, (0.11)%, (0.36)%, (0.46)%, (0.31)%, (0.61)% and (0.91)% for Agency Shares, Capital Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Government Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. 4 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Seeks current income with liquidity and stability of principal

Primary Investments ............................. Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities Suggested investment time frame .................. Short-term

Share classes offered ............................ Class B, Class C, Agency, Direct, Eagle Class, IM Shares, Institutional

Class, Investor, Morgan, Premier, Reserve and Service Shares

Net Assets as of 2/28/2013 ....................... $14.7 Billion

Weighted Average Maturity^ ....................... 54 days

Weighted Average Life^^ ......................... 54 days

S&P rating* (a) ................................. AAAm

Moody’s rating* (b) .............................. Aaa-mf

(a) Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. (b) Rating incorporates Moody’s combined assessment of a fund’s Portfolio Credit Profile with an evaluation of its Portfolio Stability Profile and reflects consideration of other factors such as sponsor quality, the fund’s management and legal factors. MATURITY SCHEDULE^ 7-DAY SEC YIELD AS OF 2/28/2013 (1) 1 day ........................................ 38.4% Class B Shares ................................. 0.00% 2–7 days ..................................... 11.9 Class C Shares ................................. 0.00 8–30 days .................................... 3.9 Agency Shares ................................ 0.00 31–60 days ................................... 13.7 Direct Shares ................................. 0.00 61–90 days ................................... 8.2 Eagle Class Shares ............................. 0.00 91–180 days .................................. 15.5 IM Shares .................................... 0.00 181+ days .................................... 8.4 Institutional Class Shares ........................ 0.00 Investor Shares ................................ 0.00 Morgan Shares ................................ 0.00 Premier Shares ................................ 0.00 Reserve Shares ................................ 0.00 Service Shares ................................ 0.00 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be
paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

This rating is historical and is based upon the Fund’s credit quality, market price exposure and management.
Percentages indicated are based upon total investments as of February 28, 2013. (1) The yields for Class B Shares, Class C Shares, Agency Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (1.03)%, (1.03)%, (0.18)%, (0.18)%, (0.58)%, (0.03)%, (0.13)%, (0.38)%, (0.48)%, (0.33)%, (0.59)% and (0.93)% for Class B Shares, Class C Shares, Agency Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Treasury Plus Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 5

JPMorgan Federal Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Aims to provide current income while still preserving capital and maintaining liquidity Primary Investments ............................. Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities Suggested investment time frame .................. Short-term Share classes offered ............................ Agency, Institutional Class, Morgan, Premier and Reserve Shares Net Assets as of 2/28/2013 ....................... $4.0 Billion Weighted Average Maturity^ ....................... 52 days Weighted Average Life^^ ......................... 61 days S&P rating* (a) ................................. AAAm Moody’s rating* (b) .............................. Aaa-mf (a) Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. (b) Rating incorporates Moody’s combined assessment of a fund’s Portfolio Credit Profile with an evaluation of its Portfolio Stability Profile and reflects consideration of other factors such as sponsor quality, the fund’s management and legal factors. MATURITY SCHEDULE^

1 day ........................................ 5.0%

2–7 days ..................................... 0.6

8–30 days .................................... 36.6

31–60 days ................................... 29.7

61–90 days ................................... 14.8

91–180 days .................................. 9.7

181+ days .................................... 3.6

7-DAY SEC YIELD AS OF 2/28/2013 (1)

Agency Shares ................................ 0.01% Institutional Class Shares ........................ 0.01 Morgan Shares ................................ 0.01 Premier Shares ................................ 0.01 Reserve Shares ................................ 0.01 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

This rating is historical and is based upon the Fund’s credit quality, market price exposure and management.
Percentages indicated are based upon total investments as of February 28, 2013. (1) The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.24)%, (0.19)%, (0.54)%, (0.39)% and (0.64)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Federal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. 6 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

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

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal Primary Investments ............................. Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes Suggested investment time frame .................. Short-term Share classes offered ............................ Agency, Capital, Institutional Class, Morgan, Premier, Reserve and Service Shares

Net Assets as of 2/28/2013 ....................... $24.6 Billion

Weighted Average Maturity^ ....................... 49 days

Weighted Average Life^^ ......................... 49 days

S&P rating* (a) ................................. AAAm

Moody’s rating* (b) .............................. Aaa-mf

(a) Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. (b) Rating incorporates Moody’s combined assessment of a fund’s Portfolio Credit Profile with an evaluation of its Portfolio Stability Profile and reflects consideration of other factors such as sponsor quality, the fund’s management and legal factors. MATURITY SCHEDULE^ 7-DAY SEC YIELD AS OF 2/28/2013 (1)
8–30 days ....................................
31–60 days ...................................
61–90 days ...................................
91–180 days ..................................
181+ days ....................................
33.1%
38.3
19.3
8.7
0.6
Agency Shares ................................
Capital Shares .................................
Institutional Class Shares ........................
Morgan Shares ................................
Premier Shares ................................
Reserve Shares ................................
0.00%
0.00
Service Shares ................................ 0.00 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

This rating is historical and is based upon the Fund’s credit quality, market price exposure and management.
Percentages indicated are based upon total investments as of February 28, 2013. (1) The yields for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.22)%, (0.12)%, (0.17)%, (0.52)%, (0.37)%, (0.62)% and (0.97)% for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 100% U.S. Treasury Securities Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 7

JPMorgan Tax Free Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity* Primary Investments ............................. High quality short-term municipal securities, the interest on which is excluded from federal income taxes Suggested investment time frame .................. Short-term Share classes offered ............................ Agency, Direct, Eagle Class, Institutional Class, Morgan, Premier and Reserve Shares Net Assets as of 2/28/2013 ....................... $19.2 Billion Weighted Average Maturity^ ....................... 25 days Weighted Average Life^^ ......................... 25 days S&P rating (a) ................................ AAAm (a) Standard & Poor’s analysis focuses primarily on the creditworthiness of the fund’s investments and counterparties, its investments’ maturity structure and management’s ability and policies to maintain the fund’s stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. MATURITY SCHEDULE*^

1 day ........................................ 13.3%

2–7 days ..................................... 69.9

8–30 days .................................... 1.1

31–60 days ................................... 0.6

61–90 days ................................... 3.2

91–180 days .................................. 8.0

181+ days .................................... 3.9

7-DAY SEC YIELD AS OF 2/28/2013 (1)

Agency Shares ................................ 0.01% Direct Shares ................................. 0.01 Eagle Class Shares ............................. 0.01 Institutional Class Shares ........................ 0.01 Morgan Shares ................................ 0.01 Premier Shares ................................ 0.01 Reserve Shares ................................ 0.01 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes.
This rating is historical and is based upon the Fund’s credit quality, market price exposure and management.
Percentages indicated are based upon total investments as of February 28, 2013.
(1) The yields for Agency Shares, Direct Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.15)%, (0.15)%, (0.55)%, (0.04)%, (0.45)%, (0.30)% and (0.55)% for Agency Shares, Direct Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. 8 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

JPMorgan Municipal Money Market Fund

FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2 013 ( Unaudited) Objective ...................................... Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal* Primary Investments ............................. High quality short-term municipal securities, the interest on which is excluded from federal income taxes Suggested investment time frame .................. Short-term Share classes offered ............................ Agency, ETrade, Institutional Class, Morgan, Premier, Reserve and Service Shares Net Assets as of 2/28/2013 ....................... $2.8 Billion Weighted Average Maturity^ ....................... 30 days Weighted Average Life^^ ......................... 30 days MATURITY SCHEDULE^ 7-DAY SEC YIELD AS OF 2/28/2013 (1) 1 day ........................................ 7.5% Agency Shares ................................ 0.00% 2–7 days ..................................... 72.6 ETrade Shares ................................ 0.01 8–30 days .................................... 1.7 Institutional Class Shares ........................ 0.04 31–60 days ................................... 2.2 Morgan Shares ................................ 0.00 61–90 days ................................... 3.5 Premier Shares ................................ 0.00 91–180 days .................................. 7.0 Reserve Shares ................................ 0.00 181+ days .................................... 5.5 Service Shares ................................ 0.00 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investmentreturns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors). An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. ^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. ^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes.
Percentages indicated are based upon total investments as of February 28, 2013. (1) The yields for Agency Shares, ETrade Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.06)%, (0.82)%, (0.02)%, (0.37)%, (0.22)%, (0.47)% and (0.82)% for Agency Shares, ETrade Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 9

JPMorgan Prime Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION (t) VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Certificates of Deposit — 42.8% ABN Amro Bank N.V., 593,000 Credit Industriel et Commercial, 0.220%, 537,000 0.310%, 04/04/13 536,843 03/27/13 593,000 110,000 0.320%, 04/10/13 109,961 Credit Suisse, 526,000 0.320%, 06/19/13 526,003 478,000 0.250%, 04/02/13 478,000 454,000 0.330%, 03/22/13 454,001 355,000 0.263%, 03/07/13 355,000 Banco Del Estado De Chile, 812,000 0.282%, 03/26/13 812,000 50,000 0.230%, 05/30/13 50,000 Deutsche Bank AG, 150,000 0.240%, 05/08/13 149,999 830,000 0.262%, 04/19/13 830,000 123,000 0.290%, 03/06/13 123,000 170,000 0.290%, 04/10/13 170,006 Bank of Montreal, 303,000 0.300%, 05/30/13 303,000 250,000 0.200%, 05/07/13 250,000 836,000 0.858%, 03/15/13 836,000 290,000 0.200%, 05/14/13 290,000 DNB Bank ASA, 200,000 0.200%, 05/16/13 200,000 622,000 0.220%, 05/24/13 622,000 362,000 0.200%, 05/29/13 362,000 504,000 0.225%, 06/03/13 504,006 262,000 0.220%, 04/08/13 262,000 516,000 0.230%, 05/28/13 515,710 140,000 0.220%, 04/16/13 140,000 560,000 0.250%, 03/01/13 560,000 Bank of Nova Scotia, DZ Bank AG, 199,000 0.240%, 04/11/13 199,000 320,000 0.250%, 05/30/13 319,800 450,000 0.252%, 03/20/13 450,000 265,000 0.250%, 06/03/13 264,827 284,300 0.269%, 03/08/13 284,300 104,000 0.270%, 03/19/13 103,986 822,000 0.299%, 03/12/13 822,000 436,000 0.270%, 03/21/13 435,935 520,000 0.300%, 03/04/13 520,000 HSBC Bank plc, Bank of Tokyo-Mitsubishi UFJ Ltd., 247,000 0.300%, 03/07/13 247,000 170,000 0.280%, 08/02/13 170,000 253,000 0.300%, 04/12/13 253,000 245,000 0.285%, 08/14/13 244,678 266,000 0.325%, 10/31/13 266,009 408,000 0.285%, 08/06/13 408,000 152,000 0.350%, 10/18/13 152,000 286,000 0.300%, 07/30/13 285,641 300,000 Landesbank Hessen-Thueringen Girozentrale, 90,000 0.350%, 05/01/13 90,000 0.180%, 03/05/13 300,000 315,000 0.410%, 03/21/13 315,000 Mitsubishi UFJ Trust & Banking Corp., 106,000 0.410%, 03/27/13 106,000 31,000 0.280%, 09/03/13 31,000 263,000 0.420%, 03/20/13 263,000 200,000 0.290%, 08/22/13 199,720 50,000 0.470%, 03/08/13 50,000 271,000 0.350%, 05/16/13 271,000 344,000 0.490%, 03/04/13 344,000 145,000 0.350%, 05/20/13 145,000 Barclays Bank plc, 243,000 0.405%, 04/12/13 242,886 1,285,000 0.250%, 04/12/13 1,285,000 100,000 0.410%, 04/04/13 100,000 175,000 0.250%, 05/13/13 175,000 161,000 0.425%, 04/02/13 161,000 BNP Paribas, Mizuho Corporate Bank Ltd., 80,000 0.270%, 05/06/13 80,000 100,000 0.240%, 04/30/13 100,000 871,000 0.280%, 05/06/13 870,553 608,000 0.240%, 05/17/13 608,000 978,000 0.305%, 05/01/13 978,000 101,000 0.250%, 04/17/13 101,000 306,000 0.360%, 06/03/13 306,000 267,000 0.260%, 04/09/13 267,000 737,000 250,000 1,037,000 Banque Federative du Credit Mutuel, 0.275%, 03/11/13 Commonwealth Bank of Australia, 0.240%, 03/13/13 Credit Agricole Corporate and Investment 737,001 250,000 266,000 70,000 462,000 170,000
0.260%, 04/15/13 0.270%, 04/18/13 0.270%, 04/04/13 0.270%, 04/08/13 266,000 69,975 462,000 170,000 Bank, 0.270%, 05/02/13 1,037,000 SEE NOTES TO FINANCIAL STATEMENTS. 10 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Certificates of Deposit — Continued National Australia Bank Ltd., 470,000 Skandinaviska Enskilda Banken AB, 0.220%, 566,000 0.249%, 03/09/13 566,000 05/10/13 470,000 991,700 0.251%, 03/19/13 991,700 Societe Generale, 870,000 Natixis, 0.350%, 04/03/13 870,000 166,000 0.300%, 03/15/13 166,000 Nederlandse Waterschapsbank N.V., 138,000 0.300%, 04/01/13 138,000 300,000 0.295%, 03/11/13 299,976 880,000 0.300%, 04/02/13 880,000 280,000 0.310%, 03/22/13 279,949 Sumitomo Mitsui Banking Corp., Nordea Bank Finland plc, 397,000 0.230%, 04/22/13 397,000 133,000 0.230%, 05/28/13 133,000 165,000 0.270%, 07/29/13 165,000 200,000 0.290%, 06/25/13 200,000 120,000 0.270%, 08/02/13 120,000 150,000 0.290%, 11/25/13 149,994 485,000 0.270%, 08/06/13 485,000 393,000 0.300%, 05/15/13 393,000 248,000 0.270%, 08/12/13 248,000 480,000 0.300%, 06/21/13 480,000 227,000 0.270%, 08/19/13 227,000 Norinchukin Bank Ltd., 104,000 0.270%, 09/03/13 104,000 158,000 0.250%, 05/16/13 158,000 249,000 0.310%, 07/12/13 249,000 520,000 0.250%, 05/20/13 520,000 222,000 0.340%, 05/21/13 222,000 307,000 0.260%, 05/06/13 307,000 53,000 0.360%, 04/10/13 53,000 200,000 0.260%, 05/07/13 200,000 200,000 0.370%, 04/09/13 200,000 397,000 0.260%, 05/10/13 397,000 44,000 0.370%, 04/12/13 44,000 270,000 0.260%, 05/13/13 270,000 274,000 0.385%, 04/05/13 274,000 267,000 0.270%, 04/10/13 267,000 110,000 0.405%, 03/25/13 110,000 110,000 0.270%, 04/11/13 110,000 118,000 0.450%, 03/05/13 118,000 94,000 0.270%, 04/19/13 94,000 Sumitomo Trust & Banking Co., Ltd., 280,000 0.270%, 04/22/13 280,000 103,000 0.240%, 05/31/13 102,938 128,000 0.270%, 04/25/13 128,000 254,000 0.240%, 05/31/13 254,000 160,000 0.278%, 04/15/13 159,945 200,000 0.250%, 04/17/13 199,935 122,000 0.280%, 04/09/13 122,000 150,000 0.250%, 05/17/13 149,920 79,000 Oversea-Chinese Banking Corp., Ltd., 100,000 0.250%, 05/22/13 99,943 0.245%, 04/08/13 78,980 300,000 0.260%, 04/12/13 300,000 Rabobank Nederland N.V., 43,000 0.270%, 03/15/13 42,995 127,000 0.270%, 05/07/13 126,936 10,500 0.280%, 04/08/13 10,500 50,000 0.280%, 05/08/13 49,974 105,000 0.290%, 05/07/13 104,943 943,000 0.290%, 07/08/13 943,000 Svenska Handelsbanken AB, 30,000 0.310%, 06/13/13 29,973 197,000 0.220%, 04/10/13 197,000 521,000 0.322%, 04/22/13 521,000 35,000 0.240%, 03/28/13 35,000 577,000 0.323%, 04/17/13 577,000 500,000 0.245%, 03/28/13 500,002 85,000 0.330%, 04/16/13 85,005 342,000 0.250%, 03/15/13 342,001 470,000 0.410%, 03/20/13 470,000 263,000 0.260%, 06/28/13 263,004 Shizuoka Bank Ltd. (The), 406,000 0.300%, 03/27/13 406,000 47,300 0.230%, 04/08/13 47,300 Swedbank AB, 18,750 0.260%, 05/28/13 18,750 200,000 0.180%, 04/01/13 200,000 73,000 0.270%, 04/23/13 73,000 250,000 0.200%, 03/01/13 250,000 100,000 0.270%, 04/26/13 100,000 534,000 0.210%, 03/01/13 534,000 58,000 0.290%, 04/10/13 58,000 Toronto Dominion Bank (The), 261,000 0.200%, 04/26/13 261,000 223,000 0.240%, 03/19/13 223,000 SEE NOTES
TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Prime Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Certificates of Deposit — Continued 500,000 0.240%, 03/21/13 500,000 190,000 0.190%, 03/18/13 (e) 189,983 424,000 UBS AG, 0.220%, 05/17/13 424,000 163,000 0.190%, 03/19/13 (e) 162,985 Westpac Banking Corp., Commonwealth Bank of Australia, 123,000 0.250%, 03/28/13 123,000 77,500 0.200%, 04/08/13 (e) 77,484 250,000 0.252%, 03/21/13 250,000 419,000 0.210%, 03/15/13 (e) 418,966 Total Certificates of Deposit 125,000 0.210%, 04/15/13 (e) 124,967 (Cost $46,838,503) 46,838,503 250,000 0.249%, 03/05/13 (e) 250,000 Commercial Paper — 24.9% (n) 150,000 0.249%, 03/07/13 (e) 150,000 104,750 Alpine Securitization Corp., 0.160%, 202,900 0.249%, 03/07/13 (e) 202,900 03/01/13 (m) 104,750 289,500 0.250%, 03/03/13 (e) 289,500 Antalis U.S. Funding Corp., 183,300 0.253%, 03/10/13 (e) 183,300 90,000 0.210%, 03/04/13 (e) (m) 89,999 125,000 0.254%, 03/29/13 (e) 125,000 106,500 0.261%, 03/28/13 (e) (m) 106,479 379,600 Credit Agricole North America Inc, 0.270%, 100,000 ANZ National International Ltd., 0.245%, 05/02/13 379,423 03/07/13 (m) 99,996 DBS Bank Ltd., Atlantic Asset Securitization LLC, 67,400 0.200%, 04/10/13 (e) 67,385 23,000 0.210%, 03/04/13 (e) (m) 23,000 293,800 0.200%, 04/17/13 (e) 293,723 50,000 0.260%, 04/16/13 (e) (m) 49,983 60,000 0.210%, 05/17/13 (e) 59,973 Atlantis One Funding Corp., 304,000 Deutsche Bank Financial LLC, 0.250%, 483,000 0.227%, 03/18/13 (e) (m) 482,948 04/11/13 303,913 155,000 0.391%, 04/09/13 (e) 154,935 DNB Bank ASA, 61,780 0.411%, 04/01/13 (e) 61,758 50,000 0.210%, 04/12/13 (e) 49,988 282,000 0.411%, 04/03/13 (e) 281,894 257,000 0.220%, 05/16/13 (e) 256,880 100,559 Bank of Nova Scotia, 0.080%, 03/01/13 100,559 318,000 0.230%, 06/06/13 (e) 317,803 97,500 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.270%, Electricite de France S.A., 07/23/13 97,395 25,090 0.280%, 04/18/13 (e) 25,081 75,000 Barclays U.S. Funding Corp., 0.250%, 33,300 0.280%, 04/22/13 (e) 33,286 04/12/13 74,978 Erste Abwicklungsanstalt, 45,000 Barton Capital LLC, 0.249%, 03/28/13 44,992 100,000 0.451%, 04/01/13 (e) 99,961 236,000 BNP Paribas Finance, Inc., 0.278%, 50,000 0.461%, 03/26/13 (e) 49,984 05/02/13 235,887 99,400 0.461%, 03/22/13 (e) 99,373 BNZ International Funding Ltd., 38,000 0.481%, 05/02/13 (e) 37,969 126,000 0.230%, 03/05/13 (e) 125,997 100,000 0.481%, 05/06/13 (e) 99,912 85,000 0.230%, 03/19/13 (e) 84,990 205,000 0.502%, 06/07/13 (e) 204,721 BPCE S.A., 100,000 0.502%, 06/10/13 (e) 99,860 25,000 0.275%, 03/18/13 (e) 24,997 65,000 0.507%, 06/04/13 (e) 64,913 234,000 0.275%, 03/21/13 (e) 233,964 257,413 Gemini Securitization Corp., 0.170%, 14,000 Caisse Centrale Desjardins du Quebec, 03/01/13 257,413 0.225%, 04/11/13 13,996 General Electric Capital Corp., Caisse des Depots et Consignations, 234,500 0.250%, 08/06/13 234,243 271,000 0.275%, 04/19/13
(e) 270,898 265,000 0.250%, 08/12/13 264,698 265,000 0.275%, 04/22/13 (e) 264,895 141,000 0.290%, 03/11/13 140,989 180,000 0.280%, 05/02/13 (e) 179,913 250,000 0.290%, 03/12/13 249,978 250,000 0.285%, 08/28/13 (e) 249,644 115,000 0.290%, 03/18/13 114,984 Cancara Asset Securitisation LLC, General Electric Co., 151,000 0.190%, 03/13/13 (e) 150,990 135,100 0.150%, 03/01/13 135,100 SEE NOTES TO FINANCIAL STATEMENTS. 12 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Commercial Paper — Continued 383,100 0.160%, 03/20/13 383,068 96,000 Mitsubishi UFJ Trust & Banking Corp., 500,000 0.170%, 03/05/13 499,990 0.421%, 03/27/13 95,971 HSBC Bank plc, 150,000 Mizuho Funding LLC, 0.270%, 04/04/13 149,962 166,750 0.300%, 04/01/13 (e) 166,707 73,721 Mont Blanc Capital Corp., 0.255%, 262,000 0.450%, 05/08/13 (e) 262,000 04/09/13 73,701 260,000 0.472%, 05/04/13 (e) 260,000 Natixis U.S. Finance Co. LLC, ING U.S. Funding LLC, 183,000 0.280%, 03/18/13 182,976 137,000 0.230%, 03/18/13 136,985 307,000 0.350%, 04/03/13 306,901 100,000 0.235%, 04/08/13 99,975 Nordea North America, Inc., 140,000 0.235%, 04/12/13 139,962 190,000 0.250%, 04/01/13 189,959 159,000 0.235%, 04/16/13 158,952 15,000 0.250%, 04/04/13 14,996 19,000 0.280%, 06/12/13 18,985 75,300 0.265%, 07/19/13 75,222 161,900 0.280%, 06/14/13 161,768 123,000 0.270%, 07/17/13 122,873 Kells Funding LLC, 55,600 0.270%, 07/18/13 55,542 50,000 0.260%, 08/06/13 49,943 197,000 0.305%, 06/03/13 196,843 165,000 0.280%, 07/22/13 164,817 200,000 0.305%, 06/06/13 199,836 40,000 0.290%, 03/06/13 39,998 150,000 0.310%, 03/26/13 149,968 120,000 304,000 78,000 156,000 285,000 366,000 100,000 170,000 290,000 75,000 0.300%, 07/08/13 0.300%, 07/09/13 0.300%, 07/18/13 0.350%, 03/03/13 (e) 0.507%, 06/21/13 0.507%, 06/25/13 KFW, 0.210%, 03/11/13 (e) 0.210%, 03/14/13 (e) 0.215%, 03/22/13 (e) Liberty Street Funding LLC, 0.230%, 03/04/13 119,871 303,671 77,910 156,000 284,552 365,404 99,994 169,987 289,964 74,999 118,000 1,130,100 200,000 42,000 137,000 50,000 55,000 50,000 Northern Pines Funding LLC, 0.300%, 04/04/13 NRW Bank, 0.175%, 03/04/13 (e) 0.215%, 03/08/13 (e) Oversea-Chinese Banking Corp., Ltd., 0.185%, 05/10/13 0.220%, 06/26/13 0.220%, 06/27/13 Private Export Funding Corp., 0.270%, 04/15/13 (e) 0.280%, 03/05/13 (e) 117,967 1,130,083 199,992 41,985 136,902 49,964 54,981 49,999 Macquarie Bank Ltd., 20,000 0.341%, 06/03/13 (e) 19,982 40,000 0.250%, 05/13/13 (e) 39,980 Rabobank Nederland N.V., 75,000 0.250%, 05/22/13 (e) 74,957 118,000 0.290%, 07/08/13 117,877 90,000 0.265%, 05/07/13 (e) 89,956 383,000 0.311%, 11/01/13 382,192 Market Street Funding LLC, Regency Markets No. 1 LLC, 42,807 0.110%, 03/01/13 (e) 42,807 500,000 0.180%, 03/15/13 (e) 499,965 90,130 0.210%, 05/01/13 (e) 90,098 46,426 0.180%, 03/27/13 (e) 46,420 100,000 50,000 0.210%, 05/02/13 (e) Matchpoint Master Trust, 0.350%, 03/18/13 99,964 49,992 108,800 75,000 Royal Park Investments Funding Corp., 0.431%, 03/14/13 Scaldis Capital LLC, 0.200%, 03/13/13 108,783 74,995 MetLife Short Term Funding LLC, Skandinaviska Enskilda Banken AB, 23,500 0.290%, 05/07/13 (e) 23,487 45,000 0.210%, 03/15/13 (e) 44,996 53,000 0.290%, 05/13/13 (e) 52,969 250,000 0.215%, 05/09/13 (e) 249,897 69,000 0.290%, 05/28/13 (e) 68,951 278,000 0.220%, 05/08/13 (e) 277,885 100,000 0.331%, 04/15/13 (e) 99,959 380,000 0.220%, 05/14/13 (e) 379,828 62,849 0.341%, 04/09/13 (e) 62,826
99,000 0.220%, 05/16/13 (e) 98,954 86,800 0.341%, 04/10/13 (e) 86,767 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan Prime Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Commercial Paper — Continued
Societe Generale North America, Inc.,
220,000 0.300%, 04/02/13 219,942
151,000 0.300%, 03/04/13 150,996
Starbird Funding Corp.,
50,000 0.190%, 03/01/13 (e) 50,000
75,000 0.230%, 03/28/13 (e) 74,987
Sumitomo Mitsui Banking Corp.,
202,090 0.265%, 08/05/13 (e) 201,856
248,000 0.270%, 08/01/13 (e) 247,715
500,000 0.270%, 08/02/13 (e) 499,423
235,400 0.270%, 08/26/13 (e) 235,086
131,400 0.270%, 07/23/13 (e) 131,258
390,000 0.431%, 03/06/13 (e) 389,977
120,000 Suncorp Group Ltd., 0.360%, 03/11/13 119,988 Svenska Handelsbanken, Inc., 113,985 0.240%, 03/06/13 (e) 113,981 551,000 0.290%, 04/04/13 (e) 550,849 27,000 0.300%, 04/02/13 (e) 26,993 Swedbank AB, 50,000 0.190%, 03/26/13 49,993 12,000 0.210%, 03/18/13 11,999 200,000 0.210%, 05/14/13 199,914 50,000 Toyota Credit Canada, Inc., 0.220%, 05/08/13 49,979 43,000 Toyota Financial Services de Puerto Rico, Inc., 0.240%, 08/26/13 42,949 Toyota Motor Credit Corp., 50,000 0.200%, 05/07/13 49,982 145,000 0.270%, 04/01/13 144,966 100,000 0.270%, 04/22/13 99,961 150,000 0.270%, 04/25/13 149,938 179,300 0.271%, 04/24/13 179,227 UBS Finance Delaware LLC, 626,000 0.220%, 05/03/13 625,759 178,000 0.220%, 05/17/13 177,916 Versailles Commercial Paper LLC, 125,000 0.270%, 04/08/13 (e) 124,964 45,000 0.300%, 03/18/13 (e) 44,994 50,000 0.300%, 03/25/13 (e) 49,990 49,300 0.330%, 03/11/13 (e) 49,295 Westpac Banking Corp., 171,000 0.249%, 03/07/13 (e) 171,000 360,500 0.250%, 03/27/13 (e) 360,500 250,000 0.253%, 03/24/13 (e) 250,000 250,000 0.254%, 03/27/13 (e) 250,000 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

125,000 Westpac Securities NZ Ltd, 0.245%, 05/07/13 124,943 Working Capital Management Co., 50,000 0.240%, 04/17/13 (e) 49,984 44,920 0.240%, 04/18/13 (e) 44,906 Total Commercial Paper (Cost $27,309,297) 27,309,297 Corporate Notes — 1.2% Financials — 1.2% Commercial Banks — 0.4% 434,000 Svenska Handelsbanken AB, 1.000%, 08/27/13 (e) 434,000 31,569 Wachovia Corp., 5.500%, 05/01/13 31,844 465,844 Insurance — 0.8% Metropolitan Life Global Funding I 337,000 0.475%, 05/11/13 (e) 337,000 525,650 0.511%, 03/13/13 (e) 525,650 862,650 Total Corporate Notes (Cost $1,328,494) 1,328,494 Foreign Government Securities — 0.3% Export Development Canada 53,000 0.180%, 03/01/13 (e) 52,979 55,800 0.190%, 03/01/13 (e) 55,790 55,000 0.300%, 03/01/13 (e) 55,000 157,000 0.300%, 03/07/13 (e) 157,000 Total Foreign Government Securities (Cost $320,769) 320,769 Repurchase Agreements — 5.9% 400,000 BNP Paribas Securities Corp., 0.200%, dated 02/28/13, due 03/01/13, repurchase price $400,002, collateralized by U.S. Treasury Securities, 1.875% - 4.250%, due 02/28/14 - 08/15/20, with a value of $408,000. 400,000 110,000 BNP Paribas Securities Corp., 0.310%, dated 02/28/13, due 03/12/13, repurchase price $110,011, collateralized by Corporate Notes and Bonds, 4.100% 8.750%, due 09/22/14 - 02/04/25, with a value of $115,693. (i) 110,000 520,000 Credit Suisse First Boston USA, Inc., 0.700%, dated 02/28/13, due 05/17/13, repurchase price $520,789, collateralized by Corporate Notes and Bonds, 0.000% 19.928%, due 07/25/20 - 06/25/58, with a value of $546,000. (i) 520,000 SEE NOTES TO FINANCIAL STATEMENTS. 14 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Repurchase Agreements — Continued 475,000 Credit Suisse First Boston USA, Inc., 0.700%, 483,000 Deutsche Bank Securities, Inc., 0.560%, dated 02/28/13, due 05/21/13, dated 02/28/13, due 04/12/13, repurchase price $475,757, collateralized repurchase price $483,323, collateralized by Corporate Notes and Bonds, 0.000% by Corporate Notes and Bonds, 0.000% 8.216%, due 10/20/18 - 06/25/58, with 38.990%, due 09/01/13 - 12/29/99, a value of $498,750. (i) 475,000 Federal Home Loan Mortgage Corporation, 225,000 Credit Suisse First Boston USA, Inc., 0.700%, 0.327% - 3.320%, due 07/25/20 dated 02/28/13, due 05/10/13, 11/25/39, Federal National Mortgage repurchase price $225,311, collateralized Association, 0.000% - 7.152%, due by Corporate Notes and Bonds, 0.000% 06/25/34 - 08/25/44, and Municipal 6.216%, due 07/27/35 - 06/25/58, with Debt Securities, 0.000% - 5.850%, due a value of $236,250. (i) 225,000 08/01/14 - 12/01/47, with a value of 250,000 Credit Suisse First Boston USA, Inc., 0.730%, $507,119. (i) 483,000 dated 02/28/13, due 03/15/13, 460,000 Deutsche Bank Securities, Inc., 0.560%, repurchase price $250,076, collateralized dated 02/28/13, due 05/10/13, by Corporate Notes and Bonds, 0.000% repurchase price $460,508, collateralized 8.216%, due 01/25/24 - 06/25/58, and by Corporate Notes and Bonds, 0.000% Federal National Mortgage Association, 10.500%, due 09/15/13 - 06/29/99, 6.940%, due 04/25/39 with a value of Federal Home Loan Mortgage Corporation, $262,500. (i) 250,000 2.575%, due 08/25/20, and Municipal 200,000 Credit Suisse First Boston USA, Inc., 0.730%, dated 02/28/13, due 03/19/13, repurchase price $200,077, collateralized Debt Securities, 0.000% - 8.200%, due 06/15/13 - 09/01/40, with a value of $482,945. (i) 460,000 by Corporate Notes and Bonds, 0.000% 400,000 HSBC Securities USA, Inc., 0.280%, dated 6.250%, due 01/22/22 - 07/25/57, with 02/28/13, due 03/01/13, repurchase a value of $210,000. (i) 200,000 price $400,003, collateralized by 200,000 Credit Suisse First Boston USA, Inc., 0.730%, dated 02/28/13, due 03/28/13, repurchase price $200,114, collateralized by Corporate Notes and Bonds, 0.000% 8.290%, due 05/15/24 - 06/25/58, with Corporate Notes and Bonds, 0.270% 11.250%, due 03/07/13 - 10/01/40, and Municipal Debt Securities, 1.250% 5.250%, due 12/01/13 - 05/15/25, with a value of $420,003. 400,000 a value of $210,000. (i) 200,000 150,000 Merrill Lynch PFS, Inc., 0.660%, dated 193,591 Deutsche Bank Securities, Inc., 0.180%, dated 02/28/13, due 03/01/13, repurchase price $193,592, collateralized by U.S. Treasury Securities, 0.750%, due 02/28/13, due 03/01/13, repurchase price $150,003, collateralized by Corporate Notes and Bonds, 0.000%, due 01/08/41, with a value of $157,500. 150,000 12/31/17, with a value of $197,463. 193,591 100,000 Merrill Lynch PFS, Inc., 0.810%, dated 9,780 Deutsche Bank Securities, Inc., 0.200%, dated 02/28/13, due 03/01/13,
repurchase price $9,780, collateralized by Federal National Mortgage Association, 5.946% - 23.827%, due 11/25/35 12/25/42, with a value of $10,073. 158,613 Deutsche Bank Securities, Inc., 0.200%, dated 02/28/13, due 03/01/13, repurchase price $158,614, collateralized by Federal Home Loan Mortgage Corporation, 0.000% - 6.000%, due 12/01/33 - 10/15/36, and Federal 9,780 65,014 02/28/13, due 04/04/13, repurchase price $100,079, collateralized by Corporate Notes and Bonds, 0.000% 6.900%, due 05/15/15 - 05/28/47, and Federal Home Loan Mortgage Corporation, 0.785%, due 09/25/22, with a value of $105,000. (i) RBS Securities, Inc., 0.170%, dated 02/28/13, due 03/01/13, repurchase price $65,014, collateralized by U.S. Treasury Securities, 1.625%, due 08/15/22, with a value of $66,318. 100,000 65,014 National Mortgage Association, 0.000% 31.605%, due 03/25/18 - 01/25/49, with a value of $163,371. 158,613 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Prime Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Repurchase Agreements — Continued
474,600 RBS Securities, Inc., 0.460%, dated 02/28/13, due 03/01/13, repurchase price $474,606, collateralized by Corporate Notes and Bonds, 0.000% 12.750%, due 03/01/13 - 12/15/42, and Government National Mortgage Association, 2.500% - 3.500%, due 01/20/28 - 09/20/42 with a value of $489,346. 474,600 650,000 Royal Bank of Scotland, 0.170%, dated 02/28/13, due 03/01/13, repurchase price $650,003, collateralized by U.S. Treasury Securities, 0.750% - 3.875%, due 01/15/25 - 02/15/42, with a value of $663,006. 650,000 470,000 Royal Bank of Scotland, 1.010%, dated 02/28/13, due 04/03/13, repurchase price $470,448, collateralized by Corporate Notes and Bonds, 0.000% 14.000%, due 10/11/14 - 04/27/52, with a value of $507,125. (i) 470,000 450,000 Royal Bank of Scotland, 1.010%, dated 02/28/13, due 04/03/13, repurchase price $450,429, collateralized by Corporate Notes and Bonds, 0.000% 8.150%, due 08/01/14 - 04/25/57, with a value of $481,500. (i) 450,000 Total Repurchase Agreements (Cost $6,444,598) 6,444,598 Time Deposits — 12.6% 1,132,702 Bank of Nova Scotia, 0.170%, 03/01/13 1,132,702 328,337 Bank of Scotland plc, 0.160%, 03/01/13 328,337 Citibank N.A., 1,044,000 0.180%, 03/06/13 1,044,000 Commerzbank AG, 500,000 0.190%, 03/01/13 500,000 857,575 0.200%, 03/06/13 857,575 600,000 Credit Agricole Corporate and Investment Bank, 0.180%, 03/01/13 600,000 1,000,000 DNB Bank ASA, 0.160%, 03/01/13 1,000,000 499,575 DZ BANK AG, 0.170%, 03/01/13 499,575 485,000 ING Bank N.V., 0.170%, 03/06/13 485,000 Landesbank Hessen-Thueringen Girozentrale, 900,000 0.180%, 03/01/13 900,000 Lloyds TSB Bank plc, 1,955,000 0.170%, 03/01/13 1,955,000 1,020,000 0.170%, 03/07/13 1,020,000 Skandinaviska Enskilda Banken AB, 1,500,000 0.160%, 03/01/13 1,500,000 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Societe Generale,
2,000,000 0.170%, 03/01/13 2,000,000
Total Time Deposits
(Cost $13,822,189) 13,822,189
U.S. Government Agency Securities — 3.7%
Federal Home Loan Bank,
267,700 0.200%, 03/05/13 267,699
340,000 0.210%, 03/01/13 340,000
131,800 0.230%, 04/17/13 131,797
50,000 0.240%, 04/23/13 49,999
65,585 DN, 0.010%, 03/01/13 65,585
282,500 VAR, 0.245%, 05/04/13 282,452
450,000 VAR, 0.370%, 03/01/13 450,000
Federal Home Loan Mortgage Corp.,
100,000 VAR, 0.142%, 03/13/13 99,968
1,895,000 VAR, 0.350%, 03/01/13 1,894,742
Federal National Mortgage Association,
27,866 1.250%, 08/20/13 28,003
185,000 VAR, 0.164%, 03/03/13 184,955
303,400 VAR, 0.179%, 03/11/13 303,306
Total U.S. Government Agency Securities
(Cost $4,098,506) 4,098,506
U.S. Treasury Obligations — 9.6%
U.S. Treasury Notes — 9.6%
U.S. Treasury Notes
1,142,470 0.125%, 09/30/13 1,141,979
665,000 0.250%, 11/30/13 665,171
500,000 0.500%, 11/15/13 501,004
288,200 0.625%, 04/30/13 288,398
214,730 0.750%, 03/31/13 214,826
150,000 0.750%, 09/15/13 150,451
393,000 1.000%, 07/15/13 394,173
300,000 1.000%, 01/15/14 302,122
121,900 1.125%, 06/15/13 122,216
225,000 1.250%, 03/15/14 227,467
310,610 1.375%, 03/15/13 310,750
966,100 1.375%, 05/15/13 968,422
1,050,400 1.750%, 04/15/13 1,052,392
556,000 1.875%, 02/28/14 565,328
833,700 2.000%, 11/30/13 844,898
201,000 2.750%, 10/31/13 204,404
579,750 3.125%, 04/30/13 582,532
781,000 3.125%, 08/31/13 792,443
162,000 3.125%, 09/30/13 164,753
298,000 3.375%, 06/30/13 301,074
SEE NOTES TO FINANCIAL STATEMENTS.
16 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

U.S. Treasury Obligations — Continued
U.S. Treasury Notes — Continued
319,000 3.500%, 05/31/13 321,607
370,000 3.625%, 05/15/13 372,594
Total U.S. Treasury Obligations
(Cost $10,489,004) 10,489,004
Total Investments — 101.0%
(Cost $110,651,360)* 110,651,360
Liabilities in Excess of
Other Assets — (1.0)% (1,076,495)
NET ASSETS — 100.0% $109,574,865
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 17

JPMorgan Liquid Assets Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION (t) VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Certificates of Deposit — 41.3% ABN Amro Bank N.V., DNB Bank ASA, 60,000 0.310%, 04/04/13 59,983 65,000 0.220%, 05/24/13 65,000 20,000 0.320%, 04/10/13 19,993 55,000 0.225%, 06/03/13 55,001 53,000 0.320%, 06/19/13 53,000 55,000 0.230%, 05/28/13 54,969 50,000 0.330%, 03/22/13 50,000 52,000 0.250%, 03/01/13 52,000 12,000 Banco Del Estado De Chile, 0.290%, DZ Bank AG, 03/06/13 12,000 35,000 0.250%, 05/30/13 34,978 Bank of Montreal, 28,000 0.250%, 06/03/13 27,982 114,400 0.180%, 04/01/13 114,400 10,000 0.270%, 03/19/13 9,999 38,000 0.200%, 05/29/13 38,000 46,000 0.270%, 03/21/13 45,993 27,000 0.220%, 04/08/13 27,000 HSBC Bank plc, Bank of Nova Scotia, 26,000 0.300%, 03/07/13 26,000 19,000 0.240%, 04/11/13 19,000 25,000 0.300%, 04/12/13 25,000 50,000 30,000 55,000 53,000 80,000 30,000 44,000 34,000 9,000 35,000 11,000 27,000 8,000 35,000 133,000 20,000 115,000 33,000 79,000 0.252%, 03/20/13 0.269%, 03/08/13 0.299%, 03/12/13 0.300%, 03/04/13 Bank of Tokyo-Mitsubishi UFJ Ltd., 0.280%, 08/02/13 0.285%, 08/14/13 0.285%, 08/06/13 0.300%, 07/30/13 0.350%, 05/01/13 0.410%, 03/21/13 0.410%, 03/27/13 0.420%, 03/20/13 0.470%, 03/08/13 0.490%, 03/04/13 Barclays Bank plc, 0.250%, 04/12/13 BNP Paribas, 0.280%, 05/06/13 0.305%, 05/01/13 0.360%, 06/03/13 Banque Federative du Credit Mutuel, 0.280%, 03/11/13 50,000 30,000 55,000 53,000 80,000 29,961 44,000 33,957 9,000 35,000 11,000 27,000 8,000 35,000 133,000 19,990 115,000 33,000 79,000 29,000 28,000 10,000 22,000 20,000 24,000 15,000 21,000 16,000 65,000 28,000 29,000 54,000 18,000 11,000 60,000 99,700 87,000 0.325%, 10/31/13 0.350%, 10/18/13 Mitsubishi UFJ Trust & Banking Corp., 0.280%, 09/03/13 0.290%, 08/22/13 0.350%, 05/20/13 0.405%, 04/12/13 0.410%, 03/21/13 0.410%, 04/04/13 0.425%, 04/02/13 Mizuho Corporate Bank Ltd., 0.240%, 05/17/13 0.260%, 04/09/13 0.260%, 04/15/13 0.270%, 04/04/13 0.270%, 04/08/13 0.280%, 05/21/13 National Australia Bank Ltd., 0.249%, 03/09/13 0.251%, 03/19/13 Natixis, 0.350%, 04/03/13 29,001 28,000 10,000 22,000 20,000 23,989 15,000 21,000 16,000 65,000 28,000 29,000 54,000 18,000 10,993 60,000 99,700 87,000 10,000 Chiba Bank Ltd., 0.270%, 03/04/13 10,000 Nederlandse Waterschapsbank N.V., 25,000 Commonwealth Bank of Australia, 0.240%, 50,000 0.295%, 03/11/13 49,996 03/13/13 25,000 28,000 0.310%, 03/22/13 27,995 Credit Suisse, Nordea Bank Finland plc, 51,000 0.250%, 04/02/13 51,000 14,000 0.230%, 05/28/13 14,000 36,000 0.263%, 03/07/13 36,000 32,100 0.290%, 11/25/13 32,099 85,000 0.282%, 03/26/13 85,000 Norinchukin Bank Ltd., Deutsche Bank AG, 16,000 0.250%, 05/16/13 16,000 75,000 0.262%, 04/19/13 75,000 53,000 0.250%, 05/20/13 53,000 18,000 0.290%, 04/10/13 18,001 36,000 0.260%, 05/10/13 36,000 50,000 0.300%, 05/30/13 50,000 10,000 0.260%, 05/13/13 10,000 77,000 0.858%, 03/15/13
77,000 29,000 0.270%, 04/10/13 29,000 SEE NOTES TO FINANCIAL STATEMENTS. 18 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Certificates of Deposit — Continued 30,000 0.270%, 04/11/13 30,000 11,000 0.280%, 04/08/13 11,000 10,000 0.270%, 04/19/13 10,000 Svenska Handelsbanken AB, 32,000 0.270%, 04/22/13 32,000 35,000 0.220%, 04/10/13 35,000 17,000 0.278%, 04/15/13 16,994 51,000 0.240%, 03/28/13 51,000 13,000 0.280%, 04/09/13 13,000 50,000 0.250%, 03/15/13 50,000 8,000 Oversea-Chinese Banking Corp., Ltd., 30,000 0.260%, 06/28/13 30,000 0.250%, 04/08/13 7,998 41,000 0.300%, 03/27/13 41,000 Rabobank Nederland N.V., Swedbank AB, 25,000 0.270%, 05/07/13 24,987 75,000 0.200%, 03/04/13 75,000 98,000 0.290%, 07/08/13 98,000 59,000 0.210%, 03/01/13 59,000 20,000 0.310%, 06/13/13 19,982 Toronto Dominion Bank (The), 98,000 0.310%, 06/17/13 97,909 28,000 0.200%, 04/26/13 28,000 54,000 0.322%, 04/22/13 54,000 70,000 0.240%, 03/19/13 70,000 60,300 0.323%, 04/17/13 60,300 15,000 Westpac Banking Corp., 0.250%, 03/28/13 15,000 15,000 Shizuoka Bank, 0.260%, 05/28/13 15,000 Total Certificates of Deposit (Cost $4,859,027) 4,859,027 85,400 0.270%, 06/03/13 85,400 Commercial Paper — 27.7% (n) 20,000 0.290%, 04/10/13 20,000 40,000 ABN Amro Funding USA LLC, 0.300%, 43,500 0.300%, 03/01/13 43,500 06/12/13 (m) 39,966 50,000 0.300%, 03/06/13 50,000 58,000 Antalis U.S. Funding Corp., 0.300%, 50,000 Skandinaviska Enskilda Banken AB, 05/02/13 (m) 57,970 0.220%, 05/10/13 50,000 25,019 Aspen Funding Corp., 0.260%, 05/13/13 25,006 Societe Generale, Atlantis One Funding Corp., 18,000 0.300%, 03/15/13 18,000 33,000 0.230%, 03/18/13 (e) 32,997 110,000 0.300%, 04/01/13 110,000 16,000 0.391%, 04/09/13 (e) 15,993 Sumitomo Mitsui Banking Corp., 18,000 0.401%, 04/04/13 (e) 17,993 75,000 0.175%, 03/01/13 75,000 34,000 0.411%, 04/03/13 (e) 33,987 18,000 0.270%, 07/29/13 18,000 Barclays Bank plc, 55,000 0.270%, 08/06/13 55,000 25,000 0.340%, 06/17/13 (e) 24,975 30,000 0.270%, 08/12/13 30,000 15,000 0.340%, 06/20/13 (e) 14,984 24,000 0.270%, 08/19/13 24,000 25,000 BNP Paribas Finance, Inc., 0.280%, 05/02/13 24,988 11,000 0.270%, 09/03/13 11,000 20,000 BNZ International Funding Ltd., 0.230%, 100,000 0.310%, 07/12/13 100,000 03/19/13 19,998 22,000 0.340%, 05/21/13 22,000 27,000 BPCE S.A., 0.280%, 03/18/13 26,996 25,000 0.370%, 04/12/13 25,000 10,000 Caisse Centrale Desjardins du Quebec, 27,000 0.385%, 04/05/13 27,000 0.230%, 04/11/13 9,997 12,000 0.405%, 03/25/13 12,000 Caisse des Depots et Consignations, 12,000 0.450%, 03/05/13 12,000 29,000 0.275%, 04/19/13 (e) 28,989 Sumitomo Mitsui Trust Bank Ltd., 29,000 0.275%, 04/22/13 (e) 28,988 27,000 0.240%, 05/31/13 27,000 27,000 0.280%, 05/02/13 (e) 26,987 15,000 0.250%, 05/22/13 14,991 50,000 0.285%, 08/28/13 (e) 49,929 49,000 0.260%, 04/12/13 49,000 Commonwealth Bank of Australia, 11,000 0.290%, 05/07/13 10,994 24,000 0.249%, 03/05/13 (e) 24,000 Sumitomo Trust & Banking Co., Ltd. (The), 15,000 0.249%, 03/07/13 (e) 15,000 11,000 0.240%, 05/31/13 10,993 21,800 0.249%, 03/07/13 (e) 21,800
10,000 0.270%, 03/15/13 9,999 28,200 0.250%, 03/03/13 (e) 28,200 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan Liquid Assets Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Commercial Paper — Continued
20,100 0.253%, 03/10/13 (e) 20,100
13,000 0.254%, 03/29/13 (e) 13,000
152,000 Credit Agricole North America, Inc, 0.270%, 05/02/13 151,929 10,000 DBS Bank Ltd., 0.250%, 08/26/13 9,988 33,000 Deutsche Bank Financial LLC, 0.250%, 04/11/13 32,991 DNB Bank ASA, 27,000 0.220%, 05/16/13 (e) 26,987 33,000 0.230%, 06/06/13 (e) 32,980 Erste Abwicklungsanstalt, 13,000 0.461%, 04/18/13 (e) 12,992 10,000 0.481%, 05/02/13 (e) 9,992 5,000 0.481%, 05/06/13 (e) 4,995 10,000 0.486%, 05/03/13 (e) 9,991 32,000 0.502%, 06/11/13 (e) 31,955 25,000 Gemini Securitization Corp. LLC, 0.270%, 04/08/13 24,993 General Electric Capital Corp., 42,000 0.290%, 03/12/13 41,996 12,000 0.290%, 03/18/13 11,999 50,000 General Electric Co., 0.160%, 03/20/13 49,996 HSBC Bank plc, 20,000 0.300%, 04/01/13 (e) 19,995 26,000 0.450%, 05/08/13 (e) 26,000 26,000 0.472%, 05/04/13 (e) 26,000 ING U.S. Funding LLC, 25,000 0.235%, 04/12/13 24,993 25,000 0.235%, 04/16/13 24,993 27,000 0.280%, 06/12/13 26,978 Kells Funding LLC, 10,000 0.280%, 07/22/13 9,989 35,000 0.300%, 07/08/13 34,962 33,000 0.300%, 07/18/13 32,962 15,000 0.350%, 03/03/13 (e) 15,000 67,000 0.507%, 06/21/13 66,895 60,000 Liberty Street Funding LLC, 0.230%, 04/03/13 59,987 LMA Americas LLC, 30,000 0.240%, 03/06/13 (e) 29,999 18,100 0.290%, 04/16/13 (e) 18,093 Macquarie Bank Ltd., 50,000 0.250%, 05/22/13 (e) 49,972 10,000 0.265%, 05/07/13 (e) 9,995 Matchpoint Master Trust, 4,750 0.290%, 06/14/13 (e) 4,746 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

