J.P. Morgan Municipal Bond Funds
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1 Semi-Annual Report J.P. Morgan Municipal Bond Funds August 31, 2013 (Unaudited) JPMorgan Arizona Municipal Bond Fund JPMorgan Michigan Municipal Bond Fund JPMorgan Municipal Income Fund JPMorgan Ohio Municipal Bond Fund JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan Tax Free Bond Fund
2 CONTENTS CEO s Letter... 1 Market Overview... 2 Fund Commentaries: JPMorgan Arizona Municipal Bond Fund... 3 JPMorgan Michigan Municipal Bond Fund... 5 JPMorgan Municipal Income Fund... 7 JPMorgan Ohio Municipal Bond Fund... 9 JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan Tax Free Bond Fund Schedules of Portfolio Investments Financial Statements Financial Highlights Notes to Financial Statements Schedule of Shareholder Expenses Board Approval of Investment Advisory Agreement 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. You could lose money if you sell when the Fund s share price is lower than when you invested. Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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 for a prospectus containing more complete information about a Fund including management fees and other expenses. Please read it carefully before investing.
3 CEO S LETTER September 30, 2013 (Unaudited) Dear Shareholder: While market volatility was elevated at times, developed market equities, in aggregate, posted strong returns for the six months ended August 31, For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift, the U.S. Federal Reserve ( Fed ) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. 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. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in Despite signaling a potential policy shift, the U.S. Federal Reserve continued to pursue its highly accommodative policies. Positive investor sentiment was interrupted, however, in June 2013 when Fed Chairman Bernanke indicated that the central bank may begin to taper its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and rallied sharply in July. The market again declined in August, however, given uncertainties surrounding Fed policy and potential military action in Syria. Despite these periodic setbacks, U.S. stocks rose sharply during the six months ended August 31, Overseas, developed international stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China s economy and rising U.S. interest rates. U.S. Treasury Yields Rise Sharply Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continue to be low from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended August 31, 2013 at 2.78%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.39% and 3.70%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as junk bonds), in contrast, posted a modest gain, whereas emerging market debt securities fell sharply. Diversification and a Long-term Focus Remain Paramount While the global economy is far from robust, it is still on a growth path. While the Fed chose to delay the tapering of its asset purchase program at its mid-september meeting (after the reporting period ended), the expansion in the U.S. appears to be sustainable. In addition, recent data shows that Europe has emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a hard landing. We are encouraged by the stock market s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. Also, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive. As recent market volatility has demonstrated, it is critically important to have a diversified investment portfolio that is allocated among a number of asset classes. Maintaining a longterm focus for your investment portfolio is also key, as market volatility can be elevated at times given the uncertain economic and geopolitical environment. 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 or contact the J.P. Morgan Funds Service Center at Sincerely yours, George C.W. Gatch CEO, Global Funds Management J.P. Morgan Asset Management AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 1
4 J.P. Morgan Municipal Bond Funds MARKET OVERVIEW SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) The fixed income market experienced periods of heightened volatility during the six-month reporting period ended August 31, This was triggered by a number of factors, including uncertainties surrounding future Federal Reserve Board ( Fed ) monetary policy, mixed economic data, geopolitical issues and several periods of investor risk aversion. The spread sectors (non-u.s. Treasury securities) initially performed well, as investors sought to generate incremental yield in the low interest rate environment. However, as the reporting period progressed, the spread sectors, along with U.S. government securities, performed poorly. This change in direction began in May, as Fed Chairman Bernanke said that the central bank may begin to taper its asset purchase program later this year. This caused U.S. Treasury yields to move sharply higher and negatively impacted the overall fixed income market (Treasury yields and bond prices generally move in the opposite direction). The municipal bond market also generated weak results for the reporting period. After posting a positive return for the first two months of the period, municipal bond prices declined during each of the next four months. In addition to the negative impact from rising Treasury yields, investor demand significantly weakened given a number of high-profile issues, including the city of Detroit filing for bankruptcy protection. Lower-quality and longer-term tax-free fixed income securities generated the weakest results during the six-month period. 2 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2013
5 JPMorgan Arizona Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) REPORTING PERIOD RETURN: Fund (Select Class Shares)* % Barclays U.S Year Blend (1-17) Municipal Bond Index % Net Assets as of 8/31/2013 (In Thousands)... $83,054 Duration as of 8/31/ years INVESTMENT OBJECTIVE** The JPMorgan Arizona Municipal Bond Fund (the Fund ) seeks current income exempt from federal income tax and Arizona personal income tax, consistent with the preservation of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? The six months ended August 31, 2013 presented a challenging environment for the Fund, which posted a negative absolute return. However, the Fund modestly outperformed the Barclays U.S Year Blend (1-17) Municipal Bond Index (the Benchmark ) for the reporting period. The Fund s shorter duration versus that of the Benchmark helped its relative performance given the rise in interest rates during the period. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration. The Fund was underweight versus the Benchmark in the 12-to-17-year portion of the yield curve (the yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time). This underweight positioning contributed to the Fund s relative performance as bonds with 12-to-17-year maturities were the weakest performing bonds in the Benchmark. Also contributing to the Fund s relative performance was its security selection in pre-refunded bonds (bonds that are secured with U.S. government securities). Elsewhere, the Fund s security selection among BBB-rated bonds was additive to relative return. The Fund s overweight versus the Benchmark in the revenue bond sector detracted from relative performance as revenue bonds underperformed general obligation and pre-refunded bonds for the reporting period. Among revenue bonds, the Fund s overweight versus the Benchmark and security selection in the water and sewer sector were detrimental to relative performance. Elsewhere, the Fund s small out-of-benchmark allocation to bonds with 17+ year maturities was a negative for performance as these holdings lagged the Benchmark for the reporting period. HOW WAS THE FUND POSITIONED? The Fund s portfolio duration was shorter than that of the Benchmark during the period. The Fund had an overweight position versus the Benchmark in AAA- rated securities. On the yield curve, the Fund was overweight the 4-to-12-year segment and underweight bonds with 12-to-17-year maturities. The Fund also had a small allocation to bonds with maturities of 17+ years. The Fund was overweight revenue bonds, as the portfolio managers identified high quality bonds that they believed offered attractive total return potential. Among revenue bond sectors, the Fund was overweight the electric and water and sewer sectors given their essential service nature and attractive yields. CREDIT QUALITY ALLOCATIONS*** AAA % AA A BBB NR J.P. Morgan Investment Management ( JPMIM ) receives credit ratings on underlying securities of the portfolio from three major ratings agencies S&P, Moody s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR). * The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The advisor seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of August 31, The Fund s portfolio composition is subject to change. AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 3
6 JPMorgan Arizona Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2013 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES 1/20/97 Without Sales Charge (3.42)% (2.48)% 3.43% 3.32% With Sales Charge** (7.07) (6.14) CLASS B SHARES 1/20/97 Without CDSC (3.78) (3.18) With CDSC*** (8.78) (8.18) CLASS C SHARES 2/19/05 Without CDSC (3.74) (3.20) With CDSC**** (4.74) (4.20) SELECT CLASS SHARES 1/20/97 (3.37) (2.33) * Not annualized. ** Sales Charge for Class A Shares is 3.75%. *** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. **** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (8/31/03 TO 8/31/13) $1,800,000 1,600,000 1,400,000 $1,513,596 $1,431,720 $1,421,627 1,200,000 1,000, ,000 8/03 8/04 8/05 8/06 8/07 8/08 8/09 8/10 8/11 8/12 8/13 JPMorgan Arizona Municipal Bond Fund - Select Class Shares Barclays U.S Year Blend (1-17) Municipal Bond Index Lipper Intermediate Municipal Debt Funds Index The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call Returns for Class C Shares prior to its inception are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to Class B Shares. The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Arizona Municipal Bond Fund, the Barclays U.S Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2003 to August 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Barclays U.S Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Capital gain distributions are subject to federal income tax; a portion of the Fund s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes. Select Class Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 4 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2013