75,000
15,000
25,000
10,000
10,000
15,000
10,000
15,000
25,000
60,000
25,000
30,000
27,000
40,000
20,000
12,000
122,000
30,000
50,000
10,000
25,000
10,000
5,000
10,000
12,000
42,000
50,000
25,000
35,000
60,000
21,225
30,000
107,000
0.350%, 03/18/13 (e) 74,987
MetLife Short Term Funding LLC,
0.290%, 05/28/13 (e) 14,989
0.331%, 04/15/13 (e) 24,990
0.341%, 04/08/13 (e) 9,997
0.341%, 04/09/13 (e) 9,996
0.341%, 04/10/13 (e) 14,994
Mitsubishi UFJ Trust & Banking Corp.,
0.420%, 03/27/13 9,997
Mont Blanc Capital Corp.,
0.250%, 04/09/13 (e) 14,996
0.260%, 04/11/13 (e) 24,992
Natixis U.S. Finance Co. LLC, 0.350%,
04/03/13 59,981
Newport Funding Corp., 0.300%, 03/04/13 24,999 Nordea North America, Inc., 0.250%, 04/01/13 29,993 0.270%, 07/17/13 26,972 0.310%, 06/03/13 39,968 0.311%, 03/26/13 19,996 Northern Pines Funding LLC, 0.300%, 04/04/13 11,997 NRW Bank, 0.180%, 03/04/13 121,998 Old Line Funding LLC, 0.300%, 06/20/13 29,972 Oversea-Chinese Banking Corp., Ltd., 0.200%, 04/30/13 49,983 0.220%, 06/26/13 9,993 0.220%, 06/27/13 24,982 PB Finance Delaware, Inc., 0.350%, 03/12/13 9,999 Private Export Funding Corp., 0.270%, 04/15/13 (e) 4,998 0.341%, 05/31/13 (e) 9,992 Rabobank Nederland N.V., 0.290%, 07/08/13 11,988 0.311%, 11/01/13 41,911 0.411%, 03/20/13 49,989 Royal Park Investments Funding Corp., 0.280%, 05/06/13 24,987 0.430%, 03/14/13 (e) 34,995 0.451%, 04/03/13 (e) 59,975 Salisbury Receivables Co LLC, 0.240%, 04/15/13 21,219 Scaldis Capital LLC, 0.200%, 03/13/13 (e) 29,998 0.200%, 03/18/13 (e) 106,990 SEE NOTES TO FINANCIAL STATEMENTS. 20 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Commercial Paper — Continued
Societe Generale North America, Inc.,
22,000 0.300%, 04/02/13
22,000 0.300%, 03/04/13
41,000 Starbird Funding Corp., 0.250%, 03/01/13 Sumitomo Mitsui Banking Corp., 28,000 0.265%, 08/05/13 (e) 26,000 0.270%, 08/01/13 (e) 28,000 0.270%, 08/26/13 (e) 42,000 0.431%, 03/06/13 (e) Suncorp Group Ltd., 12,500 0.360%, 03/07/13 (e) 35,000 0.360%, 03/11/13 (e) Svenska Handelsbanken, Inc., 25,000 0.240%, 03/06/13 (e) 58,000 0.300%, 04/02/13 (e) Swedbank AB, 20,000 0.210%, 03/18/13 25,000 0.210%, 05/15/13 15,000 Toyota Motor Credit Corp., 0.270%, 04/04/13 UBS Finance Delaware LLC, 66,000 0.220%, 05/03/13 25,000 0.220%, 05/17/13 50,000 Versailles Commercial Paper LLC, 0.330%, 03/07/13 Westpac Banking Corp., 22,000 0.249%, 03/07/13 (e) 65,000 0.250%, 03/27/13 (e) 25,000 Westpac Securities NZ Ltd, 0.250%, 05/07/13 10,000 Working Capital Management Co., 0.240%, 04/18/13 Total Commercial Paper (Cost $3,258,299) Corporate Notes — 3.0% Financials — 3.0% Commercial Banks — 2.3% 230,000 Bank of America N.A., 0.210%, 03/07/13 46,000 Svenska Handelsbanken AB, 1.000%, 08/27/13 (e) Insurance — 0.7% Metropolitan Life Global Funding I 35,000 0.475%, 05/11/13 (e) 47,000 0.511%, 03/13/13 (e) Total Corporate Notes (Cost $358,000) 21,994 21,999 41,000 27,968 25,970 27,963 41,997 12,499 34,997 24,999 57,985 19,998 24,989 14,996 65,975 24,988 49,997 22,000 65,000 24,989 9,997 3,258,299 230,000 46,000 276,000 35,000 47,000 82,000 358,000 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Foreign Government Securities — 0.2%
5,000
5,000
15,000
Export Development Canada
0.180%, 03/01/13 (e)
0.300%, 03/01/13 (e)
0.300%, 03/07/13 (e)
4,998
5,000
15,000
Total Foreign Government Securities
(Cost $24,998) 24,998
Weekly Demand Note — 0.7%
New York — 0.7%
77,815 New York City Housing Development Corp., 0.230%, 03/07/13 (Cost $77,815) 77,815 Repurchase Agreements — 4.2% 15,000 BNP Paribas, 0.310%, dated 02/28/13, due 03/12/13, repurchase price $15,002, collateralized by Corporate Notes and Bonds, 5.375% - 8.875%, due 01/27/21 04/15/24, with a value of $15,779. (i) 15,000 110,000 Credit Suisse First Boston USA, Inc., 0.700%, dated 02/28/13, due 05/17/13, repurchase price $110,167, collateralized by Corporate Notes and Bonds, 0.000% 8.290%, due 03/15/19 - 06/25/50, with a value of $115,501. (i) 110,000 25,000 Credit Suisse First Boston USA, Inc., 0.700%, dated 02/28/13, due 05/21/13, repurchase price $25,040, collateralized by Corporate Notes and Bonds, 0.342% 6.249%, due 01/25/18 - 02/28/41 and Federal Home Loan Mortgage Corporation, 2.108%, due 07/25/48, with a value of $26,250. (i) 25,000 25,000 Credit Suisse First Boston USA, Inc., 0.700%, dated 02/28/13, due 05/10/13, repurchase price $25,035, collateralized by Corporate Notes and Bonds, 0.000% 6.000%, due 07/27/36 - 06/25/50, with a value of $26,251. (i) 25,000 50,000 Credit Suisse First Boston USA, Inc., 0.730%, dated 02/28/13, due 03/15/13, repurchase price $50,015, collateralized by Corporate Notes and Bonds, 0.000% 7.860%, due 03/01/30 - 07/28/47, with a value of $52,500. (i) 50,000 55,317 Deutsche Bank Securities, Inc., 0.180%, dated 02/28/13, due 03/01/13, repurchase price $55,317, collateralized by U.S. Treasury Securities, 2.125%, due 12/31/15, with a value of $56,423. 55,317 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan Liquid Assets Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Repurchase Agreements — Continued
40,000 Deutsche Bank Securities, Inc., 0.560%, dated 02/28/13, due 05/10/13, repurchase price $40,044, collateralized by Corporate Notes and Bonds, 0.000% - 10.000%, due 06/01/14 - 06/25/50, and Municipal Debt Securities, 4.503% - 5.989%, due 06/15/13 - 06/15/35 with a value of $42,001. (i) 40,000 20,000 Merrill Lynch PFS, Inc., 0.660%, dated 02/28/13, due 03/01/13, repurchase price $20,000, collateralized by Corporate Notes and Bonds, 0.000% - 11.125%, due 10/11/21 - 07/02/56, and Municipal Debt Securities, 0.000% - 4.810%, due 07/01/15 - 05/01/31, with a value of $21,000. 20,000 30,000 Merrill Lynch PFS, Inc., 0.810%, dated 02/28/13, due 04/04/13, repurchase price $30,024, collateralized by Corporate Notes and Bonds, 0.000% - 0.472%, due 04/07/16 - 05/28/46, with a value of $31,500. (i) 30,000 50,000 RBS Securities, Inc., 0.460%, dated 02/28/13, due 03/01/13, repurchase price $50,001, collateralized by Federal Home Loan Mortgage Corporation, 3.000%, due 07/28/14, and Federal National Mortgage Association, 2.360%, due 12/14/22 with a value of $51,001. 50,000 50,000 Royal Bank of Scotland, 1.010%, dated 02/28/13, due 04/03/13, repurchase price $50,048, collateralized by Corporate Notes and Bonds, 0.508% - 12.750%, due 08/15/13 - 05/17/35, and U.S. Treasury Securities, 4.250%, due 11/15/13, with a value of $51,946. (i) 50,000 30,000 Royal Bank of Scotland, 1.010%, dated 02/28/13, due 04/03/13, repurchase price $30,029, collateralized by U.S. Treasury Securities, 4.250%, due 11/15/13, with a value of $30,602. (i) 30,000 Total Repurchase Agreements (Cost $500,317) 500,317 Time Deposits — 12.5% 113,000 Citibank N.A., 0.180%, 03/06/13 113,000 95,000 Commerzbank AG, 0.200%, 03/06/13 95,000 200,000 Credit Agricole S.A., 0.180%, 03/01/13 200,000 200,000 Credit Industriel et Commercial, 0.180%, 03/01/13 200,000 52,000 ING Bank N.V., 0.170%, 03/06/13 52,000 200,000 Landesbank Hessen-Thueringen Girozentrale, 0.180%, 03/01/13 200,000 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

112,000 Lloyds TSB Bank plc, 0.170%, 03/07/13 112,000 250,000 Natixis, 0.180%, 03/01/13 250,000 250,000 Royal Bank of Scotland, 0.190%, 03/01/13 250,000 Total Time Deposits (Cost $1,472,000) 1,472,000 U.S. Government Agency Securities — 3.1% Federal Home Loan Bank, 26,200 0.200%, 03/05/13 26,200 32,000 0.210%, 03/01/13 32,000 12,800 0.230%, 04/17/13 12,800 27,200 VAR, 0.245%, 05/04/13 27,195 50,000 VAR, 0.370%, 03/01/13 50,000 157,000 Federal Home Loan Mortgage Corp., VAR, 0.350%, 03/01/13 156,978 Federal National Mortgage Association, 25,000 VAR, 0.164%, 03/03/13 24,994 33,200 VAR, 0.179%, 03/11/13 33,190 Total U.S. Government Agency Securities (Cost $363,357) 363,357 U.S. Treasury Obligations — 9.2% U.S. Treasury Notes — 9.2% U.S. Treasury Notes 38,000 0.125%, 08/31/13 37,988 100,900 0.125%, 09/30/13 100,857 75,700 0.250%, 10/31/13 75,717 55,000 0.250%, 11/30/13 55,013 5,000 0.375%, 07/31/13 5,004 29,100 0.625%, 04/30/13 29,120 21,000 0.750%, 03/31/13 21,009 16,000 0.750%, 09/15/13 16,048 39,000 1.000%, 07/15/13 39,116 12,000 1.125%, 06/15/13 12,031 26,000 1.250%, 03/15/14 26,285 30,400 1.375%, 03/15/13 30,414 74,300 1.375%, 05/15/13 74,479 104,500 1.750%, 04/15/13 104,698 125,000 1.875%, 02/28/14 127,098 75,800 2.000%, 11/30/13 76,818 21,000 2.750%, 10/31/13 21,356 74,000 3.125%, 04/30/13 74,355 16,300 3.125%, 09/30/13 16,577 32,000 3.375%, 06/30/13 32,330 33,000 3.500%, 05/31/13 33,270 36,000 3.625%, 05/15/13 36,252 SEE NOTES TO FINANCIAL STATEMENTS. 22 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

U.S. Treasury Obligations — Continued
U.S. Treasury Notes — Continued
33,000 4.250%, 08/15/13 33,612
Total U.S. Treasury Obligations
(Cost $1,079,447) 1,079,447
Total Investments — 101.9%
(Cost $11,993,260)* 11,993,260
Liabilities in Excess of
Other Assets — (1.9)% (224,727)
NET ASSETS — 100.0% $11,768,533
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 23

JPMorgan U.S. Government Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION (t) VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) U.S. Government Agency Securities — 53.2% Federal Farm Credit Bank — 1.3% Federal Home Loan Bank — Continued 70,650 0.250%, 07/22/13 70,649 100,000 DN, 0.125%, 03/05/13 (n) 99,999 190,000 DN, 0.110%, 06/20/13 (n) 189,936 900,000 DN, 0.125%, 07/10/13 (n) 899,591 25,000 DN, 0.170%, 10/11/13 (n) 24,974 275,000 DN, 0.135%, 05/24/13 (n) 274,913 140,000 DN, 0.200%, 04/04/13 (m) (n) 139,973 195,000 DN, 0.155%, 04/15/13 (n) 194,962 250,000 VAR, 0.380%, 03/01/13 250,000 51,000 DN, 0.170%, 04/05/13 (n) 50,992 75,000 VAR, 0.380%, 03/01/13 75,000 195,000 DN, 0.185%, 04/12/13 (n) 194,958 750,532 38,000 DN, 0.200%, 06/07/13 (n) 37,979 Federal Home Loan Bank — 25.6% 86,000 DN, 0.200%, 06/10/13 (n) 85,952 255,000 40,000 108,000 222,000 125,000 0.120%, 07/22/13 0.125%, 06/28/13 0.140%, 07/08/13 0.160%, 04/17/13 0.170%, 06/20/13 254,994 39,991 107,994 221,994 124,990 135,000 900,000 300,000 300,000 250,000 DN, 0.200%, 07/15/13 (n) VAR, 0.141%, 03/15/13 VAR, 0.220%, 03/01/13 VAR, 0.245%, 05/04/13 VAR, 0.370%, 03/01/13 134,898 900,000 299,892 299,949 250,000 45,000 0.170%, 06/24/13 44,996 15,640,888 183,000 0.170%, 12/18/13 182,967 Federal Home Loan Mortgage Corp. — 14.9% 100,000 0.180%, 06/13/13 99,996 99,292 0.500%, 10/15/13 99,462 220,000 0.180%, 06/14/13 219,996 1,000,000 DN, 0.050%, 04/04/13 (n) 999,953 138,000 0.220%, 04/09/13 137,995 233,236 DN, 0.080%, 04/08/13 (n) 233,216 210,000 0.225%, 04/30/13 209,997 400,000 DN, 0.089%, 04/29/13 (n) 399,942 30,000 0.230%, 04/05/13 29,999 40,675 DN, 0.090%, 04/22/13 (n) 40,670 100,000 0.230%, 04/17/13 99,998 96,734 DN, 0.105%, 04/15/13 (n) 96,721 240,000 0.230%, 04/26/13 239,999 1,187,921 DN, 0.108%, 03/11/13 (n) 1,187,884 150,000 0.240%, 04/23/13 149,997 93,252 DN, 0.115%, 07/15/13 (n) 93,211 59,000 0.240%, 05/10/13 58,997 750,000 DN, 0.115%, 07/29/13 (n) 749,641 150,000 0.240%, 05/14/13 149,998 300,000 DN, 0.135%, 07/01/13 (n) 299,863 250,000 0.250%, 07/02/13 249,984 158,715 DN, 0.136%, 07/08/13 (n) 158,638 50,000 0.280%, 09/05/13 50,008 1,150,000 DN, 0.137%, 05/28/13 (n) 1,149,615 21,195 0.400%, 06/21/13 21,209 500,000 DN, 0.140%, 03/05/13 (n) 499,992 9,000 0.420%, 06/21/13 9,006 500,000 DN, 0.150%, 09/05/13 (n) 499,608 155,000 1.625%, 06/14/13 155,611 500,000 DN, 0.150%, 09/06/13 (n) 499,606 380,351 DN, 0.075%, 03/13/13 (n) 380,337 250,000 DN, 0.160%, 04/17/13 (n) 249,948 1,666,670 DN, 0.086%, 05/08/13 (n) 1,666,399 100,000 DN, 0.180%, 07/02/13 (n) 99,939 250,000 DN, 0.090%, 04/19/13 (n) 249,969 950,000 VAR, 0.162%, 03/21/13 950,007 768,430 DN, 0.093%, 04/26/13 (n) 768,319 388,000 VAR, 0.350%, 03/01/13 387,942 1,284,000 DN, 0.095%, 05/10/13 (n) 1,283,763 460,000 VAR, 0.350%, 03/01/13 459,937 185,000 DN, 0.100%, 06/12/13 (n) 184,947 9,155,795 2,309,446 629,000 234,700 50,000 300,000 519,882 140,500 340,000 DN,
0.108%, 04/17/13 (n) DN, 0.110%, 07/12/13 (n) DN, 0.115%, 07/17/13 (n) DN, 0.115%, 07/19/13 (n) DN, 0.115%, 08/02/13 (n) DN, 0.116%, 07/26/13 (n) DN, 0.120%, 03/06/13 (n) DN, 0.121%, 05/03/13 (n) 2,309,120 628,744 234,597 49,978 299,852 519,636 140,498 339,928 928,000 300,136 225,000 465,000 167,750 150,000 500,000 Federal National Mortgage Association — 11.4% 1.750%, 05/07/13 4.625%, 10/15/13 DN, 0.080%, 04/10/13 (n) DN, 0.080%, 05/20/13 (n) DN, 0.085%, 03/07/13 (n) DN, 0.095%, 05/08/13 (n) DN, 0.100%, 06/17/13 (n) 930,688 308,382 224,980 464,917 167,748 149,973 499,850 SEE NOTES TO FINANCIAL STATEMENTS. 24 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($)
U.S. Government Agency Securities — Continued Federal National Mortgage Association — Continued Repurchase Agreements — 32.5% 500,000 DN, 0.110%, 07/25/13 (n)

315,000 DN, 0.112%, 07/24/13 (n)

289,000 DN, 0.113%, 07/31/13 (n)

577,233 DN, 0.115%, 03/06/13 (n)

100,000 DN, 0.115%, 07/17/13 (n)

490,000 DN, 0.118%, 07/10/13 (n)

750,000 DN, 0.130%, 06/06/13 (n)

260,390 DN, 0.135%, 05/22/13 (n)

280,000 DN, 0.160%, 04/17/13 (n)

320,925 DN, 0.161%, 04/03/13 (n)

212,988 DN, 0.170%, 05/01/13 (n)

125,000 VAR, 0.179%, 03/11/13

Total U.S. Government Agency Securities
(Cost $32,512,973)
U.S. Treasury Obligations — 14.3%
U.S. Treasury Bills — 6.6%
1,450,000 0.086%, 03/14/13 (n)

501,422 0.090%, 04/18/13 (n)

240,000 0.093%, 05/09/13 (n)

500,000 0.110%, 03/07/13 (n)

350,000 0.116%, 04/25/13 (n)

1,000,000 0.129%, 05/30/13 (n)
U.S. Treasury Notes — 7.7%
266,000 0.125%, 09/30/13

290,000 0.500%, 05/31/13

980,000 0.500%, 10/15/13

900,000 1.000%, 07/15/13

260,000 1.375%, 03/15/13

1,000,000 1.375%, 05/15/13
90,000 2.500%, 03/31/13

130,000 2.750%, 10/31/13

250,000 3.125%, 04/30/13

335,000 3.500%, 05/31/13

200,000 3.625%, 05/15/13

Total U.S. Treasury Obligations
(Cost $8,756,862)
499,777
314,858
288,862
577,224
99,956
489,789
749,737
260,310
279,941
320,878
212,927
124,961
6,965,758
32,512,973
1,449,955
501,362
239,957
499,991
349,938
999,677
4,040,880
265,882
290,237
981,832
902,720
260,113
1,002,420
90,170
132,204
251,197
337,743
201,464
4,715,982
8,756,862
250,000 Bank of America Corp., 0.190%, dated 02/28/13, due 03/01/13, repurchase price $250,001, collateralized by Federal Home Loan Mortgage Corp., 4.500%, dated 10/01/37 and Federal National Mortgage Association, 2.639% 6.000%, dated 06/01/33 - 06/01/39, with a value of $255,000. 250,000 500,000 Barclays Capital, Inc., 0.130%, dated 02/28/13, due 03/06/13, repurchase price $500,011, collateralized by Federal Home Loan Mortgage Corp, 0.000% - by Federal Home Loan Mortgage Corp., 0.000% - 48.119%, dated 01/15/18 10/15/45, Federal National Mortgage Association, 0.000% - 23.185%, dated 03/25/18 - 04/25/43 and Government National Mortgage Association, 0.000% 21.474%, dated 05/16/13 - 01/20/63, with a value of $515,000. 500,000 350,000 Barclays Capital, Inc., 0.160%, dated 02/28/13, due 03/01/13, repurchase price $350,002, collateralized by U.S. Treasury Securities, 0.125% - 2.500%, dated 06/30/14 - 04/15/17, with a value of $357,000. 350,000 325,000 Barclays Capital, Inc., 0.200%, dated 02/28/13, due 03/01/13, repurchase price $325,002, collateralized by Federal National Mortgage Association, 1.250%, dated 09/28/16 , Government National Mortgage Association, 0.601%, dated 02/20/62 and U.S. Treasury Securities, 0.000%, dated 08/22/2013, with a value of $331,995. 325,000 500,000 BNP Paribas Securities Corp., 0.120%, dated 02/28/13, due 03/05/13, repurchase price $500,008, collateralized by Federal Home Loan Mortgage Corp., 3.500% - 4.000%, dated 11/01/40 - 04/01/42 and Government National Mortgage Association, 3.000% - 4.000%, dated 01/20/42 - 09/20/42, with a value of $510,000. 500,000 1,300,000 BNP Paribas Securities Corp., 0.190%, dated 02/28/13, due 03/01/13, repurchase price $1,300,007, collateralized by Government National Mortgage Association, 2.500% 5.000%, dated 09/20/27 - 02/20/43, with a value of $1,326,000. 1,300,000 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan U.S. Government Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Repurchase Agreements — Continued 500,000 Citibank N.A., 0.200%, dated 02/28/13, due 800,000 Goldman Sachs & Co., 0.140%, dated 03/01/13, repurchase price $500,003, 02/28/13, due 03/06/13, repurchase price collateralized by Federal Home Loan $800,019, collateralized by Federal Home Mortgage Corp., 0.000% - 6.000%, dated Loan Mortgage Corp., 1.118% - 6.500%, 01/01/21 - 01/01/43, Federal National dated 11/15/21 - 03/01/43 and Federal Mortgage Association, 0.000% - 7.000%, National Mortgage Association, 2.500% dated 07/01/18 - 11/01/42 and 22.305%, dated 10/01/22 - 03/01/43, Government National Mortgage Association, with a value of $816,007. 800,000 2.500% - 7.500%, dated 07/20/24 1,250,000 Goldman Sachs & Co., 0.170%, dated 12/20/42, with a value of $510,000. 500,000 02/28/13, due 03/07/13, repurchase price 1,500,000 Citigroup Global Markets Holdings, Inc., $1,250,041, collateralized by Federal 0.200%, dated 02/28/13, due 03/01/13, Home Loan Mortgage Corp., 0.000% repurchase price $1,500,008, 21.918%, dated 07/15/21 - 10/15/49 collateralized by Federal Home Loan and Federal National Mortgage Association, Mortgage Corp., 0.000% - 38.093%, dated 0.000% - 8.246%, dated 01/25/19 08/15/21 - 01/15/43, Federal National 11/25/46, with a value of $1.287,461. 1,250,000 Mortgage Association, 0.000% - 10.000%, 750,000 Goldman Sachs & Co., 0.170%, dated dated 09/25/17 - 02/25/43 and 02/28/13, due 03/04/13, repurchase price Government National Mortgage Association, $750,014, collateralized by Federal Home 0.000% - 84.491%, dated 06/20/32 Loan Mortgage Corp., 2.160% - 6.000%, 02/20/43, with a value of $1,543,974. 1,500,000 dated 05/01/26 - 03/01/43 and Federal 300,000 Citigroup Global Markets Holdings, Inc., 0.200%, dated 02/28/13, due 03/01/13, repurchase price $300,002, collateralized National Mortgage Association, 1.963% 6.000%, dated 07/01/19 - 03/01/43, with a value of $765,000 750,000 by Federal Farm Credit Banks, 0.200%, 1,000,000 Goldman Sachs & Co., 0.180%, dated dated 05/13/14, Federal Home Loan 02/28/13, due 03/01/13, repurchase price Mortgage Corp., 0.540% - 4.750%, dated $1,000,005, collateralized by Federal 09/22/14 - 02/12/16, Federal National Home Loan Mortgage Corp., 3.000% Mortgage Association, 0.650%, dated 6.500%, dated 05/01/23 - 03/01/43 and 03/28/16, Government National Mortgage Federal National Mortgage Association, Association, 4.500% - 5.500%, dated 0.000% - 6.500%, dated 01/01/23 05/15/37 - 04/20/41 and U.S. Treasury 03/22/43, with a value of $1,023,948. 1,000,000 Securities, 2.125% - 2.375%, dated 450,000 HSBC Securities USA, Inc., 0.190%, dated 05/31/15 - 01/15/27, with a value of 02/28/13, due 03/01/13, repurchase price $306,001. 300,000 $450,002, collateralized by Federal 150,000 Deutsche Bank Securities, Inc.,
0.200%, dated National Mortgage Association, 3.000% 02/28/13, due 03/01/13, repurchase price 4.000%, dated 11/01/32 - 12/01/42, with $150,001, collateralized by Government a value of $459,003. 450,000 National Mortgage Association, 3.000% 350,000 HSBC Securities USA, Inc., 0.190%, dated 4.750%, dated 08/20/40 - 02/20/43, with 02/28/13, due 03/01/13, repurchase price a value of $154,500. 150,000 $350,002, collateralized by Federal 1,000,000 Goldman Sachs & Co., 0.140%, dated National Mortgage Association, 2.500% 02/28/13, due 03/05/13, repurchase price $1,000,019, collateralized by Federal 4.500%, dated 11/01/22 - 02/01/43, with a value of $357,004. 350,000 Home Loan Mortgage Corp., 0.000% 400,000 Merrill Lynch & Co., Inc., 0.170%, dated 43.513%, dated 10/15/19 - 10/15/49, 02/28/13, due 04/04/13, repurchase price Federal National Mortgage Association, $400,063, collateralized by Federal Home 0.000% - 38.678%, dated 01/01/21 Loan Mortgage Corp., 5.694% - 6.394%, 03/25/43 and Government National dated 04/15/39 - 01/15/43, Federal Mortgage Association, 0.000% - 38.336%, National Mortgage Association, 0.000% dated 12/16/25 - 02/20/43, with a value 6.556%, dated 04/25/37 - 03/25/43 and of $1,028,805. 1,000,000 Government National Mortgage Association, 4.590% - 7.099%, dated 09/20/32 05/16/42, with a value of $412,000. (i) 400,000 SEE NOTES TO FINANCIAL STATEMENTS. 26 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Repurchase Agreements — Continued 500,000 Merrill Lynch & Co., Inc., 0.170%, dated 143,653 RBS Securities, Inc., 0.170%, dated 02/28/13, due 04/03/13, repurchase price 02/28/13, due 03/01/13, repurchase $500,080, collateralized by Federal Home price $143,654, collateralized by U.S. Loan Mortgage Corp., 0.000% - 17.012%, Treasury Securities, 1.250% - 2.750%, dated 08/15/28 - 02/15/43, Federal dated 04/30/19 - 08/15/42, with a value National Mortgage Association, 4.546% of $146,529. 143,653 7.896%, dated 05/25/23 - 03/25/42 and 498,000 RBS Securities, Inc., 0.220%, dated Government National Mortgage Association, 02/28/13, due 03/01/13, repurchase 5.249% - 7.579%, dated 06/20/25 price $498,003, collateralized by Federal 08/20/41, with a value of $515,000. (i) 500,000 Home Loan Mortgage Corp., 3.000% 2,000,000 Morgan Stanley & Co. LLC, 0.130%, dated 4.500%, dated 08/01/26 - 03/01/43 02/28/13, due 03/05/13, repurchase price and Federal National Mortgage $2,000,036, collateralized by Federal Association, 1.869%, dated 03/25/36, Home Loan Mortgage Corp., 2.000% with a value of $507,992. 498,000 7.000%, dated 08/01/13 - 03/01/43 and 2,300,000 Societe Generale North America, Inc., Federal National Mortgage Association, 0.190%, dated 02/28/13, due 2.000% - 14.000%, dated 03/01/13 03/01/13, repurchase price $2,300,012, 12/01/49, with a value of $2,040,000. 2,000,000 collateralized by by Federal Home Loan 1,000,000 Morgan Stanley & Co. LLC, 0.170%, dated Mortgage Corp., 0.601% - 6.000%, dated 02/28/13, due 03/07/13, repurchase price 08/15/21 - 10/15/42, Federal National $1,000,033, collateralized by Federal Mortgage Association, 0.501% - 7.508%, National Mortgage Association, 2.500% dated 08/01/22 - 11/01/47 and 7.000%, dated 11/01/14 - 01/01/43, with Government National Mortgage a value of $1,020,000. 1,000,000 Association, 0.341% - 5.500%, dated 750,000 Morgan Stanley & Co. LLC, 0.190%, dated 12/16/31 - 12/16/43, with a value of 02/28/13, due 03/01/13, repurchase price $2,355,862. 2,300,000 $750,004, collateralized by Federal National Mortgage Association, 3.000% 5.500%, dated 10/01/26 - 03/01/43, with Total Repurchase Agreements (Cost $19,866,653) 19,866,653 a value of $765,000. 750,000 Total Investments — 100.0% 500,000 RBS Securities, Inc., 0.120%, dated (Cost $61,136,488)* 61,136,488 02/28/13, due 03/18/13, repurchase price Other Assets in Excess of $500,030, collateralized by U.S. Treasury Liabilities — 0.0% (g) 25,444 Securities, 0.125% - 2.000%, dated 01/15/16 - 01/15/23, with a value of NET ASSETS — 100.0% $61,161,932 $510,002. (i) 500,000 500,000 RBS Securities, Inc., 0.140%, dated Percentages indicated are based on net assets. 02/28/13, due 03/21/13, repurchase price $500,041, collateralized by U.S. Treasury Securities, 0.125% - 8.750%, dated 05/15/13 - 05/15/38, with a value of $510,002. (i) 500,000 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M
O R G A N M O N E Y M A R K E T F U N D S 27

JPMorgan U.S. Treasury Plus Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2013 (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION (t) VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) U.S. Treasury Obligations — 46.6% U.S. Treasury Bills — 18.4% (n) Repurchase Agreements — 53.3% 150,000 0.055%, 04/04/13 (m) 149,993 150,000 Barclays Capital, Inc., 0.090%, dated 500,000 0.085%, 05/16/13 200,000 0.086%, 03/14/13 499,910 199,993 02/28/13, due 03/06/13, repurchase price $150,002, collateralized by U.S. Treasury Securities, 0.000% - 3.125%, due 1,150,000 0.090%, 04/18/13 1,149,873 09/30/13 - 05/15/22, with a value of 150,000 0.119%, 08/15/13 149,917 $153,000. 150,000 400,000 0.129%, 05/30/13 399,877 150,000 Barclays Capital, Inc., 0.140%, dated 50,000 0.130%, 08/22/13 49,969 02/28/13, due 03/07/13, repurchase price 100,000 0.132%, 08/08/13 99,942 $150,004, collateralized by U.S. Treasury Securities, 0.875% - 1.250%, due 2,699,474 04/15/14 - 11/30/16, with a value of U.S. Treasury Notes — 28.2% $153,000. 150,000 300,000 0.125%, 08/31/13 100,000 0.125%, 09/30/13 299,992 99,955 150,000 Barclays Capital, Inc., 0.140%, dated 02/28/13, due 03/01/13, repurchase price $150,001, collateralized by U.S. Treasury 24,000 0.250%, 10/31/13 24,006 Securities, 0.000% - 3.125%, due 35,000 0.375%, 07/31/13 35,027 05/2/13 - 02/15/22, with a value of 270,000 0.500%, 05/31/13 270,239 $153,000. 150,000 75,000 0.500%, 10/15/13 75,139 250,000 Barclays Capital, Inc., 0.160%, dated 100,000 0.625%, 04/30/13 100,000 0.750%, 09/15/13 100,083 100,321 02/28/13, due 03/01/13, repurchase price $250,001, collateralized by U.S. Treasury Securities, 0.375% - 2.500%, due 101,924 1.000%, 07/15/13 102,254 03/31/15 - 01/15/16, with a value of 543,000 1.125%, 06/15/13 544,514 $255,000. 250,000 30,000 1.250%, 02/15/14 30,306 150,000 BNP Paribas, 0.140%, dated 02/28/13, due 110,000 1.250%, 03/15/14 111,208 03/18/13, repurchase price $150,011, 55,000 1.375%, 03/15/13 425,000 1.375%, 05/15/13 55,025 426,069 collateralized by U.S. Treasury Securities, 0.000% - 2.375%, due 11/15/13 11/15/41, with a value of $153,000. (i) 150,000 250,000 1.750%, 04/15/13 250,480 500,000 BNP Paribas, 0.160%, dated 02/28/13, due 160,000 1.875%, 02/28/14 162,686 03/01/13, repurchase price $500,002, 125,000 2.000%, 11/30/13 126,673 collateralized by U.S. Treasury Securities, 310,000 2.500%, 03/31/13 310,588 0.375% - 1.000%, due 07/31/13 75,000 2.750%, 10/31/13 76,272 11/30/17, with a value of $510,000. 500,000 30,000 3.125%, 04/30/13 125,000 3.125%, 09/30/13 30,142 127,144 150,000 Citibank N.A., 0.160%, dated 02/28/13, due 03/01/13, repurchase price $150,001, collateralized by U.S. Treasury Securities, 100,000 3.375%, 06/30/13 101,036 2.750% - 11.250%, due 02/15/15 100,000 3.375%, 07/31/13 101,358 02/15/43, with a value of $153,000. 150,000 100,000 3.500%, 05/31/13 100,829 500,000 Citigroup, Inc., 0.160%, dated 02/28/13, due 150,000 3.625%, 05/15/13 151,098 03/01/13, repurchase price $500,002,
315,000 4.250%, 08/15/13 320,969 collateralized by U.S. Treasury Securities, 0.250% - 4.625%, due 0/31/13 4,133,413 02/15/40, with a value of $510,000. 500,000 Total U.S. Treasury Obligations 100,000 Credit Suisse First Boston USA, Inc., 0.140%, (Cost $6,832,887) 6,832,887 dated 02/28/13, due 03/01/13, repurchase price $100,000, collateralized by U.S. Treasury Securities, 0.250%, due 03/31/14, with a value of $102,005. 100,000 SEE NOTES TO FINANCIAL STATEMENTS. 28 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL
AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Repurchase Agreements — Continued 250,000 Credit Suisse First Boston USA, Inc., 0.160%, 150,000 Merrill Lynch & Co., Inc., 0.140%, dated dated 02/28/13, due 03/01/13, 02/28/13, due 04/01/13, repurchase price repurchase price $250,001, collateralized $150,019, collateralized by U.S. Treasury by U.S. Treasury Securities, 0.750% Securities, 0.750% - 6.500%, due 2.125%, due 06/15/14 - 08/15/21, with a 02/29/16 - 08/15/28, with a value of value of $255,004. 250,000 $153,000. (i) 150,000 350,000 Deutsche Bank AG, 0.120%, dated 02/28/13, 300,000 Merrill Lynch & Co., Inc., 0.150%, dated due 03/06/13, repurchase price 02/28/13, due 03/01/13, repurchase price $350,007, collateralized by U.S. Treasury $300,001, collateralized by U.S. Treasury Securities, 0.000% - 7.500%, due Securities, 0.000% - 0.250%, due 08/15/14 - 05/15/40, with a value of 04/25/13 - 10/31/14, with a value of $357,000. 350,000 $306,000. 300,000 150,000 Deutsche Bank AG, 0.150%, dated 02/28/13, 474,823 Merrill Lynch & Co., Inc., 0.150%, dated due 03/07/13, repurchase price 02/28/13, due 03/01/13, repurchase price $150,004, collateralized by U.S. Treasury $474,825, collateralized by U.S. Treasury Securities, 2.375% - 6.750%, due Securities, 0.250% - 2.000%, due 02/15/14 - 02/15/39, with a value of 11/30/14 - 01/15/26, with a value of $153,000. 150,000 $484,320. 474,823 300,000 Deutsche Bank AG, 0.180%, dated 02/28/13, 300,000 Royal Bank of Scotland, 0.090%, dated due 03/01/13, repurchase price 02/28/13, due 03/06/13, repurchase price $300,002, collateralized by U.S. Treasury $300,005, collateralized by U.S. Treasury Securities, 0.000% - 1.750%, due Securities, 4.375% - 4.750%, due 07/31/15 - 02/15/41, with a value of 02/15/37 - 11/15/39, with a value of $306,000. 300,000 $306,001. 300,000 100,000 Goldman Sachs & Co., 0.110%, dated 150,000 Royal Bank of Scotland, 0.130%, dated 02/28/13, due 03/05/13, repurchase price 02/28/13, due 03/28/13, repurchase price $100,002, collateralized by U.S. Treasury $150,015, collateralized by U.S. Treasury Securities, 1.875%, due 07/15/13, with a Securities, 2.250% - 4.000%, due value of $102,000. 100,000 02/15/15 - 02/28/18, with a value of 100,000 Goldman Sachs & Co., 0.130%, dated $153,003. (i) 150,000 02/28/13, due 03/04/13, repurchase price 150,000 Royal Bank of Scotland, 0.130%, dated $100,001, collateralized by U.S. Treasury 02/28/13, due 03/06/13, repurchase price Securities, 1.875%, due 07/15/13, with a $150,003, collateralized by U.S. Treasury value of $102,000. 100,000 Securities, 2.250% - 2.375%, due 300,000 Goldman Sachs & Co., 0.130%, dated 03/31/16 - 11/30/17, with a value of 02/28/13, due 03/07/13, repurchase price $153,000. 150,000 $300,008, collateralized by U.S. Treasury 298,310 Royal Bank of Scotland, 0.170%, dated Securities, 4.250% - 8.750%, due 02/28/13, due 03/01/13, repurchase price 11/15/16 - 11/15/40, with a value of $298,311, collateralized by U.S.
Treasury $306,000. 300,000 Securities, 0.625% - 4.375%, due 300,000 Goldman Sachs & Co., 0.150%, dated 08/31/17 - 11/15/39, with a value of 02/28/13, due 03/01/13, repurchase price $304,281. 298,310 $300,001, collateralized by U.S. Treasury 250,000 Royal Bank of Scotland, 0.170%, dated Securities, 2.375%, due 01/15/17, with a 02/28/13, due 03/01/13, repurchase price value of $306,000. 300,000 $250,001, collateralized by U.S. Treasury 750,000 HSBC Securities (USA), Inc., 0.160%, dated Securities, 1.375% - 4.625%, due 02/28/13, due 03/01/13, repurchase price 10/31/13 - 12/31/18, with a value of $750,003, collateralized by U.S. Treasury $255,003. 250,000 Securities, 1.375% - 3.000%, due 11/30/15 - 08/15/42, with a value of $765,004. 750,000 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 29

JPMorgan U.S. Treasury Plus Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Repurchase Agreements — Continued
1,050,000 Societe Generale, 0.160%, dated 02/28/13, due 03/01/13, repurchase price $1,050,005, collateralized by U.S. Treasury Securities, 0.000% - 11.250%, due 06/13/13 - 02/15/15, with a value of $1,071,023. 1,050,000 Total Repurchase Agreements (Cost $7,823,133) 7,823,133 Total Investments — 99.9% (Cost $14,656,020)* Other Assets in Excess of Liabilities — 0.1% 14,656,020 15,426 NET ASSETS — 100.0% $14,671,446 Percentages indicated are based on net assets. SEE NOTES TO FINANCIAL STATEMENTS. 30 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

JPMorgan Federal Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION (t) VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) U.S. Government Agency Securities — 47.4% Federal Farm Credit Bank — 7.0% Federal Home Loan Bank — Continued 25,000 DN, 0.100%, 04/15/13 (n) 24,997 25,000 VAR, 0.245%, 05/04/13 24,996 25,000 DN, 0.110%, 06/20/13 (n) 24,991 21,500 VAR, 0.330%, 03/01/13 21,504 10,000 DN, 0.110%, 07/12/13 (n) 9,996 22,000 VAR, 0.370%, 03/01/13 22,000 15,000 DN, 0.110%, 07/17/13 (n) 14,994 1,472,186 14,200 25,000 10,000 DN, 0.160%, 03/26/13 (m) (n) DN, 0.180%, 09/09/13 (n) DN, 0.200%, 11/01/13 (n) 14,198 24,976 9,986 128,000 Tennessee Valley Authority — 3.2% DN, 0.095%, 03/21/13 (n) 127,993 19,000 20,000 DN, 0.210%, 04/09/13 (n) DN, 0.220%, 07/03/13 (n) 18,996 19,985 Total U.S. Government Agency Securities (Cost $1,876,100) 1,876,100 37,800 VAR, 0.232%, 03/22/13 37,802 U.S. Treasury Obligations — 52.4% 25,000 VAR, 0.380%, 03/01/13 25,000 U.S. Treasury Bills — 38.6% (n) 50,000 VAR, 0.380%, 03/01/13 50,000 50,000 0.051%, 04/11/13 49,997 275,921 350,000 25,000 0.084%, 03/14/13 0.088%, 04/04/13 349,989 24,998 Federal Home Loan Bank — 37.2% 537,295 0.090%, 04/18/13 537,230 7,000 0.140%, 07/08/13 6,999 250,000 0.116%, 03/21/13 249,984 10,000 0.170%, 12/18/13 9,998 300,000 0.122%, 04/25/13 299,944 25,000 0.180%, 06/13/13 24,999 14,000 0.185%, 10/17/13 13,984 11,150 20,000 0.220%, 04/09/13 0.225%, 04/30/13 11,149 20,000 1,526,126 5,000 0.240%, 05/10/13 5,000 U.S. Treasury Notes — 13.8% 25,000 0.240%, 05/14/13 24,999 15,000 0.500%, 10/15/13 15,028 22,000 0.280%, 09/05/13 22,003 15,000 0.500%, 11/15/13 15,030 10,850 1.000%, 03/27/13 10,856 100,000 0.625%, 04/30/13 100,091 20,000 1.625%, 06/14/13 20,079 50,000 1.000%, 07/15/13 50,160 31,124 DN, 0.035%, 03/13/13 (n) 31,124 10,000 1.250%, 02/15/14 10,102 54,137 DN, 0.045%, 03/01/13 (n) 54,137 25,000 1.375%, 03/15/13 25,011 130,000 DN, 0.060%, 03/08/13 (n) 129,999 25,000 1.375%, 05/15/13 25,060 22,350 DN, 0.070%, 03/06/13 (n) 22,350 10,000 2.500%, 03/31/13 10,019 35,000 DN, 0.070%, 04/10/13 (n) 34,997 10,000 2.750%, 10/31/13 10,169 200,000 DN, 0.088%, 03/22/13 (n) 199,990 70,000 3.375%, 07/31/13 70,934 33,000 DN, 0.095%, 05/10/13 (n) 32,994 39,000 3.500%, 05/31/13 39,320 50,000 DN, 0.100%, 06/12/13 (n) 49,986 175,000 3.625%, 05/15/13 176,281 235,000 DN, 0.104%, 03/20/13 (n) 234,987 547,205 25,000 DN, 0.110%, 07/12/13 (n) 24,990 Total U.S. Treasury Obligations 147,000 DN, 0.111%, 04/01/13 (n) 146,986 (Cost $2,073,331) 2,073,331 25,000 DN, 0.125%, 07/10/13 (n) 24,989 Total Investments — 99.8% 100,000 DN, 0.137%, 05/29/13 (n) 99,966 (Cost $3,949,431)* 3,949,431 75,000 DN, 0.145%, 05/24/13 (n) 74,975 Other Assets in Excess of 15,150 DN, 0.155%, 04/05/13 (n) 15,148 Liabilities — 0.2% 7,242 10,000 DN, 0.200%, 11/01/13 (n) 9,986 NET ASSETS — 100.0% $3,956,673 35,000 VAR, 0.141%, 03/15/13 35,000 25,000 VAR, 0.170%, 03/01/13 25,000
Percentages indicated are based on net assets. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 31

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

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2013 (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION (t) VALUE($)

U.S. Treasury Obligations — 100.0%
U.S. Treasury Bills — 90.2% (n)
3,049,933 0.053%, 03/28/13 3,049,811
1,750,000 0.068%, 04/11/13 1,749,864
2,949,705 0.076%, 03/14/13 2,949,624
3,221,607 0.078%, 04/18/13 3,221,274
1,650,000 0.080%, 04/04/13 (m) 1,649,875
1,250,000 0.081%, 05/02/13 1,249,825
2,100,000 0.084%, 03/21/13 2,099,902
1,500,000 0.085%, 05/16/13 1,499,731
1,952,160 0.103%, 04/25/13 1,951,853
1,200,000 0.109%, 05/30/13 1,199,672
1,500,000 0.117%, 05/23/13 1,499,594
25,000 0.185%, 10/17/13 24,971
22,145,996
U.S. Treasury Notes — 9.8%
25,000 0.125%, 09/30/13 24,989
245,000 0.375%, 06/30/13 245,224
50,000 0.500%, 10/15/13 50,093
25,000 0.500%, 11/15/13 25,051
200,000 0.625%, 04/30/13 200,182
PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

U.S. Treasury Notes — Continued
600,000 0.750%, 03/31/13 600,338
500,000 1.000%, 07/15/13 501,539
25,000 1.375%, 03/15/13 25,011
199,000 1.375%, 05/15/13 199,475
200,000 1.750%, 04/15/13 200,412
25,000 2.500%, 03/31/13 25,047
25,000 2.750%, 10/31/13 25,424
185,000 3.500%, 05/31/13 186,517
100,000 3.625%, 05/15/13 100,732
2,410,034
Total U.S. Treasury Obligations
(Cost $24,556,030) 24,556,030
Total Investments — 100.0%
(Cost $24,556,030)* 24,556,030
Other Assets in Excess of
Liabilities — 0.0% (g) 7,099
NET ASSETS — 100.0% $24,563,129
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
32 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2013 (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION (t) VALUE($)

Municipal Bonds — 90.9%
Alabama — 0.2%
13,000 Columbia Industrial Development Board, Alabama Power Co., Project, Series D, Rev., VRDO, 0.110%, 03/01/13 13,000 15,000 East Alabama Health Care Authority, Series B, Rev., VRDO, 0.140%, 03/07/13 15,000 9,585 Eclipse Funding Trust, Solar Eclipse, Series 2007-0108, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 9,585 37,585 Alaska — 0.3% 38,500 Alaska Housing Finance Corp., Series A, Rev., VRDO, 0.110%, 03/07/13 38,500 1,300 City of Valdez, Marine Terminal, Exxon Pipeline Co. Project, Series A, Rev., VRDO, 0.100%, 03/01/13 1,300 23,230 Eclipse Funding Trust, Solar Eclipse, Alaska, Series 2007-0028, Rev., VRDO, LIQ: U.S. Bank N.A., 0.100%, 03/01/13 23,230 63,030 Arizona — 0.8% 42,300 Ak-Chin Indian Community, Rev., VRDO, LOC:
Bank of America N.A., 0.140%, 03/07/13 42,300 15,600 City of Mesa, Utility System, Series ROCS-RR-II-R-11032, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.130%, 03/07/13 15,600 7,160 Maricopa County IDA, Multi-Family Housing, Las Gardenias Apartments, Series A, Rev., VRDO, FNMA, 0.130%, 03/07/13 7,160 Phoenix Civic Improvement Corp., 6,245 Series ROCS-RR-II R-11982X, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 03/07/13 (e) 6,245 15,760 Series ROCS-RR-II-R-11732, Rev., VRDO, NATL-RE, FGIC, LIQ: Citibank N.A., 0.110%, 03/07/13 (e) 15,760 2,000 Phoenix IDA, Multi-Family Housing, Del Mar Terrace, Series A, Rev., VRDO, FHLMC, 0.120%, 03/07/13 2,000 21,700 Pima County IDA, Tucson Electric Power Co., Ivington Project, Rev., VRDO, 0.110%, 03/07/13 21,700 45,665 Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.140%, 03/07/13 45,665 156,430 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

26,980
1,531
1,250
32,800
52,055
11,350
1,520
500
800
72,125
14,800
5,800
65,900
39,100
70,450
12,745
California — 12.0%
Abag Finance Authority for Nonprofit Corps., Series D, Rev., VRDO, LOC: Citibank N.A., 0.130%, 03/07/13 26,980 Bay Area Toll Authority, Series 2985, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.140%, 03/07/13 (e) 1,531 California Educational Facilities Authority, Series 3144, Rev., VRDO, 0.080%, 03/01/13 (e) 1,250 California Health Facilities Financing Authority, Children’s Hospital of Orange County, Series B, Rev., VRDO, 0.100%, 03/07/13 32,800 California Health Facilities Financing Authority, Kaiser Permanente, Series C, Rev., VRDO, 0.100%, 03/07/13 52,055 California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.100%, 03/07/13 11,350 California Infrastructure & Economic Development Bank, IDR, Pleasant Mattress, Inc. Project, Series A, Rev., VRDO, LOC:
Wells Fargo Bank N.A., 0.130%, 03/07/13 1,520 California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Series A, Rev., VRDO, LOC: Mizuho Corporate Bank, 0.080%, 03/01/13 500 California Municipal Finance Authority, Chevron USA, Inc., Project, Rev., VRDO, LIQ:
PNC Bank N.A., 0.070%, 03/01/13 800
California Statewide Communities
Development Authority, Series J, Rev.,
VRDO, 0.100%, 03/07/13 72,125
California Statewide Communities
Development Authority, Gas Supply, Rev.,
VRDO, 0.110%, 03/07/13 14,800
California Statewide Communities
Development Authority, Health Facility
Community Hospital, Series B, Rev., VRDO,
LOC: U.S. Bank N.A., 0.100%, 03/07/13 5,800 California Statewide Communities Development Authority, Kaiser Permanente, Series B, Rev., VRDO, 0.080%, 03/07/13 65,900 Series B, Rev., VRDO, 0.100%, 03/07/13 39,100 Series M, Rev., VRDO, 0.100%, 03/07/13 70,450 California Statewide Communities Development Authority, Kelvin Court, Series B, Rev., VRDO, FNMA, 0.140%, 03/07/13 12,745 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 33

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
California — Continued
3,650 California Statewide Communities
Development Authority, Multi-Family
Housing, Golden Age Garden Apartments,
Series H, Rev., VRDO, FHLMC, 0.100%,
03/07/13 3,650
5,450 City of Hemet, Multi-Family Housing, Sunwest Retirement, Series A, Rev., VRDO, FHLMC, 0.100%, 03/07/13 5,450 400 City of Irvine, Improvement Bond Act of 1915, District No. 03-19, Special Assessment, Series B, VRDO, 0.080%, 03/01/13 400 13,850 City of Los Angeles, Wastewater Systems, EAGLE, Series 2006-0013, Rev., VRDO, NATL-RE, 0.130%, 03/07/13 13,850 1,400 City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.120%, 03/07/13 1,400 78,550 City of Pasadena, Series A, COP, VRDO, LOC:
Bank of America N.A., 0.130%, 03/07/13 78,550 700 City of Upland, Mountain Springs Issue, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 700 900 City of Vacaville, Multi-Family Housing, Sycamores Apartments, Series A, Rev., VRDO, FNMA, 0.100%, 03/07/13 900 9,750 Contra Costa County Housing Authority, MultiFamily Housing, Lakeshore, Series C, Rev., VRDO, FHLMC, LOC: Bank of America N.A., 0.110%, 03/07/13 9,750 30,000 County of Contra Costa, Multi-Family Housing, Pleasant Hill BART Transit, Series A, Rev., VRDO, 0.150%, 03/07/13 30,000 Deutsche Bank Spears/Lifers Trust Various States, 41,565 Series DB-287, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 41,565
890 Series DB-304, GO, VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 890
12,915 Series DB-324, GO, VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 12,915
37,885 Series DB-332, GO, VRDO, LIQ: Deutsche Bank AG, 0.190%, 03/07/13 37,885 16,600 Series DB-362, GO, VRDO, AMBAC, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 16,600
14,090 Series DB-363, GO, VRDO, AGM, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 14,090
41,730 Series DB-364, Rev., VRDO, FGIC, AGM, AMBAC, NATL-RE, LIQ: Deutsche Bank AG, 0.190%, 03/07/13 41,730 25,670 Series DB-382, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 25,670
PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

11,585
12,830
19,825
21,810
14,115
42,540
35,120
14,450
5,075
12,549
50,000
13,195
32,230
33,105
8,225
91,555
32,720
39,455
8,865
29,665
11,635
California — Continued
Series DB-416, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 11,585
Series DB-419, GO, VRDO, AGM, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 12,830
Series DB-424, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%,
03/07/13 (e) 19,825
Series DB-429, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 21,810
Series DB-432, GO, VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 14,115
Series DB-474, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.110%, 03/07/13 42,540
Series DB-479, Rev., VRDO, AGM-CR,
AMBAC, LIQ: Deutsche Bank AG, 0.120%,
03/07/13 35,120
Series DB-600, Rev., VRDO, AGM, 0.110%,
03/07/13 14,450
Series DB-617, Rev., VRDO, AGM, 0.210%,
03/07/13 5,075
Series DB-657, GO, VRDO, AGC, LIQ:
Deutsche Bank AG, 0.110%, 03/07/13 12,549
Series DB-1020X, Rev., VRDO, LIQ:
Deutsche Bank AG, 0.130%,
03/07/13 (e) 50,000
Series DBE-600, Rev., VRDO, AMBAC,
0.230%, 03/07/13 13,195
Series DBE-625, Rev., VRDO, AMBAC, LIQ:
Deutsche Bank AG, 0.110%, 03/07/13 32,230
Series DBE-664, Rev., VRDO, LIQ: Deutsche
Bank AG, 0.110%, 03/07/13 33,105
Series DBE-685, Rev., VRDO, AGM-CR,
AMBAC, 0.210%, 03/07/13 8,225
Series DBE-1011, Rev., VRDO, LIQ:
Deutsche Bank AG, 0.160%, 03/07/13 91,555
Series DBE-1455, GO, VRDO, NATL-RE,
0.160%, 03/07/13 (e) 32,720
Deutsche Bank Spears/Lifers Trust Various
States, Tax Allocation,
Series DB-294, VRDO, FGIC, LIQ: Deutsche
Bank AG, 0.190%, 03/07/13 39,455
Series DB-318, VRDO, AMBAC, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 8,865
Eclipse Funding Trust, Solar Eclipse, Castai, Series 2007-0034, COP, VRDO, LIQ: U.S. Bank N.A., 0.100%, 03/07/13 29,665 Eclipse Funding Trust, Solar Eclipse, Corona, Tax Allocation, Series 2006-0099, VRDO, LIQ: U.S. Bank N.A., 0.100%, 03/07/13 11,635 SEE NOTES TO FINANCIAL STATEMENTS. 34 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

California — Continued California — Continued 6,840 Eclipse Funding Trust, Solar Eclipse, 80 San Francisco City & County Public Utilities Los Angeles, Series 2006-0037, Rev., Commission, MERLOTS, Series B20, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., 0.110%, VRDO, NATL-RE, 0.190%, 03/07/13 80 03/07/13 6,840 5,600 Santa Clara County Financing Authority, 2,590 Eclipse Funding Trust, Solar Eclipse, San Jose, Multiple Facilities Projects, Series M, Rev., Series 2007-0037, Rev., VRDO, LIQ: U.S. VRDO, LOC: U.S. Bank N.A., 0.120%, Bank N.A., 0.100%, 03/07/13 (p) 2,590 03/07/13 5,600 15,500 Golden State Tobacco Securitization Corp., 66,670 Southern California Public Power Authority, Series 2215, Rev., VRDO, LIQ: Morgan Subordinated Southern Transmission, Stanley Bank, 0.190%, 03/07/13 15,500 Series A, Rev., VRDO, AGM, 0.160%, Irvine Ranch Water District Nos. 105, 140, 03/07/13 66,670 240 & 250, 68,870 Southern California Public Power Authority, 200 GO, VRDO, LOC: Bank of New York Mellon, Transmission Project, Series A, Rev., VRDO, 0.060%, 03/01/13 200 AGM, 0.140%, 03/07/13 68,870 2,300 GO, VRDO, LOC: State Street Bank & Trust, State of California, 0.090%, 03/07/13 2,300 60,000 Series A-1, Rev., RAN, 2.500%, 05/30/13 60,334 4,000 Irvine Unified School District, Community 297,235 Series A-2, Rev., RAN, 2.500%, 06/20/13 299,137 Facilities District No. 09-1, Series B, VRDO, State of California, Kindergarten, 0.120%, 03/01/13 4,000 29,600 GO, VRDO, LOC: National Australia Bank 40,000 Kern County California, GO, TRAN, 2.500%, Ltd., 0.090%, 03/07/13 29,600 06/28/13 40,298 75,000 Series A7, GO, VRDO, LOC: Citibank N.A., Los Angeles Community College District, 0.100%, 03/07/13 75,000 10,800 Series ROCS-RR-II-R-11768, GO, VRDO, 33,000 State of California, Municipal Securities Trust AGM-CR, FGIC, LIQ: Citibank N.A., Receipts, Series SGC-6, Class A, GO, VRDO, 0.140%, 03/07/13 (e) 10,800 LIQ: Societe Generale, 0.120%, 03/07/13 33,000 13,525 Series ROCS-RR-II-R-11773, GO, VRDO, LIQ: Wells Fargo Stage Trust, Citibank N.A., 0.110%, 03/07/13 (e) 13,525 18,475 Series 2008-7C, Rev., VRDO, NATL-RE, 115,000 Los Angeles County, Series C, Rev., TRAN, 0.100%, 03/07/13 18,475 2.000%, 06/28/13 115,667 25,400 Series 38C, Rev., VRDO, LIQ: Wells Fargo 12,875 Los Angeles County Housing Authority, Multi- Bank N.A., 0.270%, 05/09/13 (e) 25,400 Family Housing, Sand Canyon, Series F, Rev., VRDO, FHLMC, 0.110%, 03/07/13 12,875 10,415 Series 56C, GO, VRDO, 0.100%, 03/07/13 (e) 10,415 800 Los Angeles Department of Water & Power, Series ROCS RR II R-12322, Rev., VRDO, 2,313,311 AGM-CR, AMBAC, LIQ: Citibank N.A., Colorado — 1.5% 0.110%, 03/01/13 (e) 800 15,010 Arapahoe County, Multi-Family Housing, Rental 16,930 Metropolitan Water District of Southern Housing, Hunters Run, Rev., VRDO, FHLMC, California, Series A-2, Rev., VRDO, 0.090%, 0.100%, 03/07/13 15,010 03/07/13 16,930 15,515 City of Colorado Springs, Utilities System 15,555 Puttable Floating Option Tax-Exempt Receipts, Improvement, Series A,
Rev., VRDO, Series PT-4433, Rev., VRDO, AGM, LIQ: 0.140%, 03/07/13 15,515 Wells Fargo Bank N.A., 0.120%, 03/07/13 15,555 1,000 City of Colorado Springs, Utilities, Sub Lien, 58,600 Sacramento County Sanitation Districts Series A, Rev., VRDO, 0.170%, 03/07/13 1,000 Financing Authority, Sub Lien, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.100%, 03/07/13 58,600 29,200 Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Rev., VRDO, 0.120%, 03/07/13 29,200 18,000 San Diego Community College District, Series ROCS-RR-II-R-11775, GO, VRDO, LIQ:
Citibank N.A., 0.130%, 03/07/13 (e) 18,000 17,500 Colorado Educational & Cultural Facilities Authority, Oaks Christian School Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.150%, 03/01/13 17,500 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Colorado — Continued
300 Colorado Health Facilities Authority, Hospital, NCMC, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.100%, 03/01/13 300 17,330 Colorado Housing & Finance Authority, Series AA-3, Class I, Rev., VRDO, LIQ:
FHLMC, 0.100%, 03/07/13 17,330
1,755 Colorado Housing & Finance Authority, MultiFamily Housing Project, Series A-4, Class I, Rev., VRDO, 0.110%, 03/07/13 1,755 13,000 Colorado Housing & Finance Authority, Single Family Mortgage, Series C-2, Class I, Rev., VRDO, LIQ: FHLB, 0.100%, 03/07/13 13,000 21,835 Denver City & County, Airport, Series 2365, Rev., VRDO, FGIC, LIQ: Morgan Stanley Bank, 0.190%, 03/07/13 21,835 28,150 Midcities Metropolitan District No. 1, Series B, Rev., VRDO, LOC: BNP Paribas, 0.450%, 03/07/13 28,150 38,400 Southglenn Metropolitan District, Rev., VRDO, LOC: BNP Paribas, 0.750%, 03/07/13 38,400 40,000 State of Colorado, Series A, Rev., TRAN, 2.000%, 06/27/13 40,233 Wells Fargo Stage Trust, 25,240 Series 102C, COP, VRDO, 0.270%, 03/07/13 (e) 25,240 24,790 Series 110C, Rev., VRDO, 0.270%, 06/13/13 (e) 24,790 289,258 Connecticut — 0.3% 39,200 Capital City EDA, Series B, Rev., VRDO, LOC:
Bank of America N.A., 0.150%, 03/07/13 39,200 20,935 Connecticut State Housing Finance Authority, Various Housing Mortgage Finance, Series B-1, Rev., VRDO, 0.100%, 03/07/13 20,935 60,135 Delaware — 0.7% 8,525 Delaware State Health Facilities Authority, Christiana Care Health Services, Series B, Rev., VRDO, 0.100%, 03/07/13 8,525 34,570 Delaware State Health Facilities Authority, The Nemours Foundation Project, Rev., VRDO, 0.120%, 03/07/13 34,570 13,800 New Castle County, FlightSafety International, Inc. Project, Rev., VRDO, 0.110%, 03/07/13 13,800 28,155 New Castle County, Multifamily Housing, Fairfield English Village Project, Series FA, Rev., VRDO, FNMA, 0.110%, 03/07/13 28,155 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

28,295
17,060
12,725
60,000
11,450
2,035
7,500
30,625
3,210
6,708
14,685
15,155
19,540
34,500
11,000
37,720
11,150
Delaware — Continued
University of Delaware, Series B, Rev., VRDO, 0.140%, 03/01/13 28,295 Wells Fargo Stage Trust, Series 61C, Rev., VRDO, 0.100%, 03/07/13 (e) 17,060 130,405 District of Columbia — 1.4% Deutsche Bank Spears/Lifers Trust Various States, Series DBE-1006, Rev., VRDO, LIQ:
Deutsche Bank AG, 0.160%, 03/07/13 (e) 12,725 District of Columbia, GO, TRAN, 2.000%, 09/30/13 60,622 District of Columbia Water & Sewer Authority, Series 2979, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.110%, 03/07/13 (e) 11,450 District of Columbia, American Psychology Association, Rev., VRDO, LOC: Bank of America N.A., 0.170%, 03/07/13 2,035 District of Columbia, Enterprise Zone, House on F Street Project, Rev., VRDO, LOC: Bank of New York Mellon, 0.120%, 03/07/13 7,500 District of Columbia, MERLOTS, Series B-34, GO, VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.270%, 05/07/13 30,625 District of Columbia, National Children’s Center, Inc., Rev., VRDO, LOC: Bank of America N.A., 0.170%, 03/07/13 3,210 District of Columbia, Pooled Loan Program, Series A, Rev., VRDO, 0.270%, 03/07/13 6,708 District of Columbia, Trinity College Issue, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.110%, 03/07/13 14,685 Eclipse Funding Trust, Solar Eclipse, District of Columbia, Series 2006-0110, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 15,155 Metropolitan Washington Airports Authority, Series 3140, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.110%, 03/07/13 (e) 19,540 Subseries C-2, Rev., VRDO, LOC: Barclays Bank plc, 0.090%, 03/07/13 34,500 Subseries D-2, Rev., VRDO, LOC: TD Bank N.A., 0.100%, 03/01/13 11,000 Wells Fargo Stage Trust, Series 106C, Rev., VRDO, 0.100%, 03/07/13 (e) 37,720 267,475 Florida — 4.7% Alachua County IDA, Florida Rock Industrial, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.410%, 03/07/13 11,150 SEE NOTES TO FINANCIAL STATEMENTS. 36 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Florida — Continued
Austin Trust Various States,
16,575 Series 2007-1025, Rev., VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/13 14,900 Series 2007-1030, Rev., VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/13 8,845 City of Fort Myers, Series 2077, Rev., VRDO, NATL-RE, LIQ: Wells Fargo Bank N.A., 0.110%, 03/07/13 (e) Deutsche Bank Spears/Lifers Trust Various States, 25,000 Rev., VRDO, 0.160%, 03/07/13 (e) 6,000 Series DB-271, Rev., VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.150%, 03/07/13
38,145 Series DB-451, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13
105,020 Series DB-459, Rev., VRDO, AGM, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13
32,115 Series DB-471, COP, VRDO, AGM, LIQ:
Deutsche Bank AG, 0.120%, 03/07/13
28,555 Series DB-496, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.120%, 03/07/13
49,875 Series DB-645, Rev., VRDO, AGC, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13
26,005 Series DBE-1004, Rev., VAR, LIQ: Deutsche Bank AG, 0.160%, 03/07/13 (e) 8,630 Series DBE-1009, Rev., VRDO, 0.160%, 03/07/13 (e) Eclipse Funding Trust, Solar Eclipse, 8,175 Series 2006-0043, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 (e) 20,630 Series 2007-0051, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 23,790 Eclipse Funding Trust, Solar Eclipse, Golden, Series 2006-0125, COP, VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 (e) 10,495 Eclipse Funding Trust, Solar Eclipse, Palm Bay, Series 2006-0136, Rev., VRDO, AGM, LIQ:
U.S. Bank N.A., 0.110%, 03/07/13
18,595 Eclipse Funding Trust, Solar Eclipse, Peace, Series 2006-0144, Rev., VRDO, AGM, LIQ:
U.S. Bank N.A., 0.110%, 03/07/13
8,510 Eclipse Funding Trust, Solar Eclipse, Port S, Series 2006-0135, GO, VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 20,265 Florida Gulf Coast University Financing Corp., Housing Project, Series A, Rev., VRDO, LOC:
BMO Harris Bank N.A., 0.090%, 03/07/13
9,165 Florida Housing Finance Corp., Multi-Family Housing, Heron Park Project, Series U, Rev., VRDO, AMT, FNMA, 0.130%, 03/07/13 16,575 14,900 8,845 25,000 6,000 38,145 105,020 32,115 28,555 49,875 26,005 8,630 8,175 20,630 23,790 10,495 18,595 8,510 20,265 9,165 8,225 18,210 41,370 23,300 25,000 27,400 16,500 6,975 9,175 23,260 7,245 8,701 3,320 22,285 22,100 6,380 28,025 74,925 Florida — Continued Florida Housing Finance Corp., Multi-Family Housing, Monterey Lake, Series C, Rev., VRDO, FHLMC, 0.100%, 03/07/13 8,225 Florida State Department of Environmental Protection, Everglades Restoration, Series A, Rev., VRDO, AGC, 0.180%, 03/07/13 18,210 Series B, Rev., VRDO, AGC, 0.190%, 03/07/13 41,370 Highlands County Health Facilities Authority, Hospital Adventist Health System, Series I, Rev., VRDO, 0.070%, 03/07/13 23,300 Series I, Rev., VRDO, 0.100%, 03/07/13 25,000 Series I-2, Rev., VRDO, 0.090%, 03/07/13 27,400 Series I-4, Rev., VRDO, 0.090%, 03/07/13 16,500 JEA Electric System, Subseries D, Rev., VRDO, 0.100%, 03/01/13 6,975 JEA Water and Sewer System, Subseries A-1, Rev., VRDO, 0.100%, 03/01/13 9,175 North Broward Hospital District, Series A, Rev., VRDO, NATL-RE, LOC: Wells Fargo Bank N.A., 0.090%, 03/07/13 23,260 Orange County Housing Finance Authority, Multi-Family Housing, Falcon Trace Apartments Project, Series D, Rev., VRDO, FNMA, 0.130%, 03/07/13 7,245 Orange County Housing Finance Authority, Multi-Family Housing, Regal Pointe Apartments, Series A, Rev., VRDO, FHLMC, 0.140%, 03/07/13 8,701 Orange County Housing Finance Authority, Multi-Family Housing, Water View Club Apartments, Series D, Rev., VRDO, FNMA, 0.110%, 03/07/13 3,320 Orange County, Tourist Development, Series 2352, Rev., VRDO, FGIC, LIQ: Wells Fargo Bank N.A., 0.110%, 03/07/13 22,285 Orlando & Orange County Expressway Authority, Series D, Rev., VRDO, AGM, LOC:
Barclays Bank plc, 0.090%, 03/07/13 22,100 Osceola County Housing Finance Authority, Multi-Family Housing, Arrow Ridge Apartments, Series A, Rev., VRDO, FNMA, 0.130%, 03/07/13 6,380 Sarasota County Public Hospital District, Sarasota Memorial Hospital, Series A, Rev., VRDO, LOC: Northern Trust Co. (The), 0.090%, 03/01/13 28,025 Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.120%, 03/07/13 74,925 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Florida — Continued
20,375 South Miami Health Facilities Authority, Series 2833, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.110%, 03/07/13 20,375 8,000 St. Johns River Power Park, Series ROCS-RR II R-14025, Rev., VRDO, 0.120%, 03/07/13 (e) 8,000 8,265 State of Florida, MERLOTS, Series C07, GO, VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 8,265 3,520 Wells Fargo Stage Trust, Series 2009-39Z, Rev., VRDO, 0.270%, 05/09/13 (e) 3,520 902,996 Georgia — 1.8% 65,000 Bartow County Development Authority, Georgia Power Co., Bowen, Rev., VRDO, 0.200%, 03/07/13 65,000 8,160 De Kalb County Housing Authority, MultiFamily Housing, Chapel Run Apartments Project, Rev., VRDO, FNMA, 0.120%, 03/07/13 8,160 10,845 De Kalb County Housing Authority, MultiFamily Housing, Robins Landing Project, Rev., VRDO, FNMA, LOC: Bank of America N.A., 0.120%, 03/07/13 10,845 10,735 De Kalb County Housing Authority, MultiFamily Housing, Timber Trace Apartments Project, Rev., VRDO, FHLMC, 0.130%, 03/07/13 10,735 107,345 De Kalb Private Hospital Authority, Children’s Healthcare, Rev., VRDO, 0.160%, 03/07/13 107,345 Eclipse Funding Trust, Solar Eclipse, 11,480 Series 2007-0072, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 11,480 15,130 Series 2007-0117, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 15,130 9,680 Eclipse Funding Trust, Solar Eclipse, De Kalb County, Series 2006-0074, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 9,680 3,730 Griffin-Spaulding County Development Authority IDA, Norcom, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 03/07/13 3,730 5,940 Henry County Water & Sewer Authority, EAGLE, Series 2005-0008, Class A, Rev., VRDO, BHAC, AGM-CR, NATL-RE, LIQ: Citigroup Global Markets Holdings, Inc., 0.110%, 03/07/13 5,940 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

500
18,605
21,660
43,125
18,595
13,720
9,215
14,900
8,545
8,460
63,500
140,600
10,380
19,055
9,525
Georgia — Continued
Marietta Housing Authority, Multi-Family
Housing, Concepts 21 Apartments, Rev.,
VRDO, FNMA, 0.090%, 03/07/13 500
Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Rev., VRDO, AMBAC, LIQ: Societe Generale, 0.140%, 03/07/13 (e) 18,605 Municipal Electric Authority of Georgia, Series B, Rev., VRDO, 0.100%, 03/07/13 21,660 Private Colleges & Universities Authority, Emory University, Series C-2, Rev., VRDO, 0.110%, 03/07/13 43,125 Puttable Floating Option Tax-Exempt Receipts, Rev., VRDO, 0.110%, 03/07/13 (e) 18,595 350,530 Hawaii — 0.1% Eclipse Funding Trust, Solar Eclipse, Honolulu, Series 2006-0096, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 13,720 Series 2006-0123, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 9,215 22,935 Idaho — 0.1% City of Coeur d’Alene, Rev., VRDO, LOC: Bank of America N.A., 0.150%, 03/07/13 14,900 Idaho State Building Authority, Prison Facilities Project, Series A, Rev., VRDO, 0.120%, 03/07/13 8,545 23,445 Illinois — 4.4% Austin Trust Various States, GO, VRDO, AGM, LIQ: Bank of America N.A., 0.150%, 03/07/13 8,460 Chicago Midway Airport, Second Lien, Series C-2, Rev., VRDO, AMT, LOC: Wells Fargo Bank N.A., 0.130%, 03/07/13 63,500 Chicago O’Hare International Airport, Third Lien, Series C, Rev., VRDO, LOC: Citibank N.A., 0.110%, 03/07/13 140,600 City of Chicago, Neighborhoods Alive 21, Series B-4, GO, VRDO, LOC: Bank of New York Mellon, 0.110%, 03/01/13 10,380 City of Chicago, Water, Senior Lien, Subseries 04-1, Rev., VRDO, 0.130%, 03/07/13 19,055 Subseries 04-2, Rev., VRDO, 0.130%, 03/07/13 9,525 SEE NOTES TO FINANCIAL STATEMENTS. 38 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Illinois — Continued Illinois — Continued
4,300 City of Galesburg, Knox College Project, Rev., Illinois Finance Authority, University of Chicago VRDO, LOC: PNC Bank N.A., 0.120%, Medical Centre, 03/07/13 4,300 46,250 Series A, Rev., VRDO, LOC: Bank of America Deutsche Bank Spears/Lifers Trust Various N.A., 0.110%, 03/01/13 46,250 States, 11,250 Series B, Rev., VRDO, LOC: Wells Fargo Bank 10,235 GO, VRDO, FGIC, 0.130%, 03/07/13 10,235 N.A., 0.090%, 03/01/13 11,250 25,250 Series DB-288, Rev., VRDO, NATL-RE, LIQ: Illinois Housing Development Authority, Deutsche Bank AG, 0.170%, 03/07/13 25,250 Homeowner Mortgage, 28,555 Series DB-300, Rev., VRDO, NATL-RE, LIQ: 10,175 Series A-3, Rev., VRDO, AMT, 0.110%, Deutsche Bank AG, 0.170%, 03/07/13 28,555 03/07/13 10,175 10,880 Series DB-307, Rev., VRDO, NATL-RE, 7,500 Series C-3, Rev., VRDO, AMT, 0.110%, 0.170%, 03/07/13 10,880 03/07/13 7,500 20,965 Series DB-315, GO, VRDO, FGIC, LIQ: 4,500 Illinois Housing Development Authority, MultiDeutsche Bank AG, 0.170%, 03/07/13 20,965 Family Housing, Southern Hills/Orlando, 18,085 Series DB-322, Rev., VRDO, NATL-RE, LIQ: Series B, Rev., VRDO, AGM, 0.230%, Deutsche Bank AG, 0.170%, 03/07/13 18,085 03/07/13 4,500 22,750 Series DB-365, GO, VRDO, AGM, LIQ: 21,200 Jackson-Union Counties Regional Port District, Deutsche Bank AG, 0.170%, 03/07/13 22,750 Enron Transaction Services, Rev., VRDO, 10,855 Series DB-368, Rev., VRDO, AMBAC, LIQ: 0.130%, 03/07/13 21,200 Deutsche Bank AG, 0.150%, 03/07/13 10,855 1,440 Lake County IDR, A.L. Hansen Manufacturing 17,070 Series DB-393, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 17,070
Co. Project, Rev., VRDO, LOC: BMO Harris
Bank N.A., 0.220%, 03/07/13 1,440
58,320
14,815
50,815
27,961
Series DB-476, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.120%, 03/07/13
Series DB-494, GO, VRDO, FGIC, 0.120%,
03/07/13
Series DB-601, Rev., VRDO, 0.120%,
03/07/13
Series DB-623, Rev., VRDO, NATL-RE,
0.120%, 03/07/13
58,320
14,815
50,815
27,961
11,125
11,140
10,700
Puttable Floating Option Tax-Exempt Receipts, Series MT-709, GO, VRDO, 0.100%, 03/07/13 (e) RBC Municipal Products, Inc. Trust, Floater Certificates, Series O, Rev., VRDO, 0.160%, 03/07/13 (e) Village of Justice, Multi-Family Housing, Candlewood Apartments Project, Rev., VRDO, FNMA, 0.130%, 03/07/13 11,125 11,140 10,700 32,735 Series DB-1032, Rev., VRDO, LIQ: Deutsche Bank AG, 0.130%, 03/07/13 (e) 32,735 10,200 Village of Romeoville, Will County, Lewis University, Series B, Rev., VAR, LOC: Wells 21,596 Series DBE-653, GO, VRDO, NATL-RE-IBC, Fargo Bank N.A., 0.100%, 03/01/13 10,200 FGIC, 0.120%, 03/07/13 21,596 9,900 Will County, Environmental Facilities, 10,185 Eclipse Funding Trust, Solar Eclipse, Chicago, ExxonMobil Project, Rev., VRDO, 0.110%, Series 2006-0131, GO, VRDO, AGM, LIQ: 03/01/13 9,900 3,000 U.S. Bank N.A., 0.110%, 03/07/13 Illinois Educational Facilities Authority, St. 10,185 845,672 Xavier University Project, Series A, Rev., Indiana — 1.3% VRDO, LOC: Bank of America N.A., 0.150%, 28,955 Deutsche Bank Spears/Lifers Trust Various 03/07/13 3,000 States, Series DB-355, Rev., VRDO, AMBAC, 10,000 Illinois Finance Authority, IDR, Residential LIQ: Deutsche Bank AG, 0.170%, Rental, Rev., VRDO, FHLMC, 0.150%, 03/07/13 28,955 03/07/13 10,000 9,415 Eclipse Funding Trust, Solar Eclipse, 40,400 Illinois Finance Authority, Symphony Series 2007-0098, Rev., VRDO, LIQ: U.S. Orchestra, Rev., VRDO, LOC: U.S. Bank N.A., Bank N.A., 0.110%, 03/07/13 9,415 0.120%, 03/07/13 40,400 13,470 Eclipse Funding Trust, Solar Eclipse, Carmel, Series 2006-0120, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 13,470 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Indiana — Continued
25,525 Eclipse Funding Trust, Solar Eclipse, Decatur, Series 2006-0162, Rev., VRDO, AGM, LIQ:
U.S. Bank N.A., 0.110%, 03/07/13 25,525
17,180 Eclipse Funding Trust, Solar Eclipse, Indiana, Series 2006-0092, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 17,180 17,580 Indiana Finance Authority Environmental Refunding, Duke Energy Indiana, Inc. Project, Series A-5, Rev., VRDO, LOC:
Sumitomo Mitsui Banking Corp., 0.090%,
03/01/13 17,580
28,535 Indiana Finance Authority, Community Health Network Project, Series A, Rev., VRDO, 0.090%, 03/07/13 28,535 69,335 Indiana Finance Authority, Parkview Health System, Series C, Rev., VRDO, 0.110%, 03/07/13 69,335 30,425 Indiana Finance Authority, University Health, Series E, Rev., VRDO, LOC: Bank of America N.A, 0.100%, 03/07/13 30,425 10,015 Puttable Floating Option Tax-Exempt Receipts, Series PT-3986, Rev., VRDO, FGIC, LIQ:
Wells Fargo Bank N.A., 0.110%, 03/07/13 10,015 250,435 Iowa — 0.3% 23,000 City of Iowa Act, Inc., Rev., VRDO, LOC: U.S. Bank N.A., 0.150%, 03/01/13 23,000 18,240 Eclipse Funding Trust, Solar Eclipse, Series 2007-0109, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 18,240 10,300 Iowa Finance Authority, Single Family Mortgage, Series C, Rev., VRDO, AMT, GNMA/FNMA, 0.130%, 03/07/13 10,300 51,540 Kansas — 0.3% 14,000 Kansas Development Finance Authority, KU Health System, Series J, Rev., VRDO, 0.130%, 03/01/13 14,000 18,885 University of Kansas Hospital Authority, KU Health System, Rev., VRDO, LOC: U.S. Bank N.A., 0.130%, 03/01/13 18,885 19,230 Wyandotte County-Kansas City Unified Government, Municipal Temporary Notes, Series I, GO, 0.240%, 03/01/13 19,230 52,115 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

7,810
7,990
18,560
1,500
17,855
19,760
10,000
7,240
50,000
19,100
3,135
6,400
Kentucky — 0.1%
City of Jeffersontown, Lease Program,
Kentucky League of Cities Funding Trust,
Rev., VRDO, 0.110%, 03/07/13 7,810
Kentucky State Property & Buildings
Commission, Series ROCS-RR-II-R-11767,
Rev., VRDO, AGC, LIQ: Citibank N.A.,
0.160%, 03/07/13 (e) 7,990
15,800
Louisiana — 0.4%
Deutsche Bank Spears/Lifers Trust Various
States, Series DBE-1012, Rev., VRDO,
0.160%, 03/07/13 18,560
East Baton Rouge Parish Industrial
Development Board, Inc., ExxonMobil
Project, Series A, Rev., VRDO, 0.090%,
03/01/13 1,500
Eclipse Funding Trust, Solar Eclipse,
Series 2007-0112, Rev., VRDO, LIQ: U.S.
Bank N.A., 0.110%, 03/07/13 17,855
Parish of St. John the Baptist, Series 2116, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.110%, 03/07/13 19,760 State of Louisiana, Gas & Fuels Tax, Series ROCS-RR-II-R-11769, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.110%, 03/07/13 (e) 10,000 Series ROCS-RR-II-R-11899, Rev., VRDO, LIQ: Citibank N.A., 0.110%, 03/07/13 (e) 7,240 74,915 Maryland — 0.9% Maryland Economic Development Corp., MultiModal, Howard Hughes Medical Institute Project, Series B, Rev., VRDO, 0.120%, 03/07/13 50,000 Maryland Stadium Authority, Sports Facilities, Football Stadium, Rev., VRDO, 0.100%, 03/07/13 19,100 Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Avalon Lea Apartment Project, Rev., VRDO, FNMA, 0.120%, 03/07/13 3,135 Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Parklane Apartments, Series C, Rev., VRDO, FNMA, 0.110%, 03/07/13 6,400 SEE NOTES TO FINANCIAL STATEMENTS. 40 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Maryland — Continued
1,000 Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Residential, Series I, Rev., VRDO, AMT, 0.110%, 03/07/13 11,700 Maryland State Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Walker Mews Apartments, Series A, Rev., VRDO, FHLMC, 0.130%, 03/07/13 15,200 Maryland State Community Development Administration, Multi-Family, Series E, Rev., VRDO, 0.120%, 03/07/13 12,344 Maryland State Health & Higher Educational Facilities Authority, Pooled Loan Program, Series D, Rev., VRDO, LOC: Bank of America N.A., 0.160%, 03/07/13 2,000 Montgomery County Housing Opportunities Commission Housing Revenue, Oakfield Apartments, Issue I, Rev., VRDO, AMT, FNMA, 0.120%, 03/07/13 Washington Suburban Sanitary District, 7,500 Series A, BAN, GO, VRDO, LOC: Bank of America N.A., 0.160%, 03/07/13 26,800 Series A-7, BAN, GO, VRDO, 0.140%, 03/07/13 21,000 Wells Fargo Stage Trust, Series 16C, Rev., VRDO, AGM, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 Massachusetts — 1.7% 33,200 Commonwealth of Massachusetts, Central Artery, Series A, GO, VRDO, 0.150%, 03/01/13 Eclipse Funding Trust, Solar Eclipse, Massachusetts, 13,790 Series 2007-0010, Rev., VRDO, 0.110%, 03/07/13 30,670 Series 2007-0032, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 8,900 Massachusetts Development Finance Agency, Eaglebrook School, Rev., VRDO, LOC: Bank of America N.A., 0.170%, 03/07/13 3,300 Massachusetts Development Finance Agency, First Mortgage Brookhaven, Series B, Rev., VRDO, LOC: Fleet National Bank, 0.220%, 03/07/13 30,800 Massachusetts Development Finance Agency, Partners HealthCare System, Series K, Rev., VRDO, 0.050%, 03/07/13 1,000 11,700 15,200 12,344 2,000 7,500 26,800 21,000 176,179 33,200 13,790 30,670 8,900 3,300 30,800 12,115 17,200 31,310 8,900 55,300 35,600 53,900 215 64,720 100 53,795 12,700 6,315 68,500 40,800 Massachusetts — Continued Massachusetts Educational Financing Authority, Series ROCS-RR-II-R-11649, Rev., VRDO, AGC, LIQ: Citibank N.A., 0.190%, 03/07/13 (e) 12,115 Massachusetts Health & Educational Facilities Authority, Baystate Medical Center, Series G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.080%, 03/01/13 17,200 Massachusetts Health & Educational Facilities Authority, Capital Asset Program, Series M-2, Rev., VRDO, LOC: Fleet National Bank, 0.150%, 03/07/13 31,310 Series M-4A, Rev., VRDO, LOC: Bank of America N.A., 0.140%, 03/07/13 8,900 Massachusetts Health & Educational Facilities Authority, Museum of Fine Arts, Series A-1, Rev., VRDO, 0.110%, 03/01/13 55,300 Massachusetts Health & Educational Facilities Authority, Partners Healthcare System, Series I-2, Rev., VRDO, 0.100%, 03/07/13 35,600 Massachusetts Water Resources Authority, Multimodal, Series B, Rev., VRDO, LOC:
Landesbank Hessen-Thuringen, 0.110%,
03/07/13 53,900
334,985
Michigan — 2.0%
Deutsche Bank Spears/Lifers Trust Various
States,
Series DB-302, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 215
Series DB-515, Rev., VRDO, LIQ: Deutsche
Bank AG, 0.120%, 03/07/13 64,720
Farmington Hills Hospital Finance Authority, Botsford Obligated, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.130%, 03/01/13 100 Michigan Finance Authority, Unemployment Obligation Assessment, Rev., VRDO, 0.110%, 03/07/13 53,795 Michigan State Housing Development Authority, Single Family Housing, Series D, Rev., VRDO, AMT, 0.130%, 03/07/13 12,700 Michigan State Housing Development Authority, Single Family Mortgage, Series C, Rev., VRDO, 0.110%, 03/07/13 6,315 Series E, Rev., VRDO, AMT, 0.130%, 03/07/13 68,500 Michigan Strategic Fund, Van Andel Research, Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/07/13 40,800 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Michigan — Continued
RBC Municipal Products, Inc. Trust, Floater Certificates, 48,745 Series L-26, Rev., VRDO, LIQ: Royal Bank of Canada, 0.160%, 03/07/13 48,745 31,295 Series L-29, Rev., VRDO, LIQ: Royal Bank of Canada, 0.160%, 03/07/13 31,295 University of Michigan, 2,400 Series A, Rev., VRDO, 0.090%, 03/01/13 2,400 53,000 Series B, Rev., VRDO, 0.090%, 03/07/13 53,000 3,000 Series D-1, Rev., VRDO, 0.060%, 03/01/13 3,000 385,585 Minnesota — 1.9% 51,925 City of Rochester, Health Care Mayo Clinic, Series A, Rev., VRDO, 0.100%, 03/07/13 51,925 15,000 Farmington Independent School District No. 192, GO, 1.500%, 09/02/13 15,091 41,200 Hennepin County Sales Tax Revenue, Ballpark Project, Third Lien, Series C, Rev., VRDO, 0.110%, 03/07/13 41,200 11,600 Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.110%, 03/07/13 11,600 20,725 Minneapolis & St. Paul Housing & Redevelopment Authority, Children’s Health Care Facilities, Series A, Rev., VRDO, AGM, 0.150%, 03/01/13 20,725 Minneapolis & St. Paul Housing & Redevelopment Authority, Children’s Hospital & Clinics, 38,225 Series A, Rev., VRDO, AGM, 0.150%, 03/01/13 38,225 47,500 Series A, Rev., VRDO, AGM, 0.150%, 03/01/13 47,500 Minnesota Housing Finance Agency, Residential Housing, 11,800 Series B, Rev., VRDO, AMT, 0.120%, 03/07/13 11,800 4,900 Series C, Rev., VRDO, AMT, 0.120%, 03/07/13 4,900 20,000 Series C, Rev., VRDO, AMT, 0.120%, 03/07/13 20,000 15,395 Series J, Rev., VRDO, AMT, 0.120%, 03/07/13 15,395 40,000 Minnesota School District Capital Equipment Borrowing Program, Series A, Rev., 2.000%, 09/10/13 40,372 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

17,885
24,990
9,375
14,050
40,000
12,470
8,050
33,500
10,000
42,850
34,525
11,785
1,575
17,700
43,325
88,135
7,030
9,900
Minnesota — Continued
Minnesota State Housing Finance Agency,
Residential Housing Finance, Rev., VRDO,
AMT, 0.120%, 03/07/13 17,885
RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-19, Rev., VRDO, LIQ:
Royal Bank of Canada, 0.110%,
03/07/13 (e) 24,990
361,608
Mississippi — 0.9%
Mississippi Business Finance Corp., Gulf
Opportunity Zone Industrial Development,
Chevron USA, Inc. Project,
Series C, Rev., VRDO, 0.090%, 03/01/13 9,375 Series E, Rev., VRDO, 0.100%, 03/01/13 14,050 Series E, Rev., VRDO, 0.100%, 03/07/13 40,000 Series E, Rev., VRDO, 0.110%, 03/01/13 12,470 Series F, Rev., VRDO, 0.090%, 03/07/13 8,050 Series F, Rev., VRDO, 0.100%, 03/01/13 33,500 Series G, Rev., VRDO, 0.090%, 03/01/13 10,000 Series G, Rev., VRDO, 0.110%, 03/01/13 42,850 170,295 Missouri — 1.1% City of St. Louis Missouri Airport, Series DB-161, Rev., VRDO, NATL-RE, LIQ:
Merrill Lynch Capital Services, Inc., 0.120%, 03/07/13 34,525 Eclipse Funding Trust, Solar Eclipse, Series 2007-0062, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 11,785 Kansas City IDA, IDR, Livers Bronze Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.310%, 03/07/13 1,575 Missouri State Health & Educational Facilities Authority, BJC Health System, Series A, Rev., VRDO, 0.100%, 03/01/13 17,700 Series B, Rev., VRDO, 0.100%, 03/07/13 43,325 Missouri State Health & Educational Facilities Authority, SSM Health Care Services, Series C-4, Rev., VRDO, 0.130%, 03/07/13 88,135 Missouri State Health & Educational Facilities Authority, St. Francis Medical Center, Series A, Rev., VRDO, LOC: Dexia Credit Local, 0.090%, 03/01/13 7,030 Missouri State Health & Educational Facilities Authority, Washington University, Series C, Rev., VRDO, 0.090%, 03/01/13 9,900 213,975 SEE NOTES TO FINANCIAL STATEMENTS. 42 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Nebraska — 0.2%
18,750 Eclipse Funding Trust, Solar Eclipse, Omaha, Series 2006-0141, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 (e) 17,995 Nebraska Public Power District, EAGLE, Series 2007-0013, Rev., VRDO, BHAC, AGM-CR, FGIC, 0.130%, 03/07/13 Nevada — 1.0% 32,600 Austin Trust Various States, Series 2008-1153, GO, VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/13 30,380 Clark County School District, Series 174, GO, VRDO, AMBAC, LIQ: Wells Fargo Bank N.A., 0.130%, 03/07/13 Deutsche Bank Spears/Lifers Trust Various States, 22,820 Series DB-663, GO, VRDO, AGM-CR, AMBAC, LIQ: Deutsche Bank AG, 0.160%, 03/07/13 7,160 Series DBE-643, Rev., VRDO, AMBAC, 0.140%, 03/07/13 12,720 Eclipse Funding Trust, Solar Eclipse, Henderson, Series 2006-0094, GO, VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 19,970 Eclipse Funding Trust, Solar Eclipse, Truckee Meadows, Series 2007-0015, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 Nevada Housing Division, Multi-Unit Housing, 8,750 Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.140%, 03/07/13 10,900 Series A, Rev., VRDO, LOC: Wachovia Bank N.A., 0.260%, 03/07/13 3,075 Series M, Rev., VRDO, 0.140%, 03/07/13 9,500 Nevada Housing Division, Multi-Unit Housing, Flamingo Road, Series A, Rev., VRDO, LOC:
Exchange Bank, 0.110%, 03/07/13 (e)
7,800 Nevada Housing Division, Multi-Unit Housing, Fort Apache, Series A, Rev., VRDO, LOC:
Exchange Bank, 0.110%, 03/07/13
3,430 Nevada Housing Division, Multi-Unit Housing, Horizon, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 17,850 Nevada Housing Division, Multi-Unit Housing, Reno Apartments, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 12,710 Nevada Housing Division, Multi-Unit Housing, Silverado, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 18,750 17,995 36,745 32,600 30,380 22,820 7,160 12,720 19,970 8,750 10,900 3,075 9,500 7,800 3,430 17,850 12,710 199,665 New Hampshire — 0.3% 11,100 New Hampshire Business Finance Authority, Mark H. Wentworth Home, Rev., VRDO, LOC:
TD Bank N.A., 0.100%, 03/07/13 11,100
New Hampshire Health & Education Facilities Authority, University System, 12,100 Series A-1, Rev., VRDO, 0.110%, 03/01/13 12,100 17,145 Series B, Rev., VRDO, 0.100%, 03/01/13 17,145 12,350 New Hampshire Housing Finance Authority, Multi-Family Housing, Series 2034, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.160%, 03/07/13 12,350 52,695 New Jersey — 6.0% Deutsche Bank Spears/Lifers Trust Various States, 23,565 Rev., VRDO, 0.160%, 03/07/13 (e) 23,565 37,175 Series DB-297, Rev., VRDO, NATL-RE, FGIC, LIQ: Deutsche Bank AG, 0.170%, 03/07/13 37,175 37,285 Series DB-339, Rev., VRDO, AGM, AMBAC, LIQ: Deutsche Bank AG, 0.170%, 03/07/13 37,285 11,860 Series DB-343, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.130%, 03/07/13 11,860
50,985 Series DB-447, Rev., VRDO, AGM, AMBAC, LIQ: Deutsche Bank AG, 0.110%, 03/07/13 50,985 40,565 Series DB-624, Rev., VRDO, AGM, LIQ:
Deutsche Bank AG, 0.110%, 03/07/13 40,565
37,910 New Jersey Health Care Facilities Financing Authority, Series 3018, Rev., VRDO, AGC, LIQ: Morgan Stanley Bank, 0.160%, 03/07/13 (e) 37,910 5,560 New Jersey Health Care Facilities Financing Authority, MERLOTS, Series F01, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 5,560 14,365 New Jersey Health Care Facilities Financing Authority, Somerset Medical Center, Rev., VRDO, LOC: TD Bank N.A., 0.090%, 03/07/13 14,365 New Jersey State Housing & Mortgage Finance Agency, Single Family Housing, 17,200 Series R, Rev., VRDO, 0.120%, 03/07/13 17,200 96,375 Series V, Rev., VRDO, AMT, 0.120%, 03/07/13 96,375 575,000 State of New Jersey, Tax and Revenue, Series C, Rev., TRAN, 2.500%, 06/27/13 579,017 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
New Jersey — Continued
102,600 Township of Woodbridge, GO, 1.500%, 08/23/13 103,089 Wells Fargo Stage Trust, 19,940 Series 2009-10C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 (e) 19,940 83,470 Series 28C, Rev., VRDO, NATL-RE, AMBAC-TCRS, Bank of New York, 0.100%, 03/07/13 (e) 83,470 1,158,361 New Mexico — 0.1% 18,240 Eclipse Funding Trust, Solar Eclipse, New Mexico, Series 2006-0114, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 18,240 New York — 17.9% 20,520 Albany New York Bond, GO, 1.000%, 07/05/13 20,569 Austin Trust Various States, 11,250 Rev., VRDO, AGM, 0.110%, 03/07/13 (e) 11,250 15,980 Series 2008-1092, Rev., VRDO, LIQ: Bank of America N.A., 0.160%, 03/07/13 15,980 15,260 Series 2008-1198, GO, VRDO, AGM, LIQ:
Bank of America N.A., 0.110%,
03/07/13 (e) 15,260
Deutsche Bank Spears/Lifers Trust Various
States,
19,355 Series DB-1033X, Rev., VRDO, LIQ:
Deutsche Bank AG, 0.160%,
03/07/13 (e) 19,355
13,210 Series DBE-1018, Rev., VAR, LIQ: Deutsche Bank AG, 0.160%, 03/07/13 (e) 13,210 10,360 Eclipse Funding Trust, Solar Eclipse, Metropolitan, Series 2006-0028, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 10,360 Eclipse Funding Trust, Solar Eclipse, New York, 6,350 Series 2006-0045, Rev., VRDO, AGM, LIQ:
U.S. Bank N.A., 0.110%, 03/07/13 6,350
20,580 Series 2006-0159, Rev., VRDO, LIQ: U.S.
Bank N.A., 0.110%, 03/07/13 20,580
32,479 Liverpool Central School District, Series A, GO, 1.000%, 06/14/13 32,544 Metropolitan Transportation Authority, 33,500 Series G1, Rev., VRDO, LOC: Bank of Nova Scotia, 0.110%, 03/07/13 33,500 138,500 Subseries D-1, Rev., VRDO, LOC: Helaba, 0.130%, 03/07/13 138,500 80,350 Subseries D-2, Rev., VRDO, LOC: Helaba, 0.110%, 03/01/13 80,350 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

62,795
16,400
19,800
19,050
12,430
29,100
60,150
11,500
112,600
4,000
1,000
6,950
11,000
17,850
11,000
12,750
8,750
5,000
13,090
7,700
7,150
New York — Continued
Metropolitan Transportation Authority,
Dedicated Tax Fund,
Series A-1, Rev., VRDO, LOC: Morgan
Stanley Bank, 0.100%, 03/07/13 62,795
Series A-2, Rev., VRDO, 0.090%, 03/07/13 16,400 Metropolitan Transportation Authority, EAGLE, Series 2005-3019, Class A, Rev., VRDO, BHAC-CR, MBIA, LIQ: Helaba, 0.120%, 03/07/13 19,800 Series 2006-0103, Class A, Rev., VRDO, BHAC, AGM-CR, AMBAC, LIQ: Citibank N.A., 0.120%, 03/07/13 19,050 New York City, Series A-3, GO, VRDO, 0.110%, 03/01/13 12,430 Series B2, Subseries B-4, GO, VRDO, LOC:
Landesbank Hessen-Thuringen, 0.130%,
03/07/13 29,100
Series E, Subseries E-3, GO, VRDO, LOC:
Bank of America N.A., 0.080%,
03/07/13 60,150
Series F-4, GO, VRDO, LOC: Landesbank
Hessen-Thuringen, 0.140%, 03/07/13 11,500
Series G, Subseries G-3, GO, VRDO,
0.110%, 03/07/13 112,600
Series G, Subseries G-4, GO, VRDO,
0.100%, 03/01/13 4,000
Series H, Subseries H-3, GO, VRDO, AGM,
0.100%, 03/01/13 1,000
Series I, Subseries I-3, GO, VRDO, LOC: Bank of America N.A., 0.130%, 03/01/13 6,950 Subseries A-3, GO, VRDO, 0.090%, 03/01/13 11,000 Subseries A-3, GO, VRDO, 0.110%, 03/07/13 17,850 Subseries A-4, GO, VRDO, LOC: Bank of Nova Scotia, 0.100%, 03/07/13 11,000 Subseries A-4, GO, VRDO, 0.100%, 03/07/13 12,750 Subseries A-6, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.130%, 03/07/13 8,750 Subseries C-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.110%, 03/07/13 5,000 Subseries C-5, GO, VRDO, LOC: Bank of New York Mellon, 0.090%, 03/07/13 13,090 Subseries E-4, GO, VRDO, LOC: BNP Paribas, 0.110%, 03/01/13 7,700 Subseries E-4, GO, VRDO, LOC: BNP Paribas, 0.110%, 03/01/13 7,150 SEE NOTES TO FINANCIAL STATEMENTS. 44 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
New York — Continued
85,950 Subseries G-6, GO, VRDO, 0.110%,
03/01/13 85,950
3,750 Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.100%, 03/01/13 3,750 100 Subseries H-1, GO, VRDO, LOC: Bank of New York Mellon, 0.090%, 03/01/13 100 1,325 Subseries H-4, GO, VRDO, LOC: Bank of New York Mellon, 0.090%, 03/01/13 1,325 39,240 Subseries J-4, GO, VRDO, LOC: Bank of America N.A., 0.120%, 03/01/13 39,240 26,750 Subseries L-3, GO, VRDO, 0.120%, 03/01/13 26,750 11,350 Subseries L-4, GO, VRDO, 0.090%, 03/01/13 11,350 2,825 New York City Housing Development Corp., Series 2899, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.100%, 03/07/13 2,825 3,850 New York City Housing Development Corp., Multi-Family Housing, Series ROCS-RR-II-R-13100, Rev., VRDO, LIQ: Citibank N.A., 0.130%, 03/07/13 (e) 3,850 22,000 New York City Housing Development Corp., Multi-Family Housing, 20 Exchange Place, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.140%, 03/07/13 22,000 7,850 New York City Housing Development Corp., Multi-Family Housing, 245 East 124th Street, Non AMT, Rev., VRDO, FHLMC, LIQ:
FHLMC, 0.120%, 03/07/13 7,850
7,255 New York City Housing Development Corp., Multi-Family Housing, 500 East 165th Street Apartments, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.130%, 03/07/13 7,255 5,900 New York City Housing Development Corp., Multi-Family Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LIQ:
FNMA, 0.120%, 03/07/13 5,900
13,600 New York City Housing Development Corp., Multi-Family Housing, Highbridge Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, LOC: HSBC Bank USA N.A., 0.120%, 03/07/13 13,600 4,300 New York City Housing Development Corp., Multi-Family Housing, Monterey, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.080%, 03/07/13 4,300 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

New York — Continued
4,760 New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments, Series A, Rev., VRDO, FNMA, LOC: Fleet National Bank, 0.120%, 03/07/13 4,760 7,800 New York City Housing Development Corp., Multi-Family Housing, Royal Properties, Series A, Rev., VRDO, FNMA, 0.080%, 03/07/13 7,800 8,645 New York City Housing Development Corp., Multi-Family Housing, The Plaza, Series A, Rev., VRDO, LOC: Citibank N.A., 0.150%, 03/07/13 8,645 2,930 New York City Housing Development Corp., Multi-Family Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.110%, 03/07/13 2,930 9,200 New York City Industrial Development Agency, Liberty Facilities Hanson Office, Rev., VRDO, LOC: Capital One N.A., 0.110%, 03/07/13 9,200 32,100 New York City Municipal Water Finance Authority, Subseries B-2, Rev., VRDO, 0.100%, 03/01/13 32,100 New York City Municipal Water Finance Authority, Water & Sewer System, 10,000 Series B, Rev., VRDO, 0.100%, 03/01/13 10,000 90,730 Series F, Subseries F-2, Rev., VRDO, 0.120%, 03/01/13 90,730 11,800 Subseries A-2, Rev., VRDO, 0.090%, 03/01/13 11,800 122,740 Subseries B-3, Rev., VRDO, 0.120%, 03/01/13 122,740 New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, 50,000 Series BB-1, Rev., VRDO, 0.100%, 03/01/13 50,000 84,830 Series BB-2, Rev., VRDO, 0.110%, 03/01/13 84,830 20,000 Series BB-2, Rev., VRDO, 0.120%, 03/07/13 20,000 50,455 Series BB-3, Rev., VRDO, 0.090%, 03/07/13 50,455 14,850 Series CC-1, Rev., VRDO, 0.100%, 03/01/13 14,850 18,525 Series DD-2, Rev., VRDO, 0.070%, 03/01/13 18,525 6,250 Series DD-3A, Rev., VRDO, 0.090%, 03/01/13 6,250 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
New York — Continued
2,600 Subseries AA-1, Rev., VRDO, 0.100%,
03/01/13 2,600
7,150 Subseries AA-1A, Rev., VRDO, 0.100%, 03/01/13 7,150 28,050 Subseries FF-1, Rev., VRDO, 0.120%, 03/01/13 28,050 New York City Transitional Finance Authority, 12,760 Series ROCS-RR-II-R-12054, Rev., VRDO, AGM-CR, FGIC, LIQ: Helaba, 0.130%, 03/07/13 12,760 6,310 Subseries 2-D, Rev., VRDO, LOC: LLoyds TSB Bank plc, 0.110%, 03/07/13 6,310 19,965 Subseries 2-F, Rev., VRDO, LOC: Bayerische Landesbank, 0.160%, 03/01/13 19,965 New York City Transitional Finance Authority, EAGLE, 48,260 Series 2007-0004, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.130%, 03/07/13 48,260 36,060 Series 2007-0014, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Helaba, 0.120%, 03/07/13 36,060 New York City Transitional Finance Authority, Future Tax Secured, 47,400 Series B, Rev., VRDO, 0.160%, 03/01/13 47,400 42,700 Series C, VRDO, 0.130%, 03/07/13 42,700 4,500 Subseries A-5, Rev., VRDO, 0.090%, 03/01/13 4,500 4,400 Subseries A-6, Rev., VRDO, 0.100%, 03/01/13 4,400 37,100 Subseries C-4, Rev., VRDO, LOC: Helaba, 0.100%, 03/01/13 37,100 2,415 Subseries C-5, Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/01/13 2,415 New York City Transitional Finance Authority, New York City Recovery, 3,160 Series 1, Subseries 1A, Rev., VRDO, 0.140%, 03/07/13 3,160 25,965 Series 3, Subseries 3-E, Rev., VRDO, LOC:
Landesbank Hessen-Thuringen, 0.160%,
03/01/13 25,965
6,550 Series 3, Subseries 3-H, Rev., VRDO, 0.100%, 03/01/13 6,550 19,925 New York City Trust for Cultural Resources, American Musuem of Natural History, Rev., VRDO, 0.080%, 03/07/13 19,925 New York City, Fiscal 2008, 62,040 Subseries J-6, GO, VRDO, 0.120%, 03/01/13 62,040 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

4,150
15,000
308,390
20,000
18,685
13,600
20,800
50,000
2,600
85,175
11,680
10,490
1,800
2,755
8,000
55,355
4,100
New York — Continued
Subseries J-9, GO, VRDO, 0.100%,
03/07/13 4,150
New York Liberty Development Corp.,
Series ROCS-RR-II-R-11883, Rev., VRDO,
LIQ: Citibank N.A., 0.170%, 03/07/13 (e) 15,000 New York Liberty Development Corp., World Trade Center, Series A, Rev., VAR, 0.250%, 05/22/13 308,390 Series A, Rev., 0.250%, 05/22/13 20,000 New York Liberty Development Project, Series ROCS-RR-II-R-11868, Rev., VRDO, LIQ: Citibank N.A., 0.170%, 03/07/13 (e) 18,685 New York State Dormitory Authority, Series ROCS-RR II R-14018, Rev., VRDO, 0.120%, 03/07/13 (e) 13,600 New York State Dormitory Authority, City University, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.100%, 03/07/13 20,800 New York State Dormitory Authority, City University System Consolidated Fifth General Resolution, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/07/13 50,000 New York State Dormitory Authority, Cornell University, Series B, Rev., VRDO, 0.110%, 03/07/13 2,600 New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC:
Bayerische Landesbank, 0.120%,
03/07/13 85,175
New York State Dormitory Authority, EAGLE, Series 2006-0138, Rev., VRDO, LIQ:
Citibank N.A., 0.130%, 03/07/13 11,680
New York State Dormitory Authority, Royal, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.080%, 03/07/13 10,490 New York State Housing Finance Agency, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 1,800 New York State Housing Finance Agency, 10 Barclay Street, Series A, Rev., VRDO, FNMA, 0.100%, 03/07/13 2,755 New York State Housing Finance Agency, 101 West End, Rev., VRDO, FNMA, 0.110%, 03/07/13 8,000 New York State Housing Finance Agency, 111 Nassau Street Housing, Series A, Rev., VRDO, 0.160%, 03/01/13 55,355 New York State Housing Finance Agency, 150 East 44th Street, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 4,100 SEE NOTES TO FINANCIAL STATEMENTS. 46 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