7 JPMorgan Michigan Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) REPORTING PERIOD RETURN: Fund (Select Class Shares)* % Barclays U.S Year Blend (1-17) Municipal Bond Index % Net Assets as of 8/31/2013 (In Thousands)... $75,768 Duration as of 8/31/ years INVESTMENT OBJECTIVE** The JPMorgan Michigan Municipal Bond Fund (the Fund ) seeks current income exempt from federal income tax and Michigan personal income tax, consistent with the preservation of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? The six months ended August 31, 2013 presented a challenging environment for the Fund, which posted a negative absolute return and underperformed the Barclays U.S Year Blend (1-17) Municipal Bond Index (the Benchmark ). The Fund s overweight versus the Benchmark in the revenue bond sector detracted from relative performance as revenue bonds underperformed general obligation and pre-refunded bonds (bonds that are secured with U.S. government securities) for the reporting period. Among revenue bonds, the Fund s overweight versus the Benchmark and security selection in the water and sewer sector were detrimental to relative performance. Elsewhere, the Fund s out-of-benchmark allocation to bonds with 17+ year maturities was a negative for performance as these holdings lagged the Benchmark during the reporting period. The Fund s shorter duration versus that of the Benchmark helped its relative performance given the rise in interest rates during the period. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration. Also contributing to the Fund s relative performance was its overweight in pre-refunded bonds. HOW WAS THE FUND POSITIONED? The Fund s portfolio duration was shorter than that of the Benchmark during the reporting period. The Fund was underweight bonds with maturities in the 12-to-17-year range and overweight in the 4-to-12-year portion of the yield curve, as well as in maturities longer than 17 years. The Fund was underweight bonds rated BBB, given the compressed spreads for lower rated bonds. The Fund was overweight revenue bonds, as the portfolio managers identified high quality bonds that they believed offered attractive total return potential. Among revenue bond sectors, the Fund was overweight the electric and water and sewer sectors given their essential service nature and attractive yields. CREDIT QUALITY ALLOCATIONS*** AAA % AA A J.P. Morgan Investment Management ( JPMIM ) receives credit ratings on underlying securities of the portfolio from three major ratings agencies S&P, Moody s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR). * The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The advisor seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of August 31, The Fund s portfolio composition is subject to change. AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 5
8 JPMorgan Michigan Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2013 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES 2/1/93 Without Sales Charge (4.39)% (3.03)% 3.41% 3.29% With Sales Charge** (7.95) (6.70) CLASS B SHARES 9/23/96 Without CDSC (4.65) (3.61) With CDSC*** (9.65) (8.61) CLASS C SHARES 2/19/05 Without CDSC (4.69) (3.72) With CDSC**** (5.69) (4.72) SELECT CLASS SHARES 2/1/93 (4.27) (2.80) * Not annualized. ** Sales Charge for Class A Shares is 3.75%. *** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. **** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (8/31/03 TO 8/31/13) $1,800,000 1,600,000 1,400,000 $1,513,596 $1,431,720 $1,417,533 1,200,000 1,000, ,000 8/03 8/04 8/05 8/06 8/07 8/08 8/09 8/10 8/11 8/12 8/13 JPMorgan Michigan Municipal Bond Fund - Select Class Shares Barclays U.S Year Blend (1-17) Municipal Bond Index Lipper Intermediate Municipal Debt Funds Index The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call Returns for Class C Shares prior to its inception are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to Class B Shares. The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Michigan Municipal Bond Fund, the Barclays U.S Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2003 to August 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Barclays U.S Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Capital gain distributions are subject to federal income tax; a portion of the Fund s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes. Select Class Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 6 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2013