New York — Continued New York — Continued
44,300 New York State Housing Finance Agency, 188 21,480 New York State Housing Finance Agency, Ludlow Street Housing, Series A, Rev., Parkledge Apartments Housing, Series A, VRDO, LOC: Landesbank Hessen-Thuringen, Rev., VRDO, FHLMC, 0.150%, 03/07/13 21,480 0.120%, 03/07/13 44,300 6,680 New York State Housing Finance Agency, 4,200 New York State Housing Finance Agency, 240 Talleyrand Crescent, Rev., VRDO, FNMA, East 39th Street Housing, Series A, Rev., 0.110%, 03/07/13 6,680 VRDO, LOC: FNMA, 0.100%, 03/07/13 4,200 11,300 New York State Housing Finance Agency, 30,600 New York State Housing Finance Agency, 250 Theater Row, Series A, Rev., VRDO, FHLMC, West 93rd Street, Series 2005-A, Rev., LOC: Bayerische Landesbank, 0.110%, VRDO, LOC: Landesbank Hessen-Thuringen, 03/07/13 11,300 0.200%, 03/07/13 30,600 59,065 New York State Housing Finance Agency, 7,200 New York State Housing Finance Agency, 345 Tribeca Green Housing, Series A, Rev., East 94th Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, VRDO, FHLMC, 0.110%, 03/07/13 7,200 0.130%, 03/07/13 59,065 12,730 New York State Housing Finance Agency, 350 4,850 New York State Housing Finance Agency, West 43rd Street, Series A, Rev., VRDO, Union Square South Housing, Series A, Rev., 0.120%, 03/01/13 12,730 VRDO, FNMA, 0.100%, 03/07/13 4,850 3,200 New York State Housing Finance Agency, 360 10,000 New York State Housing Finance Agency, West 43rd Street, Series A, Rev., VRDO, Victory Housing, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 3,200 FHLMC, 0.110%, 03/07/13 10,000 9,600 New York State Housing Finance Agency, 455 7,700 New York State Housing Finance Agency, West West 37th Street, Series A, Rev., VRDO, 33rd Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, FNMA, LOC: FNMA, 0.100%, 03/07/13 7,700 0.150%, 03/07/13 9,600 2,500 New York State Housing Finance Agency, West 42,200 New York State Housing Finance Agency, 8 38th Street, Series A, Rev., VRDO, FNMA, East 102nd Street Housing, Series A, Rev., 0.110%, 03/07/13 2,500 VRDO, LOC: TD Bank N.A., 0.100%, 100 New York State Housing Finance Agency, 03/07/13 42,200 Weyant Green Apartments, Series A, Rev., 93,600 New York State Housing Finance Agency, 88 VRDO, FNMA, LIQ: FNMA, 0.110%, Leonard Street Housing, Series A, Rev., 03/07/13 100 VRDO, LOC: Landesbank Hessen-Thuringen, New York State Housing Finance Agency, 0.130%, 03/07/13 93,600 Worth Street, 10,300 New York State Housing Finance Agency, 3,400 Series A, Rev., VRDO, FNMA, 0.110%, Bennington Hills Housing, Series A, Rev., 03/07/13 3,400 VRDO, FNMA, 0.110%, 03/07/13 10,300 2,100 Series A, Rev., VRDO, FNMA, 0.110%, 9,550 New York State Housing Finance Agency, 03/07/13 2,100 Chelsea Arms Housing, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 9,550 2,300 New York State Thruway Authority, Series 3134X, Rev., VRDO, AGM, 0.190%, 7,400 New York State Housing Finance Agency, East 03/07/13 (e) 2,300 84th Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.100%, 03/07/13
7,400 13,475 New York State Urban Development Corp., Series ROCS-RR-II-R-12321, Rev., VRDO, 18,250 New York State Housing Finance Agency, LIQ: Citibank N.A., 0.110%, 03/07/13 (e) 13,475 28,550 7,050 Helena Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.120%, 03/07/13 New York State Housing Finance Agency, Historic Front Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.130%, 03/07/13 New York State Housing Finance Agency, North End, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 18,250 28,550 7,050 14,115 8,580 17,815 Puttable Floating Option Tax-Exempt Receipts, Series PT-4697, GO, VRDO, AGM, Q-SBLF, LIQ: Bank of America N.A., 0.190%, 03/07/13 Series PT-4700, Rev., VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/13 (e) Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.280%, 03/07/13 (e) 14,115 8,580 17,815 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
New York — Continued
50,000 Rib Floater Trust Various States, Series 2W, Rev., VRDO, LIQ: Barclays Bank plc, 0.180%, 09/30/13 (e) (i) (w) 50,000 37,000 Sachem Central School District, GO, 1.000%, 06/20/13 37,081 Triborough Bridge & Tunnel Authority, 40,000 Series F, Rev., VRDO, 0.160%, 03/01/13 40,000 7,635 Subseries B-3, Rev., VRDO, 0.130%, 03/07/13 7,635 Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, 9,700 Series A, Subseries A-1, Rev., VRDO, 0.100%, 03/01/13 9,700 1,100 Series B, Subseries B-3, Rev., VRDO, 0.090%, 03/01/13 1,100 2,450 Subseries B-2C, Rev., VRDO, 0.090%, 03/01/13 2,450 25,417 Union Endicott Central School District, GO, 1.250%, 06/27/13 25,493 Wells Fargo Stage Trust, 17,890 Series 2009-12C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 (e) 17,890 19,405 Series 2009-77C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 (e) 19,405 9,780 Series 20C, COP, VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 (e) 9,780 3,434,147 North Carolina — 3.1% 28,295 Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 0.110%, 03/07/13 28,295 City of Charlotte, Douglas International, 30,570 Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/07/13 30,570 17,030 Series B, Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/07/13 17,030 6,820 City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 0.130%, 03/07/13 6,820 1,300 City of Durham, Water & Sewer Utility Systems, Rev., VRDO, 0.110%, 03/07/13 1,300 17,000 City of Raleigh, Downtown Improvement Project, Series A, COP, VRDO, 0.100%, 03/07/13 17,000 19,600 City of Raleigh, DownTown Improvement Project, Series B-1, COP, VRDO, 0.100%, 03/07/13 19,600 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

16,620
28,375
48,000
17,315
43,350
25,000
66,605
24,185
47,355
41,660
22,045
19,800
31,310
10,000
12,000
18,100
11,500
30,750
North Carolina — Continued
Durham County Industrial Facilities & Pollution Control Financing Authority, Research Triangle, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.120%, 03/07/13 16,620 Mecklenburg County, Series D, GO, VRDO, 0.210%, 09/26/13 (i) 28,375 North Carolina Capital Facilities Finance Agency, EAGLE, Series 2007-0016, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.110%, 03/07/13 48,000 North Carolina Capital Facilities Finance Agency, NCCU Real Estate, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.110%, 03/07/13 17,315 North Carolina Medical Care Commission, Hugh Chatham Memorial Hospital Project, Rev., VRDO, LOC: Wachovia Bank N.A., 0.110%, 03/07/13 43,350 North Carolina Medical Care Commission, Moses Cone Health System, Series A, Rev., VRDO, 0.120%, 03/07/13 25,000 North Carolina State University at Raleigh, Series A, Rev., VRDO, 0.100%, 03/07/13 66,605 Series B, Rev., VRDO, 0.110%, 03/07/13 24,185 State of North Carolina, Public Improvement, Series D, GO, VRDO, LIQ: Landesbank Hessen-Thuringen, 0.100%, 03/07/13 47,355 Series G, GO, VRDO, 0.110%, 03/07/13 41,660 University of North Carolina at Chapel Hill, Series B, Rev., VRDO, 0.080%, 03/07/13 22,045 University of North Carolina at Chapel Hill, EAGLE, Series 2006-0024, Class A, Rev., VRDO, 0.110%, 03/07/13 19,800 University of North Carolina at Chapel Hill, University Hospital, Series A, Rev., VRDO, 0.110%, 03/01/13 31,310 Series A, Rev., VRDO, LIQ: Citibank N.A., 0.120%, 03/07/13 10,000 Series B, Rev., VRDO, 0.110%, 03/01/13 12,000 Wake County, School, Series A, GO, VRDO, 0.090%, 03/07/13 18,100 Series B, GO, VRDO, 0.090%, 03/07/13 11,500 603,835 Ohio — 0.6% Allen County, Catholic Healthcare, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.120%, 03/01/13 30,750 SEE NOTES TO FINANCIAL STATEMENTS. 48 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Ohio — Continued
10,000 Series C, Rev., VRDO, LOC: Union Bank N.A., 0.110%, 03/01/13 10,000 4,830 County of Cuyahoga, Cleveland Clinic, Subseries B1, Rev., VRDO, 0.090%, 03/01/13 4,830 Deutsche Bank Spears/Lifers Trust Various States, 3,800 Series DB-488, Rev., VRDO, NATL-RE, 0.120%, 03/07/13 3,800 17,955 Series DBE-1092, Rev., VRDO, 0.160%, 03/07/13 (e) 17,955 11,430 Eclipse Funding Trust, Solar Eclipse, Chilli, Series 2007-0013, GO, VRDO, 0.110%, 03/07/13 11,430 8,655 Eclipse Funding Trust, Solar Eclipse, Hamilton, Series 2006-0158, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 8,655 1,400 Franklin County, Holy Cross Health System, Rev., VRDO, 0.090%, 03/07/13 1,400 5,495 Montgomery County, Miami Valley Hospital, Series C, Rev., VRDO, 0.090%, 03/01/13 5,495 2,340 Ohio Air Quality Development Authority, Pollution, FirstEnergy, Series B, Rev., VRDO, LOC: UBS AG, 0.130%, 03/07/13 2,340 Ohio State Higher Educational Facility Commission, Case Western Reserve University, 11,730 Series A, Rev., VRDO, 0.100%, 03/01/13 11,730 5,100 Series B-1, Rev., VRDO, LOC: U.S. Bank N.A., 0.120%, 03/01/13 5,100 500 Ohio State University, Rev., VRDO, 0.080%, 03/07/13 500 113,985 Oklahoma — 0.4% Oklahoma State Capital Improvement Authority, Higher Education, 18,355 Series D1, Rev., VRDO, 0.180%, 03/01/13 18,355 17,045 Series D2, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/01/13 17,045 19,700 Series D3, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/01/13 19,700 11,625 Series D4, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/01/13 11,625 10,490 Tulsa County Home Finance Authority, Multi-Family Housing, Waterford Apartments, Rev., VRDO, FNMA, 0.120%, 03/07/13 10,490 77,215 7,800 15,450 14,000 5,100 6,515 5,315 17,500 7,500 15,780 10,005 13,595 10,285 12,260 15,595 79,005 30,430 Oregon — 0.3% City of Portland, Housing Authority, Multi-Family Housing, Civic Apartments Redevelopment, Rev., VRDO, AMT, FHLMC, LOC: Wells Fargo Bank N.A., 0.120%, 03/07/13 7,800 Clackamas County Hospital Facility Authority, Legacy Health Systems, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.110%, 03/07/13 15,450 Oregon State Department of Administrative Services, Series ROCS-RR-II-R-11742, COP, VRDO, NATL-RE, FGIC, LIQ: Citibank N.A., 0.110%, 03/07/13 (e) 14,000 Port of Portland, Portland Bulk Terminal, Rev., VRDO, LOC: Canadian Imperial Bank, 0.110%, 03/07/13 5,100 State of Oregon Housing & Community Services Department, Covenant Retirement, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.130%, 03/07/13 6,515 Yamhill County Hospital Authority, Friendsview Retirement Community, Rev., VRDO, 0.130%, 03/01/13 5,315 54,180 Other Territories — 3.0% Austin Trust Various States, Series 2008-1090, Rev., VRDO, AGM, 0.110%, 03/07/13 17,500 Series 2008-1091, Rev., VRDO, AGM, LIQ:
Bank of America N.A., 0.150%,
03/07/13 7,500
BB&T Municipal Trust, Various States,
Series 2025, Rev., VRDO, LIQ: Branch
Banking & Trust, 0.100%, 03/07/13 15,780
Deutsche Bank Spears/Lifers Trust Various
States,
GO, VRDO, NATL-RE, 0.150%, 03/07/13 10,005 Series DB-292, Rev., VRDO, LIQ: Deutsche Bank AG, 0.130%, 03/07/13 13,595 Series DB-295, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 10,285
Series DB-325, GO, VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 12,260
Series DB-327, Rev., VRDO, AMBAC, LIQ:
Deutsche Bank AG, 0.190%, 03/07/13 15,595
Series DB-331, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.170%, 03/07/13 79,005
Series DB-340, Rev., VRDO, AMBAC, LIQ:
Deutsche Bank AG, 0.150%, 03/07/13 30,430
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Other Territories — Continued
19,505 Series DBE-1001, Rev., VRDO, GNMA COLL, LIQ: Deutsche Bank AG, 0.180%, 03/07/13 (e) 19,505 26,915 Eagle Tax-Exempt Trust, Rev., VRDO, FHLMC COLL, 0.160%, 03/07/13 26,915 Federal Home Loan Mortgage Corp., Multi-Family Housing, 92,102 Series M017, Class A, Rev., VRDO, FHLMC, 0.160%, 03/07/13 92,102 18,461 Series M019, Class A, Rev., VRDO, FHLMC, 0.160%, 03/07/13 18,461 24,247 Series M020, Class A, Rev., VRDO, FHLMC, 0.160%, 03/07/13 24,247 19,155 Series M023, Rev., VRDO, FHLMC, 0.130%, 03/07/13 19,155 18,785 Series M024, Rev., VRDO, 0.160%, 03/07/13 18,785 22,665 Series M025, Rev., VRDO, 0.170%, 03/07/13 (e) 22,665 12,225 Series M026, Rev., VRDO, 0.170%, 03/07/13 12,225 Puttable Floating Option Tax-Exempt Receipts, 12,000 Series PT-4643, Rev., VRDO, LIQ: Bank of America N.A., 0.140%, 03/07/13 (e) 12,000 6,250 Series PT-4647, Rev., VRDO, LIQ: Bank of America N.A., 0.150%, 03/07/13 (e) 6,250 12,665 Series PT-4648, Rev., VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/13 12,665 7,685 Series PT-4680, Rev., VRDO, NATL-RE, LIQ:
Bank of America N.A., 0.180%,
03/07/13 (e) 7,685
13,635 Series PT-4681, Rev., VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/13 (e) 13,635 10,700 Series PT-4684, Rev., VRDO, AGM-CR, AMBAC, 0.360%, 03/07/13 (e) 10,700 11,250 Series PT-4704, Rev., VRDO, LIQ: Bank of America N.A., 0.180%, 03/07/13 (e) 11,250 24,355 Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust, Series 2001-2, Class A, Rev., VRDO, 0.380%, 03/07/13 24,355 6,255 SunAmerica Trust, Various States, Series 2, Class A, Rev., VRDO, FHLMC, 0.170%, 03/07/13 6,255 570,810 PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Pennsylvania — 3.0% 260 Allegheny County Industrial Development Authority, Longwood Oakmont, Inc., Rev., VRDO, 0.110%, 03/01/13 260 Bucks County IDA, Grand View Hospital, 12,500 Series A, Rev., VRDO, LOC: TD Bank N.A., 0.090%, 03/07/13 12,500 7,800 Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.110%, 03/07/13 7,800 20,270 Butler County General Authority, Rev., VRDO, 0.120%, 03/07/13 20,270 23,300 City of Philadelphia, Water & Wastewater, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/07/13 23,300 29,230 Dallastown Area School District, GO, VAR, 1.513%, 03/30/13 29,269 1,900 Delaware County IDA, United Parcel Service Project, Rev., VRDO, 0.100%, 03/01/13 1,900 63,875 Delaware River Port Authority, Series B, Rev., VRDO, 0.120%, 03/07/13 63,875 Deutsche Bank Spears/Lifers Trust Various States, 11,950 Series DB-247, Rev., VRDO, AMBAC, LIQ:
Deutsche Bank AG, 0.150%, 03/07/13 11,950
34,760 Series DB-469, Rev., VRDO, AGM, LIQ:
Deutsche Bank AG, 0.180%, 03/07/13 34,760
19,560 Series DBE-1111, Rev., VRDO, 0.160%, 03/07/13 (e) 19,560 41,700 Doylestown Hospital Authority, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.110%, 03/07/13 41,700 Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project, 4,810 Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 4,810 2,405 Series A-T2, Rev., VRDO, 0.110%, 03/07/13 2,405 17,080 Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project, Series A, Rev., VRDO, FNMA, 0.110%, 03/07/13 17,080 79,940 Pennsylvania Higher Educational Facilities Authority, Series DBE-1021, Rev., VRDO, LIQ: Deutsche Bank AG, 0.210%, 03/07/13 (e) 79,940 42,870 Pennsylvania Housing Finance Agency, Single-Family Mortgage, Series 92-B, Rev., VRDO, AMT, 0.120%, 03/07/13 42,870 SEE NOTES TO FINANCIAL STATEMENTS. 50 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Pennsylvania — Continued
29,950 Philadelphia Redevelopment Authority, Series DB-134, Rev., VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13
RBC Municipal Products, Inc. Trust, Floater Certificates, 29,100 Series E-16, Rev., VRDO, 0.110%, 03/07/13 (e) 19,900 Series E-22, Rev., VRDO, LIQ: Royal Bank of Canada, 0.110%, 03/07/13 (e) 20,000 Series E-36, Rev., VRDO, 0.110%, 03/07/13 (e) 14,000 State Public School Building Authority, Series 1479, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.110%, 03/07/13 30,070 Upper Saint Clair Township, GO, VRDO, AGM, 0.190%, 03/07/13 14,080 Wells Fargo Stage Trust, Series 2008-1C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 Rhode Island — 0.3% 14,155 Narragansett Bay Commission Wastewater Systems, Series A, Rev., VRDO, LOC: Citizens Bank of Massachusetts, 0.100%, 03/07/13 1,940 Rhode Island Health & Educational Building Corp., International Institute of Rhode Island, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 03/07/13 6,650 Rhode Island Health & Educational Building Corp., Rhode Island School of Design, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.100%, 03/07/13 7,000 Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.160%, 03/07/13 22,840 Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights, Rev., VRDO, AMT, FHLMC, LIQ:
FHLMC, 0.160%, 03/07/13
South Carolina — 0.9%
15,075 Charleston Educational Excellence Finance Corp., Series ROCS-RR-II-R-481X, Rev., VRDO, AGC-IGC, LIQ: Citibank N.A., 0.130%, 03/07/13 29,950 29,100 19,900 20,000 14,000 30,070 14,080 571,349 14,155 1,940 6,650 7,000 22,840 52,585 15,075 South Carolina — Continued 62,960 City of Columbia, Waterworks & Sewer System, Rev., VRDO, LOC: U.S. Bank N.A., 0.090%, 03/01/13 62,960 10,725 City of North Charleston, Public Facilities Convention, COP, VRDO, LOC: Bank of America N.A., 0.120%, 03/07/13 10,725 30,540 Eclipse Funding Trust, Solar Eclipse, SCAGO, Series 2007-0003, Rev., VRDO, AGM, LIQ:
U.S. Bank N.A., 0.110%, 03/07/13 30,540
700 South Carolina Educational Facilities Authority, Morris College Project, Rev., VRDO, LOC:
U.S. Bank N.A., 0.260%, 03/07/13 700
27,200 South Carolina Higher Educational Facilities Authority, Furman University, Series B, Rev., VRDO, 0.100%, 03/01/13 27,200 1,115 South Carolina Jobs & EDA, South Carolina Catholic Diocese Project, Rev., VRDO, LOC:
U.S. Bank N.A., 0.270%, 03/07/13 1,115
2,950 South Carolina Jobs & EDA, Thompson Steel Co., Inc., Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.360%, 03/07/13 2,950 10,640 South Carolina State Public Service Authority, Series 3065X, Rev., VRDO, 0.110%, 03/07/13 (e) 10,640 10,000 South Carolina State Public Service Authority, EAGLE, Series 2006-0007, Class A, Rev., VRDO, NATL-RE, LIQ: Citibank N.A., 0.120%, 03/07/13 10,000 171,905 South Dakota — 0.4% South Dakota Housing Development Authority, Home Ownership Mortgage, 12,000 Series C, Rev., VRDO, AMT, 0.140%, 03/07/13 12,000 19,200 Series C-1, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.190%, 03/07/13 19,200 12,900 Series C-2, Rev., VRDO, 0.150%, 03/07/13 12,900 22,750 Series G, Rev., VRDO, 0.150%, 03/07/13 22,750 66,850 Tennessee — 1.0% 18,200 Knox County, The Health, Educational and Housing Facility Board, Covenant Health, Series B, Rev., VRDO, 0.110%, 03/07/13 18,200 14,675 Memphis Health Educational & Housing Facility Board, Multi-Family Housing, Watergrove Apartments Project, Rev., VRDO, FHLMC, 0.110%, 03/07/13 14,675 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Tennessee — Continued
4,225 Shelby County Health, Educational & Housing Facilities Board, Rhodes College, Rev., VRDO, LOC: Banc of America Community Development Corp., 0.110%, 03/07/13 4,225 Shelby County, Public Improvement School, 84,025 Series B, GO, VRDO, 0.100%, 03/07/13 84,025 78,990 Series B, GO, VRDO, 0.100%, 03/07/13 78,990 200,115 Texas — 7.9% Austin Trust Various States, 5,605 Series 2008-3023X, Rev., VRDO, AGM, LIQ:
Bank of America N.A., 0.150%,
03/07/13 5,605
9,335 Series 2008-3315, Rev., VRDO, AGM, LIQ:
Bank of America N.A., 0.150%,
03/07/13 (e) 9,335
9,100 Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects, Rev., VRDO, FNMA, 0.130%, 03/07/13 9,100 59,070 City of Austin, Travis and Williamson Counties, Water & Wastewater System, Rev., VRDO, 0.100%, 03/07/13 59,070 64,665 City of Houston, MERLOTS, Series B17, Rev., VRDO, NATL-RE, LIQ: Wachovia Bank N.A., 0.270%, 05/07/13 (e) 64,665 95,000 City of Houston, Tax and Revenue, GO, TRAN, 2.000%, 06/28/13 95,558 16,645 City of Houston, Water and Sewer System, Series 37TPZ, Rev., VRDO, AGM, 0.120%, 03/07/13 16,645 49,145 Crawford Education Facilities Corp., Houston Baptist University, Rev., VRDO, LOC: Bank of America N.A., 0.160%, 03/07/13 49,145 5,000 Dallas-Fort Worth International Airport Facilities Improvement Corp., FlightSafety International, Inc. Project, Rev., VRDO, 0.110%, 03/07/13 5,000 Deutsche Bank Spears/Lifers Trust Various States, 24,865 Series DB-456, Rev., VRDO, AGM, LIQ:
Deutsche Bank AG, 0.140%,
03/07/13 (e) 24,865
30,800 Series DB-513, GO, VRDO, PSF-GTD, LIQ:
Deutsche Bank AG, 0.120%, 03/07/13 30,800
22,355 Series DB-597, GO, VRDO, PSF-GTD, LIQ:
Deutsche Bank AG, 0.120%, 03/07/13 22,355
40,915 Series DB-602, Rev., VRDO, LIQ: Deutsche Bank AG, 0.120%, 03/07/13 40,915 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

95,200
27,775
10,540
15,685
9,935
9,000
23,925
3,200
4,800
8,400
30,000
115,600
30,000
37,730
600
11,745
8,500
Texas — Continued
Series DB-620, Rev., VRDO, AGC, 0.160%,
03/07/13 95,200
Series DBE-526, Rev., VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.160%,
03/07/13 (e) 27,775
Eclipse Funding Trust, Solar Eclipse, El Paso, Series 2006-0032, GO, VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 10,540 Eclipse Funding Trust, Solar Eclipse, Houston, Series 2007-0033, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 15,685 Eclipse Funding Trust, Solar Eclipse, Waco, Series 2007-0040, Rev., VRDO, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 9,935 Fort Bend County Trust Receipts, GO, VRDO, NATL-RE, 0.170%, 03/07/13 9,000 Garland Health Facilities Development Corp., Chambrel Club Hill, Rev., VRDO, FNMA, 0.110%, 03/07/13 23,925 Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project, Series B, Rev., VRDO, 0.110%, 03/01/13 3,200 Gulf Coast Waste Disposal Authority, Pollution Control, Exxon Project, Rev., VRDO, 0.090%, 03/01/13 4,800 Rev., VRDO, 0.090%, 03/01/13 8,400 Harris County Industrial Development Corp., HOFTOC LLC Project, Rev., VRDO, 0.130%, 03/07/13 30,000 Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Project, Series A, Rev., VRDO, 0.130%, 03/01/13 115,600 Harris County, EAGLE, Series 2007-0078, Rev., VRDO, BHAC-CR, NATL-RE, 0.120%, 03/07/13 30,000 Houston Higher Education Finance Corp., Series 2042, Rev., VRDO, 0.110%, 03/07/13 37,730 Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 0.220%, 03/07/13 600 Puttable Floating Option Tax-Exempt Receipts, Series MT-715, Rev., VRDO, 0.100%, 03/07/13 (e) 11,745 Southeast Texas Housing Finance Corp., Wyndham Park Apartments, Rev., VRDO, FNMA, 0.130%, 03/07/13 8,500 SEE NOTES TO FINANCIAL STATEMENTS. 52 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued

Texas — Continued Utah — Continued
540,400 State of Texas, Rev., TRAN, 2.500%, 6,230 Series F-2, Class I, Rev., VRDO, 0.120%, 08/30/13 546,522 03/07/13 6,230 16,000 Tarrant County Cultural Education Facilities Utah Transit Authority, Sales Tax Revenue, Finance Corp., Series B, Rev., VRDO, 13,500 Series 3006, Rev., VRDO, AGM, LIQ: Morgan 0.110%, 03/07/13 16,000 Stanley Bank, 0.110%, 03/07/13 (e) 13,500 44,300 Tarrant County Cultural Education Facilities 47,300 Series B, Rev., VRDO, LOC: Fortis Bank S.A./ Finance Corp., Texas Health Resources N.V., 0.110%, 03/01/13 47,300 System, Series A, Rev., VRDO, 0.110%, 03/07/13 44,300 212,560 8,700 Tarrant County Housing Finance Corp., Vermont — 0.1% Multi-Family Housing, Remington Project, 15,475 University of Vermont & State Agricultural 10,625 9,250 Rev., VRDO, FNMA, 0.130%, 03/07/13 Texas City Industrial Development Corp., NRG Energy, Inc. Project, Rev., VRDO, 0.160%, 03/07/13 Texas Department of Housing & Community Affairs, Multi-Family Housing, Reading Pond Apartments, Senior, Series A, Rev., VRDO, 8,700 10,625 8,145 College, EAGLE, Series 2006-0086, Class A, Rev., VRDO, BHAC-CR, MBIA, LIQ: Citibank N.A., 0.120%, 03/07/13 Vermont Educational & Health Buildings Financing Agency, Norwich University Project, Rev., VRDO, LOC: TD Bank N.A., 0.100%, 03/07/13 (p) 15,475 8,145 FHLMC, 0.130%, 03/07/13 9,250 23,620 955 Texas Department of Housing & Community Virginia — 1.0% Affairs, Multi-Family Housing, Timber Point 2,055 City of Alexandria IDA, Pooled Loan Program, Apartments, Series A-1, Rev., VRDO, FHLMC, Series A, Rev., VRDO, LOC: Bank of America 0.110%, 03/07/13 955 N.A., 0.170%, 03/07/13 2,055 1,512,045 53,600 Clarke County IDA, Winchester Medical Center Utah — 1.1% 23,345 Inc., Rev., VRDO, AGM, 0.170%, 03/07/13 Fairfax County EDA, The Lorton Arts 53,600 73,100 Central Utah Water Conservancy District, Foundation Project, Rev., VRDO, LOC:
Series A, Rev., VRDO, LIQ: Helaba, 0.150%, Wachovia Bank N.A., 0.110%, 03/07/13 23,345 03/07/13 73,100 9,500 James City County IDA, Housing Chambrel 25,000 Emery County, Pacific Corp., Rev., VRDO, LOC: Project, Rev., VRDO, FNMA, 0.110%, Wells Fargo Bank N.A., 0.120%, 03/07/13 25,000 03/07/13 9,500 10,080 Park City, U.S. Ski & Snowboard Association, 8,440 Norfolk Redevelopment & Housing Authority, Series U, Rev., VRDO, LOC: Wells Fargo Bank Old Dominion University Real Estate N.A., 0.110%, 03/07/13 10,080 Foundation 45th Street Parking Garage LLC, 5,700 4,835 Utah Housing Corp., Single Family Mortgage, Series A, Class I, Rev., VRDO, LOC: FHLMC, 0.110%, 03/07/13 (p) Series E-1, Class I, Rev., VRDO, 0.150%, 03/07/13 5,700 4,835 12,675 University Village Parking Facility Project, Rev., VRDO, LOC: Bank of America N.A., 0.130%, 03/01/13 Smyth County IDA, Series D, Rev., VRDO, LOC:
Mizuho Corporate Bank, 0.110%,
03/07/13
8,440
12,675
10,075 Series I, Rev., VRDO, LOC: FHLMC, 0.120%, 03/07/13 10,075 3,050 Virginia College Building Authority, 21st Century College, Series C, Rev., VRDO, Utah Housing Finance Agency, Single Family 0.100%, 03/01/13 3,050 Mortgage, 34,865 Virginia College Building Authority, University 2,155 Series C-1, Class I, Rev., VRDO, 0.150%, of Richmond Project, Rev., VRDO, 0.100%, 03/07/13 2,155 03/01/13 34,865 7,245 Series D-1, Rev., VRDO, AMT, 0.130%, 34,500 Virginia Commonwealth University Health 03/07/13 7,245 System Authority, Series A, Rev., VRDO, 7,340 Series E-1, Rev., VRDO, AMT, LIQ:
Bayerische Hypo-Und Vereinsbank AG,
AMBAC, LOC: Wells Fargo Bank N.A.,
0.090%, 03/01/13 34,500
0.130%, 03/07/13 7,340 182,030
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
Washington — 1.5%
10,580 Eclipse Funding Trust, Solar Eclipse, Washington, Series 2006-0009, GO, VRDO, AGM, LIQ: U.S. Bank N.A., 0.110%, 03/07/13 10,580 27,800 King County Sewer, Series B, Rev., VRDO, 0.110%, 03/07/13 27,800 144,825 Port of Seattle, Sub Lien, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thuringen, 0.150%, 03/07/13 144,825 8,880 Puttable Floating Option Tax-Exempt Receipts, Rev., VRDO, 0.100%, 03/07/13 (e) 8,880 625 Seattle Housing Authority, Low Income Housing Assistance, Bayview Manor Project, Series B, Rev., VRDO, LOC: U.S. Bank Of Washington, 0.100%, 03/07/13 625 21,290 State of Washington, MERLOTS, Series B-22, GO, VRDO, AGM, LIQ: Wachovia Bank N.A., 0.270%, 05/07/13 21,290 4,500 Washington Economic Development Finance Authority, Novelty Hill Properties LLC, Series C, Rev., VRDO, LOC: U.S. Bank N.A., 0.180%, 03/07/13 4,500 21,350 Washington Health Care Facilities Authority, Multicare Health System, Series C, Rev., VRDO, LOC: Barclays Bank plc, 0.080%, 03/07/13 21,350 2,935 Washington State Housing Finance Commission, Franke Tobey Jones Project, Rev., VRDO, 0.110%, 03/07/13 2,935 2,545 Washington State Housing Finance Commission, Multi-Family Housing, Granite Falls Assisted Living Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.120%, 03/07/13 2,545 270 Washington State Housing Finance Commission, Multi-Family Housing, JATC Educational Development Trust Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.100%, 03/01/13 270 13,600 Washington State Housing Finance Commission, Multi-Family Housing, Mallard Lakes Apartments, Series A, Rev., VRDO, FNMA, 0.130%, 03/07/13 13,600 10,300 Washington State Housing Finance Commission, Single Family Housing, Single Family Program, Series 1A, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 0.140%, 03/07/13 10,300 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

4,590
20,370
22,915
38,155
14,600
33,690
23,500
4,200
3,835
17,920
25,695
46,035
27,980
1,600
12,600
16,300
Washington — Continued
Washington State Housing Finance
Commission, Spokane Community College
Foundation, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.170%, 03/07/13 4,590 Wells Fargo Stage Trust, Series 35-C, Rev., VRDO, 0.100%, 03/07/13 20,370 294,460 Wisconsin — 1.4% Wells Fargo Stage Trust, Series 111C, GO, 0.270%, 03/07/13 (e) 22,915 Wisconsin Health & Educational Facilities Authority, Series 2113, Rev., VRDO, 0.190%, 03/07/13 38,155 Wisconsin Health & Educational Facilities Authority, Foedtert & Community Health, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.100%, 03/07/13 14,600 Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.120%, 03/01/13 33,690 Wisconsin Health & Educational Facilities Authority, Prohealth Care, Inc., Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.130%, 03/01/13 23,500 Wisconsin Housing & EDA, Series A, Rev., VRDO, 0.140%, 03/07/13 4,200 Series A, Rev., VRDO, 0.140%, 03/07/13 3,835 Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.140%, 03/07/13 17,920 Series A, Rev., VRDO, 0.170%, 03/07/13 25,695 Series D, Rev., VRDO, LOC: DEPFA Bank plc, 0.170%, 03/07/13 46,035 Series E, Rev., VRDO, AMT, LOC: Fortis Bank S.A./N.V., 0.430%, 03/07/13 27,980 258,525 Wyoming — 0.2% Lincoln County, PCR, Exxon Project, Series B, Rev., VRDO, 0.100%, 03/01/13 1,600 Platte County, PCR, Series A, Rev., VRDO, LOC:
JPMorgan Chase Bank, N.A., 0.140%,
03/01/13 12,600
Sweetwater County Pollution Control,
Pacificorp Project, Series A, Rev., VRDO,
LOC: Barclays Bank plc, 0.110%,
03/07/13 16,300
30,500
Total Municipal Bonds
(Cost $17,447,061) 17,447,061
SEE NOTES TO FINANCIAL STATEMENTS.
54 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Commercial Paper — 4.0% (n)

California — 1.0%
California Statewide Communities
Development Authority,
35,000 Series 08-C, 0.250%, 05/01/13
45,000 Series 9B-1, 0.250%, 07/01/13
19,000 Series 9B-3, 0.250%, 07/01/13
27,000 Series B-5, 0.230%, 03/18/13
15,865 Series C, 0.230%, 03/18/13
45,000 State of California, Series A-1, 0.140%, 05/01/13 (m) Florida — 0.2% 40,000 Gainesville Utility Systems, Series C, 0.250%, 05/02/13 Michigan — 0.1% 16,500 University of Michigan, Series B, 0.140%, 04/01/13 Minnesota — 0.1% 17,260 University of Minnesota, Series A, 0.150%, 05/16/13 Nevada — 0.3% 50,000 Las Vegas Valley Water District, Series B, 0.150%, 04/01/13 New York — 0.6% New York City Municipal Water Finance Authority, 67,000 0.150%, 03/12/13 50,000 0.150%, 03/21/13 Texas — 0.4% Harris County, 3,000 Series C, 0.120%, 03/06/13 58,000 Series C, 0.130%, 03/06/13 25,000 University of Texas, Series A, 0.140%, 04/02/13 Wisconsin — 1.1% City of Milwaukee, 25,000 Series C, 0.140%, 03/01/13 22,000 Series C, 0.230%, 03/19/13 State of Wisconsin, 35,040 Series 08, 0.140%, 03/01/13 50,000 Series 08, 0.140%, 03/01/13 50,000 Series 08, 0.140%, 03/04/13 35,000 45,000 19,000 27,000 15,865 45,000 186,865 40,000 16,500 17,260 50,000 67,000 50,000 117,000 3,000 58,000 25,000 86,000 25,000 22,000 35,040 50,000 50,000 Wisconsin — Continued 5,000 Series 08, 0.160%, 03/04/13 5,000 25,000 Series 08, 0.160%, 04/04/13 25,000 212,040 Wyoming — 0.2% 48,000 County of Sweetwater, Series 88-A, 0.140%, 03/06/13 48,000 Total Municipal Commercial Paper (Cost $773,665) 773,665 SHARES Variable Rate Demand Preferred Shares — 5.0% 34,200 BlackRock Muni Income Investment Trust, LIQ:
Barclays Bank plc, 0.210%, 03/07/13 # (e) 34,200 45,000 BlackRock MuniHoldings Investment Quality Fund, LIQ: Bank of America N.A., 0.320%, 03/07/13 # (e) 45,000 25,000 BlackRock MuniYield New Jersey Quality Fund, Inc., LIQ: Bank of America N.A., 0.320%, 03/07/13 # (e) 25,000 82,600 BlackRock MuniYield Quality Fund, Inc., LIQ: Morgan Stanley Bank, 0.210%, 03/07/13 # (e) 82,600 22,100 BlackRock New York Muni Bond Trust, LIQ:
Barclays Bank plc, 0.320%, 03/07/13 # (e) 22,100 27,600 BlackRock New York Muni Income Trust II, LIQ:
Barclays Bank plc, 0.210%, 03/07/13 # (e) 27,600 14,100 Nuveen California AMT-Free Muni Income Fund, LIQ: Morgan Stanley Bank, 0.290%, 03/07/13 # (e) 14,100 59,200 Nuveen California Dividend Advantage Municipal Fund, LIQ: Morgan Stanley Bank, 0.290%, 03/07/13 # (e) 59,200 8,500 Nuveen California Performance Plus Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 8,500 20,000 Nuveen California Quality Income Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 20,000 36,000 Nuveen California Select Quality Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 36,000 143,800 Nuveen Insured Municipal Opportunity Fund, Inc., LIQ: Citibank N.A., 0.210%, 03/07/13 # (e) 143,800 80,300 Nuveen Investment Quality Municipal Fund, Inc., LIQ: Barclays Bank plc, 0.210%, 03/07/13 # (e) 80,300 94,500 Nuveen Municipal Market Opportunity Fund, Inc., LIQ: Deutsche Bank AG, 0.250%, 03/07/13 # (e) 94,500 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 55

JPMorgan Tax Free Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Variable Rate Demand Preferred Shares — Continued 25,000 Nuveen New Jersey Investment Quality Municipal Fund, LIQ: Citibank N.A., 0.210%, 03/07/13 # (e) 25,000 8,500 Nuveen New York Quality Income Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 8,500 47,400 Nuveen New York Select Quality Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 47,400 17,500 Nuveen Pennsylvania Investment Quality Municipal Fund, LIQ: Royal Bank of Canada, 0.220%, 03/07/13 # (e) 17,500 96,700 Nuveen Premier Municipal Income Fund, Inc., LIQ: Barclays Bank plc, 0.210%, 03/07/13 # (e) 96,700 40,000 Nuveen Premium Income Municipal Fund II, Inc., LIQ: Barclays Bank plc, 0.210%, 03/07/13 # (e) 40,000 35,000 Nuveen Select Quality Municipal Fund, Inc., LIQ: Barclays Bank plc, 0.210%, 03/07/13 # (e) 35,000 Total Variable Rate Demand Preferred Shares (Cost $963,000) 963,000 Total Investments — 99.9% (Cost $19,183,726)* 19,183,726 Other Assets in Excess of Liabilities — 0.1% 23,235 NET ASSETS — 100.0% $19,206,961 Percentages indicated are based on net assets. SEE NOTES TO FINANCIAL STATEMENTS. 56 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

JPMorgan Municipal Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2013 (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION (t) VALUE($)

Daily Demand Notes — 7.4%
Michigan — 5.5%
3,485 Michigan State Housing Development Authority, Multi-Family Housing, Jackson Project, Rev., VRDO, LOC: FHLB, 0.150%, 03/01/13 3,485 Michigan State Housing Development Authority, Rental Housing, 33,260 Series A, Rev., VRDO, AMT, AGM, LIQ: Fortis Bank S.A., 0.430%, 03/01/13 33,260 60,800 Series A, Rev., VRDO, AMT, AGM, LOC: Fortis Bank S.A., 0.430%, 03/01/13 60,800 57,305 Series C, Rev., VRDO, AMT, AGM, LIQ: Fortis Bank S.A., 0.430%, 03/01/13 57,305 154,850 Minnesota — 0.7% 19,525 City of Minneapolis and Saint Paul Housing & Redevelopment Authority, Children’s Healthcare Facilities, Series B, Class B, Rev., VRDO, AGM, 0.150%, 03/01/13 19,525 Ohio — 0.2% 100 Allen County, Hospital Facilities, Catholic Healthcare Partners, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.120%, 03/01/13 100 1,235 Montgomery County, Miami Valley Hospital, Series B, Rev., VRDO, LOC: Barclays Bank plc, 0.100%, 03/01/13 1,235 110 Ohio State Higher Educational Facility Commission, Case Western Reserve University, Series A, Rev., VRDO, 0.100%, 03/01/13 110 725 Ohio State Higher Educational Facility, Case Western Reserve University Project, Series B-2, Rev., VRDO, LOC: U.S. Bank Trust, N.A., 0.100%, 03/01/13 725 Ohio Water Development Authority, Pollution Control, FirstEnergy Nuclear Generation Corp. Project, 1,400 Series 2008-C, Rev., VRDO, 0.110%, 03/01/13 1,400 2,655 Series 2010-C, Rev., VRDO, LOC: UBS AG, 0.170%, 03/01/13 2,655 6,225 South Carolina — 0.0% 455 South Carolina Higher Educational Facilities Authority, Furman University, Series B, Rev., VRDO, 0.100%, 03/01/13 455 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Tennessee — 0.3%
10,000 Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund, Rev., VRDO, LOC: Bank of America N.A., 0.170%, 03/01/13 10,000 Texas — 0.7% 20,000 Brazos River Authority, Pollution Control, TXU Electric Company Project, Series D-2, Rev., VRDO, LOC: Citibank N.A., 0.130%, 03/01/13 20,000 Total Daily Demand Notes (Cost $211,055) 211,055 Municipal Bonds — 12.0% Connecticut — 1.7% 16,000 City of Hartford, Series A, GO, BAN, 2.000%, 04/11/13 16,029 33,135 City of New Britain, GO, BAN, 1.250%, 03/27/13 33,154 49,183 New Jersey — 7.5% 20,543 Bergen County, Borough of Edgewater, GO, BAN, 1.500%, 07/26/13 20,611 10,400 Burlington County Bridge Commission, Solid Waste Project, Rev., 2.000%, 10/08/13 10,494 9,026 City of New Brunswick, Middlesex County, GO, BAN, 1.500%, 06/25/13 9,051 100,000 State of New Jersey, Tax and Revenue, Series C, Rev., TRAN, 2.500%, 06/27/13 100,697 19,936 Township of East Brunswick, Middlesex County, GO, BAN, 1.500%, 04/10/13 19,956 Township of Montclair, 6,521 1.000%, 03/14/13 6,522 9,336 1.000%, 03/14/13 9,338 10,542 1.250%, 12/13/13 10,593 1,450 1.250%, 12/13/13 1,456 Township of North Bergen, Hudson County, 7,505 GO, BAN, 1.500%, 04/03/13 7,512 9,272 GO, BAN, 1.500%, 04/03/13 9,281 8,890 Township of West Milford, Passaic County, GO, BAN, 1.500%, 04/12/13 8,900 214,411 New York — 2.1% 8,630 Cattaraugus County, Franklinville Central School District, GO, BAN, 1.250%, 06/28/13 8,648 18,500 Clinton County, Northern Adirondack Central School District at Ellenburg, GO, BAN, 1.500%, 08/02/13 18,575 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 57

JPMorgan Municipal Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Municipal Bonds — Continued
New York — Continued
9,000
10,000
13,000
Onondaga County, Liverpool Central School
District, Series A, GO, RAN, 1.250%,
07/05/13
Schenectady City School District, GO, 1.500%, 01/17/14 Suffolk County, Copiague Union Free School District, GO, TAN, 1.500%, 06/19/13 9,020 10,069 13,042 59,354 Ohio — 0.7% 17,000 2,000 City of Marysville, Wastewater Treatment System, GO, BAN, 1.500%, 05/30/13 City of Toledo, Capital Improvement, GO, BAN, 1.625%, 10/24/13 17,035 2,010 19,045 Total Municipal Bonds (Cost $341,993) 341,993 Municipal Commercial Paper — 2.0% (n) Florida — 0.8% 22,000 Gainesville Utility Systems, Series C, 0.250%, 05/02/13 (m) 22,000 Massachusetts — 1.2% 34,000 Massachusetts Water Resources Authority, Series 94, 0.250%, 05/15/13 34,000 Total Municipal Commercial Paper (Cost $56,000) 56,000 Semi-Annual Demand Notes — 1.5% Florida — 0.8% 22,145 Wells Fargo Stage Trust, Series 39Z, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.270%, 05/09/13 22,145 Washington — 0.7% 20,000 Wells Fargo Stage Trust, Floater Certificates, Series 16C, GO, VRDO, LIQ: Wells Fargo Bank N.A., 0.270%, 05/09/13 (e) 20,000 Total Semi-Annual Demand Notes (Cost $42,145) 42,145 Weekly Demand Notes — 66.6% Alabama — 0.4% 10,890 Birmingham Waterworks & Sewer Board, Series ROCS-RR-II-R-10412, Rev., VRDO, BHAC-CR FSA, 0.160%, 03/07/13 10,890 Alaska — 0.6% 16,590 Deutsche Bank Spears/Lifers Trust Various States, Series DB-507, Rev., VRDO, FGIC, LIQ:
Deutsche Bank AG, 0.160%, 03/07/13 16,590
PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

20,365
17,900
15,000
40,790
4,700
15,835
7,100
12,600
20,000
20,105
21,190
17,600
3,355
30,170
15,465
Arizona — 0.7%
Puttable Floating Option Tax-Exempt Receipts, Series PT-4605, Rev., VRDO, LIQ: PB Capital Corp., 0.160%, 03/07/13 20,365 California — 3.3% California Housing Finance Agency, Series 3206, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.360%, 03/07/13 (e) 17,900 California Pollution Control Financing Authority, Sanger Project, Series A, Rev., VRDO, LOC:
National Bank of Canada, 0.160%,
03/07/13 15,000
Deutsche Bank Spears/Lifers Trust Various
States,
Series DB-455, GO, VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.210%, 03/07/13 40,790
Series DBE-1011, Rev., VRDO, LIQ: Deutsche Bank AG, 0.160%, 03/07/13 4,700 Wells Fargo Stage Trust, Floater Certificates, Series 15-C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 15,835 94,225 Colorado — 3.5% Denver City & County, Airport, Series C, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.190%, 03/07/13 7,100 Series F, Rev., VRDO, LOC: Lloyds TSB Bank plc, 0.190%, 03/07/13 12,600 Deutsche Bank Spears/Lifers Trust Various States, Rev., VRDO, 0.180%, 03/07/13 20,000 Series DBE-510, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13 20,105
Series DBE-647, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13 21,190
RBC Municipal Products, Inc. Trust, Rev., VRDO, 0.180%, 03/07/13 17,600 98,595 Delaware — 1.7% Delaware State Housing Authority, MERLOTS, Rev., VRDO, 0.400%, 03/07/13 3,355 New Castle County, FlightSafety International, Inc. Project, Rev., VRDO, 0.110%, 03/07/13 30,170 Wells Fargo Stage Trust, Multi-Family Housing, Series 32-C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 15,465 48,990 SEE NOTES TO FINANCIAL STATEMENTS. 58 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Weekly Demand Notes — Continued

District of Columbia — 0.7%
13,150 Deutsche Bank Spears/Lifers Trust Various States, Series DBE-1006, Rev., VRDO, LIQ:
Deutsche Bank AG, 0.160%, 03/07/13
7,500 RIB Floater Trust, Various States, Series 8WX, Rev., VRDO, LIQ: Barclays Bank plc, 0.160%, 03/07/13 Florida — 4.4% 17,800 Collier County IDA, Allete, Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.160%, 03/07/13 Deutsche Bank Spears/Lifers Trust Various States, 36,185 Series DB-478, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.140%, 03/07/13
23,305 Series DB-642, Rev., VRDO, AGC, LIQ:
Deutsche Bank AG, 0.210%, 03/07/13
15,560 Florida Housing Finance Corp., Boynton Bay Apartments, Multi-Family Housing, Rev., VRDO, LOC: Citibank N.A., 0.160%, 03/07/13 6,795 Manatee County Housing Finance Authority, Centre Court Apartments Project, Series A, Class A, Rev., VRDO, LOC: Suntrust Bank, 0.130%, 03/07/13 13,460 Orlando Utilities Commission, Window, Series A, Rev., VRDO, 0.220%, 03/07/13 (i) 11,270 Sumter County IDA, American Cement Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/07/13 Georgia — 2.5% 15,000 Bartow County Development Authority, Georgia Power Co., Bowen, Rev., VRDO, 0.200%, 03/07/13 31,525 Fulton County Development Authority, FlightSafety International, Inc. Project, Series B, Rev., VRDO, 0.110%, 03/07/13 8,045 Lehman Municipal Trust Receipts, Various States, Gwinnett County Housing, Series 06-K72, Rev., VRDO, FNMA, LIQ:
Citibank N.A., 0.170%, 03/07/13
Municipal Electric Authority of Georgia,
11,345 Series SGC-32, Class A, Rev., VRDO, FGIC-TCRS, LOC: Societe Generale, LIQ:
Societe Generale, 0.140%, 03/07/13
3,595 Series SGC-60, Class A, Rev., VRDO,
NATL-RE-IBC, LOC: Societe Generale, LIQ:
Societe Generale, 0.140%, 03/07/13
13,150
7,500
20,650
17,800
36,185
23,305
15,560
6,795
13,460
11,270
124,375
15,000
31,525
8,045
11,345
3,595
69,510
Illinois — 2.5%
13,896
31,420
10,000
4,000
4,700
7,300
Deutsche Bank Spears/Lifers Trust Various
States,
Series DBE-660, Rev., VRDO, NATL-RE, LIQ:
Deutsche Bank AG, 0.240%, 03/07/13
Series DBE-1017, Rev., VRDO, LIQ: Deutsche Bank AG, 0.160%, 03/07/13 Illinois Finance Authority, 700 Hickory Hills Drive LLC, Rev., VRDO, LOC: Bank of America N.A., 0.220%, 03/07/13 Regional Transportation Authority, Series SGC-45, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, LIQ: Societe Generale, 0.140%, 03/07/13 Village of Carol Stream, Multi-Family Housing, St. Charles Square, Rev., VRDO, FNMA, LIQ:
FNMA, 0.110%, 03/07/13
Will County, BASF Corp. Project, Rev., VRDO, 0.260%, 03/07/13 13,896 31,420 10,000 4,000 4,700 7,300 71,316 Indiana — 0.1% 4,100 Indiana Finance Authority, Four-Leaf Clover Dairy LLC, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 03/07/13 4,100 Louisiana — 0.2% 4,600 Ascension Parish, BASF Corp. Project, Rev., VRDO, 0.260%, 03/07/13 4,600 Maine — 0.6% 17,540 Maine State Housing Authority, Series G, Rev., VRDO, AMT, 0.150%, 03/07/13 17,540 7,925 Maryland — 0.3% Austin Trust, Various States, Series 2007-1023, Rev., VRDO, LIQ: Bank of America N.A., 0.200%, 03/07/13 7,925 Massachusetts — 2.6% 16,050 33,385 9,450 14,400 Massachusetts Bay Transportation Authority, Series A, Rev., VRDO, 0.200%, 03/07/13 (i) Massachusetts Housing Finance Agency, Series 2970, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 0.270%, 03/07/13 Massachusetts State Municipal Securities Trust Receipts, Series SGC-51, GO, VRDO, AMBAC, LOC: Societe Generale, LIQ: Societe Generale, 0.130%, 03/07/13 University of Massachusetts Building Authority, Senior, Series 2, Rev., VRDO, 0.200%, 03/07/13 (i) 16,050 33,385 9,450 14,400 73,285 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 59

JPMorgan Municipal Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Weekly Demand Notes — Continued
Michigan — 4.7%
1,850 Austin Trust, Various States, Series 2008-1096, GO, VRDO, NATL-RE, Q-SBLF, LIQ: Bank of America N.A., 0.180%, 03/07/13 1,850 Detroit City School District, 4,000 Rev., VRDO, AGM, Q-SBLF, 0.160%, 03/07/13 4,000 12,815 Series ROCS-RR-II-R-11784, GO, VRDO, AGM, Q-SBLF, LIQ: Citibank N.A., 0.260%, 03/07/13 12,815 1,115 Kent Hospital Finance Authority, Spectrum Health System, Subseries B-3, Rev., VRDO, 0.100%, 03/07/13 1,115 100 Michigan Finance Authority, Unemployment Obligation Assessment, Rev., VRDO, 0.110%, 03/07/13 100 155 Michigan Higher Education Facilities Authority, Law School Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.090%, 03/07/13 155 16,665 Michigan State Building Authority, Series ROCS-RR-II-R-717PB, Rev., VRDO, AGM-CR, FGIC, LIQ: PB Capital Corp., 0.180%, 03/07/13 16,665 Michigan State Hospital Finance Authority, Ascension Health Senior Credit, 8,600 Rev., VRDO, 0.200%, 03/07/13 (i) 8,600 11,200 Rev., VRDO, 0.200%, 03/07/13 (i) 11,200 1,000 Rev., VRDO, 0.200%, 03/07/13 (i) 1,000 10,040 Michigan State Housing Development Authority, Multi-Family Housing, Series C, Rev., VRDO, AMT, 0.130%, 03/07/13 10,040 Michigan State Housing Development Authority, Single Family Housing, 2,155 Series B, Rev., VRDO, AMT, LIQ: FHLMC, 0.130%, 03/07/13 2,155 21,700 Series D, Rev., VRDO, AMT, 0.130%, 03/07/13 21,700 2,315 Oakland County Economic Development Corp., Exhibit Enterprises, Inc. Project, Rev., VRDO, LOC: Comerica Bank, 0.210%, 03/07/13 2,315 RBC Municipal Products, Inc. Trust, Floater Certificates, 20,580 Series L-26, Rev., VRDO, LIQ: Royal Bank of Canada, 0.160%, 03/07/13 20,580 18,750 Series L-29, Rev., VRDO, LIQ: Royal Bank of Canada, 0.160%, 03/07/13 18,750 133,040 Minnesota — 0.1% 3,535 Minnesota Housing Finance Agency, MERLOTS, Series C-44, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 3,535 PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

7,525
8,520
6,955
11,430
7,730
24,730
20,000
21,000
11,165
101,850
36,900
18,105
21,220
Montana — 0.3%
Montana Board of Housing, MERLOTS,
Series C-41, Rev., VRDO, 0.150%,
03/07/13 7,525
Nevada — 0.3%
Nevada Housing Division, Series 116TP, Rev., VRDO, AMBAC, LIQ: Wells Fargo & Co., LOC:
Wells Fargo & Co., 0.140%, 03/07/13 8,520
New Jersey — 0.9%
New Jersey EDA, Accurate Box Co., Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.210%, 03/07/13 6,955 New Jersey Housing & Mortgage Finance Agency, Multi-Family Housing, Series F, Rev., VRDO, AGM, 0.400%, 03/07/13 11,430 Puttable Floating Option Tax-Exempt Receipts, Rev., VRDO, 0.310%, 03/07/13 7,730 26,115 New York — 9.0% Deutsche Bank Spears/Lifers Trust Various States, Series DB-1036X, Rev., VRDO, LIQ:
Deutsche Bank AG, 0.160%, 03/07/13 (e) 24,730 New York City Housing Development Corp., Multi-Family Housing, Mortgage Related, Series A, Class A, Rev., VRDO, AMT, LOC:
Landesbank Baden-Wuerttemberg, 0.190%,
03/07/13 20,000
New York City Housing Development Corp.,
Multi-Family Housing, Susan’s Court, Series A, Rev., VRDO, LOC: Citibank N.A., 0.130%, 03/07/13 21,000 New York Convention Center Development Corp., Rev., VRDO, 0.140%, 03/07/13 11,165 New York State Housing Finance Agency, 455 West 37th Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.150%, 03/07/13 101,850 New York State Housing Finance Agency, MultiFamily Housing, 505 West 37th Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.190%, 03/07/13 36,900 Puttable Floating Option Tax-Exempt Receipts, Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.280%, 03/07/13 18,105 Wells Fargo Stage Trust, Floater Certificates, Series 49C, GO, VRDO, AGC, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 (e) 21,220 254,970 SEE NOTES TO FINANCIAL STATEMENTS. 60 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($)

Weekly Demand Notes — Continued

North Carolina — 2.4% Ohio — Continued
12,135 City of Raleigh, Rev., VRDO, 0.210%, 1,950 Toledo-Lucas County Port Authority, Airport 03/07/13 (i) 12,135 Development, FlightSafety International Inc. 7,300 Mecklenburg County Industrial Facilities & Pollution Control Financing Authority, Obligor, Series 1, Rev., VRDO, 0.110%, 03/07/13 1,950 Ferguson Supply & Box Manufacturing Co., Wells Fargo Stage Trust, Various States, Rev., VRDO, LOC: Bank of America N.A., 0.260%, 03/07/13 7,300 500 Series 12C, Rev., VRDO, 0.100%, 03/07/13 (e) 500 5,000 North Carolina Capital Facilities Finance Agency, Educational Facilities, Series 3070X, Rev., VRDO, LIQ: Morgan Stanley, 0.140%, 03/07/13 5,000 1,230 Series 56C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.100%, 03/07/13 1,230 96,805 23,190 North Carolina Housing Finance Agency, Oregon — 0.6% MERLOTS, Series B-12, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 23,190 16,650 Puttable Floating Option Tax-Exempt Receipts, Series MT-824, Rev., VRDO, LIQ: Bank of 12,000 North Carolina Medical Care Commission, Cone America N.A., 0.330%, 03/07/13 16,650 9,800 Health, Series B, Rev., VRDO, 0.230%, 03/07/13 (i) Person County Industrial Facilities & Pollution Control Financing Authority, Certainteed Gypsum, Inc., Rev., VRDO, 0.160%, 03/07/13 12,000 9,800 69,425 14,920 9,025 Other Territories — 6.3% Eagle Tax-Exempt Trust, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 0.160%, 03/07/13 Federal Home Loan Mortgage Corp., MultiFamily Housing, Series M015, Class A, Rev., VRDO, FHLMC, 0.150%, 03/07/13 14,920 9,025 North Dakota — 0.4% 49,829 Series M017, Class A, Rev., VRDO, FHLMC, 10,000 North Dakota State Housing Finance Agency, LIQ: FHLMC, 0.160%, 03/07/13 49,829 Housing Financing Program, Home Mortgage, Series A, Class A, Rev., VRDO, LIQ: FNMA, 0.130%, 03/07/13 10,000 17,680 18,060 Series M023, Class A, Rev., VRDO, FHLMC, 0.130%, 03/07/13 Series M026, Class A, Rev., VRDO, LIQ:
17,680
Ohio — 3.4% FHLMC, 0.170%, 03/07/13 18,060 620 City of Monroe, Corridor 75 Park Ltd. Project, Rev., VRDO, LOC: PNC Bank N.A., 0.110%, Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust, 03/07/13 620 32,480 Series 2001-1, Class A, Rev., VRDO, FHLMC, 740 Franklin County, Multi-Family Housing, Ashton LIQ: FHLMC, 0.490%, 03/07/13 32,480 Square Apartments Project, Rev., VRDO, 24,260 Series 2001-2, Class A, Rev., VAR, LIQ:
FNMA, LIQ: FNMA, 0.150%, 03/07/13 740 FHLMC, 0.380%, 03/07/13 24,260 Ohio Housing Finance Agency, Residential 11,845 SunAmerica Trust, Various States, Series 2, Mortgage, Mortgage-Backed Securities Class A, Rev., VRDO, FHLMC, LOC: FHLMC, Program, 0.170%, 03/07/13 11,845 900 125 10,000 25,560 55,180 Series E, Rev., VRDO, AMT, GNMA/FNMA/ FHLMC, 0.100%, 03/07/13 Series J, Rev., VRDO, AMT, 0.130%, 03/07/13 Ohio Housing Finance Agency, Residential Mortgage-Backed Securities, Series I, Rev., VRDO, 0.150%, 03/07/13 Puttable Floating Option Tax-Exempt Receipts, Series MT-808, Rev., VRDO, AMBAC, LIQ:
Bank of America N.A., 0.340%, 03/07/13
Series MT-809, Rev., VRDO, AMBAC, LIQ:
Bank of America N.A., 0.340%, 03/07/13
900
125
10,000
25,560
55,180
13,145
5,290
13,195
Pennsylvania — 1.6%
Adams County IDA, Gettysburg Foundation
Facility, Series A, Rev., VRDO, LOC:
Manufacturers and Traders Trust Co.,
0.160%, 03/07/13
Butler Country General Authority, Pine Richland School District Project, Series C, Rev., VRDO, AGM, LIQ: PNC Bank, 0.380%, 03/07/13 Butler County General Authority, Canon McMillan School District Project, GO, VRDO, AGC, 0.380%, 03/07/13 178,099 13,145 5,290 13,195 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 61

JPMorgan Municipal Money Market Fund

S C H E D U L E O F P O R T F O L I O I N V E S T M E N T S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands) PRINCIPAL PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) AMOUNT($) SECURITY DESCRIPTION VALUE($) Weekly Demand Notes — Continued Pennsylvania — Continued Texas — Continued 8,650 North Huntingdon Township Municipal 12,000 Texas State Municipal Securities Trust Receipts, Authority, Rev., VRDO, AGM, 0.380%, GO, VRDO, LIQ: Societe Generale, 0.140%, 03/07/13 8,650 03/07/13 12,000 4,225 Shaler Area School District, GO, VRDO, AGM, 106,130 0.210%, 03/07/13 4,225 Utah — 0.4% 44,505 Utah Housing Corp., Single Family Mortgage, Puerto Rico — 0.7% 6,430 Series D-1, Class I, Rev., VRDO, 0.150%, 20,000 Puerto Rico Electric Power Authority, Trust 03/07/13 6,430 Receipts, Class A, Rev., VRDO, AGM, 0.260%, 3,775 Series F-1, Class I, Rev., VRDO, 0.150%, 03/07/13 20,000 03/07/13 3,775 South Carolina — 0.2% 10,205 5,700 Cherokee County, Oshkosh Truck Project, Rev., VRDO, LOC: Bank of America N.A., 0.300%, Virginia — 2.1% 03/07/13 5,700 Norfolk EDA, Sentra Healthcare, South Dakota — 0.7% 10,900 Rev., VRDO, 0.230%, 03/07/13 (i) 10,900 18,700 South Dakota Housing Development Authority, Series G, Rev., VRDO, LOC: Depfa Bank plc, 0.140%, 03/07/13 18,700 9,245 Rev., VRDO, 0.230%, 03/07/13 (i) Virginia Housing Development Authority, MERLOTS, 9,245 Tennessee — 0.7% 8,050 Series B-16, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 8,050 9,000 Jackson Industrial Development Board, General 19,995 Series B-18, Class B, Rev., VRDO, 0.150%, Cable Corp. Project, Rev., VRDO, LOC: PNC Bank N.A., 0.170%, 03/07/13 11,345 Metropolitan Government Nashville & Davidson 9,000 12,750 03/07/13 Series C-42, Rev., VRDO, 0.150%, 03/07/13 19,995 12,750 County, Health & Educational Facilities Board, 60,940 Rev., VRDO, LOC: Citibank N.A., 0.130%, 03/07/13 11,345 7,200 Washington — 0.6% Washington Economic Development Finance 20,345 Authority, Specialty Chemical Products, Rev., Texas — 3.7% 5,200 Brazos River Texas Harbor Navigation District Various Multi Mode-BASF Corp., Rev., VRDO, 0.260%, 03/07/13 5,200 9,985 VRDO, LOC: Bank of America N.A., 0.170%, 03/07/13 Washington State Housing Finance Commission, Barkley Ridge Apartments Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.130%, 7,200 18,700 Dallas-Fort Worth International Airport Facilities Improvement Corp., FlightSafety 03/07/13 9,985 International, Inc. Project, Rev., VRDO, 17,185 0.110%, 03/07/13 18,700 West Virginia — 0.1% 37,780 Deutsche Bank Spears/Lifers Trust Various States, Series DBE-1015, Rev., VRDO, LIQ:
3,600 Marshall County IDR, Warren Distribution, Inc., Rev., VRDO, LOC: Bank of America N.A., Deutsche Bank AG, 0.160%, 03/07/13 37,780 0.260%, 03/07/13 3,600 13,935 Montgomery Country Housing Finance Corp., Multi-Family Housing, Rev., VRDO, AMT, LOC: Wisconsin — 3.3% Citibank N.A., 0.130%, 03/07/13 13,935 16,795 Wells Fargo Stage Trust, Floater Certificates, 12,500 Tarrant County Cultural Education Facilities Finance Corp., Baylor Health Care, Series B, Series 2009-2C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.150%, 03/07/13 16,795 Rev., VRDO, 0.240%, 03/07/13 (i) 12,500 Wisconsin Housing & EDA, 6,015 Texas Department of Housing & Community 425 Series 2995, Rev., VRDO, LIQ: Morgan Affairs, Multi-Family Housing, Timber Point Stanley Bank, 0.190%, 03/07/13 425 Apartments, Series A-1, Rev., VRDO, FHLMC, 25,600 Series A, Rev., VRDO, 0.170%, 03/07/13 25,600 LIQ: FHLMC, 0.110%, 03/07/13 6,015 SEE NOTES TO FINANCIAL STATEMENTS. 62 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

PRINCIPAL

AMOUNT($) SECURITY DESCRIPTION VALUE($)

Weekly Demand Notes — Continued
Wisconsin — Continued
9,880
12,075
18,910
10,640
Series C, Rev., VRDO, 0.170%, 03/07/13
Series C, Rev., VRDO, 0.510%, 03/07/13
Series C, Rev., VRDO, 0.510%, 03/07/13
Series ROCS-RR-II-R-11522, Rev., VRDO, LIQ:
Citibank N.A., 0.170%, 03/07/13
9,880
12,075
18,910
10,640
94,325
Total Weekly Demand Notes
(Cost $1,889,275) 1,889,275
SHARES
Variable Rate Demand Preferred Shares — 9.7% 35,400 BlackRock MuniHoldings New Jersey Quality Fund, Inc. LIQ: Bank of America N.A., 0.320%, 03/07/13 # (e) 35,400 27,500 BlackRock MuniHoldings New York Quality Fund, Inc., LIQ: Bank of America N.A., 0.320%, 03/07/13 # (e) 27,500 15,000 BlackRock MuniYield Quality Fund, Inc., LIQ:
Morgan Stanley Bank, 0.210%,
03/07/13 # (e) 15,000
42,500 BlackRock MuniYield Fund, Inc., LIQ: Bank of America N.A., 0.320%, 03/07/13 # (e) 42,500 10,000 Nuveen California Investment Quality Municipal Fund, Inc., LIQ: Royal Bank of Canada, 0.200%, 03/07/13 # (e) 10,000 5,000 Nuveen California Quality Income Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 5,000 6,200 Nuveen Insured Municipal Opportunity Fund, Inc., LIQ: Citibank N.A., 0.210%, 03/07/13 # (e) 6,200 SHARES SECURITY DESCRIPTION VALUE($) 20,000 Nuveen Municipal Market Opportunity Fund, Inc., LIQ: Deutsche Bank AG, 0.250%, 03/07/13 # (e) 20,000 14,600 Nuveen New Jersey Premium Income Municipal Fund, Inc., LIQ: Citibank N.A., 0.210%, 03/07/13 # (e) 14,600 8,600 Nuveen New York Investment Quality Municipal Fund, Inc., LIQ: Citibank N.A., 0.190%, 03/07/13 # (e) 8,600 19,000 Nuveen Pennsylvania Premium Income Municipal Fund II, Inc., LIQ: Citibank N.A., 0.220%, 03/07/13 # (e) 19,000 22,000 Nuveen Premier Insured Municipal Income Fund, Inc., LIQ: Citibank N.A., 0.210%, 03/07/13 # (e) 22,000 50,000 Nuveen Premium Income Municipal Fund II, Inc., LIQ: Barclays Bank plc, 0.210%, 03/07/13 # (e) 50,000 Total Variable Rate Demand Preferred Shares (Cost $275,800) 275,800 Total Investments — 99.2% (Cost $2,816,268)* 2,816,268 Other Assets in Excess of Liabilities — 0.8% 22,472 NET ASSETS — 100.0% $2,838,740 Percentages indicated are based on net assets. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 63

J.P. Morgan Money Market Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AS OF FEBRUARY 28, 2013 AGC — Insured by Assured Guaranty Corp. RE — Reinsured AGM — Insured by Assured Guaranty Municipal Corp. Rev. — Revenue AMBAC — Insured by American Municipal Bond Assurance Corp.† ROCS — Reset Option Certificates AMT — Alternative Minimum Tax SCAGO — South Carolina Association of Governmental Organizations BAN — Bond Anticipation Note TAN — Tax Anticipation Note BHAC — Insured by Berkshire Hathaway Assurance Corp. TCRS — Transferable Custodial Receipts COLL — Collateral TRAN — Tax & Revenue Anticipation Note COP — Certificate of Participation VAR — Variable Rate Security. The interest rate shown is the rate in CR — Custodial Receipts effect as of February 28, 2013. DN — Discount Notes VRDO — Variable Rate Demand Obligation. The interest rate shown is the EAGLE — Earnings of accrual generated on local tax-exempt securities rate in effect as of February 28, 2013. EDA — Economic Development Authority (e) — Security is exempt from registration under Rule 144A of the FGIC — Insured by Financial Guaranty Insurance Co. Securities Act of 1933, as amended. Unless otherwise indicated, FHLB — Federal Home Loan Bank this security has been determined to be liquid under procedures FHLMC — Federal Home Loan Mortgage Corp. established by the Board of Trustees and may be resold in FNMA — Federal National Mortgage Association transactions exempt from registration, normally to qualified FSA — Insured by Financial Security Assurance, Inc. institutional buyers. GNMA — Government National Mortgage Association (g) — Amount rounds to less than 0.1%. GO — General Obligation (i) — Security has been deemed illiquid pursuant to procedures GTD — Guaranteed approved by the Board of Trustees and may be difficult to sell. IBC — Insured Bond Certificates (m) — All or a portion of this security is reserved and/or pledged with IDA — Industrial Development Authority the custodian for current or potential holdings of TBAs, when- IDR — Industrial Development Revenue issued securities, delayed delivery securities, reverse LIQ — Liquidity Agreement repurchase agreements, unfunded commitments and/or for- LOC — Letter of Credit ward foreign currency exchange contracts. MBIA — Insured by Municipal Bond Insurance Corp. (n) — The rate shown is the effective yield at the date of purchase. MERLOTS — Municipal Exempt Receipts Liquidity Optional Tender (p) — Security is prerefunded or escrowed to maturity. NATL — Insured by National Public Finance Guarantee Corp. (t) — The date shown represents the earliest of the next put date, MTA — Metropolitan Transportation Authority next demand date or final maturity date. PCR — Pollution Control Revenue (w) — When-issued security. PSF — Permanent School Fund

— The cost of securities is substantially the same for federal Q-SBLF — Qualified School Bond Loan Fund income tax purposes. RAN — Revenue Anticipation Note # — Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature. † Filed for bankruptcy on November 8, 2010.
SEE NOTES TO FINANCIAL STATEMENTS.
64 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

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FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 65

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S AS OF FEBRUARY 28, 2013

(Amounts in thousands, except per share amounts)

Liquid Assets U.S. Government U.S. Treasury Prime Money Money Market Money Market Plus Money Market Fund Market Fund ASSETS:
Investments in non-affiliates, at value $104,206,762 $11,492,943 $41,269,835 $ 6,832,887 Repurchase agreements, at value 6,444,598 500,317 19,866,653 7,823,133 Total investment securities, at value 110,651,360 11,993,260 61,136,488 14,656,020 Cash 100 2 1 —(a) Receivables:
Interest from non-affiliates 65,563 6,563 32,622 17,265 Total Assets 110,717,023 11,999,825 61,169,111 14,673,285 LIABILITIES:
Payables:
Distributions 4,393 255 287 —
Investment securities purchased 1,119,001 228,499 — — Fund shares redeemed — — — 134 Accrued liabilities:
Investment advisory fees 6,815 713 1,706 327 Administration fees 5,930 621 3,274 809 Shareholder servicing fees 3,591 500 749 115 Distribution fees 3 18 6 — Custodian and accounting fees 713 101 355 97 Trustees’ and Chief Compliance Officer’s fees 13 1 7 14 Transfer agent fees 1,038 132 444 135 Other 661 452 351 208 Total Liabilities 1,142,158 231,292 7,179 1,839 Net Assets $109,574,865 $11,768,533 $61,161,932 $14,671,446 (a) Amount rounds to less than $1,000. SEE NOTES TO FINANCIAL STATEMENTS. 66 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Liquid Assets U.S. Government U.S. Treasury Prime Money Money Market Money Market Plus Money Market Fund Market Fund NET ASSETS:
Paid-in-Capital $109,574,459 $11,768,818 $61,162,614 $14,671,843 Accumulated undistributed (distributions in excess of) net investment income (364) (305) (988) (443) Accumulated net realized gains (losses) 770 20 306 46 Total Net Assets $109,574,865 $11,768,533 $61,161,932 $14,671,446 Net Assets:
Class B $ 1,886 $ 3,643 $ — $ 389
Class C 9,087 364,445 — 185,554
Agency 7,532,479 122,386 9,712,330 2,869,561 Capital 68,141,597 2,806,226 28,211,844 — Cash Management 702,440 — — — Direct 754,195 — 392,336 1,634,584 Eagle Class 431,169 — 2,219,405 100 ETrade — 2,446,643 — — IM 100 — 100 100 Institutional Class 23,495,745 2,534,423 8,263,941 7,555,937 Investor 403,330 567,682 4,437,341 300,429 Morgan 2,549,889 2,472,266 2,795,260 597,117 Premier 2,540,125 154,775 4,184,299 611,667 Reserve 1,449,080 178,029 34,522 915,908 Service 1,563,743 118,015 910,554 100 Total $109,574,865 $11,768,533 $61,161,932 $14,671,446 Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class B 1,886 3,644 — 389
Class C 9,087 364,431 — 185,558
Agency 7,532,432 122,394 9,712,244 2,869,612 Capital 68,141,354 2,806,214 28,211,159 — Cash Management 702,425 — — — Direct 754,188 — 392,394 1,634,657 Eagle Class 431,169 — 2,219,412 100 ETrade — 2,446,650 — — IM 100 — 100 100 Institutional Class 23,495,642 2,534,462 8,264,383 7,556,224 Investor 403,324 567,700 4,437,933 300,443 Morgan 2,549,857 2,472,239 2,795,211 597,135 Premier 2,540,097 154,760 4,184,569 611,696 Reserve 1,449,055 178,133 34,509 915,937 Service 1,563,701 118,023 910,671 100 Net Asset Value offering and redemption price per share (all classes) $ 1.00 $ 1.00 $ 1.00 $ 1.00 Cost of investments in non-affiliates $104,206,762 $11,492,943 $41,269,835 $ 6,832,887 Cost of repurchase agreements 6,444,598 500,317 19,866,653 7,823,133 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 67

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S AS OF FEBRUARY 28, 2 013 ( continued) (Amounts in thousands, except per share amounts) 100% U.S. Treasury Securities Federal Money Money Market Tax Free Money Municipal Money Market Fund Fund Market Fund Market Fund ASSETS:
Investments in non-affiliates, at value $3,949,431 $24,556,030 $19,183,726 $2,816,268 Cash 1 1 127 2 Receivables:
Investment securities sold — — — 19,040
Fund shares sold 13,756 — — —
Interest from non-affiliates 3,442 8,663 25,668 4,106 Prepaid expenses — 195 — — Total Assets 3,966,630 24,564,889 19,209,521 2,839,416 LIABILITIES:
Payables:
Distributions 15 — 113 1
Fund shares redeemed 9,363 — — —
Accrued liabilities:
Investment advisory fees — 93 986 175
Administration fees 105 1,301 1,020 152
Shareholder servicing fees — — 2 145
Custodian and accounting fees 33 116 120 21 Trustees’ and Chief Compliance Officer’s fees 1 —(a) Transfer agent fees 61 126 124 33 Printing and mailing costs 327 72 74 109 Other 52 51 120 40 Total Liabilities 9,957 1,760 2,560 676 Net Assets $3,956,673 $24,563,129 $19,206,961 $2,838,740 (a) Amount rounds to less than $1,000. SEE NOTES TO FINANCIAL STATEMENTS. 68 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

100% U.S.
Treasury
Securities
Federal Money Money Market Tax Free Money Municipal Money Market Fund Fund Market Fund Market Fund NET ASSETS:
Paid-in-Capital $3,956,791 $24,563,171 $19,205,906 $2,838,890 Accumulated undistributed (distributions in excess of) net investment income (155) (417) — 4 Accumulated net realized gains (losses) 37 375 1,055 (154) Total Net Assets $3,956,673 $24,563,129 $19,206,961 $2,838,740 Net Assets:
Agency $ 258,642 $ 2,685,908 $ 410,555 $ 64,782 Capital — 9,726,191 — — Direct — — 100 — Eagle Class — — 1,363,619 — ETrade — — — 1,874,152 Institutional Class 3,259,389 8,763,499 5,288,309 202,999 Morgan 127,920 1,969,401 448,515 356,149 Premier 292,491 1,361,053 4,891,040 52,034 Reserve 18,231 56,977 6,804,823 45,250 Service — 100 — 243,374 Total $3,956,673 $24,563,129 $19,206,961 $2,838,740 Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Agency 258,738 2,685,927 410,792 64,785
Capital — 9,726,203 — —
Direct — — 100 —
Eagle Class — — 1,363,860 —
ETrade — — — 1,874,244
Institutional Class 3,259,737 8,763,418 5,287,544 203,009 Morgan 127,949 1,969,391 448,709 356,167 Premier 292,536 1,361,064 4,890,638 52,037 Reserve 18,237 56,977 6,803,809 45,253 Service — 100 — 243,386 Net Asset Value offering and redemption price per share (all classes) $ 1.00 $ 1.00 $ 1.00 $ 1.00 Cost of investments in non-affiliates $3,949,431 $24,556,030 $19,183,726 $2,816,268 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 69

STATEMENTS OF OPERATIONS
FOR T HE YEAR ENDED FEBRUARY 28, 2 013
(Amounts in thousands)
Liquid Assets U.S. Government U.S. Treasury Prime Money Money Market Money Market Plus Money Market Fund Market Fund INVESTMENT INCOME:
Interest income from non-affiliates $384,135 $ 40,095 $100,197 $ 20,404 Interest from interfund lending (net) — 15 — — Total investment income 384,135 40,110 100,197 20,404 EXPENSES:
Investment advisory fees 91,476 9,169 46,900 10,907 Administration fees 80,302 8,050 41,173 9,579 Distribution fees 16,235 10,717 9,825 4,249 Shareholder servicing fees 104,175 20,499 78,355 21,033 Custodian and accounting fees 2,870 409 1,464 397 Professional fees 1,448 181 709 239 Interest expense to affiliates —(a) —(a) — — Trustees’ and Chief Compliance Officer’s fees 1,317 130 688 168 Printing and mailing costs 953 1,083 439 116 Registration and filing fees 194 156 269 218 Transfer agent fees 3,107 421 1,452 384 Other 1,266 83 580 156 Total expenses 303,343 50,898 181,854 47,446 Less amounts waived (68,299) (22,234) (85,995) (27,040) Less earnings credits (34) (2) (23) (3) Net expenses 235,010 28,662 95,836 20,403 Net investment income (loss) 149,125 11,448 4,361 1 REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates 770 53 565 77 Change in net assets resulting from operations $149,895 $ 11,501 $ 4,926 $ 78 (a) Amount rounds to less than $1,000. SEE NOTES TO FINANCIAL STATEMENTS. 70 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

100% U.S.
Treasury
Securities Municipal
Federal Money Money Market Tax Free Money Money Market Market Fund Fund Market Fund Fund INVESTMENT INCOME:
Interest income from non-affiliates $ 5,649 $ 19,783 $ 38,408 $ 9,061 EXPENSES:
Investment advisory fees 3,625 16,592 14,294 2,472 Administration fees 3,181 14,569 12,549 2,170 Distribution fees 167 1,910 21,329 12,408 Shareholder servicing fees 5,789 25,010 41,641 8,191 Custodian and accounting fees 127 506 441 90 Professional fees 102 249 297 82 Interest expense to affiliates —(a) — 2 1 Trustees’ and Chief Compliance Officer’s fees 51 224 204 35 Printing and mailing costs 798 139 120 254 Registration and filing fees 113 108 125 98 Transfer agent fees 187 558 388 89 Other 51 253 179 33 Total expenses 14,191 60,118 91,569 25,923 Less amounts waived (8,996) (40,335) (54,714) (17,564) Less earnings credits —(a) —(a) —(a) — Net expenses 5,195 19,783 36,855 8,359 Net investment income (loss) 454 — 1,553 702 REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates 37 387 1,072 256 Change in net assets resulting from operations $ 491 $ 387 $ 2,625 $ 958 (a) Amount rounds to less than $1,000. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 71

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (Amounts in thousands) Prime Money Market Fund Liquid Assets Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss) $ 149,125 $ 111,995 $ 11,448 $ 6,544 Net realized gain (loss) on transactions from investments in non-affiliates 770 1,392 53 120 Change in net assets resulting from operations 149,895 113,387 11,501 6,664 DISTRIBUTIONS TO SHAREHOLDERS:
Class B
From net investment income —(a) (1) —(a) (1) From net realized gains —(a) —(a) —(a) —(a) Class C From net investment income (1) (1) (34) (40) From net realized gains —(a) —(a) (2) (3) Agency From net investment income (6,255) (3,877) (128) (101) From net realized gains (95) (58) (1) (1) Capital From net investment income (110,950) (81,852) (5,617) (3,148) From net realized gains (869) (413) (22) (21) Cash Management From net investment income (59) (55) — — From net realized gains (7) (3) — — Direct From net investment income (463) (286) — — From net realized gains (14) (8) — — Eagle Class From net investment income (6) (102) — — From net realized gains —(a) (6) — — E*Trade From net investment income — — (357) (98) From net realized gains — — (3) (2) IM (b) From net investment income —(a) — — — From net realized gains —(a) — — — Institutional Class From net investment income (30,494) (25,165) (4,965) (2,755) From net realized gains (299) (169) (21) (22) Investor From net investment income (48) (59) (52) (54) From net realized gains (6) (4) (3) (5) Morgan From net investment income (248) (286) (262) (299) From net realized gains (30) (17) (16) (24) Premier From net investment income (299) (359) (13) (16) From net realized gains (36) (21) (1) (1) Reserve From net investment income (144) (169) (21) (28) From net realized gains (17) (10) (1) (2) Service From net investment income (158) (137) (13) (19) From net realized gains (19) (10) (1) (1) Total distributions to shareholders (150,517) (113,068) (11,533) (6,641) SEE NOTES TO FINANCIAL STATEMENTS. 72 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

Prime Money Market Fund Liquid Assets Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions $ (13,110,013) $ (10,946,889) $ (311,141) $ 2,378,057 NET ASSETS:
Change in net assets (13,110,635) (10,946,570) (311,173) 2,378,080 Beginning of period 122,685,500 133,632,070 12,079,706 9,701,626 End of period $109,574,865 $122,685,500 $11,768,533 $12,079,706 Accumulated undistributed (distributions in excess of) net investment income $ (364) $ (364) $ (305) $ (291) (a) Amount rounds to less than $1,000. (b) Commencement of offering of class of shares effective May 31, 2012 for Prime Money Market Fund. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 73

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) U.S. Treasury Plus U.S. Government Money Market Fund Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss) $ 4,361 $ 6,215 $ 1 $ 2 Net realized gain (loss) on transactions from investments in non-affiliates 565 453 77 32 Change in net assets resulting from operations 4,926 6,668 78 34 DISTRIBUTIONS TO SHAREHOLDERS:
Class B
From net investment income — — —(a) —(a)
From net realized gains — — —(a) —(a)
Class C
From net investment income — — —(a) (2)
From net realized gains — — —(a) —(a)
Agency
From net investment income (314) (654) (4) (12) From net realized gains (63) (8) (2) (2) Capital From net investment income (3,231) (3,676) — — From net realized gains (161) (42) — — Direct From net investment income (20) (49) (4) (23) From net realized gains (3) (1) (3) (4) Eagle Class (b) From net investment income (82) — —(a) — From net realized gains (5) — —(a) — IM (c) From net investment income —(a) — —(a) — From net realized gains —(a) — —(a) — Institutional Class From net investment income (387) (926) (17) (89) From net realized gains (71) (14) (12) (15) Investor From net investment income (167) (395) (1) (4) From net realized gains (31) (5) (1) (1) Morgan From net investment income (83) (190) (1) (6) From net realized gains (14) (2) (1) (1) Premier From net investment income (160) (399) (1) (5) From net realized gains (27) (5) (1) (1) Reserve From net investment income (1) (3) (2) (11) From net realized gains —(a) —(a) (1) (2) Service From net investment income (34) (63) —(a) —(a) From net realized gains (6) (1) —(a) —(a) Total distributions to shareholders (4,860) (6,433) (51) (178) CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions (3,990,266) (338,655) 1,913,117 405,215 SEE NOTES TO FINANCIAL STATEMENTS. 74 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

U.S. Government Money Market Fund U.S. Treasury Plus Money Market Fund Year Ended 2/28/2013 Year Ended 2/29/2012 Year Ended 2/28/2013 Year Ended 2/29/2012 NET ASSETS:
Change in net assets $ (3,990,200) $ (338,420) $ 1,913,144 $ 405,071 Beginning of period 65,152,132 65,490,552 12,758,302 12,353,231 End of period $61,161,932 $65,152,132 $14,671,446 $12,758,302 Accumulated undistributed (distributions in excess of) net investment income $ (988) $ (870) $ (443) $ (424) (a) Amount rounds to less than $1,000. (b) Commencement of offering of class of shares effective March 1, 2012. (c) Commencement of offering of class of shares effective May 31, 2012. . SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 75

From net realized gains — — —(a) —(a)

Total distributions to shareholders (493) (118) (268) (340)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions (1,742,298) (1,477,570) 4,081,616 3,673,186 NET ASSETS:
Change in net assets (1,742,300) (1,477,649) 4,081,735 3,673,058 Beginning of period 5,698,973 7,176,622 20,481,394 16,808,336 End of period $ 3,956,673 $ 5,698,973 $24,563,129 $20,481,394 Accumulated undistributed (distributions in excess of) net investment income $ (155) $ (155) $ (417) $ (372) (a) Amount rounds to less than $1,000. SEE NOTES TO FINANCIAL STATEMENTS. 76 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR T HE PERIODS I NDICATED (continued) (Amounts in thousands) Tax Free Money Market Fund Municipal Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss) $ 1,553 $ 2,669 $ 702 $ 1,015 Net realized gain (loss) on transactions from investments in non-affiliates 1,072 861 256 92 Change in net assets resulting from operations 2,625 3,530 958 1,107 DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income (46) (107) (39) (50) From net realized gains (26) — — — Direct From net investment income —(a) —(a) — — From net realized gains —(a) — — — Eagle Class From net investment income (143) (164) — — From net realized gains (56) — — — E*Trade From net investment income — — (176) (186) Institutional Class From net investment income (1,438) (3,129) (487) (799) From net realized gains (280) — — — Morgan From net investment income (20) (32) — (4) From net realized gains (18) — — — Premier From net investment income (150) (183) — (1) From net realized gains (133) — — — Reserve From net investment income (354) (477) — (1) From net realized gains (365) — — — Service From net investment income — — — (4) Total distributions to shareholders (3,029) (4,092) (702) (1,045) CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions 494,792 (3,699,609) (309,071) (330,459) NET ASSETS:
Change in net assets 494,388 (3,700,171) (308,815) (330,397) Beginning of period 18,712,573 22,412,744 3,147,555 3,477,952 End of period $19,206,961 $18,712,573 $2,838,740 $3,147,555 Accumulated undistributed (distributions in excess of) net investment income $ — $ 598 $ 4 $ 4 (a) Amount rounds to less than $1,000. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 77

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) Prime Money Market Fund Liquid Assets Money Market Fund Year Ended 2/28/2013 Year Ended 2/29/2012 Year Ended 2/28/2013 Year Ended 2/29/2012 CAPITAL TRANSACTIONS:
Class B
Proceeds from shares issued $ 616 $ 1,728 $ 692 $ 2,796 Distributions reinvested —(a) —(a) —(a) 1 Cost of shares redeemed (1,559) (3,372) (3,297) (5,651) Change in net assets resulting from Class B capital transactions $ (943) $ (1,644) $ (2,605) $ (2,854) Class C Proceeds from shares issued $ 13,658 $ 21,212 $ 193,624 $ 264,210 Distributions reinvested 1 1 36 43 Cost of shares redeemed (14,565) (23,582) (227,948) (284,715) Change in net assets resulting from Class C capital transactions $ (906) $ (2,369) $ (34,288) $ (20,462) Agency Proceeds from shares issued $ 345,844,086 $ 404,671,094 $ 1,134,738 $ 2,664,493 Distributions reinvested 1,250 1,456 70 68 Cost of shares redeemed (346,332,128) (409,468,615) (1,147,396) (2,944,835) Change in net assets resulting from Agency capital transactions $ (486,792) $ (4,796,065) $ (12,588) $ (280,274) Capital Proceeds from shares issued $ 709,879,674 $ 632,632,601 $ 24,296,154 $ 16,913,826 Distributions reinvested 48,612 39,792 4,055 2,845 Cost of shares redeemed (717,272,180) (633,834,961) (24,479,435) (16,227,994) Change in net assets resulting from Capital capital transactions $ (7,343,894) $ (1,162,568) $ (179,226) $ 688,677 Cash Management Proceeds from shares issued $ 1,761,503 $ 1,714,005 $ — $ — Distributions reinvested 64 53 — — Cost of shares redeemed (1,586,738) (1,752,352) — — Change in net assets resulting from Cash Management capital transactions $ 174,829 $ (38,294) $ — $ — Direct Proceeds from shares issued $ 3,017,066 $ 3,812,399 $ — $ — Cost of shares redeemed (3,821,696) (3,437,231) — — Change in net assets resulting from Direct capital transactions $ (804,630) $ 375,168 $ — $ — Eagle Class Proceeds from shares issued $ 457,833 $ 743,779 $ — $ — Distributions reinvested 2 105 — — Cost of shares redeemed (865,182) (1,112,418) — — Change in net assets resulting from Eagle Class capital transactions $ (407,347) $ (368,534) $ — $ — ETrade Proceeds from shares issued $ — $ — $ 2,424,691 $ 111,670 Distributions reinvested — — 360 100 Cost of shares redeemed — — (178,214) (99,208) Change in net assets resulting from ETrade capital transactions $ — $ — $ 2,246,837 $ 12,562 SEE NOTES TO FINANCIAL STATEMENTS. 78 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

Prime Money Market Fund Liquid Assets Money Market Fund Year Ended 2/28/2013 Year Ended 2/29/2012 Year Ended 2/28/2013 Year Ended 2/29/2012 CAPITAL TRANSACTIONS: (continued) IM (b) Proceeds from shares issued $ 100 $ — $ — $ — Distributions reinvested —(a) — — — Change in net assets resulting from IM capital transactions $ 100 $ — $ — $ — Institutional Class Proceeds from shares issued $ 180,139,620 $ 249,050,777 $ 32,251,525 $ 26,712,251 Distributions reinvested 9,506 11,514 663 1,084 Cost of shares redeemed (183,422,734) (252,178,931) (33,961,063) (24,653,971) Change in net assets resulting from Institutional Class capital transactions $ (3,273,608) $ (3,116,640) $ (1,708,875) $ 2,059,364 Investor Proceeds from shares issued $ 282,108 $ 556,454 $ 6,770,318 $ 4,033,496 Distributions reinvested 54 63 42 40 Cost of shares redeemed (399,626) (516,638) (6,765,128) (3,962,676) Change in net assets resulting from Investor capital transactions $ (117,464) $ 39,879 $ 5,232 $ 70,860 Morgan Proceeds from shares issued $ 136,835,298 $ 201,442,891 $ 9,178,840 $ 8,838,801 Distributions reinvested 134 153 262 305 Cost of shares redeemed (136,952,855) (201,712,139) (9,682,725) (8,827,990) Change in net assets resulting from Morgan capital transactions $ (117,423) $ (269,095) $ (503,623) $ 11,116 Premier Proceeds from shares issued $ 78,807,284 $ 95,701,598 $ 880,077 $ 981,715 Distributions reinvested 114 132 2 4 Cost of shares redeemed (79,605,257) (97,385,191) (891,792) (1,046,535) Change in net assets resulting from Premier capital transactions $ (797,859) $ (1,683,461) $ (11,713) $ (64,816) Reserve Proceeds from shares issued $ 105,199,792 $ 132,449,659 $ 45,446,220 $ 60,591,810 Distributions reinvested 112 112 3 4 Cost of shares redeemed (105,277,809) (132,704,718) (45,518,102) (60,628,198) Change in net assets resulting from Reserve capital transactions $ (77,905) $ (254,947) $ (71,879) $ (36,384) Service Proceeds from shares issued $ 1,574,392 $ 1,678,591 $ 27,779,159 $ 40,603,176 Distributions reinvested 177 147 2 2 Cost of shares redeemed (1,430,740) (1,347,057) (27,817,574) (40,662,910) Change in net assets resulting from Service capital transactions $ 143,829 $ 331,681 $ (38,413) $ (59,732) Total change in net assets resulting from capital transactions $ (13,110,013) $ (10,946,889) $ (311,141) $ 2,378,057 (a) Amount rounds to less than $1,000. (b) Commencement of offering of class of shares effective May 31, 2012 for Prime Money Market Fund. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 79

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) Prime Money Market Fund Liquid Assets Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 SHARE TRANSACTIONS:
Class B
Issued 615 1,728 692 2,796
Reinvested —(a) —(a) —(a) 1
Redeemed (1,559) (3,372) (3,297) (5,651)
Change in Class B Shares (944) (1,644) (2,605) (2,854) Class C Issued 13,658 21,212 193,624 264,210 Reinvested 1 1 36 43 Redeemed (14,564) (23,582) (227,948) (284,715) Change in Class C Shares (905) (2,369) (34,288) (20,462) Agency Issued 345,844,124 404,671,094 1,134,738 2,664,493 Reinvested 1,250 1,456 70 68 Redeemed (346,332,128) (409,468,615) (1,147,396) (2,944,835) Change in Agency Shares (486,754) (4,796,065) (12,588) (280,274) Capital Issued 709,879,719 632,632,601 24,296,154 16,913,826 Reinvested 48,612 39,792 4,055 2,845 Redeemed (717,271,923) (633,834,961) (24,479,435) (16,227,994) Change in Capital Shares (7,343,592) (1,162,568) (179,226) 688,677 Cash Management Issued 1,761,479 1,714,005 — — Reinvested 64 53 — — Redeemed (1,586,738) (1,752,352) — — Change in Cash Management Shares 174,805 (38,294) — — Direct Issued 3,017,051 3,812,399 — — Redeemed (3,821,696) (3,437,231) — — Change in Direct Shares (804,645) 375,168 — — Eagle Class Issued 457,828 743,779 — — Reinvested 2 105 — — Redeemed (865,182) (1,112,418) — — Change in Eagle Class Shares (407,352) (368,534) — — ETrade Issued — — 2,424,691 111,670 Reinvested — — 360 100 Redeemed — — (178,214) (99,208) Change in ETrade Shares — — 2,246,837 12,562 SEE NOTES TO FINANCIAL STATEMENTS. 80 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

Prime Money Market Fund Liquid Assets Money Market Fund Year Ended 2/28/2013 Year Ended 2/29/2012 Year Ended 2/28/2013 Year Ended 2/29/2012 SHARE TRANSACTIONS: (continued) IM (b) Issued 100 — — — Reinvested —(a) — — — Change in IM Shares 100 — — — Institutional Class Issued 180,138,915 249,050,777 32,251,525 26,712,251 Reinvested 9,506 11,514 663 1,084 Redeemed (183,422,734) (252,178,931) (33,961,063) (24,653,971) Change in Institutional Class Shares (3,274,313) (3,116,640) (1,708,875) 2,059,364 Investor Issued 282,097 556,454 6,770,318 4,033,496 Reinvested 54 63 42 40 Redeemed (399,626) (516,638) (6,765,128) (3,962,676) Change in Investor Shares (117,475) 39,879 5,232 70,860 Morgan Issued 136,835,647 201,442,891 9,178,840 8,838,801 Reinvested 134 153 262 305 Redeemed (136,952,855) (201,712,139) (9,682,725) (8,827,990) Change in Morgan Shares (117,074) (269,095) (503,623) 11,116 Premier Issued 78,807,319 95,701,598 880,077 981,715 Reinvested 114 132 2 4 Redeemed (79,605,153) (97,385,191) (891,792) (1,046,535) Change in Premier Shares (797,720) (1,683,461) (11,713) (64,816) Reserve Issued 105,199,771 132,449,659 45,446,220 60,591,810 Reinvested 112 112 3 4 Redeemed (105,277,797) (132,704,718) (45,518,102) (60,628,198) Change in Reserve Shares (77,914) (254,947) (71,879) (36,384) Service Issued 1,574,336 1,678,591 27,779,159 40,603,176 Reinvested 177 147 2 2 Redeemed (1,430,740) (1,347,057) (27,817,574) (40,662,910) Change in Service Shares 143,773 331,681 (38,413) (59,732) (a) Amount rounds to less than 1,000. (b) Commencement of offering of class of shares effective May 31, 2012 for Prime Money Market Fund. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 81

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) . U.S. Government Money Market Fund U.S. Treasury Plus Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CAPITAL TRANSACTIONS:
Class B
Proceeds from shares issued $ — $ — $ 25 $ 280 Distributions reinvested — — —(a) —(a) Cost of shares redeemed — — (152) (382) Change in net assets resulting from Class B capital transactions $ — $ — $ (127) $ (102) Class C Proceeds from shares issued $ — $ — $ 116,849 $ 149,495 Distributions reinvested — — —(a) 2 Cost of shares redeemed — — (120,501) (135,316) Change in net assets resulting from Class C capital transactions $ — $ — $ (3,652) $ 14,181 Agency Proceeds from shares issued $ 216,437,658 $ 201,764,107 $ 77,849,743 $ 62,904,644 Distributions reinvested 32 167 1 2 Cost of shares redeemed (215,245,329) (200,964,396) (75,978,317) (63,959,078) Change in net assets resulting from Agency capital transactions $ 1,192,361 $ 799,878 $ 1,871,427 $ (1,054,432) Capital Proceeds from shares issued $ 299,890,114 $ 270,039,384 $ — $ — Distributions reinvested 1,902 2,633 — — Cost of shares redeemed (305,197,947) (271,301,711) — — Change in net assets resulting from Capital capital transactions $ (5,305,931) $ (1,259,694) $ — $ — Direct Proceeds from shares issued $ 863,686 $ 1,244,089 $ 2,200,840 $ 3,856,057

Cost of shares redeemed (1,117,266) (975,971) (2,636,436) (2,982,926)

Change in net assets resulting from Direct capital transactions $ (253,580) $ 268,118 $ (435,596) $ 873,131 Eagle Class (b) Proceeds from shares issued $ 2,748,844 $ — $ 100 $ — Distributions reinvested 86 — —(a) — Cost of shares redeemed (529,518) — — — Change in net assets resulting from Eagle Class capital transactions $ 2,219,412 $ — $ 100 $ — IM (c) Proceeds from shares issued $ 100 $ — $ 100 $ — Distributions reinvested —(a) — —(a) — Cost of shares redeemed — — — — Change in net assets resulting from IM capital transactions $ 100 $ — $ 100 $ — SEE NOTES TO FINANCIAL STATEMENTS. 82 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

. U.S. Government Money Market Fund U.S. Treasury Plus Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CAPITAL TRANSACTIONS: (continued) Institutional Class Proceeds from shares issued $ 132,821,190 $ 94,514,092 $ 71,792,727 $ 70,244,085 Distributions reinvested 65 224 9 42 Cost of shares redeemed (134,960,223) (95,702,714) (71,183,456) (69,094,225) Change in net assets resulting from Institutional Class capital transactions $ (2,138,968) $ (1,188,398) $ 609,280 $ 1,149,902 Investor Proceeds from shares issued $ 2,663,650 $ 4,602,358 $ 660,185 $ 765,035 Distributions reinvested 198 400 —(a) 1 Cost of shares redeemed (2,628,020) (3,467,905) (741,536) (844,797) Change in net assets resulting from Investor capital transactions $ 35,828 $ 1,134,853 $ (81,351) $ (79,761) Morgan Proceeds from shares issued $ 103,683,836 $ 144,555,620 $ 45,452,116 $ 62,948,160 Distributions reinvested 38 86 —(a) 1 Cost of shares redeemed (102,819,741) (145,006,370) (45,409,540) (63,268,656) Change in net assets resulting from Morgan capital transactions $ 864,133 $ (450,664) $ 42,576 $ (320,495) Premier Proceeds from shares issued $ 59,982,447 $ 59,184,295 $ 24,845,315 $ 20,129,600 Distributions reinvested 16 46 —(a) 1 Cost of shares redeemed (60,639,648) (59,112,337) (24,851,887) (20,231,436) Change in net assets resulting from Premier capital transactions $ (657,185) $ 72,004 $ (6,572) $ (101,835) Reserve Proceeds from shares issued $ 4,286,528 $ 7,600,302 $ 49,003,950 $ 68,592,267 Distributions reinvested —(a) —(a) 3 9 Cost of shares redeemed (4,275,834) (7,620,850) (49,087,021) (68,667,650) Change in net assets resulting from Reserve capital transactions $ 10,694 $ (20,548) $ (83,068) $ (75,374) Service Proceeds from shares issued $ 5,713,454 $ 7,371,714 $ — $ — Distributions reinvested 40 60 —(a) —(a) Cost of shares redeemed (5,670,624) (7,065,978) — — Change in net assets resulting from Service capital transactions $ 42,870 $ 305,796 $ —(a) $ —(a) Total change in net assets resulting from capital transactions $ (3,990,266) $ (338,655) $ 1,913,117 $ 405,215 (a) Amount rounds to less than $1,000. (b) Commencement of offering of class of shares effective March 1, 2012. (c) Commencement of offering of class of shares effective May 31, 2012. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 83

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) U.S. Treasury Plus U.S. Government Money Market Fund Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 SHARE TRANSACTIONS:
Class B
Issued — — 25 280
Reinvested — — —(a) —(a)
Redeemed — — (152) (382)
Change in Class B Shares — — (127) (102)
Class C
Issued — — 116,847 149,495
Reinvested — — —(a) 2
Redeemed — — (120,501) (135,316)
Change in Class C Shares — — (3,654) 14,181 Agency Issued 216,437,658 201,764,107 77,849,743 62,904,644 Reinvested 32 167 1 2 Redeemed (215,245,329) (200,964,396) (75,978,181) (63,959,078) Change in Agency Shares 1,192,361 799,878 1,871,563 (1,054,432) Capital Issued 299,890,114 270,039,384 — — Reinvested 1,902 2,633 — — Redeemed (305,197,947) (271,301,711) — — Change in Capital Shares (5,305,931) (1,259,694) — — Direct Issued 863,686 1,244,089 2,200,798 3,856,057 Redeemed (1,117,266) (975,971) (2,636,436) (2,982,926) Change in Direct Shares (253,580) 268,118 (435,638) 873,131 Eagle Class (b) Issued 2,748,844 — 100 — Reinvested 86 — —(a) — Redeemed (529,518) — — — Change in Eagle Class Shares 2,219,412 — 100 — IM (c) Issued 100 — 100 — Reinvested —(a) — —(a) — Change in IM Shares 100 — 100 — Institutional Class Issued 132,821,190 94,514,092 71,792,826 70,244,085 Reinvested 65 224 9 42 Redeemed (134,960,223) (95,702,714) (71,183,456) (69,094,225) Change in Institutional Class Shares (2,138,968) (1,188,398) 609,379 1,149,902 Investor Issued 2,663,650 4,602,358 660,127 765,035 Reinvested 198 400 —(a) 1 Redeemed (2,628,020) (3,467,905) (741,497) (844,797) Change in Investor Shares 35,828 1,134,853 (81,370) (79,761) SEE NOTES TO FINANCIAL STATEMENTS. 84 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