9 JPMorgan Municipal Income Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) REPORTING PERIOD RETURN: Fund (Select Class Shares)* % Barclays U.S 1-15 Year Blend (1-17) Municipal Bond Index % Net Assets as of 8/31/2013 (In Thousands)... $404,129 Duration as of 8/31/ Years INVESTMENT OBJECTIVE** The JPMorgan Municipal Income Fund (the Fund ) seeks current income exempt from federal income taxes. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? The six- month period ended August 31, 2013 presented a challenging environment for the Fund, which turned in a negative absolute return and underperformed the Barclays U.S Year Blend (1-17) Municipal Bond Index (the Benchmark ). In the municipal market, shorter duration bonds outperformed during the reporting period. The Fund s overall duration was slightly longer than the duration of the Benchmark and, as such, detracted from relative performance. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration. Elsewhere, the Fund s underweight versus the Benchmark in pre-refunded bonds (bonds that are secured with U.S. government securities) was a negative for relative results as this was the best performing sector in the Benchmark for the reporting period. Security selection in the water and sewer sector was also detrimental to the Fund s relative performance. On the upside, the Fund s overweight to the housing sector was beneficial to relative results given the sector s outperformance versus the Benchmark. Security selection in the housing, hospital and IDR/PCR (industrial development revenue/pollution control revenue) sectors was also positive for relative performance. From a credit quality perspective, security selection of municipal bonds rated BBB was additive to the Fund s relative performance. HOW WAS THE FUND POSITIONED? The Fund continued to emphasize higher yielding sectors, particularly the housing sector, and was underweight lower yielding bonds, such as pre-refunded bonds. The Fund s duration remained modestly longer than that of the Benchmark during the reporting period. CREDIT QUALITY ALLOCATIONS*** AAA % AA A BBB BB NR J.P. Morgan Investment Management ( JPMIM ) receives credit ratings on underlying securities of the portfolio from three major ratings agencies S&P, Moody s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR). * The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The advisor seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of August 31, The Fund s portfolio composition is subject to change. AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 7
10 JPMorgan Municipal Income Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2013 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES 2/23/93 Without Sales Charge (4.11)% (2.75)% 3.49% 3.40% With Sales Charge** (7.75) (6.43) CLASS B SHARES 1/14/94 Without CDSC (4.34) (3.15) With CDSC*** (9.34) (8.15) CLASS C SHARES 11/4/97 Without CDSC (4.40) (3.21) With CDSC**** (5.40) (4.21) SELECT CLASS SHARES 2/9/93 (3.93) (2.43) * Not annualized. ** Sales Charge for Class A Shares is 3.75%. *** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. **** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (8/31/03 TO 8/31/13) $1,800,000 1,600,000 1,400,000 $1,513,596 $1,433,601 $1,431,720 1,200,000 1,000, ,000 8/03 8/04 8/05 8/06 8/07 8/08 8/09 8/10 8/11 8/12 8/13 JPMorgan Municipal Income Fund - Select Class Shares Barclays U.S Year Blend (1-17) Municipal Bond Index The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Municipal Income Fund, the Barclays U.S Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2003 to August 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Barclays U.S Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Lipper Intermediate Municipal Debt Funds Index Intermediate Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Capital gain distributions are subject to federal income tax; a portion of the Fund s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes. Select Class Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 8 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2013
11 JPMorgan Ohio Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) REPORTING PERIOD RETURN: Fund (Select Class Shares)* % Barclays U.S 1-15 Year Blend (1-17) Municipal Bond Index % Net Assets as of 8/31/2013 (In Thousands)... $203,721 Duration as of 8/31/ Years INVESTMENT OBJECTIVE** The JPMorgan Ohio Municipal Bond Fund (the Fund ) seeks current income exempt from federal income tax and Ohio personal income tax, consistent with the preservation of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? The six months ended August 31, 2013 presented a challenging environment for the Fund, which posted a negative absolute return and underperformed the Barclays U.S Year Blend (1-17) Municipal Bond Index (the Benchmark ). In the municipal market, shorter duration bonds outperformed during the reporting period. Despite shortening its duration during the reporting period, the Fund s overall duration was longer than the duration of the Benchmark for most of the reporting period, which detracted from relative performance. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration. In addition to shorter duration bonds, higher quality holdings were the strongest performers in the municipal market during the reporting period. The Fund was overweight versus the Benchmark in the higher quality AA-rated sector, but the longer duration of the Fund s holdings in this category detracted from relative performance. Elsewhere, the Fund s allocation to the A- rated and BBB-rated sectors was beneficial given the shorter relative duration of these holdings. Among sectors, the Fund s investments in the local general obligation bond and leasing sectors had longer duration and underperformed, detracting from the Fund s relative performance. The Fund s investments in the water and sewer and transportation sectors had shorter duration and outperformed, contributing to the Fund s relative performance. HOW WAS THE FUND POSITIONED? The Fund s portfolio managers preferred to invest in issuances from large, highly rated state and local municipalities. Among revenue bond sectors, the Fund preferred essential service sectors. As of the end of the reporting period, the Fund was overweight versus the Benchmark in the local general obligation bond sector and had a shorter duration than the Benchmark s. CREDIT QUALITY ALLOCATIONS*** AAA % AA A BBB NR J.P. Morgan Investment Management ( JPMIM ) receives credit ratings on underlying securities of the portfolio from three major ratings agencies S&P, Moody s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR). * The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The advisor seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of August 31, The Fund s portfolio composition is subject to change. AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 9
12 JPMorgan Ohio Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2013 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES 2/18/92 Without Sales Charge (3.87)% (2.55)% 3.45% 3.35% With Sales Charge** (7.48) (6.22) CLASS B SHARES 1/14/94 Without CDSC (4.13) (3.11) With CDSC*** (9.13) (8.11) CLASS C SHARES 2/19/05 Without CDSC (4.22) (3.20) With CDSC**** (5.22) (4.20) SELECT CLASS SHARES 7/2/91 (3.76) (2.32) * Not annualized. ** Sales Charge for Class A Shares is 3.75%. *** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. **** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (8/31/03 TO 8/31/13) $1,800,000 1,600,000 1,400,000 $1,513,596 $1,431,720 $1,426,466 1,200,000 1,000, ,000 8/03 8/04 8/05 8/06 8/07 8/08 8/09 8/10 8/11 8/12 8/13 JPMorgan Ohio Municipal Bond Fund - Select Class Shares Barclays U.S Year Blend (1-17) Municipal Bond Index The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns for Class C Shares prior to its inception are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to Class B Shares. The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Ohio Municipal Bond Fund, the Barclays U.S Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2003 to August 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Lipper Intermediate Municipal Debt Funds Index Barclays U.S Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Capital gain distributions are subject to federal income tax; a portion of the Fund s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes. Select Class Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 10 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2013
13 JPMorgan Short-Intermediate Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) REPORTING PERIOD RETURN: Fund (Select Class Shares)* % Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index % Net Assets as of 8/31/2013 (In Thousands)... $1,796,089 Duration as of 8/31/ years INVESTMENT OBJECTIVE** The JPMorgan Short-Intermediate Municipal Bond Fund (the Fund ) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? The six months ended August 31, 2013 presented a challenging environment for the Fund, as it posted a negative absolute return and underperformed the Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the Benchmark ). The Fund s allocations to the 6-8 and 8-12 year portions of the yield curve, which are not represented in the Benchmark, detracted from its relative performance (the yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time). The Fund s bias toward high quality bonds also detracted from relative performance as higher quality bonds underperformed during the reporting period. Specifically, the Fund s overweight in AA-rated bonds and underweight in A-rated bonds and BBB-rated bonds all hurt relative performance. Underweight positions in Massachusetts and Florida bonds were also detrimental to Fund relative performance given their outperformance versus the Benchmark. Contributing to relative performance during the reporting period was the Fund s slightly shorter duration versus that of the Benchmark (duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates). An underweight position in bonds with 4-6 year maturities also helped performance, as that portion of the yield curve was the worst performer in the Benchmark. An underweight position in electric bonds and overweight positions in Texas and New Jersey bonds also contributed to the Fund s relative performance. HOW WAS THE FUND POSITIONED? During the reporting period, the Fund employed a bottom-up, security selection-based investment approach. The Fund s portfolio managers sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk, while maintaining the Fund s bias toward higher quality issuances. CREDIT QUALITY ALLOCATIONS*** AAA % AA A NR J.P. Morgan Investment Management ( JPMIM ) receives credit ratings on underlying securities of the portfolio from three major ratings agencies S&P, Moody s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR). * The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The advisor seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of August 31, The Fund s portfolio composition is subject to change. AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 11
14 JPMorgan Short-Intermediate Municipal Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2013 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES 5/4/98 Without Sales Charge (1.47)% (1.23)% 1.59% 2.07% With Sales Charge** (3.65) (3.41) CLASS B SHARES 5/4/98 Without CDSC (1.67) (1.76) With CDSC*** (4.67) (4.76) CLASS C SHARES 11/1/01 (1.70) (1.79) INSTITUTIONAL CLASS SHARES 6/19/09 (1.16) (0.67) SELECT CLASS SHARES 5/4/98 (1.35) (0.99) * Not annualized. ** Sales Charge for Class A Shares is 2.25%. *** Assumes a 3% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (8/31/03 TO 8/31/13) $1,600,000 1,400,000 $1,374,083 $1,259,501 $1,226,927 1,200,000 1,000, ,000 8/03 8/04 8/05 8/06 8/07 8/08 8/09 8/10 8/11 8/12 8/13 JPMorgan Short-Intermediate Municipal Bond Fund - Select Class Shares Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call Returns for Institutional Class Shares prior to its inception are based on the performance of Select Class Shares. The actual returns of Institutional Class Shares would have been different than the returns shown because Institutional Class Shares have different expenses than Select Class Shares. The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Short-Intermediate Municipal Bond Fund, the Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index and the Lipper Short Municipal Debt Funds Index from August 31, 2003 to August 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Short Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Barclays Lipper Short Municipal Debt Funds Index U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of investment grade tax-exempt municipal bonds with maturities of years. The Lipper Short Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Capital gain distributions are subject to federal income tax; a portion of the Fund s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes. Select Class Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Because Class B Shares automatically convert to Class A Shares after 6 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 12 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2013
15 JPMorgan Tax Free Bond Fund FUND COMMENTARY SIX MONTHS ENDED AUGUST 31, 2013 (Unaudited) REPORTING PERIOD RETURN: Fund (Class A Shares, without a sales charge)* % Barclays Municipal Bond Index % Net Assets as of 8/31/2013 (In Thousands)... $323,318 Duration as of 8/31/ years INVESTMENT OBJECTIVE** The JPMorgan Tax Free Bond Fund (the Fund ) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? The six months ended August 31, 2013 presented a challenging environment for the Fund, as it posted a negative absolute return and underperformed the Barclays Municipal Bond Index (the Benchmark ). The Fund s longer duration versus that of the Benchmark detracted from its relative performance. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration. The Fund s underweight position in AAA-rated securities, which turned in the best performance in the Benchmark during the reporting period, also detracted from relative results. The Fund s underweight position in securities with 2-to-4-year maturities detracted from relative performance, as this portion of the yield curve was among one of the highest performing in the Benchmark (the yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time). Elsewhere, an underweight to general obligation bonds was detrimental given their outperformance versus the Benchmark. Contributing to relative performance was the Fund s overweight position in pre-refunded bonds (bonds that are secured with U.S. government securities), as this sector significantly outperformed the Benchmark for the reporting period. The Fund s underweight position in securities with 12-to-17-year maturities also contributed to relative performance, as this portion of the yield curve lagged the Benchmark. Similarly, underweight positions in the hospital and special tax sectors contributed to relative performance as both sectors underperformed the Benchmark. Special tax bonds are repaid by revenues derived from taxation of a particular activity or asset. HOW WAS THE FUND POSITIONED? During the reporting period, the Fund continued to employ a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. For liquidity, and to enhance the Fund s overall credit quality, the Fund maintained its overweight versus the Benchmark in pre-refunded bonds. CREDIT QUALITY ALLOCATIONS*** AAA % AA A BBB NR J.P. Morgan Investment Management ( JPMIM ) receives credit ratings on underlying securities of the portfolio from three major ratings agencies S&P, Moody s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR). * The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The advisor seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of August 31, The Fund s portfolio composition is subject to change. AUGUST 31, 2013 J.P. MORGAN MUNICIPAL BOND FUNDS 13
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