U.S. Treasury Plus
. U.S. Government Money Market Fund Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 SHARE TRANSACTIONS: (continued) Morgan Issued 103,683,836 144,555,620 45,452,048 62,948,160 Reinvested 38 86 —(a) 1 Redeemed (102,819,741) (145,006,370) (45,409,540) (63,268,656) Change in Morgan Shares 864,133 (450,664) 42,508 (320,495) Premier Issued 59,982,447 59,184,295 24,845,242 20,129,600 Reinvested 16 46 —(a) 1 Redeemed (60,639,648) (59,112,337) (24,851,887) (20,231,436) Change in Premier Shares (657,185) 72,004 (6,645) (101,835) Reserve Issued 4,286,528 7,600,302 49,003,922 68,592,267 Reinvested —(a) —(a) 3 9 Redeemed (4,275,834) (7,620,850) (49,087,021) (68,667,650) Change in Reserve Shares 10,694 (20,548) (83,096) (75,374) Service Issued 5,713,454 7,371,714 — — Reinvested 40 60 —(a) —(a) Redeemed (5,670,624) (7,065,978) — — Change in Service Shares 42,870 305,796 —(a) —(a) (a) Amount rounds to less than 1,000. (b) Commencement of offering of class of shares effective March 1, 2012. (c) Commencement of offering of class of shares effective May 31, 2012. SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 85

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) 100% U.S. Treasury Securities Money Federal Money Market Fund Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued $ 820,701 $ 1,605,743 $ 87,710,582 $ 40,816,614 Distributions reinvested 2 —(a) 10 11 Cost of shares redeemed (1,348,226) (1,890,248) (86,939,603) (40,730,290) Change in net assets resulting from Agency capital transactions $ (527,523) $ (284,505) $ 770,989 $ 86,335 Capital Proceeds from shares issued $ — $ — $ 21,921,862 $ 21,705,500 Distributions reinvested — — 51 61 Cost of shares redeemed — — (20,450,398) (18,555,562) Change in net assets resulting from Capital capital transactions $ — $ — $ 1,471,515 $ 3,149,999 Institutional Class Proceeds from shares issued $ 8,148,550 $ 11,888,058 $ 19,207,470 $ 19,838,451 Distributions reinvested 183 32 36 51 Cost of shares redeemed (9,215,174) (12,731,439) (17,690,715) (19,269,119) Change in net assets resulting from Institutional Class capital transactions $(1,066,441) $ (843,349) $ 1,516,791 $ 569,383 Morgan Proceeds from shares issued $ 2,080,930 $ 4,232,558 $ 112,082,906 $ 108,754,446 Distributions reinvested 8 2 5 8 Cost of shares redeemed (2,093,136) (4,353,375) (111,626,009) (108,633,303) Change in net assets resulting from Morgan capital transactions $ (12,198) $ (120,815) $ 456,902 $ 121,151 Premier Proceeds from shares issued $ 635,590 $ 901,133 $ 40,396,424 $ 58,181,412 Distributions reinvested 17 4 3 5 Cost of shares redeemed (778,610) (1,134,951) (40,518,304) (58,458,539) Change in net assets resulting from Premier capital transactions $ (143,003) $ (233,814) $ (121,877) $ (277,122) Reserve Proceeds from shares issued $ 121,014 $ 114,812 $ 121,047 $ 147,893 Distributions reinvested 2 —(a) 1 —(a) Cost of shares redeemed (114,149) (109,899) (133,752) (124,453) Change in net assets resulting from Reserve capital transactions $ 6,867 $ 4,913 $ (12,704) $ 23,440 Service Distributions reinvested $ — $ — $ —(a) $ —(a) Change in net assets resulting from Service capital transactions $ — $ — $ —(a) $ —(a) Total change in net assets resulting from capital transactions $(1,742,298) $ (1,477,570) $ 4,081,616 $ 3,673,186 SEE NOTES TO FINANCIAL STATEMENTS. 86 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

Federal Money Market Fund
Year Ended
2/28/2013
Year Ended
2/29/2012
100% U.S. Treasury Securities Money
Market Fund
Year Ended
2/28/2013
Year Ended
2/29/2012
SHARE TRANSACTIONS:
Agency
Issued
Reinvested
Redeemed
820,701
2
(1,348,226)
1,605,743
—(a)
(1,890,248)
87,710,582
10
(86,939,603)
40,816,614
11
(40,730,290)
Change in Agency Shares (527,523) (284,505) 770,989 86,335 Capital Issued Reinvested Redeemed — — — — — — 21,921,862 51 (20,450,398) 21,705,500 61 (18,555,562) Change in Capital Shares — — 1,471,515 3,149,999 Institutional Class Issued Reinvested Redeemed 8,148,550 183 (9,215,174) 11,888,058 32 (12,731,439) 19,207,470 36 (17,690,715) 19,838,451 51 (19,269,119) Change in Institutional Class Shares (1,066,441) (843,349) 1,516,791 569,383 Morgan Issued Reinvested Redeemed 2,080,930 8 (2,093,136) 4,232,558 2 (4,353,375) 112,082,906 5 (111,626,009) 108,754,446 8 (108,633,303) Change in Morgan Shares (12,198) (120,815) 456,902 121,151 Premier Issued Reinvested Redeemed 635,590 17 (778,610) 901,133 4 (1,134,951) 40,396,424 3 (40,518,304) 58,181,412 5 (58,458,539) Change in Premier Shares (143,003) (233,814) (121,877) (277,122) Reserve Issued Reinvested Redeemed 121,014 2 (114,149) 114,812 —(a) (109,899) 121,047 1 (133,752) 147,893 —(a) (124,453) Change in Reserve Shares 6,867 4,913 (12,704) 23,440 Service Reinvested — — —(a) —(a) Change in Service Shares — — —(a) —(a) (a) Amount rounds to less than 1,000 (shares or dollars). SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 87

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE PERIODS INDICATED (continued) (Amounts in thousands) Tax Free Money Market Fund Municipal Money Market Fund Year Ended Year Ended Year Ended Year Ended 2/28/2013 2/29/2012 2/28/2013 2/29/2012 CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued $ 1,774,224 $ 2,412,983 $ 626,810 $ 459,586 Distributions reinvested 12 28 5 14 Cost of shares redeemed (2,056,865) (2,511,600) (683,050) (369,915) Change in net assets resulting from Agency capital transactions $ (282,629) $ (98,589) $ (56,235) $ 89,685 Direct Distributions reinvested $ —(a) $ —(a) $ — $ — Change in net assets resulting from Direct capital transactions $ —(a) $ —(a) $ — $ — Eagle Class Proceeds from shares issued $ 1,222,097 $ 775,180 $ — $ — Distributions reinvested 197 163 — — Cost of shares redeemed (887,083) (878,338) — — Change in net assets resulting from Eagle Class capital transactions $ 335,211 $ (102,995) $ — $ — ETrade Proceeds from shares issued $ — $ — $ 687,643 $ 682,293 Distributions reinvested — — 175 186 Cost of shares redeemed — — (550,624) (642,193) Change in net assets resulting from ETrade capital transactions $ — $ — $ 137,194 $ 40,286 Institutional Class Proceeds from shares issued $ 34,064,282 $ 38,432,686 $ 766,817 $ 1,302,748 Distributions reinvested 311 883 420 651 Cost of shares redeemed (35,138,630) (42,996,139) (1,113,146) (1,697,301) Change in net assets resulting from Institutional Class capital transactions $ (1,074,037) $ (4,562,570) $ (345,909) $ (393,902) Morgan Proceeds from shares issued $ 29,292,037 $ 36,619,812 $ 1,646,385 $ 1,079,996 Distributions reinvested 18 15 — 4 Cost of shares redeemed (29,266,065) (36,732,902) (1,624,458) (1,066,680) Change in net assets resulting from Morgan capital transactions $ 25,990 $ (113,075) $ 21,927 $ 13,320 Premier Proceeds from shares issued $ 19,703,180 $ 15,502,579 $ 105,546 $ 179,452 Distributions reinvested 11 9 — 1 Cost of shares redeemed (17,677,282) (15,348,071) (132,309) (213,820) Change in net assets resulting from Premier capital transactions $ 2,025,909 $ 154,517 $ (26,763) $ (34,367) Reserve Proceeds from shares issued $ 35,370,956 $ 34,201,889 $ 9,519,776 $ 14,063,653 Distributions reinvested 34 24 — —(a) Cost of shares redeemed (35,906,642) (33,178,810) (9,529,243) (14,068,543) Change in net assets resulting from Reserve capital transactions $ (535,652) $ 1,023,103 $ (9,467) $ (4,890) SEE NOTES TO FINANCIAL STATEMENTS. 88 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

CAPITAL TRANSACTIONS: (continued)
Service
Proceeds from shares issued
Distributions reinvested
Cost of shares redeemed
Change in net assets resulting from Service capital transactions Total change in net assets resulting from capital transactions SHARE TRANSACTIONS:
Agency
Issued
Reinvested
Redeemed
Change in Agency Shares
Direct
Reinvested
Change in Direct Shares
Eagle Class
Issued
Reinvested
Redeemed
Change in Eagle Class Shares
ETrade
Issued
Reinvested
Redeemed
Change in ETrade Shares
Institutional Class
Issued
Reinvested
Redeemed
Change in Institutional Class Shares
Morgan
Issued
Reinvested
Redeemed
Change in Morgan Shares
Premier
Issued
Reinvested
Redeemed
Change in Premier Shares
(a) Amount rounds to less than 1,000 (shares or dollars).
Tax Free Money Market Fund
Year Ended
2/28/2013
Year Ended
2/29/2012
$ — $ —
— —
— —
$ — $ —
$ 494,792 $ (3,699,609)
1,774,224 2,412,983
12 28
(2,056,865) (2,511,600)
(282,629) (98,589)
—(a) —(a)
—(a) —(a)
1,222,097 775,180
197 163
(887,083) (878,338)
335,211 (102,995)
— —
— —
— —
— —
34,064,282 38,432,686
311 883
(35,138,630) (42,996,139)
(1,074,037) (4,562,570)
29,292,037 36,619,812
18 15
(29,266,065) (36,732,902)
25,990 (113,075)
19,703,180 15,502,579
11 9
(17,677,282) (15,348,071)
2,025,909 154,517
Municipal Money Market Fund
Year Ended
2/28/2013
Year Ended
2/29/2012
$ 4,471,217 $ 7,377,557
— 3
(4,501,035) (7,418,151)
$ (29,818) $ (40,591)
$ (309,071) $ (330,459)
626,800 459,586
5 14
(683,050) (369,915)
(56,245) 89,685
— —
— —
— —
— —
— —
— —
687,704 682,293
175 186
(550,554) (642,193)
137,325 40,286
766,631 1,302,748
420 651
(1,113,103) (1,697,301)
(346,052) (393,902)
1,646,426 1,079,996
— 4
(1,624,450) (1,066,680)
21,976 13,320
105,532 179,452
— 1
(132,309) (213,820)
(26,777) (34,367)
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 89

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FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 91

F I N A N C I A L H I G H L I G H T S
FOR T HE PERIODS I NDICATED
Net asset value, beginning of period
Per share operating performance
Investment operations Distributions
Net investment income
(loss)
Net realized and unrealized gains
(losses) on investments
Total from investment operations
Net investment income
Net realized gain
Total distributions
Prime Money Market Fund
Class B
Year Ended February 28, 2013 $1.00 $ —(d) $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Class C Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Agency Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Capital Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Cash Management Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Direct Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 17, 2009 (h) through February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Eagle Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) May 10, 2010 (h) through February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) IM May 31, 2012 (h) through February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01% (f) Includes insurance expense of 0.02%. (g) Includes insurance expense of 0.01%. (h) Commencement of offering of class of shares. SEE NOTES TO FINANCIAL STATEMENTS. 92 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.01% 0.01 0.01 0.00(e) 1.62 $ 1,886 2,829 4,473 6,932 13,709 0.33% 0.29 0.31 0.59(f) 0.99(f) 0.01% 0.01 0.01 0.00(e) 1.52 1.16% 1.16 1.16 1.17 1.17 1.00 0.01 0.00(e) 1.62 9,087 9,993 12,361 6,723 11,057 0.32 0.29 0.32 0.58(f) 0.99(f) 0.01 0.00(e) 1.52 1.16 1.17 1.17 1.00 0.08 0.04 0.07 0.26 2.34 7,532,479 8,019,311 12,815,353 11,341,161 14,591,611 0.26 0.28(f) 0.27(g) 0.08 0.04 0.07 0.27 2.27 0.31 0.32 0.32 1.00 0.16 0.12 0.15 0.35 2.44 68,141,597 75,485,880 76,648,261 86,818,790 82,462,192 0.18(g) 0.18(f) 0.16 0.12 0.14 0.35 2.30 0.21 0.22 0.22 1.00 0.01 0.00(e) 1.63 702,440 527,614 565,910 385,509 334,078 0.32 0.29 0.32 0.53(g) 0.97(g) 0.01 0.00(e) 1.52 0.96 0.97 0.97 1.00 0.04 0.02 0.03 0.04 754,195 1,558,831 1,183,658 1,009,356 0.30 0.28 0.29 0.30 0.04 0.02 0.03 0.04 0.31 0.30 1.00 0.01 431,169 838,513 1,207,045 0.35 0.29 0.41 0.01 0.71 0.71 0.88
1.00 0.12 100 0.16
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 93

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions Prime Money Market Fund (continued) Institutional Class Year Ended February 28, 2013 $1.00 $ —(d) $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Investor Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 1, 2009 (h) through February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Morgan Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Premier Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Reserve Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Service Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 1, 2009 (h) through February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01% (f) Includes insurance expense of 0.02%. (g) Includes insurance expense of 0.01%. (h) Commencement of offering of class of shares. SEE NOTES TO FINANCIAL STATEMENTS. 94 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.13% 0.09 0.12 0.32 2.40 $23,495,745 26,769,490 29,886,053 39,053,068 45,721,168 0.21% 0.21 0.21 0.22(g) 0.22(f) 0.13% 0.09 0.11 0.32 2.28 0.26% 0.26 0.26 0.27 0.27 1.00 0.01 0.00(e) 403,330 520,797 480,917 613,967 0.33 0.29 0.32 0.32 0.01 0.00(e) 0.51 0.50 1.00 0.01 0.10 2.09 2,549,889 2,667,326 2,936,414 3,892,404 7,939,483 0.33 0.29 0.31 0.45(f) 0.52(f) 0.01 0.13 2.05 0.51 0.52 0.52 1.00 0.01 0.13 2.14 2,540,125 3,338,000 5,021,450 5,852,367 10,888,362 0.33 0.29 0.31 0.42(f) 0.47(f) 0.01 0.14 2.08 0.46 0.47 0.47 1.00 0.01 0.04 1.89 1,449,080 1,526,992 1,781,936 2,569,511 3,927,075 0.32 0.29 0.31 0.52(f) 0.72(f) 0.01 0.04 1.74 0.71 0.72 0.72 1.00 0.01 0.00(e) 1,563,743 1,419,924 1,088,239 1,007,290 0.32 0.29 0.31 0.32 0.01 0.00(e) 1.06 1.05 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 95

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions Liquid Assets Money Market Fund Class B Year Ended February 28, 2013 $1.00 $ —(d) $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Class C Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Agency Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Capital Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.03 —(d) 0.03 (0.03) — (0.03) E*Trade Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) January 8, 2009 (h) through February 28, 2009 1.00 —(d) — —(d) —(d) — —(d) Institutional Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Investor Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01% (f) Includes insurance expense of 0.02%. (g) Includes insurance expense of 0.01%. (h) Commencement of offering of class of shares. (i) Includes
insurance expense of 0.03%. SEE NOTES TO FINANCIAL STATEMENTS. 96 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.01% 0.01 0.02 0.00(e) 1.71 $ 3,643 6,248 9,102 17,713 34,781 0.35% 0.30 0.33 0.63(f) 0.99(f) 0.01% 0.01 0.01 0.00(e) 1.57 1.17% 1.17 1.17 1.18 1.19 1.00 0.01 0.01 0.02 0.00(e) 1.71 364,445 398,734 419,195 420,552 468,725 0.34 0.30 0.33 0.59(f) 0.98(g) 0.01 0.00(e) 1.74 1.17 1.17 1.18 1.00 0.09 0.05 0.09 0.30 2.43 122,386 134,975 415,248 308,594 451,480 0.26 0.28(f) 0.27(g) 0.09 0.05 0.08 0.31 2.42 0.32 0.32 0.33 1.00 0.17 0.13 0.17 0.40 2.53 2,806,226 2,985,462 2,296,780 3,953,966 3,953,504 0.18 0.19(f) 0.18(f) 0.17 0.13 0.16 0.39 2.40 0.22 0.23 0.23 1.00 0.05 0.05 0.06 0.03 0.06 2,446,643 199,806 187,244 179,380 1,761 0.27 0.26 0.29 0.32 1.03(i) 0.05 0.21 1.07 1.06 1.09 1.00 0.14 0.10 0.14 0.36 2.49 2,534,423 4,243,305 2,183,936 2,438,682 2,047,234 0.21 0.22(f) 0.22(f) 0.14 0.10 0.13 0.33 2.36 0.27 0.28 0.28 1.00 0.01 0.01 0.02 0.12 2.17 567,682 562,453 491,592 572,388 714,135 0.34 0.30 0.33 0.47(f) 0.52(g) 0.01 0.14 2.16 0.52 0.53 0.53 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 97

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions U.S. Government Money Market Fund Agency Year Ended February 28, 2013 $1.00 $ —(d) $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Capital Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Direct Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 17, 2009 (h) through February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Eagle Class March 1, 2012 (h) through February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) IM May 31, 2012 (h) through February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Institutional Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Investor Year Ended February 28, 2013 1.00 —(d) — —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 1, 2009 (h) through February 28, 2010 1.00 —(d) —(d) —(d) — — — Morgan Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01% (f) Includes insurance expense of 0.01%. (g) Includes insurance expense of 0.02%. (h) Commencement of offering of class of shares. SEE NOTES TO FINANCIAL STATEMENTS. 100 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.00%(e) 0.01 0.02 0.13 1.81 $ 9,712,330 8,520,118 7,720,013 8,057,013 12,778,607 0.17% 0.12 0.24 0.26 0.27(f) 0.00%(e) 0.01 0.00(e) 0.14 1.60 0.31% 0.31 0.32 1.00 0.01 0.01 0.08 0.21 1.92 28,211,844 33,517,276 34,776,795 38,504,450 53,014,849 0.16 0.12 0.18 0.17 0.18(g) 0.01 0.01 0.06 0.22 1.58 0.21 0.22 1.00 0.00(e) 0.01 0.02 0.01 392,336 645,927 377,821 88,599 0.17 0.12 0.24 0.27 0.00(e) 0.01 0.00(e) 0.01 0.31 0.30
1.00 0.01 2,219,405 0.16 0.01 0.71
1.00 0.02 100 0.15 0.03 0.16
1.00
0.00(e)
0.01
0.05
0.18
1.88
8,263,941
10,402,935
11,591,430
19,839,937
24,864,451
0.17
0.12
0.21
0.21
0.22(g)
0.00(e)
0.01
0.03
0.18
1.56
0.26
0.27
1.00
0.00(e)
0.01
0.02
0.00
4,437,341
4,401,603
3,266,727
3,438,538
0.17
0.12
0.24
0.25
0.00(e)
0.01
0.00(e)
0.00(e)
0.51
0.50
1.00
0.00(e)
0.01
0.02
0.01
1.48
2,795,260
1,931,164
2,381,884
2,307,416
4,990,436
0.17
0.13
0.24
0.41
0.60(f)
0.00(e)
0.01
0.00(e)
0.01
1.39
0.61
0.62
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 101

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions U.S. Treasury Plus Money Market Fund Class B Year Ended February 28, 2013 $1.00 $ —(d) $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) — — — Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Class C Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) — — — Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Agency Year Ended February 28, 2013 1.00 — —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Direct Year Ended February 28, 2013 1.00 — —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 17, 2009 (h) through February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Eagle Class March 1, 2012 (h) through February 28, 2013 1.00 — —(d) —(d) —(d) —(d) —(d) IM May 31, 2012 (h) through February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Institutional Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Investor Year Ended February 28, 2013 1.00 — —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01% (f) Includes insurance expense of 0.01%. (g) Includes insurance expense of 0.02%. (h) Commencement of offering of class of shares. SEE NOTES TO FINANCIAL STATEMENTS. 104 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.00%(e) 0.00(e) 0.01 0.00 0.58 $ 389 515 617 1,192 1,814 0.15% 0.09 0.21 0.28(f) 0.69(g) 0.00%(e) 0.00(e) 0.00(e) 0.00(e) 0.46 1.16% 1.16 1.17 1.00 0.00(e) 0.00(e) 0.01 0.00 0.58 185,554 189,206 175,024 91,807 161,891 0.15 0.09 0.21 0.30(f) 0.68(g) 0.00(e) 0.00(e) 0.00(e) 0.00(e) 0.44 1.16 1.17 1.18 1.00 0.00(e) 0.00(e) 0.01 0.05 1.05 2,869,561 998,134 2,052,542 2,216,299 2,824,679 0.15 0.09 0.21 0.23(f) 0.28(g) 0.00 0.00(e) 0.00(e) 0.05 0.72 0.31 0.33 1.00 0.00(e) 0.00(e) 0.01 0.00(e) 1,634,584 2,070,205 1,197,068 916,720 0.15 0.08 0.21 0.18 0.00 0.00(e) 0.00(e) 0.00(e) 0.31 0.30
1.00 0.00(e) 100 0.15 0.00 0.71
1.00 0.01 100 0.14 0.02 0.16
1.00
0.00(e)
0.00(e)
0.02
0.08
1.12
7,555,937
6,946,570
5,796,795
7,994,678
12,044,908
0.15
0.08
0.20
0.20(f)
0.22(g)
0.00(e)
0.00(e)
0.01
0.09
0.73
0.26
0.28
1.00
0.00(e)
0.00(e)
0.01
0.00(e)
0.84
300,429
381,781
461,529
861,277
1,126,084
0.15
0.08
0.21
0.29(f)
0.49(f)
0.00
0.00(e)
0.00(e)
0.00(e)
0.84
0.51
0.52
0.52
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 105

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions Federal Money Market Fund Agency Year Ended February 28, 2013 $1.00 $ —(b) $—(b) $ —(b) $ —(b) $—(b) $ —(b) Year Ended February 29, 2012 1.00 —(b) — —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.02 —(b) 0.02 (0.02) — (0.02) Institutional Class Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 29, 2012 1.00 —(b) — —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.02 —(b) 0.02 (0.02) — (0.02) Morgan Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 29, 2012 1.00 —(b) — —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.01 —(b) 0.01 (0.01) — (0.01) Premier Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 29, 2012 1.00 —(b) — —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.02 —(b) 0.02 (0.02) — (0.02) Reserve Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 29, 2012 1.00 —(b) — —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.01 —(b) 0.01 (0.01) — (0.01) (a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (b) Amount rounds to less than $0.01. (c) Amount rounds to less than 0.01% (d) Includes insurance expense of 0.02%. (e) Includes insurance expense of 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 108 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets
Net asset value, end of period Total return Net assets, end of period (000’s) Net expenses (a) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.01% 0.00(c) 0.02 0.11 1.76 $ 258,642 786,165 1,070,681 1,371,397 1,583,121 0.11% 0.11 0.22 0.26 0.28(d) 0.01% 0.00(c) 0.00(c) 0.11 1.50 0.33% 0.33 0.31 0.31 0.32 1.00 0.01 0.00(c) 0.04 0.16 1.82 3,259,389 4,325,820 5,169,215 9,147,745 18,216,366 0.12 0.10 0.21 0.21(e) 0.21(e) 0.01 0.00(c) 0.02 0.18 1.70 0.28 0.28 0.26 0.26 0.27 1.00 0.01 0.00(c) 0.02 0.00(c) 1.42 127,920 140,119 260,943 171,067 271,793 0.12 0.11 0.22 0.38(e) 0.60(e) 0.01 0.00(c) 0.00(c) 0.00(c) 1.42 0.63 0.63 0.61 0.61 0.62 1.00 0.01 0.00(c) 0.02 0.02 1.57 292,491 435,501 669,328 872,798 1,648,481 0.12 0.11 0.22 0.37(e) 0.46(e) 0.01 0.00(c) 0.00(c) 0.03 1.47 0.48 0.48 0.46 0.46 0.47 1.00 0.01 0.00(c) 0.02 0.00(c) 1.32 18,231 11,368 6,455 107,259 74,937 0.12 0.09 0.23 0.38 0.70(d) 0.01 0.01 0.00(c) 0.00(c) 1.06 0.73 0.73 0.71 0.71 0.72 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 109

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions 100% U.S. Treasury Securities Money Market Fund Agency Year Ended February 28, 2013 $1.00 $ — $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Capital Year Ended February 28, 2013 1.00 — —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Institutional Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Morgan Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 — —(d) —(d) — — — Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Premier Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 — —(d) —(d) — — — Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Reserve Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) — — — Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Service Year Ended February 28, 2013 1.00 — —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 1, 2009 (f) through February 28, 2010 1.00 — —(d) —(d) — — — (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01%. (f) Commencement of offering of class of shares. SEE NOTES TO FINANCIAL STATEMENTS. 110 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.00%(e) 0.00(e) 0.01 0.00(e) 1.03 $ 2,685,908 1,914,902 1,828,609 1,522,013 2,172,668 0.10% 0.06 0.16 0.19 0.25 0.00% 0.00(e) 0.00(e) 0.00(e) 0.97 0.31% 0.31 0.31 0.30 0.31 1.00 0.00(e) 0.00(e) 0.01 0.05 1.13 9,726,191 8,254,673 5,104,707 6,104,553 7,615,191 0.10 0.05 0.16 0.14 0.16 0.00 0.00(e) 0.00(e) 0.05 1.12 0.21 0.20 0.21 1.00 0.00(e) 0.00(e) 0.01 0.02 1.09 8,763,499 7,246,605 6,677,266 4,975,391 12,766,575 0.10 0.06 0.16 0.17 0.20 0.00(e) 0.00(e) 0.00(e) 0.03 1.06 0.26 0.25 0.26 1.00 0.00(e) 0.00(e) 0.01 0.00 0.77 1,969,401 1,512,492 1,391,343 1,313,218 2,103,069 0.10 0.05 0.16 0.19 0.53 0.00(e) 0.00(e) 0.00(e) 0.00(e) 0.75 0.61 0.60 0.61 1.00 0.00(e) 0.00(e) 0.01 0.00 0.87 1,361,053 1,482,938 1,760,070 1,974,357 3,629,348 0.10 0.06 0.16 0.19 0.41 0.00(e) 0.00(e) 0.00(e) 0.00(e) 0.80 0.46 0.45 0.46 1.00 0.00(e) 0.00(e) 0.01 0.00 0.68 56,977 69,684 46,241 309,357 4,920,380 0.10 0.05 0.15 0.22 0.59 0.00(e) 0.01 0.00(e) 0.00(e) 0.63 0.71 0.70 0.71 1.00 0.00(e) 0.00(e) 0.01 0.00 100 0.10 0.06 0.16 0.16 0.00 0.00(e) 0.00(e) 0.00(e) 1.06 1.05 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 111

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions Tax Free Money Market Fund Agency Year Ended February 28, 2013 $1.00 $ —(d) $—(d) $ —(d) $ —(d) $—(d) $ —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Direct Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) July 17, 2009 (g) through February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Eagle Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) May 10, 2010 (g) through February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Institutional Class Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.02 —(d) 0.02 (0.02) — (0.02) Morgan Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Premier Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) Reserve Year Ended February 28, 2013 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 29, 2012 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2011 1.00 —(d) —(d) —(d) —(d) —(d) —(d) Year Ended February 28, 2010 1.00 —(d) —(d) —(d) —(d) — —(d) Year Ended February 28, 2009 1.00 0.01 —(d) 0.01 (0.01) — (0.01) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Amount rounds to less than $0.01. (e) Amount rounds to less than 0.01%. (f) Includes insurance expense of 0.02%. (g) Commencement of offering of class of shares. (h) Includes insurance expense of 0.03%. SEE NOTES TO FINANCIAL STATEMENTS. 112 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period Total return (b) Net assets, end of period (000’s) Net expenses (c) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.01% 0.01 0.08 0.16 1.64 $ 410,555 693,197 791,812 1,062,442 1,412,071 0.21% 0.21 0.26 0.28(f) 0.28(f) 0.00%(e) 0.01 0.04 0.17 1.57 0.31% 0.31 0.31 0.32 0.33 1.00 0.01 0.01 0.05 0.02 100 0.21 0.22 0.29 0.30(f) 0.00(e) 0.00(e) 0.01 0.04 0.31 1.00 0.02 0.02 0.03 1,363,619 1,028,433 1,131,461 0.20 0.21 0.36 0.01 0.71 0.71 0.87 1.00 0.03 0.03 0.13 0.22 1.70 5,288,309 6,362,480 10,925,258 11,805,037 13,741,504 0.20 0.19 0.21 0.23(f) 0.22(f) 0.02 0.03 0.09 0.23 1.72 0.26 0.28 0.27 1.00 0.01 0.01 0.03 0.02 1.30 448,515 422,534 535,623 538,168 920,327 0.21 0.22 0.30 0.45(h) 0.61(f) 0.00(e) 0.00(e) 0.00(e) 0.03 1.25 0.61 0.63 0.62 1.00 0.01 0.01 0.03 0.05 1.45 4,891,040 2,865,171 2,710,731 3,386,375 5,420,621 0.21 0.22 0.30 0.41(h) 0.47(f) 0.00(e) 0.00(e) 0.00(e) 0.06 1.40 0.46 0.48 0.47 1.00 0.01 0.01 0.03 0.00(e) 1.19 6,804,823 7,340,658 6,317,759 6,223,699 8,490,457 0.21 0.22 0.30 0.45(f) 0.72(f) 0.00(e) 0.00(e) 0.00(e) 0.01 1.17 0.71 0.73 0.72 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 113

FINANCIAL HIGHLIGHTS
FOR T HE PERIODS I NDICATED (continued)
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions Municipal Money Market Fund Agency Year Ended February 28, 2013 $1.00 $ —(b) $—(b) $ —(b) $ —(b) $— $ —(b) Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.02 —(b) 0.02 (0.02) — (0.02) E*Trade Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.01 —(b) 0.01 (0.01) — (0.01) Institutional Class Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.02 —(b) 0.02 (0.02) — (0.02) Morgan Year Ended February 28, 2013 1.00 —(b) —(b) —(b) — — — Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.01 —(b) 0.01 (0.01) — (0.01) Premier Year Ended February 28, 2013 1.00 —(b) —(b) —(b) — — — Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.02 —(b) 0.02 (0.02) — (0.02) Reserve Year Ended February 28, 2013 1.00 — —(b) —(b) — — — Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.01 —(b) 0.01 (0.01) — (0.01) Service Year Ended February 28, 2013 1.00 — —(b) —(b) — — — Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b) Year Ended February 28, 2010 1.00 —(b) —(b) —(b) —(b) — —(b) Year Ended February 28, 2009 1.00 0.01 —(b) 0.01 (0.01) — (0.01) (a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (b) Amount rounds to less than $0.01. (c) Includes insurance expense of 0.01%. (d) Includes insurance expense of 0.02%. (e) Amount rounds to less than 0.01% (f) Includes insurance expense of 0.03%. SEE NOTES TO FINANCIAL STATEMENTS. 114 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Ratios/Supplemental data
Ratios to average net assets
Net asset value, end of period Total return Net assets, end of period (000’s) Net expenses (a) Net investment income (loss) Expenses without waivers, reimbursements and earnings credits $1.00 0.04% 0.07 0.13 0.37 1.78 $ 64,782 121,010 31,324 129,810 72,466 0.26% 0.26 0.26 0.27(c) 0.28(d) 0.04% 0.06 0.12 0.28 1.69 0.32% 0.32 0.32 0.33 0.34 1.00 0.01 0.01 0.02 0.01 1.06 1,874,152 1,736,816 1,696,495 1,557,507 1,370,189 0.28 0.31 0.36 0.63(d) 0.99(d) 0.01 1.08 1.07 1.09 1.09 1.00 0.08 0.11 0.18 0.42 1.84 202,999 548,856 942,748 1,580,078 465,898 0.21 0.22(c) 0.22(d) 0.09 0.12 0.17 0.34 1.83 0.27 0.28 0.29 1.00 0.00 0.00(e) 0.01 0.11 1.45 356,149 334,195 320,868 351,200 430,604 0.29 0.32 0.37 0.54(d) 0.61(d) 0.00(e) 0.00(e) 0.00(e) 0.12 1.41 0.62 0.64 0.64 1.00 0.00 0.00(e) 0.01 0.20 1.59 52,034 78,792 113,158 165,573 76,975 0.29 0.32 0.37 0.44(c) 0.47(d) 0.00(e) 0.00(e) 0.00(e) 0.14 1.60 0.47 0.48 0.49 1.00 0.00 0.00(e) 0.01 0.06 1.34 45,250 54,714 59,602 125,114 137,957 0.30 0.32 0.37 0.59(d) 0.71(c) 0.00 0.00(e) 0.00(e) 0.06 1.36 0.72 0.74 0.74 1.00 0.00 0.00(e) 0.01 0.00(e) 1.01 243,374 273,172 313,757 414,008 89,126 0.29 0.32 0.37 0.49(c) 1.03(f) 0.00 0.00(e) 0.00(e) 0.00(e) 0.78 1.07 1.10 SEE NOTES TO FINANCIAL STATEMENTS. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 115

N O T E S T O F I N A N C I A L S T A T E M E N T S AS OF FEBRUARY 28, 2013

Organization
JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The following are 8 separate funds of the Trusts (collectively, the “Funds”) covered by this report:
Classes Offered Trust Diversified/Non-Diversified Prime Money Market Fund Class B, Class C, Agency, Capital, Cash Management, Direct, Eagle Class, IM*, Institutional Class, Investor, Morgan, Premier, Reserve and Service JPM I Diversified Liquid Assets Money Market Fund Class B, Class C, Agency, Capital, ETrade, Institutional Class, Investor, Morgan, Premier, Reserve and Service JPM II Diversified U.S. Government Money Market Agency, Capital, Direct, Eagle Class, IM, Institutional Class, Investor, Fund Morgan, Premier, Reserve and Service JPM II Diversified U.S. Treasury Plus Money Market Class B, Class C, Agency, Direct, Eagle Class, IM*, Institutional Class, Fund Investor, Morgan, Premier, Reserve and Service JPM II Diversified Federal Money Market Fund Agency, Institutional Class, Morgan, Premier and Reserve JPM I Diversified 100% U.S. Treasury Securities Agency, Capital, Institutional Class, Morgan, Premier, Reserve and Service Money Market Fund JPM I Diversified Tax Free Money Market Fund Agency, Direct, Eagle Class, Institutional Class, Morgan, Premier and Reserve JPM I Diversified Municipal Money Market Fund Agency, E*Trade, Institutional Class, Morgan, Premier, Reserve and Service JPM II Diversified The investment objective of Prime Money Market Fund is to provide the highest possible level of current income while still maintaining liquidity and preserving capital. The investment objective of Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund is to seek current income with liquidity and stability of principal. The investment objective of U.S. Government Money Market Fund is to seek high current income with liquidity and stability of principal. The investment objective of Federal Money Market Fund is to provide current income while still preserving capital and maintaining liquidity. The investment objective of 100% U.S. Treasury Securities Money Market Fund is to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal. The investment objective of Tax Free Money Market Fund is to provide the highest level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity. The investment objective of Municipal Money Market Fund is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

IM Shares commenced operations on May 31, 2012, for Prime Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus
Money Market Fund.
Eagle Class Shares commenced operations on March 1, 2012, for U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund. Effective November 1, 2009, Class B Shares of the Prime Money Market Fund, Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund may not be purchased or acquired by new or existing shareholders, except through exchanges from Class B Shares of another J.P. Morgan Fund and dividend reinvestments. Shareholders who have invested in Class B Shares prior to November 1, 2009 may continue to hold their Class B Shares until they convert automatically to Morgan Shares. Class B and Class C Shares provide for a contingent deferred sales charge (“CDSC”). Class B Shares automatically convert to Morgan Shares after eight years. No sales charges are assessed with respect to the Agency, Capital, Cash Management, Direct, Eagle Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 116 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

A. Valuation of Investments — Each Fund has elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act provided that certain conditions are met, including that the Fund’s Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market based net asset value per share of the Fund. This involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can be expected to vary inversely with changes in prevailing interest rates. The various inputs that are used in determining the fair value of the Funds’ investments are summarized into the three broad levels listed below.

‰ Level 1 — quoted prices in active markets for identical securities

‰ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

‰ Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is

significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the

1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an

active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of February 28, 2013, in valuing the Funds’ assets and liabilities carried at amortized cost which

approximates fair value (amounts in thousands):
Prime Money Market Fund
Total Investments in Securities (a)
Liquid Assets Money Market Fund
Total Investments in Securities (a)
U.S. Government Money Market Fund
Total Investments in Securities (a)
U.S. Treasury Plus Money Market Fund
Total Investments in Securities (a)
Federal Money Market Fund
Total Investments in Securities (a)
100% U.S. Treasury Securities Money Market Fund Total Investments in Securities (a) Tax Free Money Market Fund Total Investments in Securities (a) Municipal Money Market Fund Total Investments in Securities (a) Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total $— $110,651,360 $— $110,651,360 $— $ 11,993,260 $— $ 11,993,260 $— $ 61,136,488 $— $ 61,136,488 $— $ 14,656,020 $— $ 14,656,020 $— $ 3,949,431 $— $ 3,949,431 $— $ 24,556,030 $— $ 24,556,030 $— $ 19,183,726 $— $ 19,183,726 $— $ 2,816,268 $— $ 2,816,268 (a) All portfolio holdings designated as Level 2 are disclosed individually in the Schedules of Portfolio Investments (“SOIs”). Please refer to the SOIs for specifics of the major categories of portfolio holdings. There were no transfers between Levels 1 and 2 during the year ended February 28, 2013. B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. An illiquid security is a security which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately its fair value and includes, but is not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 117

N O T E S T O F I N A N C I A L S T A T E M E N T S AS OF FEBRUARY 28, 2 013 ( continued)

The following is the value and percentage of net assets of illiquid securities as of February 28, 2013 (amounts in thousands):

Value Percentage
Prime Money Market Fund $3,943,000 3.6%
Liquid Assets Money Market Fund 375,000 3.2 U.S. Government Money Market Fund 1,900,000 3.1 U.S. Treasury Plus Money Market Fund 450,000 3.1 Tax Free Money Market Fund 78,375 0.4 Municipal Money Market Fund 121,490 4.3
C. Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Advisor’s credit guidelines. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to
enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day, except that each class separately bears expenses related specifically to that class. F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2013, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, Management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. G. Distributions to Shareholders — Distributions from net investment income are generally declared daily and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital
accounts based on their Federal tax-basis treatment. The following amounts were reclassified within the capital accounts (amounts in thousands):
Accumulated undistributed/
(distributions in excess of) Accumulated net investment net realized Paid-in-Capital income gains (losses) U.S. Treasury Plus Money Market Fund $—(a) $10 $(10) (a) Amount rounds to less than $1,000. The reclassifications for the Funds relate primarily to distribution reclassifications and excise tax expense.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), acts as the investment advisor to the Funds. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a whollyowned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). The Advisor supervises the investments of each Fund and for such services is paid a fee. The Advisor’s fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is 0.08%. The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F. 118 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, whollyowned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the first $100 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex and 0.05% of the average daily net assets in excess of $100 billion of all such funds. For the year ended February 28, 2013, the annual effective rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. The Administrator waived Administration fees as outlined in Note 3.F. JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of
JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class B, Class C, Cash Management, Eagle Class, ETrade, Morgan, Reserve, and Service Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Agency, Capital, Direct, IM, Institutional Class, Investor and Premier Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:
Cash Eagle
Class B Class C Management Class ETrade Morgan Reserve Service Prime Money Market Fund 0.75% 0.75% 0.50% 0.25% n/a n/a 0.25% 0.60% Liquid Assets Money Market Fund 0.75 0.75 n/a n/a 0.60% 0.10% 0.25 0.60 U.S. Government Money Market Fund n/a 0.25 n/a 0.10 0.25 0.60 U.S. Treasury Plus Money Market Fund 0.75 0.75 n/a 0.25 n/a 0.10 0.25 0.60 Federal Money Market Fund n/a 0.10 0.25 n/a 100% U.S. Treasury Securities Money Market Fund n/a 0.10 0.25 0.60 Tax Free Money Market Fund n/a 0.25 n/a 0.10 0.25 n/a Municipal Money Market Fund n/a 0.60 0.10 0.25 0.60 The Distributor waived Distribution fees as outlined in Note 3.F. In addition, the Distributor is entitled to receive the CDSC from redemptions of Class B and Class C Shares. For the year ended February 28, 2013, the Distributor retained the following amounts (in thousands):
CDSC
Prime Money Market Fund $3
Liquid Assets Money Market Fund 8
U.S. Treasury Plus Money Market Fund —(a)
(a) Amount rounds to less than $1,000.
D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
Cash Eagle
Class B Class C Agency Capital Management Direct Class Prime Money Market Fund 0.25% 0.25% 0.15% 0.05% 0.30% 0.15% 0.30% Liquid Assets Money Market Fund 0.25 0.25 0.15 0.05 n/a U.S. Government Money Market Fund n/a n/a 0.15 0.05 n/a 0.15 0.30 U.S. Treasury Plus Money Market Fund 0.25 0.25 0.15 n/a n/a 0.15 0.30 Federal Money Market Fund n/a n/a 0.15 n/a 100% U.S. Treasury Securities Money Market Fund n/a n/a 0.15 0.05 n/a Tax Free Money Market Fund n/a n/a 0.15 n/a n/a 0.15 0.30 Municipal Money Market Fund n/a n/a 0.15 n/a FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 119

N O T E S T O F I N A N C I A L S T A T E M E N T S AS OF FEBRUARY 28, 2 013 ( continued) ETrade Institutional Class Investor Morgan Premier Reserve Service Prime Money Market Fund n/a 0.10% 0.35% 0.35% 0.30% 0.30% 0.30% Liquid Assets Money Market Fund 0.30% 0.10 0.35 0.35 0.30 U.S. Government Money Market Fund n/a 0.10 0.35 0.35 0.30 U.S. Treasury Plus Money Market Fund n/a 0.10 0.35 0.35 0.30 Federal Money Market Fund n/a 0.10 n/a 0.35 0.30 0.30 n/a 100% U.S. Treasury Securities Money Market Fund n/a 0.10 n/a 0.35 0.30 Tax Free Money Market Fund n/a 0.10 n/a 0.35 0.30 0.30 n/a Municipal Money Market Fund 0.30 0.10 n/a 0.35 0.30 The IM Shares do not pay a fee under the Shareholder Servicing Agreement. The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services. The Distributor waived Shareholder Servicing fees as outlined in Note 3.F. E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statements of Operations. Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statements of Operations. F. Waivers and Reimbursements — The Advisor, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares, to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
Cash Eagle
Class B Class C Agency Capital Management Direct Class Prime Money Market Fund 0.97% 0.97% 0.26% 0.18% 0.96% 0.30% 0.70% Liquid Assets Money Market Fund 0.97 0.97 0.26 0.18 n/a U.S. Government Money Market Fund n/a n/a 0.26 0.18 n/a 0.30 0.70 U.S. Treasury Plus Money Market Fund 0.97 0.97 0.26 n/a n/a 0.30 0.70 Federal Money Market Fund n/a n/a 0.26 n/a 100% U.S. Treasury Securities Money Market Fund n/a n/a 0.26 0.18 n/a Tax Free Money Market Fund n/a n/a 0.26 n/a n/a 0.30 0.70 Municipal Money Market Fund n/a n/a 0.26 n/a Institutional ETrade Class Investor Morgan Premier Reserve Service Prime Money Market Fund n/a 0.21% 0.51% 0.52% 0.45% 0.70% 1.05% Liquid Assets Money Market Fund 1.00% 0.21 0.51 0.59 0.45 0.70 1.05 U.S. Government Money Market Fund n/a 0.21 0.51 0.59 0.45 0.70 1.05 U.S. Treasury Plus Money Market Fund n/a 0.21 0.51 0.59 0.45 0.70 1.05 Federal Money Market Fund n/a 0.21 n/a 0.59 0.45 0.70 n/a 100% U.S. Treasury Securities Money Market Fund n/a 0.21 n/a 0.59 0.45 0.70 1.05 Tax Free Money Market Fund n/a 0.21 n/a 0.59 0.45 0.70 n/a Municipal Money Market Fund 1.00 0.21 n/a 0.59 0.45 0.70 1.05 The expense limitation agreements were in effect for the year ended February 28, 2013. The contractual expense limitation percentages in the table above are in place until at least June 30, 2013. In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 28, 2013. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time. 120 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

For the year ended February 28, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years. Contractual Waivers Investment Shareholder Advisory Servicing Total Prime Money Market Fund $243 $38,105 $38,348 Liquid Assets Money Market Fund 24 5,732 5,756 U.S. Government Money Market Fund 128 18,201 18,329 U.S. Treasury Plus Money Market Fund 29 5,696 5,725 Federal Money Market Fund — 3,053 3,053 100% U.S. Treasury Securities Money Market Fund 44 7,644 7,688 Tax Free Money Market Fund — 4,321 4,321 Municipal Money Market Fund 6 1,852 1,858 Voluntary Waivers Investment Shareholder Advisory Administration Servicing Distribution Total Prime Money Market Fund $ — $ 2 $13,740 $16,209 $29,951 Liquid Assets Money Market Fund 7 — 6,171 10,300 16,478 U.S. Government Money Market Fund 7,231 — 50,620 9,815 67,666 U.S. Treasury Plus Money Market Fund 3,303 — 13,764 4,248 21,315 Federal Money Market Fund 2,893 154 2,736 160 5,943 100% U.S. Treasury Securities Money Market Fund 13,222 149 17,366 1,910 32,647 Tax Free Money Market Fund 628 — 28,437 21,328 50,393 Municipal Money Market Fund —(a) — 3,298 12,408 15,706 (a) Amount rounds to less than $1,000. G. Other — Certain officers of the Trusts are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles. The Board of Trustees appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statements of Operations. The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan. During the year ended February 28, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor. The Funds may use related party broker-dealers. For the year ended February 28, 2013, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Advisor. The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to
certain conditions. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 121

N O T E S T O F I N A N C I A L S T A T E M E N T S AS OF FEBRUARY 28, 2 013 ( continued)
4. Class Specific Expenses
The Funds’ class specific gross expenses for the year ended February 28, 2013 were as follows (amounts in thousands):
Shareholder
Distribution Servicing
Prime Money Market Fund
Class B $ 17 $ 6
Class C 78 26
Agency — 12,524
Capital — 35,547
Cash Management 2,952 1,771
Direct — 1,583
Eagle Class 150 180
Institutional Class — 24,241
Investor — 1,674
Morgan — 8,649
Premier — 8,936
Reserve 3,599 4,319
Service 9,439 4,719
$16,235 $104,175
Liquid Assets Money Market Fund
Class B $ 35 $ 12
Class C 2,528 843
Agency — 207
Capital — 1,626
E*Trade 4,266 2,133
Institutional Class — 3,461
Investor — 1,783
Morgan 2,582 9,037
Premier — 382
Reserve 518 621
Service 788 394
$10,717 $ 20,499
U.S. Government Money Market Fund
Agency $ — $ 12,068
Capital — 13,372
Direct — 727
Eagle Class 2,030 2,435
Institutional Class — 10,612
Investor — 16,112
Morgan 2,120 7,419
Premier — 12,725
Reserve 65 79
Service 5,610 2,806
$ 9,825 $ 78,355
122 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Shareholder
Distribution Servicing
U.S. Treasury Plus Money Market Fund
Class B $ 3 $ 1
Class C 1,365 455
Agency — 2,457
Direct — 2,717
Eagle Class —(a) —(a)
Institutional Class — 7,529
Investor — 1,288
Morgan 543 1,902
Premier — 1,880
Reserve 2,337 2,804
Service 1 —(a)
$ 4,249 $21,033
Federal Money Market Fund
Agency $ — $ 677
Institutional Class — 3,594
Morgan 118 412
Premier — 1,046
Reserve 49 60
$ 167 $ 5,789
100% U.S. Treasury Securities Money Market Fund Agency $ — $ 3,026 Capital — 3,983 Institutional Class — 7,565 Morgan 1,720 6,021 Premier — 4,188 Reserve 189 227 Service 1 —(a) $ 1,910 $25,010 Tax Free Money Market Fund Agency $ — $ 814 Direct — —(a) Eagle Class 2,708 3,249 Institutional Class — 5,671 Morgan 388 1,359 Premier — 8,669 Reserve 18,233 21,879 $21,329 $41,641 Municipal Money Market Fund Agency $ — $ 151 E*Trade 10,506 5,253 Institutional Class — 547 Morgan 336 1,176 Premier — 211 Reserve 100 120 Service 1,466 733 $12,408 $ 8,191 (a) Amount rounds to less than $1,000. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 123

N O T E S T O F I N A N C I A L S T A T E M E N T S AS OF FEBRUARY 28, 2 013 ( continued)
5. Federal Income Tax Matters
The tax character of distributions paid during the fiscal year ended February 28, 2013 was as follows (amounts in thousands):
Total Distributions Paid From:
Tax Total
Ordinary Long Term Exempt Distributions
Income Capital Gains Income Paid
Prime Money Market Fund $150,517 $ — $ — $150,517 Liquid Assets Money Market Fund 11,533 — — 11,533 U.S. Government Money Market Fund 4,860 — — 4,860 U.S. Treasury Plus Money Market Fund 51 — — 51 Federal Money Market Fund 493 — — 493 100% U.S. Treasury Securities Money Market Fund 268 — — 268 Tax Free Money Market Fund 618 265 2,146 3,029 Municipal Money Market Fund — — 702 702 The tax character of distributions paid during the fiscal year ended February 29, 2012 was as follows (amounts in thousands):
Total Distributions Paid From:
Tax Total
Ordinary Long Term Exempt Distributions
Income Capital Gains Income Paid
Prime Money Market Fund $113,068 $— $ — $113,068

Liquid Assets Money Market Fund 6,641 — — 6,641

U.S. Government Money Market Fund 6,433 — — 6,433 U.S. Treasury Plus Money Market Fund 178 — — 178 Federal Money Market Fund 118 — — 118 100% U.S. Treasury Securities Money Market Fund 340 — — 340 Tax Free Money Market Fund — — 4,092 4,092 Municipal Money Market Fund — — 1,045 1,045 As of February 28, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):
Current

Distributable

Current Long-Term Current

Distributable Capital-Gain or Distributable

Ordinary (Tax Basis Tax Exempt

Income Loss Carryover) Income

Prime Money Market Fund $7,644 $ — $ —
Liquid Assets Money Market Fund 276 — —
U.S. Government Money Market Fund 612 — —
U.S. Treasury Plus Money Market Fund 46 —(a) — Federal Money Market Fund 73 — — 100% U.S. Treasury Securities Money Market Fund 416 — — Tax Free Money Market Fund 684 370 662 Municipal Money Market Fund — (154) 70 (a) Amount rounds to less than $1,000. For the Funds, the cumulative timing differences primarily consist of Trustee deferred compensation, distributions payable (Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, Federal Money Market Fund, Tax Free Money Market Fund and Municipal Money Market Fund), wash sale loss deferrals (U.S. Government Money Market Fund and 100% U.S. Treasury Securities Money Market Fund) and capital loss carryforwards (Municipal Money Market Fund). Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after February 28, 2011 may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of February 28, 2013, the Funds did not have any post-enactment net capital loss carryforwards. 124 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

2019
As of February 28, 2013, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):
Municipal Money Market Fund $154
During the year ended February 28, 2013, the Funds utilized capital loss carryforwards as follows (amounts in thousands):
Municipal Money Market Fund $256
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because they are investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act). In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 11, 2013. As of February 28, 2013, the Liquid Assets Money Market Fund had no outstanding loans to another fund. Average loans for the year ended February 28, 2013, were as follows (amounts in thousands):
Average

Average Number of Interest

Loans Days Outstanding Earned

Liquid Assets Money Market Fund $27,340 1 $15 Interest earned, if any, as a result of lending money to another fund as of February 28, 2013 is included in Income from interfund lending (net) in the Statements of Operations. The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 28, 2013, or at any time during the year then ended. Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statements of Operations.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. One or more affiliates of the Advisor have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Fund’s outstanding shares for each of the U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund Federal Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Tax Free Money Market Fund. In addition, Liquid Assets Money Market Fund, Municipal Money Market Fund, Federal Money Market Fund and Tax Free Money Market Fund each have a shareholder or shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own significant portions of the Funds’ outstanding shares. Significant shareholder transactions by these shareholders, if any, may impact the Funds’ performance. The Municipal Money Market Fund and Tax Free Money Market Fund invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. These securities generally have features that preserve their eligibility for investment under Rule 2a-7 under the 1940 Act without relying on the ratings or solvency of such bond insurers. The value of these investments may be impacted by changes to bond insurers’ ratings and the Municipal Money Market Fund’s and Tax Free Money Market Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation. The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans. FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 125

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund and JPMorgan Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Prime Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund and JPMorgan Municipal Money Market Fund (hereafter referred to as the “Funds”) at February 28, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York April 24, 2013 126 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

TRUSTEES
(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com. Number of Name (Year of Birth); Portfolios in Fund Other Directorships Held Positions With Principal Occupations Complex Overseen Outside Fund Complex the Funds (1) During Past 5 Years by Trustee (2) During Past 5 Years Independent Trustees John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002. Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. Mary E. Martinez (1960); Trustee of Trusts effective January 1, 2013 Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. Mitchell M. Merin (1953); Trustee of Trusts effective January 1, 2013 William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. Chairman (1985-present), President and Chief 171

Executive Officer, Gardner, Inc. (supply chain

management company serving industrial and

consumer markets) (1974-present).

Chancellor, City University of New York 171

(1999-present); President, Adelphi University

(New York) (1998-1999).

Retired; Director of Administration of the State 171

of Rhode Island (2003-2004); President —

Consumer Banking and Investment Services,

Fleet Boston Financial (1971-2001).

Self-employed business consultant 171

(2002-present).

Associate, Special Properties, a Christie’s 171

International Real Estate Affiliate

(2010-Present); Managing Director, Bank of

America (Asset Management) (2007-2008);

Chief Operating Officer, U.S. Trust Asset

Management; U.S. Trust Company (asset

management) (2003-2007); President, Excelsior

Funds (registered investment companies)

(2004-2005).

Vice President of Administration and Planning, 171

Northwestern University (1985-present).

Retired (2005-Present); President and Chief 171

Operating Officer, Morgan Stanley Investment

Management, Member Morgan Stanley & Co.

Management Committee (registered investment

adviser) (1998-2005).

Retired; Chairman Emeritus (2001-2002), and 171

Chairman and Chief Executive Officer, Boston

Stock Exchange (1985-2001).

Retired; President, Carleton College 171

(2002-2010); President, Kenyon College

(1995-2002).

Director, Cardinal Health, Inc. (CAH)
(1994-present); Director, Greif, Inc.
(GEF) (industrial package products and services) (2007-present). Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present). None. Director, Center for Communication, Hearing, and Deafness (1990-present). Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-Present) Trustee, Carleton College (2003-present). Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010) Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present). Trustee, American University in Cairo (1999-present); Chairman, DartmouthHitchcock Medical Center (2013-present); Trustee, DartmouthHitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010). FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 127

TRUSTEES
(Unaudited) (continued)
Name (Year of Birth);
Positions With the Funds (1)
Principal Occupations
During Past 5 Years
Number of
Portfolios in Fund
Complex Overseen by Trustee (2)
Other Directorships Held
Outside Fund Complex
During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo (1946); Managing Director and Founder, Virtual Capital 171 Member, Board of Governors, Trustee of Trusts effective Management LLC (Investment Consulting) Columbus Citizens Foundation (not-forFebruary 1, 2013 (2007-present); Managing Director, Credit profit supporting philanthropic and Suisse Asset Management (portfolio manager) cultural programs) (2006-Present) (2003-2006). Frederick W. Ruebeck (1939); Consultant (2000-present); Advisor, JP Greene 171 Trustee, Wabash College Trustee of Trusts since 2005; & Associates, LLC (broker-dealer) (1988-present); Chairman, Indianapolis Trustee of heritage One Group (2000-2009); Chief Investment Officer, Wabash Symphony Orchestra Foundation Mutual Funds since 1994. College (2004-present); Director of (1994-present). Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999). James J. Schonbachler (1943); Retired; Managing Director of Bankers Trust 171 None. Trustee of Trusts since 2005; Company (financial services) (1968-1998). Trustee of heritage J.P. Morgan Funds since 2001. Interested Trustee Not Affiliated With the Adviser Frankie D. Hughes* (1952), President and Chief Investment Officer, Hughes 171 Trustee, The Victory Portfolios Trustee of Trusts since 2008. Capital Management, Inc. (fixed income asset (2000-2008). management) (1993-present). (1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013. (2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated November 29, 2012 and is in the process of winding up its affairs.

Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head
of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment advisor, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment advisors (not affiliated with JPMorgan) that are under common control with subadvisors to certain J.P. Morgan Funds. In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully funded qualified plan, which is not an obligation of JPMorgan Chase.
Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.
The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017. 128 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

OFFICERS
(Unaudited)
Name (Year of Birth),
Positions Held with the Trusts (Since) Principal Occupations During Past 5 Years Patricia A. Maleski (1960),

President and Principal Executive

Officer (2010)

Joy C. Dowd (1972),

Treasurer and Principal Financial

Officer (2010)

Frank J. Nasta (1964),

Secretary (2008)

Stephen M. Ungerman (1953),

Chief Compliance Officer (2005)

Kathryn A. Jackson (1962),

AML Compliance Officer (2012)*

Elizabeth A. Davin (1964),

Assistant Secretary (2005)

Jessica K. Ditullio (1962),

Assistant Secretary (2005)

John T. Fitzgerald (1975),

Assistant Secretary (2008)

Carmine Lekstutis (1980),

Assistant Secretary (2011)

Gregory S. Samuels (1980),

Assistant Secretary (2010)

Pamela L. Woodley (1971),

Assistant Secretary (2012)

Michael M. D’Ambrosio (1969),

Assistant Treasurer (2012)

Jeffrey D. House (1972),

Assistant Treasurer (2006)

Joseph Parascondola (1963),

Assistant Treasurer (2011)

Matthew J. Plastina (1970),

Assistant Treasurer (2011)

Jeffery Reedy (1973),

Assistant Treasurer (2011)

Julie A. Roach (1971),

Assistant Treasurer (2012)

Gillian I. Sands (1969),

Assistant Treasurer (2012)

Timothy J. Stewart (1974),

Assistant Treasurer (2012)*

Managing Director, J.P. Morgan Investment Management Inc. and Chief Administrative Officer, J.P. Morgan Funds and Institutional Pooled Vehicles since 2010; previously, Treasurer and Principal Financial Officer of the Trusts from 2008 to 2010; previously, Head of Funds Administration and Board Liaison, J.P. Morgan Funds prior to 2010. Ms. Maleski has been with JPMorgan Chase & Co. since 2001. Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008. Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc. Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008. Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990. Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011. Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011. Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008. Vice President and Assistant General Counsel, JPMorgan Chase since November 2004. Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006. Vice President, JPMorgan Funds Management, Inc. since July 2006. Vice President,
JPMorgan Funds Management, Inc. since August 2006. Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management. Vice President, JPMorgan Funds Management, Inc. since February 2006. Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001. Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009). Executive Director, JPMorgan Funds Management, Inc. from July 2012; Managing Director of Robeco Investment Management, Inc. (2011-2012); Chief Financial Officer (2008-2011) and Director of Operations (2003-2008), Robeco-Sage, a division of Robeco Investment Management, Inc. The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.
The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.
Mr. Stewart is the Assistant Treasurer of JPMorgan Trust I only.
FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 129

S C H E D U L E O F S H A R E H O L D E R E X P E N S E S (Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs:
(1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2012, and continued to hold your shares at the end of the reporting period, February 28, 2013. Actual Expenses For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested. Beginning Ending Expenses Annualized Account Value Account Value, Paid During Expense September 1, 2012 February 28, 2013 the Period* Ratio Prime Money Market Fund Class B Actual $1,000.00 $1,000.00 $1.49 0.30% Hypothetical 1,000.00 1,023.31 1.51 0.30 Class C Actual 1,000.00 1,000.00 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Agency Actual 1,000.00 1,000.20 1.29 0.26 Hypothetical 1,000.00 1,023.51 1.30 0.26 Capital Actual 1,000.00 1,000.60 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Cash Management Actual 1,000.00 1,000.00
1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Direct Actual 1,000.00 1,000.10 1.44 0.29 Hypothetical 1,000.00 1,023.36 1.45 0.29 Eagle Class Actual 1,000.00 1,000.00 1.39 0.28 Hypothetical 1,000.00 1,023.41 1.40 0.28 IM Actual 1,000.00 1,000.70 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Institutional Class Actual 1,000.00 1,000.50 1.04 0.21 Hypothetical 1,000.00 1,023.75 1.05 0.21 130 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

Beginning Ending Expenses Annualized
Account Value Account Value, Paid During Expense September 1, 2012 February 28, 2013 the Period* Ratio Prime Money Market Fund (continued) Investor Actual $1,000.00 $1,000.00 $1.49 0.30% Hypothetical 1,000.00 1,023.31 1.51 0.30 Morgan Actual 1,000.00 1,000.00 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Premier Actual 1,000.00 1,000.00 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Reserve Actual 1,000.00 1,000.00 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Service Actual 1,000.00 1,000.00 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Liquid Assets Money Market Fund Class B Actual 1,000.00 1,000.10 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Class C Actual 1,000.00 1,000.10 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Agency Actual 1,000.00 1,000.30 1.29 0.26 Hypothetical 1,000.00 1,023.51 1.30 0.26 Capital Actual 1,000.00 1,000.70 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 E*Trade Actual 1,000.00 1,000.30 1.29 0.26 Hypothetical 1,000.00 1,023.51 1.30 0.26 Institutional Class Actual 1,000.00 1,000.50 1.04 0.21 Hypothetical 1,000.00 1,023.75 1.05 0.21 Investor Actual 1,000.00 1,000.10 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Morgan Actual 1,000.00 1,000.10 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Premier Actual 1,000.00 1,000.10 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Reserve Actual 1,000.00 1,000.10 1.49 0.30 Hypothetical 1,000.00 1,023.31 1.51 0.30 Service Actual 1,000.00 1,000.10 1.54 0.31 Hypothetical 1,000.00 1,023.26 1.56 0.31 U.S. Government Money Market Fund Agency Actual 1,000.00 1,000.00 0.84 0.17 Hypothetical 1,000.00 1,023.95 0.85 0.17 FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 131

S C H E D U L E O F S H A R E H O L D E R E X P E N S E S (Unaudited) (continued) Hypothetical $1,000 Investment Beginning Ending Expenses Annualized Account Value Account Value, Paid During Expense September 1, 2012 February 28, 2013 the Period* Ratio U.S. Government Money Market Fund (continued) Capital Actual $1,000.00 $1,000.10 $0.79 0.16% Hypothetical 1,000.00 1,024.00 0.80 0.16 Direct Actual 1,000.00 1,000.00 0.84 0.17 Hypothetical 1,000.00 1,023.95 0.85 0.17 Eagle Class Actual 1,000.00 1,000.10 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 IM Actual 1,000.00 1,000.10 0.74 0.15 Hypothetical 1,000.00 1,024.05 0.75 0.15 Institutional Class Actual 1,000.00 1,000.00 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Investor Actual 1,000.00 1,000.00 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Morgan Actual 1,000.00 1,000.00 0.84 0.17 Hypothetical 1,000.00 1,023.95 0.85 0.17 Premier Actual 1,000.00 1,000.00 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Reserve Actual 1,000.00 1,000.00 0.84 0.17 Hypothetical 1,000.00 1,023.95 0.85 0.17 Service Actual 1,000.00 1,000.00 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 U.S. Treasury Plus Money Market Fund Class B Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Class C Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Agency Actual 1,000.00 1,000.00 0.74 0.15 Hypothetical 1,000.00 1,024.05 0.75 0.15 Direct Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Eagle Class Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 IM Actual 1,000.00 1,000.00 0.69 0.14 Hypothetical 1,000.00 1,024.10 0.70 0.14 Institutional Class Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 132 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 28, 2013

Beginning Ending Expenses Annualized
Account Value Account Value, Paid During Expense September 1, 2012 February 28, 2013 the Period* Ratio U.S. Treasury Plus Money Market Fund (continued) Investor Actual $1,000.00 $1,000.00 $0.79 0.16% Hypothetical 1,000.00 1,024.00 0.80 0.16 Morgan Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Premier Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Reserve Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Service Actual 1,000.00 1,000.00 0.79 0.16 Hypothetical 1,000.00 1,024.00 0.80 0.16 Federal Money Market Fund Agency Actual 1,000.00 1,000.00 0.60 0.12 Hypothetical 1,000.00 1,024.20 0.60 0.12 Institutional Class Actual 1,000.00 1,000.00 0.60 0.12 Hypothetical 1,000.00 1,024.20 0.60 0.12 Morgan Actual 1,000.00 1,000.00 0.60 0.12 Hypothetical 1,000.00 1,024.20 0.60 0.12 Premier Actual 1,000.00 1,000.00 0.60 0.12 Hypothetical 1,000.00 1,024.20 0.60 0.12 Reserve Actual 1,000.00 1,000.00 0.60 0.12 Hypothetical 1,000.00 1,024.20 0.60 0.12 100% U.S. Treasury Securities Money Market Fund Agency Actual 1,000.00 1,000.00 0.50 0.10 Hypothetical 1,000.00 1,024.30 0.50 0.10 Capital Actual 1,000.00 1,000.00 0.50 0.10 Hypothetical 1,000.00 1,024.30 0.50 0.10 Institutional Class Actual 1,000.00 1,000.00 0.50 0.10 Hypothetical 1,000.00 1,024.30 0.50 0.10 Morgan Actual 1,000.00 1,000.00 0.50 0.10 Hypothetical 1,000.00 1,024.30 0.50 0.10 Premier Actual 1,000.00 1,000.00 0.50 0.10 Hypothetical 1,000.00 1,024.30 0.50 0.10 Reserve Actual 1,000.00 1,000.00 0.55 0.11 Hypothetical 1,000.00 1,024.25 0.55 0.11 Service Actual 1,000.00 1,000.00 0.50 0.10 Hypothetical 1,000.00 1,024.30 0.50 0.10 FEBRUARY 28, 2013 J.P. MORGAN MONEY MARKET FUNDS 133

S C H E D U L E O F S H A R E H O L D E R E X P E N S E S (Unaudited) (continued) Hypothetical $1,000 Investment Beginning Ending Expenses Annualized Account Value Account Value, Paid During Expense September 1, 2012 February 28, 2013 the Period* Ratio Tax Free Money Market Fund Agency Actual $1,000.00 $1,000.00 $0.94 0.19% Hypothetical 1,000.00 1,023.85 0.95 0.19 Direct Actual 1,000.00 1,000.10 0.94 0.19 Hypothetical 1,000.00 1,023.85 0.95 0.19 Eagle Class Actual 1,000.00 1,000.10 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Institutional Class Actual 1,000.00 1,000.10 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Morgan Actual 1,000.00 1,000.00 0.94 0.19 Hypothetical 1,000.00 1,023.85 0.95 0.19 Premier Actual 1,000.00 1,000.00 0.89 0.18 Hypothetical 1,000.00 1,023.90 0.90 0.18 Reserve Actual 1,000.00 1,000.00 0.94 0.19 Hypothetical 1,000.00 1,023.85 0.95 0.19 Municipal Money Market Fund Agency Actual 1,000.00 1,000.10 1.24 0.25 Hypothetical 1,000.00 1,023.55 1.25 0.25 E*Trade Actual 1,000.00 1,000.00 1.29 0.26 Hypothetical 1,000.00 1,023.51 1.30 0.26 Institutional Class Actual 1,000.00 1,000.30 1.04 0.21 Hypothetical 1,000.00 1,023.75 1.05 0.21 Morgan Actual 1,000.00 1,000.00 1.34 0.27 Hypothetical 1,000.00 1,023.46 1.35 0.27 Premier Actual 1,000.00 1,000.00 1.34 0.27 Hypothetical 1,000.00 1,023.46 1.35 0.27 Reserve Actual 1,000.00 1,000.00 1.34 0.27 Hypothetical 1,000.00 1,023.46 1.35 0.27 Service Actual 1,000.00 1,000.00 1.34 0.27 Hypothetical 1,000.00 1,023.46 1.35 0.27

Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
134 J . P . M O R G A N M O N E Y M A R K E T F U N D S FEBRUARY 28, 2013

TAX LETTER
(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover. Long-Term Capital Gain Designation — 20% Each Fund hereby designates the following amount or maximum allowable amount as long-term capital gain distributions for the purpose of the dividend paid deduction on its respective tax return for the fiscal year ended February 28, 2013 (amounts in thousands):
Long-Term
Capital Gain
Distribution
Tax Free Money Market Fund $265
Qualified Interest Income (QII) and Short Term Gains For the fiscal year ended February 28, 2013 the Funds designate the following amounts or maximum allowable amounts of ordinary distributions paid during the Fund’s fiscal year that are from qualified interest income and short-term capital gain (amounts in thousands):
Qualified
Interest Short-Term
Income Gain
Prime Money Market Fund $90,358 $ —
Liquid Assets Money Market Fund 7,208 —
U.S. Government Money Market Fund 4,618 —
U.S. Treasury Plus Money Market Fund 21 —
Federal Money Market Fund 483 —
100% U.S. Treasury Securities Money
Market Fund 222 223
Tax-Exempt Income
Each Fund hereby designates the following percentage or maximum allowable percentage as distributions paid from net investment income exempt from federal income tax for the fiscal year ended February 28, 2013:
Exempt

Distributions

Paid

Tax Free Money Market Fund 99.69%
Municipal Money Market Fund 100.00
Treasury Income
The following represents the percentage of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2013:
Income from
U.S. Treasury
Obligations
Prime Money Market Fund 10.50%
Liquid Assets Money Market Fund 7.49
Federal Money Market Fund 84.18
100% U.S. Treasury Securities Money Market Fund 100.00 FEBRUARY 28, 2013 J . P . M O R G A N M O N E Y M A R K E T F U N D S 135

FACTS
Rev. January 2011
WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:

Social Security number and account balances
transaction history and account transactions
checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. Reasons we can share your personal information Does J.P. Morgan Funds share? Can you limit this sharing? For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No For marketing purposes — to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes — information about your transactions and experiences No We don’t share For our affiliates’ everyday business purposes — information about your creditworthiness No We don’t share For nonaffiliates to market to you No We don’t share Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Who we are
Who is providing this notice? J.P. Morgan Funds What we do How does J.P. Morgan Funds To protect your personal information from unauthorized access and use, we use protect my personal security measures that comply with federal law. These measures include computer information? safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. How does J.P. Morgan We collect your personal information, for example, when you:

Funds collect my personal

open an account or provide contact information information? ▪ give us your account information or pay us by check
make a wire transfer

We also collect your personal information from others, such as credit bureaus,

affiliates and other companies.

Why can’t I limit all sharing? Federal law gives you the right to limit only

sharing for affiliates’ everyday business purposes – information about your
creditworthiness
affiliates from using your information to market to you
sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.

J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
J.P. Morgan Funds doesn’t jointly market.

THIS PAGE IS INTENTIONALLY LEFT BLANK

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300. Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com. A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information. A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Advisor. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

Go green with J.P. Morgan Funds

Paperless reports are a simple, safe and smart way to help the environment — and yourself. Find out more information and enroll today at www.icsdelivery.com

Option may not be available through all brokers or for all shareholders.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. © JPMorgan Chase & Co., 2013. All rights reserved. February 2013. AN-MMKT-213

Exhibit C

PROSPECTUS JULY 1, 2013

J.P. Morgan Money Market Funds

ETRADE Class Shares
JPMorgan Liquid Assets Money Market Fund Ticker: JLEXX JPMorgan Municipal Money Market Fund Ticker: JMEXX JPMorgan California Municipal Money Market Fund Ticker: JCEXX JPMorgan New York Municipal Money Market Fund Ticker: JNEXX This prospectus is to be used only by clients of ETRADE Securities LLC. The Securities and Exchange Commission has not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

JPMORGAN TRUST I
J.P. Morgan Money Market Funds
JPMorgan 100% U.S. Treasury Securities Money Market Fund

JPMorgan California Municipal Money Market Fund

JPMorgan Current Yield Money Market Fund

JPMorgan Federal Money Market Fund

JPMorgan New York Municipal Money Market Fund

JPMorgan Prime Money Market Fund

JPMorgan Tax Free Money Market Fund

JPMORGAN TRUST II
J.P. Morgan Money Market Funds
JPMorgan Liquid Assets Money Market Fund

JPMorgan Michigan Municipal Money Market Fund

JPMorgan Municipal Money Market Fund

JPMorgan Ohio Municipal Money Market Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Treasury Plus Money Market Fund

(All Share Classes)
Supplement dated November 1, 2013

to the Prospectuses dated July 1, 2013, as supplemented

Effective immediately, the following is hereby added as the last paragraph to the section titled “Buying Fund Shares” in the “How Your Account Works” section of the Prospectuses:
Shares of the Fund(s) have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Fund(s) generally do not market or sell shares to investors domiciled outside of the United States, even, with regard to individuals, if they are citizens or lawful permanent residents of the United States. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE SUP-MMKT-1113

CONTENTS

Risk/Return Summaries:

JPMorgan Liquid Assets Money Market Fund ........... 1

JPMorgan Municipal Money Market Fund .............. 5

JPMorgan California Municipal Money Market Fund ...... 9

JPMorgan New York Municipal Money Market Fund ...... 13

More About the Funds ............................ 17

Additional Information about the Funds’ Investment

Strategies .................................... 17

Investment Risks .............................. 17

Temporary Defensive Positions ................... 20

Additional Historical Performance Information ....... 21

The Funds’ Management and Administration ........... 22

How Your Account Works .......................... 24

Buying Fund Shares ............................ 24

Selling Fund Shares ..................... 25

Other Information Concerning the Funds ..... 25

Shareholder Information ................... 27

Distributions and Taxes .................. 27

Shareholder Statements and Reports ........ 28

Availability of Proxy Voting Record ......... 29

Portfolio Holdings Disclosure .............. 29

Disclosure of Market-Based Net Asset Value . . 29

What the Terms Mean ...................... 30

Financial Highlights. ....................... 32

Additional Fee and Expense Information ....... 36

How to Reach Us .......................... Back cover

This prospectus is to be used only by clients of ETRADE Securities LLC (ETRADE Securities). ETRADE Class Shares of the Funds may not be purchased directly by individuals. In order to be a shareholder of a Fund, an individual generally needs to have a brokerage account with ETRADE Securities and have elected E*TRADE Class Shares as a “sweep” investment.

JPMorgan Liquid Assets Money Market Fund

Class/Ticker: ETRADE/JLEXX
The Fund’s Objective
The Fund seeks current income with liquidity and stability of principal. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) ETRADE Management Fees 0.08% Distribution (Rule 12b-1) Fees 0.60 Other Expenses 0.39 Shareholder Service Fees 0.30 Remainder of Other Expenses 0.09 Total Annual Fund Operating Expenses 1.07 Fee Waivers and Expense Reimbursements1 (0.07) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1 1.00 1 The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of ETRADE Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.00% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:
1 Year 3 Years 5 Years 10 Years
ETRADE CLASS SHARES ($) 102 333 583 1,299 The Fund’s Main Investment Strategy The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:
‰ high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, ‰ debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, ‰ securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, ‰ asset-backed securities, ‰ repurchase agreements and reverse repurchase agreements, and ‰ taxable municipal obligations. The Fund is a money market fund managed in the following manner:
‰ The Fund seeks to maintain a net asset value of $1.00 per share. ‰ The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. ‰ The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. ‰ The Fund invests only in U.S. dollar-denominated securities. ‰ The Fund will only buy securities that present minimal credit risk. The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, brokerdealers, finance companies and other issuers of asset-backed securities. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure. JULY 1, 2013 1

JPMorgan Liquid Assets Money Market Fund (continued)

The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. The Fund’s Main Investment Risks The Fund is subject to management risk and the Fund may not achieve its objective if the adviser’s expectations regarding particular securities or interest rates are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund’s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. Credit Risk. The Fund’s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer’s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or
the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing. 2 J.P. MORGAN MONEY MARKET FUNDS

Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance. Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (“SEC”) rules.
The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund’s ability to implement its investment strategies and may impact the Fund’s future operations and/or yields. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The Fund’s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of ETRADE Class Shares is based on the performance of Investor Shares prior to the inception of the ETRADE Class Shares. To obtain current yield information call ETRADE Securities at 1-800-ETRADE-1 or go to www.etrade.com. Past performance is not necessarily an indication of how the Fund will perform in the future. YEAR-BY-YEAR RETURNS 5.00% 4.00% 0.00% 1.00% 2.00% 3.00% 2003 2004 2005 2006 2007 2008 2009 20112010 0.77% 0.96% 2.83% 4.61% 4.93% 2.67% 0.28% 0.06% 0.05%0.05% 2012 Best Quarter 3Q 2007 1.25% Worst Quarter 4Q 2009 0.00% The Fund’s year-to-date total return as of 3/31/13 was 0.01%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2012) Past 1 Year 5 Years 10 Years E*TRADE CLASS SHARES 0.05% 0.48% 1.38% JULY 1, 2013 3

JPMorgan Liquid Assets Money Market Fund (continued)

Management
J.P. Morgan Investment Management Inc.
Purchase and Sale of Fund Shares
The Fund’s ETRADE Class Shares are offered only to clients of ETRADE Securities. ETRADE Class Shares may not be purchased directly by individuals, although ETRADE Securities may purchase ETRADE Class Shares for accounts maintained by individuals who generally have elected ETRADE Class Shares as a “sweep” investment. Purchase minimums For ETRADE Class Shares To establish an account No minimum levels To add to an account No minimum levels You may purchase or redeem shares on any business day that the Fund is open; ‰ Through ETRADE Securities LLC by calling 1-800-ETRADE-1 ‰ By writing to E*TRADE Securities LLC, Harborside Financial Center, 501 Plaza II, 34 Exchange Place, Jersey City, NJ 07311. Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. 4 J.P. MORGAN MONEY MARKET FUNDS

JPMorgan Municipal Money Market Fund

Class/Ticker: ETRADE/JMEXX
The Fund’s Objective
The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) ETRADE Management Fees 0.08% Distribution (Rule 12b-1) Fees 0.60 Other Expenses 0.39 Shareholder Service Fees 0.30 Remainder of Other Expenses 0.09 Total Annual Fund Operating Expenses 1.07 Fee Waivers and Expense Reimbursements1 (0.07) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1 1.00 1 The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of ETRADE Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.00% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:
1 Year 3 Years 5 Years 10 Years
ETRADE CLASS SHARES ($) 102 333 583 1,299 The Fund’s Main Investment Strategy Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax. Up to 20% of the Fund’s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. The Fund is a money market fund managed in the following manner:
‰ The Fund seeks to maintain a net asset value of $1.00 per share. ‰ The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. JULY 1, 2013 5

JPMorgan Municipal Money Market Fund (continued)

‰ The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. ‰ The Fund invests only in U.S. dollar-denominated securities. ‰ The Fund will only buy securities that present minimal credit risk. The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. The Fund’s Main Investment Risks The Fund is subject to management risk and the Fund may not achieve its objective if the adviser’s expectations regarding particular securities or interest rates are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund’s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. Credit Risk. The Fund’s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer’s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other
institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund’s assets in obligations subject to federal income tax, or may hold any portion of the Fund’s assets in cash. Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide 6 J.P. MORGAN MONEY MARKET FUNDS

financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or taxexempt structured products may present tax issues not presented by investments in other short-term municipal or taxexempt securities. These issues might be resolved in a manner adverse to the Fund. Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal
risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance. Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (“SEC”) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund’s ability to implement its investment strategies and may impact the Fund’s future operations and/or yields. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The Fund’s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of ETRADE Class Shares is based on the performance of Premier Shares prior to the inception of the ETRADE Class Shares. To obtain current yield information call ETRADE Securities at 1-800-ETRADE-1 or go to www.etrade.com. Past performance is not necessarily an indication of how the Fund will perform in the future. JULY 1, 2013 7

JPMorgan Municipal Money Market Fund (continued)

YEAR-BY-YEAR RETURNS
3.00%
0.00%
1.00%
2.00%
2003 2004 2005 2006 2007 2008 2009 20112010 0.11% 0.24% 1.47% 2.50% 2.72% 1.33% 0.02% 0.02% 0.01% 0.01% 2012 Best Quarter 4Q 2006 0.81% Worst Quarter 2Q, 3Q and 4Q 2009 0.00% 1Q and 2Q 2010 2Q, 3Q and 4Q 2011 1Q, 2Q, 3Q and 4Q 2012 The Fund’s year-to-date total return as of 3/31/13 was 0.00%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2012) Past 1 Year 5 Years 10 Years ETRADE CLASS SHARES 0.01% 0.28% 0.84% by individuals who generally have elected ETRADE Class Shares as a “sweep” investment. Purchase minimums For ETRADE Class Shares To establish an account No minimum levels To add to an account No minimum levels You may purchase or redeem shares on any business day that the Fund is open; ‰ Through ETRADE Securities LLC by calling 1-800-ETRADE-1 ‰ By writing to ETRADE Securities LLC, Harborside Financial Center, 501 Plaza II, 34 Exchange Place, Jersey City, NJ 07311. Tax Information The Fund’s distributions of interest on municipal obligations generally are not subject to federal income tax; however the Fund may distribute taxable dividends, including distributions of short-term capital gains, and long-term capital gains. In addition, interest on certain obligations may be subject to the federal alternative minimum tax. To the extent that the Fund’s distributions are derived from interest on obligations that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local taxes. When your investment is in an IRA, 401(k) plan or other taxadvantaged investment plan, you may be subject to federal income tax on ordinary income or capital gains upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries Management J.P. Morgan Investment Management Inc. Purchase and Sale of Fund Shares The Fund’s ETRADE Class Shares are offered only to clients of ETRADE Securities. ETRADE Class Shares may not be purchased directly by individuals, although ETRADE Securities may purchase ETRADE Class Shares for accounts maintained If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. 8 J.P. MORGAN MONEY MARKET FUNDS

JPMorgan California Municipal Money Market Fund

Class/Ticker: ETRADE/JCEXX
The Fund’s Objective
The Fund aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) ETRADE Management Fees 0.08% Distribution (Rule 12b-1) Fees 0.60 Other Expenses 0.39 Shareholder Service Fees 0.30 Remainder of Other Expenses 0.09 Total Annual Fund Operating Expenses 1.07 Fee Waivers and Expense Reimbursements1 (0.07) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1 1.00 1 The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of ETRADE Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.00% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:
1 Year 3 Years 5 Years 10 Years
ETRADE CLASS SHARES ($) 102 333 583 1,299 The Fund’s Main Investment Strategy Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Up to 20% of the Fund’s total assets may be invested in non-California municipal obligations, subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements. The Fund is a money market fund managed in the following manner:
‰ The Fund seeks to maintain a net asset value of $1.00 per share. JULY 1, 2013 9

JPMorgan California Municipal Money Market Fund (continued)

‰ The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. ‰ The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. ‰ The Fund invests only in U.S. dollar-denominated securities. ‰ The Fund will only buy securities that present minimal credit risk. The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. The Fund’s Main Investment Risks The Fund is subject to management risk and the Fund may not achieve its objective if the adviser’s expectations regarding particular securities or interest rates are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund’s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. Credit Risk. The Fund’s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer’s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Risk of California Obligations. Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment,
agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund’s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund’s assets in cash. Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of 10 J.P. MORGAN MONEY MARKET FUNDS

its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or California personal income taxes. Consult your tax professional for more information. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for
such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or taxexempt structured products may present tax issues not presented by investments in other short-term municipal or taxexempt securities. These issues might be resolved in a manner adverse to the Fund. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance. Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (“SEC”) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund’s ability to implement its investment strategies and may impact the Fund’s future operations and/or yields. JULY 1, 2013 11

JPMorgan California Municipal Money Market Fund (continued)

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The Fund’s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of ETRADE Class Shares is based on the performance of Morgan Shares prior to the inception of the ETRADE Class Shares. The actual returns of the ETRADE Class Shares would have been lower than those shown because ETRADE Class Shares have higher expenses than Morgan Shares. To obtain current yield information call ETRADE Securities at 1-800-ETRADE-1 or go to www.etrade.com. Past performance is not necessarily an indication of how the Fund will perform in the future. YEAR-BY-YEAR RETURNS 3.00% 0.00% 1.00% 2.00% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.57% 0.69% 1.88% 2.91% 2.66% 1.15% 0.01% 0.06%0.02% 0.01% Best Quarter 3Q 2006 0.76% Worst Quarter 1Q, 2Q, 3Q and 4Q 2009 0.00% 1Q 2010 2Q, 3Q and 4Q 2011 1Q, 2Q, 3Q and 4Q 2012 The Fund’s year-to-date total return as of 3/31/13 was 0.00%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2012) Past 1 Year 5 Years 10 Years ETRADE CLASS SHARES 0.01% 0.25% 0.95% Management J.P. Morgan Investment Management Inc. Purchase and Sale of Fund Shares The Fund’s ETRADE Class Shares are offered only to clients of ETRADE Securities. ETRADE Class Shares may not be purchased directly by individuals, although ETRADE Securities may purchase ETRADE Class Shares for accounts maintained by individuals who generally have elected ETRADE Class Shares as a “sweep” investment. Purchase minimums For ETRADE Class Shares To establish an account No minimum levels To add to an account No minimum levels You may purchase or redeem shares on any business day that the Fund is open; ‰ Through ETRADE Securities LLC by calling 1-800-ETRADE-1 ‰ By writing to ETRADE Securities LLC, Harborside Financial Center, 501 Plaza II, 34 Exchange Place, Jersey City, NJ 07311. Tax Information The Fund’s distributions of interest on municipal obligations generally are not subject to federal income tax; however the Fund may distribute taxable dividends, including distributions of short-term capital gains, and long-term capital gains. In addition, interest on certain obligations may be subject to the federal alternative minimum tax. To the extent that the Fund’s distributions are derived from interest on obligations that are not exempt from applicable state and local taxes, such distributions will be subject to such state and
local taxes. When your investment is in an IRA, 401(k) plan or other taxadvantaged investment plan, you may be subject to federal income tax on ordinary income or capital gains upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. 12 J.P. MORGAN MONEY MARKET FUNDS

JPMorgan New York Municipal Money Market Fund

Class/Ticker: ETRADE/JNEXX
The Fund’s Objective
The Fund aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) ETRADE Management Fees 0.08% Distribution (Rule 12b-1) Fees 0.60 Other Expenses 0.39 Shareholder Service Fees 0.30 Remainder of Other Expenses 0.09 Total Annual Fund Operating Expenses 1.07 Fee Waivers and Expense Reimbursements1 (0.07) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1 1.00 1 The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of ETRADE Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.00% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:
1 Year 3 Years 5 Years 10 Years
ETRADE CLASS SHARES ($) 102 333 583 1,299 The Fund’s Main Investment Strategy Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Up to 20% of the Fund’s total assets may be invested in non-New York municipal obligations, subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements. JULY 1, 2013 13

JPMorgan New York Municipal Money Market Fund (continued)

The Fund is a money market fund managed in the following manner:
‰ The Fund seeks to maintain a net asset value of $1.00 per share. ‰ The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. ‰ The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. ‰ The Fund invests only in U.S. dollar-denominated securities. ‰ The Fund will only buy securities that present minimal credit risk. The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. The Fund’s Main Investment Risks The Fund is subject to management risk and the Fund may not achieve its objective if the adviser’s expectations regarding particular securities or interest rates are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund’s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. Credit Risk. The Fund’s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer’s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Risk of New York Obligations. Because the Fund invests primarily in municipal obligations issued by the State of New York, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. As the nation’s financial capital, New York’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector. Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a
municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund’s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund’s assets in cash. Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of 14 J.P. MORGAN MONEY MARKET FUNDS

its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or New York State or New York City personal income taxes. Consult your tax professional for more information. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the
instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other shortterm municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance. Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (“SEC”) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund’s ability to implement its investment strategies and may impact the Fund’s future operations and/or yields. JULY 1,
2013 15

JPMorgan New York Municipal Money Market Fund (continued)

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The Fund’s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of ETRADE Class Shares is based on the performance of Reserve Shares prior to the inception of the ETRADE Class Shares. The actual returns of the ETRADE Class Shares would have been lower than those shown because ETRADE Class Shares have higher expenses than Reserve Shares. To obtain current yield information call ETRADE Securities at 1-800-ETRADE-1 or go to www.etrade.com. Past performance is not necessarily an indication of how the Fund will perform in the future. YEAR-BY-YEAR RETURNS 3.00% 0.00% 1.00% 2.00% 2003 2004 2005 2006 2007 2008 2009 20112010 0.35% 0.46% 1.71% 2.77% 2.66% 1.13% 0.01% 0.10% 0.02%0.02% 2012 Best Quarter 4Q 2006 0.73% Worst Quarter 1Q, 2Q, 3Q and 4Q 2009 0.00% 1Q 2010 2Q, 3Q and 4Q 2011 1Q and 2Q 2012 The Fund’s year-to-date total return as of 3/31/13 was 0.00%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2012) Past 1 Year 5 Years 10 Years ETRADE CLASS SHARES 0.02% 0.25% 0.89% Management J.P. Morgan Investment Management Inc. Purchase and Sale of Fund Shares The Fund’s ETRADE Class Shares are offered only to clients of ETRADE Securities. ETRADE Class Shares may not be purchased directly by individuals, although ETRADE Securities may purchase ETRADE Class Shares for accounts maintained by individuals who generally have elected ETRADE Class Shares as a “sweep” investment. Purchase minimums For ETRADE Class Shares To establish an account No minimum levels To add to an account No minimum levels You may purchase or redeem shares on any business day that the Fund is open; ‰ Through ETRADE Securities LLC by calling 1-800-ETRADE-1 ‰ By writing to ETRADE Securities LLC, Harborside Financial Center, 501 Plaza II, 34 Exchange Place, Jersey City, NJ 07311. Tax Information The Fund’s distributions of interest on municipal obligations generally are not subject to federal income tax; however the Fund may distribute taxable dividends, including distributions of short-term capital gains, and long-term capital gains. In addition, interest on certain obligations may be subject to the federal alternative minimum tax. To the extent that the Fund’s distributions are derived from interest on obligations that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local
taxes. When your investment is in an IRA, 401(k) plan or other taxadvantaged investment plan, you may be subject to federal income tax on ordinary income or capital gains upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. 16 J.P. MORGAN MONEY MARKET FUNDS

More About the Funds

ADDITIONAL INFORMATION ABOUT THE FUNDS’
INVESTMENT STRATEGIES
The main investment strategies for a particular Fund are summarized in the Fund’s Risk/Return Summary. Each Fund may utilize these investment strategies to a greater or lesser degree. Each Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, each Fund is managed in the following manner:
‰ Each Fund seeks to maintain a net asset value of $1.00 per share. ‰ The dollar-weighted average maturity of each Fund will be 60 days or less, and the dollar-weighted average life to maturity will be 120 days or less. For a discussion of dollar weighted average maturity and dollar-weighted average life to maturity, please see page 30. ‰ Each Fund will only buy securities that have remaining maturities of 397 days or less as determined under Rule 2a-7. ‰ Each Fund invests only in U.S. dollar-denominated securities. ‰ Each taxable Fund will not acquire any security other than a daily liquid asset unless, immediately following such purchase, at least 10% of its total assets would be invested in daily liquid assets and each Fund will not acquire any security other than a weekly liquid asset unless, immediately following such purchase, at least 30% of its total assets would be invested in weekly liquid assets. “Daily liquid assets” include (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business day. “Weekly liquid assets” include (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days. Each Fund will only buy securities that present minimal credit risk. These securities will:
‰ have one of the two highest short-term ratings from at least two nationally recognized statistical rating organizations, or one such rating if only one nationally recognized statistical rating organization rates that security; or ‰ have an additional third party guarantee in order to meet the rating requirements; or ‰ be considered of comparable quality by J.P. Morgan Investment Management Inc. (JPMIM), the Funds’ adviser, if the security is not rated. All of the Funds that are permitted to invest in repurchase agreements may engage in repurchase agreement transactions that are collateralized by cash or government securities. The Liquid Assets Money Market Fund may, in addition, engage in repurchase agreement transactions that are collateralized by money market instruments, debt securities, loan participations or other securities, including equity securities and securities that are rated below investment grade by the requisite nationally recognized statistical rating organizations or unrated securities of comparable quality. High yield securities (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. FUNDAMENTAL INVESTMENT OBJECTIVES An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of the Fund. The investment objective for each of the Liquid Assets Money Market Fund and Municipal Money Market Fund is fundamental. The investment objective for each of the California Municipal Money Market Fund and New York Municipal Money Market Fund is non-fundamental and may be changed without the consent of a majority of the outstanding shares of that Fund. INVESTMENT RISKS There can be no assurance that a Fund will achieve its investment objectives. The main risks associated with investing in the Funds are summarized in “Risk/Return Summaries” at the front of this prospectus. More detailed descriptions of the main risks and additional risks of the Funds are described below. Please note that the Funds also may use strategies that are not described in this section, but which are described in the Statement of Additional Information. Interest Rate Risk. Although each Fund is generally less sensitive to interest rate changes than are funds that invest in longer-term securities, changes in short-term interest rates will cause changes to that Fund’s yield. In addition, a low-interest rate environment may prevent a Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. Credit Risk. There is a risk that the issuer of a security, or the counterparty to a contract, repurchase agreement or other investment, will default or otherwise become unable to honor a financial obligation. The price and liquidity of a security can also be adversely affected if either its credit status or the market environment
generally deteriorates and the probability JULY 1, 2013 17

More About the Funds (continued)

of default rises. The value of your investment could decline as a result of these events. Mortgage-Related and Other Asset-Backed Securities Risk. (applicable to Liquid Assets Money Market Fund) Mortgagerelated and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and assetbacked securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, during such periods and also under normal conditions, these securities are also subject to prepayment and call risk. Gains and losses associated with prepayments will increase/ decrease the income available for distributions by a Fund and the Fund’s yield. When mortgages and other obligations are prepaid and when securities are called, a Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, a Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, a Fund may exhibit additional volatility. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default described under “Credit Risk”. Government Securities Risk. A Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to a Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds
to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. Redemption Risk. A Fund could experience a loss and the Fund’s net asset value may be affected when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. A Fund may be forced to sell its holdings when shareholders of the Fund make relatively large redemption requests. Furthermore, when markets are illiquid, a Fund may be unable to sell illiquid securities at its desired time or price. Illiquidity can be caused by a drop in overall market trading volume, an inability to find a ready buyer, or legal restrictions on the securities’ resale. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress. Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. A repurchase agreement is subject to the risk that the seller may fail to repurchase the security. In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the underlying securities would not be owned by a Fund, but would only constitute collateral for the seller’s obligation to pay the repurchase price. Therefore, a Fund may suffer time delays and incur costs in connection with the disposition of the collateral. For example, certain repurchase agreements a Fund may enter into may or may not be subject to an automatic stay in bankruptcy proceedings. As a result of the automatic stay, to the extent applicable, a Fund could be prohibited from selling the collateral in the event of a counterparty’s bankruptcy unless the Fund is able to obtain the approval of the bankruptcy court. In addition, to the extent that a repurchase agreement is secured by collateral other than cash and government securities (“Non-Traditional Collateral”), these risks may be magnified and the value of Non-Traditional Collateral may be more volatile or less liquid thereby increasing the risk that a Fund will be unable to recover fully in the event of a counterparty’s default. High yield securities (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. Foreign Securities Risk. (applicable to Liquid Assets Money Market Fund) To the extent that the Fund invests in foreign securities, these investments are subject to special risks in addition to
those of U.S. investments. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of some foreign markets, all of which could adversely 18 J.P. MORGAN MONEY MARKET FUNDS

affect the Fund’s investments in a foreign country. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Structured Product Risk. (applicable to Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund) Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to a Fund. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on a Fund’s ability to sell the securities at any given time. Such securities also may lose value. Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic
downturn. This could decrease a Fund’s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Factors contributing to the economic stress on municipalities may include lower property tax collections as a result of lower home values, lower sales tax revenue as a result of consumers cutting back spending, and lower income tax revenue as a result of a higher unemployment rate. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for a Fund to sell the security at the time and the price that normally prevails in the market. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of a Fund’s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these obligations could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. In addition to being downgraded, an insolvent municipality may file for bankruptcy. For example, Chapter 9 of the Bankruptcy Code provides a financially distressed municipality protection from its creditors while it develops and negotiates a plan for reorganizing its debts. “Municipality” is defined broadly by the Bankruptcy Code as a “political subdivision or public agency or instrumentality of a state” and may include various issuers of obligations in which a Fund invests. The reorganization of a municipality’s debts may include extending debt maturities, reducing the amount of principal or interest, refinancing the debt or taking other measures, which may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of a Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for a Fund to be able to invest in accordance with its normal investment policies. Interest on
municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax. When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. (applicable to Liquid Assets Money Market Fund) The Fund may purchase or sell securities which it JULY 1, 2013 19

More About the Funds (continued)

is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. Risk of California Obligations. (applicable to California Municipal Money Market Fund) Because the Fund primarily invests in issuers in the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. During the recent recession, California experienced a significant economic downturn. Although some signs of recovery have emerged, this recovery may be slow as the state continues to face financial difficulties due to weakened economic conditions. Any deterioration of California’s fiscal situation could increase the risk of investing in California municipal securities, including the risk of potential issuer default, and could heighten the risk that the prices of California municipal securities, and the Fund’s net asset value and/or yield, will experience greater volatility. Furthermore, any such deterioration could result in a downgrade of the credit rating of an issuer of California municipal securities. Future downgrades could reduce the market value of the securities held by the Fund, which could adversely affect the Fund’s performance. Risk of New York Obligations. (applicable to New York Municipal Money Market Fund) Because the Fund invests primarily in municipal obligations issued by the State of New York, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Additionally, as the nation’s financial capital, New York’s economy is heavily dependent on the financial sector and may be sensitive to economic problems affecting the sector. New York also faces a particularly large degree of uncertainty from interest rate risk and equity market
volatility. The New York economy tends to be more sensitive to monetary policy actions and to movements in the national and world economies than the economies of other states. During the recent recession, New York experienced a significant economic downturn. Although some signs of recovery have emerged, this recovery may be slow as the state continues to face financial difficulties due to weakened economic conditions. Any deterioration of New York’s fiscal situation could increase the risk of investing in New York municipal securities, including the risk of potential issuer default, and could heighten the risk that the prices of New York municipal securities, and the Fund’s net asset value and/or yield, will experience greater volatility. Furthermore, any such deterioration could result in a downgrade of the credit rating of an issuer of New York municipal securities. Future downgrades could reduce the market value of the securities held by the Fund, which could adversely affect the Fund’s performance. For more information about risks associated with the types of investments that the Funds purchase, please read the Statement of Additional Information. TEMPORARY DEFENSIVE POSITIONS For liquidity and to respond to unusual market conditions, the Funds may hold all or most of their total assets in cash for temporary defensive purposes. This may result in a lower yield and prevent the Funds from meeting their investment objectives. Municipal Money Market Fund Up to 20% of the Fund’s total net assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. The Fund may exceed this 20% limit for temporary defensive purposes. California Municipal Money Market Fund Up to 20% of the Fund’s total assets may be invested in non-California municipal obligations, subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements. The Fund may exceed this limit for temporary defensive purposes. For example, when suitable municipal obligations are unavailable, the Fund may buy municipal obligations from other states. These would generally be subject to California personal income taxes. New York Municipal Money Market Fund Up to 20% of the Fund’s total assets may be invested in non-New York municipal obligations, subject to New York personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements. The Fund may exceed this limit for temporary defensive purposes. For example, when suitable municipal obligations are unavailable the Fund may buy municipal obligations from other 20 J.P. MORGAN MONEY MARKET FUNDS

states. These would generally be subject to New York State and New York City personal income taxes. Temporary Defensive Position Risk Liquid Assets Money Market Fund If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective. Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund If a Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income. ADDITIONAL HISTORICAL PERFORMANCE INFORMATION Some of the companies that provide services to the Funds have in the past agreed not to collect some expenses and to reimburse others. Without these agreements, the performance figures would have been lower than those shown. Each Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality, and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on SEC rules then in-effect and is not an indication of future returns. Liquid Assets Money Market Fund Historical performance for the ETRADE Class Shares prior to 1/1/10 in the bar chart and 1/8/09 in the table is based on the performance of the Fund’s Investor Shares, which invest in the same portfolio of securities. Investor Shares are not offered in this prospectus. Prior class performance for the Investor Shares has been adjusted to reflect differences in expenses between the classes. Municipal Money Market Fund Historical performance for the ETRADE Class Shares prior to 1/1/07 in the bar chart and 1/17/06 in the table is based on the performance of the Fund’s Premier Shares, which invest in the same portfolio of securities. Premier Shares are not offered in this prospectus. Prior class performance for the Premier Shares has been adjusted to reflect differences in expenses between the classes. California Municipal Money Market Fund Historical performance for the ETRADE Class Shares prior to 1/1/07 in the bar chart and 1/17/06 in the table is based on the performance of the Fund’s Morgan Shares, which invest in the same portfolio of securities. Morgan Shares are not offered in this prospectus. The actual returns of the ETRADE Class Shares would have been lower than those shown because ETRADE Class Shares have higher expenses than Morgan Shares. New York Municipal Money Market Fund Historical performance for the ETRADE Class Shares prior to 1/1/07 in the bar chart and 1/17/06 in the table is based on the performance of the Fund’s Reserve Shares, which invest in the same portfolio of securities. Reserve Shares are not offered in this prospectus. The actual returns of the ETRADE Class Shares would have been lower than the returns shown because ETRADE Class Shares
have higher expenses than Reserve Shares. JULY 1, 2013 21

The Funds’ Management and Administration

The California Municipal Money Market Fund and New York Municipal Money Market Fund are series of JPMorgan Trust I (JPMT I) and the Liquid Assets Money Market Fund and Municipal Money Market Fund are series of JPMorgan Trust II (JPMT II). Each Trust is a Delaware statutory trust. Each Trust is governed by Trustees who are responsible for overseeing all business activities of their Funds. In addition to the Funds, each Trust consists of other series representing separate investment funds (each, a “J.P. Morgan Fund”). Each of the Funds operates in a multiple class structure. A multiple class fund is an open-end investment company that issues two or more classes of shares representing interests in the same investment portfolio. Each class in a multiple class fund can set its own transaction minimums and may vary with respect to expenses for distribution, administration and shareholder services. This means that one class could offer access to a Fund on different terms than another class. Certain classes may be more appropriate for a particular investor. Each Fund may issue other classes of shares that have different expense levels and performance and different requirements for who may invest. A Financial Intermediary (as described below) who receives compensation for selling Fund shares may receive a different amount of compensation for sales of different classes of shares. The Funds’ Investment Adviser J.P. Morgan Investment Management Inc. (JPMIM) acts as investment adviser to the Funds and makes the day-to-day investment decisions for the Funds. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (JPMorgan Chase), a bank holding company. JPMIM is located at 270 Park Avenue, New York, NY 10017. During the most recent fiscal period ended 2/28/13, JPMIM was paid management fees (net of waivers, if any), as shown below, as a percentage of average daily net assets:
Liquid Assets Money Market Fund 0.08%
Municipal Money Market Fund 0.08
California Municipal Money Market Fund 0.08 New York Municipal Money Market Fund 0.08 A discussion of the basis the Trustees of each Trust used in reapproving the investment advisory agreements for the Funds is available in the semi-annual reports for the most recent fiscal period ended August 31. The Funds’ Administrator JPMorgan Funds Management, Inc. (the Administrator) provides administrative services and oversees the other service providers of the Funds. The Administrator receives a pro-rata portion of the following annual fee on behalf of each Fund for administrative services: 0.10% of the first $100 billion of average daily net assets of all money market funds in the J.P. Morgan Funds Complex plus 0.05% of average daily net assets of such Funds over $100 billion. The Funds’ Shareholder Servicing Agent JPMT I and JPMT II, on behalf of the Funds, have entered into a shareholder servicing agreement with JPMorgan Distribution Services, Inc. (JPMDS) under which JPMDS has agreed to provide certain support services to the Funds’ shareholders. For performing these services, JPMDS, as shareholder servicing agent, receives an annual fee of 0.30% of the average daily net assets of ETRADE Class Shares of each Fund. JPMDS has entered into service agreements with ETRADE Securities LLC or its affiliate (ETRADE Securities) under which it will pay all or a portion of the 0.30% annual fees to ETRADE Securities for performing shareholder and administrative services. The amount payable for “service fees” (as defined by the Financial Industry Regulatory Authority (FINRA)) does not exceed 0.25% of the average annual net assets attributable to the ETRADE Class Shares of each Fund. The Funds’ Distributor JPMDS (the Distributor) is the distributor for the Funds. The Distributor is an affiliate of JPMIM and the Administrator. Each of the Funds has adopted a Rule 12b-1 distribution plan under which they pay annual distribution fees of up to 0.60% of the average daily net assets attributable to ETRADE Class Shares. Rule 12b-1 fees are paid by the Funds to the Distributor as compensation for its services and expenses in connection with the sale and distribution of Fund shares. The Distributor in turn pays all or part of these Rule 12b-1 fees to ETRADE Securities under an agreement with the Distributor to sell shares of the Funds. Payments are not tied to the amount of actual expenses incurred. Because Rule 12b-1 expenses are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges. Additional Compensation to Financial Intermediaries JPMIM, JPMDS and, from time to time, other affiliates of JPMorgan Chase may also, at their own expense and out of their own legitimate profits, provide additional cash payments to Financial Intermediaries, including an affiliate of ETRADE Securities, for services provided to customers who invest in shares of the J.P.
Morgan Funds. For this purpose, Financial Intermediaries include financial advisors, investment advisers, 22 J.P. MORGAN MONEY MARKET FUNDS

brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others, including various affiliates of JPMorgan Chase, that have entered into agreements with JPMDS. These additional cash payments are payments over and above any sales charges (including Rule 12b-1 fees), shareholder servicing, sub-transfer agency and/or networking fees that are paid to such Financial Intermediaries, as described elsewhere in this prospectus. These additional cash payments are generally made to Financial Intermediaries that provide shareholder, sub-transfer agency or administrative services or marketing support. Marketing support may include access to sales meetings, sales representatives and Financial Intermediary management representatives, inclusion of the J.P. Morgan Funds on a sales list, or other sales programs and/ or for training and educating a Financial Intermediary’s employees. These additional cash payments also may be made as an expense reimbursement in cases where the Financial Intermediary provides shareholder services to J.P. Morgan Fund shareholders. Such additional compensation may provide such Financial Intermediaries with an incentive to favor sales of shares of the J.P. Morgan Funds over other investment options they make available to their customers. See the Statement of Additional Information for more information. JULY 1, 2013 23

How Your Account Works

Each Fund’s ETRADE Class Shares are offered only to clients of ETRADE Securities. ETRADE Class Shares may not be purchased directly by individuals, although ETRADE Securities may purchase ETRADE Class Shares for accounts maintained by individuals who generally have elected ETRADE Class Shares as a “sweep” investment. Individuals for whom ETRADE Securities purchases Fund shares should contact ETRADE Securities to purchase or sell Fund shares. ETRADE Securities may impose policies, limitations and fees which are different than those described herein. BUYING FUND SHARES You do not pay any sales charge (sometimes called a load) when you buy ETRADE Class Shares of these Funds. The price you pay for your shares is the net asset value (NAV) per share of the class. NAV is the value of everything a class of a Fund owns, minus everything the class owes, divided by the number of shares of that class held by investors. The Funds seek to maintain a stable NAV per share of $1.00. Each Fund uses the amortized cost method to value its portfolio of securities provided that certain conditions are met, including that the Fund’s Board of Trustees continues to believe that the amortized cost valuation fairly reflects the market-based net asset value per share of the Fund. This method provides more stability in valuations. However, it may also result in periods during which the stated value of a security is different than the price the Fund would receive if it sold the investment. The NAV of each class of shares is generally calculated as of each cut-off time each day the Funds are accepting orders. You will pay the next NAV per share calculated after J.P. Morgan Institutional Funds Service Center accepts the order. Shares are available on any business day that the Federal Reserve Bank of New York (Federal Reserve) is open, except as noted below. In addition to weekends, the Federal Reserve is closed on the following national holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas Day. A Fund may also close on days when the Federal Reserve is open and the New York Stock Exchange (NYSE) is closed, such as Good Friday. On any business day when the Securities Industry and Financial Markets Association (SIFMA) recommends that the securities markets close trading early, a Fund may close early. On occasion, the NYSE closes before 4:00 p.m. Eastern Time (ET). When the NYSE closes early, a Fund may also elect to close early and purchase orders accepted by the Fund after the early closing will be effective the following business day. Each Fund, however, may elect to remain open following an early close of the NYSE. If a purchase order is accepted by the Fund before the Fund’s close on a day when the NYSE closes early but the Fund remains open, or on a day when the Fund is open but the NYSE is not, it will become effective following the Fund’s next
calculation of its NAV. Purchase orders accepted after a Fund’s final calculation of NAV for the day will be effective the following business day. Your purchase through ETRADE Securities will be processed at the next price following receipt of the order from ETRADE Securities and acceptance by a Fund, which may not occur on the day that the order is submitted to ETRADE Securities. The NAV of each class of shares is generally calculated as of the following times each day the Funds are accepting purchase orders and redemption requests (each such time, including the final of such times each day, a cut-off time): for Liquid Assets Money Market Fund, 8:00 A.M., 9:00 A.M, 10:00 A.M., 11:00 A.M., 12:00 P.M., 1:00 P.M., 2:00 P.M., 3:00 P.M, 4:00 P.M. and 5:00 P.M. ET; and for each of Municipal Money Market Fund, California Municipal Money Market Fund, and New York Municipal Money Market Fund, 8:00 A.M., 9:00 A.M, 10:00 A.M., 11:00 A.M. and 12:00 P.M. ET. If a Fund accepts your purchase order and receives payment the same day, as described below, your order will be processed at the price calculated at the next cut-off time and you will be entitled to all dividends declared on that day. If the Fund accepts your purchase order after the final cut-off time for a day, it will be processed at the next day’s first calculated price. If the Fund does not receive payment on the same day that your order is placed, as described below, you will not be entitled to any dividends declared on that day. The Funds have the right to refuse any purchase order or to stop offering shares for sale at any time. In addition, in its discretion, the Board of Trustees of the Funds may elect to calculate the price of a Fund’s shares once per day. Under certain circumstances, the Board of Trustees has delegated to management the ability to temporarily suspend one or more cut-off times for a Fund, other than the last cut-off time of the day. Share ownership is electronically recorded; therefore, no certificate will be issued. ETRADE Securities will be responsible for transmitting your purchase order and payment to a Fund by the applicable deadlines. ETRADE Securities may have earlier cut-off times for purchase orders. In addition, ETRADE Securities may be closed at times when the Fund is open. In order to receive a dividend on the day that you submit your order, a Fund must receive “federal funds” or other immediately available funds by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. ET) on the same business day the purchase order is placed. In the event that an order is placed by a cut-off time specified above and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire 24 J.P. MORGAN MONEY MARKET FUNDS

transfer system or other immediately available funds that same day, you will not accrue a dividend on that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund’s transfer agent. If you pay by other acceptable methods, before the final cut-off time on a day, we will process your order that day, but you will not receive any dividends declared on that day. Payments received electronically from ETRADE Securities on your behalf for trades accepted by the Fund will begin to receive dividends the day payment is received by the Fund. General The J.P. Morgan money market funds (including the Funds in this prospectus) are intended for short-term investment horizons, and do not monitor for market timers or prohibit shortterm trading activity. Although these Funds are managed in a manner that is consistent with their investment objectives, frequent trading by shareholders may disrupt their management and increase their expenses. An affiliate of ETRADE Securities will be paid by JPMDS to assist you in establishing your account, executing transactions and monitoring your investment. E*TRADE Securities may provide the following services in connection with their customers’ investments in the Funds:
‰ Acting directly or through an agent, as the sole shareholder of record. ‰ Maintaining account records for customers.

‰ Processing orders to purchase, redeem or exchange shares

for customers.
‰ Responding to inquiries from shareholders.
‰ Assisting customers with investment procedures.
Federal law requires all financial institutions, including ETRADE Securities, to obtain, verify and record information that identifies each person who opens an account. When you open an account, you will be asked for certain information. Your Account Application is required by law to be rejected if the required identifying information is not provided. Once all required information is received, federal law requires that your identity be verified. After an account is opened, your ability to purchase additional shares may be restricted until your identity is verified. If your identity cannot be verified within a reasonable time, your account may be closed and redeemed at the NAV per share next calculated after the account is closed. SELLING FUND SHARES You can sell your shares on any day that the Funds are open for business. You will receive the NAV per share calculated at the next cut-off time after the Fund receives your order. A redemption order must be in good order and supported by all appropriate documentation and information in proper form. The Funds may refuse to honor incomplete orders. Under normal circumstances, if a Fund receives your order before the Fund’s final daily cut-off time, the Fund will make available to you the proceeds that same business day by wire. Proceeds may be made available throughout the day following the calculation of NAVs. For trades submitted through ETRADE Securities, it is the responsibility of each Financial Intermediary to submit orders to the Fund by the final daily cut-off time in order to receive proceeds that same business day by wire. Otherwise, except as set forth in the section “Suspension of Redemptions” below, your redemption proceeds will be paid within seven days (one day for the JPMorgan Liquid Assets Money Market Fund) after the Fund receives the redemption order. Shareholders that redeem shares and purchase additional shares on the same day will receive dividends as set forth above under ‘‘Buying Fund Shares’’. Dividends will not accrue on shares that are redeemed and paid on a same day basis. Other redeeming shareholders will accrue dividends on the redemption date. Contact ETRADE Securities about which Fund’s shares you want to sell. Once the Fund accepts your order, supported by all appropriate documentation and information in good order, from ETRADE Securities, the Fund will process it at the NAV calculated at the next cut-off time. The Fund may or may not receive the required documentation on the same day it is submitted to ETRADE Securities. ETRADE Securities may charge you for this service. E*TRADE Securities may have earlier cut-off times for redemption orders. Redemptions-In-Kind Generally, all redemptions will be for cash. However, if you redeem shares worth $250,000 or more, a Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash. If payment is made in securities, a Fund will value the securities selected in the
same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the Fund and its remaining shareholders. OTHER INFORMATION CONCERNING THE FUNDS The Funds use reasonable procedures to confirm that instructions given by telephone are genuine. These procedures include recording telephone instructions and asking for personal identification. If these procedures are followed, the Funds will not be responsible for any loss, liability, cost or expense of acting upon unauthorized or fraudulent instructions; you bear the risk of loss. JULY 1, 2013 25

How Your Account Works (continued)

Suspension of Redemptions
The Funds may suspend your ability to redeem or may postpone payment for more than seven days (one day for the JPMorgan Liquid Assets Money Market Fund) when:

Trading on the NYSE is restricted;
The NYSE is closed (other than weekend and holiday
closings);
Federal securities laws permit (with regard to JPMorgan
Liquid Assets Money Market Fund, upon the occurrence of any of the conditions set forth under Section 22(e) of the Investment Company Act of 1940);
The SEC has permitted a suspension; or
An emergency exists, as determined by the SEC.
If the Board of Trustees, including a majority of the Independent Trustees, determines that the deviation between a Fund’s amortized cost price per share and the market-based NAV per share may result in material dilution or other unfair results, the Board, subject to certain conditions, may suspend redemptions and payments in order to facilitate the permanent termination of the Fund in an orderly manner. If this were to occur, it would likely result in a delay in your receipt of your redemption proceeds. See “Purchases, Redemptions and Exchanges” in the Statement of Additional Information for more details about this process. 26 J.P. MORGAN MONEY MARKET FUNDS

Shareholder Information

DISTRIBUTIONS AND TAXES
Each Fund has elected to be treated and intends to qualify each year as a regulated investment company. A regulated investment company is not subject to tax at the corporate level on income and gains from investments that are distributed to shareholders. A Fund’s failure to qualify as a regulated investment company would result in corporate-level taxation and, consequently, a reduction in income available for distribution to shareholders. Each Fund can earn income and realize capital gain. Each Fund deducts any expenses and then pays out the earnings, if any, to shareholders as distributions. Each Fund declares dividends of net investment income, if any, daily, so your shares can start earning dividends on the day you buy them. Each Fund distributes such dividends monthly in the form of additional Fund shares of the same class, unless you tell us that you want distributions in cash or as a deposit in a pre-assigned bank account. The taxation of dividends will not be affected by the form in which you receive them. For each taxable year, each Fund will distribute substantially all of its net investment income and short-term capital gain. For federal income tax purposes, dividends of net investment income (other than “exempt-interest dividends” as described below) and any net short-term capital gain, generally are taxable as ordinary income. If, at the close of each quarter of its taxable year, at least 50% of the value of a Fund’s total assets consists of tax-exempt interest obligations, the Fund will be eligible to designate distributions of interest derived from tax-exempt interest obligations as “exempt-interest dividends.” Properly reported exempt-interest dividends paid by the California Municipal Money Market Fund, New York Municipal Money Market Fund and Municipal Money Market Fund generally are not subject to federal income taxes, but may be subject to state and local taxes and may be subject to federal alternative minimum tax, both for individual and corporate shareholders. It is unlikely that dividends from any of the Funds will qualify to any significant extent for the reduced tax rate applicable to qualified dividend income. Dividends of interest earned on bonds issued by the U.S. government and its agencies may also be exempt from some types of state and local taxes. The state or municipality where you live might not charge you state and local taxes on properly reported exemptinterest dividends earned on certain bonds. You should consult your tax advisor concerning your own tax situation and the state and local tax consequences of investing in a Fund. Shareholders who receive social security or railroad retirement benefits should also consult their tax advisors to determine what effect, if any, an investment in any of the Funds may have on the federal taxation of their benefits. Exempt-interest dividends are generally included in income for purposes of determining the amount of benefits that are taxable. For taxable years
beginning after December 31, 2012, an additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares, but excluding any exempt interest dividends from a Fund) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceed certain threshold amounts. If you receive distributions that are properly reported as capital gain dividends, the tax rate will be based on how long the Fund held a particular asset, not on how long you have owned your shares. Each Fund expects substantially all of its distributions of capital gain to be attributable to short-term capital gain which is taxed as ordinary income. No Fund expects to realize longterm capital gain or loss. A Fund’s investments in certain debt obligations and asset backed securities may require a Fund to accrue and distribute income not yet received. In order to generate sufficient cash to make the requisite distributions, a Fund may be required to liquidate other investments in its portfolio that it otherwise would have continued to hold, including when it is not advantageous to do so. Regarding the Liquid Assets Money Market Fund, the Fund’s investment in foreign securities may be subject to foreign withholding or other taxes. In that case, the Fund’s yield would be decreased. The information below is only a general summary based on current statutes and regulations as well as current policies of each state, all of which may change, possibly with retroactive effect. You should consult your tax advisor concerning your own tax situation and the state and local tax consequences of investing in the Funds. California Taxes. California personal income tax law provides that dividends paid by a regulated investment company, or series thereof, from interest on obligations that would be exempt from California personal income tax if held directly by an individual, are excludable from gross income if such dividends are reported by the Fund as such exempt-interest dividends in written statements furnished to shareholders. In general, such exempt obligations will include California exempt and U.S. exempt obligations. Moreover, for a Fund to qualify to pay such exempt-interest dividends under California law, at least 50% of the value of its assets must consist of such exempt obligations at the close of each quarter of its fiscal year and such Fund must be qualified as a regulated investment company. Distributions to individual shareholders derived from items other than exempt-interest described above will be subject to California personal income tax. In addition, corporate shareholders should note that dividends will not be exempt from California corporate franchise tax and may not be exempt JULY
1, 2013 27

Shareholder Information (continued)

from the California corporate income tax. California has an alternative minimum tax similar to the federal alternative minimum tax. However, the California alternative minimum tax does not include interest from private activity municipal obligations as an item of tax preference. Interest on indebtedness incurred or continued by a shareholder in connection with the purchase of shares of a Fund will not be deductible for California personal income tax purposes. Under California law, exempt-interest dividends (including some dividends paid after the close of the year as described in Section 855 of the Internal Revenue Code of 1986, as amended (the “Code”)) may not exceed the excess of (A) the amount of interest received by the fund which would be tax-exempt interest if the obligations on which the interest was paid were held by an individual over (B) the amount that would be considered expenses related to exempt income and thus would not be deductible under California personal income tax law. Investors should consult their tax advisors about other state and local tax consequences of the investment in the Fund. New York Taxes. Dividends received from the New York Municipal Money Market Fund that are derived from interest attributable to obligations of the State of New York or certain other governmental entities (for example, the Commonwealth of Puerto Rico or the U.S. Virgin Islands), the interest on which was excludable from gross income for purposes of both federal income taxation and New York State and City personal income taxation (“New York Tax-Exempt Bonds”) and designated as such, generally are exempt from New York State and New York City personal income tax as well as from the New York City unincorporated business tax (but not New York State corporate franchise tax or the New York City general corporate tax), provided that such dividends constitute exempt-interest dividends under Section 852(b)(5) of the Code, as amended. Dividends and other distributions (aside from exempt-interest dividends derived from New York Tax-Exempt Bonds) generally are not exempt from New York State and New York City taxes. For New York State and City tax purposes, distributions of net long-term capital gain will be taxable at the same rates as ordinary income. Distributions by the Fund from investment income and capital gains, including exempt-interest dividends, also generally are included in a corporation’s net investment income for purposes of calculating such corporation’s obligations under the New York State franchise tax and the New York City general corporation tax, if received by a corporation subject to those taxes, and will be subject to such taxes to the extent that a corporation’s net investment income is allocated to New York State and/or New York City. To the extent that investors are subject to state and local taxes outside of New York State, all dividends paid by the Fund may be taxable income for purposes thereof. To the extent that the
Fund’s dividends are derived from interest attributable to the obligations of any other state or of a political subdivision of any such other state or are derived from capital gains, such dividends generally will not be exempt from New York State or New York City tax. The New York AMT excludes tax-exempt interest as an item of tax preference. Interest incurred to buy or carry shares of the Fund is not deductible for federal, New York State or New York City personal income tax purposes. The foregoing is a general summary of the New York State and New York City tax consequences of investing in the Fund. Investors should consult their tax advisors about other New York and state and local tax consequences of investment in the Fund. Please see the Statement of Additional Information for additional discussion of the tax consequences of the above-described and other investments to each Fund and its shareholders. The dates on which dividends and capital gain, if any, will be distributed are available online at www.jpmorganfunds.com. Early in each calendar year, each Fund will send you a notice showing the amount of distributions you received in the preceding year and the tax status of those distributions. Any investor for whom a Fund does not have a valid Taxpayer Identification Number may be subject to backup withholding. The Funds are not intended for foreign shareholders. Any foreign shareholders would generally be subject to U.S. tax withholding on distributions by the Funds, as discussed in the Statement of Additional Information. The tax considerations described in this section do not apply to tax-deferred accounts or other non-taxable entities. The above is a general summary of the tax implications of investing in the Funds. Because each investor’s tax consequences are unique, please consult your tax advisor to see how investing in the Funds will affect your own tax situation. IMPORTANT TAX REPORTING CONSIDERATIONS Your Financial Intermediary or the Fund (if you hold your shares in a Fund direct account) is required to report gains and losses to the IRS in connection with redemptions of shares by S corporations purchased after January 1, 2012. If a shareholder is a corporation and has not instructed the Fund that it is a C corporation in its account application or by written instruction to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528, the Fund will treat the shareholder as an S corporation and file a Form 1099-B. SHAREHOLDER STATEMENTS AND REPORTS The Funds or your Financial Intermediary will send you transaction confirmation statements and/or account statements. Please review these statements carefully. The Funds will correct errors if notified within 10 days of the date printed on the transaction confirmation or account statement. Your Financial Intermediary may have a different cut-off time. J.P. Morgan Funds will charge a fee for requests for statements that are 28 J.P. MORGAN MONEY MARKET FUNDS

older than two years. Please retain all of your statements, as they could be needed for tax purposes. After each fiscal half-year, you will receive a financial report from the Funds or your Financial Intermediary. In addition, the Funds or your Financial Intermediary will periodically send you proxy statements and other reports. If you have any questions or need additional information, please write to E*TRADE Securities LLC, Harborside Financial Center, 501 Plaza II, 34 Exchange Place, Jersey City, NJ 07311 or call 1-800-ETRADE-1 (1-800-387-2331). AVAILABILITY OF PROXY VOTING RECORD The Trustees have delegated the authority to vote proxies for securities owned by each Fund to JPMIM. A copy of each Fund’s voting record for the most recent 12-month period ended June 30 will be available on the SEC’s website at www.sec.gov or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. Each Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal. PORTFOLIO HOLDINGS DISCLOSURE Each business day, each Fund will make available upon request an uncertified complete schedule of its portfolio holdings as of the prior business day. Not later than 60 days after the end of each fiscal quarter, each Fund will make available, upon request, a complete schedule of its portfolio holdings as of the last day of that quarter. In addition to providing hard copies upon request, the Funds will post these quarterly schedules on the J.P. Morgan Funds’ website at www.jpmorganfunds.com/ETRADE and on the SEC’s website at www.sec.gov. Not later than five business days after the end of each calendar month, each Fund will post detailed information regarding its portfolio holdings, as well as its dollar-weighted average maturity and dollar-weighted average life, as of the last day of that month on the J.P. Morgan Funds’ website at www.jpmorganfunds.com/ETRADE and provide a link to the SEC website where the most recent twelve months of publicly available information filed by the Fund may be obtained. In addition, not later than five business days after the end of each calendar month, each Fund will file a schedule of detailed information regarding its portfolio holdings as of the last day of that month with the SEC. These filings will be publicly available on a delayed basis on the J.P. Morgan Funds’ website at www.jpmorganfunds.com/ETRADE and the SEC’s website 60 days after the end of each calendar month. A description of the Funds’ policies and procedures with respect to the disclosure of the Funds’ portfolio holdings is available in the Statement of Additional Information. In addition, each Fund may post portfolio holdings on the J.P. Morgan Funds’ website at www.jpmorganfunds.com or on the J.P. Morgan external websites. On each business day, all Funds will post their level of weekly
liquid assets as of the prior business day and the Funds (other than tax free and municipal money market funds) will post their level of daily liquid assets as of the prior business day on the J.P. Morgan Funds’ website at www.jpmorganfunds.com. DISCLOSURE OF MARKET-BASED NET ASSET VALUE On each business day, each of the Funds will post its marketbased NAV per share (Market-Based NAV) for the prior business day, as calculated using current market quotations (or an appropriate substitute that reflects current market conditions) to value its NAV per share to four decimal places on the J.P. Morgan Funds’ website at www.jpmorganfunds.com. The Market-Based NAV will be provided for informational purposes only. For purposes of transactions in the shares of each Fund, in accordance with Rule 2a-7, the price for shares will continue to be the NAV per share of the applicable share class, calculated using the amortized cost method to two decimals, as described under “How Your Account Works.” JULY 1, 2013 29

What the Terms Mean

Asset-backed securities: Interests in a stream of payments from specific assets, such as auto or credit card receivables. Commercial paper: Short-term securities with maturities of 1 to 270 days which are issued by banks, corporations and others. Demand notes: Debt securities with no set maturity date. The investor can generally demand payment of the principal at any time. Distribution fee: Covers the cost of the distribution system used to sell shares to the public. Dollar-weighted average maturity: The average maturity of the Fund is the average amount of time until the organization(s) that issued the debt securities in the Fund’s portfolio must pay off the principal amount of the debt. “Dollarweighted” means the larger the dollar value of debt security in the Fund, the more weight it gets in calculating this average. To calculate the dollar-weighted average maturity, the Fund may treat a variable or floating rate security as having a maturity equal to the time remaining to the security’s next interest rate reset date rather than the security’s actual maturity date. Dollar-weighted average life: The dollar weighted average portfolio maturity without reference to the exceptions used for variable or floating rate securities regarding the use of the date of interest rate resets in lieu of the security’s actual maturity date. Floating rate securities: Securities whose interest rates adjust automatically whenever a particular interest rate changes. Liquidity: The ability to easily convert investments into cash without losing a significant amount of money in the process. Management fee: A fee paid to the investment adviser to manage the Fund and make decisions about buying and selling the Fund’s investments. Municipal lease obligations: These provide participation in municipal lease agreements and installment purchase contracts, but are not part of general obligations of the municipality. Municipal obligations: Debt securities issued by or on behalf of states, territories and possessions or by their agencies or other groups with authority to act for them. Interest on certain municipal obligations, generally issued as general obligation and revenue bonds, is exempt from federal taxation and state and/or local taxes in the state where issued. Other expenses: Miscellaneous items, including transfer agency, administration, custody and registration fees. Repurchase agreement: A special type of a short-term investment. A dealer sells securities to a Fund and agrees to buy them back later for a set price. This set price includes interest. In effect, the dealer is borrowing the Fund’s money for a short time, using the securities as collateral. Reverse repurchase agreement: Contract whereby the Fund sells a security and agrees to repurchase it from the buyer on a particular date and at a specific price. Considered a form of borrowing. Shareholder service fee: A fee to cover the cost of paying Financial Intermediaries to provide certain support services for
your account. U.S. government securities: Debt instruments (Treasury bills, notes, and bonds) guaranteed by the U.S. government or its agencies or instrumentalities for the timely payment of principal and interest. Variable rate securities: Securities whose interest rates are periodically adjusted. 30 J.P. MORGAN MONEY MARKET FUNDS

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JULY 1, 2013 31

Financial Highlights

The financial highlights tables are intended to help you understand each Fund’s financial performance for each of the past one through five fiscal years or periods, as applicable. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose reports, along with each Fund’s financial statements, are included in the respective Fund’s annual report, which is available upon request. To the extent that a Fund invests in other funds, the Total Annual Operating Expenses included in the Fee Table will not correlate to the ratio of expenses to average net assets in the financial highlights below. E*TRADE Class Shares Per share operating performance Investment operations Distributions Net realized Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions Liquid Assets Money Market Fund Year Ended February 28, 2013 $1.00 $ —(e) $—(e) $ —(e) $ —(e) $—(e) $ —(e) Year Ended February 29, 2012 1.00 —(e) —(e) —(e) —(e) —(e) —(e) Year Ended February 28, 2011 1.00 —(e) —(e) —(e) —(e) —(e) —(e) Year Ended February 28, 2010 1.00 —(e) —(e) —(e) —(e) — —(e) January 8, 2009 (d) through February 28, 2009 1.00 —(e) — —(e) —(e) — —(e) Municipal Money Market Fund Year Ended February 28, 2013 1.00 —(e) —(e) —(e) —(e) — —(e) Year Ended February 29, 2012 1.00 —(e) —(e) —(e) —(e) — —(e) Year Ended February 28, 2011 1.00 —(e) —(e) —(e) —(e) —(e) —(e) Year Ended February 28, 2010 1.00 —(e) —(e) —(e) —(e) — —(e) Year Ended February 28, 2009 1.00 0.01 —(e) 0.01 (0.01) — (0.01) (a) Annualized for periods less than one year. (b) Not annualized for periods less than one year. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. (d) Commencement of offering of class of shares. (e) Amount rounds to less than $0.01. (f) Includes insurance expense of 0.03%. (g) Includes insurance expense of 0.02%. 32 J.P. MORGAN MONEY MARKET FUNDS

Ratios/Supplemental data
Ratios to average net assets (a)
Net asset value, end of period
Total return (b)
Net assets end of period
(000’s)
Net expenses (c)
Net investment income
(loss)
Expenses without waivers, reimbursements and earnings credits $1.00 0.05% 0.05 0.06 0.03 0.06 $2,446,643 199,806 187,244 179,380 1,761 0.27% 0.26 0.29 0.32 1.03(f) 0.05% 0.05 0.21 1.07% 1.07 1.07 1.06 1.09 1.00 0.01 0.01 0.02 0.01 1.06 1,874,152 1,736,816 1,696,495 1,557,507 1,370,189 0.28 0.31 0.36 0.63(g) 0.99(g) 0.01 1.08 1.07 1.09 1.09 JULY 1, 2013 33

Financial Highlights (continued)
E*TRADE Class Shares
Per share operating performance
Investment operations Distributions
Net realized
Net asset Net and unrealized value, investment gains Total from Net Net beginning income (losses) on investment investment realized Total of period (loss) investments operations income gain distributions California Municipal Money Market Fund Year Ended February 28, 2013 $1.00 $ —(a) $—(a) $ —(a) $ —(a) $—(a) $ —(a) Year Ended February 29, 2012 1.00 —(a) —(a) —(a) —(a) —(a) —(a) Year Ended February 28, 2011 1.00 —(a) —(a) —(a) —(a) —(a) —(a) Year Ended February 28, 2010 1.00 —(a) —(a) —(a) —(a) — —(a) Year Ended February 28, 2009 1.00 0.01 —(a) 0.01 (0.01) — (0.01) New York Municipal Money Market Fund Year Ended February 28, 2013 1.00 —(a) —(a) —(a) —(a) —(a) —(a) Year Ended February 29, 2012 1.00 —(a) —(a) —(a) —(a) — —(a) Year Ended February 28, 2011 1.00 —(a) —(a) —(a) —(a) —(a) —(a) Year Ended February 28, 2010 1.00 —(a) —(a) —(a) —(a) — —(a) Year Ended February 28, 2009 1.00 0.01 —(a) 0.01 (0.01) — (0.01) (a) Amount rounds to less than $0.01. (b) Includes insurance expense of 0.02%. (c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted. 34 J.P. MORGAN MONEY MARKET FUNDS

Ratios/Supplemental data
Ratios to average net assets
Net asset value, end of period
Total return
Net assets end of period
(000’s)
Net expenses (c)
Net investment income
(loss)
Expenses without waivers, reimbursements and earnings credits $1.00 0.01% 0.01 0.07 0.01 0.89 $925,909 889,873 847,499 702,599 618,240 0.22% 0.20 0.30 0.43(b) 0.96(b) 0.01% 0.01 0.92 1.07% 1.07 1.07 1.09 1.09 1.00 0.02 0.01 0.11 0.01 0.86 370,470 326,423 310,036 293,356 251,873 0.24 0.25 0.34 0.57(b) 0.98(b) 0.01 0.89 1.07 1.09 1.08 JULY 1, 2013 35

Additional Fee and Expense Information

ADDITIONAL FEE AND EXPENSE INFORMATION

FOR JPMT II FUNDS AND FORMER ONE GROUP MUTUAL FUNDS

In connection with the 2004 final settlement between Banc One Investment Advisors Corporation (BOIA), subsequently known as JPMorgan Investment Advisors Inc. (JPMIA), with the New York Attorney General arising out of market timing of certain mutual funds advised by BOIA, BOIA agreed, among other things, to disclose hypothetical information regarding investment and expense information to Fund shareholders. The hypothetical examples are provided for JPMT II Funds or those Funds that have acquired the assets and liabilities of a JPMT II Fund or a series of One Group Mutual Funds. The “Gross Expense Ratio” includes the contractual expenses that make up the investment advisory, administration and shareholder servicing fees, Rule 12b-1 distribution fees, fees paid to vendors not affiliated with JPMIM that provide services to the Funds and other fees and expenses of the Funds. The “Net Expense Ratio” is Gross Expenses less any fee waivers or expense reimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates, as applicable. Class Net Expense Ratio Gross Expense Ratio JPMorgan Liquid Assets Money Market Fund JPMorgan Municipal Money Market Fund ETRADE ETRADE 1.00% 1.00% 1.07% 1.07% A Fund’s annual return is reduced by its fees and expenses for that year. The examples below are intended to help you understand the annual and cumulative impact of the Fund’s fees and expenses on your investment through a hypothetical investment of $10,000 held for the next 10 years. The examples assume the following:
‰ On July 1, 2013, you invest $10,000 in the Fund and you will hold the shares for the entire 10 year period; ‰ Your investment has a 5% return each year; ‰ The Fund’s operating expenses remain at the levels discussed below and are not affected by increases or decreases in Fund assets over time; ‰ At the time of purchase, any applicable initial sales charges (loads) are deducted; and ‰ There is no sales charge (load) on reinvested dividends. ‰ The annual costs are calculated using the Net Expense Ratios for the period through the expiration of any fee waivers or expense reimbursements memorialized in a written contract between the Fund and JPMIM and/or its affiliates; and the Gross Expense Ratios thereafter. “Gross Cumulative Return” shows what the cumulative return on your investment at the end of each 12-month period (year) ended June 30 would be if Fund expenses are not deducted. “Net Cumulative Return” shows what the cumulative return on your investment at the end of each year would be assuming Fund expenses are deducted each year in the amount shown under “Annual Costs.” “Net Annual Return” shows what effect the “Annual Costs” will have on the assumed 5% annual return for each year. Your actual costs may be higher or lower than those shown. 36 J.P. MORGAN MONEY MARKET FUNDS

JPMorgan Liquid Assets Money Market Fund

ETRADE Class Shares
Gross Net Net
Annual Cumulative Cumulative Annual
Period Ended Costs Return
June 30, 2014 $102 5.00% 4.00% 4.00%
June 30, 2015 113 10.25 8.09 3.93
June 30, 2016 118 15.76 12.34 3.93
June 30, 2017 123 21.55 16.75 3.93
June 30, 2018 127 27.63 21.34 3.93
June 30, 2019 132 34.01 26.11 3.93
June 30, 2020 138 40.71 31.06 3.93
June 30, 2021 143 47.75 36.21 3.93
June 30, 2022 149 55.13 41.57 3.93
June 30, 2023 154 62.89 47.13 3.93
JPMorgan Municipal Money Market Fund
ETRADE Class Shares
Gross Net Net
Annual Cumulative Cumulative Annual
Period Ended Costs Return
June 30, 2014 $102 5.00% 4.00% 4.00%
June 30, 2015 113 10.25 8.09 3.93
June 30, 2016 118 15.76 12.34 3.93
June 30, 2017 123 21.55 16.75 3.93
June 30, 2018 127 27.63 21.34 3.93
June 30, 2019 132 34.01 26.11 3.93
June 30, 2020 138 40.71 31.06 3.93
June 30, 2021 143 47.75 36.21 3.93
June 30, 2022 149 55.13 41.57 3.93
June 30, 2023 154 62.89 47.13 3.93
JULY 1, 2013 37

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HOW TO REACH US
For Shareholder Inquiries:
By telephone
Call ETRADE Securities LLC at 1-800-ETRADE-1 (1-800-387-2331) By mail Write to:
ETRADE Securities LLC
Harborside Financial Center
501 Plaza II
34 Exchange Place
Jersey City, NJ 07311
On the Internet www.etrade.com
http://www.etrade.com/
You can write or e-mail the SEC’s Public Reference Room and ask them to mail you information about the Funds, including the SAI. They will charge you a copying fee for this service. You can also visit the Public Reference Room and copy the documents while you are there. Public Reference Room of the SEC Washington, DC 20549-1520 1-202-551-8090 E-mail: publicinfo@sec.gov ©JPMorgan Chase & Co. 2013. All rights reserved. July 2013. Reports, a copy of the SAI and other information about the Funds are also available on the EDGAR Database on the SEC’s website at http://www.sec.gov. MORE INFORMATION For investors who want more information on these Funds the following documents are available free upon request:
ANNUAL AND SEMI-ANNUAL REPORTS
Our annual and semi-annual reports contain more information about each Fund’s investments and performance. STATEMENT OF ADDITIONAL INFORMATION (SAI) The SAI contains more detailed information about the Funds and their policies. It is incorporated by reference into this prospectus. This means, by law, it is considered to be part of this prospectus. You can get a free copy of these documents and other information by calling 1-800-766-7722 or writing to:
J.P. Morgan Institutional Funds Service Center 500 Stanton Christiana Road, 3-OPS3 Newark, DE 19713 You can also find information online at www.jpmorganfunds.com. Investment Company Act File Nos. JPMorgan Trust I ..................................... 811-21295

JPMorgan Trust II ...................................... 811-4236

0713-JPMPRS5-P51662

JPMorgan Trust II
270 Park A venue
New York, NY 10017
March 6, 2014
Via Electronic Mail (IMshareholderproposals@scc.gov) U.S. Securities and Exchange Commission Division ofInvestment Management Office ofDisclosure and Review I 00 F Street, N.E. Washington, D.C. 20549-8626 Re: JPMorgan Trust II on behalf of JPMorgan Municipal Money Market Fund Shareholder Proposal Submitted by William L. Rosenfeld. Trustee, William L. Rosenfeld Trust UAD 03/13/2003 Ladies and Gentlemen:
On January 27, 2014, JPMorgan Trust JJ (the ''Trust"), a registered open-end investment company on behalf of its series JPMorgan Municipal Money Market Fund (the ''Fund" or the "Municipal Money Market Fund'') submitted a letter (the "No Action Request") under Rule 14a8U) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") to notify the Securities and Exchange Commission (the "Commission") of the Municipal Money Market Fund's intention to exclude a stockholder proposal from the proxy materials for a special meeting of shareholders ofthe Trust to be held in 2014 . The proposal was submitted by William
L. Rosenfeld, Trustee, William L. Rosenfeld Trust UAD 03/13/2003 (the "Proponent") on
November 17, 20 I 0 (the "Proposal"). As requested by Catherine Gordon, we are filing this letter to document the attempts we have made to provide a copy of the No Action Request to the Proponent. Concurrent with the Trust' s tiling of the No Action Request with the Commission on January 27, 2014, the Trust sent a copy to the Proponent via Federal Express at the address specified by the Proponent for such correspondence. The Trust was subsequently notified by Federal Express that, while Federal Express had delivered the package to the specified address, it had been returned to a Federal Express drop box unopened and thereafter subsequently returned to the Trust. On February 7, 2014, the Trust re-sent the package (absent confidential information concerning the Proponent's account information) to the Proponent at the specified address via both regular mail and certified mail , return receipt requested. A copy of the letter to the Proponent is included with this letter. Both packages were returned to the Trust unopened. We also searched the Fund's transfer agent records electronically by the account number provided by the Proponent to see if an updated address was available for the Proponent. Because

the share class ownership is registered in the name of the broker rather than its customers, no address is provided for the Proponent. Please note that it is our understanding from publically filed proxy statements that William Rosenfeld has submitted shareholder proposals to JPMorgan Chase & Co. more recently than the date of his Proposal to the Trust. Although we are unable to obtain current shareholder information from JPMorgan Chase & Co. due to privacy requirements, concurrent with this letter, we are sending the No Action Request (absent the confidential information that was included with his original proposal) to the address specified for Mr. Rosenfeld in his individual capacity in the 2013 publically available proxy statement for JPMorgan Chase & Co. via federal express, first class mail, and certified mail return receipt requested in hopes that it will reach the Proponent. If you have any further questions concerning our attempts to notify the Proponent, please contact me at 614 901-1410 or Frank Nasta at 212 648-0894. In addition, to the extent that you publish information concerning the No Action Request, we also request that you redact information concerning the Proponent's account number and personal information included in Exhibit A to the No Action Request. Very truly yours, ~ ~Ilia ~ Assistant Secretary

VIA FIRST CLASS MAIL AND CERTIFIED MAIL
February 7, 2014
William L. Rosenfeld, Trustee
William l. Rosenfeld Trust
UAD 03/13/2003
34 Moreland Avenue
Lexington, MA 02421
Re: JPMorgan Trust II on behalf of JPMorgan Municipal Money Market Fund Shareholder Proposal Submitted by William L. Rosenfeld, Trustee, William L. Rosenfeld Tru st UAD 03/13/2003 Dear Mr. Rosenfeld:
Enclosed please find a copy of correspondence that was filed with the Securities and Exchange Commission ("SEC") by JPMorgan Trust II on behalf of JPMorgan Municipal Money Market on January 27, 2014. Although we submitted your proposal with its supporting documentation to the SEC, please note that we have redacted this information other than your proposal from the enclosed due to privacy concerns in light of our previous attempt to deliver to you. A copy of this correspondence was sent to you via overnight federal express on January 27, 2014 at the address specified in your letter of November 17, 2010 to Frank Nasta as secretary of JPMorgan Trust II. Federal Express has informed us that, on February 28, 2014, they delivered the package to the address you previously provided to us, but that the package was subsequently returned to Federal Express unopened. As a result, we are resending the package to you by first class mail and certified mail, return receipt requested. Very truly yours, ~lio ~·~ Assistant Secretary, JPMorgan Trust II

VIA FEDERAL EXPRESS, FIRST CLASS MAIL AND CERTIFIED MAIL Ma rch 6, 2014 Wi lli am L. Rosenfeld, Trustee William L. Rosenfeld Trust UAD 03/13/2003 3404 Main Campus Drive lexington, MA 02421 Re: JPMorgan Tru st II on behalf of JPMorgan Municipal Money Market Fund - Shareholder Proposal Submitted by William l. Rosenfeld, Trustee, W illiam L. Rosenfeld Tru st UAD 03/13/ 2003 Dear Mr. Rosenfeld:
Enclosed please find a copy of correspondence that was filed with the Securities and Exchange Commission ("SEC") by JPMorgan Trust II on behalf of JPMorgan Municipal Money Market Fund on January 27, 2014. Alt hough we submitted your proposal with it s supporting documentat ion to the SEC, please note that we have redacted this information other than you r proposal from the enclosed due to privacy concerns in light of our previous attempts to deliver to you. A copy of this correspondence was sent to you via overnight federal express on January 27, 2014 at the address indicated in your letter of November 17, 2010 to Frank Nasta as secretary of JPMorgan Trust II. Federal Express has informed us that they delivered the package to the address you provided on January 28, 2014, but that the package was subseque nt ly returned to Federal Express unopened. In addition, we sent the enclosed package to you at the address you provided, on February 7, 2014 by both first class and certified mail, return receipt requested. The packages were subsequently returned to us. As a result, we are resending the package to you at the address included in another issuer's publically available proxy statement by Federal Express, first class mail and certified mail return receipt requested in hopes that it will reach you. Very truly yours, 1stant Secretary, JPMorgan Trust II

3404 Main Campus Drive
Lexington, MA 02421
March 13, 2014
U.S. Securities and Exchange Commission
Division of Investment Management
Office of Disclosure and Review
100 F Street, N.E.
Washington, DC 20549
Re: Shareholder Proposal for JPMorgan Municipal Money Market Fund Ladies and Gentlemen:
I am writing as the proponent of a Genocide-free Investing shareholder proposal to the JPMorgan Municipal Money Market Fund (the “Fund”) dated November 17, 2010. I do not represent any other shareholders. JPMorgan Trust II (the “Trust”) has submitted a “No-Action Letter” dated January 27, 2014, to exclude this proposal from the proxy statement associated with a shareholder meeting scheduled for early in the second quarter of 2014. I dispute the Trust’s position on three bases:
 The letter submitted by the Trust claims that the proposal may be excluded under rule 14a-8(i)(5) because it relates to minor operations of the Fund. I explain below why I believe this claim is incorrect and, therefore, why the Trust’s No-Action request should be denied.  The Trust’s letter indicates that J.P. Morgan Investment Management, Inc. (JPMIM) already supports responsible investing because JPMorgan Chase & Co., the parent of JPMIM, is a UNPRI signatory. However, ongoing actions of JPMorgan Chase & Co. demonstrate that its current policies do not address the concerns raised by my proposal.  The Staff rulings have stated that normally excludable shareholder proposals may not excluded if the proposal raises significant social policy issues. When other Genocide-free Investing proposals were challenged in the past, the Staff has ruled that Genocide-free investing raises a significant social policy issue.

Rule 14a-8(1)(5) is Not Applicable Because the Proposal Relates to Up to 20% of Assets
The Fund’s entire basis for excluding the proposal is that it relates to operations which account for less than 5% of the Fund’s total assets, net earnings, and gross sales and that the proposal is not otherwise significantly related to the Fund’s business; This assertion by the Trust is based on the Fund’s investment criteria which indicate that “As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities” 1 . I do not agree with the Trust’s position for the following reasons. 1 See JPMorgan Municipal MMkt E*Trade Prospectus dated July 1, 2013 at http://globaldocuments.morningstar.com/DocumentLibrary/DocDetail.aspx?clientid=etrade&key=2fc038529bc433a6&investmentty pe=1&doctype=prospectus&cusip=4812C2635

The Fund’s prospectus indicates that remaining assets may be invested in other types of securities. The only restrictions it places on such investments are that they have remaining maturities of 397 days or less, are U.S. dollar-denominated securities, and are securities that present minimal credit risk2 . Further, the prospectus indicates that the “Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers3 ;” Therefore, up to 20% of the Fund’s assets are available for investment in US Dollar denominated short term bonds or notes of companies that substantially contribute to genocide or crimes against humanity. Such investments might include the existing US Dollar denominated bonds issued by China National Petroleum Corp (CNPC) and China Petroleum & Chemical Corp (Sinopec), two of the largest companies partnering with the government of Sudan, providing its primary source of revenue, and thereby helping fund the government of Sudan's genocide4,5 . The fact that the Fund does not currently invest in companies that substantially contribute to genocide or crimes against humanity today does not prevent it from doing so in the future. The proposal (attached below) is future oriented – it is exactly such future investments that the proposal seeks to avoid. Without appropriate investment guidelines, under its current charter the Fund’s investment in companies supporting genocide could exceed the 5% threshold under Rule 14a8(i)(5). If the Fund never plans to make investments in companies that substantially contribute to genocide or crimes against humanity, then it should not object to adopting a policy that makes this clear.
2. Current Policies Are Inadequate to Protect Against Investments in Companies Supporting Genocide
The Background for the Trust’s No-Action request cites JPMorgan Chase & Co.’s human rights policy and adoption of the United Nations Principles for Responsible Investing (UNPRI) as evidence that JPMIM “supports responsible investing and the view that human rights should be taken into consideration when making investment decisions.6 ” However, JPMorgan Chase & Co.’s present policies have not prevented it from owning 7% of PetroChina (the publicly traded arm of CNPC)7 or underwriting the dollar denominated debt of CNPC8 and Sinopec9 . As a result, there is no basis on which to conclude that JPMIM would act to prevent investments in the dollar denominated debt of these or other problem companies. It is instructive that the Fund did not request exclusion based on having substantially implemented the proposal as provided under Rule 14a-8(i)(7). If it had requested exclusion of this basis, the Staff likely would have rejected the request, as it recently did when Franklin Resources, also a UNPRI signatory, claimed to have substantially implemented a Genocide-free Investing policy without demonstrating any actions consistent with one10 . Since 2011, rather than supporting the views expressed in the proposal, JPMorgan Chase & Co., has consistently sought to suppress discussion and awareness of the issue in its proxy materials. In response to Genocide-free Investing proposals, the company opposed the policy for three consecutive years. JPMorgan Chase & Co. sought, but did not 2 Ibid 3 ibid 4 “PetroChina, CNPC and Sudan: Perpetuating Genocide,”Sudan Divestment Task Force, April 15, 2007 - http://www;investorsagainstgenocide;org/iag/files/PetroChina_CNPC_Sudan;pdf, “The Detrimental Presence of PetroChina/CNPC in Sudan,”Sudan Divestment Task Force, July 26, 2007 - http://www.investorsagainstgenocide.org/iag/files/petrochina_cnpc_addendum.pdf 5 “Statement on Sinopec divestment” in the Harvard University Gazette, March 23, 2006 - http://www.news.harvard.edu/gazette/2006/03.23/02-divest.html 6 ibid 7 JPMorgan Chase ownership of PetroChina as of December 13, 2012 - http://sdinotice.hkex.com.hk/di/NSForm2.aspx?fn=199983 8 http://www.financeasia.com/News/339383,cnpc-pushes-out-2-billion-bond-to-fund-offshore-forays.aspx 9 http://www.chinadailyasia.com/business/2013-11/15/content_15099228.html 10 http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2013/williamrosenfeld123013-14a8.pdf

receive, the right to exclude the proposal when it was submitted to its shareholders in January 201111. JPMorgan Chase & Co. changed the labelling for the proposal in its 2013 proxy ballot to "Adopt procedures to avoid holding or recommending investments that contribute to human rights violations" rather than using the "Genocide-free investing” title on the 2011 and 2012 ballots. I believe this more generic labelling discouraged shareholders from reading my proposal and reduced support from 10.74% in 2012 to 9.55% in 2013. This reduction was enough that the proposal fell below the 10% level needed to stay on the ballot and allowed JPMorgan Chase & Co. to exclude the proposal from its 2014 ballot.
3. Proposal is Not Excludable Because It Raises an Important Social Policy Issue
SEC rules allow override of “ordinary business” concerns for important social policy issues12. While the Trust’s no-action request seeks exclusion under a different rule, the same principle should apply. The Staff of the Corporation Finance and Investment Management divisions has consistently supported the right of shareholders to be heard on the important social policy issue addressed by my proposal and has overridden technical exclusions that might otherwise apply. In addition to the Franklin Templeton and JPMorgan Chase & Co. cases already cited, the Staff ruled in favor of Genocidefree investing being on the ballot at ING13 and various Fidelity funds14 . Conclusion Please require the Trust to allow shareholders of its Municipal Money Market Fund to be heard on this important issue. Thanks in advance for your consideration. Sincerely, William L. Rosenfeld, Trustee William L. Rosenfeld Trust UAD 03/13/2003 11 http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2011/alicerosenfeld030811-14a8.pdf 12 https://www.sec.gov/rules/final/34-40018.htm 13 http://www.sec.gov/divisions/investment/noaction/2012/ingemergingcountries050712-14a8.pdf 14 http://www.sec.gov/divisions/investment/noaction/2008/fidelityfunds012208-14a.htm

Genocide-free Investing

Shareholder Proposal for JPMorgan Municipal Money Market Fund

WHEREAS:
JPMorgan Chase & Co (“JPMorgan”) has released no genocide-free investing policy. It may at any time increase such holdings or involve new mutual funds. As a result, individuals, through their JPMorgan Municipal Money Market Fund shares, may inadvertently invest in companies helping to fund genocide. We believe that:
1) Investors do not want their pensions and family savings connected to genocide.
a) Reasonable people may disagree about what constitutes socially responsible investing, but few people want their savings connected to genocide. b) In the face of the most extreme human rights crises investment companies share responsibility, along with government, to act. c) In KRC Research’s 2010 study, 88% of respondents said they would like their mutual funds to be genocide-free. d) Millions of people have voted for shareholder proposals similar to this one, submitted by supporters of Investors Against Genocide, despite active management opposition.
2) This problem is particularly important to fund shareholders because JPMorgan:
a) Has been a large holder of PetroChina for years. A January 2010, filing shows holdings of 1,070,760,070 Hshares, worth $1.3 billion. PetroChina, through its closely related parent, China National Petroleum Company, is internationally recognized as the worst offender helping fund the Government of Sudan's genocide in Darfur. b) Continued to buy shares of problem companies even after becoming aware of the investment's connection to the Darfur genocide. c) Claims that it “supports fundamental principles of human rights across all our lines of business” but has taken no action to avoid these problem investments. d) Limits the effectiveness of U.S. sanctions by investing in foreign companies which do business prohibited to US companies.
3) A policy against investments in genocide must:
a) Be clear and transparent. b) Apply today and to any future genocide. c) Prevent purchasing shares of companies known to substantially contribute to genocide or crimes against humanity. d) If the fund already holds problem companies and can influence their behavior, time-limited engagement may be appropriate. If not, problem investments should be sold.
4) There are no sound financial, fiduciary, or legal reasons that prevent the fund from having a policy against
investments in genocide, as TIAA-CREF demonstrated in 2009. a) Ample competitive investment choices exist, even for index funds. b) Avoiding a small number of problem companies need not have a significant effect on performance, as shown in Gary Brinson’s classic asset allocation study.

c) Even the most conservative legal concerns can be addressed by a small change to the prospectus.

d) Management can easily obtain independent assessments of problem companies and their connection to

genocide.
5) Investor pressure can help influence foreign governments, as in South Africa. Similar divestment pressure on
Talisman Energy helped end the conflict in South Sudan.
RESOLVED:
Shareholders request that the Board institute transparent procedures to prevent holding investments in companies that, in management's judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.

JPMo rgan Trust II
270 Park A venue
New York, NY I00 I 7
March 14, 2014
Via Electronic Mail (IMshareholderproposals@ sec.gov) U.S. Securities and Exchange Commission Division ofInvestment Management Office ofDisclosure and Review 100 P Street, N.E. Washington, D.C. 20549-8626 Re: JPMorgan Trust II on behalf of JPMorgan Municipal Money Market Fund Shareholder Proposal Submitted by William L. Rosenfeld, Trustee. Will iam L. Rosenfeld Trust UAD 03/ 13/2003 Ladies and Gentlemen:
This letter is submitted by JPMorgan Trust II (the '·Trust"), a registered open-end investment company on behalf of its series, JPMorgan Municipal Money Market Fund (the

'Fund" or the "Municipal Money Market Fund''). On January 27, 2014, the Trust submitted a
letter (the '·No Action Requesf') under Rule 14a-8U) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") to notify the Securities and Exchange Commission (the "Commission'') of the Municipal Money Market Fund's intention to exclude a stockholder proposal from the proxy materials for a special meeting of shareholders of the Trust to be held in 2014 and request no action relief (the "No Action Request"). On March 13, 2014, William L. Rosenfeld, Trustee, William L. Rosenfeld Trust UAD 03/13/2003 (the "Proponent'') filed a response in opposition to the Trust's No Action Request (the '"Response"). For the reasons set forth below, we disagree with the Response and respectfully request the Commission's Division of Investment Management staff (the ''Stat!') not recommend that enforcement action be taken against the Trust if the Trust excludes the Proponent's proposal from the Trust's proxy statement and accompanying proxy card which we anticipate filing in early April. !.:. BACKGROUND The basis for the Trust's No Action Request is that the Proposal is not relevant, under the standards in Rule 14a-8(i)(5), to the Fund's business of investing in U.S. municipal securities and regulation as a money market fund. In the Response, the Proponent claims that the Proposal relates to 20% of the Fund's assets. In addition, the Proponent claims that the Proposal should be included in the Fund's proxy statement because current policies are inadequate to protect against investments in companies that support genocide and the Proposal raises important social issues. We disagree for the following reasons.

Incoming Letter

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